Annual Report and Financial Statements for Mid Cheshire Hospitals Charitable Fund Registered Charity no. 1049008
For the financial year ended 31st March 2024
Report of the Trustees of Mid Cheshire Hospitals Charitable Fund for the year ended 31st March 2024
The Trustee’s present their annual report and the audited financial statements of the Mid Cheshire Hospitals Charitable Fund (referred to as “the Charity”) for the year ended 31st March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and to comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS102,’The Financial Reporting Standard applicable to the UK and Republic of Ireland’.
The charity is affiliated to Mid Cheshire Hospitals NHS Foundation Trust, Leighton Hospital, Middlewich Road, Crewe, Cheshire, CW1 4QJ which provides NHS acute and community healthcare to the local health economy. The Corporate board of Mid Cheshire Hospitals NHS Foundation Trust acts as the Trustee of the charity. Copies of the full Annual Report and Accounts for Mid Cheshire Hospitals can be obtained from the Trust website or from the Communications Office, Leighton Hospital, Middlewich Road, Crewe, Cheshire, CW1 4QJ.
mchcharity.org 2 mchcharity
Objectives and Activities for the Public Benefit
MCH Charity fundraises to enhance the excellent work of Mid Cheshire Hospitals NHS Foundation Trust and to support our community. We grant funds which pay for things considered over and above basic NHS provision and which improve care and experience for patients and support staff wellbeing.
Our funds help to provide state-of-the-art equipment, new facilities, art and all the added extras that make people’s experience at our hospitals and in our community services the best it can be. The Trustees confirm that they have referred to the Charity Commission guidance on public benefit when reviewing the aims and objectives, in planning future activities, and reviewing spending plans throughout the year.
The main objective for the year ended 31st March 2024 was to complete the fundraising appeal to create a dedicated children’s waiting room at Victoria Infirmary, Northwich and to have launched a new appeal to focus on for 2024/25. We also wanted to ensure that the baby bereavement suite build was completed and opened for use.
All spending made via the charity must have a demonstrable link to the benefit made to patient care or experience, or to the wellbeing of staff and volunteers.
The charity has not made any financial grants directly to any organisation during this financial period. The charity purchases agreed goods or services and donates them to Mid Cheshire Hospitals NHS Foundation Trust for their exclusive use and benefit, and higher value items are treated as donated assets within the accounts of Mid Cheshire Hospitals NHS Foundation Trust.
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Achievements and Performance
The total income for the year was £881,000 (2022/23: £337,000), which was a significant increase on the previous year, mainly due to Legacies and Donations in Kind received. Expenditure for the year has totalled £877,000 (2022/23: £456,000)
Throughout 2023/24 the charity focussed on raising £80k needed to create a dedicated children’s waiting room at Victoria Infirmary, Northwich. Due to the generosity of the communities in and around Northwich and in a large part thanks to the huge support of the Brian Wilson Charitable Foundation the target for the project was achieved by September 2023 and work to complete the room will finish at the start of 2024/25.
Fundraising activity to support the appeal included a team of participants taking part in the Born Survivor challenge, a special NHS 75 Big Tea raffle and numerous fundraising tea parties and Christmas raffle.
In August 2023 the Meadow Suite (baby bereavement suite) opened for use. The Lost Little Ones appeal raised £100k with an additional £157k worth of materials and labour provided by Robertson Group (construction company) and their supply chain. The suite consists of a bedroom (with drop down double bed), en-suite, lounge, kitchen, nursery, and private outside space. The suite also features a separate entrance and exit with dedicated parking space.
The whole project was enhanced by the delivery of an art project which was commissioned by the Arts Manager, and which saw bereaved parents work with a professional artist and the bereavement midwife to create artworks which feature throughout the whole suite. Between August and March 34 families used the suite to spend precious time with their babies making memories which need to last a lifetime.
Towards the end of the period the Corporate Trustee approved the launch of a new £100k fundraising appeal to support those undergoing end-of-life care and their loved ones, both within the hospital setting and for people choosing to die at home. The appeal launched in February 2024
and has already started to fund projects including refurbishments of the visitor spaces within the mortuary, comfort packs and memory making items.
The Corporate Trustee approved the continuation of the charity funded Trust Arts Programme, and an Arts Manager is now a substantive member of the charity team. Projects completed during the year included the hosting over several weeks of a national touring installation called Colouring Adult Eczema: Getting Under the Skin, within the main out-patients hall at Leighton Hospital; the development of a fully commissioned, co-created project for the Meadow Suite (baby bereavement suite) and involvement in a national project called Our NHS Stories, which culminated in a finale in Manchester attended by participants from 19 NHS Trusts. Next steps for the programme include the development of an overarching strategy which links to both the Trust and charity strategies.
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Financial Review
By the end of March 2024, the Charity held funds to the value of £1,045,000 (2022/23: £992,000). The fund balance will ensure that wards and departments can continue to fund the extra benefits for patients for the forthcoming year.
A grant of £84,000 was received from the NHS Charities Together during 2023/24 which was for the development of a well-being Social Prescribing programme. The Social Prescribing project will be led by the Health and Wellbeing Group and will receive further grants on the achievement of key milestones. The Charity also received Donations in Kind to the value of £3,185 from Mission Christmas providing Christmas presents to patients on the Paediatric Wards, and also building work on the Meadow Suite Bereavement Unit to the value of £157,087 from Robertson Construction and their supply chain.
The Charity has no permanent endowments, so funds are available to spend at the discretion of the Trustee. The Charitable Committee encourages funds to be spent within reasonable timescales – ideally within two years of the donation receipt. Fund managers are approached on an annual basis for spending plans which are checked against the public benefit criteria. The Charity aims to maintain one year’s worth of normal expenditure as its reserve, which is in the region of £250,000. In arriving at the appropriate level of reserves, the financial risks facing the Charity, likely future expenditure (based on historic evidence) and the level of existing funds have all been considered by the Trustee and will continue to be monitored throughout the next accounting period.
The clinical divisions have all participated in the management of funds with boards including discussions on the usage of funds within Divisional Board meetings and developing divisional spending and fundraising plans.
Sub-Committee. The value of the investments saw an increase in value at the end of March 2024. Markets strengthened throughout the year, with Investment values leaving the portfolio with unrealised gains of £44,000 (2022/23: (£7,500)). A cautious approach has been taken by our Investment Advisors, which has attempted to maintain income and protected capital. The Trustees will monitor the investment value to ensure that funds have sufficient cash available to meet needs. Future falls in investment values may require a spending moratorium to be introduced to protect public donations now being received.
The material funding for the period has come mainly from generous donations from the public during 2023/24 with fundraising support for our appeals during that period. Legacies continue to be a valuable resource for the Charity and the Trustees would encourage local users of our services to think about leaving a legacy in their will to ensure that we can continue to provide better care and facilities for our patients.
An on-going risk that the Charity is exposed to is the fall in the value of investments held on the stock exchange. These have been carefully considered and are reviewed by our investment advisors and the Charity Trustee
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Plans for the Future
Over the coming year the charity will continue to fundraise for the End of Life Care Appeal and will work closely with the palliative care team to identify and deliver projects that it will fund.
The development grant projects will be launched and will complete at the end of 2024/25. The charity also aims to develop the offer made to bereaved families who wish to donate or fundraise for the charity in memory of a loved one.
A new philanthropic business club will launch in June which aims to engage with business people who want to support the charity whilst becoming more involved with local NHS services.
Towards the end of the year work will begin on developing a new strategy for the charity which will launch at the start of the new financial year.
The re-branding project and monitoring and evaluation project (funded via the Development Grant from NHS Charities Together) will launch during the summer and following successful recruitment in February the new Communications and Marketing Lead will start in July.
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Structure, Governance and Management
The main recipient of funds raised by Mid Cheshire Hospitals Charitable Fund is Mid Cheshire Hospitals NHS Foundation Trust for the benefit of its patents and staff.
The Mid Cheshire Hospitals Charitable Fund was created by Trust Deed as a governing document and is registered with the Charity Commission as the main umbrella charity for Leighton Hospital and Victoria Infirmary, Northwich (registered number 1049008). This was entered on the Central Register of Charities on 5th September 1995.
There are three active subsidiary unrestricted charities registered under the main umbrella charity which are:
Leighton Hospital General Fund – for charitable purposes relating to the NHS;
Victoria Hospital General Fund – for general charitable purposes relating to the NHS;
Cancer Fund
– For the prevention, treatment and cure of cancer, the relief of suffering and research and education.
Charitable funds received by the charity are accepted, held and administered as funds and property held on trust by the corporate body for purposes relating to the health service in accordance with the National Health Service Act 1977 and the National Health Service and Community Care Act 1990.
The board of Mid Cheshire Hospitals NHS Foundation Trust acts as Corporate Trustee for the Charity and meets independently twice a year. Non-Executive members of the Trust Board have been appointed by the Council of Governors in accordance with the Constitution of the NHS Foundation Trust, and Executive members of the Board are subject to recruitment by the NHS Foundation Trust Board. All Board Members undertake a Trust Induction programme upon appointment. All Board members receive regular updated information from the charity Commission regarding their role as Trustees. Members of the Trust Board and the Charitable Funds Committee do not act as individual Trustees.
The Corporate Trustee fulfils its legal duty by ensuring that funds are spent in accordance with the objects of each fund and the Trustee respects the wishes of our generous donors to benefit patient care and advance the good health and welfare of patients, carers, and staff. The Trustee involves each Division, ward and department in fundraising and decisions regarding the expenditure of charitable monies.
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The Corporate Trustee has delegated duties to a Charities Committee who advise and assist the Corporate Trustee through:
The control, management and monitoring of the use of the fund resources;
Approval of all expenditure;
Providing support, guidance and encouragement for all its income raising activities;
Ensuring that “best practice” is followed in conduct of all its affairs and fulfilling all of its legal responsibilities including ensuring that the use of funds meets the Public Benefit Requirement set out by the Charities Commission;
Reference and Administrative Details
The Charity is registered with the Charity Commission of England and Wales, registration number 1049008. The charity is a Public Benefit Entity, and the trustees can confirm that they have regard to the Charity Commission’s guidance on public benefit.
The Corporate Board acting as Trustee had the following members who served during the period 1st April 2023 to 31st March 2024:
Ensuring that the approved Investment Policy is adhered to and that performance is continually reviewed whilst being aware of ethical considerations; and
Keeping the Trust Board fully informed on the activity, performance and the risks of the Charity.
No payments are made to any individual on the basis of their membership of the Corporate Trustee or the Charities Committee.
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Mr Dennis Dunn MBE - Trust Chairman (until June 2023) Prof Carolyn Wilkins OBE - Trust Chair (from 3rd July 2023 until 31st July 2024)) Mrs Lesley Massey - Acting chair from 1st August 2024/Non-Executive Mrs Lorraine Butcher - Non-Executive (until 31st July 2024) Mr Andy Vernon - Non-Executive Mr Anthony Bristlin - Non-Executive Dr Andrew Wilson - Non-Executive Mrs Elaine Billington - Non-Executive (until 16th February 2024) Mr Tony Okotie - Non-Executive (from 1st August 2024) Mr Terry Whalley - Non-Executive (from 1st August 2024) Mrs Diana Hampson - Non-Executive (from 1st September 2024) Mr Ian Moston - Chief Executive Officer Mr Russ Favager - Board SRO NHP & Estates Re-development Mrs Claire Liddy - Interim Chief Financial Officer (from 11 December 2023) Mrs Jenny Grant - Interim Chief People Officer (until 31st October 2023) Mrs S Edge - Interim Chief People Officer (1st November 2023 to 7th January 2024) Mrs Nicola Price - Chief People Officer (from 8th January 2024) Mr Scott Malton - Chief Nursing Officer Mrs Denise Frodsham - Interim Chief Operating Officer/Director of Strategic Partnerships Ms Nicola Costin-Davis - Chief Operating Officer (from 23rd February 2024) Mrs Clare Hammell - Medical Director & Deputy CEO Mr Dylan Williams - Chief Information Officer
All are voting members of the Corporate Board.
The membership of the Charities Committee for the period 1st April 2023 to 31st March 2024 is as follows:
Mr Andy Vernon - Non-Executive (Chair) Mr Dennis Dunn - Trust Chairman (to 30th June 2023) Mr Russ Favager - Deputy Chief Executive and Chief Finance Officer Mrs Jenny Grant - Interim Chief People Officer (to 31st October 2024) Mrs Nicola Price - Chief People Officer (from 8th January 2024)
Meeting of the Charities Committee during 2023/24 were also attended by:
Mr Duncan Goff Ms Caroline Birch Mrs Emma Robertson Mrs Deborah Riding
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Representing Director of Finance
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Financial Accountant
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- Head of MCH Charity - Arts Manager
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The Deputy Chief Executive and Chief Finance Officer of Mid Cheshire Hospitals NHS Foundation Trust, Mr Russ Favager, acts as Principal Advisor to the Corporate Trustee and as Principal Officer for the day-to-day management.
The principal office for the Charity is Finance Department, Mid Cheshire Hospitals NHS Foundation Trust, Leighton Hospital, Middlewich Road, Crewe, Cheshire, CW1 4QJ.
The Bankers for the Charity are Barclays Bank, Colmore Row, Birmingham, B3 2WN.
The Principal Solicitors for the Charity are Hill Dickinson LLP, No 1 St Paul’s Square, Liverpool, L3 9SJ.
The Investment Managers advising the Charity are Atmos Investments Ltd, Stafford Court, 145 Washway Road, Sale, M33 7PE.
And Finally
On behalf of the staff and patients who have benefited from improvements due to donations or legacies, the Trustee would like to thank all patients, relatives, staff, and members of the community who have made charitable donations to Mid Cheshire Hospitals Charitable Fund, and hope that you will continue to support the Charity in the future.
Approved on behalf of the Corporate Trustee
Trustee
Trustee
The Independent Examiners for the purposes of section 149 of the Charities Act 2011 are Voisey & Co LLP, Chartered Accountants, 8 Winmarleigh Street, Warrington, Cheshire, WA1 1JW
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Independent Examiner’s report to the Trustees of Mid Cheshire Hospitals Charitable Fund
(Registered Number: 1049008)
I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity’s trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2011 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under Section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Charity as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
J Urmston
Jonathan Urmston ACA
Voisey & Co LLP, Chartered Accountants 8 Winmarleigh Street Warrington, Cheshire WA1 1JW
…………………………….. 2024 17th October
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Annual Accounts 2023124
Statement of Trustees’ responsibilities in respect of the Trustees’ annual report and the financial statements
Under charity law, the trustees are responsible for preparing a Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. The trustees are required to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that period.
In preparing these financial statements, generally accepted accounting practice entails that the trustees:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements;
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state whether the financial statements comply with the trust deed and rules, subject to any material departures disclosed and explained in the financial statements;
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assess the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
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use the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations or have no realistic alternative but to do so.
The trustees are required to act in accordance with the trust deed and the rules of the charity, within the framework of trust law. They are responsible for keeping accounting records which are sufficient to show and explain the charity’s transactions and disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are
prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the financial and other information included on the charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Signed on behalf of the Corporate Trustee
Date
Date:
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| Statement of Financial Activities for period ended 31st March 2024 2023/24 2022/23 Unrestricted ‘000 Restricted ‘000 Total ‘000 Unrestricted ‘000 Restricted ‘000 Total ‘000 Income Donations (note 2) 680 84 764 157 30 187 Legacies 103 - 103 143 - 143 Investment Income (note 3) 14 - 14 7 - 7 Total 797 84 881 307 30 337 Expenditure Cost of raising Funds (Note 4) (50) - (50) (46) - (46) Charitable Activities (Note 5) (812) (13) (825) (410) (410) Total (862) (13) (875) (456) (456) Net gains/(losses) on Investments 42 5 47 (49) (49) Net Expenditure (23) 76 53 (198) 30 (168) Transfers between Funds - - - - - - Net Movement in Funds (21) 76 55 (198) 30 (168) Reconciliation of Funds Total Funds Brought Forward 962 30 992 1,160 - 1,160 Total Funds Carried Forward 939 106 1,045 962 30 992 |
Statement of Financial Activities for period ended 31st March 2024 2023/24 2022/23 Unrestricted ‘000 Restricted ‘000 Total ‘000 Unrestricted ‘000 Restricted ‘000 Total ‘000 Income Donations (note 2) 680 84 764 157 30 187 Legacies 103 - 103 143 - 143 Investment Income (note 3) 14 - 14 7 - 7 Total 797 84 881 307 30 337 Expenditure Cost of raising Funds (Note 4) (50) - (50) (46) - (46) Charitable Activities (Note 5) (812) (13) (825) (410) (410) Total (862) (13) (875) (456) (456) Net gains/(losses) on Investments 42 5 47 (49) (49) Net Expenditure (23) 76 53 (198) 30 (168) Transfers between Funds - - - - - - Net Movement in Funds (21) 76 55 (198) 30 (168) Reconciliation of Funds Total Funds Brought Forward 962 30 992 1,160 - 1,160 Total Funds Carried Forward 939 106 1,045 962 30 992 |
Statement of Financial Activities for period ended 31st March 2024 2023/24 2022/23 Unrestricted ‘000 Restricted ‘000 Total ‘000 Unrestricted ‘000 Restricted ‘000 Total ‘000 Income Donations (note 2) 680 84 764 157 30 187 Legacies 103 - 103 143 - 143 Investment Income (note 3) 14 - 14 7 - 7 Total 797 84 881 307 30 337 Expenditure Cost of raising Funds (Note 4) (50) - (50) (46) - (46) Charitable Activities (Note 5) (812) (13) (825) (410) (410) Total (862) (13) (875) (456) (456) Net gains/(losses) on Investments 42 5 47 (49) (49) Net Expenditure (23) 76 53 (198) 30 (168) Transfers between Funds - - - - - - Net Movement in Funds (21) 76 55 (198) 30 (168) Reconciliation of Funds Total Funds Brought Forward 962 30 992 1,160 - 1,160 Total Funds Carried Forward 939 106 1,045 962 30 992 |
|---|---|---|
| Income Donations (note 2) Legacies Investment Income (note 3) Total Expenditure Cost of raising Funds (Note 4) Charitable Activities (Note 5) Total Net gains/(losses) on Investments Net Expenditure Transfers between Funds Net Movement in Funds Reconciliation of Funds Total Funds Brought Forward Total Funds Carried Forward |
2023/24 Unrestricted ‘000 Restricted ‘000 Total ‘000 680 84 764 103 - 103 14 - 14 797 84 881 (50) - (50) (812) (13) (825) (862) (13) (875) 42 5 47 (23) 76 53 - - - (21) 76 55 962 30 992 939 106 1,045 |
|
| 307 30 337 (46) - (46) (410) (410) |
||
| (456) (456) (49) (49) |
||
| (198) 30 (168) - - - |
||
| (198) 30 (168) |
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| 1,160 - 1,160 962 30 992 |
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Balance Sheet for period ended 31st March 2024
| 2023/24 | 2022/23 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
| ‘000 | ‘000 | ‘000 | ‘000 | ‘000 | ‘000 | |
| Fixed Assets | ||||||
| Investments (Note 7) | 688 | - | 688 | 634 | - | 634 |
| Total fixed assets | 688 | - | 688 | 634 | 634 | |
| Current Assets | ||||||
| Debtors (Note 9) | 2 | - | 2 | 18 | - | 18 |
| Cash at Bank (Note 8) | 270 | 106 | 376 | 312 | 30 | 342 |
| Total current assets | 272 | 106 | 378 | 330 | 30 | 360 |
| Liabilities | ||||||
| Creditors falling due within | ||||||
| one year (Note 10) | (21) | - | (21) | (2) | - | (2) |
| Total Liabilities or provisions | (21) | - | (21) | (2) | - | (2) |
| Net current assets | 251 | 106 | 357 | 328 | 30 | 358 |
| or liabilities | ||||||
| Total net assets | 939 | 106 | 1,045 | 962 | 30 | 992 |
| Funds of the Charity (Note 11) | ||||||
| Restricted Funds | - | 106 | 106 | - | 30 | 30 |
| Unrestricted Funds | 939 | - | 939 | 962 | - | 962 |
| 939 | 106 | 1,045 | 962 | 30 | 992 |
The notes on pages 17 to 26 form part of these accounts
Signed on behalf of the Corporate Trustee (the Board of Mid Cheshire Hospitals NHS Foundation Trust)
Lesley Massey Acting Chair:
Date
Claire Liddy Chief Finance Officer: Date
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Cashflow Statement for period ended 31st March 2024
| Cash Flows from operating activities: Net cash provided by (used in) operating activities Cash fows from Investing Activities Dividends from Investments (note 3) Proceeds from sale of investments (note 7) Purchase of investments (note 7) Investment fees (note 4) Net cash provided by (used in) investing activities Change in cash and cash equivalents in year Cash and cash equivalents as at 1st April 2023 Cash and cash equivalents as at 31st March 2024 |
2023/24 2022/23 ‘000 ‘000 14 (48) 14 7 308 921 (294) (859) (8) (3) |
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| 20 66 |
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| 34 18 |
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| 342 324 |
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| 376 342 |
Reconciliation of net Income/(expenditure) to net cash flow from operating activities
| Net (expenditure)/ income for 2023/24 as per SOFA Gains on Investments Dividends Decrease in Debtors Increase in Creditors Investment Fees Net Cash provided by/ (used in) Operating Activities |
2023/24 2022/23 '000 '000 53 (168) (68) (14) (14) (7) 16 140 19 - 8 3 |
|---|---|
| 14 (48) |
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Note 1 - Accounting Policies
Mid Cheshire Hospitals NHS Foundation Trust is the corporate trustee to Mid Cheshire NHS Charitable Fund, referred to as ‘the Charity’.
The Foundation Trust has assessed its relationship to the Charity and determined it to be a subsidiary because the foundation trust is exposed to, or has rights to, variable returns and other benefits for itself, patients and staff from its involvement with the charitable fund and has the ability to affect those returns and other benefits through its power over the fund.
The charitable fund’s financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2019) preparing their accounts in accordance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued on October 2019 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The Charity operates for the benefit of patients, staff and visitors of Mid Cheshire Hospitals NHS Foundation Trust and is therefore a public benefit entity.
The financial statements have been prepared on a going concern basis which the Trustees consider to be appropriate for the following reasons.
The business model of the charity is such that its charitable activities are limited to those which it has sufficient funds to support from the excess of funding received over the costs of administering the charity. The charity therefore has no specific commitments and no committed costs beyond its fixed costs of operation which are detailed in note 5.
The Trustees, after reviewing the cash flow forecasts for 2023/24 and the Group’s 5-year strategic plan, is of the opinion that the charity will have sufficient funds to meet its liabilities as they fall due for that period. The Trustees have also considered the implications of COVID-19 on these cash flow forecasts and consider that as a result of its operating model explained above, even if no further funding is received in the 12-month period, the charity has sufficient cash reserves to pay all committed costs.
Consequently, the Trustees are confident that the charity will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.
Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the monetary value of incoming resources can be measured with sufficient reliability.
Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity, and it is probable that those conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a caseby-case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash, or a financial asset
traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
Debtors are accrued for when the Charity is reasonably satisfied that it will receive the cash. Invoices will be accrued for at face value and legacies will be accrued for at the sum specified or an estimate based upon the estate valuation at the date of death.
Expenditure
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. The financial statements are prepared in accordance with the accruals concept. A liability (and consequently, expenditure) is recognised in the accounts when there is a legal or constructive obligation, capable of reliable measurement, arising from a past event.
Expenditure is split into two main categories being the costs of raising funds and the actual costs of charitable activities.
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All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs (Note7). The costs of generating funds represent fundraising costs together with investment management fees. Fundraising costs include expenses for fundraising activities together with the salaries and overhead costs of the Community fundraiser.
Costs of activities in the furtherance of charitable activities are expenditure incurred on the provision of services or goods. Support costs are an integral and material part of the costs of these activities.
Creditors are accrued for when the Charity is satisfied that it received the goods or service before the 31st March, and they are based on invoice actual value.
Cash at bank or in hand
Cash is cash in hand and deposits with any financial institution repayable without penalty on notice of not more than 24 hours. The bank accounts held by the Charity both fall within this definition, and no other type of account is held.
Investment Fixed Assets
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing market price, as provided by our investment advisors. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Investment Income is accounted for at the point of receipt in the holding account of the nominated Investment advisors.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Contingent liabilities
A contingent liability is identified and disclosed for those grants resulting from:
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a possible obligation which will only be confirmed by the occurrence of one or more uncertain future events not wholly within the trustees’ control; or
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a present obligation following a grant offer where settlement is either not considered probable; or
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the amount has not been communicated in the grant offer and that amount cannot be estimated reliably.
Provisions
A Provision is a liability for which the timing or amount is uncertain. It is recognised when:
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the charity has a present obligation as a result of a past event that existed at the balance sheet date;
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It is probable that a transfer of economic benefits will be required to settle the obligation: and
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the amount can be reliably estimated.
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Structure of Funds
Where there is a legal restriction on the purposes to which a fund may be put, the fund is classified in the accounts as a restricted fund. The Charity no longer holds restricted funds.
Funds where the capital is held to generate income for charitable purposes and cannot itself be spent are accounted for as endowment funds. Mid Cheshire Hospitals Charitable Fund holds no endowment funds.
Other funds are classified as unrestricted funds. Unrestricted funds comprise those funds which the Trustee is free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the donor has made known their non-binding wishes or where the Trustee at its discretion has created a fund for a specific purpose.
The Trustee involves each division, ward, department, and where appropriate staff representatives, in fundraising and decisions regarding expenditure of charitable monies. A Committee of the Trust Board meets regularly and approves all expenditure.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Charity’s accounting policies, which are described above, the Trustee is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Trustee does not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.
Going Concern
The financial statements have been prepared on a going concern basis which the Trustees consider to be appropriate for the following reasons.
The business model of the charity is such that its charitable activities are limited to those which it has sufficient funds to support from the excess of funding received over the costs of administering the charity. The charity therefore has no specific commitments and no committed costs beyond its fixed costs of operation which are detailed in note 7.
The Trustees have reviewed the cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the charity will have sufficient funds to meet its liabilities as they fall due for that period. The Trustees have also considered the implications of COVID-19 on these cash flow forecasts and consider that as a result of its operating model explained above, even if no further funding is received in the 12-month period, the charity has sufficient cash reserves to pay all committed costs.
Consequently, the Trustees are confident that the charity will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.
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Note 2: Donated Income
| Donations from public Memorial Donations In aid of Fundraising NHS Charities Together grants Other Grants Gifts in Kind |
2023/24 2022/23 Unrestricted Restricted Total Unrestricted Restricted Total ‘000 ‘000 ‘000 ‘000 ‘000 ‘000 142 - 142 88 - 88 212 - 212 30 - 30 66 - 66 40 - 40 - 84 84 - 30 30 100 - 100 - - - 160 - 160 - - - |
|---|---|
| 680 84 764 158 30 188 |
Note 3: Investment Income
| Dividends on Investments | Dividends on Investments | 2023/24 2022/23 Unrestricted Restricted Total Unrestricted Restricted Total ‘000 ‘000 ‘000 ‘000 ‘000 ‘000 |
|---|---|---|
| ents | 14 - 14 7 - 7 |
|
| 14 - 14 7 - 7 |
Note 4: Cost of Raising funds
| Investment Manage Fundraising Manage |
rs Fees ment |
2023/24 2022/23 Unrestricted Restricted Total Unrestricted Restricted Total ‘000 ‘000 ‘000 ‘000 ‘000 ‘000 8 - 8 3 - 3 42 - 42 43 - 43 |
|---|---|---|
| 50 - 50 46 - 46 |
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Note 5: Charitable Activities
| Direct contribution to patient welfare Additional Equipment Enhancement of patient experience Improvement of patient facilities Direct Contribution to staf Welfare Educational opportunities for staf Improvement to staf facilities Supporting Staf Wellbeing Support costs Total Expenditure |
2023/24 2022/23 Unrestricted Restricted Total Unrestricted Restricted Total '000 '000 '000 ‘000 '000 468 - 468 161 - 161 120 13 133 57 - 57 19 - 19 4 - 4 34 - 34 23 - 23 5 - 5 20 - 20 57 - 57 39 39 109 - 109 106 106 |
|---|---|
| 812 13 857 410 410 |
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Note 6: Analysis of Support Costs
| 2023/24 | 2022/23 | ||||||
|---|---|---|---|---|---|---|---|
| Raising | Charitable | ||||||
| Funds | Activities | Raising | Charitable | ||||
| Unrestricted | Unrestricted | Total | Basis of Allocation | Funds | Activities | Total | |
| ‘000 | ‘000 | ‘000 | ‘000 | ‘000 | ‘000 | ||
| Apportionment | |||||||
| on average fund | |||||||
| Governance | 8 | 6 | 14 | balance | 3 | 5 | 8 |
| Apportionment | |||||||
| Audit Fee/ | on average fund | ||||||
| Examiners Fee | - | 2 | 2 | balance | - | 2 | 2 |
| Apportionment | |||||||
| on average fund | |||||||
| Finance support | - | 11 | 11 | balance | - | 12 | 12 |
| Apportionment | |||||||
| Information | on average fund | ||||||
| Technology | - | 12 | 12 | balance | - | 3 | 3 |
| Allocated on time | |||||||
| Human | and average fund | ||||||
| Resources | 37 | 78 | 115 | balance | 43 | 84 | 127 |
| Totals | 45 | 109 | 154 | 46 | 106 | 152 |
Independent examination fees received by the Independent Examiner was £2,100 (2022/23 £2,100)
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Note 7: Fixed Asset Movements - Investments
| Market Value as at 1st April 2023 Add: Additions to Investments at cost Less: Sales at carrying value Less: Net gain/ (loss) on revaluation Market value as at 31st March 2024 Historic cost of Investments at 31st March 2024 Investments at Market value comprised: Equities listed on UK stock exchange UK Money market investments |
2023/24 2022/23 ‘000 ‘000 633 680 294 859 (308) (922) 69 16 |
|---|---|
| 688 633 |
|
| £640K 2023/24 2022/23 ‘000 ‘000 646 619 42 14 |
|
| 688 633 |
Note 8: Analysis of cash and cash equivalents
| 2023/24 | 2022/23 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
| ‘000 | ‘000 | ‘000 | ‘000 | ‘000 | ‘000 | |
| Cash in hand | 270 | 106 | 376 | 312 | 30 | 342 |
| Total Cash and cash equivalents | 270 | 106 | 376 | 312 | 30 | 342 |
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Note 9: Analysis of Debtors
| 2023/24 | 2022/23 | |
|---|---|---|
| ‘000 | ‘000 | |
| HMRC Gift aid | 2 | 5 |
| Confirmed Legacies | - | 13 |
| 2 | 18 |
Note 10: Analysis of Creditors falling within one year
| 2023/24 | 2022/23 | |
|---|---|---|
| ‘000 | ‘000 | |
| Trade Creditors | 21 | 2 |
| 21 | 2 |
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| Note 11: Analysis of Charitable Funds | Note 11: Analysis of Charitable Funds | |||||
|---|---|---|---|---|---|---|
| 2023/24 | Balance B/fwd | Income | Expenditure | Transfers | Gains and | Fund c/fwd |
| losses | ||||||
| 01.04.2023 | 23/24 | 23/24 | 23/24 | 23/24 | 31.03.2024 | |
| ‘000 | ‘000 | ‘000 | ‘000 | ‘000 | ‘000 | |
| Restricted Funds | 30 | 84 | (13) | - | 5 | 106 |
| Unrestricted Funds | 962 | 797 | (862) | - | 46 | 939 |
| 992 | 881 | (875) | 0 | 51 | 1,045 |
Significant Balances of funds held as at 31st March 2024
| £’000 | ||||||
|---|---|---|---|---|---|---|
| Urology fund | 124 | |||||
| Emergency Care Fund | 120 | |||||
| Leighton General | 116 | |||||
| Other Funds | 579 | |||||
| 2021/22 | Balance B/fwd | Income | Expenditure | Transfers | Gains and | Fund c/fwd |
| losses | ||||||
| 01.04.2022 | 22/23 | 22/23 | 22/23 | 22/23 | 31.03.2023 | |
| ‘000 | ‘000 | ‘000 | ‘000 | ‘000 | ‘000 | |
| Restricted Funds | - | 30 | - | - | - | 30 |
| Unrestricted Funds | 1,160 | 307 | (456) | - | (49) | 962 |
| 1,160 | 337 | (456) | 0 | (49) | 992 |
Significant Balances of funds held as at 31st March 2023
| Signifcant Balances of funds held as at | 31st March 2023 |
|---|---|
| £’000 | |
| Leighton General | 235 |
| Urology fund | 142 |
| Neo-Natal Fund | 136 |
| Other Funds | 481 |
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Note 12: Contingent Liabilities and Assets
At the end of the Accounting Period, The Charity had been informed of 2 legacies due, where the value of the legacy was uncertain and that there was anticipated to be a delay in the legal process to finalise the Estates. No accrual for these has been made in these accounts because of this uncertainty.
Note 13: Related Party Transactions
During the year neither the Trustee nor members of the key management staff or related parties to them had undertaken any material transactions with Mid Cheshire Hospitals Charitable Fund or received remuneration or expenses funded by Charitable Funds during the year. The Charitable Fund has made revenue and capital payments to Mid Cheshire Hospitals NHS Foundation Trust where the Trustee is also the Trust Board. All costs within Expenditure on the Statement of Financial Activities were originally funded by Mid Cheshire Hospitals NHS Foundation Trust Revenue Account and reimbursed in full from Charitable funds. At the Balance Sheet date the amount owing in outstanding transactions to Mid Cheshire Hospitals NHS Foundation Trust was £19,000 (2022/2023: £2,000) and the Trust owed the Charity £0 (2022/2023:£0). The total repaid to Mid Cheshire Hospitals NHS Foundation Trust for 2023/4 was £877,000 (2022/2023: £456,000). The audited accounts of Mid Cheshire Hospitals NHS Foundation Trust are included in its Reports and Accounts.
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MCH Charity Leighton Hospital, Middlewich Road, Crewe, Cheshire, CW1 4QJ
Registered charity no. 1049008