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2022-03-31-accounts

James Paget Hospital Charity Registered Charity No: 1050406 ANNUAL ACCOUNTS YEAR ENDING MARCH 2022 James Paget University Hospitals Charitable Fund

Contents Page

Trustees’ Report		 3
Foreword 3
Thank you to our supporters 4
Reference and Administrative Details of the Charity, its Trustees and Advisors 5
Structure, Governance and Management 6
Public Benefit 7
Charity review and Performance 10
Financial Review 11
Plans for Future Periods 14
Foreword to the Accounts 17
Statement of Trustees’ Responsibilities 17
Independent Auditor’s Report 18
Statement of Financial Activities 21
Balance Sheet 22
Statement of Cash Flows 23
Accounting Policies 24
Notes to the Accounts 27

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The 2021/22 year brought unprecedented challenges not only to the James Paget Hospital Charity, but to the Charity sector as a whole. As a result of the Covid19 pandemic, we continued to react and adapt to new ways of working, and this included reinventing our fundraising portfolio. Much of our activity remained virtual and we had to become less reliant on in person events.

We are extremely grateful to our local community who continued to support and adapt with us during this time. The unwavering support of our donors allowed the Charity to continue to support the James Paget University Hospital throughout this difficult period and continue to enhance the patient experience.

This year has been an exciting one for the James Paget Hospital Charity, as we have adopted a new strategy which focuses on Charity development and future growth.

This development focuses on four key areas; honest and transparent fundraising, assurance, targets that plan for the future, and Charity awareness. There is more about the new strategy in the Trustee report and we hope you enjoy reading about our progress.

Building on this new Strategy, the Charity launched a new community appeal in 2022 to raise funds for a surgical robot at the Hospital. This robot will enable the Hospital to provide Norfolk and Waveney patients with innovative technology and a choice to access the latest inventions in Healthcare. Keep an eye out for updates on our website for further details of this exciting project.

We are a small charity with a big heart, and together, we can make a huge difference in our local community.

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The James Paget University Hospital Charity exists to support patients, their carers and the NHS staff who look after them in Great Yarmouth, Lowestoft, Waveney and beyond.

For forty years the James Paget University Hospital has supported the local community and thanks to generous donations from the public and local businesses we have been able to raise much-needed funds to support the hospitals vital work.

The hospital receives Government funding for healthcare but there is always more that we can do. Your donations mean that we can help more people, save more lives, develop new treatments, build stateof-the-art facilities and support our incredible patients and their families.

Here is just a selection of the wonderful people who have supported us this year;

Jake, 6 raises monies for Neo Natal unit

Some wonderful mobiles have been purchased for our Neonatal Unit thanks to the cycling efforts of sixyear-old Jake raised hundreds of pounds to support our smallest patients and their families. On one of his regular bike rides, young Jake Aldred decided he wanted to complete a sponsored cycle to raise some money for a good cause. After lots of discussion about different charities, Jake chose to do the ride to help the babies in our Neonatal Unit.

He completed his 12-mile bike ride at the end of May and raised more than £1,070 through sponsorship and donations in the process.

Surgeons complete charity cycle ride

Three of our surgeons have now raised over £2,100 for our hospital charity after completing their London to Brighton cycle ride.

On Sunday 19 September 2021 Consultant Surgeons Mr Christopher Liao and Mr Vamsi Velchuru and Urologist Mr Lokesh Suraparaju completed the 55-mile ride event, which allows cyclists to complete the route in their own time, and to raise money for a charity of their choice. All three of our surgeons decided to raise funds for the James Paget Hospital Charity. Christopher Liao said; “The ride was amazing, although I had a puncture just two miles short of the finish line! Fortunately, we were in Brighton, so we managed to get the puncture fixed – crossing the line in 4 hours 29 minutes cycling time.”

Jasmine raises funds at Richmond Marathon

Jasmine Mountford decided to raise money for the James Paget Hospital by running 26.2 miles at the Richmond Marathon in London.

Jasmine’s father was treated in the ICU with sepsis and for Covid last year. She wanted to thank all the JPUH staff who helped save his life by raising money for our charity.

Jasmine said: “I’m so please I was able to exceed my fundraising goal and that the event was finally able to take place after over a year of being postponed. I ran it in 5 hours 57 minutes, my only target was to not give up and complete the distance, so I was very happy to cross the finish line.

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Reference and Administrative Details of the Charity, its Trustees and Advisors

Charity Name and Registration Number

The James Paget University Hospitals Charitable Fund is registered with the Charity Commission as Charity number 1050406.

The Charity can be contacted in the following ways;

By post

The James Paget Hospital Charity James Paget University Hospitals NHS Foundation Trust Lowestoft Road Gorleston Norfolk NR31 6LA

Telephone 01493 453559 E-mail Charity@jpaget.nhs.uk Website https://www.jpaget-Charity.org.uk/

Charity Contact

Georgina Bissell- Director of Charity 01493 453348 Georgina.bissell@jpaget.nhs.uk

Trustees

The James Paget University Hospitals NHS Foundation Trust is the corporate Trustee. The following individuals were directors of the Trust during the year ended 31 March 2022 and to the date the accounts were approved;

A Davidson, Chair A Hills, Chief Executive (Until April 2022) J Segasby, Chief Executive (Chief Operating Officer until April 2022) N Kee, Chief Operating Officer (appointed as Interim April 2022, permanent role from August 2022) M Flynn, Director of Strategic Projects E Taylor, Director of Finance WH Stuart, Medical Director (Until August 2022) V Chitre, Chief Medical Office (Appointed August 2022) P Morris, Director of Nursing J Barber, Director of Strategy and Transformation S Goldie Interim, Director of People and Culture (From October 2021) S Javes, Non-Executive Director N Spalding, Non-Executive Director P Kerr, Non-Executive Director D Scott, Non-Executive Director – Senior Independent Director J Hennessey, Non-Executive Director K Knight, Non-Executive Director L Bowater, Non-Executive Director (Appointed January 2022) G Armitage, Executive lead for Workforce (Until October 2021)

In accordance with the Charity’s declaration of Trust, members of the NHS Foundation Trust’s Board of Directors acted as ex-officio Trustees of the Charitable Fund.

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Principal Office

The accounting records and day-to-day administration of the Charitable Funds are dealt with by the James Paget University Hospitals NHS Foundation Trust at Lowestoft Road, Gorleston, Norfolk, NR31 6LA.

Principal Advisers

Banker National Westminster Bank PLC 11 Market Place Great Yarmouth Norfolk, NR30 1LY

Investec Wealth & Investment Limited 2 Gresham Street London, EC2V 7QP

Auditor Lovewell Blake LLP Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB

Solicitor Capsticks LLP Toronto Square, Toronto Street, Leeds, LS1 2HJ

Charity Structure, Governance and Management arrangements

The Charitable Fund is governed by Trust Deed. The Charity is responsible for administering and managing the following special purpose Charities:

James Paget University Hospitals General Fund, Palliative Care East (inactive) Alexander Legacy (inactive)

Under the provisions of the Charities Amendment Act 1995, the Charity Commission has directed that all charitable funds, including the main Charity, form one Charity for the purposes of accounting and registration only.

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In accordance with the Charity’s declaration of Trust, members of the NHS Foundation Trust’s Board of Directors act as ex-officio Trustees of the Charitable Funds. The Executive and Non-Executive members of the James Paget University Hospitals NHS Foundation Trust’s Board of Directors are appointed through the normal recruitment, training and induction process for those positions.

The Trustees, through the Charitable Fund’s Management Board are responsible for controlling expenditure and also for investment policy and decisions. In all decision making, consideration is given to the Charity Commission’s general guidance on public benefit ‘Charities and Public Benefit’ and independence.

The James Paget University Hospitals NHS Foundation Trust acts as sole corporate Trustee to the James Paget University Hospitals Charitable Fund, and as such is a related party.

The major risks, to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks.

The Charity is a member of the Fundraising Regulator.

Further details are available here:

https://www.fundraisingregulator.org.uk/directory/james-paget-university-hospitals-charitable-fund

Charity purpose

The James Paget University Hospital Charity raises money to enhance people’s experience at the James Paget University Hospital.

Vision, Mission and Values

Vision: To enhance everyone’s experience at the James Paget University Hospital. Mission: We exist for every patient and every colleague. Through the generosity of our supporters, we ensure that the James Paget University Hospital can reach further and aim higher to support entire hospital community.

Values: We care for our patients, each other and ourselves through these behaviours;

Public Benefit

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set up.

Our priorities reflect the purposes that the Charity was set up to further.

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Charity Structure

Charity Fund Managment Board (CFMB)

Responsible for the legal running of the charity, including holding the Charity Director accountable

Director of Charity

Responsible for day to day decisions (operational), and for making these decisions alongside other key senior managers as appropriate (CEO, Head of Financial and Commercial Accounting, Head of Communications etc). Accountable to the CFMB

All staff, including the Charity Director, are employed directly by the James Paget University Hospital

Charity Team

Objects and Governing Documents

The Charitable Funds are used to meet the objects of the original donations or bequests, so far as is reasonably practicable in accordance with the Charity’s governing documents.

Where there are no specific objects, the funds are used by the Charity for such purposes relating to services provided by them under the National Health Service Act 2006 by enhancing and improving the care, well-being and safety of patients, staff and carers within the James Paget University Hospitals NHS Foundation Trust by applying Charitable Funds in ways in which the NHS budget could not be applied.

Where separate restricted funds have been established these fund’s objectives are determined by the donor’s wishes or the original fund raising proposals.

The Charity carries out these objectives by:

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Charitable Fund Objects

James Paget University Hospitals General Fund

Governing document :

Declaration of Trust dated 1 April 1996 and statutory instrument of 31 August 1997, and supplemental deeds of 24 November 1998 and 16 January 2007.

Objects: Funds vested in the James Paget University Hospitals General Fund are unrestricted and as such are used for any charitable purpose or purposes relating to the National Health Service wholly or mainly for the James Paget University Hospital.

Aims:

The primary aims for the coming year will be:

Palliative Care East

Governing document:

Trust deed dated 8 March 2006.

Objects: The Palliative Care East Fund is restricted to assist in the provision and running of palliative care facilities.

Aims:

Following a change in strategic direction at the trust, this fund is now inactive, and the charity no longer accepts donations to support Palliative Care East.

The Trust continues to provide palliative care services across the Trust, working with local partners.

Grant Making Policy

The Charity’s grant making policy is that grants must be used for any charitable purpose or purposes relating to the National Health Service. Grants awarded from charitable funds shall be conditional upon:

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Charity review and performance

The Charity is currently delivering a new strategy, with a mission to reach further and aim higher to support the Hospital. This will build on the successes of its operations and focus on increasing local recognition and support to further reflect the size of the Hospital as a local employer and the regard it is held within as an NHS provider.

In December 2021, the board approved a new strategy which had four main outcomes;

An honest and transparent fundraising model - every donor understands what their gift will be spent on, when it will be spent and the difference this will make.

An assurance framework - which gives the Hospital community the information needed to ensure we are fundraising efficiently and effectively in line with regulatory practice.

Agreed fundraising targets that plan for the future – which align with the Hospital’s objectives and strategic direction. These should be supported by robust grant giving and reserve policies.

Increased awareness and understanding - evidenced through staff and public knowledge of the charity’s vision and mission

By April 2022, we had achieved the following progress;

Create an honest and transparent fundraising model

Create an assurance framework

Establish agreed fundraising targets that plan for the future

Create increased awareness and understanding

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Charity risks and the Trustees response

The major risks, to which the Charity is exposed, as identified by the Trustees, have been reviewed regularly and systems have been established to mitigate those risks. The Trustees review the risks via a framework quarterly.

The Charity has been compliant with fundraising standards. The Charity is committed to following the Code of Fundraising Practice is a member of the Fundraising Regulator.

Complaints are dealt with through the Trust’s policy and procedures, and can also be reported to the Fundraising Regulator. There we no complaints in this financial year.

Financial Review

Income

The Charity’s income is from four different sources: donations (47%); legacies (39%), investment income (13%) and fundraising activities (1%). Total income during the year ended 31 March 2022 was £496,000, a 54% decrease on income received in the year ended 31 March 2021. The main decrease was in two areas: legacies (a 42% drop) and general donations (a 26% drop).

The drop in donations was mainly due to Covid funding ceasing, and the effect of lockdowns and the pandemic on public donations in the first half of 2021. Many events had to be rescheduled as public confidence in events was still low, and this also effected numbers at activities which did run to schedule.

Legacies income fluctuates from year to year, and the trustees take a view of considering a five year average when analysing the accounts.

The new charity strategy addresses this and a large appeal is planned in 2022 to help support increased donation levels. The charity sector as a whole are experiencing lower events numbers post the Covid 19 pandemic, and therefore it is important that the new strategy encompasses a wide range of income streams to fundraising effectively.

The Charity has not received any grants or bursaries from outside of the United Kingdom and the Charity does not actively raise funds outside of the United Kingdom. The Trustees note that the impact on fundraising and voluntary income, post the pandemic continues to be felt. Although the public remain generous towards NHS Charities, the cost of living crisis coupled with low public confidence in larger events could continue to adversely affect charitable income. The Trustees continue to monitor further developments on both the economy, the cost of living crisis and the continued impact of the pandemic and further commentary on the impact is available the Charity’s investment portfolio is included under investment performance.

Expenditure

Including support and governance costs of £97,000, the Charity spent £639,000 during the year on Charitable activities (2020/21 £694,000), representing an 8% decrease on the previous year.

Grants were made to support the Hospital’s services and purchase additional equipment to enhance patient experience. Here are some key highlights of how the Grants were used;

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Restricted grants received from NHS Charities Together were spent on staff counselling, to support staff wellbeing during the Covid 19 pandemic.

Net income/expenditure

Net expenditure for 2021/22 was £143,000 (29% of income), compared to net income of £381,000 (35% of income) in 2020/21. The drivers for the net change between years were higher levels of income during 2020/21 primarily due to an increase in grants as a result of the pandemic, whilst also experiencing a reduced level of expenditure, primarily in relation to curtailed study and course fees, reduced capital expenditure and reduction in support for staff salaries.

Net gain/(loss) on revaluation and disposal of investment assets

In accordance with UK accounting standards, fixed asset investments have been adjusted to reflect the current market value of investments held as at 31 March 2022. During the year ended 31 March 2022 the Charitable Fund’s fixed asset investments values have shown increases over the last year. As at 31 March 2022, investments were valued at £579,000 more than their historic cost (31 March 2021 - £542,000 more than historic cost). This change in the market value of the investments must be recognised within the accounts and an upward revaluation on investments of £99,000 (31 March 2021 upward £267,000) has been recorded in the Statement of Financial Activities.

Investment Policy

The assets of a Charity must be invested in accordance with the Trustee Act 2000. Therefore the above objectives are to be achieved by investing prudently in a broad range of fixed interest securities and equities, which are quoted on a Recognised Investment Exchange and Unit Trusts and OEIC's (open ended investment company), which are authorised under the Financial Services Land Markets Act 2000.

Based on their attitude to investment risk, the Trustees require that the asset allocation retain approximately 40% - 60% of the fund in UK equities, 5% - 25% in overseas equities, 17.5% – 27.5% in fixed interest securities, 2.5% - 12.5% in property and infrastructure and a maximum of 10.0% as cash.

The Trustees require that the asset allocation retains approximately 22.5% of the fund in fixed interest securities. Fixed Interest investments will be predominantly in shorter term securities as considered to be appropriate by the Investment Manager

The level of risk taken in the overall portfolio should be moderate. The Investment Policy is reviewed annually by the Charitable Fund Committee. No single equity investment should comprise more than 5% of the total portfolio, at the time of purchase.

There should be no investments held in companies whose primary business is related to tobacco, alcohol or gambling or any investment in funds where more than 20% of the fund is invested in these companies.

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Investment Performance

Total Fund Balances

The Charity is reporting a net decrease in funds of £27,000 for the year ended 31 March 2022 (31 March 2021 £682,000 increase). This leaves total fund balances of £2,869,000 compared with £2,896,000 at 31 March 2021.

Investments are exposed to the risks of stock market fluctuations, performance will be dependent upon future economic conditions and both upward and downward swings in investment valuations could occur. For this reason, it is the Charity’s policy to hold some unrealised investment revaluations in a separate fund, which is not made available to spend until it is realised.

Reserves Policy

The Trustees’ reserves policy is to expend unrestricted reserves within a reasonable period of time in furtherance of the charitable objects. Under normal circumstances, a period of one year is considered to be reasonable; therefore the Charity would be expected to hold reserves approximately equal to average annual unrestricted income.

As at 31 March 2022 the reserves held were £2,043,000. This compares to an expected average reserve balance of approximately £1,000,000. The reasons for the increased level of funds held are:

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The reserves figure of £2,043,000 represents total unrestricted fund balances of £2,622,000 less the following item:

A new reserves policy has been created which recommends minimum and maximum reserve amounts the charity should hold. The Charitable Funds Management Board is considering this policy in line with the Trustees responsibilities, and will adopt the new policy by April 2023.

Plans for Future Periods

The charity has an agreed strategy and implementation timeline for 22/33, and has outlined the following outcomes for 22/23;

Vision

To enhance everyone’s experience at the James Paget University . Hospital

Vision
To enhance everyone’s experience at the James Paget University
**Hospital. **		 Vision
To enhance everyone’s experience at the James Paget University
**Hospital. **		 Vision
To enhance everyone’s experience at the James Paget University
**Hospital. **		 Vision
To enhance everyone’s experience at the James Paget University
**Hospital. **		 Vision
To enhance everyone’s experience at the James Paget University
**Hospital. **
Outcome 1
An honest and
transparent
fundraising model		 Outcome 2
An assurance
framework		 Outcome 3
Agreed fundraising
targets that plan for
the future		 Outcome 4
Increased awareness
and understanding
Refine donation
process, clearly
defining restricted and
unrestricted support		 Invest in a CRM to
support regulatory
compliance		 Agree financial
targets, in the short,
medium and long
term		 Implement a new charity
communication strategy
Report regularly, both
strategically and
operational, against
effectiveness		 Design a risk register
which identifies and
addresses risk at
both strategic and
operational level		 Agree grant giving
policy so that
support is accessible
and equitable		 Hold regular
communication meetings
with fund managers and
staff
Work closely with fund
managers to use
donations efficiently		 Report against
charitable
effectiveness		 Create a clear
forecasting
procedure to support
the trust in financial
planning		 Rebrand to increase
charity support
Introduce a charity
regulationaudit
Introduce training
program

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Future Charitable Activity

James Paget becomes the first hospital in the UK to start life-changing peanut allergy clinic

The Charity continues to invest in pioneering research, and as a result of charitable donations, the James Paget University Hospitals NHS Foundation Trust will become the first hospital in the country to provide a Peanut Allergy Desensitisation clinic using the newly NICE approved drug PALFORZIA.

Approval of the drug by the National Institute for Clinical Excellence (NICE) is the latest step in five years of extensive research into peanut allergies, one of the most common food allergies that affects more than 6 million people in Europe and America.

People with the allergy can suffer severe and potentially life-threatening reactions if they ingest even a small amount of peanut.

Peanut allergies are normally detected in early childhood, and the current approach is to avoid them through dietary intake, and carry around emergency medication in case peanut proteins are eaten. The alternative approach is ‘oral immunotherapy’ – where a persons’ immune system is desensitised to peanut proteins by steadily increase exposure to them as an oral medication.

The James Paget has been part of the global ARTEMIS research trial, which involved 175 children aged 4-17 years across seven European countries, to develop an oral immunotherapy to tackle peanut allergies. ARTEMIS saw young patients receive steadily increased doses of the drug over a period of up to 40 weeks, under strictly controlled conditions, while others received a placebo.

In consequence to the successful outcomes from the trial, the Trust has become the first hospital licenced for use of PALFORZIA in the clinic, funded through the James Paget Hospital Charity’s Innovation Fund. Initially, the clinic will support 10-12 children in the first year of operation, who will receive PALFORZIA orally in escalating doses to desensitise them to peanut proteins

The trial began in June 2022.

The Robot Appeal

The James Paget Hospital Charity are campaigning to raise £1.6 million for a new surgical robot. The robot will allow for complex surgeries to be performed through small incisions, which provides enhanced three dimensional vision and allows surgery to be performed with more precision.

Some of the benefits that will be seen from the surgical robot include:

Additionally to help contribute to the funds for the robot, two rose gardens – one in Priory Gardens in Gorleston and one in Belle Vue Park in north Lowestoft – have been created for local people to remember loved ones and to support the charity in its robot appeal.

The appeal was launched in the autumn of 2022.

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A Big Thank You

The Trustees of the James Paget University Hospitals Charitable Fund wish to express their thanks to the many generous donations from members of the public, without which the Charity would be unable to support the James Paget University Hospitals NHS Foundation Trust so effectively in enhancing the services and facilities available to its patients and visitors.

Approved on behalf of the Corporate Trustee:

Date: 27 January 2023

Anna Davidson

Chair of Charity Trustees

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Foreword to the Accounts

These accounts for the year ended 31 March 2022 have been prepared by the Trustees in accordance with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Trust Deed and the requirements of the Statement of Recommended Practice 2019: Accounting and Reporting by Charities.

Statement of Trustees’ responsibilities in respect of the Trustees’ annual report and the financial statements

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

True and Fair override

The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Signed on behalf of the Trustees:

Signed: Date: 27 January 2023

Anna Davidson, Chair of Trustees

Independent Auditor’s Report to the Trustee of James Paget University Hospitals Charitable Fund

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Opinion

We have audited the financial statements of James Paget University Hospitals Charitable Fund(the ‘charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud

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rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

For and on behalf of Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB 31/01/2023 Lovewell Blake LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Statement of Financial Activities for the year ended 31 March 2022

Unrestricted
Funds
Note
£ 000		 Unrestricted
Funds
Note
£ 000		 Restricted
Funds
£ 000		 Total
Unrestricted
2022
Funds
£ 000
£ 000		 Total
Unrestricted
2022
Funds
£ 000
£ 000		 Restricted
Total
Funds
2021
£ 000
£ 000
Income and Endowments from:
Donations and Legacies
1
Granted income
Income from fundraising
Investment income
2
Total income
Expenditure
Raising funds
3, 4
Charitable activities
7, 8
Total expenditure
Net gains/(losses) on investment assets
Net movement in funds
11
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Net income/(expenditure) before
gains/(losses) on investments		 412
-
7
64
483
(30)
(600)
(630)
(147)
116
(31)
2,651
2,620		 13
-
-
-
13
-
(9)
(9)
4
-
4
245
249		 425
-
7
64
496
(30)
(609)
(639)
(143)
116
(27)
2,896
2,869		 627
-
-
66
693
(33)
(318)
(351)
342
301
643
2,008
2,651		 18
645
364
364
-
-
-
66
382
1,075
-
(33)
(343)
(661)
(343)
(694)
39
381
-
301
39
682
206
2,214
245
2,896

The notes on pages 24 to 31 form part of these financial statements

21

Balance Sheet at 31 March 2022

Balance Sheet at 31 March 2022
Unrestricted
Funds
Note
£ 000		 Restricted
Funds
£ 000		 As at
31st March
Unrestricted
2022
Funds
£ 000
£ 000		 Restricted
Funds
£ 000		 As at
31st March
2021
£ 000
Non current assets
Investments
12, 13
2,592
Total non current assets
2,592
Current assets
Debtors
14
99
Cash at bank and in hand
430
Total current assets
529
Creditors
Amounts falling due within one year
15
(501)
Net current Assets/(Liabilities)
28
Total assets less current liabilities
2,620
Total Net Assets
2,620
Funds of the Charity
Restricted income funds
16, 17
-

Unrestricted income funds
18
2,041
Unrestricted revaluation
579
Total funds
2,620		 -

-

1
402
403
(154)
249
249
249
249
-

-

249		 2,592
2,592
100
832
932
(655)
277
2,869
2,869
249
2,041
579
2,869		 2,426
2,426
99
357
456
(231)
225
2,651
2,651
-
2,109
542
2,651		 -

-

3
444
447
(202)
245
245
245
245
-

-

245		 2,426
2,426
102
801
903
(433)
470
2,896
2,896
245
2,109
542
2,896

The notes on pages 24 to 31 form part of these financial statements

Approved by the Board of Trustees on 27 January 2023, and signed on its behalf by

...................................................................................... Trustee

Anna Davidson, Chair of Charity Trustees James Paget University Hospitals NHS Foundation Trust

22

Statement of Cash Flows for the year ended 31 March 2022

Note Unrestricted
Funds
£ 000		 Restricted
Funds
£ 000		 Total Funds
31st March
2022
£ 000		 Unrestricted
Funds
£ 000		 Total Funds
Restricted
31st March
Funds
2021
£ 000
£ 000
Net cash used in operating activities
21
Cash flows from investing activities:
Dividends, Interest and rents from Investments
Proceeds from sale of Investments
Purchase of investments
Proceeds from sale of investments
Decrease / (Increase) in cash held for Investment
Net cash provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 59
64
521
(412)
(159)
14
73
357
430		 (42)
-
-
-
-
-
(42)
444
402		 17
64
521
(412)
(159)
14
31
801
832		 (110)
66
399
(518)
324
271
161
196
357		 437
327
-
66
-
399
-
(518)
-
324
-
271
437
598
7
203
444
801

The notes on pages 24 to 31 form part of these financial statements

23

Accounting policies Year ended 31 March 2022

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the registered office is James Paget University Hospitals NHS Foundation Trust at Lowestoft Road, Gorleston, Norfolk, NR31 6LA.The principal activities of the charity are detailed within the Trustees report.

2. Accounting convention

The financial statements have been prepared under the historic cost convention, with the exception of investments which are included at fair value.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a “true and fair” view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a “true and fair view”. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

3. Income

All income is recognised once the Charity has entitlement to the resources, it is probable (more likely than not) that the resources will be received and the monetary value of income can be measured with sufficient reliability.

Where there are terms or conditions attached to income, particularly grants, then these terms or conditions must be met before the income is recognised as the entitlement condition will not be satisfied until that point. Where terms or conditions have not been met or uncertainty exists as to whether they can be met then the relevant income is not recognised in the year but deferred and shown on the balance sheet as deferred income.

4. Income from legacies

Legacies are accounted for as income either upon receipt or where the receipt of the legacy is probable.

Receipt is probable when:

24

5. Expenditure

The accounts are prepared in accordance with the accruals concept. All expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. a) Cost of generating funds

The costs of generating funds are the costs associated with generating income for the funds held on Trust. The cost of generating funds includes investment management costs. The General Fund will include minor fundraising activities such as fetes and raffles. b) Charitable activities

Charitable activities include grant payments, made to third parties (including NHS bodies) in furtherance of the funds to relieve those who are sick. They are accounted for on an accruals basis where the conditions for their payment have been met or where a third party has reasonable expectation that they will receive the grant. This includes a large number of grants paid to NHS bodies, the actual number of which is not monitored for reasons of practicality. These costs also include support costs such as administration, where both staff time and the resources used in maintaining the Trust funds are recharged from the James Paget University Hospitals NHS Foundation Trust.

c) Governance costs

These are accounted for on an accruals basis and relate to the general running of the Charity as opposed to the direct management functions inherent in generating funds and grant making activities.

The support costs included in b) above are apportioned to different Charitable activities based on the value of expenditure incurred during the year, as analysed in note 4 to the accounts. All expenditure is inclusive of irrecoverable VAT.

6. Structure of funds

Where there is a legal restriction on the purpose to which a fund may be put, the fund is classified in the accounts as a restricted fund. All of the assets of restricted funds are held in a form appropriate to the terms of the restrictions.

7. Fixed asset investments

Fixed asset investments are shown at market value.

a) Property investments are made in common investment funds and are included in the balance sheet at the most recent fund valuation.

b) Quoted stocks and shares are included in the balance sheet at mid-market price, as quoted on the relevant stock exchange.

c) Other investment fixed assets are included at Trustees’ best estimate of market value.

d) Fixed interest investment assets are included net of any accrued income due.

8. Recognition of gains and losses

All gains and losses, both realised and unrealised, are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and carrying value (opening market value or, if purchased during the year, purchase cost). Unrealised gains and losses are calculated as the difference between market value at the year end and carrying value (opening market value or, if purchased during the year, purchase cost).

25

9. Going concern

The trustees have given consideration to material uncertainties surrounding the Covid19 global pandemic and consider that the James Paget University Hospitals Charitable Fund’s has sufficient reserves and sufficient ability to generate voluntary income into the future to ensure its ability to continue as a going concern.

The trustees do not consider there to be any other material uncertainties impacting the Charity’s ability to continue as a going concern.

26

Notes to the Accounts for the year ended 31 March 2022

Unrestricted
Restricted
Funds
Funds
£ 000
£ 000
1
Analysis of donations and legacies
Donations
224
9
Legacies
188
4
412
13
2
Analysis of gross income from investments
Investments listed on Stock Exchange
Investment assets in the UK
Investment assets outside the UK
Unrestricted
Restricted
Funds
Funds
£ 000
£ 000
3
Costs of generating voluntary income
Fund raising costs
11
-
Unrestricted
Restricted
funds
funds
2022
2022
£ 000
£ 000
4
Investment management costs
Management fee
19
-
19
-
Patients
Staff
Revenue
Staff
welfare and
welfare and
Capital
equipment &
costs and
amenities
amenities
contributions consumables
training
2022
2022
2022
2022
2022
5
Support costs
£ 000
£ 000
£ 000
£ 000
£ 000
Finance and
administration
bought-in from NHS
1
20
5
23
39
1
20
5
23
39
There is £nil income from investments for restricted funds in the period (2021 £nil).		 Total
2022
£ 000
233
192
425
Total
2022
£ 000
63
1
64
Total
2022
£ 000
11
Total
funds
2022
£ 000
19
19
Total
2022
£ 000
88
88		 Total
2021
£ 000
313
332
645
Total
2021
£ 000
63
3
66
Total
2021
£ 000
16
Total
funds
2021
£ 000
17
17
Total
2021
£ 000
49
49

Support costs are allocated on the same basis as expenditure incurred on grant funded activty.

27

Notes to the Accounts for the year ended 31 March 2022

6 Grants made to institutions

All grants are made to the James Paget University Hospitals NHS Foundation Trust and the corporate Trustee operates a scheme of delegation, through which all grant funded activity is managed by fund gatekeepers responsible for the day to day disbursements, in accordance with the objectives of the Charitable funds and the James Paget University Hospitals NHS Foundation Trust standing orders and financial instructions. The Charity does not make grants to individuals. The grants received by the beneficiaries for each category of Charitable activity is disclosed in note 7.

7
Charitable Activities
Patients welfare and amenities
Staff welfare and amenities
Contribution to NHS:
Capital contributions
Revenue equipment and
consumables
Staff costs and training
8
Governance costs
Audit fee
Legal Fee		 Unrestricted
grant funded
activity
2022
£ 000
5
115
29
133
231
513
Note 9		 Restricted
grant funded
activity
2022
£ 000
-
(1)
-
-
-
(1)		 Unrestricted
Support
costs
2022
£ 000
1
11
5
23
39
79
Unrestricted
funds
2022
£ 000
6
2
8		 Restricted
Support
costs
2022
£ 000
-
9
-
-
-
9
Restricted
funds
2022
£ 000
1
-
1		 Total
2022
£ 000
6
134
34
156
270
600
Total
funds
2022
£ 000
7
2
9		 Total
2021
£ 000
128
142
265
47
72
654
Total
funds
2021
£ 000
7
-
7

9 Auditors Remuneration

The auditors remuneration of £7,000 (2021 £7,000) related solely to the audit with no other additional work undertaken (2021 £nil).

10 Staff costs

The management function including the Charity Director role and the administration function is supplied by the James Paget University Hospitals NHS Foundation Trust and recharged to the Charity. There are therefore no directly employed staff of the Charity.

11
Changes in resources available for
charity use
Net movement in funds for the year		 Unrestricted
Restricted
Total
Total
funds
funds
2022
2021
£ 000
£ 000
£ 000
£ 000
(31)
4
(27)
682

28

Notes to the Accounts for the year ended 31 March 2022

12
Analysis of fixed asset investments
Opening market value
Less: disposals at carrying value
Add: acquisitions at cost
Increase / (Decrease) in cash held
Net gain/(loss) on revaluation
Market value at 31 March
Note 13
Historic cost at 31 March
13
Market value of fixed asset investments
Investment assets in the UK
Investment assets outside the UK
Cash held as part of the investment portfolio		 Unrestricted
funds
£ 000
2,426
(502)
412
158
98
2,592
1,795		 Restricted
funds
£ 000
-
-
-
-
-
-
-		 Total
2022
£ 000
2,426
(502)
412
158
98
2,592
1,795
Total
2022
£ 000
2,348
26
218
2,592		 Total
2021
£ 000
2,330
(365)
518
(324)
267
2,426
1,824
Total
2021
£ 000
2,221
145
60
2,426

Investments in individual entities held at 31 March 2022 which are over 5% of the portfolio by value are Vanguard Funds Plc - 400 S&P 500 UCITS ETF North American Equities - £182,388

14
Analysis of debtors
Amounts falling due within one year:
Prepayments
Accrued income
15
Analysis of creditors
Amounts falling due within one year:
Trade creditors
Amounts due to James Paget University Hospitals NHS Foundation Trust
Accruals		 Total
2022
£ 000
-
100
100
Total
2022
£ 000
20
119
516
655		 Total
2021
£ 000
5
97
102
Total
2021
£ 000
9
21
403
433

29

Notes to the Accounts for the year ended 31 March 2022

Balance
31 March
2021
£ 000
16.1
Analysis of funds
Restricted funds
Palliative Care East
140
Barclays Grant
-
NHS Charities Together
105
Total Restricted Funds
245
16.2
Outline summary of Fund Movements
Balance
31 March
2021
£ 000
General Fund
176
Sandra Chapman Centre
791
Ward 17
154
All other Funds < £100,000
1,530
Total Unrestricted Funds
2,651*		 Income
£ 000
13
-
-
13
Income
£ 000
188
141
2
152
483		 Expenditure
Transfers
Balance
Between Funds
31 March
2022
£ 000
£ 000
£ 000
(2)
-
151
(4)
-
(4)
(3)
-
102
(9)
-
249
Expenditure
Transfers
Gains and
Balance
Between Funds
Losses
31 March
2022
£ 000
£ 000
£ 000
£ 000
(324)
(102)
116
54
53
-
-
985
(9)
-
-
147
(350)
102
-
1,434
(630)
-
116
2,620

17 Description of the nature and purpose of Restricted Funds

NHS Charities Together

For the health and wellbeing of Staff and Patients, during the pandemic.

Barclays Grant To provide a Health and Wellbeing Hub for staff in a covid secure atmosphere.

Palliative Care East To assist in the provision and running of palliative care facilities.

18 Description of the nature and purpose of Unrestricted Designated Funds

General Fund

Funds vested in the James Paget University Hospitals General Fund are unrestricted and as such are used for any Charitable purpose or purposes relating to the National Health Service wholly or mainly for the James Paget Hospital.

The balance of the General Fund is sufficient to enable the funds to be applied in accordance with its objects and the wishes of its donors.

19 Contingent assets

The Charitable Fund has contingent assets in the form of one legacy due at 31 March 2022 (2021 two). The probability of receipt of these legacies is not considered sufficient at the year end to recognise the income in the accounts. It is not practicable to estimate the total financial effect for the period ending 31 March 2022 from the legacies, it was not practicable to estimate for the equivalent period ended 31 March 2021.

The James Paget University Hospitals Charitable Fund has no outstanding lease commitments at 31 March 2022 (2021 £nil).

20 Commitments

30

Notes to the Accounts for the year ended 31 March 2022

21 Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
(Gains) / losses on investments
Net cash provided (used)
Dividends and interest on investments		 Unrestricted
Funds
£ 000
(31)
(116)
(64)
-
270
59		 Restricted
Funds
£ 000
4
-
-
2
(48)
(42)		 Total Funds
Total Funds
31st March
31st March
2022
2021
£ 000
£ 000
(27)
682
(116)
(301)
(64)
(66)
2
242
222
(230)
17
327

22 Trustee and connected person transactions

No remuneration or expenses are paid or payable to Trustees of the Charity. All Trustees are paid solely for the duties performed for the James Paget University Hospitals NHS Foundation Trust as laid down by statute, there are no salary recharges to the Charity for Trustees.

The James Paget University Hospitals NHS Foundation Trust acts as sole corporate trustee to the James Paget University Hospitals Charitable Fund, where members of the NHS Foundation Trust's Board of Directors act as ex-officio Trustees of the Charitable Fund.

23 Related party transactions

The James Paget University Hospitals NHS Foundation Trust acts as sole corporate Trustee to the James Paget University Hospitals Charitable Fund, and as such is both a related party and the ultimate controlling party.

The Charitable Fund has made revenue and capital payments to the James Paget University Hospitals NHS Foundation Trust to the value of £480,000 (2021 - £396,000), including £88,000 (2021 - £48,000) for management and administration services. As at 31 March 2022 the Charitable Fund had a creditor balance owing to the NHS Foundation Trust of £119,000 (2021 £21,000). The Charitable Fund has grant commitments as at 31 March of £509,000 (2021 - £396,000)

During the year none of the ex-officio Trustees or members of the key management staff or parties related to them has undertaken any material transactions with the James Paget University Hospitals Charitable Fund.

24 Financial instruments

Financial assets measured at fair value through income and
expenditure		 Total
Total
2022
2021
£ 000
£ 000
2,592
2,426
2,592
2,426

31