# **WALSALL HEALTHCARE NHS TRUST GENERAL CHARITABLE FUND**
**CHARITY NUMBER 1057416 (Registered in England & Wales)**
## **TRUSTEES ANNUAL REPORT 2021/2022**
TRUSTEES INCORPORATED AS A BODY CORPORATE UNDER SECTION 11 OF THE NATIONAL HEALTH SERVICES AND COMMUNITY CARE ACT 1990.
Principal Address MANOR HOSPITAL MOAT ROAD WALSALL WEST MIDLANDS WS2 9PS
Bankers Independent Examiners NATIONAL WESTMINSTER BANK Mark Surridge FCCA PLC MAZARS LLP 33 Park Street Chartered Accountants & Walsall Statutory Auditor West Midlands 2 Chamberlain Square WS1 1ER Birmingham West Midlands B3 3AX
Investment Managers BREWIN DOLPHIN LIMITED 9 Colmore Row Birmingham B3 2BJ
The Walsall Healthcare NHS Trust General Charitable Fund is governed by a model declaration of trust for a NHS charity. The objectives of the charity are for any charitable purpose or purposes relating to the National Health Service wholly or mainly for the service provided by the Walsall Healthcare NHS Trust.
The charity is registered with the Charity Commission who have declared that, under the provisions of section 96 of the Charities Act 2011, the charity and the following charities shall be treated as a single charity for the purposes of Sections 3 and 4 (Registration) of the Charities Act 2011 and for the purposes of Part IV of that Act (Accounting):
1. Corporate including General and Educational Fund
2. Medical Specialties Fund
3. Surgical Specialties Fund
4. Women’s Children’s and Community Services Fund
5. Specialist Palliative Care Fund
The annual accounts comply with the current statutory requirements as notified by the Charity Commissioners and they are in line with the requirements detailed in the Charities Governing Document and the Statement of Recommended Practice (SORP) Financial Reporting Standard (FRS) 102 effective from the 1[st] January 2019.
## **TRUSTEE**
The Walsall Healthcare NHS Trust Board as the Corporate Trustee of the Charitable Funds is governed by the law applicable to Trusts, principally the Trustee Act 2000 and also the law applicable to Charities which is governed by the Charities Act 2011.
As Corporate Trustee, the Trust Board is responsible for the overall management of Charitable Funds.
The Trust Board has devolved responsibility for the on-going management of the funds to the Charitable Funds Committee; the Committee membership comprised:
|Mr P Assinder|Non-Executive Director|
|---|---|
|Mrs S Evans|Group Director of Communications and Stakeholder Engagement|
|Mr R Caldicott|Chief Financial Officer|
|Mrs J Davies|Director of Corporate Governance & Trust Secretary (until June
meeting)|
|Ms A Riley|Director of Nursing (until June meeting)|
|Mrs G Augustine|Director of Planning and Improvement (until June meeting)|
|Mr K Bostock|Group Director of Assurance|
Members are appointed to the Charitable Funds Committee by election of the presiding Trust Board members.
The Charitable Funds Committee review financial performance of the investment portfolio, monitor and approve expenditure and the balances held on funds, to ensure the objectives of the Charity are satisfied and ultimately that of the general public.
## **Reserves Policy**
The trustees have established a reserves policy as part of their plans to provide long term support to the Trust for research, education, new equipment, staff and patient benefits and building work.
The trustees intend that funds are spent within a reasonable period of receipt and therefore plan to maintain reserves sufficient to cover future expenditure equivalent to an average of 6 months. The trustees have previously set a contingency reserve total of £500,000 that is periodically reviewed and revised accordingly in relation to the levels of committed expenditure.
## **Income & Expenditure**
During the year the Charity had investment losses totalling £16,000 in the 2021/22 financial year. The net total of donations and income from investments was an increase of £278,000 (including revaluation and disposal of investments) with total expenditure at £168,000.
Donations are received from a wide variety of sources, including bequests. The total value of donations and legacies received in the year was £272,000; many of these were received as a way of expressing gratitude for the care provided to individuals or their relatives.
The Charity benefited from specific external fund raising initiatives i.e. a second grant was received by way of a successful Black Country and West Birmingham STP national bid for £50,000 during the year. The grant is supporting the Charity Committee’s nominated "Wellbeing project".
During the financial year £3,241 was also received in relation to the Staff Lottery which is an initiative of the Well Wishers (associated trading name of Walsall Healthcare NHS Trust General Charitable Fund).
The charity ensures that donations received are used in accordance with the wishes of the donor i.e. to purchase medical equipment, provide amenities to patients and staff and finance limited education and medical research.
As an example of the utilisation of the donations during the financial year the following items were purchased:
||Walsall Together-Wellbeing project|£50,000|
|---|---|---|
||Flat Bed Hoist|£7,965|
||Long Service Vouchers|£9,614|
The Charity has the following commitments for the forthcoming year:
||Chapel Refurbishment|£50,000|
|---|---|---|
||Fundraising Hub|£49,500|
||Scholarship|£10,000|
Investments are not made in industries whose aims and objectives are contrary to those of the NHS, e.g. Tobacco Industries, Breweries. In 2021/22 the recovery of the investments continued in light of the restructure of the portfolio following the appointment of an alternative investment broker.
The value of the Portfolio has fluctuated considerably in the last few years as a consequence of a reduction in the level of donations, increased levels of expenditure and commitments, and the economic uncertainty created by Brexit and the most recent global pandemic (COVID-19). The investment manager’s growth strategy was affected by the significant loss in value of investments during 2019/20 and the Trust’s cash requirement to settle creditor commitments.
The Corporate Trustees appointed an alternative investment broker in August 2021 to address the investment exposure risk of the Charity and manage the portfolio of investments for the remainder of 2021/22.
There is an expectation of an upturn in the valuation of the funds as the economic position improves. The Charity is continuing to expand its network and has received national funds during 2021/22 to further sustain the viability of the Charity. The Charity is due to receive a significant legacy during the 2022/23 financial year and the appointment of additional fundraising support in the medium term is expected to improve the levels of income.
All donations will be gratefully received and will be used to enhance services over and above that provided by the NHS for both patients and staff.
They should be sent to:
The General Office Walsall Healthcare NHS Trust Manor Hospital Moat Road Walsall WS2 9PS
Donations will be paid into the Walsall Healthcare NHS Trust General Charitable account which is the bank account for the charity.
The following is an extract of the accounts and has been compiled to assist readers in understanding the Charity's financial affairs.
## **STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31 MARCH 2022**
|**Income and Endowments from:**
Donations and legacies
Other trading activities
Investment Income
Other Income
**Total Income**
Expenditure on:
Raising funds
Charitable Activities
**Total Expenditure**
**Net Incoming/(Outgoing) Resources**
Transfer between funds
Gains/(Losses) on revaluation and disposal of
investments
**Net movement in funds**
Fund balances brought forward at 31 March 2021
**Fund balances carried forward at 31 March 2022**|**2021/22**
**£000**
**Unrestricted**
150
3
13
0
**166**
22
43
**65**
**101**
0
(11)
**90**
556
**646**|**2021/22**
**£000**
**Restricted**
122
-
6
0
**128**
10
93
**103**
**25**
0
(5)
**20**
374
**394**|**2021/22**
**£000**
**Total**
272
3
19
0
**294**
32
136
**168**
**126**
0
256
**110**
930
**1040**|**2020/21**
**£000**
**Total**
430
7
6
0|
|---|---|---|---|---|
|||||**443**|
|||||5
134|
|||||**265**|
|||||**304**
0
256|
|||||**560**
370|
|||||**930**|
## **BALANCE SHEET AS AT 31 MARCH 2022**
|**Fixed Assets:**
Investments
**Total Fixed Assets**
**Current Assets:**
Debtors
Investments
Cash at bank and in hand
**Total Current Assets**
**Liabilities:**
Creditors due within one year
**Total Net Assets**
**Total Funds of the Charity**
Restricted income funds
Unrestricted funds|**2021/22**
**£000**
**699**
**699**
53
63
408
**524**
(183)
**1,040**
**394**
**646**
**1,040**|**2020/21**
**£000**
**631**|
|---|---|---|
|||**631**|
|||3
142
300|
|||**445**|
|||(146)|
|||**930**|
|||**374**
**556**|
|||**930**|
## **Approved on behalf of the Trustee**
**MR KEVIN STRINGER GROUP CHIEF FINANCIAL OFFICER**
## **WALSALL HEALTHCARE NHS TRUST**
## **CHARITABLE TRUST ACCOUNT 2021/2022**
## **Statement of trustees' responsibilities**
The trustees are responsible for:
- a. Keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the funds held on trust and to enable them to ensure that the accounts comply with requirements in the Charities Act 2011 and those outlined in the directions issued by the Secretary of State;
- b. Establishing and monitoring a system of internal control; and
- c. Establishing arrangements for the prevention and detection of fraud and corruption.
The trustees are required under the Charities Act 2011 and the National Health Service Act 1977 to prepare accounts for each financial year. The Secretary of State, with the approval of the Treasury, directs that these accounts give a true and fair view of the financial position of the funds held on trust, in accordance with the Charities Act 2011.
In preparing those accounts, the trustees are required to:
- a. Apply on a consistent basis accounting policies laid down by the Secretary of State with the approval of the Treasury:
- b. Make judgements and estimates which are reasonable and prudent;
- c. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts.
The trustees confirm that they have met the responsibilities set out above and complied with the requirements for preparing the accounts. The financial statements set out on pages 5 and 6 attached have been compiled from and are in accordance with the financial records maintained by the trustees.
By Order of the Trustees Signed:
## **Chair**
**Trustee**
## Walsall Healthcare NHS Trust General Charitable Fund
I report on the financial statements of Walsall Healthcare NHS Trust General Charitable Fund for the year ended 31 March 2022, which are set out on pages 1 to 8.
## **Respective responsibilities of trustees and examiner**
trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- examine the financial statements under section 145 of the 2011 Act;
- follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
state whether particular matters have come to my attention.
This report, including my rpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity have made.
## **Basis of independent**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statement below.
In connection with my examination, which is complete, no matters have come to my attention which give me reasonable cause to believe that in any material respect:
- accounting records were not kept in respect of Walsall Healthcare NHS Trust General Charitable Fund in accordance with section 130 of the 2011 Act; or
- the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Mark Surridge FCCA For and on behalf of Mazars LLP First Floor 2 Chamberlain Square Birmingham B3 3AX
Date:
## **WALSALL HEALTHCARE NHS TRUST**
## **FUNDS HELD ON TRUST ANNUAL ACCOUNTS 2021-22**
## **FOREWORD**
These accounts have been prepared by the Trustees under section 98(2) of the National Health Service Act 1977 (as amended 2006) in the forms which the Secretary of State has, with the approval of Treasury, directed.
## **STATUTORY BACKGROUND**
The Trustees have been appointed under s11 of the NHS and Community Care Act 1990.
The Walsall Healthcare NHS Trust General Charitable Funds held on trust are registered with the Charity Commission and include funds in respect of the Manor Hospital.
## **MAIN PURPOSE OF THE FUNDS HELD ON TRUST**
The main purpose of the charitable funds held on trust is to apply income for any charitable purpose relating to the National Health Service wholly or mainly for the services provided by the Walsall Healthcare NHS Trust.
Foreword
**UNAUDITED - CHARITABLE TRUST ACCOUNTS - WALSALL HEALTHCARE NHS TRUST - 2021/22**
## **Statement of Financial Activities for the year ended 31 March 2022**
|Notes
**Income and Endowments from:**
Donations and legacies
Other trading activities
2.1
Investment income
7.3
Other
**Total**
**Expenditure on:**
Raising funds
4.1
Charitable Activities
4.2
**Total**
Net income/(expenditure)
Transfer between funds
**Other recognised gains/(losses):**
Gains/(losses) on revaluation and disposal of investment assets
**Net movement in funds**
5
**Reconciliation of funds:**
Fund balances brought forward at 31 March 2021
**Total fund balances carried forward at 31 March 2022**||Unrestricted
Funds
£000
150
3
13
0
**166**
22
43
**65**
101
0
(11)
**90**
556
**646**||Restricted
Funds
£000
122
0
6
0
**128**
10
93
**103**
25
0
(5)
**20**
374
**394**||Endowment
Funds
£000
0
0
0
0
0
0
0
0
0
0
0
0
0
**0**||**2021-22**
**Total**
**Funds**
**£000**
**272**
**3**
**19**
**0**
**294**
**32**
**136**
**168**
**126**
**0**
**(16)**
**110**
**930**
**1,040**|||2020-21
Total
Funds
£000
430
7
6
-
443
**5**
**134**
139
**304**
0
256
560
370
930|
|---|---|---|---|---|---|---|---|---|---|---|---|
All activities relate to continuing operations.
The notes at pages 3 to 8 form part of this account.
Page 1
**UNAUDITED - CHARITABLE TRUST ACCOUNTS - WALSALL HEALTHCARE NHS TRUST - 2021/22**
## **Balance Sheet as at 31 March 2022**
|Notes
**Fixed assets:**
Investments
7.1
**Total fixed assets**
**Current assets:**
Debtors
8
Investments
7.2
Cash at bank and in hand
**Total current assets**
**Liabilities:**
Creditors: Amounts falling due
within one year
9
**Net current(liabilities)**
**Total assets less current liabilities**
**Total net assets**
**The funds of the charity:**
Restricted income funds
10
Unrestricted funds
10.1
**Total unrestricted funds**
**Total charity funds**||**Total at**
**£000**
**699**
**699**
**53**
**63**
**408**
**524**
**(183)**
**341**
**1,040**
**1,040**
**394**
**646**
**646**
**1,040**
**31 March 2022**|||Total at
£000
631
631
3
142
300
445
**(146)**
299
930
930
374
556
556
930
31 March 2021|
|---|---|---|---|---|---|
The notes at pages 3 to 8 form part of this account.
Signed:
Date: 23rd January 2023
Page 2
**UNAUDITED - CHARITABLE TRUST ACCOUNTS - WALSALL HEALTHCARE NHS TRUST - 2021/22**
## **NOTES TO THE ACCOUNTS**
## **1. Accounting Policies**
## **1.1 Accounting Convention**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## a) Basis of preparation
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 (FRS102) - (Charities SORP (FRS102)), Section 1A of the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. There were no material changes as a result of transition to the Charities SORP 2019 and the updated FRS 102 from 1 April 2019.
## b) Preparation of the accounts on a going concern basis
These accounts have been prepared on a going concern basis. The trustees have been regularly updated on the financial activities of the charity during the financial year and are not aware of any material uncertainties that will affect the charity continuing in operational exsitence for the foreseeable future. For this reason the trustees continue to adopt the going concern basis in preparing the accounts.
The economic uncertainty created by Brexit, and the recent global pandemic (COVID-19) resulted in a significant loss in value of investments during 2019/20 many of which dropped below their original investment cost. The 2021/22 financial year continued the recovery in investments following a change in Management of the Charity's portfolio.
The net assets of the Charity at the time of reporting are more than sufficient to cover the average of 6 months spend. There is an expectation of a continued upturn in the valuation of the funds as the markets recover and alternative investments are purchased. Donations from individuals were substantially lower during 2021/22, however the Charity benefitted substantially from "Captain Tom" donations and is continuing to expand its network of possible income streams to further sustain the long-term viability of the Charity. The Trust is due to receive a signifcant legacy during 2022/23 from the proceeds of a property sale.
## **1.2 Income Recognition**
- a. Income is recognised in the Statement of Financial Activities when the following three factors are be met: i. Entitlement - arises when a particular resource is receivable or the charity's right becomes legally enforceable;
ii. Probable - when there is a reasonable certainty that the incoming resources will be received: and
iii. Measurement - when the monetary value of the income and related transaction costs can be measured with sufficient reliability.
## b. Gifts in kind:
- i. Assets given for distribution by the funds are included in the Statement of Financial Activities only when distributed
- ii. Assets given for use by the funds (e.g. property for its own occupation) are included in the Statement of Financial Activities as incoming resources when receivable.
- iii. Gifts made in kind but on trust for conversion into cash and subsequent application by the funds are included in the accounting period in which the gift is sold.
In all cases the amount at which gifts in kind are brought into account is either a reasonable estimate of their value to the funds or the amount actually realised. The basis of the valuation is disclosed in the annual report.
## c. Intangible income
Intangible income (e.g. the provision of free accommodation) is included in the accounts with an equivalent amount in outgoing resources, if there is a financial cost borne by another party. The value placed on such income is the financial cost of the third party providing the resources.
## d. Legacies
Legacies are accounted for as incoming resources once the receipt of the legacy becomes reasonably certain. This will be once confirmation has been received from the representatives of the estates that payment of the legacy will be made or property transferred and once all conditions attached to the legacy have been fulfilled.
## **1.3 Expenditure**
The funds held on trust accounts are prepared in accordance with the accruals concept. All expenditure and the related liability is recognised once there is a legal or constructive obligation to make a payment to a third party.
## a. Cost of raising funds
The cost of generating funds are the costs associated with generating income for the funds held on trust.
- b. Grants payable
Grants payable are payments, made to third parties (including NHS bodies) in the furtherance of the funds held on trust's charitable objectives 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 a reasonable expectation that they will receive the grant. This includes grants paid to NHS Bodies.
## c. Governance costs
These are accounted for on an accruals basis and are recharges of appropriate proportions of the costs from Walsall Healthcare NHS Trust.
Page 3
## **UNAUDITED - CHARITABLE TRUST ACCOUNTS - WALSALL HEALTHCARE NHS TRUST - 2021/22**
## **1.4 Structure of funds**
Where there is a legal restriction on the purpose to which a fund may be used, the fund is classified in the accounts as a restricted fund. Funds where the capital is held to generate income for charitable purposes and cannot itself be spent are accounted for as endowment funds. Other funds are classified as unrestricted funds. Funds which are not legally restricted but which the Trustees have chosen to earmark for set purposes are classified funds. The major funds held within these categories are disclosed in note 1.10.
## **1.5 Investment Fixed Assets**
Investment fixed assets are shown at market value.
a. Quoted stocks and shares are included in the balance sheet at mid-market price, ex-div.
b. Other investment fixed assets are included at trustees' best estimate of market value.
## **1.6 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 opening market value (or date of purchase if later). Unrealised gains and losses are calculated as the difference between market value at the year end and opening market value (or date of purchase if later).
## **1.7 Pensions Contributions**
The charity does not directly employ individuals, however the costs of the fundraiser have been recharged and therefore pension contributions are indirectly paid by way of this salary recharge.
## **1.8 Trustees**
All new trustees are required to follow an induction programme approved by the Board and they, as well as existing board members, can access external training courses, seminars and workshops.
## **1.9 Prior Year Adjustments**
There has been no change to the accounts of prior years.
## **1.10 Pooling Scheme**
An official pooling scheme is operated for investments relating to the following funds:
Corporate including General and Education Funds
Medical Specialties Fund Surgical Specialties Fund Women's, Children's and Community Services Fund Specialist Palliative Care
These are further sub-divided into individual funds totalling more than 40 funds relating more specifically to donor wishes.
The Scheme was registered with the Charity Commission on 17 March 1998.
## **1.11 Statement of cash flows exemption**
A statement of Cash Flows has not been produced as the charity is within the small charity thresholds.
## **1.12 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **1.13 Judgments in applying accounting policies and key sources of estimation uncertainty**
The charity makes estimates and assumptions concerning the future. The estimates and assumptions have no material impact on the carrying amounts of assets and liabilities within the accounts.
Page 4
## **UNAUDITED - CHARITABLE TRUST ACCOUNTS - WALSALL HEALTHCARE NHS TRUST - 2021/22**
## **2.1 Details of Other income**
During the financial year £3,241 was received in relation to the Staff Lottery which was the initiative of Well Wishers (associated trading name of Walsall Healthcare NHS Trust General Charitable Fund).
## **2.2 Material Grants received by category**
A second grant was received by way of a successful Black Country and West Birmingham STP national bid for £50,000 during the year. The grant will support a nominated "Wellbeing project" when the details have been finalised and agreed by the Charity Committee.
## **3.1 Details of resources expended - grants**
There were no material grants paid during the year.
## **3.2 Grants made to institutions**
No grants were made to institutions during the year.
## **3.3 Grants paid to individuals**
No grants were paid to individuals during the year.
## **4 Details of Expenditure**
## **4.1 Analysis of Raising Funds Costs**
|Fundraising Costs
Investment managers fee|Unrestricted
Funds
£000
19
3
**22**||Restricted
Funds
£000
9
1
**10**||Endowment
Funds
£000
0
0
**0**||**Total**
**2022**
**Funds**
**£000**
**28**
**4**
**32**|||Total
2021
Funds
£000
0
5
5|
|---|---|---|---|---|---|---|---|---|---|---|
The Charity does not directly employ staff. Included in the above Fundraising Costs is a recharge of fundraising salary costs totalling £26,606.
## **4.2 Details of Expenditure - Charitable Activities**
|Other:
Patients welfare and amenities
Staff welfare and amenities
Miscellaneous||Funds
£000
16
12
1
**29**||Restricted
Funds
£000
77
9
0
**86**||Endowment
Funds
£000
0
0
0
**0**||**Total**
**2022**
**Funds**
**£000**
**93**
**21**
**1**
**115**|||Total
2021
Funds
£000
66
62
4
132|
|---|---|---|---|---|---|---|---|---|---|---|---|
## **Analysis of Support & Governance Costs included within Charitable Activities**
|Management
Finance Administration
Finance Administration Software
Audit fee|Unrestricted
Funds
£000
1
10
1
2
**14**||Restricted
Funds
£000
1
5
0
1
**7**||Endowment
Funds
£000
0
0
0
0
**0**||**Total**
**2022**
**Funds**
**£000**
**2**
**15**
**1**
**3**
**21**|||Total
2021
Funds
£000
0
0
1
1
2|
|---|---|---|---|---|---|---|---|---|---|---|
Walsall Healthcare NHS Trust reinstated the recharge of administration costs in 2022/23 following the agreement in 2020/21 to waive the administration recharge in light of the impact of the COVID-19 Pandemic.
## **5**
## **Changes in Resources Available for Charity Use**
|Net movement in funds|Unrestricted
Funds
£000
**90**|Restricted
Funds
£000
**20**|Endowment
Funds
£000
0|**Total**
**2022**
**Funds**
**£000**
**110**|||Total
2021
Funds
£000
560|
|---|---|---|---|---|---|---|---|
Page 5
## **UNAUDITED - CHARITABLE TRUST ACCOUNTS - WALSALL HEALTHCARE NHS TRUST - 2021/22**
## **6 Fixed Assets**
The charity does not hold any tangible fixed assets.
## **7 Analysis of Fixed Investment Assets 7.1 Fixed Asset Investments**
|**Fixed Asset Investments**
Market value at 31 March 2021
Less: Disposals at carrying value
Add: Acquisitions at cost
Net gain / (loss) on revaluation
Market value at 31 March 2022
Historic cost at 31 March 2022
**Market Value at 31 March 2022**
Fixed Interest
UK Equities & Funds
Overseas Equities and Funds
Other Investments||**Total**
**2022**
**£000**
**631**
**(623)**
**707**
**(16)**
**699**
**732**|
|---|---|---|
||||
||**£000**
**99**
**158**
**355**
**87**
**699**
**31 March 2022**||
|**MARKET**
**VALUE**
ADMIRAL GROUP ORD
£11,790
ARTEMIS INV FDS IC ARTEMIS US
£23,444
BAILLIE GIFF OSEAS BG AMERICAN
£25,776
BLACKROCK CON EURP BR CONTL EURPN
£26,263
BLACKROCK EMG MKTS BR EMERGING MARKETS
£12,128
BNY MELLON INV FDS BNY MLN ASIAN
£26,334
CRODA INTL ORD
£13,711
DODGE & COX WWIDE U S STOCK
£42,159
EXPERIAN ORD
£13,929
FIDELITY UCITS ICA US
£42,196
GLAXOSMITH KLINE
£33,521
JANUS HEND FXD INT JH FXD INT
£24,624
JUPITER INV MGT S1 JUPITER UK
£18,200
JUPITER STRAT BOND JUPITER STRAT BOND X
£24,959
JUPITER JPN INC FD JUPITER JPN
£24,385
KONE OYJ SER'B'NPV
£11,762
LEGAL & GENERAL GP ORD
£15,452
MORGAN STANLEY IF ASIA OPPORTUNITY
£21,309
MUZINICH FUNDS MZNCH GBL TCTL CRED
£18,863
NATIONAL GRID ORD
£19,943
NINETY ONE FD SER DIVSFD
£19,476
OCTOPUS RENEWABLES ORD
£20,156
PIMCO SEL FDS PLC UK INCOME BOND
£25,006
PREMIER MITON INV3 PREM MITON EURP
£22,983
RELX PLC
£17,062
SCHRODER GBL CITIE GBL CITIES
£16,026
SMITH & NEPHEW ORD
£14,530
TWENTYFOUR GBL INV CORPORATE BOND
£24,714
VANGUARD INV FDS VANGUARD US
£88,479
**£699,180**
**Total Portfolio Cash Holding**
Held
Held
**2021-22 **
in UK
outside UK
**Total **
£000
£000
**£000 **
Cash held as part of investment portfolio
63
0
63
**63**
**0**
**63**
**Total investment income**
Held
Held
**2021-22 **
in UK
outside UK
**Total **
£000
£000
**£000 **
Investments listed on Stock Exchange
19
0
19
**19**
**0**
**19**
**Total**
At 31 March 2022 the majority of the holdings were valued below 5% of the total value of the investment
**Investment**|**%**
1.69%
3.35%
3.69%
3.76%
1.73%
3.77%
1.96%
6.03%
1.99%
6.04%
4.79%
3.52%
2.60%
3.57%
3.49%
1.68%
2.21%
3.05%
2.70%
2.85%
2.79%
2.88%
3.58%
3.29%
2.44%
2.29%
2.08%
3.53%
12.65%
**100.00%**
portfolio.|**%**
1.69%
3.35%
3.69%
3.76%
1.73%
3.77%
1.96%
6.03%
1.99%
6.04%
4.79%
3.52%
2.60%
3.57%
3.49%
1.68%
2.21%
3.05%
2.70%
2.85%
2.79%
2.88%
3.58%
3.29%
2.44%
2.29%
2.08%
3.53%
12.65%
**100.00%**
portfolio.|
|---|---|---|
|||**%**|
|||1.69%
3.35%
3.69%
3.76%
1.73%
3.77%
1.96%
6.03%
1.99%
6.04%
4.79%
3.52%
2.60%
3.57%
3.49%
1.68%
2.21%
3.05%
2.70%
2.85%
2.79%
2.88%
3.58%
3.29%
2.44%
2.29%
2.08%
3.53%
12.65%|
|||**100.00%**|
||||
|||2020-21
Total
£000
142
**142**|
||||
|||2020-21
Total
£000
6
**6**|
|**7.2**
**7.3**|**Total Portfolio Cash Holding**
Cash held as part of investmen
**Total investment income**|
|---|---|
Page 6
## **UNAUDITED - CHARITABLE TRUST ACCOUNTS - WALSALL HEALTHCARE NHS TRUST - 2021/22**
## **8 Analysis of Debtors**
## **9**
|Accrued income
**Analysis of Creditors**
Trade creditors
Accruals||**£000**
**53**
**31 March 2022**|
|---|---|---|
||||
|||**£000**
**174**
**10**
**184**
**31 March 2022**|
## **10 Details of Restricted Funds**
Donations of £66,474 were received for Specialist Palliative Care services, and a national grant for £50,000 were included within the total of £122,870 for 2021/22.
At 31 March 2022 the restricted funds balances and movements detailed in the table below totalled £394,000.
|**Restricted Fund Description**
League Of Friends
Boxing Match
Children's Ward Appeal
Coronavirus Donations
Nhs Charities
Fun Run
London Marathon
Charity Quiz
Medical Equipment
Heartstart
Theatres Ent
Ward 11
Ward 10
Wrighton - Orthopaedic Dept
Vascular Fund
Urology Fund
Neo-Natal Unit(Scbu)
Specialist Palliative Care
Sandwell Grant
Climb Snowdon
Fundraising 2018 Stroke Rehab
Trust's Got Talent Fundraising
Make A Will Week
Wren Appeal
**Total**|**Balance B/fwd as**
**at**
**Donations &**
**Investment**
**Income**
**Expenditure**
**Gains/losses**
**Balance C/fwd**
**as at**
**1 April 2021**
**31 March 2022**
**£000**
**£000**
**£000**
**£000**
**£000**
7
0
0
0
7
1
0
0
0
1
0
0
0
0
0
37
1
(2)
(1)
35
155
3
(22)
(2)
134
1
0
0
0
1
0
5
0
0
5
0
0
0
0
0
14
0
(1)
0
13
15
0
(1)
(1)
13
4
0
0
0
4
2
0
0
0
2
0
0
0
0
0
10
0
0
0
10
0
0
0
0
0
4
0
0
0
4
2
0
0
0
2
61
68
(26)
(1)
102
50
50
(51)
0
49
2
0
0
0
2
7
0
0
0
7
0
1
0
0
1
0
0
0
0
0
2
0
0
0
2|
|---|---|
||**374**
**128**
**(103)**
**(5)**
**394**|
## **10.1 Details of Material Funds - Designated Funds**
|**Details of Material Funds - Designated Funds**|||
|---|---|---|
|Name of fund||Description of the nature and purpose of each fund|
|Corporate including General and Education Funds|}|For any charitable purpose relating to the|
|Medical Specialties|}|National Health Service wholly or mainly|
|Surgical Specialties|}|for
the
benefit
of
the
named|
|Women's, Children's and Community Services Fund|}|specialty/activity of the Walsall Hospitals|
|Specialist Palliative Care|}|NHS Trust.|
## **10.2 Details of Endowment Funds**
The Charitable fund has not received any endowments during the year. The funds of the Charity do not contain any endowments.
Walsall Healthcare NHS Trust is the residual beneficiary of an estate that is currently being executed. At the date of signing the accounts funds have not yet been received by the Trust.
**11 Contingencies**
Page 7
## **UNAUDITED - CHARITABLE TRUST ACCOUNTS - WALSALL HEALTHCARE NHS TRUST - 2021/22**
## **12 Commitments, Liabilities and Provisions**
## **Commitments**
|The Trust has the following commitments:
Commitments outstanding at the beginning of the year
Commitments in year
Amount charged to the SOFA in year
Amounts released during the year due to a change in the value of the commitment
Amount of commitments outstanding at the end of the year
Amount payable within one year
Amount payable in more than one year||**2022**
**£000**
135
23
(6)
(2)
150
150|
|---|---|---|
The value of commitments at the end of the year are not included within the balance sheet and reflect the Charity's intention to purchase equipment in the forthcoming year.
The Charity has the following commitments for the forthcoming year :
|**□**|Chapel Refurbishment|50,000|
|---|---|---|
|**□**|Fundraising Hub|49,500|
|**□**|Scholarship Contribution|10,000|
## **12.1 Liabilities and Provisions**
The trustees recognise liabilities in the accounts once they have incurred either a legal or constructive obligation to expend funds. The trustees do not consider there to be any provisions which need to be included in these accounts.
## **13 Trustee and Connected Persons Transactions**
No expenditure has been incurred in respect of trustees or connected persons during the year. Trustee indemnity insurance cover and insurance premium cost is £nil.
## **14 Loans or Guarantees**
The Charity does not hold any assets against which a loan or guarantee has been secured.
## **15 Related Party**
During the year none of the trustees or members of the key management staff or parties related to them has undertaken any material transactions with the Walsall Healthcare NHS Trust General Charitable Fund. However, the charity has made revenue and capital payments to Walsall Healthcare NHS Trust.
Walsall Healthcare NHS Trust is a related party of Walsall Healthcare NHS Trust General Charitable Fund. Approximately 68% of the expenditure transactions totalling £168,000 processed within the year benefitted the patients and staff of the hospital. Transactionally payments are made via Walsall Healthcare NHS Trust and reimbursed by the Charity.
## **16 Post Balance Sheet Event**
The impact of COVID-19 during the latter part of 2019/20 significantly impaired the level of income recieved by the Charity which has extended beyond 2020/21 and continued in 2021/22. The Trustees have taken this into account in their reviews in the budget and forecast for 2022/23. The Charity is due to receive a significant legacy during the 2022/23 financial year and the appointment of additional fundraising support in the medium term is expected to improve the levels of income.
Page 8