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2023-03-31-accounts

Annual Report and Accounts 2022 – 2023

Bradford Hospitals Charity Daisy Bank Duckworth Lane Bradford West Yorkshire BD9 6RJ

Bradford Hospitals Charity is the official NHS charity for Bradford Teaching Hospitals NHS Foundation Trust

Bradford Hospitals’ Charity - 1061753

Annual Report and Accounts for the year ended 31 March 2023

Table of Contents Table of Contents Table of Contents
1.
Chairman and Board Members Foreword ........................................................................................................... 2
2.
Review of activities ............................................................................................................................................... 2
2.1. Review of the year ........................................................................................................................................ 2
2.2. Our Strategic Objectives ............................................................................................................................... 3
2.3. Activities for public benefit ............................................................................................................................ 3
2.4. Fundraising ................................................................................................................................................... 3
3.
Financial Review ................................................................................................................................................... 5
3.1. Summary ....................................................................................................................................................... 5
3.2. Sources of Income for the Charity 2022/23 (£000) ....................................................................................... 6
3.3. How funds were spent 2022/23 (£000) ......................................................................................................... 7
4.
Structure, governance, and management ............................................................................................................ 8
4.1. Corporate Trustee ......................................................................................................................................... 8
4.2. Charity Operational Committee .................................................................................................................... 8
4.3. Structure of funds.......................................................................................................................................... 9
4.4. Public benefit ............................................................................................................................................... 10
4.5. Governance ................................................................................................................................................. 10
4.6. Day to day management of the Charity ...................................................................................................... 11
4.7. Board of Directors ....................................................................................................................................... 12
4.8. Investments policy and performance .......................................................................................................... 13
4.9. Reserves policy ........................................................................................................................................... 14
4.10. Risk management ....................................................................................................................................... 14
4.11. Partnership working and networks.............................................................................................................. 15
5.
Future plans ........................................................................................................................................................ 15
6.
Financial Statements for the year ended 31 March 2023 ................................................................................... 15
6.1. Foreword ..................................................................................................................................................... 15
6.2. Statement of Trustee responsibilities in respect of the Trustee annual report and financial statements ... 16
6.3. Independent Auditor’s Report to the Trustees of Bradford Hospitals Charity............................................. 17
6.4. Statement of financial activities for the year ended 31 March 2023 ........................................................... 21
6.5. Balance Sheet as at 31 March 2023........................................................................................................... 22
6.6. Statement of Cash Flows for the year ending 31 March 2023 ................................................................... 23
Notes to the accounts ............................................................................................................................................. 24

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Bradford Hospitals’ Charity - 1061753

Annual Report and Accounts for the year ended 31 March 2023

The Trustee Report below aims to provide sufficient information to understand the Charity, its purpose, and how it has performed during the year.

1. Chairman and Board Members Foreword

On behalf of the Trustee of Bradford Hospitals Charity (“the Charity”), we are pleased to present the Charity’s Annual Report and Accounts for the year ended 31 March 2023.

This document provides an overview for stakeholders and interested parties of what the Charity has achieved during 2022/23. This Annual Report, including the Trustee Report and Accounts has been prepared in accordance with accounting policies set out in the notes of the accounts and complies with the Charity’s governing document (the Trust Deed) the Charities Act 2011 and the Statement of Recommended Practice (“SORP”) “Accounting and Reporting by Charities” (“FRS 102”).

The Charity is committed to enhancing the care and treatment of patients and improving the health of local people. The Charity works with Bradford Teaching Hospitals NHS Foundation Trust (“the Trust”) to improve health and healthcare across the Bradford City Region. We are proud that the general public trust us to invest in projects that are over and above the responsibility of the NHS and exchequer.

During 2022/23, the Charity funded projects that improved patient services, and helped staff practically and emotionally, so they could continue their life-saving work. A new initiative the Charity undertook this year was the Ramadan Allies project, created by the Spiritual, Pastoral and Religious Care (SPaRC) team to support our Muslim colleagues through their periods of fasting and spiritual growth. The Charity supported managers in the hospital in understanding the needs of their staff by supplying information and pointing out when their staff needed to take time out to pray. We worked hard with our SPaRC team to deliver this fantastic initiative.

The Charity also successfully invested in many well-being initiatives to support young children, working on the ‘fear’ of coming to hospital. The Charity purchased Virtual Reality kits as a distraction tool when having blood taken, and feedback from nurses and staff tells us this initiative is working well in calming children down. An initiative the Charity continues to fund, and support is ‘Baggins the Bear’. Purchasing small teddy bears to give to children before they come into hospital has also helped to lessen the fear of entering the hospital for an operation. This project has seen operations increase from 7 to 10 per day because the child and family are less daunted by the experience. The family feedback has been some of the best the hospital has seen, and cancellations have almost disappeared.

I want to thank the fantastic individuals and corporate supporters who enabled all this work to be delivered by financially supporting the Charity's work. You have made an enormous difference to our staff in feeling supported at a significant time of year.

2. Review of activities

2.1. Review of the year

During the year, funds were used to enhance service provision for the benefit of both patients and staff. The Charity received a large number of very generous donations from many parts of the community and as a result of this generosity; the Charity purchased a number of items of equipment for the wards and departments to support staff and patients, including:

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

2.2. Our Strategic Objectives

The Charity has as its sole objective to use its funds:

For any charitable purpose or purposes relating to the NHS wholly or mainly for the services provided

by Bradford Teaching Hospitals NHS Foundation Trust

The Corporate Trustee considers that this objective does not unreasonably restrict access to charitable benefits within the scope of the Declaration of Trust. The Corporate Trustee of the Charity seeks to achieve this objective, considering general guidance, by two main routes:

  1. The Corporate Trustee works to identify significant projects to which it can contribute or which it can wholly fund. It actively enhances the refurbishment of wards and clinical areas from basic specifications to higher quality.

  2. Staff throughout the organisation identify small but valuable differences where the fund monies can deliver benefits to patients and staff, such as attendance at extra training courses or conferences.

2.3. Activities for public benefit

Thanks to the continued generosity of our supporters, the Charity has continued to develop and during 2022/23 the Charity spent £1,046,105 (£548,600 in 2022) in the following ways:

Medical equipment
Staff education and welfare
Patient welfare
Other activities
Raising funds
Total		 2023
£000
2022
£000
503
34
94
221
210
134
61
37
178
122
1,046
548

2.4. Fundraising

The Charity is registered with the Fundraising Regulator and abides by their codes of conduct and their fundraising promise, which ensures that our fundraising is legal, open, honest, and respectful. The Charity has a fundraising team that is compliant with the recognised standards of fundraising as well as those required under charity law and wider law. Controls are in place to ensure any fundraising is within the Fundraising Code of Practice. It is inevitable that fundraisers will come into contact with people who may be in a vulnerable circumstance or need additional support to make an informed decision. If a fundraiser reasonably believes that

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Annual Report and Accounts for the year ended 31 March 2023

Bradford Hospitals’ Charity - 1061753

an individual is unable to decide, then they will not accept a donation from that person. The fundraising team use a checklist to help identify signs that an individual may be in a vulnerable circumstance.

The fundraising team have a policy where they get to know their donors by sending out relevant and often personalised communications. They also give individuals clear information and opportunities to change how, when and if they want to hear from the Charity and follow the General Data Protection Regulation (GDPR) principles. The Charity raises funds to enhance the care and treatment of local patients and those who care for them. The Charity has not used any professional fundraisers and has not received any complaints. Fundraising record-keeping and monitoring are coordinated through the Harlequin Customer Relationship Management (CRM) system.

This financial year saw the appointment of a Charity Director - a substantive role put in place to lead the Charity to success. The aim is to grow the Charity's income, profile, and fundraising team. The Charity has had a successful year and to maintain this needs to build continuous support from donors.

An immediate aim is to increase our profile within the Bradford Community. Next year, the Charity will showcase a new events calendar that will be key to increasing donor support, internally and externally. As the Charity advances, we aim to work more closely with our NHS teams to raise money and further support projects from a broad range of services.

In November 2022, the Charity launched the ‘100 Club’, a membership aimed at Business and Community groups, to bring in £1,000 per member per year. Retention and stewardship of these members are both crucial factors in securing success. The Charity expects to grow more income from these relationships as many will take up ‘Charity of the Year’ as part of their fundraising activities, and we hope to organise events to provide all members with a networking opportunity.

This year legacy donations increased significantly compared to previous years; this type of income is an unpredictable area of fundraising. The long-term aim is to develop legacy fundraising by employing a legacy fundraiser.

The large donation from Sovereign Healthcare towards the Da Vinci Robot was a welcome donation towards a significant, transformational project for the Urology department. We hope to enhance services by providing more equipment and support service innovation.

This year, we were awarded a Development Grant from NHS Charities Together to support infrastructure work; we have decided to invest this money into a new, better-functioning website, refresh our current branding to include new brand guidelines and a new fundraising database, with more time-saving functionalities. This investment will ensure we can move forward with current plans making it easy for donors to support our work.

We hope to continue expanding the diverse income streams and increasing income in all the key areas, such as Community, Corporate Giving and Trusts and Foundations. It is also essential to focus on ‘in aid of giving’ and regular giving. This is an exciting time for the Charity with our focus being on:

As the Trust develops its volunteer service, the Charity will work with the volunteer’s team to create opportunities for a wide range of individuals. Volunteers are the backbone of any charity, and a great area of support for the Charity. The Charity will create a robust volunteer process, with clear guidelines and make internal adjustments to onboard the volunteers promptly and safely.

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

The Fundraising team will continue to raise awareness of the Charity through its digital channels; social media will be our focus next year and something we look forward to developing as we grow. Understanding the Charity’s work is critical to building a strong following in these current times. We have had many articles and local PR stories in the local press. There is an expectation of a high online presence with many public followers, and we have made some improvements in some critical areas. We now have ‘Facebook Giving’, a valuable and accessible platform for supporters to donate and we have introduced QR codes, making it easy for people to access our website's donate page.

3. Financial Review

3.1. Summary

The net assets of the Charity as at 31 March 2023 were £2,137,552 (compared to £2,217,902 in 2022).

During the year, income (excluding unrealised and realised investment losses) was £1,057,247, an increase of £755,002 on the previous year, £302,245. Total expenditure for the year was £1,046,105, which represents an increase of £497,505 on the previous year, £548,600. This resulted in excess income over expenditure of £11,142 which, together with realised and unrealised gains and losses from the investment portfolio totalling £91,492, has led to an overall decrease in net assets of £80,350. The Charity will only fund items when it has cash available. It also has funds in reserves to cover operating costs.

The Charity continues to rely on donations, fundraising, legacies, and investment income as the main sources of income. Fundraising income has gradually started to increase to near pre-pandemic levels. The Charity continues to invest in its growth to secure long term sustainable income.

The Charity uses Rathbones Investment Management to manage its investments and also holds an investment with The Charles and Elsie Sykes Trust. For this financial year, there has been a realised and unrealised loss on investments of £91,492 (£74,064 unrealised gain in 2022).

The Charity is continuing to encourage spend in year by asking departments to identify projects to utilise the designated funds held. The Charity aims to maximise public benefit by ensuring individual funds are spent in line with the purpose of the fund. Expenditure is limited to total donations received and is spent on needs when opportunity arises. The Corporate Trustee considers that there are no material uncertainties that could cast doubt over the Charity’s ability to continue as a going concern for a period of at least twelve months from the date of signing the accounts.

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

3.2. Sources of Income for the Charity 2022/23 (£000)

----- Start of picture text -----
Investment
Staff Lottery
income
4%
5%
Fundraising
10%
Gifts In Kind
2%
Grants
8%
Donations
54%
Legacies
17%
----- End of picture text -----

£000 18/19
19/20
20/21
21/22
22/23
15
17
36
37
52
49
48
48
42
40
1
1
0
0
0
98
144
76
65
104
0
0
171
25
26
0
50
203
7
81
35
60
114
54
180
148
116
309
72
574		 18/19
19/20
20/21
21/22
22/23
15
17
36
37
52
49
48
48
42
40
1
1
0
0
0
98
144
76
65
104
0
0
171
25
26
0
50
203
7
81
35
60
114
54
180
148
116
309
72
574		 18/19
19/20
20/21
21/22
22/23
15
17
36
37
52
49
48
48
42
40
1
1
0
0
0
98
144
76
65
104
0
0
171
25
26
0
50
203
7
81
35
60
114
54
180
148
116
309
72
574		 18/19
19/20
20/21
21/22
22/23
15
17
36
37
52
49
48
48
42
40
1
1
0
0
0
98
144
76
65
104
0
0
171
25
26
0
50
203
7
81
35
60
114
54
180
148
116
309
72
574		 18/19
19/20
20/21
21/22
22/23
15
17
36
37
52
49
48
48
42
40
1
1
0
0
0
98
144
76
65
104
0
0
171
25
26
0
50
203
7
81
35
60
114
54
180
148
116
309
72
574
18/19 19/20 20/21 21/22 22/23
Investment income / bank interest 15 17 36 37 52
Staff Lottery 49 48 48 42 40
Other activities 1 1 0 0 0
Fundraising 98 144 76 65 104
Gifts In Kind 0 0 171 25 26
Grants 0 50 203 7 81
Legacies 35 60 114 54 180
Donations 148 116 309 72 574

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Bradford Hospitals’ Charity - 1061753

Annual Report and Accounts for the year ended 31 March 2023

3.3. How funds were spent 2022/23 (£000)

----- Start of picture text -----
Support costs
9%
Raising funds Medical
17% equipment
48%
Other activities
4%
Staff welfare
15%
Patient welfare
7%
----- End of picture text -----

----- Start of picture text -----
1200
1000
800
600
400
200
0
18/19 19/20 20/21 21/22 22/23
Support costs 91 68 97 105 97
Raising funds 106 88 101 122 178
Other activities 27 29 14 28 43
Staff welfare 141 96 361 167 66
Patient welfare 137 104 179 101 160
Medical equipment 58 136 88 25 502
£000
----- End of picture text -----

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Bradford Hospitals’ Charity - 1061753

Annual Report and Accounts for the year ended 31 March 2023

4. Structure, governance, and management

4.1. Corporate Trustee

The Trust is the Corporate Trustee of the Charity and is governed by the law applicable to NHS Trusts, principally the Trustee Act 2000 and the Charities Act 2011. The Trust Board of Directors has devolved responsibility for the on-going management of funds to the Charitable Fund Committee (“the Committee”), which administers the funds on behalf of the Corporate Trustee. No trustee remuneration was paid in the year by the Charity.

Members of the Trust Board of Directors are not individual Trustees under Charity Law but act as agents of the Corporate Trustee. The Board of Directors approves which members become the agents of the Corporate Trustee and are introduced to the Charity through Board standing orders / Executive Leads.

The following members of the Board of Directors served on behalf of the Corporate Trustee during the year:

Maxwell Mclean (Chairperson) Altaf Sadique (Non-Executive Director and Deputy Chair) Mel Pickup (Chief Executive) John Holden (Director of Strategy & Integration / Deputy Chief Executive) Karen Dawber (Chief Nurse) Matthew Horner (Director of Finance) Julie Lawreniuk (Non-Executive Director) Mohammed Hussain (Non-Executive Director) Karen Walker (Non-Executive Director)

The Charity General (unrestricted) Fund was established using the model Declaration of Trust, and all funds held on trust as at the date of registration (April 1997) were either part of this unrestricted fund or registered as separate designated funds within the Charity. Subsequent donations and gifts received by the Charity that are attributable to the original funds are added to those fund balances within the existing Charity. The Corporate Trustee fulfils its legal duty by ensuring that funds are spent in accordance with the objectives of each fund, and by designating funds the Corporate Trustee respects the wishes of our generous donors to benefit patient care and advance the good health and welfare of patients, carers, and staff.

4.2. Charity Operational Committee

The Charity Operational Committee meets every two months and is a Committee of the Charity. Its purpose is to give additional assurance to the Committee that the Trust’s charitable activities are within the law and regulations set by the Charity Commissioners for England and Wales and to ensure compliance with the Charity’s own governing document. It does not remove from the Committee the overall responsibility for this area but provides a forum for a more detailed consideration of charitable matters and allows for direct contact with the Charity Commissioners where necessary.

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

Membership:

Chair:

Director of Strategy & Integration / Deputy Chief Executive Members: Associate Director of Corporate Governance / Board Secretary (Deputy Chair) Charity Director Deputy Finance Director Assistant Director of Finance Head of Charity Operations Head of Fundraising Charity PR and Communications Officer AHP Representative Nurse Representative Doctor Representative Manager Representative HR Representative Estates and Facilities Representative Representative of each of the Four Funds (Sunshine, Childrens, Cancer and Dementia & Elderly)

4.3. Structure of funds

The primary issue to be considered in any expenditure decision is whether the expenditure is within the scope of the objects of the Charity. Charitable purposes within the NHS translate to prevention or relief of sickness, disease or human suffering of patients served by the NHS. This does not preclude expenditure on staff as long as the benefit to staff translates demonstrably to relief of sickness of NHS patients.

The Charity has a decision making and approval process whereby an expenditure form needs to be completed. The expenditure form is structured in sections covering the key principles that fund holders need to consider and includes the requirement for the appropriate authorised signatories.

The Charity has started an exercise to rationalise the existing trust funds into four main funds - Sunshine, Childrens, Cancer and Dementia & Elderly. A fifth fund (‘Other’) has also been set up for funds that are related to governance and admin. Over the next two years, the intention is to merge the existing trust funds into one of the four new funds.

The General Fund

This comprises of gifts received by the Charity where no particular preference as to their expenditure has been expressed by donors.

Designated (earmarked) Funds

Under the new structure, this will be the Childrens, Cancer, and Dementia & Elderly. These usually contain donations where the donor expressed a preference to benefit a particular department or activity of the Trust at the time of making the donation. This preference can also include benefit to staff welfare, thereby enhancing both patient care and public benefit.

Whilst the donor’s preference is not binding on the Corporate Trustee, the designated funds reflect these preferences. The designated funds are overseen by fund holders who can make recommendations on how to spend the money within their designated area. Fund holders’ recommendations are generally accepted, and these funds can be spent at any time.

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

The funds available for spending are allocated to specialties within the Trust’s clinical management structure.

Restricted Funds

This comprises of gifts received by the Charity where a specific instruction as to their expenditure has been expressed by donors. These funds must only be used in accordance with specific restrictions imposed by the donor. At present, the Charity has one restricted fund, which was primarily established for the grants received from NHS Charities Together.

Endowment Funds

The Charity has “Capital in Perpetuity” (CIP) funds, which consist of five expendable endowment funds and one permanent endowment fund (which cannot be spent). These funds provide investment income.

4.4. Public benefit

The Corporate Trustee conducts its activities with regard to the Charity Commission guidance on Public Benefit in section 4 of the Charities Act 2011.

The key principles of public benefit are:

The Corporate Trustee seeks to meet these principles in a number of ways. It has established a system of expenditure approval that ensures proper consideration is given to what the benefits of its activities are and who will benefit. The Corporate Trustee considers that, because its activities are patient focussed and contribute to the health of NHS patients, it clearly provides public benefit. In providing public benefit the Corporate Trustee is careful to ensure that its activities do not unreasonably restrict access to charitable benefit within the scope of Declaration of Trust or cause any detriment or harm. Charitable funds may be used to partially fund staff welfare and professional education / training, where this is in addition to the provision ordinarily afforded by the NHS. As professional education / training can also be a personal benefit, care has been taken to establish that this is incidental to the patient benefit. These requests demonstrate a direct link between professional education / training and the benefit for Bradford patients. To minimise risk and restrict harm, medical equipment purchases are made through the Trust’s procurement processes, which help to ensure compliance with legislation, including Health and Safety and Equality and Diversity.

Staff appointments are subject to the Trust’s policies and procedures to reflect good practice in recruitment and retention. The members of the Board of Directors receive a comprehensive induction upon their appointment to the Trust; this includes relevant information regarding the Charity and the Committee. Specific training regarding the duties of trustees has been paused during the pandemic but is being planned to take place again during 2022/23.

4.5. Governance

The Charity is constituted by trustees incorporated as a body and is governed by a Declaration of Trust of 25 March 1997. This is the formal document which sets out information on what the Charity is set up to do (objects), how the Charity will do this (powers) and administrative provisions.

Acting for the Corporate Trustee, the Committee is responsible for the overall management of the Charity and is required to:

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

These are all included in the Committee’s terms of reference. The accounting records and the day-to-day administration of the Charity are dealt with by the finance department of the Trust. These costs are re-charged to the Charity. The Charity has policies on expenditure, investments and reserves as well as guidelines for fund holders.

4.6. Day to day management of the Charity

The Director of Strategy & Integration / Deputy Chief Executive, John Holden, has day to day responsibility for the management of the Charity.

Matthew Horner, Director of Finance, is the Executive Director with overall responsibility for financial management and accounting for the Charity during the year. Matthew Horner can personally approve, on behalf of the Corporate Trustee, all expenditure over £500, with an upper limit of £10,000, using his delegated authority. For expenditure from £10,000 to £50,000, approval must be obtained from the Chief Executive of the Trust. For any expenditure over £50,000, approval needs to be obtained from the Chairperson of the Trust. For any expenditure over £100,000, approval needs to be obtained from the Corporate Trustee.

Michael Quinlan, Deputy Director of Finance, acted as the principal officer overseeing the day-to-day financial management and accounting for the Charity during the year.

Principal office

Bradford Hospitals’ Charity Daisy Bank Duckworth Lane Bradford West Yorkshire BD9 6RJ

Principal professional advisers:

Auditors Investment Advisors Bankers Rathbone Investment Management HSBC Moore Kingston Smith LLP Port of Liverpool Building 47 Market Street 6th Floor Pier Head Bradford 9 Appold Street Liverpool BD1 1LW London EC2A 2AP L3 1NW

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Bradford Hospitals’ Charity - 1061753

Annual Report and Accounts for the year ended 31 March 2023

4.7. Board of Directors

The Charity has a Corporate Trustee, the Trust. The members of the Trust Board of Directors who served during the financial year and up to the date of signing of the financial statements were as follows:

Executive directors:

Name Role Appointed To
Professor Mel Pickup Chief Executive 01/11/2019 Present
Mr Sajid Azeb Chief Operating Officer / Deputy Chief
Executive		 12/10/2020 Present
Ms Pat Campbell*1 Director of Human Resources 01/12/2008 31/03/2023
Professor Karen
Dawber		 Chief Nurse 29/08/2016 Present
Mr John Holden Director of Strategy and Integration
/ Deputy Chief Executive		 22/08/2016 Present
Mr Mark Holloway* Director of Estates and Facilities 06/07/2020 Present
Mr Matthew Horner Director of Finance 01/08/2012 Present
Dr Paul Rice* Chief Digital and Information Officer 01/01/2021 Present
Dr Ray Smith Chief Medical Officer 01/01/2021 Present
*Non-voting Executive Director
1Ms Pat Campbell retired on 31 March 2023

Non - executive directors:

Name Role Term start Term end
Dr Maxwell Mclean Chairman 01/05/2019 30/04/2025
Professor Janet Hirst Non-Executive Director 13/09/2021 Resigned 31/01/2023
Mr Mohammed Hussain Non-Executive Director 01/09/2019 31/08/2025
Ms Julie Lawreniuk Non-Executive Director 01/09/2019 31/08/2025
Ms Sughra Nazir Non-Executive Director 20/01/2022 19/01/2025
Mr Jon Prashar Non-Executive Director 01/02/2018 31/01/2024
Mr Altaf Sadique Non-Executive Director 01/12/2020 31/11/2023
Mr Barrie Senior Non-Executive Director 01/12/2017 30/11/2023
MsKaren Walker Non-ExecutiveDirector 01/01/2021 31/12/2023

Reference and administrative details

The Charity, registered charity number 1061753, was entered on the Central Register of Charities on 09 April 1997. The name of the charity changed from ‘Bradford Teaching Hospitals NHS Foundation Trust Charitable Fund’ in August 2014 to ‘Bradford Hospitals Charity’, with no change being made to the objectives of the Charity.

The Charity consists of 158 funds as at 31 March 2023 (2022: 160), and the notes to the accounts distinguish the types of funds held and disclose separately all material funds (funds with balances over £50,000). The funds received by the Charity are accepted, held and administered as funds and property held on trust 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, and these funds are held on trust by the Corporate Trustee.

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Bradford Hospitals’ Charity - 1061753

Annual Report and Accounts for the year ended 31 March 2023

4.8. Investments policy and performance

The Charity uses Rathbone Investment Management to invest the funds of the Charity. The assets of the Charity must be invested in accordance with the declaration of Trust and are governed by the Trustee Act 2000. The investment policy addresses the needs of the Charity and its beneficiaries in the short, medium, and long term by aiming to balance both capital growth and income generation. The Charity has an investment policy which is reviewed annually.

The overall objectives are to generate sufficient income and capital growth to enable the Charity to carry out its purposes consistently year on year with due and proper consideration for future needs and the maintenance of and, if possible, enhancement of the value of the invested funds while they are retained. The Charity recognises that every investment carries risk. Equally, not investing at all carries the risk of lost asset value in real terms, and the consequent reputational risk of poor stewardship.

The Charity has considered the seven types of risk identified by the Charity Commission in its guidance Charities and investment matters: a guide for trustees (CC14), namely:

The Charity has decided that to mitigate risk it will have a diversified portfolio of investments, both in asset class and individual investment, and will be invested such that the overall risk profile of the funds is ‘medium’ with the specific investment strategy to be agreed with our investment manager.

The Charity permits investments in the following assets:

The Charity has appointed professional investment managers to oversee its investments. In addition to managing the Charity’s portfolio of investments, they provide the Charity with advice on specialist areas including market risk. The Charity does not pay tax on investment income as it is applied to a charitable purpose. The investment managers also ensure the Charity’s portfolio reflects environmental, social and governance concerns such as ceasing investments with Russian companies since the start of the war in Ukraine.

Ethical considerations are included which in general terms seek to obtain the best financial return from the Charity’s investments consistently and with commercial prudence. The Charity will not invest directly in companies which are primarily involved in the production of alcohol, tobacco, armaments, or gambling. Our investment manager is encouraged to monitor the collective investments held, in so far as is practicable, such that any indirect exposure in these areas is minimised.

In the year to 31st March 2023, the investment portfolio of the Charity, managed by Rathbones, produced a total return (the combination of capital growth and income) of -4.0%, giving back some of the gains achieved in the prior year. This compares to the benchmark (MSCI PIMFA Income Index) total return of -3.9%.

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Bradford Hospitals’ Charity - 1061753

Annual Report and Accounts for the year ended 31 March 2023

This year has been tumultuous, caused by a rapid increase in inflation, the subsequent rise in interest rates and the conflict in Ukraine creating significant geopolitical tensions. Against this backdrop, Gilts were down 16.3%, UK equities rose 2.9% while global equities were down 1.0%.

The driving factors for markets remain centred on the outlook for inflation, interest rates and the impact this will have on the real global economy as well as the continuing Russia/Ukraine conflict. Our investment manager will continue to actively manage the portfolio in response to the changing economic and political landscape.

The Charity has a capital in perpetuity fund (Elsie Sykes CIP fund) that is held for investment, with income generated to be used for charitable purposes, as specified in the endowment terms. This is currently invested with the Charles and Elsie Sykes Trust and was valued at £229,874 as at 31 March 2023.

4.9. Reserves policy

The Charity has a reserves policy requiring reserves to be maintained at a level equivalent to the cost of maintaining the Charity team for one year. The Charity has total funds of £2,137,552 of which, £36,299 is restricted and not available to fund general purposes and £293,000 which is held in the permanent endowment funds and are excluded from reserves. The Charity holds £1,809,090 of designated funds as its reserves. This is equivalent to approximately 4 years of expenditure. As at 31 March 2023, there are no material designated funds or commitments, with expenditure of approximately £200,000 forecast in the forthcoming year. In addition to the unrestricted and designated funds held in reserves, the Trustee has the power, if it so wishes, to spend any of the expendable endowment. However, the expendable endowment is used to generate income, supplementing the income from donations and legacies. The Trustee will therefore only spend the expendable endowment on an exceptional basis.

It is not anticipated that the Charity will deploy funding towards any projects before donations have been received which mitigates the risk of any planned commitments, or designations, that cannot be met by future income alone. In other words, commitment is made by the Charity after funding has been identified / receipted.

4.10. Risk management

The Corporate Trustee has considered any major risks to which the Charity is exposed. The Corporate Trustee aims to mitigate the risk that income will fall by engaging with the Fundraising department. The fundraising department works with the Charity and engages with the local community to raise funds through a programme of events and encouraging donations. The Charity seeks to generate income from multiple sources to help mitigate shortfalls in any one area. This includes a programme of fundraising activity, fundraising appeals, legacies and, applying for grants.

The Corporate Trustee has agreed to invest in a fundraising strategy, with a long-term ambition to engage with the public and to further enhance the environment of the Trust.

The investment portfolio is well diversified to help protect the Charity against any fall in value of a particular market. The Investment Manager holds a discretionary mandate which enables them to make investment and divestment decisions on the Charity’s behalf. The Charity works closely with the Investment Manager to ensure that the investment policy is reviewed regularly.

The investment strategy is to protect the long-term value of the portfolio in absolute terms and in terms of purchasing power once the impact of inflation is considered. To achieve this, the Investment Managers have inevitably invested a substantial amount of the portfolio in equities, both in the UK and overseas.

Any investment gains and losses, although reflected in the Charity’s accounts are not, realised as such unless and until the investments concerned are actually sold.

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Annual Report and Accounts for the year ended 31 March 2023

4.11. Partnership working and networks

The Trust is the main beneficiary of the Charity and is a related party by virtue of being the Corporate Trustee of the Charity. Effective partnership with the Trust ensures that the funds are used to best effect. When deciding upon the most beneficial way to use the Charity funds, the Corporate Trustee has regard to the main activities, objectives, strategies and plans of the Trust.

5. Future plans

The Charity’s priorities are those set out in the Trust’s mission statement: ‘to provide the highest quality healthcare at all times’. The vision for the Trust that describes its ambition and where it wants to be as an organisation in five years’ time is ‘to be an outstanding provider of healthcare, research and education, and a great place to work ’. Meeting this mission and vision will maximise the impact of the Charity and its benefits to the beneficiaries of the Charity who are primarily the NHS patients of Bradford, through three core values:

In order to enhance and improve the current levels of care for NHS patients throughout the Trust, the Charity has planned expenditure in a number of areas. The Charity will also continue to enhance the refurbishment of wards and clinical areas from basic specification to higher quality.

The Fundraising department will also look to expand its fundraising activities towards achieving its goal of raising additional funds over the next five years. The Charity is continuing to encourage spend in year by asking departments to identify projects to utilise the designated funds held. The Charity aims to maximise public benefit by ensuring individual funds are spent in line with the purpose of the fund. Expenditure is limited to total donations received and is spent on needs when opportunity arises.

6. Financial Statements for the year ended 31 March 2023

The accounts of the funds held on trust by the Trustee appointed as stated below:

6.1. Foreword

The Corporate Trustee present their report and the audited financial statements of the Charity for the year ended 31 March 2023. The Trustee has adopted the provisions of the Statement of Recommended Practice (“SORP”) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Charity.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland published on 16 July 2014, updated with the second edition released in October 2019.

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

6.2. Statement of Trustee responsibilities in respect of the Trustee annual report and the financial statements

The Trustee is responsible for preparing the Trustee Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales requires the Trustee 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 incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. It is 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.

The Trustee is responsible for the maintenance and integrity of the Charity and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

By order of the Trustee

Signed:

30[th] January 2024 -----------------------------------------------------------------------------------------------Chairperson of the Corporate Trustee Date

30th January 2024 ---------------------------------------------- --------------------------------------------------- Chief Executive of the Corporate Trustee Date

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

6.3. Independent Auditor’s Report to the Trustees of Bradford Hospitals Charity

Opinion

We have audited the financial statements of Bradford Hospitals Charity for the year ended 31 March 2023, which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement, and 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 FRS 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 trustee’s 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 trustee 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 annual report, other than the financial statements and our auditor’s report thereon. The trustee is 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 there is a material misstatement in the financial statements themselves. If, based on

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Bradford Hospitals’ Charity - 1061753

Annual Report and Accounts for the year ended 31 March 2023

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.

Other matter

The comparative figures in the financial statements of Bradford Hospitals Charity were not audited, as the charity did not require a statutory audit under the Charities Act 2011 in the prior year.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustee

As explained more fully in the trustee’s responsibilities statement set out on page 16, the trustee is 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 trustee determines 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 trustee is 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 trustee either intends 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charity's trustee, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustee 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 any party other than the charity and charity's trustee as a body, for our audit work, for this report, or for the opinion we have formed.

Moore Kingston Smith LLP Statutory auditor

6[th] Floor 9 Appold Street London EC2A 2AP

Date: 31 January 2024

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

6.4. Statement of financial activities for the year ended 31 March 2023

Notes
Income from:
Donations and legacies
4
Other trading activities
5
Investment income
7
Total incoming resources
Expenditure on:
Raising funds
8
Charitable activities
9
Medical equipment
Staff education & welfare
Patient welfare
Other expenditure
Total charitable activities
Total expenditure
Net gains / (losses) on
investments
15
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
21
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Endowment
funds
Total
funds
Total
funds
2023
2023
2023
2023
2022
£000
£000
£000
£000
£000
361
500
0
861
158
144
0
0
144
107
52
0
0
52
37
557
500
0
1,057
302
(177)
(1)
0
(178)
(122)
(2)
(501)
0
(503)
(34)
(94)
0
0
(94)
(221)
(170)
(40)
0
(210)
(134)
(61)
0
0
(61)
(37)
(327)
(541)
0
(868)
(427)
(504)
(542)
0
(1,046)
(548)
(82)
0
(9)
(91)
74
(29)
(42)
(9)
(80)
(172)
(29)
(42)
(9)
(80)
(172)
1,838
78
302
2,218
2,390
1,809
36
293
2,138
2,218

The statement of financial activities includes all gains and losses recognised during the year.

The notes on pages 24 to 39 form part of these accounts and the comparative Statement of financial activities on page 28.

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

6.5. Balance Sheet as at 31 March 2023

Note
Fixed assets
Investments
15
Total fixed assets
Current assets
Debtors
16
Cash and cash equivalents
17
Total current assets
Liabilities
Creditors due within one year
18
Net current assets
Total assets less current
liabilities
Total net assets
The funds of the Charity:
21
Unrestricted funds
Restricted funds
Designated funds
Endowment funds
Total Charity funds		 Unrestricted
funds
Restricted
funds
Endowment
funds
Total
funds
Total funds
2023
2023
2023
2023
2022
£000
£000
£000
£000
£000
1,188
0
230
1,418
1,520
1,188
0
230
1,418
1,520
152
500
0
652
66
500
36
63
599
694
652
536
63
1,251
760
(31)
(500)
0
(531)
(62)
621
36
63
720
698
1,809
36
293
2,138
2,218
1,809
36
293
2,138
2,218
20
0
0
20
152
0
36
0
36
78
1,789
0
0
1,789
1,686
0
0
293
293
302
1,809
36
293
2,138
2,218

These accounts together with notes on pages 24 to 39 were approved and authorised for issue by the Corporate Trustee on:

30thJanuary 2024
---------------------------------------------- ----------------------------------------------------
Director of Finance Date

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

6.6. Statement of Cash Flows for the year ending 31 March 2023

Note
Cash flows from operating activities:
Net cash used in operating activities
19
Cash flows from investing activities:
Dividends and interest from investments
7
Proceeds from sales of investments
15
Purchase of investments
15
Net cash provided by / (used in) investing
activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the beginning
of the reporting period
17
Cash and cash equivalents at the end of
the reporting period
17		 Total funds 2023
£000
Total funds 2022
£000
(193)
(201)
52
37
135
135
(89)
(186)
98
(14)
(95)
(215)
694
909
599
694

The Charity had no cash equivalents and no net debt as at 31 March 2023 (2022: None)

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

Notes to the accounts

1.0 Accounting policies

a. Basis of preparation of the financial statements

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) issued in October 2019 and the Charities Act 2011 and UK Generally Accepted Practice. The Charity constitutes a public benefit entity as defined by FRS102.

The significant accounting policies are set out below.

b. Accounting convention

The financial statements are prepared under the historic cost convention, except for investments which are held on a revaluation basis, and are rounded to the nearest thousand. The Corporate Trustee has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future as it does not intend to liquidate the Charity or to cease its operations. The Corporate Trustee considers that there are no material uncertainties that could cast doubt over the Charity’s ability to continue as a going concern for a period of at least twelve months from the date of signing the accounts. A robust reserve policy, strengthened by the fact the Charity has no material long term commitments, and having internal governance to ensure the Charity is only spending funds that are available, allows the Corporate Trustee to consider the Charity to be a going concern.

c. Income

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.

d. Accounting for legacies

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

If there is uncertainty as to the amount of the legacy and it cannot be reliably estimated, then the legacy is shown as a contingent asset until all of the conditions for income recognition are met.

e. Investment income

Dividends are included in the Statement of Financial Activities when they are declared and at an amount which includes the tax credit recoverable from HM Revenue and Customs.

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Annual Report and Accounts for the year ended 31 March 2023

f. Recognition of liabilities

Liabilities are recognised on an accruals basis in accordance with generally accepted accounting practice.

g. Expenditure

Expenditure is accounted for on an accruals basis and has been classified under appropriate headings.

Expenditure is recognised when the following criteria are met:

Irrecoverable VAT is charged against the appropriate heading for the expenditure on which it was incurred.

h. Commitments

Expenditure is recognised as a commitment liability where a recipient has a reasonable expectation that they will receive the assets or services in lieu of a grant.

i. Fundraising costs

Fundraising costs are those costs attributable to generating income for the Charity and are distinct from costs incurred in undertaking charitable activities.

j. Allocation of support costs

Support costs are those costs which do not relate directly to a single activity. These include some staff costs, costs of administration and internal audit and external independent examination (audit) costs. Support costs have been apportioned between fundraising costs and charitable activities on an appropriate basis. The analysis of support costs and the basis of apportionment applied are shown in note 12.

k. Charitable activities

Costs of charitable activities comprise all costs incurred in the pursuit of the charitable objects of the charity. These costs, where not wholly attributable, are apportioned between the categories of charitable expenditure in addition to the direct costs. The total costs of each category of charitable expenditure include an apportionment of support costs as shown in note 9.

l. Realised and unrealised gains and losses

Realised gains and losses are included in the accounts at the date on which a contractual obligation is entered into.

Unrealised gains and losses are computed by reference to the market value of the investments at the balance sheet date as compared to the brought forward cost or valuation, and gains and losses arising on similar categories of investments are netted off.

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Annual Report and Accounts for the year ended 31 March 2023

Bradford Hospitals’ Charity - 1061753

m. Investments held by the Charity

Investments are stated at mid-market value at the balance sheet date. Investments in non-puttable ordinary shares (where shares are publicly traded, or their fair value is reliably measurable) are measured at fair value through the Statement of Financial Activities. Where fair value cannot be measured reliably, investments are measured at cost less impairment. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

n. Taxation

As a registered charity, the Charity is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only.

o. Fund’s structure policy

The Charity maintains a General (unrestricted) Fund, which comprises monies which are expendable at the discretion of the Corporate Trustee in the furtherance of the objects of the Charity. These monies may be held in order to finance both working capital and capital investment.

Designated Funds are that part of the Charity's unrestricted funds in respect of which a preference has been expressed by donors that they be used for particular purposes. The Corporate Trustee has the power to redesignate such funds within unrestricted funds.

Endowment Funds are funds which are to be used in accordance with specific restrictions imposed by the donor in the sense that the restriction requires the gift to be invested to produce income. Where the Corporate Trustee has the power to spend the capital, these are expendable endowments. The Charity has five expendable endowments and one permanent endowment, which are disclosed in note 22.

Restricted Funds are funds to be used in a specific way or for a specific purpose. They are considered as a contract between the donor and the Charity.

There is no formal policy of transfer between funds other than that described above.

p. Debtors

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. Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

q. Creditors

Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Amounts which are owed in more than a year are shown as long-term creditors.

r. Cash and cash equivalents

Cash at bank and in hand is held to meet the day to day running costs of the charity as they fall due. This includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

s. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Charity’s accounting policies, which are described in note 1, the Corporate 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 ongoing 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 Corporate Trustee does not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure.

t. Gifts in kind

Gifts of tangible assets such as microwaves and fridges are recognised as a donation at fair value (market price) on receipt and charitable expenditure when they are distributed. Where gifts in kind are held before being distributed to beneficiaries, they are recognised at fair value as stock until they are distributed. Gifts in kind, such as food and care packages are not accounted.

Page 27 of 39

Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

2.0 Prior year comparatives by type of fund

The primary statements provide prior year comparatives in total; this note provides prior period comparatives for the Statement of Financial Activities and the Balance Sheet for each of the three types of funds that the Charity manages.

2.1 Unrestricted funds – Statement of Financial Activities for the year ended 31 March 2023

Notes
Income from:
Donations and legacies
4
Other trading activities
5
Investments
7
Total incoming resources
Expenditure on:
Raising funds
8
Charitable activities
9
Medical equipment
Staff education & welfare
Patient welfare
Other activities
Total charitable activities
Total expenditure
Net gains / (losses) on investments
16
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
22
Total funds carried forward		 2023
2022
£000
£000
361
139
144
100
52
37
557
276
(177)
(116)
(2)
(34)
(94)
(203)
(170)
(122)
(61)
(37)
(327)
(396)
(504)
(512)
(82)
61
(29)
(175)
(29)
(175)
1,838
2,013
1,809
1,838

Page 28 of 39

Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

Unrestricted funds – Balance Sheet as at 31 March 2023

Notes
The assets and liabilities of the Charity:
Fixed Assets
Investments
16
Total fixed assets
Current assets
Debtors
17
Cash and cash equivalents
18
Total current assets
Liabilities: -
Creditors due within one year
19
Net current assets
Total assets less current liabilities
Total net assets
22
Total assets for unrestricted funds		 As at 31 March
2023
As at 31 March
2022
£000
£000
1,188
1,281
1,188
1,281
152
66
500
553
652
619
(31)
(62)
621
557
1,809
1,838
1,809
1,838
1,809
1,838

2.2 Restricted funds – Statement of Financial Activities for the year ended 31 March 2023

Notes
Income from:
Donations and legacies
4
Other trading activities
5
Income from investments
7
Total incoming resources
Expenditure on:
Raising funds
8
Charitable activities
9
Medical equipment
Staff education & welfare
Patient welfare
Other activities
Total charitable activities
Total expenditure
Net gains/(losses) on investments
16
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
22
Total funds carried forward		 2023
2022
£000
£000
500
19
0
7
0
0
500
26
(1)
(6)
(501)
0
0
(18)
(40)
(12)
0
0
(541)
(30)
(542)
(36)
0
0
(42)
(10)
(42)
(10)
78
88
36
78

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Bradford Hospitals’ Charity - 1061753

Annual Report and Accounts for the year ended 31 March 2023

Restricted funds – Balance Sheet as at 31 March 2023

Notes
The assets and liabilities of the Charity:
Fixed Assets
Investments
16
Total fixed assets
Current assets
Debtors
17
Cash and cash equivalents
18
Total current assets
Liabilities: -
Creditors due within one year
19
Net current assets
Total assets less current liabilities
Total net assets
22
Total assets for restricted funds		 As at 31 March
2023
As at 31 March
2022
£000
£000
0
0
0
0
500
0
36
78
536
78
(500)
0
36
78
36
78
36
78
36
78

2.3 Expendable Endowment funds – Statement of Financial Activities for the year ended 31 March 2023

The Charity has five expendable endowment funds (capital in perpetuity funds (CIP)), with a combined balance of £62,290 (2022: £62,290) and one permanent endowment fund, with a balance of £229,874 (2022: £239,316), that have been brought forward from previous years. During 2022-23, any income received has been recognised within the investment income.

The permanent endowment fund has been invested with the Charles and Elsie Sykes Trust.

3.0 Related party transactions

The Trust (which succeeded Bradford Teaching Hospitals NHS Trust on 1 April 2004) is the Corporate Trustee of the Charity and is governed by the law applicable to Trusts, principally the Trustee Act 2000 and the Charities Act 2011. The Trust Board of Directors has devolved responsibility for the on-going management of funds to the Committee, which administers the funds on behalf of the Corporate Trustee. No trustee remuneration was paid in the year by the Charity from the Trust. None of the trustees or members of the Trust or parties related to them has undertaken any transactions with the Charity or received any benefit from the Charity in payment or kind.

Related party expenditure transactions relate to items such as salary recharges and internal audit fees with the Trust.

Page 30 of 39

Bradford Hospitals’ Charity - 1061753

Annual Report and Accounts for the year ended 31 March 2023

Payables


The following amounts were owed by the Charity to the Trust as at
31 March
Expenditure
Value of transactions during the year with the Trust		 2023
2022
£000
£000
515
13
515
13
2023
2022
£000
£000
733
284
733
284

4.0 Income from donations and legacies

Donations
Grants
Legacies
Gifts in Kind
Total		 Unrestricted funds
£000
Restricted funds
£000
Total 2023
£000
Total 2022
£000
74
500
574
72
81
0
81
7
180
0
180
54
26
0
26
25
361
500
861
158

Donations are from corporates, the community, patients and relatives of patients and staff. Donations of gifts in kind have been valued at their market value. All these donations have been distributed during the year.

5.0 Analysis of income from other trading activities

Staff lottery
Fundraising
Total		 Unrestricted funds
£000
Restricted funds
£000
Total 2023
£000
Total 2022
£000
40
0
40
42
104
0
104
65
144
0
144
107

The staff lottery is operating within the guidelines set out by the Gambling Commission.

6.0 Role of volunteers

The Charity does not have any general volunteers, but it does have approximately 100 fund holders. The fund holders are Trust staff members who manage how the Charity’s designated funds should be spent, as part of their day-to-day duties. These funds are designated (or earmarked) to be spent for a particular purpose or in a particular ward or department. Each fund holder has delegated powers to approve spend for the designated funds that they manage, subject to the scheme of delegation as approved by the Corporate Trustee.

Page 31 of 39

Bradford Hospitals’ Charity - 1061753

Annual Report and Accounts for the year ended 31 March 2023

7.0 Gross investment income

The Charity earned interest and investment income of £52,004 (2022: £36,841).

8.0 Analysis of expenditure on raising funds

Fundraising costs
Support costs
Total		 Unrestricted funds
£000
Restricted funds
£000
Total 2023
£000
Total 2022
£000
33
0
33
18
144
1
145
104
177
1
178
122

9.0 Analysis of charitable expenditure

The Charity did not make any grant funding to third parties. All the charitable expenditure incurred was directly with third parties or reimbursed expenditure.

Unrestricted funds
Medical equipment
Staff education &
welfare
Patient welfare
Other activities
Restricted funds
Medical equipment
Staff education &
welfare
Patient welfare
Other activities		 Direct
charitable
activities
£000
Support
costs
£000
Total 2023
£000
Direct
charitable
activities
£000
Support
costs
£000
Total 2022
£000
2
0
2
25
9
34
66
28
94
152
51
203
120
50
170
91
31
122
43
18
61
28
9
37
231
96
327
296
100
396
Direct
charitable
activities
£000
Support
costs
£000
Total 2023
£000
Direct
charitable
activities
£000
Support
costs
£000
Total 2022
£000
500
1
501
0
0
0
0
0
0
15
3
18
40
0
40
10
2
12
0
0
0
0
0
0
540
1
541
25
5
30

10.0 Analysis of grants

The Charity did not make any grants to individuals or other institutions.

Page 32 of 39

Bradford Hospitals’ Charity - 1061753

Annual Report and Accounts for the year ended 31 March 2023

11.0 Movements in funding commitments and liabilities

Opening balance as at 01
April
Additional commitments
made during the year
Amounts paid during the year
Closing balance as at 31
March		 Current liabilities
£000
Non-current
liabilities
£000
Total 2023
£000
Total
2022
£000
62
0
62
105
1,046
0
1,046
549
(577)
0
(577)
(592)
531
0
531
62

The Charity has expenditure that has been approved but not yet delivered or services not yet provided. Most expenditure is paid out in the same financial year. As the Charity has control over the expenditure, there is little uncertainty around these payments.

12.0 Allocation of support costs and overheads

Internal audit
External audit
Other
Governance
Salaries
Computer
expenses
Total		 Raising
funds
£000
Charitable
activities
£000
2023
Total
£000
Raising
funds
£000
Charitable
activities
£000
2022
Total
£000
Basis
0
0
0
0
0
0
Salaries
4
3
7
6
8
14
Salaries
7
6
13
6
8
14
Salaries
11
9
20
12
16
28
130
86
216
88
88
175
Hours
4
2
6
4
2
6
Salaries
145
97
242
104
105
209

Salaries: this is proportionate to staff salaries where costs are related to the employed staff

Raising funds
Charitable activities
Raising funds
Charitable activities		 Unrestricted
funds
£000
Restricted
funds
£000
Endowment
funds
£000
2023
Total
£000
144
1
0
145
96
1
0
97
240
2
0
242
Unrestricted
funds
£000
Restricted
funds
£000
Endowment
funds
£000
2022
Total
£000
98
6
0
104
100
5
0
105
198
11
0
209

Page 33 of 39

Bradford Hospitals’ Charity - 1061753

Annual Report and Accounts for the year ended 31 March 2023

13.0 Trustees’ remuneration, benefits, and expenses

The Corporate Trustee receives no remuneration for the work it undertakes as trustee and claims no expenses from the Charity.

14.0 Analysis of staff costs and remuneration of key management personnel

The key management personnel of the Charity comprise the Charity Director and Deputy Director of Finance. The total cost of employing the charity’s key management personnel during the year, including employer’s social security and pension contributions was £46,731 (2021/22: £6,426).

The Charity does not employ members of staff. The administration and fundraising are carried out by staff from the Trust and recharged to the Charity as a single cost . No employees had emoluments in excess of £60,000 (2022: £nil).

Salaries and wages
National insurance costs
Employer’s pension contribution
Total		 2023
£000
2022
£000
170
142
19
13
26
20
215
175

15.0 Fixed asset investments

Investments held with Rathbones Investment Management:


Market value at 01 April
Add: additions at cost
Less: disposals at carrying value and in year gain / (loss) on disposals
Add: net gain / (loss) on revaluation
Add: net gain / (loss) on disposals
Less: Movements in broker held bank accounts
Market value at 31 March of unrestricted investments		 2023
2022
£000
£000
1,281
1,231
89
187
(125)
(125)
(82)
61
10
11
15
(84)
1,188
**1,281 **

Fixed asset investment by type

Fixed asset investment by type

Fixed Interest
UK Equities
Overseas Equities
Alternatives
Total listed investments
Cash
Market value at 31 March of unrestricted investments		 2023
2022
£000
£000
164
174
266
296
406
407
281
348
1,117
1,225
71
56
1,188
**1,281 **

The historic cost of investments held with Rathbones Investment Management is £1,150,000 (2022: £1,150,000).

Page 34 of 39

Annual Report and Accounts for the year ended 31 March 2023

Bradford Hospitals’ Charity - 1061753

Investments held with the Charles and Elsie Sykes Trust:

Investments held with the Charles and Elsie Sykes Trust:

Market value at 01 April
Add: additions at cost
Add net gain (loss) on revaluation
Market value at 31 March of the permanent endowment fund
Fixed asset investment by type
Equities
Bonds
Real Estate
Alternatives
Total listed investments
Cash
Market value at 31 March of the permanent endowment fund
Total value of investments held at 31 March		 2023
2022
£000
£000
239
226
0
0
(9)
13
230
239
2023
2022
£000
£000
164
175
50
32
5
6
5
5
224
218
6
21
230
239
1,418
1,520

The historic cost of investments held with Charles and Elsie Sykes Trust is £228,365 (2022: £228,365).

Included in the above figures, are investment management charges of £10,868 (2022: £11,563).

16.0 Analysis of current debtors

Prepayments and
accrued income
NHS Debtor
Total		 Unrestricted funds
£000
Restricted funds
£000
Total 2023
£000
Total 2022
£000
152
500
652
66
0
0
0
0
152
500
652
66

17.0 Analysis of cash and cash equivalents

Cash in hand
Total		 Unrestricted
funds
£000
Restricted
funds
£000
Endowment
funds
£000
Total
2023
£000
Total
2022
£000
500
36
63
599
694
500
36
63
599
694

No cash or cash equivalents were held in non-cash investments or outside of the UK. The Charity had no cash equivalents as at 31 March 2023 (2022: None).

Page 35 of 39

Annual Report and Accounts for the year ended 31 March 2023

Bradford Hospitals’ Charity - 1061753

18.0 Analysis of liabilities

Analysis of liabilities
Creditors due within 1 year
NHS Creditor
Other creditors
Total		 Unrestricted funds
£000
Restricted funds
£000
Total 2023
£000
Total 2022
£000
15
500
515
16
16
0
16
46
31
500
531
62

The Charity has no creditors falling due after more than 1 year and has no contingent liabilities. An amount of £514,909 is owed to the Trust.

19.0 Reconciliation of net expenditure to net cash flow from operating activities

Net (expenditure) / income (as per the statement of financial
activities)
Adjustments for:
Interest from Investments
Loss / (profit) on the sale of fixed assets investments
(Gains) / losses on investments
Decrease / (increase) in debtors
(Decrease) / increase in creditors
Net cash used in operating activities		 2023
£000
2022
£000
(81)
(172)
(52)
(37)
(35)
62
91
(74)
(585)
63
469
(43)
(193)
(201)

20.0 Transfers between funds

There has been no transfer of funds between restricted and unrestricted funds.

Page 36 of 39

Annual Report and Accounts for the year ended 31 March 2023

Bradford Hospitals’ Charity - 1061753

21.0 Analysis of charitable funds

a) Analysis of unrestricted and material designated fund movements

General Fund
Bradford Cardiac
Rays A Smile
Born In Bradford
Ward 15 Legacy
Sunshine Fund
ICU Fund
The HJ Gajdecki Fund
NNU Appeal
Other designated funds
Total
General Fund
Bradford Cardiac
Rays A Smile
Born In Bradford
Ward 15 Legacy
Sunshine Fund
ICU Fund
The HJ Gajdecki Fund
NNU Appeal
Other designated funds
Total		 2023
Balance b/f
£000
2023
Income
£000
2023
Expenditure
£000
2023
Gains and
losses
£000
2023
Fund c/f
£000
151
0
(132)
0
19
234
6
(41)
0
199
6
1
(6)
0
1
44
2
(35)
0
11
61
0
(12)
0
49
79
244
(62)
0
261
66
10
(13)
0
63
70
0
0
0
70
78
37
(22)
0
93
1,049
257
(181)
(82)
1,043
1,838
557
(504)
(82)
1,809
2022
Balance b/f
£000
2022
Income
£000
2022
Expenditure
£000
2022
Gains and
losses
£000
2022
Fund c/f
£000
324
1
(174)
0
151
103
166
(35)
0
234
5
3
(2)
0
6
50
0
(6)
0
44
69
0
(8)
0
61
94
10
(25)
0
79
68
6
(8)
0
66
70
0
0
0
70
72
28
(22)
0
78
1,158
62
(232)
61
1,049
2,013
276
(512)
61
1,838

An exercise to reduce the number of trust funds to four main funds will be taking place over the next two years.

b) Analysis of restricted fund movements

Covid Fund
Sunshine Fund
Total		 2023
Balance b/f
£000
2023
Income
£000
2023
Expenditure
£000
2023
Gains and
losses
£000
2023
Fund c/f
£000
78
0
(42)
0
36
0
500
(500)
0
0
78
500
(542)
0
36

Page 37 of 39

Bradford Hospitals’ Charity - 1061753

Annual Report and Accounts for the year ended 31 March 2023

Covid Fund
Total		 2022
Balance b/f
£000
2022
Income
£000
2022
Expenditure
£000
2022
Gains and
losses
£000
2022
Fund c/f
£000
88
26
(36)
0
78
88
26
(36)
0
78

c) Analysis of endowment fund movements


Bradford Teaching Hospitals NHS Trust
CIP
Elsie Sykes Permanent Endowment
Fund
Orthopaedic CIP
Paediatric CIP and 2 other CIPs
Total
2023
Balance b/f
£000
2023
Income
£000
2023
Expenditure
£000
2023
Gains and
losses
£000
2023
Fund c/f
£000
54
0
0
0
54
239
0
0
(9)
230
7
0
0
0
7
2
0
0
0
2
302
0
0
(9)
293

In 2019/20, the permanent endowment fund was invested with the Charles and Elsie Sykes Trust. The funds are held by the Charles and Elsie Sykes Trustees on trust for the Charity. £9,442 relates to an unrealised loss based on share values as at 31 March 2023.

Bradford Teaching Hospitals NHS Trust
CIP
Elsie Sykes Permanent Endowment
Fund
Orthopaedic CIP
Paediatric CIP and 2 other CIPs
Total		 2022
Balance b/f
£000
2022
Income
£000
2022
Expenditure
£000
2022
Gains and
losses
£000
2022
Fund c/f
£000
54
0
0
0
54
226
0
0
13
239
7
0
0
0
7
2
0
0
0
2
289
0
0
13
302

22.0 The Charity as a subsidiary

The Trust, its patient’s and its staff are the main beneficiaries of the Charity. The Trust is a related party by virtue of being the Corporate Trustee of the Charity. For accounting purposes, this means that the Charity is deemed to be a subsidiary of the Trust as it is 'controlled' by another entity through the trusteeship arrangements.

All Trusts are required to have a constitution, containing detailed information about how that Trust will operate. The purpose of the Trust is set out in its Constitution as follows:

The principal purpose of the Trust is the provision of goods and services for the purposes of the health service in England.

The Trust may provide goods and services for any purposes related to:

Page 38 of 39

Bradford Hospitals’ Charity - 1061753 Annual Report and Accounts for the year ended 31 March 2023

The Trust accounts are available to the public online at the following web address:

https://www.bradfordhospitals.nhs.uk

They are also available by request from the Trust Secretary, using the details below:

Trust Secretary Trust Headquarters Bradford Royal Infirmary Bradford BD9 6RJ

Page 39 of 39