COMPANY REGISTRATION NUMBEA: 03511461 CHARITY REGISTRATION NUMBER: 1068523 The Guild of Friends of the Bristol Royal Hospital for Sick Children Company Limited by Guarantee Unaudited Financial Statements 31 March 2024 EABRI HT Accountants Barley Wood Stables Long Lane Wrington North Somerset BS40 5SA NAIL •AD8Y671• 1910912024 COMPANIES HOUSE A15
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The Guild of Friends of the Bristol Royal Hospital for Sick Children Company Limited by Guarantee - Financial Ststements Year ended 31 March 2024 Page Members, annual report (incorporaling Ihe director's report) Independent examiner's report to Ihe members Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements
The Guild of Friends of the Bristol Royal Hospital for Sick Children Company Limited by Guarantee Members, Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The members, who are also the direclors for the purposes of company law. present their report and the unaudited financial slatemenls of the charity for the year ended 31 March 2024. Reference and adminislralive detalls Registered charily name The Guild of Friends of the Bristol Royal Hospital for Sick Children Charily reglstratlon numb•r 1068523 Company reglstratlon number 03511461 Prlnclpal offlce and reglsierod Middle Lodge offl¢e Ferslield Bath BA2 SAR The m8mber• Mrs C 8artelot Mrs L Forbes Mrs G Mccaldin Miss C Taylor Mrs L Thornhill {Volunteer Member) Mrs J Tovey Committ8e ol Management,. Co-chairman Mrs C Bartelot & Mrs L Forbes Hon Treasurer Mr J Adams Secretary Miss C Taylor Committee Mrs J Tovey, Mrs G Mccaldin, Ms O Hall, Mrs H Thornhill, Mrs Rebecca Barwick-Barrett. Mrs Sarah Campbell, Mrs L Thornhill Ivolunleer Member) Company secretary Miss C Taylor Independenl examlner David E Seabrlght & Co {Nailseal Limited Barley Wood Slables Long Lane Wrington North Somersel BS40 SSA
The Guild of Friends of the Bristol Royal Hospital for Sick Children Company Limited by Guarantee Members, Annual Report (Incorporating the Direclor's Report) (contlnu•d) Year ended 31 March 2024 Slruclure, governance and management The charity is Tun by the members of the Management Committee who are directors for the purpose of company law and truslees for Ihe purposes of charity law. The Committee members who served during the year are sel on on page 1. The Committee has the power to appoint additional members as il considers necessary. Committee meetings generally lake place every two to three months. Committee members are all unpaid volunteers and may claim reasonable out ol pocket expenses. Any Committee member providing professional services beyond their normal work as a trusteeldirector may receive reasonable and proper remuneralion for those services. No Committee member received any such remuneration during the year, Objectives and acllvities The charitable companls governing documents are a Memorandum and Articles ol Association dated 1 Oth February 1998. The Objects of the charity are to obtain funds to be expended as lollows: For the benefil of children who are patients in the Bristol Children's Hospital,. To provide assistance to the parents or guardians of such chlldren., To provide assistance or amenities al Ihe Hospital
The Guild of Friends of the Bristol Royal Hospital for Sick Children Company Limited by Guarantee Members, Annual Report (Incorporating the Dlrector's Report) (contlnued) Year ended 31 March 2024 Achlevemenis and performance The charitys income is derived from fundraising activilies, donations and bequests and investment income. Expenditure comprises the costs associated with fundraising activities, operational costs and distributions paid in furtherance of the charity's Objects. Donations and bequests are shown in Note 5 lo Ihe accounts. The Charity has run ils normal fundraising activities, including panicipating in a highly successful Mendip Fair in November. The Charity raised a record £10,416 in proceeds from the Fair. in addition to a £1,000 donation from Le Marchant Trust. The Charity was also in receipt of a number of bequealhments and one off donations raised Ihrough sponsored sporting events tolalling £4.499. Dislributions were paid oul to Ihe hospilal in the sum of £21.653. Together this results in an overall net surplus for Ihe year of £3,172 (2023 nel deficit £33.984). Distributions lo the hospital paid out during the year in accordance V4fjth the charity's Objects are shown in Note 8 and comprised the following: Branded crockery and cullery for the parents, room1£6,001.74) A new air hockey table for the play cenlre1£695> Toys and other items for the play centre at Christmas {£1,805.731 Travel & Subsislence for families with children al the hospital1£10,0001 Mother's Day & ward gifts Increased our funding of crafts & aclivities lor the hospital Play Department at Christmas and Easter and al two other points during the year1£1,101.39) In addition, the Charity funded powdered milk and coffeeltea for the Friends for Parents totalling £771.04 and provided £1,800 for the provision ol the POD entertainer. Flnanclal revlew In order to ralionalise and oplimise our income from our portlolio, we have conlinuad lo engage Evelyn Partners to manage our investments. The Committee considers the financial position of the charity to be strong because of the Charily's investment portfolio, limited operating costs and strong balance sheet including significant cash reseryes. During the last accounting period, the portfolio decreased in value by only £111 trom £247,186 10 £247,075. Geop)litical uncertainty, rising inlerest rales and inflalion have impacted the economic landscape and influenced the perlormance of the markets. Equilies pertormed slrongly in 2024 bul with the portfolio's income focus, there may have been a missed opportunity for capital growth. The committee will continue to monitor and review the focus of the portfolio with guidance trom our investment manager. Over the last four years, since 1 sl April 2020, d8SPite Ihe volatility we have experienced in the financial markets, and the world in general, the portfolio has returned +26Q/o, which is a very positive return, but it has lagged that of the benchmark at +34Y#. 11 has been a difficult environment for income paying assets over this period, due to Ihe interest rale hiking cycle by the world's central banks as they have prioritised reducing inflation. Despite this, Ihe portfolio has continued to produce regular income averaging £992.75 per month in 2024 (£926.51 per month in 20231.
The Guild of Friends of the Bristol Royal Hospital for Sick Children Company Limited by Guaranlee Members, Annual Report (Incorporating the Director's Report) (Continued) Year ended 31 March 2024 Plan8 for luture p•rlod$ The Guild has regular commitments to provide monthly financial assistance for the social workers, support for the Angels in Art decorative star project, the funding of professional entertainers {PODI and powdered milk and coffeeltea tor the Friends of Parents. The Guild is planning io conducl fundraising in the usual way in the coming financial year. Although the slatus of The Mendip Fair remains uncertain in the longer lerm, it will run as normal in November 2024. Future planned purchases ol equipmeni include the following.. New shelvlng at the hospital The Guild plans to buy a range of items to support the Aclivity Centre at the hospital Increased donalions lo social works in the LIAISE Departmenl lo match Ihe increased cost of subsistence and travel faced by parenls The purchas8 of capital equipment required by the hospital Small company provisions This report has been prepared in accordance with Ihe provisions applicable to companies entitled 10 the small companies exemption. The members, annual report was approved on 5 September 2024 and signed on behalf ol the board of truste s by.. Mr J Adams {Hon. Treasurer)
The Guild of Friends of the Bristol Royal Hospital for Sick Children Company Limited by Guarantee Independent Examiner's Report to the Members of The Guild of Friends of the Bristol Royal Hospital for Sick Children Year ended 31 March 2024 I report lo the members on my examination of the financial slalements of The Guild of Friends of the Bristol Royal Hosptal for Sick Children ('Ihe charity'l for the year ended 31 March 2024. Responsibllltles and basis of report As the members of the company land also its directors for the purposes ot company law} you are responsible for the preparation of the financial statements in accordan wilh the requirements of Ihe Companies Act 2006 ('the 2006 Act'l. Having satisfied myself thal the accounts of the company are nol required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respecl of my examination of Ihe charity's accounts as carried oul under section 145 of the Charities Act 2011 {'Ihe 2011 Act'l. In carrying oul my examination I have followed the Directions given by the Charity Commission under section 14515llb) of Ihe 2011 Act. Independent examlner's statement I have completed my examination, I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the charity as required by seclion 386 of Ihe 2006 Act., or the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements ol section 396 of the 2006 Act other Ihan any requirement that the accounts give a 'true and fair, view which Is not a matter considefed as part of an independent examination,. or the financial stalemenls have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charilies applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a propar understanding of the accounls lo be reached. David E Seabrighl & Co (Nailseal Limited Independent Examiner Barley Wood Stables Long Lane Wfingion North Sornerset BS40 5SA 5 September 2024
The Guild of Friends of the Bristol Royal Hospital for Sick Children Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Flestricted funds Total fundj Total funds 2023 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities Investment income 4,499 10,416 11,913 4,499 10,416 11,913 26,828 12,370 8,838 11,128 32,336 Total Income 26,828 Expendilure Expendilure on raising funds: Cosls ol raising donalions and legacies Expenditure on charitable activities Tolal expenditure 21,653 1,892 23,545 21,653 1.892 23,545 40,763 1,722 9,10 42,485 Net losses on Investments 12 {23,8351 Net Incomel(expenditure) and net movement In funds 3,172 3,172 {33,984) Reconclllation of funds Total funds brought forward Toial lunds carrled forward 372,592 2,405 374,997 408,981 375,764 2,405 378,169 374,997 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pag99 8 10 15 lorm part of the$e Ilnanelal gtalem•nts.
The Guild of Friends of the Bristol Royal Hospital for Sick Children Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Nole Flxed assets Investments 16 247,075 247,186 Current assets Debtors Cash at bank and in hand 17 1,932 129,942 131,874 1,932 126,659 128,591 Credltors: amounls lalllng due wllhln one year Nel current assets 18 780 131,094 127,811 Total assets les8 ¢urrent Ilabllltles 378.169 378,169 374,997 374,997 Nel assets Funds ol the charily Restricted funds Unreslricled funds 2,405 375,764 2,405 372,592 Total charliy funds 19 378,169 374,997 For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities,. Th8 members have not required the company to obtain an audil of its financial statements for the year in question in accordance wilh section 476., The direclors acknowledge their responsibilities for complying with the requirements ot the Act with respect to accounting records and the prepafation of financial statements. These financial statements have been prepared in accordance with Ihe provisions applicable to companies subject to the small companies, regime. These financial Sialeménls were approved by the board of trustees and aulhorised for issue on 5 Septe ber 2024, and are signed on behalf of the board by.. Mr J Adams (Hon. Treasurer) The notes on pages 8 to 15 lorm part ot these flnanclal slatement$.
The Guild of Friends of the Bristol Royal Hospital for Sick Chlldren Company Limited by Guarantee Notes to the Flnancial Ststements Year ended 31 March 2024 General Infornyation The chariiy is a public benefit entity and a private company limited by guarantee, regislered in England and Wales and a regislered charity in England and Wales. The address of the regislered office is Middle Lodge, Fersfield. Balh, BA2 SAR. statement of cornplianc• These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Slandard applicable in the UK and the Flepublic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (Charities SORP IFRS 102)) and Ihe Companies Act 2006. Accounting pollcles Basls ol preparation The financial statements have been prepared on the historical cosl basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured al lair value through income or expenditure. The financial statements are prepared in slerling, which is the functional currency of the enlity. Golng concern There are no material uncertainties about Ihe charity's abilily to continue. Judg8montA and key sourc68 of èsllmatlon uncertalnty The preparation of the financial stalemenls requires management lo make judgements, estimates and assumpiions that affect the amounts reported. These estimates and judgements are conlinually reviewed and are based on experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Fund accountlng Unrestricled funds are available for use al the discretion of Ihe trustees to further any of the charity's purposes. Designaled funds are unrestricted funds earmarked by the members lor particular future project or commitment. Reslricled funds are subjected lo restrictions on their expenditure declared by Ihe donor or Ihrough the terms of an appeal, and fall into one of Iwo sub-classes: restricted income funds or endowment funds.
The Guild of Friends of the Brlstol Royal Hospital for Sick Children Company Limited by Guarantee Notes to the Financial Ststements (conllnued) Year ended 31 March 2024 Accounting pollcles (ConfindI Incoming resources All incoming resources are included in the stalemenl of financial activities when entitlement has passed lo the charity-, it is probable that the economic benefils associated with the Iransaction will flow lo Ihe charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of enlitlemenl lo the gift, receipt is probable and ils amount can be measured reliably. legacy income Is recognised when receipt is probable and enlitlement is esiablished. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost lo the donor or the estimated resale value. Donated facilities and services are recognised in Ihe accounts when received if the value can be reliably measur8d. No amounts are included for the contribution of general volunteers. income from contracts for Ihe supply of services is recognlsed with the delivery ol the contracted service. This Is classified as unreslricied funds unless there is a contractual requirement for il to be spent on a particular purpose and returned if unspent. in which case il may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings ol the statement ot tinancial aclivilies lo which il relates- expenditure on raising funds includes the costs of all lundralsing activities, evénts. non- charitable trading activilies, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of its beneficiaries, including those support costs and costs relating lo the governance of the charity apportioned to charitable activities. other expendlture Includes all exp8nditure that is neither related to raising funds for the charity nor part of its expenditure on charilable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Dlrecl costs attribLJtable to a single activity are allocated directly lo that aclivity. Shared costs are apportioned belween the activities they contribute to on a reasonable, juslifiable and consistenl basis. Investments Unlisted equity investments are initially recorded at cost, and subsequently measured al fair value. If fair value cannot be reliably measured. assets are measured at cost less impairment. .Listed inveslmenls are measured al fair value with changes in fair value being recognised in income or expenditure.
The Guild of Friends of the Bristol Royal Hospital for Sick Children Company Limited by Guarantee Notes to the Flnanclal Statements fcontlnued) Year ended 31 March 2024 A¢counting pollcles {conllnuedJ Investmenls In assoclates Inveslments in associates accounted for in accordance with the cosl model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance wth the fair value model are initially recorded at the transaclion price. At each reporting date, the investments are measured at fair value, with changes in lair value taken Ihrough income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort. the cost model will be adopted. Dividends and other distributions received from the inveslrnent are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date ol acquisition. Invesimentg in loint ventures Investments in jointly conlrolled entities accounted lor In accordance wilh the cost model are recorded al cost less any accumulated impairment losses. Investments in jointly controlled enlilies accounted for in accordance with the fair value model are initially recorded at the transaction price. Al each reporting date, the investments are measured at lair value, with changes in fair value laken through income or expendilure, Where it is irnpraclicable to measure fair value rellably without undue cost or effort. Ihe cost model will be adopted. Dividends and olher distributions received from Ihe investment are recognised as income without regard to whether the distributions are from accumulated profils of the joinl venture arising belore or after the date of acquisition. Impalrment of Ilxed assets A review for indicators of impairment is carried out at each reporting dale, wilh the recoverable amount being eslimated where such indicators exisl. Where the Carng value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairmenls are also reviewed for possible reversal at each reporting date. For the purposes of impairment lesling, when it is not KM)ssible lo estimate the recoverable amount of an individual asset, an estimaie is mada of the recoverable amount ol the cash- generating unil lo which the asset belongs. The cash-generaling unil is the smallest identitiable group of assets that includes Ihe assel and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goothll acquired in a business combination is, from the acquisition dale, allocated lo each of the cash-generating unils that are expected to benefil from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Flnanclal Instrumenls A financial assel or a financial liabiliiy is recognised only when the charity becomes a party to the contractual provisions of the instrument. 10
The Guild of Friends of the Brlstol Royal Hospital for Slck Children Company Limited by Guarantee Notes to the Financial Statements {contlnu•d) Year ended 31 March 2024 Accounting pollcles (contlnued) Financial Instrumen18 (conllnuod) Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and nol discounted. Debt instruments are subsequently measured ai amortised cost. Where inveslments in shares are publicly traded or their fair value can othepwise be measured reliably, the investment is subsequently measured at fair value with changes In fair value recognised in income and expenditure. All other such Investments are subsequently measured at cost less impairment. Other financial inslrumenls, including derivatives, are initially recognised at fair value, unless paymenl for an assel is deferred beyond normal business terms or financed at a rale of interest that is not a market rate, in which case the asset is measured al the present value of the future paymenls discounted al a market rale of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes r8cognised in the statement ot flnancial actlvllies, with the exception of hedging inslrumenls In a designaled hedging relationship. Financial assets thai are measured at cost or amortised cost are reviewed for objectlve evidence ol impairment al the end of each reporting date. If Ihere is objectlve evidence of impairment, an impairmenl loss is recognised under Ihe appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instrumenls regardless of significance, and other financial assets thal are individually significant, these are assessed individually for impairment. Other financial assets are either assessed indiwdually or grouped on the basis of similar credit risk characteristics. Any reversals ol impairment are reco9nised immediately, to the extent that the reversal does nol result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Llmlted by guarantee The Company is Limited by Guarante8 and Ihe liability of every member for paymenl of Ihe debts of the company is limited, in the event of the same being wound up while they are still a member or within one year after they cease lo be a member, to such amount as may be required nol exceeding £1. Donatlons and legacles Unrestricted Toial Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations and bequests 4.499 4,499 12.370 12,370 11
The Guild of Friends of the Bristol Royal Hospital for Sick Children Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Charitable actlvlllos Unreslricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Mendip Fair 10,416 10,416 8.838 8,838 Investment Income Unreslricted Total Funds Unrestricled Total Funds Funds 2024 Funds 2023 Income from listed investments 11,913 11.913 11,128 11,128 Costs of ralslng donatlons and legacle8 Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Cosls of raising donations and legacies Grants receivable Costs of raising donations and legacies Angels in Art costs 20,551 20,551 40,763 40,763 1,102 21,653 1.102 21,653 40,763 40,763 Expendlture on charitable actlvltl89 by fund iype Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Support costs 1,892 1,892 1,722 1,722 10. Expendlture on charllable acllvllles by a¢tlvlly type Tolal funds 2024 Total fund 2023 Support costs Main Charitable Aclivity 1,892 1,892 1,722 11. Analysls ol support costs Analysis of support costs Total 2024 Total 2023 Communications and IT General office Governance costs 360 812 720 360 812 720 360 642 720 1,892 1,892 1,722 12
The Guild of Friends of the Bristol Royal Hospital for Sick Children Company Limiled by Guarantee Notes to the Financial Statements (conlinued) Year ended 31 March 2024 12. Nel losses on inveslmenls Unrastricted Total Funds Unrestricted Tolal Funds Funds 2024 Funds 2023 Galnsl(lossesl on listed investments 1111) (23,835) (23,835) 13. Independenl examlnatlon fees 2024 2023 Fees payable to the independent examiner for: Independent examination of the financial statements 720 720 14. Staff costs The average head count of employees during the year was Nil {2023: Nill. The average number of full-time equivalent employees during the year Is analysed as follows.. 2024 No. 2023 No. Number of Directors 10 No employee received employee benefits of more than £60,000 during the year12023.. Nil). 15. Trustee remunerallon and expenses No remuneration or olher benefits from employment with the charity or a related entity were received by the trustees 16. Invegiments Llsled Inve8tmenl$ Cosi or valuatlon At 1 April 2023 Additions Fair value movements 247,186 {111) 247,075 Al 31 March 2024 Impairment At 1 April 2023 and 31 March 2024 Carrylng amount At 31 March 2024 247,075 247,186 At 31 March 2023 All investments shown above are held at valualion. 13
The Guild of Friends of the Bristol Royal Hospital for Sick Children Company Limited by Guarantee Notes to the Financial Statements fcontlnued) Year ended 31 March 2024 16. Inveslments (¢onllnu•d) Flnanclal a88ets held at lalr value The Charity holds a managaed portfolio of investments which are valued at their market value each year. 17. Debtors 2024 2023 Other debtors 1,932 1,932 18. Creditors: amounis falling due wllhln one year 2024 2023 Accruals and deferred income 780 780 19. Analysis of charllable funds Unreslrlcted funds Al 1 Apr 2023 Gains and Al losses 31 Mar 2024 Income Expenditure Transfers General funds 372,592 26,828 (23,5451 (111) 375,764 At 1 Apr 2022 Gains and Al losses 31 Mar 2023 Income Expenditure Transfers General funds 404,716 32.336 (42,4851 1,860 (23,8351 372,592 The charity has a single reslricled furKI, Ihe Angels in Art slar design project, which represenls 0.006Q/• of its total raserves. 14
The Guild of Friends of the Bristol Royal Hospital for Sick Children Company Limited by Guarantee Notes to the Financial Statements (conlinuod) Year ended 31 March 2024 19. Analysls of charilable funds (continued) Re3lricled fund¥ At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers Restricted Fund 1 - desc in alcs 2,405 2,405 At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expenditure Transfers Restricted Fund 1 - desc in alcs 4,265 (1,8601 2,405 20. Analysis of net asset9 belween lunds Unrestricted Funds Restrlcled Total Funds Funds 2024 Investments Current assets Creditors less than 1 year Nei a1$ 247,075 131,874 1780) 378,169 247,075 131,874 1780) 378,169 Unreslricled Funds Flestricted Total Funds Funds 2023 Investments Current assets Creditors less than 1 year Net assets 247,186 126,186 (780) 372,592 247,186 128,591 {780) 374,997 2,405 2,405 15