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← The Mary Potter Convent Hospital Trust

2024-06-30-accounts

THE MARY POTTER CONVENT HOSPITAL TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024

CHARITY NO. 1078525

THE MARY POTTER CONVENT HOSPITAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024

CONTENTS
Legal & Administration Information
Trustees Report
Independent Examiner's Report
Statement of Financial Activities
Balance Sheet
Notes Forming Part of The Financial Statements		 PAGE
1
1/4
5/6
7
8
9/11

THE MARY POTTER CONVENT HOSPITAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2024

The Trustees present their report and financial statements for the year ended 30th June 2024.

Reference & Administrative Information

Charity Name: Charity Registration Number: Operational Address & Trust Office:

The Mary Potter Convent Hospital Trust 1078525 c/o Massers Rossell House Tudor Square, West Bridgford Nottingham NG2 6BT

Trustees:-

Mervyn Bernard Jones (Chairman) Sister Jeannette Connell Martin John Witherspoon Shaun Finn Aiden Goulding Godfrey Archer Margaret Hollingworth (retired: 24/08/2023) Simon Clunie Julie Peart (appointed: 24/08/2023) Jennifer Leggott (appointed: 24/08/2023)

Secretary to the Trustees

M.J Witherspoon

Independent Examiner

Mr R Eley FCCA of Xeinadin Mansfield i2 Mansfield, Hamilton Court, Oakham Business Park, Mansfield, NG18 5FB

Bankers

Lloyds Bank plc, Old Market Square, Nottingham

Solicitors

Rothera Bray LLP (incorporating Massers), Rossell House, Tudor Square, West Bridgford, Nottingham NG2 6BT

Investment Advisors

Rathbones (incorporating Investec Wealth & Investment Ltd), 30 Gresham Street, London EC2V 7QN

(1)

THE MARY POTTER CONVENT HOSPITAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2024

Structure, Governance & Management

Governing Document

The Charity is governed by its Trust Deed dated 10th January 1999. The structure of the charity is by way of the Trustees who are detailed above and the day to day running is done by the Secretary to the Trustees.

Retirement & Appointment of Trustees

The appointment of the Trustees is governed by the Trust Deed of the charity. The Board of the Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an existing Trustee. The Trustees remain in office until they resign or until death intervenes.

Trustees Induction & Training

New Trustees are usually familiar with the objects of the charity, but are invited to fully acquaint themselves with the detailed work of the Trust, and the context within which it operates by discussion with the existing Trustees. This covers;

The Trust Deed

The Resources and current financial position as set out in the latest published accounts

Future Plans and Objectives

Risk Management

The Trustees actively review the major risk which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls of the key financial systems, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.

Organisational Structure

The day to day running of the Trust is in the hands of the Secretary. The Trustees evaluate quarterly reports from their Investment Advisors and meet with them every six months, and review the investment activities. The Investment Advisors have a discretionary mandate from the Trustees to deal with the investments following broad instructions with regard to funds not deemed appropriate to the Trust's objectives.

Objectives & Activities

The aims and objects of the Trust are to prevent, relieve and cure sickness and ill health of every kind and protect health in any way for the time being charitable in law. Also to assist by monetary grant or other means, the members of the Little Company of Mary and others in need of residential care of any kind.

(2)

THE MARY POTTER CONVENT HOSPITAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2024

Achievements & Performance

The Trustees keep their policy for donations constantly under review.

Current policies include supporting:-

During the year the Trust made 55 Donations (2022/23: 73) totalling £136,139 (2022/23: £168,300).

There were no contributions being made to organisations over a three year period in the current year.

There were no major contributions to charities, most payments were made to individuals.

The total amount of contributions made to individuals during the current year amounted to £124,567 (2022/23: £102,013).

Financial Review

The policy of the charity is to emphasise income generation over capital growth and make grants and donations from income in accordance with its objects.

The overheads and spending are reviewed regularly, appropriate changes being made where necessary.

Principal Funding Sources

The Trust does not actually fund raise, relying on the income generated from its investments, which is supplemented on occasion by donations from persons having an affinity with the former Convent Hospital Ltd.

(3)

THE MARY POTTER CONVENT HOSPITAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2024

Reserves Policy

It is the policy of the charity to maintain unrestricted funds at a level which equate to in excess of twelve months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs. Unrestricted funds are maintained at this level throughout the year.

Investment Policy

In accordance with the Trust Deed the property of the charity is administered and managed in the name of the Trustees who are authorised to make and hold investments using general funds of the charity.

Capital Commitments

There are no capital commitments at 30th June 2024.

Plans for Future Periods

It is not anticipated that there will any major changes in the activities of the fund in the foreseeable future, and the donations made by the Trust will be commensurate with reserves available.

Responsibility of the Trustees

The Charity Act 2011 requires the Trustees of the charity to prepare accounts for each financial year, which give a true and fair view of its financial activities during the year and of its financial position at the year end. In preparing the accounts the Trustees should follow best practice and:

Select suitable accounting policies and apply them consistently

Make judgements and estimates that are reasonable and prudent

Follow applicable accounting standards and Charities SORP disclosing and explaining any departures in the accounts and

Prepare the accounts on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation

The Trustees are responsible for keeping accounting records which are such as to disclose with reasonable accuracy, the financial position of the Charity at any time and to enable them as Trustees to ensure that the accounts comply with the Charity Law. The Trustees are also responsible for safe guarding the Charities' assets and ensuring their proper application in accordance with Charity Law and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities.

Approved by the Trustees on and signed on their behalf by:

………………………………………………..

Trustee

(4)

INDEPENDENT EXAMINERS REPORT

ON THE ACCOUNTS OF THE MARY POTTER CONVENT HOSPITAL TRUST

I have examined the financial statements of The Mary Potter Convent Hospital Trust for the year ended 30th June 2024 on pages 7 to 8 which have been prepared under the historical cost convention as modified by the revaluation of fixed investments assets and the accounting policies set out on page 9.

Respective responsibilities of Trustees and Examiner

The charity's trustees consider that an audit is not required for this year under Section 144(3) of the Charity's Act 2011 (the Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts (under Section 145 of the 2011 Act.)

To follow the procedures laid down in the general directions given by the Charity Commission under Section 145(5)(B) of the 2011 Act; and

to state whether particular matters have come to our attention.

Basis of independent examiner's statement

My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express any audit opinion on the accounts.

(5)

INDEPENDENT EXAMINERS REPORT

ON THE ACCOUNTS OF THE MARY POTTER CONVENT HOSPITAL TRUST (continued)

Independent examiner's statement

In the course of my examination, no matter has come to my attention:

proper accounting records are kept (in accordance with Section 130 of the 2011 Act) and

accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act or

Mr R Eley FCCA of Xeinadin Mansfield i2 Mansfield Hamilton Court Oakham Business Park Mansfield NG18 5FB

Date:

(6)

THE MARY POTTER CONVENT HOSPITAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2024

Incoming Resources
Incoming Resources from Generated Funds
Voluntary Income
Investment Income
Resources Expended
Cost of Generating Funds
Charitable Activities
Governance Costs
Net Incoming/(Outgoing) Resources before other recognised
gains.
Other Recognised Gains/(Losses)
Gains/(Losses) on Sales and Revaluation of Investments
Reconciliation of Funds
Total Funds Brought Forward		 Notes
3
4
4
4
5		 Unrestricted
Funds
Total
Total
2024
2023
-
-
160,716
165,239
_
_
160,716
165,239
21,523
21,046
136,130
168,300
13,350
13,230
_
171,003
202,576
__ ____
(10,287)
(37,337)
222,427
(125,039)
_
_
212,140
(162,376)
3,467,190
3,629,566
__ _
3,679,330
3,467,190
______ ____		 Unrestricted
Funds
Total
Total
2024
2023
-
-
160,716
165,239
_
_
160,716
165,239
21,523
21,046
136,130
168,300
13,350
13,230
_
171,003
202,576
__ ____
(10,287)
(37,337)
222,427
(125,039)
_
_
212,140
(162,376)
3,467,190
3,629,566
__ _
3,679,330
3,467,190
______ ____
_
165,239
21,046
168,300
13,230
_
202,576
____
(37,337)
(125,039)
_
(162,376)
3,629,566
_
3,467,190
____

The Statement of Financial Activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

The notes on pages 9 to 11 form part of these accounts

(7)

THE MARY POTTER CONVENT HOSPITAL TRUST

BALANCE SHEET AS AT 30TH JUNE 2024

FIXED ASSETS
CURRENT ASSETS
Cash at Bank and on Deposit
Accrued Income
CREDITORS - amounts falling
due within one year
NET CURRENT ASSETS
NET ASSETS
UNRESTRICTED FUNDS
General Funds
TOTAL FUNDS		 Notes
_
7
_
8
9		 £
£
£
£
3,635,154
3,435,250
57,548
44,820
-
-
_
_
57,548
44,820
13,372
12,880

_
44,176
31,940
______
_
3,679,330
3,467,190
___
_
3,679,330
3,467,190
_
_
3,679,330
3,467,190
______
__
2024
2023

Approved by the Trustees on …............ and signed for on their behalf by:

………………………… Trustee ………………………… Trustee

The notes on pages 9 to 11 form part of these accounts.

(8)

THE MARY POTTER CONVENT HOSPITAL TRUST

NOTES & ACCOUNTING POLICIES FOR THE YEAR ENDED 30TH JUNE 2024

1. ACCOUNTING POLICIES

1.1 Basis of Accounting

The financial statements have been prepared under the historical cost convention, as modified as the revaluation of fixed investment assets and in accordance with the Financial Reporting Standard For Smaller Entities (effective April 2008) and the Statement of Recommended Practice: Accounting and Reporting by Charities issued in March 2005.

1.2 Fund Accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Unrestricted funds include unrealised gains on revaluation of fixed asset investments.

1.3 Incoming Resources

All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Voluntary income is received by way of grant, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the Charity are recognised when the Charity is unconditionally entitled to the Grant

Investment Income is included when receivable

1.4 Resources Expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which is relates:

Costs of generating funds comprise the costs associated with attracting income

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries.It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the examiners fees and costs linked to the strategic management of the Charity

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly.

1.5 Fixed Assets for Use By the Charity

Investment assets are stated at valuation values.

(9)

THE MARY POTTER CONVENT HOSPITAL TRUST NOTES & ACCOUNTING POLICIES FOR THE YEAR ENDED 30TH JUNE 2024

2. DONATIONS & GIFTS- UNRESTRICTED
Legacies
Donations
3. INVESTMENT INCOME
Unrestricted - Income Receivable on Cash Deposits
Income Receivable on Listed Investments
4. TOTAL RESOURCES EXPENDED
Basis of
Charitable
Allocation
Activities
Costs Directly Allocated to Activities
Grants & Donations
Direct
136,130
Independent Examiner
Direct
Legal & Professional Fees
Direct
Investment Management Costs
Direct
_
136,130
_
5. NET INCOMING RESOURCES FOR THE YEAR
This is stated after charging:-
Independent Examiner's Fees
6. FIXED ASSETS
Investments:
Investments listed in recognised stock exchange at market value
Balance as at 1st July 2023
Purchased during the year
Sales during the year
Realised gains/(losses)
(Decrease)/Increase in unrealised profits
Market value at 30th June 2024
Cost of investments held 30th June 2024		 Governance
Costs
2,550
10,800
_
13,350
_		 2024
2023
£
£
-
-
-
-
1,448
228
159,268
165,011
_
_
160,716
165,239
_
_
Costs of
Generating
Total
Total
Funds
2024
2023
136,130
168,300
2,550
2,430
10,800
10,800
21,523
21,523
21,046
_
_
_
21,523
171,003
202,576
_
_
_
2,550
2,430
_
_
3,435,250
3,581,583
253,914
239,091
(278,216)
(258,078)
78,225
57,221
145,981
(184,567)
_
___
3,635,154
3,435,250
_
___
2,944,836
2,853,206
__
___

(10)

THE MARY POTTER CONVENT HOSPITAL TRUST

NOTES & ACCOUNTING POLICIES FOR THE YEAR ENDED 30TH JUNE 2024

----- Start of picture text -----
7. CREDITORS: AMOUNTS FALLING DUE 2024 2023
WITHIN ONE YEAR £ £
Accruals 13,372 12,880
_ _
8. ANALYSIS OF NET ASSETS BETWEEN FUNDS UNRESTRICTED
2024 2023
£ £
Investments 3,635,154 3,435,250
Net Current Assets 44,176 31,940
_ ___
3,679,330 3,467,190
Gains/(losses) realised included in the above on investments _ _
on investments above base cost 690,318 582,044
_ ______
9. MOVEMENT IN FUNDS
At 1st July Income Expenditure At 30th June
2023 (incl gains) (incl losses) 2024
£ £ £ £
Unrestricted Funds:
General Funds 3,467,190 383,143 171,003 3,679,330
----- End of picture text -----

10. TRUSTEES REMUNERATION & RELATED PARTY TRANSACTIONS

No Trustees have received remuneration during the year (2022/23: £nil). Mr. M J Witherspoon is a Director of the Solicitors, Rothera Bray LLP (incorporating Massers), who receive fees in respect of work done for the Trust.

No Trustees or any other person related to the Charity has any personal interest in any contract or transaction entered into by the charity for the year (2022/23: £nil).

11. TAXATION

As a charity The Mary Potter Convent Hospital Trust is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1968 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

(11)