NHS GREENWICH CHARITABLE FUNDS 202312024 The Woolwlch Centre 35 Wellington Street Woolwich London SE18 6ND IPage
NHS GREENWICH CHARITABLE FUNDS Registration No. 1097722 2023124 Annual Report INTRODUCTION During the financial year 2023-24. NHS South East London Integrated Care Board (ICB) was managing an umbrella fund originally registered on 29 May 2003. The umbrella fund is now known as NHS Greenwich Charitable Funds. 1.2 The orinal objects of the umbrella fund stated that: "The Trustees shall hold the trust fund upon trust to apply income, and at their discretion, so far as may be perniissible, the capital for any charitable purpose or purposes relating to the National Health SeThice for tho Health and Wellbeing of the residents and staff in the population served by the Royal Bomugh of Greenwlch" The Health and Care Act 2022 received Royal Assent on 28 April 2022 and Clinical Commissioning Groups were fomially abolished on 30 June 2022. Integrated Care Boards have taken on many of the responsibilities that Clinical Commissioning Groups formerly held. The Charity has no fixed assets after the sale of the Gables in January 2022. Revlew of the Year Ended 31 March 2024 During the financial year ending 31 March 2024, the Trust Funds received a net loss in value of £0.9k on the unit trusts held with the Charities Aid Foundation. The Trust Funds received £47.4k of other income comprising of: £30.5k investment interest income from Shawbrook bank £16.4k of unit trust income and bank interest £0.5k of donations. 2.2 Total expenditure was £58.1k which comprises of the following. Celebration of Life event (£0.8k)'. Govemance costs of £3.5k Professional services (53.6k) Bank Fees (£0.2k) 21Page
2.3 The total balance of all funds at 31 March 2024 amounted to £6.5m analysed among the subsidiary funds as follows.. NHS SOUTH EAST LONDON ICB GENERAL FUND NHS SOUTH EAST LONDON ICB RESIDUAL FUND TOTAL £oooo £oooo £oooo Pro Investments Debtors Cash deposits and in hand Current Liabilities 2,991.0 2,991.0 3,587.9 3,587.9 -57.1 -57.1 Totsl 3.587.9 2,942.1 6,530.0 2.4 The purpose of the General Fund is to promote health wholly or mainly for the residents and staff in the population served by the Royal Borough of Greenwich. The cash deposits and cash in hand consist of funds held within 8 Natwest business current account and business reserves account. The charity ensures there are sufficient reserves to help the operation of the charity including Ihe management of the propety and to enable nonnal operation of the charity should income reduce and to manage any potential risks that may arise (see serveS policy document). 2.5 The total investments of £6.5m is made up of short and long-term investments. The short-term investment relates to £2.5m held in an investment account with Shawbrook Bank. The long-term investment relates to unit trusts held with the Charities Aid Foundation which are currently valued at £0.5m, and £3.5m in the current bank account to be invested in the new financial year. 2.6 There were no other liabilities or commitments outstanding at 31 March 2024. The cash at bank plus income streams expected from investments held are adequate to cover the normal operating expenditure of the funds. 2.7 The Corporate Trustees are required to prepare and submit accounts to the Charity Commission. The accounts have been independently examined by Miriam Hickson of Jacob, Cavenagh & Skeet. 31Page
TRUSTEE INFORMATION 3.1 The registered name of the Trust Fund is NHS Greenwich Charitable Funds. The charity registration number is 1097722 and the registered office is-. The WOOlCh Centre 35 Wellington Street Woolwich London SE18 6ND 3.2 On 1¥1 April 2020. each of the six CCGS in South East London (including NHS Greenwich CCGI merged to form a new organisation. NHS South East London CCG. During the 2021-22 financial year. NHS South East London CCG was the corporate trustee. which was succeeded by NHS South East London ICB on 1 July 2022. 3.3 The Charitable Funds Committee at the start of the year were.. Peter Matthew Tosca Fairchild Mike Fox Sarah Mcclinton IC8 Non.Execulrve DNKlor (Chair) IC8 Chielof S18ff ICB ChJelFinance OffKer ICB Place Executive Dir8clor- Greenw Signed.. Date.. 23 September 2024 Peter Matthew Chair of Committe• NHS Greenwich Charitable Funds 41Page
NATIONAL HEALTH SERVICE NHS GREENWICH CHARITABLE FUNDS FUNDS HELD ON TRUST ANNUAL ACCOUNTS 2023-24 The accounts of Ihe Funds Held on Trust by the NHS Greenwich Charitable Funds STATUTORY BACKGROUND NHS Greenwich Charrtable Funds is registered wrth the Charity Commission under registration number 1097722. Greenwich Teaching Primary Care Trust took over responsibility for Ihe Trust Fund from the former Bexley, Bromley & Greenwich Health Authority. On 1 April 2013 NHS Greenwich Clinical Commissioning Group ICCGI took over responsibility of the Charitable Funds from Greenwich Teaching Primary Care Trust. On 1 April 2020, each of the six CCGS in South East London lin¢luding NHS Greenwich CCG) merged to fomi a new organisation. NHS South East London Clinical Commissioning Group ICCGI. NHS South East London CCG was abolished on 01 July 2022, when it was succeeded by the NHS South Easl London Integrated Care Board IICB). From this date. it is the ICB who is the corporate trustee for these Charitable Funds. MAIN PURPOSE OF THE FUNDS HELD ON TRUST The main purpose of the charrtable funds held on trust is lo apply income for any charitable purpose relating lo the National Heallh Service wholty or mainty for the residents and staff in the population served by the Royal Borough of Greenwh. The Trustees confirm they have had due regard to the Charty Commission guidance on public nefit in carrying out the activities of the Trust. STATEMENT OF FINANCIAL ACTIVITIES CASH FLOWS AND FINANCIAL POSITION During 202>24 the Trust Funds income amounted lo £47.4k. £30.Sk of investment interest, £16.4k from unrt trust income and £O.Sk of other income. A lolal of £58.1 k was spent during the year the details of which are as follows.. £0.8k on staff evenls. £0.2k on bank fees, £53.6k on Professional services and £3.5k on examination fees. The lolal balance of all funds al 31 March 2024 amounted lo £6.530 Ok.. this is represented by investments of £2,991.Ok {£2,494.3k held in Shawbrook inveslmenl account and £497.Ok with the Charities Aid Foundation), £3,587.9k cash al bank debtors of £8.2k and creditors of £57.1k. sned. Date.. 23 September 2024 Cholr: Peter Matthew Corporate Trustees: Peter Matthew Mike Fox Tosca Fairchild Sarah Mcclinton 51Page
STATEMENT OF CORPORATE TRUSTEES RESPONSIBILITIES The Corporate Trustee is responsible for preparing the Trustee's Report and the financial slalemenls in accordance wtlh applicable law and United Kingdom Accounling Slandards including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accountin9 Practice}. The law applicable to charities in England & Wales requi$ the Corporate Trustee to prepare financial statements for each financial year which give a ITue and fair view of the slate of affairs of the charity and of the income and expenditure of the charty for that pèriod. In preparing these financial ststements. the Corporate Trustee is required to= Select suitable accounting policies and then apply them consistently. ObseNe the methods and principles in the Charrties SORP. Make judgments and accounting estimates that are reasonable and prudent. State whether applicable arKounling standards have been followed, subject to any mat&nal departures disclosed and explained in the financial slalements. and Prepare the financial statements on the going concern basis unless rt is inappropriate 10 presume that the charty will continue in business. The Corporale Trustee is responsible for maintaining proper accounting records which disclose wrth reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial slalemenls compty wrth the Charitiès Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the conslilution. It is also responsible for safeguarding the assets of the charty and hence for taking reasonable stèps for the prevention and detection of fraud and other irregularities. 8y Order of the Corporate Trustees Signed., INB sign in any colour ink other than black) Chair Dale 23 September 2024 ' The Bo•rd rnay authorise anothertTUSt•e to sign in placo of the ChJirni*n 61Pag¢
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF NHS Greenwich Charitable Funds I report to the Charity Trustee on my examination of the accounts of the NHS Greenwich Charrtable Funds (the Trust) for the year ended 31 March 2024 sel out on the following pages. Responslbllltles and basis of report As the charity's trustee you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe Act'}. report in respect of my examination of the Trusfs accounts as carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions gNen by the Charty Commission under section 145{5)Ibl of the Act. Independent Exarnlnèr's Statement I have completed my examination. I confinn that no matters have come to my attention in connection with the examination giving me cause to believe Ihat in any material respect.. 1. Accounting records were not kept in respect of the Trust as required by section 130 of the Acl., or 2. The accounts do nol accord with Ihose records., or 3. The accounts do not compty with the applicable requirèments concerning the form and content of accounts sel out in the Charities (Accounts and Report) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination.. or 4. The accounls have not been prepared in accordance wtlh the methods and principles of Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Miriam Hickson CTA FCA Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW Date: I O OoL<J( 2024 71Page
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Statement of Financial Position as at 31 March 2024 Notes Total at 31 March 2024 £000 Total at 31 March 2023 £000 Fixed assets: Investments Total Fixed Assets 2,961.4 Current Assets: Debtors Cash and cash equivalents Totsl Current Assets 3,575.1 Llabllbtl•s'. Creditors falling due wrthin one yèar Net Current Assets 57.1 Totsl net assets 6,541.6 The fund8 of the charity: Unrestred incOff funds 6.530.0 6,541.6 Total Charlty Funds Slgned: Date: 23 September 2024 Chlef Flnance Officer 91Pa8e
Notes to the Account Accounting Policies Accounting Convention The Financial Statements have been prepared under historic cost convention, as modifbed for the revaluation of investments at a fair value. and in accordance with applicable United Kingdom Accounting Standards and policies for the NHS and the Statement of Recommended practi "Accounting and Reporting by Charities (FRS 1021" issued by the Charty Commission in 2019. The accounts were prepared on a going concern basis. On the 1 April 2020. NHS Greenwich CCG merged with other CCGS in South East London to form NHS South East London CCG. NHS South East London CCG was abolished on 01 July 2022, when it was succeeded by the NHS South East London Integrated Care Board (IC8}. NHS South East London ICB is now the corporate trustee for the charity. On 17 April 2020, the constitution was amended to protect the funds for the health and wellbeing of residents and staff in the population served by the Royal Borough of Greenwich. The Trust meets the definition of a "Public Benefit Entity" under FRS102. The financial stalements are prepared in sterling which is the financial currency of the charity. Monetary amounts are stated in OOO'S Income All income is included in full in the Statement of Financial Activities as soon as the following three factors can be met.. Entitlement - arises when a particular resource is receivable. or the charty's right becomes legally enforabIe. Probability- when it is probable that the income will be received. Measurement- when the monetsry value of the income can be measured with sufficient reliability. IOIPage
Income (continued) Legacies Legacies are accounted for as income once the receipt of the legacy becomes reasonabty certain. This will be once confimialion has been received from the representatives of the estates thal payment of the legacy will be made or property transferred and once all conditions attached to the legacy have been fulfilled. Expendlture The funds held on trust accounts are prepared in accordance wrth the accruals concept. All expenditure is recognised once there is legal or constructive obli9alion lo make a payment lo a Ihird party. a) Cost of generating funds The cost of generating funds are the costs associated with generaling income for the funds held on trust. bl Grants payable Grants payable are payments, made to third parties {including NHS bodies) in the furtherance of the funds held on the trust's charitable objectives to relieve those who are sick. They are accounted for on an accfuals basis where the Conditions for their payrnent have been mel or where a third paty has a reasonable expectation that they will receive the grant. cl Governance Costs These are accounled for on an a¢crual$ basis. Structurn of funds Where there is a legal reslriclion on the purpose to which a fund may be put, the fund is classified in the accounts as a restricted fund. Funds where the capf(al is held to generate income for charitable purposes and cannol ilself be spent are accounted for as endowment funds. Other funds are classified as unrestricted funds. Funds which are not legalty restricted but which the Trustees have chosen to eamiark for sel purposes are classified funds. The major funds held wtthin these calegories are disclosed in note 9. IIIPage
1.5 Invesljnent Assets Investments held as fixed assets are valued at fair value at the balance sheet date. Any gain or loss is taken to the Statement of Financial Activities. 1.6 Reallsed Gains and Losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or date of purchase if later). Unrealised gains and losses are calculated as the difference between market value at the year end and opening market value {or date of purchase if later). 1.7 Pooling Scheme There are no pooling schemes in operation. 1.8 Materlal uncertalnties Having reviewed the Balance Sheet. the Trustees are satiSfd that the Charitable Funds have the income and assets required to continue with current operations and that there are no material uncertainties about the entity's ability to continue. Debtorn Tax recoverable and other debtors are included at the settlement amount due. Prepaymenls are valued at the amount prepaid. 1.10 Cash at bank and in hand Cash at bank and in hand includes cash and short tem highly liquid investmenls with a short maturity of three months or less from the date of the opening of the deposit. 1.11 Creditors and Provisions Creditors and provisions are recognised where the charity has a present obligation arising 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 recognised at their settlement amount. 121Page
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Related parties No remuneration or expenses are paid to the Corporate Twstees NHS Greenwich Charitable Funds has no subsidiafies and was ultimately controlled by its parent NHS South East London Clinical Commissioning Group (CCG) of The Woolwich Centre, London SE18 6ND, which was succeeded by NHS South East London Integrated Care Board (IC8) on 01 July 2022, the principal purposes and activities of which are the commissioning of public healthcare. NHS South East London ICB and previousty NHS South East London CCG exercisesled this control through Corporate Trusteeship. NHS Greenwich Charitable Funds are not consolidated into its parent's accounts as due to its size this is not required. NHS South East London CCG'S accounts can be found on rts website at htt .Ilwww.selondoncc 151Page
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Analysis of 2024 2023 Amounts falling due within one year.. Receivables 7.1 £000 £000 Debto Prepayments Accrued income Total receivables falling due within one year Total Recelvables Analysls of 2024 2023 Amounts falling due within one year.. Creditors Total payables falling due within one year Payables £000 57.1 £000 57.1 Total Payables 57.1 171Page
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