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← Surrey and Borders Partnership NHS Foundation Trust Charity

2024-03-31-accounts

Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities

Annual report and financial statements Registered Charity No. 1126477 31 March 2024

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Contents

Legal and administrative information 1
Trustee's Report 2
Statement of trustees’ responsibilities in respect of the annual report
and the financial statements 7
Independent Auditor report to the members of Surrey and Borders
Partnership NHS Foundation Trust Charitable Fund 8
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Accounts 14

LEGAL AND ADMINISTRATIVE INFORMATION

Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities

Registered charity No. 1126477

Bankers

Royal Bank of Scotland Premier Place 2 1/2 Devonshire Square London EC2M 4BA.

Investment Managers

1 Scottish Widows Bank plc PO Box 12757 67 Morrison Street Edinburgh EH3 8YJ

2 Investec Wealth & Investment Ltd 2 Gresham Street London EC2V 7QN

Auditor

KPMG LLP 15 Canada Square London E14 5GL

Principal Office of Corporate Trustee

18 Mole Business Park Randalls Road Leatherhead Surrey KT22 7AD

Page 1

Trustee’s Annual Report

Objectives and Activities

The Charity's objectives are to hold the trust fund and apply the income:-

FOR THE GENERAL OR SPECIFIC PURPOSES OF SURREY AND BORDERS PARTNERSHIP NHS FOUNDATION TRUST OR FOR ALL OR ANY CHARITABLE PURPOSE OR PURPOSES RELATING TO THE NATIONAL HEALTH SERVICE.

Whilst respecting the wishes of the donors, the Corporate Trustee has ultimate discretion to apply the charitable funds in accordance with the NHS Act 2011 sections 93 and 94, where service changes have taken place or it is impractical to maintain the separate designated fund.

The objectives of the Charity therefore are to further such charitable purpose or purposes as the Trustee thinks fit, relating to hospital services of Surrey and Borders Partnership NHS Foundation Trust, including research, or any other part of the service associated with the Trust.

In meeting these objectives, the Charity has relied on existing fund balances and income from investment to finance its activities. The Charity has used available funds as much as possible to provide grants for the benefit of people who use our services, carers and staff of Surrey and Borders Partnership NHS Foundation Trust. As the Charity does not currently actively fundraise it aims to break-even or operate at a deficit each year.

The Charity’s unrestricted funds may be used for general purposes for the benefit of the Charity.

Public Benefit Statement

The Corporate Trustee confirms that the guidance contained in the Charity Commission’s general guidance on public benefit has been referred to when reviewing the Charity aims and objectives in planning future activities. It remains a key role of the Trustee/Charitable Funds Management Committee to discuss, consider and assess the extent of public benefit can be achieved from each request from the Trust. The Trustee is satisfied that the aims and objectives of the charity are in public benefit.

Achievements and Performance

The strategy of the Charity is to support its related constituent bodies by providing funds to benefit people who use our services and staff. The charity does not significantly fundraise and relies upon the generosity of people who use our services, their relatives and other donors.

The Charity continues to become a member of the NHS Charities Together during 2023-24 and it received £30k Development Grant and £53k part payment of the Recovery Grant with the remainder of £13k to be received in 2024-25. The Trust undertook another Reverse Mentoring Programme following the successful running of the first round in 2022-23 with the funds remaining from the Stage 1 grant. The Charity also received a generous grant from St Kilda’s Trust of £14k and a further £14k will be received in 2024-25. This is to support a garden space and pavilion at St Ebba’s and a Wild Swim project over the next two years to benefit the people who use the services and staff.

Financial Review

During the period total expenditure for the charity was £142k of which £125k related to charitable activities for people who use our services and staff within the NHS Trust. This covered various items such as therapy activity resources, outdoor and indoor equipment, music therapy session and theatre performances for several sites. £21k from a legacy received for New Spenser Ward enabled them to complete a sensory room. £26k has been used from the NHS Charities Together Recovery Grant to put in an outside dome at the Meadows, West Park for Trust staff. The Charity opened up a Staff Hardship Fund to support colleagues who are finding

Page 2

themselves in financial difficulty during the cost of living crisis. This forms part of the Trust’s response to supporting the emotional and mental wellbeing of colleagues during this challenging time and a total of £17k has been given to staff. Support costs totalling £17k are apportioned across the funds as a percentage of the balances held.

During the period the Charity received a total income of £127k being £7k in donations, £97k in grants and £23k of investment income. This shows a slight increase in income during this period compared to 2022-23 where we received a total income of £109k. This is due to the Charity receiving further grants from NHS Charities Together and a grant from St Kilda’s Trust.

The overall financial performance recorded a net surplus of income over expenditure of £21k.

Plans for the Future

The Charity has benefited greatly over the last few years receiving a few grants from NHS Charities Together and the Charity is continuing to become a member in 2024-25 in where we will have access to further grants. There are sensory gardens for Larkfield and Rosewood being completed in 2024-25 which will really benefit people who use our services and enable them to enjoy the outside space which helps with both health and wellbeing. The Charity did not actively fundraise but as of July 2024, we have appointed a Head of Fundraising for the charity and will be actively fundraising and securing support in terms of diversified income streams to achieve our aims to support the people, families and staff at Surrey and Borders.

The Trustee does not expect any significant changes in the objectives of the charity in the forthcoming year. The fund will continue to support a wide range of activities, benefiting both people who use our services and staff, subject to satisfactory funding arrangements. These include outdoor and indoor resources for people who use our services and staff purchase of equipment and training. In doing this, the Trustee will refer to the guidance contained in the Charity Commission "NHS Charities guidance" when reviewing aims and objectives and planning future activities.

Structure Governance and Management

The Charity was created by Declaration of Trust Deed 2008 no. 415 dated 27th August 2008. On 29 October 2008 the Charity was registered with the Charity Commission as Surrey and Borders Partnership NHS Foundation Trust General Purpose Charity no. 1126477.

Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity includes funds held on behalf of HCRG Care Group (formerly Virgin Care), Central Surrey Health and First Community Health & Care.

Within the Charity are a number of designated funds relating to particular wards and departments. Fund managers for each of the designated funds manage these funds on a day to day basis within the Standing Financial Instructions, Standing Orders and powers of delegated authority set by the Corporate Trustee. The Trustee oversees the work of the fund managers and has the power to revoke a fund managers remit or, subject to any specific donor restrictions, direct the use to which funds are put. The Corporate Trustee is the Surrey and Borders Partnership NHS Foundation Trust. The Executive Directors and Non-Executive Directors of the Trust Board share the responsibility for ensuring that the NHS body fulfils its duties as Corporate Trustee in managing the Charitable Funds.

Page 3

The Board of the Surrey and Borders Partnership NHS Foundation Trust, on behalf of the Corporate Trustee, has delegated responsibility to manage the charitable funds to the Charitable Fund Management Committee.

Board of Directors of the Corporate Trustee made up as follows:

Non-Executive Directors

Ian McPherson, Chair[1] Andrew George, Deputy Chair Susan Scholefield, Senior Independent Director Rahul Jaitly[2] Vivek Govil Carol Pearson Denise Day[3]

Executive Directors

Graham Wareham, Chief Executive Helen Rostill, Deputy Chief Executive / Chief Therapies Officer Rachel Hennessy, Acting Chief Medical Officer[4] Emma Whicher, Chief Medical Officer[5] Lorna Payne, Chief Operating Officer Jo Lynch, Chief Nursing Officer Lei Wei, Chief Finance Officer

Membership of the Charitable Fund Management Committee is made up as follows:

Carol Pearson – Chair Lei Wei – Chief Finance Officer Julie Gaze – Director of Governance and Planning Lorna Payne – Chief Operating Officer Andrew George – Non Executive Director Susan Scholefield – Non Executive Director

The Director of Finance and the Chief Finance Officer has particular responsibility to ensure that the spending is in accordance with the objects of the Charitable Fund; priorities agreed by the Corporate Trustee; that the criteria for spending charitable monies are fully met; that full accounting records are maintained; and that devolved decision making or delegated arrangements are in accordance with the policies and procedures set out by the Board on behalf of the Corporate Trustee. Terms of reference for the Trustee have been developed and are reviewed annually which clearly set out the roles and responsibilities of the Corporate Trustee.

1 Left 28 February 2024 2 4 Left 22 June 2023 3 Joined 23 June 2023

4 Acting Chief Medical Officer until 2 April 2023 5 Joined 3 April 2023

Page 4

Trustee Induction

New Executive and Non Executive Directors of Surrey and Borders Partnership NHS Foundation Trust are made aware of their responsibility as Corporate Trustee of Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities. Guidance is provided to the Corporate Trustee and training when this is needed.

Relationships with Related Parties / External Bodies

The Charity works closely with Surrey and Borders Partnership NHS Foundation Trust and individuals within the organisation. Staff within the organisation identify, advise and assist the Corporate Trustee in monitoring the use of the Charitable Funds .

Investment Policy and Performance

The Charity's investment powers are broad but subject to a restriction that no speculative investments, specifically futures or traded options, are allowed. The majority of the funds are held with Investec Wealth & Investment Ltd who manage these investments at a medium risk. There are specific restrictions which include no investments on tobacco, alcohol, armaments, pornography, gambling, high interest rate lending stocks and companies with more than 10% revenues in thermal coal/tar sands. The value of the Investment balance held with Investec as of 31[st] March 2024 is £567k. The Charity also has some funds held with Scottish Widows Bank plc in a deposit account. The value of funds held with Scottish Widows as of 31[st] March 2024 is £244k.

Reserves Policy

The Charitable Fund Management Committee expects that funds are to be fully spent. The Committee is mindful of the legal duty to apply charity funds within a reasonable time of receiving them. The funds do not have any long term commitments.

The Charitable Funds Management Committee has reviewed operational risk associated with the Charity and regular financial reports are produced and distributed with a view to minimising risk and ensure that both spending and firm financial commitments remain in line with income. Income and expenditure is monitored to detect trends as part of the risk management process to avoid unforeseen calls on reserves.

Risk Management Policy

The Trustee regularly reviews the major risks to which the Charity is exposed via an established risk register. Where appropriate, systems and procedures have been established to mitigate risks, and these are also reviewed regularly. The major risks include the ability to sustain the current level of income, a fall in investment values and returns, and unforeseen changes in the operation of the NHS. These risks are mitigated by active management and review of investments and regular liaison with Surrey and Borders Partnership NHS Foundation Trust and other stakeholders. These arrangements have been in place for the full year and the Trustee believes they are appropriate and fit for purpose.

Page 5

A Big Thank You

On behalf of the people who have used our services and staff within the NHS Trust who have benefited from improved services due to donations, grants and legacies, the Corporate Trustee would like to thank all the people who used our services, relatives and staff who have made charitable donations.

Aruna Mehta Chairman

18 Mole Business Park Randalls Road Leatherhead Surrey KT22 7AD

Date: 10[th] December 2024

Page 6

Statement of Trustees’ responsibilities in respect of the Trustees’ Annual Report and the Financial Statements

Under the trust deed and rules of charity law, the trustee is responsible for preparing a Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. The trustee is required to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that period.

In preparing these financial statements, generally accepted accounting practice entails that the trustee:

The trustee is required to act in accordance with the trust deed of the charity, within the framework of trust law. They are responsible for keeping accounting records which are sufficient to show and explain the charity’s transactions and disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustee to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

The trustee is responsible for the maintenance and integrity of the financial and other information included on the charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

By Order of the Trustee

Signed:

10[th] December 2024

Chair Date Surrey and Borders Partnership NHS Foundation Trust

Page 7

Independent auditor’s report to the Trustee of Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities

Opinion

We have audited the financial statements of Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities (“the charity”) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, Balance Sheet, and related notes, including the accounting policies in note 1.

In our opinion the financial statements:

Basis for opinion

We have been appointed as auditor under section 149 of the Charities Act 2011 (or its predecessors) and report in accordance with regulations made under section 154 of that Act.

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the charity in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The trustee has prepared the financial statements on the going concern basis as they do not intend to liquidate the charity or to cease its operations, and as they have concluded that the charity’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the trustees’ conclusions, we considered the inherent risks to the charity’s business model and analysed how those risks might affect the charity’s financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the charity will continue in operation.

Page 8

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because of the low value, high volume homogeneous nature of the Charity’s revenue which agrees through to cash receipts in year. We did not identify any additional fraud risks.

We performed procedures including:

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general sector experience and through discussion with the directors and other management (as required by auditing standards), from inspection of the Charity’s regulatory and legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Charity is subject to laws and regulations that directly affect the financial statements, including financial reporting legislation (including related charities legislation) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Whilst the Charity is subject to many laws and regulations, we did not identify any where the consequences of non-compliance alone could have a material effect on amounts or disclosures in the financial statements.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

Page 9

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing noncompliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Other information

The trustee is responsible for the other information, which comprises the Annual Report. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. We are required to report to you if:

We have nothing to report in these respects.

Matters on which we are required to report by exception

Under the Charities Act 2011 we are required to report to you if, in our opinion:

We have nothing to report in these respects.

Trustees’ responsibilities

As explained more fully in the statement set out on page 7, the trustee is responsible for: the preparation of financial statements which give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities

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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

Page 10

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the charity’s trustee as a body, in accordance with section 149 of the Charities Act 2011 (or its predecessors) and regulations made under section 154 of that Act. 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 anyone other than the charity and its trustee, as a body, for our audit work, for this report, or for the opinions we have formed.

Jessica Hargreaves

for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants KPMG LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

15 Canada Square, Canary Wharf, London, E14 5GL 13 December 2024

Page 11

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Notes
Income and Endowments
Donations and Legacies
3
Grants
3
Income from Investments
3
Total Income and Endowment
Expenditure
Expenditure on Raising Funds
4
Expenditure on Charitable Activities
6
Other Expenditure
5
Total Expenditure
Net Income/(Expenditure)
Net Gains/(Losses) on Investments
Net Movement in Funds
Reconciliation of Funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
31 March
2024 Total
Funds
31 March
2023 Total
Funds
£’000
£’000
£’000
£’000
£’000
7
0
0
7
94
0
97
0
97
0
13
10
0
23
15
20
107
0
127
109
(3)
(2)
0
(5)
(5)
(55)
(70)
0
(125)
(107)
(7)
(5)
0
(12)
(12)
(65)
(77)
0
(142)
(124)
(45)
30
0
(15)
(15)
19
17
0
36
(36)
(26)
47
0
21
(51)
`
515
330
2
847
898
489
377
2
868
847

The notes on pages 14 to 23 form part of these financial statements. All income and expenditure is derived from continuing operations.

Page 12

BALANCE SHEET AS AT 31 MARCH 2024

31 March 2024 31 March 2023
Notes £’000 £’000
Fixed Assets
Investments 9 567 536
Current Assets
Debtors 10 4 13
Prepayments 10 25 4
Cash at bank and in hand 314 324
Total Current Assets 343 341
Current liabilities
Creditors: Amounts falling due within one year 11 (42) (30)
Net Current Assets / ( Liabilities ) 301 311
Total Net Assets 868 847
Funds of the Charity
Unrestricted Funds 489 515
Restricted Funds 377 330
Endowment 2 2
Total Funds 868 847

The notes on pages 14 to 23 form part of these accounts.

The financial statements on pages 12 to 13 and accompanying notes were approved by the Board of Trustees on 10 December 2024 and were signed on its behalf by:

Aruna Mehta Chairman

Company Registered number: 1126477

Page 13

Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities Annual report and financial statements 31 March 2024

NOTES TO THE ACCOUNTS

Note 1 Principal Accounting Policies

a) Basis of Preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Trust constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared on a going concern basis which the Trustees consider to be appropriate for the following reasons.

Consequently, the Trustees are confident that the charity will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.

b) Income and Endowments

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Gifts in kind are valued at estimated fair market value at the time of receipt.

Grants are included in the Statement of Financial Activities on a receivable basis. In the event that the grant is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in the creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on

Page 14

Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities Annual report and financial statements 31 March 2024

a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the Charity.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

c) Expenditure Recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (e) below.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Charity that would permit the Charity to avoid making the future payment(s), settlement is probable and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discount rate is regarded by the trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Charity.

d) Allocation of support and governance costs

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees.

Governance costs and support costs relating to charitable activities have been apportioned across the funds as a percentage of funds held in each department fund. The allocation of support and governance costs is analysed in note 5.

e) Expenditure on raising funds

The costs of generating funds are those costs attributable to generating income, resources for the charity, other than those costs incurred in undertaking charitable activities or the costs incurred in undertaking trading activities in furtherance of the Charity’s objects and consist of investment management costs and certain legal fees.

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Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities Annual report and financial statements 31 March 2024

f) Expenditure on 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 therefore include grants made, governance costs, and an apportionment of overheads as shown in note 6.

g) Irrecoverable VAT

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

h) Structure of funds

Section 93 (2) to 93 (3) of the National Health Service Act 1977: To hold the property on the trust for such purposes relating to hospital services (including research), or to any other part of the health service associated with any hospital, as the person holding the property thinks fit.

The Trustee has chosen to earmark these funds for specific areas within the general charitable purposes (see note 13).

Further details of each fund are disclosed in note 13.

i) Fixed assets

Fixed assets are capitalised where;

j) Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Asset purchases and sales are recognised at date of trade. Unquoted pooled financial investments are stated at fair value, the basis of fair value being the market value of the underlying investments held. These valuations are provided by the fund managers and are subject either to independent valuation or annual audit. Private equity investments are held through funds managed by private equity groups. As there is no identifiable market price for private equity funds, these funds are included at the most recent valuations from the private equity.

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Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities Annual report and financial statements 31 March 2024

The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

k) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

l) Pensions

The Charity does not directly employ staff and therefore has no pension liabilities.

Note 2 Related party transactions and trustees’ expenses and remuneration

Surrey and Borders Partnership NHS Foundation Trust is a related party. However, the charity also includes funds held on behalf of HCRG Care Group (formerly Virgin Care), Central Surrey Health and First Community Health & Care who are also related parties. All expenditure in the year is to benefit these four related parties.

This expenditure is made up of £125k for charitable activities and £17k for financial administration and audit fees.

The Corporate Trustee did not pay expenses to any member of the Surrey and Borders Partnership NHS Foundation Trust Board nor to any member of the Charitable Funds Management Committee and members did not receive any honoraria or emoluments from charitable funds in year.

Note 3 Income and Endowments

Donations
Grants
Legacies
Total Donations,
Grants and Legacies		 2023/24
2022/23
Unrestricted
Restricted
Endowment
Total
Unrestricted
Restricted
Endowment
Total
£’000
£’000
£’000
£’000
£’000
£’000
£’000
£’000
7
0
0
7
15
0
0
15
0
97
0
97
0
0
0
0
0
0
0
0
74
5
0
79
7
97
0
104
89
5
0
94
Dividends
Bank Interest
Total Investment
Income		 2023/24
2022/23
Unrestricted
Restricted
Endowment
Total
Unrestricted
Restricted
Endowment
Total
£’000
£’000
£’000
£’000
£’000
£’000
£’000
£’000
8
6
0
14
8
5
0
13
5
4
0
9
1
1
0
2
13
10
0
23
9
6
0
15

Page 17

Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities Annual report and financial statements 31 March 2024

Note 4 Expenditure on Raising Funds

ote 4 Expenditure on Raising Funds
Investment management costs 2023/24
2022/23
£000
£000
5
5
5
5

In 2023/24, £0k (2022/23: £0k) of £5k investment management costs were attributable to endowment funds.

Note 5 Allocation of Governance and Support Costs

The breakdown of support costs and how these were allocated between governance and other support costs is shown in the table below:

2023/24


Audit fee
Audit fee – VAT thereon
Financial Administration
Total		 Total
allocated
Governance
related
Other
support
costs
Basis of
apportionment
£000
£000
£000
8
8
0
2
2
0
2
0
2
See note (a)
12
10
2

(a) Administration costs relate to licence fee for accounting software and these costs are apportioned across the funds as support costs.

(b) Neither the Trustee nor any persons connected with the charity have received any remuneration.

Surrey and Borders Partnership NHS Foundation Trust provides administrative and accounting support for the charity. Staff costs are recharged from Surrey and Borders Partnership NHS Foundation Trust and are apportioned across the funds as a percentage of funds held in each departmental fund.

Page 18

Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities Annual report and financial statements 31 March 2024

Note 6 Expenditure on Charitable Activities

The charity undertakes its charitable activities through grant making and awarded grants to a number of individuals and institutions in furtherance of its charitable activities.

Expenditure on Charitable Activities in 2023/24
Funded from unrestricted funds:
Staff welfare and amenities
People who use our services welfare and amenities
People who use our services equipment
Funded from restricted funds:
Staff welfare and amenities
Staff training
People who use our services welfare and amenities
Funded from endowment funds:
Total expenditure on charitable activities		 Direct costs
Support and
Governance
costs
Total 2023/24
£000
£000
£000
17
0
17
8
0
8
30
0
30
26
0
26
10
0
10
34
0
34
125
0
125

Expenditure on Charitable Activities in 2022/23
Funded from unrestricted funds:
People who use our services welfare and amenities
People who use our services equipment
Funded from restricted funds:
Staff training
People who use our services welfare and amenities
People who use our services equipment
Funded from endowment funds:
Total expenditure on charitable activities		 Direct costs
Support and
Governance
costs
Total 2022/23
£000
£000
£000
50
0
50
3
0
3
1
0
1
23
0
23
30
0
30
107
0
107

In 2023/24, the expenditure on charitable activities was £125k (2022/23: £107k) of which £55k (2022/23: £53k) was expenditure from unrestricted funds and £70k (2022/23: £54k) was expenditure from restricted funds.

Page 19

Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities Annual report and financial statements 31 March 2024

Note 7 Analysis of staff costs and remuneration of key management personnel

The Charity does not directly employ staff, therefore there are no staff costs or employee benefits. The Trust has no key management personnel, therefore there are no employment benefits including employer pension contributions.

No employees had employee benefits in excess of £60,000 (2022/23: none).

Note 8 Auditors remuneration

The auditor’s remuneration constituted an audit fee of £8k (2022/23: £8k) for the statutory audit of the financial statements plus VAT of £2k (2022/23: £2k).

Note 9 Fixed Asset Investments

Market value at 1 April
Unrealised Gains/(Losses)
Realised Gains/(Losses)
Investment Income
Shares sold
Investment management costs
Cash withdrawn
Cash Invested
Acquisitions
Disposals
Market value at 31 March
Held as:
Equities
Property Investment
Alternative Assets
Fixed interest securities
Cash held within the investment portfolio		 2023/24
2022/23
£000
£000
536
577
13
(46)
23
10
0
0
0
0
(5)
(5)
(164)
(112)
169
103
170
116
(175)
(107)
567
536
388
370
19
21
51
57
102
81
7
7
567
536

Page 20

Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities Annual report and financial statements 31 March 2024

Note 10 Debtors and Prepayment

ote 10 Debtors and Prepayment
Amounts falling due within one year:
Accrued income
Prepayments
Total debtors falling due within one year		 2023/24
2022/23
£000
£000
4
13
25
4
29
17

Accrued income represents accrued investment income for Investec, interest from the Scottish Widows Bank deposit account for £4k (2022/23: £3k).

Prepayments represents a Wild Swim Project for CYPS for £8k, second stage of Reverse Mentoring Programme for £13k, and a Us in a Bus regular session for Rosewood in 2024/25 for £4k.

Note 11 Creditors

Amounts falling due within one year:
Trade creditors
NHS creditors
Accruals
Total creditors falling due within one year		 2023/24
2022/23
£000
£000
10
10
32
9
0
11
42
30

Trade creditors represents the audit fee for 2023-24. NHS creditors represent payments due to Surrey and Borders Partnership NHS Foundation Trust for expenditure incurred on the Charity’s behalf that has not yet been paid to the Trust.

Note 12 Grant Commitments

The charity has no grant commitments.

Page 21

Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities Annual report and financial statements 31 March 2024

Note 13 Analysis of Charitable Funds

Permanent Endowment Funds
Locke-King (Endowment fund)
Restricted Funds1
Locke-King (Restricted fund)
Spelthorne Locality District Nurses
Harrowlands FCH&C
James Will Trust
Gibbons Will Trust
NHS Charities Together
Mindworks Surrey CYPS
Total Restricted and Endowment Funds
Unrestricted Funds2
Surrey and Borders General Fund
Designated Funds3
The Ellen Terry Fund
Noel Lavin Unit
Tutors Fund
CSH General Fund
FCH&C General Fund
Epsom League of Friends Meadows
Staff Hardship Fund
Others
Total Unrestricted and Designated Funds
Total		 2023/24
Balance
B/F
Income
Expenditure
Transfers
Apportioned
Centralised
Costs
Balance
C/F
£’000
£’000
£’000
£’000
£’000
£’000
2
0
0
0
0
2
4
0
0
0
0
4
20
0
0
0
1
21
4
0
0
0
0
4
200
0
(10)
0
10
200
56
0
(23)
0
2
35
46
83
(35)
0
6
100
0
14
(2)
0
1
13
332
97
(70)
0
20
379
213
3
(8)
(19)
9
198
5
1
(1)
0
0
5
26
0
0
0
1
27
16
0
0
0
1
17
210
3
(23)
0
9
199
5
0
0
0
0
5
10
0
(2)
0
0
8
0
0
(17)
19
0
2
30
0
(4)
0
2
28
515
7
(55)
0
22
489
847
104
(125)
0
42
868

1 Restricted funds are funds left for a specific purpose.

2 Unrestricted funds are funds available for general use.

3 Designated funds are funds left for a specific service or use and cannot be used as a general funds.

Page 22

Surrey and Borders Partnership NHS Foundation Trust General Purposes Charity and Related Charities Annual report and financial statements 31 March 2024

Endowment Locke-King For the purpose of the Locke-King Orthopaedic clinic. Restricted Locke-King For the purpose of the Locke-King Orthopaedic clinic. Spelthorne Locality District For the purpose of improving the District Nurses working environment and education. Nurses Harrowlands - FCH&C For the restricted purpose of neuro-rehab at First Community and Health Care. James Will Trust For the restricted purpose of recreation and entertainment for patients in the geographical areas where deceased resided. Gibbons Will Trust For the restricted purpose of supporting staff and patients of the Older People’s Community MH Team and New Spenser Ward. Mindworks Surrey CYPS For the restricted purpose of supporting staff and patients within the Epsom area. NHS Charities Together For the restricted purpose of supporting staff and patients following the pandemic. Criteria set by the NHS Charities Together for the use of the funds.

The Charity also has unrestricted and designated funds relating to particular wards and departments:

Surrey and Borders For the benefit of people who use our services and staff. General Fund The Ellen Terry Fund For the benefit of people who use our services and staff. Noel Lavin Unit Purchase items for people who use our services and staff. Tutors Fund Money from American students for education purposes for consultants. Epsom League of Friends For the benefit of people who use our services and staff at The Meadows in Epsom. Staff Hardship Fund For the benefit of staff who find themselves in financial difficulty. Central Surrey Health To provide extra benefits to patients and staff of Central Surrey Health. General Fund First Community Health & To provide extra benefits to patients and staff of First Community Health and Care. Care General Fund

Note 14 Events after reporting period

There were no events after the reporting period.

Page 23