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2022-03-31-accounts

ABBOTS BROMLEY HOSPITAL (A charitable incorporated organisation) Registered charity number: 1150207

ACCOUNTS YEAR ENDED 31 MARCH 2022

Dains Audit Ltd Chartered Accountants St Johns Court Wiltell Road Lichfield Staffordshire WS14 9DS

ABBOTS BROMLEY HOSPITAL INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022

PAGE
Annual Report 1-3
Independent Examiners Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Accounts 7-11

ABBOTS BROMLEY HOSPITAL ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022

Reference and administrative information

Trustees: Mr C J Bagot Jewitt
Chairman		 Nominated
Mrs S M Tonking Coopted
Mrs C Brown Nominated
Miss R Chapman Coopted
Reverend S C Davis Ex officio
Mrs G Kelly Coopted
The constitution provides for the appointment of two nominated, one ex-officio and up to three
co-opted trustees. Nominated trustees serve for four years. Co-opted trustees serve for five.
The Parish Council of Abbots Bromley and the Trustees of the Bagot Jewitt Trust as owners
of Blithfield Hall each nominate one trustee. The Vicar of the ecclesiastical parish of
St Nicholas at Abbots Bromley is the ex officio trustee. If the vicar is unwilling to act, then the
PCC has power to nominate the ex officio trustee.
Principal Address: Claire Collier (Administrator)
Abbots Bromley Hospital Office
Abbots Bromley Hospital
Bagot Street
Abbots Bromley
Rugeley
Staffs
WS15 3BZ
Charity Number: 1150207
Independent Examiner: A P Morris FCA
Dains Audit Ltd
St Johns Court
Wiltell Road
Lichfield
Staffs
WS14 9DS
Solicitors: Anthony Collins Solicitors
134 Edmund Street
Birmingham
B3 2ES

Page 1

ABBOTS BROMLEY HOSPITAL ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022

Report of the trustees for the year ended 31 March 2022

The trustees present their report along with the financial statements of the charity for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with governing document dated 6 August 2019, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective 1 January 2019.

Structure, Governance and Management

Abbots Bromley Hospital was originally founded by the Will of Lambard Bagot in 1702. In August 2019 the charitable company, the sole trustee of the unincorporated charity, registered charity number 242796, was converted to a charitable incorporated organisation (CIO).

By virtue of a vesting agreement dated 7 February 2020, the assets and liabilities were transferred to the CIO.

The trustees met regularly throughout the year to discuss the charity's affairs, including consideration of investment, reserves and risk management policies.

Abbots Bromley Hospital keeps the skill requirements for its Trustee Body under review and in the event that there is a vacancy, the Board seeks nominations from people within the local community who have the necessary skills and interest. The induction process for any newly appointed trustee comprises an initial meeting with the Board of Trustees, at which a pack is provided. This includes a copy of the governing document, a copy of the latest accounts, a copy of the Charity Commission Guidance 'The Essential Trustee' and 'Charities and Public Benefit'.

Risk Review

Abbots Bromley Hospital has examined the major internal and external risks which the Charity faces and confirms that systems have been established to minimise these risks.

Objects and Activities

The Charity is administered by the Administrator, who acts under instructions from the trustees of Abbots Bromley Hospital.

Abbots Bromley Hospital comprises eight almshouses situated in the village of Abbots Bromley. The almshouses are available for occupation by persons in need and of good character resident in any of the parishes of Abbots Bromley, Dunstall, Newborough and Yoxall. If any almshouse is not required by residents of these parishes then the trustees may select suitable residents from other parishes.

After paying the costs of maintaining the property and expenses incidental to the administration of the Charity any surplus is available for the benefit of the Almspeople.

Public Benefit

The trustees of Abbots Bromley Hospital confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit. Residents shall first and foremost be in need and unable to access other accommodation to enable them to stay in the neighbourhood. The trustee is also conscious of its responsibility to carry out repair and appropriate improvement to a Grade II listed building in a prominent position in the centre of Abbots Bromley Conservation Area.

Page 2

ABBOTS BROMLEY HOSPITAL ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022 (Continued)

Review of Progress and Achievements

All eight almshouses remained fully occupied throughout the year. After the return of the two residents to the recently remodelled bungalow units, necessary snagging was carried out during the course of the year and the bungalow remodelling project finally signed off at the end of March 2022. All almshouse units are now fully remodelled and equipped appropriately for the forseeable future.

Minor updates and repairs were carried out during the course of the year as necessary to the other almshouse units accommodated within the 18th century building. The communal garden to the rear was maintained by the Trust although some residents also have small areas which they tend with care and enthusiasm, and those who have them also maintain colourful window boxes on the street frontage.

Reserves Policy

Charity funds at 31 March 2022 totalled £1,102,032, comprising permanent endowment £910,600, a designated extraordinary repair fund £4,643, a cyclical maintenance fund £51,749 and unrestricted income funds of £135,040.

Investment Policy

The trustees have considered the most appropriate policy for investing funds and have found that specialised unit trusts, designed for charity sector, meet their requirements. The performance of the investments is monitored by the trustees on a regular basis.

Trustees' Responsibilities in Relation to the Financial Statements

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees and signed on their behalf by:

C J Bagot Jewitt

Date 21 June 2022

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ABBOTS BROMLEY HOSPITAL

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2022 which are set out on pages 5-11.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) 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.

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 proper understanding of the accounts to be reached.

A P Morris FCA Chartered Accountant of Dains Audit Ltd St John's Court Wiltell Road Lichfield Staffordshire WS14 9DS

21 June 2022

Page 4

ABBOTS BROMLEY HOSPITAL STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2022

Income
Maintenance Contributions Receivable
Bank Interest
Income from Listed Investments
Grants and donations:
Almshouse Consortium
Donald and Patricia Marsh Charitable Trust
Baron Davenport's Charity
St John's Lichfield
Total Income
Expenditure
Administrator inc Mileage
Repairs and Decorations
Orbit Lifeline
Water Rates
Gas and Electricity
Insurance
T V Licences
Sundry Expenses
Almshouse Association Subscription
Independent Examiners Fees
Refurbishment Project
Cottage rent and furniture storage
Loan Charges and Interest
Total
Net gains/(losses) on investment assets
Net Income/(expenditure)
Transfer between funds (note 8)
Transfer between funds (note 10)
Reconciliation of funds:
Fund Balances brought forward
Fund Balances carried forward		 Unrestricted
Other
Total
Total
Income Fund
Funds
2022
2021
£
£
£
£
36,975
36,975
36,392
20
20
53
1,924
1,924
2,193
70,000
10,000
5,000
3,000
38,899
20
38,919
126,638
3,250
3,250
3,000
4,847
4,847
5,606
218
218
218
1,392
1,392
796
383
383
881
1,055
1,055
1,026
23
23
22
353
353
333
187
187
182
1,320
1,320
1,470
6,125
6,125
145,738
7,300
1,990
1,990
4,151
21,143
21,143
170,723
6,046
6,046
14,141
17,756
6,066
23,822
(29,944)
(50,000)
50,000
(9,700)
9,700
176,984
901,226
1,078,210
1,108,154
135,040
966,992
1,102,032
1,078,210

Page 5

ABBOTS BROMLEY HOSPITAL BALANCE SHEET 31 MARCH 2022

Notes
Fixed Assets
Housing Properties
2b and 5
Listed Investments
2c and 6
Current Assets
Debtors and Prepayments
Cash at Bank and in Hand
Current Liabilities
Loans falling due within 1 year
7
Creditors
Net Current Assets
Total Assets less Current Liabilities
Loans falling due after more than 1 year
7
Net Assets
Capital and Reserves
Permanent Endowment
8
Designated Reserves
8
Unrestricted Income Fund		 2022
2021
£
£
£
£
1,060,000
1,060,000
74,680
68,634
1,134,680
1,128,634
450
55,666
56,458
55,666
56,908
14,068
13,918
2,420
7,538
16,488
21,456
39,178
35,452
1,173,858
1,164,086
71,826
85,876
1,102,032
1,078,210
910,600
895,313
56,392
5,913
135,040
176,984
1,102,032
1,078,210		 2022
2021
£
£
£
£
1,060,000
1,060,000
74,680
68,634
1,134,680
1,128,634
450
55,666
56,458
55,666
56,908
14,068
13,918
2,420
7,538
16,488
21,456
39,178
35,452
1,173,858
1,164,086
71,826
85,876
1,102,032
1,078,210
910,600
895,313
56,392
5,913
135,040
176,984
1,102,032
1,078,210
1,078,210
895,313
5,913
176,984
1,078,210

These accounts were approved by the Board of Trustees on 21 June 2022 and signed on their behalf by:

S M Tonking

C J Bagot Jewitt

Page 6

ABBOTS BROMLEY HOSPITAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022

1. Establishment of Abbots Bromley Hospital

Abbots Bromley Hospital is a charitable incorporated organisation (CIO).

The charitable company, the sole trustee of the unincorporated charity, was converted to a CIO in August 2019. By virtue of a vesting agreement dated 7 February 2020 all assets of the original unincorporated charity (Charity no 242796) were transferred to the CIO and the two charities merged.

2. Accounting Policies

(a) Basis of Accounting

The financial statements have been prepared in accordance with Accounting and Reporting by by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 01/01/2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

The accounts have been prepared on the accruals basis and under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

(b) Housing Properties

Housing Properties are included at their current market value with vacant possession.

(c) Investments

Listed investments are stated at market value.

(d) Cyclical Maintenance Fund

This fund represents amounts set aside for cyclical maintenance to meet costs in excess of budgeted expenditure for any year.

(e) Extraordinary Repairs Fund (ERF)

This fund represents amounts set aside to carry out major repairs to the housing properties.

(f) Permanent Endowment

The permanent endowment represents those funds which must be held permanently by the charity. Income arising on this fund is included as unrestricted income.

(g) Income Funds

The unrestricted income fund comprises those funds which the trustees are free to use in accordance with the charitable objects. Restricted funds may only be spent in accordance with donors wishes.

3. Trustees Remuneration, Expenses and Related Party Transactions

No remuneration directly or indirectly out of the funds of the Charity was paid or payable for the year to any Trustee or to any person or persons known to be connected with any of them. No travelling expenses have been reimbursed during the year (2021-£nil).

4. Taxation

Abbots Bromley Hospital is a registered Charity and is therefore exempt from liability to taxation on its income and capital gains.

Page 7

ABBOTS BROMLEY HOSPITAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022

5. Housing Properties
Housing Properties at 31.03.21 and 31.03.22		 2022
2021
£
£
1,060,000
1,060,000

As stated in note 2(b), housing properties are included in the accounts at their current market value with vacant possession. The valuation was carried out by J C Stevenson MRICS of John German, Chartered Surveyors in March 2013. There is no record of the historic cost. The trustees are not aware of any material changes since that valuation.

6. Listed Investments

Market Value at 1 April 2021
Sale proceeds
Profit on disposal
Net unrealised Investment gains/(losses)
Market value at 31 March 2022
Investments comprise the following:
Endowment Fund:
3,602 COIF Charities Investment Fund income shares
Extraordinary Repair Fund
43 M & G Charity Multi Asset Fund accumulation units
7. Loans
Due within one year
Due after more than 1 year		 2022
2021
£
£
68,634
68,202
(13,709)
2,159
6,046
11,982
74,680
68,634
70,037
64,450
4,643
4,184
74,680
68,634
2022
2021
£
£
14,068
13,918
71,826
85,876
85,894
99,794

Included within the above is a loan of £44,433 from the Charity Bank, which is secured over the Almshouses. This loan is repayable over 9 years and 7 months, with the final instalment falling due in September 2029.

Interest is variable and is charged at 4.25% over base.

Page 8

Page 8

ABBOTS BROMLEY HOSPITAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022

8. Other Funds

8. Other Funds
Endowment Extraordinary Cyclical Total
Fund Repair Fund Maintenance 2022
Fund
£ £ £ £
Balances at 1 April 2021 895,313 4,184 1,729 901,226
Bank Interest Received 20 20
Unrealised Gains on Investment Revaluation 5,587 459 3,887
Transfer Income Fund 50,000 50,000
Transfer between funds (note 10) 9,700 9,700
Balances at 31 March 2022 910,600 4,643 51,749 964,833
Endowment Extraordinary Cyclical Total
Fund Repair Fund Maintenance 2021
Fund
£ £ £ £
Balances at 1 April 2020 874,738 3,256 57,919 935,913
Bank Interest Received 53 53
Income from Listed Investments 307 307
Realised Gain on Disposal 2,159 2,159
Unrealised Gains on Investment Revaluation 11,054 928 11,982
Transfer Income Fund (58,709) (58,709)
Transfer between funds (note 10) 9,521 9,521
Balances at 31 March 2021 895,313 4,184 1,729 901,226

9. The Assets and Liabilities of the Charity are represented by the Funds as detailed below:

Housing Properties
Investments
Current Assets
Creditors: Due within 1 year
Creditors: Due more than 1 year
Housing Properties
Investments
Current Assets
Creditors: Due within 1 year
Creditors: Due more than 1 year		 Income
Endowment
Extraordinary
Cyclical
Total
Fund
Fund
Repair
Maintenance
2022
Fund
Fund
£
£
£
£
£
173,740
886,260
1,060,000
70,037
4,643
74,680
1,518
2,399
51,749
55,666
(6,618)
(9,870)
(16,488)
(33,600)
(38,226)
(71,826)
135,040
910,600
4,643
51,749
1,102,032
Income
Endowment
Extraordinary
Cyclical
Total
Fund
Fund
Repair
Maintenance
2021
Fund
Fund
£
£
£
£
£
173,740
886,260
1,060,000
64,450
4,184
68,634
52,780
2,399
1,729
56,908
(11,736)
(9,720)
(21,456)
(37,800)
(48,076)
(85,876)
176,984
895,313
4,184
1,729
1,078,210

Page 9

ABBOTS BROMLEY HOSPITAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022

10. Remodelling/Refurbishment Project

In March 2013 a contract was signed for the refurbishment/remodelling of seven of the Almshouses to form six larger units.

This project was financed by a grant of £120,000 from the Almshouse Consortium Ltd, a loan of £50,901 from The National Association of Almshouses and a loan of £65,000 from the Charity Bank. The balance of the project was financed from the Charity's own resources including the release of £100,000 from permanent endowment and the grants received from St John's Hospital and Baron Davenport's Charity.

The transfer between funds reflects the capital repayments made during the year.

Page 10

ABBOTS BROMLEY HOSPITAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022

11 Statement of Financial Activities - comparatives

Income
Maintenance Contributions Receivable
Bank Interest
Income from Listed Investments
Grants and donations:
Almshouse Consortium
Donald and Patricia Marsh Charitable Trust
Baron Davenport's Charity
St John's Lichfield
Total Income
Expenditure
Administrator inc Mileage
Repairs and Decorations
Orbit Lifeline
Water Rates
Gas and Electricity
Insurance
T V Licence
Sundry Expenses
Almshouse Association Subscription
Independent Examiners Fees
Refurbishment Project
Cottage rent and furniture storage
Loan Charges and Interest
Total
Net gains/(losses) on investment assets
Net Income/(expenditure)
Transfer between funds (note 8)
Transfer between funds (note 10)
Reconciliation of funds:
Fund Balances brought forward
Fund Balances carried forward		 Unrestricted
Restricted
Other
Total
Income Fund
Funds
Funds
2021
£
£
£
£
36,392
36,392
53
53
1,886
307
2,193
70,000
70,000
10,000
10,000
5,000
5,000
3,000
3,000
38,278
88,000
360
126,638
3,000
3,000
5,606
5,606
218
218
796
796
881
881
1,026
1,026
22
22
333
333
182
182
1,470
1,470
57,738
88,000
145,738
7,300
7,300
4,151
4,151
82,723
88,000
170,723
14,141
14,141
(44,445)
14,501
(29,944)
58,709
(58,709)
(9,521)
9,521
172,241
935,913
1,108,154
176,984
901,226
1,078,210

Page 11