ABBOTS BROMLEY HOSPITAL (A charitable incorporated organisation) Registered charity number: 1150207
ACCOUNTS YEAR ENDED 31 MARCH 2023
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 2023
| 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 2023
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 2023
Report of the trustees for the year ended 31 March 2023
The trustees present their report along with the financial statements of the charity for the year ended 31 March 2023.
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 2023 (Continued)
Review of Progress and Achievements
The Almshouses provide permanent, secure and well-maintained homes for those that need them in the village. The Trustees and Clerk have had an active year making sure that the dwellings and gardens are a pleasant environment, up-to-date and of a safe standard. Health and Safety, along with Fire Risk Assessments have been completed leading to the installation of two new fire doors. Policies and processes have been updated in line with the Charity Commission and Almshouse Association guidelines.
The exterior of the Almshouses is also an important element. The path's low lighting was replaced. While the trustees replaced the old plum tree with a Rowan Tree, along with suitable border planting. The driveway pillar was replaced after being partially demolished by a vehicle.
A tea and cake meeting with the Trustees and residents in November was a pleasant get-together, the first since Covid.
Reserves Policy
Charity funds at 31 March 2023 totalled £1,123,747, comprising permanent endowment £917,624, a designated extraordinary repair fund £4,695, a cyclical maintenance fund £52,666 and unrestricted income funds of £148,762.
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:
-
h select suitable accounting policies and then apply them consistently;
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h observe the methods and principles in the Charities SORP;
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h make judgements and estimates that are reasonable and prudent;
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h state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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h prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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
29 June 2023
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 2023 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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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
29 June 2023
Page 4
ABBOTS BROMLEY HOSPITAL STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2023
| Income Maintenance Contributions Receivable Bank Interest Income from Listed Investments Donation Total Income Expenditure Administrator Repairs and Decorations Orbit Lifeline Water Rates Gas and Electricity Insurance T V Licences Sundry Expenses Almshouse Association Subscription Independent Examiners Fees Refurbishment Project 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 2023 2022 £ £ £ £ 39,181 39,181 36,975 12 917 929 20 1,963 1,963 1,924 30 30 |
|---|---|
| 41,186 917 42,103 38,919 |
|
| 3,500 3,500 3,250 6,452 6,452 4,847 236 236 218 1,544 1,544 1,392 337 337 383 1,145 1,145 1,055 23 23 23 647 647 353 196 196 187 1,230 1,230 1,320 - 6,125 2,504 2,504 1,990 |
|
| 17,814 17,814 21,143 |
|
| (2,574) (2,574) 6,046 23,372 (1,657) 21,715 23,822 (9,650) 9,650 135,040 966,992 1,102,032 1,078,210 |
|
| 148,762 974,985 1,123,747 1,102,032 |
Page 5
ABBOTS BROMLEY HOSPITAL BALANCE SHEET 31 MARCH 2023
| 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 |
2023 2022 £ £ £ £ 1,060,000 1,060,000 72,106 74,680 1,132,106 1,134,680 65,699 55,666 65,699 55,666 11,172 14,068 2,014 2,420 13,186 16,488 52,513 39,178 1,184,619 1,173,858 60,872 71,826 1,123,747 1,102,032 917,624 910,600 57,361 56,392 148,762 135,040 1,123,747 1,102,032 |
2023 2022 £ £ £ £ 1,060,000 1,060,000 72,106 74,680 1,132,106 1,134,680 65,699 55,666 65,699 55,666 11,172 14,068 2,014 2,420 13,186 16,488 52,513 39,178 1,184,619 1,173,858 60,872 71,826 1,123,747 1,102,032 917,624 910,600 57,361 56,392 148,762 135,040 1,123,747 1,102,032 |
|---|---|---|
| 1,102,032 | ||
| 910,600 56,392 135,040 |
||
| 1,102,032 |
These accounts were approved by the Board of Trustees on 29 June 2023 and signed on their behalf by:
C J Bagot Jewitt
S M Tonking
Page 6
ABBOTS BROMLEY HOSPITAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
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 (2022-£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 2023
| 5. Housing Properties Housing Properties at 31.03.22 and 31.03.23 |
2023 2022 £ £ 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 2022 Net unrealised Investment gains/(losses) Market value at 31 March 2023 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 |
2023 2022 £ £ 74,680 68,634 (2,574) 6,046 |
|---|---|
| 72,106 74,680 |
|
| 67,411 70,037 4,695 4,643 |
|
| 72,106 74,680 |
|
| 2023 2022 £ £ 11,172 14,068 60,872 71,826 |
|
| 72,044 85,894 |
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 2023
8. Other Funds
| 8. Other Funds | |
|---|---|
| Balances at 1 April 2022 Bank Interest Received Unrealised Gains on Investment Revaluation Transfer Income Fund Transfer between funds (note 10) Balances at 31 March 2023 Balances at 1 April 2021 Bank Interest Received Unrealised Gains on Investment Revaluation Transfer Income Fund Transfer between funds (note 10) Balances at 31 March 2022 |
Endowment Extraordinary Cyclical Total Fund Repair Fund Maintenance 2023 Fund £ £ £ £ 910,600 4,643 51,749 966,992 917 917 (2,626) 52 (2,574) - 9,650 9,650 |
| 917,624 4,695 52,666 974,985 |
|
| Endowment Extraordinary Cyclical Total Fund Repair Fund Maintenance 2022 Fund £ £ £ £ 895,313 4,184 1,729 901,226 20 20 5,587 459 6,046 50,000 50,000 9,700 9,700 |
|
| 910,600 4,643 51,749 966,992 |
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 2023 Fund Fund £ £ £ £ £ 173,740 886,260 1,060,000 67,411 4,695 72,106 10,634 2,399 52,666 65,699 (6,212) (6,974) (13,186) (29,400) (31,472) (60,872) |
|---|---|
| 148,762 917,624 4,695 52,666 1,123,747 |
|
| 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 |
Page 9
Page 9
ABBOTS BROMLEY HOSPITAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
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 2023
11 Statement of Financial Activities - comparatives
| Income Maintenance Contributions Receivable Bank Interest Income from Listed Investments Total Income Expenditure Administrator Repairs and Decorations Orbit Lifeline Water Rates Gas and Electricity Insurance T V Licence Sundry Expenses Almshouse Association Subscription Independent Examiners Fees Refurbishment Project 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 Income Fund Funds 2022 £ £ £ 36,975 36,975 20 20 1,924 1,924 |
|---|---|
| 38,899 20 38,919 |
|
| 3,250 3,250 4,847 4,847 218 218 1,392 1,392 383 383 1,055 1,055 23 23 353 353 187 187 1,320 1,320 6,125 6,125 1,990 1,990 |
|
| 21,143 21,143 |
|
| 6,046 6,046 17,756 6,066 23,822 (50,000) 50,000 (9,700) 9,700 176,984 901,226 1,078,210 |
|
| 135,040 966,992 1,102,032 |
Page 11