**ABBOTS BROMLEY HOSPITAL (A charitable incorporated organisation) Registered charity number: 1150207**
**ACCOUNTS YEAR ENDED 31 MARCH 2024**
**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 2024**
||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 2024**
## **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:**|Mark Gurney FCCA, DChA||
||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 2024**
## **Report of the trustees for the year ended 31 March 2024**
The trustees present their report along with the financial statements of the charity for the year ended 31 March 2024.
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 2024 (Continued)**
## **Review of Progress and Achievements**
The Almshouses continue to 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 remain a pleasant environment, up-to-date and of a safe standard. Some work on the roof was necessary in the past year.
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 and attention is currently being given the posts in front of the Almshouses in Bagot Street.
A tea and cake meeting with the Trustees and residents in November is always an important gettogether.
## **Reserves Policy**
Charity funds at 31 March 2024 totalled £1,152,692, comprising permanent endowment £934,879, a designated extraordinary repair fund £4,998, a cyclical maintenance fund £55,226 and unrestricted income funds of £157,589.
## **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;
- h observe the methods and principles in the Charities SORP;
- h make judgements and estimates that are reasonable and prudent;
- h state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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
13 June 2024
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 2024 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.
Mark Gurney FCCA, DChA of Dains Audit Ltd St John's Court Wiltell Road Lichfield Staffordshire WS14 9DS
13 June 2024
Page 4
## **ABBOTS BROMLEY HOSPITAL STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024**
|**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
Quinquennial Inspection
Loan Charges and Interest
**Total**
Net gains/(losses) on investment assets
**Net Income/(expenditure)**
**Transfer between funds (note 10)**
**Reconciliation of funds:**
Fund Balances brought forward
Fund Balances carried forward|**Unrestricted**
**Other**
**Total**
**Total**
**Income Fund**
**Funds**
**2024**
**2023**
**£**
**£**
**£**
**£**
43,521
43,521
39,181
29
2,560
2,589
929
1,963
1,963
1,963
-
30|
|---|---|
||45,513
2,560
48,073
42,103|
||3,762
3,762
3,500
10,902
10,902
6,452
242
242
236
1,833
1,833
1,544
870
870
337
1,337
1,337
1,145
23
23
23
252
252
647
343
343
196
1,188
1,188
1,230
1,668
1,668
3,203
3,203
2,504|
||25,623
25,623
17,814|
||6,495
6,495
(2,574)
19,890
9,055
28,945
21,715
(11,063)
11,063
148,762
974,985
1,123,747
1,102,032|
||157,589
995,103
1,152,692
1,123,747|
Page 5
## **ABBOTS BROMLEY HOSPITAL BALANCE SHEET 31 MARCH 2024**
|**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|**2024**
**2023**
**£**
**£**
**£**
**£**
1,060,000
1,060,000
78,601
72,106
1,138,601
1,132,106
462
79,230
65,699
79,692
65,699
8,980
11,172
4,620
2,014
13,600
13,186
66,092
52,513
1,204,693
1,184,619
52,001
60,872
1,152,692
1,123,747
934,879
917,624
60,224
57,361
157,589
148,762
1,152,692
1,123,747|**2024**
**2023**
**£**
**£**
**£**
**£**
1,060,000
1,060,000
78,601
72,106
1,138,601
1,132,106
462
79,230
65,699
79,692
65,699
8,980
11,172
4,620
2,014
13,600
13,186
66,092
52,513
1,204,693
1,184,619
52,001
60,872
1,152,692
1,123,747
934,879
917,624
60,224
57,361
157,589
148,762
1,152,692
1,123,747|
|---|---|---|
||||
|||1,123,747|
||||
|||917,624
57,361|
|||148,762|
|||1,123,747|
These accounts were approved by the Board of Trustees on 13 June 2024 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 2024**
## **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 market value with vacant possession as at March 2013. This valuation is regarded as deemed cost on the transfer to FRS102.
## (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 (2023-£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 2024**
|**5. Housing Properties**
Housing Properties at 31.03.23 and 31.03.24|**2024**
**2023**
**£**
**£**
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. This valuation is regarded as deemed cost on the transfer to FRS102.
## **6. Listed Investments**
|Market Value at 1 April 2023
Net unrealised Investment gains/(losses)
Market value at 31 March 2024
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|**2024**
**2023**
**£**
**£**
72,106
74,680
6,495
(2,574)|
|---|---|
||78,601
72,106|
||73,603
67,411
4,998
4,695|
||78,601
72,106|
||**2024**
**2023**
**£**
**£**
8,980
11,172
52,001
60,872|
||60,981
72,044|
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 2024**
## **8. Other Funds**
|Balances at 1 April 2023
Bank Interest Received
Unrealised Gains on Investment Revaluation
Transfer Income Fund
Transfer between funds (note 10)
Balances at 31 March 2024
Balances at 1 April 2022
Bank Interest Received
Unrealised Gains on Investment Revaluation
Transfer between funds (note 10)
Balances at 31 March 2023|**Endowment**
**Extraordinary**
**Cyclical**
**Total**
**Fund**
**Repair Fund**
**Maintenance**
**2024**
**Fund**
**£**
**£**
**£**
**£**
917,624
4,695
52,666
974,985
2,560
2,560
6,192
303
6,495
-
11,063
11,063|
|---|---|
||934,879
4,998
55,226
995,103|
||**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|
## **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**
**2024**
**Fund**
**Fund**
**£**
**£**
**£**
**£**
**£**
173,740
886,260
1,060,000
73,603
4,998
78,601
22,067
2,399
55,226
79,692
(8,818)
(4,782)
(13,600)
(29,400)
(22,601)
(52,001)|
|---|---|
||157,589
934,879
4,998
55,226
1,152,692|
||**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|
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
Donation
**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
Loan Charges and Interest
**Total**
Net gains/(losses) on investment assets
**Net Income/(expenditure)**
**Transfer between funds (note 10)**
**Reconciliation of funds:**
Fund Balances brought forward
Fund Balances carried forward|**Unrestricted**
**Other**
**Total**
**Income Fund**
**Funds**
**2023**
**£**
**£**
**£**
39,181
39,181
12
917
929
1,963
1,963
30
30|
|---|---|
||41,186
917
42,103|
||3,500
3,500
6,452
6,452
236
236
1,544
1,544
337
337
1,145
1,145
23
23
647
647
196
196
1,230
1,230
2,504
2,504|
||17,814
17,814|
||(2,574)
(2,574)
23,372
(1,657)
21,715
(9,650)
9,650
135,040
966,992
1,102,032|
||148,762
974,985
1,123,747|
Page 11