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2024-03-31-accounts

Docusign Envelope ID: E04C82A9-3D74-4A66-94EA-F217DAF58CAF

HERTFORDSHIRE COMMUNITY NURSES CHARITY

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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HERTFORDSHIRE COMMUNITY NURSES CHARITY

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

Index

Index
Page
Trustees Report 3-8
Independent Examiner's Report 9
Statement of financial Activities 10
Balance Sheet 11
Notes to Financial Statements 12 - 14

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Docusign Envelope ID: E04C82A9-3D74-4A66-94EA-F217DAF58CAF

HERTFORDSHIRE COMMUNITY NURSES CHARITY

(Principal Office: 38 High Street, ware, SG12 9BY)

TRUSTEES' REPORT

For the Year ended 31 March 2024

The Trustees present their report and the unaudited financial statements for the year ended 31 March 2024.

OBJECTS OF THE CHARITY

The Trust was originally formed as Hertfordshire County Nursing Trust (HCNT) and was governed by its Trust Deed dated 16 October 1952.

The Trustees decided that this Deed had become out of date and in September 2014, The Charity Commission agreed that HCNT should become a Charitable Incorporated Organisation and a new Deed was issued. The name of the Charity changed to Hertfordshire Community Nurses Charity (HCNC), whose objects are:

(1) To provide and make grants and other financial provision for the training and general welfare of community nurses, (including nurses in general practice, hospice nurses working in the community and students intending to practice community nursing), who are being, or intend to be, or have at any time been employed or trained in the County of Hertfordshire ("Hertfordshire Nurses").

(2) To provide and make grants or pay pensions to Hertfordshire Nurses who are in need and have retired from active work to the intent that such grants or pensions may be additional to any grants or pensions from any other source.

(3) To provide and make grants for improved facilities and conditions of work for Hertfordshire Nurses.

(4) To make grants to enable any form of treatment or care in convalescence to be provided for Hertfordshire Nurses.

(5) To provide and make grants to enable the provision of any medical, surgical, pharmaceutical and remedial as may from time to time be required for the purposes aforesaid.

(6) To provide and make grants to bodies or persons to enable them to engage in, or to enable them to propose to engage in, any form of research, the object of which is the discovery of new methods of prevention, cure or treatment to safeguard and improve the health of the public.

(7) To provide and make grants to the Queen's Nursing Institute.

(8) To provide and make grants towards the purchase, erection, establishment, maintenance or management of any housing accommodation established for the benefit of Hertfordshire Nurses.

(9) To provide and make grants to other Charitable Trusts or Institutions, the objects of which are similar to the main objects of the CIO.

(10) To manage any housing accommodation established for the benefit of Hertfordshire Nurses.

(11) To raise further funds for the purpose of carrying out the objects of the CIO.

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ORGANISATION

HCNC is a registered Charity (number 1158593). It is governed by a Board of Trustees which is responsible for setting the strategic direction of the charity and for establishing policy. The responsibility for financial procedures, grant allocation and the management o the properties is delegated by the Trustees to the Executive Committee.

Following the Trust's deregistration as a Social Landlord in 1999/2000, the financial statements now comply with the disclosures of the SORP "Accounting by Charities".

TRUSTEES

The Trustees of the Charity during the year are as follows:

Violet Beazley (Chairman) Nicholas Tufton (resigned 13 November 2023) Caroline Cherry Suzy Richardson Daniel Shaw Mark Whiting Helen Hanbury (resigned 13 November 2023) Patrick Hudson Charles Robarts Marcus Taverner Rhonda Moon

Under the HCNC deed, there must be not less than 8 and not more than 20 trustees. Each Trustee is appointed for three years and can be re-appointed under a rolling programme, so that the potential change of Trustees is spread. The Committee usually meet three times a year but more often if the need arises.

The Charity normally recruits potential Trustees through personal connections and it endeavours to ensure that different skill sets are represented. The web site invites anyone interested in becoming a Trustee to apply to the chair.

New Trustees are sent a list of the other Trustees and contact details, a copy of the Deed issued by the Charity Commission when HCNT became a Charitable Incorporated Organisation, and a copy of the most recent accounts and minutes. It is suggested that they log onto the Charity Commission's web site to look at the advice to Trustees under CC3 and they are invited to visit Rosemary House.

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TRUSTEES' REPORT for the Year ended 31 March 2024

The Assets of the Charity is in a General Fund. The General Fund represents the day to day activities of the Trust and can be utilised by Trust as they see fit.

REVIEW OF TRANSACTIONS AND FINANCIAL POSITION OF THE TRUST

The Charity prepares a budget before the start of each financial year with the intention of broadly matching current income against current expenditure. However, variations do occur due to cash flow and other issues which are reported at each meeting of the Executive Committee. In the year to 31 March 2024, the deficit (see page 17) amounted to £46,864 against a surplus of £30,652 in the previous year.

During the year under review the net general assets of the Trust increased by £1,413 to £1,070,864 (2023: decreased by £22,825). The increase included an increase in the value of investment assets of £28,658. In addition to this, £NIL is held as a designated reserve for property repairs and maintenance (2023: £19,620).

Investment and interest income was £42,428 (2023: £38,695) for the year, with rental income of £55,209 (2023: £54,138). Direct charitable expenditure for the year was £143,371 (2023: £55,916), with overhead support costs being £1,131 (2023: £1,265).

ASSETS AND OBLIGATIONS

The net assets of the Charity are available and adequate to fulfil the obligations of the Charity.

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RESERVES POLICY, STRATEGIC AIMS, OBJECTIVES, ACTIVITIES AND ACHIEVEMENTS

As required by the 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 (SORP FRS 102 updated January 2019)

The HCNC holds cash in accounts operated by Lloyds and CCLA in order to spread risk. Each account is covered by the bank's guarantee (currently £85,000) to protect depositors from loss in the event of bankruptcy.

In 2017/18, a building survey was carried out at Rosemary House and recommendations regarding repairs and maintenance were implemented, the cost of which (about £18,000) was paid from the sinking fund established to pay for Rosemary House maintenance requirements. In 2022/23, a further £5,000 was added to the fund to make a total provision of £19,620 and it is intended to add a further £5,000 in each subsequent year. In addition, in 2018/19, the trustees approved a rolling programme of renovating one apartment each year (if one becomes vacant), which is funded from income generated during the current financial year. In 2023/24, the Committee has decided to remove the provision for future repairs and maintenance The fund, which stood at £19,620, has been transferred to the general fund. Following a review, it was concluded that the provision has never been utilised. Therefore, the Committee has determined that the provision is no longer necessary.

In addition to the provision of subsidised accommodation to community nurses, the HCNC uses its income for the benefit of community nurses in Hertfordshire by awarding grants. Larger awards are made for research and development projects aimed at improving the delivery of community nursing care to Hertfordshire's patients; individual community nurses are supported with awards for postgraduate education; and this year the HCNC, working with the Queens Nursing Institute, established hardship awards for individual community nurses facing financial difficulties. These awards benefit the wider community in Hertfordshire by providing help to all community nurses working in the county.

During the year to 31 March 2024, the following grants were awarded:
Educational Grants £11,088
Welfare Grants £2,300
Research and Development £NIL
(Florence Nightingale Foundation Scholarship)
Major Grants - PhD Studentship (UH) £73,305
Leadership Grants £500
MSC Grants £28,805
TOTAL £116,477

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At the year end, discussions were on-going as to the Charity's five-year strategy. Whilst small Education and Research and Welfare grants would continue to be made (in a way that enables the Charity to monitor the extent to which they are effective), the bulk of the Charity's resources available for Education and Research grants will be used to fund fewer, but larger scholarships, which are properly managed and in respect of which longer term value for money can be assessed. In this connection, it is proposed to provide funding to support two programmes of study both based at the University of Hertfordshire.

Programme One is being undertaken in collaboration with Hertfordshire Community Nurses Trust (HCT). This supports 12 students each of whom are already qualified as Specialist Community Nurses or Specialist Community Public Health Nurses to complete a 'top-up" programme from Post-Graduate Diploma to Master of Science. HCNC provide matched funding (with HCT) for six students in September 2023 and six students in September 2024 to enter the two-year programme. The total cost to HCNC for 12 students to undertake this programme is circa £19,440 (plus anticipated annual fees increments).

Programme Two is to support a single student to complete a PhD at the University of Hertfordshire by completing either a full-time course of 39 months, or a part time course over five-years. The approximate estimated cost of the course will be of the order of £77,000 (but not allowing for studentship/fees increments - to be set by UKRI/UH at an organisational level).

Total funds at 31 March 2024 were £1,070,864 (see page 10) including £NIL designated for future repairs to Rosemary House. The Charity plans to maintain cash balances equivalent to at least one year's expenditure.

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STATEMENT OF TRUSTEES RESPONSIBILITIES

The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of the Charity's affairs and of its results for the year.

In preparing those financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements and whether the financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Charities":

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue to operate.

The Trustees are responsible for:

keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity;

safeguarding the assets of the Charity and hence for taking reasonable steps for prevention and detection of fraud and other irregularities.

Signed on behalf of the Trustees:

Approved on: November 25, 2024

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EXAMINER'S REPORT TO THE TRUSTEES OF THE HERTFORDSHIRE COMMUNITY NURSES CHARITY

I have reviewed the financial statements set out on pages 8-13 which have been prepared under the accounting policies set out in note 1.

Respective responsibilities of trustees and examiner

The charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act) and that an independent examination is needed.

It is my responsibility to:

Basis of the independent examiner's report

My examination was carried out in accordance with, the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

In the course of my examination, no matter has come to my attention

(1) which gives me reasonable cause to believe that, in any material respect, the trustees have not met the requirements to ensure that:

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Amit Bansal FCA Accountants For Good Ltd Aine Banaak Chartered Forensic Accountant Minuteman House 8 Langley Road WATFORD WD17 4PT Dated 25 November 2024

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HERTFORDSHIRE COMMUNITY NURSES CHARITY

STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 MARCH 2024

Note
INCOMING RESOURCES
Rental Income
Investment Income
4
Deposit Interest:
-COIF
4
-Virgin Money
4
Donation
Total Income Resources
RESOURCES EXPENDED
Direct Charitable Expenditure
Housing Activities:
Property Management
Property Maintenance
Non-housing Activities:
Gratuities and grants
Provision for major grants
9
Other Expenditure
Management - Housing
- Non Housing
Total Resources Expended
Resources
Unrealised Gains/Losses(-) on
Investment Assets
7
Movement in Funds
Transfer to designated funds
Funds Balances brought
forward 1st April 2023
Fund Balances carried
forward 31st March 2024
Unrestricted
General
£
55,209
41,565
658
205
-
97,637
10,722
16,171
116,477
-
143,371
500
631
1,131
144,502
46,864
-
28,658
18,207
-
19,620
1,069,451
1,070,864
Designated
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
19,620
-
19,620
-

Total
2024
£
55,209
41,565
658
205
-
97,637
10,722
16,171
116,477
-
143,371
500
631
1,131
144,502
46,864
-
28,658
18,207
-
1,089,071
1,070,864
Total
2023
£
54,138
38,336
202
157
-
92,833
9,760
17,570
28,586
-
55,916
500
765
1,265
57,181
35,652
53,477
-
17,825
-
1,106,896
1,089,071

The Trust has no recognised gains or losses other than those dealt with in the Statement of Financial Activities. The notes on pages 10 to 13 form part of these financial statements.

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Docusign Envelope ID: E04C82A9-3D74-4A66-94EA-F217DAF58CAF

HERTFORDSHIRE COMMUNITY NURSES CHARITY

BALANCE SHEET

AS AT 31 MARCH 2024

Note 2024 2023
£ £ £ £
FIXED ASSETS
Tangible fixed assets
Housing Properties 6 115,658 115,658
Less: Social Housing Grant 1c 69,494
-
46,164 - 69,494 46,164
Investments 7 918,342 889,684
CURRENT ASSETS 964,506 935,848
Debtors - -
Prepayment - -
Cash at bank and in hand 185,604 159,849
Creditors: Amounts falling due 185,604 159,849
within one year 8 79,245 6,625
NET CURRENT ASSETS 106,360 153,224
Creditors: Amounts falling due after
more than one year - -
TOTAL ASSETS LESS
CURRENT LIABILITIES 1,070,864 1,089,071
REPRESENTED BY:
Unrestricted funds
General 1,070,864 1,069,451
Designated 1d - 19,620
1,070,864 1,089,071
Approved by the Trustees
Signed on behalf of the Trustees
Signed by:
VidetBeacley
Beacley

==> picture [51 x 9] intentionally omitted <==

----- Start of picture text -----
25/11/2024
----- End of picture text -----

Dated:

The notes on pages 12 to 14 form part of the financial statements.

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HERTFORDSHIRE COMMUNITY NURSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

1) ACCOUNTING POLICIES

The financial statements are prepared on the historical cost convention as modified by the revaluation of fixed asset investments and in accordance with approved accounting standards and the Statement of Recommended Practice "Accounting by Charities"

b) Fixed Assets and Depreciation

Tangible fixed assets, except housing properties, are stated at cost less accumulated depreciation. Depreciation is charged on a straight line basis over the expected economic useful lives of the assets at the following annual rates:

Plant machinery and fixtures 25%

Depreciation is not provided on housing properties on the grounds that it would be immaterial (either because of the length of the estimated remaining useful economic life or because the estimated residual value of the assets is not materially different from the carrying amount of the asset).

Where developments have been financed wholly or partly by a housing association grant the cost of those developments has been reduced by the amount of the grant received. Grants received for general revenue purposes are credited to income in the year in which they are received.

The Committee has decided to remove the provision for future repairs and maintenance, which was originally established to cover the Charity's liability for maintaining its property. The fund, which stood at £19,620, has been transferred to the general fund in 2023/24. Following a review, it was concluded that the provision has never been utilised. Therefore, the Committee has determined that the provision is no longer necessary.

All amounts in the financial statements are shown inclusive of Value Added Tax, as the charity is not VAT registered.

f) Investments

Investments are stated at market value as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposal throughout the year.

2) CHARITABLE STATUS

The Trust is a registered charity (registration number 1158593) and in consequence it is exempt from taxation on income arising from and expended on its charitable activities.

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HERTFORDSHIRE COMMUNITY NURSES' CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

3) HOUSING UNITS

The average number of Housing Accommodation Units was 10 (2023: 10).

4) INTEREST RECEIVABLE AND OTHER INCOME

Bank and Building Society Deposits
Listed Dividends and interest (gross)
Other interest receivable
MANAGEMENT AND ADMINISTRATION
An analysis of Management and Administration costs is as follows:
Accountancy fees
Property management fees
Miscellaneous
2024
£
205
41,565
658
42,428
2024
£
1,051
3,600
80
4,731
2023
£
157
38336
202
38695
2023
£
1000
3600
265
4865

5) MANAGEMENT AND ADMINISTRATION

Trustees received no remuneration for their work, and no reimbursed expenses (2023 £nil). Average number of employees was Nil (2023: Nil).

6) FIXED ASSETS

As at 1 April 2023
Additions
As at 31 March 2024
Depreciation
As at1 April 2023
Charge for the year
As at 31 March 2024
Net Book Value
31st March 2024
31st March 2023
Freehold
Housing Properties
held for letting
£
115,658
-
115,658
£
-
-
-
£
115,658
£
115,658
£
Fixtures &
Equipment
£
4,120
-
4,120
£
-
-
-
£
-
£
-
£
Total
£
119,778
-
119,778
£
-
-
-
£
115,658
£
115,658
£

The freehold land and buildings are used for direct charitable purposes.

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HERTFORDSHIRE COMMUNITY NURSES' CHARITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

7) INVESTMENTS

Listed UK investments:
Market value at 1st April
Disposals
Additions
Change in market value
Value as at 31st March
Original cost of listed investments
The breakdown of investments held at the year end is shown on page 15.
8)
CREDITORS: Amounts falling due within one year
Accounts Payable
Donations payable
Accruals
9)
DESIGNATED FUNDS
At 1st April 2023
At 31st March 2024
At 1st April 2023
Used for major grants in the year
At 31st March 2024
2024
£
889,684
-
-
28,658
918,342
307,075
2024
£
500
77,444
1,301
79,245
2024
Repair
Fund
£
19,620
-
Grants fund
-
-
-
2023
£
943,161
-
-
53,477
-
889,684
307,075
2023
£
-
-
6,625
6,625
2023
Repair
Fund
£
14,620
19,620
Grants fund
-
-
-

All designated funds are financed by cash balances

The fund represents cash balances which can be utilised to finance regular planned maintenance programmes and major non-recurring repairs.

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INFORMATION FOR

MANAGEMENT PURPOSES

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HERTFORDSHIRE COMMUNITY NURSES CHARITY

YEAR ENDED 31 MARCH 2024

INVESTMENTS
Narrower Range
41,192
BLK Charities
UK Bond Fund
at
Fund - A Income
145.6805p
Units
Wider Range
29,621
M & G Charifund
at
1.456.08
Income Units
16,730
Charities Official
at
Investment Fund
20.3418
Income Units
29,569
Charities Official
at
Investment Fund
2.9325
Global Equity
TOTAL INVESTMENT
TOTAL INVESTMENT INCOME
Prior year
Cost
£
50,070
60,582
120,276
76,147
307,075
Market
Value
31.03.2024
£
60,009
431,309
340,312
86,711
918,342
889,684
Gross
Income
£
2,472
25,474
11,603
2,017
41,565
38,336

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HERTFORDSHIRE COMMUNITY NURSES CHARITY

GENERAL INCOME AND EXPENDITURE ACCOUNT

(Non-housing Activities)

FOR THE YEAR ENDED 31 MARCH 2024

INCOME
£
Investment income (gross)
Virgin Money
Interest
EXPENDITURE
Administration
Miscellaneous
80
Accountancy fees
551
Website costs
-
Grants
Course fees and expenses
11,088
Fees approved but not yet claimed
-
Major Grants - PhD Studentship (UH)
73,305
Alarm monitoring fee
480
Research & Development
-
Leadership Grants
500
MSC Grants
28,805
Welfare Grants
2,300
Surplus before exceptional items
Surplus
Transfer surplus from Rosemary House account
Total Surplus / Deficit
2024
£
£
41,565
205
658
42,428
85
500
631
180
41,797
10,681
5,625
-
480
11,500
-
-
300
116,477
74,680
-
74,680
-
27,816
46,864
-
2023
£
38,336
157
88
38,581
765
37,816
28,586
9,230
9,230
21,422
30,652

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HERTFORDSHIRE COMMUNITY NURSES CHARITY

ROSEMARY HOUSE

PROPERTY REVENUE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

INCOME
Rent receivable
Interest received
EXPENDITURE
Management
Insurance
Cleaning and Sundries
Council tax & utilities
Gardening
Administration
Accountancy fees
Maintenance
Current repairs
Major repairs
Transfer to Designated Fund
SURPLUS/DEFICIT
£
3,600
2,503
1,623
196
2,800
500
7,448
8,724
2024
£
55,209
-
55,209
10,722
-
500
-
16,171
-
-
27,816
£
3,600
2,687
480
163
2,830
500
5,505
12,065
2023
£
54,138
114
54,252
9,760
-
500
-
17,570
-
5,000
-
21,422

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HERTFORDSHIRE COMMUNITY NURSES CHARITY

GENERAL INFORMATION

FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL ADVISERS

BANKERS Lloyds Bank plc PO Box 1000 BX1 1LT

SOLICITORS Taylor Rose 1st & 2nd Floor 5-7 Railway Street Hertford Hertfordshire SG14 1BG

PROPERTY MANAGERS County Lettings 38 High Street Ware Hertfordshire SG12 9BY

REPORTING ACCOUNTANT Amit Bansal FCA Accountant For Good Ltd Chartered Forensic Accountant Minuteman House 8 Langley Road WATFORD WD17 4PT

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