Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## HERTFORDSHIRE COMMUNITY NURSES CHARITY ## FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Page 1 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## HERTFORDSHIRE COMMUNITY NURSES CHARITY ## FINANCIAL STATEMENTS ## YEAR ENDED 31 MARCH 2025 |Index|| |---|---| ||Page| |Trustees Report|3-7| |Independent Examiner's Report|8| |Statement of financial Activities|9| |Balance Sheet|10| |Notes to Financial Statements|11 - 13| Page 2 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## HERTFORDSHIRE COMMUNITY NURSES CHARITY (Principal Office: 38 High Street, ware, SG12 9BY) ## TRUSTEES' REPORT For the Year ended 31 March 2025 The Trustees present their report and the unaudited financial statements for the year ended 31 March 2025. ## 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 The Trustees decided that this Deed had become out of date and in September 2014, The Charity Commission agreed that HCNT should become a Charitable Incorporated Organisation and a new Deed was issued.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. Page 3 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## 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 of 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: Suzy Richardson (Chair) Caroline Cherry Daniel Shaw Mark Whiting 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 website 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. Page 4 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## TRUSTEES' REPORT for the Year ended 31 March 2025 ## 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 2025, the surplus (see page 17) amounted to £65,032 against a deficit of £46,864 in the previous year. During the year under review the net general assets of the Trust increased by £63,205 to £1,134,069 (2024: increased by £1,413). The increase included a decrease in the Grants expenses of £97,029. Investment and interest income was £44,697 (2024: £42,428) for the year, with rental income of £59,440 (2024: £55,209). Direct charitable expenditure for the year was £37,892 (2024: £143,371), with overhead support costs being £1,213 (2024: £1,131). ## ASSETS AND OBLIGATIONS The net assets of the Charity are available and adequate to fulfil the obligations of the Charity. Page 5 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## 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 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 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, awarded one hardship award for an individual community nurse 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 2025, the following grants were paid:|During the year to 31 March 2025, the following grants were paid:| |---|---| |Educational Grants|£6,999| |Welfare Grants|£400| |Major Grants - PhD Studentship (UH)|£25,162| |Leadership Grants|£12,000| |MSC Grants|£2,787| |TOTAL|£47,348| Whilst as per the strategy 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, funding continues 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 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 the students 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) and was accrued in the prior year. **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). This was accrued in the prior year. Total funds at 31 March 2025 were £1,134,069 (see page 10). The Charity plans to maintain cash balances equivalent to at least one year's expenditure. Page 6 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## 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: September 10, 2025 Page 7 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## 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: - Examine the accounts (under section 43 of the Act) - To follow the procedures laid down in the General Directions given by the Charity Commission(under section 43(7)(b) of the Act); and - To state whether particular matters have come to my attention ## **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: - proper accounting records are kept (in accordance with section 41 of the 1993 Act); and - accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or (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 Chartered Forensic Accountant Iveco House Station Road WATFORD WD17 1ET Dated 10 September 2025 Page 8 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## HERTFORDSHIRE COMMUNITY NURSES CHARITY STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 MARCH 2025 |Note
INCOMING RESOURCES
Rental Income
Investment Income
4
Deposit Interest:
-COIF
4
-Virgin Money
4
Donation
4
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
Net incoming / Outgoing Resources
Unrealised Gains/Losses(-) on
Investment Assets
7
Movement in Funds
Funds Balances brought
forward 1st April 2024
Fund Balances carried
forward 31st March 2025||Unrestricted
General
£
59,440
42,548
1,124
-
1,025
104,137
10,123
8,320
19,448
-
37,892
607
607
1,213
39,105
65,032
1,827
-
63,205
1,070,864
1,134,069||Total
2025
£
59,440
42,548
1,124
-
1,025
104,137
10,123
8,320
19,448
-
37,892
607
607
1,213
39,105
65,032
1,827
-
63,205
1,070,864
1,134,069|
|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| |---|---|---|---|---|---|---| 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. Page 9 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## HERTFORDSHIRE COMMUNITY NURSES CHARITY ## BALANCE SHEET |||AS AT 31 MARCH 2025|AS AT 31 MARCH 2025|AS AT 31 MARCH 2025||| |---|---|---|---|---|---|---| ||Note|||2025||2024| |||£||£|£|£| |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|||916,515||918,342| |CURRENT ASSETS||||962,679||964,506| |Debtors||-|||-|| |Prepayment||-|||-|| |Cash at bank and in hand||233,050|||185,604|| |Creditors: Amounts falling due||233,050|||185,604|| |within one year|8|61,658|||79,245|| |NET CURRENT ASSETS||||171,392||106,360| |Creditors: Amounts falling due after||||||| |more than one year||||-||-| |TOTAL ASSETS LESS||||||| |CURRENT LIABILITIES|||1,134,070|||1,070,864| |REPRESENTED BY:||||||| |Unrestricted funds||||||| |General||||1,134,069||1,070,864| |||||1,134,069||1,070,864| |Approved by the Trustees
Signed on behalf of the Trustees|[Sey|Signed by:
[SeyRichardsow.
BA765579577648B...|sow.|||| 9/18/2025 Dated: The notes on pages 11 to 13 form part of the financial statements. Page 10 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## HERTFORDSHIRE COMMUNITY NURSES CHARITY ## NOTES TO THE FINANCIAL STATEMENTS ## YEAR ENDED 31 MARCH 2025 ## 1) ACCOUNTING POLICIES - a) Basis of Accounting 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). - c) Social Housing Grant 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. ## d) Value Added Tax All amounts in the financial statements are shown inclusive of Value Added Tax, as the charity is not VAT registered. ## e) 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. Page 11 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## HERTFORDSHIRE COMMUNITY NURSES' CHARITY ## NOTES TO THE FINANCIAL STATEMENTS ## YEAR ENDED 31 MARCH 2025 ## 3) HOUSING UNITS The average number of Housing Accommodation Units was 10 (2024: 10). ## 4) INTEREST RECEIVABLE AND OTHER INCOME |Bank and Building Society Deposits
Listed Dividends and interest (gross)
Other interest receivable
Donations Received
MANAGEMENT AND ADMINISTRATION
An analysis of Management and Administration costs is a
Accountancy fees
Property management fees
Miscellaneous
Trustees received no remuneration for their work, and no
Average number of employees was Nil (2024: Nil).
FIXED ASSETS
As at 1 April 2024
Additions
As at 31 March 2025
Depreciation
As at1 April 2024
Charge for the year
As at 31 March 2025
Net Book Value
31st March 2025
31st March 2024|2025
£
-
42,548
1,124
1,025
44,697
s follows:
2025
£
1,213
3,600
-
4,813
reimbursed expenses (2024 £nil).
Freehold
Fixtures &
Housing Properties
Equipment
held for letting
£
£
115,658
4,120
-
-
115,658
£
4,120
£
-
-
-
-
-
£
-
£
115,658
£
4,120
£
115,658
£
4,120
£||2024
£
205
41,565
658
-
42,428
2024
£
1,051
3,600
80
4,731
Total
£
119,778
-
119,778
£
-
-
-
£
119,778
£
119,778
£| |---|---|---|---| ## 5) MANAGEMENT AND ADMINISTRATION ## 6) FIXED ASSETS The freehold land and buildings are used for direct charitable purposes. Page 12 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## HERTFORDSHIRE COMMUNITY NURSES' CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 ## 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.
CREDITORS: Amounts falling due within one year
Accounts Payable
Donations payable
Accruals|2025
£
918,342
-
-
1,827
-
916,515
307,075
2025
£
11,500
49,158
1,000
61,658||2024
£
889,684
-
-
28,658
918,342
307,075
2024
£
500
77,444
1,301
79,245| |---|---|---|---| 8) CREDITORS: Amounts falling due within one year Page 13 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## INFORMATION FOR ## MANAGEMENT PURPOSES Page 14 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## HERTFORDSHIRE COMMUNITY NURSES CHARITY ## YEAR ENDED 31 MARCH 2025 |INVESTMENTS
Narrower Range
41,192
BLK Charities
UK Bond Fund
at
Fund - A Income
142.4274p
Units
Wider Range
29,621
M & G Charifund
at
15.1830
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
31.03.2025
£
58,669
449,739
325,905
82,202
916,515
918,342|Gross
Income
£
1,236
26,807
12,447
2,058
42,547
41,425| |---|---|---|---| Page 15 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## HERTFORDSHIRE COMMUNITY NURSES CHARITY ## GENERAL INCOME AND EXPENDITURE ACCOUNT (Non-housing Activities) FOR THE YEAR ENDED 31 MARCH 2025 |INCOME
£
Investment income (gross)
Virgin Money
Donations
Interest
EXPENDITURE
Administration
Miscellaneous
-
Accountancy fees
607
Website costs
-
Grants
Course fees and expenses
6,698
Major Grants - PhD Studentship (UH)
598
Alarm monitoring fee
527
Secretary Fees
160
Leadership Grants
12,000
MSC Grants
935
-
Welfare Grants
400
Surplus before exceptional items
Surplus
Transfer surplus from Rosemary House account
Total Surplus / Deficit||2025
£
£
42,548
-
1,025
1,124
44,697
80
551
607
-
44,090
11,088
73,305
480
-
500
28,805
2,300
19,448
24,642
24,642
40,390
65,032|

|2024
£
41,565
205
-
658
42,428
631
41,797
116,477
74,680
-
74,680
-
27,816
46,864
-| |---|---|---|---|---| Page 16 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## HERTFORDSHIRE COMMUNITY NURSES CHARITY ## ROSEMARY HOUSE ## PROPERTY REVENUE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 |INCOME
Rent receivable
Interest received
EXPENDITURE
Management
Insurance
Cleaning and Sundries
Council tax & utilities
Gardening
Administration
Accountancy fees
Maintenance
Current repairs
Major repairs
SURPLUS/DEFICIT|£
3,600
2,704
954
-
2,865
607
8,320
-|

|2025
£
59,440
-
59,440
10,123
-
607
-
8,320
-
40,390|£
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| |---|---|---|---|---|---|---| Page 17 of 18 Docusign Envelope ID: C9E9B56D-001D-426A-819A-C4F9529BEDB7 ## HERTFORDSHIRE COMMUNITY NURSES CHARITY GENERAL INFORMATION FOR THE YEAR ENDED 31 MARCH 2025 ## PRINCIPAL ADVISERS BANKERS Lloyds Bank plc PO Box 1000 BX1 1LT PROPERTY MANAGERS County Lettings 38 High Street Ware Hertfordshire SG12 9BY REPORTING ACCOUNTANT Amit Bansal FCA Accountant For Good Ltd Chartered Forensic Accountant Iveco House Station Road WATFORD WD17 1ET Page 18 of 18