**Charity Registration Number: 1160902**
## **THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
**SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LE1 7BA**
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
## **CONTENTS**
||**PAGE**|
|---|---|
|Charity details|1|
|Annual report|2 - 4|
|Independent Examiner's Report to the Trustees|5|
|Statement of Financial Activities|6 - 7|
|Balance sheet|8|
|Notes to the accounts|9 - 16|
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**1**
## **CHARITY DETAILS**
Trustees Duchess of Rutland Rachel Emma Manners Duke of Rutland David Charles Robert Manners Leigh Donger (Appointed 22 June 2023) Rev Stuart Foster (Appointed 5 December 2023) Nicholas J Turner Cannon Judith Wells (Resigned 5 December 2023) Mark A Woods David R Wright Offices Belvoir Castle Belvoir Grantham NG32 1PE Independent Examiner Marcus W Dockerty FCA FCCA Somerbys Limited 30 Nelson Street Leicester LE1 7BA Registered Charity Number: 1160902
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**2**
## **ANNUAL REPORT YEAR ENDED 31 MARCH 2024**
## **Administration Details**
The Earl of Rutland and Dr Flemings' Hospital Trust is a registered charity, incorporated on 16 March 2015 as a CIO. The registered office and charity number are shown on page 1.
## **Structure, Governance and Management**
The charity is administered by a board of Trustees, as shown on page 1, who meet at least once a year.
The charity recognises that an effective board of Trustees is essential if the charity is to be effective in achieving its objectives. Trustees must have sufficient knowledge, both of trusteeship in general and of the charities activities, to enable them to carry out their role and represent the charity.
The charity will seek to appoint individuals to ensure diversity in its board and with the necessary skills to carry out the objectives of the charity. New Trustees will be provided with a copy of the charity's governing documents.
The Trustees are satisfied with the results for the year, the level of reserves and the ability of the charity to meet its liabilities when they fall due.
## **Objective and Activities**
The charity provides free or subsidised houses to retired estate workers and those in need in the parish of Bottesford. At present, it houses sixty five people.
The trustees see the continued provision of subsidised housing as its main achievement.
## **Trustees**
Details of the Trustees can be found on the legal and administrative information page.
## **Public benefit**
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.
## **Risk Management**
The trustees continue to assess the major risks to which the charity is exposed and are satified that the systems are in place to mitigate exposure to these risks.
## **Financial review**
The Trustees were satisfied with the activities during the year and the position at the year end. They are confident that the Charity can meet its liabilities whenever they fall due.
During the year the Charity had total incoming resouces of £180,305 (2023 : £265,264) and there was a net increase in funds of £47,088 (2023 : £156,656).
The total unrestricted funds at the end of the year amounted to £2,319,038 (2023 : £2,271,950).
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**3**
**ANNUAL REPORT (CONTINUED) YEAR ENDED 31 MARCH 2024**
## **Reserves policy**
It is the policy of the Charity to hold sufficient reserves to meet all the liabilities when they fall due.
## **Plans for the Future Years**
The Trustees are commited to continuing to achieve the objectives of the charity.
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**4**
## **ANNUAL REPORT - CONTINUED YEAR ENDED 31 MARCH 2024**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- 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;
- ● prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that 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 and the provisions of the trust deed. 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.
## **On behalf of the Trustees**
…..................... **Mark A Woods**
Date 15 October 2024
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**5**
## **INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES YEAR ENDED 31 MARCH 2024**
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 6 to 16.
## **Respective responsibilities of trustees and examiner**
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.
- 3 the accounts do not comply with the applicable 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 considered as part of an independent examination.
I have no concerns and have come across no 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.
## **Marcus W Dockerty, FCA FCCA**
## **SOMERBYS LIMITED**
Chartered Accountants 30 Nelson Street Leicester, LE1 7BA Date
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**6**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2024**
|**Notes**
**Income from:**
Income from land and properties
**2**
Other income
**2**
Profit on sale of land
**Total income**
**Expenditure on:**
Expenditure on properties
**3**
Legal fees for Development Projects
**Total resources expended**
**Net movement in funds**
Fund balances at 1 April 2023
**Fund balances at 31 March 2024**|**Unrestricted**
**funds**
**£**
179,935
370
-
180,305
119,277
13,940
133,217
47,088
2,271,950
2,319,038|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-|**Total 2024**
**Total 2023**
**£**
**£**
179,935
185,234
370
30
-
80,000|
|---|---|---|---|
||||180,305
265,264|
||||3,404,279
957,384
-
119,277
91,971
13,940
16,637|
||||133,217
108,608|
||||47,088 156,656
2,271,950
2,115,294|
||||2,319,038
2,271,950|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**7**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2024**
## **Prior Year**
|**Notes**
**Income from:**
Income from land and properties
**2**
Other income
**2**
Profit on sale of land
**Total income**
**Expenditure on:**
Expenditure on properties
**3**
Legal fees for Development Projects
**Total resources expended**
Net movement in funds
Fund balances at 1 April 2022
**Fund balances at 31 March 2023**|**Unrestricted**
**funds**
**£**
185,234
30
80,000
265,264
91,971
16,637
108,608
156,656
2,115,294
2,271,950|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
-|**Total 2023**
**£**
185,234
30
80,000|
|---|---|---|---|
||||265,264|
||||3,404,279
957,384
-
91,971
16,637|
||||108,608|
||||156,656
2,115,294|
||||2,271,950|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**8**
|**BALANCE SHEET**
**AS AT 31 MARCH 2024**
**Note**
**Fixed Assets**
Land and Buildings
**5**
**Current Assets**
Rents receivable
**7**
Cash at Bank
**6**
**Current Liabilities**
Trade creditors
**8**
Loan
**9**
**Net Assets**
**Represented by:**
Revaluation Reserve
**10**
Unrestricted funds
**11**|**2024**
**2024**
**£**
**£**
10,623,500
19,603
54,206
73,809
18,715
-
18,715
10,678,594
8,359,556
2,319,038
10,678,594|**2023**
**2023**
**£**
**£**
9,458,500
12,777
52,053
64,830
6,056
50,768
56,824
9,466,506
7,194,556
2,271,950
9,466,506|**2023**
**2023**
**£**
**£**
9,458,500
12,777
52,053
64,830
6,056
50,768
56,824
9,466,506
7,194,556
2,271,950
9,466,506|
|---|---|---|---|
|||||
||||9,466,506|
||||7,194,556
2,271,950|
||||9,466,506|
The financial statements were approved by the Trustees and signed on their behalf by:
…..........................
## **Mark A Woods**
Date 15 October 2024
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**9**
## **NOTES TO THE ACCOUNTS 31 MARCH 2024**
## **1. Accounting policies**
## **1.1 Information**
The Earl of Rutland and Dr Flemings' Hospital Trust is a Charitable Incorporated Organisation. The offices are at Belvoir Castle, Belvoir, Grantham. NG32 IPE
## **Accounting convention**
The financial statements have been prepared in accordance with the charity’s governing document, the ‘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 (FRS102)’ (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit as defined by FRS102.
The financial statements are prepared in sterling, which is the functional currency of the charity.
The principal accounting policies are set out below.
## **1.2 Charitable funds**
The charity maintains the following funds:
Unrestricted funds – Unrestricted funds represent income, which is expendable at the discretion of trustees in the furtherance of the objects of the charity.
## **1.3 Incoming resources**
All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
During the period income represents:
Rental income and service charges and other income are recognised on a receivable basis.
## **1.4 Resources expended**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
All resources expended are accounted for on an accruals basis, and have been allocated to the heading that best describes the expenditure incurred.
The trust is unable to recover VAT and accordingly input VAT is written off with the appropriate expenditure.
## **1.5 Tangible assets**
Tangible fixed assets are stated at valuation less accumulated depreciation and accumulated impairment losses.
Depreciation is recognised so as to write off the valuation of assets less their residual value over their useful lives on the following basis:
Land and buildings: No depreciation
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income and expenditure account.
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**10**
## **NOTES TO THE ACCOUNTS 31 MARCH 2024**
## **1. Accounting policies (Continued)**
**1.6 Debtors and creditors receivable / payable within one year** Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **1.7 Going concern**
At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
## **1.8 Funds**
All funds of the charity are unrestricted and may be applied by the Trustees as income or capital in the financial statements.
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments and original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**11**
## **NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED - 31 MARCH 2024**
## **2. Income**
|**2. Income**||
|---|---|
|Farm
Residential
Service Charge
Sundry
Wayleaves
**Other Income**
Sundry Income|**2024**
**2023**
**£**
**£**
29,765
31,480
80,335
84,234
68,186
68,440
1,217
648
432
432|
||179,935
185,234|
|||
||370
30|
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**12**
## **NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED - 31 MARCH 2024**
|**3. Expenditure**
**Property**
Water rates
Rent - The Old Shed
Insurance
License
Health and safety
Maintenance, repairs etc
Light/heat
Telephone
Property contractors
**Administration**
Staff salaries and wages
Management charges
Professional fees
Advertising
Bank charges and interest
Office costs and sundry
Bad debts
**Charitable Expenditure**
**Property**
Council tax
**Total Payments**|**2024**
**2023**
**£**
**£**
4,961
4,077
1,076
718
1,300
1,238
159
159
1,772
1,206
15,017
8,221
13,444
14,101
-
993
44,554
18,955|
|---|---|
||82,283
49,668|
||9,014
5,313
12,576
17,458
4,186
2,250
-
100
504
5,316
2,362
-
-
3,578|
||28,642
34,015|
||8,352
8,288|
||8,352
8,288|
|||
||119,277
91,971|
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**13**
## **NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED - 31 MARCH 2024**
## **4. Summary of receipts and payments**
|Opening cash at bank
Excess of non-capital receipts over payments for the year
Net capital receipts/(payments)
Movement in debtors
Movement in creditors
Movement in loan from Estate
Closing cash at bank|**2024**
**2023**
**£**
**£**
52,053
21,810
61,028
93,293
(13,940)
93,363
(6,826)
1,257
12,659
(6,179)
(50,768)
(151,491)|
|---|---|
||54,206
£52,053|
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**14**
## **NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED - 31 MARCH 2024**
|**5. Tangible fixed assets**
Value
At 1 April 2023
Additions
Valuations
Disposals
At 31 March 2024
Net book value
31 March 2024
01 April 2024|**Land and**
**Buildings**
**£**
9,458,500
-
1,165,000
-|
|---|---|
||10,623,500|
||10,623,500|
||9,458,500|
## **Valuation**
The freehold interest of the Earl of Rutland and properties owned by the Earl of Rutland and Dr Flemings' Hospital Trust portfolio were valued by Morgan Bilton Assocites Limited (Chartered Surveyors) as at 7 August 2023 at market value at a value of £10,623,500.
On an historical cost basis the land and buildings would be disclosed at a cost of £2,263,944 (2023 - £2,263,944)
|**6. Cash at bank and in hand**
Current account
Property account
SPIB account
**7. Money owing to the Charity**
Mr B Ablewhite
Mr J & Mrs D Plowright
Miss A Reeve
Mrs M Saggers
Belvoir Castle Opening
Mrs E Bell
Mrs Coley
Mr Goodband
Mr I & Mrs L Kinchin
Miss K Newton
Mr P Johnson
Terrace Hills Farm
Less monies received in advance
Interco ERDFHT to HF
Accrued rental owing|**2024**
**2023**
**£**
**£**
10,872
15,569
40,139
33,584
3,195
2,900|
|---|---|
||54,206
£52,053|
||**2024**
**2023**
**£**
**£**
128
-
200
-
20
-
120
-
-
(18)
-
(35)
-
350
350
250
350
350
-
(450)
9
9
500
(615)
(474)
(1,054)
1,391
-
17,009
13,990|
||19,603
12,777|
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**15**
## **NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED - 31 MARCH 2024**
|**8 Money owing by the Charity**
Tracy Childs
Anglian Water
E-on
JMAW Limited
KBR Gas Services Limited
The Flag Consultancy Limited
Jean Gardener
JNP Electrical
Peter Cox Limited
Michael Palmer-Pritchett
STWA
Stephens Scown LLP
Yesss Electrical
Purchase on account
Tenancy deposits
Bonds and deposits
Deferred income
**9 Loan**
Loan from Estate
**10. Revalaution Reserve**
Balance brought forward
Increase in revaluation in the year
Balance carried forward|**2024**
**2023**
**£**
**£**
30
-
-
(17)
-
93
234
-
2,630
-
708
-
545
-
2,357
-
3,169
-
215
-
2,903
2,500
-
1,109
4
31
(1,555)
(1,500)
2,250
2,250
1,590
1,590
3,635
-|
|---|---|
||18,715
6,056|
|||
||-
50,768|
||**2024**
**£**
7,194,556
1,165,000
8,359,556|
**THE EARL OF RUTLAND AND DR FLEMINGS' HOSPITAL TRUST**
**16**
## **NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED - 31 MARCH 2024**
## **11. Unrestricted funds**
## **2024**
|Unrestriced funds
**2023**
Unrestriced funds|**Balance**
**01 April 2023**
**£**
2,271,950
2,271,950
**Balance**
**01 April 2023**
**£**
2,115,294
2,115,294|**Incoming**
**Resources**
**£**
180,305
180,305
**Incoming**
**Resources**
**£**
265,264
265,264|**Resources**
**Expended**
**£**
(133,217)
(133,217)
**Resources**
**Expended**
**£**
(108,608)
(108,608)|**Balance**
**31 March 2024**
**£**
2,319,038|
|---|---|---|---|---|
|||||2,319,038|
|||||**Balance**
**31 March 2024**
**£**
2,271,950|
|||||2,271,950|
## **12. Trustees**
No remuneration was paid to Trustees during the year.