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← St Lawrence's Hospital CIO

2023-12-31-accounts

Registered Charity No. 1168625

St Lawrence's Hospital CIO

Unaudited financial statements

For the year ended 31 December 2023

St Lawrence's Hospital CIO ended

31 December 2023

CIO information For the year

Charity name: St Lawrence's Hospital CIO
Registered charity number: 1168625
Principal office: Bathurst Estate Office
Cirencester Park
Cirencester
Gloucestershire
GL7 2BU
Trustees: The Earl Bathurst - Master
Edward Alsop - Master's Nominee
Paul Babbage
Andrew Lichnowski
Sandra Price
Clerk: Jane Winstanley
Bankers:
Lloyds Bank plc
14 Castle Street
Cirencester
Gloucestershire
GL7 IQ]
CCLA
85 Queen Victoria Street
London
EC4V 4ET
Independent examiner:
Cara Turtington FCA DChA
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE

St Lawrence's Hospital CIO

year ended 31 December 2023

Contents
For the
Trustees' report 1
Statement of trustees' responsibilities 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8

St Lawrence's Hospital CIO

Trustees' report For the year ended 31 December 2023

The Trustees present their report and accounts for the year ended 31 December 2023. These have been prepared on a going concern basis in accordance with the accounting policies set out in note 1 to the accounts. In preparing these accounts the Trustees have complied with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, (FRS 102) and the Statement of Recommended Practice for Charities (FRS 102).

St Lawrence's Hospital CIO was registered on 5 August 2016 with the Charity Commission and is governed by its constitution of that date. The CIO remained dormant until 11 June 2019 when it received the net assets and undertakings of St Lawrence's Hospital, an existing unincorporated trust with the same charitable objectives as St Lawrence's Hospital CIO.

Objectives and activities

The original charity was founded by Edith, Lady of Wiggold in or about the year 1235 for the provision and maintenance of almshouses for the benefit of poor persons of good character. Currently 23 units of almshouse accommodation are provided for occupancy.

All units are maintained to a high standard by the CIO, under the guidance of the Trustees, by receipt of maintenance contributions from the CIO's beneficiaries. A clerk is employed who is responsible for the day-to-day management of repairs and the seeking out of new beneficiaries when a property becomes available for occupancy.

Expenditure on the upkeep of these properties in the year amounted to f151,457 (2022: 216,662).

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission's guidance on public benefit, 'Charities and Public Benefit'.

Achievements and performance

The CIO provides housing for people who are not in a position to afford the weekly maintenance contributions and who need state benefit and are of limited means. The aligns with the constitution of the CIO.

During the year the CIO progressed with its planned refurbishment programme. Labour costs have risen since 2016, but the dramatic increase in the cost of building materials following the pandemic has had a major impact on the budget. In 2017 a typical full scale refurbishment of an almshouse cost around E45,000. By 2023, these costs had increased by 64%. The Trustees are pleased that they had the foresight to begin work in 2016.

Financial review

Income from licenses amounted to E143,801 (2022: E139,121) net of losses from voids.

For the year ended 31 December 2023, the net income amounted to E102,051 (2022: net expenditure E165,443). (continued)

31

The trustees always try to set a balanced budget, spreading the cost of major refurbishments. However, over the past few years this has not been possible and the accounts show high levels of expenditure on the properties.

St Lawrence's Hospital CIO

Trustees' report

For the year ended December 2023

In 2016 the Trustees began a major refurbishment programme, taking the opportunity to undertake works as properties became vacant, often after many years of occupation by long term residents. Major structural defects were corrected, with several properties also being re-roofed. Internal layouts were altered in some properties to make better use of the available space. New kitchens and bathrooms have been installed, and wherever possible, ground floor toilets have been added. Extra insulation has also been a major feature of these refurbishments, to reduce fuel costs for beneficiaries and reduce greenhouse gas emissions. All works have been undertaken with regard to the health, safety and needs of older residents e.g. the removal of trip hazards such as hearths, and the installation of low level entry showers large enough for seating if required. New "mains fed" plumbing and heating systems will reduce the risk of legionella.

These works will continue, as vacancies permit, until all the properties have been improved. The current plan is to refurbish 2, 2A and 12 Barton Lane within the next two years. This will leave three properties outstanding, 7 and 9 Gooseacre Lane and 66 Gloucester Street.

At the year end, the CIO held total reserves of of which E577,315 (2022: E572,152) were not designated for a particular purpose.

The CIO retains sufficient reserves to ensure that unforeseen major emergency repairs may be funded. Because many of its properties are listed buildings, maintenance costs can be high, and it is necessary that high reserves are kept for this purpose and to effect improvements where possible and for acquisition of additional property. The Trustees have fully considered the condition of the properties and believe that the level of reserves is appropriate.

The CIO invests its reserves in the Charities Official Investment Fund (COIF). It constantly seeks the best possible returns for its investments, which are kept under regular review with our account manager who visits us each year, in September. However, these are held for the long term and the Trustees have no plans to liquidate the investments.

Structure, governance and management

St Lawrences[l ] Hospital CIO is a charitable incorporated organisation, governed by its constitution dated 16 August 2016.

The CIO's affairs were looked after by five trustees (including the Master) noted overleaf. The Master can nominate one other trustee.

The Trustees are responsible for the management of the 23 properties owned by the CIO. The CIO employs a parttime clerk, and its records and accounts are handled by the Bathurst Estate Office under the Earl Bathurst Estate Settlement (EBES). All decisions regarding the employment and remuneration of the Clerk are made by the Trustees as a body.

(continued)

31

Reference and administrative details

The Charity Commission registration number and principal office are given on the information page at the beginning of these financial statements.

The following trustees served during the year: The Eart Bathurst Master

Page 2

St Lawrence's Hospital CIO

Trustees' report For the year ended December 2023 Edward Allsop Master's Nominee Paul Babbage Andrew Lichnowski Sandra Price Maintenance contributions policy

Maintenance contributions payable by the CIO[l ] s beneficiaries are assessed annually and revised contributions are implemented on the 1st of January each year. Those beneficiaries who are unable to afford the full contribution may claim Housing Benefit from Cotswold District Council. All the CIO's current beneficiaries are eligible for some form of benefit.

Maintenance and repairs policy

The CIO has an ongoing programme of cyclical maintenance for painting, improvement and associated repairs which take account of the fact that many of its properties are listed buildings and all are in a conservation area. The CIO also undertakes adaptations and such improvements as are needed (eg the installation of level access showers).

Responsive repairs are dealt with on a priority basis, with emergencies being attended to within 24 hours, urgent repairs within 7 days, less urgent repairs within one month, and other work carried out as part of cyclical maintenance.

Risk management

The Trustees have considered the risks facing the CIO and believe that the ongoing protection of the CICYs property is the major risk they face. The CIO's properties are insured against the cost of reinstatement, and the reinstatement values of its properties are regularly reviewed, particularly as many are listed buildings, and all are in a conservation area. The CIO also has fire insurance, and its trustees are insured through the specialist almshouse insurance policy. Employer's Liability Insurance is also taken out as required by legislation.

On behalf of the Trustees

The Earl Bathurst, Master

Date: Bathurst Estate Office Cirencester Park Cirencester, Gloucestershire GL7 2BU

Page 3

St Lawrence's Hospital CIO

Statement of trustees' responsibilities

For the year ended 31 December 2023

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).

Charity law, in England and 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 CIO and of its 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 within the Charities SORP (FRS 102);

make judgments and estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the CIO will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the CIO 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.

Master

Date:

----- Start of picture text -----
The Earl Bathurst, Trustee
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Independent examiner's report to the trustees of St Lawrence's Hospital CIO For the year ended 31 December 2023

I report to the trustees on my examination of the accounts of the St Lawrence's Hospital CIO (the charity) for the year ended 31 December 2023.

Respective responsibilities of trustees and examiner

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

Page 4

St Lawrence's Hospital CIO

I report in respect of my examination of the charitVs accounts carried out under section 145 of the 2011 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.

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. 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 no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statements

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:

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.

Cara Turtington FCA DCh Saffery LLP, Chartered Accountants 71 Queen Victoria Street, London, EC4V 4BE

Date: 202...4— Statement of activities For the year December

Note Unrestricted Restricted Total Total
funds funds funds funds
2023 2023 2023 2022
Income from:
Charitable activities 2 143,801 143,801 139,121
Page 5

St Lawrence's Hospital CIO

financial
ended 31
2023
Net gains / (losses) on investments		 8 76,758 4,040 80,798 (115,699)
Net gains / (losses) on investment
properties 8
Net income / (expenditure)
Transfers between funds
11
Total income 172,710 172,710 166,919
Expenditure on:
Charitable activities:
Maintenance and running of
almshouses		 6 151,457 151,457 216,662
Investments 5 28,909 28,909 27,797
Total expenditure 151,457 151,457 216,662
Net movement in funds 98,011 4,040 102,051 (165,443)
Reconciliation of funds:
Total funds brought forward 1,910,756 47,639 1,958,395 2,123,838
Total funds carried forward 11

The results for the year derive from continuing activities and there are no gains or losses other than those shown above.

The notes on pages 8 to 17 form part of these financial statements. Balance sheet

As at 31 December 2023

----- Start of picture text -----
Note 2023 2022
Fixed assets
Tangible assets 7 989,547 973,457
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Page 6

St Lawrence's Hospital CIO

Investments 8952,792
1,926,249
Current assets
Debtors 9 20,579 2,815
Cash and bank at hand 46,917 42,317
67,496 45,132
Creditors: amounts falling due within one year 10 (30,187) (12,986)
Net current assets 37,309 32,146
Total net assets 1,958,395
Funds:
Restricted funds 11
Restricted funds 30,452 30,452
Revaluation reserves 21,227 17,187
51,679 47,639
Unrestricted funds 11
Designated funds 999,747 983,657
Revaluation reserves 431,705 354,947
Unrestricted funds 577,315 572,152
The notes on pages 8 to 17 form part of these financial statements.
Approved by the Trustees for issue on
Trustee
The Earl Bathurst, Master

Page 7

St Lawrence's Hospital CIO

Notes to the financial statements

For the year ended 31 December 2023

  1. Principal accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain investments (detailed below).

The financial statements have been prepared in accordance with the accounting policies set out below, 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 (FRS102). Exemptions available for smaller charities have been taken where appropriate.

The financial statements have been prepared to give a 'true and fair[l ] view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view[l ] . This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The CIO constitutes a public benefit entity as defined by FRS102.

Going concern

The Trustees have assessed whether there are any significant doubts about the CIO's ability to continue as a going concern and have not identified any material uncertainties. A deficit budget has been prepared for 2024 as the CIO takes the opportunity to carry an increased level of refurbishment work, however, this is been monitored on an ongoing basis and the Trustees are satisfied with the current reserves level.

The accounts have therefore been prepared on a going concern basis.

Income

Income from charitable activities represents maintenance contributions receivable from beneficiaries in respect of non-investment property for the furtherance of charitable purposes.

Investment income represents dividends and interest receivable.

All income is reported gross and recognised only when the CIO has entitlement to the income, receipt is probable, and the income can be measured reliably.

  1. Principal accounting policies (continued)

Expenditure

Expenditure is accounted for on the accruals basis. Liabilities are recognised in the accounting period to which they relate.

Governance costs comprise all costs involving the public accountability of the CIO and its compliance with regulation and good practice. Expenditure on governance is detailed in the notes to these accounts.

Page 8

St Lawrence's Hospital CIO

Notes to the financial statements (continued)

For the year ended 31 December 2023

Fixed assets and depreciation Expenditure on fixed assets is recognised at cost and subsequently depreciated. Depreciation on housing properties is charged so as to write down the cost on a straight tine basis over their estimated economic lives at the following annual rates:

Housing properties 100 years (prior to 1 January 2012)
Improvement works 20 years
Investments

Listed investments are stated at market value at the balance sheet date. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains / (losses) on investments' in the statement of financial activities.

Freehold land is held at fair value and is subject to review every five years.

Debtors

Debtors include maintenance contributions and dividends owing to the CIO, as well as amounts the CIO has paid in advance for goods or services. Debtors are measured at their recoverable amounts.

1. Principal accounting policies (continued)

Creditors

Creditors include amounts owed by the CIO to suppliers and are measured at the amount the CIO anticipates it will pay to settle the debt.

Fund accounting policy

Unrestricted income funds are general funds that are available for use at the Trustees' discretion in furtherance of the objectives of the CIO.

Designated funds are unrestricted funds which have been held for a specific purpose, as agreed by the Trustees.

Restricted funds are those where the donors have placed stipulations on how the money can be applied.

Taxation

The CIO is not subject to income tax on its surplus, as it is applied for wholly charitable purposes. The CIO is not registered for value added tax purposes.

is not registered for value added tax purposes.
2. Income and expenditure from lettings 2023 2022
Income from licenses:
Weekly maintenance contributions 153,834 162,913
Less: losses from voids (10,033) (23,792)
Total lettings income 143,801 139,121

Page 9

St Lawrence's Hospital CIO

Notes to the financial statements (continued)

For the year ended 31 December 2023

There are 23 units of almshouse accommodation let at fair rent set by the Valuation Office Agency (2022: 23 units) comprising general needs housing. The average licence income per unit is E6,252 (2022: E6,210).

3. Trustees' remuneration and benefits

None of the Trustees have been paid any remuneration by the CIO. In addition, no Trustee was employed by the CIO in the year, and as such, none received any benefit from employment with the CIO or a related entity.

CIO or a related entity.
4. Employees 2023 2022 No. No.
Staff
Clerk (part-time) 1 1
Researcher (part-time) 1 1
2 2
Staff costs for the above E
Wages and salaries 15,783 15,596
Social security costs
15,783 15,596

No employees received emoluments of more than f60,000 (2022: no employees received emoluments over f60,000). The Clerk is considered to be key management personnel for the purposes of FRS 102.

5. Investment income 2023 2022
Income receivable from investments 26,357 26,185
Income receivable from bank short-term deposits 1,218 278
Rental income 1,334 1,334

Page 10

St Lawrence's Hospital CIO

Notes to the financial statements (continued)

For the year ended 31 December 2023

28,909

27,797

6. Expenditure
Direct costs of housing maintenance and management
2023
2022
Insurance
4,539
3,854
Routine and quinquennial maintenance
62,858
127,206
Other direct costs
Donations to organisations
Support costs
5,108
4,329
Staff costs
15,783
15,596
Legal costs
240
2,072
Depreciation
48,731
45,174
Other overhead expenses
10,118
12,791
Governance costs (see below)
4,080
5,640
151,457
216,662
4,080
5,640
Governance costs
Independent examiners' remuneration in respect of:
Independent examination
2,040
2,820
Preparation of accounts
2,040
2,820

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St Lawrence's Hospital CIO

Notes to the financial statements (continued)

For the year ended 31 December 2023

7. Housing properties

Cost
At I January 2023 1,453,697
Additions and improvements 64,821
At 31 December 2023 1,518,518
Depreciation
At 1 January 2023 480,240
Charge for the year 48,731
At 31 December 2023 (528,971)
Net book value
At 31 December 2023 989,547
At 31 December 2022 973,457

Additions of f64,821 (2022: 14,520) represent expenditure on capital works. A further E62,858 (2022: El 27,206) has been spent on routine and cyclical maintenance and repairs to housing property which has been charged to the statement of financial activities.

The CIO owns 23 units of almshouses. Homes England holds a charge over 11 of the units which will expire after 2042.

8. Investments 2023 2022
Total fixed asset investments comprise:
Listed investments 960,090
879,292
Freehold land 73,500 73,500
Listed on a recognised investment exchange in the UK 2023 2022
879,292 994,991
Market value at 1 January 2023
Additions
Disposals at proceeds

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952,792

St Lawrence's Hospital CIO

Notesto the financialstatements(continued)
For theyear ended 31December 2023
Unrealised gain/(loss) on investments 80,798 (115,699)
Realised gain on disposal of investments
Market value at 31 December 2023 960,090 879,292
Costs of investments at the balance sheet date 570,458 570,458
All of the listed investments are held in the COIF Charities Investment Fund.
Freehold land 2023 2022
Market value at 1 January 2023 73,500 73,500
Revaluation in the year
Fair value at 31 December 2023 73,500 73,500
Historical cost 10,200 10,200
The valuation of the 17 acres of tenanted agricultural freehold land was carried out on 1 May 2019 by The Bathurst
Estate Office.
9. Debtors 2023 2022
Weekly maintenance contributions 13,953 2,432
Other debtors 6,626 383
20,579 2,815
10. Creditors: amounts falling due within one 2023
2022
year
E E
Maintenance contributions received in advance 1,702
1,400
Trade creditors Investment revaluation fund
Other creditors Unrestricted income funds
11, Summary of fund movements Major repairs fund
17,934 6,175
Current year 10,551 5,411
30,187 12,986
Restricted funds
Major repairs fund
Major repairs revaluation
Unrestricted funds
Tangible fixed asset reserve fund		 At 1 Gains and
losses on		 At 31
Investment property reserve fund
Property revaluation reserve		 January investments December

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St Lawrence's Hospital CIO

Notes to the financial statements (continued)

For the year ended 31 December 2023

2023
Income
Expenditure and transfers
2023
30,452
E
E
E
E
30,452
17,187
21,227
47,639
51,679
973,457
(48,731)
64,821
989,547
10,200
10,200
63,300
63,300
291,647
76,758
368,405
572,152
(64,821)
577,315
76,758
4,040
172,710
(102,726)

The constitution of the CIO stipulates a major repairs fund should be held. The Trustees consider it appropriate to maintain this at no less than 5% of the investment value and transfers will be made to the fund in line with that.

Where major repair work is carried out and this work is capitalised then the restriction has been fulfilled and a subsequent transfer will be made out of the restricted fund.

Tangible fixed asset and Investment property reserve funds

The fixed asset reserve fund comprises the net book value of the fixed assets and the cost of the investment property. These reserves has been set apart to clarify that, despite being unrestricted, the funds are not immediately accessible.

Property and investment revaluation funds

The investment and property revaluation funds comprise unreaiised gains on investments held within the unrestricted funds.

11. Summary of fund movements (continued)

Gains and
Comparative year At 1 losses on At 31
January investments December
2022 Income Expenditure and transfers 2022
Restricted funds
Major repairs fund 30,452 30,452
Major repairs revaluation 22,972 17,187
53,424 47,639
Unrestricted funds
Fixed asset reserve fund (45, 174) 14,520 973,457
Investment property reserve fund 10,200 10,200
Property revaluation reserve 63,300 63,300
Investment revaluation fund 401,561 (109,914) 291,647
Unrestricted income funds 166,919 (171,488) (5,785)
591,242 (5,785)
(14,520) 572,152
(109,914)

12. Analysis of net assets between funds

Restricted Designated Unrestricted Total Total
Current year funds funds funds funds funds

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St Lawrence's Hospital CIO

Notes to the financial statements (continued) For the year ended 31 December 2023

Fixed assets
Investments
Current assets
Creditors: amounts fatling due
within one year
12.
net
within one year
Comparative year
Fixed assets
Investments
Current assets
Creditors: amounts falling due		 2023
2023
2023
2023
2022
989,547
989,547
973,457
51,679
441,905
540,006
952,792
67,497
67,497
45,132
(30,187)
(30,187)
(12,986)
Analysis of
assets
between
funds
(continued)
(12,986)
(12,986)
47,639
1,338,604
572,152
1,958,395
Restricted
Designated
Unrestricted
Total
funds
funds
funds
funds
2022
2022
2022
2022
973,457
973,457
47,639
365,147
540,006
952,792
45,132
45,132

13. Related party transactions

Cirencester Park Farms Limited is a limited company owned by the Earl Bathurst Estate Settlement 1963 and a tenant of the CIO on normal commercial terms. The Master ofthe CIO is a director of the company and a beneficiary of the settlement.

Rental income from the company during the year in respect of the land detailed in note 5 to these accounts was El,334 (2022: El,334). At the year-end there was a balance of due from Cirencester Park Farms Limited of €667 (2022: E667).

  1. Comparative Statement of Financial Activities Income from: Investments 5 Charitable activities 2 Total income

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St Lawrence's Hospital CIO

Notesto the financialstatements(continued)
For theyear ended 31December 2023
Expenditure on:
Charitable activities:
Maintenance and running of almshouses
Total expenditure
Net gains / (losses) on investments
Net income / (expenditure)
Transfers between funds
11
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
11
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
E
2022
139,121
139,121		 27,797
27,797
166,919
166,919
216,662
216,662
216,662 216,662
(109,914)
(5,785)
(115,699)
(159,658)
(5,785)
(165,443)
(159,658)
(5,785)
(165,443)
47,639
1,958,395

Page 16