Registered Charity No. 1168625
St Lawrence's Hospital ClO
Unaudited financial statements
For the year ended 31 December 2024
St Lawrence's Hospital ClO
ClO information
For the year ended 31 December 2024
| ee | ee |
|---|---|
| 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 Allsop - Master’s Nominee | |
| Paul Babbage | |
| Andrew Lichnowski | |
| Sandra Price | |
| Clerk: | Jane Winstanley |
| Bankers: | Lloyds Bank plc |
| 14 Castle Street | |
| Cirencester | |
| Gloucestershire | |
| GL7 10) | |
| CCLA | |
| 85 Queen Victoria Street | |
| London | |
| EC4V 4ET | |
| Independent examiner: | Cara Turtington FCA DChA |
| Saffery LLP | |
| 71 Queen Victoria Street | |
| London | |
| EC4V4BE |
St Lawrence's Hospita! ClO
Contents
| Contents | |
|---|---|
| Forthe year ended 31 December 2024 | |
| jp | |
| Page | |
| Trustees' report | 1 |
| Statement oftrustees' responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement offinancial activities | 6 |
| Balance sheet | 7 |
| Notestothefinancialstatements | 8 |
St Lawrence's Hospital ClO
Trustees' report
For the year ended 31 December 2024
i The Trustees present their report and accounts for the year ended 31 December 2024. 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 ClO 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 ClO.
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-today 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 £115,677 (2023: £151,457).
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 ClO.
During the year the CIO progressed with its planned refurbishment programme. The refurbishment of two more properties has now been completed.
Financial review
Income from licenses amounted to £140,129 (2023: £143,801) net of losses from vaids.
For the year ended 31 December 2024, the net income amounted to £86,120 (2023: net income £102,051).
Page 1
St Lawrence's Hospital ClO
Trustees’ report (continued) For the year ended 31 December 2024
——
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.
The works will continue, as vacancies permit, until all the properties have been improved. 12 Barton lane and 1 Gooseacre Court have been completed. The current plan is to refurbish 2, 2A 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 ClO held total reserves of £2,146,566 (2023: £2,060,446), of which £574,057 (2023: £577,315) were not designated for a particular purpose.
The ClO 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’ Hospital CIO is a charitable incorporated organisation, governed by its constitution dated 16 August 2016.
The ClO'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 ofthe 23 properties owned by the ClO. The ClO 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.
Page 2
0SEEE ——E—————EEE
a
St Lawrence's Hospital ClO
Trustees’ report (continued)
For the year ended 31 December 2024
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 Earl Bathurst Master Edward Allsop Master's Nominee Paul Babbage Andrew Lichnowski Sandra Price
Maintenance contributions policy
Maintenance contributions payable by the CIO'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 ClO 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 ClO 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 ClO's property is the major risk they face. The ClO'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 ClO 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.
----- Start of picture text -----
On behalf of the Trustees
----- End of picture text -----
The Earl Bathurst, Master C care DU] 8 [25 Bathurst Estate Office Cirencester Park Cirencester, Gloucestershire GL7 2BU
----- Start of picture text -----
“Agdrew Lichnowski, Trustee
----- End of picture text -----
Page 3
St Lawrence's Hospital ClO
Statement of trustees’ responsibilities
For the year ended 31 December 2024
————
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:
-
e select suitable accounting policies and then apply them consistently;
-
e observe the methods and principles within the Charities SORP (FRS 102);
-
e make judgments and estimates that are reasonable and prudent;
-
e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the ClO 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.
----- Start of picture text -----
<= n behalf o rustees
The Earl Bathurst, Master
F os
nate | 8 28
----- End of picture text -----
----- Start of picture text -----
RBU/
MfdrewLiehrrowski, Trustee
----- End of picture text -----
Page 4
St Lawrence's Hospital ClO
Independent examiner's report to the trustees of St Lawrence's Hospital ClO
For the year ended 31 December 2024
aes | report to the trustees on my examination of the accounts of the St Lawrence's Hospital ClO (the charity) for the year ended 31 December 2024.
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’).
| report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination | 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
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
2 the accounts do not accord with those records; or
-
3 the accounts do not comply with the 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 a matter considered as part of an independent examination.
| 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.
----- Start of picture text -----
Cara Turtington FCA DChA Y
Saffery LLP
71 Queen Victoria Street, London, EC4V 4BE
one. 3. 2epF Cod A: /
----- End of picture text -----
Page 5
St Lawrence's Hospital ClO
Statement of financial activities
For the year ended 31 December 2024
| Note | Unrestricted | Restricted | Total | Total | |||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||
| 2024 | 2024 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Income from: | |||||||
| Charitable activities | 2 | 140,129 | - | 140,129 | 143,801 | ||
| Investments | 5 | 29,524 | - | 29,524 | 28,909 | ||
| Other income | 455 | - | 455 | - | |||
| Total incame | 170,108 | . | 170,108 | 172,710 | |||
| Expenditure on: | |||||||
| Charitable activities: | |||||||
| Maint d i ea almshouses |
f | 6 | 115,677 | : | 115,677 | 151,457 | |
| Total expenditure | 115,677 | - | 115,677 | 151,457 | |||
| Net gains / (losses) on investments | 8 | 20,605 | 1,084 | 21,689 | 80,798 | ||
| t gai |
i t Ne gains/(losses) on investmen properties |
t | 3 | 10,000 | ; | 10,000 | |
| Net income/ (expenditure) | 85,036 | 1,084 | 86,120 | 102,051 | |||
| Transfers between funds | 11 | (500) | 500 | - | - | ||
| Net movement in funds | 84,536 | 1,584 | 86,120 | 102,051 | |||
| Reconciliation offunds: | |||||||
| Total funds brought forward | 2,008,767 | 51,679 | 2,060,446 | 1,958,395 | |||
| Totalfundscarriedforward | 11 | 2,093,303 | 53,263 | 2,146,566 | 2,060,446 |
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.
Page 6
St Lawrence's Hospital ClO
Balance sheet
As at 31 December 2024
----- Start of picture text -----
eeeee
----- End of picture text -----
| Note | 2024 | 2023 | |||||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| Fixed assets | |||||||
| Tangible assets | 7 | 1,046,736 | 989,547 | ||||
| Investments | 8 | 1,065,279 | 1,033,590 | ||||
| 2,112,015 | 2,023,137 | ||||||
| Current assets | |||||||
| Debtors | 9 | 10,752 | 20,579 | ||||
| Cash and bank at hand | 56,133 | 46,917 | |||||
| 66,885 | 67,496 | ||||||
| Creditors: amounts fallingduewithin one year | 10 | (32,334) | (30,187) | ||||
| Netcurrent assets | 34,551 | 37,309 | |||||
| Total netassets | 2,146,566 | 2,060,446 | |||||
| Funds: | |||||||
| Restricted funds | 11 | ||||||
| Restricted funds | 30,452 | 30,452 | |||||
| Revaluation reserves | 22,811 | 21,227 | |||||
| 53,263 | 51,679 | ||||||
| Unrestricted funds | 11 | ||||||
| Designated funds | 1,056,936 | 999,747 | |||||
| Revaluation reserves | 462,310 | 431,705 | |||||
| Unrestricted funds | 574,057 | 577,315 | |||||
| 2,093,303 | 2,008,767 | ||||||
| 2,146,566 | 2,060,446 | ||||||
| The notes on pages 8 to 17form part ofthese financial | statements. | ||||||
| ¢ Approved by theTrusteesforissueonalg(2s |
|||||||
| Bakes= TheEarlBathurst,Master |
a. ii a ndrewLichnowski,Trustee |
The notes on pages 8 to 17 form part of these financial statements. Approved by the Trustees for issue on alg (2s¢
~ Bakes = The Earl Bathurst, Master
Page 7
St Lawrence's Hospital ClO
Notes to the financial statements For the year ended 31 December 2024
i
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' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view'. 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 2025 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.
Page 8
St Lawrence's Hospital ClO
Notes to the financial statements (continued)
For the year ended 31 December 2024
ee
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 ClO and its compliance with regulation and good practice. Expenditure on governance is detailed in the notes to these accounts.
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 line 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 ClO, as well as amounts the CIO has paid in advance for goods or services. Debtors are measured at their recoverable amounts.
Page 9
St Lawrence's Hospital ClO
Notes to the financial statements (continued)
For the year ended 31 December 2024
1. Principal accounting policies (continued)
Creditors
Creditors include amounts owed by the CIO to suppliers and are measured at the amount the ClO 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 ClO is not subject to income tax on its surplus, as it is applied for wholly charitable purposes. The ClO is not registered for value added tax purposes.
| 2. | Income and expenditure from lettings | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| Income from licenses: | |||
| Weekly maintenance contributions | 154,300 | 153,834 | |
| Less: losses from voids | (14,171) | (10,033) | |
| Totallettingsincome | 140,129 | 143,801 |
There are 23 units of almshouse accommodation let at fair rent set by the Valuation Office Agency (2023: 23 units) comprising general needs housing. The average licence income per unit is £6,093 (2023: £6,252).
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 ClO or a related entity.
Page 10
St Lawrence's Hospital ClO
Notes to the financial statements (continued)
For the year ended 31 December 2024
| eee" | eee" | eee" | eee" |
|---|---|---|---|
| 4. | Employees | 2024 | 2023 |
| No. | No. | ||
| Staff | |||
| Clerk (part-time) | 1 | 1 | |
| Researcher (part-time) | 1 | 1 | |
| 2 | 2 | ||
| Staff costs forthe above | £ | £ | |
| Wages and salaries | 14,000 | 15,783 | |
| Social security costs | - | - | |
| 14,000 | 15,783 |
No employees received emoluments of more than £60,000 (2023: no employees received emoluments over £60,000). The Clerk is considered to be key management personnel for the purposes of FRS 102.
| 5. | Investment income | Investment income | 2024 | 2023 | |
|---|---|---|---|---|---|
| £ | £ | ||||
| Income receivablefrom investments | 27,041 | 26,357 | |||
| Income receivablefrom bankshort-term deposits | 1,149 | 1,218 | |||
| Rental income | 1,334 | 1,334 | |||
| 29,524 | 28,909 | ||||
| 6. | Expenditure | 2024 | 2023 | ||
| £ | £ | ||||
| Direct costs of housing maintenance and management | |||||
| Insurance | 4,628 | 4,539 | |||
| Responsive maintenance | 17,755 | 32,044 | |||
| Planned maintenance | 271 | 30,814 | |||
| Other direct costs | 3,280 | 5,108 | |||
| Donations to | organisations | - | - | ||
| Support costs | |||||
| Staff costs | 14,000 | 15,783 | |||
| Legal costs | - | 240 | |||
| Depreciation | 53,998 | 48,731 | |||
| Management charges | 7,491 | 7,491 | |||
| Other overhead expenses | 9,658 | 2,628 | |||
| Governance costs (see below) | 4,596 | 4,080 | |||
| 115,677 | 151,457 | ||||
| Governance costs | |||||
| Independent examiners’ remuneration in respect | of: | ||||
| Independent examination | 2,298 | 2,040 | |||
| Preparation ofaccounts | 2,298 | 2,040 | |||
| Page 11 | 4,596 | 4,080 |
St Lawrence's Hospital ClO
Notes to the financial statements (continued)
For the year ended 31 December 2024
7. Housing properties
| Housing properties | ||
|---|---|---|
| £ | £ | |
| Cost | ||
| At 1January 2024 | 1,518,518 | |
| Additions and improvements | 111,187 | |
| At 31 December 2024 | 1,629,705 | |
| Depreciation | ||
| At 1 January 2024 | 528,971 | |
| Charge forthe year | 53,998 | |
| At 31 December 2024 | 582,969 | |
| Net book value | ||
| At 31 December 2024 | 1,046,736 | |
| At31December2023 | 989,547 |
Additions of £111,187 (2023: £64,821) represent expenditure on capital works. A further £18,026 (2023: £62,858) 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.
Page 12
St Lawrence's Hospital ClO
Notes to the financial statements (continued)
For the year ended 31 December 2024
| ee | ee | ee | ee |
|---|---|---|---|
| 8. | Investments | 2024 | 2023 |
| £ | £ | ||
| Total fixed asset investments comprise: | |||
| Listed investments | 981,779 | 960,090 | |
| Freehold land | 83,500 | 73,500 | |
| 1,065,279 | 1,033,590 | ||
| Listed on a recognised investment exchange in the UK | 2024 | 2023 | |
| £ | £ | ||
| Market value at 1January 2024 | 960,090 | 879,292 | |
| Additions | - | - | |
| Disposals at proceeds | - | - | |
| Unrealised gain/(loss) on investments | 21,689 | 80,798 | |
| Realised gain on disposal of investments | - | - | |
| Market value at 31 December2024 | 981,779 | 960,090 | |
| Costs ofinvestments atthe balance sheet date | 570,458 | 570,458 | |
| All ofthe listed investments are held in the.COIF Charities Investment Fund. | |||
| Freehold land | 2024 | 2023 | |
| £ | £ | ||
| Market value at 1January 2024 | 73,500 | 73,500 | |
| Revaluation in the year | 10,000 | - | |
| Fair value at31 December 2024 | 83,500 | 73,500 | |
| Historical cost | 10,200 | 10,200 | |
| The valuation ofthe 17 acres oftenanted agricultural freehold land was carried out on 1 May 2024 byThe | |||
| Bathurst Estate Office. | |||
| 9. | Debtors | 2024 | 2023 |
| £ | £ | ||
| Weekly maintenance contributions | 7,382 | 13,953 | |
| Other debtors | 3,370 | 6,626 | |
| 10,752 | 20,579 |
Page 13
St Lawrence's Hospital ClO
Notes to the financial statements (continued)
For the year ended 31 December 2024
| 10.Creditors: amounts falling due within one year | 10.Creditors: amounts falling due within one year | 2024 | 2023 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| Maintenance contributions received | in advance | 3,798 | 1,702 | ||
| Trade creditors | 15,423 | 17,934 | |||
| Other creditors | 13,113 | 10,551 | |||
| 32,334 | 30,187 | ||||
| 11.Summary offund movements | |||||
| Gains and | |||||
| Currentyear | At1 | losses on | At 31 | ||
| January | investments | December | |||
| 2024 | Income | Expenditure | and transfers | 2024 | |
| Restricted funds | £ | £ | £ | £ | £ |
| Major repairs fund | 30,452 | - | - | - | 30,452 |
| Major repairs revaluation | 21,227 | - | - | 1,584 | 22,811 |
| 51,679 | - | - | 1,584 | 53,263 | |
| Unrestricted funds | |||||
| Tangible fixed asset reserve fund | 989,547 | - | (53,998) | 111,187 | 1,046,736 |
| Investment property reserve fund | 10,200 | - | - | - | 10,200 |
| Property revaluation reserve | 63,300 | - | - | 10,000 | 73,300 |
| Investment revaluation fund | 368,405 | - | - | 20,605 | 389,010 |
| Unrestricted incomefunds | 577,315 | 170,108 | (61,679) | (111,687) | 574,057 |
| 2,008,767 | 170,108 | (115,677) | 30,105 | 2,093,303 | |
| 2,060,446 | 170,108 | (115,677) | 31,689 | 2,146,566 | |
| EERE | EE |
11.Summary of fund movements
Major repairs fund
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 unrealised gains on investments held within the unrestricted funds.
Page 14
St Lawrence's Hospital ClO
Notes to the financial statements (continued)
For the year ended 31 December 2024
11. Summary of fund movements (continued)
| Gains and | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Comparative year | At1 | losses on | At 31 | ||||||
| January | investments | December | |||||||
| 2023 | Income | Expenditure | and transfers | 2023 | |||||
| £ | £ | £ | £ | £ | |||||
| Restricted funds | |||||||||
| Major repairs fund | 30,452 | - | - | - | 30,452 | ||||
| Major repairs revaluation | 17,187 | - | - | 4,040 | 21,227 | ||||
| 47,639 | - | - | 4,040 | 51,679 | |||||
| Unrestricted funds | |||||||||
| Fixed asset reservefund | 973,457 | - | (48,731) | 64,821 | 989,547 | ||||
| Investment property reserve | 10,200 | - | - | - | 10,200 | ||||
| fund | |||||||||
| Property revaluation reserve | 63,300 | - | - | - | 63,300 | ||||
| Investment revaluation fund | 291,647 | - | - | 76,758 | 368,405 | ||||
| Unrestricted income funds | 572,152 | 172,710 | (102,726) | (64,821) | 577,315 | ||||
| 1,910,756 | 172,710 | (151,457) | 76,758 | 2,008,767 | |||||
| 1,958,395 | 172,710 | (151,457) | 80,798 | 2,060,446 | |||||
| 12. | Analysis of net assets between | funds | |||||||
| Restricted | Designated | Unrestricted | Total | Total | |||||
| Current year | funds | funds | funds | funds | funds | ||||
| 2024 | 2024 | 2024 | 2024 | 2023 | |||||
| £ | £ | £ | £ | £ | |||||
| Fixed assets | - | 1,046,736 | - | 1,046,736 | 989,547 | ||||
| Investments | 53,263 | 472,510 | 539,506 | 1,065,279 | 1,033,590 | ||||
| Current assets | - | . | 66,885 | 66,885 | 67,496 | ||||
| Creditors: amounts falling due | |||||||||
| within oneyear | - | - | (32,333) | (32,333) | (30,187) | ||||
| 53,263 | 1,519,246 | 574,058 | 2,146,567 | 2,060,446 |
Page 15
St Lawrence's Hospital ClO
Notes to the financial statements (continued) For the year ended 31 December 2024
12. Analysis of net assets between funds (continued)
| Restricted | Designated | Unrestricted | Total | |
|---|---|---|---|---|
| Comparative year | funds | funds | funds | funds |
| 2023 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | |
| Fixed assets | . | 989,547 | - | 989,547 |
| Investments | 51,679 | 441,905 | 540,006 | 1,033,590 |
| Current assets | - | - | 67,496 | 67,496 |
| Creditors: amounts falling due ae within one year |
‘ | ‘ | (30,187) | (30,187) |
| 51,679 | 1,431,452 | 577,315 | 2,060,446 |
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 ClO on normal commercial terms. The Master of the 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 £1,334 (2023: £1,334). At the year-end there was a balance of due from Cirencester Park Farms Limited of £1,334 (2023: £667).
Page 16
St Lawrence's Hospital ClO
Notes to the financial statements (continued) For the year ended 31 December 2024
14. Comparative Statement of Financial Activities
| Unrestricted | Restricted | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2023 | 2023 | 2023 | ||
| £ | £ | £ | ||
| Income from: | ||||
| Charitable activities | 2 | 143,801 | - | 143,801 |
| Investments | 5 | 28,909 | - | 28,909 |
| Expenditure on: | ||||
| Charitable activities: | ||||
| Maintenance and running ofalmshouses | 151,457 | - | 151,457 | |
| Total expenditure | 151,457 | - | 151,457 | |
| Net gains / (losses) on investments | 76,758 | 4,040 | 80,798 | |
| Net income / (expenditure) | 98,011 | 4,040 | 102,051 | |
| Transfers between funds | 11 | . | - | . |
| Net movement in funds | 98,011 | 4,040 | 102,051 | |
| Reconciliation of funds: | ||||
| Total funds brought forward | 1,910,756 | 47,639 | 1,958,395 | |
| Totalfundscarriedforward | 11 | 2,008,767 | 51,679 | 2,060,446 |
Page 17