REGISTERED CHARITY NUMBER: 1187012
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
FOR
THE MARIE CELESTE SAMARITAN SOCIETY
Barrow LLP Statutory Auditor Chartered Accountants Jackson House Station Road Chingford London E4 7BU
THE MARIE CELESTE SAMARITAN SOCIETY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Report of the Trustees | 2 | to 4 |
| Report of the Independent Auditors | 5 | to 6 |
| Statement of Financial Activities | 7 | |
| Statement of Financial Position | 8 | |
| Statement of Cash Flows | 9 | |
| Notes to the Financial Statements | 10 | to 18 |
| Detailed Statement of Financial Activities | 19 | to 20 |
THE MARIE CELESTE SAMARITAN SOCIETY
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2021
| TRUSTEES | A J Scott-Barrett |
|---|---|
| Professor T Beedham | |
| A Knapp | |
| D G Thomas (Chairman) | |
| T J Palmer (Treasurer) | |
| Dr V L C White | |
| M M Denholm (appointed 24.3.22) | |
| PRINCIPAL ADDRESS | The Royal London Hospital |
| Whitechapel | |
| London | |
| E1 1BB | |
| REGISTERED CHARITY NUMBER | 1187012 |
| INDEPENDENT AUDITORS | Barrow LLP |
| Statutory Auditor | |
| Chartered Accountants | |
| Jackson House | |
| Station Road | |
| Chingford | |
| London | |
| E4 7BU | |
| BANKERS | Coutts & Co |
| 440 Strand | |
| London | |
| WC2R 0QS | |
| SOLICITORS | Taylor Wessing LLP |
| 5 New Street Square | |
| London, EC4A 3TW | |
| Latham & Watkins (London) LLP | |
| 99 Bishopsgate | |
| London | |
| EC2M 3XF | |
| INVESTMENT ADVISORS | Walker Crips Stockbrokers Limited |
| Old Change House | |
| 128 Queen Victoria Street | |
| London, EC4V 4BJ |
Page 1
THE MARIE CELESTE SAMARITAN SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The Trustees have adopted the provisions of 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) (effective 1 January 2019).
STRUCTURE, GOVERNANCE & MANAGEMENT
Legal Status and Governance
As stated in last year's Report, the Society is now a Charitable Incorporated Organisation (CIO), having previously operated for many years as a Charitable Trust (CT). The Society had 7 Trustees on the inception of the CIO in December 2019, each of whom had either been a Trustee of the former CT or been a member of its Management Committee, and therefore thoroughly familiar with the Society's objectives and ethos. Trustees are appointed in the light of their knowledge and experience of the health and social care sectors, particularly in East London, or of their expertise in financial and investment matters or of the legal and regulatory environment for charities.
A formal meeting of Trustees was held (via Zoom) on 1st June 2021 to approve the Society's Report and Accounts for 2020, to receive reports from organisations in receipt of grants during that year and to consider further grant applications for 2021. Trustees also met on 8th March 2021 and 11th November 2021 to consider (inter alia) the Society's financial position (including investments), the situation regarding James Hora Home and particular needs arising within and around the Royal London Hospital (RLH), its staff and patients, as a result of the coronavirus pandemic.
Trustees
Other than indicated in the following paragraph, there were no changes of Trustees during the year under review.
As mentioned in last year's Report, Mr Andrew Paris sadly died in February 2021 whilst still a Trustee, though having stood down as Chairman of Trustees several weeks earlier. At a meeting of Trustees on 11th November 2021, Dr Daniel Regan tendered his resignation as a Trustee after 33 years of diligent service to the Society, for many of which he held the position of Honorary Treasurer. The continuing Trustees place on record their appreciation for Dr Regan's considerable contribution to their deliberations and his wise oversight of the Charity's finances. Also at that meeting, Alison Knapp was re-appointed as a Trustee for a further 3 years following completion of her initial term on 16th December 2021.
Risk Statement
The Trustees review all aspects of the Society's finances and will take whatever action is appropriate to protect the Society's financial status. The risk statement is reviewed annually, or more frequently should the need arise.
OBJECTS AND ACTIVITIES
Purpose and Aims
The Charity's purposes are to provide and administer such relief and aid for patients at, or who have been discharged from, the Royal London Hospital, that does not fall within the scope of the National Health Service. The aim of the Charity is to continue to render assistance, directly and indirectly, to as many such patients as possible and thus to further its charitable purposes for the public benefit.
Ensuring our work delivers this aim
The Trustees regularly review this aim and the outcomes of the Charity's activity, assessing the progress of each activity and the benefits provided to the groups and individuals being helped. Such reviews enable the Trustees to be satisfied that the various activities remain focussed on the stated purposes of the Charity. Due note has been taken of the Charity Commission's general guidance on public benefit in these reviews and in planning future activities.
Such future activities will usually involve the making of grants to other local organisations that render assistance, directly or indirectly, to patients of the Royal London Hospital. The Trustees will only sanction such grants if adequate information is obtained when considering grant requests and that appropriate reporting will be provided subsequent to a grant being made.
ACHIEVEMENTS AND PERFORMANCE
All of the Society's charitable activities focus on providing care and support, directly and indirectly, for patients at, or who have been discharged from, the Royal London Hospital, and that is deemed to be outside the scope of the National Health Service. This includes tangible support for individuals or for groups of patients, or by way of grants to local organisations that provide care for them. Grants are also made from time to time to support developments in clinical care that directly benefit patients.
Page 2
THE MARIE CELESTE SAMARITAN SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
The circumstances impacting the Hospital and its patients in 2021 continued to be dictated by the coronavirus pandemic, and the early months of the year were especially challenging for all staff at the Hospital. Some additional grants were made by the Society in consequence of those conditions, such as a grant of £1,500 to help fund the provision of fresh fruit for night staff on duty in the Intensive Care Unit at RLH, given the additional pressures experienced in that Unit as a result of the pandemic. Some Easter hampers were also given to wards in the Hospital most affected by Covid admissions, and £10,000 was donated to an initiative by City of London Livery Companies to provide hot meals for Intensive Care staff. £1,500 was also provided to the Chaplaincy Team at the Hospital for additional resources and 'refresh' sessions for its staff and volunteers.
Although the facilities at James Hora Home were withdrawn for self-caring patients and relatives of patients as the pandemic took hold in 2020, the Society continued to honour its agreement to fund any domestic requirements in the Home and made its usual payments to the NHS Trust towards staffing costs. The overnight facilities were however used by key Hospital staff from time to time during 2021 and later in the year were made available more generally, subject to patients satisfying the Hospital's 'green pathway' criteria.
The 'Routes to Roots' project (R2R) operated by Providence Row (PR) in liaison with the Hospital Pathways Team at RLH continued to carry out its valuable role to prevent, as far as possible, homeless patients of the Hospital being discharged back onto the streets of London - despite the PR team having to work 'remotely' for parts of the year. The project also serves to reduce re-admission rates to the Hospital. The Society makes a grant to PR to fund some of the staffing costs of the project over the 3-year period from 1st April 2019, and its Trustees receive half-yearly reports setting out numbers of patients receiving assistance and sample (anonymous) case studies. The grant made in 2021 under this agreement amounted to £73,300. In addition, the sum of £15,000 was also granted to PR for assisting R2R clients with minor costs to assist with rehabilitation given their lack of financial resources. Regular statements are received from PR setting out the amounts and circumstances of the individual payments made to their clients.
During the year, the Society also made grants totalling £16,057 to assist patients of the Hospital in 56 cases. In addition, grants totalling £58,444 were made to local organisations who support RLH patients in various ways, as follows:
Tower Hamlets Mission £20,175 City and East London Bereavement Service £25,000 Griffin Community Trust £10,000 RLH League of Nurses (Past & Present Nurses) £3,269
FINANCIAL REVIEW
The Society has set out Financial Statements in accordance with the current Statement of Recommended Practice (SORP). In the opinion of the Trustees, there are sufficient funds to permit the Society to operate in the long term.
Reserves Policy
At 31st December 2021 the Society's assets amounted to £17,563,122 (2020 - £15,995,513). The increase in the value of the Society's assets over the year is the result of net gains in the value of its investments, together with an excess of income over cash outgo of £54,434 over that period. The Society receives no direct funding and does not carry out fundraising activities, so relies on its investments to provide its income.
Investments form a substantial part of the Society's reserves and, as stated below, are managed by an independent investment manager. The Trustees are responsible for setting investment policy and for monitoring the performance of the investment portfolio. The current policy aims to preserve the real value of the investments over time as well as generating an appropriate level of income each year. Care is taken to ensure that there is always sufficient liquidity to fund grants and administrative expenses for a reasonable period if investment conditions deteriorate significantly.
As at 31st December 2021, £1,774,644 was held on deposit, of which £778,249 was held by the investment manager pending future investment. The balance of £996,395 was cash deposited with the Society's bankers, to be used for charitable activities and objects that fall within the Society's remit. As such, this latter sum represented more than 2 times the level of outgo (grants and expenses) in 2021. The Trustees aim to ensure that cash readily available always exceeds one year's likely outgo.
Investment Policy
The Society's new constitution as a CIO authorises the Trustees to make and alter investments using the Common Investment Fund of the CIO. The investments are currently managed by an independent professional fund manager using an appropriate nominee company.
The objectives set for the fund manager at the beginning of 2021 were as follows:
Target annual income of at least £400,000, and a total return (after fees) over rolling 3-year periods and longer of at least 3%pa greater than CPI inflation over the corresponding periods. The performance of the portfolio is also measured against that of an arbitrary benchmark of 52.5% UK equities, 20% overseas equities, 25% UK fixed interest and 2.5% cash.
Page 3
THE MARIE CELESTE SAMARITAN SOCIETY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
In the event, despite the continued impact of the coronavirus pandemic on various aspects of economic and corporate activity, the investment portfolio generated income of £431,567 in 2021, about 20% more than was generated in 2020. Together with a significant recovery in share prices, the total return achieved by the portfolio was 13.1% over the year. This resulted in an annualised return on the portfolio over the 5 years to 31st December 2021 of 8.6%, (11.7% for the 3 year period), well in excess of the annualised rate of inflation (CPI) plus 3% pa over those periods (viz 5.3% in each case), and indeed of the notional benchmark over each of the periods. The fund manager complied with general guidance on asset mix for investments and cash sums held, and the Trustees consider that there is no reason currently to warrant a change in fund management arrangements, and express their thanks to those who have undertaken this role for the Society.
TRUSTEES' RESPONSIBILITY STATEMENT
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity 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 business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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.
Approved by order of the board of trustees on 12 July 2022 and signed on its behalf by:
D G Thomas - Trustee
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MARIE CELESTE SAMARITAN SOCIETY
Opinion
We have audited the financial statements of The Marie Celeste Samaritan Society (the 'charity') for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MARIE CELESTE SAMARITAN SOCIETY
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Discussions with the trustees and management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
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Evaluation of management's internal controls designed to prevent and detect irregularities;
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Reading key correspondence with the Charity Commission in relation to compliance with laws and regulations;
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Reviewing relevant meeting minutes;
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Procedures relating to the valuation of investments described in the related key audit matter below;
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations impacting revaluation; and
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Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Barrow LLP Statutory Auditor Chartered Accountants Jackson House Station Road Chingford London E4 7BU
12 July 2022
Page 6
THE MARIE CELESTE SAMARITAN SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Investment income 4 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 General Total Net gains on investments NET INCOME Funds transferred Funds transferred from unincorporated charity Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Year Ended 31.12.21 Unrestricted fund £ 1,346 431,567 432,913 216,399 162,080 378,479 1,513,175 1,567,609 - 1,567,609 15,995,513 17,563,122 |
Period 17.12.19 to 31.12.20 Total funds £ 230 43,689 43,919 22,834 6,454 29,288 1,497,579 1,512,210 14,483,303 15,995,513 - 15,995,513 |
|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
Total funds transferred as detailed above have been received from unincorporated charitable trust in 2020.
The notes form part of these financial statements
Page 7
THE MARIE CELESTE SAMARITAN SOCIETY
STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2021
| Notes FIXED ASSETS Tangible assets 12 Investments 13 CURRENT ASSETS Debtors 14 Cash at bank CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds TOTAL FUNDS |
31.12.21 Unrestricted fund £ 31,850 15,711,036 15,742,886 73,870 1,774,644 1,848,514 (28,278) 1,820,236 17,563,122 17,563,122 17,563,122 17,563,122 |
31.12.20 Total funds £ 63,701 14,035,967 14,099,668 56,542 1,866,143 1,922,685 (26,840) 1,895,845 15,995,513 15,995,513 15,995,513 15,995,513 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 July 2022 and were signed on its behalf by:
D G Thomas - Trustee
T J Palmer - Trustee
A J Scott-Barrett - Trustee
The notes form part of these financial statements
Page 8
THE MARIE CELESTE SAMARITAN SOCIETY
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021
| Year Ended 31.12.21 Notes £ Cash flows from operating activities Cash generated from operations 19 (361,172) Net cash used in operating activities (361,172) Cash flows from investing activities Purchase of fixed asset investments (1,133,471) Sale of fixed asset investments 971,577 Cash transferred from charitable trust - Interest received 53 Dividends received 431,514 Net cash provided by investing activities 269,673 Change in cash and cash equivalents in the reporting period (91,499) Cash and cash equivalents at the beginning of the reporting period 1,866,143 Cash and cash equivalents at the end of the reporting period 1,774,644 |
Period 17.12.19 to 31.12.20 £ (39,723) (39,723) (256,552) 283,976 1,834,753 104 43,585 1,905,866 1,866,143 - 1,866,143 |
|---|---|
The notes form part of these financial statements
Page 9
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The Charity constitutes a public benefit entity as defined by FRS102 and is registered by The Charity Commission of England and Wales under a Trust Deed. The charity's registered number and registered office can be found on the general information page. The presentation currency of the financial statements is the Pound Sterling (£).
Income
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.
Subscriptions and deposit interest are credited when due, voluntary income, donations and legacies when received.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
It is the Society's policy to allow one year from the date of approval for grants to be claimed. If the grants are not claimed within this time limit then they are withdrawn.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Support and governance costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative and payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources. An allocation of 70% to grants payable and 30% to directly provided services has been used.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Development costs - over the term of the lease
Taxation
The charity is exempt from tax on its charitable activities.
Structure of funds
Unrestricted income funds comprise those funds where the donor has not issued a specific request for which the funds should be used. These funds may then be used for any purpose in furtherance of the charitable objects. Unrestricted funds can include designated funds where a donor may have made a non-binding request, or the Trustees have created a fund for a specific purpose.
Page 10
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES - continued
Structure of funds
Where there is a legal restriction, or one imposed by the donor on the purpose to which funds may be put, they are treated as restricted funds. Funds where the capital is held to generate income for charitable purposes and cannot themselves be spent are accounted for as endowment funds. The charity had no endowment funds during the financial year. Other funds are classified as unrestricted funds.
Management and administration expenditure
Expenditure on management and administration of the charity includes all expenditure not directly related to the charitable activity. This includes the day to day running of the charity, audit fees and administrative staff salaries.
Fixed assets investments
Investment of quoted stocks and shares are included in the balance sheet at market value, ex-dividend.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated on the difference between sale proceeds and opening market value (or date of purchase if later). Unrealised gains and losses on investments are calculated as the difference between market value at the year-end and opening market value (or date of purchase if later).
In accordance with the new SORP 2015 (FRS102), the net gains and losses are shown under the heading for expenditure.
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.
Going concern
The trustees consider that there are no material uncertainties about the Society's ability to continue as a going concern. Therefore, the financial statements have been prepared on a going concern basis. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
With respect to the next reporting period 2022, the most significant area of uncertainty that affects the carrying value of assets held by the Society are the level of investment return particularly from investment income and the performance of investment markets (see the investment policy and performance and risk management sections of the trustees' annual report for more information).
3. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| Period | ||
| 17.12.19 | ||
| Year Ended | to | |
| 31.12.21 | 31.12.20 | |
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Donations | 1,321 | 145 |
| Annual subscriptions | 25 | 85 |
| 1,346 | 230 |
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THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
4. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Period | ||
| 17.12.19 | ||
| Year Ended | to | |
| 31.12.21 | 31.12.20 | |
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Investment income | 431,514 | 43,585 |
| Deposit account interest | 53 | 104 |
| 431,567 | 43,689 |
5. RAISING FUNDS
Raising donations and legacies
| Raising donations and legacies | ||
|---|---|---|
| Period | ||
| 17.12.19 | ||
| Year Ended | to | |
| 31.12.21 | 31.12.20 | |
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| James Hora Home (JHH) | 80,723 | 676 |
| Depreciation | 31,851 | 5,308 |
| Support costs | 49,963 | 6,061 |
| 162,537 | 12,045 |
Investment management costs
| Investment management costs | ||
|---|---|---|
| Period | ||
| 17.12.19 | ||
| Year Ended | to | |
| 31.12.21 | 31.12.20 | |
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Portfolio management | 44,692 | 8,206 |
| Investment advice | 6,275 | 1,008 |
| Safe custody | 2,895 | 1,575 |
| 53,862 | 10,789 | |
| Aggregate amounts | 216,399 | 22,834 |
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THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
6. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Grant | |||
| funding of | |||
| activities | Support | ||
| (see note | costs (see | ||
| 7) | note 8) | Totals | |
| £ | £ | £ | |
| General | 157,881 | 4,199 | 162,080 |
| GRANTS PAYABLE | |||
| Period | |||
| 17.12.19 | |||
| Year Ended | to | ||
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| General | 157,881 | 3,855 |
7. GRANTS PAYABLE
The total grants paid to institutions during the year was as follows:
| The total grants paid to institutions during the year was as follows: | ||
|---|---|---|
| Period | ||
| 17.12.19 | ||
| Year Ended | to | |
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| The Tower Hamlets Mission | 20,175 | - |
| The City and East London Bereavement | 25,000 | - |
| The Griffin Community Trust | 10,000 | - |
| Providence Row | 69,975 | - |
| Past & Present Nurses | 3,269 | 544 |
| League of Nurses (Website grant) | - | 1,000 |
| COVID19 - fruit grant | 1,500 | - |
| Livery kitchen | 10,000 | - |
| BARTS charity (Special purpose funds) | 1,500 | - |
| COVID19 - Gift hampers | 405 | - |
| 141,824 | 1,544 |
The total grants paid to individuals during the year was as follows:
| Period | ||
|---|---|---|
| 17.12.19 | ||
| Year Ended | to | |
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Clothing fund | 700 | 200 |
| Samaritan help | 15,357 | 2,111 |
| 16,057 | 2,311 |
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THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
8. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance Management costs £ £ Raising donations and legacies - 49,963 General 4,199 - 4,199 49,963 |
Totals £ 49,963 4,199 |
| 54,162 |
Activity Basis of allocation
Management An allocation of 70% to grants payable and 30% to directly provided services. Governance costs An allocation of 70% to grants payable and 30% to directly provided services.
Support costs, included in the above, are as follows:
| Period | ||||
|---|---|---|---|---|
| 17.12.19 | ||||
| Year Ended | to | |||
| 31.12.21 | 31.12.20 | |||
| Raising | ||||
| donations | ||||
| and | Total | Total | ||
| legacies | General | activities | activities | |
| £ | £ | £ | £ | |
| Self-employed costs | - | 3,258 | 3,258 | 722 |
| Insurance | - | 447 | 447 | - |
| Postage and stationery | - | 443 | 443 | - |
| Sundries | - | 51 | 51 | - |
| Bank charges | - | - | - | 96 |
| Pensions - Past employees | 39,811 | - | 39,811 | 6,617 |
| Auditors' remuneration | 9,912 | - | 9,912 | 1,225 |
| Auditors' remuneration for non-audit work | 240 | - | 240 | - |
| 49,963 | 4,199 | 54,162 | 8,660 |
9. TRUSTEES' REMUNERATION AND BENEFITS
The trustees neither received nor waived any remuneration during the year.
The trustees did not have any expenses reimbursed during the year.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the period ended 31 December 2020.
Page 14
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
10. STAFF COSTS
The average monthly number of employees during the period was Nil.
No employees received emoluments in excess of £60,000.
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| 11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|---|
| Unrestricted | ||
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 230 | |
| Investment income | 43,689 | |
| Total | 43,919 | |
| EXPENDITURE ON | ||
| Raising funds | 22,834 | |
| Charitable activities | ||
| General | 6,454 | |
| Total | 29,288 | |
| Net gains on investments | 1,497,579 | |
| NET INCOME | 1,512,210 | |
| Funds transferred | ||
| Funds transferred from unincorporated charity | 14,483,303 | |
| Net movement in funds | 15,995,513 | |
| TOTAL FUNDS CARRIED FORWARD | 15,995,513 | |
| 12. | TANGIBLE FIXED ASSETS | |
| Development | ||
| costs | ||
| £ | ||
| COST | ||
| At 1 January 2021 and 31 December 2021 | 627,626 | |
| DEPRECIATION | ||
| At 1 January 2021 | 563,925 | |
| Charge for year | 31,851 | |
| At 31 December 2021 | 595,776 | |
| NET BOOK VALUE | ||
| At 31 December 2021 | 31,850 | |
| At 31 December 2020 | 63,701 |
Page 15
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
12. TANGIBLE FIXED ASSETS - continued
The above represents the society's capital contribution to the NHS Trust for the refurbishment of Horace Evans House.
13. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2021 Additions Disposals Revaluations At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Listed investments £ 14,035,967 1,133,471 (912,411) 1,454,009 15,711,036 15,711,036 14,035,967 |
|---|---|
There were no investment assets outside the UK.
Cost or valuation at 31 December 2021 is represented by:
| Valuation in 2019 Valuation in 2020 Valuation in 2021 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.21 £ Other debtors 100 Accrued investment income 55,445 Interest receivable - Prepayments and accrued income 18,325 73,870 |
Listed investments £ 12,828,088 1,207,879 1,675,069 15,711,036 31.12.20 £ - 56,517 25 - 56,542 |
|---|---|
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Page 16
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Trade creditors | 4,245 | 3,640 |
| Taxation and social security | 617 | 642 |
| Other creditors | 23,416 | 22,558 |
| 28,278 | 26,840 |
16. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 432,913 TOTAL FUNDS 432,913 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 43,919 TOTAL FUNDS 43,919 |
At 1.1.21 £ 15,995,513 15,995,513 Resources expended £ (378,479) (378,479) Resources expended £ (29,288) (29,288) |
Net movement in funds £ 1,567,609 1,567,609 Gains and losses £ 1,513,175 1,513,175 Net movement in funds £ 15,995,513 15,995,513 Gains and losses £ 15,980,882 15,980,882 |
At 31.12.21 £ 17,563,122 |
|||
|---|---|---|---|---|---|---|
| 17,563,122 | ||||||
| Movement in funds £ 1,567,609 |
||||||
| 1,567,609 | ||||||
| At 31.12.20 £ 15,995,513 |
||||||
| 15,995,513 | ||||||
| Movement in funds £ 15,995,513 |
||||||
| 15,995,513 |
Page 17
THE MARIE CELESTE SAMARITAN SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021
17. OTHER FINANCIAL COMMITMENTS
At the year end, the charity had committed grants totalling £160,000 for the next year. In accordance with the charity policy, these grants have not been provided for in these financial statements.
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
19. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Period | ||
|---|---|---|
| 17.12.19 | ||
| Year Ended | to | |
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Net income for the reporting period (as per the Statement of Financial Activities) | 1,567,609 | 1,512,210 |
| Adjustments for: | ||
| Depreciation charges | 31,851 | (61,695) |
| Gain on investments | (1,513,175) | (1,464,431) |
| Interest received | (53) | (104) |
| Dividends received | (431,514) | (43,585) |
| (Increase)/decrease in debtors | (17,328) | 16,543 |
| Increase in creditors | 1,438 | 1,339 |
| Net cash used in operations | (361,172) | (39,723) |
20. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank Total |
At 1.1.21 £ 1,866,143 1,866,143 1,866,143 |
Cash flow At 31.12.21 £ £ (91,499) 1,774,644 (91,499) 1,774,644 (91,499) 1,774,644 |
|---|---|---|
21. POST BALANCE SHEET NON-ADJUSTING EVENT
Owing to the current economic conditions, the market value of the common investment funds at the date of the approval of these accounts was £14,794,008.
Page 18
THE MARIE CELESTE SAMARITAN SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Period | Period | ||
|---|---|---|---|
| 17.12.19 | |||
| Year Ended | to | ||
| 31.12.21 | 31.12.20 | ||
| Unrestricted | Total | ||
| funds | funds | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Donations | 1,321 | 145 | |
| Annual subscriptions | 25 | 85 | |
| 1,346 | 230 | ||
| Investment income | |||
| Investment income | 431,514 | 43,585 | |
| Deposit account interest | 53 | 104 | |
| 431,567 | 43,689 | ||
| Total incoming resources | 432,913 | 43,919 | |
| EXPENDITURE | |||
| Raising donations and legacies | |||
| James Hora Home (JHH) | 80,723 | 676 | |
| Amortisation charge (JHH) | 31,851 | 5,308 | |
| 112,574 | 5,984 | ||
| Investment management costs | |||
| Portfolio management | 44,692 | 8,206 | |
| Investment advice | 6,275 | 1,008 | |
| Safe custody | 2,895 | 1,575 | |
| 53,862 | 10,789 | ||
| Charitable activities | |||
| Grants to institutions | 141,824 | 1,544 | |
| Grants to individuals | 16,057 | 2,311 | |
| 157,881 | 3,855 | ||
| Support costs | |||
| Management | |||
| Self employed costs | 3,258 | 722 | |
| Insurance | 447 | - | |
| Postage and stationery | 443 | - | |
| Sundries | 51 | - | |
| 4,199 | 722 |
This page does not form part of the statutory financial statements
Page 19
THE MARIE CELESTE SAMARITAN SOCIETY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Period | ||
|---|---|---|
| 17.12.19 | ||
| Year Ended | to | |
| 31.12.21 | 31.12.20 | |
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Management | ||
| Finance | ||
| Bank charges | - | 96 |
| Governance costs | ||
| Pensions - Past employees | 39,811 | 6,617 |
| Auditors' remuneration | 9,912 | 1,225 |
| Auditors' remuneration for non-audit work | 240 | - |
| 49,963 | 7,842 | |
| Total resources expended | 378,479 | 29,288 |
| Net income before gains and losses | 54,434 | 14,631 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 59,166 | 33,148 |
| Net income | 113,600 | 47,779 |
This page does not form part of the statutory financial statements
Page 20