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2020-12-31-accounts

Charity Registration No 200176

Contents

Charity information 1
Trustees’ report 2 - 5
Independent auditors’ report 6 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 22

Financial statements for the year ended 31 December 2020 The Hospital of St John The Baptist

The Hospital of St John The Baptist

Charity information

Trustees Graham Monro Bates
Brian Guy Woodrow
Christine McHugh
Wendy Rider
Roger Rigby
John Wheeler
David Wilson
Mollie Frances Foster
Harry Fowler
Rev Vicky Bryson
Clerk Kynaston Limited
Charity number 200176
Principal Address 5 Connaught Way
Bedford
MK41 7LB
Auditors Steve Monico Limited
19 Goldington Road
Bedford
MK40 3JY
Bankers HSBC Bank Plc
12 Allhallows
Bedford
MK40 1LJ
Solicitors Palmers
PO Box 455
Hassett Chambers
Hassett Street
Bedford
MK40 1WG
Investment Advisers HSBC Global Asset Management
78 St James’s Street
London
SW1A 1HL
Surveyors Kirkby Diamond
1stFloor West, Clifton House
4A Goldington Road
Bedford
MK40 3NF

The Hospital of St John The Baptist

Trustees’ report For the year ended 31 December 2020

________________

The Trustees present their Report, Statement of Financial Activities and Balance Sheet for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102.

Structure, Governance and Management

The Charity is a registered charity, number 200176, and is constituted under a trust deed dated 7 October 2020. The Charity was set up by the St John's Hospital Bedford Act 1881 as varied or affected by schemes of the Charity Commissioners of 26 November 1957, 14 January 1976, 16 September 2015 and in the matters of the Charities Acts to date. The Schedule to the St John's Hospital Bedford Act 1881 sets out the Scheme under which the Charity operated until the Trustees adopted the new Trust Deed by resolution on 1 October 2020. The Trust Deed dated 7 October 2020 supersedes and replaces all former governing documents of the Charity.

The Hospital of Saint John the Baptist in Bedford and the lands and property shall be under the management and control of its trustees. The number of trustees shall be at least three but no more than twelve. All trustees appointed shall reside in or be a burgess of the Borough of Bedford.

The Rector for the time being of the parish of Saint John the Baptist in Bedford shall be a trustee ex officio. The remaining trustees shall be appointed as follows:

Each Trustee holds an initial office of three years, followed by a further two consecutive terms of three years renewable by re-appointment. A Trustee who has served a continuous term of nine years shall remain out of office for at least one year before they can be re-appointed, unless the Trustees decide it is not in the best interests of the charity for that Trustee to take a break from office.

The trustees meet quarterly to discuss the management of the investment properties and discuss and approve the payment of pensions and donations to other charitable institutions.

The administration of the charity has been delegated to the clerk, Kynaston Limited, on a day-today basis.

Objectives and Activities

The objects of the charity are:

1) To relieve financial hardship by paying grants to beneficiaries who have lived in Bedford for not less than fifteen years provided that, the trustees may suspend or terminate the appointment of a beneficiary if the continuing payment of the grant would have the effect of relieving public funds; and

2) For use in Bedford or for the benefit of persons who are residents of Bedford for the public benefit for all purposes that are charitable under the laws of England and Wales from time to time.

In setting the charity’s objectives and planning its aims and objectives and future activities the Trustees have given consideration to the Charity Commission’s general guidance on public benefit.

The Hospital of St John The Baptist

Trustees’ report For the year ended 31 December 2020

________________

Achievement and Performance

The objectives for the year, as set out by the trustees, were as follows:

The trustees believe these objectives were met.

The trustees set out their objectives for the year ended 31 December 2021 as follows:

During the year the trustees reviewed and updated the Trust Deed which was adopted in October 2020. The previous Trust Deed called for persons to be both sick and poor whereas the Trustees wish to help various charities that have no knowledge of the income of the sick. They feel that the original benefactors would have wished the charity to help them. The trustees therefore instructed a legal firm called Bates Wells to look at the Trust Deed and apply to the Charity Commission to update it so that it is more clearly understood, whilst keeping the intention of the original benefactors.

During the year the Trustees became aware that, although the Trust deed said that the Endowment should not be spent, there had been no value attributed to the Endowment in the charity’s accounts historically. The Trustees have therefore identified the assets which they believe should be classified as a permanent endowment which are valued at £4,646,080 as at 31 December 2020. A transfer of £4,646,080 has therefore been made from unrestricted funds to endowment funds to reflect the fact that these endowed assets are to be permanently held by the charity, with only the arising income being used for the charity’s activities.

Fundraising standards information

The charity does not carry out any significant fundraising activities.

Grant Making Policy

The trustees have a policy of making grants to local charitable institutions. Grants will be made upon consideration of an application supported by the institution's financial statements.

Financial Review

Investment Policy

The trustees consider that the charity has sufficient funds for them to be invested in the longer term ensuring sufficient funds are available to meet the costs and objectives of the charity.

The Hospital of St John The Baptist

Trustees’ report For the year ended 31 December 2020

________________

Financial Review (continued)

Review of the Year

During the year the Trust made payments to suitable pensioners at £75 per quarter. These payments were made via the BACS system to between 527-534 (2019: 512-532) pensioners, who qualified under the trusts conditions for payment. The payments are not for a specific purpose but are to help towards improving the recipient's standard of living.

During the year grants to local charities were made of £70,625 (2019: £62,629).

Quoted investments have achieved a loss of £21,204 which the Trustees were expecting in the light of the market conditions during the year (2019: gain of £112,406). The investments held will continue to be reviewed and monitored during 2021, so that the greatest growth and return is achieved.

The charity’s portfolio of investment properties was revalued in the year, giving rise to a loss of £700,440. The value of the properties and land stood at £4,483,000 at the year end.

Reserves Policy

The reserves held by the charity are intended to provide the required income to enable the charity to provide pensions and donations. The Trustees consider the current level of reserves to be sufficient to meet this requirement as the income generated is sufficient to cover the pensions and donations expenditure. There are no restricted funds and therefore all funds are held for unrestricted purposes. During the year the Trustees agreed to create three designated funds in order to set aside funds in order to avoid possible interruptions to payments of gratuities and grants and property costs. Further details are shown in note 15.

At 31 December 2020 the amount of reserves in the general fund amounted to £1,629,686 (2019: £6,953,179) of which £200,000 was held in designated funds (2019: £nil). £4,646,080 was transferred to an endowment fund during the year, meaning that total reserves at the year end are £6,275,766 (2019: total reserves were £6,953,179).

Risk Management

The trustees consider that the main risks that affect the Trust are:

The trustees consider that by employing third party specialists to advise and manage these areas that the risk is minimised.

The Covid-19 pandemic developed rapidly in 2020, with a significant number of cases. Government measures taken to contain the virus have affected economic and social activity and a number of actions have been taken to monitor and mitigate the effects of Covid-19 within the charity. The charity has continued to operate throughout the pandemic and risks assessments have been undertaken. Activities and meetings have been conducted virtually rather than in person where appropriate. Steps have been, and continue to be, taken to maintain the charity’s usual level of rental income even if temporary alternative payment arrangements have been agreed with tenants, and work will be carried out during 2021 to recover outstanding amounts. As such the trustees do not currently believe there is or will be an impact on the charity's ability to continue as a going concern.

The Hospital of St John The Baptist

Trustees’ report For the year ended 31 December 2020

________________

Statement of Trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (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.

Statement of Disclosure to the Auditors

We, the trustees of the charity who held office at the date of approval of these Financial Statements, as set out above, each confirm so far as we are aware, that:

Independent auditors

A resolution proposing that Steve Monico Limited be re-appointed as auditors of the charity will be put to the Annual General Meeting.

Approved by the Trustees on 30 April 2021

And signed on their behalf by

Graham Monro Bates Trustee

Independent auditors’ report to the Trustees of The Hospital of St John The Baptist

Opinion

We have audited the financial statements of The Hospital of St John The Baptist (the charity) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 Auditor’s 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 other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report. 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.

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 course of 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.

Independent auditors’ report to the Trustees of The Hospital of St John The Baptist

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 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 an auditor’s report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

Independent auditors’ report to the Trustees of The Hospital of St John The Baptist

Auditor’s responsibilities for the audit of the financial statements (continued)

In addition to the risk of management override of controls, we have identified the valuation of investment property and grant applications as the areas where the financial statements are most susceptible to material misstatement due to fraud. Audit procedures performed included review of grant application paperwork and a review of the independent valuer’s property valuation reports.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit

Independent auditors’ report to the Trustees of The Hospital of St John The Baptist

Use of 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 auditor’s 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.

Steve Monico Limited, Statutory Auditor

Chartered Accountants and Registered Auditors 19 Goldington Road Bedford MK40 3JY

Date: 30 April 2021

Steve Monico Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Hospital of St John The Baptist

Statement of financial activities (including Income and Expenditure Account) For the year ended 31 December 2020

As restated
2020 2020
2020		 2019
UnrestrictedEndowment Total Total
Funds Funds Funds Funds
Notes £ £ £
Income and endowments from:
Donations and legacies 2 - - - -
Investments 3 344,578 - 344,578 335,451
───── ───── ───── ─────
Total income 344,578 - 344,578 335,451
───── ───── ───── ─────
Expenditure on:
Costs of raising funds:
Investment management costs 4 11,238 - 11,238 18,590
Expenditure on charitable activities:
Grant making 6 255,546 - 255,546 237,943
Property management 5 33,563 - 33,563 28,104
───── ───── ───── ─────
Total expenditure 300,347 - 300,347 284,637
───── ───── ───── ─────
Net (losses)/gains on investments 11 (21,204) - (21,204)
112,406
(Losses)/gains on revaluation of
investment property 12 (700,440) - (700,440)
996,598
───── ───── ───── ─────
Net income (677,413) - (677,413) 1,159,818
Transfers between funds 16 (4,646,080) 4,646,080 - -
───── ───── ───── ─────
Net movement in funds for the year (5,323,493) 4,646,080 (677,413) 1,159,818
Reconciliation of funds:
Total funds brought forward 6,953,179 - 6,953,179 5,793,361
───── ───── ───── ─────
Total funds carried forward 15,16,17 1,629,686 4,646,080 6,275,766 6,953,179
═════ ═════ ═════ ═════

All operations are continuing operations.

All figures for the year ended 31 December 2019 relate to unrestricted funds.

The comparative financial information for the year ended 31 December 2019 has been restated. Further details can be found in note 20.

The notes on pages 13 to 22 form part of these financial statements.

The Hospital of St John The Baptist

Balance sheet As at 31 December 2020

As restated
Notes 2020 2019
£ £
Fixed assets:
Fixed asset investments 11 1,078,369 1,173,518
Investment property 12 4,483,000 5,183,440
───── ─────
Total fixed assets 5,561,369 6,356,958
───── ─────
Current assets:
Debtors 13 281,038 207,463
Cash at bank and in hand 513,043 480,412
───── ─────
Total current assets 794,081 687,875
Liabilities:
Creditors: amounts falling due 14 (79,684) (91,654)
within one year ───── ─────
Net current assets 714,397 596,221
───── ─────
Total assets less current liabilities 6,275,766 6,953,179
───── ─────
Net assets 6,275,766 6,953,179
═════ ═════
The funds of the charity:
Unrestricted funds 15 1,629,686 6,953,179
Endowment funds 16 4,646,080 -
───── ─────
Total charity funds 17 6,275,766 6,953,179
═════ ═════

The comparative financial information for the year ended 31 December 2019 has been restated. Further details can be found in note 20.

The notes on pages 13 to 22 form part of these financial statements.

The financial statements were approved by the trustees on 30 April 2021

And signed on their behalf by

Graham Monro Bates Trustee

The Hospital of St John The Baptist

Statement of cash flows For the year ended 31 December 2020

Notes 2020 2019
£ £
Cash flows from operating activities:
Net cash used in operating activities 18 (382,559) (244,867)
───── ─────
Cash flows from investing activities:
Interest and dividend income 34,944 34,227
Rental income 302,320 293,744
Other investment income 7,314 7,480
Payments to acquire listed investments - -
Payments to acquire investment property - -
Transfers from listed investment portfolio 70,612 2,744
───── ─────
Net cash used in investing activities 415,190 338,195
───── ─────
Change in cash and cash equivalents
in the year 32,631 93,328
Cash and cash equivalents at the
beginning of the year 480,412 387,084
───── ─────
Cash and cash equivalents at the
end of the year 513,043 480,412
═════ ═════

The Hospital of St John The Baptist

Notes to the financial statements For the year ended 31 December 2020

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The charity is unincorporated. The address of its registered office and principal place of business is disclosed in the charity information. The financial statements are presented in Sterling to the nearest whole pound, and this is the functional currency of the charity.

The charity constitutes a public benefit entity as defined by FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

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 the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern, due to the fact that sufficient reserves are held to cover any necessary period of scaling down of activities. Despite the Covid-19 pandemic, the charity has continued to operate using other methods within the guidelines of safety as recommended by the Government and its own risk assessments. The most significant area of judgement within the financial statements is the valuation of the investment properties which has been carried out by an independent valuer.

1.2 Incoming resources

All incoming resources are included in the Statement of Financial Activities when the charity becomes legally entitled to the income, the amount can be measured reliably and it is probable that the income will be received. Rental income is recognised on a straight line basis over the period of the lease even if payments are not made on such a basis. Other income is recognised when it is receivable.

The Hospital of St John The Baptist

Notes to the financial statements For the year ended 31 December 2020

1.3 Resources expended

Expenditure, which is charged on an accruals basis, is allocated on the Statement of Financial Activities between:

Grants are accounted for on a paid basis except where a constructive or legal obligation arises.

Liabilities are recognised in the period to which they relate.

1.4 Fund accounting

Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the charity. The charity has no designated or restricted funds.

Endowment funds represent those assets that are to be held permanently by the charity and not expended on the charity’s activities. Income arising from the endowment funds is freely available to fund the charity’s activities.

1.5 Financial instruments

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 the profit and loss account in other administrative expenses.

1.6 Investments

Fixed asset investment in listed securities are valued at market value at the balance sheet date. Traded securities are valued by HSBC Global Asset Management. Gains and losses on these investments are recognised in the Statement of Financial Activities.

Investment property for which fair value can be measured reliably without undue cost and effort is measured at fair value, or open market value, at the balance sheet date. The gains and losses on revaluation of such properties are recognised in the Statement of Financial Activities.

Depreciation is not provided in respect of freehold investment properties. Leasehold investment properties are not amortised when the expired term is over twenty years.

The Hospital of St John The Baptist

Notes to the financial statements For the year ended 31 December 2020

----- Start of picture text -----
|||| |---|---|---| |2|Voluntary income| |2020|2019| |£|£| |Donations and legacies|-|-| |═════|═════| |3|Investment income| |2020|2019| |£|£| |Insurance receivable|7,314|7,480| |Rents receivable|302,320|293,744| |Income from investments|34,944|34,227| |──────|──────| |344,578|335,451| |══════|══════| |4|Investment management costs| |2020|2019| |£|£| |Portfolio management|3,333|10,586| |Fire and other insurances|7,905|8,004| |──────|──────| |11,238|18,590| |══════|══════|

----- End of picture text -----

5 Charitable activities costs

----- Start of picture text -----
||||| |---|---|---|---| |2020|Support| |Grant and gov-| |funded|ernance|2020| |activity|costs|Total| |£|£|£| |Property portfolio management|-|33,563|33,563| |Grant making|228,950|26,596|255,546| |─────|─────|─────| |228,950|60,159|289,109| |═════|═════|═════| |2019|Support| |Grant and gov-| |funded|ernance|2019| |activity|costs|Total| |£|£|£| |Property portfolio management|-|28,104|28,104| |Grant making|219,079|18,864|237,943| |─────|─────|─────| |219,079|46,968|266,047| |═════|═════|═════|

----- End of picture text -----

The Hospital of St John The Baptist

Notes to the financial statements For the year ended 31 December 2020

6 Analysis of grants
2020 Grants Grants
to to
Support
2020
institutions individuals
costs
Total
£ £ £
£
Personal retirement grants - 158,325
13,298
171,623
Local charity grants 70,625 -
13,298
83,923
───── ───── ───── ─────
70,625 158,325
26,596
255,546
═════ ═════ ═════ ═════
2019 Grants Grants
to to
Support
2019
institutions individuals
costs
Total
£ £ £
£
Personal retirement grants - 156,450
9,614
166,064
Local charity grants 62,629 -
9,250
71,879
───── ───── ───── ─────
62,629 156,450
18,864
237,943
═════ ═════ ═════ ═════
Recipients of institutional grants:
2020 2019
£ £
Friends for Life Bedfordshire 3,000 3,000
Progressability 5,000 4,000
Bedford Hospitals Charity - 7,000
Bedford Daycare Hospice 3,000 5,000
Country Days Ltd 3,000 4,000
Retirement Education Centre 3,500 6,000
Carers in Bedfordshire 4,000 -
Kings Arms Project 6,000 -
Bedford Mencap - 1,029
St John’s Hospice 20,000 5,000
Families United Network 3,000 4,000
Cauldwell Lower School - 5,000
Autism in Bedfordshire 5,000 5,000
MS Therapy Centre 5,000 -
Level Trust 5,625 -
Bedford Prostate Cancer Group - 600
BOLD - 5,000
Guildhouse 2,000 -
Kempston East Methodist Church - 3,000
Bedford and District Audio News - 3,000
Elisabeth Curtis Centre - Riding for the Disabled - 2,000
Project 229 1,000 -
Bedford Rural Communities 1,500 -
───── ─────
Total 70,625 62,629
═════ ═════

The Hospital of St John The Baptist

Notes to the financial statements For the year ended 31 December 2020

7 Allocation of governance and support costs

Governance costs:

----- Start of picture text -----
|||| |---|---|---| |2020|2019| |£|£| |Auditors remuneration for audit work|4,320|3,600| |Auditors remuneration for non-audit work|2,880|1,080| |Clerk’s remuneration|3,744|5,030| |Clerk’s expenses|397|513| |──────|──────| |11,341|10,223| |══════|══════|

----- End of picture text -----

The breakdown of support costs and how these have been allocated between governance and support costs is shown below.

----- Start of picture text -----
|||||| |---|---|---|---|---| |2020| |Support Governance|2020|Basis of| |Cost type|costs|costs|Total|apportionment| |£|£|£| |Property costs|1,256|-|1,256|Invoiced cost| |Surveyors fees|5,015|-|5,015|Invoiced cost| |Legal fees|25,114|-|25,114|Invoiced cost| |Bank charges|870|-|870|Invoiced cost| |Website and computer costs|-|-|-|Invoiced cost| |Miscellaneous expenses|-|-|-|Invoiced cost| |Clerk’s remuneration|14,975|3,744|18,719|Time spent| |Clerk’s expenses|1,588|397|1,985|Time spent| |Auditors remuneration for audit services|-|4,320|4,320|Governance| |Auditors remuneration for non-audit|-|2,880|2,880|Governance| |services| |─────|─────|─────| |48,818|11,341|60,159| |═════|═════|═════|

----- End of picture text -----

The Hospital of St John The Baptist

Notes to the financial statements For the year ended 31 December 2020

7 Allocation of governance and support costs (continued)

2019
Support Governance 2019 Basis of
Cost type costs costs Total apportionment
£ £ £
Property costs - - - Invoiced cost
Surveyors fees 7,020 - 7,020 Invoiced cost
Legal fees 6,659 - 6,659 Invoiced cost
Bank charges 891 - 891 Invoiced cost
Website and computer costs - - - Invoiced cost
Miscellaneous expenses - - - Invoiced cost
Clerk’s remuneration 20,122 5,030 25,152 Time spent
Clerk’s expenses 2,053 513 2,566 Time spent
Auditors remuneration for audit services
-		 3,600 3,600 Governance
Auditors remuneration for non-audit - 1,080 1,080 Governance
services
───── ───── ─────
36,745 10,223 46,968
═════ ═════ ═════

8 Remuneration of key management personnel

The charity has no employees (2019: none) and therefore had no member of staff that received remuneration of more than £60,000 (2019: none).

Day-to-day management of the charity is delegated to the Clerk who received remuneration of £18,719 during the year (2019: £25,152) and was reimbursed for expenses totalling £1,985 (2019: £2,566). At the year end, the amount of remuneration included in other creditors and paid the following year was £719 (2019: £7,152).

9 Trustees’ remuneration and benefits

There was no Trustees remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.

There were no Trustees expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.

10 Related party transactions

There are no related party transactions which require disclosure in the accounts (2019: none).

The Hospital of St John The Baptist

Notes to the financial statements For the year ended 31 December 2020

11 Fixed asset investments

Fixed asset investments
Listed
investments
£
Market value
At 1 January 2020 1,173,518
Transferred to cash accounts (70,612)
Investment management fees (3,333)
Revaluations (21,204)
─────
At 31 December 2020 1,078,369
═════
Carrying value
At 31 December 2020 1,078,369
═════
At 31 December 2019 1,173,518
═════

The fair value for listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

12 Investment property

As restated
£
Market value
At 1 January 2020 5,183,440
Revaluation (700,440)
─────
At 31 December 2020 4,483,000
Net book value
At 31 December 2020 4,483,000
═════
At 31 December 2019 5,183,440
═════

The investment properties have not been revalued during the year by an independent valuer who is sufficiently experienced in the location and class of the properties owned by the charity. The most recent independent valuation took place on 31 December 2020.

The Hospital of St John The Baptist

Notes to the financial statements For the year ended 31 December 2020

13 Debtors
2020 2019
£ £
Amounts falling due within one year:
Trade debtors 80,859 5,163
Other debtors 56,148 55,439
───── ─────
137,007 60,602
═════ ═════
2020 2019
£ £
Amounts falling due after more than one year:
Other debtors 144,031 146,861
───── ─────
144,031 146,861
═════ ═════
2020 2019
£ £
Aggregate amounts:
Other debtors 281,038 207,463
═════ ═════
14 Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors - 4,879
Other creditors 79,684 86,775
───── ─────
79,684 91,654
═════ ═════

Included in other creditors is deferred income arising from rents received that relate to a future financial period. The movement on deferred income in the year is analysed as follows:

2020 2019
£ £
Balance brought forward 73,640 74,897
Amounts released to income (73,640) (74,897)
Amounts deferred in year 71,172 73,640
───── ─────
Balance carried forward 71,172 73,640
═════ ═════

The Hospital of St John The Baptist

Notes to the financial statements For the year ended 31 December 2020

15 Unrestricted funds

As restated Movement in year Movement in year
Balance at Incoming Resources Balance at
1 Jan 2020 resources expended Transfers 31 Dec 2020
£ £ £ £ £
General fund 6,953,179 344,578 (1,021,991) (4,846,080) 1,429,686
Designated funds:
Gratuities fund - - - 120,000 120,000
Grants fund - - - 30,000 30,000
Property fund - - - 50,000 50,000
_ _ _ _ _
6,953,179 344,578 (1,021,991) (4,646,080) 1,629,686
═════ ═════ ═════ ═════ ═════

During the year the Trustees agreed to create three designated fund for the following purposes:

Gratuities fund: To set aside funds for pension payments Grants fund: To set aside funds for grant payments Property fund: To set aside funds for unforeseen emergency property costs

Transfers between unrestricted funds and these designated funds were made during the year as detailed above and the balances will be reviewed each year.

16 Endowment funds

During the year the Trustees became aware that, although the Trust deed said that the Endowment should not be spent, there had been no value attributed to the Endowment in the charity’s accounts historically. The Trustees have therefore identified the assets which they believe should be classified as a permanent endowment which are valued at £4,646,080 as at 31 December 2020. A transfer of £4,646,080 has therefore been made from unrestricted funds to endowment funds to reflect the fact that these endowed assets are to be permanently held by the charity, with only the arising income being used for the charity’s activities.

17 Net assets held by funds

Fixed Cash & Other
Assets Investments Assets Creditors Total
£ £ £ £ £
General fund - 1,228,332 281,038 (79,684) 1,429,686
Designated funds - 200,000 - - 200,000
Endowment fund 4,483,000 163,080 - - 4,646,080
_ _ _ _ _
4,483,000 1,591,412 281,038 (79,684) 6,275,766
═════ ═════ ═════ ═════
 ═════

The Hospital of St John The Baptist

Notes to the financial statements For the year ended 31 December 2020

18 Operating leases and financial commitments

The charity has investment properties that are leased to third parties. The future minimum lease payments receivable under those non-cancellable leases are as follows:

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|||| |---|---|---| |2020|2019| |£|£| |Not later than one year|297,894|271,700| |Later than one year and not later than five years|652,476|712,668| |Later than five years|5,526,384|5,404,179| |─────|─────| |Total future minimum lease payments|6,476,754|6,388,547| |═════|═════|

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Lease arrangements are entered into for a period of up to 99 years with an option for renewal at the end of the lease at the option of the lessee. There are no contingent rental purchase option clauses.

There were no capital commitments at 31 December 2020 or 31 December 2019.

19 Reconciliation of net expenditure to net cash flow from operating activities

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|||| |---|---|---| |As restated| |2020|2019| |£|£| |Net (deficit)/income for the year|(677,413) 1,159,818| |Rents received from investment properties|(302,320)|(293,744)| |Investment income from listed investments|(34,944)|(34,227)| |Other investment income|(7,314)|(7,480)| |Losses/(gains) on investments|721,644 (1,109,004)| |(Increase)/decrease in debtors|(73,575)|24,101| |(Decrease)/increase in creditors|(11,970)|5,083| |Investment management fees paid from portfolio|3,333|10,586| |──────|──────| |Net cash flow from operating activities|(382,559)|(244,867)| |══════|══════|

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20 Prior year adjustment

An adjustment has been made to the comparative figures for the year ended 31 December 2019 in relation to the value of investment property and unrealised gain on investment. Land with a value of £433,440 was omitted from the valuation as at 31 December 2019 disclosed in the accounts meaning the investment property value in the balance sheet and the unrealised gain on investment recognised in the statement of financial activities were each understated by £433,440. Both values in the comparative figures have now been adjusted. The effect of this adjustment is:

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||| |---|---| |£| |Opening reserves at 1 January 2020 (as previously stated)|6,519,739| |Prior year adjustment|433,440| |─────| |Opening reserves at 1 January 2020 (as restated)|6,953,179| |─────|

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