Charity Registration No 200176 Contents Financial statements for the year 8nded 31 D8cèmber 2024 Tho Hospltal of StJohn The Baptlst Charity information Trustees. report Independent audilors, report statement of financial actlvitle8 10 Balance Sheet 11 Slalement of cash fltswg 12 Notes to the financial statements 13-22 Detailed Slalemenl of Financial Activities 23
The Hospital of St John The Baptist Trustees, report For the year ended 31 December 2024 Charlty informatlon Trustees David Wilson (Chairman) James Dove {Resigned 23rd April 20241 Harry Fowler Simon Lousada John Mingay Rajesh Regmi Andrea Spice Jane Vvalker John Wh6eler Rev Helen Stewart Clerk Twin Otter Ltd Charity number 200176 Principal address 3 Saxon House End, Harrold Bedford MK43 7FS Auditors HW BedfoTd Limited Woburn Court, 2 Railton Road Woburn Road Ind Est Kempston Bedford MK42 7PN Bankers HSBC UK Bank PLC 12 Allh811ows Bedford MK401LJ Solicitors Balès Wells 10 Queen Place London EC4R 1BE Palmers Solicitors Hasset House BedloTd MK40 1HA Investment adviseTS Harpur Wealth Management Ltd 19 Goldington Road Bedford MK40 3JY Investment managers HSBC Global Asset Management (UK) Ltd. 8 Canada Square Canary Wharf London E14 5HQ Brewin Dolphin Ltd 12 Smilhfield Street London EC1A 9BD
The Hospital of St John The Baptist Trustees. report For the year ended 31 December 2024 The Truslees present their Report, Statement of Financial Activities and Balance Sheet for thè year ended 31 Dernber 2024. The financial statements have been prepared in accordance with the accounting policies sèt out in note 1 to the accounts and comply with thè charity's Irusl deed. the Ghariliès Act 2011 and Accounting and tho Charities Slalement of Recommended Practi (second edition) and Financial Reporting Standard FRS 102. Stsu¢ture, Governance and Management The Charity is a regisler8d charity. number 200176, and is governed by a trust deed as adopted by Charity Commission scheme dated 7 October 2020. Thé Charity was sel up by the Sl John's Hospital Bedford Act 1881 as varied or affected by schem8s of the Charity Commissionerg of 26 November 1957. 14 January 1976. 16 September 2015 at)d in the mallers of the Charities Acts to dale. The Schedule to the St John's Hospital Bedford Ael 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 charity also known as Sl John's Hospital Trust and its assets ar8 under the management and control of its trustees. The number of trustees shall be at least three but no more than twelvo. The Rector for the lime being of the parish of Saint John the Baptist in Bedford shall ba a trusloe ex officio. The remaining Iruslees shall be appoinied as follows.. A maximum of four by the ¢ouncil of the Borough of Bedford., One by the Harpur Trust B&dford- One by the trustees of the Municipal Charities of Bedford- The remainder by the other or remaining Trustees of the Charity for the lime being. If the Council, the Harpur Trust or the Municipal Charities fail lo $0 appoint th6 vacancy or vacanciés shall be fill8d by persons appointed by the existing Trustees. Each Trustee holds an initial office of three years, follr)wed by a further two consecutive terms of three years rènewable by re-appoinlmenl. A Trustee who has served a continuous term of ninè years shall remain out of office for al least on8 yeai before they can be Te-appoint8d, unless the Tru$le8s decide il is not in the best interests of the charity for th81 Trustee to take a break from office. The trust88s meet quarterly to discuss the management of the investment properties and lo discuss and approve th@ paymefil of pensions and the making of grants lo bodies for charitable purposes. The day lo day adminislralion of th8 charity has be8n delegated lo the clark. During the year Twin 011gr Ltd look over IhÈ role from Kynaslon Enterprises Limited. Objectives and Activltles The objects of the charity are.. 1) To relieve financial hardship by paying grants lo beneficiaries who have lived in Bedford for not less than fifteen years provided that, the Irus18es may suspend or terminate the appointment of a beneficiary if the Continuing payment of th8 grant would have the effect of relieving public funds: and 2) For use in BedfoTd or for th8 benefit of persons who are residents of Bedford for the public benofit for all purposes Ihal are charitable under the laws of England and Wales from time to lime.
The Hospital of St John The Baptist Trustees. report Forthe year ended 31 December 2024 Achlevement and Performance In selling the chartty's objectives and planning its aims and objectives and future a¢livilies the Trustees have given consideration to the Charity Commi88ion's general guidance on PLtblic benefit. The objectives for the year, as set out by the trustoos, were as follows.. lo attempt lo obtain rental income al a satisfactory level to continue lo review, monitor and evaluate the financial p8rformance of investments to atlempl lo maintain pension payments al a consistent level with hopes of being able lo continue to make payments to Bedford charities during th8 year The trustees believe these objectiV8s were met. The Injslees sel out their objeclives for the year ended 31 December 2024 as follows.. to attempt lo obtain rèntal income al a satisfactory level and recover rent 8rrears arising from the Covid-19 pandemiG'. to continue to review. monitor and evaluate th& financial performanee of investments to allempl to maintain pension payments al a consistent level and make payments to Bedford charities throughout the year to assist them with furthering their charitable objectives During 2020 the trustees reviewed and updatod 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 lo help various charities that havè no knowledge of the income of the sick. They fe&1 that the original benefactors would have wished the charity to help them. The trustees therefore instructed alegal tirm called Bales Wells to look at the Trust Deed and apply to the Charity Commission lo update it so that it is more clearly understood, whilst keeping the inienlion of the original benefactors. During 2020 the Trustees became aware that, although the TTUSt deed said that the Endowment should not be spènt, ther8 had been no value allribuled lo the Endowment in the charity's accounts historically. The Trustees therefore identified the assets which they believé should be classified as a permanent èndowment which was valued al £4,646.080 as at 31 December 2020. A transfer of £4,646,080 was therefore made from unreslricled funds to endowment funds lo reflect the fact that these endowed assets arg lo be permanently held by the charity, with only the arlsing income being used for the charity's activities. Fundral$ing standards Information The charity does not cairy out any signifi¢8nl fundraising aclivilies. Grant Maklng Policy The Iruslees have a policy of making grants to local chafilable inslitulions. Grants will be made upon consideration of an application supported by the instilution's financial slatemenls. Financial Review Investment Pollcy 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 tho costs and obj8clives of the charity.
The Hospital of St John The Baptist Trustees, report For the year ended 31 December 2024 Flnanclal Revigw(continuedl Review of thè Year During the year the Trust made payments lo suitable pensioners al £75 per quart8r. These paymenls were made via the BACS system lo between 483-49312023.. 493-5011 pensioners. who qualified under the trusts conditions for payment. The payments ara not for a 5pecilic pu¥pose but are to h8lp towards improving the recipient's standard of living. During the year grants to local charitsble organisalions were made of £65,04812023= £63,500). Quoted investments h8ve achieved a gain of £165,230 which the Trustees were 6xpecling in the light of the market conditions during tha year {2023". £85,761}. The investments held will continue lo be reviewed and monitored during 2025, $0 that satisfactory growth and retum is a¢hieved commensurate with the trustees judgement on balancing risk and return. The charills portfolio ol investmtrnl properties was rèviewed in the year and the Iruslees have concluded that there has been no significant change in valuo. The value of the prop8rties and land stood at£4.358,000 al the year end. Resgr¥e$ Policy Th6 reserves held by the charity are intended lo provide the required income lo enable the charity to provide pensions and donations. The Trusl&es consider the CLFrrenl level of reserves lo be Sufficient lo me61 this requirement as th@ income generated is sufficlenl t¢ ¢ov8r the pensions and donation5 expenditure. There are no raslricted funds and therafore all funds are held for unreslrlcted purposes. During prior financial years the TrLJslees agreed to create three desigr)aled funds in order lo set asid8 funds in order lo avoid possible interruptions lo payments of graluilies and grants and property costs. Further details are shown in note 15. Al 31 December 2024 the amount of reserv8s in the general fund amounted to £1,883,70112023'. £1,747,593) of which £200,000 was held in designated funds (2023., £200,000). £4,646,080 was transferred lo an endowment fund during 2020, which then saw a revaluation gain of £18,444, giving endowment funds a131 December 2024 of £4,537,310. Total reserves al the year end are £6.421,01112023'. £6,264,990). Rlsk Managernent Th8 trustees consider that the main risks Ihat affect the Trust are.. those inherent in holding inveslm8nls those inherent in maintsining the investment properties The Irusleos consideT that by employing third party 5pgcialists lo advise and manage these areas that the risk is minimised.
The Hospital of St John The Baptist Trustees, report For the year ended 31 December 2024 Statement of Trustees. responslbilitie$ The trustees are responsible for preparing the Truste8s' Annual Report and the financial statements in accordance with applicabl& law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the trustees to prepare financial statemen15 for each financial y8ar which give a true and fair view of the slate of affairs of the ¢harity and of the incoming resour¢8s and application of resources of the charity for that period. In preparing these linancial statements, the Iruslees are required to.. select suitable 8ccounling policies and then apply them con8islently', obs8Ne the methods and prin¢lples in the Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonabl8 and prudent., State whether applicable accounting stand8rds have been followed, subject lo any material departures disclosed and explained in the financial slalements., preparg the financial statements on the going concern basis unless it is in?ppropriale lo presume that the Gharily will continue in operation. The trust88s are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensLire that the tinancial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Règulations 2008 and the provisions of the trust d&ed. They are also responsibl8 for safeguarding the assets of the charity and henc8 for taking r6asonable steps for the prevention and detection of fraud and other irregularities. Statement of Disclosure to the Auditors We, the trust8es of the charity who held office at the dat& of approval of these Finan¢¢al Slalements. as set out above, each confirm so far as we are aware. that. there is no relevant audit Information of which the charity's auditors are unaware., arKI W8 have lakon all th8 steps that we ought lo have taken as trustees in order lo make ourselves aware of any relevant audit informatiorF and lo establish that the charity's auditors are aware of that information. Independent audltors A resolution proposlng that HW Bedford Limited be re-appointed as auditors of the charity will be put to the trustees at the next meeting. An signed on their behalf by David Wi Tru$l¢e son
Independent auditors. report to the Trustees of The Hospital of St John The Baptist Opinion ave au Inancis emen ospi ap ari e year ended 31 December 2024 which comprise the Slalemtsnl of Financial Activities, the Balance Sheet. the Statement of Cash Flows and notes to th8 financial stslemenls, 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 Fin8ncial Reporting Standard 102 Thg Financial Reporting StgrJd8rd 8pplicablg in the UK and Republic of Ir&l8nd (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slalements: give a true and fair view of tha slate of the charity's affairs as al 31 December 2024 and of its incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been propérly prepared in accordance with United Kingdom Generally A¢cepled Accounting Practice,. and have been prepared in a¢wrdance with the requirements of the Charities Act2011. Basis for opinion We conducted our audit in accordance with Inlernatlonal Standards on Auditing (UK) {ISAs IUKII and appli¢abl6 law. Our responsibilities under those standards are further described in the Auditorts responsibilities for the audit of th8 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 thal the audit eviden¢e wa have obtained is sufficient and appropriate to provide a basis foi our opinion. Concluslons r8lating to going concem In auditing the financial slatemenls, WÈ have concluded that the Irusle8s' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have pèrformed, we have not identified any material uncertainlies relating to events or condllions that, individually or collectively. may cast signifKant doubl on the charity's ability to continue as a go1ng concern lor a period of at least twelve months from when the h'nanclal statement8 are authorised for issue. Our responsibilities and the responsibiliti&s of the trustees with respect to going concern are descriL*d in the relevant sgcliortrs of this report. other informatlon The otheT infomialion comprises the information included in the Trustees. Report. olh8r than the financial slalemenls and our auditorfs report Ihereon. The Iruslees are responsible for tha other information contained within the Truste@s' Report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly ststed in our report, we do nol expross any fom of assurance conclusion Ihereon. Our responsibilty is to read the other information and. in doing so, Gonsider 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 inconsisl@ncies or apparent material misslalemenls, we ar& required to determine whether this gives rise lo a material misstatement in the financial stalem8nls Ihemselvtrs. If, based on the work we have performed, we conclude that Ihero is a material misstatement of this other information. we are required to report that fart. We have nothing lo report in thi8 regard.
Independent auditors. report to the Trustees of The Hospital of St John The Baptist Matters on whlch we are required to report by exceptlon ave no Ing O repo In respe owing ma ersw Regulations 2008 require us to report lo you if, in our opinion.. the information given in the Trustees, Report is inconsistent in any material respect with th8 Trustees, Report., or the charity has llol kept adequate accounting records. or the financial statements are not in agreement with the a¢counting records and returns.. or we have not recelved all the information and explanations wo requlre for our aL¢diL ere ari ies ccoun an eportsl Responsibi15tlos of trustees As 8xplained more fully in the Statement of Trustees, Responsibilities set out on pag8 5, tha trustees are responsible for the preparation of thè financial stateménts and for being satisfied that they give a true and fair view, and for such int8rnal control as the Iruslees determine is necessary lo enable the prèparation of financial statements that are free from m3lerial misslatemenl, whether due lo fraud or error. In preparing the financial slalements, the Iruslees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters lated lo going concern and using the going concern basis of accounting unless the Iruste8s either intend to liquidate the chafity or to ceasè operations, or have no realisti¢ alternative bul to do so. Avditor's rosponslbllities for the audll of the financial statsments We hav8 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 misstslemenl, 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 {UKI will always deleet 8 material misstalemenl 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 wlh laws and Tegulations. We design procedures in line with our r8spon5ibililies. outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific Procèdures for this engagement and the extent lo which these are capable of detecting irregularities, including fraud, is detailed below.. Wé obtained an understanding of the nature of the sector in which th8 charity operalas, including the legal and regulatory framework applicable lo the Charity. We consider that the most significant are the Ch8rilies Stalem8nl of Recommended Practice. the Financial Reporting Standard applicable in Ihtr Uniled Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and the charity's Trust Deed. We obtained an understanding of how Ihe charity complie8 with these requirements by discussions with those charged with goveinancg and reviewing the minutes of Trustee meetings. We assessèd the risk of material misstatement of the financial statements, including the risk of material misstatement due lo fraud and how it might occur. by holding discussions with those charged with governance. Wè inquired of those charged with governance about their own idenlilicalion and assessment of the risk of irregularities, including any known actual. suspected or alleged instances of fraud. We discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to irregul81ities or fraud.
Independent auditors. reportto the Trustees of The Hospital of St John The Baptist Auditovs responslbilitles for the audlt of thg f(nan¢lal slatements {contlnued> ase on Isun ers an Ing, wa es1gne spe Ic appropria eau proce ur85 en Ins an¢es of non-compliance with laws and règulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. In addition lo the risk of management override of controls, we have identified the valuation of investment prtspety and grant applications as the areas where the financial 51alem@nls are most susceptible lo material misstatement due lo fraud. Audit procedur8s performed included review of grant application papeNork and a r&view of the independent valuer's properly valuation reports. Because of the inherent limitations of an audit, there is a risk Ihatwe will not delect all irregularities. including those leading to a material misstatement in the financial statements or non-complian with regulation. This sk increases the more that complianeè with a law or regulation is renVe from the events and transactions reflected in the financial stalemenls, as we will be less likely lo become aware of instsnces of non- compliance. The risk is also greater regarding irregularities occurring due lo traud rather than error, as fraud involves intent(onal concealment, forgery. collusion, omission or misrepresentallon. As part of an audit in accordance with ISAS {UK}, we exercise profe8sional judgment and maintain professional sceplicism throughout the audit. We also.. Identify and assess the risks of material Mi8slatement of the financial s18tements, whether duè to fraud or error, design and perform audit procedures r8sponsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a maleiial misslalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery. intentional omissions, misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that re appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effectiveness of the charity's internal Control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimateg and related disclosures made by the trustees. Conclude on the appropriateness of the Iruslees, use of the going conearn basis of accounting arEd, bas6d on the audit evidence obtained, whether a material un¢8rtainty exists r8laled to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclLJde that a material uncerl8Snly exists, we are required to draw attention in our auditor'8 report to the related disclosures in the flnancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions aTe based on the audit evidence obtained Ltp lo the date of our auditor's report. However. future events or conditions may cause the charity to cease lo continue as a going concern. Evaluate the overall presentation, structure and conlenl of the financial stalem8nls, includinu the disclosures. and wholher the financial statements represent the underlying transactions and events in a Manner that achieves fair presenlalitsn li.e. gives a true and fair view). We communicate with those charged with governance regarding. among olher mallers, the planned 8¢ope and liming of th& audit and significant audit findings, including any significant deficiencies in inl8rnal control that we identify during our audit
Independent auditors. report to the Trustees of The Hospital of St John The Baptist Uso of rèport Is repo isma eso ari rus ttes, as a In a¢cor ance wi arities (Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we might stale to the charity's Iruslees those matters we are required lo state to them in an auditor's report and for no other purpose. To the fullest 8xlenl p6rmilled by law. we do not acc8pl or assume responsibility lo anyone other than the charity and the chaTity's trustees as a body, for our audit work, for thi8 report. or for the opinions We have formed. Alberto Di Lor8nzo F Senior Slatutory Auditor HW Bedford Limited, Slalulory Auditor Accountants and Registered Auditors Woburn Court, 2 Raillon Road Woburn Road Ind Est Kempston Bedfor MK42 7PN Dale.. HW E&dford Limit8d is eligible to aot as auditor in terms of s&clion 1212 of the Compani&s Acl 2006
Independent auditors. report to the Trustees of The Hospital of St John The Baptist Statement of Flnancial Actlvltles {including income and expenditure account) For the yèar ended 31 December 2024 2024 Unrestrfctad Funds 2024 Endowment Funds 2024 Total Funds 2023 Total Funds Notes Income and endowments from.. Donations and 18gacies Investments 280.236 1,469 281,705 306.364 Total income 280,238 1,469 281,705 306,364 Expgnditur on: Costs of raising funds.. Investment management costs Expenditure on charitable activilies.. Grant making 228.221 Property 39.525 management 23.168 23,168 21.582 228.221 39,525 229,123 41,310 Total èxpenditure 290,914 290,914 292,015 Ngt gainslllosses} on investments Gains on revaluation of Investment property 10 146.786 18,444 165,230 85.761 11 115.000 Net income 136,108 19.913 156.021 215,110 Transfèrs between funds 15 Net movement Tn funds for the year 136,108 19,913 156,D21 215,110 Rgconcillatlon of funds: Total funds brought foThMrd 1,747,593 4,517.397 6,264,990 6,049,880 Total funds carrled forward 14.15,16 1,883,701 4,537.310 6.421,011 6,264,990 All income and the notes on pages 13 to 23 torm part of these financial slatemenis. -10-
The Hospital of St John The Baptist Balance sheet As at 31 December 2024 Notss 2024 2023 Fixed assets: Fixed asset investmènts Investment property 10 11 1,785,584 4,358,000 1,632,956 4,358.000 Total flxed assets 6.143,584 6,990,956 Current assets: Debtors Cash at bank and in hand 12 265.001 74,933 226,243 112,990 Totsl current assets 339,934 339,233 Liabilltles: Creditors.. amounts falling du8 within onè year 13 162.5071 165,1991 Net current assèts 277.427 274,034 Total a880ts less current liabilftles 6.421.011 6,264.990 Net assets 6rt21.011 6.264,990 The funds of th& charity: Unrestricted funds Endowmentfunds 14 15 1,883,701 4.537,310 1,747,593 4,517,397 6,264,990 Total charlty funds 16 6.421,011 The notes on pages 13 to 23 form parl of these financial statements. The financial statements were approved by the trustees on.., An igned on thèir behalf by Davld Trustee on
The Hospital of St John The Baptist statement of cash flows For the year ended 31 December 2024 Notes 2024 2023 Cash flows from operating activities: Net cash used in operating activities 18 1319,548) (198,8201 Cash flov from investing a¢lSvities: Interest and dividend income Rèntal income Other investm¢nt income Revaluation gains on investment properties Payments for investment management fees Payments to acquire listed investments Payments for disposal of listed investments Transfers Itoyfrom listed investment portfolio 29.209 232.723 8,574 28.121 245,993 7,538 1115.0001 {12,8171 (742,913) 766.715 {120,000) 4,527 Net cash used In inv¢sting actlvities 281,491 50,387 Chango in Cash and cash equlvalents In the year {38,0571 {148,433) Cash and cash equivalants at the beginning of the year 112,990 261,423 Cash and cash equlvalents atthe end of the year 74,933 112.990 12-
The Hospital of St John The Baptist Notes to the financial statements For the year ended 31 December 2024 A¢¢ountlng pollcles Accountlng convention The financial slalemerils have been prepared on a going ¢oncarn basis under the hlstorical cost convention, modified to include certain items at fair value. The charity is unincorporated. The addrass of ils registered office and principal place of business is disclosed in the charity information. Thg financial slalemenls are presented in Sterling to Ihe nearest whole pound, and this is the functional curiency of the charity- The charity constitutes a public benefit onkn'ly as defined by FRS 102. The accounts {financial $t818menlsl have been prepared under the historical cost convention with items recognized al cost or transaction value unless otherwise staled iii the relevant nolels) to these accounts. The financial statements have beon prepared in accordance with the second edition of the Charities Slatemenl of Recommended Pradice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021 and the Charities Ad 2011. The financial statements have been prepared to give a true and fair view and have departed from the Charities IA¢¢ounls and Reports) Regulations 2008 only lo the extent required to provide a true and fair view. This departure has involved following the Accounting and Reporting by Charitles.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance Mqlh the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 1021 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 trLssl88s consider that thèr8 are no material uncertainties about the charity's ability lo continue as a going concern, to th6 fact that sufficient reserves aw held to cover any necessary period of s¢aling down of aclivilies. The most significant area ofjudgernent within the financial sl8lemenls is the valuation of the investment properties which has been carried out by an independent valuer. Incoming resources All incoming re8ourc8s are included in the Slalement of Financial Activities when the charity becomes legally entitled to the in¢ome, the amount can be measur8d reliably and il is probable that the income will be received. Rental income is recognised on a straight-line basis over the period of the18ase even if payments are not made on such a basis. Other in¢ome is recognised when it is receivable.
The Hospital of St John The Baptist Notes to the financial statements For the year ended 31 December 2024 Resources oxpend$d Expenditure, whiGh is charged on an accruals basis, is allocated on the Statement of Fin8n¢ial Activities between.. Expenditure incurred directly relating lo the management of inve51menls (investment management costs) Expenditure incurred direcdy to the fu5filmenl ol the charity's objective$, including managemont and admini$lraliori (charitable activities) Expenditure incurred in the managèment and administration of the charity and compliance with conslitulional and stslulory requir8ments Igovern8nce costs) All costs are allocated betrNeen tho expenditure categories of the Statement of Financial Activities on a basis that reflects the use of the resour The remuneration and expenses of the Clerk are allocated 80Yo tr) SUPPOrt Costs of the charilable activities and 20010 to govemance cos15 Grants are accounted for on a paid basis except where a conslruclive or legal obligation arises. Liabilities are recognised in the period lo which they relate. 1A Fund accounllng Unrestri¢t8d furlds are donations and other incoming resources received or generated for expenditure on the yeneral objectives of the charity. The charity has desSgnated funds (see note 151. Endowment funds rtspresent those assets that are to be held permanenly by the Charity and not expended on the charity's activities. Income arising from Iha endowment funds are freely available to fund the charity's activities. Financlal instruments Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment ar@ recognised in the profil and loss account in other administrative expens8s. Investments Fixed asset investment in listed securities are valued at market value at tha balance sheet date. Traded securities are valued by HSBC Global Asset Management and Brewin Dolphin. Gains and losses on these investments aw recognised in the Statement of Financial Activities. Investment property for which falr value can be measurecl reliably without undue cost and effort is meaSUd at fair value, or open market value, at the balanca sheet dale. The gains and losses on revaluation of such properties are recognised in the Statement of Financ¢al Activities. Depre¢ialion 15 not provided in respeel of freehold inv&stment properties. Leasehold investment properties are not amortised when the expired term is ovtsr twenty years. 14-
The Hospital of St John The Baptist Notes to the financial statements For the year ended 31 December 2024 Investment In¢orne 2024 2W23 Insurance receivable Rents receivable Income from investment8 Profil on sale of investments 8,574 232,723 29,209 11,199 7,538 245.993 28.121 24,712 281,705 306.364 Investmènt management costs 2024 2023 Portfolio management Fire and olhor insurances 12,817 9,439 912 12,587 8,203 792 Agent Fees 23,168 21.582 Charitable activltles costs 2024 Support and gov- ernance costs Grant funded actlvlty 2024 Total Property portfolio management Grant making Isee not2 51 39,525 39,525 16.998 228,221 211,223 211.223 56.523 267,746 2023 Support and gov- ernance costs Grant funded actlvlty 2023 Totsl PToperty portfolio management Grant making (see note S) 41.310 41,310 16.998 229, 123 212,125 212,125 58,308 270.433
The Hospital of St John The Baptist Notes to the financial statements For the year ended 31 December 2024 Analy$ls ofgrants 2024 Grants to Grant$ to institutlons indlviduals Support costs 2024 Total Personal retirement grants Local charity grants 146.175 8,499 8,499 154.674 73,547 65,048 65.048 146,175 16,998 228.211 2023 Grants Grants to institutlons indivlduals Support osts 2023 Total Personal relirem&nt grants Loc81 chaTlty grants 148,575 8,499 8,499 157,074 72,049 63,550 63.550 148,575 16,998 229,123 Reclpients of institutional grants.. 2024 2023 Harpur Trust (Bedford Giving) Friends for Lif8 Bedfordshire Progressability MS Therapy Country Day5 Ltd Chums Carers in B8dfordshire Philharmonia Autism in Bedfordshlre Project 229 Ciealing Memories Bolnhurst Stables St John's Hospice Cauldwell School BookTastic Food Faces Open House Elisabelh Curtis Riding Centre for the Disabled 20,000 3,000 5,000 5,000 3,000 20,000 3,000 2,000 5.000 3.500 6,250 2,796 3.000 4,260 1,392 3,000 8,000 3,000 10.000 2.000 2,000 1,800 1,000 2,000 3,600 3,000 65.048 63,550 16-
The Hospital of St John The Baptist Notes to the financial statements For the year ended 31 December 2024 Allocation o governance and support costs Govemance costs: 2024 2023 Auditors remuneration for audll work Legal Fees Accountancy fees Clerk's remuneration Clgrk's expense8 8,400 3,989 s,000 7,169 90 4.533 377 3.873 68S 16,927 18.169 The breakdown of support costs and how these have been allocated betwaen governance and SLJPPOrt costs is shown below. 2024 Support Govornan¢e costs costs 2024 Totai Basis of apportionmènt Cost type Property costs Surveyors fees Bank Charges IslIaneOuS expenses Clerk's remuneration Clerk's exp8nse5 Auditors remuneration for audit services Legal Fe8s 16,803 3,480 1,029 130 15.492 2,662 16,803 3,480 1,029 130 19,365 3.327 Invoiced cost Invoiced cost Invoiced eost 3.873 665 Time spent Time spent Governance 8.400 8,400 3,989 3,989 Govemance 39.596 16,927 56,523
The Hospital of St John The Baptist Notes to the financial statements For the year ended 31 December 2024 Allocallon ofgovernance and support costs Icontinuedl 2023 Support GoveTnanc8 Costs costs 2023 Total Basis of apportlonment Cost type Property costs Surveyors fees 8ank charges Clerk's Temuneralion Clerk's èxpenses Auditors remuneration for audit services Legal Fees Accountancy fees 8,068 11.458 974 18.132 1,507 8,068 11,457 974 22.665 1,884 6,000 Invoiced cost Invoiced cost Invoiced cost Time spent Time spent Governance 4,533 377 6,000 7,169 go 7,169 90 Governance Governance 40.139 18,169 58,308 Rèmungration of key management porsonnel The charity has no employees {2023.' none} and therefore had no member of staff that received remun&ration of more than £60,00012023.. £60.000). Day-to-day management of the charity is d8legaled to the Clerk who received remuneration of £19,365 during the year12023'. £22,665) and was reimbursed forexpenses lolaling £3,327 {2023'. £1,884). At the year end, the amount of remuneration included in other ¢reditors and paid the followlng year was £1,50012023.. £4,665}. Trustees. remuneration and benefrts There was no Trustees remuneration or other beneflls for the year 8nded 31 December 2024 nor for the year ended 31 Dècember 2023. There were no Trustees expenses paid for th8 year ended 31 December 2024 nor for the year ended 31 December 2023. Related party transactlons There are no related party transoctions which require disclosure in the accounts {2023'. noné). 18
The Hospital of St John The Baptist Notes to the financial statements For the year ended 31 December 2024 10 Fixed assèt Investments Llsted Investments Market value At 1 January 2024 Additions Disposals Revaluatvjlls 1.632.956 742,913 1755,5151 165.230 Al 31 December 2024 1.785.584 Carrying value At 31 Dernber 2024 1,785,584 At 31 December 2023 1,632,956 The fair value for listed investmènts is determined by reference lo the quoted prico fr)r identical assets in an active market al the balance sheel date. 11 Invèstment propgrty As restated Market valu• At 1 January 2024 4,358,01)0 Al 31 December 2024 4,358,000 Net book value At 31 Dember 2024 4.358,000 Al 31 December 2024 4.358,000 During the prior year, the inveslmenl Properties wtsre revalued by a professional sutweyor, Kirkby & Diamond, for all propertiès held at 31 December 2023. The investment land held was not formally r8valued in the prior year. The Trustees have considered the value and do nol consider there lo be a change in value in 2024.
The Hospital of St John The Baptist Notes to the financial statements For the year ended 31 December 2024 12 Debtors 2024 2023 Amounts falling due within one year: Trad8 debtors Other debtors 71,380 8,287 30,345 8,270 79,647 38.615 2024 2023 Amounts falling due aft&r more than oneyoar: other debtors 185,355 187,628 185.355 187,628 2024 2023 Aggregate amounts: other debtors 265,002 226.243 13 Creditors: amounts falllng duo wlthin one year 2024 2023 other creditors 62,507 65,199 82.507 65,199 Included in other creditors 18 deferred income 8risin9 from rents rp¢eived that relate lo a future financial period. The movement on defarred income in the year is 8nalysed as follows.. 2024 2023 Balance brought fOard Amounts released lo income Amounts deferred in year 52,204 {52,2041 53,565 64,952 164,952) 52,204 Balance carried fowmrd 53,565 52,204 20-
The Hospital of St John The Baptist Detailed Statement of Financial Activitles For the year ended 31 December 2024 14 Unrestricted funds Movement In year Balance at 1 Jan 2024 Incoming ReSoUe8 Resources Expended Balance at 31 Dec 2024 Transfers General fund Designated funds.. Gratuities fund Grants fund Property fund 1,547,593 427,022 {290,914} 1,683,701 120,000 30,000 50,000 120,000 30,000 50,000 1.747.593 427.022 {290,9141 1,883,701 During the previous year the Trustees agreed to ereale three designated fvnds for the following purposes.. Gratuities fund.. To sel 8SKJe funds lor pension payments Grants fund.. To sel aside funds lor grant paymenls Pioperty fund.. To sel aside funds lor unforeseen 8mergency property costs Transfers between unre5tricled funds and these designated funds were made during the year as detsiled above and the balances wll bè reviewed each yeai. 15 Endowmentfunds During the previous financial yearg, the Trustees became aware that, although the Trust de8d said that the Endowment should not be spent, Ih8ro had been no value allributed lo the Endowment in th8 charity's accounts historically. The Trustees therefore identified the assets which they believ8 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 was made from unreslrieted funds to endowment funds during the year ended 31 December 2020 to refl8cI the fact that these 8ndowed assets are to be permanently held by the Charity, with only th8 arising income being used for the charity's activities. The endowment fund comprises the investment properties £4,358,000 plus the investments held in Brewin Dolphin of £179,310. 16 Net assets held by lunds Fixed Cash & Assets Investments other Assets Cr8dltors Total Genèral fund 1,481.207 265,001 162.5071 1,683,701 Designated funds 200,OOD 200,000 Endowment fund 4,358,000 179,310 4,537,310 4.358,000 1,860,517 264.959 {82,5071 6.421,011 21
The Hospital of St John The Baptist Detailed Statement of Financial Activities For the year ended 31 December 2024 17 Opfryallng leas05 and financial commltments The charity has inv8stmenl properties that are leas& to third parties. The future minimum lease payments receivable under those non-cancellable leases are as follows.. 2024 2023 Not laler than on8 ye3r Later than one year and not later than five years Later than five years 198,455 584,405 6,299,769 193.505 549.098 6,490,815 Total future minimum lease payments 7.082,629 7,233,418 L&ase afran9ements are entered into for a period of up lo 99 years wlh an option for renewal al the end of the lease al the option of the lesseg. There are no contingent rental purchase option ¢lauses. There were no capital commitments al 31 December 2024 or 31 December 2023. 18 Reconeillation of netexpendlture to not cash Ilowfrom oporatinll actlvities 2024 2023 Net surpluslldelicitl for the year Rents received from investment propertios Investment income from listed investments Olh8r inve$lmenl income (GainslAosses on investmenls Profit on sale of investments Decreasellincreasel in debtors Increaselldecrea8e} in credilDrs Investment management fees paid from portfolio Nel cash flow from operating activities 156,021 1232,723) {29,2091 18,5741 {165,2301 111,1991 (38,759} {2,692} 12,817 215.110 1245,201) 128,1211 17.5381 182,7611 24,712 {1,625} {36,5581 141,224} 4,386 1319,5481 1198,8201 -22-
The Hospital of St John The Baptist Detailed Statement of Financial Activities For the year ended 31 December 2024 2024 2023 INCOME AND ENDOWMENTS FROM: Donations and legaci85 Investment income.. Insurance receivable Rents receivable Income from invéslmenls Profil on sale of investments Other income 8.574 232,723 29,209 11,199 7,538 245.993 28,121 24,712 Total Income 281,705 306.364 EXPENDITURE ON: Ralslng funds: Investment management costs.. Portfolio managèment Fire and other insurances Ag8nl Fees 12,817 9,439 912 12,587 8,203 792 23,168 21.582 Charitable activltles- Clerk's r8muneralion Clerk's expenses SurveyoTS' fe08 Legal fees Bank charges Property costs Miscellanèous expenses Grants lo individuals Grants lo institutions 15,492 2,662 3,480 3.989 1,029 16,803 130 146,175 65.048 18,132 1.507 11,457 7.169 974 8.068 148,575 63,550 254.808 259,433 Govérnance eosts Auditors remuneration Accountancy fées Clerk's remuneration Clerk's expenses 8,400 6.000 90 4.533 377 3,873 665 12,938 11,000 Total expondlture 290,914 292,015 Net galnslllosses) on fixed asset investments Gainl{Lossl on revaluation of investment property 165.230 85,761 115,000 Net Income 156.021 215.110 This page does not form part of the statutory financtal statements. -23-