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2023-03-31-accounts

GOVERNORS' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023

OF

JESUS HOSPITAL, ROTHWELL

CHARITY REGISTERED NUMBER 201134

JESUS HOSPITAL, ROTHWELL

INDEX TO THE ACCOUNTS

Page
Legal and administrative information 1
Report of the Governors 2 - 4
Report of the Independent Examiner 5
Receipts and payments account General Purposes Fund 6 - 7
Extraordinary Repair Fund 8
Statement of assets and liabilities 9 - 10

JESUS HOSPITAL, ROTHWELL

LEGAL AND ADMINISTRATIVE INFORMATION

Governors Sir John Robinson, Bt. (Chairman)
R E Brudenell Esq.
A E G de Capell Brooke Esq.
Mrs L C M Holborow
M W Spendlove
Charity Commission Registered Number 201134
Principal address Messrs Fisher German
Innovation House
Welland Business Park
Valley Way
Market Harborough
Leicestershire
LE16 7PS
Bank National Westminster Bank
16 High Street
Kettering
Northamptonshire
NN16 8SZ
Solicitors Messrs Lamb & Holmes
West Street
Kettering
Northamptonshire
NN16 0AZ
Independent Examiner Adrian A. Bentley A.C.A.
Messrs Edward Thomas Peirson & Sons
21, The Point
Rockingham Road
Market Harborough
Leicestershire
LE16 7NU

Page 1

JESUS HOSPITAL, ROTHWELL.

ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Governors are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Jesus Hospital, Rothwell is constituted by the Jesus Hospital (Rothwell) Charity Scheme Confirmation Act, 1959 (the “Act”) and is a registered charity, number 201134.

Governors

The charity governors during the year to 31 March 2023 were in seniority:-

Sir John Robinson, Bt. Chairman R.E. Brudenell Esq. A.E.G. de Capell Brooke Esq. Mrs L.C.M. Holborow M.W. Spendlove

The body of Governors shall consist, when complete, of a minimum of five competent persons residing in the County of Northampton. Governors shall be appointed for a term of five years by a resolution of the Governors passed at a special meeting. No governor is entitled to act as a governor until signing in the minute book of the Governors a declaration of acceptance and willingness to act in the trusts of the Act. Any competent governor may be re-appointed.

A Governor may cease to hold the office of governor if absent from all meetings of the Governors during a period of two years, or is adjudged bankrupt, or makes a composition or arrangement with creditors, or is incapacitated from acting as a governor, or who communicates in writing to the Governors a wish to resign. The Governors shall minute the occurrence of a vacancy at their next meeting and no vacancy shall be filled until after the lapse of one calendar month from its occurrence.

Governor induction and training

New Governors undergo a briefing on: their legal obligations under charity law; the content of the Act, the management and decision making process; the recent financial performance of the charity; and its future cash flow and other business plans. Governors are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Management

The Governors hold at least one ordinary meeting in the year. The Governors at their first ordinary meeting in each year elect one of their number to be chairman of their meetings until the commencement of the first ordinary meeting in the following year. A special meeting may be summoned at any time by the chairman or any two Governors upon four days’ notice being given to all the other Governors of the matters to be discussed.

The Governors employ a warden and have appointed Messrs. Fisher German, Chartered Surveyors, Innovation House, Welland Business Park, Valley Way, Market Harborough, Leicestershire to oversee the day to day management of the Charity.

The Trustees are reviewing the Charity’s activities and the risks that it faces in its day to day operations and intend to produce written policies which are relevant and appropriate to those activities and risks.

OBJECTIVES AND ACTIVITIES

The object of the charity is to provide almshouses for poor men, not less than sixty years of age and of good character who are resident in the County of Northampton, and preferably in the Urban District of Rothwell, at the time of appointment. The Governors may permit the wife of any almsman to reside with him in the almshouses, and upon death or removal of any almsman, the Governors may permit his wife if previously residing with him in the almshouses to continue in residence. The provision of the almshouses, with warden assisted facilities, provides a valuable public benefit for those in need within the area of benefit.

Page 2

JESUS HOSPITAL, ROTHWELL.

ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 Continued

OBJECTIVES AND ACTIVITIES Continued

The Governors are required to let and otherwise manage the land belonging to the Charity other than that required to be retained or occupied for its own purposes. The Governors shall not create any tenancy in reversion after more than three years of any existing term, or for more than twenty-one years certain, or for less than the best rent obtainable, without the sanction of the Charity Commissioners or a competent court.

Statement on public benefit

The Governors are mindful that it is of paramount importance that the Charity’s activities are carried out for the public benefit. They confirm that they have complied with their duty in Section 4 of the Charities Act 2006 to have due regard to the guidance published by the Charity Commission on public benefit.

ACHIEVEMENTS AND PERFORMANCE INCORPORATING FINANCIAL REVIEW

The attached financial accounts are presented on a receipts and payments basis, which is a factual record of the money received and paid by the Charity during the financial year. This basis, which has been consistently applied from one year to the next, is considered to be the most appropriate for unincorporated Charities with an annual income (excluding sales of tangible fixed assets and investments) of less than £250,000. A separate Statement of Assets and Liabilities, listing the significant possessions and outstanding financial commitments of the Scheme, at the end of the financial year is also included.

The accounts also comply with the appropriate legal requirements and pronouncements made by the Charity Commission.

During the financial year eight of the ten almshouses were occupied throughout, the remaining flats were empty for the six and one month respectively, the latter still being empty at the end of the year. As almshouse flats become available, the opportunity is taken to increase the rent charged to reflect the ever increasing running costs. The Almshouse rents for existing tenants were last reviewed in March 2013.

Payments of £8,611 (2022: £29,629) were made in the year in respect of repair and maintenance of the Almshouses and the Warden’s cottage. This included £1,816 spent on a new water heater for one of the flats along with £850 on obtaining Energy Performance Certificates for each of the flats.

In view of the age of the property significant maintenance costs are to be expected in the future.

In addition, a total of £72,054 (2022: £58,133) was spent in repairs and maintenance of the charity’s other properties, which are let for investment purposes. Included within this expenditure is £59,773 spent on renovation works to the farmhouse at Hospital Farm (Rothwell), as well as £5,280 on miscellaneous tree works at Grange Farm.

Rental receipts from cottages for the year were £21,069, however, this included a deposit of £1,380 that was then lodged in a deposit protection scheme resulting in net receipts of £19,689 which is £1,101 more than in the previous year, the farmhouse at Hospital Farm (Rothwell) was vacant for the first seven months of the year. Total rental receipts of all three farms in the year were £36,229 compared with £35,298 in 2021/22. The rent charged on the Warden’s House was kept at £500 per month resulting in receipts of £6,000 (2022: £6,000) for the year.

It is the Governors’ policy to maintain all of the Charity’s properties in a good state of repair and we are advised in this respect by Messrs Fisher German. In addition, we continue to review the assets to ensure that their earning potential is maximised and that the Charity operates in a manner that is most suitable to achieve its long-term objectives.

Messrs Fisher German valued the property portfolio as at 31 March 2012 and these values are shown in the Statement of Assets and Liabilities. Other than the disposal of the barns and land at Hospital Farm, Rothwell, last year, the Governors are not aware of any material changes in the property values since that date.

The majority of the Charity’s investments in the Charity Multi Asset Fund (formerly N.A.A.C.I.F) were sold during the financial year, the proceeds, along with £275,000 of additional cash reserves, instead being invested in the Core Investment Fund for Charities administered by Rathbone Unit Trust Management. Overall, the value of investments held fell by around 1.5% over the course of the year and at the year-end amounted to £556,967.

Page 3

JESUS HOSPITAL, ROTHWELL.

ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 Continued

ACHIEVEMENTS AND PERFORMANCE INCORPORATING FINANCIAL REVIEW Continued

No remuneration was paid to Governors. A policy of Trustee Indemnity Insurance is in place and was renewed with effect from 17 February 2023. A premium of £794 (2022: £794) was paid for the year commencing on that date.

As a result of the matters referred to above, overall cash reserves decreased by £287,516 over the year and at the year-end amounted to £74,124.

Reserves Policy

It is the Governors’ policy to maintain sufficient cash reserves to enable the Charity to continue to: provide the almshouses and associated services; maintain the Charity’s properties to a high standard; and meet its liabilities as they fall due.

Messrs Fisher German assist the Governors in preparing annual budgets and cash flow projections and in monitoring actual performance against these figures. Based on these projections, the Governors are satisfied that the reserves at 31 March 2023 will be sufficient for the foreseeable future. However, the position will continue to be monitored by Fisher German on a month by month basis, with reference to the Governors where appropriate.

Review of major risks

To mitigate the risks to which the charity is exposed, the Governors employ a firm of Chartered Surveyors to ensure the Charity’s assets are appropriately managed and adequately insured.

Declaration

I declare, in my capacity of Charity Governor, that:

Sir John Robinson, Bt. Chairman Dated 28 November 2023

Page 4

JESUS HOSPITAL, ROTHWELL

INDEPENDENT EXAMINER'S REPORT TO THE GOVERNORS OF JESUS HOSPITAL ROTHWELL

I report to the charity governors on my examination of the accounts of Jesus Hospital, Rothwell for the year ended 31 March 2023 which are set out on pages 6 to 10.

Responsibilities and basis of report

As the charity’s governors you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commissioners under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Adrian A. Bentley A.C.A. Edward Thomas Peirson & Sons, Chartered Accountants, 21, The Point Rockingham Road Market Harborough, Leicestershire, LE16 7NU.

28 November 2023

Page 5

JESUS HOSPITAL, ROTHWELL

RECEIPTS AND PAYMENTS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
GENERAL PURPOSES FUND
Receipts
Contributions from Almsmen
Receipts from investment assets:
Farm rents
Cottage rents
Wayleaves
Distributions from unit trusts
Bank interest
Refund of almshouse costs:
Warden's House rent
Council tax
Light and heat
TV Licences
Refund of costs relating to investment assets:
Council tax
Tenants' contributions to repairs
Refund of management and administration costs:
Subscriptions
VAT repayments from H.M. Customs & Excise
Total receipts from operational activities
Gross proceeds of sale of investment assets:
Charity Multi Asset Fund Accumulation Units
Equalisation on purchase of investment assets:
Core Investment Fund For Charities Income Units
Total Receipts		 £
£
£
£
30,178
28,870
36,229
35,298
21,069
18,900
496
490
5,657
929
409
32
63,860
55,649
6,000
6,000
785
-
525
268
15
7
7,325
6,275
758
-
-
680
758
680
257
-
257
-
1,262
125
103,640
91,599
273,173
-
1,331
-
378,144
91,599
2023
2022		 £
£
£
£
30,178
28,870
36,229
35,298
21,069
18,900
496
490
5,657
929
409
32
63,860
55,649
6,000
6,000
785
-
525
268
15
7
7,325
6,275
758
-
-
680
758
680
257
-
257
-
1,262
125
103,640
91,599
273,173
-
1,331
-
378,144
91,599
2023
2022
6,000
785
525
15
758
-
257
91,599
-
-
91,599

Page 6

JESUS HOSPITAL, ROTHWELL

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023

GENERAL PURPOSES FUND
Payments
Direct almshouse costs:
Staff costs (including recruitment)
Water rates
Council tax
Property repairs - Almshouses & Warden's Cottage
Machinery repairs & garden expenses
Light and heat
Telephone
TV Licences
Professional fees
Letting fees - Almshouses
Costs relating to investment assets:
Light and heat
Council tax
Investment property repairs
Professional fees
Cottage rents refunded
Cottage rents deposit lodged
Management and administration costs:
Agent's fees
Accountancy fees
Insurance - Estate (including valuation fees)
Insurance - Governors' indemnity
Subscriptions
Health & safety consultancy
Fire risk assessment
Investment managers' fees
Meeting with investment managers
Miscellaneous
Payments for fixed assets and other payments:
Contribution to Extraordinary Repair Fund
VAT payments to H.M. Customs & Excise
Total payments for operational activities
Gross expenditure on purchase of investment assets:
Core Investment Fund For Charities Income Units
Total payments
Net payments
Cash funds at 31 March 2022
Cash funds at 31 March 2023		 £
£
£
£
5,323
4,800
1,529
1,340
299
2,763
8,611
29,629
2,290
761
13,130
9,214
220
258
-
45
600
-
489
936
32,491
49,746
986
182
-
2,910
72,054
58,133
2,130
876
-
312
1,380
-
76,550
62,413
10,793
11,209
2,070
4,380
6,098
4,593
794
794
1,107
514
-
2,142
-
1,836
1,867
-
-
1,674
55
40
22,784
27,182
50
50
1,774
5,628
1,824
5,678
133,649
145,019
532,011
-
665,660
145,019
(287,516)
(53,420)
361,640
415,060
74,124
361,640
2023
2022
986
-
72,054
2,130
-
1,380
10,793
2,070
6,098
794
1,107
-
-
1,867
-
55
50
1,774

Page 7

JESUS HOSPITAL, ROTHWELL

RECEIPTS AND PAYMENTS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
EXTRAORDINARY REPAIR FUND
Receipts
Receipts from investment assets:
Distributions from unit trusts
Other receipts:
Contribution from General Purposes Fund
Total receipts from operational activities
Gross proceeds of sale of investment assets:
Charity Multi Asset Fund Accumulation Units
Total receipts
Payments
Gross expenditure on purchase of investment assets:
Charity Multi Asset Fund Accumulation Units
Core Investment Fund For Charities Income Units
Total payments
Net receipts/(payments)
Cash funds at 31 March 2022
Cash funds at 31 March 2023		 £
£
9
9
50
50
59
4,858
4,917
50
4,858
4,908
4,908
9
-
9
2023		 £
£
-
-
50
50
50
-
50
50
-
50
50
-
-
-
2022		 £
£
-
-
50
50
50
-
50
50
-
50
50
-
-
-
2022
50 50
50
4,858		 50
-
50
-
50
50
50
-
-
-

Page 8

JESUS HOSPITAL, ROTHWELL STATEMENT OF ASSETS AND LIABILITIES AS AT 31 MARCH 2023

Monetary Assets of the General Purposes Fund

Cash funds
Bank current account
Bank deposit account
Investment managers capital account
Investment managers cash account
Prepayments & Accrued Income
Accrued Income:
Contributions from almsmen
Prepaid expenses:
Water rates
Council tax
Almshouse repairs
Insurance
Estate
Governors' indemnity
Subscriptions
Liabilities
Hospital rents received in advance
Farm rents received in advance
PAYE/NIC
Almshouse repairs
Machinery repairs & garden expenses
Light & heat
Investment property letting fees
Professional fees
Agent's fees
Accountancy fees
Subscriptions
Fund managers' fees
Transfer due to Extraordinary Repair Fund
VAT Payable		 2023
£
53,406
74
15,626
5,018
74,124
-
1,529
134
183
3,049
701
546
6,142
637
317
11
108
190
242
2,090
1,200
5,515
2,137
-
825
50
8,071
21,393		 2022
£
37,756
323,884
-
-
361,640
950
1,340
3,268
183
2,297
701
450
9,189
650
-
11
246
60
187
-
-
5,195
1,938
47
-
50
5,772
14,156

Page 9

JESUS HOSPITAL, ROTHWELL STATEMENT OF ASSETS AND LIABILITIES AT 31 MARCH 2023 CONTINUED

Non Monetary Assets
Endowment land and buildings at valuation 31 March 2012:
10 Almshouse flats, Warden's cottage and Matron's cottage, Rothwell (Use
restricted by The Jesus Hospital (Rothwell) Charity Scheme Confirmation Act 1959)
Hospital Hill Farmhouse
Investment land and buildings at valuation 31 March 2012:
Hospital Farm, Rothwell (42.075 acres), farmhouse let under an
assured shorthold tenancy and land let under a farm business tenancy
Hospital Farm, Thorpe Underwood (185.782 acres) let under a full agricultural
tenancy
Grange Farm, Old (168 acres) let under a full agricultural tenancy:
Functional Assets - Garden Equipment at cost:
Mountfield Mower - Purchased May 2018
Karcher Strimmer - Purchased May 2020
Investment Assets
Endowment investments at valuation on 31 March:
Charity Multi Asset Fund Income Units
Other Investments at valuation on 31 March:
Charity Multi Asset Fund Income Units
Charity Multi Asset Fund Accumulation Units
Core Investment Fund For Charities Income Units
Income of £8,127 (2022: £8,442) was accumulated within these units during the year.
EXTRAORDINARY REPAIR FUND
Non Monetary Assets
Investments at valuation on 31 March:
Charity Multi Asset Fund Accumulation Units
Core Investment Fund For Charities Income Units
Monetary Assets
Cash funds:
Investment managers cash account
Debtors:
Transfer due from General Purposes Fund
Income of £144 (2022: £149) was accumulated within these units during the year.		 2023
£
875,000
230,000
1,105,000
334,500
334,500
838,000
754,000
1,926,500
499
150
649
15,698
9,449
-
526,958
552,105
2023
£
-
4,862
9
50
4,921		 2022
£
875,000
230,000
1,105,000
334,500
334,500
838,000
754,000
1,926,500
499
150
649
16,148
9,720
277,157
-
303,025
2022
£
4,879
-
-
50
4,929

Sir John Robinson, Bt. Chairman For and on behalf of the Governors

28 November 2023

Page 10