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2020-12-31-accounts

REGISTERED CHARITY NUMBER: 202631

Report of the Trustees and

Audited Financial Statements for the Year Ended 31st December 2020

for

Hospital of the Blessed Mary

Sheen Stickland Chartered Accountants Statutory Auditors 7 East Pallant Chichester West Sussex PO19 1TR

Hospital of the Blessed Mary

Contents of the Financial Statements for the Year Ended 31st December 2020

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 20
Detailed Statement of Financial Activities 21 to 22

Hospital of the Blessed Mary

Report of the Trustees for the Year Ended 31st December 2020

The trustees present their report with the financial statements of the charity for the year ended 31st December 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

(a) To provide Almshouses currently St Mary's Hospital, the married quarters, St Mary's Lodge, St Mary's Courtyard and the Dears Almshouses.

(b) To provide pensions for residents and other local persons of good character in need.

Constraints

(a) The first charge on the income of the Charity shall be the cost of maintaining the property.

(b) Any properties not required to be retained or occupied for the purpose of the Charity shall not be let for less than the best rent available.

Policy

It is the policy of the Trustees to assist poor persons of good character with regard to their potential to thrive in a community setting with a strong Christian ethos.

Public benefit

The trustees have considered the Charity Commission guidance on public benefit and consider that the objectives and activities of the Charity provide public benefit in that it provides good quality, affordable sheltered accommodation and a small measure of financial support to elderly people of limited financial means.

Page 1

Hospital of the Blessed Mary

Report of the Trustees for the Year Ended 31st December 2020

ACHIEVEMENT AND PERFORMANCE

2020 Review

By early 2020, the four new almshouse bungalows at Dears Riverside were completed. The merging of the Dears and St Mary's Hospital charities took place in October 2020 - and the operational handover delivered - with final legal administrative details to be completed during 2021.

2020 was a challenging year due to the outbreak of Covid 19, to which the on-site team responded with great professionalism, care and compassion. In response to the government guidance, the St Mary's site was completely closed to outside visitors from March 2020. All staff were furloughed except the Warden, Deputy Warden and Gardener/Assistant Bailiff who all live on site. Chapel services ceased, and all public areas were closed. However, we were blessed with warm weather throughout the spring and summer - this allowed residents to continue to meet, socially distanced, in our lovely gardens. Warden daily visits were restricted to telephone calls unless there were emergency calls - for which full PPE was ready to be worn.

The Warden issued regular Covid Bulletins to ensure that residents were kept fully informed of up-to-date guidance and news. The Warden and Deputy Warden had to keep a close eye on individual compliance for the safety of the community, and this was a constant pressure on them as several residents found it challenging to keep to the regulations. The Warden and Deputy worked alternate 48-hour shifts to ensure that, despite the Cover Wardens being furloughed, there was continual emergency cover available. The Gardener had plenty to do in the gardens, and was able to keep up with any maintenance issues that arose.

After the first slight relaxing of rules, the Custos led weekly outdoor Chapel services in the Cottage garden and also in the St Mary's Lodge garden. This was a huge success, and allowed several residents who had been unable to attend Chapel for years to join us from their doorways. This was one of several positive outcomes we experienced as a community during the months of site closure.

The next relaxation of rules was to allow visits to residents outdoors. Again, the benefit of having our garden spaces was much appreciated.

Official social activities were halted, of course, but we did manage to celebrate the 75th VE Day with a socially distanced party in the Cottage garden. In addition, residents and staff got together daily in the gardens - bringing their own refreshments and keeping to the distancing rules.

Our annual Summer Festival, Open Day and Christmas Carol service were all cancelled due to the pandemic. In addition, our inaugural National Gardens Scheme open days were postponed to 2021.

At the date of reporting there has been not a single confirmed case of Covid 19 amongst residents or staff.

Two new residents moved into two of the newly completed Dears Riverside bungalows in December 2020.

At the end of the year changes were proposed to the charity's approach to maintenance and management of its investment property, which led to the redundancy of long-serving and popular Bailiff Matthew Howard. Matthew's smiling face will be missed by colleagues and residents alike and the Trustees note their sincere thanks for his contribution to St Mary's over many years.

Residents of Almshouses

At 31st December 2020, there were eleven residents in the Hospital, Porters Lodge and the Cottages, including one married couple, twelve residents in the Lodge including two married couples, and seven in the Courtyard. There were five residents at the Dears Almshouses site.

Page 2

Hospital of the Blessed Mary

Report of the Trustees for the Year Ended 31st December 2020

FINANCIAL REVIEW

Financial position

Total incoming resources decreased for the year from £924,396 to £825,509 primarily due to a decrease in commercial income. Total expenditure also decreased from £1,090,796 to £818,471 as a result of reduced spend of property projects during the pandemic, leaving a small operating surplus. There was an unrealised loss on investments of £2,514,506 due primarily to a reduction in value of the investment property portfolio following a formal valuation. The overall balance of Hospital funds stands at £25,729,755 compared to the previous year's total of £28,202,255.

Investment Strategy

The Finance Committee for Chapter also acts as the overseeing Finance Committee for St Mary's investments. The strategy remains 100% equity, which at 31 December 2020 remained primarily invested in M&G through their specialist charity sector Charifund. Since then, following a tender process and the recommendation of the Finance Committee the investments have been transferred to CCLA.

Reserves policy

The Trustees have examined the requirements for reserves in the light of the main risks to the organisation. The Trustees do not consider it necessary to have an established policy for reserves as they consider the funds generated from income producing investments is sufficient to cover operating and governance costs. The balance held as unrestricted funds at 31st December 2020 was £25,729,755 of which just £3,901,154 is regarded as tangible fixed assets and £3,194,158 is investments which are immediately accessible.

FUTURE PLANS

The Hospital will continue to meet its charitable objectives in the future and to ensure that all of its investment assets are maintained to the highest standard.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The foundation date of the Hospital is not known, though it reputedly came into existence in the second half of the 12th Century. The present Hospital building dates from about 1290.

The Hospital is governed by a scheme of the Charity Commissioners dated 4th November 1898, which was revised on 17th February 1905, 13th February 1987, 8th August 1991, 2nd January 1997, 20th February 2018 and 26th June 2018. The Trustees of the Hospital and its endowment are drawn from the Chapter of Chichester Cathedral and also from other individuals with knowledge or experience relevant to an almshouse charity.

Induction and training of new trustees

Upon appointment, each new Trustee is made aware of their legal responsibilities and of their areas affecting the governance of the Fund. Regular training is provided to Trustees as required. This includes updating their knowledge and understanding regarding regulatory and legal development affecting their responsibilities as Trustees and the governance of the fund.

Internal audit

The internal audit function is undertaken by the Clerk to the Trustees on behalf of the Trustees in accordance with the Financial and Management paper. He conducts an appraisal of the following management controls:

(a) Implementation of management policies and directives.

With regard to financial matters, he ensures specifically that;

(f) The two cheque signatories are provided with authorised supporting documentation at the time of signature.

(g) A close record is maintained of rents receivable and attention drawn to any defaulters.

(h) The performance of investments is monitored.

(i) Delegated limits for financial expenditure are not exceeded.

(j) Competitive tenders are sought for projects in excess of the limits authorised for single tender action and handled in accordance with best practice.

Page 3

Hospital of the Blessed Mary

Report of the Trustees for the Year Ended 31st December 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management

The Charity relies on 3 main income streams to support its aims:

1) Residential lets

Chichester is an affluent area and the residential market is buoyant especially for quality lets such as the ones that St Mary's own.

The commercial lets are all on good tenant covenants with solid trading history and Chichester retail vacancies remain consistently well below the national average, although the commercial sector is always at risk of downturn.

The investment income portfolio is delegated by St Mary's to the Chapter Finance Committee who monitor outturns and recommends investment mix. The equity and bond ratio is currently 100:00 and is therefore at risk to a sudden market downturn.

Operational risk stems from staffing cover and competence and the Trustees review the staffing needs regularly. The staffing overhead is relatively low and competence is shared across functions with Chapter which reduces cost and risk.

Health and Safety risks are managed and a full review was undertaken by third party in the previous reporting period.

Covid Impact Statement

Covid 19 was a key factor during the year in review and affected the lives of staff and residents, as noted in the review section.

The Hospital went into skeleton staffing during lockdown with several members of staff being furloughed and the hospital claimed through the government CJRS for the reclaimable proportions of the salary costs. The Custos continued to provide spiritual support even when the Chapel could not open, and residents made the most of the beautiful gardens to meet with each other.

There was a significant drop in the carrying values of the investment portfolio around the end of March 2020 however capital values had recovered somewhat by the end of the year in review and income has held up relatively well with the charity's investment partner confident of future income levels.

The main area of exposure was the charities commercial property investments. The charity, through its advisers, worked closely with tenants to ensure an appropriate response to the impact Covid and associated lockdowns had on high street footfall and tenant revenues, whilst recognising that the income is key to supporting the charity and its aims. There was, inevitably, an impact on income during the year and commercial rental income is a potential risk in the longer term. Residential rental income remained consistent and the move to work with a specialist residential property management company is believed to reduce potential risk in this area.

During the year end the charity disposed of a surplus building and this further boosted the hospital's levels of cash and investments. Financially the charity remains in a robust position and the Trustees remain confident in its long-term financial health.

Page 4

Hospital of the Blessed Mary

Report of the Trustees for the Year Ended 31st December 2020

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 202631 Principal address Cathedral Office The Royal Chantry Cathedral Cloisters Chichester West Sussex PO19 1PX

Trustees

The Very Reverend Stephen J Waine (Chairman) The Reverend Canon T Schofield - Retired 6 June 2020 The Reverend Canon Simon P Holland - Resigned 16 June 2021 The Reverend Canon M Townsend Payne - Appointed 2 December 2020 Mrs R Taunt Mrs A Hayes Mr I Western Mrs J Evershed-Martin

Auditors Sheen Stickland Chartered Accountants Statutory Auditors 7 East Pallant Chichester West Sussex PO19 1TR

Solicitors Irwin Mitchell Thomas Eggar House Friary Lane Chichester West Sussex PO19 1UF Bates Wells 10 Queen Street Place London EC4R 1BE

Bankers NatWest Bank Plc 5 East Street Chichester West Sussex PO19 1HH

Custos the Reverend B Ruddock

Warden

Mrs Monica Winnett

Bailiff

Mr Matthew Howard

Page 5

Hospital of the Blessed Mary

Report of the Trustees for the Year Ended 31st December 2020

Clerk to the Trustees and Administrator

Mr David Coulthard

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 22[nd] October 2021 and signed on its behalf by:

The Very Reverend S Waine - Chairman

Page 6

Report of the Independent Auditors to the Trustees of Hospital of the Blessed Mary

Opinion

We have audited the financial statements of Hospital of the Blessed Mary (the 'charity') for the year ended 31st December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 7

Report of the Independent Auditors to the Trustees of Hospital of the Blessed Mary

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Sheen Stickland Chartered Accountants Statutory Auditors 7 East Pallant Chichester West Sussex PO19 1TR

Date 22[nd] October 2021

Page 8

Hospital of the Blessed Mary

Statement of Financial Activities for the Year Ended 31st December 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Almshouses
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Actuarial gains on defined benefit schemes
Transfer from Dears Almshouse
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2020
Unrestricted
funds
£
50,561
774,948
825,509
101,598
716,873
818,471
(2,514,506)
(2,507,468)
(2,963)
37,931
(2,472,500)
28,202,255
25,729,755		 2019

Total
funds
£
31,689
892,707
924,396
177,067
913,729
1,090,796
438,603
272,203
-
-
272,203
27,930,052
28,202,255

The notes form part of these financial statements

Page 9

Hospital of the Blessed Mary

Balance Sheet 31st December 2020

Notes
FIXED ASSETS
Tangible assets
10
Investments
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
14
NET ASSETS
FUNDS
17
Unrestricted funds
TOTAL FUNDS		 2020
Unrestricted
funds
£
3,901,154
21,701,658
25,602,812
113,223
338,861
452,084
(258,195)
193,889
25,796,701
(66,946)
25,729,755
25,729,755
25,729,755		 2019

Total
funds
£
3,999,151
24,366,164
28,365,315
120,993
166,208
287,201
(382,810)
(95,609)
28,269,706
(67,451)
28,202,255
28,202,255
28,202,255

The financial statements were approved by the Board of Trustees and authorised for issue on 22[nd] October 2021 and were signed on its behalf by:

The Very Reverend S J Waine - Chairman

The notes form part of these financial statements

Page 10

Hospital of the Blessed Mary

Cash Flow Statement for the Year Ended 31st December 2020

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash used in operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments
Sale of investment property
Rents received
Dividends & interest
Interest received
Dividends received
Net cash provided by investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2020
£
(744,552)
(7,288)
(751,840)
(500,000)
653,358
(3,358)
643,478
131,295
90
85
924,948
(455)
(455)
172,653
166,208
338,861		 2019
£
(972,542)
(7,333)
(979,875)
-
100,000
-
720,403
171,656
43
605
992,707
(408)
(408)
12,424
153,784
166,208

The notes form part of these financial statements

Page 11

Hospital of the Blessed Mary

Notes to the Cash Flow Statement for the Year Ended 31st December 2020

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Losses/(gain) on investments
Interest received
Interest paid
Dividends received
Rents received
Dividends and interest received
(Gains)/losses on investment property
Actuarial movement
Assets transferred from Dears Almshouse
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash used in operations
ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.20
£
Net cash
Cash at bank and in hand
166,208
166,208
Debt
Debts falling due within 1 year
(455)
Debts falling due after 1 year
(67,451)
(67,906)
Total
98,302		 2020
£
(2,507,468)
97,997
2,514,506
(90)
7,288
(85)
(643,478)
(131,295)
-
(2,963)
37,931
7,770
(124,665)
(744,552)
Cash flow
£
172,653
172,653
(50)
505
455
173,108		 2019
£
272,203
97,997
(438,603)
(43)
7,333
(605)
(720,403)
(171,656)
(51,673)
-
-
(113,762)
146,670
(972,542)
At 31.12.20
£
338,861
338,861
(505)
(66,946)
(67,451)
271,410

2. ANALYSIS OF CHANGES IN NET FUNDS

The notes form part of these financial statements

Page 12

Hospital of the Blessed Mary

Notes to the Financial Statements for the Year Ended 31st December 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income from investment property rents is recognised in the year in which it is receivable.

The Statement of financial activities includes the net gains and losses arising on revaluations and disposals of investment assets throughout the year.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost St Mary's Lodge - in accordance with the lease

Property expenditure which goes above and beyond simple maintenance is capitalised, where the cost of the work exceeds £50,000.

Listed investments

Listed investments are measured initially at cost and subsequently at fair value

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is transferred to the Statement of Financial Activities.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

continued...

Page 13

Hospital of the Blessed Mary

Notes to the Financial Statements - continued for the Year Ended 31st December 2020

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Donated goods

Donations are recognised on entitlement. Donation of fixed assets are included in the accounts at values provided by the donor or at market value.

Going concern

The charity has substantial liquid assets which can be realised in the short term and strong and robust revenue streams which can support the charity in any downturn expected. There are no other issues which give rise to any concerns and therefore the Trustees believe the charity is a going concern and the financial statements have been prepared on this basis.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Resident's contribution
Grants
Donations from visitors		 2020
£
31,269
17,007
2,285
50,561		 2019
£
28,543
-
3,146
31,689

Grants received, included in the above, are as follows:

Grants received, included in the above, are as follows:
Job Retention Scheme
Chichester District Council		 2020
£
16,407
600
17,007		 2019
£
-
-
-

3. INVESTMENT INCOME

Rents received
Dividends & interest
Guest room rental
Deposit account interest		 2020
£
643,478
131,295
85
90
774,948		 2019
£
720,403
171,656
605
43
892,707

continued...

Page 14

Hospital of the Blessed Mary

Notes to the Financial Statements - continued for the Year Ended 31st December 2020

4. RAISING FUNDS

Investment management costs
Property repairs
Professional charges
Insurance
Rates
Heat & Light		 2020
£
67,990
24,017
3,152
1,459
4,980
101,598		 2019
£
147,853
13,033
5,268
4,496
6,417
177,067

5. CHARITABLE ACTIVITIES COSTS

Direct
Costs
£
Almshouses
452,799
6.
GRANTS PAYABLE
Almshouses
The total grants paid to institutions during the year was as follows:
Christian Care Association
7.
SUPPORT COSTS
Management
£
Almshouses
169,062		 Grant
funding of
activities
Support
(see note
costs (see
6)
note 7)
£
£
25,000
239,074
2020
£
25,000

2020
£
25,000
Governance
Finance
costs
£
£
7,698
62,314		 Totals
£
716,873
2019
£
25,000
2019
£
25,000
Totals
£
239,074

Included in the above is £8,800 which relates to the auditors remuneration.

continued...

Page 15

Hospital of the Blessed Mary

Notes to the Financial Statements - continued for the Year Ended 31st December 2020

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2020 nor for the year ended 31st December 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2020 nor for the year ended 31st December 2019.

9. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2020
£
164,113
10,847
26,816
201,776		 2019
£
135,241
-
29,951
165,192

The average monthly number of employees during the year was as follows:

2020 2019
7 7

No employees received emoluments in excess of £60,000.

10. TANGIBLE FIXED ASSETS

COST
At 1st January 2020 and
31st December 2020
DEPRECIATION
At 1st January 2020
Charge for year
At 31st December 2020
NET BOOK VALUE
At 31st December 2020
At 31st December 2019		 Freehold
property
£
4,568,410
754,856
91,368
846,224
3,722,186
3,813,554		 St Mary's
Lodge
£
397,725
212,128
6,629
218,757
178,968
185,597		 Totals
£
4,966,135
966,984
97,997
1,064,981
3,901,154
3,999,151

continued...

Page 16

Hospital of the Blessed Mary

Notes to the Financial Statements - continued for the Year Ended 31st December 2020

11. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1st January 2020
Additions
Disposals
Revaluations
At 31st December 2020
NET BOOK VALUE
At 31st December 2020
At 31st December 2019		 Listed
investments
£
3,335,381
500,000
(102,473)
(538,750)
3,194,158
3,194,158
3,335,381		 Investment

Properties
£
21,030,783
-
(578,358)
(1,944,925)
18,507,500
18,507,500
21,030,783
Totals
£
24,366,164
500,000
(680,831)
(2,483,675)
21,701,658
21,701,658
24,366,164

There were no investment assets outside the UK.

All investment properties were subject to a formal valuation undertaken by Flude Property Consultants and Chartered Surveyors on 31 December 2020. The basis of valuation was open market value.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR		 2020
£
62,686
50,537
113,223		 2019
£
13,210
107,783
120,993
Other loans (see note 15)
Trade creditors
Social security and other taxes
Rent deposits
Accruals and deferred income		 2020
£
505
25,355
1,698
39,972
190,665
258,195		 2019
£
455
10,891
2,848
53,476
315,140
382,810

Included above is deferred income of £89,156 (2019: £93,331) which relates to rents received in advance.

continued...

Page 17

Hospital of the Blessed Mary

Notes to the Financial Statements - continued for the Year Ended 31st December 2020

14.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020
£
Other loans (see note 15)
66,946
15.
LOANS
An analysis of the maturity of loans is given below:
2020
£
Amounts falling due within one year on demand:
Housing corporation loan
505
Amounts falling between one and two years:
Other loans - 1-2 years
560
Amounts falling due between two and five years:
Other loans - 2-5 years
2,081
Amounts falling due in more than five years:
Repayable by instalments:
Other loans more 5yrs instal
64,305
16.
SECURED DEBTS
The following secured debts are included within creditors:
2020
£
Housing corporation loan
67,451		 2019
£
67,451
2019
£
455
505
1,874
65,072
2019
£
67,906

The loans are due to the Housing Corporation and are secured by way of a specific charges against the properties owned by the charity. The loans are repayable at varying rates of interest to a maximum of 10.75% per annum. Capital is being repaid over 60 years from 31 March 1987.

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Extraordinary repair fund - designated
TOTAL FUNDS		 At 1.1.20
£
27,952,255
250,000
28,202,255
28,202,255		 Net
movement

in funds
£
(2,472,500)
-
(2,472,500)
(2,472,500)
At
31.12.20
£
25,479,755
250,000
25,729,755
25,729,755

continued...

Page 18

Hospital of the Blessed Mary

Notes to the Financial Statements - continued for the Year Ended 31st December 2020

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
825,509
TOTAL FUNDS
825,509
Comparatives for movement in funds
Unrestricted funds
General fund
Extraordinary repair fund - designated
TOTAL FUNDS
Comparative net movement in funds, included in the above are
Incoming
resources
£
Unrestricted funds
General fund
924,396
TOTAL FUNDS
924,396
Resources
expended
£
(818,471)
(818,471)
At 1.1.19
£
27,680,052
250,000
27,930,052
27,930,052
s follows:
Resources
expended
£
(1,090,796)
(1,090,796)

Gains and
losses
£
(2,479,538)
(2,479,538)
Net
movement
in funds
£
272,203
-
272,203
272,203
Gains and
losses
£
438,603
438,603
Movement
in funds
£
(2,472,500)
(2,472,500)
At
31.12.19
£
27,952,255
250,000
28,202,255
28,202,255
Movement
in funds
£
272,203
272,203
a

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Extraordinary repair fund - designated
TOTAL FUNDS		 At 1.1.19
£
27,680,052
250,000
27,930,052
27,930,052		 Net
movement

in funds
£
(2,200,297)
-
(2,200,297)
(2,200,297)
At
31.12.20
£
25,479,755
250,000
25,729,755
25,729,755

continued...

Page 19

Hospital of the Blessed Mary

Notes to the Financial Statements - continued for the Year Ended 31st December 2020

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
1,749,905
1,749,905		 Resources
expended
£
(1,909,267)
(1,909,267)		 Gains and
losses
£
(2,040,935)
(2,040,935)		 Movement
in funds
£
(2,200,297)
(2,200,297)

The income funds of the Charity include the Extraordinary Repair fund, which has been set aside out of unrestricted funds by the trustees as a precaution against future liabilities.

18. OTHER FINANCIAL COMMITMENTS

As at 13 October 2020 St Mary's Hospital merged with registered charity Dears Almshouse (charity number 208955), at which point all of the assets and operations were transferred to St Mary's Hospital. The total value of this transfer was £37,931.

It was agreed by the trustees that St Mary's Hospital would fund the expected shortfall of the building project undertaken by Dears Almshouse, costs in the year amounted to £172,874 and the remaining retention of £16,126 has been included in accruals.

19. RELATED PARTY DISCLOSURES

The Chapter of Chichester Cathedral is deemed to be a related party given that a number of Trustees of the Hospital of the Blessed Mary are members of the Chapter of Chichester Cathedral. Members of the finance team of the Chapter of Chichester Cathedral carry out bookkeeping of the Hospital of the Blessed Mary, for which an administration fee is charged. During the year, £159,149 (2019: £158,470) was charged by the Chapter of Chichester Cathedral to the Hospital of the Blessed Mary by way of this administration fee. At 31st December 2020 the Chapter of Chichester owed £9,646 (2019: £5,818).

20. PENSIONS

St Mary's Hospital participates in the Church of England Defined Benefits Scheme (DBS), part of the church Workers Pensions Fund, for employees who joined the staff before 31st December 2002 and the Church Workers Pension Fund Pension Builder 2014 (PB2014). At 31st December 2020 St Mary's had 4 active members in the Fund. The assets of the fund are held separately from those of St Mary's Hospital.

The Defined Benefits scheme was the subject of a full valuation as at 31st December 2019. The fund was shown to be in deficit. The total deficit was assessed to be £17,800, which is included within other creditors, less repayments made in the year.

St Marys' also participates in a Pension Builder (PB2014). Contributions to this scheme are charged to the Statement of Financial Activities as they arise.

Page 20

Hospital of the Blessed Mary

Detailed Statement of Financial Activities for the Year Ended 31st December 2020

INCOME AND ENDOWMENTS
Donations and legacies
Resident's contribution
Grants
Donations from visitors
Investment income
Rents received
Dividends & interest
Guest room rental
Deposit account interest
Total incoming resources
EXPENDITURE
Investment management costs
Property repairs
Professional charges
Insurance
Rates
Heat & Light
Charitable activities
Wages
Social security
Pensions
Rates and water
Insurance
Light and heat
Sundries
Garden expenses
Repairs & maintenance
Outings & trips
Rent
Other staff costs
Depn of St Mary's Courtyard
Depn of St Mary's Lodge
Grants to institutions		 2020
£
31,269
17,007
2,285
50,561
643,478
131,295
85
90
774,948
825,509
67,990
24,017
3,152
1,459
4,980
101,598
164,113
10,847
26,816
18,694
13,626
49,013
9,702
7,181
44,955
5,882
3,016
957
91,368
6,629
25,000
477,799		 2019
£
28,543
-
3,146
31,689
720,403
171,656
605
43
892,707
924,396
147,853
13,033
5,268
4,496
6,417
177,067
135,241
-
29,951
17,979
10,757
42,031
20,134
31,197
269,236
8,650
3,016
1,256
91,368
6,629
25,000
692,445

This page does not form part of the statutory financial statements

Page 21

Hospital of the Blessed Mary

Detailed Statement of Financial Activities for the Year Ended 31st December 2020

Support costs
Management
Telephone
Postage and stationery
Administration and financial services of Dean
and Chapter of Chichester Cathedral
Finance
Bank charges
Loan
Governance costs
Auditors' remuneration
Legal fees
Total resources expended
Net income/(expenditure) before gains and
losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Realised gains/(losses) on investment property
Net expenditure		 2020
£
9,787
126
159,149
169,062
410
7,288
7,698
8,800
53,514
62,314
818,471
7,038
(27,473)
(3,358)
(23,793)		 2019
£
6,272
16,162
158,470
180,904
437
7,333
7,770
7,855
24,755
32,610
1,090,796
(166,400)
14,961
-
(151,439)

This page does not form part of the statutory financial statements

Page 22