REGISTERED CHARITY NUMBER: 202631
Report of the Trustees and
Audited Financial Statements for the Year Ended 31st December 2023
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 2023
| 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 2023
The trustees present their report with the financial statements of the charity for the year ended 31st December 2023. 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.
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 2023
ACHIEVEMENT AND PERFORMANCE
2023 Review
2023 was a year of renewal for St Mary's with a change in leadership, heavy investment in the property portfolio, a reduction in our dependence on Chichester Cathedral and the introduction of more realistic weekly maintenance charges for residents.
Reverend Simon Holland returned to the board of St Mary's as Chairman following his appointment as interim Dean of Chichester Cathedral. Two further appointments were made: Howard Castle-Smith was appointed to the board by the Cathedral Chapter and Simon Dyson was appointed as an independent trustee, Simon's professional background as an ecclesiastical architect was particularly welcome.
At the end of 2022 the Cathedral Chapter gave notice that it wished to terminate the Service Level Agreement which has existed for some time between St Mary's and the Cathedral. This involved purchasing a range of professional services including property, finance, payroll, HR and communications from the Cathedral. By April most of these services had come to an end and were being covered by the in-house team or outsourced to other providers.
A major focus for attention during the year has been a programme of re-investment in both the almshouse and commercial portfolio. Significant expenditure was committed to replacing failing heating systems in several residential blocks. Other major areas of expense within the almshouses included the upgrading of the electronic door entry system and the refurbishment of the residents' lounge. Several of our commercial residential properties were also refurbished. Our commercial residential portfolio performed well; with income buoyed by increased rents as well new lettings of properties which had previously been let to staff.
A review of charges to residents led to a phased introduction of more realistic accommodation charges ('weekly maintenance contributions') for all residents. Hitherto most residents had made only a nominal contribution to the cost of their accommodation and utility bills. Increases to weekly maintenance charges will be phased so that by January 2025 all residents are paying a similar sum. The level of charges together with the level of utility costs being passed on will remain well below equivalent fair rents or charges elsewhere in the social housing sector. The increased charges will however reduce dependence on investment and commercial income to subsidise the almshouses which in turn will provide a stronger basis from which St Mary's can build on its charitable legacy.
A Christian ethos remains at the heart of St Mary's governance and operations with daily worship in the ancient Hospital Chapel. Services are led by Father Bruce Cunningham who was appointed in September 2023 following the retirement of Canon Bruce Ruddock.
Accommodation in the almshouses continues to be strong with several applicants awaiting vacancies which occur only rarely. This meant that during 2023 only one new residential appointment was possible.
FINANCIAL REVIEW
Financial position
Total incoming resources increased for the year from £873,242 to £1,019,991 primarily due to an increase in commercial income. Total expenditure increased from £915,759 to £1,103,191 as a result of increased spend on property projects, leaving an operating loss of £83,200. There were net gains on investments of £315,687. The overall balance of Hospital funds stands at £26,170,850 compared to the previous year's total of £25,938,363.
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 2023 was invested with 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 and access to investments can be gained at short notice.
Page 2
Hospital of the Blessed Mary
Report of the Trustees for the Year Ended 31st December 2023
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 in to 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.
(b) Safeguard of the assets and interests of the association.
(c) Compliance with statutory and other regulatory requirements.
(d) The reliability and integrity of financial and operating information.
(e) Efficient, effective and economic use of resources.
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 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The Charity relies on 3 main income streams to support its aims:
-
1) Residential lets
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2) Commercial lets
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3) Investment income
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, although market conditions have become more challenging in recent years.
St Mary's only hold one deposit which is the owner for Zig Zag. Only one property is an FRI lease and that is the bank. We currently insure the properties including residential.
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.
Page 4
Hospital of the Blessed Mary
Report of the Trustees for the Year Ended 31st December 2023
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) - resigned 31.01.23 The Reverend S Holland (Chairman) - appointed 30.04.23 The Reverend Canon M Townsend Payne - resigned 08.01.24 Mrs R Taunt Mrs A Hayes Mrs J Evershed-Martin The Reverend J Dunn Mr S Dyson - appointed 07.06.23 Mr H Castle-Smith - appointed 25.01.23
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
Scheme Manager
Mrs Sue Porter
Clerk to the Trustees and Administrator
Mr Ivan Western
Page 5
Hospital of the Blessed Mary
Report of the Trustees for the Year Ended 31st December 2023
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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ The Reverend Canon S Holland - Trustee
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 2023 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).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31st December 2023 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims;
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enquiry of entity's staff to identify any instances of non-compliance with laws and regulations;
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reviewing minutes of meetings of those charged with governance;
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reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
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auditing the risk of management override of controls including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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: .............................................
Page 8
Hospital of the Blessed Mary
Statement of Financial Activities for the Year Ended 31st December 2023
| 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) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted funds £ 149,775 870,216 1,019,991 197,574 905,617 1,103,191 315,687 232,487 25,938,363 26,170,850 |
2022 Total funds £ 85,331 787,911 873,242 176,035 739,724 915,759 (451,945) (494,462) 26,432,825 25,938,363 |
|---|---|---|
The notes form part of these financial statements
Page 9
Hospital of the Blessed Mary
Balance Sheet 31st December 2023
| Notes FIXED ASSETS Tangible assets 10 Investments 11 CURRENT ASSETS Debtors 12 Cash at bank 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 |
2023 Unrestricted funds £ 4,217,322 21,832,036 26,049,358 201,020 196,102 397,122 (210,558) 186,564 26,235,922 (65,072) 26,170,850 26,170,850 26,170,850 |
2022 Total funds £ 3,980,680 21,616,349 25,597,029 280,006 402,143 682,149 (275,052) 407,097 26,004,126 (65,763) 25,938,363 25,938,363 25,938,363 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Reverend Canon S Holland - Trustee
The notes form part of these financial statements
Page 10
Hospital of the Blessed Mary
Cash Flow Statement for the Year Ended 31st December 2023
| 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 tangible fixed assets Purchase of fixed asset investments Sale of fixed asset investments 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 |
2023 £ (809,379) (7,742) (817,121) (358,514) - 100,000 765,065 100,634 3,111 1,406 611,702 (622) (622) (206,041) 402,143 196,102 |
2022 £ (785,096) (7,182) (792,278) (6,710) (2,321) - 684,070 101,330 615 1,896 778,880 (559) (559) (13,957) 416,100 402,143 |
|---|---|---|
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 2023
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges (Gain)/losses on investments Interest received Interest paid Dividends received Rents received Dividends and interest received Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash used in operations |
2023 £ 232,487 121,872 (315,687) (3,111) 7,742 (1,406) (765,065) (100,634) 78,986 (64,563) (809,379) |
2022 £ (494,462) 103,591 451,945 (615) 7,182 (1,896) (684,070) (101,330) (93,436) 27,995 (785,096) |
|---|---|---|
2.
ANALYSIS OF CHANGES IN NET FUNDS
| At 1.1.23 | Cash flow | At 31.12.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 402,143 | (206,041) | 196,102 |
| 402,143 | (206,041) | 196,102 | |
| Debt | |||
| Debts falling due within 1 year | (622) | (69) | (691) |
| Debts falling due after 1 year | (65,763) | 691 | (65,072) |
| (66,385) | 622 | (65,763) | |
| Total | 335,758 | (205,419) | 130,339 |
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 2023
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 Plant and machinery - 20% on cost
Property expenditure which goes above and beyond simple maintenance is capitalised, where the cost of the work exceeds £50,000.
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.
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.
continued...
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Hospital of the Blessed Mary
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
1. ACCOUNTING POLICIES - continued
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 have a large amount of liquid assets which can be used to support any short-term downturns in revenue and any exceptional expenditure. On this basis the Trustees believe the charity is a going concern.
2. DONATIONS AND LEGACIES
| Resident's contribution Legacies Donations from visitors 3. INVESTMENT INCOME Rents received Dividends & interest Guest room rental Deposit account interest 4. RAISING FUNDS Investment management costs Property repairs Professional charges Insurance Rates Heat & Light |
2023 £ 123,401 22,459 3,915 149,775 2023 £ 765,065 100,634 1,406 3,111 870,216 2023 £ 112,135 74,018 5,090 362 5,969 197,574 |
2022 £ 83,407 - 1,924 |
|---|---|---|
| 85,331 | ||
| 2022 £ 684,070 101,330 1,896 615 |
||
| 787,911 | ||
| 2022 £ 98,305 67,158 4,604 2,791 3,177 |
||
| 176,035 |
continued...
Page 14
Hospital of the Blessed Mary
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
5. CHARITABLE ACTIVITIES COSTS
| Direct Costs £ Almshouses 784,317 6. GRANTS PAYABLE Almshouses The total grants paid to institutions during the year was as follows: St Richard of Chichester Christian Care Association Chichester Heart for Homeless St Wilfrid's Hospice ST Barnabas Hospice St Richard's Hospital St Peter's Church, Selsey RNLI Royal British Legion Water Aid Crisis 7. SUPPORT COSTS Management £ Almshouses 55,393 |
Grant funding of activities Support (see note costs (see 6) note 7) £ £ 1,295 120,005 2023 £ 1,295 2023 £ - 100 - - - 660 97 267 76 95 1,295 Governance Finance costs £ £ 7,536 57,076 |
Totals £ 905,617 |
Totals £ 905,617 |
|---|---|---|---|
| 2022 £ 42,431 2022 £ 30,000 12,000 100 155 176 - - - - - 42,431 Totals £ 120,005 |
2022 £ 42,431 |
||
| 2022 £ 30,000 12,000 100 155 176 - - - - - |
|||
| 42,431 |
Included in the above is £10,860 which relates to the auditors remuneration.
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2023 nor for the year ended 31st December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2023 nor for the year ended 31st December 2022.
Page 15
continued...
Hospital of the Blessed Mary
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
9. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was Employees No employees received emoluments in excess of £60,000. 10. TANGIBLE FIXED ASSETS Freehold property £ COST At 1st January 2023 4,848,410 Additions 236,424 At 31st December 2023 5,084,834 DEPRECIATION At 1st January 2023 1,040,160 Charge for year 101,697 At 31st December 2023 1,141,857 NET BOOK VALUE At 31st December 2023 3,942,977 At 31st December 2022 3,808,250 11. FIXED ASSET INVESTMENTS MARKET VALUE At 1st January 2023 Disposals Revaluations At 31st December 2023 NET BOOK VALUE At 31st December 2023 At 31st December 2022 |
as | follows: St Mary's Lodge £ 397,725 - 397,725 232,005 6,624 238,629 159,096 165,720 Listed investments £ 3,388,849 (94,278) 309,965 3,604,536 3,604,536 3,388,849 |
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|---|---|---|---|---|---|
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continued...
Hospital of the Blessed Mary
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
11. FIXED ASSET INVESTMENTS - continued
There were no investment assets outside the UK.
Cost or valuation at 31st December 2023 is represented by:
| Listed | Investment | |||
|---|---|---|---|---|
| investments | Properties | Totals | ||
| £ | £ | £ | ||
| Valuation in | 2023 | 3,604,536 | 18,227,500 | 21,832,036 |
All investment properties were subject to a formal valuation undertaken by Flude Property Consultants and Chartered Surveyors on 31 December 2021. The basis of valuation was open market value.
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other loans (see note 15) Trade creditors Social security and other taxes Other creditors Rent deposits Accruals and deferred income |
2023 £ 56,788 144,232 201,020 2023 £ 691 90,710 - - 46,342 72,815 210,558 |
2022 £ 45,008 234,998 |
|---|---|---|
| 280,006 | ||
| 2022 £ 622 40,871 1,624 45,876 77,821 108,238 |
||
| 275,052 |
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Included above is deferred income of £53,125 (2022: £61,033) 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 2023
14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Other loans (see note 15) 15. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Housing corporation loan Amounts falling between one and two years: Other loans - 1-2 years Amounts falling due between two and five years: Other loans - 2-5 years Amounts falling due in more than five years: Repayable by instalments: Other loans more 5yrs instal 16. SECURED DEBTS The following secured debts are included within creditors: Housing corporation loan |
2023 £ 65,072 2023 £ 691 767 2,848 61,457 2023 £ 65,763 |
2022 £ 65,763 |
|---|---|---|
| 2022 £ 622 |
||
| 691 | ||
| 2,565 | ||
| 62,507 2022 £ 66,385 |
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 TOTAL FUNDS |
At 1.1.23 £ 25,938,363 25,938,363 |
Net movement in funds £ 232,487 232,487 |
At 31.12.23 £ 26,170,850 |
|---|---|---|---|
| 26,170,850 |
continued...
Page 18
Hospital of the Blessed Mary
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
17. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 1,019,991 1,019,991 |
Resources expended £ (1,103,191 ) (1,103,191 ) |
Gains and losses £ 315,687 315,687 |
Movement in funds £ 232,487 |
|---|---|---|---|---|
| 232,487 |
Comparatives for movement in funds
| At 1.1.22 £ Unrestricted funds General fund 26,182,825 Extraordinary repair fund - designated 250,000 26,432,825 TOTAL FUNDS 26,432,825 Comparative net movement in funds, included in the above are a Incoming resources £ Unrestricted funds General fund 873,242 TOTAL FUNDS 873,242 |
Net movement in funds £ (494,462) - (494,462) (494,462) s follows: Resources expended £ (915,759) (915,759) |
Transfers between funds £ 250,000 (250,000) - - Gains and losses £ (451,945) (451,945) |
At 31.12.22 £ 25,938,363 - |
At 31.12.22 £ 25,938,363 - |
|
|---|---|---|---|---|---|
| 25,938,363 | |||||
| 25,938,363 | |||||
| Movement in funds £ (494,462) (494,462) |
|||||
| (494,462) |
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 1.1.22 £ 26,182,825 250,000 26,432,825 26,432,825 |
Net movement in funds £ (261,975) - (261,975) (261,975) |
Transfers between funds £ 250,000 (250,000) - - |
At 31.12.23 £ 26,170,850 - |
|---|---|---|---|---|
| 26,170,850 | ||||
| 26,170,850 |
continued...
Page 19
Hospital of the Blessed Mary
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
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 £ 1,893,233 1,893,233 |
Resources expended £ (2,018,950 ) (2,018,950 ) |
Gains and losses £ (136,258) (136,258) |
Movement in funds £ (261,975) (261,975) |
|---|---|---|---|---|
18. 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, £25,609 (2022: £104,775) was charged by the Chapter of Chichester Cathedral to the Hospital of the Blessed Mary by way of this administration fee.
The agreement to provide administration and finance services to the charity ceased during the year.
19. 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 2023 there are no active members. 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 2022. The fund was shown to be in surplus and payments to meet a previous deficit have now ceased.
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 2023
| INCOME AND ENDOWMENTS Donations and legacies Resident's contribution Legacies 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 Depn of St Mary's Courtyard Depn of St Mary's Lodge Plant and machinery Grants to institutions |
2023 £ 123,401 22,459 3,915 149,775 765,065 100,634 1,406 3,111 870,216 1,019,991 112,135 74,018 5,090 362 5,969 197,574 96,191 7,865 13,485 32,778 21,245 102,281 38,989 39,152 297,531 12,929 101,696 6,624 13,551 1,295 785,612 |
2022 £ 83,407 - 1,924 |
|---|---|---|
| 85,331 684,070 101,330 1,896 615 |
||
| 787,911 | ||
| 873,242 98,305 67,158 4,604 2,791 3,177 |
||
| 176,035 118,106 6,764 16,986 24,681 18,982 71,017 24,126 23,531 76,976 10,170 96,968 6,624 - 42,431 |
||
| 537,362 |
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 2023
| Support costs Management Telephone Administration and financial services of Dean and Chapter of Chichester Cathedral Finance Bank charges Loan Governance costs Auditors' remuneration Bookkeeping Legal and professional fees Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net expenditure |
2023 £ 35,445 19,948 55,393 416 7,120 7,536 10,860 31,688 14,528 57,076 1,103,191 (83,200) 5,722 (77,478) |
2022 £ 38,572 96,783 135,355 396 7,182 7,578 10,580 28,800 20,049 59,429 915,759 (42,517) - (42,517) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 22