| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees’ Report | 2—8 |
| Independent Auditor’s Report | 9— 11 |
| Statement of Financial Activities | 12 |
| Balance Sheet | 13 |
| Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15— 34 |
The Hospital of St Cross and Almshouse of Noble Poverty
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HOSPITAL OF ST CROSS AND ALMSHOUSE OF NOBLE POVERTY
FOR THE YEAR ENDED 31 DECEMBER 2020
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context were Charity Commission regulations and taxation legislation.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income, judgements involved in the valuation of investment property and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases including assumptions used to establish the year end investment property value, sample testing of income documentation and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non compliance and cannot be expected to detect non-compliance with all laws and regulations.
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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP Statutory Auditor
Reading 17 August 2021
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
| Permanent | Restricted | Unrestricted | Total | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | ||
| Note | 2020 | 2020 | 2020 | 2020 | 2019 | |
| £ | £ | £ | £ | £ | ||
| Income from: | ||||||
| Donations, grants | ||||||
| and legacies | 2 | 25,404 | 27,925 | 53,329 | 85,584 | |
| Activities for | ||||||
| generating funds | 3 | 6,701 | 6,701 | 28,463 | ||
| Investment income | 4 | 2,742 | 424,034 | 426,776 | 436,910 | |
| Charitable activities | 5 | 171,232 | 171,232 | 302,719 | ||
| Total income | - | 28,146 | 629,892 | 658,038 | 853,676 | |
| Expenditure on: | ||||||
| Raising funds: | ||||||
| Costs of generating | ||||||
| voluntary income | 6 | - | - | 6,001 | 6,001 | 15,610 |
| Investment | ||||||
| management costs | 7 | 16,475 | - | 29,010 | 45,485 | 62,326 |
| Charitable activities | 8 | - | 11,599 | 674,302 | 685,901 | 691,805 |
| Total expenditure | 16,475 | 11,599 | 709,313 | 737,387 | 769,741 | |
| Net incoming | (16,475) | 16,547 | (79,421) | (79,349) | 83,935 | |
| (outgoing) | ||||||
| resources before | ||||||
| investment gains | ||||||
| Net gains (losses) | 14 | 495,939 | 32,626 | 124,755 | 653,320 | 1,267,466 |
| on investments | ||||||
| Net income before | 479,464 | 49,173 | 45,334 | 573,971 | 1,351,401 | |
| transfers | ||||||
| Transfers between | 15 | 10,308 | 1,625 | (11,933) | - | - |
| funds | ||||||
| Net movement in | 489,772 | 50,798 | 33,401 | 573,971 | 1,351,401 | |
| funds | ||||||
| Reconciliation of | ||||||
| funds: | ||||||
| Total funds at 1 | 17,291,696 | 435,009 | 2,254,912 | 19,981,617 | 18,630,216 | |
| January 2020 | ||||||
| Total funds at 31 | 17,781,468 | 485,807 | 2,288,313 | 20,555,588 | 19,981,617 | |
| December 2020 |
| 2020 | 2019 | ||
|---|---|---|---|
| Note | £ | £ | |
| Cash flows from operating activities | |||
| Net income (outgoings) for the year (as per Statement of | (79,349) | 83,935 | |
| Financial Activities) | |||
| Adjustment for: | |||
| Dividends, interest and rents from investments | (426,776) | (436,910) | |
| Decrease in debtors | 21,390 | 7,115 | |
| (Decrease) in creditors | 33,318 | (33,523) | |
| Depreciation of tangible fixed assets | 34,397 | 22,098 | |
| Net cash provided by operating activities | (417,020) | (357,285) | |
| Cash flows from investing activities | |||
| Purchase offixed asset investments | (4,010,579) | (34,433) | |
| Transfers to cash from investments | 50,000 | - | |
| Purchase of tangible fixed assets | (13,642) | (184,484) | |
| Disposal of tangible fixed assets | 3,997,811 | - | |
| Dividends, interest and rents receivable | 426,776 | 436,910 | |
| Net cash used in investing activities | 450,366 | 217,993 | |
| Change in cash and cash equivalents in the year | 25 | 33,346 | (139,292) |
| Cash and cash equivalents brought forward | 54,536 | 193,828 | |
| Cash and cash equivalents carried forward | 87,882 | 54,536 |
| Permanent | Restricted | Unrestricted | Total | Total | |
|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |
| 2020 | 2020 | 2020 | 2020 | 2019 | |
| £ | £ | £ | £ | £ | |
| Donations | 404 | 1,841 | 2,245 | 20,834 | |
| Grants | 25,000 | 26,084 | 51,084 | 34,750 | |
| Legacies | - | 30,000 | |||
| Total donations and | - | 25,404 | 27,925 | 53,329 | 85,584 |
| legacies |
| draising income | |||||
|---|---|---|---|---|---|
| Permanent | Restricted | Unrestricted | Total | Total | |
| funds | funds | funds | funds | funds | |
| 2020 | 2020 | 2020 | 2020 | 2019 | |
| £ | £ | £ | £ | £ | |
| Events | - | - | - | - | 2,010 |
| Shop sales | - | - | 6,606 | 6,606 | 15,929 |
| Tearoom sales | - | - | 95 | 95 | 10,524 |
| Total fundraising income | - | - | 6,701 | 6,701 | 28,463 |
| Permanent | Restricted | Unrestricted | Total | Total | |
|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |
| 2020 | 2020 | 2020 | 2020 | 2019 | |
| E | £ | £ | £ | £ | |
| Rent receivable | 131,792 | 131,792 | 140,604 | ||
| Investment income | 2,742 | 292,242 | 294,984 | 296,406 | |
| Total investment income | - | 2,742 | 424,034 | 426,776 | 436,910 |
| Permanent | Restricted | Unrestricted | Total | Total | |
|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |
| 2020 | 2020 | 2020 | 2020 | 2019 | |
| £ | £ | £ | £ | £ | |
| Recoveries from Brothers | - | - | 160,931 | 160,931 | 170,701 |
| Primary purpose trade | - | - | 6,639 | 6,639 | 79,291 |
| Ancillary trade | - | - | 3,662 | 3,662 | 52,727 |
| - | - | 171,232 | 171,232 | 302,719 |
| Permanent | Restricted | Unrestricted | Total | Total | |
|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |
| 2020 | 2020 | 2020 | 2020 | 2019 | |
| £ | £ | £ | £ | £ | |
| Expenses of public visiting | - | - | 2,564 | 2,564 | 3,888 |
| Costs of goods sold | - | - | 3,437 | 3,437 | 11,722 |
| - | - | 6,001 | 6,001 | 15,610 |
| estment management costs | |||||
|---|---|---|---|---|---|
| Permanent | Restricted | Unrestricted | Total | Total | |
| funds | funds | funds | funds | funds | |
| 2020 | 2020 | 2020 | 2020 | 2019 | |
| £ | £ | £ | £ | £ | |
| Investment property repairs | - | - | 13233 | 13233 | 13133 |
| Investment property | |||||
| managementfees(a) | 16,475 | - | 6,767 | 23,242 | 39,698 |
| Support costs (note 11) | - | - | 9,010 | 9,010 | 9,495 |
| 16.475 | - | 29,010 | 45485 | 62,326 |
| Permanent | Restricted | Unrestricted | Total | Total | |
|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |
| 2020 | 2020 | 2020 | 2020 | 2019 | |
| £ | £ | £ | £ | £ | |
| Upkeep of historic buildings | - | 9,161 | 321,647 | 330,808 | 313,777 |
| Brothers’ welfare | - | 2,438 | 197,202 | 199,640 | 227,509 |
| Public visiting and | |||||
| advertising expenses | - | - | 49,827 | 49,827 | 27,814 |
| Volunteer expenses | - | - | 1,000 | 1,000 | 1,000 |
| Costs of goods sold | - | - | 1,746 | 1,746 | 12,229 |
| Professional fees | - | - | - | - | 10,123 |
| Depreciation | - | - | 34,397 | 34,397 | 22,098 |
| Governance costs (note 10) | - | - | 68,483 | 68,483 | 77,255 |
| - | 11,599 | 674,302 | 685,901 | 691,805 |
| Direct | Support | Total | Total | |
|---|---|---|---|---|
| costs | costs | funds | funds | |
| 2020 | 2020 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Upkeep of historic buildings | 312,900 | 17,908 | 330,808 | 313,777 |
| Brothers’ welfare | 169,368 | 30,272 | 199,640 | 227,509 |
| Public visiting and advertising expenses | 22,666 | 27,161 | 49,827 | 27,814 |
| Volunteer expenses | 1,000 | - | 1,000 | 1,000 |
| Costs of goods sold | 1,746 | - | 1,746 | 12,229 |
| Professional fees | - | - | - | 10,123 |
| Depreciation | 34,397 | - | 34,397 | 22,098 |
| Governance costs (note 10) | 15,783 | 52,700 | 68,483 | 77,255 |
| 557,860 | 128,041 | 685,901 | 691,805 |
| Restricted | Unrestricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2020 | 2020 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Audit fees | - | 13,590 | 13,590 | 12,799 |
| Other professional fees | - | 2,193 | 2,193 | 4,839 |
| Support costs (note 11) | - | 52,700 | 52,700 | 59,617 |
| - | 68,483 | 68,483 | 77,255 |
| Investment | ||||
|---|---|---|---|---|
| property | Charitable | |||
| management | activities | Governance | ||
| (Note 7) | (Note 9) | (Note 10) | Total | |
| £ | £ | £ | £ | |
| 2020 | ||||
| Clerical Salaries | 9,010 | 66,883 | 47,062 | 122,955 |
| Office costs | 8,458 | 5,638 | 14,096 | |
| 9,010 | 75,341 | 52,700 | 137,051 | |
| 2019 | ||||
| Clerical Salaries | 9,495 | 52,521 | 52,413 | 114,429 |
| Office costs | - | 13,378 | 7,204 | 20,582 |
| 9,495 | 65,899 | 59,617 | 135,011 | |
| ff costs | ||||
| taff costs were as follows: | ||||
| 2020 | 2019 | |||
| £ | £ | |||
| Wages and salaries | 284,418 | 273,483 | ||
| Social security costs | 22,586 | 20,881 | ||
| Pension costs | 14,802 | 13,837 | ||
| 321,806 | 308,201 |
| Permanent | Restricted | Unrestricted | Total | Total | |
|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |
| 2020 | 2020 | 2020 | 2020 | 2019 | |
| £ | £ | £ | £ | £ | |
| Unrealised gains/(Iosses) | |||||
| on revaluation of | |||||
| investment properties | 240,000 | - | - | 240000 | (75,000) |
| Realised gains/(losses) on | |||||
| investments | (252,189) | - | - | (252,189) | - |
| Unrealised gains/(Iosses) | |||||
| on investments | 508,128 | 32,626 | 124,755 | 665,509 | 1,342,466 |
| 495,939 | 32,626 | 124,755 | 653,320 | 1,267,466 |
| Permanent | Restricted | Unrestricted | ||||||
|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | ||||||
| £ | £ | £ | ||||||
| Appropriations | to | permanent | and | restricted | funds | 10,308 | 1,625 | (11,933) |
| 10,308 | 1,625 | (11,933) |
| Fixtures, | ||
|---|---|---|
| fittings & | ||
| plant | Total | |
| £ | £ | |
| Cost or valuation | ||
| At 1 January 2020 | 515,956 | 515,956 |
| Additions | 13,642 | 13,642 |
| On revaluations | ||
| At 31 December 2020 | 529,598 | 529,598 |
| Depreciation | ||
| At 1 January 2020 | 44,196 | 44,196 |
| Charge for the year | 34,397 | 34,397 |
| At 31 December 2020 | 78,593 | 78593 |
| Net book value | ||
| At 31 December 2020 | 451,005 | 451,005 |
| At 31 December 2019 | 471,760 | 471,760 |
| Investment | |||
|---|---|---|---|
| Investment | properties | ||
| properties | Noble | ||
| Hospital | Poverty | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 January 2020 | 8,946,000 | 885,000 | 9,831,000 |
| Additions | |||
| Disposals | (4,250,000) | (4,250,000) | |
| On revaluations | 196,000 | 44,000 | 240,000 |
| At 31 December 2020 | 4,892,000 | 929,000 | 5,821,000 |
| Net book value | |||
| At 31 December 2020 | 4,892,000 | 929,000 | 5,821,000 |
| At 31 December 2019 | 8,946,000 | 885,000 | 9,831,000 |
| Permanent | Restricted | Unrestricted | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| £ | £ | £ | £ | |
| CCLA Funds at market | ||||
| value | ||||
| At 1 January 2020 | 7,460,696 | 418,057 | 1,804,455 | 9,683,208 |
| Recoupments | 10,308 | 1,625 | - | 11,933 |
| Additions | 3,998,646 | - | 3,998,646 | |
| Transfers Between Funds | (17,310) | 17,310 | - | |
| Transfers to Cash | (50,000) | (50,000) | ||
| Change in market value | 508,128 | 32,626 | 124,755 | 665,509 |
| At 31 December 2020 | 11,960,468 | 452,308 | 1,896,520 | 14,309,296 |
| 2020 | 2019 | |
|---|---|---|
| £ | ||
| Trade debtors | 6,968 | 21,620 |
| Other debtors | 494 | 3,761 |
| Prepayments and accrued income | 2,042 | 5,513 |
| 9,504 | 30,894 |
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 62,317 | 21,709 |
| Taxation and social security | 5,567 | 5,183 |
| Other creditors | 18,876 | 18,851 |
| Accruals and deferred income | 36,339 | 44,037 |
| 123,099 | 89,780 |
| At 1 Jan | Movement for | At 31 Dec | |
|---|---|---|---|
| 2020 | the year | 2020 | |
| £ | £ | £ | |
| Extraordinary repair funds (a) | 361,617 | 37,100 | 398,717 |
| John Hatton fund (b) | 68,453 | (1,471) | 66,982 |
| Brothers’ welfare fund (c) | 4,939 | (670) | 4,269 |
| Friends grant fund (d) | 15,839 | 15,839 | |
| 435,009 | 50,798 | 485,807 |
| At 1 Jan | Movement for | At 31 Dec | |
|---|---|---|---|
| 2020 | the year | 2020 | |
| £ | £ | £ | |
| Designated funds: | |||
| Commander J S Baker Bequest | 461,984 | 29,528 | 491,512 |
| Miss G M Bauer Bequest | 140,971 | 26,933 | 167,904 |
| 602,955 | 56,461 | 659,416 | |
| General fund | 1,651,957 | (23,060) | 1,628,897 |
| 2,254,912 | 33,401 | 2,288,313 |
| 24. | Analysis of net assets between funds | Analysis of net assets between funds | ||||
|---|---|---|---|---|---|---|
| Permanent | Restricted | Unrestricted | Total | Total | ||
| funds | funds | funds | funds | funds | ||
| 2020 | 2020 | 2020 | 2020 | 2019 | ||
| £ | £ | £ | £ | £ | ||
| Tangible fixed assets | 451,005 | 451,005 | 471,760 | |||
| Fixed asset investment | ||||||
| properties | 5,821,000 | 5,821,000 | 9,831,000 | |||
| Fixed asset investments | 11,960,468 | 452,308 | 1,896,520 | 14,309,296 | 9,683,207 | |
| Current assets | 33,499 | 63,887 | 97,386 | 85,430 | ||
| Creditors due within one year | (123,099) | (123,099) | (89,780) | |||
| 17,781,468 | 485,807 | 2,288,313 | 20,555,588 | 19,981,617 |
| Permanent | Restricted | Unrestricted | Total | Total | |
|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | |
| 2019 | 2019 | 2019 | 2019 | 2018 | |
| £ | £ | £ | £ | £ | |
| Tangible fixed assets | 471,760 | 471,760 | 309,374 | ||
| Fixed asset investment | 9,831 ,00( | - | 9,831,000 | 9,906,000 | |
| properties | |||||
| Fixed asset investments | 7,460,696 | 418,056 | 1,804,455 | 9,683,207 | 8,306,308 |
| Current assets | 16,953 | 68,477 | 85,430 | 231,837 | |
| Creditors due within one year | (89,780) | (89,780) | (123,303) | ||
| 17,291,696 | 435,009 | 2,254,912 | 19,981,617 | 18,630,216 |
| At 1 Jan | Cash flow | At 31 Dec | |
|---|---|---|---|
| 2020 | £ | 2020 | |
| £ | £ | ||
| Cash at bank and in hand | 34,605 | (10,447) | 24,158 |
| Cash held with investment manager | 19,931 | 43,793 | 63,724 |
| Net Cash | 54,536 | 33,346 | 87,882 |
| 2020 | 2019 | |||
|---|---|---|---|---|
| £ | £ | |||
| Basic | financial | assets | 14,404,640 | 9,763,124 |
| Basic | financial | liabilities | (117,532) | (84,597) |
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Total | dividend and interest income for basic financial assets | 294,984 | 296,406 |
| Total | (losses)/gains in respectof basicfinancial assets | 665,510 | 1,342,466 |
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Less | than one year | 49,795 | 66,157 |
| After | one year and less than five years | 13,219 | 20,927 |
| After | five years | - | - |
| Permanent | Restricted | Unrestricted | Total | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | ||
| Note | 2019 | 2019 | 2019 | 2019 | 2018 | |
| £ | £ | £ | £ | £ | ||
| Income from: | ||||||
| Donations, grants and | ||||||
| legacies | 2 | 7,385 | 78,199 | 85,584 | 53,783 | |
| Activities for | ||||||
| generating funds | 3 | 28,463 | 28,463 | 28,126 | ||
| Investment income | 4 | 2,340 | 434,570 | 436,910 | 441,172 | |
| Charitable activities | 5 | 302,719 | 302,719 | 284,624 | ||
| Total income | - | 9,725 | 843,951 | 853,676 | 807,705 | |
| Expenditure on: | ||||||
| Raising funds: | ||||||
| Costs of generating | ||||||
| voluntary income | 6 | - | - | 15,610 | 15,610 | 15,210 |
| Investment | ||||||
| management costs | 7 | 32,938 | - | 29,388 | 62,326 | 198,353 |
| Charitable activities | 8 | - | 12,586 | 679,219 | 691,805 | 728,675 |
| Total expenditure | 32,938 | 12,586 | 724,217 | 769,741 | 942,238 | |
| Net incoming | (32,938) | (2,861) | 119,734 | 83,935 | (134,533) | |
| (outgoing) | ||||||
| resources before | ||||||
| investment gains | ||||||
| Net gains (losses) on | 14 | 941,118 | 62,484 | 263,864 | 1,267,466 | (1,910,111) |
| investments | ||||||
| Net income before | 908,180 | 59,623 | 383,598 | 1,351,401 | (2,044,644) | |
| transfers | ||||||
| Transfers between | 15 | 10,308 | 1,625 | (11,933) | - | - |
| funds | ||||||
| Net movement in | 918,488 | 61,248 | 371,665 | 1,351,401 | (2,044,644) | |
| funds | ||||||
| Reconciliation of | ||||||
| funds: | ||||||
| Total funds at 1 | 16,373,208 | 373,761 | 1,883,247 | 18,630,216 | 20,674,860 | |
| January 2019 | ||||||
| Total funds at 31 | 17,291,696 | 435,009 | 2,254,912 | 19,981,617 | 18,630,216 | |
| December 2019 |