Charity numbgr. 202751
The Hospital of St Cross and
Almshouse of Noble Poverty
Trustees, report and
Financial statements
For the year ended 31 Decamber 2022

The Hospital of St Cross and Almshouse of Noble Poverty
CoNTE￿s
Page
Roforenca and Admlnlstrallve Detalls of thg Charity, Its Trustees and Advisers
Truste88' Report
Ind¢p8ndent Auditorfs Report
9-11
Statemont of Flnancial Activitles
12
Balance Sh8ot
13
Statement of Cash Flows
14
Notes to the Financlal SL*am8nts
15-34

The Hospltal of St Cross and Almshouse of Noble Poverty
REFERENCE AND ADMINISTRATIVE D￿AlLs OF THE CHARrrY. ITS TRUSTEES AND
ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2022
Charity regi$ter¢d numbor
202751
Registered office
Hospital of Sl Cross. Sl Cr05s Road, Winchester. S023 9SD
CO￿OPta￿Ve Trusto95
Mr Jonathan Cooke {Chairman)
Mr William Corbett
Mr Christopher Anderson Irelireé March 20231
Mrs Rosemary Andreae (rellred March 2022)
Mrs Gill Beck IPCCI
Mr Christopher Higglns
Mr Michael Killingley FCA
Mrs Imogen Lyndon Skeggs laptKJinted March 2022)
Mrs Felicity Pennycook ACA (Honorary Treasurer)
Mrs Katherine Wake
Dr Tim Foster
Mr Jonathan Port￿ (appointed March 2023)
Nomlnatlvg Trusteas
Cllr Fiona Mather (Winchester City Council)
Mr Adam Rattray IWinch8Ster College - appointsd June 2021)
Ex-officlo Trust8
The Master of St Cross: The Reverend Tery Hemming (retired Decomb8r 20221, Tho Reverend
Dominik Chmielewski {appointed Decombor 20221
The Dean of Winchester: The Very Reverend Catherine Ogle
The Right Worshipful Mayor of Winchester. Cllr Vivian Achwal {2021120221. Cllr Derek Green
{2022120231, Cllr Angela Clear12023)
Clerk to the Trustees
Mr5 Catriolla Morley
Bankers
National Westsninster Bank plc, 105 High Street, Winchester. S023 9AW
Sollcltors
Godwins, 12 St Thomas Street, Winchester, S023 9HF
Investment Managers
CCLA Inveslm8nl Manag8ment Ltd, Senator Hous8, 85 Queen I[￿tOria Street, Loneon, &C4V 4Fr
Property advisors
Carter Jonas, 9a Jewry Street. Winchester. S023 8RZ
Audltor
Crowe U.K. LLP, Aquis House, 49-51 Blagrave Street. Reading, RG1 1PL

The Hospital of St Cross and Almshouse of Noble Poverty
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
Prfncipal actlvltles and alms
The Hospital's principal activity continues lo be the prowsK)n of a INing community which offers a
home and haven to eldedy gentlemen on the premises of °England's oldest and most perfect
Amshouse" and to provide a welcome to all who wish to Vi51t the Hospllal and enjoy ils surroundings.
The Hospital wa$ originally founded around 1132 by Henri de Blois, Bishop of Winchester. Its aims
are to maintain the property, care for the Brothers, welcome visitors and continue the worship al the
Church of St Cross for the Brothers and. for the past 500 years. the parishloners of St Faith.
Revlew of xhlevements and perfomiance for lh8 year
Herltage Proff le
After years of signtficant disruption due to the Covid p8ndemic and restrictions, visitor numbers
recovered significantly, albeit not yel to the levels of 2019. To broaden ils heritage profile the Ho$pital
became a member of Historic Houses which wll provide new marketing outlets and opportunities.
The Hospital receives a number of enquiries each year relating to its history. These include question3
from families whose relatives might have been T￿IdentS in the past and ￿ademI¢S researching
specific areas such as stained%lass windows or medieval floor tiles. The Hospital draws on a
number of resources lo hdp respond to such enquiries induding dedicated professionals (such as
archaeologists and arohileots), the Hampshire Records Office and the Hospttal's own in-house staff.
The proje¢l to commemorate the Hospital's 900 year annNersary (in 20321 is progressing,- a list of
Ideas was drawn up which, once fillalised, wrll be pul through a voling process. In September the
Hospital look part in the National Heritage Open Days scheme, which offers free enty for one day in
order to celebrate and promote the UK'S history and culture.
The Hospital of Sl Cross continued lo be a site of interest to film makers. Location scouts are always
impressed ty the well conserved buildings whth provide a fantastic unsFX)ill historic setting.
The Hospital's succes5 in SUPp￿tIng the conseNation of swtfts was highlighted on the BBC'S daily
programme. The One Show. A feature, presented by Ihe naturalist, Chris Packharll, was filmed at Sl
Cross In August which highlighted the work of the Hampshire S￿￿fts group, who have installed 35 nest
boxes al the Hospital. The number of breeding birds rearing young at the Hospital increased again in
2022 compared to the previous years- making St Cross a desirable Itmxlion for filtn makers and Swrfts
alik81
Revlew of charitable actlvitles
Buildings conserwalion
The church roof Is nearing Ihe end of its useful lrfe. Extensive, and costly, repairs were originally
budgeted lo lake place in 2021 buL with advice frorn the Hospttal's archrf(ect5, lemwrary repairs were
carried out on the church south Iransepl, sacristy and SOLJth chancel roofs, which shoulé enable their
repla￿ment lo be delayed until later in the 2020s.
De5plte this. there has been a heavy programme of repairs during 2022, at a cost of some £250,000.
This has induded £98,000 of nttessary ￿paIrS on our let properties on St. Cross Road,. £34,000 on
replacing the paving beneath the Beaufort Tower {half the cost of which Wds covered by a generous
donation by the Friends of Sl. Cross Hospital in 2021).. £11.(KJO on the refurbishment of the Brothers.
kitchens.. and £26,OfX) of professional fees in respect of the planned refurbishm8nl of the Brothers,
flats, referred to later in this reporL

Tho Hospital of St Cross and Almshouse of Noble Poverty
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
Welfare and visitors
5 new Brothers look up reSIder￿ at St. Cross during 2022. while one left lo lake up residence in a
ursing home- sadly one Brother died in January 2022 and another in January 2023.
The Hospital had about 5,000 paying vi5ilors in 2022, well ahead of the 3,500 and 600 in the tho
previous, panéemic affe¢ted years: il is however slill well below the 8.O¢X) visitors in 2019. There were
16 weddingg al Sl. Cross during the year. and a successful Michaelmas Fair in September.
Friends ofst Cross Hospilal
The Friends of Sl. Cross has about 800 irKINidual rnembers, a signrficant increase over the 720 al the
end of 2021. They provid8 a wide rang8 of educational and fvnd-raising activities both within and
outside the premises of the Hospital.
During 2022 the Friends generously donated £15.000 lo the Hospital as a contribution lo the project
lo provide disabled access lo the Brethren's Hall, work on which is expected to be undertak8n during
2023.
Flnancld revlew
Financial aclivities
The Hospital barely broke even in 2022. wrth a surplus of £10.000 before investment losses {2021
surplus.. £172,000).
This result was broadly in line with budget. albeit below the level required to enable the Hospital to
sustain the programme of necessary repairs required lo r(s helllage buildings in the medium lo long
lemi. A combination of general inflation and ¢osUy repairs have been the main contributors to this
result, and 2023 is 8xpected to show a frjrther deterM)ration in financial performance as a result of
higher ulilily costs.
As a result of these ¢osl pressures, resour¢e$ expended during Ihe year increased by 22Yo lo
£920,000 {2021= £757,ooa).' about half the increase was due to the repairs lo let propertie5 referred to
above.
Ba18nce Sheat
Net assets dediMd by 8Yo to £21.0 million (2021: £22.9 million). primarily as a resutt of a weaker
performance by the Hospital's investment portfolio, managed by CCLA. The value of the portfolio fell
by 12% 10 £14.3 million, as a result of underperfomiance in our equity. property and bond portfDIios.
The high level of inflation and the risk of economic recession make the investment outlook for 2023
somewhat un¢Èrtain, aggravaled by Ihe ￿ntinuIng war in Ukraine.
The Iruslees monitor CCLA'S perforfflar￿ regulady.. over the past 3 and 5 years our CCLA portfolios
have OLrtperfomed their benchmarks.
Cash al bank and in hand at 31 December 2022 was £245,000 {2021.. £262,000).

The Hospital of St Cross and Almshouse of Noble Poverty
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
Resources and R8Sgtves policy
(X the lolal fvnds at 31 December 2022 of £21.0 million, £18.0 million was pemianent endowment
and £504,000 restricted funds.
Unrestricted funds ware £2.5 million of which £763,tXX) were designated fvnds. The balance relates lo
the General Fund which includes £391,000 of tangible fixed assets (mostly new visitor toilets and
boilers over the last five years).
The Trustees, policy is lo plan expend[￿re wrthin availa1￿e resources whilst retslnlng resetves to
provide a degree of flexibility to meet the cost of major repairs. These can be signrfKant when
malntalning ancient Grade 1 lisled buildings.
Investn7entpolicy
The foundation buildlngs and the investment properties are managed to best effe¢l wtlh the ald of
quinquennial inspections and reports.
Mon81ary investments are currenuy h81d In common investment fund5, where the fund managers
praclise socially responsible investment. The policy apFAicable to equity-based Investrnents is lo
produce the best income compatible with longer-temi capital growlh and security. The policy
applicable lo fix6d interest and variable inlerest-bearing investments is lo aim for maximum incorne
subject lo protection of capital (such inve5trnents a￿ made into highly rated bonés or deposilsl.
Outlook and futur• plans
The Hospital will continue the aims as slated above. namely the maintenance and refurbishment of
the fabric of the (*urch and hospital buildings, and the weffare of the Brothers.
Financial outlook
The Hospital is budgeting to intsjr a defictt in 2023. Utility costs are expected lo be as high as in
2022 as a result of the high wholesale ga5 prices at the lime ¢ontrads were renewed in the second
half of last year,. general inllalion has continued to pul pressure on the Hospital's other costs. In
addition a subslanlial programme of necessary repairs has been scheduled.
Refurblshmenl of&others' flats
Planning ¢onsent for Ihls major project was recelved during 2022, and work on the refurbishmenl of
the first of 5 staircases ComMen￿d in April 2023 and should be completed during the aLrtumn.
The whole refvrbishmenl project wll extend over several years. firstly because of the logistical
constraints of housing all the Brothers while th@ work takes place, and se(x)ndly because it is beyond
the ability of the H05pilal lo fund the work solely fn)m its own reserves. The latest 6slimate of the cost
of the project is about £3.5 million.
During 2022 the Charity Commission approved the Trustees, ￿quest that up to £1 mlllion of Ihe
Hospital's pemianenl endowment can be used towards funding some of the refurbishmfjnt work.
Furtherrnore, the Trustees have decided that. in years when a surplus has b8en achieved, part of that
surplus should be transferred to a eslabli5hed 'RefvTbishment Reserve. within unrestricleé
funds lo conlrilwle further to Ihe ¢ost of the project. The near break-even financial result for 2022
means that il has not been possible to augment the £100.000 which was appropriated in 2021 to thi5
reserve.

The Hospltal of St Cross and Almshouse of Noble Poverty
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Hospital can afford lo fund only part of the full cost of refurbishmenl from Its own resources.. the
Trustees are therefore considering how bosl to raise the additional fvnds which will be required.
Landscape and Conservation
The Landscape and Conservation Masterplan fv the garden. park and water meadows at St. Cross Is
still in the early stages of development-, during 2022 discussions were held wilh an experienced
planning consultant who focuses particJJlarfy on heritage and conservatK)n, to enable the Trustees to
gain an insight inlo the demands of the planning pro¢ess. It Is hoped thal progress can be made in
2023 to get Ihe plan lo a stage where it car) be approved by the Trustees. The removal of the ash and
other diseased Irees along the stream edge is now $d￿VIed to take place in Autumn 2023 and It is
hoped that there will be funding available lo help with the costs of thi5 as il will greatly enhance the
¢ondltions of the stream for the very rare Southem Damseffly.
Public benefrt and the relief of poverty
The two fr)undations of the HospFtal of St Cross (established 11321 and the Almshouse of Noble
Povety (established 14551 were founéed lo provide relief for the FX)or and needy, through the
provision of accomrnodalion and sustenance. The Trustees of the (now combined) foundations are
also fully committed lo the maintenan¢e in their original style of the Hospital's unique set of grade-
one-lisled medieval buildings and have in place a continuing programme of repair and improvement.
The Hospital is al the heart of the I￿al communty. As an historic almshouse, it provides
a¢commodalion for tsventy-five eldedy men. The visitirKJ pubtio a￿ wel¢ome for 363 days in the year
lo visit the ancient buildings, walk in the gardens. requ6sI the Wayfarerfs Dole and take refreshment
provided by the Hospitsl volunteers in the medieval Hundred Men's Hall.
Many of the areas of public benefit set out In the following paragraphs were curtailed or cancelled in
2020 and the first part of 2021 because of the COVID-19 restrictions,. il has been pleasing to see most
resumed durlng 2022.
Tho Hospfcal enjoys an 8xcellent asstKiation with the Parish of St Faith, who hav8 worshipped al Sl
Cross since 1507 wh9n their own church fell into disrepair. The Parish regard St Cross Church as
their prinopal place of worship with a typical Sunday attendance of well over 100 worshippers. The
Hospital's new Master, the Reverend Dominik Chmielewski, is also rector of the Parish. The Parish do
much to assist in the upkeep of the church. In addition the Parish hold the annual local fete, which is
enjoyed by up to 2000 people and was resumed in 2022. in the grounds of the Hospital.
The church and other buildings within the Hospital are in regular use by the Friends and other local
groups for worship, concerts, eduealional purposes and events. There is a very strong musical
tradition which continues to Ilourish wlh a very fine church organ and an actNe church ct￿1r. The
church is in high demand for cOn￿rts and musul perf0mlan￿8. Ouring October 2022 the Brothers
organised 2 series of successful lunchtime concerts {'Perfecl Pitch'l in th8 church; the programme
resurlled in April 2023, with a concert planned each week until (klober.
The Brothers, Library is equipped lo provide a fleXi￿e education room. School parties Gan visit lo
learn about the Hospital using a carefully-designed aclivity programme which is based on th8 current
Key Stage 2 school curriculum. These school visits can be managed in conjunction with Hampshire
and Isle of Wight Wildlrfe Trust {HI￿￿1. HI￿￿ conduct educational wildlrfe tours of the Water
Meadows which are followed by a visft to the Hospital. Local sctriools and a higher education college
use the church and mediev21 halls for services and degree ceremon￿$.

The Hospital of St Cross and Almshouse of Noble Poverty
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEM8ER 2022
Outside the main sile, the Hospital provides several other sign]ficant facilrf(ies which help to nurture a
strong sense of local community. These indude the provision of the Parish Hall and 80 traditional
allotments in a b8aulrful setting by the rNer. The Parish Hall is in (y)nstanl communty use for the
local pre-school nursery, Girl Guides, BroW￿leS and other local activities such as yoga and danc6
¢lasse8.
The meadows which surround the Hospital provide a pea(thl setting in which the public are able to
walk and relax free of charge. sin￿ the pandemic Ihore has been a substan1121 Increase in the
number of dog walkers using the land and Sl. Cross hosted a public presentation in conjunction wlth
Hiwwf in October 2022 to infomi the public of the IMp￿anCe of keeping (Jogs on leads around
livestock.
The presentation coincided with the end of Hiwwfs ten year fami tenancy on Ihe land al St. Cross,
and enabled them lo share their successes in improving the habitat 2nd greatly increasing biodiversity
in the park and meaéows over the past decade. The new lenary has been taken over by a
neighbouring landowner who will continue to manage the lané wth careful grazing and lo promote
wldlife. We hope to be able lo resurface a section of the footpath which becom&s very muddy in the
winter months and funding for this is currenuy being investigated.
Adjacent lo the meadow, the Hospttal lets its land to the I￿1 SL Cross Symondian5 Cricket Club
where regular malchos are held for both adult and Y￿rth (x¢ket.
To keep itself current the Hospital is also now engaging more ￿llY with social media ouuets to provide
interesting conlenl and updates and it continues to improve Its websrte. Following the public
presentation in October 2022 8 page was added to the website to provide a link to the details
discussed al the event and give general information about the water meadows and the importance of
og management around livestock.
The Hospital records since its origin81 foundath)n are documents of ￿nsiderable historical inl8re5t
and importarKe. To reduce the risk of their loss or destwction, the re¢ords are held and preserved by
the Hampshire Record Office and are available for publ￿ view within certain limitations lo protect
individual prNacy. Plans are in pl8co lo ￿ntinue adding lo the archives.
structure. governance and management
Governing doGument
The Hospital of St Cross (the Hospital) is a registered charity whose objects are set out in the Charity
Commission Scheme dated 5 November 1984 (Ihe Scheme,). as varied by the Scheme of 14 March
1990, an Order of 1 November 2006. a Memorandum of 5 September 2006 and Resdutions of 23
June 2009, 20 March 2012 and 23 March 2022. The 2022 Resolution amended the Schem8 lo reflect
the Charity Commission's Gonsent to pem)tt the Hospital to expend part of its permanent endowment.
There are Iwo foundations, the Hospital of Sl Cross and the Almshouse irf Noble Poverty. The
Hospital's property and assets are owned by the iwo foundations as the Corporation of the Master
and Brethren IBrolher51 of the House or Hospital of Sl Cross and the TTUSlees administer it on behalf
of the Corporation.
The Trustees, responsibilities for applicab.on of Income are set out in the Scheme. The first such
responsibility is lo defray out of the income of the Hospital the (x)st of maintaining the property and all
other costs payable in respect of th8 propety and all the proper costs of administration and
rnanagomenl of the Hospital. Subject lo the payments aforesaid, the Tnjslees shall apply the income
of the Hospital for the benefit of the Brothers in such manrw as the Trustees think fil.

The Hospital of St Cross and Almshouse of Noble Poverty
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees
The names of the Trustees who s6rv8d durfng the year and to the date of this report are shown on
page 1. Co-oplalive Trustees are appointed by the Tnjstees and serve for five years. One nominallve
Trustee is appointed by Winchester City Council and serves for four years. Thg other nominative
Trustee is appointed by the Warden of Winchester College. The Trustees meet quarterly and have
appointed commlttees covering finaTr￿, property, risk management, visitors and We￿are. Each
Trustee usually sils on kn committees.
In December 2022 the Reverend Tery Hemming retired as Master and was replaced by the
Reverend Dorninik Chmielewski, who is also the rector of the Parish of St. F811h's. The trustees are
grateful for the outstanding role fulfilled by Tery Hemming during nearly 3 years in th8 role,
parb'cularly in steering the Hospital through the difficult period of the COV￿ parKlemic.
Trust8è recrultment
Co-oplative Trustees are recruited afler a thorough selection and interview process Wh￿ ensures
that a balance of relevant skills is maintained across the Board.
Trustee tralnlng
Each Trustee, upon appointrnenl, rec81V8s a Trustse's welcome and induction pack. indicating the
range of their re5ponsibililie5,' in addition some of the Trustees allend annual seminars on accounting
for charities and recent charity legislation and praclice. Al Trustees a$0 receive copies of th&
magazine, Governance, which provides essential information for effective Trustees.
Organisational management
Under the Scheme, responsibility for the management and control of the Hospital and the Brethren
rests with the Trusleeg. The day-Ii>day nJnning of the Hospital, the maintenance of the premises and
management of the employees is delegaled lo the Clerk lo the TrLJ51ees, under the general
supervision of the Trustees. The Master of St Cross {himself a Trustee) is charged ￿th the pastoral
welfare of the Brethren.
Brothers, accommodation is kept to a h￿h standard and advertised regularly to ensure that any
vacancies are filled by suitable appI￿nts.
Rlsk management
The Trustees have examined the principal areas of the Hospital's operations and considered the
major risks faced in each of these areas.
The Flisk Management Committee biannually establishes, assesses armi Ixlegorises all risks. In the
opinion of the Trustees, the Hospital has estaiAished resources and review systems which allow these
risks lo be mitigated lo an acceptable level in daY-to￿aY operations.
During the COVID pandemic, a standing o)mmittee of Trustees haé been established and mel
regulady online to review the latest guidance and information to enable il lo take whatever action is
necessary to keep the Brothers and staff safe. This committee was disbanded in March 2022 as,
following the lffting of COVID reslricttons, tt was no longer required.

The Hospital of St Cross and Almshouse of Noble Poverty
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
Maintenance of Inc￿Me streams is vital in order to continue to meet the Hospital's objects. Reserves
are invested in a mix of stock market investment fvnd5 and investment properties to spread risk whilst
producing a regular incorne stream. Trustees work wtth the Investment Managers and Property
Advisers to ensure that an appropriate asset allocation is maintained.
The Trpair and safeguarding of Grade 1 listed medieval buildings is ￿)5￿Y arKI good maintenance is
an important part of this. All Heritage buildings are Subl￿t lo quinquennial inspection and there is a
Contirbual programme of repair and improvement. Regular insurance reviews are carrfed out.
Annual fire risk assessments are Carried out and the Hospital works dosely with th8 local Fire Service
lo ensure quid( and effective access in the event of an emerg8ncy. Thg Hospital also complies with
Ihe lalesl Health and Safety Management System backed by regLJlar internal and external audits.
The easing of COVID restrictior)s has facilitated a retum to work on the list of buildiw improvements
which will further Improve the accessibility and safe enjoyment of th6 Hospital site.
Trustees. responslbllltles for the financlal stat8rn8nts
The Trustees are responsible for preparing the Trustees. Report and the financial slalemenls in
aCCordar￿e with applicable law and United Kingdom A(￿OUnting Standards (United Kingdom
Generally Accepted Accounting Practi￿).
The law applicable to charilies in England and Wales requires the Trustees to prepare financial
statements for each financial year which give a true and fair view of th& slate of affairs of the charity,
arKI of the incoming resources and application of resource of the charity for that period. In preparlng
these financial slalem8nts, the Iruslees are required to=
Sele¢l suitable accountlng policies and then apply them consislenuy.,
Observe the methods arKI principles in the Charities Statement of Recommended Practice,"
Make judgements and accounliro estimates that are reasonable and prudent,.
Slate whether applical￿e UK Accounting Standards have been followed. subject to any
material departures disdosed and 6xplained in the fInar￿la1 statements,.
Prepare the finallcial statements on th6 going concern basis unless it is inappropriale to
presume Ihat the charity will continue in operation.
The Trustees are responsible for the maintenance and integrity of the charity and financial information
included on the charity's webs(ce. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislatkon in other jurisdictions.
The Trustees are re5pon5ible for keeping proper accounling records that are sufficient to show and
explain the charity's transactions ané disclose with reasonable accuracy at any time the financial
position of the charity and enable them to ensure that the financial statements cornply with the
Charities, Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of Ihe
Scheme. They are also responsible for safeguarding the ass6ts of the charity and hence for taking
reaSOna￿e steps for the prevention and detection of fraud and other irregularities.
The report was approved by Ihe Trustees al their meeting on 20 June 2023 and SIgr￿ on their behalf
by..
airman

The Hospltal 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 2022
Oplnlon
We have audlled the firkgncial statements of The Hospital of St Cross ar¢d Almshouse Poverty I'the
charity'l for the year ended 31 December 2022 which comprise the Statement of Financial Activities,
the Balance Sheet. the Ca5hflow Statement and notes to the financlal statements. including
significant accountillg policies. The financial reporting framework that has been aprdied in their
preparation is applicable law and United Kingdom Accounting Star￿ards. including Flnancial
R8porting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of
Ireland Iuniled Kingdom Ger￿allY Accepted Atxx)unling Practice).
In our opinion the financ4al statements:
give a true and fair view of the state of the charity's affairs as al 31 December 2022 and of ils
income and expendilure. for the year then ended,.
have been properly prepared in accordance wilh United Kingdom G8nerally Accepted
A¢¢ounting Practice- arté
have been prepared in accordan(% wlh the wuirements of the Charities Act 2011
Basis for opinlon
We Conducted our audit in accL)rdance with Intemalional Standards on Auditing (UK) IISAS (UK)) and
applicable law. Our responsibilities Ur￿er those standards are further described in the Auéilor's
responsibilities for the audit of the financial statements section of our report. We ar@ independent of
the charity in accordance wilh the ethical requirements that are relevant lo our audit of the financlal
statements in the UK, including the FRC'S Ethical Standard. ané we have fulfilled our other ethical
responsibilities in a¢¢ordance these requirements. We believe that the audit eVIder￿ we have
obtained is sufficient and appropriate lo provKle a basis for our opinlon.
Concluslons relatlng to golng concern
In auditing the fin8nci81 statements, we have concluded that the tnjslee's use of the going concern
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performaé, we have not idenlrfied any material uncertainties relating to
events or conditions that, individually or collecttvely, may cast sigr¢Tficanl doubl on the charity's ability
to continu& as a going concern for a pericd of at least twelve months from when the finanryal
slalements are authorised for issue.
Our responsibilities and the respon5ibililie$ of the trust￿ wth resP￿t to going concem are
described in the relevant sections of this report.
Other information
The trustees are reswnsible for the other information contained wtthin the annual retX)rt. The other
information comprises the information induded in the annual rerK)rt, other than the financial
slalements and our audilorfs report Ihoreon. Our opinK)n on the financial slatetnents does not cover
the other infomialion and, except lo the extent otheTrvise explicitly stated in our report, we do not
express any form of assurance conclusion Ihereon.
Our responsibility is lo read the other infomialion and. in doing so. consider whether the other
information is Materially inconsislenl with the financtal statements or our knowledge obtained in the
audit or othe￿iSe appears to be materially mis5taled. If we identify such material incongislencies or
apparent material misslalements. we are required to delemiine whether this gives rise lo a materlal
misslalemenl 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 lo report that
fact.
We have nothing to report in this regard.

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 2022
Matters on whlch we are requlred to report by excgption
We have nothing to report in respect of the follovAng mattors in relation to which the Charities
(Accounts and Report51 Regulations 2008 requires us to report to you 'rf, in our opinion-
the information given In th& financial stalem8nls is inconsT51ent in any material respg¢t wlth
the Iruslees. report,. or
sufficient and proper acc¢)unling records have not been kept by the tharity,. or
the finanaal slalement5 are not in agreement wth the accounting records and returns,, or
we have not receNed all the infO￿atiOn arKI explanations we require for our audit.
R9spon$ibllltles of trustees
As explained more fully in the truslees. responsibilities statement sel out on page 8, the trustees ar8
responsible for the preparation of the financial slalements and for being satisfied that Ihoy give a tru8
and fair view, and for such internal control a$ the trustees determine is necessary to enable the
preparation of financial slalements that are free from material misstatement, whether due lo fraud or
error.
In preparing the financlal statements, the trustees are responsible for assessing the charity's abilty lo
continue as a going concern, disclosing. as applical￿e. matters related to going concern arhd using the
going cOr￿er￿ basis of accountlng unless the trustees either intend lo liquidate the charity or lo Cease
opgrations, or have no realistic altematwe but lo do so.
Audltor's responsibilities for the audlt of the financlal statements
We have been appointed as auditor under section of the Charrt18s Act 2011, and rep(￿t in accordance
with the A¢ts arld relevant regulations made or having effect thereunder.
Our objective5 are to obtain reasonable assurance ab)ut whelher the financial statements as a whole
are free from material misstalemenl. whether due to fraud or error, and to issue an auditor's report
that includes our opinion. Reasonable assurance is 8 high level of ass￿rar￿e, bLrt is not a guarantee
that an audit conducted in accordance with ISAS (UK) wll always delecl a material misslalemenl
when it exists. Misstatements can arise from fraud or error and are conSide￿d material if, inéividually
or in the aggregate, they could reason2tJy be expected to inffuence the economic decisions of usors
taken on the basis of these financial statements.
Details of the extenl to which the audit was considered capable of detecting irregularities, including
fraud arKI non-compliance with laws and regulations are sel out below.
A further description of our responsibilities for the audit irf the financi81 statements is located on the
Financial Reporting Council's wobsile al.. www.frc.or
.uklaudilorsres
nsibililies. This descripliorb
forms part of our auditor's rewrt.
Extont to which the audli was consldered capable ol detecting irregularities, Including fraud
Irregulartlies, including fraud, are instances of non-compliance with laws and regulations. We
identified and assessed the risks of material misstatement of the finanGial statements from
irregularities, whether due lo fraud or error, and discussed these between our audit team members.
We then designed and perfomied audit procedures responsive to those risks. induding obtaining
audit evidence sufficient ané appropriate lo provide a basis for our opinion.
We obtain8d an understanding of the legal and regulatory frameworks within which the charity
operates, focusing IhDse laws and regulations that h8ve a direct effect on the determination of
material amounts and disclosures in the fillancial statements. The laws and regulations we
considered in this context wer8 the Charit￿S Act 2011 together y￿th the Charities SORP IFRS 1021.
We assessed th8 required compliance wth these laws and regulatM)ns as part of our audit procedures
on the related financial slalemenl items.
io-

## **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 2022 

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 for the UK operations were Charities Act 2011, The Charities (Accounts and Reports) Regulations 2008, The Charities SORP (FRS102) and Financial Reporting Standard 102. 

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 timing of recognition of specific income streams and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing relevant income with agreement to supporting documentation, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission 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 

Thames Valley 

11 July 2023 

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. 

- 11- 



The Hospital of St Cross and Almshouse of Noble Poverty
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
Pernianenl Restrlcted
funds
funds
2022
2022
Unrestrlcted Total funds
funds
2022
2022
Total
funds
2021
Note
Incomefrom:
Donations, grants
and legaci88
Fundraising
activities
Investment income
Charfcable activttles
1,361
51.126
52.487
92,197
28,289
567,142
279.077
28,289
570,024
279.077
24,834
560,995
251,408
2,882
Total Income
4,243
925,634
929,877
929,434
Expendlturo on:
Raising funds..
Costs of generating
voluntary income
Investment
management costs
15,371
15.371
8,889
129,020
129,020
50,352
Char(f8ble activf£les
10,887
764,850
T15.737
697.737
Total expenditure
10,887
909,241
920,128
756,978
Net incoming
(outgoing)
resources before
Investment galns
(6.6441
16.393
9.749
172,456
Net gains (losses)
or) investments
14
11,546,793)
(49.614)
(257,248) 11.853,6551
2,155.214
Net income before
transfers
Transfers between
funds
11.548.793)
156,258)
(240.855) (1.843,906}
2,327,670
15
1,625
{1,625)
Net movèmènl In
funds
11.546.793)
(54,633)
{242.480) (1,843,906)
2,327.670
Recon¢lliatlon of
funds:
Total funds at 1
January 2022
19,589.685
558,142
2,735,431 22,883,258 20,555,588
Total funds at 31
December 2022
18,042,892
503,509
2.492,951 21,039,352 22,883,258
12-

The Hospital of St Cross and Almshouse of Noble Poverty
BALANCE SHEET
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Note
Fixed assets
Tangible assets
Investment Properties
Investments
16
17
18
391.233
6,186.000
14,258,576
427,314
6,116,000
16,180,606
20,835,809
22,723,920
Curronl assets
Stocks
Debtors
Cash al bank and in hand
19
20
26
8,825
17,435
245,405
11,145
13,757
261.564
271,665
286,466
Creditors: amounts
falling due within one year
21
168,1221
1127,1281
Net current
Iliabilitigsllassets
203,543
159,338
Net assets
21.039.352
22,883,258
Charily funds
Permanent funds
Reslricled funds
Unrestricted funds
22
23
24
18,042,892
503,509
2,492,951
19,589,685
558,142
2,735,431
Total funds
21,039,352
22,883.258
The financial slalemenls were approved by the Trustees al their meeting on 20 June 2023 and signed
on their behalf, by-.
Jona
airman
Fali¢ity Pennycoo
Honorary Treasurer
The notes on pages 1510 34 form part of these financial stalemenls.
13-

The Hospital of St Cross and Almshouse of Noble Poverty
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Note
Cash flows from operating activitles
Net irwme (oulgoings) for the y&ar {from Statement of
Flnanoial Activities)
9,749
172,456
Adjustment for.
Dividends, interest and rents from investments
Decr8asel{Increase) in stock
Decreasel{Increase) in debtors
(Decreaselllncrease in creditors
Depraciatiorb of tangible fixed assets
(570,0241
2,320
{3,6781
{59,0061
36,081
(560.9951
{11.1451
14.2531
4,029
35,306
N&t cash provided by operating activities
(584,558)
1364,802)
Cash flov￿ from Investlng actlvltles
Purchase of fixed asset investments
Transfers to cash from illveslmenls
Purchase of tangibl8 fixed assets
Disposal of tangible fKed assets
Dividends, interest and rents receivable
{1.6251
(11.9331
837
(11,6151
570,024
560,995
Nel cash used in investing a¢tivities
568,399
538,284
Change in cash arKI cash equNalents in the year
26
(16,1591
173,682
Cash and cash equNalents brought fornvard
261.564
87,882
Cash and cash equivalents carried fojward
245,405
261,564
-14-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMEHrs
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounllng Pollcles and Key Judgemer
1.1 Basls of prgparation of financial statements
Thet financial slalemenls have been prepared in accordance with Accounting and
Reporting by Charities.. Statement of Recommended Practice applicable lo charities
preparing their ac(x)unts in accordance with the Financial Reporting Siandaré
applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 J2nuary 2015}-
(Charities SORP (FRS 102)), the Financkgl Reporting Standard applicable in the UK
and Republic of Ireland IFRS 102) and the Charities Act 2011.
The Hospital of St Cross and Almshouse of Nobl8 Poverty meets the definition of a
public benefit entity under FRS 102. Assets and liabililies are initially recognised al
historical cost (K transaction value unless othejwise stated in the relevant ac¢ounling
policy.
1.2 Going concorn
The Trustees conslder that there are no material Un￿rtaInlieS about the Hospital's
ability lo continue as a going concem. The most signrficanl areas of uncertainly that
affect the carrying value of assels held by the Hospital are the level of inveslrnenl
relum and the perfomiance of investment markets.
1.3 Tanglble assets
Heritage assets
The freehold properties described in Note 17 on page 27 are not included in the
balance sheet al a monetary value as neither their costs, which have been fully written
off, nor their market values are available. Signfficant improvements lo the fitting out of
heritage assets are capilalised where appropriate as fixtures and fittings.
Fixtures, filtsngs and plant
Indiviéual assets costing more than £5.000 are capi181ised 2nd included al cost,
including any incidental costs of acquisition.
Tangible fixed assets are staled at Cost less depreciation. Depreciatiorn is provided al
rates calculated to WTlte off cost of r￿e￿ assets, less their estimated residual value,
over their expected useful lives on the following basis..
F￿LureS & Fittings
- 15 years straight Ilne
15-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting Poli¢i¢s and Key Judgements
Investment ￿￿0p6￿eS
Investment properues are induded in the balance sheet at Ih8ir open market values by
a professlonal revaluation every five year5 and by the Trustees in the intervening years.
The surplus or defut on revaluation of individual properties is transf8rred lo the
permanent endowment fund via the Statement of Financial Actniib"es. Depreciation Is
not provided in respect of freehold investment properties, in accordance with Section
16.. Inveslment Propety of FRS 102.
1.4 Inve8tments
Investments are a fomi of basic financial InS￿l￿ent and are inilialty rewgnised at their
transaction value and gubsequentty measured at their fair valLse as al the balan¢e sheet
éale using the dosing quoled market pric6. The slalement of financial activllles
includes the nel gains arKI losses arising on the revaluation and disposals throughout
the year.
Th8 Hospital does not ac4uire put options, derfvatives or other complex financial
instruments.
Th@ main form of finantxal risk faced by the Hospital is that of volatility In equty markets
and investment markets due lo whler economic conditions. the attitude of investors lo
inveslrnent risk, and Changes in sentiment Con￿rning equities and wllhin particular
sectors or sub sectors.
1.5 Rgalisgd gains and losses
All gains and losses are taken to the Ststement of Financial Aclwitie5 a5 they arlse.
Realised gains 2nd losses on investments are calGulaled as the drfference between
sales proceeds and their opening carying value or their purchaso value rf acquired
subsequent lo the first day of the financial year. Unrealised gains and1055es are
calculated as the difference between the fair value at the year end and their carrying
value. Realised arKI unrealised investment gains and losses are combined in the
Statement of Financial AclivitTres.
1.6 Stocks
The cost of publications and souvenirs for public sale are valued at the lower of the cost
and nel realisable value after making due allowance for slow-moving items.
1.7 Contingont liabilities
A contingent liability 15 identtfied and disdosed resulting from a possible obligation
which will only be wnfirmed by the occurrence of one or more uncertain future events
not wholly within the Truslee5' control, a present obligation where settlement is either
r￿t considered probable. or Ihe amount has not been communtcated and that amount
cannot be e$limated reliably.
-16-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting Pollcles and Key Judgements
1.8 Incomlng resources
All incoming resources are rocognis8d once the Hospital has entitlement to the
resources, it is probable that the resource5 wll be received and the monetary value of
incoming resources can be measured wlh sufficient reliability.
'Incoming resources from generated funds" Include donatlons. legacies, grants,
investrnenl income and sales to visitors and other external users of the Hospital's
fa￿lItieS.
'Incoming resourc4s from charflable activities" derive from the Hospital's pur5uiI of its
charrtable objects.
Donations {including Gfft recovenes) are recognised when the Hospital has been
nolrfied in writing of both the amount and settlement dale, or when they are received. In
the event that a dortation Is subject to condith)ns that require a level of performanco
before the Hospital is entided to the funds. the income is deferreé and not recognised
until either those conditions are fully mel. or the fulfilment of those conditions is wholly
within the control of the Hospital and it is probable that thjse conditions wll be fulfilled
in the reporting period.
Legacies are accounted for on a receivable basis. PeGuniary legacies are re￿gNIsed
following formal nolrfication frorn the estate. Residuary legacies are recognised only
when the Hospital's interest can be measured, wh￿h is nomially on grant of probate.
Grants receivable in respect of expendiiure in￿rre{l during the year arg brought into
accounl provided they have been approved for payment al the year end.
Dividends and interest. bank (JeKM)sit account interest. and rents receivable are brought
into account on a receivable basis.
Income from public visthng and slmilar actwilies is r￿ognISed when received.
1.9 Resources expanded
Liabilities are rec￿jniSed as soon as there ks a legal or r￿struCtive obligats'on
committing the Hospital to the expendiknre, il is probable that selllemenl will be required
and the amotjnt of the O￿lgation can be measured rella￿y. Al expenditure 15
accounted for on an accruals basis and has been da5srfied under headings that
a￿regate all costs related lo the (aewry. The Hospital Is not regisler8d for VAT and
accordingly expendilure is shown indusive of VAT.
'Costs of generaling funds. comprise (x)sts of attracling voluntary income. costs of
ds sold for fund raising purposes. and costs of managing the investment properties.
17-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMEWS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting PoliGies and Koy Judgemer
"Charitable aclwitl8s° comprise costs lo maintain the charitable property and to provide
accommodation and welfare for the Brothers.
Support costs, comprising salaries and Offi￿ c051s, have been allocated to the activity
¢osl categories based on an estimate of the time spent.
1.10 Ponsion Khemos
For eligible salaried em ￿0yeeS the Hospital participates in Ihe Church of England
Pension Builder scheme within the Church Workers Pension Fund ICWPFI.
Eligible employees who joined the Hospital up to May 2021 were entitled to become
members of the Pension Builder Classic section of the scheme,. this is a d8ferrgd
annuity scherne, which Is a defined benefft scheme.
Since June 2021 new employees have been entitled to become members of the
scheme's Penslon 8uilder 14 section,. this is a Ixsh balance scheme and is also
classed as a defined benefrt scheme., il is similar to a defined contribution scheme but
with a guarantee that the retirement cash sum will not usually decrease.
The pension costs charged against the surplus or deficit ft)r the year represenl the
contribution5 payable lo the scheme in respect of the accounting period. If there were
to be a large funding deficit over a prolonged period. additional contributions might
become payable. although lo date Ihe CWPF has never sought any $u¢h ¢onlributions.
1.11 Funds
The Hospital's permanent endowment fund5 are sel out in not8 22 to the financl81
slaternenls. They comprise the perrnanenl endowment funds of Ihe Iwo constituent
charities, the Hospilal of Sl Cross Foundalion and Ihe Amshouse of Noble Poverty
Foundation. The income from the investment assets of the fLJnds is unrestricted.
Prior lo 2022 the Hospital had three furKls set up under Recoupment Orders issued by
the Charity Commission lo restore permanent endowment Capital expended on major
projects. Dunng 2022 the Trustees. ￿th the permission of the Charity Commission,
approveé an Order allowing the balance on the recoupment funds lo be administered
as part of the Hospital's pernianent endowmenL they therefore no longer require to be
accounted for separate￿.
Restricted funds are funds subject to spectfic conditions within the objects of the
Hospit￿ and are set out in note 23 to the financial ststemenls.
-18-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accountlng Poll¢le8 and Key Judgements
Unrestricted ftjnds a￿ funds Whe￿ no restrictrons are placed on th8 use by Ihe
Hospital upon either Ihe capilal or the income and comprise..
The Commander J S Baker Bequest- a designated fund
The Miss G M Bauer Bequest- designated by the Trustees for use on
arbon￿ltural and horticultural projerts
Refurbishment ReseNe- designated by the Trustees for contributiw lo the
cost of the refurbishment project of the Broth8rs' flats.
General fund- lo provide the Hospital's wothng (Spital.
General funds are unrestricted funds which are available for use al the discretion of the
Trustees in lurtherance of the general objectives of the charity and whkh have not
been designatad for other purposes.
1.12 Key Judgements
Certain ￿ported amounts of assets and liabilities are subject to eslimales and
agsumplions. Estimates and judgements ty management are continually evalual6d and
are bas8d on historical experien{% and other factors, induding expectations of future
events that are believed to be reasonable under the circumstances.
Judgements that have the most signrficanl effect on the amounts recognised in the
financial statements and eslimales that can cause a significant adjustment lo the
rying amount of assets and liabilities within the next finar￿la1 year incluée:
Investn7entproperty
The investment propety valuation is reviewed annualEy by the Trustees. The propert19S
are Staled at fair value with Changes in the fair value being recognised in the Slalemenl
of Flnancial Activities.
Incomg from donalions, grants and legacles
P¢manent
funds
2022
Restrfcted Unrestricted
funds
funds
2022
2022
Total
funds
2022
Total
funds
2021
Donations
Grants
Legacies
1,361
18,376
32,750
19,737
32,750
8,007
84,190
1,361
51,126
52.487
92,197
19-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Income from fundralslng activlties
Permanent
funds
2022
Restrlcted Unreslricted
funds
funds
2022
2022
Total
funds
2022
Total
funds
2021
Events
Shop sales
Tearoom sales
4.631
13.240
10,418
4,631
13,240
10,418
3,069
13,187
8,578
28.289
28,289
24,834
Investment income
Pemianent
funds
2022
Restrlctod Unrestrictod
funds
funds
2022
2022
Totsl
funds
2022
Total
funds
2021
Rent receivable
Investment income
132.593
434,549
132,593
437,431
135,513
425,482
2,882
2.882
567.142
570.024
560,995
Income from charitable actlvltles
Pemanent
funds
2022
Restrict9d Unro5trict¢d
funds
funds
2022
2022
Total
funds
2022
Totsl
fund$
2021
Recoveries from Brothers
Primary purpose trade
Ancillary trdde
170.510
69,672
38.895
170,510
69,672
38,895
155,164
50,856
45.388
279.077
279,077
251,408
-20-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL sTATEmE￿s
FOR THE YEAR ENDED 31 DECEMBER2022
Costs of generatlng voluntary Income
Pemianent
funds
2022
Restrlcted Unrestrlcted
funds
fundg
2022
2022
Total
funds
2021
funds
2022
Expenses of public visiting
Costs of goods sold
3,825
11,546
3,825
11,54e
3,664
5,225
15,371
15,371
8,889
Investment management costs
Pemianent
nds
2022
Rostrictod Unrnstrictod
funds
funds
2022
2022
Total
funds
2022
Total
funds
2021
Investment property repairs
Investment property
management fee8
Support costs (note 111
97,800
97,800
17,545
21,177
10,043
21,177
10,043
23.308
9.499
129,020
129,020
50,352
Analysls of expendlture on charltable actlvltles
Pernianent
funds
2022
Restrfcted
funds
2022
Unrestricted
funds
2022
Total
funds
2022
Total
funds
2021
Upkeep of histori¢ buildings
Brothers, weKare
Public visiting and
advertising expenses
Volunteer expenses
Costs of goods sold
Professional fees
Bad Debts
Depreclation
Governance costs IrH)te 10}
7.143
3,744
336.988
224.304
344,131
307,663
228,048 204,033
61,319
61,319
55,626
13,530
600
9,750
36,081
82,278
13,530
600
9,750
36,081
82.278
9,104
15,600
35,306
70,405
10,887
764,850
775,737 697,737
-21-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Analysis of expenditure on charltable actlvltles by activities
Dlrect
Support
costs
Total
funds
2022
Total
funds
2021
2022
2022
Upkeap of hislortc buildings
Brothers, weffare
Public vlsiling and advertising expenses
Volunteer expenses
Costs of goods sold
Professional fees
Bad Debts
Depreciation
Governa[￿ (x)sts (nole 10)
322,730
192,298
27,703
21,401
35,750
33,616
344,131
307,663
228,048 204,033
61,319
55,626
13,530
600
9,750
36.081
19.899
13,530
9,104
9,750
36,081
82,278
15,600
35,308
70,405
62,379
622,591
153.146
775,737
697,737
10.
Governance costs
Restrfct8d Unrestrlcted
funds
funds
2022
2022
Total
funds
2022
funds
2021
Audit fees
other professional fees
Support Costs Inole 11)
12,852
7,047
62,379
12,852
7,047
e2,379
11,740
3,618
55,047
82,278
82,278
70.405
-22-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
11.
Allocation of support costs and overheads
Investrnent
property Charltable
management
activities Governance
(Note 91
(Note 101
{Note 7)
Total
2022
Clerical Salaries
Offi¢e Costs
10,043
76,024
14,744
52.550
9,829
138,617
24,573
10,043
90.768
62.379
163.1
2021
Clerical Salaries
Office ¢osts
9,499
69,559
8,961
49,075
5.972
128,133
14,933
9,499
78.520
55,047
143.D66
12.
Stsff costs
staff costs were as follows..
2022
2021
Wages and salaries
Social security ¢osl$
Pension costs
304,822
25,319
16,277
284,559
22,043
24,643
346,418
331.245
The average number of employees during the year was 1912021: 191. The full time
equivalent of these was 11 {2021= 111.
No employee received emoluments of more Ihan £60,000 (2021= nil).
PensioN costs in tho year were £16,277 {2021.' £24,643). The ¢osts in 2021 were augmenl8d
by a one-off paylnent of £10,647 to Correct a shortfall in employerfs contributions in previous
years.
Redundancy and lemiination payments are a(xounted for in the pericNJ in which an obligation
occurs. During the Cu￿ent financial year. redundancy and termirsation paymersts amounted lo
£4,667 (2021.. nil). These costs were charged lo unrestricted funds.
-23-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
13.
Penslon costs
The Hospilal participates In the Pension Builder Scheme section of th8 Church Workers
Pension Fund ICWPFI for lay stsff. The Scheme is administered by Ihe Church of England
Pensions Board (the Board). which holds the assets of the ￿heMeS separately from those of
the Employer and Ihe other parb¢ipating employers.
Pension Builder Classlc IPB Class￿) provides a pension for members for payment from
retiromenl, aGGumul8ted from contribullons paid and converted into a deferred annuity durlng
ernployment based on terms set and reviewed by the Board from time lo lirne. Discrets'onary
incxeases may also be added, depending on investment relums and other factors.
P8nsion Builder 2014 (PB141 15 a cash balar￿ scheme that provides a lump Sum which
members use to provide benefits al retirement. Pension contributions are recorded in an
account for each member. Discretionary EN)r)uses may be added before ￿tIreMent, depending
on investfflenl returns and other factors. The account. plus any bonuses dedareé, is payable,
unreduced, from age 65.
Ther9 is sub-division of assets between employers in eilh8r section of the Pension Builder
Scheme.
The scheme is considered lo be a multi*mployer scheme as described in Section 28 of FRS
102. This is because it is not possible to attribute th8 Pension Builder Scheme's assets and
liabilities to sp8¢ific employers and means that contributions are accounted for as rf the
Scheme were a defined contribution scheme. The pensions costs charged to the Statement
of Financial Activities in the year are the contributions payable12022: £16,277. 2021=
£24,643). ContributlOnS Outstanding at the year*nd were £166 (2021.. £10,797).
A valuation of the Pension Builder Scheme is carried out once every three years. The most
recent was carried out as at 31 December 2019, and wa5 finalised in March 2021. The next
valualion is due as al 31 December 2022, but is not eXp￿d to be finaliseé until early 2024.
For the PB Classic section, the valuation revealed a dthil of £4.8m on the ongoing
assumptions used. The pension scheme administrators have estimated that the Hospital's
share of the liabilities of the scheme is of the order of 0.2Yo of Ihe total. which is less than
£10,000. Al the most recent annual review. the Board ckM)se lo granl a discretionary bonus of
3'/o following improvements in the funding position over 2021. There is currenuy no
requirement for deficit payments lo be made.
For the PB14 $￿tIon, Ihe valuation revealed a surplus of £5.5m on the ongoing assumptions
used. There is currently no requirement for deficit payments lo be made.
The legal structure of the scheme is suth that tFarK)ther employer fails, the Hospital could
beGome resFKJll5ible for paying a share of that employerfs pension liabiltties.
-24-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
14.
Net gains on invesljnent assets
Perynan¢nt
funds
2022
Rèstrlcted Unrestricted
funds
funds
2022
2022
Total
funds
2022
Total
funds
2021
Unrealised gainslllosses)
on revaluation of
investment properties
70.000
70,DC
295,000
Realised gainslllo$$esl
on investments
Unre81ised gainslllosses)
on investments
{1,616,793)
149,6141
1257,248} {1,923,655) 1,860,214
{1.546,793)
149,6141
1257,248} {1,853,655) 2,155,214
15.
Gross transfers between funds
Rostrict¢d Unre8trlcted
fvnds
funds
Approprkqlions to reslricled funds
1,625
(1,625)
1,625
(1,625)
Appropriations lo restrcted fttnds represent the annual contribution to the Extraordinary
Repair Fund and are offset by 8 transfer from restricte4J fvnds due to funds being d8-restricted
following the conditions of the restriction being mel.
25-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Tangiblo fixed assets
Fixtures,
fittings &
plant
Total
Cost or valuatlon
At 1 January 2022
Additions
On revalualions
541.213
541.213
At 31 December 2022
541,213
541.213
Dapreciatlon
Al 1 January 2022
Charge for the year
113,893
36,081
113.899
36.081
At 31 December 2022
149.980
149.980
Net book value
Al 31 Decernber 2022
391.233
391,233
At 31 D8cernber 2021
427.314
427.314
26-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL sTATEmE￿s
FOR THE YEAR ENDED 31 DECEMBER 2022
17,
Flx8d asset investment propertles
Invastment
propertles
Noble
Investmenl
proporties
Hospltal
Total
Cost or valuatlon
At 1 January 2022
Additions
Disposals
On revaluations
5,136.000
980,WO
6,116.0(H)
70.000
70.D(M)
At 31 December 2022
5.206.LY)O
980,(KJO
6,186,DOO
N¢t book value
Al 31 December 2022
5,206.000
980,(M)O
6,186.000
Al 31 December 2021
5.136.(KiO
980.￿0
6.116.000
Inv8stsnent properties
The investment properties were professiornally revalued as at 31 December 2018 al open
market value ar￿ the values were Teviewed and adjusted as at 31 December 2022 in line with
indexed growth in the res￿entIal property markel.
Herltage assets
The heritsge assets are Ihe property of the Hospi(al of St Cnjss Foundation and Almshouse
of Noble Poverty Foundation jointly and comprise 25 Almshous8s, the Church of Sl Cross,
hall. gatehouse and ancillary buildings. and Sl Faith's Churchyard. The conservation of these
buildings is one of the Hospital's primary objectives. The buildings were constructed in earfior
centurie5 ar￿ their original cost has long since been written off and are therefore held al £nil
nèl book value. No significant building unil has been added during the past s￿ty years.
-27-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Flxed a88et Invgstmonts
Pemiangnt
funds
Restri¢t¢d Un￿StrI¢ted
funds
funds
Total
funds
CCLA Funds at market
value
Al 1 January 2022
Racoupments
Additions
Disposa15
Transfers Between Fund5
Transfers lo Cash
Change in market value
13.473.685
530,974
1.625
2,175,947 16,180,606
1,625
11.616,793)
{49.6141
(257,2481 11.923,655}
At 31 December 2022
11.856.892
482,985
1.918,699 14,258,576
19.
stocks
2022
2021
Goods for resale
8,825
11.145
8,825
11,145
20.
Debtors
2022
2021
Trade debtors
Other debtors
Prepayments and accrued income
11,683
1,201
4,551
8,520
3,178
2.059
17.435
13.757
-28-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMEWS
FOR THE YEAR ENDED 31 DECEMBER 2022
21.
Credltors
2022
2021
Trade creditors
Taxation and social securty
Other C￿ditOrS
Accruals and (ieferred in¢ome
34,263
8,710
54,220
5,163
1,402
66,343
24,559
68,122
127,128
Deferred income relates to deposits paid forfulure eventslweddings. the balance held at the
end of the year was £4,528 (2021.. £5,294).
22.
Permanont ondowment funds
At l Jan Movement for At 31 Dec
2022
the year
2022
Hospital of St Cross Foundation
Almshouse of Noble Poverty Foundation
17.627,805
1.580,146
(1.212.840) 16,414,965
47,781
1,627,927
19.207,951
(1.165.059) 18.042,892
91, 93, 95 St Cross Road recoupment fund
Porterfs Lodge recoupment fund
Brothers, flats recoupment fund
132,958
71,247
177,529
(132.9581
(71.2471
(177.5291
381.734
(381,7341
19,589,685
(1,546.7931 18,042,892
During 2022 the Tru5tee5. Wth the permission of the Charty Commission. approved an Order
allowing the balance on the recoupmenl funds to be administered as part of the Hospital's
P8rmanent endowmenl,. they therefore no longer require lo be accounted for separately.
29-

The Hospital of St Cross and Almshousa of Noble Poverty
NOTES TO THE FINANCIAL sTATEmE￿s
FOR THE YEAR ENDED 31 DECEMBER 2022
23.
R05trlcted funds
At 1 Jan Movement for At 31 Dec
2022
tho year
2022
Extraordinary repair fvjnds (a)
John Hatton fund Ibl
Brothers. welfare fund (c)
Friends of St Cross grant fund
469,749
76,955
4,295
7,143
140,699)
16.045}
1746}
17.143}
429,050
70,910
3,54g
558,142
{54,633)
503,509
a) ExeEptlon81 ￿paIrS to property (Scheme of 5 November 1984, clause 46: annual
contributions of not less Ihan £1,625).
b) To provide for the Hospital's general purposes for the benefit and advancement of the
social life of the Brothers.
cl To provide for the welfare of the Brothers through donations given through collection
boxes. Donations tolalling £1,176 were received in the year and £1,922 disbursed.
Unrestrlcted funds
At 1 Jan Movgmont for At 31 Dac
2022
tha yaar
2022
D05ignatad funds:
Commander J S Baker Bequest
Miss G M Bauer Bequest
Refurbishment Reserye
561,194
194,449
100.000
165,223)
(27,579)
495,g71
166,870
100,000
855.643
1,879,788
2,802)
762,841
{149,678} 1,730,110
General fund
2,735.431
{242,480} 2,492,951
The Refurt)ishmenl Reserve comprises amounts appropriated from the General Fund towards
the cost of refurbishing the Brothers, flats.
-30-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO T4E FINANCIAL sTATEmE￿s
FOR THE YEAR ENDED 31 DECEMBER 2022
25,
Analysls of net assets between funds
Pomianent Restrlded Unrostrlcted
funds
funds
funds
2022
2022
2022
Total
funds
2022
Total
funds
2021
Tangible fixed assets
FIX￿ asset investment
propèrties
FIX￿ asset investments
Current assets
Creditors due within one year
391,233
391,233
427,314
6,186,(KiO
11,856,892
6,186,000 6,116,000
1,918.699 14,258,576 16,180,60e
251,141
271.665
286,468
(68,1221
168,122) (127,1281
482,985
20,524
18.042.892
3,509
2,492,951 21,039.352 22,883,258
Analysls of nat assots botween funds (prfor year comparatlve)
Permanent Restricted Unrostrlctod
funds
funds
funds
2021
2021
2021
Totsl
fund$
2021
Total
fund$
2020
Tangible fixed assets
Fixed asset investment
properties
Fixed asset investments
Current assets
c￿￿110r8 due wthin one year
427,314
427,314
451,005
6,116,1M)O
13,473,685
6,116,000 5,821,000
2.175,947 16,180,606 14.309,296
259,298
286.466
97,386
(127.1281 (127,128} 1123,0991
530.974
27.168
19,589,685
558.142
2.735,431 22,883,258 20,555,588
26.
Analysls of changes in net cash
At 1 Jan 2022 Cash flow At 31 Doc 2022
Cash at bank and in han(J
Cash held wlh inveslm&nl manager
234.342
27.222
119,151)
2.992
215,191
30,214
Nel Cash
261,564
(16,1591
245,405
31-

The Hospital of St Cros5 and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Flnanclal Instruments
2022
2021
8asl¢ financial assets
Basic flnancial liabilities
14,525,690 16,465,013
(59,4121 (121,9651
Baslc financial assets are all investments {exduding investment properties), debtors ￿u$
cash in hand minus prepaymenl5.
Basic financial Ilabilllies are all creditors due in less than one year plus creditors due in more
than one year minus taxation payable.
Th8 entitl$ income. expense, gains and losses in resp￿1 of financial instruments are
summarised below:_
2022
2021
Total dividend and inleresl iru)me for basic finan¢ial assets
Total (lossesygains in respect of basic financial assets
437.431
11,923,655)
425,482
1.860,214
28.
Financial Commitments
Non-cancellable operating lease rentals r￿Nable
2022
2021
Less than one year
After one year and less than fve years
After five years
62,380
38,480
5,585
34.489
563
106,445
35.052
The leasg rentsls receNable relates to rent income receNable from the Hospital's investment
properties. The amounts recewable are limited lo the next rent review date for agrlcultural
properties or the earfier of the lease end date or break clause for other properties.
29.
Commitments and contingen¢i9S
There were no material commttments at 31 Dec*mber 2022 or 31 D￿mber 2021.
There w￿e no (xnlingenl liabilities at 31 D￿T￿ber 2022 or 31 December 2021.
-32-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAFi ENDED 31 DECEMBER 2022
Related party transactions and Trusteos, expen$¢s and remuneratlon
No Truste8 received any remuneration or reimtxjrsement of expenses frorn Ihe Hospital
during the year.
Mrs Felioty Pennyc(Kik and Mr Jonathan Cooke are also Trustees of the Friends of Sl Gross
Hospital Winchester. The Friends made a grant of £15.000 (2021.. £17,000) to the Hospital
during the year.
Key management personnel receNed total remuneration of £nil during the year (2021- £nil).
Durfng th8 year, lotal donallons by the truste8S to the charity amounted lo £nil (2021: £nil).
-33-

The Hospital of St Cross and Almshouse of Noble Poverty
NOTES TO THE FINANCIAL STATEMEWS
FOR THE YEAR ENDED 31 DECEMBER2022
31.
Additional prior yoar ¢omparatives- $tat¢mgnt of financial a¢tivitles
Pemianent
funds
2021
Restricted
funds
2021
Unrestricted
funds
2021
Total
funds
2021
Total
funds
2020
Not•
Income from:
Donations, grants
and legacies
Fundraising
activities
Investment income
Charitable acbvilies
19.021
73,176
92,197
53,329
24,834
558,334
251,408
24,834
560,995
251,408
6,701
426,776
171,232
2.661
Total Incomo
21,682
907,752
929,434
658,038
Expenditure on:
Rai&ng funds..
Costs of generating
voluntary in¢ome
Inv851menl
managgmenl cx)sls
8,889
8,889
6,001
8,435
41,917
50,352
45,485
CharTlable activities
28,013
669,724
697,737
685,901
Total ¢xpenditur¢
8.435
28.013
720.530
756.978
737,387
Nèt Incomlng
(outgoing)
resources beforn
Investmont galns
(8,435)
{6.331 }
187,222
172,456
179,349)
Nel gains (losses)
on Investments
14
1,806.344
77.041
271.829 2,155,214
653.320
Net income boforg
transfers
Trar)sfers between
fvnds
1,797,W9
70,T10
459,051
2,327,670
573,971
15
10,308
1,625
{11,933)
Net movomgnt i
funds
1,808.217
72,335
447,118 2,327,670
573,971
Reconciliation of
funds:
Total funds at
January 2021
17.781.468
485,807
2,288,313 20,555,588 19,981,617
Total funds at 31
December 2021
19,58g,685
558,142
2,735,431 22,883,258 20,555,588
34-