Charlty number: 202751 The Hospital of St Cross and Almshouse of Noble Poverty Trustees, report and Financial statements For the yaar ended 31 December 2024
The Hospital of St Cross and Almshouse of Noble Poverty CONTENTS Page Reference and Admlnlstrative Details of the Charlty, its Twstees and Adser5 Trustees, Report Independent Auditorfs Report 9-q1 Statsment of Flnancial Actlvities 12 Balance Sheet 13 Statement of Cash Flows 14 Notes to the Flnanclal Statements 15-34
The Hospital of St Cross and Almshouse of Noble Poverty REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Charty registered number 202751 Reglsterod offlce Hospital of St Cross, St Cross Road. Winchester, S023 9SD Co-optatlve Trustees Mr Jonathan Cooke {Chairman to 19 March 2024., relired DecemtAr 20241 Sir Jonathan Portal (Chairman from 19 March 2024) Mr Willlam Corbett Mrs Gill Beck IPCCI Mr Christopher Higgins Mr Michael Killingley FCA (retired March 2025) Mrs Imogen Lyndon Skeggs Ms Felicity Pennyci)ok ACA (Honorary TasUrer) Mrs Katherlne Wake (retired March 2025) Dr Tim Foster Irelired Decembar 2024) Dr William Hellier (appointed December 2024) Mr Jonathan Sleath (appointed December 2024) Mr Richard Hills lappointed March 2025) Nominativg Trustees Cllr Fiona Mather IWinch8Ster Cty cnCil) (retired May 2024), Cllr Angela Clear lappoinled May 20241 Mr Adam Rattray (Winchester College) Ex-officio Trustèes The Master of St Cross". The Reverend Dominik Chmielewski The Dean of Winchester: Th& Very Reverend Catherine Ogle (retired 11512025, recruitment ongoing) The Rlgm Worshlpful Mayor of Wlnchester.. Cllr Angela Clear (2023120241. Cllr Russell Gordon- Smith (202412025). Cllr Sudhakar Achwal {202512026) Cl¢rk to the TTusts85 Mrs Catriona Morley Bankers Nalion?I Westsninster Bank plc. 105 High Street, Winchester. S023 9AW Solicitors Godwins, 12 St Thomas Street. Winch6ster. S023 9HF Investmgnt Managers CCLA Investment Management Ltd. Senator House, 85 Queen Victoria Street, LOlOn. EC4V 4ET Property advisors Cart6r Jonas, 9a Jewry Street, Winthesler. S023 8RZ Auditor Crowe U.K LLP, Aquis Hous6, 49-51 Blagrave stre@t, Reading. RG1 1 PL
The Hospital of St Cross and Almshouse of Noble Poverty TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 PrfnGipal aGtivilie¥ and aim¥ The Hospital's princlpal activity continues to be the provision of a living community which offers a home and haven to elderty gentlemen in need of support, on Ihg premis8s of'England's oldest and rnosl perfect Amshouse" and to provide a welcx)me to all who wish lo visit the Hospital and enjoy its SLsrroundings. The H05pitsI was originalty founded around 1132 by Henri de Blois, Bishop of Winchester. Its aims are lo maintain the property, care for the Brothers, wekome visitors and continue the worship at the Church of St Cross for the Brothers and, for the past 500 years, the parishioners of St Faith. Revlew of achlevements and perfomiance for the year Herltage Proflle Visitor numbers decreased slightly in 2024 compared to the previous year and are still well short of thè number of visitors in 2019, before the pandemic. 11 has boen widely reported that a lol of visitor attractions and heritage sites have been suffering from reduced visitor numbers. The cost of living crisis, b8d weather and r&sidual effects ol the p8fKlemic all contrfbuled to Ihls. Whilst the Tnjstees are keen to relain the tranquil atmosphere of the Hospital and respect the fact that it is home to its residents, the Brothers, they rnise the need to refresh what is on offw to its paying visitors and lo share the rich heritag8 of Ihe Hospital. Providing new and interesting infomialion and activities connected lo its history helps to generate the incomè the Hospltal ne8é5 10 prosper and maintains its status amongst Ihe top attraclions in the ancient city of Winchester. Gradual changes took place in 2024 to enhance the visitor experien(x. A display of Robes (wom by the Red and Black Brolh8rs and the Masl8r), th8 Brothers. R8gister and olher pictures and artefacts We inlroduGed to the Brethren's Hall. Improvements to the Hospital's social media platforms and involvement in the local Attracth)ns Partnership group have all hdped with the enhancements. Tha pro11 to commemorate the Hospttal's 900 y8ar anniversary lin 20321 continued with work on the feasibility of ideas to celebrate the occasion. In September the Hospital, once again, took part in the National Heritage Open Days scheme. The event offers free entry for one day in order lo cdebrale and promote the UK'S history and cutture. During the opening visitors were able lo lake part in an Escape Room style, cultural duo solving trail. This was a trial event and, du@ lo ils oven¥helming Success, it is intended lo roll out a number of Sessions of clue solving trails forfamilies to book during school holidays In 2025. These will be based on a 'Cromwellian Conundrum. involving a story around the Brothers and Mastar of the Hospital. A stonemason's workshop was he in the Bowling Green which drew in many visitors who were keen to observe as much as lo take part. As a r8suIt of the success of this venture, further Artisan workshops ar8 planned for the future. The H05pilal provides a stunning location for these events. Review of charitable activities Flat refurt)IshnFent The major pmject lo refurbish and modemisa four flats- one staircase- was completed In March 2024, at a cost of some £735,000, and the new accommodation has b8en well r8c8tv8d. This prolecl was, th Charity Commission wnsenl, fijnded entIlY from the Hospital's own resources. The trustees are considering the lessons leamed from this first phase before deciding on the nature and liming of the next stage of flal refvrbishment.
The Hospital of St Cross and Almshouse of Noble Poverty TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 11 is beyond the ability of the Hospttal to fund such 8 project sOty from its own reserves. The most recent estimate of the cost of the whok projeci was £4 million. As always, ther8 has been a heavy programme of other repairs during 2024. at a cost of som8 £248.000 across various areas of the Hospilal's eslate. Welfarn and visitors Two Brothers and one Brother Emertius sadty died during the year. The completion of the fUrbishMenI of one staircase- four fiats- has enabled the Hospital to increase the number of Brothers. Two were welcomed to th8 Hospttal during the year. and appli¢atlon$ have been accepted for anolhgr three to join the Hospital during the second quarter of 2025. The Hospital had about 5.200 paying ViSTtors In 2024, slightly fewer than in 2023 and still well below th8 8,000 visitors in 2019. before the Covid pandemK. There were 14 weddings at st. Cross during the year12023- 101, and a successful Michaelrnas Falr Sn September. Friends of St Cross Hospital The Friends of Sl. Cross has about 770 indNidual m8mb8rs, very much in line with last year. Thoy provide a wide range of educational and fund-raising activrties both wrthin and outslde the premises of the HosFNtal. During 2D24 the Friends generously donated £17,000 to the Hospital lo fvjnd both the automatic opening of the outer door from the Ambulatory into the church and repairs to the stained glass al the east end of the Memorial Chapel. The remaining amount of approximatety £9,000 was a contribution to the project to improve the lighting for the church.. Flnanclal review Financial activities The Hospital in¢urred a deficit in 2024 of £168,000 before investment galns12023 deficit £392,000). H¢)wever. this was after exp8fbditur8 of a further £237,000 on phase 1 of the ffiat refurbishment project. There was thus an undertying surplus, before these exceptional refurbishfflent costs, of £69.000 12023.. £106,000). This resuV( was signifficanuy better than the budgeted surplus of £6.000.The principal variances werg Iow8r overall expenditure on repairs1£24,000 variance helped by a substsntial numt*r of repairs being done in house)., and a considerably better Ihan expected public visiting resull1£32,000 variance primarily in increased tea00M sales and gtft-alded donations). Resources expended during the year, excluding exceptional refvrbishmenl costs, increased by 12% to £976,000 {2023= £875,01)01. The reasons f(y fhis are a combination of increased staff costs including a full year's costs of a deputy rjerk. incre3sed public wsiting costs along with the increas8d income and repair costs of the hospital buildings getting back towards 2022 levels after a drop last year. Higher repair costs are no bad thing, since the repair and safeguarding of Grade 1 Ilsted medieval buildings is costly and, aided by our arthilects, quinquennial inspection reFK)rts, il is important that the Hospital keeps up to dale with tts repair and malnlenance programme.
The Hospital of St Cross and Almshouse of Noble Poverty TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 For the sake of clarity, phase 1 of the fiat refurbishment projed cosl in totsl £735.000 over a 2 year period1£237,000 in 2024 and £498,000 in 2023). Funds for this project. this year came from the Restricted Fund enliued Extraordinary R8pair Fund (note 23)- Balance Sheet Net assets Increased by 2 /0 to £ 23.1 MilOn {2023'. £ 22.6 million) as a result of mod8St increases i both the Hospital's investment and propety POrtFolios. Th8 fom)er, Invested In funds managed by CCLA, underperformed agalnst their benchmark. This is in part because a significant comwnent of matl(et OLrtperfomiance in rent years is attributable lo a small number of large US technology stocks (notably the so-called "magnifint 7"): rt WOLtkl be imprudent for an investment manager to (y)ncentrate too high a rCentage of the charitS assets in such a srnall number of stocks. The trustees monitor the performance of the CCLA portfolio regularly. The propety Portfolio had b8en extemalty valued al open market value at the end of 2023 by the Hospital's property advisers Carter Jonas- these values were reviewed and adjusted as at 31 Derember 2024 in line with indexed growth in the residential propety market. Finanaal reporting stsndards requir8 investment properties to be professionalty valued al least every 5 years. Cash at bank and in hand al 31 December 2024 was £214,000 {2023'. £148.000). Resources and Res&Nes polioy Of the total funds at 31 December 2024 of £23.1 mill)n. £20.4 million was pemianenl endowmgnt and £82,000 restricted fvnds. Unrestrtcted funds were £2.6 million of which £954,000 were designated funds. The balance is the General Fund, which includes £319.000 of tsngie fixed assets. Tho Trustees, policy is to plan expenditure within available resources whilst retaining reseNes to provide a degr98 of fl&xibilty lo meet the cost of major repairs. These can b8 significant wh8n maintaining ancient Grade 1 listed buikjings. Inv¢stmèntpolicy The foundation buildings and the investment properties are managed to best effect w(th the aid of quinquènnial inspections and reports. Monetary investrnents a Currently held in common investrnent fund5, wh$re the lund rnan8gers practise socially responsible inveslmerbt. The policy applicable to equity-based investments is lo produce the best income compatible with longèr-tem) capital growth and security. The policy applicable lo fixed interest and vanable interesl-bearing investments is lo aim for maximum income subject to protection of capital (such inve5tmerts are made into highty rated bonds or d8positsI. During the year tho finance and property wmmittees c#)nducted a review of the Hospital's investment policy, including the allocation of assets between the inve5trnent and property portfolios. No changes were recommended, bul it was agreed that such a review should be undertaken ularlY. Outlook and futur8 plans The Hospital will continu8 the aims as staled atK)ve. namely the maintenance and rerbiShMent of the fabric of the ohur¢h and hospital buildings. and the welfare of the Brothers.
The Hospital of St Cross and Almshouse of Noble Poverty TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Finantrial outlook The Hospitsl is budgetlng to make a modest surplus In 2025, after laklng into account a subslanllal programm8 of n&cessary repairs. Refurt>ishment ofBrothers' flats As noted above, the first phase of the flat refurbishment project was completed early in 2024, and a decision on next steps will be taken in due course, On the trustees hav8 considered the lessons learned from the project. The whole refvrbishment project will extend over several y8ars, firstly because of the logistical constraints of housing all the Brothers while the work takes place, and secondly because it is beyond the abiftty of the Hospital to fvnd th8 worf( solely from rts owrb reserves. The Trustees are considerlng how best to rais8 lh8 addthonal funds whiGh will be required. Landscapg and ConssNation The Hospital's appointed tree adviser has recenty carried oui a Tree Health survey to update the original Safety Audit & Management Slrategy document written by him in 2020. We will be acting on his recommendations for any urgent work required to individual tree5. Th8 removal of the diseased ash and sycamor8 trees abng the Mill stream whid) was scheduled for last year was delayed due lo the gxcgptionally wet weather. We hope to carry out this wi)rk in Augusvseptembar this year and w are optimistic that funding will be ovallable through the Hampshiw & Isle of Wight Wildlife Trust as th8 removal of the trees 11 greaty enhance the habitat for the rare Southem Damselfly. We are lialsing with our tenant, St Cross Cricket Club, to ensure careful management of the trees within their boundary, and we have recentty planted six plane trees for them along Sl Cross Road which were propagated by Hilliers from the Ma9nrfnl specimens at Winchester College. We hope in time these will bè enjoyed by all enterlng Winchester akN)g this route. We will conlinu91o enhance the land owned by the Hospitsl in thé (x)ming year With smaller projects highlighted in our long term landscap8 masterplan, which indude opening up lost views, planting more trees, repairirvJ sluice gates in the water meadows and lootpalh repairs. Public beneflt and the reli9f of poverty The two foundatK)ns of the Hospital of Sl Cross (established 1132> and the Almshouse ol Noble Poverty le9tablished 1455) were founded lo provide relief for the poor and needy. through the provision of aCcommaton and suslenan¢e. The Trustees of the {now combined) foundations are also fully Committed lo the maintenants in their original Sty of the Hospital's uniquo set of grad8- one4ist&J medieval buildings and have in pkice a continulng pKwramme of repair and improvement. The Hospital is al the heart of the local communty. As an historic almshouse. it provides accommdalion for twenty4ive eldety men. The visiting public are welcome for 363 days In the year to visit tho ancient buildings, walk in the gardens, request the Waytarerfs Dole and take refreshment provided by the Hospital volunteers in the medieval Hundred Men's Hall. The Hospital enjoys an excellent assouation wilh the Parish of St Faith, who have worshipped al St Cross since 1507 when theiT own church fell into disrepair. The Parish regard Sl Cr05s Church as their principal place of worship with a typical Sunday attendants of well over 100 worshippers. The Hospitsl's MasleT, the Reverend Dominik Chmielewski, is a150 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 Ople in the grounds of the Hospital.
The Hospltal of St Cross and Almshouse of Noble Poverty TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Th8 churoh and other buildings within the Hospital are In regular use by the Friends and other local groups for worship, concerts. educational purposes and events. Th&re ks a very strong musical tradition which continues lo flourish W[ a very fine churth organ and an aelivè church choir. The church is in high demand for concarts and musical perfomiances. The programme of free lunchtim concerts I'Perfect Pitch'} in the Chapel. organised by Brother Graham Davies, ran weekty between April and October 2024. wth 29 concerts. attended by aboLrt 2100 people and Invo1ng more than 200 young musicians. The programme raised a s1gnrfint amount by way of donatiovg, towards ongoing conservation projects al the HosFMtal, such as improved LED lighting for the Chapel and b&tter disabled access. The COnrt programme resumed In April 2025. Th6 Brothers. Library is a flexible space which is usgd in a variety of ways. It is SLJitable for small meetings and also occasionally let as a base for Parish Quiet Days. With tts small kitchenette and ¢x¢6llent audio-visual equipment it IS W811 suited to be used for training or for talks and lectures. Outside the main site, the Hospf(al providos several other signrficant facilities which help to nurture a strong sense of local community. These includo the prowsKJn of the Parish Hall and 80 tradrtional allotments in 8 bealrtiful setting by the river. The Parish Hall is in constant community use for the local pre-school nursery, Gid Guides, Brownies and other local activities such as yoga and dance asses. The meadows which surround the Hospital provlde a peaceful setting in which the public a able lo walk and relax free of charge. Adjacent to the meadow, the Hospital lets Its land to the local St. Cross Symondlan8 Cricket Club where regular matches are held for both adult and youth cricket. To keep itself current the Hospital contiT)ues to tXlSt corrtent on its 50rAal medla accounts and continues to improve its website. Marketing and publicty is vital to promote improved facilities and ew events in the push lo attract and increase the nurnber of visitor5. In earty 2024 a separat6 website to promote the events and provide information about the Brothers. Perfect Pitch lunchtime concerts was launched at www.perfectpllchconcerts.co.uk. The Hospital records sirbce ts original foundation are djments of nsiderable histOriC81 interest and importanee. To reduce the risk of Iheir loss or destruction, the rgcords ar8 held and preserved by the Hampshire Record Office and are available for public view within c8rtain limitations to proleGI individual prfvacy. Plans are in place to continue adding to the archNes. The Trustees confimi that they have complied with the duty oudinod In section 17{51 of the Charities Acl 2011 to have due regard to the guidan issued by Th8 Charity Commission on public benefit. Structure, governance and management Governlng documont Tha Hospital of St Cross (the Hospital) is a r8gislered charity whose object5 are set out in the Charity Commission Scheme dated 5 November 1984 (the Scheme,), as varied by the Schemo of 14 March 1990, an Order of 1 November 2006. a Memorandum of 5 September 2006 and Resolution5 of 23 June 2009, 20 March 2012 and 23 March 2022. There are foundations, the Hospital of St Cross and the Ajmshouse of Noble Pov8rty. The Hospital's property and assets are owned by the ¥0 foundations as the Corporation of the Master and Brethren tBrothersl of the House or Hospital of St Cross and the Trustees administer it on behalf of tho Corporation.
The Hospital of St Cross and Almshouse of Noble Poverty TRUSTEES, REPORT FOR THE YW¢ ENDED 31 DECEMBER 2024 The Truslees. responsibililios for application of income are sel out in the Scheme. The first such responsibility is to defray out of the income of Ihe Hospital Ihe cost of maintaining the propety and all other costs payable In respect of th8 property and all the proper costs of administration and management of the Hospital. Subject to the payments aforesaid, th& Trustees shall apply the income of th8 Hospital for the benefit of the Brothers in such manner as the Trustees think fit. Trusts8s The narnes of the Trustees who served during the year and lo the date of this r8POrt are shown on page 1. Co-oplative Trustees are appointed by the Trustees and seNe for five years. One nominative Trustee is appointed by Winchester City Counal and serves for four years. The olher nominative Trustee is appointed by the Warden of Winchester College. The Tnjslees meet quarterly and have appoinlad comrnitt88s covering finance, proparty, risk managemenL visitors and welfar8. Each Trustee usually sits on committees. Trustee recNltmont Co-oplalive Trustees are recruited after a thorough 5deCti and int8rview prsS which ensures thal a balancè of relevant skills is maintained across the Board. Trustè8 tralnlng Each Trust¢e, upon appoinlmenl, receNes a Trustge's weknme and induction pac*, indicating the range of their responsibilities. in addition some of the Trustees attend annual seminars on accounting for charities and recent charity legislatlon arKI pracbce. During 2023 rf( was agreed that all Trustees would be required to undertake the Church of England Basic and Foundation online courses on safeguarding. Organlsational management Under the Scheme, résponsibility for the management and (x)ntrol of th8 H05Pital and thg Brethr8n rests with tho Trustees. The daY-t(daY running of the Hospital, the rnaintenan of the premlses and management of the employees is delegated to the Clerk to the Trustees. under Ihe gen8ral supervision of the Trustees. The Master of St Cross {himself a Trustee) is charged with the pastoral welfare of Ihe Brethren. Brothers. accommodation is kept to a high standard and advertised regulaty to ensure that any vacancles are fIld by suitable applicants. Rlsk management The Trustees have examined the principal areas of the Hospital's operations arKI considered the major risks faced in each of these areas. The Risk Managemenl Committee biannually establishes, assesses and ¢ategorises all risks. In the opinion of the Trustees, the Hospital has establlshed resources and reviw systems which allow these risks to be mitigated to an acceptable18v81 in day-today operations. Maintenance of income Streams is Vital in order lo continue lo meet the HospTlal's objects. Reserves are invested in a mix of stock market investment ftjnds and investment properties lo spread risk whilst producing a regular income stream. Tnjslees work th the Investment Managers and Property Advisers to ensure that an appropriate asset allocation is maintained. Thg repair and safeguarding of Grade 1 listed medieval buildings 15 coslly and good maintenance is an important part of this. All Hertt8ge buildings are subject to quinquennial inspection and Ih&re is a continual programme of repair and improvemenL RegUr insurance reviews are carried out.
The Hospital of St Cross and Almshouse of Noble Poverty TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Annual fire risk assessments are carried out and the Hospital works closely with the local Fire Service to ensure quick and effective access in the event of an emergency. The Hospital also complies with the lalesl Health and Safety Management System backed by regular internal and external audits. Trustees, responslblllties for the flnanclal statements The Trustees are responsible for preparing the Trustees, Report and the financi81 statements in accordance with applicable law and Unitèd Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England and Wales requires the Trustees lo prepare financial slalements for each financial year which give a true and fair view of the stale of affairs of the Charity, and of the incoming resources and application of resource of the eharity for that period. In preparing these financial stalemenls, the trustees are required lo: Select suitable accounting policies and then apply them consislenlly,. Observe the methods and principles in the Charities Statement of Recommended Practi- Make judgements and accounting eslimales that are reasonable and prudent., Slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slalemenls., Prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that 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 website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in olher jurisdictions. The Trustees are responsible for keeping proper accoijnting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the financial slalemenls comply with the Charities, Act 2011, the Charity (Accounts and Reportsl Regulations 2008, and the provisions of the Scheme. 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. The report W8s approved by the Trustees at their meeting on 17 June 2025 and signed on their behalf by.. Sir Jonathan Portal- Chairman
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 2024 Oplnlon We have audited the financial slalements of Th8 Hosptt81 of St Cross and Almshouse of Noble Poverty for the year ended 31 December 2024 which comprise the Sl8lemenl of Financial Actlvities, the Balance Sheet, the Cashfiow Statem8nt, and notes to the firhancial statements, includlng signifiGanl accounting policies. The financial r&porting fr8mework that has been applled in their preparation is applicable law and United Kingdom Accounting Standards. including FlnanBial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generdlly Accept8d Accounting Pracb'ce}. In our oplnion the financial statements: give a true and fair view of the stale of the tharitys affairs as at 31 Drnber 2024 and of Its incoming resources and application of resources, including its income and 8xp8ndilure for the year then ended., have been property prepared in accord8n¢e with Unit8d lQngdom Generally Accepted Accounting Practice- and have been prepared in ac(x)rdan¢e with the requirements of the Charitios Act 2011. Basis for oplnlon We conduclod our audit in accordance with Intemation81 Standards on Auditing {UKI (ISAS (UKII and applicable law. Our responsibillties under those standards are furthor described in the Auditorfs responsibilities for the audit of th8 finanaal statements section of our rgport. We are independent of the charity in accordance with the 81hi¢al requirements that are rekvant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we hav6 fvlfilled our other ethical responsibilities in accordance th8s8 requirements. We believe that the audit evidence w6 have obtained is sufficient and appropriate to provide a basis for our opinron. Concluslons relating to golng concern In auditing the financial statements, we have concluded that the trustees. use of the wng Concern basis of accounting in the preparation of the finanal statements is appropriate. Based on the work we have perfom7ed, we have not identified any material uncertain118s relating to events or conditions that, indiwdually or collective, may cast sTrgntficant doubl on the charity's ability to contlnue as a going concern for a period of at leasttwefve months from when th9 financial statements are aulhorised for issue. Our responsibilibes and the responsibilth'es of the trustees respect to going concern are describad In the revant sections of this report. other Infonnatlon The trusle8s are responsible for the other information rA)ntain8d within the annual report. The other information comprises the infomiation included in the annual report, other than the financial stalernenls and our auéilorfs report Ihereon. Our opinion on the finanual statements does not cover the olh6r Information and we do not express any lom) of assurance conclusion thereon. Our respon8lbilty is to ad the other information and, in doing so. consider whether Iho other information is materially inconsistent wtth the financial statements, or our knowledge oblained in the audrfc or otherwise appears to materialty mi5Stated. If we identify such material inconsisl6ncies Dr
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 2024 apparent material misstatements, we are required to deteThine whether thls giv8s rise to a material mi55tatamenl in the financial statements themselves. If, based on the work we have performed. we conclude that thère is a mat8rial mtsslatement of this other infomation. we are required to port that fact. We have nothing to repjrt in this regard. Matters on whlch we are roqulrgd to report by exceptlon We have nothlng to report in respect of the following matters in reLation to which the Charities {Accounts and Reports) Regu18tion8 2008 requiro us to repgrt to you if. in our opinion= the infomation given in the financial statemenls is inconsistenl in any material respect with the trustees. re[,. or sufficient accounung records have not been k8pt', or the financial statements are not in agreement with the accounting records and retumB', or we have not recewed all the inft)rmation and explanations w8 requir8 for our audit Rospon51blliti&s of trustogs As oxplained more fully in the truslees. responsibilthes statement set out on page 8 the trustses are responsible for Ihe pr6paration of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the trustees determine is necessary to enable the pr8paraÉion of finanaal statements that are free from malerial misstatement, whether due to fraud or error. In pr8paring the financial statements, the Iruslees are responsible frjr assessing the charity's ability to continue as a golng concern, disclosing. as applicable, matters related lo golng concern and uslng th8 going concern basis of accounting unless the trustees 8ith8r intend to liquidate the tharity or to cease operations, or have no realistic altemab've bul to do so. Audltor's responslbllities for the audlt of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordan( with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtsin reasonable assurance about whelher the financial statements as a whole are free fri)m material misslatement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurarbce is a high Ve1 of assurdnce but is not a guarantee that an audit conducl$d in accordance with ISAS IUKI will athys delect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material rf, individualty or in thg aggregate, they could reasonabty be expected to influence the economic decisions of users taken on th8 basis of these financial statements. Irregularities, Induding fraud, are instances of non-compliance laws and regulations. We design procedures in linè with our responsibilities, ouilined above, to detect material mi8Statemenls in respect of irregularities. including fraud. The extent to which our procedure5 are capable of detecting irregularities, including fraud is detsiled b810w= We obtained an understanding of tho legal and regulatory frameworks within which the charity oporales, focusing on those laws and rggulalions that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP IFRS 1021. We assessed the required compliance with Ih8s& laws and regulations as part of tsur audit procedures on the related financial stalgment tiems. 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 2024
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 ii. 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.
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 auditor's report.
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
Date 23 June 2025
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.
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The Hospital of St Cross and Almshouse of Noble Poverty STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Pennanent funds 2024 Restrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Incomé from.. Donations, grants and legades 17.298 60,522 77,820 79,451 Fundralslng activItS Inv8Stmenl income Charitable advthes 37.945 602,347 322,312 37.945 606,166 322,312 31.787 583.629 286.497 3.819 Tolal Incom8 21.117 1.023.126 1,044,243 981,364 Expgndlturn on: Ralslng funds.. Costs ol generating voluntary I)me Invesiment management costs 24,918 24.918 16,112 52,150 52.150 59,536 Charitable actiwli&s.- Refurbishment of BrothS, Flats Other Charitsble ActiMtie6 236,705 236.705 498,365 16,7&3 882,115 898.898 799,418 Total expenditure 16,783 1.195,888 1.212.871 1.373.431 Net Incomlng loutgolngi r¢$ouw¢$ before investmènt galn# (172,7621 (168.4281 1392.0671 Net gains Ilosses} on investments 14 631.208 498 53.870 685.576 1.971.908 Ngt In¢orne before transfers Tr8nsf8rs be&en nds 631.208 4.832 1118.8921 517,148 1.579,839 15 (268,3751 268.375 Ngt rnovgment In funds 631.208 1263.$43} 149,483 517,148 1.579,839 Reconciliation of funds: Total funds al 1 January 2024 19.794.504 345,993 2.478.694 22,619,191 21.039,352 Total funds at 31 December 2024 20.425.712 82.450 2.628.177 23.136.339 22,619,191 12-
The Hospital of St Cross and Almshouse of Noble Poverty BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Flxed assets Tangiblo assets Inveslrnenl Properties Investments 319,071 7,198,000 15,437,307 355,152 6,899,000 15,284,597 17 18 22.954,378 22,538,749 Current assets Stocks Debtors Cash al bank and in hand 19 20 8.931 21,095 214,084 8,330 18,356 148.272 244,110 174.958 Creditors.. amounts falling due within one year 21 162,1491 194,5161 Net current Illabllltlesllassets 181,961 80,442 Net assets 23.136,339 22,619,191 Charlty funds Permanenl funds Reslricled funds Unrestricted funds 22 23 24 20.425.712 82.450 2.628,177 19,794,504 345,993 2,478,694 Total funds 23.136,339 22,619,191 The financial statements We approved by the Trustees at their meeting on 17 June 2025 and signed on their behalf, by.. Slr Jonathan Portal- Chairman Felicity Pennycook- Honorary Treasurer The notes on pages 15 10 34 form part of these financial slalements. 13-
The Hospital of St Cross and Alrnshouse of Noble Poverty STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flows from operatlng actlvltles Nel income {outgoingsl for the year (from Statement of Financial Acliviliesl 1168,428) 1392,0671 Adlugtment for. Dividends, interest and rents from investments Decreaselllncreasel in stock Decreaselllncreasel in deblors IDecreaselllncrease in creditors Depreciation of tangible ftxed assets (606,166) (601) (2,739} (32,367) 36.081 1583,6291 495 {9211 28,398 36,081 Nel c8sh provided by operating activibes {774,220) 1913,645) Cash flovts from Investlng actlvftles Purchase of fixed asset investments Transf8rs lo cash from investments Tr8nsf6rs from cash to investments Purchase of tangible fixed assets Disposal of tangible fixed assets Dividends. interest and rents receivable 11,625} 270,000 (34,509) 11,625) 200,000 34,508 583,629 606,186 Net cash used in investing activrf(ies 840.032 816,512 Change in eash and cash equwalents in the year 26 65,812 (97,133) Cash and cash equivalents brought forward 148.272 245,406 Cash and cash equwalents carried forward 214,084 148,272 -14-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ac¢ountlng Policies and Key Judgements 1.1 Basls of prèparatlon of flnanclal statemgnts The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their acLounts in a[x0rdan wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effective 1 January 20151- (Charities SORP IFFiS 1021), the Finanaal Reporting Standard applicabl& in the UK and Republic of Ireland IFRS 102} and the Charities Act 2011. Th8 Hospital of St Cross and Almshouse of Noble Povety meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognlsed al historical cost or transaction value unle55 Otherwise stated in the relevant accounting policy. 12 Golng concem The Trustees consider that there are no material uncertainties about the Hospital's ability to continue as a going concem. The mosl slgni)Icant areas of uncertainty that affect the carrying value of assets by the Hospital are the level of investment return and the perlomance of investment mark8ts. 1.3 Tangible assets Heritage ass8ls The freehold prop8rties described in Note 17 on page 27 are not included in the balance she8t al a monetary vae as neither their costs, whh have been ftjlly written i)ff, nor their marf(et values are available. Significant improvements to the fitting out of heritage assets ar8 caprtalis8d where appropriate as fixtures and fillings. Fixtures, ffttings andplant Individual assets costing more Ihan £5,000 are ¢apll8118ed and Induded al Gost, including any incidental costs of acquisition. Tangible fixed assets are stated al cost less depreciation. Depreciation is provided at rates calculated to write off the wsl of fixed assets, less their 8slimated residual value, over their expected useful lives on Ihe followng basis= Fixtures & Fittings - 15 years straight line -15-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng Policies and Key Jud9ements Investmentproperties Investment properties are included in the balance sheet at Ihelr open market valuas by a profession21 revalualion every fve years and by the Trustees in the inteNening years. The surplus or defrt on revaluation of indiwéual properties is transferred to Ihe permanent endowment fund via the Statement of Financial Activrties. Depreciatlon is not provided in respect of freehold investsnent properties, in accordance wth Section 16.. Investment Property of FRS 102. 1.4 Investments Investments are a fomi of basic finanaal instrjmenl and are initially r8o)gnls8d al their transaction value and 5ubsequendy measured at their fair value as at the balance sheel date using the dosing quoted market priee. The statement of financial acltvlties indudes the net gains and kisses arising on the revaluation and disposals throughout the year. The Hospital does not acquire put options, derivatives or other complex financial instruments. The main fomi of financial risk faced by the Hosptt31 is Ihat of volatllity in equity markets and investment markets due to wider economic conditions. the attitude of investors to investment risk, and changes in sentimenl conMIng equtties and wthin particular Sectors or sub sectors. 1.5 Realised gains and losse5 All gains and losses are taken to the Statement of Finandal ACtiv8S as they arise. R&81ised gains and losses on investments are cakulated as the drfference be9n sal8s procefjds and th8ir opening carying value or their purchase value if acquired subsequent to the first day of Ihe financial year. Unrealised gains and losses 8re calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses 8re comblned in tho Statement of Finantxal Aclivtbes. 1.6 Stocks The cost of publications and souvenirs for public sal8 arè valued at the lower of the cost and n8t realisable value after maknng due allowance for slow•moving items. 1.7 Contingent liabillties A contingent liabilty is identffjed and disclosed resulting from a possible obligation whith will only be confirmed by the occurrence of one or more uncertain future events not wholly within the Trustees. contrd. a present obligation where settlement is erther not considered probable. or the amount has nol been Communicatèd and that amount cannot be estimated reliably. -16-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng Pollcles and Key Judgements 1.8 Incoming rosourt6s l incoming r8sources are recognised once the Hospital has entllFemenl to th Tesour(Es, It is probable that the resour will be received and the monetary value of incoming resources can be measured with sufficient reliability. Incoming resources include donations. legacies, grants, investment income and sales to visitors and other extemal users of the Hospital's facilities, as w911 as income from charitab18 activities. Incom8 from charitaEAe activtlie$ derives from the Hospital's pursuri of its charltabl8 ot1t$. Donations (including Gtft Aid recoveries) are recognised when the Hospital has been nottfied in writing of both the amount and settlement date, or when they are received. In the event that a donation Is subj-ect to conditions that r8quire a level of performance before the Hospital is entitled to the funds. the incomg is d8ferred and not recognised until either those conditions are fully m8L or the fuImerbt of those conditions is wholly within the control of the Hospital and it is probable that those conditions will be fulfilled in the reportlng period. Legacies are accounted for on a receNabl8 basis. Pecuniary legacies are recognised following fom)al notification from the estate. Residuary legacTres are recognised only when the Hospital's interest can tneasured. which is nomially on grant of probate. Grants receivablg in respect of experKliiure incurred during the y&ar are brought into account provided thgy have been approved for payment at the year ènd. DNKlends and interesL bank deposit arxount interest. and rents receivable are brought into account on a recEivable basis. Income from public visibng and similar activtbas is recognised when received. 1.9 RoUrceS expended Liabilities are recognised as soon as there is a gaI or constructive obligation commttbng the Hospttal to the eXperlture, it is probable that seluement will be reqLlid and the amount of the obligation can be measured r81iably. All expenditur8 is accounled for on an a¢cruals basis and has been classified under headirbgs Ihat aggregate all costs related to the category. The Hospital is not registered lor VAT and accordingty expendiiure is shown inclusNe of VAT. 'Costs of generating funds. comprise costs of attracting voluntary income. costs of goods sokj for fund raising purposes. and costs of managing the invastsment propertios. 17-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting Policles and Key Judgements 'Charitsble activities. COmPri5e costs lo maintain the charitable property and to provide accommodation and weifare for the Brothers. Supwrt sIs, comprislng salaries and office costs. have been allocated to the a¢tfvity cost categories based on an estiniate of the time spenL 1.10 Ponslon schernes For digible salaried employees the Hospital participates in the Church of England Pension Builder scheme within tho Church Workers Pension Fund {CWPFI. Eligible employees who joined the Hospital up to May 2021 were entitted to b8come members of the PensKJn Buikler Classic section of the sch8m8,' this is a defeed annuity scheme, which is a defined benefrt scheme. Since June 2021 new employ88s have been entilled to become members of tha scheme's Pension Build8r 14 seclion- this is a o8h balance scheme and is also classed as a defined benefft schema. tt is similar to a defined contribution scheme bul with a guarant6e that the retirement cash sum will not usually decrease. The pension costs charged against Ihe surplus or defi¢it for the year represent the contributions 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 to date the CWPF has never sought any such contributions. 1.11 Funds The Hospital'5 pemianent endowment funds are set otrt in note 22 to the financial statements. They comprise the pennanent endowment furmls of the two constlbjenl charities. the Hospital of St Cross FourKlation and the Almshouse of Noble Povety Foundation. The income from the investment assets of the funds is unresiricted. Restricted funds are lunds subject to specific conditions within the objects of the Hospital and ara sat out in note 23 to the financial statemenis. 18-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting Pollcles and Key Judg•ments Unrestn'cted funds a funds where no restrictions ar8 placed on the use by the Hospital upon either the capital or thè Income and compris8'. The Commander J S Baker Boquest- a designated fun The Miss G M Bauer Bequest- designated by the Trustees for use on athricullural and horticultural projects Refurbishment ReseNe- designated by the Trustees for contributing to thè cost of the refurbishm8nt project of the Brothers, flats. General fvnd- to prowde the Hospitafs working capital. General funds aro unresln.cted funds whith are available for use at the discretion of the Trustees in furtherance of the gener81 objectNes of the charity 8nd which have not been designated for other purposes. 1.12 Koy Judgements Certain reported amounts of assets and li4bilthes are subject to estimates and assumptions. Esb'males and judgements by management are continually evaluated and are based on historical experience and other factors, including expectstions of future events that are believed to be r8asonable under the circumstancgs. Judgements that have the most signifhxnt effect on the amounts r6cognised in the financial ststemenls and estimates that can cause a signfficant adjustment to the carrying amount of assets and liabilities within Ihe next financial year include.. Inveslmentprcporty The inv8Stment propety valuation is reviewed annually by the Trustees. The properties are stated at fair value with changes in the fair value being r8cognised in th¢ Ststam6nl of Financial Activities. Incomo from donatlons. grants and legaclgs Pemianent funds 2024 Restricted Unrestricted funds fund$ 2024 2024 Total funds 2024 Total funds 2023 Donations Grants Legacies 17,298 20,022 39,000 1,500 37,320 39,OlX) 1,500 28,220 38,500 12,731 17,298 60.522 77,820 79,451 19-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDED 31 DECEMBER 2024 Incomo from fundralslng acuvltles Pemianent funds 2024 ReStrIct Unr8strlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Events Shop sales Tearoom sales 6,075 16,347 15,523 6,075 16,347 15,523 4,527 14,885 12,375 37.945 37.945 31,787 Invgstmont incomè Pemanenl funds 2024 Restrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Renl e1Vable Investment inc(Kne 159,406 442,941 159,406 446,760 145,551 438,078 3.819 3.819 602,347 606,166 583,629 Incom8 from charltable acllvitles PeTmanent funds 2024 Restricted Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Recoveries from Brothers Primary purpose trade AnlIary trade 1TT,460 ),897 53,955 177,460 90,897 53,955 169,845 79,618 37,034 322.312 322.312 286.497 -20-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Costs of generating voluntary Income Pernianenl funds 2024 Restrfcted Unrastrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Expenses of public VIsn9 Costs of goods sold 4,277 20,641 4.277 20.641 4,045 12.067 24,918 24.918 16.112 Invgstment management costs Pernianent fvnds 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Investment propety repairs Investment propety management fees Support ¢osts (note 11) 34.228 34,228 38.450 6.667 11.255 6,667 11,255 11.915 9,171 52,150 52,150 59,536 Analysis of expenditure on charitsble activities Pemianenl funds 2024 Rgstricted funds 2024 Unrestrlcted lunds 2024 Total funds 2024 Total funds 2023 Upkeep of hi5tori¢ buildlngs RefU1$hMent of Brothers'Flats Brothers. weare Public visiting and advertising expenses Costs of goods sold Professional fees Depreciation Govemance cx)sls (note 10) 9.104 385,123 394,227 316,448 236,705 261,847 236,705 269,526 498,365 293,679 7,679 71,937 25,402 357 36,081 101.366 71,937 25,402 357 36.081 101,368 56,416 16,025 36,081 80.769 16.783 1,118,820 1,135,603 1,297,783 -21-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of expenditure on ¢haritsbk a¢tivilie$ by actlvltles Dir¢rt ¢osts 2024 Support costs 2024 Total funds 2024 Total funds 2023 Upkeep of historic buildings Refurbishment of Brothors, Flats Brothers. welfare Publlc visiling and advertising expenses Costs of goods sold Professlonal fees Depreciation Governance costs (note 10) 369,580 236,705 228,527 33,508 25,402 357 36.081 29.305 24.647 394,227 236,705 269,526 71,937 25.402 357 36.081 101,368 316,448 498,365 293,679 56,418 16,025 40.999 38.429 36,081 80,769 72.063 959.465 176.138 1.135.603 1,297,783 10. Governance costs Restrlcted Unrestricted funds funds 2024 2024 Total funds 2024 Total fund5 2023 Audit fees Other professional fees Support costs (note 111 20,798 8,507 72,063 20,798 8,507 72,063 18.557 4,796 57,416 101,368 101.3S8 80,769 -22-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11. Allocatlon of support costs and overheads Investmenl property Charitable management adivitie$ Govemance (Note 7) (Note 91 {Note 10 Total 2024 Cl&rlcal Salaries Office costs 11.255 84,455 19,620 58,983 13,080 154,693 32,700 11,255 104,075 72,063 187,393 2023 Clerical Salaries Office costs 9.171 61,219 15.743 46.921 10,495 117,311 26,238 9.171 76,962 57,416 143,549 12. Stsff costs staff costs were as follows 2024 2023 Wages and salaries Social security costs Pension costs 335,801 28.425 18.596 292,215 23,517 15,638 382,822 331,370 The average number of employees during the year was 17 (2023: 171- Th8 full time @quivalent of th8s8 was 11 12023- 111. Key management porsonnel receNed total remunerabon of £70,403 during the year (2023: £66,100). No employee received ernoluments of more than £60,000 {2023: £nil). Pension costs in the year were £18.596 {2023: £15.638). -23-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. Pension costs The Hospital participates in the Pension Builder Scheme section of the Church Workers Pension Fund ICWPFI for lay staff. The Scheme is administ8r8d by the Church of England P8nsiolls Board (the Board). which hokjs the a55ets of the schemes separately from those of the Empb)yer and the other paCIpating employers. The P8nslon Buikler S¢heme has two subsections: a d8ferred annuty section known as Pension Builder Classic (PB Class> and a cash balance section known as P8nsion BLJilder 2014 IPB141. PB Classic provides a pension for members for payment from retirement. accurnulated from contributions paid and converted into a deferred annuity during employment based on t8rms set and revi@w@d by thè Board from time to time. Disenb"onary Increases may also be added, depending on invesknent retums and other factors. PB14 is a cash balance scheme Ihat provides a lump sum whh members use to provide benefits al retirement. Perbsion contributions are recorded in an account for each memb6r. Discretionary bonuses may be added before retiremenL depending on investment returns and other factors. The account, plus any bonuses declared. is payabte, unreduced, from age 65. There is no SU1vIsion of assels betsyeen employers in either section of tho P8nsion Build8r Scheme. The scheme is consldered to be a multi-employer sch&me as described in Section 28 of FRS 102. This is because it is not Possible to attribule the Pension Buildèr Scheme's assets and liabilities lo specrfic employers and means that contiibutions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged lo the Ststement of Financi81 Aclivilies in the year are Ihe contributions payable (2024.. £18,596,. 2023.. £15,638). Contributions outstanding al the year*nd were £1,31312023'. £6261. A valuation of the Pension Builder Scheme is carried OLrt once every three years. The most recent was carried out as al 31 December 2022. and was finalised in March 2024. The next valuation is due as at 31 Dember 2025. For the PB Classic section. the vatuation revealed a surplus of £34.8m {30Yo) on the ongoing assumptions used, a significant improvement over the £4.8m deficit in 2019. At its annual revlew, effective from 1 January 2024, Ihe Board granted a discretionary increase of 6.7 /0 to pensions not yel in payment and p8nsions in payment for seTvice between 1997 and April 2006,. for Se[W Since April 2006 the increase was 2.70/0 Iwh6r& usually it would be calculated based on inllation up lo 2.5 % ). This followed improvements in the funding posib'on during 2023. There is currentty no reqtjirement for deficit payments to be made. For the PB14 section, the valuation revealed a surplus of £8.5m (21°) on the ongoing assumptions used. There is currently no requirement for deficit payments lo be made. The legal structure of the scheme is such that if another employer fails, the H05pitsI could become responsible for paying a share of that empk)ye¢s pension liabilities. -24-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Not gain$ on Investment assets Pernianent funds 2024 Restrlcted Unrestrlcted funds funds 2024 Totsl funds 2024 Total frjnds 2023 Unrealised gainslllosses) on revaluation of investment properties 299,000 299.000 725,038 Realised gainslllosses) on investments Unrealised gainslllosses) on investments 22,470 332,208 53,870 386.576 1.224.398 631.208 53,870 685,576 l,971,fj 15. Gr055 transfers bétween funds Restrfcted Unr8Stri¢ted funds funds Approwlations to restriGted funds Tran8fers to cash 1.625 270,000 11,6251 270.000 (268,3751 268.375 Approprialions to restricted funds represent thg annual contribution to the Extraordinary Repair Fund and are offset by a transfer from resln.cted funds due to funds being d&roslricted following the conditions of the restriction being met. -25-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Tangible fixed assets Flxtures, ffttlngs & plant Tolal Cost or valuatlon At 1 January 2024 AiSdilions On revaluatlons 541,213 541,213 At 31 Decembar 2024 541.213 541.213 Deprèclatlon Al 1 January 2024 Charge for the year 186,061 36,081 186,061 36,081 At 31 Dacember 2024 222.142 222.142 Net book value Al 31 December 2024 319,071 319.071 Al 31 December 2023 355.152 355.152 -26-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Fixed asset invesbnent propertles Investmgnt propertles Noble Poverty Investment properties Hospltal Total Cost or valuatlon At 1 January 2024 Additions Disposals On revaluations 5.709,¢)00 1.190.000 6,899.000 239,000 60,000 299,000 At 31 December 2024 5,948.000 1,250.000 7,198,000 Net book value At 31 December 2024 5.948.000 1,250.000 7.198,000 At 31 D8C8mber 2023 5,709,000 1.190.000 6,899,000 Investment properties The investment properties were professionally revalued as al 31 December 2023 at open market value and the values were reviewed and adjusted as at 31 D8cemb@r 2024 in line with index&d growth in the reshlential propety mat1(et. Heritage assets The heritage assets are the property of the Hospitsl of St Cross Foundation and Almshouse of Noble Poverty Foundation Joint and comprise 25 Almshouses. the Church of St Cross. hall, gatehouse and ancillary buildings. and St Faith's Churchyard. The conservation of th858 buildings is one of Ihe Hospital's primary objectives. The buildings were constructed in eadier centuries and their origin81 cost has long since been written off and are therefore held al £nil n81 book value. No Signifan1 building unil has been added during the pasl sixty years. -27-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Flxed asset Investments Permanent funds Restrlcted UnrgStricted funds funds Total funds CCLA Funds al Maet value At 1 January 2024 Recoupments Additions Disposals Transfers Beeen Funds Transfers to Cash Transfers from Cash Change in market value 12,895,504 320,992 1,625 2,068,101 15,284,597 1,625 (270,0001 1270,0001 34,509 386,576 34,509 53,87Q 332,208 498 At 31 December 2024 13,227.712 53.115 2,156.480 15,437,307 19. Stocks 2024 2023 Goods for resale 8.931 8,330 8.931 8,330 Dgbtors 2024 2023 Trade debtors other debtors Prepayments and accruad incx)me 14.114 1.574 5.407 11,451 2,201 4,7D4 21.095 18,356 -28-
The Hospital of Sl Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Credltors 2024 2023 Trade ¢reditors Taxation and social security Other creditors Accruals and deferred incom8 19,629 6,318 1,533 34,669 45,322 6,443 679 42,072 62.149 94,516 Deferred income relates to deposrts paid for fvture eventsfvdd1n9s,. the balance h8hY al the end of the year was £4,062 (2023.. £4,175)- 22. Pemiangnt endowment fund$ At 1 Jan Movement for At 31 Dec 2024 the ygar 2024 Hospital of St Cross Foundatlon Almshouse of Noble Poverty Foundation 17,897,094 1,897,410 555,241 18,452,335 75,967 1,973,377 19,794,504 831,208 20,425,712 29-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2024 23. Re$trirted funds At 1 Jan Movement for At 31 Dec 2024 the year 2024 Extraordinary repair fvnds (a) John Hatton fund Ib) Brothers, wellare fund {c) Vesty Fund Idl 270,424 70,189 1,947 3,433 {268.1201 3,064 (1491 1,662 2,304 73,253 1,798 5,095 345,993 {263,5431 82,450 a) Exceptional repairs to propety (Scheme of 5 November 1984, clause 46.. annual contributions of not less Ihan £1,625). b) To provide for the Hospital's general purposes for the benefbt and advanGemenl of the social life of the Brothers. c) To provide for the weffare of the Brothers through donatKins glven through collection boxes. Donati(Ins tolalling £3.759 were received in the year and £3,908 disburs8d. d} To provide for the repairs and improvements to the Chapel and its fumishings. Donations tolalling £10.496 were received in the year and £8,834 expended. Unrostrlcted funds At 1 Jan Mov¢mont for At 31 De¢ 2024 the year 2024 Dasignaled funds.. Cornmander J S Baker Bequest Miss G M Bauer Bequest Refurbishment Reserve 541,519 189,829 150,000 12,227 10.668 50.000 553,746 200,497 200,000 881.348 1.597.346 72,895 954,243 76,588 1,673,934 General fund 2,478,694 149,483 2.628,177 The Refijrbishment ReseNe comprises amounts 8pproprfated from the General Fund towards the cost of refurbishing the Brothers. Ilats. -30-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 25. Analysls ot not asset$ between fvnds Pernianent Restrlcted Unrestrlcted funds funds funds 2024 2024 2024 Total funds 2024 Total funds 2023 Tangible fixed assets Fixed asset investment properbes Fixed asset investments Current assets Creditors due wlhin one r 319,071 319,071 355,152 7,198,000 13.227.712 7,198,000 6,899,000 2,156,479 15,437,307 15.284,597 214,776 244,110 174,958 162,149) 162,149) 194,5161 53,116 29,334 20,425.712 82,450 2,628.177 23,136,339 22,619,191 Analysis of net assets between funds {prior year comparative) Pemianent Restrleted Unrestrieted funds funds funds 2023 2023 2023 Total funds 2023 Total funds 2022 Talble fixed assets Fixd asset investment propertles Fixed asset investments CUrnt assets Creditors due wtthin ono year 355,152 355,1S2 391,233 6.899.000 12.895.504 6,899,000 6.186,000 2,068,101 15,284,597 14.258,576 149,957 174,958 271,665 {94,5161 194,5161 188,1221 320,992 25.001 19,794,504 345.993 2,478,694 22,619,191 21,039,352 26. Anaty$l$ of changes In net cash At 1 Jan 2024 Cash flow At 31 Dec 2024 Cash at bank and in hand Cash he with investment manager 113,971 34,301 61,252 4,560 175,223 38,861 Net Cash 148,272 65.812 214,084 -31-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL sTATEmEs FOR THE YEAR ENDED 31 DECEMBER 2024 27. Flnanclal Inslrnmonts 2024 2023 Basic financial assets Basic financial liabilities 15,667,080 15,446,521 {55,8311 188.0731 Basic financial assets are all investments {excluding investment properti¢s), debtors plus cash in hand minus prapayments. Basic financial liabilitios arè all creditors due in jess than one year plus creditors due in more than one year minus taxation payable. The entitls in(x)me, expense, gains and bsses in respect of financial instruments ar8 summarised below.- 2024 2023 Totsl dividend alld interest incom8 for basic finaTrual assets Total gainsllk)ssesl in r8spect of basic financial assets 446,760 386.576 438,078 1,224.398 28. Flnanclal Commttments Non-cancellable operatlng lease rentsls recewabl8 2024 2023 Less than one year After one year and less than five years After five years 84,976 41,075 36,875 64,901 34,900 39,840 162.926 139,641 The lease rentals receNable relates to rent in¢ome receivable from the Hospital's invostment properties. The amounts receivabl8 are limited to the next rent review dale for agricultural propgrt18s or the earlier of the lease end date or break clause for other properties. 29. Commltments and contingencies There were no material commitments at 31 December 202412023.. £151.000). There were no conlingenl liabilities at 31 December 2024 or 31 December 2023. -32-
The Hospital of St Cross and Almshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2024 30. Related party transactlons and Truslee$' èxpenses and remuneration No Trustee received any remuneration or reimbursement of 8xp8nses from the Hospital during the year. Ms Fellcity P8nnyciK)k, Mr Jonathan Cooke, Sir Jonathan Portal and Mr Jonathan Sleath ar& also Trustees of the Friends of St Cross H05Pital Win¢hester. The Friends mado a grant of £17,000 (2023: £17,000) lo the Hospttal during the year. During the year. total donallons by th8 tnjstees to the Charity amounted to £3,57512023.' £5.2961. -33-
The Hospltal of St Cross and Alrnshouse of Noble Poverty NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAFi ENDED 31 DECEMBER 2024 31. Add5tlonal prfor year comparatlv85- sLitom8nt of flnanclal aGtivitigs Pernnent lunds 2023 Rostrtcted funds 2023 Unre&trl¢tsd funds 2023 Total funds 2023 ToLIl funds 2022 Income from: DOnatnS, grants and legaoes 12,644 66,807 79,451 52.487 Fundraising acuvtties Investment income Charitabl8 aCtiV&S 31,787 580,109 286,497 31,787 583.629 286,497 28,289 570,D24 279,077 3.520 Totaj Incom• 16.164 965.200 981.364 929,877 Expendlture on: Raisftng funds.- Costs of generating voluntary Incom9 Invèstmènt managemgrt C08ts 16,112 16,112 15.371 59,536 59.536 129.020 Charilatsle aGtivrtie& Refurblshmènt of Brothers, Flats Other Charltsbl8 Adivities 498,36S 498.365 11.689 787,729 799,418 T75,737 Totsl Èxpenditurè 11,689 1,361,742 1.373.431 920,128 Net Incomlng loutgolngl resourcès boforo Invèstmènt In¥ 4,475 1396.542) 1392,0671 9,749 Nèt gains (lossès) on Invèstmènts 14 1,751.612 36,384 183.910 1.971,906 {1.853,6551 Nèt Ineoma tOrn tran$lors Transfers belween funds 1,751,612 40,859 {212.632} 1.579.839 11,843.906 15 {198.375} 198.375 Ngt movorngnt In funds 1.751.612 (157.516} 114,2571 1.579.839 11,843,906) Reconciliation of funds: Total funds al 1 January 2023 18.042.892 503.509 2,492,951 21.039.352 22,883,258 Total funds #t 31 December 2023 19.794.504 345.993 2.478,694 22,619,191 21,D39,352 -34-