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 Ad￿ser5
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 T￿asUrer)
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 c￿nCil) (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, LO￿lOn. 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 r￿nise 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 pro1￿1 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 entI￿lY 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 sO￿ty 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 tea￿00M 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 Mil￿On {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 re￿nt years is attributable lo a
small number of large US technology stocks (notably the so-called "magnifi￿nt 7"): rt WOLtkl be
imprudent for an investment manager to (y)ncentrate too high a ￿rCentage of the charit￿S 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 tsngi￿e 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 re￿rbiShMent 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 Ma9nrf￿nl 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 aCcomm￿at￿on 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 Invo￿1ng more than
200 young musicians. The programme raised a s1gnrfi￿nt 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 COn￿rt 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 d￿jments 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 pr￿sS 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 fIl￿d 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 RegU￿r 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 D￿rnber 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 finan￿al 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 re￿vant 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.** 

- 11- 



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 activIt￿S
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
Broth￿S, 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 va￿e as neither their costs, wh￿h 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 def￿rt 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 con￿MIng 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 ACtiv￿8S as they arise.
R&81ised gains and losses on investments are cakulated as the drfference be￿9￿n
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
ot1￿t$.
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 fu￿Imerbt 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 R￿oUrceS expended
Liabilities are recognised as soon as there is a ￿gaI or constructive obligation
commttbng the Hospttal to the eXper￿lture, it is probable that seluement will be reqLli￿d
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 defe￿ed
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
An￿lIary 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 VIs￿n9
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
RefU￿1$hMent of
Brothers'Flats
Brothers. we￿are
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 pa￿CIpating 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 wh￿h 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 SU￿1vIsion 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 De￿mber 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 Signif￿an1 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 Ma￿et
value
At 1 January 2024
Recoupments
Additions
Disposals
Transfers Be￿een 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 eventsfv￿dd1n9s,. 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
Ta￿lble fixed assets
Fixd asset investment
propertles
Fixed asset investments
CUr￿nt 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 sTATEmE￿s
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
Pern￿nent
lunds
2023
Rostrtcted
funds
2023
Unre&trl¢tsd
funds
2023
Total
funds
2023
ToLIl funds
2022
Income from:
DOnat￿nS, 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-