Charlty No- 205112
CHRIST'S HOSPITAL OF ABINGDON
REPORT OF THE GOVERNORS
FOR THE YEAR ENDED
31 DECEMBER 2020

CHRIST'S HOSPITAL OF A81NGDON
Incorporating..
The Twilty s Almshouse Charity
The Tomkins Almshouse Charity
The Abingdon Almshouse and Relief in Need Charity
The Charrty of John Bla¢knall
The Charity of Richard Wrigglesworth
Statutory and othgr Informatlon
Co-oplalive Governors
Mr T R Ayling (Master from 1.1.181
Mr L D King Imaslerfrom 1.1.211
Mr M W Matthews
Ll Col A F M Douglas
Mrs G Butt
Mr K W Senior
Mr S J Mcconnell
Mrs J D Kent
Ex Officio Govèrnors
Rev Dr E C Miller
Mayor Cllr Mr C Birks
Cllr Mr8 H Pighills
Cllr Mrs M Crick
Cllr Mrs C Briggs
Nominative Governors
Clerk lo the Governors
Mr8 G Kent
Addrass of the Charity
Until 1.3.2020
From 2.3.2020
1 Old Slalion Yard
Abingdon
Oxfordshire
OX14 3LQ
4 Sl Helen's Wharf
Abingdon
Oxlordshire
OX14 SEN
Principal Banker8
Nation81 Weslmin81èr
Bank PIC
11 Market Place
Abingdon
Oxfordshire OX14 3HH
Solicitors
Challenor & Son
Slrallon House
8alh Street Abingdon
Oxfordshire OX14 3LA
Auditor
Crowe UK LLP
Aquis Houso
49-51
Blagravg Slrgel
Reading
Berkshire RG1 1PL
Investment managers
Inveslec Wealth & Investment
Limited
2 Gresham Street
London EC2V 7QN
Property managing agents
Orpwood Ltd Ua Adkin Orpwood House School Road
Ardinglon
Wanlage
Oxfordshire OX12 8PQ
Ragislered Charity No
205112
Page 1

CHRIST'S HOSPITAL OF ABINGDON
REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 DECEMBER 2020
The Governors present their annual report and financial slalemenls of the Charf(y for the year ended
31 December 2020. The financial statements have been prepared in accordance with the accounting
policies set out in note 1 to the accounts and comply with the Chaiily's Iiust deed, the Charities Act
2011 and Accounting and Reporting by Charities.. Slalemenl of Recornmended Practice applicable lo
eharilies preparing their ac¢ounls in accordance with the Financial Reporting Standard applicable in
the UK and Republic of Ireland published on 16 July 2014.
STATUS ADMINISTRATION AND CONSTITUTION
The Ancient Corporation of the Master and Governors of the Hospilal of Christ of Abingdon I"Ancienl
Corporation I was created by Lellers Patent of King Edward Vl in 1553. Christ's Hospital of Abingdon
is now a Registered Charity regulated by 8 Scheme sealed by the Charity Commissioners lor
England and Wales on 25 January 1971.
The charity number, present Governors and advisors are listed on page 1 & 2. All Governors, both
Co-oplalive and Nominative, are invited lo nominale candidates to fill a vacancy for a Cowoplalive
Governor and arg asked lo provide a resume of their nominee's career and other inleresls. Further
soundings are undertaken, and an opportunity created lor Governors lo meet the preferred
candidalels} bolore their name is pul forward formally lo a special meeling for election,
Nominative Governors are appointed by Abingdon-on-Tham88 Town Council whilst the Mayor of
Abingdon-on-Thames and the incumbent of the United Benefice of Abin9don with Shippon hold
office as Governors ex oflicio.
Governors holding office durin9 the period were as shown page 1.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Christ's Hospital 15 a Registèred Charbty regulated by a Scheme seolgd by the Charity
Commissioners lor England and Wales on 2S January 1971 and subsequent Orders of 1999 and
2002. The Governors perform their obligations under the Schemes for the consliluenl charities by
applying the income of the Charity lo provide charitable support lo residents of the town of Abingdon
in Oxfordshire and such part of tho ancient parishes of Sl Helen, Sl Helen Wilhoul and Sl Nicola5,
Abingdon as do not fall within the boundaries of the town. Thg Governors are able lo extend the area
of benefit to the immed1ale surroundings of Abingdon in certain circumstances.
Prospeclivg C¢>oplalive Governors are requested lo meet with the Master then submit a resume of
their career and interests for consideration by members of the Ancient Corporation. Suitable
applicants are invited lo proceed lo appoinlmenl, if mèmbers of the Ancient Corporation are
unanimous. All newly appointed Govgrnors are provided with a copy of the Scheme dated 25th
January 1971 and subsequent Orders, a copy ol the Annual Report and Financial Slalemenls for Ihg
last financial year, the Charity Commission book lor email link) 'The Essential Trustee and a copy of
the Almshouse As50cialion book Standards of Almshouse Management They also have a briefing
meeting with the Master or the Clerk. Governors are encouraged lo allend the various seminars
organised by the Almshouse Association.
Much of Ihg day lo day work of the Governors Is carried out by the Governors-in-charge, supported
by the Clerk. Finance & Admin Assistant, Almshouse Administrator and Park Keeper. GovernDrs-in-
Charge during the year were as follows..
Mr T R Ayling
Mrs G Bull
Ll Col A F M Douglas
Mr S J Mcconnell
Mi M W Mallhews
Mr K W Senior
Park & Gardens
Almshouse Residen18
- Almshouse Property
Eslales
Grants & Archives
Finance
Page 2

CHRIST'S HOSPITAL OF ABINGDON
REPORT OF THE GOVERNORS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
Governors delegate day lo day responsibility for various aspects of the Charity's affairs
lo..
The Clork
who manages the staff and almshouse property
portfolio. maintains the Charity's a¢counlin9 and other
records and carries on the administration of the Charity
so as to comply with applicable laws and regulations.
The Investment Managers
who manag8 the portfolios held by the Charity under
discretionary management mandate.
The Prop6rty Managing Agents
Charity.
who manage the inveslm8nl property held by the
Th8 Chartered Survayors
almshouse
who advisè on the slru¢lural integrity of the Charity,
property to ensure a suitable standard is
maintained.
Sch•mo of Govornance
Governors meet on the first Thursday of each month throughout the year lo enable them lo
discharge their responsibilities. Al these meetings, Governors receive reports from thè G¢vèrnors-
in-charge on their activities in tho previous month which confirm. or recommend for discussion,
actions lo b8 taken in both the short and longer term. These Wr￿tten and vorbal report5 provide
each Govfrrnor with the information necessary lo discharge their duties,
The Governors retain responsibility for all key decisions. including approval of..
The strategy and policies adopted by the Charity to achieve ils charitable objectives.
The annual budget.
Mojor capital expenditure, including property acquisition and refurbishment.
The annual financial slalemenls.
The appointment of residents to vacant almshouses.
Grant applications.
A framework of authorities is in place, which maps out the structure of delegation as well as
specifying those Issues which rèmain the preserve of the Governors. This framework emphasizes
the key role of specific Governor responsibility in the exercise of executive control, subject to
reporting and ralificalion by thè Governors, as describèd above. Thè re￿vant individuals are
Identified earlier in Ihisreport.
The Finance Governor monitors and reviews the Charity's financial and internal control as
well asils inveslmenls.
The Grants Governor receives, considerg and evaluates applications for charitable
assistance, according lo the provision5 of the Scheme.
The Almshouse Property Governor oversees the management of both alm$houses and
health and safely mallers relating to the almshouses and workplaces.
The Almshouse Re5idenls' Governor look5 after the best interests ol the residents and take8
the lead role in the appointment of new residents.
The Park and Gardens Governor oversees the management of Albert Park and the
almshtsuse gardens.
The Estates (Property) Governor oversees the management ol investment properties
loensure rental and maintenance matter5 are dealt with in line with the Scheme.
The Archives Governor is respDnsible lor the recording and safe-keeping of material for the
archives of the Charity. working with the Archivist.
Page 3

CHRIST'S HOSPITAL OF ABINGDON
REPORT OF THE GOVERNORS ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
Relatgd Parties and Conflicts of Interest
Various Governors are involved either as Iruslees or in the management of a number of voluntary
org8nisalions in Abingdon, including The Albert Memorial Trust IRegislered Charity No 10762741,
The Abingdon Bridge (Registered Charity No 116008018nd Abingdon Carousel IRegislered
Charity No 11773221.
Various Governors are also involved either as trustees or in the management of schools in
Abingdon who are free lo apply for educational assistance for pupils in need, several Governors
are involved wi(h Abingdon School (Registered Charity No. 10712981 and onè Governor with The
Manor Preparatory School.
One Governor is the Team Rector of Abingdon and Vicar of Sl Helen's Church. Abingdon. Thè
Church may encounter those seeking almshouse aecommodalion or financial assistance under the
Relief in Need part of the Charity's Schemg.
The Charlly is also a member ol the Almshouse A$s¢xialion lo whom an annual subscription is
paid and a small grant (less than £501 is made.
The Governors have adopted a comprehensive policy lo identify all transactions with related
parties or other transactions which might involve any conflict of interest. These are detailed in Note
13.
Remuneratlon
Our approach to remuner81ion is designed lo ensurè we Can attract and retain the 181ented ond
molivaled people we need lo achieve our mission and deliver our slr8legic goals. 11 is appligd
consislenlly across the organisalion, We aim lo pay cornpelilively in the nol-for-profil sector within
the context of affordability. We therefore lake into account laclors such as salaries paid in
comparablg organisalions.
No remuneration was paid either directly or indirectly lo any Governor or connected person during
the period under review. Rgimbursemenl of expenses occurs infrequently and then only whgn
Governors are acting on Christ's Hospital or Alrnshouse Association business and only on
production of a valid reeeipl and the completion of a rgimbur59menl form.
Insurancè
The Governors maintain indgmnily insurance of up to £1 million. The annual premium charged in
these financial statements was £888 (2019.. £868). The Govèrnor8 fully recognise that this do8$
not rolieve them of Ihoir rgsponsibililies.
Rlsk Management Statement
The Governors have assessed the major strategic, businoss and operational risks which they
believe the Charity faces. The external risks and exposure Ihereto are kept under constant review,
together with the internal aspects of health and safely.
A risk management register is maintained and 1$ reviewed annually lo ensure risks are properly
managed by the Charity. The major risks and prevenlalive measures in place are as follow8..
investment income
The investment managers, Inveslec Wealth and Management Ltd, manage the Charity's portfolio
within agreed parameters Imediumlhigh riskl which are monitored al least quarterly, and 811
Governors are provided with summaries of those reports. A represenlalive of the investment
company presents a formal annual report and discussion of the portfolio al one of the Governors,
meetings, usually March. The investment company ensure that the Charity invests in 'defensive'
stocks which remain mostly unaffected by economic variations.
Page 4

CHRIST'S HOSPITAL OF ABINGDON
REPORT OF THE GOVERNORS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2020
Reduction in Commercial & Residential rental income due to voids
Adkin are a specialist property management company who manage the Charity's property and land
and report monthly lo the Governors, making recommendations as lo the best way lo maximise the
return on Ihg Charity's portfolio, whilst remaining within the remit ol the Scheme.
Dama
etoPro
ert
i.e Fire
The Governois seek piofes5ional advice on the fisks associated wilh Almshoijses and other property
and install and monitor saf&ly equipment and measures on a regular basis. In April 2015, a major
Fire Safely inspection look place and as a result of this upgrades were made to lire equipment and
policies. In September 2019, the local Firè Offieer also visited and was satisfied by the systems in
place and the supporting paperwork.
Information Dama
e i.e Fraud c
ber crime
Again, the Governors have taken advice on prevention ol infomialion theft and regularly rèview the
Charity s Fraud policy lo refl8cl the ever-advancing ability of 'lraudslers' lo gain access to sensitive
information. 11 is planned lo r&place some older computer equipment shortly lo ensure the lalesl best
practice for back-up and protection of infonnalion is adherod to.
Disease Transmission - Global
andemic
The Covid 19 virus has affected almost every part of life concerned with the Charity. The health of
the almshouse residents has been upper most and this has been managed by the implemenlalion of
Covid secure processes. The Finances have ol coursè b&en affected as with many other people and
organisalions. The income from investments has dropped as many Companies have s&&n their own
income streams diminish, bul this has been rnrtigaled as far as possible by the investment
managemgnl company who have invested heavily in the 'phamia' industry which is booming. The
collection of commercial rent has also beon challenging as many commercial tenants hava
experienced a dip in income, The law has prevented court action against tenants until 301h June
2021, bul a reasonable approach including negotiation will be Ihg basis on which outstanding rents
will be collected.
Publlc B•neflt
In following the Charity's aims and objeclivey, Trustees have had regard lo the Charity Commission's
guidance in complying with their duly in section 17151 ol the Charities Ael 2011 on public benefit. The
provision of almshouse accommodation for those In need provides an identifiable public benefit
which is directly in line with the Charity s aims. Beneficiaries of almshouses musl be in need and will
bo drawn from that sgclion of the public which ha5 begn defingd in the Scheme.
The Charity gives 'reliel in need, through education grants and grants of domestic Items lo those who
cannot afford them and fall outside the help ol the local aulhorily. This year they also gave a
significant number or substantial grants lo local Charitigs for spocific purposgs ID benefit residents in
our area of benefit. All the above are directly identifiable public benefit.
The Charrty also maintains Albert Park, a park which is permanently open for use by any member of
the public and easily accessible lo all levèls of mobility. This is also in line with the Charities schemo
document.
OBJECTIVES AND ACTIVITIES
Objects
The Object5 of Christ'5 Hospital of Abingdon and ils subsidiary charitie5 were created lo provide
charitable support lo residents of the town of Abingdon-on-Thames in Oxfordshire.
The Charity's strategy is lo provide funds both for individuals and organisalions so as lo provide help
and relief within the terms of the Schemes. This can only be achieved within the conditions al the
time. The primary objective is the provision of almshouse accommodation. Funds are also available
for the relief of need and education of residents within the area of benefit.
Page 5

CHRIST'S HOSPITAL OF ABINGDON
REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
The Charity owns Albert Park recreation ground and ils surrounding roads, and whilst the Governors
fully re¢ognise their rèsponsibility for the maintenance of these, it does provide a major drain on the
Charity's resources.
The Charity measures ils success in a number of ways. 11 aims lo achieve 8 900A occupation rate for
almshouses, to maximise the grants paid out and to adhere 85 c105ely 85 possible lo ils annual
budget in all areas. The Charity is very proud of ils commitment to keep almshouses as up lo dale as
possible within the confines ol their listed building slalus (see 'The eslale'l.
Grants
To achieve the Charity's objects for the public benefit. the Grants Governor considers all applications
made for assistance. whether lor educational support or relief in terms laid down in the controlling
Schemes, including the area of benefit and tho availability or otherwise of specific or general funds.
Students, or their parents, who arg both resident wbthin Abingdon and in financial need, may apply lo
the Charity for support with their education providing they are educated in Abingdon. Al present, this
means that students allending any of the seventeen schools located in the area of benglit wrthin
Abingdon are eligible lor educational gran15. The schools who have applied for assistance with fees
al some point are Our Lady's Abingdon (Regislgred charity no 11203721 and The Unicorn School
(Registered charity no 1070807. Other grants which are provided for assistance with school
activities such as educational trips were requestod this year from Larkmead, John Mason and
Filzharry5 Sgcondary schools and Sl Nicolas, Thameside, Long Furlong, Carswell. Dunrnore,
Thomas Reade and Sl Edmunds Primary Schools. These grants ensure that children from poorer
backgrounds do not miss out on education81 trips and opportunities for extra luilion. Wfj hav&
received several eneouraging reports from parents and the schools regarding the valug of this
support.
Thè Charf(y has also helped individuals wrth Relief in Need payments for èquipment andlor basic
ngce5Srties such as cookers, a washing machine. furniture and work boots. Provisions lo inslilulions
lend lo be morg substantial and are usually for equipment lo help them function or course5 for
vulnerable adults. Within the last 12 months the charity has helped lo fund day trips for young carer$
and training 8ession8 for vulnerable adults within various proiocls in Abingdon.
Officials working in areas where such circumslanee8 might arise eonlinue lo bè reminded of the
Charity's availability and policies. We arg gncouragEtd by the larger value of requests.
Numbers of gran18 and values can be found within Note 6.
The estate
The Governors are proud ol the Charities, ownership of a number of freehold properties in Abingdon
that are of considerable historic and heritage interest. They are mindful ol the inalienable nature of
these properties and their duly lo maintain them. The most important of these properties are shown
here with their listing..
Long Alley Almshouses and Hall
Grade I
Brick Alley Almshouses and outbuildings
Grade I
St Helen's Wharf Almshou8es
Grade 11
Sl John's Almshouses
Grade 11
Tomkins Almshouses & Clock Tower
Grade11
Twitty's Almshouses
Grade11
Albert Monument Iwilhin Albert Parkl
Grade11
Conduit House
Grade11
Albert Park
Listed Victorian Park
The Exchequer Room Ifoming part of the Church of Sl Helen, Abingdonl
1446
1718
1884
1801
1733
1710
1865
circa 1500
Page 6

CHRIST'S HOSPITAL OF ABINGDON
REPORT OF THE GOVERNORS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2020
Associated with these properties are furniture, fittings, historic artefacls and an extensive archive
housed in a climale-conlrolled building known as the Liversidge or Munimenl room. which the
Governors vigw as both historic and inalienable.
ACHIEVEMENTS AND PERFORMANCE AND RECORD OF ACTIVITIES
The Charity has again had a su¢c8sslul year in spite of concerns over Covid 19 and the economic
pressure this brings. Income from rent and dividends has been down on expeclalion, but less
significant property expenditure has been undertaken. which evens out any operating loss, so the
balanced budget was achieved before investment gains and losses of £81.966 (2019. £224,250),
this is applied lo the reserves against lulure expenditure. 11 was fell again Ihal il was not necessary
lo undertake fundraising, as the inveslmenl portfolio, and modesl contributions from residents
towards maintenance, continue lo cover the planned expendrture.
Resldenls
Almshouse Adminislr8lor is appointed lo act in 'good noighbour capacity lo the residents. bul also be
responsible for the organisalion of rouling maintenance and minor repairs lo the almshouses and lo
take responsibility for dealing with resident health and safely issues.
With the electroni¢ alarm and call system il ￿$ fell that the risk lo tha Charity. and indeo¢J tho
residents, has been minimised. 11 remains the policy of the Charity routinely lo raise awareness of
almshouse vacancies by personal contacts, advertisements, newspaper articles elc and to
accommodate the applicant deemed lo be most in naed al the lime of Ihevacancy.
The Governors are mindful and indeed proud ol the Charity s heritage bul the age and listed building
slalus ol some ol the asse15 doe5 gnlail a financial burden. Dgspile the heavy demand on resources,
the Governors follow their primary duly ol maintaining Ihg Charity's assets, Howevor, continuing
work will always b8 necessary.
The Policy ol the Governor$ remains to ensure that each almshouse, as il falls vacant, is upgraded lo
the most modern standards r¢ady for regccupalion. A$ vacancies arg unpredictable. the amgunl ol
expenditure ¢an differ from that budgeted.
A Quinquennial Inspection was conducted during April 2016 and a report of recommended works
was drawn up through lo 2020. Each year's recommendations are reviewed thoroughly prior lo
inilialion. The 2021 report will be delayed due lo the Covid 19 reslriclions on entering property.
Buildings expertise among the Trustees has enabled the Charity lo lake a more active role in
monitoring the condition of our propertie5 and maximising their financial returns.
11 musl never be forgotten, however, that within the Governors, responsibility of preserving the
Charity's assets, there is no room whatsoever for any complacency. The entire theme of this report
remains as usual lo dgmonslrate Ihg Governors, concern al tho need 19 husband Ihg Charity s
resources lo maximum effect, never forgetting Ihg need lo fulfil the charitable objectives laid down in
our governing do¢umonls.
Page 7

CHRIST'S HOSPITAL OF ABINGDON
REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
FINANCIAL REVIEW
2019 was the most recent valuation of all Comrnercial, Residential Property and Land. This resulted
in an increase in value of £3S5,000 from the previous year. 2020 has seen a change in use of 4 Sl
Helen's Wharf, which transferred from accommodation and became the Charity office in early March
2020. The previous office al 1 Old Slalion Yard is being advertised tolgt as part of thg commercial
investment portfolio and was therefore valued by an independent professional this year (valuation
£120,000). A value of £9,480 has been placed on the new office al 4 Sl Helen's Wharf and will be
depreciated over 4 years on a slraighl-line basis. Professional valuations ol investment properties
will now lake place no less than every 3 years. In the intervening years the Governor in Charge of
Property, using his considerable knowledge and experience. will undertake a review of values.
From thi5 review the Governors will decide if a formal, professional valuation is then necessary.
All transactions were deemed to be in the normal courso of business and the Governors considgr
the Charf(y lo be a 'going concern,.
Careful and conservalive forec8sls and budgets for the next year are prepared by the Clerk and
Governors in Charge each November and signed off al the Deeembèr mèèting ol all Governors.
Thè Charity's Governors ITruslees1 feel that rt is ts well placed as il can be lo meet significant
relurbi5hmenl costs in the futur8. Net incoming re$our¢e$ bfjfore other gains or losses werg
£81,96612019. £224,250),
Investmentpollcy
Tha management of the Charity's investment portfolio is conducted by professional investment
managers under discretionary management powers delegated by the Governors, under broad
guidelines sèt by the Governors. These guidelines have been reviewed during the year and
currently rgquire that the managers protect the valug ol the capital and income ol the Charity in
real terms over the medium term by seeking a balanced return between income and capital growth.
avoiding high risk. Al any one lime, the portfolios may comprise fixed inlerèsl and equity
investments within these erileria. Portfolio exposure lo equites 18 limited lo 900/0 of the lolal fund
value. In the avoidance of high risk, the managers are inslrueled not lo involve the Charity in
derivatives trading, undemriling or oflwmarkel Iransaclions. Where necessary, the allocation of
income and eapilal is apportioned according lo the figures al the start of the year.
Th8 Governors Continue to monitor administrative cos15 and foes. The Govornors are conlenl that
Ihgy are continuing lo avoid high risks. The Governors reserve the right lo exclude companies that
carry out activities contrary lo their aims or from holding particular investments which might
damage the Charrty'5 reputation. This policy is reviewed with the investment cornpany during their
annual report 1¢ the Governors, usually in the March Governors, megling.
In order lo measure our perfomance, we review the lolal fund return against a benchmark fund
return of Similar risk status.
As reported above a detailed report by the investment managers is delivered in person to a full
meeting of the Governors al least annually. The entire area remains under the continuing close
scrutiny of the Governors and the Governor responsible lor Finance in pursult of the risk control as
outlined above. The portfolio al 3131 December 2020 was £15,889,057 12019.. £15,652,884).
During 2017 the Governors took the decision lo sub-divide the Main Fund Into Capital and Income
generating sub-sections in order to better leverage the asset to meet the ongoing costs.
Reseryes Pollcy
Christ's Hospilal has historically financed its operations through in¢t)me derived from rt$
endowmgnt investments. More recently il has also received maintenance contributions from
almshouse residents. Due lo the limited area of benefit, Governors have decided It is not
practicable lo seek donations or benefactors on a significant level. 11 musl also be noted that, whilst
the deci510n lo leave the EU has now been made, the uncertainly over finer detail of trade
agreement5 are still unsettling lo the markets.
Page 8

CHRIST'S HOSPITAL OF ABINGDON
REPORT OF THE GOVERNORS (CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2020
As such Governor5 realise endowment alone is insufficient lo provide enough income. 11 has
become necessary lo maintain a level of reserves lo finan¢e future operations in the long term.
They believe that lolal assets of around £20 million are required under current condition5.
therefore the intention of Christ's Hospital to try lo maintain inve51menl as5els al thi5 level. The level
will be reviewed as circumstances change.
Total funds held by the Charity al the year-end stood at £23,652,565 12019.. £23,265, 730). Thè
Charity's unreslricled funds, excluding designations and unreslricted fixed assets, stood al
£8,750.405 (2019.. £8,452,311) 01 the year-end. If the market value of listed investments that are
held lo generate incomo lo support the Charity's activities is excluded from the above sum, the
remainin9 free reserves are £891.459 (2019.. £812,439).
Free resoTh&s are held for Ihe fdiowing reasons..
Th8re is a signific&nl cost lo maintaining Listed buildings of which the charity has 8 sels
(noted under 'eslales) plus a Lisled Victorian park (Albgrt Park). Whilst inveslmenl
monies &r8 pul aside in reslricled funds for upkeep Df Ilje Almshouses and em&rg8n¢y
use, il is unknown wheii 8n 8mergency may occur and whglher il will be covered by
8vailabl& d6sunated funds. Repairs Io 8geing Listgd buildings are increasingly complex
8nd costly.
b)
11 is gnlicip8ted that Ihg Consgrvalion ahBa already in 8xisl&nce around Albert P8rk may b8
expandad. This may bring additional expense and the need lor sp8cialist conlraclors,
8XP&rtise as the Charity strives to mainl8in, to a hig17er s18nd8rd, the newly dosign818d
dwellings which it owns in Ihe sumunding 8re8.
Considerations 8r8 to bg m8d8 shortly 8s lo the future of cartain 1&8s8hold properti&s
which r&vert lo Christs Hospital conlrol in 2037.
There moy b8 significant investment
negdgd lo bring 1178m lo an acceptable modern standard.
dj
The cherily like to have tha capacity to spgnd on grants over and above Ihg budgeted
level, whilst slill maintaining the ratio for 8llocalion of expenditurg r&quired by th8 Chsrily
Scheme 1.9 gxpendilurg on grants cannot currently be grgal&r11?an that on almshouses.
The Gov8rnor in Charge of Finance has ￿COgnised the level of free reserves is increasing and the
slr8legy lor USB of this wara due lo be discussed during 2020, however, the m&eling for this was
postponed dua to Covid reslriclions and should now take place in the forthcoming year.
FUNDS
In addition lo Ihg unreslricled funds, which represent accumulated income available lo the Governors
for such purposes as they may decide, the funds conlrollod by the Governors fall into a number of
classes..
Pgm?anent endowment funds
These funds represent assets which are pèrmanent capital held by the Governors. The property
within these funds comprises..
Freehold land and buildings held for the Charities, own use.
Freehold land and buildings held for charitable purposes, including almshouses
and Albert Park
Investments in listed securities and real eslale.
Two further funds have been created by orders of the Charity Commissioners made on 21 August
and 13 December 1984 to recoup endowment monies spent on the Albert Park service area and in
connection with Mullard (Abingdonl HoLJsing Trust respectively.
Page 9

CHRIST'S HOSPITAL OF ABINGDON
REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
Designated fund
Extraordlnary Repalr Fund - This fund has been sel up by the Govgrnors in response to the
Almshouse Association's guidance lo have a fund for each group of almshouses lo provide for the
cost of extraordinary repairs. improvements or building ol the Charity s Almshouses. The designated
fund balance al the year- end was £535,139 (2019. £509,372) per Note 14.
Restrlcted funds
These funds represent income and other assets which may be applied only for specified purposes.
Those amount lo £1.468,150 (2019.. £7,386,200) per Note 15.
Thg Charity of John Blacknall Church branch
Income payable lo the incumbent and churchwardens of the Parish of St Nicolas 8pplicable lo the
maintènance of the Church of Sl Nicolas, Abingdon".
The Charlty of Rlchard Wrlggle8WOrth Educatlon branch
Funds available lo assist with th$ gducalion of individuals undor tho age of 25 by way of exhibition,
grant or towards preparing them for entry into a trade.,
Alfflshouso branchgs
Funds for the provision and maintenance of almshouses and IheiT residents.,
Rellef In Need branch¢8
Funds available lo support people in conditions ol need, hardship or distress either individually or
generally.,
Extraordlnary repalr fund8
Funds created in response lo orders of the Charity Commissioners lo provide for tha co81 01
extraordinary ropair5, improvements or building of tho Charities, almshou$e5 and olhgr property..
PLANS FOR THE FUTURE
The Governors will continue lo comply with the requirements of the Charrty's Scheme lo provide
almshouse accommodation. rèlief in nèed, educational support and the provision and maintenance
ol Albert Park.
The Governors remain commilled lo their polieies Of maintaining the Charity's assets and partieul8rly
the historic nature of many of the buildin9s. In refurbishing the almshouses lo modern standards,
consideration is being given lo the increased expectations of potential residents.
The Charity is committed lo maintaining Albert Park in its current. well-mainlainod Condition,
although vandalism seems to be an ongoing problem.
The Charity h88 SUPPOrted people in the area of benefrt for 467 years and il is the Governors. firm
intention that this should be continued lor the foreseeable future. They are taking active measures to
ensure that the relevant local people are aware of the help Christ's Hospital can offer and that the
size of grants offered has increased where appropriate and justified.
When appointing new Governors, care is taken to seek a candidate with the particular skills judged
to be required by the Charity al that lime. This will ensure that. a5 successive Governors are
appoint￿ in future year5, they may in their turn suc¢essfully maintain the Charity for the public
benefit.
Page10

CHRIST'S HOSPITAL OF ABINGDON
REPORT OF THE GOVERNORS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
The Governors are committed lo the objective of providino charitable support lo residanls of the town
ol Abingdon on Thames in Oxfordshire for an indefinite period. Fundamental lo the achievement of
this objective 15 the maintenance of an effective system of corporate governance. This is concerned
with the direction and control of the organisalion and, in particular, with the role of Governors and the
need lo ensure an effective framework of accounlabilily and risk managgmenl.
This report w4s approved by the Governors on I,.f A,"Qi L Jb2 1 and signed on their behalf
by
Mr L D Klng . Master
Page11

CHRIST'S HOSPITAL OF ABINGDON
STATEMENT OF GOVERNORS RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees are responsible for Preparing the Governors, Report and the financial slalemenls in
accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards}.
The law applicable lo charities in England and Wal&8 requires the Trustees to prepare financial
slalemen15 for each financial year which give a true and lair view ol the slate of affairs of the charity and
ol the incoming resources and application of resources of the charity for that Period. In preparing these
financial stalemenls, the Trustees are required lo".
select suitable accounting policios and then apply them consistently..
observe the methods and principles in the Chari118s SORP.,
make judgments and estimates that are reasonable and prudent.,
stale whether applicable accounting Standards have bggn followed, subject lo any material departures
disclosed and explained in the financial 5tatemenls',
prepare the financial slalemenls on the going concern basis unless r( is inappropriate to presume that
thè charity will ctsnlinuè in business.
The Trusle8s are responsible for keepin9 adequate accounting records that are sufficiènt lo show and
explain the charity's Iransaclions, disclose with reasonable accuracy al any lime the financial p05ilion of
the charity and enable Ihgm lo ensure that the financial slalemenls Comply with the Charities Act 2011,
the Charities (Accounts and Reports) Re9ulalions 2008 and tho provisions of the Charity's conslilulion.
They are also responsible for safeguarding the assets of the Charity and hence lor taking reasonable
steps for the prevention and detection ol fraud and other irregularities.
Page 12


## **Crowe U.K. LLP** 

_Chartered Accountants_ Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk 

## **INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF CHRIST’S HOSPITAL OF ABINGDON** 

## **Opinion** 

We have audited the financial statements of Christ’s Hospital of Abingdon for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Governor’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

> Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. Authorised and regulated by the Financial Conduct Authority. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global. 

Page 13 




## **INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF CHRIST’S HOSPITAL OF ABINGDON** 

## **Other information** 

The Governors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

We have nothing to report in respect of the following matters in relation to which the Charities act requires us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or 

- adequate and proper accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of Governors** 

As explained more fully in the Governors’ responsibilities statement set out on page 11, the Governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Governors are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

Page 14 




## **INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF CHRIST’S HOSPITAL OF ABINGDON** 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations, are set out below. 

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. 

## **Extent to which the audit was considered capable of detecting irregularities, including fraud** 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. 

We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations 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 for the UK operations were the Charities Act 2011, together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statements. 

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 Charity were Charity Commission regulations, General Data Protection Regulation (GDPR) and Health and Safety regulations. 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 completeness of other income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Governor about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance. 

Page 15 




## **INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS OF CHRIST’S HOSPITAL OF ABINGDON** 

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 noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations. 

## **Use of our report** 

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


## **Crowe U.K. LLP** Statutory Auditor **Reading** 

Date 13 April 2021 

Page 16 



CHRIST'S HOSPITAL OF ABINGDON
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
Notes
Unrestrl¢t?d Restricted Enflowment
Fund$
Fund¥
Funds
Totsl
2020
Total
2079
Incomè and endowmenl$ from..
Donations
Inv8Stmtsnts
Charitablè actlvitlas
contributlons from Amspeople
4,100
64,670
4,100
646,565
4.175
787, 790
676.163
6,732
101.094
99A33
200,527
790,869
Other
8 800
Total Ineom• And •ndowm•nts
Expondltur• on:
Raising funds
Cttaritablè aclivitits
Grants payabl6
Provision of Almshous68
Albert Park maintenanc•
31,380
5.709
213,478
250,58S
146,842
142.740
198,776
23,984
68.133
186,724
286.908
166.999
381,094
Total •xp•ndlturo
47
77
41
Net gains on invo$tmènts
Ngt •urplu•lldgfl¢lti
Transfers be￿e9￿ funds
Nèt mov•m•nt In lund•
323,861
81,950
118,9761
388,836
2,838,186
Total funds brou9ht fo￿ard
17
Total fund• carrled forw•rd
The notes on pages 20 10 35 fom part of these financial statements
Page 17

CHRIST'S HOSPITAL OF ABINGDON
BALANCE SHEET
FOR THE YEAR ENDED 31 DECEMBER 2020
Notes
2020
2079
FIXED ASSETS
Tangible assets
Investment properties
Investments
25,310
6.335,000
15889057
76,035
6,215,000
15 652 884
22,249,367
21,943,919
CURRENT ASSETS..
Debtors
Cash al bank and in hand
10
139,924
1388 374
96,0
7 338 145
1,628,298
1,434, 195
LIABILITIES..
Creditors.. Arnounls falling due within
one year
11
12S100
NET CURRENT ASSETS
1403 198
TOTAL NET ASSETS
-23,2_65. 730
THE FUNDS OF THE CHARITY:
Unre8trlctod funds
General
Designated
14
14
8,750,405
8,452,311
53S 139 372
9,285,544
8,961,683
Restrlcted funds
15
1,468,1 $0
1,386,200
Endowmant funds
89
TOTAL FUNDS
17
Approved and authorisgd for issue by the Governors on I kpiij and signed on their behalf by
Mr L D King - Ma$tgr
Kevin Senior- Govemor
The notes on pages 20 10 35 form part of these financial statements
Page 18

CHRIST'S HOSPITAL OF ABINGDON
CASHFLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
2020
2019
Net cash used in operating activitles (seè below)
1581.4621
(482,433)
Cash flow5 from Investlng actlvltl•s
Purchase of tangible assets
Interest, div1dends and rents from investments
(20,000)
787, 790
646,565
Proceeds from Sale of investments
Purchase of investments
3,104,911
689,082
Nèt cayh provlded by Investlng actlvltlos
324.422
516, 720
¢han99 In cash and cash equlvalent$ In the year
18
1257,0401
34,287
Cash and cash equivalent brought forward
1732 847
7 698 560
Cash and tash equlvalenls carrled forward
Net Incomè for the rèportlng pèflod las por the
statément of flnanclal actlvltl851
Deprecialign charges
Loss on disposal
Dividends, interest and rents from Inve8lmanls
IGainl on investments
Ilncreaselldecrease in debtors
Increase in creditors
388,83S
2,838,186
3,77S
10,520
1646,5651
1304,869}
143,8741
2,808
(787, 7901
(2,613,936}
16, 737
Ngt cash Iu89d In by operatlng acllvltles
1591,4621
{482,433)
2020
2019
Cash awaiting investment with inveslmonl managors
Cash in hand
Notice deposits (18$$ than thro0 months)
87,433
364,355
102401
394, 702
325,925
012220
19
Total cash and cash equlvalènts
The notes on pages 20 10 35 form part of these financial slalemenls
Page 19

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
ACCOUNTING POLICIES
Accountlng conventlon
The accounts (financial slalemenlsl have been prepared in accordance with the Accounling and
Reporting by Charities." Slal&menl of Recorrjmended Practice (SORP) in a¢¢ordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued on
16 July 2014 and the Financial Reportin9 Standard applicable in the United Kingdom and
Republic of Ireland IFRS1021 and the Charities Act 2011 and UK Gen8rally Accepted Practice as
it applies from 1 January 2015.
The accounts Ifinancial $latemenl$l have beon prepared lo give a true and fair view and have
departed from the Charities (Accounls and R8POrts) RegUlaI￿n$ 2008 only lo the exlenl required
lo provide a true and fair view. This departure has involved following Accounting and Reporting
by Charities, preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS1021 issued on 16 July 2014 rather than the
Accounting and Reporting by Charities." Slalemenl of R8commendgd Pr8GIic8 effective from 1
April 2005, which has sin¢9 b¢en withdrawn.
Christ's Hospital of Abingdon meets the definition of a public bgnefit enlily under FRS102. Assets
and liabilities are initially recognised al historical cost or Ir8n88clion v8lue unless otherwise
slated in the relevant accounting policy nolelsl.
Christ's Hospital of Abingdon is a charity registered in the UK Icharily number 2051121 with il¥
registered office al 4 Sl Helens Wharf, Wharf Road, Abingdon, Oxfordshire. OX14 SEN
bl
Golng Concern
The Governors consider that there arè sufficient reserves held al the y8ar.end lo manage any
foreseeable downturn in the UK and global economy. The Governors consider that there is a
reasonable expeelalion that the Charity has adequate resources lo ¢onlinu8 in operational
existence lor the foreseeable future and for this rea80n the Governors continue lo adopt the
'goin9 ¢oncern' basis in proparing the accounts.
Income
Dividends and rents are accounted for in the year lo which they relate.
Lggacies and voluntary income are accounted for in the year in which they are received,
dl
Expondlturg
Grants awarded by the Governors are recognised in the slalemenl ol financial activities in the
period that they are made lo the exlenl that a legal or conslru¢livo obligation exists.
Almshouses and Almspeople costs are accounted for on an accrualg basis in the yoar lo which
they relate.
Pension ¢o$ls charged in the SOFA represent contributions payable by the charrty in that year.
Included within charitable activities aTe govern8nce costs, which comprise the costs ol running
the Charity, including strategic planning for ils future development, also internal and external
audit, any legal advice for the Charrty and all the costs of complying with constilulional and
stalulory requirements.
Support costs are allocated on tho basis of lime spenl115% Grants Payable, 75Dk Provision of
Almshouses, and 100h Albert Park Maintenance).
Page 20

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
ACCOUNTING POLICIES ICONTINUEDI
Grant maklng
The charity'5 granl-making process is informed by the best practices of peer organisalions, and
the Charity Commission's guidelines and recomrnendalions.
Grants payable are payments made lo third parties in the furtherance of the charitable objects of
the charity. In the case of an unconditional grant offer this is accrued once the recipient has been
notified of the grant award. The notification 9ives the recipient a reasonable expectation that they
will receive the one-year or mulli-year grant.
Gr8nts aw8rds that are subjecl lo the recipient fulfilling performance conditions aro only accrued
when the recipient has been notified of the grant and any remainin9 unfulli11ed condition attaching
to that grant is outside of the control ol the Trust.
Freehold land and bulldlngs
Freehold land and buildings held for the Charity's use are included on the balance sheet al cost.
The buildings are depreciated over 50 years on a slraighl line basis. The costs associated with
converting the current h&ad office are depreciated over 4 years on a slraighl line b8SIS.
The Charity owns certain fixed assets which are hisloric, inalienablg and form part of the
permanent endowment, the moro important ol which are lislod in the Report of Ihg Governors.
No reliable cost information is available lor Ih&so assets and their heritage nature means
conventional valuation procedure$ would be unreliabl8. The Governors have no intention lo
dispose ol these assets in Ihg forfj$eeable future.
Other tanglble flxed a$891•
Furniture and equipment are capilalised whgn considered appropriate and depreciation 18
calculated lo write off the cost over tho expected useful livgs of the a$59t5 concerned. A de-
minimus capilalisalion limit of £1,000 1$ applied. The following rates and base5 have been used..
Office furniture, fixtures and fbtling8
Office equipment
Park equipmènt
20Vo Slraighl line basis
25010 slraighl line basis
250/0 slrai9hl line basis
Flxed asset Inv&stment propertles
Investment properties are included in tho balance sheet al fair value. Tho proporties are
independently valued by a third party at least every three yoars. Rgalised gains and losses on
investment propertios aro included in Ihg Slalemenl of Financial Aclivilios.
FIx9d assgt Invg$lmonts
Realised gains and losses on investmen15 are ¢alculaled as the difference between salès
proceeds and their Dpening carrying value or their purchase value if acquired subsequent lo the
first day of the financial year. Unrealised gains and losses are calculated as the difference
between the fair value al the year end and Ihair carrying value.
Realis8d gains andlgssgs on invgslmenls are included in the Slalemenl of Financial Activities.
Investment income is recognised in the financial slalemenls on an accruals basis when the
charity becomes legally enlilled lo it. Investment income not directly allribulable to a specific fund
is apportionod to the various funds based on their opening balance position.
Cash at bank and In hand
Cash at bank and cash in hand in¢ludes cash and short term highly liquid investments with a
short maturity of 3 months or less from the dale of acquisition or opening ol the deposit or similar
account.
Page 21

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
ACCOUNTING POLICIES (CONTINUED
kl
Debtors
Trade and other debtors are recognised at the selllemenl amount due after any trade discount
offered. Prepayments are valued at the amount prepaid nel of any trade discounts due.
Credltors and Provisions
Creditors and provisions ar8 recognised where the charity has a present obligation resulting from
a past event that will probably rasull in the transfer ol funds lo a third party and the amount due
to sellle the obligation can be measured or estimated reliably. Crgdilors and provisions are
nomially recognised al their settlement amount after allowing for any trade discounts due.
Flnanclal Instruments
The charity only has financial asset$ and financial liabilitie8 of a kind that qualfy as basic
finan¢ial inslrumenls. Basic financial instruments are initially recognised al transaction value and
subsequently measured al their selllemenl value.
Leases
In respocl of operating lease8 for which the charity is the lessor. the charity ¢la5silies the leasing
ol thg investment properties as an operatin9 lease. The rents received Irorn investment
propertios arg recognised in tha financial slalomgnls for the period they relalo 10.
In respect gf operating leases for which the charity is the lessee, rèntals are charged to the
Slalemenl of Financial Activities on a slraighl ling basis over the lease term.
Funds
Unrgslricl8d funds
General unreslricled funds represent funds which are expendablè al th¢ discretion of the
Tru$lge$ in furtherance of the objects of the Charity.
Designated funds
Designated funds are amounts which have been pul aside at the discretion of the Governors for
specific purpo88s. Such purposes are within the overall aims of thg organisation.
Restricted Funds
Reslricled funds are those which musl be applied in accordance with the purpose spocified
by the donor. Expenditure relating lo these purposes is charged directly lo the fund.
Endowment Funds
Endowment funds consist of inveslmenls. The purpose lo which that invostmenl may be applied
is restricted in accordance with the terms of the endowment Irusl.
pl
Critical accountlng Sudgements and key sour¢85 of ostimatlon uncertainty
Trustees are required lo make judgements, eslimales and assumptions about the carrying value
of assets and liabilities that are not readily apparent from other sources. The eslimales and
underlying assumptions are based on historical experience and other factors that are considered
to be relevant. Actual results may differ from these eslimales.
The key sources of e51irnalion uncertainly that has a significant effect on the amounts recognised
in the financial slalemenls is in respect of the investment property valuation. The Charity's
investment properties are slated at their eslimaled lair value as disclosed in Note 8.
Page 22

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
INCOME- DONATIONS
Unrestricted
Funds
Restricted
Funds
Total
2020
Total
2019
Albert Park- local aulhorf(y
contributions
INCOME- INVESTMENTS
Unrostrlctad
Funds
R8strlcted Endowment
Funds
Funds
Total
2020
rol81
2019
Equity dividends
and interest
Bank Inlorosl
Rents
298,216
12,322
264 626
64.670
6,732
369,618
12,322
264 62S
504,432
13,970
269 38
TOTAL RESOURCES EXPENDED
2020
Dlrect
Costs
Staff Deproclatlon
Support
cost8
Total
2020
Total
2079
Cost of ralslng funds
Investment managers fèes
Propgrty costs
64,481
186 084
64,481
188086
87,217
250,565
250,565
146,842
Charftable actlvltlgs
Grants Payable INole 81
Provision ol Almshouses
Albert Park maintenance
150,826
129.948
11.975
100,304
355
1,883
3,668
34,773
166,724
266.908
166, 999
361.094
Support costs included
within provislon of
Almshouses
Audit
Office salaries
Office costs
Legal fees
Sundry
18,927
16,927
79,832
20.430
14,587
69, 990
20,253
577
79,832
20,430
Support costs are allocated on an estimate of lime spent administering the Almshouses.
Page 23

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
TOTAL RESOURCES EXPENDED Icontlnugd}
2019
Direcl
Costs
Staff
costs
Depreciation
Support
costs
Total
2019
Cost olraising funds
Investment managers fegs
Property costs
67,277
67,217
146,842
146, 842
Charitable activities
Grants P&yab19 (Nol8 6)
Provision of Alrnshoiisgs
Albert Park maintenance
153, 696
237.976
66 006
10,499
92,957
24 325
79
1,376
2. 725
166.999
28, 785
361,094
7 817 ￿￿1
Total resources 8XP8nded
Siipport costs includ6d
within provision of
Almshou$8S
Audit
Office salaries
Office costs
Legal fees
Sundry
14,587
14,587
69, 990
20, 253
577
69.990
20,253
571
Page 24

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
STAFF COSTS AND NUMBERS
Staff costs were as follows".-
2020
2019
Salarie5 and wages
Social security costs
Pension contributions
125,119
8,151
715, 688
8, 025
4068
No employees earned in excess of £60,00012019- £60.000).
The key management personnel of the charity comprise th8 Governors and the Clerk lo the
Governors. The lolal employee benefits of the key management personnel including employers
Nl and employers pènsion of the charity were £51,S2912019." £50,012). Non8 of the Governors
receivèd any remuneration in the eurrenl Qr preceding year.
During the year 1 12019.. nin Governor was rèimbutsèd expenses 01 £359 after making
purcha39$ on bghalf ol Ihg Alm$houso5.
During the year 1 Governor (2019.. nil) was provided with a UBS Camera and Micri)phone for £50
lo assist with online Governor meetings.
The average monthly number ol employees was as follows'.-
No.
No.
Almshouses and Almspeople11 full-limel
Albert Park11 full-lirnel
Managèment and adminislralion12 full-lime, 1 part-limel
Thè charity contributes to Ihg personal pension schemes for certain of it5 employee$. Tha
pension charge represents the amounts payable by the charity to the funds in rosped of th8
year. £nil amounts were outstanding at the year end12079.' £Ni4.
Thgrg wore no redundancy payments made in the y8ar12019'. none).
Page 25

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
GRANTS PAYABLE- DIRECT COSTS
Total
2020
Total
2019
Educational
Charitable paymonts for 1 (2019.. 5) individuals
Charitable paymonls for 3 (2019.. 12) educational in81ilulions
7,623
21,520
27,622
37,815
Rellef
Charitablè payments for 25 (2019.. 17) individuals
Other socKal institutions 13 (2019.. 20J inslilulions
8,066
3,684
105,103
99,992
John 8lacknall Church branch
TANGIBLE FIXED ASSETS
Asyot¥
Froehold
undgr
land and Furnlture &
coursè of
bulldlngs
equlpment constructlon
Total
Cost
Al 1 January 2020
Additions
Transfer
Reclassification
Disposals
111,500
40,223
20.000
171.723
9,480
146,5001
19,4801
146,5001
Al 31 December 2020
Depreclatlon
Al 1 January 2020
Charge for the year
Reclassification
Disposals
55,570
3,670
110,0701
40,118
105
95,688
3,775
110,0701
Al 31 December 2020
49 170 ￿340
Net book valuas
At 31 Decembgr 2020
Al 31 December 2019
The reclassification relalos lo the transfer of the old head office to investment properties.
Page 26

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
INVESTMENT PROPERTIES
2020
2019
Freehold land and bulldlngs
Valuatlon
Al 1 January 2020
Reclassrficalion
Revaluation
6.216.000
36,430
5.860,000
3550
At 31 December 2020
All propertl8S Were valued as al 31 December 2019 by professional valuers in accordance with
the Appraisal and Valuation Manual issued by the Royal Inslilulion of Chartered Surveyor5 on
Ihg basis that the properties are held for investment purpo$e5.
Valuor-
Lambert
Srnlth
Hampton
Valugr- Adkln
Valuer-
GL Heard
& Partnery
CommorcSal
Total
Commercial
Residential
120.000
2,820,000
1,940.000
210.000 2.270,000
2,820,000
Agricultural land
Freehold land (leased until 20251
Freehold land (leased until 20371
395,000
395,000
60,000
790 000
60,000
333500
2 790 000
210 000 6 335 000
The charity earns rental income by leasing rts properties lo tenants under non-cancellable
operating leases. Leases in which subslanlially all risks and rewards of ownership are retained
by another party, the lessor, are classifièd as operating leases. Payments, including
prepaymen15, made under operating leases Inel of any incentives received from the lessor) are
charged lo the income 51alemenl on a slraighl-line basis over the period of the lease.
Al the balance sheet dale, the charity had contracted with tenants lo receive the following future
minimum lease payments..
2020
2019
Not later than one year
Later than one year and not later than five years
Later than five years
203,400
396,335
202, 527
318,887
708 784
There are no conlingenl rents recognised as income.
Page 27

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
INVESTMENTS
2020
2019
Market value al 1 January 2020
Additions
Dispo$al$
Rgvalualion gains
15,258,182
3,427.054
13,104,911)
12, 748, 1 T5
940. 752
1689,082)
225893
Market value at 31 D￿&mber 2020.
Cash awaiting investment
15,801,624
15,258, 182
394 702
Total as at 31 December 2020
'Hislorical costs of investments al 31 December 2020
2fi5
The year-end market value is made up as follows,.
UK fixed interest
UK equities
Overseas fixed interest
Overseas oquities
Other asse15
Cash and accrued interest
1,405,173
8,700,311
286,850
4.647,992
761,298
1.491, 677
9,838,544
58,268
3,200,595
689, 098
10.
DEBTORS
2020
2019
Trade debtors
Prepaymènts and accrued income
96,693
9S 050
Page 28

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
11.
CREDITORS.. Amounts falling due within one year
2020
2019
Trade creditors
Accruals
30,220
49,001
12.
FINANCIAL INSTRUMENTS
2020
2019
Basic financial assets
Basic financial liabilities
17.395,010
1125,1001
7 7.068,566
(772,384)
8a$ic financial assets are all investments (excluding invoslmenl properties), debtors plus cash in
hand minus prepaymenl5.
Basic financial liabilities are all credilor$18ss dug in1gS5 than gnè yèar plu5 crèditors due in more
than one year minus laxalion payable,
2020
2019
Flnancial 88sels measured al fair value
6,335,000
6,215,000
The enlily'8 income, expense, gains and losses in respect of financial instruments are
summarised below..
2020
2019
Total dividend and interest income for basic financial as5els
Total gains in respect ol basic financial assets
Total gains in respect of finaneial assèts measurèd al fair value
381,940
221,295
83,570
518,402
2.258, 937
355, 000
13.
RELATED PARTIES
Two Governors (Mr K W Senior and Mr T R Aylingl are Iruslees of the Albert Memorial
(Abingdonl Charity IRegislered Charity no. 10762741 to whorn the Charity paid £800 12019."
£8001 during the year to help with the maintenance of the memorial in Albgrt Park, Abingdon.
Four Governors (Cllr Mrs H Pighills, Mayor Mr C Birks, Cllr Mrs C Briggs and Cllr Mrs M Crick)
are members of the Abingdon Town Council which granted the Charity £4,100 12019.. £4, 1001
during the year towards the upkeep of Albert Park.
One Governor (Mr L Kingl is the Treasurer of The Abingdon Bridge IRegister8d Charity no.
11600801 which offers young people advice and Counselling. During the year the Charity granted
£27,090 (2019." £12, 120) towards supporting their services lo the people of Abingdon.
One Governor (Mayor Cllr Mr C Birksl being the Mayor organised an Over 70's Christmas party
which the Charity contributed £Nil (2019.. £400) towards.
Page 29

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
14.
UNRESTRICTED FUNDS
All
January
2020
At31
December
2020
Incoming
resources
Resources
expended
Gains
Transfers
Deslgnated
funds
extraordinary
repair fund
509,372
12,028
12,0981
456 992
7,201
8,636
535,139
875040
Extraordlnary Repalr Fund
This fund has been sel up by th8 Governors in responso of the Almshouse Association's guidancè
lo have a fund for each Almshouse lo provide for the cost ol extraordinary repairs, improvements
or building of the charilie$' Almshouses.
Transfers
Tho transfer from General Fund lo Extraordinary Repair Fund is made in accordance wrth the
recommendations of the Almshouse As50cialion.
The transfer from Gengral Funds to the Endowment Reeoupmenl Funds is in accordance with the
Recoupment Order5.
Page 30

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
15.
RESTRICTED FUNDS
Ali
J8nLiary
2020
At31
DK&mber
2020
Incomin9 Resources
resources
expended
Gainsl
IL058891
Translers
Albert Park grant
4,100
14,1001
John Blacknall
Church branch
Relief in need branch
29,401
118,1011
416
11,886
23,602
437717 31847 455791
467,718
31,847
126.1761
6,804
479,393
Rl¢hard Wrlgglesworth
Relief in need branch
Education
179,180
6,337
18,6421
168
1.685
1.195
121,755
159,985
8,589
16,8101
2,262
164,026
Ablngdon Almshousè
Almshouse branch
Exlraord1nary repair
Reliefinneedbranch
204, 660
214,556
36 890
33,355
5.066
19,0031
18841
2,893
3,033
22
12,0321
2,032
229,873
223,803
382,326
39,126
118.3481
5,404
408,508
Tomklns Almshouse
Almshouse branch
Extraordinary repair
175,828
58,921
128,6531
477
1.638
14,0641
143,670
123 807
237, 674
61,657
129.1301
3,276
267,477
Twltty's Almshouse
Almshouse branch
Extraordinary repair
Legacy
73,7T3
131, 079
845
19,769
3,095
120,7431
15401
186
1.853
12
11,5241
1,524
10,861
137,011
874
145 097
22 884 aQL1
148746
Total restrl¢tgd funds
Almshouso branches
Funds for the provision and mainlenanca of almshouses and their residents.
Relief in Need branches
Fund5 available to 5UPPOrt people in conditions of nggd, hardship or distress either individually or
generally.
Extraordlnary repalr fund
Funds created in response lo orders of the Charity Commis5ioner5 to provide for the cost of
extraordinary repairs, improvements or building of the charrties, almshouses and other property.
Page 31

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
RESTRICTED FUNDS IContlnu&dl
The Charity of John Blacknall - Church branch
Income payable lo the Incumbent and Churchwardens of the Parish of St Nicolas applicable to the
maintenance of the Church of Sl Nicolas, Abingdon.
The Charlty of Rlchard Wrlggl•$worth
Education Branch Funds available lo assist with the Education of individuals under the age of 25
by way of oxhibilion, grant or towards preparing Ihgm for entry into a trade.
Transfgrs
The transfers to John Blacknall Church Branch and th8 Richard Wigglesworth Education Fund 8re
made lo meet the requirements of the Scheme of that Charity.
Transfers from Almshou50 funds lo Extraordinary Repair Funds are made in accordance with the
reeommendalion5 01 the Almshouse Association.
Page 32

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
16.
ENDOWMENT FUNDS
At1
JanLiary
2020
At31
December
2020
Incoming Resources
resources
expended
Gainsl
(Losses) Transfers
Chrlst's Hospltal
Permanent
Capital recoupment
OrderA
Order 8
11,280. 188
8,800
1160,8951
1 $4,419
11,282,S12
205,009
4.837
18,5831
2,898
1.039
358
207,200
11,565,454
15,532
1170,0551
158,452
1,397 11.670.780
John Blacknall
Permanent
81
Rl¢hard Wlgglesworth
Permanent
General
Education
149, 188
14,7901
2,109
771
146.S07
203, 748
16,5421
2,880
200,086
Ablngdon Almshouse
Permanent
Almshou5¢ branch
Relief in need
branch
128,649
14,1311
1,819
126,337
944
795,411
16,2741
2,763
191,91)0
Tomklns Almshouse
Permanent
Twltty's Alm$hous•
Permanent
71
Capital Recoupment Funds were sel up in accordance with the Charity Commission Recoupment
orders Au9usI 1984 and December 1984 to recoup the permanent endowment. The other Funds
are permanent Endowment funds held in accordance with the reslriclion and used to generate
reslriclgd funds for the charity.
Transfers
Capital Recoupment Order 'A' sealed on the 13th December 1984 in the sum of £215,000 for
'land and buildings,, repayment being £1,039.48 per annum for 53 years from the dale of the
Order.
Capital Recoupment Order 'B' sealed on the 2181 August 1984 in the sum of £65,000 for
'provision of a Service area in Albert Park,, repayment being £0.55Qh per annum of the sum
expended for 50 years from the dale of the Order.
For both Orders the Trustees shall permit the dividends accruing to be invested thereon by way
of accumulation until twelve months after the last payment.
Page 33

CHRIST'S HOSPITAL OF ABINGDON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
17.
ALLOCATION OF NET ASSETS BETWEEN FUNDS
2020
Tangible
Fixed assets
Inveslmgnl Investments
properties
Nel current
assets
Total
End¢)wed
1,910
6,335,000
6,561,961
12.898,871
Restricted
Unrestricted
1,468,150
1,468,150
9 285 644
1 403 198
s llo OOQ JS 889 Q57
140319
2019
Tangiblg
Fixed assets
Investment Invgstmenls
properties
Nel current
assets
Total
End¢)wed
Restricted
Unreslricled
53,935
6,215,000
6,648.912
1,386.200
T617772
12,917,847
7,386, 200
1327 811
18.
RECONCILIATION OF NET CASH FLOW TO NET FUNDS
2020
2019
IDecreasellincrease in cash during the year
Change in nel funds
1267,0401
257 0401
34,287
Net funds al 1 January 2020
Ng1 funds al 31 December 2020
19.
ANALYSIS OF NET FUNDS
Nel funds at
Cash
change
Net funds at
31
December
2020
January 2020
Cash at bank and in hand
Cash awaiting investment
Cash deposits
394, 702
325,925
7 072220
130,3471
1238,4921
364,355
87.433
1024 019
Page 34

CHRIST'S HOSPITAL OF ABINGDON
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
19,
STATEMENT OF FINANCIAL ACTIVITIES- COMPARATIVES BY FUND TYPE
Not&s
UnrestriGtg
Funds
R95trictèd
Funds
Endowment
Fund5
Total
2019
Incomè 8ncl gn(lowm8nts from..
Don8tions
Inv&stm&nts
Charitabl8 acts"vities
contributions from Almspoople
Other
4,175
87,387
4.175
787.790
69t,382
9,021
97, 990
92.879
190,889
Total income arKI endowments
E¥penditiiro on..
Rai51ng funds
Ch8rit&b18 ècts-vltigs
Grsnls payoble
Provision olAlrnshousgS
Albort Park maintenanc8
32,415
5.729
108.698
746,842
146. 187
265,550
20.812
95,538
t66,999
36t.094
Total èxpgnditur
Net 98ins/lloss) on inveslmgnls
Net surplus/ldeh'cil)
24
44
Translers b&than funds
14. 16
Nal movèmèntin funds
1,347,872
247.443
1,242.871
2,838, 186
Total funds brought lorwgrd
Total funds carri6d lorward
Page 35