Charity No: 205112
CHRIST’S HOSPITAL OF ABINGDON
REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 DECEMBER 2021
## CHRIST’S HOSPITAL OF ABINGDON
|Incorporating:|The Twitty'sAlmshouse|
|---|---|
||Charity|
||The Tomkins Almshouse|
||Charity|
||The Abingdon Almshouse and Relief in Need|
||Charity|
||The Charity ofJohn Blacknall|
||The Charity of Richard Wrigglesworth|
|Statutory and other information||
|Co-optative Governors|Mr L D King (Master from 1.1.21)|
||Mr MW Matthews|
||LtColA F M Douglas (left 6.8.21)|
||Mrs G Butt|
||MrT R Ayling|
||MrKW Senior|
||Mr S J McConnell|
||Mrs J D Kent|
||MrC Birks (from 2.9.21)|
|Ex Officio Governors|Rev Dr E C Miller|
||Mayor Cllr Mrs C Briggs (from 3.6.21 as Mayor)|
|Nominative Governors|Cllr Mrs H Pighilis|
||Cllr Mrs M Crick|
||Cllr MrA Foulsham (from 1.7.21)|
|Clerk to the Governors|Mrs G K Kent|
|Address ofthe Charity|4 St Helen's Wharf|
||Abingdon|
||Oxfordshire OX14 5EN|
|Principal Bankers|NationalWestminster Bank|
||Ple|
||11 Market Place|
||Abingdon|
||Oxfordshire OX14 3HH|
|Solicitors|Challenor&Son|
||Stratton|
||House|
||Bath Street|
||Abingdon|
||Oxfordshire OX14 3LA|
|Auditor|Crowe UKLLP|
||Aquis House|
||49— 51 Blagrave|
||Street Reading|
||Berkshire RG1 1PL|
|Investmentmanagers|InvestecWealth & Investment|
||Limited|
||2 Gresham Street|
||LondonEC2V7QN|
Oo
## Rage1
## CHRIST’S HOSPITAL OF ABINGDON
Property managing agents Orpwood Ltd t/a Adkin Orpwood House School Road Ardington Wantage Oxfordshire OX12 8PQ Registered Charity No 205412
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## CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 DECEMBER 2021
The Governors present their annua! report and financial statements of the Charity for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts 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 Hospital of Christ of Abingdon ("Ancient Corporation") was created by Letters Patent of King Edward VI in 1553. Christ's Hospital of Abingdon is now a Registered Charity regulated by a Scheme sealed by the Charity Commissioners for England and Wales on 25 January 1971.
The charity number, present Governors and advisors are listed on page 1 & 2. All Governors, both Cooptative and Nominative, are invited to nominate candidates to fill a vacancy for a Co-optative Governor and are asked to provide a resume of their nominee's career and other interests. Further soundings are undertaken, and an opportunity created for Governors to meet the preferred candidate(s) before their name is put forward formally to a special meeting for election. Nominative Governors are appointed by Abingdon-on-Thames Town Council whilst the Mayor of Abingdon-on-Thames and the incumbent of the United Benefice of Abingdon with Shippon, hold office as Governors ex officio.
Governors holding office during the period were as shown page 1.
## STRUCTURE, GOVERNANCE AND MANAGEMENT
Christ's Hospital is a Registered Charity regulated by a Scheme sealed by the Charity Commissioners for England and Wales on 25 January 1971 and subsequent Orders of 1999 and 2002. The Governors perform their obligations under the Schemes for the constituent charities by applying the income of the Charity to provide charitable support to residents of the town of Abingdon in Oxfordshire and such part of the ancient parishes of St Helen, St Helen Without and St Nicolas, Abingdon as do not fall within the boundaries of the town. The Governors are able to extend the area of benefit to the immediate surroundings of Abingdon in certain circumstances.
Prospective Co-optative Governors are requested to 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 to proceed to appointment if members of the Ancient Corporation are unanimous. All newly appointed Governors are provided with a copy of the Scheme dated 25th January 1971 and subsequent Orders, a copy of the Annual Report and Financial Statements for the last financial year, the Charity Commission book (or email link) “The Essential Trustee” and a copy of the Almshouse Association book “Standards of Almshouse Management”. They also have a briefing meeting with the Master or the Clerk. Governors are encouraged to attend the various seminars organised by the Almshouse Association.
Much of the day-to-day work of the Governors is carried out by the Governors-in-Charge, supported by the Clerk, Finance & Admin Assistant, Aimshouse Administrator and Park Keeper. Governors-inCharge during the year were as follows:
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|Mr T|R|Ayling|-|Park|& Gardens|
|Mrs|G|Butt|- Almshouse|Residents|
|Lt ColAFMDouglas|- Almshouse|Property|until|6.8.21|
|Mr|L|D|King|- Almshouse|Property|from|7.8.21|
|Mr|S|J|McConnell|-|Estates|
|Mr M W|Matthews|-|Grants|&|Archives|
|Mr|K W|Senior|-|Finance|
**----- End of picture text -----**
BERage 3.
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## CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
## Governors delegate day to day responsibility for various aspects of the Charity's affairs to:
The Clerk who manages the staff and almshouse property portfotio, maintains the Charity's accounting and other records and carries on the administration of the Charity to comply with applicable laws and regulations.
The Investment Managers who manage the portfolios held by the Charity under a discretionary management mandate. The Property Managing Agents who manage the investment property held by the Charity. The Chartered Surveyors who advise on the structural integrity of the Charity’s Almshouse
property to ensure a suitable standard is maintained.
## Scheme of Governance
Governors meet on the first Thursday of each month throughout the year to enable them to discharge their responsibilities. These meeting took place both online until May 2021 and then moved to the local parish centre. At these meetings, Governors receive reports from the Governors-in-Charge on their activities in the previous month which confirm, or recommend for discussion, actions to be taken in both the short and longer term. These written and verbal reports provide each Governor with the information necessary to discharge their duties.
## The
Governors retain responsibility for all key decisions, including approval of:
- e The strategy and policies adopted by the Charity to achieve its charitable objectives. e The annual budget.
- e Major capital expenditure, including property acquisition and refurbishment.
- e The annual financial statements. e The appointment of residents to vacant almshouses. e Grant applications.
A framework of authorities is in place, which maps out the structure of delegation as well as specifying those issues which remain 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 ratification by the Governors, as described above. The relevant individuals are identified earlier in thisreport.
- e The Finance Governor monitors and reviews the Charity's financial and internal control as well asits investments.
- e The Grants Governor receives, considers and evaluates applications for charitable assistance, according to the provisions of the Scheme.
- e The Almshouse Property Governor oversees the management of both almshouses and health and safety matters relating to the almshouses and workplaces.
- e The Almshouse Residents’ Governor looks after the best interests of the residents and takes the lead role in the appointment of new residents.
- e The Park and Gardens Governor oversees the management of Albert Park and the almshouse gardens.
- e The Estates (Property) Governor oversees the management of investment properties to ensure rental and maintenance matters are dealt with in line with the Scheme.
- e The Archives Governor is responsible for the recording and safe keeping of material for the archives of the Charity, working with the Archivist.
## ee
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## CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
## Related Parties and Conflicts of Interest
Various Governors are involved either as trustees or in the management of a number of voluntary organisations in Abingdon, including The Albert Memorial Trust (Registered Charity No 1076274), The Abingdon Bridge (Registered Charity No 1160080), Abingdon Carousel (Registered Charity No 1177322) and Dementia Friendly Abingdon (Part of Healthy Abingdon Registered Charity No 1172245).
Various Governors are also involved either as trustees or in the management of schools in Abingdon who are free to apply for educational assistance for pupils in need, several Governors are involved with Abingdon School (Registered Charity No. 1071298) and one Governor with The Manor Preparatory School.
One Governor is the Team Rector of Abingdon and Vicar of St Helen’s Church, Abingdon. The Church may encounter those seeking almshouse accommodation or financial assistance under the Relief in Need part of the Charity’s Scheme.
The Charity is also a member of the Almshouse Association to whom an annual subscription is paid.
The Governors have adopted a comprehensive policy to identify all transactions with related parties or other transactions which might invoive any conflict of interest. These are detailed in Note 13.
## Remuneration
Our approach to remuneration is designed to ensure we can attract and retain the talented and motivated people we need to achieve our mission and deliver our strategic goals. It is applied consistently across the organisation. We aim to pay competitively in the not-for-profit sector within the context of affordability. We therefore take into account factors such as salaries paid in comparable organisations.
No remuneration was paid either directly or indirectiy to any Governor or connected person during the period under review. Reimbursement of expenses occurs infrequently and then only when Governors or staff are acting on Christ's Hospital or Almshouse Association business and only on production of a valid receipt and the completion of a reimbursement form.
## insurance
The Governors maintain indemnity insurance of up to £1 million. The annua! premium charged in these financial statements was £868 (2020: £868). The Governors fully recognise that this does not relieve them of their responsibilities.
## Risk Management Statement
The Governors have assessed the major strategic, business and operational risks which they believe the Charity faces. The external risks and exposure thereto are kept under constant review, together with the internal aspects of health and safety.
A risk management register is maintained and is reviewed annually to ensure risks are properly managed by the Charity. The major risks and preventative measures in place are as follows:
## Falling investment income
The investment managers, Investec Wealth and Management Ltd, manage the Charity’s portfolio within agreed parameters (medium/high risk) which are monitored at least quarterly, and all Governors are provided with summaries of those reports. A representative of the investment company presents a formal annual report and discussion of the portfolio during at least 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.
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## CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
## 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 to the Governors, making recommendations as to the best way to maximise the return on the Charity's portfolio, whilst remaining within the remit of the Scheme.
## Damage to Property, i.e Fire,
The Governors seek professional advice on the risks associated with Almshouses and other property and install and monitor safety equipment and measures on a regular basis. In April 2015, a major Fire Safety inspection took place and as a result of this upgrades were made to fire equipment and policies. In September 2019, the local Fire Officer also visited and was satisfied by the systems in place and the supporting paperwork. In September 2021 Turner Fire Security Ltd were appointed to carry out a fire risk assessment the findings of which have been scheduled for implementation during 2022.
## Information Damage i.e Fraud, cyber crime
Again, the Governors have taken advice on prevention of information theft and regularly review the Charity’s Fraud policy to reflect the ever-advancing ability of ‘fraudsters’ to gain access to sensitive information. It is planned to replace some older computer equipment shortly to ensure the latest best practice for back-up and protection of information is adhered to.
## Disease Transmission - Global pandemic
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 implementation of Covid secure processes. The Finances have of course been affected as with many other people and organisations. Th income from investments has dropped as many companies have seen their own income streams diminish, but this has been mitigated as far as possible by the investment management company who have invested heavily in the ‘pharma’ industry which is booming. The collection of commercial rent has also been challenging as many commercial tenants have experienced a dip in income. The law has prevented court action against tenants until 25" March 2022, but a reasonable approach including negotiation will be the basis on which outstanding rents will be collected. A provision has been made in 2020 and 2021 accounts for the possibility of bad debts. Risk of Flooding Events in January 2021 highlighted the risk to our riverside properties. Tne water levels at Abingdon Lock were within 20cm of the highest ever recorded. As a result, the “Action Plan in Case of Flooding” was updated by The GIC of Almshouse Properties, The GIC of Residents and The Clerk. The Plan was approved by the Governors.
## Staff Absence/Cover
The charity has identified the crucial areas of staffing and tries to maintain a level of staffing skills competence across the team that can cover short term absence. It has also contingency plans in place to bring in temporary cover staff if the absence is likely to become long term. This cover system is currently in place and being used effectively as one member of staff was signed off sick in September 2021,
## Public Benefit
In following the Charity's aims and objectives, Trustees have had regard to the Charity Commission's guidance in complying with their duty in section 17(5) of the Charities Act 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 must be in need and will be drawn from that section of the public which has been defined in the Scheme.
The Charity gives ‘relief in need’ through education grants and grants of domestic items to those who cannot afford them and fall outside the help of the local authority. This year they also gave a significant number or substantial grants to local charities for specific purposes to benefit residents in our area of benefit. All the above are directly identifiable public benefit.
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## CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
The Charity also maintains Albert Park, a park which is permanently open for use by any member of the public and easily accessible to all ievels of mobility. This is also in line with the Charities scheme document.
## OBJECTIVES AND ACTIVITIES
## Objects
The Objects of Christ's Hospital of Abingdon and its subsidiary charities were created to provide charitable support to residents of the town of Abingdon-on-Thames in Oxfordshire.
The Charity’s strategy is to provide funds both for individuals and organisations so as to provide help and relief within the terms of the Schemes. This can only be achieved within the conditions at 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.
The Charity owns Albert Park recreation ground and its surrounding roads, and whilst the Governors fully recognise their responsibility for the maintenance of these, it does provide a major drain on the Charity's resources.
The Charity measures its success in several ways. It aims to achieve a 90% occupation rate for almshouses, to maximise the grants paid out and to adhere as closely as possible to its annual budget in all areas. The Charity is very proud of its commitment to keep almshouses as up to date as possible within the confines of their listed building status (see ‘The estate’).
The Governors met in June 2021 to discuss possible strategic changes to the Charities rules and activities. Subjects included Governor's length of service, the benefits or otherwise of converting to a CIO, expanding the rules of eligibility for almshouse residents. Actions were agreed and documented and will be progressed in 2022
## Grants
To achieve the Charity’s objects for the public benefit, the Grants Governor considers all applications made for assistance, whether for educational support or relief in terms laid down in the controlling Schemes, including the area of benefit and the availability or otherwise of specific or general funds,
Students, or their parents, who are both resident within Abingdon and in financial need, may apply to the Charity for support with their education providing they are educated in Abingdon. At present, this means that students attending any of the seventeen schools located in the area of benefit within Abingdon are eligible for educational grants. The school who has applied for assistance with fees during 2021 is The Unicorn School (Registered charity no 1070807). Other grants which are provided for assistance with school activities and equipment. Most predominantly in the early part of 2021, during the Covid 19 lockdown, was the need was for computer equipment so that pupils could continue with remote learning. Most Schools applied, and around £31,000 worth of laptops were supplied to premium pupils. Also, private mental health consultations were the other large part of the funding to schools, especially in the lower income areas, where the State-funded provision for assessments was vastly oversubscribed and waiting times were more than two and a half years.
The Charity has also helped individuals with Relief in Need payments for equipment and/or basic necessities such as cookers, a washing machine, furniture and work boots. Provisions to institutions tend to be more substantial and are usually for equipment to help them function or courses for vulnerable adults. Within the last 12 months the charity has helped to fund day trips for young carers and training sessions for vulnerable adults within various projects in Abingdon.
Officials working in areas where such circumstances might arise continue to be reminded of the Charity's availability and policies. We are encouraged by the larger value of requests.
OO —
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## CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
## Numbers of grants and values can be found within Note 6.
## The estate
The Governors are proud of the Charities' ownership of several freehold properties in Abingdon that are of considerable historic and heritage interest. They are mindful of the inalienable nature of these properties and their duty to maintain them. The most important of these properties are shown here with their listing:
**----- Start of picture text -----**
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Long|Alley Almshouses|and|Hall|1446|Grade|||
|Brick|Alley Almshouses|and|outbuildings|1718|Grade|||
|St|Helen’s|Wharf Almshouses|1884|Grade|II|
|St|John’s|Almshouses|1801|Grade|II|
|Tomkins|Almshouses|&|Clock|Tower|1733|Grade|II|
|Twitty's|Almshouses|1710|Grade|II|
|Albert|Monument|(within|Albert|Park)|1865|Grade|II|
|Conduit|House|circa|1500|Grade|I!|
|Albert|Park|Listed|Victorian|Park|
|The|Exchequer|Room|(forming|part|of the|Church|of|St|Helen,|Abingdon)|
**----- End of picture text -----**
Associated with these properties are furniture, fittings, historic artefacts and an extensive archive housed in a climate-controlled building known as the Liversidge or Muniment room, which the Governors view as both historic and inalienable.
## ACHIEVEMENTS AND PERFORMANCE AND RECORD OF ACTIVITIES
The Charity has again had a successful year in spite of concerns over Covid 19 and the economic pressure this brings. Income from rent and dividends has held up compared to the previous year, and again less significant property expenditure has been undertaken. The official revaluation of property has madea significant impact on the surplus for the year which would otherwise have been reasonably modest (£65,000) It was felt again that it was not necessary to undertake fundraising, as the investment portfolio, and modest contributions from residents towards maintenance, continue to contribute significantly to the planned expenditure.
## Residents
The residents continue to have the benefit of an Almshouse Administrator, who not only acts as a good neighbor and takes an interest in their welfare but is a safety coordinator for all routine testing of alarms, water hygiene and minor repairs.
Residents benefit from regular visiting, and gatherings when circumstances allow, or phone/email contact on a daily or weekly basis, depending on their needs.
## The estate
The Governors are mindful and indeed proud of the Charity's heritage but the age and listed building status of some of the assets does entail a financial burden. Despite the heavy demand on resources, the Governors follow their primary duty of maintaining the Charity’s assets. However, continuing work will always be necessary.
The policy of the Governors remains to ensure that each almshouse, as it falls vacant, is upgraded to the most modern standards ready for reoccupation. As vacancies are unpredictable, the amount of expenditure can differ from that budgeted.
A Quinquennial Inspection was conducted during May 2021 and a report received at the end of September showing recommended works to be underaken over the next 5 years in degrees of urgency. Each year’s recommendations are reviewed thoroughly prior to initiation.
## _—= eectrs 7s)
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## CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
It must 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 to demonstrate the Governors’ concern at the need to husband the Charity’s resources to maximum effect, never forgetting the need to fulfil the charitable objectives laid down in our governing documents.
## FINANCIAL REVIEW
The Charity employed independent valuers to assess the current value of all Commercial, Residential Property and Land. This resulted in an increase in value of £495,000 from the previous year. Professional valuations of investment properties will now take 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 this review the Governors will decide if a formal, professional valuation is then necessary.
All transactions were deemed to be in the normal course of business and the Governors consider the Charity to be a ‘going concern’.
Careful and conservative forecasts and budgets for the next year are prepared by the Clerk and Governors in Charge each November and reviewed at the December meeting of all Governors. The Charity'’s Governors (Trustees) feel that it is as well placed as it can be to meet significant refurbishment costs in the future. Net incoming resources before other gains or losses were £88,788 (2020: £81,966).
## investment policy
The management of the Charity's investment portfolio is conducted by professional investment managers under discretionary management powers delegated by the Governors, under broad guidelines set by the Governors. These guidelines have been reviewed during the year and currently require that the managers protect the value of the capital and income of the Charity in real terms over the medium term by seeking a balanced return between income and capital growth, avoiding high risk. At any one time, the portfolios may comprise fixed interest and equity investments within these criteria. Portfolio exposure to equites is limited to 90% of the total fund value. In the avoidance of high risk, the managers are instructed not to involve the Charity in derivatives trading, underwriting or off-market transactions. Where necessary, the allocation of income and capital is apportioned according to the figures at the start of the year.
The Governors continue to monitor administrative costs and fees. The Governors are content that they are continuing to avoid high risks. The Governors reserve the right to exciude companies that carry out activities contrary to their aims or from holding investments which might damage the Charity’s reputation. This policy is reviewed with the investment company during their annual report to the Governors, usually in the March Governors’ meeting.
In order to measure our performance, we review the total 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 at least annually. The entire area remains under the continuing scrutiny of the Governors and the Governor responsible for Finance in pursuit of the risk control as outlined above. The portfolio on 318 December 2021 was £17,563,643 (2020: £15,889,057). During 2017 the Governors took the decision to sub-divide the Main Fund into Capital and Income generating subsections to better leverage the asset to meet the ongoing costs.
## a SS
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## CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
## Reserves Policy
Christ's Hospital has historically financed its operations through income derived from its endowment investments. More recently it has also received maintenance contributions from almshouse residents. Due to the limited area of benefit, Governors have decided it is not practicable to seek donations or benefactors on a significant level. It must also be noted that, the issues with the instability between Russia and Ukraine and anticipated rise in inflation seems to have unsettled the markets to some extent.
As such Governors realise endowment alone is insufficient to provide enough income. It has become necessary to maintain a level of reserves to finance future operations in the long term. They believe that total assets of around £20 million are required under current conditions. It is therefore the intention of Christ's Hospital to try to maintain investment assets at this level. The level will be reviewed as circumstances change.
Total funds held by the Charity at the year-end stood at £25,789,903 (2020: £23,652,565). The Charity's unrestricted funds, excluding designations and unrestricted fixed assets, stood at £9,592,223 (2020: £8,727,005) at the year-end. If the market value of listed investments that are held to generate income to support the Charity's activities is excluded from the above sum, the remaining free reserves are £768,993 (2020: £868,059).
## Free reserves are held for the following reasons:
- a) There is a significant cost to maintaining Listed buildings of which the charity has 8 sets (noted under ‘estates’) plus a Listed Victorian Park (Albert Park). Whilst investment monies are put aside in restricted funds for upkeep of the Almshouses and emergency use, it is unknown when an emergency may occur and whether it will be covered by available designated funds. Repairs to ageing Listed buildings are increasingly complex and costly.
- b) it is anticipated that the Conservation area already in existence around Albert Park may be expanded. This may bring additional expense and the need for specialist contractors’ expertise as the Charity strives to maintain, to a higher standard, the newly designated dwellings which it owns in the surrounding area.
- c) Considerations are to be made shortly as to the future of certain leasehold properties which revert to Christ’s Hospital control in 2037. | There may be significant investment needed to bring them to an acceptable modern standard.
- d)} The charity like to have the capacity to spend on grants over and above the budgeted level, whilst still maintaining the ratio for allocation of expenditure required by the Charity Scheme i.e expenditure on grants cannot currently be greater than that on almshouses.
The Governor in Charge of Finance has recognised the level of free reserves, although reduced from last year, is still high and the Charity must continue to explore the possibilities for giving larger grants to organisations that can make the most impact to relieve need in Abingdon. Discussion regarding the amendments to the Charity’s scheme to simplify it and incorporate the expansion of Abingdon’s estates were considered and it was agreed fo progress these.
## FUNDS
In addition to the unrestricted funds, which represent accumulated income available to the Governors for such purposes as they may decide, the funds controlled by the Governors fall into a number of classes:
## EE
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## CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
## Permanent endowment funds
These funds represent assets which are permanent capital held by the Governors. The property within these funds comprises:
- ° Freehold land and buildings held for the Charities' own use. e Freehold land and buildings held for charitable purposes, including almshouses and Albert Park
- e Investments in listed securities and real estate.
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 (Abingdon) Housing Trust respectively.
## Designated fund
Extraordinary Repair Fund - This fund has been set up by the Governors in response to the Almshouse Association's guidance to have a fund for each group of almshouses to provide for the cost of extraordinary repairs, improvements or building of the Charity's Almshouses. The designated fund balance at the year- end was £605,627 (2020: £535,139) per Note 14.
## Restricted funds
These funds represent income and other assets which may be applied only for specified purposes. These amount to £1,684,903 (2020: £1,468, 150) per Note 15.
## The Charity of John Blacknall Church branch
Income payable to the incumbent and churchwardens of the Parish of St Nicolas applicable to the maintenance of the Church of St Nicolas, Abingdon.
## The Charity of Richard Wrigglesworth Education branch
Funds available to assist with the education of individuals under the age of 25 by way of exhibition, grant or towards preparing them for entry into a trade.
## Almshouse branches
Funds for the provision and maintenance of almshouses and their residents.
## Relief in Need branches
Funds available to support people in conditions of need, hardship or distress either individually or generally.
## Extraordinary repair funds
Funds created in response to orders of the Charity Commissioners to provide for the cost of extraordinary repairs, improvements or building of the Charities’ almshouses and other property.
## PLANS FOR THE FUTURE
The Governors will continue to comply with the requirements of the Charity's Scheme to provide almshouse accommodation, relief in need, educational support and the provision and maintenance of Albert Park.
The Governors remain committed to their policies of maintaining the Charity’s assets and particularly the historic nature of many of the buildings. In refurbishing the almshouses to modern standards, consideration is being given to the increased expectations of potential residents.
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## CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
The Charity is committed to maintaining Albert Park in its current, well-maintained condition, although vandalism seems to be an ongoing problem.
The Charity has supported people in the area of benefit for 468 years and it is the Governors’ firm intention that this should be continued for 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 at that time. This will ensure that. as successive Governors are appointed in future years, they may in their turn successfully maintain the Charity for the public benefit.
The Governors are committed to the objective of providing charitable support to residents of the town of Abingdon on Thames in Oxfordshire for an indefinite period. Fundamental to the achievement of this objective is the maintenance of an effective system of corporate governance. This is concerned with the direction and control of the organisation and, in particular, with the role of Governors and the need to ensure an effective framework of accountability and risk management.
-
This report was approved by the Governors on 7] +14 AK[[ie]]
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## agtS)
## CHRIST’S HOSPITAL OF ABINGDON STATEMENT OF GOVERNORS RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees are responsible for preparing the Governors’ Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
- e select suitable accounting policies and then apply them consistently;
- e observe the methads and principles in the Charities SORP;
- e make judgments and estimates that are reasonable and prudent;
- e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions, disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Charity’s constitution. 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.
-
Page 13
4 Jbith Crowe
## CroweCharteredU.K. AccountantsLLP
Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RGi 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 2021 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:
- e give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;
- e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- e 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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.
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Page 14
## 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
In light of the knowledge and understanding of the Charity and their environment obtained in the course of the audit, we have not identified material misstatements in the Governor’s report.
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:
- e adequate and proper accounting records have not been kept; or
- e the financial statements are not in agreement with the accounting records and returns; or
- « certain disclosures of trustees’ remuneration specified by law are not made; or
- e 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 13, 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 15
J Crowe
## 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 144 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 charity 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 controis 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.
## EEE
Page 16
## J. Crowe
## 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 {irreguiarities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
## Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP Statutory Auditor Reading
## Date + DReaL 2OVDL
## BO
age17
## CHRIST’S HOSPITAL OF ABINGDON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
||Notes|Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|
|||Funds|Funds|Funds|2021|2020|
|||£|£|£|£|£|
|Income and endowments from:|||||||
|Donations|2|-|4,100|*|4,100|4,100|
|Investments|3|618,830|77,541|7,990|704,361|646,565|
|Charitable activities|||||||
|- contributions from Almspeople||115,988|99,433|-|215,421|200,527|
|Other||631|-|45|676|9,190|
|Total income and endowments||735,449|181,074|8,035|924,558|860,382|
|Expenditure on:|||||||
|Raising funds|4|35,595|6,649|121,080|163,324|250,565|
|Charitable activities|||||||
|- Grants payable||218,416|17,508|-|235,924|166,724|
|- Provision ofAlmshouses||166,911|67,292|-|234,203|266,908|
|-Albert Park maintenance||101,715|7,849|.|109,564|94,219|
|Total expenditure|4|522,637|99,298|121,080|743,015|778,416|
|Net gains on investments||722,531|134,977|1,098,287|1,955,795|304,869|
|Net surplus/(deficit)||935,343|216,753|985,242|2,137,338|386,835|
|Transfers between funds|14,16|(1,397)|-|1,397|-|-|
|Net movement in funds||933,946|216,753|986,639|2,137,338|386,835|
|Total funds brought forward||9,285,544|—_1,468,150|12,898.871|23,652,565|23,265,730|
|Totalfundscarriedforward||—10,219,490|_1,684,903|_13.885.510|25,789,903|23.652,565|
The notes on pages 21 to 36 form part of these financial statements
Bagge18.
## CHRIST’S HOSPITAL OF ABINGDON BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2021
||Notes|2021|2020|
|---|---|---|---|
|||£|£|
|FIXED ASSETS||||
|Tangible assets|7|21,640|25,310|
|Investment properties|8|6,830,000|6,335,000|
|Investments|9|17,563,643|15,889,057|
|||24,415,283|22,249,367|
|CURRENT ASSETS:||||
|Debtors|10|120,654|139,924|
|Cash at bank and in hand||1,381,894|1,388,374|
|||1,502,548|1,528,298|
|LIABILITIES:||||
|Creditors: Amounts falling due within||||
|one year|11|(127,928)|(125,100)|
|NET CURRENT ASSETS||1,374,620|1,403,198|
|TOTAL NETASSETS||25,789,903|_23,652.565|
|THE FUNDS OF THE CHARITY:||||
|Unrestricted funds||||
|General
Designated|14
14|9,613,863
605,627
10,219,490|8,750,405
535,139
9,285,544|
|Restricted funds|15|1,684,903|1,468,150|
|Endowmentfunds|16|13,885,510|12,898,871|
|TOTALFUNDS|17|25,789,903|_23,652,565|
Appoved and authorised for issue by the Governors on FApel W rand signed on their behalf by
Mr L D King - Master
> Mr(eumK W Servoor — Governor—
The notes on pages 21 to 36 form part of these financial statements
Page 19
## CHRIST’S HOSPITAL OF ABINGDON CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021
**----- Start of picture text -----**
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|2021|2020|
|£|£|
|Net|cash|used|in|operating|activities|(see|below)|(497,050)|(581,462)|
|Cash|flows|from|investing|activities|
|Interest,|dividends|and|rents|from|investments|704,361|646,565|
|Proceeds|from|sale|of|investments|2,682,109|3,104,971|
|Purchase|of|investments|(2,878,357)|(3,427,054)|
|Net|cash|provided|by|investing|activities|508,113|324,422|
|Change|in|cash|and|cash|equivalents|in|the|year|11,063|(257,040)|
|Cash|and|cash|equivalent|brought forward|1,475,807|1,732,847|
|Cash|and|cash|equivalents|carried|forward|—__ 1,486,870|1,475,807|
|Net|income|for the|reporting|period|{as|per|the|2,137,338|386,835|
|statement|of financial|activities)|
|Depreciation|charges|3,670|3,775|
|Loss|on|disposal!|-|10,520|
|Dividends,|interest and|rents|from|investments|(704,361)|(646,565)|
|(Gain)loss|on|investments|(1,955,795)|(304,869)|
|(Increase)/decrease|in|debtors|19,270|(43,874)|
|Increase/(decrease)|in|creditors|2,828|12,716|
|Net|cash|(used|in)/provided|by|operating|activities|(497,050)|(581,462)|
|2021|2020|
|£|£|
|Cash|awaiting|investment|with|investment|managers|404,976|87,433|
|Cash|in|hand|349,438|364,355|
|Notice|deposits|(less|than|three|months)|1,032,456|1,024,019|
|Total|cash|and cash|equivalents|1,486,870|1,475,807|
**----- End of picture text -----**
The notes on pages 21 to 36 form part of these financial statements
Page 20
## CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
## 1. ACCOUNTING POLICIES
a) Accounting convention
The accounts (financial statements) have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Financia! Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2017 and UK Generally Accepted Practice as it applies from 1 January 2015.
The accounts (financial statements) have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to 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 (FRS102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.
Christ's Hospital of Abingdon meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Christ's Hospital of Abingdon is a charity registered in the UK (charity number 205112) with its registered office at 4 St Helens Wharf, Wharf Road, Abingdon, Oxfordshire, OX14 5EN.
b) Going Concern
The Governors consider that there are sufficient reserves held at the year-end to manage any foreseeable downturn in the UK and global economy. The Governors consider that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and for this reason the Governors continue to adopt the ‘going concern’ basis in preparing the accounts.
c) Income
Dividends and rents are accounted for in the year to which they relate.
Legacies and voluntary income are accounted for in the year in which they are received.
d) Expenditure
Grants awarded by the Governors are recognised in the statement of financial activities in the period that they are made to the extent that a legal or constructive obligation exists.
Almshouses and Almspeople costs are accounted for on an accruals basis in the year to which they relate.
Pension costs charged in the SOFA represent contributions payable by the charity in that year.
Included within charitable activities are governance costs, which comprise the costs of running the Charity, including strategic planning for its future development, also internal and external audit, any legal advice for the Charity and all the costs of complying with constitutional and statutory requirements.
Support costs are allocated on the basis of time spent (15% Grants Payable, 75% Provision of Almshouses, and 10% Albert Park Maintenance).
Page 21
## CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES (CONTINUED)
## @) Grant making
The charity's grant-making process is informed by the best practices of peer organisations, and the Charity Commission's guidelines and recommendations.
Grants payable are payments made to 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 gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant.
Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
## f) Freehold land and buildings
Freehold land and buildings held for the Charity’s use are included on the balance sheet at cost. The buildings are depreciated over 50 years on a straight line basis.
The Charity owns certain fixed assets which are historic, inalienable and form part of the permanent endowment, the more important of which are listed in the Report of the Governors. No reliable cost information is available for these assets and their heritage nature means conventional valuation procedures would be unreliable. The Governors have no intention to dispose of these assets in the foreseeable future.
## g) Other tangible fixed assets
Furniture and equipment are capitalised when considered appropriate and depreciation is calculated to write off the cost over the expected useful lives of the assets concerned. A deminimus capitalisation limit of £1,000 is applied. The following rates and bases have been used:
Office furniture, fixtures and fittings 20% straight line basis Office equipment 25% straight line basis Park equipment 25% straight line basis
## hj Fixed asset investment properties
Investment properties are included in the balance sheet at fair value. The Governors obtain an independent valuation every three years. Realised gains and losses on investment properties are included in the Statement of Financial Activities.
i) Fixed asset investments Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
Realised gains and losses on investments are included in the Statement of Financial Activities.
Investment income is recognised in the financial statements on an accruals basis when the charity becomes legally entitled to it. Investment income not directly attributable to a specific fund is apportioned to the various funds based on their opening balance position.
i) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of 3 months or less from the date of acquisition or opening of the deposit or similar account.
CEBagge 22
## CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES (CONTINUED)
## k) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
) Creditors and Provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## m) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## n) Leases
In respect of operating leases for which the charity is the lessor, the charity classifies the leasing of the investment properties as an operating lease. The rents received from investment properties are recognised in the financial statements for the period they relate to.
In respect of operating leases for which the charity is the lessee, rentals are charged to the Statement of Financial Activities on a straight line basis over the lease term.
## 0) Funds
Unrestricted funds
Genera} unrestricted funds represent funds which are expendable at the discretion of the Trustees in furtherance of the objects of the charity.
## Designated funds
Designated funds are amounts which have been put aside at the discretion of the Governors for specific purposes. Such purposes are within the overall aims of the organisation.
## Restricted Funds
Restricted funds are those which must be applied in accordance with the purpose specified by the donor. Expenditure relating to these purposes is charged directly to the fund.
## Endowment Funds
Endowment funds consist of investments. The purpose to which that investment may be applied is restricted in accordance with the terms of the endowment trust.
## p) Critical accounting judgements and key sources of estimation uncertainty
Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The key sources of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements is in respect of the investment property valuation. The charity's investment properties are stated at their estimated fair value as disclosed in Note 8.
Page 23
CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
|2.|INCOME - DONATIONS|INCOME - DONATIONS|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||Unrestricted||Restricted|||Total|Total|
||||||Funds|Funds|||2021|2020|
||||||£||£||£|£|
||Albert Park — local authority||||||||||
||contributions|||——_||—4,100||_.|4,100|4,100|
|3.|INCOME -INVESTMENTS||||||||||
|||Unrestricted||Restricted||Endowment|||Total|Total|
|||Funds||Funds||Funds|||2021|2020|
||||£||£||£||£|£|
||Equity dividends||||||||||
||and interest|355,069||77,541|||7,990|440,600||369,618|
||Bank Interest|8,483|||-||-||8,483|12,322|
||Rents|255,278|||«||:|255,278||264,625|
|||——618,830||77.544||_7,990||_704,361 _646,565|||
|4.|TOTAL RESOURCES EXPENDED||||||||||
|2021||Direct
Costs||Staff
costs|Depreciation||Support
costs||Total
2021|Total
2020|
|||£||£||£||£|£|£|
|Cost of raising funds|||||||||||
|Investment managers fees||71,966||-||-||-|71,966|64,481|
|Propertycosts||91,358||.||°||-|91,358|186,085|
|||163,324||-||-||-|163,324|250,565|
|Charitable activities|||||||||||
|Grants Payable (Note 6)||220,733||12,170||355||2,666|235,924|166,724|
|Provision ofAlmshouses||98,925||103,058||1,778|30,442||234,203|266,908|
|Albert|Park maintenance|80,020||26,229||1,537||1,778|109,564|94.219|
|Total resources expended||_563,002||141,457||3,670|_34,886||743,015|778,416|
|Support costs included|||||||||||
|within provision of|||||||||||
|Almshouses|||||||||||
|Audit||-||-||-|17,116||17,116|16,927|
|Office|salaries|81,131||-||“||-|81,131|79,832|
|Office|costs|20,401||:||:||-|20,401|20,430|
|Sundry||2,910||:||:||.|2,910|1,066|
|||—104,442|______es:||ae||16||=__121,558|118.2|
Support costs are allocated on an estimate of time spent administering the Almshouses.
Page 24
CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
|4,
TOTAL RESOURCES EXPENDED|4,
TOTAL RESOURCES EXPENDED|(continued)|||||
|---|---|---|---|---|---|---|
|2020|Direct
Costs|Staff
costs|| Depreciation|Support
costs|Total
2020|Total
2019|
||£|£|£|£|£|£|
|Costofraising funds|||||||
|investmentmanagers fees|64,481|-|-|-|64,481|67,217|
|Propertycosts|186,084|-|:|:|186,085|79,625|
||250,565|-|:|-|250, 565|146,842|
|Charitable activities|||||||
|Grants Payable (Note 6)|150,826|11,975|355|3,568|166,724|166,999|
|Provision ofAlmshouses|129,948|100,304|1,883|34,773|266,908|367,094|
|AlbertPark maintenance|64.711|25,590|1,537|2,381|94,219|93,501|
|Totalresources expended|_596.050|137.869|3,775|40.722|_7784416|_768,436|
|Supportcosts included|||||||
|within provision of|||||||
|Almshouses|||||||
|Audit|-|-|-|16,927|16,927|14,587|
|Office salaries|79,832|-|-|-|79,832|69,990|
|Office costs|20,430|-|-|-|20,430|20,253|
|Legalfees|-|-|-|-|-|571|
|Sundry|1,066|-|-|-|1,066|1,782|
||101,328|-|:|16,927|118,255|107.183|
ee ee ee ee eee Page2A
## CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
## 5. STAFF COSTS AND NUMBERS
Staff costs were as follows:-
|Staff costs were as follows:-|||
|---|---|---|
||2021|2020|
||£|£|
|Salaries and wages|128,295|125,119|
|Social security costs|8,474|8,157|
|Pension contributions|4,688|4,599|
||——141,457|___137,869|
## No employees earned in excess of £60,000 (2020 — £60,000).
The key management personne! of the charity comprise the Governors and the Clerk to the Governors. The total employee benefits of the key management personnel (including employers NI and employers pension) of the charity were £51,606 (2020: £51,529). None of the Governors received any remuneration in the current or preceding year.
During the year 2 (2020: 1) Governors were reimbursed expenses for making purchases on behalf of the Almshouses.
During the previous year, 1 Governor was provided with a UBS Camera and Microphone for £50 to assist with online Governor meetings. No such expenses were incurred during the current year.
The average monthly number of employees was as follows:-
|The average monthly numbernumber of employees waswas as follows:-|||
|---|---|---|
||No.|No.|
|Almshouses and Almspeople (1 full-time)|1|1|
|Albert Park (1 full-time)|1|1|
|Managementandadministration(2full-time,1part-time)|3|3|
The charity contributes to the personal pension schemes for certain of its employees. The pension charge represents the amounts payable by the charity to the funds in respect of the year. £nil amounts were outstanding at the year end (2020: £Ni/).
## There were no redundancy payments made in the year (2020: none).
On 18 September 2021, 1 employee began long-term sick leave (6 months) and it was agreed to pay their salary in full during this time. This was outside of their contractually agreed sick pay provision of 20 days full pay and 20 days half pay. In addition, a temporary, part-time position was created to provide cover for the sick employee. The additional costs relating to 2021 are £7,697 (2020: Enil).
## RE
Bagge 26.
CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
6. GRANTS PAYABLE
||Total|Total|
|---|---|---|
||2021|2020|
||£|£|
|Educational|||
|Charitable payments for 2 (2020: 1) individuals|44,111|7,623|
|Charitable payments for 8 (2020: 3) educational institutions|74,605|19,999|
||88,716|27,622|
|Relief|||
|Charitable payments for 18 (2020: 25) individuals|7,276|8,066|
|Other social institutions 12 (2020; 13) institutions|112,855|97,037|
||120,131|105,103|
|John Blacknall Church branch|11,886|18,101|
||~—
220,733|__150,826|
7.
## TANGIBLE FIXED ASSETS
||Freehold|||
|---|---|---|---|
||land and|Furniture &||
||buildings|equipment|Total|
||£|£|£|
|Cost||||
|At 1 January 2021|74,480|20,340|94,820|
|Additions|-|-|-|
|Disposals|:|——|=||
|At 31 December 2021|74,480|20,340|94,820|
|Depreciation||||
|At 1 January 2021|49,170|20,340|69,510|
|Charge for the year|3,670|:|3,670|
|Disposals|.|:|-|
|At 31 December 2021|52,840|20,340|73,180|
|Net book values||||
|At 31 December2021|£21,640|£.____-|E21,640|
|At 31December2020|£25,310|£==|£__25,310|
## Se
—— Page oa
## CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
## 8. INVESTMENT PROPERTIES
||2021|2020|
|---|---|---|
|Freehold land and buildings|£|£|
|Valuation|||
|At 1 January 2021|6,335,000|6,215,000|
|Reclassification|°|36,430|
|Revaluation|495.000|_—_—-83.570|
|At31December2021|——6,830,000|_6.335.000|
All properties were valued as at 31 December 2021 by professional valuers in accordance with the Appraisal and Valuation Manual issued by the Royal Institution of Chartered Surveyors on the basis that the properties are held for investment purposes.
|||Valuer —
Vail|Valuer
—
GL Heard||
|---|---|---|---|---|
||Valuer -Adkin|Williams|& Partners|Total|
||£|£|£|£|
|Commercial
Residential|-
3,185,000|1,965,000
-|305,000
-|2,270,000
3,185,000|
|Agricultural tand|410,000|-|-|410,000|
|Freehold land (leased until 2025)|-|65,000|-|65,000|
|Freehold fand (leased until 2037)|-|900,000|-|900,000|
||3,595,000|_2,930,000|305,000|6,830,000|
The charity earns rental income by leasing its properties to tenants under non-cancellable operating leases. Leases in which substantially all risks and rewards of ownership are retained by another party, the lessor, are classified as operating leases. Payments, including prepayments, made under operating leases (net of any incentives received from the lessor) are charged to the income statement ona straight-line basis over the period of the lease,
At the balance sheet date, the charity had contracted with tenants to receive the following future minimum lease payments:
|minimum lease payments:|||
|---|---|---|
||2021|2020|
||£|£|
|Not later than one year|189,185|203,400|
|Laterthan one year and not later than five years|307,421|396,335|
|Laterthan five years|34,393|71,079|
||830,999|_670.814|
There are no contingent rents recognised as income.
Bagge28
## CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
|9.|INVESTMENTS|||
|---|---|---|---|
|||2021|2020|
|||£|£|
||Market value at 1 January 2021|15,801,624|15,258,182|
||Additions|2,878,357|3,427,054|
||Disposals|(2,682,109)|(3,104,971)|
||Revaluation gains|1,460,795|221,299|
||Market value at 31 December 2021*|17,458,667|15,801,624|
||Cash awaiting investment|104,976|87,433|
||Total as at 31 December 2021|17,563,643|15,889,057|
||*Historical costs ofinvestments at 31 December 2021|11,934,987|10,942,334|
||The year-end market value is made up as follows:|||
||UKfixed interest|973,999|1,405,173|
||UKequities|9,833,717|8,700,311|
||Overseas fixed interest|321,259|286,850|
||Overseas equities|5,258,451|4,647,992|
||Other assets|1,071,241|761,298|
||Cash and accrued interest|104,976|87,433|
|||17,563,643|_15,889.057|
|10.|DEBTORS|||
|||2021|2020|
|||£|£|
||Trade debtors|104,222|96,693|
||Prepayments and accrued income|16,432|43,231|
|||——120,654|_139,924|
Page 29
## CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
## 11. CREDITORS: Amounts falling due within one year
|||2021|2020|
|---|---|---|---|
|||£|£|
||Trade creditors|10,206|30,220|
||Accruals|——117,722 ____94,880||
|||—— 127,928 _125,100||
|12.|FINANCIAL INSTRUMENTS|||
|||2021|2020|
|||£|£|
||Basic financial assets|19,049,759|17,417,355|
||Basicfinancialliabilities|(127,928)|(125,100)|
Basic financial assets are all investments (excluding investment properties), debtors plus cash in hand minus prepayments.
Basic financial liabilities are all creditors less due in less than one year plus creditors due in more than one year minus taxation payable.
The entity's income, expense, gains and losses in respect of financial instruments are summarised below:
|||2021|2020|
|---|---|---|---|
|||£|£|
|Total|dividend and interest income for basic financial assets|449,083|381,940|
|Total|(losses)/gainsinrespectofbasicfinancialassets|1,460,795|304,869|
13, RELATED PARTIES
Two Governors (Mr K W Senior and Mr T R Ayling) are trustees of the Albert Memorial Trust (Abingdon) Charity (Registered Charity no. 1076274) to whom the Charity paid £800 (2020: £800) and whom granted £419 (2020: Nil) during the year to cover the insurance costs of the memorial in Albert Park, Abingdon.
Five Governors (Cllr Mrs H Pighills, Cilr Mr C Birks, Cllr Mayor Mrs C Briggs, Cllr Mr A Foulsham and Cilr Mrs M Crick) are members of the Abingdon Town Council which granted the Charity £4,100 (2020: £4,100) during the year towards the upkeep of Albert Park.
One Governor (Mr L King) is a Trustee of The Abingdon Bridge (Registered Charity no. 1160080) which offers young people advice and counselling. During the year the Charity granted £26,629 (2020: £27,090) towards supporting their services to the people of Abingdon.
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Page 30
## CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
## 14, UNRESTRICTED FUNDS
||At 1|||||At 31|
|---|---|---|---|---|---|---|
||January
2021|Incoming
resources|Resources
expended|Gains|Transfers|December
2021|
||£|£|£|£|£|£|
|Designated|||||||
|funds|||||||
|- extraordinary|||||||
|repair fund|535,139|14,839|(2,424)|49,199|8,874|605,627|
|Generalfunds|_ 8,750,405|720,610|(520,213)|673,332|(10,271)|9,613,863|
||9,285,544|__735.449|_(522,637)|__
722,531|___(1.397)|10,219,490|
## Extraordinary Repair Fund
This fund has been set up by the Governors in response of the Almshouse Association’s guidance to have a fund for each Almshouse to provide for the cost of extraordinary repairs, improvements or building of the charities’ Almshouses.
## Property Capital Fund
A temporary endowment fund was created, pursuant to an order of the Charity Commissioners sealed on 16 October 1972, in respect of the property known as South Abingdon Community Centre. This property was sold during the year ended 31 December 2000 and the proceeds were used to open a Property Capital Fund which has now been transferred to general funds.
## Transfers
The transfer from General Fund to Extraordinary Repair Fund is made in accordance with the recommendations of the Almshouse Association. The charity has transferred in excess of the minimum required and varies depending on the Governors best estimate of the state and costs required for that set of Almshouses.
Transfer from the Property Capital Fund to General fund is in order to release this designated fund which is deemed no longer required by the Governors.
The transfer from General Funds to the Endowment Recoupment Funds is in accordance with the Recoupment Orders.
-
Page 31
## CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
|15.|RESTRICTED FUNDS||||||||
|---|---|---|---|---|---|---|---|---|
|||At|7|||||At 31|
|||January||Incoming|Resources|Gains/||December|
|||2027||resources|expended|{Losses)|Transfers|2021|
||||£|£|£|£|£|£|
||Albert Park grant||-|4.100|(4,100)|-|-|-|
||John Blacknall||||||||
||Church branch|23,602||-|(11,886)|2,170|10,678|24,564|
||Relief in need branch|_ 455,797||37,300|(8,091)|41,904|(10,678)|516,226|
|||479,393||37,300|(19,977)|44,074|-|540,790|
||Richard Wrigglesworth||||||||
||Reliefinneed branch|721,755||7,439|(6,471)|11,194|1,253|135,170|
||Education|42.271||2,657|(191)|3,886|(1,253)|47,370|
|||164,026||10,096|(6,662)|15,080|-|182,540|
||Abingdon Almshouse||||||||
||Almshouse branch|229,873||35,362|(9,351)|21,134|(2,088)|274,930|
||Extraordinary repair|223,803||6,206|(1,014)|20,576|2,088|251,659|
||Relief in need branch|(45,168)||566|(8,082)|(4,153)|-|(56,837)|
|||408,508||42,134|(18,447)|37,557|-|469,752|
||Tomkins Aimshouse||||||||
||Almshouse branch|143,670||60,348|(28,404)|13,209|4,176|192,999|
||Extraordinary repair|_ 723,807||3,433|(861)|11,382|(4,176)|133,885|
|||267,477||63,781|(28,965)|24,591|-|326,884|
||Twitty’s Almshouse||||||||
||Almshouse branch|10,861||19,839|(20,522)|999|(1,566)|9,611|
||Extraordinary repair|137,017||3,800|(621}|12,596|1,566|154,352|
||Legacy|874||24|(4)|80|-|974|
|||148,746||23,663|(21,147)|13,675|:|164,937|
||Totalrestrictedfunds|1,468,150||481,074|(99.298)|_134,977|_-|41,684,903|
## Atmshouse branches
Funds for the provision and maintenance of almshouses and their residents.
## Relief in Need branches
Funds available to support people in conditions of need, hardship or distress either individually or generally.
## Extraordinary repair fund
Funds created in response to orders of the Charity Commissioners to provide for the cost of extraordinary repairs, improvements or building of the charities’ aimshouses and other property.
Page 32
## CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
## 15. RESTRICTED FUNDS (Continued)
## The Charity of John Blacknall - Church branch
Income payable to the Incumbent and Churchwardens of the Parish of St Nicolas applicable to the maintenance of the Church of St Nicolas, Abingdon.
## The Charity of Richard Wrigglesworth
Education Branch Funds available to assist with the Education of individuals under the age of 25 by way of exhibition, grant or towards preparing them for entry into a trade.
## Transfers
The transfers to John Blacknall Church Branch and the Richard Wigglesworth Education Fund are made to meet the requirements of the Scheme of that Charity.
Transfers from Almshouse funds to Extraordinary Repair Funds are made in accordance with the recommendations of the Almshouse Association. The charity has transferred in excess of the minimum required and varies depending on the Governors best estimate of the state and costs required for that set of Almshouses,
## hs
## S35
CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
## 16. ENDOWMENT FUNDS
|ENDOWMENT FUNDS|||||||
|---|---|---|---|---|---|---|
||At 7|||||At 31|
||January|Incoming|Resources|Gains/||December|
||2021|resources|expended|(Losses)|Transfers|2021|
||£|£|g|£|£|£|
|Christ's Hospital|||||||
|Permanent|11,282,512|45|(91,255)|949,685|-|12,140,987|
|Capital recoupment|||||||
|- OrderA
- OrderB|207,200
81,068|5,742
2,248|(3,823)
(1,496)|19,049
7,453|1,039
358|229,207
89,631|
||11,570,780|8,035|(96,574)|976,187|1,397|12,459,825|
|John Blacknail|||||||
|Permanent|865,725|:|(15,974)|79,592|-|929,343|
|Richard Wigglesworth|||||||
|Permanent|||||||
|-
General|146,507|-|(2,704)|13,469|-|457,272|
|-
Education|53,579|:|{989)|4,926|-|57,516|
||200,086|-|(3,693)|18,395|-|214,788|
|Abingdon Almshouse|||||||
|Permanent|||||||
|- Almshouse branch|126,337|-|(2,331)|11,615|-|135,621|
|-
Reliefinneed|||||||
|branch|65,563|-|(1,210)|6,028|:|70,381|
||197,900|-|(3,541)|17,643|-|206,002|
|Tomkins Almshouse|||||||
|Permanent|48,482|:|(895)|4.457|-|52,044|
|Twitty’s Almshouse|||||||
|Permanent|21,898|:|(403)|2,013|-|23,508|
||—12,898,871|_8,035|(121,080)|1,098.287|_1.397|_13,885,510|
Capital Recoupment Funds were set up in accordance with the Charity Commission Recoupment orders August 1984 and December 1984 to recoup the permanent endowment. The other Funds are permanent Endowment funds held in accordance with the restriction and used to generate restricted 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 £1,039.46 per annum for 53 years from the date of the Order.
Capital Recoupment Order ‘B’ sealed on the 21st August 1984 in the sum of £65,000 for ‘provision of a service area in Albert Park’, repayment being £0.55% per annum of the sum expended for 50 years from the date 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 34
## CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
17. ALLOCATION OF NET ASSETS BETWEEN FUNDS
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|2021|Tangible|Investment|Investments|Net|current|Total|
|Fixed|assets|properties|assets|
|£|£|£|£|£|
|Endowed|-|6,830,000|7,055,510|-|13,885,510|
|Restricted|-|-|1,684,903|-|1,684,903|
|Unrestricted|21,640|:|8,823,230|1,374,620|_|10,219,490|
|—_-21.640|_6,.830,000|_17,563.643|1,374,620|_25,789,903|
|2020|Tangible|Investment|Investments|Net|current|Total|
|Fixed assets|properties|assets|
|£|£|£|£|£|
|Endowed|1,910|6,335,000|6,561,967|-|12,898,877|
|Restricted|-|-|1,468,750|-|1,468, 150|
|Unrestricted|23,400|:|7,858,946|1,403,198|9,285,544|
|___—-25,310|6,335,000|_15,889,057|1,403,198|23,652,565|
|18.|RECONCILIATION|OF|NET|CASH|FLOW TO|NET|FUNDS|
|2021|2020|
|£|£|
|(Decrease)/increase|in|cash|during|the|year|11,063|(257,040)|
|Change|in|net|funds|11,063|(257,040)|
|Net|funds|at|1|January|2021|1,475,807|1,732,847|
|Net funds|at|31|December 2021|—|1,486,870|1,475,807|
|19.|ANALYSIS|OF|NET|FUNDS|
|Net|funds|at|Cash|Net funds|at|
|q|change|31|
|January 2021|December|
|2021|
|£|£|£|
|Cash|at|bank|and|in|hand|364,355|(14,917)|349,438|
|Cash|awaiting|investment|87,433|17,543|104,976|
|Cash|deposits|1,024,019|8,437|1,032,456|
|1,475,807|___11,063|_1,486,870|
**----- End of picture text -----**
19. ANALYSIS OF NET FUNDS
Page 35
CHRIST’S HOSPITAL OF ABINGDON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|20.|STATEMENT|OF|FINANCIAL|ACTIVITIES|— COMPARATIVES|BY|FUND|TYPE|
|Unrestricted|Restricted|Endowment|Total|
|Funds|Funds|Funds|2020|
|£|£|£|£|
|income|and|endowments|from:|
|Donations|-|4,100|-|4,100|
|investments|575,163|64,670|6,732|646,565|
|Charitable|activities|
|-|contributions|from|Almspeople|101,094|99,433|-|200,527|
|Other|390|:|8,800|9,190|
|Total income|and endowments|676,647|168,203|18,532|860,382|
|Expenditure|on:|
|Raising|funds|31,380|5,709|213,476|250,565|
|Charitable|activities|
|-|Grants payable|142,740|23,984|-|166,724|
|-|Provision|of|Almshouses|198,775|68,133|-|266,908|
|-|Albert Park|maintenance|86,195|8,024|-|94,219|
|Total|expenditure|459.090|105,850|213,476|778,416|
|Net gains on|investments|107,707|19,597|177,571|304,869|
|Net surplus/(deficit}|325,258|81,950|(20,373)|386,835|
|Transfers between|funds|(1,397)|-|1,397|-|
|Net movement in|funds|323,861|81,950|(18,976)|386,835|
|Total|funds|brought|forward|8,961,683|_1,386,200|12,917,847|23,265,730|
|Total funds|carried|forward|9.285.544|_1,468.150|12.898.871|23.652.565|
**----- End of picture text -----**
Page 36