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Charity No: 205112 

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ij CHRIST’S HOSPITAL OF ABINGDON ' REPORT OF THE GOVERNORS i FOR THE YEAR ENDED ' 31 DECEMBER 2022 7 

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CHRIST’S HOSPITAL OF ABINGDON 

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|Incorporating:|The Twitty'sAlmshouseCharity<br>The Tomkins Almshouse Charity<br>TheAbingdon Almshouse and Relief in Need Charity|=<br>,<br>=|
||The Charity of John Blacknall<br>The Charity ofRichard Wrigglesworth|=|
|Statutory and other information|||
|Co-optative Governors|Mr L D King (Master from 1.1.21)||
||MrMW Matthews (left 3.2.22)|1<br>i|
||Mrs G Butt||
||MrT R Ayling|=<br>~|
||Mr K W Senior||
||MrS J McConnell|ar|
||Mrs J D Kent||
||MrC Birks|,|
||MrsASaunders (from 7.7.22)|=~|
|Ex Officio Governors|Rector -Rev Dr EC Miller|.|
||Mayor Cllr Mrs C Briggs (to 8.6 22)||
||Mayor Clir MrA Foulsham (from 9.6.22)|||
|Nominative Governors|Cilr Mrs H Pighills (left 8.6.22)|7|
||Cilr Mrs M Crick||
||Cllr Mrs G Barody (from 9.6 22)|’|
||Clir Mrs C Briggs (from 9.6 22}||
|EmeritusGovernor|MrMWMatthews (from 3.2.22)|B|
|Clerk to theGovernors|MrsG Kent (left 30.9.22)<br>- <|A|
||MrsAAcott (from 1.10.22)|™|
|Address ofthe Charity|4 St Helen’sWharf<br>Abingdon|.<br>a4|
||Oxfordshire OX14 5EN|7|
|Principal Bankers|National WestminsterBank Plc<br>11 Market Place|ca|
||Abingdon||
||Oxfordshire OX14 3HH|ii|
|Solicitors|Challenor &Son<br>Stratton House|i?|
||Bath Street Abingdon<br>Oxfordshire OX14 3LA|Cm<br>—|
|Auditor|Crowe UKLLP<br>Aquis House|ad<br>-|
||49— 51 Blagrave Street|.|
||Reading<br>Berkshire RG1 1PL|ss|
|Investmentmanagers|InvestecWealth & Investment Limited|aT<br>~|
||2 Gresham Street||
||London EC2V7QN|ft|
|Property managing agents|Orpwood Ltd t/a Adkin Orpwood House<br>Schoo! Road|4<br>_|
||Ardington<br>Wantage|&|
||OxfordshireOX12 8PQ|-|
|Registered Charity No|205112<br>Page1|:<br>-|





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# CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Ee Special meetings would be organized prior to these events to re-confirm these appointments. 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, Almshouse Administrator and Park Keeper. Governors-inCharge during the year were as follows: 

Mr T R Ayling - Park & Gardens Mrs G Butt - Almshouse Residents Mr LD King - Almshouse Property Mr S J McConnell - Estates Mr M W Matthews - Grants & Archives (to Feb 2022) Mr K W Senior - Finance Mr C Birks - Grants Governors delegate day to day responsibility for various various aspects of the the Charity's affairs to: The Clerk who manages the staff and the almshouse property portfolio, maintains the Charity's accounting and other records and carries on the administration of the Charity to comply with applicable laws and regulations. The Clerk also manages the Archivist who is responsible for the recording and safe keeping of material for the archives of the Charity. 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. 

Governors delegate day to day responsibility for various various aspects of the the Charity's affairs to: 


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## Scheme of Governance 

Governors met on ten Thursdays during the year to enable them to discharge their responsibilities. Early in the year these meeting took place in St Helen's Church Parish Centre and then moved to the Long Alley Hall. 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 

- ° 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. 


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. CHRIST’S HOSPITAL OF ABINGDON I:. REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 J: a : Athoseframeworkissues whichof authoritiesremain; isthein preserveplace, whichof themapsGovernors.out the structureThis: frameworkof delegationemphasizesas welltheas keyspecifyinrole ofg £ 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 this report on I page 3. 

- s The Finance Governor monitors and reviews the Charity's financial and interna! control as well as its 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. 

> , ensure rental and maintenance matters are dealt with in line with the Scheme. i Related Parties and Conflicts of Interest i Various Governors are involved either as trustees or in the management of a number of voluntary 1 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), i Friends of Abbey Buildings (Registered Charity No 1183398, Friends of Abingdon Civic Society i (Registered Charity No 1183397), Charity Mentors Oxfordshire (Registered Charity No 1164429), Quest for Learning (Registered Charity No 1107219) and Stonewater, The Foyer - Abingdon and St Michael's and All Angels’ Church. , E whoVariousare Governorsfree to applyareforalsoeducationalinvolved assistanceeither as trusteesfor pupilsor ininneed,the managementseveral Governorsof schoolsare involvedin Abingdonwith : AbingdonSchool9g andSchoolone Governor(Registeredwith StCharity EdmundsNo. Catholic1071298)Primaryand oneSchool.Governor with The Manor Preparatory 

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. 

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The Governors have adopted a comprehensive policy to identify all transactions with related parties or other transactions which might involve 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 consider factors such as salaries paid in comparable organisations. No remuneration was paid either directly or indirectly 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. 

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## CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 

## insurance 

The Governors maintain indemnity insurance of up to £1 million. The annual premium charged in these financial statements was £868.00 (2021: £868.00). The Governors fully recognise that this does not relieve them of their responsibilities. 

Risk Management Statement ia The Governors have assessed the major strategic, business and operational risks which they believe ‘ar the Charity faces. The external risks and exposure thereto are kept under constant review, together with oa the internal aspects of health and safety. _ A risk management register is maintained and is reviewed annually to ensure risks are effectively ed managed by the Charity. The major risks and preventative measures in place are as follows: 4 Failing investment income iat 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 am 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, —s usually March. The investment company ensure that the Charity invests in ‘defensive’ stocks which remain mostly unaffected by economic variations. iar Reduction in Commercial & Residential rental income due to voids i Adkin are a specialist property management company who manage the Charity’s property and land and 4 report monthly to the Governors, making recommendations as to the best way to maximise the return "ia on the Charity's portfolio, whilst remaining within the remit of the Scheme. ad Damage to Property, i.e. Fire, The Governors seek professional advice on the risks associated with Almshouses and other property ia 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. Pe 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 om risk assessment the findings of which have been scheduled for implementation during 2022. 4 Information Damage i.e. Fraud, cyber crime = 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. Es In 2022 some older computer equipment replaced to ensure the latest best practice for back-up and 7 protection of information is adhered to. 4 

## 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 ae 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. ‘ai The law prevented court action against tenants until 25th March 2022, but a reasonable approach aie 

The law prevented court action against tenants until 25th March 2022, but a reasonable approach including negotiation will be the basis on which outstanding rents will be collected. A provision was made in 2020, 2021 and in the 2022 accounts for the possibility of bad debts. 


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> I:. REPORTCHRIST’SOF THEHOSPITALGOVERNORS OF ABINGDON(CONTINUED) 1 FOR THE YEAR ENDED 31 DECEMBER 2022 a ] }The code of practice in respect of commercial rent collection has been updated in line with the : Commercial Rent (Coronavirus) Act 2022. This Act helps tenants still reeling from the effects of the i : pandemic to confront their debts, come to an agreement with their landlord on rent arrears and start to grow their business again. To that end, the Act ringfences rent debt built up by businesses who were : forced to close during the pandemic. It establishes a binding arbitration system which then decides what happens to that ringfenced debt At this time, we have not entered into arbitration with any of our 5 tenants. d Risk of Flooding Events in January 2021 highlighted the risk to our riverside properties. The water levels at Abingdon i 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 i 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 i to bring in temporary cover staff if the absence is likely to become long term. This cover system was in place and being used effectively from September 2021 until May 2022. 

## 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 considerable 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. 

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 levels of mobility. This is also in line with the Charities scheme document. OBJECTIVES AND ACTIVITIES Objects charitableThe Objectssupportof Christ'sto residentsHospitalof theof townAbingdonof Abingdon-on-Thamesand its subsidiary incharitieOxford **s** hire.were created to provide The Charity's strategy is to provide funds both for individuals and organisations 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 7 fully recognise their responsibility for the maintenance of these, it does provide a major drain on the z Charity’s resources. z 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 3 withinin all areas.the confinesThe Charityof theiris listedvery proudbuildingof statusits commitment(see ‘The estate’).to keep almshouses as up to date as possible i Page 6 z 

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necessities such as cookers, washing machines, fridge freezers and furniture. Provisions to institutions fae tend to be more substantial and are usually for equipment to help them function and provide life skills for vulnerable adults. Within the last 12 months the charity has helped to fund fund day trips for young young carers and 44 training sessions for vulnerable vulnerable adults within various projects in Abingdon. We have a proactive approach of encouraging schools and organisations to make grant applications making them aware of the the Charity's availability and policies. We are encouraged by the extent and value a4 of requests. The gratitude expressed for our commitment and swift response re-enforces our i determination to support the citizens of Abingdon. Abingdon. iat Numbers of grants and values can be found within Note 6 of the accounts. _ 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: ame Long Alley Aimshouses and Aimshouses and and Hall 1446 Grade | i Brick Alley Almshouses and outbuildings 1718 Grade | St Helen's Wharf Almshouses Wharf Almshouses 1884 Grade Il Ee St John’s John’s Almshouses 1801 Grade Il Tomkins Almshouses Almshouses & Clock Tower Tower 1733 Grade Il * By Twitty’s Almshouses Almshouses 1710 Grade 4] Albert Monument Monument (within Albert Park) 1865 Grade Il a Conduit House circa 1500 Grade Il Albert Park Listed Victorian Park Kg The Exchequer Room (forming part of the of the the Church of St St Helen, Abingdon) a kK 

CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 a The Governors met in June 2021 to discuss possible strategic changes to the Charities status, rules and activities. Subjects included Governor's length of service, the benefits or otherwise of converting converting to a CIO, expanding the rules of eligibility for almshouse residents. Actions were agreed and documented and satisfactory progress has been made in 2022 as follows. 

The Governors met in June 2021 to discuss possible strategic changes to the Charities status, rules an and activities. Subjects included Governor's length of service, the benefits or otherwise of converting converting to a CIO, expanding the rules of eligibility for almshouse residents. Actions were agreed and documented and satisfactory progress has been made in 2022 as follows. > Governor Mrs A Saunders is leading a working group of Mr L King, Mr K Senior and Mrs A Acott to 4 further these strategic changes and to date two firms of lawyers have been interviewed and invited to help identify the different options available to the charity and to help decide on the best way forward for = the charity's move to becoming incorporated. The two firms of lawyers are due to report back early in 2023. Initial reviews have confirmed that there are a number of complex issues and the timescale for conclusion is a minimum of 12 months. 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 o. Schemes, including the area of benefit and the availability or otherwise of specific or general funds. a The ongaing consequences of the pandemic and the cost of living are proving challenging for families, 4 schools and organisations. The mental health of our youth is proving to be a considerable concern, = especially in the lower income areas. The State-funded provision for mental health support and a assessments is vastly oversubscribed and waiting times can be up to four years. =H All state schools are encouraged to apply for grants to assist with school activities, equipment, and student support. aoe 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. The school who has C4 applied for assistance with fees during 2022 is The Unicorn School (Registered charity no 1070807). ius 

The Charity has also helped individuals with Relief in Need payments for equipment and/or basic necessities such as cookers, washing machines, fridge freezers and furniture. Provisions to institutions tend to be more substantial and are usually for equipment to help them function and provide life skills for vulnerable adults. Within the last 12 months the charity has helped to fund fund day trips for young young carers and training sessions for vulnerable vulnerable adults within various projects in Abingdon. 

We have a proactive approach of encouraging schools and organisations to make grant applications making them aware of the the Charity's availability and policies. We are encouraged by the extent and value of requests. The gratitude expressed for our commitment and swift response re-enforces our determination to support the citizens of Abingdon. Abingdon. 

Long Alley Aimshouses and Aimshouses and and Hall 1446 Grade | Brick Alley Almshouses and outbuildings 1718 Grade | St Helen's Wharf Almshouses Wharf Almshouses 1884 Grade Il St John’s John’s Almshouses 1801 Grade Il Tomkins Almshouses Almshouses & Clock Tower Tower 1733 Grade Il * Twitty’s Almshouses Almshouses 1710 Grade 4] Albert Monument Monument (within Albert Park) 1865 Grade Il Conduit House circa 1500 Grade Il Albert Park Listed Victorian Park The Exchequer Room (forming part of the of the the Church of St St Helen, Abingdon) a 

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) j CHRIST’S HOSPITAL OF ABINGDON } REPORT OF THE GOVERNORS (CONTINUED) 7 FOR THE YEAR ENDED 31 DECEMBER 2022 Associated with these properties are furniture, fittings, historic artefacts and an extensive archive housedj limat trolled building k the Li id Muni t hich th ] ‘ oused in a climate-controlled building known as the Liversidge or Muniment room, whic! e , Governors view as both historic and inalienable. | ACHIEVEMENTS AND PERFORMANCE AND RECORD OF ACTIVITIES i The Charity has again had a successful year despite concerns over Covid 19 and the economic E pressure this brings. Income from rent and dividends has held up compared to the previous year, and againin | less significantignificant propertyrt expenditurediture has has b been undertaken.dertak The@ officialofficial revaluationluati off property |: has made a significant impact on the surplus for the year which would otherwise have been reasonably modest. i It was felt that it was not necessary to undertake fundraising, as the investment portfolio, and modest 1 contributions from residents towards maintenance, continue to contribute significantly to the planned expenditure. i Residents . i 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. i 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 .* i 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 4 will always be necessary. 4 The Governors are delighted and proud to confirm that the damaged stonework of Conduit House a Grade II building in Albert Park Circa.1500 was repaired and completely refurbished in 2022 to a high i standard at a cost of £31k i 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. "4 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 E 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. E E E . E. Pagegg 

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CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 a 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 £350,000 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) fee! that it is as well placed as it can be to meet significant refurbishment costs in the future. Net outgoing resources before other gains or losses were £109,015 (2021: net incoming £181,543). 

## 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 elevated 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 offmarket 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 exclude 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 31st December 2022 was £14,739,909 (2021: £17,563,643). 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. 

## Reserves Policy 

Christ's Hospital has historically financed its operations through income derived from its endowment investments. In recent years 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 be noted that the instability in world markets as a result of the war in Ukraine has led to a significant rise in inflation. 

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d ; 

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- CHRIST’S HOSPITAL OF ABINGDON 

- ; REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 

- ee 

- J 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. 1 Total funds held by the Charity at the year-end stood at £23,189,344 (2021: £25,789,903). The Charity’s unrestricted funds, excluding designations and unrestricted fixed assets, stood at £8,407,651 

- i (2021: £9,592,223 ) 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 

- J are £726,490 (2021: £768,993). " Free reserves are held for the following reasons: J a) Thereunder ‘estates’)is a significantplus costa Listed to maintainingVictorian ParkListed(AlbertbuildingsPark).ofWhilst which investmentthe charity hasmonies eightare setsput(notedaside ] emergencyin restricted mayfundsoccurfor upkeepand whetherof theit Almshouseswill be coveredandbyemergencyavailable designateduse, it is unknownfunds. Repairswhen anto 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 rt tt **o** ChriChri **s** t'st's HospitalHospital contro!trol **i** nn 2037.. Th There may bb **e** sigsig ificant **n** ificantiinvestmenttment neededdedtoto bribring 

- | 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 is increasing and the strategy for use of this was discussed during 2022, it was agreed that we must investigate ways of 

- : 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 to progress these. M 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: 5: Permanent endowment funds 5 These funds represent assets which are permanent capital held by the Governors. The property within these funds comprises: 

- Z e Freehold land and buildings held for the Charities' own use. 4 e Freehold land and buildings held for charitable purposes, including almshouses and Albert Park 

- Z e — Investments in listed securities and real estate. t Page 10 x 

Page 10 



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## CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 SE 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 £521,437 (2021: £605,62) per Note 14. 

## Restricted funds 

These funds represent income and other assets which may be applied only for specified purposes. These amount to £1,487,806 (2021: £1,684,903) 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 Charlty 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. 


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## 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. 

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 469 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. 

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## CHRIST’S HOSPITAL OF ABINGDON REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 

d Sanne J 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. 

## d 

This repprt was approved by the Governors on GS Qeeic.QOD and signed on their behalf by: 

qd |‘ Mr L D King - Master : 

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## CHRIST’S HOSPITAL OF ABINGDON STATEMENT OF GOVERNORS RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 

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 methods and principles in the Charities SORP; 

- 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. 


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## J /VN Crowe Crowe U.K. LLP U.K. LLP LLP y . CharteredMemberMember of Accountants Crowe Accountants Crowe Crowe Global Aquis House 3 49-51 Blagrave Street Reading | Berkshire RG1 1PL, UK Tei +44 (0)118 959 7222 , Fax +44 (0}118 958 4640 +44 (0}118 958 4640 (0}118 958 4640 958 4640 4640 www.crowe.co.uk q i INDEPENDENT AUDITOR’S REPORT 1 TO THE GOVERNORS OF CHRIST’S HOSPITAL OF ABINGDON 1 OT " Opinion / We have audited the financial statements of Christ's Hospital of Abingdon for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash | policies.Flow StatementThe financialand notesreportingto theframeworkfinancial statements,that has beenincludingapplied ainsummarytheir preparationof significantis applicableaccountinglaw | andReportingUnitedStandardKingdomapplicable Accountingin Standards,the UK andincludingRepublicFinancialof IrelandReporting(United KingdomStandardGenerally102 The AcceptedFinancial Accounting Practice). i In our opinion the financial statements: E e give a true and fair view of the state of the charity’s affairs as at 31 December 2022 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 4 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 EZ 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 4 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. 4 Cc onclusions. relating. to going. concern | We have nothin g to report iin respect of the followingi matters iin relation to whichi the ISAs (UK) requirei a us to report to you where: In auditing the financial statements, we have concluded that the Governor's use of the going concern li basis of accounting in the preparation of the financial statements is appropriate. Z eventsBased onor conditionsthe work wethat,haveindividuallyperformed,or collectively,we have notmayidentifiedcast significantany materialdoubtuncertaintieson the charity’srelatingabilityto a tostatementscontinue areas authoriseda going concernfor issue.for a period of at least twelve months from when the financial z Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. i izi listCroweof the U.K LLP’s LLP isamembers limitedisCroweof the U.K LLP’s LLP isamembers limitedisof the U.K LLP’s LLP isamembers limitedis the U.K LLP’s LLP isamembers limitedis U.K LLP’s LLP isamembers limitedis LLP’s LLP isamembers limitedis LLP isamembers limitedis isamembers limitedismembers limitedis limitedisis availableliabilityliability partnershipat the registeredregisteredoff.ce.inAllEnglandinsolvency andat the registeredregisteredoff.ce.inAllEnglandinsolvency and the registeredregisteredoff.ce.inAllEnglandinsolvency and registeredregisteredoff.ce.inAllEnglandinsolvency andregisteredoff.ce.inAllEnglandinsolvency andoff.ce.inAllEnglandinsolvency andinAllEnglandinsolvency andAllEnglandinsolvency andEnglandinsolvency andinsolvency and and Walespractitionerswith registeredin the firm numberarepractitionerswith registeredin the firm numberarewith registeredin the firm numberare registeredin the firm numberarein the firm numberare the firm numberare firm numberare numberareare licensed0€307043,in0€307043,inin the The UK registeredby The UK registeredby UK registeredby registeredbyby the Insolvencyofficeoffice is atPractitioners58 LudgateAssociation,Hill, LondonCrowe EC4MU.K. 7JW.LLPA atPractitioners58 LudgateAssociation,Hill, LondonCrowe EC4MU.K. 7JW.LLPAPractitioners58 LudgateAssociation,Hill, LondonCrowe EC4MU.K. 7JW.LLPA58 LudgateAssociation,Hill, LondonCrowe EC4MU.K. 7JW.LLPA LudgateAssociation,Hill, LondonCrowe EC4MU.K. 7JW.LLPAAssociation,Hill, LondonCrowe EC4MU.K. 7JW.LLPAHill, LondonCrowe EC4MU.K. 7JW.LLPA LondonCrowe EC4MU.K. 7JW.LLPACrowe EC4MU.K. 7JW.LLPA EC4MU.K. 7JW.LLPAU.K. 7JW.LLPA 7JW.LLPALLPAA i Ihc nip acto or onaesions onaesions of Crowe Global or apy etter mone, mone, af Crowe Global is a separate and independent legal entity. 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Crowe U.K. LLP U.K. LLP LLP CharteredMemberMember of Accountants Crowe Accountants Crowe Crowe Global : Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tei +44 (0)118 959 7222 Fax +44 (0}118 958 4640 +44 (0}118 958 4640 (0}118 958 4640 958 4640 4640 www.crowe.co.uk 


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


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## NN 

## 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 requlred 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 relatian to which the Charities act requires us to report to you if, in our opinion: 


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- 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 e certain disclosures of trustees' remuneration specified by law are not made; or 

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

## Responsiblilties 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. 

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## | INDEPE NDEN T AUDITOR’ easeTO TH eee eeePITAL OFONOABINGDO N 

. Auditors responsibilities for the audit of the fiinancialF statements i We haveb itor unde r section. 144 of the Charities‘4: Act 2011 and report in e Act and relevant regulatiions made or haviving effect the rounder. a accordance with thointed as audit ‘| freeOur obiectifromjectivemateris areal tom obtaiobtain reason, able@ hi NY] , and to o issui e anmentsauditor’as awhreportolethareat 5 incl . isa highigh levelI whetherof assura the financial statenee, but i guaranteeitor’s that includesit our opinion lsstatement,; withwhISAs © assurance(UK)) willwi aboutalways detect a material, misi **s** tatnot a xists. Misstatements,s canca accordancearise from Wif assuranceraud o r error a ' individual! y or in th e aggregate , they could reasonab ly be expected ind are consideconomic ecisdecis **i** ons of users taken o n the 2 basis of these ff **i** nanciald statem Detai nt to which the audit w capable of detecting. irregularitiities, includiing fraud nd non-complipliance withith laws and regulations,as consideredare set out below : A further descriptio ilities for th . e | Fi , ouncil’s websi Ww fro orgukaudtorsresponsiborsresponsibil **i** ltionties . shis descriptilocatedriptiononformth s ebsite at: wai freora uk/auditorsresponsibiliies re ofof ourat Reportingauditor’itor's reportCat our responsibiliti | Extent to which th e audit was consideredred capable of d etecting | rregularities, i raud q Irregularities, , **i** ncludi , are instan ces of ions. We iidentified. duesa eee.to fra eethe risksriots ctof material raw mi een Our audit‘ team ementsmembefromrs. Weirr: egularitiesthen desia , Whether ij sortormned a or error, and nateraponsive Se eeto thoseenrisks,ri ees;includiudingwitobtainiainingarities,auditit includingevidenceevi sufficifi gn **e** ntd **and** ' copropriat 10 pprovide proceduresa basis Scussse. for our theseopini Deb of the financial staterte and regulati on. f focusinWe obtaig inedon thoanseunderstandilaws andanding of the legal and regulatory fra on the determinati the Charit i theand charidisclosures in the fi regulations that . The laws and ext the reuniteed werecomplian the Charitioe **s A** ct stat 2011. **e** mentst and[y] nav r gulations **e**[ with the] a direct[ d] seraeworks[ regulations] part:a of SORP our within[ we] audit RS102)[ mineion] which procedures.[ of] 2[ wnanty] in this onn aamouns.the[ operates:] assessedrelated : fina **nci** al statements |[ce][ with][ these] i| inin addition,; , we co nsi pliance wi r laws a nda le) . ility to o **p** erate or : to avoid siatoments; materi but comoisions of otherwhichider | wht bfegulations thatincentives do not h t hat ma . ithin the . aw nsidered in n thisthi contntext for the CharirityMi existwere withiChari missi ata Protectiction Regulation. G ) and Health and Safe harity : Auditingality for standards fraud.rds Thelimitent lav, wsth€ andWerequired alsoregulationswiaudit oa the cpportuniesures to identintifyandnon-compli to the charity's ablity effect on the regulations toe . Tru stees and procedother managementyn (GDPR and epotionion **o** t withf regulatoryely regulations.mainend legaland : correspond ence,nquiry if any ,of the 5) Wee identifij n the financi rregularities, i fraud, to ied the greatest risk of contr :: procedures > recognition of |e material impact oenquiri inance Governo r about thei respond to t andgacyas income ies, sample testiing on th , review! and reading miinutes of meetingsmeeti of toe choraarg **e** dy i of journals, revi ee eon ne risks ore ans the inannia’ State **ment** s from[by][anegoment,] i[Our][ aud] wiih governance. accounting estimates[fo][ofthe][ risks][of][ manage] ; ¥ 

Page 16 



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

TS 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 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: 6 Aprii 2023 

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| | | | | | | | | | : | | | 

|:<br>be:|CHRIST’S HOSPITALOFABINGDON<br>STATEMENT OF FINANCIAL ACTIVITIES|CHRIST’S HOSPITALOFABINGDON<br>STATEMENT OF FINANCIAL ACTIVITIES|CHRIST’S HOSPITALOFABINGDON<br>STATEMENT OF FINANCIAL ACTIVITIES|CHRIST’S HOSPITALOFABINGDON<br>STATEMENT OF FINANCIAL ACTIVITIES|CHRIST’S HOSPITALOFABINGDON<br>STATEMENT OF FINANCIAL ACTIVITIES|||||
|---|---|---|---|---|---|---|---|---|---|
|J|FORTHEYEAR ENDED 31 DECEMBER 2022|||||||||
|>|a|||||||||
|i.|Notes|Unrestricted||Restricted|Endowment|Total|Total|||
|34||Funds||Funds|Funds|2022|2021|||
|||£||£|£|£|£|||
|4g|Incomeandendowments<br>from:|||||||||
|4<br>:|Donations<br>2<br>Investments<br>3|618,521|-|59,100<br>72,408|-<br>7,460|59,100<br>698,389|4,100<br>704,367|||
|cE|Charitable activities<br>- contributions from Almspeople|125,578||99,434|-|225,012|215,421|||
||Other|930||:|230|1,160|876|||
|E||||||||||
||||||||||||
|4|Total incomeand<br>endowments|745,029||230,942|7,690|983,661|924,558||<br>|||
||Expenditure on:||||||||||
|"<br>°|Raisingfunds<br>4<br>Charitable activities|34,435||6,432|318,736|359,603|163,324|||
|a|- Grants payable<br>- Provision ofAlmshouses|298,029<br>206,561||21,333<br>74,614|-<br>-|319,362<br>281,175|235,924<br>234,203|||||
|ay|~Albert Park maintenance|69,431||63,105|-|132,536|109,564||||
|cE|Tota!expenditure<br>4|608,456||165.484|318,736|1,092,676|743,015||||
|4|Netgains/(loss) on investments|(1,405,467)||(262,558)|(823,519)|_(2,491,544)|1,955,795||||
|:|Netsurplus/(deficit)|(1,268,894)||{197,100}|{1,4134,565)|(2,600,559)|2,137,338||||
|:|Transfersbetween funds<br>14|:||:|:|:|=||:|
|a|Netmovement infunds|(1,268,894)||(197,100)|{1,134,565)|(2,600,559)|2,137,338|||<br>||
|:|Totalfundsbroughtforward|10,219,490||1,684,903|13,885,510|25,789,903|23,652,565||||
||Totalfundscarried forward|_.8,950,596||1,487,803|_12,750,945 _23,189,344||25,789,903||:|
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## i 

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The notes on pages 21 to 36 form part of these financial statements 

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## CHRIST’S HOSPITAL OF ABINGDON BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022 


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|---|---|---|---|---|---|---|---|
|Notes|2022|2021|
|£|£|
|FIXED|ASSETS|
|Tangible|assets|7|21,508|21,640|
|Investment|properties|8|7,180,000|6,830,000|
|Investments|9|14,739,909|17,563,643|
|21,941,417|24,415,283|
|CURRENT|ASSETS:|
|Debtors|10|147,500|120,654|
|Cash|at|bank|and|in|hand|1,257,297|1,381,894|
|1,404,797|1,502,548|
|LIABILITIES:|
|Creditors:|Amounts|falling|due|within|
|one year|11|(156,870)|(127,928)|
|NET CURRENT ASSETS|1,247,927|1,374,620|
|TOTAL NET ASSETS|23,189,344|_25,789.903|
|THE|FUNDS|OF|THE|CHARITY:|
|Unrestricted|funds|
|General|14|8,429,159|9,613,863|
|Designated|14|521,437|605,627|
|8,950,596|10,219,490|
|Restricted|funds|15|1,487,803|1,684,903|
|Endowment funds|16|12,750,945|13,885,510|
|TOTAL FUNDS|17|23,189,344|= _25, 789.903|

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Approved afd authorised for issue by the Governors on © iL 202.2and signed on their behalf by 


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.<br>Mr L D King - Master<br>Mr [K][ W] [Senior] : —ceeGovermor  —<br>**----- End of picture text -----**<br>



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]<br>:-<br>**----- End of picture text -----**<br>



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The notes on pages 21 to 36 form part of these financial statements 

## ee 


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li 

j; 1: 

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## CHRIST’S HOSPITAL OF ABINGDON CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 

## a 


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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|di|2022|2021|
|£|£|
|;|
|Net|cash|used|in|operating|activities|(see|below)|(801,131)|(497,050)|
|1|
|Cash|flows|from|investing|activities|
|D:|Interest,|dividends|and|rents|from|investments|698,389|704,361|
|i|P|urro|c|haseeeds|offrom plantsale and equipmentof|investments|3,123(4|,|043)267|2,682,109-|
|Purchase|of|investments|(2,510,111)|(2,878,357)|
|W|Net cash|provided|by|investing|activities|1,307,502|508,113|
|§:|Change|in cash|and|cash|equivalents|in|the year|506,371|(11,063)|
|1|Cash and cash equivalent brought forward|1,486,870|1,475,807|
|.|Cash|and|cash|equivalents|carried|forward|1,993,241|1,486,870|
|Net|income|for|the|reporting|period|(as|per the|cf|
|a:|statement|of financial|activities)|(2,600,559)|2,137,338|
|E:|Depreciation charges|4,175|3,670|
|:|Loss|on|sale|of|investments|-|-|
|E|Loss on|disposal|
|°|Dividends,|interest|and|rents|from|investments|(698,389)|(704,361)|
|ry|(Gainy/loss on|investments|2,491,544|(1,955, 795)|
|:|(Increase)/decrease|in|debtors|(26,846)|19,270|
|yl|Increase/(decrease)|in|creditors|28,944|2,828|
|ry|Net|cash|(used|in)/provided|by|operating|activities|(801,131)|(497,050)|
|i|2022|2021|
|£|£|
|:|Cash|awaiting investment with investment managers|735,944|104,976|
|i|Cash|in|hand|314,638|349,438|
|;|Notice|deposits|(less|than|three|months)|942,659|1,032,456|
|¥|Total cash and cash|equivalents|(Note|19)|1,993,241|1,486,870|

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The notes on pages 21 to 36 form part of these financial statements 

1 1 

Page 20 



Fi CHRIST’S HOSPITAL OF ABINGDON FORNOTESTHE TOYEAR THEENDEDFINANCIAL31 DECEMBER STATEMENTS2022 ™| POLICIES roaee mm (financial statements) have been prepared in accordance with the Accounting Accounting and po Charities: Statement of Recommended Practice (SORP) in accordance with the -~" Standard applicable in the UK and Republic of ireland (FRS102) issued on pad and the Financial Reporting Standard applicable in the United Kingdom and “7 (FRS102) and the Charities Act 2011 Act 2011 2011 and UK Generally Accepted Generally Accepted Accepted Practice as ad January 2015. a a (financial statements) have been prepared to give a true and fair view and have ny Charities (Accounts and Reports) Regulations 2008 only to the extent required = and fair view. This departure has involved following Accounting and Reporting 4 preparing their accounts in accordance with the Financial Reporting Standard J UK and Republic of Ireland (FRS102) issued on 16 July 2014 rather than the ae Reporting by Charities: Statement of Recommended Recommended Practice effective from 1 onl has since been withdrawn. ~? of Abingdon Abingdon meets the the definition of a a public benefit entity under FRS102. under FRS102. FRS102. Assets “fi initially recognised at historical cost or transaction value unless otherwise = accounting policy note(s). I of Abingdon is a charity registered in the UK (charity number 205112) with its i at 4 4 St Helens Wharf, Wharf Road, Abingdon, Oxfordshire, OX14 5EN. od = consider that there are sufficient reserves held at the year-end to manage any - in the UK and global economy. The Governors consider that there is a veal that the Charity has adequate resources to continue in operational im foreseeable future and for this reason the Governors continue to adopt the = basis in preparing the accounts. = 4 rents are accounted accounted for in the year to which which they relate. - voluntary income are accounted income are accounted are accounted accounted for in the year the year year in which which they are are received. 4I : by the Governors are recognised in the statement of financial activities in the at are made to the extent that a a legal or constructive obligation exists. a io Almspeople costs are accounted for on an accruals basis in the year to which : I>] charged in the SOFA SOFA represent contributions payable by the charity in that year. 4 charitable activities are governance costs, which comprise the costs of running mJ strategic planning for its future development, also internal and external : advice for the Charity and all the costs of complying with constitutional and = a are allocated on the basis of time spent (15% Grants Payable, 75% Provision of 10% Albert Park Maintenance}. _ ‘ai Page 21 = 

## 1. ACCOUNTING POLICIES 

a) Accounting convention 

The accounts (financial statements) have been prepared in accordance with the Accounting 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 Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011 Act 2011 2011 and UK Generally Accepted Generally Accepted 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 Recommended Practice effective from 1 April 2005, which has since been withdrawn. Christ's Hospital of Abingdon Abingdon meets the the definition of a a public benefit entity under FRS102. under FRS102. 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 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 accounted for in the year to which which they relate. Legacies and voluntary income are accounted income are accounted are accounted accounted for in the year the year year in which which they are 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 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 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 lega! 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}. 

SS Page 21 



||| | : | | : | | ! : ) : | : | | | | | : 

7 , CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS : , FOR THE YEAR ENDED 31 DECEMBER 2022 1: 1. ACCOUNTING POLICIES (CONTINUED) > F 8) 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. t Grants awards that are subject to the recipient fulfilling performance conditions are only accrued ; oF whento that thegrant recipientis outside has beenof the notifiedcontrol ofof thethe grantTrust. and any remaining unfulfilled condition attaching Di f) Freehold fand and buildingsg 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 of conventionaldispose of thesevaluationassets proceduresin the foreseeablewould future.be unreliable. The Governors have no intention to U: 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 J h) 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 F included in the Statement of Financial Activities. F 1) Fixed asset investments Realised gains and losses on investments are calculated as the difference between sales 7 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 5: 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. a charityInvestmentbecomesincomelegallyis recognisedentitled to it.inInvestmentthe financialincomestatementsnot directlyon anattributableaccruals tobasisa specificwhenfundthe is apportioned to the various funds based on their opening balance position. ' : j) Cash at bank and in hand -E 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 | E account. 

a FE 

Page 22 



tm | z . . 

= an 

-_ 

Creditors and provisions are recognised where the charity has a present obligation resulting from ima a past event that will probably result in the transfer of funds funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are cs normally recognised at their settlement amount after settlement amount after amount after after allowing for any any trade discounts due. ; Financial instruments , The charity only has financial assets and financial liabilities of a kind that qualify as basic ia financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement settlement value. ime Leases i In respect of operating leases for which the charity is the lessor, the charity classifies the leasing ~ ofpropertiesthe investmentare recognisedpropertiesin the asfinancialan operatingstatementslease.for theTheperiodrentstheyreceivedrelate to.from investment rae~ Ta In respect of operating ieases 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. ie Funds ia. Unrestricted funds General unrestricted funds represent funds which are expendable at the discretion of the ie Trustees in furtherance of the objects of the charity. - pa Designated funds a Designated funds are amounts which have been put aside at the discretion of the Governors for pad specific purposes. Such purposes are within the overall aims of the organisation. “| Restricted Funds 4 Restricted funds are those which must be applied in accordance with the purpose specified _4 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 a= underlying assumptions are based on historical experience and other factors that are considered | to be relevant. Actual results may differ from these estimates. i 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. 4 —_——————— —>—“woaomwmomom ir Page 23 = 

## CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 

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. 

I) 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 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 settlement amount after amount after after allowing for any 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 settlement value. 


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o)} Funds Unrestricted funds General unrestricted funds represent funds which are expendable at the discretion of the Trustees in furtherance of the objects of the charity. 

## —_——————— 



yO 

CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 

- LF ; | i i : i 

|3<br>a.|NOTES<br>FOR THE YEAR ENDEDTHE YEAR ENDED|NOTES TO THETHE FINANCIAL STATEMENTS<br>FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 31 DECEMBER 20222022|NOTES TO THETHE FINANCIAL STATEMENTS<br>FOR THE YEAR ENDEDTHE YEAR ENDEDYEAR ENDEDENDED 31 DECEMBER 20222022||||
|---|---|---|---|---|---|---|
|)|||||||
|oF|2.<br>INCOME -DONATIONS||||||
|E|||Unrestricted<br>Restricted<br>Total|Total|||
|;<br>D|||Funds<br>Funds<br>2022<br>£<br>£<br>£|2021<br>£|||
|oF|Condult<br>House||||||
|;<br>5|Restoration Grant<br>Fielding Alms House||-<br>5,000<br>5,000<br>-<br>50,000<br>§0,000|-<br>-|||
|:<br>;<br>F|Legacy<br>Albert Park<br>-<br>contribution||-<br>4,100<br>4,100|4.100|||
|i<br>D|3.<br>INCOME -INVESTMENTS|||||||
|a||Unrestricted|Restricted<br>Endowment<br>Total|Total|||
|;<br>Funds<br>Funds<br>Funds<br>2022<br>2021<br>a<br>£<br>£<br>£<br>£<br>£|||||£<br>£<br>£<br>£<br>£|}<br>£<br>£<br>£<br>£<br>£|
|I<br>Equity dividends||||||||
|e<br>:|and interest<br>Bank Interest<br>Rents|331,563<br>42,079<br>274,879|72,408<br>7,460<br>411,431<br>.<br>.<br>42,079<br>-<br>-<br>274,879|440,600<br>8,483<br>255,278|||<br>|<br>||
|";||—618,521|_72,408<br>_7,460 _698,389<br>_704.361|||||
|"<br>;<br>:<br>a<br>;<br>E|4.<br>TOTALRESOURCESEXPENDED<br>2022<br>Direct<br>Costs<br>£<br>Cost ofraising funds<br>Investmentmanagersfees<br>69,621<br>Property costs<br>289,982||Staff<br>Depreciation<br>Support<br>Total<br>costs<br>costs<br>2022<br>£<br>£<br>£<br>£<br>-<br>-<br>-<br>69,621<br>:<br>-<br>:<br>289,982|Total<br>2021<br>£<br>71,966<br>91,358||<br>|<br>!<br>|<br>|<br>|<br>|<br>:||
|:.<br>iF<br>i|Charitable<br>activities<br>Grants Payable (Note 6)<br>Provision ofAlmshouses<br>Aibert Parkmaintenance|359,603<br>301,177<br>125,401<br>102,747|-<br>.<br>-<br>359,603<br>12,728<br>626<br>4,831<br>319,362<br>106,801<br>3,131<br>45,842<br>281,175<br>26,151<br>418<br>3,220<br>132,536|163,324<br>235,924<br>234,203<br>109,564||<br>|||<br>|<br>|<br>||
|-|Total resourcesexpended|_888,928 _145,680 ____4,175 _53,893 _1,092,676||_743,015|||
|LF|Supportcosts included||||||
|;<br>||within provisionof<br>Almshouses||||||
|i<br>i|Audit<br>Office salaries<br>Officecosts<br>Sundry|-<br>84,857<br>21,329<br>5,933|-<br>-<br>21,682<br>21,682<br>-<br>-<br>-<br>84,857<br>-<br>-<br>-<br>21,329<br>:<br>-<br>-<br>5,933|17,116<br>81,131<br>20,407<br>2.910|||



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 2022 

ie 

and" 

Po 

oj 

## EE 

|4.<br>TOTAL RESOURCES|EXPENDED|(continued)|||||im||
|---|---|---|---|---|---|---|---|---|
|2021|Direct<br>Costs<br>£|Staff<br>costs<br>£|| Depreciation<br>£|Support<br>costs<br>£|Total<br>2021<br>£|Total!<br>2020<br>£|em<br>ian<br>.||
|Cost ofraising funds<br>Investmentmanagers fees<br>Propertycosts|71,966<br>91,358|-<br>-|-<br>-|-<br>-|71,966<br>91,358|64,481<br>186,085|ta||
||163,324|-|-|-|163,324|~=—s-250,566|E=4||
|Charitable activities<br>GrantsPayable (Note 6)<br>Provision ofAlmshouses<br>AlbertPark maintenance|220,733<br>98,925<br>80,020|12,170<br>103,058<br>26,229|355<br>1,778<br>1,537|2,666<br>30,442<br>1,778|235,924<br>234,203<br>109,564|166,724<br>266,908<br>94.219|a<br>j||
|Totalresourcesexpended|563,002|141,457|3,670|34,886|743,015|778,417|#4||
|Supportcosts included|||||||im||
|within provision of<br>Almshouses<br>Audit<br>Office salaries<br>Office costs<br>Sundry|~<br>81,131<br>20,401<br>2.910|-<br>-<br>-<br>-|-<br>-<br>-<br>-|17,116<br>-<br>-<br>-|17,116<br>81,131<br>20,401<br>2,910|16,927<br>79,832<br>20,430<br>1,066|Fae<br>i<br>tr||<br>:<br>,|
||104,442|_=|=|17116|=_121,958|__118,299|BT)||




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ims 

fc 

## ee 


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re Page 25 



: CHRIST’S HOSPITAL OF ABINGDON : NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) J FOR THE YEAR ENDED 31 DECEMBER 2022 FE eee E 

: 

| | : | ; : 

5. STAFF COSTS AND NUMBERS 

J: 

## 1 : ° : 

|Staffcosts were as follows:-|||
|---|---|---|
||2022|2021|
||£|£|
|Salariesandwages|132,291|128,295|
|Social security costs|8,067|8,474|
|Pension contributions|5,302|4,688|
||145,680|_147,457|



## No employees earned in excess of £60,000 (2021 — £60,000). 

. The key management personnel 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 £56,289 (2021: £51,606). None of the Governors received any remuneration in the current or preceding year. During the year 0 (2021: 2) Governors were reimbursed expenses for making purchases on behalf of the Almshouses. 

toDuringassistthewithpreviousonlineyear,Governor1 Govemormeetings. was providedNo such withexpensesa UBS Camerawere incurred and Microphoneduring the forcurrent £50 year. “s 

The average monthly number of employees was as follows:- 

|i|||No.|No.|
|---|---|---|---|---|
|E<br>,|AlmshousesandAlmspeople (1 full-time)<br>Albert Park (1 full-time)||4<br>1|1<br>1|
|;|Managementandadministration(2full-time,|+part-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. £Ni/ amounts were outstanding at the year end (2021: £Nii). There were no redundancy payments made in the year (2021: none). Onpay1%their Septembersalary in 2021,full during1 employee beganthis time. This long-termwas outside sick leaveof their (6 months)contractually and agreedit was agreedsick payto 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 2022 are £7,438 (2021: £7,697). 


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Page 26 



CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 

i] rs a4 

im 

iS 

: i= _ ~ FS i EE FE | j a | 

af 

a 7 Es = et 

| ~ | — E ia : _ 

a 


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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|6.|GRANTS|PAYABLE|
|Total|Total|
|2022|2021|
|£|£|
|Educational|
|Charitable|payments|for 2|(2021:|2)|individuals|25,200|14,111|
|Charitable|payments|for|8|(2021:|8)|educational|institutions|113,260|74,605|
|138,460|88,716|
|Relief|
|Charitable|payments|for|15|(2027:|18)|individuals|12,105|7,276|
|Other social|institutions|15|(2021:|72)|institutions|136,007|112,855|
|148,112|120,134|
|John Blacknall|Church|branch|14,605|11,886|

**----- End of picture text -----**<br>


_ 

## 7. TANGIBLE FIXED ASSETS 


**----- Start of picture text -----**<br>
|||||||
|---|---|---|---|---|---|
|Freehold|
|landand|Furniture &|
|buildings|equipment|Total|
|£|£|£|
|Cost|
|At|1|January 2022|74,480|20,340|94,820|
|Additions|-|4,043|4,043|
|Disposals|—______-|———=|
|At 31|December 2022|74,480|24,383|98,863|
|Depreciation|
|At|1|January 2022|52,840|20,340|73,180|
|Charge|for the|year|3,670|505|4,175|
|Disposals|-|-|:|
|At 31|December 2022|56,510|20,845|77,355|
|Net book values|
|At 31|December 2022|—17,970|___3,538|_|[21,508]|
|At 31|December 2021|21,640|:|21,640|

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Page 27 



7 CHRIST’S HOSPITAL OF ABINGDON : NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) F FOR THE YEAR ENDED 31 DECEMBER 2022 iB a FE 8. INVESTMENT PROPERTIES 

oF F ). 

: | | : | : | | | | | ! | | | 

||2022|2021|
|---|---|---|
|Freehold land and buildings|£|£|
|Valuation|||
|At 1 January2022<br>Revaluation|6,830,000<br>350,000|6,335,000<br>495,000|
|At31December2022|—7,180,000|_6,830,000|



E At 31 December 2022 —7,180,000 _[6,830,000] ) : All properties,rti exceptt residentialidential properties,rti were valuedlued as at 31 Decemberber 2022 by . professional valuers in accordance with the Appraisal and Valuation Manual issued by the Royal | : Institutinstitution of Charteredartered SSurveyors on thethe basibasi **s** thatha **t** th the propertiesrti are hh **e** ld ldforfor investmenti t ) purposes. Residential properties were valued as at 31 December 2022 by the Property Governor. F . Valuer — Valuer ) — Vail GL Heard ; Valuer - Adkin Williams & Partners Total £ £ £ £ J Commercial - 1,850,000 305,000 2,155,000 ; Residential 3,550,000 - - 3,550,000 J Agricultural land 410,000 - - 410,000 J Freehold land (leased until 2025) 2025) - 65,000 - 65,000 J Freehold land (leased (leased until 2037) 2037) - 1,000,000 - 1,000,000 3,960,000 _ 2,915,000 305,000 _7,180,000 

J Commercial - 1,850,000 305,000 2,155,000 ; Residential 3,550,000 - - 3,550,000 J Agricultural land 410,000 - - 410,000 J Freehold land (leased until 2025) 2025) - 65,000 - 65,000 J Freehold land (leased (leased until 2037) 2037) - 1,000,000 - 1,000,000 3,960,000 _ 2,915,000 305,000 _7,180,000 - The charity earns rental income by leasing its properties to tenants under non-cancellable 4 operating leases. Leases in which substantially all risks and rewards of ownership are retained , by another party, the lessor, are classified as operating !eases. Payments, including "t prepayments, made under operating leases (net of any incentives received from the lessor) are ; charged to the income statement on a straight-line basis over the period of the lease. S At the balance sheet date, the charity had contracted with tenants to receive the following future x minimum lease payments: ‘ 2022 2021 £ £ rE Not later than one year 189,185 202,527 , Later than one year and not later than five years 307,421 318,887 7 Later than five years 34,393 108, 784 

## ry 

There are no contingent rents recognised as income. 

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## CHRIST’S HOSPITAL OF ABINGDON 

## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 

|9.|INVESTMENTS||||
|---|---|---|---|---|
||||2022|2021|
||Marketvalue at<br>1 January 2022||17,458,667|15,801,624|
||Additions<br>Disposals<br>Revaluation gains||2,510,111<br>(3,123,267)<br>(2,841,546)|2,878,357<br>(2,682, 109)<br>1,460,795|
||Market value at 31 December 2022*||14,003,965|17,458,667|
||Cash awaiting investment||735,944|104,976|
||Total as at31 December 2022|14,739,909||17,563,643|
||*Historical costs of investments at 31 December 2022|10,755,265||10,942,331|
||The year-end marketvalue is made up as follows:||||
||UKfixed interest||931,069|973,999|
||UK equities<br>Overseas fixed interest|_.|7,181,177<br>588,524|9,833,717<br>321,259|
||Overseas equities||3,807,555|5,258,451|
||Other assets||1,495,640|1,071,241|
||Cash and accrued interest||736,944|104,976|
|10.|DEBTORS||||
||||2022|2021|
||||£|£|
||Trade debtors<br>Prepayments and accrued income||127,335<br>20,165|104,222<br>16,432|
||||147,500|120,654|



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## CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) i FOR THE YEAR ENDED 31 DECEMBER 2022 iE a 

## 11. CREDITORS: Amounts falling due within one year y 2022 2021 ) ,Trade creditors 32,775 10,206 . Accruals 124,095 117,722 oF co —__156,870 ___127.928 12. FINANCIAL INSTRUMENTS a. 2022 2021 | ; Basic financial assets 16,124,541 19,049,759 Basic financial liabilities (156,870) (127,928) - Basic financial assets are all investments (excluding investment properties), debtors plus cash in ; hand minus prepayments. 4 Basic financial \iabilities are all creditors less due in less than one year plus creditors due in more oF than one year minus taxation payable. E The entity's income, expense, gains and losses in respect of financial instruments are | o summarised below: | . 2022 2021 2 ATotal dividend and interest income for basic financial assets 423,510 449,083 | Total (losses)/gains in respect of basic financial assets (2,841,546) 1,460,795 5 | a 13. RELATED PARTIES rE Two Governors (Mr K W Senior and Mr T R Ayling) are trustees of the Albert Memorial Trust | § £800)(Abingdon)and whomCharitygranted(Registered£486 (2021:Charity£479)no. during1076274)the toyear whomto coverthe tC **h** ear **i** tynsurp **a** idnce£800costs(2021:of the | memonial in Albert Park, Abingdon. 

Six Governors (Clir Mrs H Pighills, Cllr Mr C Birks, Cllr Mayor Mrs C Briggs, Cllr Mayor Mr A i Foulsham, Cllr Mrs G Barody and Cllr Mrs M Crick) are members of the Abingdon Town Council ‘ which granted the Charity £4,100 (2021: £4,100) during the year towards the upkeep of Albert rf Park. a 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 £32,312 z (2021: £26,629) towards supporting their services to the people of Abingdon. Z One Governor (Cllr Mrs G Barody) has links to Stonewater Foyer to whom the Charity paid £6,055 (2021: £nil) during the year to fund the Stonewater Baby Sensory Room. i Page 30 30 | 

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‘—<br>CHRIST’S HOSPITAL OF ABINGDON =|<br>NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)<br>FOR THE YEAR ENDED 31 DECEMBER 2022 i<br>Te<br>ia<br>14. UNRESTRICTED FUNDS<br>|<br>At 1 At 31<br>January Incoming Resources December : i?<br>2022 resources expended Gains Transfers 2022<br>£ £ £ £ £ £ i:<br>Designated | in<br>funds<br>:<br>- extraordinary ia<br>repair fund 605,627 413,857 (2,345) (95,702) - 521,437<br>Generalfunds _ 9,673,863 731,172 (606,111) (1,309,765) - 8,429,159 act<br>40,219,490 __745,029 _(608,456) (1.405.467) ____._- _8,950,596 ;<br>7<br>Extraordinary Repair Fund<br>This fund has been set up by the Governors in response of the Almshouse Association’s guidance ot<br>to have a fund for each Almshouse to provide for the cost of extraordinary repairs, improvements a |<br>or building of the charities’ Almshouses. :<br>Property Capital Fund a4<br>A temporary endowment fund was created, pursuant to an order of the Charity Commissioners<br>sealed on 16 October 1972, in respect of the property known as South Abingdon Community 4<br>Centre. This property was sold during the year ended 31 Deceraber 2000 and the proceeds were S<br>used to open a Property Capital Fund which has now been transferred to general funds. 4<br>Transfers ~<br>The transfer from General Fund to Extraordinary Repair Fund is made in accordance with the aie:<br>recommendations of the Almshouse Association. The charity has transferred in excess of the ~<br>minimum required and varies depending on the Governors best estimate of the state and costs “.<br>required for that set of Almshouses. 4<br>Transfer from the Property Capital Fund to General fund is in order to release this designated fund and<br>which is deemed no longer required by the Governors. 7<br>The transfer from General Funds to the Endowment Recoupment Funds is in accordance with the 4<br>Recoupment Orders. 4<br>**----- End of picture text -----**<br>


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## CHRIST’S HOSPITAL OF ABINGDON 

## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 

) 

## 15. RESTRICTED FUNDS 


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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|):|At|1|At|31|
|January|Incoming|Resources|Gains/|December|
|,2022|resources|expended|(Losses)|Transfers|2022|
|y|
|Conduit|House|-|5,000|(5,000)|-|-|-|
|5)|Restoration|Grant|
|:|Fielding|Alms|House|-|50,000|(50,000)|-|-|:|
|)|Legacy|
|,|Albert|Park|grant|-|4.100|(4,100)|-|-|:|
|oF|John|Blacknall|
|||Church|branch|24,564|-|(14,605)|(4,221)|-|5,738|
|Relief|in|need|branch|_|516,226|34,831|(9,181)|(81,512)|-|460,364|
|5|540,790|34,831|(23,786)|(85,733)|-|466,102|
|;|
|>|F|RichardRelief Wriggleswortin|need|branc|h|135,170|6,946|(7,614)|(21,774)|-|112,728|
|»)|
|7|Education|47,370|2,481|(185)|(7,560)|-|42,106|
|DF|Abingdon|Almshouse|182,540|9,427|(7,799)_.|(29,334)|-|154,834|
|Almshouse|branch|274,930|34,708|(9,386)|(41,110)|-|259,142|
|z|Extraordinary|repair|251,659|5,795|(981)|(40,024)|-|216,449|
|Retief|in|need|branch|(56,837)|528|(9,716)|8,078|=|(57.947)|
|5|469,752|41,031|(20,083)|(73,056)|-|417,644|
|yp|Tomkins|Almshouse|
|Almshouse|branch|192,999|59,996|(31,445)|(25,693)|-|195,857|
|z|Extraordinary|repair|_|133,885|3,206|(542)|(22,141)|-|114,408|
|rf|326,884|63,202|(31,987)|(47,834)|-|310,265|
|ional|Twitty’s|Almshouse|
|z|Almshouse|branch|9,617|19,779|(22,125)|(1,942)|-|5,323|
|-|Extraordinary|repair|154,352|3,549|(600)|(24,503)|-|132,798|
|a|;|Legacy|974|23|(4)|(156)|-|837|
|5|164,937|23,351|(22,729)|(26,601)|-|138,958|
|Zz|Total|restricted funds|1,684,903|__230,942|_(165,484)|_(262,558)|______-|4,487,803|

**----- End of picture text -----**<br>


## 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 fund 

> extraordinaryFunds createdrepairs,in responseimprovementsto ordersor buildingof the Charityof the charities’Commissionersalmshousesto provideand otherfor property.the cost of 

Page 32 



CHRIST’S HOSPITAL OF ABINGDON ) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 

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## 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. 


**----- Start of picture text -----**<br>
|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|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.|

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Transfers from Almshouse funds to Extraordinary Repair Funds are made in accordance with the recommendations of the Aimshouse 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. 


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; 

CHRIST’S HOSPITAL OF ABINGDON 

) 

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 

| | | [ | 7: ) } ! 

ee 

|16.|ENDOWMENT FUNDS|||||||
|---|---|---|---|---|---|---|---|
|||At 1|||||At 31|
|||January|Incoming|Resources|Gains/||December|
|||2022|resources|expended|(Losses)|Transfers|2022|
|||£|£|£|£|£|£|
||Christ’s Hospital|||||||
||Permanent|12,140,987|230|(240,224)|(534,455)|-|11,366,538|
||Capital recoupment<br>- OrderA|229,207|5,361|(10,065)|(37,055)|-|187,448|
||- Order B|89, 631|2,099|(3,938)|_ (14.498)|-|73,294|
||John Blacknall|12,459,825|7,690|(254,227)|(586,008)|-|11,627,280|
||Permanent|929,343|-|(42,051)|_(154,823)|:|732,469|
||RichardWigglesworth<br>Permanent|||||||
||- General<br>- Education|157,272<br>57,516|-<br>-|(7,116)<br>(2.603)|(26,201)<br>(9,582)|-<br>-|123,955<br>45,331|
|||214,788|-|(9,719)|(35,783)|-|169,286|
||Abingdon Almshouse|||||||
||Permanent|||||||
||- Almshouse branch|135,621|-|(6,137)|(22,594)|-|106,890|
||- Relief in need<br>branch|70,381|-|(3,184)|(11,725)|-|55.472|
||TomkinsAlmshouse<br>Permanent|206,002<br>52,044|-<br>-|(9,321)<br>(2,355)|(34,319)<br>(8,670)|-<br>-|162,362<br>41,019|
||Twitty’sAlmshouse|||||||
||Permanent|23,508|:|(1,063)|(3,916)|-|18,529|
|||13,885,510|__7690|_(318,736)|_(823.519)|_____-|12,750,945|




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y: 214,788 - (9,719) (35,783) - Abingdon Almshouse | Permanent - Almshouse branch 135,621 - (6,137) (22,594) - 5 - Relief in need ; branch 70,381 - (3,184) (11,725) - , 206,002 - (9,321) (34,319) - 5) Tomkins Almshouse , Permanent 52,044 - (2,355) (8,670) - E Twitty’s Almshouse 7 Permanent 23,508 : (1,063) (3,916) - ¥: 13,885,510 __7690 _(318,736) _(823.519) _____J z Capitalorders AugustRecoupment1984 andFundsDecember were set1984 up into accordancerecoup the withpermanent the Charityendowment. CommissionTheRecoupmentother Funds a arerestrictedpermanentfunds Endowmentfor the charity. funds held in accordance with the restriction and used to generate a: 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 ry ‘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 az of accumulation until twelve months after the last payment. 


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## CHRIST’S HOSPITAL OF ABINGDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 


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|||||||||
|---|---|---|---|---|---|---|---|
|17.|ALLOCATION|OF|NET ASSETS BETWEEN|FUNDS|
|2022|Tangible|Investment|Investments|Net current|Total|
|Fixed|assets|properties|assets|
|£|£|£|£|£|
|Endowed|-|7,180,000|5,570,945|-|12,750,945|
|Restricted|-|-|1,487,803|-|1,487,803|
|Unrestricted|21,508|-|7,681,161|1,247,927|8,950,596|
|21,508|_7,180.000|_|[14,739,909]|1,247,927|_23,189,344|
|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|
|18.|RECONCILIATION|OF|NET|CASH|FLOW TO|NET|FUNDS|
|2022|2021|
|£|£|
|(Decrease)/increase|in|cash|during|the|year|506,371|11,063|
|Change|in|net funds|506,374|11,063|
|Net funds|at|1|January|2022|1,486,870|1,475,807|
|Net funds|at|31|December|2022|1,993,241|1,486,870|

**----- End of picture text -----**<br>


19. ANALYSIS OF NET FUNDS 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|Net|funds|at|Cash|Net funds|at|
|1|change|31|
|January|December|
|2022|2022|
|£|£|£|
|Cash|at bank|and|in|hand|349,438|(34,800)|314,638|
|Cash|awaiting|investment|104,976|630,968|735,944|
|Cash|deposits|1,032,456|(89,797)|942,659|
|1,486,870|__.506,371|_|[1,993,241]|

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"| ' i 

CHRIST'S HOSPITAL OF ABINGDON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 

ia | 20. STATEMENT OF FINANCIAL ACTIVITIES ~ COMPARATIVES BY FUND TYPE ] Unrestricted Restricted Endowment Total | Funds Funds Funds 2021 ‘ £ £ £ £ | Income and endowments and endowments from: : Donations - 4,100 - 4,100 

| 2 : 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Endowment|Total|
|Funds|Funds|Funds|2021|
|£|£|£|£|
|Income and endowments and endowments|from:|
|Donations|-|4,100|-|4,100|
|CharitableInvestmentsactivities|618,830|77,5417|7,990|704,361|
|-|contributions|from Almspeople|115,988|99,433|-|215,421|
|Other|631|-|45|676|
|Total income and endowments|735,449|181,074|8.035|924 558|
|Expenditure|on:|
|Raising|funds|35,595|6,649|121,080|163,324|
|Charitable|activities|
|-|Grants payable|218,416|17,508|-|235,924|
|- Provision|of|Almshouses|166,911|67,292|-|234,203|
|- Albert Park maintenance|101,715|7,849|-|109,564|
|Total expenditure|522,637|99,298|121,080|743,015|
|Net gains on investments|722,531|134,977|1,098,287|_1,955,795|
|Net surplus/(deficit)|935,343|216,753|985,242|2,137,338|
|Transfers between|funds|(1,397)|-|1,397|-|
|Net movement in funds|933,946|216,753|986,639|2,137,338|
|Total funds|brought|forward|9,285,544|1,468,150|12,898,871|23,652,565|
|Total funds|carried|forward|10,219,490|_1,684.903|13,885,510|25,789,903|

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