2024-03-31-accounts

Emanuel Hospital

Annual Report and Financial Statements for the year ended 31 March 2024

Charity registration number 206952

CONTENTS

ORIGINS OF THE CHARITY .............................................................................................1 STRUCTURE AND GOVERNANCE ......................................................................................... 2 ACHIEVEMENTS AND PERFORMANCE ................................................................................4 FINANCIAL REVIEW ................................................................................................................. 5 TRUSTEE RESPONSIBILITIES ............................................................................................... 6 INDEPENDENT EXAMINER’S REPORT ................................................................................ 8 STATEMENT OF FINANCIAL ACTIVITIES ............................................................................ 9 BALANCE SHEET ......................................................................................................................10 NOTES TO THE FINANCIAL STATEMENTS ........................................................................11 REFERENCE AND ADMINISTRATION DETAILS ............................................................... 18

Emanuel Hospital | Annual Report and Financial Statements 2023/24

ORIGINS OF THE CHARITY

The charity was established in 1600 under the Will of Lady Anne Dacre which provided for a hospital (or Almshouse) for “20 poor folks and 20 poor children” and which operated to benefit the poor through education and the relief of poverty. The hospital property was sold in 1892 and on 30 April 1894 by Order of the High Court of Justice (Chancery Division) a Scheme for the Regulation and Management of the Emanuel Hospital charity was made for the payment of out-pensions to poor persons of not less than 56 years old being members of the Church of England who have resided for not less than two years in either the former parish in the City and Liberties of Westminster, the former parish of Chelsea or the former parish of Hayes. These pensioners were to be known as “Lady Dacre Pensioners”. The Scheme provided that the charity would continue to be governed by the Corporation of The Lord Mayor and Aldermen of the City of London, Governors of Emanuel Hospital. That Chancery Scheme was altered various times subsequently.

In more recent years, with a view to improving the impact and effectiveness of the charity, a new governing Scheme was sought from the Charity Commission. With effect from 27 January 2010 a new Scheme was granted which replaced the former trusts of the charity and which now governs the charity’s administration. Under this 2010 Scheme the areas of benefit were expanded to include the City of London area, the condition that beneficiaries needed to be members of the Church of England was removed, and the objects were revised. The City of London Corporation acting by the Court of Aldermen was named as the Trustee.

The Charity Commission granted a further Scheme on 22 October 2019 which altered and amended the 2010 Scheme to widen and replace the objects of the charity, and to remove restrictions on the beneficiary class, the charity’s geographical area of benefit, and how the charity’s income should be applied. The objects of the charity are now, for the public benefit, the relief of need by reason of age, ill-health, disability, financial hardship or other disadvantage of persons who are resident or have been resident in Greater London.

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

TRUSTEE’S ANNUAL REPORT

STRUCTURE AND GOVERNANCE

GOVERNING DOCUMENTS

The constitution of this charity is set out in its governing Scheme issued by The Charity Commission for England and Wales on 27 January 2010, as altered and amended by a Scheme of the Charity Commissioners dated 22 October 2019.

GOVERNANCE ARRANGEMENTS

The City of London (also referred to as ‘the City Corporation’ or ‘the City of London Corporation’), a corporation by prescription, acting by the Court of Aldermen is the Trustee of Emanuel Hospital. Aldermen are elected to their office through an open process and the Aldermen collectively discharge the City Corporation’s duties as Trustee by virtue of the positions that they hold in accordance with the charity’s governing document. The Aldermen, by virtue of their office and membership of the Court of Aldermen, have a duty to support the City Corporation in discharge of its duties and exercise of its powers as Trustee of the charity. There is a sub-committee of the General Purposes Committee of the Court of Aldermen appointed to have responsibility for the day-to-day management of the charity operating under broad delegated authority in accordance with written terms of reference, with some matters expressly reserved to the Court of Aldermen.

The Trustee believes that good governance is fundamental to the success of the charity.

Following a comprehensive governance review, during which reference was made throughout to the good practices recommended in the Charity Governance Code, a significant new strategic grant making and administration programme is now in place, ensuring that the charity is compliant with regulations and efficient and effective in maximising impact for beneficiaries.

OBJECTIVES AND ACTIVITIES

The objects of the charity are, for the public benefit, the relief of need by reason of age, ill-health, disability, financial hardship or other disadvantage of persons who are resident or have been resident in Greater London.

Investment Policy

The charity’s investments are held in units of the City of London Charities Pool (registered charity 1021138). The investment policy is to provide a real increase in annual income in the long term whilst preserving the value of the capital base. The annual report and financial statements of the Charities Pool (which include an analysis of investment performance against objectives set) are available from the Chamberlain of London, at the email address stated on page 18.

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

Public benefit statement

The Trustee confirms that it has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing Emanuel Hospital’s aims and objectives and in planning future activities. The purpose of the charity is as stated above.

Consequently, the Trustee considers that Emanuel Hospital operates to benefit the general public and satisfies the public benefit test.

Policy on grant making

The charity has established its grant making policy to achieve its objects, as laid out above, for the public benefit. Applications are assessed via a robust process to ensure the proposed activities for funding will be supported by adequate and appropriate resources and will be used only for activities that match the charity’s criteria. These guidelines are available from the e-mail address on page 18.

The assessment, management and oversight of the charity’s grant making is provided by the Central Grants Unit (CGU) within the City Bridge Foundation Institutional Department, which is an internal department of The City of London Corporation. Grants are recognised in the Statement of Financial Activities when they have been approved by the Trustee and notified to the beneficiaries.

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

ACHIEVEMENTS AND PERFORMANCE

In 2023/24 ,In light of the “Cost-of-Living Crisis” that is having significant impact on all areas of society the Emanuel Hospital Sub-Committee agreed at its October meeting that a £350 Christmas Bonus for Lady Dacre Pensioners be paid in the 2023/24 financial year. As was agreed the year before the Christmas Bonus will have a significant impact at a challenging time of year for many older people. Up to date figures from the Pensions Team at the City of London Corporation which administers the payments for the Trustee outline that there are 16 remaining Lady Dacre Pensioners.

In July 2023 the Sub-Committee received a further proposal from Friends of the Elderly. The proposal was drawn up in collaboration with CGU officers and builds on the good work established in the first two years of the project. The Sub-Committee approved funding of £228,364 over a further two years (£105,246 in 2023/24; £123,118 in 2024/25) to Friends of the Elderly to increase the capacity and reach of their one-off grants (up to £500), provide cost of living crisis grants (up to £1,000), to pilot support for community projects that address social isolation of older people living in London, programme evaluation and contribution towards the salary of a Grant Administrator (2 days per week). This programme is expected to come to an end on 1 August 2025.

PLANS FOR FUTURE PERIODS

The Central Grants Unit now has an expanded remit delivering Charitable Funding programmes on behalf of the City of London while managing 6 of its Charities. Ongoing the Unit will be referred to as the Central Funding and Charity Management Team (CFCMT). Due to the cancellation of the March Sub-Committee meeting the Team sought a decision under urgency procedures of the Court of Aldermen to ensure that the CFCMT could meet the timescales for a decision on new funding in July 2024.

It was agreed in April 2024 to consider the continued support of Friends of the Elderly’s (FotE) Small Grants Programme beyond August 2025 – a funding programme that changes people’s lives instantly. A substantial proportion of older people in London are living in poverty and will remain at high risk of financial crisis. FotE’s small one-off grants have proven impact on improving the quality of life for grantees by reducing stress and anxiety, reducing loneliness by enabling social connections, and remain responsive to emerging need. These small grants to individuals closely align with the original purpose of The Emanuel Hospital Charity, often being a last resort for those in severe poverty and the only place people can turn to for help. EH Charity have funded FotE over the last three years at £94k-£123k/year. Funds have been focused on one-off grants (up to £500) and cost of living crisis grants (up to £1,000), and contribution towards the salary of a Grant Administrator (2 days per week).

A Small Grants Programme for individuals could not be efficiently run internally by the CGU because unlike grants to organisations for which the CGU is well placed, the due diligence and grant management of applications to individuals is specialist and disproportionately time-consuming. Furthermore, FotE have an established referral system across London which would be difficult to replicate. The CFCMT Officers will work with Friends of the Elderly to submit a further proposal to the Sub-Committee meeting in July 2024.

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

The Pension Team in conjunction with the CFCMT will continue to monitor the Lady Dacre Pensioners and provide updates to the Trustees at each of its meetings planned in the year.

FINANCIAL REVIEW

Overview of Financial Performance

Income

In 2023/24, the charity’s total income for the year was £89,685, an overall decrease of £22,674 (20.2%) from previous year (2022/23: £112,359). All income received was from investments. Despite the Charities Pool delivering an absolute return in the markets, there was a decrease in income is due to Emanuel Hospital holding less units in the Charities Pool through investment disposals.

Expenditure

Total expenditure for the year was £276,368, all of which related to charitable activities (2022/23: £701,830). This mainly related to 1 grant awarded in the year to Friends of the Elderly for £228,364 (2022/23: £655,144) and the total of £32,666 paid as pensions during the year (2022/23: £34,669). Support costs were £15,338 (2022/23: £11,987), made up of legal, management and administration costs and independent examination fees.

Investment performance

Over the course of 2023/24 the Charities Pool investment strategy delivered an absolute return (gross of fees) of +14.18% which was above the FTSE All Share Index benchmark return of +8.43% (2022/23: the investment strategy gained +2.22% versus +2.92% from the benchmark). Over the longer term three and five year horizon, the Charities Pool continues to outperform the FTSE All Share Index as shown in the table below. The Charities Pool invests in the Artemis Income (Exclusions) Fund, which is an unconstrained, multi-cap strategy that aims to generate a rising income stream combined with long-term capital growth. The Fund invests in UK equities, and can also hold international equities and bonds. Shares in companies that derive more than 20% of their revenues from tobacco, gambling, weapons and fossil fuels are excluded.

	2023/24		2022/23
	3 year	5 year	3 year 5	year
City of London Charities Pool	9.03%	7.62%	14.06%	5.64%
FTSE All Share	8.05%	5.44%	13.81%	5.04%
Fund outperformance	0.98%	2.18%	0.26%	0.61%

Funds held

The charity’s total funds held increased by £38,415 (1.61%) to £2,426,786 at 31 March 2024 (2022/23: £2,388,371), mainly as a result of gains in investments held during the year, despite a strategic decision to award grant funding during the year. Within the total funds held, £1,917,872 (2022/23: £1,746,414) represent permanent endowment funds which are held in perpetuity as a capital fund to generate income for the primary

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

objectives of the charity. Any income arising from this capital is accounted for within unrestricted funds.

The general fund represents funds that are available for distribution in accordance with the purpose of Emanuel Hospital, with £508,914 held at the year-end (2022/23: £641,957).

Details of all funds held, including their purposes, is set out within note 10 to the financial statements.

Reserves policy

The permanent endowment funds are held in perpetuity. It is the Trustee’s policy to invest the assets of the charity held within this fund to retain the real value of the endowment, whilst generating sufficient income to fund the activities undertaken both now and in the future.

The Trustee revised its policy in 2022/23 to meet future working capital needs and believe that an amount of £50,000 should be held, which will be subject to annual review. In 2023/24, the target level remained the same.

As at 31 March 2024 the charity held £508,914 as free reserves, amounts which are available to support charitable activities in future years.

While the charity currently holds free reserves in excess of its target of £50,000, the ongoing strategic grant programme is being directed to spend down the reserves to reach the target level.

Principal Risks and Uncertainties

The charity is committed to a programme of risk management as an element of its strategy to preserve the charity’s assets. In order to embed sound practice, the senior leadership team ensures that risk management policies are applied, that there is an ongoing review of activity and that appropriate advice and support is provided; and there is regular reporting to the appointed sub-committee having delegated authority from the Court of Aldermen and its General Purposes Committee for the day-to-day oversight and management of the charity.

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

31[st] October 2024

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF EMMANUEL HOSPITAL

I report to the Trustee on my examination of the accounts of Emanuel Hospital for the year ended 31 March 2024 which are set out on pages 9 to 17.

This report is made solely to the charity’s Trustee, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s Trustee those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s Trustee as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity Trustee of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Vincent Marke, FCA

Crowe U.K LLP, 55 Ludgate Hill, London, EC4M 7JW 8 November 2024

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2024

		Unrestricted	Endowment	Endowment	2024	2023
	Notes	Funds	Funds		Total Funds	Total Funds
		£	£		£	£
Income from:
Investments	2	89,685		-	89,685	112,359
Total income		89,685		-	89,685	112,359
Expenditure on:
Charitable activities	3	276,368		-	276,368	701,830
Total expenditure		276,368		-	276,368	701,830
Net income		(186,683)		-	(186,683)	(589,471)
Net (losses)/gains on investments	8	53,546	171,458		225,004	(85,965)
Net (losses) on short term deposit		94		-	94	(16)
Net (expenditure)/income and net
movement in funds		(133,043)	171,458		38,415	(675,452)
Reconciliation of funds:
Total funds brought forward	11	641,957	1,746,414		2,388,371	3,063,823
Total funds carried forward	11	508,914	1,917,872		2,426,786	2,388,371

The above results were derived from continuing activities.

There were no other recognised gains and losses other than those shown above. The notes on pages 11 to 17 form part of these financial statements.

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

BALANCE SHEET

AS AT 31 MARCH 2024

BALANCE SHEET AS AT 31 MARCH 2024
	Notes	2024	2023
		Total	Total
		£	£
Fixed assets
Investments	8	2,578,301	2,703,298
Total fixed assets		2,578,301	2,703,298
Current assets
Cash at bank and in hand		24,201	38,931
Total current assets		24,201	38,931
Current Liabilities
Creditors	9	(175,716)	(353,858)
Total Current Liabilities		(175,716)	(353,858)
Total net assets		2,426,786	2,388,371
The funds of the charity:
Endowment funds	10	1,917,872	1,746,414
Unrestrictedincomefunds	10	508,914	641,957
Total funds		2,426,786	2,388,371

The notes on pages 11 to 17 form part of these financial statements.

Approved and signed on behalf of the Trustee.

Caroline Al-Beyerty

Chamberlain of London and Chief Financial Officer

31[st] October 2024

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items that are considered material in relation to the financial statements of the charity.

(a) Basis of preparation

The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention and in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019) and the Charities Act 2011.

(b) Going concern

The financial statements have been prepared on a going concern basis as the Trustee considers that there are no material uncertainties about the charity’s ability to continue as a going concern. The charity only spends the income that is generated from its investments, so maintaining its capital base. The latest forecast anticipates that adequate funds will be available in the 12 months from the date of signing these financial statements to enable the charity to continue to fulfil its obligations.

In making this assessment, the Trustee has considered the current high inflationary pressures on the value of investment assets held, future income levels, expenditure requirements and the liquidity of the charity over the 12-month period from the date of the signed accounts. It has not identified any indication that the charity will not be able to meet liabilities, including planned commitments, as they fall due. The charity, as a matter of funding policy, is continuing to support the existing Lady Dacre Pensioners (subject to their on-going eligibility) by way of a modest monthly pension, with the discretion to award a further additional payment to each of them prior to Christmas, this arrangement being subject to annual review. Any changes to this policy would be taken after appropriate evaluation, including an assessment of the charity’s best interests and impact on its beneficiaries. The policy of meeting pensions and approving grant commitments from available unrestricted income, provides the flexibility to ensure the long-term viability of the charity; in addition to the funds balances carried forward from previous years, the charity has sufficient funds to maintain the pensions currently paid out and grant commitments agreed. The Trustee is under no obligations to pay out pensions and may choose to defer pensions payments to future years until such time as the available free reserves were deemed adequate to meet these costs or cease making pension payments altogether. For this reason, the Trustee continues to adopt a going concern basis for the preparation of the financial statements.

(c) Key management judgements and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenditure. The estimates and associated assumptions are based on historical experience and various other factors that are

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

believed to be reasonable under the circumstances, the result of which form the basis of decisions about carrying values of assets and liabilities that are not readily apparent from other sources. The resulting accounting estimates will, by definition, seldom equal the related actual results.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Management do not consider there to be any material revisions requiring disclosure.

(d) Statement of Cash Flows

As per section 14.1 of the Charities SORP the Charity is not required to produce a statement of cash flows on the grounds that it is a small entity.

(e) Income

All income is included in the Statements of Financial Activities (SOFA) when the charity is legally entitled to the income; it is more likely than not that economic benefit associated with the transaction will come to the charity and the amount can be quantified with reasonable certainty. Income consists of investment income and interest on cash balances. The previous year included the receipt of funds as part of the closure of two other charities.

(f) Expenditure

Expenditure is accounted for on an accruals basis and has been classified under the principal category of ‘expenditure on charitable activities. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. The liability can only be derecognised where payment of a grant award is no longer probable.

The charity does not employ any staff. Officers of the City Corporation provide financial and governance administrative assistance to the charity when required and the costs of this support are recovered from the charity.

(g) Pensions

Pensions paid to beneficiaries are subject to an annual review by the Trustee. The financial statements reflect the pensions payable for the year of account only.

(h) Taxation

The charity meets the definition of a charitable trust for UK income tax purposes, as set out in Paragraph 1 Schedule 6 of the Finance Act 2010. Accordingly, the charity is exempt from UK taxation in respect of income or capital gains under part 10 of the Income Tax Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

(i) Investments

Investments are made in the City of London Charities Pool (charity number 1021138) which is an investment mechanism operating in a similar way to a unit trust. This enables

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

the City of London Corporation to “pool” small charitable investments together and consequently obtain better returns than would be the case if investments were made individually.

Investments are valued at bid price in line with FRS102. Gains and losses for the year on investments held as fixed assets are included in the Statement of Financial Activities.

(j) Funds structure

Income, expenditure and gains/losses are allocated to particular fund according to their purpose:

Permanent endowment fund – this fund consists of funds which are held in perpetuity for the benefit of the charity as a result of conditions imposed by the original donors and trusts. Income generated from the investments which represent these funds can be spent on the charitable purpose of the charity, hence is allocated to the unrestricted income fund. Gains/losses on the underlying assets remain as part of the endowment.

Unrestricted income funds – these funds can be used in accordance with the charitable objects at the discretion of the Trustee and include both income generated by assets held within the permanent endowment fund and from those representing unrestricted funds. Specifically, this represents the surplus of income over expenditure for the charity which is carried forward to meet the requirements of future years, known as free reserves.

Designated funds – these are funds set aside by the Trustee out of unrestricted funds for a specific purpose.

(k) Insurance

The charity, elected Members and staff supporting the charity’s administration are covered by the City Corporation’s insurance liability policies, and otherwise under the indemnity the City Corporation provides to Members and staff, funded from City’s Cash.

2. INCOME FROM INVESTMENTS

	Unrestricted	Unrestricted
	funds	funds
	2024	2023
	£	£
Investment income	85,480	111,882
Interest	4,205	477
Total	89,685	112,359

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

3. EXPENDITURE ON CHARITABLE ACTIVITIES

		Unrestricted funds	Unrestricted funds	Unrestricted
	Direct	Support	Total	funds
	costs	costs	2024	2023
	£	£	£	£
Lady Dacre Pensions	32,666	1,919	34,585	35,302
Grants/Donations to Voluntary and Other Organisations	228,364	13,419	241,783	666,528
Total	261,030	15,338	276,368	701,830

4. ANALYSIS OF SUPPORT COSTS

Legal fees Management Fees Finance and administration expenses Independent examination fees Sub- total Reallocation of governance costs Total support costs	Charitable Governance Total Total activities costs 2024 2023 £ £ £ £ 1,875 - 1,875 1,820 6,644 - 6,644 5,476 4,876 - 4,876 2,691 - 1,943 1,943 2,000
	13,395 1,943 15,338 11,987 1,943 (1,943) - -
	15,338 - 15,338 11,987

Support costs are allocated based on direct costs incurred on charitable activities.

5. ANALYSIS OF GRANTS

Reconciliation of grants payable:	2024	2023
	£	£
Commitments at 1 April	353,858	93,956
Commitments made in the year	228,364	655,144
Grants paid in the year	(406,507)	(395,242)
Commitments at 31 March	175,716	353,858

6. INDEPENDENT EXAMINER’S REMUNERATION

In 2022/23 an independent examination fee of £1,943 was recharged (2022/23: £2,000). No other services were provided to the charity by its independent examiners during the year (2022/23: £nil).

7. TRUSTEE EXPENSES

The City of London Corporation, acting by the Court of Aldermen as Trustee, received reimbursement of management and admin fees recharged to the charity of £15,338 (2022/23: £11,987); refer to Note 12.

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

8. INVESTMENTS

The investments are held in the City of London Corporation Charities Pool, a charity registered in the UK with the Charity Commission (charity number 1021138). The Charities Pool is a UK registered unit trust.

The value of investments held by the charity are as follows:

	2024	2023
	£	£
Market value 1 April	2,703,298	2,989,270
Disposal	(350,001)	(200,007)
Gain/(Loss) for the year	225,004	(85,965)
Market value 31 March	2,578,301	2,703,298
Cost 31 March	2,118,810	2,439,636
Units held in Charities Pool	259,282	298,542

The type of listed investments held at 31 March was as follows:

					Held
	Held in the	Held outside	Total at 31	Held in the	outside the	Total at 31
	UK	the UK	March 2024	UK	UK	March 2023
	£	£	£	£	£	£
Equities	2,169,389	282,436	2,451,825	2,193,455	367,649	2,561,104
Pooled Units	96,172	-	96,172	88,668	-	88,668
Cash held by Fund Manager	30,304	-	30,304	53,526	-	53,526
Total	2,295,865	282,436	2,578,301	2,335,649	367,649	2,703,298

9. CREDITORS

CREDITORS
	2024	2023
	£	£
Grant Liabilities	175,716	353,858

10. ANALYSIS OF NET ASSETS BY FUND At 31 March 2024

At 31 March 2024
	General	Endowment	Total at 31
	funds	funds	March 2024
	£	£	£
Fixed assets - investments	660,429	1,917,872	2,578,301
Current assets	24,201	-	24,201
Current Liabilities	(175,716)	-	(175,716)
Total	508,914	1,917,872	2,426,786
At 31 March 2023
		Endowment	Total at 31
	General funds	funds	March 2023
	£	£	£
Fixed assets - investments	956,884	1,746,414	2,703,298
Current assets	38,931	-	38,931
Current Liabilities	(353,858)	-	(353,858)
Total	641,957	1,746,414	2,388,371

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

11. MOVEMENT IN FUNDS

	Total as at				Total as at
	01 April			Gains &	31 March
At 31 March 2024	2023	Income	Expenditure	(losses)	2024
	£	£	£	£	£
Permanent endowment funds	1,746,414	-	-	171,458	1,917,872
Unrestricted income funds:
General funds	641,957	89,685	276,368	53,640	508,914
Total funds	2,388,371	89,685	276,368	225,098	2,426,786
	Total as at				Total as at
	01 April			Gains &	31 March
At 31 March 2023	2022	Income	Expenditure	(losses)	2023
	£	£	£	£	£
Permanent endowment funds	1,786,824	-	-	(40,410)	1,746,414
Unrestricted income funds:
General funds	1,276,999	112,359	701,830	(45,571)	641,957
Total funds	3,063,823	112,359	701,830	(85,981)	2,388,371

Purpose of the permanent endowment funds

The permanent endowment fund is held in perpetuity as a capital fund to generate income for the activities of the charity. Any income generated from this fund is accounted for within unrestricted income funds. The fund comprises the investment of the original endowment, further receipts of endowed assets and the subsequent revaluation of these investments.

Purpose of the unrestricted income funds

General funds

This fund is available for distribution with the purposes of the charity and represents the surplus of income over expenditure for the charity which is carried forward to meet the requirements of future years, known as free reserves.

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

12. RELATED PARTY TRANSACTIONS

The City Corporation acting by the Court of Aldermen is the sole Trustee of the charity, as described on page 2.

The charity is required to disclose information on related party transactions with bodies or individuals that have the potential to control or influence the charity. Members are required to disclose their interests, and these can be viewed online at www.cityoflondon.gov.uk.

Members and senior staff are requested to disclose all related party transactions, including instances where their close family has made such transactions.

Figures in brackets represent the amounts due at the balance sheet date. Other figures represent the value of the transactions during the year.

Related party	Connected party	2024	2023	Detail of transaction
		£	£
	The City of London
	Corporation is the
Charities Pool	Trustee for the charity	85,480	111,882	Distribution from the Charities Pool
		(-)	(-)
City of London	The City of London Corporation is the	15,338	11,987	Management and administration fees
Corporation	Trustee for the charity			recharged to the charity

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Emanuel Hospital | Annual Report and Financial Statements 2023/24

REFERENCE AND ADMINISTRATION DETAILS

CHARITY NAME: Emanuel Hospital

Registered charity number: 206952

PRINCIPAL OFFICE OF THE CHARITY & THE CITY CORPORATION:

Guildhall, London, EC2P 2EJ

TRUSTEE:

The City of London Corporation acting by the Court of Aldermen

SENIOR MANAGEMENT:

Chief Executive

Ian Thomas - The Town Clerk and Chief Executive of the City of London Corporation

Treasurer

Caroline Al-Beyerty - The Chamberlain and Chief Financial Officer of the City of London Corporation

Solicitor

Michael Cogher - The Comptroller and City Solicitor of the City of London Corporation

INDEPENDENT EXAMINERS

Crowe U.K. LLP, 55 Ludgate Hill, London EC4M 7JW

BANKERS:

Lloyds Bank Plc., P.O. 1000 BX1 1LT

INVESTMENT FUND MANAGERS:

Artemis Investment Management LLP, Cassini House, 57 St. James's Street, London, SW1A 1LD

Contact for The Chamberlain & Chief Financial Officer, to request copies of governance documents:

[e-mail]

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