Emanuel Hospital
Annual Report and Financial Statements for the year ended 31 March 2025
Charity registration number 206952
CONTENTS
ORIGINS OF THE CHARITY ....................................................................................................... 1 STRUCTURE AND GOVERNANCE ............................................................................................ 2 ACHIEVEMENTS AND PERFORMANCE ................................................................................... 4 FINANCIAL REVIEW................................................................................................................... 5 TRUSTEE RESPONSIBILITIES .................................................................................................. 7 INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF EMMANUEL HOSPITAL ........ 8 STATEMENT OF FINANCIAL ACTIVITIES ................................................................................. 9 BALANCE SHEET ..................................................................................................................... 10 NOTES TO THE FINANCIAL STATEMENTS ............................................................................ 11 REFERENCE AND ADMINISTRATION DETAILS ..................................................................... 18
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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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.
The charity’s governance and administration arrangements were implemented following a comprehensive governance review, during which reference was made throughout to the good practices recommended in the Charity Governance Code. The charity operates a significant strategic grant making and administration programme, ensuring that it 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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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. The Charity’s funding activity for the period 2021 to 2025 continues to reflect its historic purpose of supporting older people in need. This includes:
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Continuing to support the existing Lady Dacre Pensioners (subject to their ongoing 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
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Delivery of a three-year strategic funding programme (2022/23 to 2024/25) focused on relieving need among older individuals living in Greater London. This programme is designed to deliver meaningful impact and is being developed in collaboration with other organisations in the sector. It is subject to annual review.
The assessment, management and oversight of the charity’s grant making is provided by the Central Funding & Charity Management Team (CFCMT) within the City Bridge Foundation Institutional Department, which is an internal department of The City of London Corporation.
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ACHIEVEMENTS AND PERFORMANCE
During 2024/25 regular monthly pension payments were made to the remaining Lady Dacre Pensioners and in October 2024 the Sub-Committee also approved a £350 Christmas Bonus payment be provided for each Lady Dacre Pensioner in response to the introduction of means testing to the previously universal ‘Winter Fuel Payment’ benefit and anticipated unit price increases for gas and electricity over the winter 2024.
In line with its agreed 2021-2025 Funding Policy, the Charity awarded a new strategic grant to Friends of the Elderly and continued to manage its existing grants to Friends of the Elderly and Age UK.
In July 2024, a new four-year grant of £399,548 was awarded to Friends of the Elderly to continue their Small Grants Programme. This programme provides one-off grants to older people living in London facing extreme financial difficulty. These grants have demonstrated a positive impact in reducing stress and anxiety, improving wellbeing, and enabling social connection. The programme is highly responsive, with support often reaching individuals within days where needed urgently.
Friends of the Elderly also continued to deliver their grant awarded in 2023/24 to increase the capacity and reach of their one-off grants (up to £500), provide cost of living crisis grants (up to £1,000), pilot support for community projects that address social isolation of older people living in London, undertake programme evaluation and contribute towards the salary of a Grant Administrator.
During the year, Age UK used their grant awarded in prior years to provide onward grants to 22 local Age UK charities operating in London enabling older people to access services delivered in a variety of ways to suit personal preference – most commonly over the phone, by email, at local Age UKs and other community venues, as well as in older people’s homes. This programme came to an end in November 2024.The nature of support offered has varied depending on needs and circumstances. The local Age UK network has experienced extreme demand for these services. On average, of the 22 Local Age UK’s involved in the Older Londoners Programme, EH Charity’s £25,000 annual support covered 8.8% of the total Information and Advice service costs across the two-year delivery period. Age UK therefore estimate that EH Charity’s recent £655,144 grant identified £4,283,643 in annual benefits for older people representing a significant return on investment.
PLANS FOR FUTURE PERIODS
The Emanuel Hospital Charity’s current Funding Policy will come to an end in 2025 and the charity’s Management is actively working on the development of a new Funding Policy, anticipated for approval in Summer 2025. The Pensions 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.
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FINANCIAL REVIEW
Overview of Financial Performance
Income
In 2024/25, the charity’s total income for the year was £91,850, an overall increase of £2,165 (2.4%) from previous year (2023/24: £89,685). All income received was from investments. Income increased during the year as due to income returns on the Charities Pool investments increasing per unit compared to 2023/24, offsetting the fact that by the end of the year Emanuel Hospital held fewer units in the Charities Pool as a result of investment disposals.
Expenditure
Total expenditure for the year was £443,279, all of which related to charitable activities (2023/24: £276,368). This mainly related to 1 grant awarded in the year to Friends of the Elderly for £399,548 (2023/24: £228,364) and the total of £30,049 paid as pensions during the year (2023/24: £32,666). Support costs were £13,682 (2023/24: £15,338), made up of legal, management and administration costs and independent examination fees.
Investment performance
Over the course of 2024/25 the Charities Pool investment strategy delivered an absolute return (gross of fees) of +11.44% which was above the FTSE All Share Index benchmark return of +10.46% (2023/24: the investment strategy gained +14.18% versus +8.43% 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.
| 2024/25 | 2024/25 | 2023/24 | ||
|---|---|---|---|---|
| 3 year | 5 year | 3 year 5 |
year | |
| City of London Charities Pool | 9.16% | 13.56% | 9.03% | 7.62% |
| FTSE All Share | 7.22% | 12.04% | 8.05% | 5.44% |
| Fund outperformance | 1.94% | 1.52% | 0.98% | 2.18% |
Funds held
The charity’s total funds held decreased by £175,347 (7.2%) to £2,251,439 at 31 March 2025 (2023/24: £2,426,786), mainly a result of significant grants awarded to Friends of the Elderly in the year and partially offset by gains on the investments held.. Within the total funds held, £2,056,929 (2023/24: £1,917,872) represent permanent endowment funds which are held in perpetuity as a capital fund to generate income for the primary objectives of the charity. Any income arising from this capital is accounted for within unrestricted funds.
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The general fund represents funds that are available for distribution in accordance with the purpose of Emanuel Hospital, with £194,510 held at the year-end (2023/24: £508,914).
Details of all funds held, including their purposes, are set out within note 11 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’s policy is to hold sufficient funds in its free reserves to meet future working capital needs and the Trustee believes that an amount of £45,000 should be held, which will be subject to annual review.
As at 31 March 2025 the charity held £194,510 as free reserves, above their target by £149,510. These amounts are available to support charitable activities in future years.
While the charity currently holds free reserves in excess of its target of £45,000, a new funding strategy is in development with the aim of spending 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.
Risk management for the Emanuel Hospital Charity is overseen by the Trustee, with dayto-day monitoring and review delegated to the Emanuel Hospital Charity Sub-Committee. The Sub-Committee follows the City of London Corporation’s established risk management procedures, which were formally adopted in February 2021.
The Charity’s Risk Register is reviewed annually alongside the Trustee’s Report and Financial Statements, with any significant changes reported during the year as required.
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TRUSTEE RESPONSIBILITIES
The Trustee is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Charity law requires the Trustee to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law, the Trustee must not approve the financial statements unless the Trustee is satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustee is required to:
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select suitable accounting policies and then apply them consistently.
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make judgements and accounting estimates that are reasonable and prudent.
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable the Trustee to ensure that the financial statements comply with the Charities Act 2011. The Trustee is 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.
In so far as the Trustee is aware:
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there is no relevant audit information of which the charity’s auditors are unaware; and
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the Trustee has taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Financial statements are published on the Trustee’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Trustee’s website is the responsibility of the Trustee. The Trustee’s responsibility also extends to the ongoing integrity of the financial statements contained therein.
Adopted and signed for on behalf of the Trustee.
Alderman Gregory Jones KC (Chairman)
18 December 2025
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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 2025 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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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
16 January 2026
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STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025
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Unrestricted Endowment 2024/25 2023/24
Notes Funds Funds Total Funds Total Funds
£ £ £ £
Income from:
Investments 2 91,850 - 91,850 89,685
Total income 91,850 - 91,850 89,685
Expenditure on:
Charitable activities 3 443,279 - 443,279 276,368
Total expenditure 443,279 - 443,279 276,368
Net gains on investments 8 37,007 139,057 176,064 225,004
Net gains on short term deposit 18 - 18 94
Net movement in funds (314,404) 139,057 (175,347) 38,415
Reconciliation of funds:
Total funds brought forward 11 508,914 1,917,872 2,426,786 2,388,371
Total funds carried forward 11 194,510 2,056,929 2,251,439 2,426,786
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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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BALANCE SHEET
AS AT 31 MARCH 2025
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Notes 2025 2024
Total Total
£ £
Fixed Assets
Investments 8 2,554,353 2,578,301
Total Fixed Assets 2,554,353 2,578,301
Current Assets
Cash at bank and in hand 127,414 24,201
Total Current Assets 127,414 24,201
Current Liabilities
Creditors 5, 9 (430,328) (175,716)
Total Current Liabilities (430,328) (175,716)
Total Net Current Assets (302,914) (151,515)
Total Net Assets 2,251,439 2,426,786
The funds of the charity:
Endowment funds 11 2,056,929 1,917,872
Unrestricted income funds 11 194,510 508,914
Total funds 2,251,439 2,426,786
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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
15[th] January 2026
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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 to 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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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.
(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. Grants are recognised in the Statement of Financial Activities when they have been approved by the Trustee and notified to the beneficiaries.
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.
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(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 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.
(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 | |
| 2024/25 | 2023/24 | |
| £ | £ | |
| Investment income | 88,654 | 85,480 |
| Interest | 3,196 | 4,205 |
| Total | 91,850 | 89,685 |
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3. EXPENDITURE ON CHARITABLE ACTIVITIES
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Unrestricted funds
Direct Support Total Total
costs costs 2024/25 2023/24
£ £ £ £
Lady Dacre Pensions 30,049 957 31,006 34,585
Grants/Donations to Voluntary and Other Organisations
(Note 5) 399,548 12,725 412,273 241,783
Total 429,597 13,682 443,279 276,368
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4. ANALYSIS OF SUPPORT COSTS
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Charitable Governance Total Total
activities costs 2024/25 2023/24
£ £ £ £
Legal fees 2,753 - 2,753 1,875
Management Fees 5,049 - 5,049 6,644
Finance and administration expenses 2,682 - 2,682 4,876
Independent examination fees - 3,198 3,198 1,943
Sub-total 10,484 3,198 13,682 15,338
Reallocation of governance costs 3,198 (3,198) - -
Total support costs 13,682 - 13,682 15,338
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Support costs are allocated based on direct costs incurred on charitable activities.
5. ANALYSIS OF GRANTS
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6. INDEPENDENT EXAMINER’S REMUNERATION
In 2024/25 an independent examination fee of £3,198 was recharged (2023/24: £1,943). No other services were provided to the charity by its independent examiners during the year (2023/24: £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 £13,682 (2023/24: £15,338); refer to Note 12.
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:
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2024/25 2023/24
£ £
Market value 1 April 2,578,301 2,703,298
Disposal (200,012) (350,001)
Gain/(Loss) for the year 176,064 225,004
Market value 31 March 2,554,353 2,578,301
Cost 31 March 1,957,220 2,118,810
Units held in Charities Pool 239,508 259,282
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The geographical spread of listed investments as at 31 March was as follows:
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Held in the Held outside Total at 31 Held in the Held outside Total at 31
UK the UK March 2025 UK the UK March 2024
£ £ £ £ £ £
Equities 2,283,174 161,839 2,445,013 2,169,389 282,436 2,451,825
Pooled Units 78,426 - 78,426 96,172 - 96,172
Cash held by Fund Manager 30,914 - 30,914 30,304 - 30,304
Total 2,392,514 161,839 2,554,353 2,295,865 282,436 2,578,301
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9. CREDITORS
| 2024/25 | 2023/24 | ||
|---|---|---|---|
| £ | £ | ||
| Grant Liabilities (Note | 5) | 430,328 | 175,716 |
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10. ANALYSIS OF NET ASSETS BY FUND
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General Endowment Total at 31 Total at 31
funds funds March 2025 March 2024
£ £ £ £
Fixed assets - investments 497,424 2,056,929 2,554,353 2,578,301
Current assets 127,414 - 127,414 24,201
Current Liabilities (430,328) - (430,328) (175,716)
Total 194,510 2,056,929 2,251,439 2,426,786
At 31 March 2024
Endowment Total at 31 Total at 31
General funds funds March 2024 March 2023
£ £ £ £
Fixed assets - investments 660,429 1,917,872 2,578,301 2,703,298
Current assets 24,201 - 24,201 38,931
Current Liabilities (175,716) - (175,716) (353,858)
Total 508,914 1,917,872 2,426,786 2,388,371
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11. MOVEMENT IN FUNDS
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Total as at Total as at
01 April Gains & 31 March
At 31 March 2025 2024 Income Expenditure (losses) 2025
£ £ £ £ £
Permanent endowment funds 1,917,872 - - 139,057 2,056,929
Unrestricted income funds:
General funds 508,914 91,850 443,279 37,025 194,510
Total funds 2,426,786 91,850 443,279 176,082 2,251,439
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
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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
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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.
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 | 2024/25 | 2023/24 | Detail of transaction |
|---|---|---|---|---|
| £ | £ | |||
| The City of London | ||||
| Corporation is the | ||||
| Charities Pool | Trustee for the charity | 88,654 | 85,480 | Distribution from the Charities Pool |
| (-) | (-) | |||
| City of London | The City of London Corporation is the |
13,682 | 15,338 | Management and administration fees |
| Corporation | Trustee for the charity | recharged to the charity | ||
| (-) | (-) |
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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:
CHBOffice-BusinessSupport@cityoflondon.gov.uk
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