Annual Report to 31st March 2025
Financial Review
Principal Funds
The charity operates two principal endowment funds, the General Fund and the Hospital Fund. The income of both funds comprises rents from property and dividends and interest from the charity’s other investments. As defined by the 2009 Scheme, the General Fund meets a proportion of the residential costs and the whole of the management and support costs of the charity.
Under the terms of the original Charity Commission Scheme of 1872, the charity continues to support the School by distributing a prescribed amount of its income. The Moiety for the 2024/25 year under the provisions of the 2009 Scheme is £385,000 (2024: £456,000) and this sum is distributed to both Charterhouse School and the Hospital Fund once the accounts have been approved by the Governors and audited.
The Hospital Fund meets the majority of the costs of providing long term residential care for the Brothers, who also make a contribution to the overall care costs. The Hospital Fund also meets 75% of the costs of the repair and maintenance of the charity’s historic buildings.
Non-Property Investment Policy
The charity’s General Fund and Hospital Fund are permanently endowed. The charity is restricted to the annual sum receivable under the Total Return Distribution Policy (see below) to support its operations with no further access to the capital. The investment strategy therefore focuses on the total investment return to provide adequate income over the long term to fund both the operations of the Hospital and financial support to the School, having due regard to the need to protect and enhance the capital value of the endowments. Each of our three Investment Managers is responsible for the management of a proportion of the charity’s financial investments, and manages the investments of the General Fund and the Hospital Fund on a consolidated basis. The Assembly has instructed each Investment Manager to pursue a policy which sets a target for the overall performance of the portfolio; these targets have been established at RPI plus 4% per annum on a rolling five year basis.
There are currently no specific constraints on the Charterhouse portfolio in terms of ethical, social or environmental (ESG) matters but the managers of the portfolio are expected to take ESG issues into consideration when assessing individual investments and actively engage with company management to improve their ESG policies and practices.
Income
Total income of the Unrestricted and Restricted Funds decreased marginally in the year from £5.6m to £5.5m as the care strategy changed during the year. The split of income across both years is as follows;
----- Start of picture text -----
2025 2024
(£’000) (£’000)
212 142
1,453 1,373
961 1,270
844
727
17 37
2,034 2,078
Donations and legacies Brothers' contributions Trading activities
Other trading activities Property income Dividends and income
----- End of picture text -----
Total expenditure has increased in the year from £5.6m to £5.8m as resource has been strengthened to implement the revised Charterhouse strategy.
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Annual Report to 31st March 2025
Property and Financial Investment Portfolios
The property portfolio decreased marginally in value by 0.3% (£0.2m) from £61.4m to £61.2m. The financial portfolio increased marginally by 0.7% (£0.4m) from £51.0m to £51.4m. A full internal property valuation was carried out in the year and the changes are as a result of the underlying market movements.
The split by portfolio across both years is as follows;
----- Start of picture text -----
2025 2024
(£’000) (£’000)
51,408 51,048
61,167 61,370
Property
Financial Assets
----- End of picture text -----
The Governors adopted a Total Return Distribution Policy from 26 March 2015 for both the General and Hospital funds. The resolution was approved by the Charity Commission under section 282 of the Charities Act 2011. The policy is based on a transfer of 3% of the 5 year average capital value of the fund, less actual income for the year.
The total return on the listed securities portfolio for the year was 4.6% (2024: -11.4%). This compares to the RPI plus 4% benchmark calculated at 7.3% for the year (2024: 8.3%).
Reserves
| Reserves | ||
|---|---|---|
| 2025 | 2024 | |
| Total | Total | |
| £’000 | £’000 | |
| Endowment Fund - General | 81,395 | 79,977 |
| Endowment Fund - Hospital | 30,799 | 31,582 |
| Restricted Income Fund | 1,045 | 107 |
| Unrestricted Income Fund | 196 | 675 |
| Designated Fixed Assets | 7,887 | 7,700 |
| 121,322 | 120,041 |
The Governors established a balance of free reserves held in the Unrestricted Income Fund of the Hospital Fund. These are designed to finance working capital requirements and to protect the operations of the charity against any unexpected fluctuations in income and protect the vulnerable beneficiaries. Due to the relative stability and security of income, the Governors have set a target of three month’s expenditure (excluding the Moiety) as the desired level of free reserves. This target currently stands at £1.3m against a free reserves balance of £0.2m.
Charitable Donations
No donations were made for any political purpose in the current or previous year. That said, the charity has run joint events with other charities, associations and community groups in our space. This is seen as part of the Charterhouse’s Good Neighbour scheme and wider engagement with the community helping to improve the lives and environment within which the charity, its staff and beneficiaries operate.
Approved by the Governors and signed on their behalf by:
Vincent Keaveny CBE Chairman 17 July 2025
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Annual Report to 31st March 2025
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS OF SUTTON’S HOSPITAL IN CHARTERHOUSE
Opinion
We have audited the financial statements of Sutton’s Hospital in Charterhouse (the ‘parent charity’) for the year ended 31st March 2025 which comprise the Group and Charity Statement of Financial Activities, the Group and Parent Charity Balance Sheets, the Group and Charity Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the group’s and the parent charity’s affairs as at 31st March 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
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the parent charity has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
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the parent charity’s financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of Governors
As explained more fully in the trustees’ responsibilities statement set out on page 12, the trustees 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 trustees 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 trustees are responsible for assessing the group and parent 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 trustees either intend to liquidate the group or parent charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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Annual Report to 31st March 2025
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.
Our approach was as follows:
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. 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 any party other than the charity and charity’s trustees as a body, for our audit work, for this report, or for the opinion we have formed.
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We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.
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We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance.
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We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
Statutory Auditor
Date 6th Floor 9 Appold Street London EC2A 2AP
Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.
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We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
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Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
24 Creating a Community of Excellence for the Care of Older People
Annual Report to 31st March 2025
Consolidated Statement of Financial Activities
For the year to 31 March 2025
| For the year to 31 March 2025 | ||||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | 2025 | 2024 | ||
| Funds | Funds | Funds | Total | Total | ||
| Note | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Income and Endowments from: | ||||||
| Donations and legacies | 185 | 27 | - | 212 | 142 | |
| Charitable activities | 978 | - | - | 978 | 1,307 | |
| Other trading activities | 844 | - | - | 844 | 727 | |
| Investment and other income | 959 | 2,940 | - | 3,899 | 3,000 | |
| Transfer from Capital to Income (TRDP) | 40 | 465 | (505) | - | - | |
| Total Income and Endowments | 2 | 3,006 | 3,432 | (505) | 5,933 | 5,176 |
| Expenditure on raising funds | ||||||
| Investment and property management expenses | 353 | 344 | - | 697 | 558 | |
| Trading activities | 533 | - | - | 533 | 461 | |
| Fundraising | 220 | 115 | - | 335 | 303 | |
| Charitable activities | ||||||
| Infirmary care | 1,151 | 426 | - | 1,577 | 1,643 | |
| Sheltered accommodation | 1,426 | 839 | - | 2,265 | 2,164 | |
| Moiety to Charterhouse School | - | 385 | - | 385 | 456 | |
| Total Expenditure | 3 | 3,683 | 2,109 | - | 5,792 | 5,585 |
| Net income/expenditure before gains on investments | (677) | 1,323 | (505) | 141 | (409) | |
| Gains on financial investments | 7 | - | - | 1,343 | 1,343 | 4,116 |
| Gains on freehold property | 7 | - | - | (203) | (203) | (2,631) |
| Net income/expenditure | (677) | 1,323 | 635 | 1,281 | 1,076 | |
| Transfer between funds | 385 | (385) | - | - | - | |
| Net movement in funds | (292) | 938 | 635 | 1,281 | 1,076 | |
| Total funds brought forward | 8,375 | 107 | 111,559 | 120,041 | 118,965 | |
| Total funds carried forward | 8,083 | 1,045 | 112,194 | 121,322 | 120,041 |
Analysis of Restricted Funds and Endowment Funds is included as Note 15.
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Annual Report to 31st March 2025
Statement of Financial Activities – Charity Only
For the year to 31 March 2025
| For the year to 31 March 2025 | ||||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | 2025 | 2024 | ||
| Funds | Funds | Funds | Total | Total | ||
| Note | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Income and Endowments from: | ||||||
| Donations and legacies | 496 | 27 | - | 523 | 408 | |
| Charitable activities | 978 | - | - | 978 | 1,307 | |
| Investment and other income | 959 | 2,940 | - | 3,899 | 3,000 | |
| Transfer from Capital to Income (TRDP) | 40 | 465 | (505) | - | - | |
| Total Income and Endowments | 2 | 2,473 | 3,432 | (505) | 5,400 | 4,715 |
| Expenditure on raising funds | ||||||
| Investment and property management expenses | 353 | 344 | - | 697 | 558 | |
| Fundraising | 220 | 115 | - | 335 | 303 | |
| Charitable activities | ||||||
| Infirmary care | 1,151 | 426 | - | 1,577 | 1,643 | |
| Sheltered accommodation | 1,426 | 839 | - | 2,265 | 2,164 | |
| Moiety to Charterhouse School | - | 385 | - | 385 | 456 | |
| Total Expenditure | 3 | 3,150 | 2,109 | - | 5,259 | 5,124 |
| Net income/(expenditure) before gains on investments | (677) | 1,323 | (505) | 141 | (409) | |
| Gains on financial investments | 7 | - | - | 1,343 | 1,343 | 4,116 |
| Gains on freehold property | 7 | - | - | (203) | (203) | (2,631) |
| Net income/expenditure | (677) | 1,323 | 635 | 1,281 | 1,076 | |
| Transfer between funds | 5 | 385 | (385) | - | - | - |
| Net movement in funds | (292) | 938 | 1,552 | 1,281 | 1,076 | |
| Total funds brought forward | 8,375 | 107 | 111,559 | 120,041 | 118,965 | |
| Total funds carried forward | 8,083 | 1,045 | 112,194 | 121,322 | 120,041 |
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Consolidated and Charity Balance Sheets
As at 31 March 2025
| Group | Group | Charity | Charity | ||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Note | £’000 | £’000 | £’000 | £’000 | |
| Assets | |||||
| Fixed Assets | |||||
| Tangible assets | 6 | 7,887 | 7,700 | 7,887 | 7,700 |
| Investment property | 7 | 61,167 | 61,370 | 61,167 | 61,370 |
| Financial assets | 7 | 51,408 | 51,048 | 51,408 | 51,048 |
| Investment in Carthusia Ltd | - | - | - | - | |
| Total fixed assets | 120,462 | 120,118 | 120,462 | 120,118 | |
| Current Assets | |||||
| Debtors | 8 | 1,017 | 428 | 1,301 | 682 |
| Cash at bank and in hand | 1,553 | 1,255 | 1,250 | 979 | |
| Total current assets | 2,570 | 1,683 | 2,551 | 1,661 | |
| Liabilities | |||||
| Current Liabilities | |||||
| Creditors | 9 | (1,710) | (1,760) | (1,691) | (1,738) |
| Total current liabilities | (1,710) | (1,760) | (1,691) | (1,738) | |
| Net current assets | 860 | (77) | 860 | (77) | |
| Total net assets | 121,322 | 120,041 | 121,322 | 120,041 | |
| The funds of the Charity: | |||||
| Endowment Fund – General | 81,395 | 79,977 | 81,395 | 79,977 | |
| Endowment Fund – Hospital | 30,799 | 31,582 | 30,799 | 31,582 | |
| Restricted fund income | 1,045 | 107 | 1,045 | 107 | |
| Unrestricted Income Fund | 196 | 675 | 196 | 675 | |
| Designated tangible fixed assets | 7,887 | 7,700 | 7,887 | 7,700 | |
| Total funds | 121,322 | 120,041 | 121,322 | 120,041 |
Approved by the Governors and signed on their behalf by:
Vincent Keaveny CBE Chairman 17 July 2025
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Annual Report to 31st March 2025
Consolidated Cash Flow Statement
For the year to 31 March 2025
| For the year to 31 March 2025 | |||
|---|---|---|---|
| Year ended | Year ended | ||
| 31 March 2025 | 31 March 2024 | ||
| Note | £’000 | £’000 | |
| Cash outflow from Operating Activities | (a) | (3,203) | (3,060) |
| Cash flows from investing activities | |||
| Investments purchased | (1,626) | (3,785) | |
| Movement in cash held as investment | (796) | 180 | |
| Addition of fixed assets | (464) | (283) | |
| Proceeds from disposal of investments | 3,405 | 3,603 | |
| Investment income | 2,982 | 3,000 | |
| Net cash inflows from investing activities | 3,501 | 2,715 | |
| Net cash outflow for the year | (b) | 298 | (345) |
| Notes to Cash flow statement | |||
| (a) Reconciliation of net incoming resources to net cash outflow from operating activities | |||
| Loss for the year (per statement of financial activities) | 1,281 | 1,076 | |
| Less: investment income received | (2,982) | (3,000) | |
| Operating Result | (1,701) | (1,924) | |
| Depreciation | 277 | 285 | |
| (Gain)/loss on revaluation of investments | (1,343) | (4,116) | |
| Loss/(gain) on revaluation of freehold property | 203 | 2,631 | |
| Increase in debtors | (589) | (11) | |
| Decrease in balance due to Charterhouse School | (71) | (5) | |
| Increase in creditors | 21 | 80 | |
| Net cash from operating activities | (3,203) | (3,060) | |
| (b) Movement in Bank and Deposit balances | |||
| Balance at beginning of year | 1,255 | 1,600 | |
| Balance at end of year | 1,553 | 1,255 | |
| Net cash outflow for the year | 298 | (345) |
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Notes to the accounts
For the year to 31 March 2025
1 Accounting policies
- (a) Basis of accounting
The accounts are prepared under the historical cost accounting rules, modified by the valuation of investment property and listed securities, and in accordance with applicable United Kingdom accounting standards.
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The accounts 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 (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling which is also the functional currency of the charity. The amounts are presented to the nearest £1,000.
The accounts have been prepared to a year end date of 31st March.
- (b) Going concern
The charity’s activities, its current financial position and factors likely to affect its future development are set out in the Report of the Governors. On this basis the Board has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in the financial statements.
The Charterhouse has reliable income streams from property rentals, investment dividends and providing residential services. Post year-end property rentals remain steady and the cash position remains strong, therefore, the Governors consider that there are no material uncertainties in adopting the going concern basis of accounting.
- (c) Investments and cash balances
Investments in securities are shown at bid-market value. Freehold property investments are shown at their year-end market value. Any realised or unrealised gains or losses are included in the Consolidated Statement of Financial Activities in the year in which they occur. Investments include cash held by investment managers. Other cash balances, not held for working capital requirements, are held on deposit.
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Annual Report to 31st March 2025
Notes to the accounts (continued)
For the year to 31 March 2025
1 Accounting policies continued
(d) Tangible Fixed Assets
The original 1611 purchase price of the Hospital and the site has been included at a cost of £13,000 and fully depreciated.
No cost or value is attributed to historic items such as artwork and silverware donated to the charity because no reliable cost or value can be determined. The original costs of these assets are not known and no value has been placed upon them. The Governors consider that the cost of obtaining a value for these assets outweighs the benefit of being able to disclose a value. The insurance valuation is not considered to be a true indicator of the value of the artefacts to the charity.
Improvement works of a capital nature carried out on the hospital buildings are capitalised and depreciated over their estimated useful lives normally set at 50 years. Major refurbishments completed during the year are capitalised at the year-end and depreciated from the start of the new financial year. The lower limit for capitalisation of building costs is £50,000.
No depreciation is provided on investment properties.
Other tangible fixed assets are capitalised at their estimated depreciated replacement cost or historic cost on acquisition. Depreciation rates are as follows;
Fixtures and fittings 5- 15 years straight line Plant, Machinery and Equipment 5 - 25 years straight line
Minor additions costing less than £5,000 are expensed in the year in which the cost in incurred.
The cost of sundry office equipment and fixtures and fittings used in the administration of the charity is considered immaterial and written off on acquisition. The cost of these assets is not available and such items are generally dealt with on a replacement basis.
- (e) Funds
The charity maintains two endowment funds, the General Fund and the Hospital Fund, the capital of which is not available to be spent. Income arising on the General Fund may only be spent as specified in the 2009 Scheme, whereas Hospital Fund income is unrestricted. Designated funds represent amounts set aside by the Governors for specific purposes. The restricted funds represent funds received for specific projects in accordance with the donors’ wishes.
- (f) Group Financial Statements
These financial statements consolidate the results of the charity and its wholly-owned subsidiary company Carthusia Limited on a line by line basis. A separate detailed Statement of Financial Activities is presented for the charity with the turnover and resources expended for Carthusia Limited in the consolidated Statement of Financial Activities replaced in the charity’s Statement of Financial Activities by the amount of the Gift Aid income payable to the charity by Carthusia Limited.
- (g) Incoming Resources
Income from the charity’s investment and property portfolio, Brothers’ Contributions and other income are all accounted for on an accruals basis. Donations received for the general purposes of the Hospital Fund are credited to unrestricted funds, and those that are subject to the specific wishes of donors credited to the relevant fund.
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Notes to the accounts (continued)
Donations raised by specific fundraising for the Charterhouse Fund, and unrestricted legacies, are included in full on a receivable basis, and allocated to that fund.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution.
Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
(h) Resources Expended
Resources expended are included in the Consolidated Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Liabilities are recognised when there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Charitable expenditure comprises of costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly and those costs of an indirect nature apportioned on an appropriate basis.
In accordance with the 2009 Scheme, the Hospital’s repairs and maintenance expenditure is apportioned between the General Fund and the Hospital Branch Fund in the ratio of 25:75. These are apportioned across all operations of the charity.
Costs of raising funds include investment expenses and management fees, including fees charged for revaluations and disposals, are charged directly against the capital of the respective funds. These fees can be specifically identified by reference to the investments held by each respective fund.
(i) The Moiety
In accordance with the 2009 scheme, the Moiety transfer represents the transfer of half of the General Restricted Income Fund surplus to Charterhouse School and half to the Hospital Unrestricted Income Fund.
(j) Governance
Governance costs represent the costs associated with the constitutional and statutory requirements of the charity. These include costs relating to statutory audit and legal fees, together with apportionment of management costs and related overheads.
(k) Pension Costs
The charity established and makes contributions to a defined contribution scheme for those staff who elected to become members. With effect from July 2014 and following new pension legislation the charity auto enrolled and made contributions to all staff that had not previously elected into a new defined contribution scheme. The assets of both schemes are held separately in an independently administered fund.
(l) Total Return Investment Policy
The Governors adopted a Total Return Distribution policy in 2015 for both the General and Hospital Funds. The policy is based on a transfer of 3% of the 5 year average capital value of the fund, less the actual income for the year.
Creating a Community of Excellence for the Care of Older People
31
Annual Report to 31st March 2025
Notes to the accounts (continued)
For the year to 31 March 2025
1 Accounting policies continued
- (m) Financial Instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 in full to all of its financial instruments.
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument and are offset only when the charity currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
- (n) Financial assets
Trade, group investment income & rent recoverable and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.
- (o) Financial liabilities
Financial instruments are classified as liabilities according to the substance of the contractual arrangements entered into.
- (p) Critical Accounting Estimates and Areas of Judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are the valuations attributable to the charity’s investment holdings in its stocks and shares and property portfolios and the return from these that will determine the amount of income that can be taken into account under the charity’s total return investment policy.
In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the charity as lessee, or the lessee, where the charity is a lessor.
(q) Apportionment of costs
The Governors approve annually formulae to apportion support costs over all the activities of the charity. The criteria for apportioning support and governance costs to charitable activities continue to be as follows:
-
1 Management staff costs, and related overheads, are apportioned across all the operations of the charity on a time spent basis.
-
2 Other costs which cover both Infirmary and the provision of sheltered accommodation are apportioned in the ratio of rooms available in the Infirmary and other rooms.
32 Creating a Community of Excellence for the Care of Older People
Annual Report to 31st March 2025
2 Income and Endowments
| Generated funds | Charitable Activities | Charitable Activities | ||||||
|---|---|---|---|---|---|---|---|---|
| Infirmary | Sheltered | Restricted | ||||||
| Investment | Fundraising | Trading | care | accommod. | Funds | 2025 | 2024 | |
| £’000 | £’000 |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Donations and Legacies | ||||||||
| Donations and Legacies | - | 212 |
- | - | - | - | 212 | 142 |
| Charitable Activities | ||||||||
| Brothers Contributions | - | - |
- | 102 | 657 | - | 759 | 854 |
| Infirmary Contributions | - | - |
- | 202 | - | - | 202 | 416 |
| Other Charitable Income | - | - |
- | - | 17 | - | 17 | 37 |
| Total Charitable Activities | - | - |
- | 304 | 674 | - | 978 | 1,307 |
| Other Trading Activities | ||||||||
| Carthusia Trading Income | - | - |
844 | - | - | - | 844 | 727 |
| Investment and other Income | ||||||||
| Property Rentals | 2,034 | - |
- | - | - | - | 2,034 | 2,078 |
| Financial Portfolio income | 948 | - |
- | - | - | - | 948 | 922 |
| Insurance Claim | 917 | - |
- | - | - | - | 917 | - |
| Total Investment Income | 3,899 | - | - | - | - | - | 3,899 | 3,000 |
| Total Income (Consolidated) | 3,899 | 212 | 844 | 304 | 674 | - | 5,933 | 5,176 |
| Less: Turnover of Carthusia | - | - |
(844) | - | - | - | (844) | (727) |
| Plus: Carthusia donation | - | - |
311 | - | - | - | 311 | 266 |
| Total Income (Charity only) | 3,899 | 212 | 311 | 304 | 674 | - | 5,400 | 4,715 |
| Generated funds | Charitable Activities | Charitable Activities | ||||||
|---|---|---|---|---|---|---|---|---|
| Infirmary | Sheltered | Restricted | ||||||
| Investment | Fundraising | Trading | care | accommod. | Funds | 2024 | 2023 | |
| £’000 | £’000 |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Donations and Legacies | ||||||||
| Donations and Legacies | - | 142 |
- | - | - | - | 142 | 149 |
| Charitable Activities | ||||||||
| Brothers Contributions | - | - |
- | 162 | 692 | - | 854 | 746 |
| Infirmary Contributions | - | - |
- | 416 | - | - | 416 | 420 |
| Other Charitable Income | - | - |
- | - | 37 | - | 37 | 57 |
| Total Charitable Activities | - | - |
- | 578 | 729 | - | 1,307 | 1,223 |
| Other Trading Activities | ||||||||
| Carthusia Trading Income | - | - |
727 | - | - | - | 727 | 691 |
| Investment Income | ||||||||
| Property Rentals | 2,078 | - |
- | - | - | - | 2,078 | 1,997 |
| Financial Portfolio income | 922 | - |
- | - | - | - | 922 | 758 |
| Total Investment Income | 3,000 | - | - | - | - | - | 3,000 | 2,755 |
| Total Income (Consolidated) | 3,000 | 142 | 727 | 578 | 729 | - | 5,176 | 4,818 |
| Less: Turnover of Carthusia | - | - |
(727) | - | - | - | (727) | (691) |
| Plus: Carthusia donation | - | - |
266 | - | - | - | 266 | 225 |
| Total Income (Charity only) | 3,000 | 142 | 266 | 578 | 729 | - | 4,715 | 4,352 |
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33
Annual Report to 31st March 2025
Notes to the accounts (continued)
For the year to 31 March 2025
3 Resources expended
| 3 Resources expended | ||||||||
|---|---|---|---|---|---|---|---|---|
| Costs | of generating | funds | Charitable Activities | |||||
| Infirmary | Sheltered | |||||||
| Investment | Fundraising | Trading | Care | accommod. | Support | 2025 | 2024 | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Staff Costs | 137 | 41 | 318 | 474 | 246 | 1,826 | 3,042 | 2,753 |
| Agency Costs | - | 3 | 21 | 76 | - | 7 | 107 | 150 |
| Audit Fees | - | - | 5 | - | - |
31 | 36 | 36 |
| Legal Fees | 133 | - | - | 15 | 3 |
23 | 174 | 96 |
| Professional Fees | 54 | 34 | 6 | - | - |
118 | 212 | 237 |
| Repairs & Maintenance | 48 | 6 | 1 | 1 | - | 156 | 212 | 191 |
| Premises Costs | 42 | - | 30 | - | - |
287 | 359 | 447 |
| Catering Costs | - | 5 | 32 | 3 | - | 133 | 173 | 176 |
| Upkeep Costs | 20 | 1 | - | 25 | 4 | 290 | 340 | 325 |
| General Overhead Costs | - | 1 | 3 | 4 | 5 | 165 | 178 | 170 |
| Depreciation | - | - | - | - | - |
277 | 277 | 284 |
| Other | 37 | 19 | 117 | 15 | 22 | 87 | 297 | 264 |
| 471 | 110 | 533 | 613 | 280 | 3,400 | 5,407 | 5,129 | |
| Reallocation of support costs | 226 | 226 | - | 963 | 1,985 | (3,400) | - | - |
| 697 | 336 | 533 | 1,576 | 2,265 | - | 5,407 | 5,129 | |
| Moeity to School | 385 | 456 | ||||||
| Total Expenditure (Consolidated) | 5,792 | 5,585 | ||||||
| Less: Carthusia trading costs | (533) | (461) | ||||||
| Total Expenditure (Charity only) | 5,259 | 5,124 |
| Costs | of generating | funds | Charitable Activities | Charitable Activities | ||||
|---|---|---|---|---|---|---|---|---|
| Infirmary | Sheltered | |||||||
| Investment | Fundraising | Trading | Care | accommod. | Support | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Staff Costs | 128 | 11 | 259 | 541 | 215 | 1,599 | 2,753 | 2,503 |
| Agency Costs | - | - | 11 | 130 | - | 9 | 150 | 240 |
| Audit Fees | - | - | 5 | - | - | 31 | 36 | 36 |
| Legal Fees | 86 | - | 1 | - | (1) | 10 | 96 | 145 |
| Professional Fees | 60 | 23 | 9 | - | - |
145 | 237 | 162 |
| Repairs & Maintenance | 32 | 29 | 4 | 3 | - | 123 | 191 | 272 |
| Premises Costs | 45 | - | 30 | - | - |
372 | 447 | 355 |
| Catering Costs | - | 1 | 23 | 3 | - | 149 | 176 | 230 |
| Upkeep Costs | 10 | 1 | - | 32 | 2 | 280 | 325 | 294 |
| General Overhead Costs | - | 2 | 2 | 5 | 5 | 156 | 170 | 141 |
| Depreciation | - | - | - | - | - | 284 | 284 | 315 |
| Other | (7) | 32 | 117 | 14 | 15 | 93 | 264 | 253 |
| 354 | 99 | 461 | 728 | 236 | 3,251 | 5,129 | 4,946 | |
| Reallocation of support costs | 204 | 204 | - | 915 | 1,928 | (3,251) | - | - |
| 558 | 303 | 461 | 1,643 | 2,164 | - | 5,129 | 4,946 | |
| Moeity to School | 456 | 461 | ||||||
| Total Expenditure (Consolidated) | 5,585 | 5,407 | ||||||
| Less: Carthusia trading costs | (461) | (466) | ||||||
| Total Expenditure (Charity only) | 5,124 | 4,941 |
34 Creating a Community of Excellence for the Care of Older People
Annual Report to 31st March 2025
4 Staff costs
| 2025 | 2024 | |
|---|---|---|
| £’000 | £’000 | |
| Wages and salaries | 2,511 | 2,239 |
| Employer’s Social Security costs | 254 | 220 |
| Pension contributions | 168 | 97 |
| Redundancy costs | - | 3 |
| Agency costs | 170 | 213 |
| 3,103 | 2,772 |
The costs of staff employed in the Infirmary, repairs and maintenance and catering are shown in Note 3 under their respective departmental costs.
The average head count during the year was 91 (2024: 78).
Employees receiving total remuneration including taxable benefits in excess of £60,000:
| 2025 | 2024 | |
|---|---|---|
| Total remuneration including taxable benefits | No. | No. |
| £60,000 – £70,000 | 4 | 2 |
| £70,001 – £80,000 | 1 | 3 |
| £80,001 – £90,000 | 2 | 1 |
| £90,001 – £100,000 | 1 | 1 |
| £100,001 – £110,000 | 1 | - |
Governors do not receive any remuneration for their services, 2025: Nil (2024: Nil). Governors were reimbursed for expenses for travel totalling £356 (2024: £385).
The remuneration of key management personnel, including employer’s National Insurance, was £571,000 (2024: £443,000).
5 Transfers
In accordance with the 2009 Scheme, the Moiety transfer represents the transfer of half of the General Restricted Income Fund surplus to the Hospital Unrestricted Income Fund.
The Governors adopted a Total Return Distribution policy in 2015 for both the General and Hospital Funds. The policy is based on a transfer of 3% of the 5-year average capital value of the fund, less the actual income for the year. This brought £505,000 (General Fund £466,000 Hospital Fund £39,000) (2024: £451,000 (General Fund £416,000, Hospital Fund £35,000)) from capital as income. The amounts are included as investment income.
Creating a Community of Excellence for the Care of Older People
35
Annual Report to 31st March 2025
Notes to the accounts (continued)
For the year to 31 March 2025
6 Tangible Assets Charity and Group
| 6 Tangible Assets Charity and Group | ||||
|---|---|---|---|---|
| Plant, | ||||
| Furniture and | Machinery and | |||
| Buildings | Fixtures | Equipment | Total | |
| £’000 | £’000 | £’000 | £’000 | |
| Cost or valuation | ||||
| Balance at 31 March 2024 | 10,033 | 1,221 | 742 | 11,996 |
| Additions | 52 | 383 | 29 | 464 |
| Disposals | - | - | - |
- |
| Balance as 31 March 2025 | 10,085 | 1,604 | 771 | 12,460 |
| Accumulated depreciation | ||||
| Balance at 31 March 2024 | 3,336 | 862 | 98 | 4,296 |
| Disposals | - | - | - |
- |
| Charge for the year | 201 | 40 | 36 | 277 |
| Balance at 31 March 2025 | 3,537 | 902 | 134 | 4,573 |
| Net book value 31 March 2025 | 6,548 | 702 | 637 | 7,887 |
| Net book value 31 March 2024 | 6,697 | 359 | 644 | 7,700 |
7 Investments Charity and Group
| 7 Investments Charity and Group | ||||
|---|---|---|---|---|
| Investment | Capital | |||
| Freehold | Financial | |||
| property | Assets | 2025 | 2024 | |
| £’000 | £’000 | £’000 | £’000 | |
| Market value at start of period | 61,370 | 51,048 | 112,418 | 110,420 |
| Purchases | - | 1,626 | 1,626 | 3,785 |
| Disposals | - | (3,405) | (3,405) | (3,603) |
| Change in fair value | (203) | 1,343 | 1,140 | 1,485 |
| 61,167 | 50,612 | 111,779 | 112,087 | |
| Cash held by investment managers | - | 796 | 796 | 331 |
| Total | 61,167 | 51,408 | 112,575 | 112,418 |
As at 31 March 2025, a full valuation of the Investment property portfolio was undertaken internally.
The Capital Financial Assets are managed by Newton Investment Management Ltd, Waverton Investment Management Ltd and Troy Asset Management Ltd.
Creating a Community of Excellence for the Care of Older People
36
Annual Report to 31st March 2025
8 Debtors
| 8 Debtors | ||||
|---|---|---|---|---|
| Group | Group | Charity | Charity | |
| 2025 | 2024 | 2025 | 2024 | |
| £’000 | £’000 | £’000 | £’000 | |
| Investment income and rents receivable | 97 | 91 | 92 | 88 |
| Due from Carthusia Limited | - | - | 310 | 266 |
| Other debtors | 379 | 145 | 360 | 139 |
| Prepayments | 541 | 192 | 539 | 189 |
| 1,017 | 428 | 1,301 | 682 |
9 Creditors
| 9 Creditors | ||||
|---|---|---|---|---|
| Group | Group | Charity | Charity | |
| 2025 | 2024 | 2025 | 2024 | |
| £’000 | £’000 | £’000 | £’000 | |
| Taxation and social security | 147 | 113 | 143 | 108 |
| Income in advance | 811 | 684 | 811 | 684 |
| Trade creditors | 193 | 273 | 188 | 264 |
| Moeity to Charterhouse School | 385 | 456 | 385 | 456 |
| Other creditors and accruals | 174 | 234 | 164 | 226 |
| 1,710 | 1,760 | 1,691 | 1,738 |
10 Analysis of assets between funds (Group)
| General Fund | Hospital Branch | Fund | |||||
|---|---|---|---|---|---|---|---|
| Designated | |||||||
| Unrestricted | Restricted | tangible fixed | |||||
| Endowment | Income Fund | Fund | assets fund | Endowment | 2025 | 2024 | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Investment freehold property | 35,373 | - | - |
- | 25,794 | 61,167 | 61,370 |
| Other investments (unlisted, listed | |||||||
| and bonds) | 47,208 | - | - |
- | 4,200 | 51,408 | 51,048 |
| Tangible assets | - | - | - |
7,887 | - | 7,887 | 7,700 |
| Cash at bank and in hand | 1,168 | 385 | - | - | - | 1,553 | 1,255 |
| Other current (liabilities) / assets | (2,354) | (189) | 1,045 | - | 805 | (693) | (1,332) |
| 81,395 | 196 | 1.045 | 7,887 | 30,799 | 121,322 | 120,041 | |
| General Fund | Hospital Branch | Fund | |||||
| Designated | |||||||
| Unrestricted | Restricted | tangible fixed | |||||
| Endowment | Income Fund | Fund | assets fund | Endowment | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Investment freehold property | 34,725 | - | - |
- | 26,645 | 61,370 | 64,001 |
| Other investments | |||||||
| (unlisted, listed and bonds) | 46,877 | - | - |
- | 4,171 | 51,048 | 46,930 |
| Tangible assets | - | - | - |
7,700 | - | 7,700 | 7,702 |
| Cash at bank and in hand | 666 | 589 | - | - | - | 1,255 | 1,600 |
| Other current (liabilities) / assets | (2,291) | 86 | 107 | - | 766 | (1,332) | (1,268) |
| 79,977 | 675 | 107 | 7,700 | 31,582 | 120,041 | 118,965 |
Creating a Community of Excellence for the Care of Older People
37
Annual Report to 31st March 2025
Notes to the accounts (continued)
For the year to 31 March 2025
11 Analysis of fund movements (2024/25)
| 11 Analysis of fund movements (2024/25) | ||||||
|---|---|---|---|---|---|---|
| General Fund | Hospital Branch | Fund | ||||
| Trust for | Unapplied | Total | Trust for | Unapplied | Total |
|
| investment | total return | endowment | investment | total return | endowment | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| At beginning of the reporting period: | ||||||
| Gift component of the permanent endowment | 26,656 | - | 26,656 | 288 | - | 288 |
| Unapplied total return | - | 20,221 |
20,221 | - | 3,294 | 3,294 |
| 26,656 | 20,221 | 46,877 | 288 | 3,294 | 3,582 | |
| Movements in the reporting period: | ||||||
| Listed securities additions/(withdrawals) | (3,337) | - | (3,337) | 856 | - | 856 |
| Gift of endowment funds | - | - |
- | - | - | - |
| Investment return: dividends and interest | - | 401 |
401 | - | 82 | 82 |
| Investment return: realised and unrealised gains and (losses) | - | 2,801 |
2,801 | - | (744) | (744) |
| Unapplied total return allocated to income in the reporting period | - | 466 |
466 | - | 40 | 40 |
| Net movement in the period | (3,337) | 3,668 | 331 | 856 | (622) | 234 |
| At end of the reporting period: | ||||||
| Gift component of the permanent endowment | 23,319 | - | 23,319 | 1,144 | - | 1,144 |
| Unapplied total return | - | 23,889 | 23,889 | - | 2,672 | 2,672 |
| 23,319 | 23,889 | 47,208 | 1,144 | 2,672 | 3,816 | |
| Investment freehold property | 35,374 | - | 35,374 | 25,794 | - | 25,794 |
| Tangible fixed assets | - | - |
- | - | - | - |
| Cash | 1,168 | - | 1,168 | 385 | - | 385 |
| Net current assets / (liabilities) | (1,433) | - | (1,433) | 804 | - | 804 |
| Total Endowment funds | 58,428 | 23,889 | 82,317 | 28,127 | 2,672 | 30,799 |
Analysis of fund movements (2023/24)
| Analysis of fund movements (2023/24) | ||||||
|---|---|---|---|---|---|---|
| General Fund | Hospital Branch | Fund | ||||
| Trust for | Unapplied | Total | Trust for | Unapplied | Total |
|
| investment | total return | endowment | investment | total return | endowment | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| At beginning of the reporting period: | ||||||
| Gift component of the permanent endowment | 25,127 | - | 25,127 | 731 | - | 731 |
| Unapplied total return | - | 17,969 |
17,969 | - | 3,103 | 3,103 |
| 25,127 | 17,969 | 43,096 | 731 | 3,103 | 3,834 |
|
| Movements in the reporting period: | ||||||
| Listed securities additions/(withdrawals) | 1,529 | - | 1,529 | (443) | - | (443) |
| Gift of endowment funds | - | - |
- | - | - | - |
| Investment return: dividends and interest | - | 424 |
424 | - | 82 | 82 |
| Investment return: realised and unrealised gains and (losses) | - | 1,412 |
1,412 | - | 73 | 73 |
| Unapplied total return allocated to income in the reporting period | - | 416 |
416 | - | 35 | 35 |
| Net movements in reporting period | 1,529 | 2,252 | 3,781 | (443) | 190 | (253) |
| At end of the reporting period: | ||||||
| Gift component of the permanent endowment | 26,656 | - | 26,656 | 288 | - | 288 |
| Unapplied total return | - | 20,221 | 20,221 | - | 3,294 | 3,294 |
| 26,656 | 20,221 | 46,877 | 288 | 3,294 | 3,582 |
|
| Investment freehold property | 34,725 | 34,725 | 26,645 | 26,645 | ||
| Tangible fixed assets | - | - | - | - | ||
| Cash | 666 | 666 | 589 | 589 | ||
| Net current assets / (liabilities) | (2,291) | (2,291) | 766 | 766 | ||
| Total Endowment funds | 59,756 | 20,221 | 79,977 | 28,288 | 3,294 | 31,582 |
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Creating a Community of Excellence for the Care of Older People
Annual Report to 31st March 2025
12 Related parties
In accordance with the 2009 Scheme, the Charity is liable to pay £385,000 (2024: £456,000) as financial support to Charterhouse School. The amount owing at the year-end is shown as a current liability in the Balance Sheet.
The charity recharged expenses to Carthusia Limited during the year of £30,000 (2024: £30,000). Carthusia Limited declared a surplus for Gift Aid purposes of £310,428 (2024: £265,584) to the Charity, which forms part of the intercompany balance. As of the year end, Carthusia Limited owed the Charity £348,000 (2024: £287,000).
13 Capital commitments
At the accounting date, the Charity and Group had no capital commitments (2024: £0).
14 Financial instruments
FRS 102 requires disclosure of the role which financial instruments have had during the year in creating or changing the risks an entity faces in undertaking its activities. Financial instruments include investments in equity shares and bonds, cash held on deposit and other receivables.
| cash held on deposit and other receivables. | ||||
|---|---|---|---|---|
| Group | Group | Charity | Charity | |
| 2025 | 2024 | 2025 | 2024 | |
| £’000 | £’000 | £’000 | £’000 | |
| Financial assets | ||||
| Listed Investments | 51,408 | 51,048 | 51,408 | 51,048 |
| Cash held | 1,553 | 1,255 | 1,250 | 980 |
| Rent and other receivables | 1,017 | 428 | 1,301 | 682 |
| Total financial assets | 53,978 | 52,731 | 53,959 | 52,710 |
| Financial liabilities | ||||
| Trade and other payables | 1,710 | 1,760 | 1,691 | 1,739 |
| Total financial liabilities | 1,710 | 1,760 | 1,691 | 1,739 |
Creating a Community of Excellence for the Care of Older People
39
Annual Report to 31st March 2025
Notes to the accounts (continued)
For the year to 31 March 2025
15 Restricted Funds Analysis
| 15 Restricted Funds Analysis | |
|---|---|
| 2025 | |
| General Fund Restricted Funds £’000 Hospital Fund Restricted Funds £’000 Total Restricted Funds £’000 |
|
| Income and Endowments from: Donations and legacies Brothers’ Contributions Other trading activities Investment income Transfer from Capital to Income (TRDP) |
- 27 27 - - - - - - 2,940 - 2,940 466 - 466 |
| Total Income and Endowments Expenditure on raising funds Investment and property management Expenses Trading Activities Fundraising Charitable activities Infirmary care Sheltered accommodation Moiety to Charterhouse School |
3,406 27 3,433 344 - 344 - - - 109 6 115 426 - 426 839 - 839 385 - 385 |
| Total Expenditure Net income/expenditure before gains on investments Gains on financial investments Gains on freehold property |
2,104 6 2,110 1,302 21 1,323 – – – – – – |
| Net income/expenditure Transfer of Moeity |
1,302 21 1,323 (385) - (385) |
| Net movement in funds Total funds brought forward |
917 21 938 - 107 107 |
| Total funds carried forward | 917 128 1,045 |
40 Creating a Community of Excellence for the Care of Older People
Annual Report to 31st March 2025
Endowment Funds Analysis
| Endowment Funds Analysis | |
|---|---|
| 2025 | |
| General Fund Endowment Funds £’000 Hospital Fund Endowment Funds £’000 Total Endowment Funds £’000 |
|
| Income and Endowments from: Donations and legacies Brothers’ Contributions Other trading activities Investment income Transfer from Capital to Income (TRDP) |
- - - - - - - - - - - - (466) (39) (505) |
| Total Income and Endowments Expenditure on raising funds Investment and property management Expenses Trading Activities Fundraising Charitable activities Infirmary care Sheltered accommodation Moiety to Charterhouse School Pensions in payment |
(466) (39) (505) - - - - - - - - - - - - - - - - - - - - - |
| Total Expenditure Net income/expenditure before gains on investments Gains on financial investments Gains on freehold property |
- - - (466) (39) (505) 1,236 107 1,343 648 (851) (203) |
| Net income/expenditure Transfer between funds |
1,418 (783) 635 - - - |
| Net movement in funds Total funds brought forward |
1,418 (783) 635 79,977 31,582 111,559 |
| Total funds carried forward | 81,395 30,799 112,194 |
Creating a Community of Excellence for the Care of Older People
41
Annual Report to 31st March 2025
Notes to the accounts (continued)
For the year to 31 March 2025
16 Carthusia Limited
The Charity owns the entire share capital of £1 of Carthusia Ltd. All functions and trading events held since 21 April 2011 have been conducted with the Trading subsidiary (company number 7612570). A summary of the trading results is shown below:
| shown below: | ||
|---|---|---|
| 2025 | 2024 | |
| £’000 | £’000 | |
| Turnover | 844 | 727 |
| Cost of sales | (453) | (376) |
| Gross profit | 391 | 351 |
| Administrative expenses | (80) | (85) |
| Profit for the financial year and total comprehensive income | 311 | 266 |
| Current Assets | ||
| Debtors | 63 | 33 |
| Cash at bank and in hand | 303 | 275 |
| Total Current Assets | 366 | 308 |
| Creditors: amounts falling due in one year | (366) | (308) |
| Net Assets and shareholders’ funds | - | - |
Carthusia Board Directors
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Rebecca Munns (Chair) › To consider/approve the annual revenue and capital budgets Peter Aiers › To monitor implementation of, and performance against, budgets on a regular basis Kate McLeod › To oversee, and ensure compliance with, the Financial Control Policy Flora Lyon › To advise Assembly on strategic financial planning including forecasting
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› To consider and review all relevant risks and liabilities that might arise
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› To review the annual accounts ahead of submission to the Finance and Audit Committee
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Creating a Community of Excellence for the Care of Older People
Annual Report to 31st March 2025
Senior Staff
Master and Chief Executive Peter Aiers OBE IHBC FSA Preacher The Reverend Canon Ann Clarke ACP SCP Director of Development and Public Engagement Tom Foakes MA MAJ Director of Finance Chris Adcock LVO MA FCA Director of Health and Wellbeing Carley Roberts BSc MCSP HCPC Director of Estates and Conservation Aimée Felton MA IHBC AABC Advisors Auditor Moore Kingston Smith LLP 9 Appold Street, London, EC2A 2AP Bankers Barclays Bank plc Level 27, 1 Churchill Place, Canary Wharf, London, E14 5HP Investment Managers Newton Investment Management Limited 160 Queen Victoria Street, London, EC4V 4LR Troy Asset Management Limited Brookfield House, 44 Davies Street, London, W1K 5JA Waverton Investment Management Limited 21 St. James Square, London, SW1Y 4HB Independent Valuers Knight Frank LLP 55 Baker Street, London, W1U 8AN Property Advisers General Fund - Ingleby Trice LLP 10 Foster Lane, London EC2V 6HR Hospital Fund – Smith & Ericsson 33 Pollards Hill South, London, SW16 4LW Solicitors Birketts LLP One London Wall, Barbican, London, EC2Y 5EA Registered Charity Number 207773 Head Office Charterhouse Square, London EC1M 6AN
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Creating a Community of Excellence for the Care of Older People
Annual Report to 31st March 2025
Creating a Community of Excellence for the Care of Older People
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