## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2020**
**Charity Registration No. 209221**
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **CONTENTS**
||**Page**|
|---|---|
|Reference and Administrative Details|1|
|Report of the Trustees|2 - 4|
|Independent Examiner's Report|5|
|Statement of Financial Activites|6 - 7|
|Balance Sheet|8|
|Notes to the Financial Statements|9 - 15|
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Trustees - Nominative**
**Trustees - Nominative** Mr A J Ewart-James Cllr. Mr D Owen Mrs S Moberly Cllr M Whybrow **Trustees – Co-optative** Mrs W Peacock Mr C Medlicott Mr S Popple Mrs H Molyneux-Gerken Dr R Mohr **Ex-Officio Trustee** Revd. A Sweeney **Key Management Personnel** Trustees (as above) T R Lawrence **Clerk to the Trustees** Mr T R Lawrence 49 High Street Hythe Kent **Independent Examiner** M A Wilkes, FCA Azets Audit Services Ashford Commercial Quarter 1 Dover Place Ashford Kent **Banker** National Westminster Bank Plc 49 Sandgate Road Folkestone Kent
1
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **REPORT OF THE TRUSTEES**
The Trustees present their report and financial statements of the charity for the year ended 31 December 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK published on 16 July 2014, as ameneded by Bulletin1.
## **Public Benefit Statement**
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.
## **Objectives and Activities**
The objective of the charity is to provide accommodation for the elderly in need, who must be over the age of 60 and have lived in the Parish of St Leonards, Hythe for not less than 10 years.
## **Achievements and performance in the year (including financial review)**
The charity provides accommodation in the form of 7 self-contained flat-lets in a part-medieval, part post Second World War building, conveniently situated at 150 High Street, Hythe. The maintenance contribution per resident has increased to £81 weekly, to include heating, lighting, hot water and individual cooking facilities. The Trustees are pleased to report that all flats are fully occupied. Due to the COVID-19 pandemic it was too dangerous for normal face to face meetings of the Trustees to be held and as meetings by zoom were considered unsuitable they were kept informed by periodic reports by email from the clerk, who was in regular contact with the prioress to ensure that good governance of the charity was maintained. Every effort was made to keep the residents of the home safe and well and there no casualties from the virus.
Income decreased by approximately £500 in the year and expenditure has decreased on the previous year by around £7,300, mainly due to plumbing costs of around £5,000 last year. The Trustees are pleased to report a surplus for the year of £8,493 (2019: £1,709), before gains/losses on investments.
The net movement in funds after losses on investment is an decrease of £16,101 (2019: increase £8,567). This resulted in reserves at 31 December 2020 of £236,007 (2019: £252,108).
## **Investment policy**
The Trustees may invest, as they see fit for the benefit of the charity, all funds in the Income Fund. The investments are decided by a resolution of the Trustees at Trustees meetings.
## **Reserve policy**
The Trustees consider the level of unrestricted reserves to be adequate. At 31 December 2020 the unrestricted reserves amounted to £43,374 (2019: £32,119). It is the aim to have a minimum of 1 years normal expenditure, averaging at around £30,000 (2019: £30,000), to safeguard the future of the charity.
The Permanent Endowment fund represents the value of the original investments defined as permanent endowment in the charity's governing document. Any appreciation arising from this sum is shown as part of the permanent endowment fund. At 31 December 2020 the fund had a balance of £28,706 (2019: £34,641).
The Expendable Endowment fund is for the purpose of providing for the extraordinary repair, improvement of rebuilding of the almshouses belonging to the charity. At 31 December 2020 the fund had a balance of £969 (2019: £945).
Designated funds represent the 'Fixed asset fund' which is the value of tangible fixed assets and investments designated to by the Trustees to provide an income stream and the 'repair and renovation fund' which is to provide for future repairs and renovations for the flat-lets. The value of the funds amount to £162,958 (2019: £184,403).
2
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **REPORT OF THE TRUSTEES**
## **Risk register**
The Trustees have developed a list of the current risk factors which have the potential for endangering the operations of the charity and are satisfied with this analysis and the measures which have been taken to mitigate the effects of these factors.
The main risks to the charity are the usual Health and Safety issues, which the Trustees keep under regular review. In addition, income comes mainly from rental income from the flats as investment income. The Trustees have taken the appropriate steps to safeguard the residents from the effects of COVID-19 and have kept the investment portfolio under review to ensure no significant loss of income.
## **COVID-19 impact**
The Trustees have taken all the necessary steps to ensure our residents remain safe and well. We have been fortunate that we have not suffered any loss of income as maintenance payments continues to be paid. No large items of expenditure have been necessary and our bank balances have increased. The investment portfolio fell, in line with other charities, but is returning to similar pre COVID-19 levels. It remains to be seen what the impact will be on our investment income. Based on this the Trustees consider the charity to be a going concern.
Due to the COVID-19 pandemic it was too dangerous for normal face to face meetings of the Trustees to be held and as meetings by zoom were considered unsustainable they were kept informed by periodic reports by email from the clerk, who was in regular contact with the prioress to ensure that good governance of the charity was maintained. Every effort was made to keep the residents of the home safe and well and there were no casualties from the virus.
## **Plans for the future**
The Trustees plan to make the Hospital garden safer and more usable for the residents by having a larger area of non-slip paving with associated works and to maintain high standards of safety and upkeep in the home.
## **Structure**
The charity has its origins in a Charter dated October 1336 by Hamo De Hethe, Bishop of Rochester and is registered with the Charity Commission, number 209221.
## **Governance and Management**
The Trustees of the Hospitals of St Bartholomew and St John are responsible for the general control and management of the administration of the charity.
During the year the following were Trustees of the charity:
|Mr C Medlicott|Mrs S Moberly|
|---|---|
|Mr S Popple|Rev. A Sweeney|
|Mrs W Peacock|Mrs H Molyneux-Gerken|
|Mr A J Ewart-James|Dr R Mohr|
|Cllr. Mr D Owen|Cllr M Whybrow|
The body of Trustees consist of 10 persons being: An Ex-officio Trustee (the vicar of the parish of St Leonards, Hythe) 4 Nominative Trustees (appointed by the town council for the term of 4 years at a council meeting), 5 Cooptative Trustees (persons who through residence, occupation or employment, or otherwise have special knowledge of the town of Hythe). They are nominated by resolution of the Trustees for a term of 5 years.
## **Key Management Personnel**
The Trustees consider the Trustees and the clerk to the Trustees comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. The key management personnel are involved in all decision making and responsible for the day to day management of the charity. All Trustees give of their time freely and no Trustee received remuneration in the year.
3
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **REPORT OF THE TRUSTEES**
## **Statement of Trustees’ Responsibilities**
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2015 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Independent examiner**
On 7 September 2020 Group Audit Services Limited, trading as Wilkins Kennedy Audit Services, changed it's name to Azets Audit Services Limited. The name they practice under is Azets Audit Services and accordingly they have signed their report in their new name.
## **T R Lawrence Clerk**
Date: ….............................
4
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 6 to 15.
## **Responsibilities and basis of report**
As the charity's Trustees 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 charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:.
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2 the accounts do not accord with those records; or
- 3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
M A Wilkes FCA Azets Audit Services
…............................. Ashford Commercial Quarter 1 Dover Place Ashford Kent TN23 1FB
5
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
**----- Start of picture text -----**
Permanent Expendable
Endowment Endowment Unrestricted Total Total
Note Fund Fund Fund 2020 2019
£ £ £ £ £
Income from:
Charitable activities
Contributions received from residents - - 30,175 30,175 30,175
Investment income
Dividends received - - 4,660 4,660 5,207
Interest received 23 24 258 305 274
Total income 23 24 35,093 35,140 35,656
Expenditure on:
Charitable activities
Property running costs 3 - - 26,647 26,647 33,947
- -
Total expenditure 26,647 26,647 33,947
Net income before gains on investments 23 24 8,446 8,493 1,709
Gain/(loss) on investment assets 7 (5,958) - (18,636) (24,594) 6,858
Net movement in funds (5,935) 24 (10,190) (16,101) 8,567
Reconciliation of funds:
Fund balances at 1 January 2019 34,641 945 216,522 252,108 243,541
Fund balances at 31 December 2019 28,706 969 206,332 236,007 252,108
**----- End of picture text -----**
All recognised gains and losses are included in the Statement of Financial Activities
All income and expenditure derive from continuing activities.
6
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
**----- Start of picture text -----**
COMPARATIVE INFORMATION ONLY Permanent Expendable
Endowment Endowment Unrestricted Total Total
Note Fund Fund Fund 2019 2018
£ £ £ £ £
Income from:
Charitable activities
Contributions received from residents - - 30,175 30,175 28,025
Investment income
Dividends received - - 5,207 5,207 4,761
Interest received 21 21 232 274 174
Total income 21 21 35,614 35,656 32,960
Expenditure on:
Charitable activities
Property running costs 3 - - 33,947 33,947 26,024
- -
Total expenditure 33,947 33,947 26,024
Net income before gains on investments 21 21 1,667 1,709 6,936
(Loss)/gain on investment assets 7 1,045 - 5,813 6,858 (24,968)
Net movement in funds 1,066 21 7,480 8,567 (18,032)
Reconciliation of funds:
Fund balances at 1 January 2018 33,575 924 209,042 243,541 261,573
Fund balances at 31 December 2018 34,641 945 216,522 252,108 243,541
**----- End of picture text -----**
All recognised gains and losses are included in the Statement of Financial Activities
All income and expenditure derive from continuing activities.
7
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **BALANCE SHEET AS AT 31 DECEMBER 2020**
**----- Start of picture text -----**
2020 2019
Note £ £ £ £
FIXED ASSETS
Tangible assets 6 36,564 39,630
Investments 7 156,069 180,358
192,633 219,988
CURRENT ASSETS
Debtors 8 1,088 1,065
Cash at bank and in hand 43,776 31,914
44,864 32,979
CREDITORS: amounts falling
due within one year 9 (1,490) (859)
NET CURRENT ASSETS 43,374 32,120
NET ASSETS 236,007 252,108
FUNDS
Permanent endowment fund 10 28,706 34,641
Expendable endowment fund 11 969 945
Designated funds 12 162,958 184,403
Unrestricted fund 43,374 32,119
13 236,007 252,108
**----- End of picture text -----**
Approved by the Board of Trustees on ….......................... and signed on their behalf by:
……………………….
**Mr. S Popple Trustee**
……………………….
**Revd. A Sweeney Trustee**
………………………. **Mr R C P Medlicott Trustee**
8
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. ACCOUNTING POLICIES**
## **1.1 Basis of preparation**
Hospitals of St. Bartholomew and St. John is a registered charity with the Charity Commission in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities is to provide accommodation for the elderly in need, who must be over the age of 60 and have lived in the Parish of St Leonards, Hythe for not less than 10 years.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) issued on 16 July 2014 as amended by bulletin 1, the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **1.2 Funds accounting**
Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.
Expendable endowment fund represents investments specifically named in the Scheme as forming the original expendable endowment.
Designated funds represent funds invested in fixed assets. The designated fund balance has been represented to ensure that fund balance stated accurately reflects the designation policy adopted by the Trustees.
Permanent endowment fund represents investments specifically named in the Scheme as forming the original permanent endowment. Any appreciation arising from this sum is shown as part of the permanent endowment fund.
## **1.3 Income recognition**
All income included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
## **1.4 Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
9
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. ACCOUNTING POLICIES**
## **1.5 Tangible fixed assets**
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives as follows:
Improvements to hospital - 10% reducing balance
The ownership of the almshouses was transferred to the charity following the amalgamation of two previous charities. No value had previously been placed on the almshouses and the Trustees are of the opinion that to undertake a formal valuation would be cost prohibitive and therefore they are included at nil value.
## **1.6 Investments**
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
## **1.7 Debtors and creditors receivable / payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **1.8 Financial instruments**
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **1.9 Tax**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
## **1.10 Going concern**
The financial statements have been prepared on a going concern basis as the Trustees believes that no material uncertainties exist. The Trustees has considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **1.11 Judgements and key sources of estimation uncertainty**
Accounting 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.
## Depreciation
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 7 for the carrying amount of the property plant and equipment, and note 1.6 for the useful economic lives for each class of assets.
10
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **2 Permanent endowment invested on a total return basis**
The charity has been granted the investment power of total return by the Charity on 7 August 1987. This power permits the Trustees to invest permanently endowed funds to maximise total return and therefore to apply an appropriate portion of the unapplied total return to income. The unapplied total return remains invested as part of the permanent endowment until that power is exercised. When exercised it allows the Trustees to apply an appropriate portion of the unapplied total return to income each year.
|At 1 January 2020
Unapplied total return
Movements
Dividend return
Gains
Net movement in the year
Total|**Endowment**
**for**
**investment**
**£**
34,641
-
34,641
23
(5,958)
(5,935)
(5,935)
28,706|**Unapplied**
**Total Return**
**£**
-
945
945
24
-
24
24
969|**Total**
**endowment**
**£**
34,641
945
35,586
47
(5,958)
(5,911)
(5,911)
29,675|
|---|---|---|---|
11
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
|**3.**
**EXPENDITURE**
**Charitable activities:**
Property running costs|**Direct**
**Costs**
**£**
15,826|**Support**
**Costs**
**£**
10,821|**Total**
**2020**
**£**
26,647|**Total**
**2019**
**£**
33,947|
|---|---|---|---|---|
All costs are allocated between the expenditure categories noted above on a basis designed to reflect the use of the resource.
|**4.**
**SUPPORT COSTS**
Depreciation
Subscriptions
Sundry
Contribution to Prioress's holiday
Clerk's salary
Professional fees
Printing
Governance
Bookkeeping
Clerk's expenses
Independent examiner's fee
Other accountancy costs - meeting attendance|**Total**
**2020**
**£**
4,066
179
123
929
3,000
-
795
325
600
804
-
10,821|**Total**
**2019**
**£**
4,404
170
494
1,500
3,000
500
-
325
600
780
336
12,109|
|---|---|---|
## **5. TRUSTEES REMUNERATION AND EXPENSES**
The charity employed no staff during 2020 and 2019.
None of the Trustees received remuneration or reimbursed expenses during the year (2019: nil).
The Trustees consider the board of Trustees and the Clerk to the Trustees comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. As detailed above, no trustees received remuneration during the period. The remuneration to the key management personnel totalled £3,000 (2019: £3,000).
12
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
|**6.**
**TANGIBLE FIXED ASSETS**
**Improvements to**
**the hospital and flats**
**£**
**Cost**
As at 1 January 2020 and as at 31 December 2020
113,103
Additions
1,000|**6.**
**TANGIBLE FIXED ASSETS**
**Improvements to**
**the hospital and flats**
**£**
**Cost**
As at 1 January 2020 and as at 31 December 2020
113,103
Additions
1,000|
|---|---|
|As at 31 December 2020|114,103|
|**Depreciation**
As at 1 January 2020
Charge for the year|73,473
4,066|
|As at 31 December 2020|77,539|
|**Net Book Value**
As at 31 December 2020|36,564|
|As at 31 December 2019|39,630|
No value has been placed on the original buildings, which date from time immemorial, as it is the Trustees' intentions to incur expenditure charged to revenue to maintain buildings in a satisfactory condition. The Trustees do not consider the expense of obtaining a valuation of the buildings to be justified.
|**7.**
**INVESTMENTS**
Market value at 1 January 2020
Unrealised (losses)/gains
Interest added in year
**Market value at 31 December 2020**
The investments are categorised at the year end as follows:
Quoted investments not listed on recognised stock exchange
Cash on deposit
Historical cost at 31 December 2020 of non-cash investments
**Major Components**
Cash on deposit
COIF Investment Fund
BlackRock Charities UK Bond Fund A Inc
Invesco UK Equity income (UK) (no trail) income shares|**2020**
**£**
180,358
(24,594)
305
156,069
112,640
43,429
156,069
23,295
**£**
43,429
18,504
9,045
80,307|**2019**
**£**
173,226
6,858
274
180,358
137,234
43,124
180,358
23,298
**£**
43,124
17,392
8,774
106,576|
|---|---|---|
13
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
|**8.**
**DEBTORS**
Prepayments
**9.**
**CREDITORS:**Amounts falling due within
Accrued expenses
**10.**
**PERMANENT ENDOWMENT FUND**
**Permanent Endowment Fund - 2020**
**Permanent Endowment Fund - 2019**|one year
**Balance**
**brought**
**forward**
**£**
34,641
**Balance**
**brought**
**forward**
**£**
33,575|**Income**
**Expenditure**
**£**
**£**
23
-
**Income**
**Expenditure**
**£**
**£**
21
-
**Movement in Funds**
**Movement in Funds**|**2020**
**£**
1,088
**2019**
**£**
1,490
1,490
**Unrealised**
**gains**
**£**
(5,958)
**Unrealised**
**(losses)**
**£**
1,045|**2019**
**£**
1,065
**2018**
**£**
859
859
**Balance**
**carried**
**forward**
**£**
28,706
**Balance**
**carried**
**forward**
**£**
34,641|
|---|---|---|---|---|
The Permanent Endowment fund represents the value of the original investments defined as permanent endowment in the charity's governing document. Any appreciation arising from this sum is shown as part of the permanent endowment fund.
## **11. EXPENDABLE ENDOWMENT FUND**
|**Extraordinary Repair Fund - 2020**
**Extraordinary Repair Fund - 2019**|**Balance**
**brought**
**forward**
**£**
945
**Balance**
**brought**
**forward**
**£**
924|**Income**
**Expenditure**
**£**
**£**
24
-
**Income**
**Expenditure**
**£**
**£**
21
-
**Movement in Funds**
**Movement in Funds**|**Unrealised**
**gains**
**£**
-
**Unrealised**
**gains**
**£**
-|**Balance**
**carried**
**forward**
**£**
969
**Balance**
**carried**
**forward**
**£**
945|
|---|---|---|---|---|
The Extraordinary repair fund is for the purpose of providing for the extraordinary repair, improvement of rebuilding of the almshouses belonging to the charity.
14
## **HOSPITALS OF ST BARTHOLOMEW AND ST JOHN**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **12. DESIGNATED FUNDS**
|Fixed asset fund
Repair and renovation fund
Total
Fixed asset fund
Repair and renovation fund
Total
**2020**
**2019**|**Balance**
**brought**
**forward**
180,891
3,512
184,403
**Balance**
**brought**
**forward**
179,263
3,512
182,775|**£**
-
-
-
**£**
1,628
-
1,628
**New**
**designation**
**New**
**designation**|**£**
(21,445)
-
(21,445)
**£**
-
-
-
**Designation**
**released**
**Designation**
**released**|**Balance**
**carried**
**forward**
**£**
159,446
3,512
162,958
**Balance**
**carried**
**forward**
**£**
180,891
3,512
184,403|
|---|---|---|---|---|
The Fixed asset fund represents the value of tangible fixed assets and investments designated to by the Trustees to provide an income stream. This is to protect the charity should there be a fall in contributions from residents due to voids in the occupancy of the Almshouses.
The repair and renovation fund is to provide for future repairs and renovations for the flat-lets.
## **13. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Permanent**
**Expendable**
**Endowment**
**Endowment**
**£**
**£**
**Fund balances at 31 December 2020 are represented by:**
Tangible fixed assets
-
-
Investments
28,706
969
Current assets
-
-
Current liabilities
-
-
28,706
969
**Permanent**
**Expendable**
**Endowment**
**Endowment**
**£**
**£**
**Fund balances at 31 December 2019 are represented by:**
Tangible fixed assets
-
-
Investments
34,641
945
Current assets
-
-
Current liabilities
-
-
34,641
945|**Unrestricted**
**£**
-
-
44,864
(1,490)
43,374
**Unrestricted**
**£**
-
-
32,978
(859)
32,119|**Designated**
**£**
36,564
126,394
-
-
162,958
**Designated**
**£**
39,630
144,772
1
-
184,403|**Total**
**£**
36,564
156,069
44,864
(1,490)
236,007
**Total**
**£**
39,630
180,358
32,979
(859)
252,108|
|---|---|---|---|
## **14. RELATED PARTY TRANSACTIONS**
There were no related party transactions during the year (2019: None).
15