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2023-12-31-accounts

FORTY FIRST ANNUAL REPORT OF THE

HERTFORDSHIRE CONVALESCENT TRUST

Registered Charity No. 212423

FOR THE YEAR ENDED 31st DECEMBER 2023

Patron

The Right Revd Dr Alan Smith- Bishop of St Albans

President:

Mrs Janet Bird BEM

Chair:

Mrs Libby Shillito

Administrator :

Trustees:

Mr Martin Dudley 8 The Ridgeway Ware Herts.

Mr. Richard Horwood and Mr. Christopher Pease Longmores, Solicitors Castle Street Hertford Herts

Bankers:

Hon. Independent Examiner

Barclays Bank PLC Market Street Hertford Herts

Mr Richard Darby

HERTFORDSHIRE CONVALESCENT TRUST ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The aim of the Trust is to provide convalescent and respite care for people who live in Hertfordshire who are sick or are carers or who have recently suffered some sort of trauma and who are suffering from the effects of poverty and social deprivation. Grants are also sometimes given to single parent families suffering from the mental and physical effects of broken relationships or domestic violence. Grants were originally given to pay for conventional convalescence following a stay in hospital but over the years since the Trust came into being this has been replaced by the provision of respite or recuperative holidays for those who need a holiday but are unable to pay for themselves due to low income or reliance on state benefits. The conventional Convalescent break in a specialist nursing home is now virtually a thing of the past.

At our AGM in 2023, we were sad to accept the resignation of our president Peter Ruffles, who had served us for many years. We were delighted to appoint Mrs Janet Bird as our new president. We have during this also said goodbye to Lisa Meakin who has served on the Management Committee for many years. This does leave us with the challenge of recruiting some new management Committee Members.

2023 has been a year of consolidation for the Trust following the Covid years. We have seen demand for grants following the Covid Pandemic reduce to more normal levels, all be it, with an increasing number of applicants having mental health illnesses or behavioural issues. We are continuing to try to support these applicants whilst deepening our understanding of such illness. Grants are made both to individuals and to whole families, all of whom are sponsored by a health professional, social worker or other qualified professional.

Typically grants, amounting to around £700 to 800 per family, are used to pay for caravan or other self- catering holidays within the British Isles, although the cost of UK breaks has increased considerably over the last few years due to the current cost of living crisis.

We have had steady demand for grants in 2023 and gave 24 grants totalling £13,848 compared to £25,516 in 2022, £14,000 in 2021 and £17,000 in 2019.

Financial Report

During 2023, the Trust received investment income of £23,291, a decrease compared to 2022. Last year was a mixed year for equities and the stock market. Rathbones (formally Investec) have continued to reshape our portfolio to try to maximise income whilst also giving an opportunity for growth, At the end of 2023 our investments were £418,000 which was a £20,000 lower than the previous year. The investment portfolio is producing a current (at January 2024) estimated annual income yield of 5.84% and we hope equity markets continue to improve in 2024, despite the uncertainties facing the markets presently. The assets of the Trust at 31 December 2023 stood at £451,885 of which £418,820 is in a mixed portfolio managed on a low/medium risk basis by Rathbones and £31,068 was held in cash at Barclays and Soldo.

Overall, the Trust had surplus income at the year-end of £3,149 which has been added to reserves and is in a good position to continue its work without restricting grants in 2024.

We thank Mr Richard Darby for undertaking the independent examination of our accounts once again. Also, we thank Richard Horwood and Chris Pease, our Trustees at Longmores Solicitors, Janet Bird our President, Libby Shillito our Chair and the Rt Rev Dr Alan Smith, Bishop of St Albans, our Patron, for their interest and support.

INDEPENDENT EXAMINER'S REPORT

I report on the accounts of the Hertfordshire Convalescent Trust for the year ended 31 December 2023 which are set out on pages 1 to 2.

Respective responsibilities of trustees and examiner

The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

section 145 (5) (b) of the Charities Act. and

Basis of independent examiner's statement

My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met; or

2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Richard Darby 13 February 2023

Revenue surplus/deficit to Accumulated Income

£1,604 (10,094)

HERTFORDSHIRE CONVALESCENT TRUST INCOME AND EXPENDITURE ACCOUNT

Page1

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR THE YEAR ENDED 31 DECEMBER 2023
Income
Donations
Net dividends
Fund raising
Bank interest
Expenditure
Grants issued
Administration		 2023
£
£
84350
23,291
26,128
- 954
65
186
23,440
27,618
(25,125) (13,708)
(8,409)
(10,761)
(33,534)
(24,469)
(24,469)

HERTFORDSHIRE CONVALESCENT TRUST

Page 2

BALANCE SHEET AS AT 31 DECEMBER 2023


2022
£
512,910
Accumulated funds brought forward
(56,727)
Unrealised profits (losses) on investments at market value
456,183
Accumulated Fund 2022
23,233
Accumulated Income brought forward
(10,094)
Revenue surplus/ (deficit) for year
13,139
Accumulated Income 2023
£469,322
£
Represented by:-
438,878
Investments at market value (cost £441,882)
2,522
Cash at brokers
27,922
Bank balances
£469,322
 £
456,183
(20,586)
435,597
13,139
3,149
16,288
451,885
418,820
1,997
27,427
£451,885

SCHEDULE OF INVESTMENTS - VALUED AT 31' December 2023

UK FIXED INTEREST AND DEBENTURES
19,000 Lloyds Bank 7.625% 2025
10,000 Paragon 6% Snr 2024
CVC Credit Ptnrs Ord Npv
34,000 Fidelity Invst Fds Fid
11,800 SLF Realisation Ord Npv
20,454 Royal London Utm Credit Z
18,125 Twentyfour Income
15,500 Sequoia Economic INpv
Accrued interest
Total Fixed Interest
EQUITIES
6,250 Murray Income Trust Ord
3,700 Murray Intl Trust Ord
9,000 Schroder Oriental Ord
20,000 Henderson High Inc Ord
20,000 Schroder Real Est Ord
10,000 Target Hilthcare Ord
9,750 Aberdeen Stan Ord
20,000 HICL Infrastructure Ord
39,000 Sdci Energy Ord
12,500 UK Comm Prop
9,700 Empiric EM Mkt Ord
8,000 Aquila Eff Ord
3.000 Ishares FTSE 100
33,900 Abrdn Oeic Gbl Inflation
Total Equities
Total Investments
Cash at brokers
TOTAL MANAGED PORTFOLIO
£
COST
19,000
10,092
13,888
30,926
816
27,451
19,535
13,929
-
168,854
38,610
29,961
16,804
28,211
9,730
11,377
10,612
26,944
41,061
10,368
11,193
8,107
21,401
33,900
272,968
441,882
2,522
444,344
£
MARKET VALUE
19,499
9,967
13,871
27,788
326
24,730
19,122
13,268
470
129,041
43,125
38,663
22,770
31,400
8,895
8,615
6,021
27,740
25,428
7,744
9,186
4,580
22,592
33,020
289,779
418,820
1,997
420,817