**Charity Registration No. 213319** ## EASTBRIDGE HOSPITAL ## ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ## EASTBRIDGE HOSPITAL ## LEGAL AND ADMINISTRATIVE INFORMATION **Trustees** Mr Christopher Robinson - Chairman Mr Peter Brown The Reverend Dr. Perry Butler Mr Christopher Head Mr Robin Joy Mrs Alicia Pentin Mr Nicholas Rooke (Appointed January 2020) Mrs Cressida Williams The Venerable Archdeacon of Canterbury (Ex Officio) **Charity number** 213319 **Senior management team** The Reverend Kevin Goodman - Master of Eastbridge Hospital Nicholas Andrews - Clerk and Receiver Louise Knight - Deputy Clerk ## **Principal office** 25 High Street, Canterbury, Kent, CT1 2BD ## **Independent auditors** Magee Gammon Corporate Limited, Henwood House, Henwood, Ashford, Kent, TN24 8DH ## **Bankers** National Westminster Bank Plc, 11 The Parade, Canterbury, Kent, CT1 2SG ## **Solicitors** Furley Page, 39 St Margaret's Street, Canterbury, Kent, CT1 2TX ## **Investment Advisers** Sarasin & Partners LLP, Juxon House, 100 St Pauls Churchyard, London, EC4M 8BU ## **Architects** Donald Insall Associates, 12 Devonshire Street, London, W1G 7AB ## **Surveyors and Land Agents (commercial properties)** Godden Allen Lawn, The Old Dairy, Cherrybrook Road, Folkestone, Kent, CT20 3JX ## EASTBRIDGE HOSPITAL ## CONTENTS ||**Page**|**Page**|**Page**| |---|---|---|---| |Trustees' report|1|-|7| |Independent auditor's report|8|-|10| |Statement of financial activities||11|| |Balance sheet||12|| |Notes to the financial statements|13|-|25| **EASTBRIDGE HOSPITAL TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020** The Trustees present their annual report together with the audited financial statements of the Charity for the year ended December 31, 2020 and confirm these comply with current statutory requirements, the Charity's Ordinance (its governing instrument) and the provisions of the Statement of Recommended Practice “accounting and reporting by charities “(SORP). The full name of the Charity is the Hospital of St Thomas the Martyr Eastbridge in the city of Canterbury, but more often known as (the) Eastbridge. ## OBJECTIVES AND ACTIVITIES The principal objects of the Charity are: - To provide almshouse accommodation in the Eastbridge for as many residents and under such terms as the Council of Management considers appropriate; - To maintain the fabric of the Eastbridge buildings; - To maintain an educational fund to be used at the discretion of the Council of Management; - To further Christian education in the Canterbury area; - To make such provision for pilgrims and the promotion of the Christian faith amongst visitors to the Eastbridge as may seem appropriate. ## Strategies for achieving the objectives Maintenance and repairs to the fabric of the Charity’s buildings is subject to a rolling programme which is reviewed regularly and changes made to meet urgent need. The Trustees employ a conservation architect to oversee and advise them on work to the historic buildings under their control. Long-term, the Trustees aim to provide modern, purpose-built almshouse accommodation on a site yet to be determined to replace the current accommodation which is not, by modern standards, suitable for those with reduced mobility. The trustees will continue to explore alternatives for providing new almshouses. The Charity’s educational objectives are achieved through promoting the Eastbridge Award scheme and the Eastbridge Parker Exhibition. ## Activities for achieving objectives The Trustees will specifically fund raise where necessary and appropriate. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities Page 1 **EASTBRIDGE HOSPITAL TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020** ## Factors relevant to achieving objectives In order to meet its objectives, Eastbridge is reliant principally upon the receipt of investment income and income from commercial rents. This income is variable and thus subject to changes in the economic climate generally. This risk, and these financial constraints, are understood and managed by the Trustees. Trustees thus hope to minimise, through timely intervention and a spread of investments, severe swings in stock market performance and commercial trading. Specific action (mentioned below) was taken by trustees in 2020 to ensure so far as possible objectives were achieved notwithstanding significant loss of income because of the Covid pandemic. ## ACHIEVEMENTS AND PERFORMANCE Due to the Covid lockdown, use of the Hospital buildings for events, exhibitions and so forth has not been possible during 2020. Care of the Indwellers remained a high priority for Trustees, the Master regularly reporting to Trustee meetings on the health and welfare of the Indwellers. Individual Trustees with particular specialisms are able to assist the Master where an Indweller might present particular difficulties which needed addressing. Regular contact with Indwellers has been maintained throughout the pandemic to ensure their well-being and appropriate precautions have been taken within the Hospital to ensure best practice and safety is paramount. Indwellers have been encouraged to observe all government regulations and advice to ensure they remain safe and well free from exposure to Covid. Trustees continued their oversight of the Charity’s buildings for which they have responsibility albeit restrictions on movement meant it was not possible to undertake many of the recommended rolling programme of repairs and maintenance. Shortly before the Covid lockdown as has become customary in recent years the Master and Trustees together with the Indwellers hosted a very successful dinner during January in the Eastbridge undercroft. The Lord Mayor of Canterbury, together with other civic and ecclesiastical dignitaries, were welcomed on this occasion together with many people associated with the life and work of Eastbridge. The Trustees believe with due diligence they can continue to grow the Charity for which they are responsible but are mindful of the need to monitor risk and ensure the administration of the Charity meets modern expectations and is as economically efficient as possible. Page 2 **EASTBRIDGE HOSPITAL TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020** ## ACHIEVEMENTS AND PERFORMANCE (continued) Within the Eastbridge are six flats for Indwellers, a flat providing a residence for The Master and two offices. At the end of the year under review all flats were occupied and the health of most of the Indwellers was reasonably good having regard to their seniority of age. In the past when filling vacancies, preference has been given to those of retirement age in need of permanent accommodation and who practise the Christian faith. Under the terms of their Ordinance the Trustees may, however, permit admission to Eastbridge those of younger age who remain in employment and where the need for accommodation may be less permanent and also those who, in the opinion of the Trustees, are in need generally. Whereas Eastbridge has usually been open on six days a week to welcome visitors, the Covid pandemic with consequent restrictions on movement coupled with the need to ensure the safety of Indwellers, meant closing to the public from March. It is still unclear when it might be safe for visitors to return. This loss of important revenue and business meant trustees had, regrettably, first to furlough their stewards employed to greet visitors and then, when it became clear there was no prospect of early opening, to make them redundant. Insofar as it has been possible during the Covid restrictions, the Eastbridge’s two chapels and Greyfriars Chapel in the Franciscan Gardens have been used for worship. Regrettably, it has not been possible from March to host functions in Eastbridge or the Franciscan Gardens. The trustees have decided to embark upon a major project to restore the Franciscan Gardens to a more appropriate medieval setting and it is their hope this will attract tourists as well as local residents in Canterbury from the middle or latter part of 2021. They would like to express their gratitude for the support of the Heritage Lottery Fund and the grant from the Culture Recovery Fund for Heritage which will enable the project to move ahead more rapidly by improving access to the site and making safe part of the 17[th] century Lovelace Wall. Eastbridge has, since the 16th century, contributed towards the Matthew Parker exhibitions at Corpus Christi College Cambridge, these exhibitions originally being for King's School scholars but, since 1998 when the scheme was revised, now provided through the Eastbridge Parker exhibition for undergraduates coming from any school within the city of Canterbury. Where no such scholars meet those criteria the college is permitted to select its own candidates for the award, but is required to prefer candidates who come from backgrounds with a predominantly low income or have other particular needs which require to be met. The Trustees visit Corpus Christi College to meet tutorial staff and in return the Eastbridge Parker exhibition students are invited to the Eastbridge annually. The Charity also maintains the Eastbridge Award scheme for the benefit of all secondary and grammar schools within the catchment area served by Canterbury City Council. The scheme was revised in 2020 to include primary schools within the immediate catchment area and whilst some renewed interest has been shown there were no completed grant applications in 2020. Page 3 **EASTBRIDGE HOSPITAL TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020** ## ACHIEVEMENTS AND PERFORMANCE (Continued) The Charity’s web site is a means of furthering interest in both the Eastbridge and The Franciscan Gardens and it is apparent that many pilgrim visitors come having first accessed information about both through the web site. In 2021 it is intended to create a separate website for The Franciscan Gardens as part of the restoration project. The Master of Eastbridge retains patronage of the living at Blean just outside Canterbury although this has held less practical significance than it once did. The Charity has a small land holding at Blean adjoining the church. The present Master, The Reverend Kevin Goodman was formerly a Franciscan Brother and has given notice at 23 April 2021 of his retirement. The remaining estate belonging to the Eastbridge consists primarily of commercial and residential premises and the Franciscan Gardens, all of which is managed effectively by the Trustees with the benefit of professional advice. The Charity is fortunate in having all but one of its commercial premises let though trustees are aware of current retail trading difficulties largely as a result of the Covid pandemic and some loss of income from commercial rents during the year was inevitable. Trustees consider such losses may extend well into 2021 and have had to prepare their budget accordingly. Action for recovery of losses from one commercial tenant has, unfortunately, had to be taken following professional advice obtained by trustees. ## FINANCIAL REVIEW Income for the year totalled £387,585 (2019 - £352,192) and expenditure totalled £442,268 (2019 - £469,674) which resulted in net expenditure in the year of £54,683 (£117,482). Net expenditure in respect of unrestricted general fund was £126,323. The Balance sheet has total funds of £11,065,017 (2019 - £11,341,574), the majority of which are represented by Tangible Fixed Assets. Net current assets stood at £84,150 (2019 - £37,736) – See Reserves policy below. ## Reserves policy The Trustees have agreed that reserves of unrestricted funds should be maintained at a level to cover potential debts and deficits from running costs. Ideally, Trustees aim to retain as a minimum £ 7 5,000 (2019 - £75,000) in unrestricted funds though Trustees know from experience this figure can change during the year, largely because of the unpredictability of the cost of maintaining the fabric of the Charity’s properties, which is either scheduled ancient monument or Grade I or II Listed. Page 4 **EASTBRIDGE HOSPITAL TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020** ## Reserves policy (continued) Trustees do, therefore, keep their reserves policy under constant review and they are satisfied that annual, planned expenditure can be met from anticipated income derived from investments, commercial rents and visitors’ contributions. Unrestricted funds at the year end amounted to £75,842 (2019 - £37,736). Designated funds at the year end amounted to £6,728,665 (2019 - £7,114,968). Restricted funds at the year end amounted to £71,640 (2019 - £nil). Endowment funds at the year end amounted to £4,188,870 (2019 - £4,188,870). Total funds at the year end amounted to £11,065,017 (2019 - £11,341,574). ## Principal funding As has already been stated, the Charity's principal funding is derived from investment income and commercial rents. Some funding is also obtained through visitors’ fees and donations though as this was severely curtailed in 2020 and commercial rental income reduced because of the Covid pandemic, trustees took the decision to borrow £100,000 under the government inspired CBILS Loan Scheme repayable over 5 years with the first year’s interest covered by the government. Receipt of this loan has enabled the charity to function to the best of its ability in very difficult and unique times. Trustees anticipate when they can once more be open to visitors and retail trading improves the finances of the charity will once more be sufficient without recourse to borrowing of this kind. In taking out the loan trustees evaluated the risks and have satisfied themselves the charity has more than sufficient resources to cover a loan of this magnitude. ## Risk management Trustees have assessed the major risks to which the Charity is exposed including those relating to the operations and finances of the Charity. Trustees consider the principal areas of risk for which they must have regard include fire, flood, loss of reputation, health and safety, loss of rent or investment income, fraud and unexpected cost of repairs. In the year under review the trustees were also obliged to consider the effect of the Covid pandemic upon the charity and take safeguarding action as described below ## Grant making policies Educational grants are made are under the Eastbridge Award scheme and the Eastbridge Parker Exhibition in accordance with the remit of those schemes. Page 5 **EASTBRIDGE HOSPITAL TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020** ## Investment policy The Trustees are professionally advised insofar as the Charity’s investments are concerned and the appointment of their professional advisers is reviewed regularly. The trustees appointed Sarasin & Partners as their investment advisors in 2018. Ethical responsibility informs the Trustees thinking on investment coupled with the realism necessary to achieve the best return on investments and this was discussed in detail with the Trustees new investment advisers ## PLANS FOR FUTURE PERIODS The Trustees long term aim is to build new almshouses together with ancillary accommodation either on land they already own or to be purchased within the vicinity of Canterbury. Meanwhile, Trustees will continue to ensure their ancient and historic buildings are maintained to a high standard and wherever possible the existing almshouse accommodation is made suitable for Indwellers until new and improved accommodation can be offered. ## STRUCTURE GOVERNANCE AND MANAGEMENT ## Constitution The governing instrument of the Charity is an Ordinance of His Grace the Archbishop of Canterbury dated the 11[th] February 2016. The Eastbridge is registered as a charity under number 213319. The Charity is restricted in the way it can operate to the extent that it is governed by the aforesaid ordinances and by charity law. ## Method of appointment of Trustees Trustees form the Council of Management and, with the exception of the Archdeacon of Canterbury whose appointment is ex officio, are appointed by the patron, the Archbishop of Canterbury, and hold office for five years. They may be reappointed to serve further terms. Trustees elect annually from their members a chairman. Trustees are selected wherever possible for their knowledge and expertise to further of the objects of the Charity. ## Induction and training of Trustees New Trustees are provided with a history of the Eastbridge together with an account of its activities, copies of recent minutes and all other relevant documents. All Trustees are encouraged to participate in regular training and awareness programmes. Page 6 EASTBRIDGE HOSPITAL TRUSTEE5' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Organisationalstrurture anddecision-making Trustees, policy and decisions taken at duly consiituteil meetlng5 arr iniplemented by the Chairman of Trustees aided by the offlcer5 of the charity who are the Clerk and Receiver to the Eastbrldge. the Deputy Clerk (formerly the Bursar) and the Master. The Master has day- to-day pastoral and spiritual oversight. especially of the residents of Eastbridge who are known by their historic description of 'lndwellers" All actions of the Eastbridge offlcers musl he. taken in the best interests of the Eastbridge and they report accordingly at Trustee meetings. Mallers of significance arising outside Trustee meetings are either dealt with electronlcally between Trustee5 With officer support or by various sub- committees of the Charity so that appropriate. and timely. artion can be taken. TR STEES R PON IBILM TATEMENT Trustees are responsible for preparing this report and the flnanclal statemenis In accordance with applicable law and United Kingdom accountlng standards. The law applicable to charities in England and Wales reqUI￿S the Trustees to prepare financial st2tèmpntE fnr pach financial year which give a true and fair VIÈW of the state of affairs of the Charity and of the incoming resources and application of those resource5 for that period. In prepdWiTly thr5e financial 51aiernen15 Ihe Trusiees are requlred io.. Select 5ultable accountlng poll¢les and then apply them con5151enily", ObseNe the methods and principle5 in the charities SORP Make judgments and estimates that are reasonable and prudent Prepare The flnancial statements on a going concern basis unless it is inapproprlate to presume that the Charity ¥¥lll coii(rnue rfi operacion The Trustees are responslble for keeping accounting records that disclose with reasonable accuracy ai any lime the financial position of the Charity and enable them to ensure that the ftnancial statements comply with the charities acts and charity accountlng and reporting regulations together also with the provisions of the Eastbrldge Ordinance. Trustee5 are a150 responsible for safeguarding the assets of the Charity and iaking reasonable steps to prevent and detea fraud and other irregularities. Thls report was approved by the Trustee5 on W•e 2021- And signed on their behalf by- CHAIRMAN Page 7 EASTBRIDGE HOSPITAL INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 ## **Opinion** We have audited the financial statements of Eastbridge Hospital (‘the charity’) for the year ended 31 December 2020 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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: - give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - 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 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors 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, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. Page 8 EASTBRIDGE HOSPITAL INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement, 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 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 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 the Act and relevant regulations made or having effect thereunder. 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance 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: ## **Capability of the audit in detecting irregularities including fraud** Based on our understanding of the charity, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override, and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year. We designed audit procedures to respond to the risk, recognising that 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, misrepresentations or through collusion. Page 9 EASTBRIDGE HOSPITAL INDEPENDENT AUDITORIS REPORT FOR THE YEAR eNDED 31 DECEMBER 2020 Proc8dures performèd by the audit team included.. Discussions with m8nagemenl regarding known or suspecl&d instances of nonwGomplian¢ewth laws and regulations., Evaluation of controls designed lo prevent and detect irregularities., ènd Assessiny journal entrie5 as part of our planned audit approach. There are inherent limitations in the audit procedures descrlbed above, and the further removed non- compliance with lawg and regulations is from the events and transactions Trfje¢led in the financi81 statements, the less likely we would become aware of it. As in all of our audtis we also addressed the Fisk of management override of internal controls, including teslingjournals and évaluating whether there was evidence of bias by the diredors that represented a risk of material misstslement due lo fraud. A further description of our Tesponsibililies for the 8udil of the financial statements is lo¢ated on the Financial Reporting Council's web511e at-. www.frc.org.uklaudilorsresponsibiif(ies. This description fomig part of our auditol8 ￿pOrt. Magee Gammon Corporate Limited is eligible for appointment as oudilor of the charity by virtue of its ellgibility fot appointment as avdilor ol a company under section 1212 ofthe Companies Act 2006. Use of our Teport This report 1$ made solely to the charty's trustees, as a body, in accordance with Part 4 ofthe Charities IAc¢ounls and Reports) Regulations 2008. Our audit work has been undertaken so th8t we might slate to the trustee5 those matters we a￿ required to slate lo them in an audrtor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assum8 responsibility to anyone other than the charity's trustees as a body. for our audit work. for this report. or for the opinions we have formed. Magee Gammon Corporate Llmlted Slalulory Auditors Chartered AcGountants Henwood House Henwood Ashford Kent TN24 8DH Date". 26 Page 10 ## EASTBRIDGE HOSPITAL ## STATEMENT OF FINANCIAL ACTIVIES ## INCLUDING INCOME AND EXPENDITURE ACCOUNT ## FOR THE YEAR ENDED 31 DECEMBER 2020 |**Notes**
**Income from:**
Donations and grants
**2**
Charitable activities
**3**
Investments
**4**
Other income
**Total income**
**Expenditure on:**
Raising funds
**5**
Charitable activities
**6**
**Total expenditure**
**Net deficit before**
**gains/(losses) on**
**investments**
Net gains/(losses) on investments**14, 15**
**Net movement in funds**
**Fund balances**
at 1 January 2020
**at 31 December 2020**|**Unrestricted**
**funds**
**2020**
**£**
10,188
40,893
258,970
5,894
315,945
85,902
356,366
442,268
(126,323)
(221,874)
(348,197)
7,152,704
**6,804,507**|**Restricted**
**funds**
**2020**
**£**
71,640
-
-
-
71,640
-
-
-
71,640
-
71,640
-
**71,640**|**Endowment**
**funds**
**2020**
**£**
-
-
-
-
-
-
-
-
-
-
-
4,188,870
**4,188,870**|**Total**
**2020**
**£**
**81,828**
**40,893**
**258,970**
**5,894**
**387,585**
**85,902**
**356,366**
**442,268**
**(54,683)**
**(221,874)**
**(276,557)**
**11,341,574**
**11,065,017**|Total
2019
£
5,625
53,025
293,542
-
352,192
54,956
414,718
469,674
(117,482)
(269,203)
(386,685)
11,728,259
11,341,574| |---|---|---|---|---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. All income and expenditure in the year ended 31 Decemeber 2019 was unrestricted. Page 11 EASTBRIDGE HOSPITAL BALANCE SHEEr AS AT 31 DECEPABER 2020 2020 2019 Tangib￿ assets Heritage assèts Investrnent pror*rties 1ft￿lMents 12 13 14 15 5,681.182 72,438 3.889.167 1.424.747 5.663.110 72,438 4,204.837 1.343.453 11.067A34 11,303,838 Curnrtt D&Jlui Cash at bank 8ThJ in hand 16 67.710 109.998 fy),274 146.050 177,714 2(%.324 r•dJtor•: amounts falllng du• wlthln on• y•ar 17 193,5$41 1168,5881 NÈt ulrrent gss8ls 8a.ISO Totsl 108# eumt IlablllUo8 11.151,684 11.341.574 Crgdltorn: amounts falllng du• aft•r morn than on• y•ar 17 18&667) 11,065,017 11,341,574 Fundg EThJovMont funds R8stiiLièd funds 4188O70 71.640 4.188.870 DesbJnaif¥J fuivJ$ GI￿ra1 unreslriclad fund O.T2a,fjfjJ 76.842 7,114,908 37.736 6.804,507 7.152,704 23 11,065,017 11.341,574 Tli¥ finanGial 5tatetnents app[0￿￿ by the Truste95 2021. Mr Chd8toph•r Robln8on Page 12 ## EASTBRIDGE HOSPITAL ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ## **1. Accounting policies** ## **1.1 Basis of preparation of financial statements** The financial statements 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 the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements 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 on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011. Eastbridge Hospital constitutes a public benefit entity as defined by FRS 102. 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 are rounded to the nearest £. ## **1.2 Income** All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. ## _Accommodation_ Contribution towards maintenance of the flats is based on accommodation of the flats and is recognised when the accommodation is occupied. ## _Hospital Buildings_ Donations and entrance fees are collected daily and are recognised upon receipt. ## _Investment property Rental Income_ Invoices are raised quarterly based on occupied properties in accordance with the assigned leases. Income is recognised for the periods in which the properties are let. ## _Investment Income_ Investment income from the managed portfolio is recognised upon receipt. ## **1.3 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Page 13 ## EASTBRIDGE HOSPITAL ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ## **1. Accounting policies (continued)** ## **1.3 Expenditure (continued)** Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Costs of raising funds are costs incurred in attracting voluntary income. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Support costs are allocated between Accommodation (70%) and Hospital Buildings (30%) in line with both recurring income and time expensed on each activiy. All expenditure is inclusive of irrecoverable VAT. ## **1.4 Tangible fixed assets and depreciation** Capital assets acquired are shown in the balance sheet. Capital items over £1,000 are capitalised. Land and buildings represent historic, listed buildings subject to regular maintenance and restoration, as such they have an indeterminate useful life and, in the opinion of the trustees, any periodic depreciation charge would be immaterial. Assets received by way of gift are capitalised at their estimated market value at the date of the gift and the corresponding credit included under donations on the statement of financial activities. Heritage assets are capitalised at their cost. These assets are preserved, and in view of their expected residual value and indeterminate useful life, any periodic depreciation charge would, in the opinion of the trustees, be immaterial. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Freehold property - Not depreciated (as above) Land - Not depreciated Fixtures and fittings - 10% reducing balance Computer equipment - 33% straight line ## **1.5 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities. ## **1.6 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 14 ## EASTBRIDGE HOSPITAL ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ## **1. Accounting policies (continued)** ## **1.7 Cash at bank and in hand** Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.8 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. ## **1.9 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. ## **1.10 Financial Instruments** Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## **1.11 Investment Properties** Investment properties are measured initially at cost and subsequently at fair value at the reporting date and are not depreciated. ## **1.12 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.13 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Page 15 ## EASTBRIDGE HOSPITAL ## NOTES TO THE FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 31 DECEMBER 2020 |**2.**
**Donations and grants**
Donations and gifts
Government Grant - CBILS loan interest
HMRC Furlough Grant
Total 2019
**3.**
**Charitable activities**
Accommodation
Hospital Buildings
**4.**
**Investments**
Commercial property rents
Income from listed investments
Interest receivable
Wayleaves
**5.**
**Costs of raising funds**
Repairs and maintenance
Insurance
Architect fees
Professional fees
Light and heat
Gardening
Rates
Sundry expenses
Investment management costs
Share of support costs (Note 7)|**Restricted**
**funds**
**2020**
**71,640**
**-**
**-**
**71,640**
-|**Unrestricted**
**funds**
**2020**
**£**
**422**
**1,925**
**7,841**
**10,188**
5,625
**2020**
**£**
**40,665**
**228**
**40,893**
**2020**
**£**
**216,272**
**42,654**
**44**
**-**
**258,970**
**2020**
**£**
**6,363**
**5,031**
**-**
**46,276**
**1,246**
**1,800**
**543**
**-**
**12,500**
**73,759**
**12,143**
**85,902**|**Total**
**funds**
**2020**
**72,062**
**1,925**
**7,841**
**81,828**
5,625|Total
funds
2019
£
5,625
-
-
5,625
2019
£
28,263
24,762
53,025
2019
£
248,448
44,998
95
1
293,542
2019
£
6,533
3,776
835
18,361
-
-
315
373
183
30,376
24,580
54,956| |---|---|---|---|---| Page 16 ## EASTBRIDGE HOSPITAL ## NOTES TO THE FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 31 DECEMBER 2020 ## **6. Expenditure on charitable activities** |**Direct costs**
Rates and water
Repairs and maintenance
Gas
Insurance
Electric
Council tax
Legal fees
Telephone
Fuel allowance
Sundry expenses
Architects fees
Professional fees
Gardening
Redundancy costs
Wages and salaries
Grants made (see note 8)
Support costs (see note 7)|**Accomodation**
**£**
**2,498**
**33,289**
**2,854**
**2,107**
**1,536**
**11,746**
**-**
**4,598**
**-**
**258**
**-**
**-**
**-**
**2,337**
**43,248**
**-**
**104,471**
**24,624**
**129,095**|**Hospital**
**Buildings**
**£**
**-**
**105,545**
**-**
**14,749**
**-**
**-**
**-**
**-**
**-**
**3,545**
**6,832**
**-**
**-**
**1,002**
**18,535**
**-**
**150,208**
**10,551**
**160,759**|**Greyfriars**
**& Franciscan**
**Gardens**
**£**
**-**
**28,759**
**-**
**-**
**1,344**
**-**
**-**
**-**
**-**
**623**
**3,500**
**-**
**32,286**
**-**
**-**
**-**
**66,512**
**-**
**66,512**|**Total**
**£**
**2,498**
**167,593**
**2,854**
**16,856**
**2,880**
**11,746**
**-**
**4,598**
**-**
**4,426**
**10,332**
**-**
**32,286**
**3,339**
**61,783**
**-**
**321,191**
**35,175**
**356,366**|2019
Total
£
1,642
207,901
7,189
16,154
2,063
8,123
7,435
6,276
900
2,949
25,296
-
9,541
-
48,856
2,053
346,378
68,340
414,718| |---|---|---|---|---|---| ## **Analysis of expenditure on charitable activities for the year ended 31 December 2019** |**Activity or programme**
Accommodation
Hospital Buildings
Greyfriars
Grants|**Activities**
**undertaken**
**directly**
**£**
97,860
179,941
17,668
-
**295,469**|**Wages and**
**salaries**
**£**
34,199
14,657
-
-
**48,856**|**Grant**
**funding of**
**activities**
**£**
-
-
-
2,053
**2,053**|**Support**
**costs**
**£**
47,839
20,501
-
-
**68,340**|**Total**
**£**
179,898
215,099
17,668
2,053
**414,718**| |---|---|---|---|---|---| Page 17 ## EASTBRIDGE HOSPITAL ## NOTES TO THE FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 31 DECEMBER 2020 |**7.**
**Support costs**
**Raising**
**For the year ended 31 Decembe**
**funds**
**£**
Sundry expenses
**-**
Electricity
**-**
Architects fees
**-**
Clerkship costs
**8,550**
Maintenance and cleaning
**-**
Bank charges and interest
**-**
Advertising and stationery
**-**
Rates and water
**-**
Accountancy
**2,138**
Professional fees
**-**
Bookkeeping costs
**-**
Depreciation
**-**
Governance costs (Note 9)
**1,455**
**12,143**|**Accomodation**
**£**
**3,373**
**672**
**1,750**
**5,985**
**224**
**2,117**
**2,421**
**192**
**1,496**
**3,451**
**-**
**1,924**
**1,019**
**24,624**|**Hospital**
**Buildings**
**£**
**1,446**
**288**
**750**
**2,565**
**96**
**907**
**1,037**
**82**
**641**
**1,479**
**-**
**824**
**436**
**10,551**|**Total**
**£**
**4,819**
**960**
**2,500**
**17,100**
**320**
**3,024**
**3,458**
**274**
**4,275**
**4,930**
**-**
**2,748**
**2,910**
**47,318**|2019
£
8,891
692
7,843
38,133
7,032
997
3,140
252
3,397
384
11,840
2,665
7,654
92,920| |---|---|---|---|---| All support costs are split in line with both recurring income and time expensed. ## **8.** |**Grants**
**2020**
**no.**
Eastbridge Award Scheme grants made
-|**2020**
2019
**£**
no.
**-**
2|2019
£
2,053| |---|---|---| The Eastbridge Award Scheme offers financial support to both young people (aged 14-19) and young adults (aged 19-25) who wish to undertake a project which will challenge themselves and improve the lives of others. As a Christian Foundation, the Eastbridge Hospital is eager to promote projects which advance the welfare of others. However, no particular faith commitment is required of applicants. All applications are reviewed by the trustees. |**9.**
**Governance costs**
Audit fees
Legal fees|**2020**
**£**
**2,910**
**-**
**2,910**|2019
£
2,953
4,701
7,654| |---|---|---| ## **10. Trustees** None of the trustees (or any persons connected with them) received any remuneration, benefits or reimbursement of expenses from the charity during the year. Page 18 ## EASTBRIDGE HOSPITAL ## NOTES TO THE FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 31 DECEMBER 2020 |**11.**|**Employees**
_Staff costs were as follows:_
Wages and salaries|**2020**
**£**
**61,783**|2019
£
48,856| |---|---|---|---| Redunancy costs for the year totalled £3,339 (2019 - £nil). The accounting policy is to recognise termination payment liabilities on communication of intention to pay and when quantifiable. Such payments are accounted for as staff costs. The average monthly number of employees (all relating to charitable activities) were 7 (2019: 7). There were no employees whose annual remuneration was £60,000 or more. |**12.**
**Tangible fixed assets**
**Cost**
At 1 January 2020
Additions
**Depreciation**
At 1 January 2020
Charge for the year
**Carrying amount**
At 31 December 2020
At 31 December 2019
**13.**
**Heritage assets**
**Cost**
**At 1 January 2020 and 31 December 2020**
**Carrying amount**
At 31 December 2020
At 31 December 2019|**Freehold**
**land and**
**buildings**
**£**
5,659,121
-
**5,659,121**
-
-
**-**
**5,659,121**
5,659,121|**Fixtures**
**and**
**fittings**
**£**
26,654
820
**27,474**
2,665
2,748
**5,413**
**22,061**
23,989|**Total**
**£**
5,685,775
820
**5,686,595**
2,665
2,748
**5,413**
**5,681,182**
5,683,110
**Total**
**£**
**72,438**
**72,438**
72,438| |---|---|---|---| Heritage assets purchased relate to maps and other historic artifacts relating to the charity which are displayed in the Hospital. Page 19 ## EASTBRIDGE HOSPITAL ## NOTES TO THE FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 31 DECEMBER 2020 |**14.**
**Investment property**
**Fair value**
At 1 January 2020
Surplus / (deficit) on revaluation|**Total**
**£**
4,204,837
(315,670)
**3,889,167**| |---|---| The 2020 valuations were made by the trustees, on an open market value for existing use basis. |**15.**|**Fixed asset investments**
**Cost or valuation**
At 1 January 2020
Additions
Disposals
Revaluations
_Investments at market value comprise:_
United Kingdom
Overseas
_Asset distribution_
Fixed Income
Equities and Funds
Property
Alternatives
Liquid Assets|**Listed**
**securities**
**£**
1,342,888
-
(12,500)
93,796
**1,424,184**
565,061
859,123
**1,424,184**|**Cash in**
**portfolio**
**£**
565
42,503
(42,505)
-
**563**
563
-
**563**|**2020**
**Total**
**£**
**1,343,453**
**42,503**
**(55,005)**
**93,796**
**1,424,747**
**565,624**
**859,123**
**1,424,747**
**2020**
**£**
**192,828**
**1,011,957**
**36,020**
**115,061**
**68,881**
**1,424,747**|2019
Total
£
1,435,322
431,810
(721,680)
198,001
1,343,453
548,393
795,060
1,343,453
2019
£
184,053
904,144
42,990
133,002
79,264
1,343,453| |---|---|---|---|---|---| ## _Material investments_ There were no material investments in excess of 5% of the portfolio value. |**16.**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
VAT recoverable
Prepayments|**2020**
**£**
**50,722**
**4,489**
**12,505**
**-**
**67,716**|2019
£
56,250
3,689
-
335
60,274| |---|---|---| Page 20 ## EASTBRIDGE HOSPITAL ## NOTES TO THE FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 31 DECEMBER 2020 |**17.**
**Creditors: amounts falling due within one year**
VAT payable
Other creditors
Accruals
Loan
**18.**
**Creditors: amounts falling due within one year**
Loan
Included within the above are amounts falling due as follows:
**Between one and two years**
Loan
**Between two and five years**
Loan
**Over five years**
Loan|**2020**
**£**
**-**
**47,523**
**32,708**
**13,333**
**93,564**
**2020**
**£**
**86,667**
**86,667**
**2020**
**£**
**20,000**
**60,000**
**6,667**|2019
£
6,598
66,314
95,676
-
168,588
2019
£
-
-
2019
£
-
-
-| |---|---|---| The loan is a Coronavirus Business Interruption loan for six years annual interest at 3.3%. ## **19. Retirement benefit schemes** The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. Page 21 ## EASTBRIDGE HOSPITAL ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |**20.**
**Statement of funds**
**CURRENT YEAR**
**Designated funds**
New Almshouse fund
Investment Fund
Asset fund
**General funds**
Unrestricted general fund
**Endowment funds**
Permanent Endowment fund
**Restricted fund**
CLF Lottery Grant Fund
**Total funds**|**Balance at**
**01 Jan 20**
**£**
**1,116,846**
**4,431,444**
**1,566,678**
**7,114,968**
**37,736**
**4,188,870**
**-**
**11,341,574**|**Income**
**£**
**-**
**-**
**-**
**-**
**315,945**
**-**
**71,640**
**387,585**|**Expenditure**
**£**
**-**
**-**
**-**
**-**
**(442,268)**
**-**
**-**
**(442,268)**|**New**
**designations**
**£**
**-**
**-**
**820**
**820**
**(820)**
**-**
**-**
**-**|**Designations**
**released**
**£**
**-**
**(12,501)**
**(2,748)**
**(15,249)**
**15,249**
**-**
**-**
**-**|**Transfers**
**in / (out)**
**£**
**-**
**(150,000)**
**-**
**(150,000)**
**150,000**
**-**
**-**
**-**|**Gains /**
**(losses)**
**£**
**67,609**
**(289,483)**
**-**
**(221,874)**
**-**
**-**
**-**
**(221,874)**|**Balance at**
**31 Dec 20**
**£**
**1,184,455**
**3,979,460**
**1,564,750**
**6,728,665**
**75,842**
**4,188,870**
**71,640**
**11,065,017**| |---|---|---|---|---|---|---|---|---| Page 22 ## EASTBRIDGE HOSPITAL ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |**20.**
**Statement of funds (continued)**
**PRIOR YEAR**
**Designated funds**
New Almshouse fund
Investment Fund
Asset fund
**General funds**
Unrestricted general fund
**Endowment funds**
Permanent Endowment fund
**Total funds**|**Balance at**
**01 Jan 19**
**£**
**968,489**
**4,938,874**
**1,567,056**
**7,474,419**
**64,970**
**4,188,870**
**11,728,259**|**Income**
**£**
**-**
**-**
**-**
**-**
**352,192**
**-**
**352,192**|**Expenditure**
**-**
**-**
**-**
**-**
**(469,674)**
**-**
**(469,674)**|**New**
**designations**
**£**
**-**
**525**
**2,287**
**2,812**
**(2,812)**
**-**|**Designations**
**released**
**£**
**(110)**
**(285)**
**(2,665)**
**(3,060)**
**3,060**
**-**|**Transfers**
**in / (out)**
**-**
**(90,000)**
**-**
**(90,000)**
**90,000**
**-**
**-**|**Gains /**
**(losses)**
**£**
**148,467**
**(417,670)**
**-**
**(269,203)**
**-**
**-**
**(269,203)**|**Balance at**
**31 Dec 19**
**£**
**1,116,846**
**4,431,444**
**1,566,678**
**7,114,968**
**37,736**
**4,188,870**
**11,341,574**| |---|---|---|---|---|---|---|---|---| Page 23 ## EASTBRIDGE HOSPITAL ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ## **20. Statement of funds (continued)** ## **Designated funds** ## _The New Almshouse Fund_ This fund was set up following the sale of farmland in Blean. The sale proceeds were to be used for the building of new almshouses. Part of the proceeds were thus used to acquire the land in Stour Street and for the costs involved in obtaining planning permission to develop that site. ## _Investment Fund_ This fund represents tangible fixed assets in the form of investment properties and an investment portfolio which are used by the charity for both the purposes of income generation and capital appreciation and thus do not form part of the charity's free reserves. ## _Asset Fund_ This fund represents buildings acquired following the formation of the charity that do not form part of the Permanent Endowment, fixtures and fittings together with heritage assets which are for charitable use. ## **General Fund** The General Unrestricted Fund is the accumulation of surpluses, less deficits, on the income and expenditure account, together with profits, less losses, on sales of General Fund fixed assets. ## **Permanent Endowment Fund** The endowment fund represents the original buildings of the charity, together with subsequent increases and decreases and cannot be expended. ## **Restricted funds** ## _CLF Lottery Grant Fund_ This fund represents a grant from the Heritage Lottery Fund towards the cost of the project to open the Franciscan Gardens to the public from summer 2021. It includes preparation of the site and making safe part of the 17th century Lovelace Wall ## **21. Operating lease agreements where the charity is lessor** At 31 December 2019 the total of the charity's future minimum lease receipts under non-cancellable operating leases was: |Due within one year
Due between two and five years
Due after five years|**2020**
**£**
**237,050**
**358,375**
**55,000**
**650,425**|2019
£
222,800
324,125
77,000
623,925| |---|---|---| ## **22. Related party transactions** There have been no transactions with related parties during the period under review (2019 - none). Page 24 ## EASTBRIDGE HOSPITAL ## NOTES TO THE FINANCIAL STATEMENTS ## FOR THE YEAR ENDED 31 DECEMBER 2020 |**23.**
**Analysis of net assets between funds**
**Current year**
Tangible assets
Heritage assets
Investment properties
Investments
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
Creditors: amounts falling due after one year
**Prior year**
Tangible assets
Heritage assets
Investment properties
Investments
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
**24.**
**Financial Instruments**
Financial assets valued at fair value through
income and expenditure
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost|**Endowment**
**fund**
**£**
4,188,870
-
-
-
-
-
-
-
4,188,870
**Endowment**
**fund**
**£**
4,188,870
-
-
-
-
-
-
4,188,870|**Restricted**
**fund**
**£**
-
-
-
-
-
71,640
-
-
71,640
**Restricted**
**fund**
**£**
-
-
-
-
-
-
-
-
**2020**
**£**
**1,424,747**
**50,722**
**1,475,469**
**47,523**|**Unrestricted**
**funds**
**£**
1,492,312
72,438
3,889,167
1,424,747
67,716
38,358
(93,564)
(86,667)
6,804,507
**Unrestricted**
**funds**
**£**
1,494,240
72,438
4,204,837
1,343,453
60,274
146,050
(168,588)
7,152,704|**Total**
**2020**
**£**
**5,681,182**
**72,438**
**3,889,167**
**1,424,747**
**67,716**
**109,998**
**(93,564)**
**(86,667)**
**11,065,017**
**Total**
**2019**
**£**
**5,683,110**
**72,438**
**4,204,837**
**1,343,453**
**60,274**
**146,050**
**(168,588)**
**11,341,574**
2019
£
1,343,453
56,250
1,399,703
66,314| |---|---|---|---|---| Financial assets valued at fair value through income and expenditure comprise investments. Financial assets measured at amortised cost comprise trade debtors. Financial liabilities measured at amortised cost comprise other creditors. ## **25. Contingent liabilities** The trustees sought legal advice about recovering rent and other costs from a defaulting commercial tenant and as a result have commenced litigation for recovery against a former tenant as they are legally entitled to do. It is not possible to say when this action will be concluded nor predict the outcome save only trustees have assessed the risks involved and been provided with an estimate of the legal fees involved which could be in the region of £70K. Those fees should be recoverable if the action is successful. If it is not, trustees may also have to meet the costs of the former tenant. The total liability of the former tenant having regard to the remainder of the term of the lease, is in excess of £200K. Trustees have stressed to their legal advisors the importance of reaching an early settlement to avoid costs escalating and have instructed that if at any time the legal advice that trustees have a reasonable prospect of success changes, they are to be informed immediately. The trustees will review their position automatically in mid June 2021 and have regularly reviewed since litigation began. Page 25