Charity number: 216873 HOSPITAL OF WILLIAM WYGGESTON AND THE HOSPITAL BRANCH (WYGGESTON'S HOSPITAL CHARITY) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 VYGOE8TON'S HOSPITAL CHARITY CONTENTS Page Chairman's statement Tru$t•OS' rnPQrt Ind•p•nd•nt audltofs report on the financial stat•m•nts Statom8nt of flnanclal actlvttlos 2-19 20-23 24 Balanc• shggt 25 8lat¢ment of cash IIOWG 26 Note5 to Ihe Ilnanclal 8tatsments 27-49 WYGGESTON'S HOSPITAL CHARITY CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020 The chaimian p￿sents her ststement for the year. What a year this has beenl When I closed off my Annual Statrynent last year we were looklng to a very PO8ltive start to the year - Iitue dhfj we expect the worthwde pandemic that wa8 about to hit us all wlh particular emph8sk8 on the care industry. H¢￿V0Var, h*r8 we arg one year1*gr hawn9 one of the bigg8St challenges in OUT history. having1oarn8d bts of lessons and able to lake prKJe in the fact that we did not suffer any Covid 19 deaths. A lot of this has lo be accr8dit8d to the way that our man8gement team took wnership of Ihe'problem 'and were extremety prowactive in infection control and the purchase of copious quantities of PPE. Of course, even w7th Govemment funding, there has been som6 Impact on our finances but we felt unable to put a monetary value on the INe$ of our residents and staff - both of whiGh we value grealy. I cannot thank them all enough for their great efforts _ the residents for their forbearance and staff for undertaking tasks sometimes outside their usual sccpe and hcurs lo ensure th& safety of all. Whi8t all this has been going on, we h8ve also managed to work ar(￿nd the vamus kxkdowns to enable us to refurbish large parts of the ¢cYnmunal areas in our residential home and the Agnes House residents and staff hava ￿an vary 4)W￿l￿[vO of upgrades. The Governors have aL80 played tr￿r rol8 and have he•J to quickty gel up to speed remote V•orking on Zoom and have sometmes fell the fruslrat*)n of not being able lo have face to f¥e contsct wth both re81Ients and stsff. We cannot wait to be fulty back on site and continuing our usual r4)port. Ong po5ilive we have been a)le lo take from the year has be8n the fact that our new build was only slight impadgd by tho Icck down and thanks lo the foreS￿jht of the construction ¢tJmpany in tr￿ng1ng forward the scheduling of malerkg18 we are now back on track for cornpktion in earky Autumn 2021. We have had a good response from the local eommunty and the majority of our new bulhls are already reserved. Something to keep u5 kjoking forwardl Wyggestons is a￿ayS IcM)kin9 to the future and we were therefore ple89ed to be approached at the very erKI of 2020 by another local Almshou8e regarding Wyggeslons tsking on the rnanagement and Tnjsteeship and as I wri(e this report we are in the process of discussions and Cgrying out due diligence thrc4Jgh our financkwl and 18981 thisers. I think I can g more being ble say that there is nwer a dull day at Wyggestons and we are l¢XJkin9 fonyard in 2021 to once sc¢ialise and welcome visitors to Dur site- the whe4e charlty thrives on intoract￿ with olhersl Sandra R PIMII Chairman of the Director8 of Wyggeston's H08Prtal and Ho8Pit81 Branch Tru8tee Datè: Pagg 1 WYGGESTON% HOSPITAL CHARrrY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEhlBER 2020 1. INTRODUCTION The financial statements comprise the Annual Financkgl Statements, Chairman's Introduction and th8 Tru$teo'$ Annual Report for the year 1 January 2020 to 31 Decembèr 2020. The Govemors referred lo in this report ar8 tho Directors of the Corwrate Trustee of Wyggeston's H08Pital, belNJ the Wyggeston's Hospttsl and Hospital Branch Trustee, company number 7718817. This Report shoupa be read in conjunct￿n with the Chgimian's Introduction Ipage 1) which has also been reviewed and ￿prOVed by the GovernoTS. 2. FOUNDATION AND SCHEME Wyggeston's Hospital Charity was founded followng the grant of Royal Letter8 Patent to William Vvyggeslon in 1513. The Scheme of the Charty Commissioners goveming the Charty was revised in 1992 and 2012 and the present Scheme is dated 7 February 2012. The Charty's rggislratian number 1$ 216873. The ¢)fficial name of Ihg Charity is Hospital of William Wyggeston and the Hospital Branch. 3. CORPORATE TRUSTEE On 26 Juty 2011 a Cornp8ny Umited ty guarantee wa8 established entitled The Wyggeston's Ho¥pitsl and Hospital Branch Tru$lee Company number 7718817. On 7 February 2012 this company b8camg th9 $019 Trustee of the Charty. The pravious Govemors of the Charity bec(yniNJ the Directors of the company. The Corporate Trustee holds the real estate propety of thg Charity which was trsnslerred during 2013 12014. AII s8J8s or purchases of land are now carried out in the name of the Corporate Tnjstee. 4. WORKING NAME For day404lay purposes the Charity is known as Wyggeslons or Wyggg8ton's Hospital and the Directors of tho Ctjrporate Trustee are known •8 Govemors. S. AIM The alm of the Charty Is to apply rts income for charitable puTp0595 by the pro¥i8Th of Almshouses or general financial assistance ft)r needy people of the Cty of LoKgsler and the prowsion of Extra Care farAlitie5 for n88dy pgrson5. 6. OBJECTS The objects of the Charlty are.. R81ief in Na8d on on8 or more of the following.. 6.1.1 The provision and maintenance of Almshouses for poor persons of gr>￿ character of notloss than 60 years of age resident in th& Cty of Leic8St8r; 6.1.2 The provision and maintenance of Extra Care facilities foT neody persons of gwd charxter a prferenGe for resident5 of the Almshouses., 6.1.3 The relief of the needy poor-, and 6.1.4 Paying lo the Wyggeslon Schc•)l Foundation an annual sum. Page 2 GGESTON'S HOSPITAL CHARITY TRUSTEES, REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2020 7. PUBUC BENEFrr The Governors have complied with tha duty in S.17 of the char￿tieS Act 2011 to have due regard to the Charity Commi5sh)n published general and relevant SU￿se¢lor guidance concerning the cperati¢)n of the public benefit requirement under that Act. It is important And ¥proprfate, therefore. in this report to rwew the work of Wyggeslon's in the light of the C¢)mmis8hM's guidance and their published Reports. AS readers will be aware there ar& th￿1ve Charitable Purpose Headingg and the Wygge8ton's Hospital Chorty S¢heme frts wilhin three of them.'- the prevention or relief of poverty tho advancement of eduCat￿)n the relief of those in need W& will took at eaGh of tha headlng8 in turn and how Wyggeston's fufft15 thg public bgnefit t￿1 in gxh area. 7.1 Tho pr•¥entlon or rellef of pov•rty 7.1.1 Lglcoster Charlty Llnk Through the Leicester Charity Lir* {LCLI grants are provtded which en8blg pecs)le to have a better quality of life. Although individual grants are limited to a maximum of £SOO it is often the case that even 8 small amount makes a huge difference. The Govemors, through the House and Grants Committee, are m&Jè aware of all hèlp given. Working with LCL has the advantage Ihat they Can access additional funds should this be n8C888ary. They Gan also ensure an indNidual is claiming any statutory help available. In 2020 we madg a grant of £25,QOO for distiibuiion by LCL lin 2019 the grant was also £25.0001. 7.1.2 The Brldge ProJ•ct For the pa$1 fèw years we have made 8 granl to the Brmlge Homeless lo Hcye Project. In 2016 the project moved to now p￿rni￿ and began expanding f(s work to prowde employment opportunities for the homeless. A grant of £25,000 was made towards thi5 move and patd in February 2017. In 2020 a grant of £15,000 vas made in line wtth the budggt for the last few years. 7.1.3 One Roof Lelcester One R(x)f Le1¢￿10T IORLI 1$ a Chwity which prowdes accommodation, support and adwce to the homeless, deslrtLrt6 refugees, asylum seekers and vulnerably housed in Le￿Star. ORL works ￿ryth parther 0rgani88t1o￿, often the local faf(h community, to ensure that the vulnerable whom they house are rKJt left in isolation. In 2016 Wyggestons purchased a property which is let to ORL for a nil rent altoving them to provide accommodation to a homdess or vulnerable famity. The rental for the property on the opèn market would be in the region of £517,000. Therefore this Gould a150 be counted a hKI(*n grant aid. This continugj during 2020. 7.2 The advancement of eduution Under the Term8 of the Charity8 Schem8 we pay an amount annualty to Ihe Wygg88ton'$ SGhod$ FoundatKJn. In 2020 this was £10.000 12019 £10,000). Th& Foundation ct)n5ider5 applKalions from the tsyo sixth-form cdleges in Loic8$ter Cty that were fOma1￿ Wyggeston S¢hools. Through this add￿Onal funding, students Can become involved in adThiiti¢s ty courses lo enhance their broader oducational horizons which they would otheNiise be denied. The funding was approved in 2019 and is usualty made in the Seplember of each year to coincide wlth the commencement of the academK year. The 2019 payment was made post year end in early 2020 wth the agreemenl of the Foundati)n with the annual amount later In the year. Pag8 3 WYGGESTON'S HOSPITAL CHARrr TRUSTEE8' REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 7.3 Wygg•stons Grant The Charity prowdes one individual wth a grant of £5.00 per w8&k1£260 per annuml under a nineleenlh century established fund to meel Iha objective to provide financial relief to older pgrsons in LeiGester deemed to be 'out pensioners.. Thi$ Grant ended in February 2020 Mlh the death of the last recipienL 7A The r•li•f of thos• in no•d How do you define ne&J? Shouhj rt relate simpty to 8 per8cm's bank balance7 Need Shoukl be interpreted in various ways. including financial. emotional and spiritual. Some people wlll have a property bth I￿e or no savings 1isuffic￿nt income with which to maintain ￿ Others may be $uffering sccial bsolation as the area in which Iheywere bom and brought up changes beyond their recognition. In William House, our Almshouse. we proiride ir*endenl INing shertered housing unils, open to all %tho qualify under the Term$ of the Charity Scheme. In a communty alm¢)sphere the residents benefit from not having the worry of housing maintenance, they are with like-minded and svnilar aged people and enjoy tha 86curity of someone on call should they suffer an emergency. In &Jdilion, we have a Chapel on $ite and offer spiritual and paslorsl suppjrt 88 ne￿ed through the Master, an ordained Anglican Priest. As people age and th￿r needs increase they can, subjed lo assessment, transfer to Agne$ Hou8e, our ResKlential HC￿e. whtch is on the same site. The pr0￿Mity of th8 buildings has th8 addéd advantage that felbw residents who have become friend5 over the years can visit easity and maintsin contact. FamIl￿S also appreciate that when the lime comes for the extra level of Care the parent or loved one is already known lo the staff and this reduces the stre$$ of moving. In both unib there is a dryree of subsidy- The Govetnois, Pdicy is that the weekly charges in Willkgm House and Agnes House will be below th* of an ￿OnOm￿ rent or fee as part of the Charitys Relief in Need help. This amounts lo )proximatety £400,¢￿0 per annum. 7.5 ConGlu$lon In the light of all the above we firmty bglieve that Wygg8slon'5 woukl 'pa35' any Revivu by the Charity Commission corK•ming ils charitablfr work. STRATEGIC OVERVIEW Wyggeslon's was establishgd to provid8 shoher8d housing and give grant aid. It achieve8 this by.'_ providing 56 units of Almshous8 Accommodation in William Housé: 26 eTrsuit8 rcom$ in Agnes House.. paying grant aid ef(her directty or via Le￿88t￿r G￿rity ￿r￿.. Providing a property al no I minimal ￿$1 at anoth8r organisation to wrfh indTriduals or families who would olhgrwisg be horneths. an endowed ChaTity the inccffie from investments provKles monies to supplement the work and the mshouses and residential home are provided al subsidlsed rates. The main limits'ng factors for the Cherity are the very low interest rale8 and the rates pai¢J by the locol authoritte6 for residents In the care IK>me. We are very fortunate ￿th our employee8. Some of vthom {10%1 have been with us since we opened Agn88 Housg in 1992. The avorag8 length of service rernain5 at 11 years and turnover is also extremely low. During 2020 Six employee$ left as two woro tomporary staff employed during the Covid-19 pandemK, one resigned and three retired. Although this equals around 5% turnover Iwe onty have 58 employeesl the average in the cgre industry in the East Midlands is around 25Vh 130Qh. The splf( be￿￿on male and female is 12QA and 88Trh and full tlme and part tlme 18 10% and 90% reSpeCt￿lY. Wg monttor our pgrformance by carrying out an Annual Residents, Survey. We ar8 also moniiortrj by external Page 4 WYGGESTON'S HOSPITAL CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 IKdies. the Care Qualty commissp￿ {CQC) and the L￿ceSter City Council. Financialty we 8re strong and currentty there is no reason why Wyggeston's shouSg not continue for a further 500 years. Detsils of how the Govemors work through the various committees is given below. AS mentioned elsewhere the day4t>day management is carried out by the $8nw staff. However. am(x)g the staff only the Master has ch4ue signing authonty. Al payments ara authorisod by Govemors and all payments are reporto11 to the Finance Committee at th8 nexl round of meetings. Limi18 are placed on the amounts that can be aulhorised bgfore referring to the Govern￿8. Budgets are approved at thè autumn round of meetings for the folbwing year and any variances greater than 200A are investigated and explanation8 provid￿1. Eaeh committee r￿elVeS budget to adual rgPQrts at rts meetings and all Governors receive financial inf¢mation on a regular bas1$. 9. RISK MANAGEMEKr The Govemors hav8 examined the major StratOg￿ busin8s$ and (yporalional risks vthKh the Charty face5 and confim that system$ are in place lo ensure regular reports are produced so that the necessary step$ can be taken lo ￿Sen these risks wrth 8 form81k8ed risk register r8viewpd annually. This has been amended to include ngw risk8 that occurred due to the kX)sl year end Covi&19 virus which has led to significant risks for the Charty. The initial market vo]atility ￿SU11&d in bssès for the Charty's inv8stm8nt portfolios and the fund managers worked closèly w(th Govemor8 to lim(( tha impact on thg Charivs ca$hflows. The Charity also exp6ri8ncod lo$$ of a number of Staff for the duration dug to thg '$hiekling° regutatDns and Increas￿ associated w$ls in slaffing and consumablès. Senior staff formed a crisis managemgnt team to manage all aspects of the crisis and worked dosely ￿￿th Govemors in ensuring suffKient resources were available to reduce all risks. The mal¢x rtsks lo the Charty ar& reput8tK)nal damage, fraud and 'AGts of Gcd.. WhilBI having no contrd over the devebpment of the epidemiG the Govemor3 have in placo various measures to miligale the likelihood of reputstional d8magg and fraud including a robust Business Continuity Plan and 8ssocialed Crisis Managoment plans to protect the Charity. Galng Concern The 2021f22 budgets and fore&*ts have been dr•Yn up and amendod wth consideratK•n for the on90ing impact of Covid-19 ah)ng with planned 09Prtal projects. The budget8 and foreca8ts c¢)ntain a number of assumptions and these have been assessed to consider the sensitiwly of the prolecled perfomiance. Furthemiore, the Charity has secured a medium4em) loan facility of £2.2m for thè purrM)se of financing the remainder of the Lancaster House and ccltag88 capital prq8Ct in 2021, thus alkmng r￿urring inwning cash resources lo be made available for operational ¢xpenditurg needs. On review of these d￿uments, the TTUStee8 believe that the Charity's financial rasourc8s and continggncy planning 1$ suffic￿t to ensure the ability of the Charity to continue as a going concern for 12 months from the point ol signing and therefore the financial statamenls have been prepared on this basis. Page S WYGGESTON'S HOSPITAL CHARITY TRUSTEES. REPORT ICOTrtriNUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 10. RESIDEKrs Duri)g 2020 there were 1212019- 131 deaths and 212019- 61 transfers of re¥idenls. 10.1 William House- The Alm$house 10.1.1 Statistics Deaths.. 1 {2019- 3} Moved: 2 {2 inlernal to Agne8 Housel12019- 5- 4 internal to Agnes House} Empty flats at the year4nd: 2 (201￿ 21 Averagg occupancy during the year was 95%12019 - 95%} At the ye8rond:. Avgragg age.. 79 ygars12019- 781 Average length of occupancy.. 6.2 year$12019- 6.31 Youngest resident.. 6212019 - 63) Oldest resident.. 97 {2019- 96) Mal8 .' Femal8 ratio 26% .. 77 %12019- 27% '. 73%} Total resKlents.' 63 (2019- 591 10.1.2 Buildlng and vop•lrs Four Ilats wgrg upgraded during th8 ygar one of which was as part of the wider refurfoishment of the fomier Master's House lo enable the cOnStr￿tion of a halhvay access to the new Hub development. Full extemal r&Jecoration was carried out and necessary repairs undertaken during thai work. As uÈual minor repairs ar maifttènanee items were carried out during tha year. 10.2 Agnes House- Tho Resldontlal Home 10.2.1 ststlstics Av&rage ￿¢upancY during the year was 94% {2019. 96fAI I At the year4nd:. Averag8 age.. 90.7 years (2019 - 91.91 Average length of occupancy. 1.4 years {2019- 2.6) Youngest resthnt: 8412019 - 83} Okjest resident.. 107 {2019- IC6} Malo.. Female ralio 17% .' 83 QA12019- 12% . 88%> Dèaths.. 1012019- 11> P•ae 6 WYGGE8TON'8 HOSPITAL CHARITY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Vacancies at Year End.. 212019- 1) 102.2 Bulldlng and r•palrs There have been no major works to the Agnes House buikling during 2020. General rep81rs and mainténanc8 continue as necessary. 11. GOVERNANCE OF THE CHARrrY The Govemors are responslble for the ovw8Jl managemgnt and organisaticffl of the Charity. The full Board of Governors mel four times in 2020. The Finance Committee, Estste Commrttee. House and Grants Committee, Revithv Comrntitee, ExecutNe Committee and Looking Ahead Group support the Governors in carrying out their respon5ibiliti.e$. Committee consists of at 1ga51 nin8 Govemors, axc8pl the Exgcutive Committee, which COMprr4￿ the Chaimian and Vic&Chaimian of the Board of Govemors and the Chairman and Vic&Chaimian of aach Commiitee. The Finance SU￿ComMittee - Investment comprises the Chaimian and Vi¢e-Chainnan of the Governors, the Chairrnan and IfKe£haimian of the Finance Committee and at least ong other Govemor. The Governors are ultimately responslble for the and dirertion of the Charty. wth day to day managwnent delagaled to the senior 8laff he￿Ied by the CEO, who also acts as Clerk lo the Govemors. The ca￿ Manager has dual responsibility for William House and Agnes House. The Master is respon6b￿ for the pastoral care of all fgsid8nt$ and stsff. All Govemors are notrf*d of relevant training opportunitigs. Thesg are fulty funded by the Charity. The Clerk to the Govemors attends varlous courses and pffjMdes reports to update Govemorn. The Professional Advisors also offer in-house update$ s￿[fir￿llY tailored to the Govemors needs a8 necessary. 12. GOVERNORS 12.1 Dir•¢tors l Gov•morn Thanks are recorded to all the Governors who have givgn so freely of Iheir timg not onty to attend meetings but also to deal with indiwdual matters during the year. DireGtors of the Wyggeston's Charty are ¢ommonty kntrwn as Governor8. Details of those who served during th8 year can be found on page 18 and 19. The directors that Berved during th8 year and their tem len9th is documented page 18 and 19. In November 2017 the Charty Commission. jointly with Othe￿ published Taken on Trust- The awareness and fectiv0￿S8 of Charity Trust8•8 in England and Wales,. In the retommendations rèfer8nc8 Is made to the recruitment of Trustees and that this should, embrace the introduction of different peop￿, new ideas, skills and exp8rience to Trustee boards. and to target the recruitment of Trustees fr(￿ more diverse wth)n8 of Society... Our full complement of Govemors is tsventy, being ten C(poplions, one ex-officio and nine nominations from publr b(wJies. In both instan¢es it is not 8￿y$ easy to recrutt suitable eandidates. To obtain a wide spread of 8ki118 and exPerier￿e we take into 8ccount drverse factors such as gender. 4e and ski18. An initial meeting 18 arranged for polenllal candKlates Ythh the Ch81Tman gnd Vice Chainnan and includes a full lour of the Charity. If 6uilable, and the candidate accepts the invitation lo bocome a GovernoT, Ihgy are appointed al a Special meeting prior lo the next full meeling. All Governors are offered the opportunity to attend a training ¢oursg which is fundgd by the Charity and all rthv Govemors are offered the chance to spend time with senior staff to understand how the Charity fulfds ils aims and obje¢tNes. The Governors have reMewed thg $91g¢tion process and feel, with the difficulty of recruiting suitable new TTUStees arKI wth younger people less willing to give so freely of their timg, they will continue for the time being with the èxBting proGess and tem8. The Governors are ￿re OF the latest Charity Govemance c¢*Je and this is Cur￿ ntty being ¢onsidered. Page 7 WfGGESTON'S HOSPITAL CHARITY TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 12.2 Remunfjration And Benefits Undèr the temi8 of the Charity Scheme (Sections 18- 21} the Ch8rty 18 requlred lo employ a Master who shall be an Ordained Priest of the Church of England. The Mastsr is an Ex￿ffic￿l Governor. The Master is the onty Governor who received any fonn of rèmuneration from the Charity during the pencil covered by these Financial ststements. Se& Note 14 to the Financkql Statements. 12a Statlsll¢s Iygarsl of Director8lGovemo 12a.1 Age Younge8t'. 53 Oldest: 83 Av•rag8.' 72 12J.2 Lgngth of Sgrvlce Longest..- Continual unbroken- 37 Wf(h a break of se￿1¢¢.. 43 Newe8t:_ App(xnted February 2019 113.3 Malo l F•mal• (%) Male.. 65% Female.. 35% 114 Meotlngs and Commlttso8 IrKludgd belt)w are the average attendance al the various m•etings. During the year the full board of Governors held two Speelal and Four Ordinary Meeting8. Average attendance was as folk)ws'. Speck9170%, Ordinary 86%. Committe95 appointed by the Full Govemlng Body to consider matters in depth and make reci)mmendations lo th& Full Governing Boty are:_ 12.&1 The Executlve Commltte• The Executive Commjttee made up crf the Chalmian and w￿8 Chaiman of the Govemors and the Chairman aThJ W￿e Chaimian of each Committee. The Master is Exdficio Member of all Commsttees. The purpose of the Executive Committee is to consider matters in detail a5 a small group and to tske recommendations lo the appropriate Committee of the Governors for CCnSKl&ration. Th8 Ex8cub"ve Committee did not meet during the Page 8 WYGGESTON'S HOSPITAL CHARITY TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 12A2 The House and Grants Committ•• Deals with matt•r$ rélating to thè resKlents, employees, the buildings and grant making. Tho Committee met four timos during the year. Averwy attendance was 900h. 12AJ The Estate Commlttee Dealing wth matters relating to the Agricultural Estate. The Committee met four limes during Ihe year. Average attendance was 95%. 12A.4 Th• Financ• Committ0• The role is to rewew and monitor perfomiance against budgets and foreca8ts. The Committee met four times during the year. Average attendance was 951JA. 12A.6 Tho Financ• Committ•• Subiommrtteo- Inv•stments Ha8 the 8pecific role of monitoring the investmen18 of the Charty and, in consultat￿n ￿th our SlockbrokerslAsset Alk)cation Advisors￿and Agents, ensure the Charws assets are hebj In appropri*e categories or Funds within the guidelines set by the Governors. The Sub Commritee did not meet during 2020. 12.4.6 Th# Audit Committ•9 Meets annual￿ lo discuss the draft financial Statements with the auditors. The Committee met once during the year. Attendance was 429/0. 12A.7 Thg Roview Committ8• Meets annualty to revie4V Ihelevel of charges to residents and the remuneration of employees. Attendance was 66%. 12A.8 Looking Ahaad This Group reviews the strategic role and funcl#)n of the Charity. The Group met 10 lime8 during the year. AVer￿e attendance was 97Qh. 13. INSPECTIONS AND EXTERNAL ASSESSMENTS 13.1 Statutory Inspectlons In addith?n lo the annual Health and Safety inspections carried out by our consultant the Leicestershir8 County FI￿ Brigade undertook an assessment of the care home in 2020 and confim)ed all was in good order witrt no areas of concem. Care Quality Commission also undert￿k an Infection control a88e8sment in September 2020 gs part of thgir PandemK marwJgmgnt pr￿ed￿re$. 1& STAFF AND VOLUNTEERS 14.1 General To all the staff we express our sincere thanks as it 18 onty through Ih8ir commrfmw* we are able to cary out I good and positive work in caring for those in r*ed, for which the Chartywas established. 142 Numbè D8tai1gd staff numb8rs are given in Mot8 13. Page 9 WYGGESTON'S HOSPITAL CHARir TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 OECEMBER 2020 14.3 Staff Turnovor During 2020 six employee8 {2019 - fi)url of whlch thre& retlred after long seNice with the Charity arKI Iwo were $h¢yt term appoinlments to assist during the pandgmic. 14A Agne8 Houae Care staff with WQ IWE or equivalent or above.. 96%. 14.5 Volunteè 14.S.1 Govemors The Govemor5 give fre8ly of their time and abilrtias. 14.5.2 Othgrs There are no other volunteers. 15. FINANCIAL 16.1 General We are pleased to report a satisfactory financial performance for the yew. The detailed figures for the year under re￿W appear on pages 24 to 49. 16.2. Flnanclal Controls The Governors are Satisfled that the financial controls currentty in pla¢& meet all tho regulatuy requirements. 13.3 Income Streams The maln income streams for Wyggeston's are investment irKome and incc#ne from residents. The Inve8trnent income is from the $te¢k market invesbnents and the agrKultUTal investment. E&h one Is imwrtanl and alkhv8 the Governors not On￿ to maintain the current work of the Charty but to plan $trategi¢alty for the future. 15A Investments 16.&1 Inv•stm•nt Polley The overall policy of the Govemors is to maintain a balanced portfolio I￿1¢h includes Frxeil Interest Bonds, Gilts, Equities and Property dlher agricultural, commercial or domest￿. Investment may be direct into indivKlual shares or appropriate collectives or other rglovant instruments. The G¢)vemors do not intend to invest directly in hgdgg Funds or high risk derivative8. 16A.2 Extomally Managed Funds Aberdeen Standard CapTial and Cazenove eontinued as our Investment FuTrJ Managers for extemally held invesknents during 2020. 15A.2.1 Aberdeèn Stsndard Capltal Portfollo Comm•ntary- for the year 8nding 31•t Dec 2020 The global pandemic triggered on8 of the most tumulluc*Js years In finar)cial hi8tory. VVhil8 the path of returns Page 10 WIGGESTON'S HOSPITAL CHARftY TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2020 was not straightfomard, we were p￿aSed to del￿er a robust annual retum of +8.O•A against a market Cc￿￿￿rte benchmark of +0.3%. The approach adopted by the investsment team is defined as Qualty, Sustainable GroNth. We seek to identffii the beneficiar￿$ of long-twm structural trends which led us to favour sectors such as Techrlology and HealllKarg in 2020. After the initial market 8elWf in March, markets became much more discoming as lo the companies who would strNe or struggle in a pandemic enwronmenl. A material 0Very￿1ght to these sectors. and a void in travol and leisure and banking allow8d the portlolio lo perform wdl from April onwards. As we head into 2021, Structural themes have continued to evolve and we have tsken profits in araas such as T￿hnolOgY redepbyed capital in areas such as Indu8trkg1s. Another key drNer to outsrfomiance hay b8@n th& material underwerghting to fixed interest. We look the deelsion lo reduce Gitts at the height of the Pan￿emiC after the posf(ion had delNered strong perfomiance. In our view, intgrgst Tales are al structural l¢)w8 and likely to rise over the next 5-10 years. Thi5 cr&ales a difficult environment for bonds. Insteaj we favour listed Socbal and ren￿able infrastruGlure whth has provkled Scma dNersifKalion from st(xk market risk and an atsrnative source of income, ensuring the portfolio remains focused on delivenng a com￿'natiOn of regular and recurrmg Income for Wyggeslon's Hospital now arbd th8 potenti4 for ab¢)ve-infklion grolth in future months and years. Locking to 2021, we conllnue to favour equltles and remain fceused on trjerrtfy'ng companies and Industr positioned to become tenefKiaries of long-temi Structural trends. We are $eleclivety adding lo companies vtho we anticipate wll benefft from the recovery, although we do $0 in a CaL￿.ou$ way to temFÈr any future volalilty. We are not out of the woods yet. 15A12 Cazenovo capltal Investmfrnt Since inception {1st February 2012) the portfoltr) has PTodu¢ed a total retum {bolh capital growth and income) of 84.60/0 net of fees. The portfolio parformance is measurgd against CPI +3% and a compos((e benchmark. whKh have relumed 50.2% and 92.2% respectively. The composite bonchmark was changed in 2018 to have a mtye evon split betr￿n UK lisled and oversea8 equities Whi￿ also l¢ywering the alktation to b¢)nds. 2020 was a chaI￿ngIng year for markets with gbbal eqU￿Y markets falling dramatically in March when I pandern￿ took hold. The subsequ8nt r*ov8ry was polarisad - whih Sectors like technology bounced back Btrongty {led by a fe•V very large lechnokngy Stc￿kS in the US), the UK lagged and ended the year dwi -9.8%. A90inst this backdrop. the Wyggeslon FQrtfolKJ delivered a relum of +0.5Yo forthe year. Ov8rseas equit￿5 Wdre the biggest drivers of relums over the ￿ar, part￿ularty our hoklings In North America and Asia, along wtth our Ihematle albeations to technology and hgahh¢are. Fund selection 18 Europ8 was al 8trong wilh our holding in Bl¥kRoGk European Dynamic outP8rforming the index by 26.2Yo. Our Fix8d Income positions perfomied ￿*11 as yields fell ovor th9 y&ar, although our 8horter-duratton prefe￿nce was 8 datractor on a relative basis. Our holding in gohj was also a standout contributor, reluming 19.30A over the year. UK equitiès were the main detractor to relum8. We mainlain an allocation to the UK in order io achieve our 1￿c(￿le tsrget of 317A, with UK equilK% offering a weld premSum to other equity markets. We remain posttnfe on equities and believe that Ihe va￿1n8 rolt-out and significant stimulus will Support a recovery in economK growth in the second hair of 2021 and 2022. With yields still 8t low levels relative to history, we remain undeThveKJht bond$ though we maintain an alk)cation for dNer8thcatK)n purpgses as further equity volatility ts likety. We are positi've on altematwes, particularly areas such as infrastructur9 which benefit from stable irtome $tream$ and significant fiscal 5UPPOrt, not least Bid8n's $2 trillion infrastructure spending package. Page11 GGESTON'S HOSPITAL CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 15.5 AgricUl￿ra1 Estate and Other Real Estate The largest investment is the agricutiural e$L￿e of almost 5,000 acres and sundry other real estate. Thls investsmenl 18 Subject to the same treatmont a$ the Stocks and Shares Portfolio. No deprecption 1$ made against the in￿lment and its value is informalty rewewed annualty. A full fomial valuation 1$ usually ¢arried out every five years. The last one was carried out for the year ended 31st Decgmbar 2017 by Andrgw Granger and Co, Chart8r8d sur￿or5, who valued the estate investment al £29.500.000. The next fomial valuali)n is due at th8 end of 2022, however an uplfft of £2.000,000 was recognised in 2018 due to the receipt of plannin9 pemission for the Rugby MotoNay Service Area. With adtjilions and disposals during 2019 and 2020 the value used in the financial statements for year ended 31 It December 2020 totals £31,526,797. 16.6.1 Sales and Pu￿has•S and other aGtion$ Duriry 202018nd was disposed in Leicestershire to extend an exlsling farm al ngt proc88ds of £1,483,800. Keeping the Estate's tsnan¢ies organis8d in viablo blocks is always a chaI￿nge aNJ gcrt)d progress was made in this regard in 2020. 15.5.2 Plannlng Pembl$$lon$ Churchov•r area In March 2019 th8 Charity entered into a 99 ye8r lease wth MOTO to devolop the site a$ a MotopNay SoNice Area that opened in April 2021 folltiwng onshe delays due to Covid 19 imp8£t on the cM8truction industry. 16.6.3 Malntsnance Th8 Ag8nts arran99 ggneral maintenarte and insurance on the estate where li remains the landlord's responsibilty. They hav9 Standing instructions that they m*y spend up lo an amount equsl to 100A of rental income Mthout referring back lo the Govemors for Such malntenance. The 10% level is taken over a thre&year rolling programme to allow for the various flLKtuations each year. 15.5A Vlslt Each year the Govern￿8. with their advwrs. W8it either an gxk8ting hohjing or, rf nav land has been purGh88ed, visit to meet any new Ten8nt(s) on the eslale. The usual Vk8il cyd& is about every fve ygars. In 2019 a visit to North Lodge Fami Harlaxton tcok plxe together with a tour of some of the smaller parcels of laNJ in the Vale of Belvoir. There were 15 Govemors logethgr with representatives from the various athsor3 on the ￿81t during 2019. No visit occurred in 2020 due to the impact of COV￿79. 15.6 P•nsioThs Wyggeston's ¢)ffers all ils employ8gS the thance lo join in a pension sdwne under Ihe umbrella of The Pens￿8 TrusL Thoro ar8 parti¢ular areas the G¢)vemors must Consider concerning pensions. The original scheme had an element of capital guarantee and as a group style $Gheme exi$ting members are mulualty liable for èach otherf8 debts. Thera is a polenlial debt on withdrawal and The Pension5 Trust has notff￿d the Charty that the Employgr debt on withdrawal could be in Ihe region of £90,000 (2019.. £90,(XX)J. This would only become payable in the event the Charty had no active members in the Scheme. Secondty The P8nsions Trust have imposed an annual levy ot over £3.000 per annum for the ne>1 slx years to make gc& the current deficit. Thi8 is a requirement by the Pens￿n$ Regulator. The Govemors, therefore, fe81 il prudent to reseNe a sum of £100.ODO against these real and ￿tentia liabilities. This will be mK8wed annually. se8 Note 2910 the Financial Ststements. Page 12 WYGGESTON'S HOSPITAL CHARrrY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 15.7 Grants- Recelv•d During the year the Charity reoeived a grant of £500 from the Duchy of Lancaster whith is used towards Ihe costs of Founders Day. 15.8 Fundvalslng The charty was not Invohed dir￿t￿ or indirectly In any fundrai$ing for its benerrt during 2020 and is unlikgly to unde*rtake any fundraising in the near flrture. The Charty had no fundraising actiMlie8 fwuiTing di8d08ur8 under S162A of the Charrties Aet. 1&9 Subsldlary COM￿nIeS The charity is a s*)gle site. single O￿TatIOn entty and does not have any Subsidiar￿5. 15.10 ReseNe8 Poliey Free reseThe8 are Calculat￿ as the general unrestricted funds of the Charity excluding the funds invested in tsngible fixed assets. The Charity had in Ihg unrestricted general fund free reserv68. 7thich excludes tangible fixed a$5ets, negative funds of £2,608.750 at Ihe end of the current year. This is calculated by taking the closing total funds, less permanent endowm8nt, restricted frJnds, tangible fixed assets and designatsd funds. The GoverMr8 consKler that a minimum of six months of the Charty's annual exp8nditure ￿ a reali8ti¢ figure in order to cover risks and unGertainlies. For the year endgd 31 December 2020 this WOU￿ totsl £1.177,957 and thus the free reserves fall OLtsid& this range. The level of free ￿$•￿e5 during the y88r has fallen below the targot set by the Govemor8 largely as 8 resum c the initial ¥tages of the Lanc8#1er House and cottages capitsl project being financed out of existing cash resources, in excess of projected working capltal requirements. On complolion of the prciect in 2021, the GOVer￿T5 intend to manag8 the Charity8 resources wlh a vithv to recovering the le￿ of free reserves over the medium tèm. 1S.11 Extraordinary R•palr Fund IERF} and Cycllcal Mainl8nanc• Fund ICMFI Ther8 ￿re no me4or works fvnded from the ERF during the year. Four fW were upgraded and the external decoration was funded by the CMF during 2020. Other general maintenante items %%er8 alhxated directy to the general repairs and maintenance budget 15.12 Transfers Transfers for 2020 have been m•Je lo Ihe ERF and CMF in the sums of £1¢)).000 £75,000 re6pe¢tivety. Page13 WYGGESTON'S HOSPITAL CHARITY TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED 31 DECEM8ER2020 15.13 Other Funds Th9 Qthor funds are detailed in Note 23 of the financial Stataments. 16. SENIOR STAFF Although Ihe Board of Governors is the kgal entity Y￿th responsibilty for the asset$ and management of thg Charty, day-to4ay management ￿ carri8d out by the senior staff. These are Th& Maslgr (who under tha Tami$ of the Charty Scheme musl be an Ordained Priest in the Church of England) - the Reverend Anthony {Tonyl Leighlon vtho is responsible for tha pastor81 care of the restdents and ony employee or Govemor who seeks hls h91p or guhlance. Rev Leighton's appointment Was extended for 8 further fve years during 2019 wtth the approval of Ihe Govemors, Bishop of Leicester and the Du¢hy of Lancaster. Tho Chief Executive, Chris Jones, is respon8ble for all the day4iAay management of the Charity ?￿d al80 acts as Ctjnpany Secretary and clerk to tho Govemors. Louise Richards, Hea(1 of Care is responsible fe* the care and welfaro of all residents. For remunaration dalails see note 13. The remuneration package for gach empbyee is delemined by reference to exlemal factors such ag c￿rgY pay sc9195 or comparative figures from the press ts $imiLqr positions. Appointments are made following the Standard industry procedure of formal apF4icalion, interyiew and b&kground checks such as references and Enhanced Disclosure and Barring Check. Page 14 WYGGESTON'S HOSPITAL CHARrrY TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 17. PROFESSIONAL ADVISORS The profmslonal advlsors of tho Charfty are: Audbtor & knountants Bankers Crowe U.K. LLP Fourth floor Sl Jame8 House Sl James Squar& Chehenham GL50 3PR CAF Bank LNniled PO Box 289 We8t Malling Kent ME19 4TA Land Managing Agents Sollcitors Andrew Granger and Company stoughlon Grange G8rtree Road Leicester LE2 2FB Browne Jxobson LLP Mowbray Fbuse CaS￿e MeadtrN Road Nottingham NG2 1BJ Investmenl Managers Inv8strn8nt Managers Aberde8n Standard Capital B¢)w Bells House 1 Bread Street London EC4M gHH Calen¢￿e Capital Managwnent 1 London Wall Place London EC2Y SAY Indopendenl Financial Advisor5 P9n$ions Advisors (For Investment Managers Review) Crowe Financial Planning UK Ltd Fourth Fl¢)or St James House St Jam88 Square Cheltenham GL50 3PR Mattioli Woods 1 Wak Place Leicestgr LE16RU 18. REGISTERED OFFICE (FOR ALL CORRESPONDENCEI The Admlnl8tratlon 0￿e Wygge5ton$ 160 Hinckl8y Road Leicester LE3 OUX Page 15 GGESTON'S HOSPITAL CHARITY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 19. STATEMENT OF TRUSTEE'S RESPONSIBIUTIES The Trustees are responsible for preparing Ihe Trustees. Annual Report and the financial statements in aC￿rdance ￿th applicable Lgw and United Kingdom Generalty Acc8ptgd Accounting Practice Iunitgd Kingdom A￿Unkn.ng Standardyl. The law appl￿ble to charities in England and Vvales requires the Trustees to prepare financlal sL*8ment8 for each financial year which glve a true and fair vithv of th8 slate of affairs of th8 Charty and of the incoming resourc￿ and application of re8ource$ of the Charty for that period. In preparing these financial slalements. the Trustees are requirgd to.. select Suitable ac￿Unting polues and then apply thgm Gon$i$lenlly. observe the melh¢)d$ and prinGiples in the Charities SORP,. make judgments and e$limalgs that are reasonablg and prudent,. state whether applicabb accounting standard8 have b8en fc4knYed, $utied to any msterial dep¥rtures disch)sed and explained in th& financial ststomgnts., and prepare the financial statements on the golng concern basis unkns it is inappropriat8 to pr8sum8 that tho Charitywil continue in bu8ine88. The Tru$t99s aro responsib￿ lor keeping adoquata accounting records that are sufficient lo show and explain the Charills Iransa¢lion$, dI￿10$e wrth reasonable x¢uracy at any tim8 the financial position of the Charity and enable them lo ensure that trbe financial statements compty wth the Charities Act 2011, the Charities {Ac¢ounl$ and Reportsl Regulations 2008 and the provisions of the Chartys constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for tha prev8ntB)n and detection of fraud and other irregularities. 20. OBJECTIVES AND ACHIEVEMENTS In last ye8rfs reviv•V a number of Objectives were set out for 2020. These are Ilsled bebw together wlth our hievements. Commenced work on the new Lancaster House . A total of £75,000 was tran5terT8d to the Cydical MaintenarKe Fund during the year12019.' £75,¢JOOI. ) The Pension Fund haB boèn created lo represent the real and potenllal Il*Jilities which may be incurred due lo the membershlp of employees of Wyggeslon's Hosprtal Chanty with The Pensions Trust Grth￿h Pian scheme. The Goveinofs have rthned £100.1]00 within Ihls fund in the year, See Note 29 for further details. Restrthd funds rgpre59nts: i) Legacw a legacy from the r￿ldu8ry estate of the late J M Haines and has been restricted for the stafl and residents of Wyggeston's Hospitsl. Other legacies are also received by the Charity and are a180 restricted for the staff and reshlenls of Wyggeston's Hospital", and ill F￿nderS Day- A donation made by thè Duchy of Lancaster to b9 towards the costs of Founders A transfer of £1.411,330 has been made into the EndNment fvnd, OLrt of Unfftslrkted funds during the year. This has been recorded in order to update the cS)sing position folknv￿ng a recon¢iligtion of the assets held in the Endowment fund. Pagg 44 WYGGESTON? HOSPITAL CHARITY NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDED 31 DecEMBER 2020 Analysis of n•t as#•ts botw•èn funds Analy818 of nat ai86ts bthè•n fund8- currnnt p•rlod Unrestrict8d Rastrided Endowm?nt funds fundg funds 2020 2020 2020 Total funds 2020 Taryible fixed a66ets Fixed asset investment5 Investm9nt property Current assets Creditors due wthln one year Creditors due in more than one year 5.687,068 333,321 020.389 10,613,396 10,613,396 28,797.684 31,626,797 2,131.723 1.683,583 {690.8121 {2,396,100} 2,729,113 (451,460} 1590,812) 12.3%,100) 3.320 Total 4,977,809 3,320 41,876.124 46,85T,253 Analysis of n•t assets b•twe•n funds- prior pèriod las restated) Unrestrfcted funds 2019 Restricted Endowment funds funds 20Y9 2019 Tot81 funds 2019 Tangible frrted assets Fixed asset investments Inve8tment propety Current asse18 CTeditors due withln one year Creditors due in more than one year 3,681,796 344.013 4,025,809 10,481,661 10.481,661 29.386.354 33.644,347 667.923 1.868.614 (422,285) (2.420,303J 4.257.993 1.197.431 {422.2851 {2,420.3031 3.320 Totsl 6,294,632 3,320 40,879.951 47, 77T,903 Page 45 WYGGESTON'S HOSPITAL CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 26. RoGonciliation of net movement In funds lo not cash flow from operatlng actlvttS•8 2019 (reststed) 2020 Net inoomelexpendfture for the period la8 kw Statement of Financlal Aclivitiesl {320.650) 1.447.765 Adlu8trn8nts for: Depreciabon charges Net lossesl{gainsl on inv6s1ment assets Divhlends, interests and rents from inv8sbnonts Ilncrea5è) in debtors IrKreas8Ild￿re8sel in ¢reditoT¥ 176,270 182,312 349,085 (1.229,587) 1871,198) (943,653J {6,0851 (63.307) {11,8S31 2,595.660 Ngt ¢•sh (used Inl I provld•d by op•rnting activiti05 1683N311 1,989, 190 Analy818 ol cash and cash •qulv•lonts 2020 2019 Cash at bank and in hand Cash wth investm8nl broker5 1A76.842 1.251,628 65,019 Total cash and cash equlvalents 1,476.842 1,376, 647 A$ a matter of both general poI￿Y and Pfaclice, any ￿sh held by investrnent brokers is retain￿ by them for re4nvestment purposes and not retumed to the Charity. Accordingty, Gash held by investmènt broker8 is now included wthin listed investrnents and is no ljnger classrf￿d as cash 8quivalents. 27. Analysis of chang•s in net fund* At1 January 2020 Cash flows At31 Dx•mb•r 2020 Cash at bank and in hand 1.261.628 226,214 1.476,842 Page 46 WYGGESTON'S HOSPITAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Capltal ¢ommltments At the year-end the follThing was aLrthork%ed and conlrpthd for by Ihe Charty. but not yat complatad £1,576,881 (2079.. £187.340). 29. P•nsion commitrn•nts EM￿tyeeS of Wyggeston'$ Hospital Charity are efttit￿d to memb&rship of The Pension Tru¥l Gro%th Plan Ilhe Plan'l. This is a mu￿•MploYer pension plan which in mo81 respects is a money purcha8e arrangemgnt, although it does Include certaln guarantee elements as descrl)ed klow. Contributions paid into the Plan up to and including Saptemb8r 2001 were convert&J lo defined amounts of pension p?Y4ble from nomial retirement dates. From October 2001 eonlribulions were investwj in personal funds whth have a capital guarantee and which are converted to pension on retirement, either wlthin the Plan or by the purchase of an annuty. The rules of the Plan give the Trustee the power to require empl¢)yer$ to pay fiddit￿n81 eontrfbutM)ns in ord8r to ensure that the Statutory funding obJ"odive undgr Ihfr Pensions Act 2004 is mgt. The statutory funding Oblecti￿ Is that a pension achome should ha￿ surricrgnt assets lo meet its past seNce liabilities, known a5 Technical Provisions. The scheme Is classified as a 'lastwman standing arr8ngemanf. Therefore the Charity is potenlialy liable for other participating emptyers, obligations if those employers are unable lo meet their sharo of the $¢heme dèficit folknmng wthdrawal from the stheme. Participating ompltsyers are legalty required to meet t￿1r Share of the sch•m& deficit on an annuity purchase basis on ￿thdraWal from the scheme. The latest fomal valuation of the Plan at 30 September 2017 was performed by a professional￿ qu81ifBJ Actuary using Ihe Projected Unit Method. The market value of the Plan's assots at the valuatton date was £795 millk*n and the Plan's TeohnKal Prow5ions {i.e. past Servi￿ liabilities) were £926 million. The valuat*)n therefore revealed a shortfall of assets compared with the value of liabilb.es of £132 million. Wyggeston's Hospital Charity paid contributions totalling £40.435 (2019.. £38,201) during the accountiig year. The Plan Trust* has Indicated that Addf(ional contrlbutlons of £5,118 (2019.. £4.969) w￿1 rg]uired by Wyggeslon's Hosprtal Charity from 1 April 2019. Where the $c￿Me is in deficit and where the Gharity ha agreeil to a deficit funding arrangement Charity recognises a li8bilty for this ctsligalion. The amount recognlsed Is the nel present value of ihe deficit r9duction conlributK)ns payable under the agreement that relates tt> the deficit. The present value is C81(yJlaled using an appropriate di8counl rate of 0.27QA (2019.. 1. 13%). The unwndlng of the discount rate 1$ rwnised 88 a finan￿ ttisl. Tha Pen5KJn Fund las shown wrthin note 231 has b8en creat8d to represent the real and potential liabilities which may be incuffed due to the membership of employees of Wyggeslon's Hospital Charty with the Pen8ion8 Trust Plan scheme. The Governor8 have retained £100.000 within this fund in the year. Page 47 WYGGESTON'S HOSPITAL CHARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Pen$lon Mmmltmonts {continuedl 2020 2019 ProvL8ion at 1 January 2020 Unwinding of the diwunl factor Deficit contributions paid Rtrmeasuremenls - inpacl of any ¢hange$ in assumption8 Re-measurements - ￿endments lo the contribution ￿hedUle 18,560 189 (3.635) 266 21,488 342 (3,555) 285 Provhlon at 31 D•cgmbar 2020 15.480 18.560 Oporating l•as• ¢ommilments At 31 D￿ember 2D20 the Charity had commitments to make future minimum lease payments under nor cancgllable operating leases as fcllows.. 2020 2019 Not later than 1 year 948 Opèrating lease commStments Icontlnuedl In March 2019 Wyggeston's Hospital Charty entered into 8 99 year lea8e whh MOTO to d8velJp land ¢)wned by the Charty a8 a Motomay SeNice Area. The annual rentals of £169,566 will begin on the ead￿r dat8 of.. 22 March 2022 or the date on which the property first opens for trade to the ger￿Tal publi The property opened on 30 April 2021. At 31 December 2020 the Charity had future minimum lease receipts due under Lyorating l&ase agrggmgnts as follows.. 2020 2019 Laterthan 1 year and not later than 5 years Later than 1 year and notg Lqler thgn 5 yegrs Later than 5 years 113,044 678.264 621, 742 15.996.726 16, 165,292 16,787,034 16, 787,034 Page 48 IKfGGESTON'S HOSPITAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 31. Rglatod party tranSa￿lon$ Wyggeslon School Foundation is a related paty by Mrtue of Tntslees., J K McLauchlan, W G Ginns and the Rev A R Leighlon. In eommon. During the ye8r 8 granl of £10,000 (2019.. £10,OOOJ was awarded by Wyggeslon's Hospital Charity lo Wyggeslon School Foundation. £Nil was outstanding at the year end (2019.. £10,CW). Pagg 49