REGISTERED CHARITY NUMBER: 216930 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 FOR NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY Arnistrongs Bishop Simmons Chartered AGcountants and StatOry Auditor5 Gethin House 36 Bond Street Nuneaton Warwickshire CVII 4DA
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 Page Report of the Trustees Report of the Independent Auditors Statement of Financial Activitie$ io Balance Sheet Notes to the Financial Statements 12 to 20 Detailed Statement of Financial Activities 21 to 22
ICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 The trustees present their report with the fmancial statements of the charity for the year ended 31 st December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practlce applicable to charities preparing their accounts in accordance with the Financial Reporttng Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Principal Activities The principal activity IS the provision and maintenance of Almshouses and other affordable accommodation. Objectives and aims The objective of the Charity is the provision of housing accommodation for needy persons resident in the fornier Urban District of Bedworth at the time of their appointtnent. The Charity's principal aim is to provide residents with a secure and well-maintained home in a happy environrnent for as long as possible. The Governors are fillly aware of the need to continue to modernise and improve the residences and work is carried out as and when required. Public benefit The Governors have had regard to the guidance issued by the Charity Commission on Public Benefit. Page I
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 ACHIEVEMENT AND PERFORMANCE Charitable activities The administration of the Charity is vested in l O Governors as set out on page 5. Unfortunately for this fanCIal year the Charity has once again undertook its business without any nominated Govemors from the Local Authority and Warwickshire County Council. It was hoped that this situation would change but unfortLsnately that was not to be. The Charity does require a 11 board of Govemors in order to ensure that a wide range of experience is brought to the formal meetings to help ensure good govemance of the Charity in order to achieve its charitable objects. As previously reported the Charity had purchased the fornier Public Conveniences from the Local Authority and consent had been granted for the change of use to provide two ground floor flats which were greatly needed. Having received a detailed specification from a Quantlty Surveyor, the Architect wa5 iDStructed to go to tender to five local builders in order to obtain competitive prices. Unfortunately, due to the issues with the War in Ukraine and the general shortage of the labour only one teThder was received which was significantly in excess of the estimates provided by the Quantity Surveyor and Architect. Having discussed this with the selected builder various elements were considered and a new tender produced a figure of just under £310,000. There were a nurnber of exclusions namely cost of providing services to the site and the omission of some fencing which was deemed unnecessary. The Governors were delighted that work commenced at the end of August with an anticipated contract period of circa six months. Unfortunately, due to severe wet weather throuJo out the winter months together with issues relating to some made up ground resulting in additional foulldations being required the contract has been delayed and the Charity now has an anticipated completion date of the end of July 2024. The Governors are extremely grateful to the Nicholas Chatnberlaine's School Foundation for awarding a grant from their surplus income of £133,860 which the Governors agreed would be ringfenced for this particular project. Further fimds have been released the Charity's investments on their accumulated income with Quilter Cheviot and an application had been made to Homes England via the Almshouse Consortium Limited. At the year end the award had yet to be approved by Homes England but the Charity is pleased to report that following some excellent work by the Almshouse Consortium Limited the application was approved and an overall grant of £155,000 was awarded and the fjrst tranche of 75 % was paid in the fst quarter of 2024. The Charity are very much looking forward to the addition of these two flats to their existing portfolio and are extremely grateful to all those involved in the decision making processes and ensuring the ndS are available to meet the ongoing Costs of conversion. The Charity was able to carry out inspections of each flat which enabled a schedule of works to be prepared for consideration by the Governors at a later date. Work on a number of flats will continue throughout the year especially making improvements by way of modernisiThg the kitchens and bathrooms together with improving ventilation to reduce the risk of mould and condensation which Can sometimes be a problem due to the solid wall construction of the Almshouses. There are specific problems with some of the window stonework at The Parsonage allowing water penetration and a listed building conseTht application will be submitted so that work can be undertaken to rectify the problems encountered. During the course of the year there was an incident relating to one of the concrete coping stones to the chimneys becoming dislodged and whilst falling to the ground damaged a number of roof tiles. The Governors requested that a defect report be undertaken on the chin]ney stacks to the north elevation and this was undertaken by Mr T Richardson from Quinquennial Inspections Ltd. The inspection which was undertaken by the use of a large cherry picker found issues to ten chimney stacks and a number of loose coping stones were removed on safety grounds and quotations would need to be sought for these to be re-bedded and for the damaged roof to be made good. Due to the height of the chimney5 the repair work could not be undertaken from the chery picker and therefore the use of scaffolding was the only safe method of undertaking the repairs and this would add significantly to the cost. The Charity is in the fortunate position to have built up some reserves in it5 extraordinary repair fund and these will be sufficient to undertake the work but by doing so would deplete the funds significantly and therefore additional funding will be required in order to replenish the reserves. The issues relattng to the maintenance of a listed building is very much at the forefront of the Governors minds and they are aware of the need to budget for a series of ongoing defects that have been highlighted in previous Quinquennial Inspections reports. Page 2
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 The Governor5 strive to keep the increase in weekly maintenance contributions to a minimum but are ever mindful of the needs to balance sufficient income to cover the day to expenditure. They do however use the forniula set by the Regulator of Social Housing a5 they are a regulated social landlord to adjust the accommodation charge each year. The Governors did decide to increase the servtce charge by a minimum amount in order to assist with the increased cost of maintaining the communal areas. One of the highlights of the Charity's year is Foundevs Day which is held on the last Friday in May before the children break for the summer half tenn. The Almshouses were delighted to welcome over 800 pupils from the three schools that are supported by the Nicholas Chamberlaine's School Foundation as well as other local schools who were invited to attend. It wa5 a very special occasion which was led by Reverend Dave Poultney together with a live band and some excellent singing from the school children. The Charity are extremely grate1 to their invited guests narnely. Tim Cox, Lord Lieutenant of Warwickshire. Sophie Hilleary High Sheriff of Warwickshire. The Right Honourable Craig Tracey MP. Councillor Martin Walsh and wife Sandra Walsh who joined in the celebrations and assisted with the handing out of bun5 to the children. The Charity welcomed to their Board of Trustees Mrs K Farnier as the nominated Governor from the Parochial Church Council of All Saints Church, Bedworth and also local businessman Mr R Erskine. The Charity are extremely grateful to both of them for giving up their time to attend the meetings on a regular basis and for making such positive contributions during the course of those meetings. Finally, the Governors wish to express their sincere thanks to Mrs D Goff in her role as Scheme Manager, Mr C Hill as the Handyman and also to the contract cleaners who help maintain the communal areas of the Almshouses in a pristine conditLOn. FINANCIAL REVIEW Financial position The surplu5 for the year including net gains on investments was £136,742 (2022: Loss of £58,531). The surplus for the year includes £123,640 of the grant received in the year from the Nicholas Chamberlaine School Foundation, for which we are most gratefvl, which has not yet been spent. This grant Ilas been ringfenced for the Chapel Street Cottages project. The charity's total funds carried forward at 31 December 2023 were £1,987,171 (2022: £1,850,429). The Charity's fmances are predominantly dependent on residents, contributions which consist of two elements being. accommodation charge and service charge. The charges are set by the Governors at a reasonable level taking all relevant factors into consideration together with the fact that they are a regulated social landlord. Investment policy and objectives The long-frnn aim of the Governors continues to manage the Endowment Fund of the Charity so as to provide a steady increase in the source of income. It is also their policy to manage the iThvestment so as to give capital growth coupled with adequate security of investrnent. The Governors investment powers are governed by the Trustees Act 2000. Reserves policy The Charity maintains an extraordinary repair nd to help against major unexpected or long-terni items of repair or improvement. This fijnd is established out of the income of the Charity and will become more Important due to the work highlighted within the Quinquennial Report. The amount of contributions to the extraordinary repair fund is entirely at the discretion of the Governors and it is CuentlY held by the M&G Extraordinary Repair Fund with interest accruing to the fjjnd. It is the aim of the Governors to maintain the general fund at such a level as to enable contingencies to be met. The Governors believe that the current level of reserves may no longer be sufficient to cover contingencies that may arise and will endeavour to budget additional sums in the years ahead. It is however to be noted that it is not the policy of the Charity to obtain excessive reserves. Page 3
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 PLANS FOR THE FUTURE PERIODS As previously mentioned in the Governors Report the Charity aim to continue to improve the welfare of their residents by maintaining their flats to a high standard and to continue to protect the historic nature of the listed building. Undoubtedly the focus of attention has been on the conversion to two ground floor residential flats and also ongoing works to the chimneys and The Parsonage which will come from the Charity's extraordinary repair funds reserves. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust and constitrjtes an unincorporated charity. Reeruitment and appointment of new trustees In selecting individuals for appointment as trustees, the trustees have regard to skills, knowledge and experience needed for the effective administration of the charity. All of the Trustees are recruited by the Nicholas Chamberlaine's School Foundation and once appointed by them become Trustees of Nicholas Chamberlaine's Hospital & Sernion Charity. Structure, Governance & Management The Charity was fst established under a schetne in September 1878 arising out of the will of Nicholas ChamberlaKne dated 24th June 1715. It is constituted as an unincorporated association and now largely governed by a scheme dated 30th December 1986. From 14th October 1975. the Charity is also a private registered provider of social housing. The administration of the Charity is vested in seven cfroptative Governors, four nominated Governors and one ex-officio Governor. Nominated Governors (who are also the Trustees for the purpose5 of the Charity) are nominated by the Coventy Diocesan Education Committee, the Parochial Church Council of All Saints. Bedworth, Nuneaton & Bedworth Borough Council, and Warwickshire County Council. The ex-officio Govemor is the Rector of Bedworth for the time being. The Governors are also Governors of the Nicholas Chamberlaine School Foundation (Registered Charity number 528762). The co-optative Governors are chosen by the existing Governors being people considered to have a particular iThterest in the work of both the Hospltal Charity and the School Foundation or knowledge and experience likely to assist in their proper administration. No Governor receives any remuneration. A Solicitor, a Stockbroker and a Chartered Surveyor advise the Governors as required by reporting to the meetings. Meetings are held six times a year when recornmendations are made and decisions taken. The Charity no longer has a House Committee as it was felt a lot of duplication was taking place which is why the full board of Governors now meet six times a year. At other times decisions are taken by the Chairnian in conjunction with the various advisors when minor matters are dealt with in a timely Manner. The Charity is not dependent upon the support of any individuals nor does it engage the services of any volunteers. The Governors have examined the major strategic, business and operational risk5 which the Charity faces and confllm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to reduce those risks. Induction and training of new trustees Trustee's must make available to each new trustee on their fwst appointsnent: a copy of the Deed and any amenthnents to it, a copy of the Charity's latest report and statement of account5. The should emphasise the Responsibilitie5 of the Trustees detailed in the Report. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide Teasonable assurance against fraud and C0[. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 216930 Page 4
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 Principal address The Administration Office All Saints Square Bedworth CV12 8NR Trustee5 Mrs J Corrigan Mrs J Jones (resigned 18.1.2023) Mr R Maggs Mrs A Gold Rev D Poultney Mr M L Gutteridge Mr K Corrigan Mrs J Knight Mrs B Knight Mrs K Fanner (appointed 22.3.2023) Mr R Erskine (appointed 12.7.2023) Auditors ArntrongS Bishop Simmons Chartered Accountants and Statutory Auditors Gethin House 36 Bond Street Nuneaton Wanvickshir¢ CVI14DA Bankers HSBC 516 High Street Cathedral Lanes Coventy West Midlands CVI 5RE Solicitors Band Hatton Button Earlsdon Park 53-55 Butts Road Coventy CVI 3BH Stockbrokers Quilter Cheviot 1st Floor 7 Dominus Way Leicester LE19 IRP Patron Position Vacant The Clerk Mr M F H White clo Coventy Church (Municipal) Charities Page 5
NICHOLAS CHAMBERLAINE'S HOSPITAL AIYD SERMON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 ASSESSMENT OF COMPLIANCE WITH GOVERNANCE AND FINANCIAL VIABILITY STANDARD The Charity has cornplied with the Governance and Financial Viability standard Code of Practice. The code of governance adopted is the Standards of Almshouse Management. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the fmancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare fmancial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources. including the income and expenditure, of the charity for that period. In pr¢paring those fmancial statements, the trustees are required to select suitable accounting policie5 and then apply them consistently. observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustee5 are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the fmancial position of the charity and to enable them to ensure that the fancial statements comply with the Charitie5 Act 201 I, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of trustees on 12th June 2024 and signed on its behalf by: Mrs J Corrigan- Trustee Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY Opinion We have audited the financial statements of Nicholas Chamberlaine's Hospital And Sernion Charity (the 'charity') for the year ended 315t December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the fmancial statements, including a summary of significant accounting policies. The fmancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the fmancial statements: give a true and fair view of the state of the charity's affairs as at 31 st December 2023 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 fvrther described in the Auditors, 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 Ifilled 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 eoncern In auditing the fmancial statements, we have concIuded that the trustees, use of the going concern basis of accounting in the preparation of the fanCIal statements is appropriate. Based on the work we have perfonned. we have not identified any material uncertainties relattng to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the f]nancial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of thls report. Other information The trustees are responsible for the other inforniation. The other infornlation comprises the inforntiOn included in the At)nual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the fllRancial ststements doe5 not cover the other infornlation and. except to the extsnt otherwise explicitly stated in our repor¢ we do not express any form of assurance conclusion thereon. In connection with our audit of the fjnancial ststements, our responsibility is to read the other inforniation and, in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detem]ine whether this gives rise to a material misstatement in the fmancial statements themselves. If. based on the work we have perfonned. we conclude that there is a material mi5ststement of this other inforntion. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion: the infonnation given in the Report of the Trustees is inconsistent in any material respect with the financial staternents- or sufficient accounting records have not been kept. or the fmancial statements are not in agreement with the accounting record5 and returns. or we have not received all the infonnation and explanations we require for our audit. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMOIY CHARITY Responsibilitie5 of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees detern]ine is necessary to enable the preparation of fmancial statements that are free from material misstatement, whether due to fraud or error. En preparing the fancIal 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. Our responsibilities for the audit of the financial statements We have been appointed as auditors 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 fmancial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue a Report of the Independent Auditors 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 iThfluence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory framework applicable to both the charity itself and the sector in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the fmancial statements from our sector experience and through discussion with the trustees and other management. The most significant were identified as the Charities Act 201 l and Charities SORP (FRS102). We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included-. making enquires of management a5 to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud. obtaining an understanding of the internal contro15 established to mitigate risks related to fraud or non-compliance with laws and regulations. - assessing the design effectiveness of the controls in place to prevent and detect fraud. assessing the risk of management override including identifying and testing journal entries. - Challenging the assumptions and judgements made by management in its signifi¢8nt accounting estimates. Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAS (UK), there remains an unavoidable risk that material misstatements in the financial stat¢ments may Thot be detected owing to inherent lirnilations of the audit. and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentation5. or the override of internal controls. A further description of our responsibilities for the audit of the fmancial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forn part of out Report of the Independent Auditors. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF IYICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the lIest extent pennitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have fornied. AfMSLY 6ifvP Armstrongs Bishop Sinllnons Chartered Accountants and Statutory Auditors Gethin House 36 Bond Street Nuneaton Warivickshire CVI14DA 12th June 2024 Page 9
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023 2023 Total funds 2022 Total funds Unrestricted fiinds Restricted nds Endowment nd Notes INCOME AND ENDOWMENTS FROM Charitable aetiviti¢s Letting of properties Grant income 190,261 190,261 133,860 180,575 133,860 Investment income 31,482 31,482 23,794 Total 221,743 133,860 355.603 204,369 EXPENDITURE ON Charitable activities Letting of propertie5 214,143 29.514 9,147 252,804 215,116 Net gainsl(losses) on investments 11,344 22,599 33.943 (47,784) NET INCOME/(EXPENDITURE) 18.944 104,346 13,452 136,742 (58,531) RECONCILIATIOIWI OF FUNDS Total funds brought forward 578.936 533.267 738,226 1,850,429 1,908,960 TOTAL FUNDS CARIUED FORWARD 597,880 637.613 751,678 1,987,171 1,850,429 The notes fonn part of these financial statements Page 10
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY BALANCE SHEET 31ST DECEMBER 2023 2023 2022 Notes FIXED ASSETS Tangible assets Investments 857,981 783,405 763,865 749,958 1,641,386 1,513,823 CURRENT ASSETS Debtors Investments Cash at bank and in hand 44,467 10.577 320,L38 42,180 127.078 184,495 375,182 353,753 CREDITORS Amounts falling due within one year io (29,397) (17.147) NET CURRENT ASSETS 345,785 336,606 TOTAL ASSETS LESS CURRENT LIABILITIES 1,987,171 1,850,429 NET ASSETS 1,987,171 1,850,429 FUNDS Unrestricted funds Restricted Thds Endowment funds 12 597.880 637,613 751,678 578,936 533,267 738,226 TOTAL FUNDS 1,987.171 1.850,429 The fmancial statements were approved by the Board of Trustees and authorised for issue on 12th June 2024 and were signed on its behalf by- Mrs J Corrigan- Trustee The notes forni part of these financial staternents Pagell
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The charity constitutes a public benefit entity as defmed by FRS 102. The fancIal statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The ffftancial statements are prepared on a going concern basis under the historical cost convention. modified to include certain items at fair value. The fmancial statements are presented it1 sterling which is the functional currency of the charity and rounded to the nearest £. Nicholas Chamberlaine's Hospital and Sernion Charity is an unincorporated registered charity and a private registered provider of social housing in the United Kingdom. The address of the principal office is given in the charity infonllation on page l of these fmancial statements. The nature of the charity's operations and principal activities are the provision and maintenance of 28 affordable units of housing at Almshouses. The principal activities of the registered Almshouses are not governed by the Landlord and Tenants Act 1985. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless othenwise stated. Income All incoming resources are included in the Ststement of Financial Activities when the charity is legally entitled to the income after any perfonnance conditions have been met. the atnount can be measured reliably and it is probable that the income will be received. Income represents amounts invoiced by the charity in respect of services provided. Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend is recognised as the charity's right to receive payment is established. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committin8 the charity to that expenditure. 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible flled assets Housing and other properties which comprise of the Almshouses, the Nurse5 Home and the Parsonage are stated at cost less accumulated depreciation. Freehold land is not depreciated. Depreciation is charged so as to write the cost of properties to their estimated residual value on a straight line basis over their expected useful economic lives. Useful economic lives have been estimated to be 50 years for the Almshou5e5, Nurses Home & Parsonage. The Propety known as Chapel Street Cottages (the former public conveniences adjoining the almshouses) is still awaiting conversion to two ground floor fiats, therefore it is currently not being depreciated. Taxation The charity is an exempt charity within the meaning of 5cheduEe 3 of the Charities Act 201 l and is considered to pass the tests set out in Paraoraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charity for UK income tax purposes. Page 12 continued...
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUNTING POLICIES - continued Taxatio The charity is not VAT registered and all figures in the fmancial statements are therefore inclusÈve of appllcable VAT. Fund structure Unrestricted funds are available for use at the discretion of the Governors in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated ndS comprise uThrestri¢ted fvnds that have been set aside by the Governors for particular purposes. The Extraordinary Kepair Fulld is a designated fund and the aim and use of the fijnd 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 charity does not have, at presen¢ any restricted fimds. Endowment Thds represent those assets which must be held pernianently by the charity. Income arising from the endowment funds can be used in accordance with the objects of the charity and is included in unrestricted income. Any capital gains or losses arising on the investments fomi part of the fund. Pension costs and other post-retirement benefits The charity operates a defed contribution pension scheme. Contributions payable to the charitys pension scheme are charged to the Statement of Financial ActLVlti¢s in the period to which they relate. Soeial housing and other grants Where developments have been fanCed wholly or partly by social housing grants and other capital grants, the grant is to be treated as a r¢stri¢ted fimd and depreciation charged against the fund over its expected useful economic life. Revenue grants are recognised when the charity has entitlement to the funds. any perfomiance conditions attached to the grants have been met. It is probable that the income will be received and the amount can be measured reliably and it is not deferred. Going concern The fmancial Statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and expected level of income and expenditure for twelve months from authorising these fllwicial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Charity's accounting policies. which are described in note l. the governors are required to make judgements. estimates and assumptions about the carying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlytng assumptions are based on historical experience and other factors that are considered to be relevant. Actual re5uIt5 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the fuLancial statements are described below.. Page 13 continued...
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY continued The annual depreciation charge for tangible assets is sensitive to change in the estimated useful lives of the assets. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets. INVESTMENT INCOME 2023 2022 Dividends received Interest receivable 22,512 8,970 22,645 1,149 31,482 23,794 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 3 1st December 2023 nor for the year ended 3 1st December 2022. Trustees, expenses Trustee expenses reimbursed in the year amounted to £187 (2022 £682). STAFF COSTS 2023 2022 Wages and salarie5 Other pension oosts 34,543 714 36,716 642 35.257 37.358 The key management peTsonnel of the charity was the Clerk to the trustees and the charity was invoiced £33,000 for his services (2022 - £19.800). The average monthly number of employees during the year was as follows: 2023 2022 Staff: Management of properties No employees received emolumeThts in excess of £60,000. Page 14 continued...
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023 TANGIBLE FIXED ASSETS Freehold propety COST At I st January 2023 Additions 1,334,219 119.828 At 3 1st December 2023 1,454,047 DEPRECIATION At 1st January 2023 Charge for year 570,354 25,712 At 3 1st December 2023 596,066 NET BOOK VALUE At 3 1st December 2023 857,981 At 3 1st December 2022 763,865 Chapel Street Cottages Nurses Home & Parsonage Almshouses Total Freehold properties breakdown COST At l January 2023 Additions in the year 48,615 119,828 1,054,586 231,018 1,334,219 119,828 At 31 December 2023 168,443 1,054,586 231,018 1,454,047 DEPRECIATION At l January 2023 Charge for the year 459.392 21.092 110,962 4,620 570,354 25,712 At 31 December 2023 480,484 115,582 596,066 NET BOOK VALUE At 31 December 2023 At 31 December 2022 168,443 48,615 574.102 595,194 I l5,436 120,056 857.981 763,865 Page 15 ontinued...
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY NOTES TO THE FINANCIAL STATEiWIENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1st January 2023 Additions Disposals Revaluations 749.958 105,944 (108,548) 36,051 At 3 1st December 2023 783,405 NET BOOK VALUE At 31st December 2023 783,405 At 31st December 2022 749,958 There were no investtnent assets outside the UK. Listed Investments £ Revaluations comprise Net investment realised gains Net investment unrealised gains 27.062 8,989 36.051 Investments at fair value comprise: Securities Cash within investment portfolio 783,405 (included within other debtors) 783,405 The fair value of listed investments is deternlined by reference to the portfolio report provided by Quilter Cheviot. The prices for quoted securities are the mid-market closing prices provided by the London Stock Exchange. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other debtors Balance with stockbrokers Prepayments and accrued income 1.546 28,661 14.260 29,179 13,001 44,467 42,180 Page 16 continued...
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023 CURRENT ASSET INVESTMENTS 2023 2022 Listed investtnents 10,577 127,078 The fair value of the listed investments is detennined by reference to the quoted price for identical assets in an active market at the balance sheet date. io. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditors Social security and other taxes Pensions control Accrned expenses 14,938 8,759 1.271 (24) 7,141 14,459 29,397 17,147 ANAL YSIS OF NET ASSETS BETWEEN FUNDS 2023 Total funds 2022 Total funds Unrestricted funds Restricted funds Endowment fund Fixed assets Investments Current assets Current liabilities 48,615 230.909 347,753 (29,397) 633,846 175,520 552,496 23,662 857,981 783,405 375.182 (29,397) 763.865 749,958 353,753 (17,147) 3,767 597,880 637,613 751,678 1,987,171 1,850,429 12. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 1,000 Fund Extraordinary Repair Fund Chapel Street Cottages Fund 312.864 1,079 216,378 48,615 5,492 18 13,434 318,356 1.097 229,812 48,615 578.936 18.944 597,880 Restricted funds Housing Grant Restricted Fund 533,267 104.346 637,613 Endowment funds Capital Endowment Fund 738,226 13,452 751,678 TOTAL FUNDS 1.850.429 136.742 1,987.171 Page 17 continued...
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31ST DECEMBER 2023 12. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General nd I,000 Fund Extraordinary Repair Fund 221,743 (214,143) (2.108) 18 13,434 5,492 18 13,434 221.743 (214,143) 11,344 18,944 Restricted funds Housing Grant Restricted Fund 133.860 (29,514) 104,346 Endowment funds Capital Endowment Fund (9,147) 22,599 13,452 TOTAL FUIYDS 355.603 {252,804) 33,943 136,742 Comparatives for movement in funds Net movement in funds Transfer5 between funds At 31.12.22 At 1.1.22 Unrestricted funds General nd 1,000 Fund Extraordinary Repair Fund Chapel Street Cottages Fund 322,374 I,122 228,572 (9,785) (43) 1,696 275 312.864 1,079 216,378 48,615 (13,890) 48.615 552,068 (8,132) 35,000 578,936 Restricted funds Housing Grant Restricted Fund New Project Fund 552,516 35.000 (19,249) 533,267 (35.000) 587,516 (19,249) (35,000) 533,267 Endowment funds Capital Endowment Fund 769,376 {31,150) 738,226 TOTAL FUNDS 1,908,960 (58,531) 1.850.429 Page 18 continued..-
NICHOLAS CHAMBERLAIIYE'S HOSPITAL AIYD SERMON CHAIUTY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023 12. MOVEMENT IN FUNDS - continued Comparative net movernent in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in fijnds Unrestricted funds General fund 1,000 Fund Extraordinary Repalr Fund 204.369 (188.204) (25,950) (43) 1,696 (9,785) (43) 1.696 204.369 (188.204) (24,297) Restricted funds Housing Grant Restricted Fund (8,132) (19,249) (19,249) Endowment funds Capital Endowment Fund (7,663) (23,487) (31,150) TOTAL FUNDS 204,369 (215,116) (47,784) (58,531) The extraordinary repair fund is a fund designated by the governors of the charity to meet future extraordinary repairs through an annual transfer of no le55 than £520, detern]ined by the Trustees. The 1,000 fund is for the benefit of poor persons or for such charitable purposes that the governors think fit from time to time. Depreciation is being charged against the fund each year on a straight line basis, over the expected useful economic lives of all of the properties which has been estimated to be 50 years. The capital endowment Ojnd represents the value of assets held either as property or investments for the long tenn benefit of the Charity. Within the Restricted funds a grant was received from Nicholas ChamberLaines School Foundation totalling 133,860 for the renovation of Chapel Street Cottages. 13. RELATED PARTY DISCLOSURES The Nicholas Chamberlaine 's School Foundation Charity, which has common trustees, provided a grant during the year which has been designated by the Governors to be spent on the Chapel Street Cottages project. Total grants received during the year lotalled £133,860 for thi5 year (2022.- £Nil). Page 19 continued...
NICHOLAS CHAMBERLAINE'S HOSPITAL AIYD SERMON CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023 14. PENSIONS Defined contribution Pension Plan The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £714 (2022.. £642). 15. ACCOMODATION IN MANAGEMENT 2023 2022 Almshouse accommodation units - housing for older person5 28 28 28 28 Page 20