REGISTERED CHARITY NUMBER: 216930 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 FOR 1¥41CHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY Arn]strongs Bishop Simmims Chartered Accountants and Ststutory Auditois Gethin House 36 Bond Street Nuneaton Warwickshtre CVII 4DA
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHAIUTY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31ST DECEMBER 2024 Page Report of the Trustees Report of the Independent Auditors 7 to 9 Statement of Financlal Activities io Balanee Sheet otes to the Financial Statements 12 to 20 Detailed Statement of Ffinancial Activltfies 21 to 22
ICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 The trustees present their report with the financial statements of the Charity for the year ended 3 1st December 2024. The trnstees have adopted the provisions of 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 ol 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 appointment. The Charity's principal aim is to provide residents with a secure and well-maintained home in a happy environment for as long as possible. The Trnstees are fully aware of the need to ¢ontinue to modernise and improve the residences and work is carried out as and when required. Publle benefit The Tn]stees have had regard to the guidance issued by the Charity Commission on Public Ben¢fit. Page I
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMOIY CHARtTY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities The past few years have been dominated by the purchase of the fonner Public Conveniences from the Local Authority, obtaining planning consent. going to tender and fmally making a start onsite. Work commenced at the end of August 2023 and was eventually completed in September 2024. The work took consideTably longer than was first envisaged due to poor weather, strucra1 issues. break-ins and health problems with the principal contractor. The Trustees are delighted with the finished properties and they soon secured two new beneficiaries who took occupation in November 2024. Unfortunately, there were some teething problems with the water pressure which resulted in a poor perforn)ance of the electric boilers. The issue relating to the water has now thankllY been resolved. The Trustees held a ceremony to bless the new properties wbicb were the first additions to the Almshouses for nearly 200 years. The Trnstees wish to express their sincere thanks to Homes England whose grant of £155.000 made this project financially viable. In last years accounts the Governors reported and gave thanks to the Nicholas Chamberlaine's School Foundation for their grant of £133,860 which Wds ringfenced for this project and onc¢ again without their support these Almshouses would not have been built. At the time of this report the balance of the grant of £38,750 (250/0) is still outstanding due to issues relating to the audit trail for Homes England purposes. It is hoped that the final tranche will be paid in the next few weeks. The Charity ¢arried out annual inspections of each flat which enabled a schedule of works to be prepared for consideration by the Trustees at a later date. Work on a number of flats will continue throughout the year especially making improvements by way of modernising kn'tcbens and bathrooms together with improving ventilation to reduce the risk of mould and cond¢nsation which Can som¢times become a problem due to the solid wall ConstntiQn of the Almshouses. Last year we reported specific problems with some of the stonework above the windows at The Parsonage and l am pleased to report that this work has now been completed although this was after the financial year end. Last year the Charity also reported that there was an incident relating to part of a concrete coping stone to the Chimney on the north elevation and having obtained listing building consent and quotations the Charity proceeded with substantial Tepairs to eight chimney Stacks on the north elevation which due to the height of the chirnney stacks a very substantial scaffold structure was erected to ensure safe working conditions. The administrdtion of the Charity is meant to be carried out by twelve Trustees as set out in our Charitable Scheme. Unfortunately for this financial year the Charity has once again had to undertske its business without a nominated Trustee from Wanvickshire County Council. We were delighted that Councillor Bill Hancox was nominated by the Local Authority and since he has become a Trnstee and his knowledge. insight with the Local Authority has been of great benefit to the Charity. We have also welcomed Mr P Spencer to the Board of Governors. Mr Spencer is a local businessman and whilst his appointment ¢ame after the financial year end, we are delighted that he has joined the Board. The Trustees strive to keep the increase in weekly maintenance contributions to a minimum but are ever mindful of tbe needs to balance sufficient income to cover the day-to-day expenditure. They are obliged to use the forniula set by the Regulator of Social Housing as they are a registered social landlord to adjust the accommodation chaTge each year. The Trustees did decide to increase the service charge by a small amount in order to a55lSt with the increased cost of maintsining the communal areas. The Charity was once again able to hold its annual Founder's Day in the Quadrangle on the last Friday in May before the children break for the summer half terni. The Almshouses were delighted to welcome over 800 pupils from three of the Ni¢hola5 Chamberlaine School Foundation Schools as well as other local schools who were invited to attend. This very special and unique occasion was led by Reverend Dave Poultney together with a live baTJd and some excellent singing from the school children. The Charity are extremely grdteful to their invited guests namely Sir Matthew Dugdale Deputy Lord Lieutenant of Warwickshire, The Right Honourable Craig Tracey MP together with the Mayor Councillor Bill Hancox and his wife Sheila who joined in the celebrations and assisted with the handing out of buns lo the children. Page 2
NICHOLAS CHAMBERLAtNE'S HOSPITAL AND SERMON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 The Trustees wish to express their sincere thanks to Mrs D Goff in her role as Scheme Manager and also Mr C Hill in his role as the Handyman. They both work extremely hard to ensure the wellbeing of the residents and also organise many social nCtionS which are held on a regular basis. The Charity employs contra¢t cleaners who help maintain the communal area5 of the Almshouses and our thanks go to those two individuals who both work on a part time basis. Sadly during the COUTse of the yeaT Mrs B Knight who had been a Trustee for seven years died. Beryl had been a very active Tntstee and her astute financial prowess will be greatly missed. Beryl look a very keen interest in both Nicholas Chamberlaine Charities and ran this Charity's finances for over a year when the Clerk was unable to undertake this function. Finally, we would like to thank Jane colgall for her ChaIrnwhip of the Charity for the last eight years. Jane took the difficult decision to stand doM) and held her last meeting as Chaimian of the Charity in December 2024. The Charity are indebted to her for her strong leadership and almost daily attendance at the Almshouses to ensure everything ran as smoothly as they have done and everybody involved in the Charity wished her well and thank her on¢e again for her strong sfrwardship and for leading by example. FINAIYCIAL REVIEW Financial position The surplus for the year including net gains on investments was £174,477 (2023.. Surplus of £136.742). The surplus for the year includes £155,000 of the grdnt received in the year from the Homes England, for whtch we are most grateful. This grant has been ringfenced for the Chapel Street Cottages proj¢¢t. The charity's total funds carried fonvard al 31 December 2024 were £2,161.648 (2023.. £1,987.171 }. The Charitys finances are predominanily dependent on residents, contributions which consist of two elements being. accommodation charge and service charge. The charges are set by the Trustees at a reasonable level taking all relevant factors into consideration together with Ihe fact that they are a Tegulated social landlord. Investment policy and objectives The long-terni aim of the Trnstees 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 investment so as to give capitsl grotth coupled with adequate security of investment. The Trustees investment powers are governed by the Trustees Act 2000. Reserves poliey The Charity maintains an extraordinary repair fund to help budget against major unexpected or long-tern] items of repair or improvement. This fund is eslablished out of the income of the Charity and will become more important due lo the work highlighted within the QuinqueJ]nial Report. The amount of contributions to the extraordinary Tepair fund is entirely at the discretion of the Tnte¢S and it is currently held by the M&G Extraordinary Repair Fund with interest accruing to the fimd. It is the aim of the Twstees to maintain the general fimd at such a level as to enable contingencies to be met. The TTUStees believe that the cuent 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 retain excessive reserves. PLANS FOR THE FUTURE PERIODS As previously mentioned in the Trustees Report the Charity aims to continue to improve the welfare of theiT residents by rnaintaining their flats to a high standard and to continue to prote¢1 the historic natUTe of the listed building and their grounds. Towards the end of 2024 the property known as The Nurse's House became vacant and this is in need of a substantial refijrbisbment and additional works to bring it up to the current fire regulations. During the course of the current year listed building consent will be applied for to make internal alterations to the propety and it is hoped that consent will be granted and that work will carried in the late Summerlearly Autumn of 2025. Page 3
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMOIY CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 STRUCTURE, GOVERNANCE AIYD MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trnst and constitutes an unincoryorated charity. Recruitment and appointment of new trustees In selecting individuals for appointment as Tslee$, the Trustees have regard to skills, knowledge and experience needed for the effective administration of the Charity. All of the Trustees are Tecrnited by Nicholas Chamberlaine's School Foundation and once appointed by them become TTUStees of Nicholas clnberIaXne's Hospital & Semon Charity. Structure, Governanee & Management The Charity was rst established under a scheme in September 1878 arising out of the will of Nicholas Chamberlaine 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 ChaTity became a private registered provider of social housing. The administration of the Charity is vested in seven co-optative Trnstees, four nominated Trustees and one ex-officio Trustee. Nominated Trusfres (who are also the Trnstees for the purposes of the Charity) are nominated by tbe Coventy Diocesan Education Cornmittee, the Paro¢hial Church Council of All Saints. Bedworth, Nuneaton & Bedworth Borough Council, and Warwickshire County Council. The ex-officio Trnstee is the Rector of Bedworth for the tsme being. The Trustees are also Trustees of the Nicholas Chamberlaine School Foundation (Registered Charity number 528762). The co-optative Trustees are chosen by the existing Trustees being people considered to have a particular int¢rest in the work of both the Hospital Charity and the School Foundation or knowledge and experience likely to assist in their proper administration. No Trustee receives any remuneration. A Solicitor, a Stockbroker and a Chartered Surveyor advise the Trustees as required by reporting to the meetings. Meetings are held six times a year when Tecommendations are made and decisions taken. The Charity no longer has a House Cornmittee as it was felt a lot of duplication was taking place which is why the full board of Trustees now meet six times a year. At other times decisions are taken by the Chairnmn in conjunction with the vaTiOUS advisors when minor matters are dealt with in a timely manner. The Charity is not dependent upon tbe support of any individuals nor does it engage the services of any volunteers except on Founder's Day to help with the mar5halling of the publi¢. Tbe Trusfres have examined the major strategic, busines5 and operational risks which the Charity faces and confirni that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to reduce those risks. Inductlon and training of new trustees TTUStees must make available to each new Trustee on their first appointment.. a copy of the Deed and any amendments to IL a copy of the Charity's latest Teport and statement of accounts. They should emphasise the Responsibilities of the Tntee$ detailed in the Report. Risk management The trustees have a duty to iaentify and review the risks to which the charity is exposed and to ensure appmpriate controls are in place to provide reasonable assurance against fraud and erTOr. REFEREIYCE AND ADMINISTRATIVE DETAILS Registered Charity nurnber 216930 Principal address The Administration Otrice All Saints Square Bedworth CV12 8NR Page 4
IYICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMOIY CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 Trustees Mrs J Corrigan Mr R Maggs Mrs A Gold Rev D Poultney Mr M L Gutteridge Mr K CorTigan Mrs J Knight Mrs B Knight (deceased 30.8.2024) Mrs K Farnier Mr R Erskine Mr P Spencer (appointed 29.1.2025) Mr W Han¢ox (appointed l 0.7.2024) Auditor5 Annstrongs Bishop Simmons Chartered Accountants and Statutory Auditors Gethin House 36 Bond Street Nuneaton Wanvickshire CVII 4DA Bankers HSBC 516 High Street Cathedral Lanes Coventy West Midlands CVI 5RE Solicitors Band Hatton Button Earlsdon Park 53-55 Butts Road Coventry CVI 3BH Stockbrokers Quilter Cheviot I st Floor 7 Dominus Way Ltirester LE19 IRP Patron Position Vacant The Clerk Mr M F H White clo Coventy Church (Municipal) Charities ASSESSMENT OF COMPLIANCE WITH GOVERNANCE AND FINANCIAL VIABILITY STAIYDARD The Charity has complied with the Governance and Financial Viability Standard Code of Practice. The code of governance adopted is the Standards of Almshouse Management. Page 5
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable18w 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 financial statements for each financial yeai 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 preparing those financial statements, the tNstees are required to select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP. make judgements and estimates thal are reasonable and prndent. prepare the financial statements on the going concern basis unless it Is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trnst 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 tsustees on 18th June 2025 and signed on ils behalf by.. Mr M L Gutteridge - Trustee Page 6
REPORT OF THE tNDEPENDENT AUDITORS TO THE TRUSTEES OF NICHOLAS CHAMBERLAINE'S HOSPITAL AIYD SERMON CHARITY Opinion We have audited the fmancial ststements of Nicholas Chamberlaine's Hospital And Sernion Charity (the 'Charit) for the year ended 3 1st December 2024 which cornprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial 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 financial statements.. give a true and fair view of the state of the charitys affairs as at 31 st December 2024 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 fijrther described in the Auditors, responsibilities for th¢ audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements thal are relevant to our audit of the fmancial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan¢e with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions thaL individually or collectively, may cast significant doubt on the Charity's ability to continu¢ as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitxes of the trnstees with respect to going concern are described in tbe relevant sections of this report. Other information The tTUStees are responsible for the other inforn]ation. The other inforn]atton comprises the inforniation included in the Annual Report, other than the fjnancial statements and our Report of the Independent AuditOTS thereon. Our opinion on the financial statements does not cover the other infonnation and. except to the extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infonnation and, in doing so, consider whether the other infonnation is materially in¢onsistent with the financial statements OT our knowledge obtained in the audit or otherwise appears to be materially misstated. Jf we identify such material inconsistenries or apparent material misstatements, we are required to detennine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other infonnatioo we ar¢ required to report that fact. We have nothing to report in this regard. Matters on whieh we are requlred to report by exception We have nothing to report in respect of the following matters where the CharitÉes (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the inforntIon given in the Report of the Trustees is inconsistent in any material respect viith the financial statements- or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and retlwns. or we have not ieceived 811 the inforn]ation and explanations we require for our audit. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF NICHOLAS CHAMBERLAINE'S HOSPITAL AIYD SERMON CHAIUTY Responsibilities of trustees As explained rnore fully in the Ststement of Trustees, Responsibilitie5, the trustees are responsible for the prepardtion of the fmancial statements which give a true and fair view, and for such internal control as the trustee5 deterniine is necessary to enable the preparation of fmancial statements that are free from material misstatement, whether due to fraud OT eOr. In preparing the fmancial statements, the tTUStees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matleTS related to going concern and using the Boing concern basis of accounting unless the trustees either intend to liquidate the charity OT 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 201 l and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or eThor, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurdnce is a high level of assuran¢e, 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 eor and are Considered material if, individually or in the aggr¢gate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these fjnancial statements. The extent to which our procedures are ¢apable of detecting irregularities, including fraud is detsiled 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 financial statements from our sector experience and through discussion with the trustees and other management. The most significant were identifi¢d 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 as 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 controls established to mitigate risks related to fraud OT non-¢ompliance with laws and regulations. assessing the design effectiveness of the controls in place to prevent and detsct fraud. - assessing the risk of management override including identifying and testing journal entries. - challenging the assumptions and judgements made by management in its significant accounting estimates. Whilst our audit did not identify ally significant matteTS 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 statements may not be detected owing to inherent limitations of the audit. and that by their very nature, any such instances of fraud or ittegularity would likely involve collusion, forgery, intentional misrepresentations, or the ovenide of internal controls. A fijrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fonns part of our Report of the Independent Auditors. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY Use of our report This report is made solely to the chariws tTUStees, 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 Tequired to state to them in an auditors, report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's tNstees as a body. for our audit worK for this report, or for the opinions we have fornied. Arn]strongs Bishop Simmons Chartered Accountants and statOry Auditors Gethin House 36 Bond Street Nuneaton Warwickshire CVII 4DA 18th June 2025 Page 9
NICHOLAS CHAMBERLAIIYE'S HOSPITAL AND SERMON CHARITY STATEMENT OF FINANCLIL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024 2024 Total fimds 2023 Totsl fi]nds Unrestri¢ted funds Restricted funds Endowment fimd Notes INCOME AND ELYDOIVMENTS FROM Charitable activities Letting of properties Grant income 210,356 210,356 155,000 190,261 133.860 155,000 Investment income 34,407 34,407 31,482 Total 244,763 155.000 399,763 355,603 EXPENDITURE ON Charitable activities Letting of Properties 244,504 28,613 9,348 282,465 252,804 Net gains on investments 18,221 38,957 57,179 33,943 IYET INCOME Transfers between funds 18,480 (173,587) 126,388 173,587 29,609 174,477 136,742 12 N¢t movement in funds (155,107) 299,975 29.609 174.477 136,742 RECONCILIATIOIY OF FUNDS Total funds brought forward 597.880 637.613 751,678 1,987,171 1,850,429 TOTAL FUNDS CARRIED FORWARD 442.773 937.588 781,287 2,161,648 1,987,171 The notes forn] part of these financial statements Page 10
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY BALANCE SHEET 31ST DECEMBER 2024 2024 2023 Notes FIXED ASSETS Tangible assets Investments 1,071,165 848,357 857,981 783,405 1,919,522 1,641,386 CURRENT ASSETS Debtors Investments Cash at bank and in hand 68,149 44,467 10,577 320,138 202,105 270,254 375,182 CREDITORS Amounts falling due within one year io (28,128) {29,397) NET CURRENT ASSETS 242.126 345,785 TOTAL ASSETS LESS CURRENT LLIBILITIES 2,161,648 1,987,171 NET ASSETS 2,161.648 1,987,171 FUNDS Unrestricted funds Restricted funds Endowment ndS 12 442,773 937,588 781.287 597,880 637,613 751.678 TOTAL FUNDS 2,161,648 1,987,171 The financial statements were approved by the Board of Trustees and authori5ed for issue on 18th June 2025 and were signed on its behalf by: Mr M L Gutteridge - Trustee The notes foTm part of these financial slatements Pagell
IYICHOLAS CHAMBERLAINE'S HOSPITAL AIYD SERMON CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The charity constitutes a public benefit entity as defmed by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in O¢tobeT 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 fmancial 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 in sterling which is the functional currency of the charity and rounded to the nearest £. Nicholas Chamberlaine's Hospital and Sennon 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 inforniation on page l of these financial statements. The nature of the charity's operations and principal activities are the provision and maintenance of 28 affordable units of housing ai Alrnshouses. The principal activities of the regist¢red Almshouses ar¢ not governed by the Landlord and Tenants Act 1985. The significant accounting policies applied in the preparation of these fllwicial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Income All incoming resources are included in the Ststement of Financial Activities when the charity is legally entitled to the income after any perfornian¢e conditions have been met, the amount can be measured reliably and it is pmbable that the income will be received. Income represents amounts invoiced by the cbarity in respect of services pmvided. Investment income is earned through holding assets for investment PUTposes such as shares. It includes dividends and interest. It is included when the amount can be measured reliably. Interest income is recognised using tbe effective interest method and dividend is recognised a% the charity's right to receive payment is established. Expenditure Liabilities are recognised as expenditure as soon a8 there is a legal or constructive obligation committing the charity to that expenditUTe, it 15 probable that a transfer of economic benefits will be required in settlement and the arnount of the obligation can be measured reliably. Expenditure is accounted for on an a¢¢ruals basis and has been classified under headings that aggregate all cost related to the ¢ategory. Where costs cannot be diTectly attribut¢d to particular headings they have been allocated to a¢tivitie5 on a basis consistent with the use of resources. Tangible fixed assets Housing and other properties which comprise of the Alntshouses, the Nurses Horne and the Parsonage are stsied at cost less accumulated depreciation. Freehold land is not depreciated. Depreciation is charged so as to write down the cost of properties to their estimated residual value on a straight line basis over their expected useful economic lives. Usefill economic lives have been estimated to be 50 years for the Almshouses, Nurse5 Home & Parsonage and Chapel Street Cottages. Taxation The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Pardgraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charity for UK income tax purposes. The charity is not VAT registered and all figures in the fInancial statements are tberefore inclusive of applicable VAT. Page 12 continued...
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES - continued 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 pUoses. Designated fimds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The Extraordinary Repair Fund is a designated fund and the aim and use of the fund is set oul 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 present, any restricted funds. Endovmlent fimds represent those assets which must be held pemianently by the charity. Income arising from the endoThinent 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 forni part of the fijnd. Pension costs and other post-r¢tirement benefits The charity operates a defined contribution pension scheme. Contributions payable to the charitgs pension scherne are charged to the Statement of Financial Activities in the period to which they relate. Soclal housing And other grants Where developments have been financed wholly or partly by social housing grants and other capital grants, the grant is to be treated as a restricted fund and depreciation charged against the fund over its expected useful economic life. Revenue grants are recognised when the Charity h35 entitlement to the fiLnds' any perforniance 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 defetted. Going eoncern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have con5ideTed the level of funds held and expected level of in¢om¢ and expenditure for twelve months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going ¢oncern. CRITICAL ACCOUNTIING JUDGEMENTS AIWID KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Charitys accounting policies. which are described in note l. the governors are required to rnake judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from otheT sources. The estimates and underlying assumptions are based on historical experience and other fa¢tOTS that are considered to be relevant. Actual results may differ from these estinMtes. 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 tbat 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 si1fiCallt effect on the amounts recognised in the fmancial statements are described below: 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 cuttent estimates, based on future investments, economic utilisation and the physical condition of the assets. Page 13 continued...
NICHOLAS CHAMBERLAINE'S HosprrAL AND SERMON CHARITY NOTES TO THE FINANCIAL STATEMENTS - eontillued FOR THE YEAR ENDED 31ST DECEMBER 2024 IIYVESTMENT INCOME 2024 2023 Dividends received Interest receivable 20,354 14,053 22,512 8,970 34,407 31,482 TRUSTEES, REMUNERATION AND BENEFITS Tbere were no tThteeS, remuneration OT Other benefits for the year ended 3 1st December 2024 nor for the year ended 3 1st December 2023. Trustees, expenses Trustee expenses reimbursed in the year amounted to £Nil (2023.. £187). STAFF COSTS 2024 2023 Wages and salaries Other pension costs 34,814 795 34,543 714 35,609 35,257 The key management personnel of the charity was the Clerk to tbe trustees and the Clwity was invoiced £26,400 for his services (2023.. £33,000). The average monthly number of employees during the year was as follows.. 2024 2023 stsff.. Management of properties No employees received emoluments in exces5 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 2024 TANGIBLE FIXED ASSETS Freehold Property COST At 1st January 2024 Additions 1,454,047 247,209 At 31 st December 2024 1,701,256 DEPRECIA TION At I st January 2024 Charge for year 596,066 34,025 At 3 1st December 2024 630,091 NET BOOK VALUE At 31 st December 2024 1,071,165 At 3 1st December 2023 857,981 Chapel Street Cottages Nurses Home & Parsonage A]mshouses Totsl Freehold properties breakdown COST At l January 2024 Additions in the year 168,443 247.209 1,054,586 231,018 1,454,047 247,209 At 31 December 2024 415,652 1,054,586 231,018 1,701,256 DEPRECIATION At l January 2024 Charge for the year 480.484 21,092 115.582 4,620 596.066 34,025 8,313 At 31 December 2024 8,313 501,576 120,202 630,091 NET BOOK VALUE At 31 December 2024 At 31 December 2023 407,339 168.443 553,010 574,102 110,816 115,436 1.071,165 857,981 Page 15 continued...
NICHOLAS CHAMBERLAINE'S HOSPITAL AIYD SERMON CHARITY NOTES TO THE FINANCIAL STATEMENTS- Contined FOR THE YEAR ENDED 31 DECEMBER 2024 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At l January 2024 Additions Disposals Revaluation5 783,405 99.736 {92,208) 57,424 At 31 December 2024 848,357 NET BOOK VALUE At 31 December 2024 848,357 At 31 December 2023 783.405 There were no investment assets outside the UK. Listed Investments £ Revaluations comprise Net investment realised gains Net investment unrealised gains 11,560 45,864 57,424 Investments at fair value comprise- Securities Cash within investment portfolio 848.357 (included within other debtors) 848,357 The fair value of listed investments l5 determined by refer¢n¢e to the portfolio report provided by Quilter Cheviot. The price5 for quoted securities are the mid-market closing prices provided by the London Stock Exchange. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtor5 Balance with stockbrokers Prepayments and accrued income 38,750 13,485 15.914 1.548 28,661 14,258 68.149 44,467 Page 16 continued.
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMON CHARITY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024 CURRENT ASSET INVESTMENTS 2024 2023 Listed investments 10,577 The fair value of the listed investments is detennined by reference to the quoted PTice for identical assets in an active market at the balance sheet date. io. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Accrned expenses 14.928 13,200 14,938 14,459 28.128 29.397 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Endowment fund Fixed assets Investments Current assets CutTent liabilities 902,108 169,057 598,981 13,249 1.071.165 848,357 270,254 (28.128) 857,981 783,405 375,182 (29,397) 249,376 218,254 (24,857) 38,751 (3,271) 442.773 937.588 781,287 2,161,648 1,987,171 12. MOVEMENT Th FUNDS Net movement in funds Transfers between funds At 31.12.24 At 1.1.24 Unrestricted funds General fund 1,000 Fund Extraordinary Repair Fund Chapel Street Cottages Fund 318.356 1,097 229,812 48,615 13 37 18,430 (124.972) 193,397 1,134 248,242 (48.615) 597,880 18,480 (173,587) 442,773 Restricted funds Housing and Development Fund 637,613 126,388 173,587 937,588 Endowment funds Capital Endowment Fund 751.678 29,609 781,287 TOTAL FUNDS 1,987,171 174.477 2,161.648 Page 17 continued...
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMOIY CHARITY NOTES TO THE FINAIYCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31ST DECEMBER 2024 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 fund 1,000 Fund Extraordinary Repair Fund 244.763 (244,504) (246) 37 18,430 13 37 18,430 244.763 (244,504) 18,221 18,480 Restrlcted funds Housing and Development Fund 155,000 (28.613) 126,388 Endojvment funds Capital Endowment Fund (9,348) 38,957 29,609 TOTAL FUNDS 399,763 (282,465) 57,179 174.477 Comparatlves for movement in funds Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds GeneTal 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 and Development Fund 533,267 104,346 637,613 Endowment funds Capitsl Endowrnent Fund 738.226 13.452 751,678 TOTAL FUNDS 1.850,429 136,742 1,987,171 Page 18 continued...
ICHOLAS CHAMBERLAII¥4E'S HOSPITAL AND SERMOIY CHARITY NOTES TO THE FINANCIAL STATEMEIYTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024 12. MOVEMENT IN FUNDS - continued Comparative net movement in fijnds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestrieted funds General fund 1,000 Fund Extraordinary Repair Fund 221,743 (214,143) (2.108) 18 13,434 5,492 18 13,434 221,743 (214,143) 11,344 Restrieted funds Housing and Development Fund 18,944 133,860 (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 Unrestricted Funds The extraordinary repair fund is a fimd designated by the governors of the charity to meet fijttwe extraordinary repairs thmugh an annual transfer of no less than £520, detern]ined by the Trustees. The 1.000 fund is for the benefit of poor persons or for such charitable pUoseS that the governors think fit from time to time. Restricted Funds The Housing and Development fund includes a Social Housing Grant of £527,761 and other Capital Grants totalling £434,647 re1Ved to renovate the Almshouses. the nurses Home and the parsonage. In 2023 development began on the fonner public conveniences into two ground floor flats now known as Chapel Street cottages. the project has been fimded by grants fron] Nicholas Chamberlaine s School Foundatio totalling £168,860. a grdnt of £155,000 in the Cuent year from Homes England and the remaindeT from general reserves. Depreciation is being Charged against the fund each year on a straight line basis. over the expected usefijl economic lives of all of the properties which has been estimated to be 50 years. The capitsl endowment fund Tepresents the value of assets held either as PToperty or investments for the long terni beDefit of the Charity. Page 19 continued...
NICHOLAS CHAMBERLAINE'S HOSPITAL AND SERMOIY CHAIUTY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024 13. RELATED PARTY DISCLOSURES The Nicholas Chamberlaine 's School Foundation Charity, which has comn]on lrnstees, provided a grant during the year which has been designated by the Governors to be spent on the Chapel Street Cottages project. Totsl grants received during the year totalled £Nil for this year (2023..£133,860). 14. PENSIONS Defined Contribution Pension Plan The charity operates a defmed contribution pension plan for its employees. The amount recognised as an expense in the period was £795 (2023.. £714). 15. ACCOMODATION IN MANAGEMENT 2024 No. 2023 Almshouse acconunodation units - housing for older persons 30 28 30 28 16. AUDITORS REMUNERATION The auditor's remuneration amounts to an audit fee of £3,150 (2023 £3,000) and accountancy fee of £3.150 (2023 £3,000). Page 20