2020-12-31-accounts

SIR EDMUND TURNOR’S HOSPITAL

Registered Charity Number: 218766

Accounts for the year ended 31** December 2020

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Saul Fairholm Limited Chartered Accountants 12 Tentercroft Street Lincoln LN5 7DB

SIR EDMUND TURNOR’S HOSPITAL

Accounts for the year ended 31“ December 2020

CONTENTS

1-3. Trustees Report 4, Independent Examiners’ Report 5. Statement of Financial Activities 6. Balance Sheet 7/12. Notes to the Accounts

l.

SIR EDMUND TURNOR’S HOSPITAL

Trustees Report for the year ended 31 December 2020

OBJECTIVES AND ACTIVITIES

The Charity is registered with the Charities Commission to provide accommodation for the elderly, The specific objects of the Charity are to provide and administer almshouse accommodation in Wragby. The Charity is not restrictive in determining the criteria for entitlement to almshouse accommodation. A group of 10 almshouses centrally located in Wragby constitutes the freehold property. The day to day administration is undertaken by Robert Bell & Company, Chartered Surveyors, who report to the Trustees. The Trustees have had regard to Charity Commission guidance on public benefit.

The Trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission.

ACHIEVEMENTS AND PERFORMANCE

The Trustees are satisfied with the performance and achievement of the Charity in the year.

FINANCIAL REVIEW

During the year the Charity had total incoming resources of £31576 (2019 : £33645) of which £30986 (2019 : £32931) arose from maintenance contributions. Total expenditure was £27059 (2019 : £22751) of which £14983 (2019 : £10363) related to maintenance of buildings and £621 (2019 : £621) to loan interest. The surplus arising on incoming and outgoing resources, together with the loss on investment assets held of £7193 (2019 : gain £29355) brought about an overall net deficit in the year of £2676 (2019 : surplus £40249).

The Charity maintains financial management policies designed to eliminate as far as possible financial risk to the Charity. This involves maintaining contingencies for future cyclical repairs requirements and insuring against insurable losses. The Trustees believe the range of investments provides an overall protection of charitable assets but they do regularly review the policies in this area to reduce the financial risk.

The investment selection policy is based on achieving easy access to the cash funds and therefore a low rate of interest is accepted.

The restricted funds represents the historic grant received with the freehold land and buildings. The Designated Fund represents a reserve for future major repair expenditure to housing properties.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Turnor Trust was established by Sir Edmund Turnor’s will of 1708 and is regulated by a Sealed Scheme of the Charity Commissioners dated 1989 as a Registered Charity No. 218766. Its address is c/o Robert Bell & Company, Old Bank Chambers, Horncastle, Lincolnshire, LN9 SHY.

The Board of Trustees are appointed by being ex-officio, or being nominated by the Bishop of Lincoln or being co-opted. Appropriate induction and training is provided.

The Annual General Meeting at which the Chairman for the ensuing year is elected is held in March.

Meetings are held as required and appropriate in the year.

2s

SIR EDMUND TURNOR’S HOSPITAL

Trustees Report for the year ended 31°‘ December 2020

TRUSTEE’S RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Annual Report and the financial 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 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Trust and of the incoming resources and application of resources of the Charitable Trust for that period. In preparing these financial statements, the trustees are required to:

• ® select suitable accounting policies and then apply them consistently;

• e observe the methods and principles in the Charities SORP;

• ¢ make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Trust will continue in business.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Trust and to enable them to ensure that the Financial Statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provision of the trust deed. They are also responsible for safeguarding the assets of the Charitable Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RISK MANAGEMENT

In liaison with the Management Committee, all funds are carefully monitored and discussions are held on a monthly basis.

3

SIR EDMUND TURNOR’S HOSPITAL

Trustecs Report tor the yexr ended 31" December 2020

REFERENCE AND ADMINISTRATIVE DETAILS The name of the Charity is Sir Edmund Turnor’s Hospital. Its registration number is 218766. The principal address is C/o Robert Bell & Company, Old Bank Chambers, Homcastle, Lincolnshire, LN9 SHY.

The Charity Trustees during the year to 31° December 2020 were:

Rev Mark Holden (Chairman) Mrs Monica Bourn Mrs Elizabeth Stephenson Mrs Sarah Bellhouse Mrs Marilyn Thornicroft Rev Susan Bradley Mr Richard Lenton (resigned) Mr Roy Shuttleworth Rev James Campbell MrJ Bird (appointed during the year)

The accounts are subjected to an independent examiners report by R Welsh FCA of Saul Fairholm Limited, Chartered Accountants, 12 Tentercroft Street, Lincoln.

) ROBERT BELL ANI CO. Managing Agents Old Bank Chambers Horncastle Lincolnshire

Rev Mark Holden On Behalf of the Trustees

1 March 2021

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SIR EDMUND TURNOR’S HOSPITAL

I report to the Trustees on my examination of the accounts of the Sir Edmund Turnor’s Hospital (the Trust) for the year ended 31‘ December 2020 which are set out on pages 5 to 12.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

• ° examine the accounts (under section 145 of the 2011 Act); ° follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

• ® state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINERS’ REPORT

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

INDEPENDENT EXAMINERS’ STATEMENT

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

• (1) which gives me reasonable cause to believe that in any material respect the requirements:

• e to keep accounting records in accordance with section 130 of the 2011 Act; and ¢ to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act

have not been met; or

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

RM WELSH FCA

Saul Fairholm Limited Chartered Accountants 12 Tentercroft Street Lincoln LNS 7DB

1* March 2021

5:

SIR EDMUND TURNOR’S HOSPITAL

Statement of Financial Activities for the year ended 31°‘ December 2020

			Un-			Un-
		Restricted	restricted	Total	Restricted	restricted	Total
	Note	Funds	Funds	31.12.2020	Funds	Funds	31.12.2019
		£	£	£	£	£	£
INCOME FROM:
Charitable Activities Investments	2	- -	30986 590	30986 590	- -	32931 714	3293 1 714
TOTAL		-	31576	31576	-	33645	33645
EXPENDITURE ON
Charitable Activities	3	2282	24777	27059	2282	20469	22751
TOTAL		2282	24777	27059	2282	20469	22751
NET (EXPENDITURE)/
INCOME		(2282)	6799	4517	(2282)	13176	10894
OTHER RECOGNISED
GAINS
(Loss)/Gain on
Revaluation of
Investment Assets		-	(7193)	(7193)	-	29355	29355
NETMOVEMENT
INFUNDS		(2282)	(394)	(2676)	(2282)	42531	40249
RECONCILATION
OF FUNDS
Fund Balances
Brought Forward		159764	294683	454447	162046	252152	414198
FUND BALANCES
CARRIED
FORWARD		157482	294289	451771	159764	294683	454447

SIR EDMUND TURNOR’S HOSPITAL

Balance Sheet as at 31°‘ December 2020

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|||||||| |---|---|---|---|---|---|---| |Notes|2020|2019| |£|£|£|Fs| |FIXED|ASSETS| |Freehold|Land and|Buildings|7|200200|202482| |Investments|8|240005|247092| |440205|449574| |CURRENT|ASSETS| |Debtors|9|1655|1790| |Cash|at Bank|and|in|Hand|12030|9018| |13685|10808| |CREDITORS:|Amounts|falling|due| |within|one|year|10|2119|5935| |NET CURRENT|ASSETS|11566|4873| |TOTAL NET ASSETS|451771|454447| |THE FUNDS|OF THE|CHARITY| |Restricted|Funds|6|157482|159764| |Unrestricted Funds|-|General|Purpose|6|21882|15189| |-|Designated|6|272407|279494| |TOTAL CHARITY FUNDS|11|451771|454447|

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Rev Mark Holden - On behalf of the Trustees

Authorised for issue on 1“ March 2021

re

SIR EDMUND TURNOR’S HOSPITAL

Notes to the Accounts for the year ended 31‘ December 2020

1. ACCOUNTING POLICIES

(a) Basis of Preparation

The Financial Statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Charities SORP: 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 (FRS102) effective 1% January 2019. The Trust de-registered from the Housing Corporation as a registered social landlord in 1998.

(b) Housing Association Grant

A Housing Association Grant (HAG) totalling £228228 was made by the Department of the Environment and was utilised to reduce the amount of mortgage loan to the amount which it is estimated can be serviced by the net annual income of the scheme. The amount of HAG was calculated on the qualifying costs of the scheme in accordance with instructions issued from time to time by the Department of the Environment. The grant was paid direct to the lending authority. The residual loan was repayable to the finance provider over a period of 30 years.

(c) Fixed Assets The cost of building the almshouses is not known as no records are available. It is known that some improvements were made in the mid 1960’s financed by the (now) East Lindsey District Council in the sum of £8630. It has been decided to show the cost of the assets, prior to the present improvements, as a nominal figure of £8630. Further improvements were made between 1989 and 1991 financed by the Housing Corporation in the sum of £262316.

The sum of the two improvement figures has been taken as the cost of the property in the accounts.

The almshouses are considered to be the only fixed assets of the Charity and further capital expenditure is not expected.

(d) Depreciation Depreciation is calculated on a straight line basis. Depreciation is provided to write down the cost less estimated residual value, being £42718, over the estimated useful life of 100 years.

(e) Restricted Reserves

The restricted fund represents the Housing Association Grant received less the accumulated depreciation on the related property.

(f) Designated Reserves

The designated reserve represents amounts set aside for future cyclical repairs and maintenance and extraordinary repairs to housing accommodation.

2. ACCOUNTING POLICIES (CONT’D)

SIR EDMUND TURNOR’S HOSPITAL

Notes to the Accounts for the year ended 31‘ December 2020

• (g) General Reserves General purpose reserves comprise those funds which the Trustees are free to use in accordance with the charitable objects but which have not been classified as designated reserves. The Trustees confirm that appropriate levels of general purpose reserves exist, given the ongoing cash requirements of the Charity.

• (h) Investments Investments are carried at market value with the movement in market value being recognised in the Statement of Financial Activities.

• (}) Income Recognition Incoming resources are derived from ordinary activities. Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The entity is not registered for VAT.

• (j) Expenditure Recognition Expenditure is accounted for on an accruals basis and that which relates to the almshouses, in particular; utilities, management fees, independent examination fee and maintenance are regarded as being for charitable activities. Further detail is provided in note 3.

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

• {k) Allocation of Support and Governance Costs Support costs have been allocated between governance costs and management fees. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs are for the independent examination fee.

• DEPOSIT INTEREST

		2020	2019
		£	£
National	Association ofAlmshouses Common InvestmentFund	484	484
Charities	DepositFund and Other Interest	106	230
		590	714

There was no restricted income in 2020 or 2019.

3; CHARITABLE ACTIVITIES

SIR EDMUND TURNOR’S HOSPITAL

Notes to the Accounts for the year ended 31‘t December 2020

		Un			Un
	Restricted Funds	restricted Funds	2020 Total	Restricted _restricted Funds Funds		2019 Total
	£	£	£	£	£	£
Cleaning	-	175	175	-	315	315
Rates	-	967	967	-	705	705
Maintenance
ofBuildings	-	14983	14983	-	10363	10363
Depreciation	2282	-	2282	2282	-	2282
Electricity	-	282	282	-	524	524
Maintenance
ofGrounds	-	1044	1044	-	1252	1252
Insurances	-	1459	1459	.	1569	1569
Sundries and
Letting Fee	-	1753	1753	-	977	977
Loan Interest	-	216	216	-	621	621
	2282	20879	23161	2282	16326	18608
Support Costs
Management
Fees	-	2788	2788	.	3033	3033
Governance
Costs	.	1110	1110	-	1110	1110
	2282	24777	27059	2282	20469	22751

Support and governance costs are allocated in their entirety to the Charity’s principal activity.

1. GOVERNANCE COSTS

			2020	2019
			£	£
Independent	Examiners	Fees	1110	1110

This fee includes production of statutory accounts for the Charity.

1. TRUSTEES REMUNERATION AND EXPENSES

No remuneration directly or indirectly out of the funds of the Charity was paid or is payable for the year to any Trustee or any person or persons known to be connected with any of them.

There have been no reimbursement of expenses made to any Trustees during the year.

SIR EDMUND TURNOR’S HOSPITAL

1. FUNDS AND FUND TRANSFERS

Notes to the Accounts for the year ended 31° December 2020

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|||||||| |---|---|---|---|---|---|---| |2020|2019| |General|General| |Designated|Purpose|Designated|Purpose| |Fund|Fund|Fund|Fund| |£|£|£|£| |At|Beginning|of Year|279494|15189|249909|2243| |Investment|Valuation|(Loss)/Gains|(7193)|-|29355|-| |Investment|Addition|-|-|-|.| |Charities|Deposit Fund|and| |Building|Society|Interest|106|.|230|-| |Incoming|Resources|-|31470|-|33415| |Outgoing Resources|-|(24777)|-|(20469)| |At End|of Year|272407|21882|279494|15189|

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The Designated Fund represents a reserve for future major repair or enhancement expenditure to housing properties. The reserve is predominantly matched against the amounts held in Fixed Asset Investments in the Balance Sheet.

The Restricted Fund represents the historic Housing Association Grant received less the accumulated depreciation charge in respect of the freehold land and buildings.

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2020|2019| |£|£| |At Beginning|of|Year|159764|162046| |Depreciation|Charge|on|Properties|(2282)|(2282)| |At End|of Year|157482|159764| |The|Restricted|Fund|can be|analysed|as:| |Historic|Housing|Association|Grant|228228|228228| |Cumulative|Property Depreciation|(70746)|(68464)| |157482|159764|

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Ih;

SIR EDMUND TURNOR’S HOSPITAL

Notes to the Accounts for the year ended 31** December 2020

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |I|TANGIBLE|FIXED|ASSETS|- FREEHOLD LAND|AND|BUILDINGS| |£| |COST| |At|Beginning|of Year|270946| |At|End|of Year|270946| |DEPRECIATION| |At|Beginning|of Year|68464| |Charge|2282| |At|End|of Year|70746| |NET BOOK VALUE| |At|Beginning|of Year|202482| |At End|of Year|200200| |INVESTMENTS| |2020|2019| |Market|Market| |Cost|Value|Cost|Value| |£|£|£|£| |1381|(2019|:|1381) M & G|Charity|Multi| |Asset|Fund.|Market|value|£88.62| |(2019|:|£90.37)|per|100|units|10020|11574|10020|12508| |Charities|Deposit|Fund|39349|40668|39349|40563| |1824|(2019|:|1824)|M & G|Charity|Multi| |Asset|Fund.|Market|Value|£925 1.57| |(2019|:|£9555.70)|per|100|units.|7600|168749|7600|174296| |St James|Place|Unit|Trust|Investment|20000|19014|20000|19725| |76969|240005|76969|247092| |2020|2019| |Investments|at market|value|can be|summarised|as:|£|£| |At 31 December|2019|247092|217507| |Investment|-|-| |Deposit|Interest|Received|105|230| |(Loss)/Gain|on|Investments|on|Revaluation|(7192)|29355| |Market|Value|at|31*' December|2020|240005|247092|

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1. INVESTMENTS

The Charities Deposit Fund Investment is repayable on demand. It has not been possible to determine the costs of the other investments and these are shown at 1989 valuations plus cost of additions.

SIR EDMUND TURNOR’S HOSPITAL

Notes to the Accounts for the year ended 31" December 2020

9.	DEBTORS - Amounts falling due within one year
		2020	2019
		£	£
	Arrears ofWeekly Maintenance Contributions	813	813
	Prepayments	842	977
		1655	1790
10.	CREDITORS -Amounts falling due within one year
		2020	2019
		£	£
	Bank Loan and Interest	-	3829
	Accruals	2119	2106
		2119	5935

1. ANALYSIS OF NET ASSETS BY FUND

	Re-	General	Desig-			Re-	General	Desig-
	stricted Funds £	Purpose Fund 5	nated Fund £	2020 Total 52	=	stricted Funds £	Purpose Fund £	nated Fund £	2019 Total £
Fixed
Assets	157482	10316	32402	200200		159764	10316	32402	202482
Investments	.	-	240005	240005		-	-	247092	247092
Current
Assets	-	13685	-	13685		-	10808	-	10808
Current
Liabilities	-	(2119)	-	(2119)		-	(5935)	-	(5935)
	157482	21882	272407	451771		159764	15189	279494	454447

1. CONTROLLING PARTY

The Charity is controlled by the Trustees.