## CHARITY REGISTRATION NO: 221336 

## LORD BURGHLEY’S HOSPITAL 

## ACCOUNTS 

FOR THE YEAR ENDED 31 MARCH 202! 



## LORD BURGHLEY’S HOSPITAL 

## Contents 

||Page|
|---|---|
|Reference and administration|||
|Trustees report|2-3|
|Independent examiners report|4|
|Statement offinancial activities|5|
|Statement ofassets|6|
|Notestothefinancialstatements|7-9|





## LORD BURGHLEY’S HOSPITAL 

## Reference and administration 

## Trustees 

The Most Honourable Marquess of Exeter — Chairman, represented on the board of trustees by Mrs Miranda Rock 

The Agent to Burghley House Preservation Trust Limited Mr David| Pennell 

## Mr John Mitchell 

## Independent examiner 

J E P Fitch BA (hons) ACA 61 High St St Martin’s Stamford Lincs 

PE9 2LQ 

## Business address 

Burghley Estate Office Stamford Lincolnshire PEI 2LQ 

## Bankers 

NatWest The Maltings 2°¢ Floor, Brayford Wharf East Lincoln LN5 7HA 

## Charity registration number 

221336 

Page | 



## LORD BURGHLEY’S HOSPITAL 

## Trustees report for the year ended 31 March 2021 

The Trustees present their report and accounts for the year ended 31 March 2021. 

## Statement of Trustees responsibilities 

Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs and the income and expenditure of the charity for that period. In preparing those financial statements, the Trustees are required to: 

- select suitable accounting policies and apply them consistently, - 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 Trust will continue in the foreseeable future. 

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## Aims 

The Trust was formed in 1597. 

The income of the Charity shall be applied to the maintenance of the building known as Lord Burghley’s Hospital situated in Station Road, Stamford, Lincolnshire to provide housing for nine poor men and/or women and one warden. 

## Review of activities 

All 10 of the alms house flats were fully occupied throughout the year with no changes of residents from the previous year. The chapel flat remained empty. The flats are regularly maintained. Canon Court continues to reside in the old wardens flat with his wife and offers pastoral and practical support to residents. He carries out other duties such as controlling the central heating system and pays a discounted contribution in recognition of this service. The annual rent of £250 charged for the electricity sub-station remains suspended until the new lease is in place. 

## Reserves policy 

The Trustees now believe having made provision into the reserves, it will provide a stable base for the Charity’s continuing activities, whilst at the same time ensuring that excessive funds are not accumulated. The Trustees believe that the reserves are sufficient for immediate purposes. The need to maintain such a reserve constrains the Trust’s ability to renovate the flats to a proper standard as they become vacant. Furthermore, the last Quinquennial Inspection, in 2019, identified a considerable amount of work to be carried out and the budgeting and timescales for completion of this work is under review. 

## Results 

The Charity received income during the year amounting to £48,789 (2020 £45,130). The Trustees were able to apply £38,462 (2020 £39,269) for charitable purposes, leaving a surplus of £10,327 (2020 surplus of £5,861) before transfers between funds. 

Page 2 



## LORD BURGHLEY’S HOSPITAL 

## Trustees report (continued) for the year ended 31 March 2021 

## Investment policy 

The Trustees of Lord Burghley’s Hospital continue to review their policy to provide revenue for current purposes and enhance growth over the longer term, thereby enabling them to meet their current and future objectives in accordance with the purposes of the Charity. 

## Risk assessment policy 

The Trustees have considered the risks which the charity faces and have taken all necessary steps to mitigate those risks. 

## Public benefit 

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’. 

## Nomination of prospective trustees 

Prospective Trustees are nominated by existing Trustees and invited to attend a Trustees’ meeting, followed by an informal meeting with the Chair and another Trustee. They are then given an induction pack containing information about Lord Burghley’s Hospital and the responsibilities of being a trustee, which they take away to peruse. If they decide to become a Trustee, they are coopted by being proposed and seconded by existing Trustees at the next meeting. All trustees are encouraged to attend relevant training courses. 

## Trustees 

The Trustees who served during the year are shown on the Trust Information page and are appointed by the Trustees. 

## By order of the Trustees on 30 June 2021 

Mrs Miranda Rock Trustee 


**----- Start of picture text -----**<br>
Mr David Pennell<br>Trustee<br>**----- End of picture text -----**<br>


Page 3 



## LORD BURGHLEY'S HOSPITAL 

## Independent examiners report to the Trustees for the year ended 31 March 202! 

| report on the accounts which are set out on pages 5 to 9. 

## Respective responsibilities of trustees and examiner 

As the Charity’s Trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 144 of the Charities Act 2011 (the Act) does not apply for this year and that an independent examination is needed. 

It is my responsibility to examine the accounts (under section 145 of the Act), to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5) (b) of the Act), and to 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 Commissioners. 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 the 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, | do not express an audit opinion on the view given by the accounts. 

## Independent examiners statement 

In connection with the examination, no matter has come to my attention which gives reasonable cause to believe that, in any material respect, the requirements: 

- ¢ to keep accounting records in accordance with section 130 of the Act; and 

- ¢ to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act 

have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 

## J E P Fitch BA(hons) ACA 

## 30 June 2021 

Independent Examiner 61 High Street St Martin’s Stamford Lincs PE9 2LQ 

Page 4 



## LORD BURGHLEY'S HOSPITAL 

## Statement of Financial Activities for the year ended 3! March 2021 


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|2021|2021|202i|2020|
|General|Designated|Total|Total|
|Funds|Funds|
|Notes|£|£|£|£|
|Incoming|resources|
|Contributions|Received|3|48,420|-|48,420|44,435|
|Investment|income|4|156|-|156|482|
|Other|income|5|213|-|213|213|
|Total|income|48,789|-|48,789|45,130|
|Resources|expended|
|Running|costs|6|10,270|-|10,270|12,203|
|Building costs|7|-|25,284|25,284|25,858|
|Other|operating|expenses|8|2,908|-|2,908|1,208|
|Total|expenditure|13,178|25,284|38,462|39,269|
|Net|incoming/(outgoing)|resources|before|
|other|recognised|gains and|losses|35,611|(25,284)|10,327|5,861|
|Gains/(losses)|on|investment|assets|
|Realised|gain|on|investments|9|-|-|-|
|Unrealised|gain/(loss)|on|investments|9|68,973|-|68,973|(488)|
|Net movement|in|funds|104,584|(25,284)|79,300|5,373|
|Balance|brought|forward|10|313,545|166,649|480,194|474,82||
|Recommended|fund|transfers|10|(19,660)|19,660|-|~|
|Balance|carried forward|398,469|161,025|559,494|480,194|

**----- End of picture text -----**<br>


Page 5 



## LORD BURGHLEY'S HOSPITAL 

## Statement of Assets as at 31 March 2021 

|||2021|2020|
|---|---|---|---|
||Notes|£|£|
|Designated funds||||
|General fund|10|398,469|313,545|
|Extraordinary repairfund|10|126,687|130,416|
|Cyclical and routine maintenance fund|10|34,338|36,233|
|Total designated funds||559,494|480,194|
|Represented by:||||
|Fixed assets||||
|Freehold Property|1.2|-|-|
|Investments:|1.3|||
|Charities Official Investment Fund||||
|at market value as at 31 March 2021||350,625|282,030|
|1,692.69 Accumulation Units||||
|Historical Cost £19,373||||
|National Association ofAlmshouses||||
|at marketvalue as at 31 March 2021||2,042|1,664|
|2,377 Common Investment Fund||||
|Income Shares - Historical Cost £668||||
|||352,667|283,694|
|Current assets||||
|Cash at Bank||208,053|197,247|
|Debtors||271|268|
|||208,324|197,515|
|Current liabilities||||
|Creditors||(1,499)|(1,015)|
|Total funds||559,494|480,194|
|The notes on pages 7, 8 and 9 form part ofthese financial statements.||||
|The financial statementswere approved by the Trustees on 30June 2021||||
|Mrs Miranda Rock|Mr David Pennell|||
|Trustee|Trustee|||



Mrs Miranda Rock Trustee 

Page 6 



## LORD BURGHLEY’S HOSPITAL 

## Notes to the accounts for the year ended 31 March 2021 

I Accounting policies 

I. AccountingThe financial conventionstatements are prepared under the historical cost convention,. except for the freehold property and investments, the basis of valuation of which are explained below. 

## 1.2 Freehold Property 

The freehold property consisting of the alms houses in Stamford, was given to the Charity many years ago as part of its endowment. The alms houses are considered to be heritage assets. The Trustees consider that the cost involved in attributing a value to the properties outweighs the additional benefit to users of the accounts in assessing the Trustees’ stewardship of these assets. 

## 1.3 Investments 

The investments are stated at market value in the accounts. 

## Z Trustees Remuneration and Expenses 

There were no Trustees remuneration or expenses in the year (2020 - £Nil). 

## 3 Contributions Received 

Contributions received relate to a maintenance charge received from the tenants in respect of the alms house flats. 

Page 7 



## LORD BURGHLEY'S HOSPITAL 

## Notes to the accounts (continued) for the year ended 31 March 2021 

||||2021|2020|
|---|---|---|---|---|
||||£|£|
|4|Investment income||||
||Income from listed investments||83|83|
||Bankdeposit interest||73|399|
||||156|482|
|5|Other income||||
||Annual paymentfrom|from the 6th Marquess of Exeter Will Trust|210|210|
||Wayleaves||3|3|
||Donations||-|-|
||||213|213|
|6|Running costs||||
||Utilities||4,866|6,289|
||Rates||1,582|2,093|
||Insurance||2,211|2,198|
||Helpline||1,395|1,413|
||Subscription to the National Almshouses||216|210|
||||10,270|12,203|
|7|Buildingcosts||||
||Repairs and maintenance||16,335|21,603|
||Refurbishment||8,949|4,255|
||Quinquennial inspection||~|-|
||||25,284|25,858|
|8|Otheroperatingexpenses||||
||Accountancy||-|-|
||Sundry expenses||2,908|1,208|
||||2,908|1,208|
|9|Fixed asset investments||||
||||COIF|NAACIF|
||Fund value as at|i April 2020|282,030|1,664|
||Investment sale at market value||-|-|
||Unrealised gains/(losses) in year||68,595|378|
||Fundvalueasat31March2021||350,625|2,042|



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## LORD BURGHLEY'S HOSPITAL 

## Notes to the accounts (continued) for the year ended 3] March 2021 

|10 Reconciliation offunds available|||||||
|---|---|---|---|---|---|---|
||General||Extra-||Cyclical&|Total|
||Fund||Ordinary||Routine||
||||Repair|Fund|Maintenance||
||||||Fund||
||ré||E||£|é|
|Balance as at<br>| April 2020|313,545||130,416||36,233|480,194|
|Surplus/(Deficit) For the Year|104,584||(8,949)||(16,335)|79,300|
|Transfers as perAlmshouses (see note below)|(19,660)||5,220||14,440|-|
|Redistribution of general fund balance||-||-|-|.|
|Balance as at 31 March 2021|398,469||126,687||34,338|559,494|
|Unrealised gain/(loss) on investments|||||||
|The Association ofAlmshouses recommends the transfer to||reserve|funds,|for each|ofthe ten units,|which are|
|all over 20years old, as fromJanuary 1991, as follows:|||||||
|||||||Total|
|Extraordinary repairfund|||£||£|£|
|A reserve fund for future major expenditure - £522 per unit|||5,220||||
|Cyclical maintenancefund|||||||
|Afund retained by the trustees to meet|||||8,540||
|maintenance occuring at intervals - £854 per unit|||||||
|Routine maintenance fund|||||||
|A budgetsum to cover routine maintenance - £590 per unit|||||5,900||
|Transfersfromgeneralfund|||5,220||14,440|19,660|



Unrealised gain/(loss) on investments The Association of Almshouses recommends the transfer to reserve funds, for each of the ten units, which are all over 20 years old, as from January 1991, as follows: 

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