CHARITY REGISTRATION NO: 221336 LORD BURGHLEY'S HOSPITAL ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 LORD BURGHLEY'S HOSPITAL Contents Page Reference and administration Trustees report Independent examiners reFurc Statement of financial activi¢se5 Statement of assets NO￿5 to the financial statements LORD 8URGHLEYS HOSPITAL R•f•rnn¢e and admlnlstratlon Trustees The Most Honourable Marques5 of Exeter- Chairman. represented on the board of trustees by Mrs Mirdnda Rock The Agent to Burlhley H¢)use Pre5ery4tic￿ Trusr Limited Mr David J Pennell Mr john Mitchel Ind•p•ndent •xamln•r J E P Fitch BA {honsl ACA 61 High St St Mar¢in' Stamford Lincs PE9 2LQ bU￿nelS addr•T4 Jrthley Esrate Office Strmford Lincolnshire PE9 2LQ Bank•rs Natwesr The Ma￿￿83 Floor. Braylord Vlharf East Lincoln LN5 7HA Charity rez••tration numb•r 221336 LORD BURGHLEY'S HOSPITAL Trurteej report for the year ended 31 March 2024 The Trustees wesent their report and accounts for the year ended 31 March 2024. Statement of TrustÈe5 responslbilities Charity law requires the Trustees to prepare financial statements for each finanoal year Yrfhich gi a true and lair view of thè State of affairs and the income and t¥penditure of the charity for that In wyring those financHI Statan￿ the TNsree5 are required w. selert surcatAe ac¢ounting policies and aWy them consistently. make judgements and estimates that are reasonable and prudenL prepare the financial statements on the going Concern basis unless 1¢ Ss inappropriare to presume that the Tru$r will contynue in the foreseeable future. The Trustees are responsible for keepin8 proper accounring records which disclose wrth reasonable accuracy at any time the financial posirion of the TNstAnd to enaL4e them to ensure that the fTrnanctal statemenrs conwy with the Charitses kn 201 l. The/are al￿ res￿nS¥￿e for safeguarding the assets of the Trust and hence for raking reasonable steps br the prevention and de¢ettion of fraud and other irregularities. Aims The Trust forrneA in 1597. The income of the Chariy shall be applied to the mainrenance of the building known as Lord Burghley's Hosw'tal siruated in Station Road. Stsmford Lincolnshire to provide housingfor nine poor men andlor vrt)men and ono warden. Review of actlvitit5 All 9 of the alms house flats were fully txcupied throughout the year no changes of residen¢5 from the previ¢>ys year. The chaFd flat vrts Used by Sc Martin's Church as offi¢e Space. The fiats are regularly rnaintsined. Canon Courr continues ro reside in the ok4 wardens flat with his viife and offers Fdstoral and Fnttiol supporr to residenrs. He carrie5 Out other dutyes such as conrrollin8 the centfdl h￿ting system and pays a discounted contrii￿uOn in recognitron of this service. The annual ren¢ of £250 charged for the elettricity SU￿Sta￿On was reinststed from January 2022 once the new lease wa5 in place. Reserves policy The Tru5¢ees now believe having made provision Into the reser￿ 1¢ will prowtde a stable t45e for the Charity's continuing acttviw. whilst at the same time ensuring that excessive lund5 are n¢X accumulated. Thè Trusree5 Wieve that the reserves arn syffi(ient for immedK4te purFX)se5 as wdl being ab￿ to appty some funds ra Quinquennial work5. vthich are under review and imrAementation. The Quinquennial Inspection. in 2019, idenufied a consider4￿e amount of work to be carried out over the coming year5. Results The Charity receNed income during the year amounong to £50.191 {2023 £48.963). The Trustees vlere able to aFWy £40.047 12023 £16.103) for charitable purp￿. leavin8 a Sur￿￿$ of £10,144 (2023 surplus of £318601 before tTrn5fers be¢ween funds. ## **LORD BURGHLEY'S HOSPITAL** ## **Trustees report (continued) for the year ended 31 March 2024** ## **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 co­ opted 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** **----- Start of picture text -----**
Mrs Miranda Rock
Trustee
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Mr David Pennell
Trustee
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Page 3 ## **LORD BURGHLEY'S HOSPITAL** ## **Independent examiners report to the Trustees for the year ended 3** I **March 2024** I 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, I 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 Date Independent Examiner** 61 High Street St Martin's Stamford Lines PE9 2LQ **Page 4** LORD BURGHLEY'S HOSPITAL Statement of Flnancial Activities for the year •nd¢d 31 Marth 2024 2024 G•n•ral Funds 2014 De518nated Funds 2024 Totsl 2023 Total Note5 Incoming resources Contrlbutions ￿￿eNed Invesunent inc¢Jme Other income 49.638 93 49.638 93 460 48.420 83 460 460 Total income 50,191 SO.191 48.963 Resources expended Running cosrs Buildin8 cosrs Other operatirg expenses 17.255 17.25S 21.163 1.629 10.953 4,765 385 21.163 1.629 Totsl expenditure 21.163 40,047 16.103 Net Incomlngl(outgolngl resources before gther recosnistd ¥ain5 and losses 31,507 {11.103) 10,144 32,860 G*insl{losses) on Investment assets Realised on invesrments Unrdised p.nll1o￿I on inve5trnents 47.256 47,256 {3J461 Net movement in funds 78.563 (21.163) 57.400 29.314 Balan￿ brought fO￿ard Recommended fund 10 10 469.524 (23.1101 173.622 23,110 643,146 613.832 524.977 17S.54• 700.546 443. 146 ## **LORD BURGHLEY'S HOSPITAL** ## **Statement of Assets as at 31 March 2024** |||**2024**|**2023**| |---|---|---|---| ||**Notes**|£|£| |**Designated funds**|||| |**General fund**|**10**|**524,977**|**469,524**| |**Extraordinary repair fund**|**10**|**137,371**|**137,667**| |**Cyclical and routine maintenance fund**|**10**|**38,198**|**35,955**| |**T otaJ designated funds**||**700,546**|**643,146**| |**Represented by:**|||| |**Fixed assets**|||| |**Freehold Property**|**1.2**||| |**Investments:**|**1.3**||| |**Charities Official Investment Fund**|||| |**at market value as at 31 March 2024**||**435,134**|**387,916**| |**1,692.69 Accumulation Units**|||| |**Historical Cost£ 19,373**|||| |**National Association of Almshouses**|||| |**at market value as at 31 March 2024**||**2,161**|**2,123**| |**2,377 Common Investment Fund**|||| |**Income Shares - Historical Cost £668**|||| |||**437,295**|**390,039**| |**Current assets**|||| |**Cash at Bank**||**264,180**|**250,719**| |**Debtors**||**3,281**|**3,050**| |||**267,461**|**253,769**| |**Current liabilities**|||| |**Creditors**||**(4,213)**|**(665)**| |**Total funds**||**700,546**|**643,146**| **The notes on pages 7, 8 and 9 form part of these financial statements.** **The financial statements were approved by the Trustees on** **Mrs Miranda Rock Mr David Pennell Trustee Trustee Page 6** _(_ _**L**_ LORD BURGHLEYS HOSPITAL Notes to th• accounts for th• year ond•d 31 Marth 2024 Accountin8 poII¢i•% Accounting convention The financial statements are prepared under the hittorical cost convention, except for the freehold property and Investmen￿ the b￿$ of valLratK•n of which are explainexl below. Frtthold Property The freehold property consisting of the alms houses In Stsmford. glven to the O4riry many years ago as part of its endowmenL The alms hou5e5 are considered to be heritage asser5. The Trustee5 consider that the cost involved in attriburtng a value to the WQFwues outwet8h5 the addi¢bonal benefir w users of the accounts in asse55in8 the Tru5tÈes' steKardship of these asset 1.3 Inveltm The i￿￿ents are stated at market Ydlue in the accounts. Trust••g R•mun•rniion and Exp•ns There were no Trustees remunerawon or expenses in the year (2023 - £NII). Contributlons Receiv•d Conrributi¢Jns received relate ¢0 a maintenance charge recebved the ¢ernnts in res of the alms house fiat LORD BURGHLEY'S HOSPITAL Notes to the accounts (continuod) for the yo*r ended 31 March 2024 2024 2023 4 Investment income Income from listed invesrments Bank deposit interest 93 83 93 83 S Other Income Annual payment frorn the 6th Marquess of Exeter Will Trust waY￿ve5 Donations 210 250 210 250 460 6 Running costs Utiliues Rate5 Insurance Helpline Sub5cripuon to th* National Almshouses 10.253 1.780 3.199 1.680 343 4,848 1,617 2,692 196 10.953 17.255 7 Building rogts Rwrs and ma*ntenance Keftsrbishrnent QuirK4uenn*al inspection 14.727 6,436 4.765 21.163 4.765 • Oth•r op•ratin8 expenses AccoLJntancy Sundry expenses 1,629 1.629 385 385 9 Flxed asset investments COIF NAACIF Fund value a5 at l April 2023 InvestmÈnt Sale at marker rdlue UnrÈali5ed gain51llossesl In year Fund value as at 31 M#reh 2024 387,916 1123 47.218 38 435,134 2.161 LORD BURGHLEY'S HOSPITAL Notes to th• accounts (continued) for the year and￿ 31 March 2024 10 R¢conciliation of fund5 available General Fund Extra. Ordinary Repatr Fund Cyclical & Kouvne Maintrnance Fund Tool BAlance u at l April 2023 469.524 137.667 35.955 643.146 SurplusllDeficitl For the Year 78.563 16.4361 114,727) 57.400 Transfers a5 per Almshouses (see note below) 123.1101 6.140 16.970 Redisrributyon OfYner￿ fuThJ b4lance Balanc• as at 3 l March 2024 524.977 137,371 38.198 700,546 Unrealised 8ainlllossl on investmenrs The Assoclation of Almshouses recommends the transfw to reserve fund5. for each of the ten units which are all over 20 years old. as from JanL4ry 1991. as ftsllow5'. Total Extraordlnary repair fund A reserve tund lor hjture m4or ¢xp¥Oiture- £614 per unlr 6,140 Cycli¢al maintenance fuod A fund r*Ained by the trn$We$ tg mwit rnaintenance occuring at interva15 - £1004 w unlt 10.040 Routin• maint•nance fvnd A b￿dg+t sum to C￿er rouvne malntsnance- £693 per unit 6.930 Transfers from 8*nernl fund 6,140 16,970 23.110 Page 9