2020-12-31-accounts

REGISTERED CHARITY NUMBER: 221428

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

THE HOSPITAL OF WILLIAM BROWNE

THE HOSPITAL OF WILLIAM BROWNE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

	Page
Report of the Trustees	1 to 7
Independent Examiner's Report	8
Statement of Financial Activities	9
Statement of Financial Position	10
Notes to the Financial Statements	11 to 21
Detailed Statement of Financial Activities	22 to 23

THE HOSPITAL OF WILLIAM BROWNE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December 2020.
ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Theaimofthecharityistoprovideshelteredalmshouseaccommodationforpersonsofgoodcharacterwhoare in
conditionsofneed,hardshipordistress.Theaimisachievedbyrunningthirteenshelteredunitsinan almshouse.
AccommodationisprovidedintheHospitalofWilliamBrowne,anhistoricgradeII*listedbuildingin Stamford,
Lincolnshire.

ThehospitalwasfoundedbyWilliamBrowne,arichwoolmerchantofStamfordandbuiltin1475inthereign of
EdwardIV.Thehospitalwasestablishedasahomeandhouseofprayerforpoormenandwomenofthetime, and
today accommodates residents across its thirteen almshouses.

Significant activities

Trustee meetings

Thetrusteesmetformallyfourtimesduringtheyearinwhichtheyreviewedalltheoperationsofthe hospital.
Unfortunatelydueto the Covid19 Pandemicthe Marchmeetinghadto be conductedby emaildueto the lock down
rules and the June meeting was held in the gardenas per the GovernmentRules but only allowinga limited number of
Trusteestoattend.BoththeSeptemberandNovembermeetingswereheldindoorsbutwithsocialdistancing being
adhered to; this was also abiding by the new Government Rules which changed regularly due to the situation.

Maintenance charge

TheMaintenanceChargeisreviewedannuallyanditwasconsideredthata£1perweekincreasewould be
implemented this year.

Lease of Wardens House and land at Easton on the Hill

Browne'sHospitalwere in receiptof the first quarterpaymentfor the lease of the Warden'shouse before the tenants
handedinthekeyscompletingthehandovertoBrowne'sHospitalattheendofMarch2020.Theleaseholder had
givennoticethatshewouldnotberenewingthelease.Aspecialmeetingon29January2020wasarranged to
considerthewayforwardoncetheWarden'sHousewasvacated.AndrewLeech,RichardsonChartered Surveyors
advised the Trustees throughout the process.

Itwasclearfromtherecentlycompletedfiveyearlyinspectionreportandfromtheendofleasedilapidation survey
that the building needed significant attention and updating to meet present day Health and Safety regulations.

Page 1

THE HOSPITAL OF WILLIAM BROWNE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

OBJECTIVES AND ACTIVITIES

Asbestos Survey - Wardens House

AnasbestossurveywasadvisedanddulycompletedfortheWardensHousewhichfoundthebuildingto have
minimumamountofasbestos.Noactionwasrequiredexcepttomakeanycontractorsawareoftheareasin the
buildingto be cautiousof.A copy of the survey was left in the Warden'sHouse to enablecontractorsto check before
anyworkwascarriedout.Emergencylightinghadtobeinstalled,guttersanddampissuesassociatedwiththe poor
conditionoftheguttersneededurgentattentionandthelightwelltotherearofthebuildingwasheavily infested
withpigeons.Noelectricalsurveyhadbeencarriedoutinthebuildingduringthe18 yearsthetenanthadheld this
leaseandwasdulyaddressed.Thetotalcostofgettingthebuildingtoareasonablestandardforre-lettingwas a
staggering£16,000plusVATandwasexpectedtoincreaseas utilitybillswerenowtheresponsibilityof the Hospital.
Together with the loss of income the total loss would be estimated to be at least £20,000.

New tenants - Wardens House

A prospective tenant had been found but a delay had occurred due again to the Covid 19 Pandemic.

War Memorial

TheMayorofStamford,CouncillorBillTurner,asreportedhadspokenabouttheissuesraisedbytheTown Council
regardingwaterseepingthroughthewalltotherearoftheWarMemorial.TheChairmanhadadvisedthat the
drainagehadbeencheckedandwasworkingcorrectlyandintheArchitect'sopinionwasdueto environmental
factors.This was agreedby the BritishLegion,the Mayoralsobeinga member,informedthe Trusteesthatthe  cause
hadbeenacceptedandminorrepairswouldbecarriedouttothebottomoftheWarMemorialwhichwas not
attached to the wall.

Website/ Virtual Tour

Thewebsitecontinuestoworkwell;asmallpaymentismadeeachyeartoDSquaredforhostingthesame. For
information the website address is www.browneshospital.co.uk

Interpretation Board

OnconsultingwiththeArchitectitappearedthattheinstructionforthegroundworkstocompletethe installation
had been overlooked.  It was hoped this would be completed in the coming months.

Risk Assessment Advice

OntherecommendationofMirandaRock,ExOfficioTrustee,inrespectofriskmanagement,theservicesof a
consultantwasarrangedforJanuary2020.TheChairmanandClerkattendedameetingwithhim.Areport was
issuedwithanumberofrecommendationswhichhavebeendiligentlyaddressed.Todatethe'UrgentMatters' had
receivedattentionand'NecessaryActionPoint'weremostlyaddressed,'OngoingIssues'whichhadrecently been
discussedwouldalsobe completed.Gratefulthanksare expendedto Mrs Rock for makingthe Trusteesawareof this
servicewhichhasmadeBrowne'sHospitalasaferplacefortheResident'stolive.Browne'sHospitalwerenowup to
datewithHealthandSafetyPoliciesandwiththisverymuchintheforefrontatthetimeofthePandemic. Personal
Protective equipment had been purchased for use by Residents.

Automatic lighting

AutomaticlightinghadbeeninstalledintheLaundryareaandrearentrance/exitpassagewayanddoor.These were
considered by Trustee Mr Exton to be essential for the safety of the residents.

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THE HOSPITAL OF WILLIAM BROWNE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

OBJECTIVES AND ACTIVITIES

Emergency Lighting

Additionalemergencylightingwillbeinstalledfromtheresidentialareastotherelevantfireexits.A contractfor an
annual service will be awarded to Steve Rudkin Electrical Contractors.

Upgrade of One Further Bathroom

TheresidentofFlat11hadrequestedanupgradetoherbathroomasshesaidshewouldfeelsaferwitha shower.
This had duly been completedand she was pleased with the result.To date only four residentsstill have a bath; these
would also be converted once vacant or if the resident requested it.

Chimney Sweep

The chimney in the Board Room had not been swept this year due to the lack of use.All bookingsfor the Board Room
had been suspended until such time it is safe to continue.

Registration of Land, Easton on the Hill

Mr Fluckis stillattemptingto registerthe landat Eastonon the Hillbuta discrepancywiththe smallerparcelof land
was halting the process.

Museum

MrWallington,HonoraryCuratoroftheMuseumhadreceivedasmallnumberofvisitorsthroughthewinter which
helpedtowardsMuseumFunds.HoweverafterthenewsofthePandemicandtheGovernment'sdecision to
lockdownthecountrythroughoutMarchtoJunethedecisionhadbeenmadetoclosetheMuseumforthe Summer
Season.  This was sad news as he had hoped to increase the opening times for the Summer season.

Afterhavingreportedin the lastTrusteesReportthatMr Wallingtonwishedto move forwardwiththe encapsulation
oftheimportantstainedglasswindowshehadsincebeenintouchwithboththeDioceseofLincolnandthe local
PlanningDepartment,SKDC.It wasagreedthata specialistArchitectwouldbe neededtoguidetheTrustees through
thisprocessandStephanieNorris,aCambridgeArchitecthadbeenappointed.Thereaftertheintentionwasto seek
grantsfor the workto the importantStainedGlass Windowsandto date he hadsecuredgrantsfrom The Harry Skells
Trust and Church Care.

MrWallingtonhadalsocompletedcataloguingtheArtefactsandhadreviewedthestorageofoldpaperworkin the
strong room. Trustees were grateful for the diligent work he had carried out.

Bookings

ThePandemichadhaltedtheYogaClasseswhichhadbeensuspendedfromMarchtoJune,hadresumedfora short
time and been suspended yet again.

Understandably,withtheCoronaviruspandemic,Browne'sHospitalhavehadnorequeststousetheBalconyfor the
StamfordFestival,BattleofBritainSundayandRemembranceSunday.TheStamfordFestivalwascancelledand the
latter two held in a much smaller social distancing occasions.

Despite the above, overall income from rent and room hire has been maintained by the hospital.

Maintenance to the flagpole

Page 3

THE HOSPITAL OF WILLIAM BROWNE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

OBJECTIVES AND ACTIVITIES

DifficultieswerestillbeingexperiencedwiththeFlagPole,havingononeoccasionbeenstuckonceagain.House of
flags had attended and advised that a new Halyard was required.  This would be organised in the near future.

Summary

Thishasprovedto havebeenan incrediblychallengingyearforthe Chairmanandthe Trustees.It is evidentthat the
PandemicfeaturesquiteheavilyinthisreportandevidentthatithasslowedtheplansfortheHospital down.
Howeverhelpfrom the Governmentwitha one off £10,000granthas helpedenormouslyandTrusteesare extremely
grateful to have received it.

Trusteesarealsopleasedtosaythatallourresidentshaveremainedhealthythroughoutthisperiodwhichis the
ultimate goal for the running of the Almshouse.

TheChairmanoftheBoardandTrusteesworktirelesslyforthebenefitoftheResidentsandtoensurethefuture of
the Hospital for many years to come.

Public benefit reporting

Whenreviewingthecharitiesobjectivesandactivitiesandinplanningfutureactivitiesthetrusteeshave considered
the charity commission's general guidance on public benefit.

Volunteers

Althoughvolunteersarenotwidelyusedbythecharitywithouttheirhelpovertheyearsthehospitalwould never
have been able to open to the public. The trustees also rely on the support and goodwill of a number of residents.

The maintenanceof the flower gardensand cleaningof the site continuesto be attendedto by Mr David Goodinson.
Mrs Waterfallcontinuedto keep some areas of the site clean and tidy and had taken upon herself to regularly sanitize
theareastouchedonaregularbasisbyresidentsandcontractors.TrusteesweregratefultoMrGoodinsonand Mrs
Waterfall for their voluntary contributions.  An operative continued to cut the grass around the site.

Museum

AswellasbeingaTrustee,MrDavidWallington,alsovolunteersasHonoraryCuratoroftheMuseumalongwith a
team of volunteers.

Thetrusteesaregratefulforthecontributionsmadetothecharitybyalloftheirvolunteersandthankallof the
volunteers for their hard work during the year.

Residents

TheTrusteesweresaddenedtoreportthedeathinMarch2020oftheresidentinFlat1A.Ithadbeen previously
reportedto theTrusteesthatshe hadseriousissuescopingwithdaytodaytasksandreliedmainlyonher daughters
forsupport.Shehadenteredacarehomeshortlybeforeherdeath.Herfuneralwasconductedby,the Confrater
FatherMichaelRuff.Therelativesweregiventimetoemptytheflatasthelockdownhinderedthisprocessbut in
June 2020 the flat was empty and awaited upgrading before a new resident could reside in the flat.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The charity continues to provide sheltered accommodation through its thirteen almshouses.

Fundraising activities

Thecharityderivesmostofitsincomefrominvestmentsandmaintenancechargestoalmshouseresidents.It also
derives income from pre-booked guided tours.

Page 4

THE HOSPITAL OF WILLIAM BROWNE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

ACHIEVEMENT AND PERFORMANCE

Investment performance

Thetrusteesarepleasedwiththecurrentperformanceoftheinvestmentsandbelievethattheyareachieving a
satisfactory level of both capital growth and income.

Thetrusteeshavethepowertoinvestinsuchassetsastheythinkfit.Reportsarecirculatedthroughouttheyear to
keep trustees informed of their progress.

FINANCIAL REVIEW

Principal funding sources

The charityrelies on the maintenancecharges and income from both propertyand listed investments.The charity has
benefitedfrom some significantdonationsand legacies in recent years which will leave the charityin a strong financial
position for the foreseeable future.

Investment policy and objectives

Thetrusteeshavethepowertoinvestinsuchassetsastheyseefit.AlargecapitalsumhasbeeninvestedinM& G
underasubordinateaccounttitled'TheJohnPlumbBequest'inordertoringfencethefundsfor appropriate
expenditurein futureperiods.The chairmanhashaddiscussionswithvariousfinancialinstitutionsto ensurethe best
return on investments is achieved.

Reserves policy

Thetrusteesareawarethattheyneedtomaintainunrestrictedfreereservesataleveltoprovidesufficientfunds to
cover operatingexpenditure.The trusteesconsiderthatthe charityshouldmaintainbetweenthree and six months of
unrestrictedfreereserves.Thecurrentunrestrictedfreereservesof£2,996,365(2019:£3,124,006)aremore than
sufficient to comply with this policy.

FUTURE PLANS

Outside Toilets

It had been hopedthatthe outsidetoiletswouldhave been refurbishedin the 2020 financialyear,unfortunately this
processhasbeenstalledbytheArchitectwhowasbusywithotherongoingprojects.Itishopedthatthiswill be
completed in the next financial year.

Toc H Room

PlanstochangetheunusedTocHroomintoanadditionalflathasalsobeendelayedduetothe Pandemic.
DifficultieswithSKDCPlanningDepartmentwiththeirofficersworkingfromhomeandtheirlistedbuilding advisor
haveallcontributedtoextremelyslowprogress.ItishopedthatthePlanningApplicationandChangeof Use
Application  will be granted soon.

The chairmanof the boardand the trusteeswork tirelesslyfor the benefitof the residentsand to ensure the future of
the Hospital for many years to come.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

ThecharityisgovernedinaccordancewithaschemeofthecharitycommissionersforEnglandandWalesdated 11
March1964,asvariedbyaschemedated15November1982,andasfurthervariedbyaschemedated29 February
1996.

Page 5

THE HOSPITAL OF WILLIAM BROWNE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees and members

Ex-officio trustees are appointed by virtue of the office they hold.

Nominated trustees are appointed by Stamford Town Council.

Co-optative trustees are appointed by existing trustees on such terms as they may agree from time to time.

Death of Councillor Maxine Couch

TheTrusteesnotedthatTheMayorofStamford,CouncillorMaxineCouchshouldhaveattendedherfirstmeeting as
Ex OfficioTrusteeon 25 June 2020 but sadlydied,after an illnessbravelyborne,priorto the meetingbeingheld. She
hadexpressedtotheChairmana keeninterestinBrowne'sHospitalandwaslookingforwardtobeinginvolved. The
Trustees were very sad to hear the news of her sudden death particularly as she felt she had so much more to achieve.

Death of Mr Phillip Heath

TheTrusteeswerealsosadtoreportthedeathofPhilipHeath,aTrusteeforfiveyears,whohadresignedfrom his
postinmid-January,duetohisfailingheath.TheChairman,DrMitchell,hadsaidthathehadbrought valuable
Architectural skills to Browne's Hospital and was well liked, considerate and committed to Stamford.

Reappointment of Chairman

On 22 June 2020 a special meeting was held to proposethat Dr John Mitchell,who due to the Pandemic,was working
as actingTrusteeandChairman,to be re-electedto bothpositions.Proposedby the Mr Exton,secondedby Mrs  Rock
and unanimously agreed that he be re-elected to both positions.

Appointment of new comittee members

In August2020the Trusteeswere notifiedthata new Mayorof Stamford,CouncillorWilliamTurner,hadbeen sworn
in;hewasalsokeentoattendthemeetingsatBrowne'sHospital.HewaswelcomedtotheCommitteeon 28
September and played an active role in respect of the on-going issues with the War Memorial.

AlsoinSeptembertheCommitteewelcomedFatherNeilShaw,RectorofAllSaintsChurch,asExOfficiomember as
per the Schemes of the Hospital.

Organisational structure

Thetrusteesmeetregularlytomakedecisionsrelatingtothecharity.Alltrusteesgivetheirtimefreelyand no
remuneration or expenses were paid. The day-to-day running of the charity is delegated to the clerk.

Induction and training of new trustees

The training and induction for new trustees will depend on their existing experience.

Risk management

Thetrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandtoensure appropriate
controlsareinplacetoprovidereasonableassuranceagainstfraudanderror.Thetrusteescontinuetomonitor and
review the risks and instigate controls as exercise appropriate.

TheriskassessmentregisterwastotallyreviewedbytrusteeMichaelExtonandtheclerk.Thetrusteescontinue to
workthroughthe'StandardofAlmshouseManagementmanual'andhavebeenmodifying,implementing and
approvingthemodelpoliciesinorderthattheymeettherequirementsofanefficientorganisation.Theprocess is
ongoing and will be for some time to accommodate changing legislation.

Page 6

THE HOSPITAL OF WILLIAM BROWNE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

221428

Principal address

Mrs Carol Garwell
19 Downing Crescent
Stamford
Lincolnshire
PE9 1JD

Trustees

Mrs M Rock
M Exton
Dr J Mitchell
D Wallington
M P K Walmsley
A Croft

Independent Examiner

Mark Hindmarch BSc ACA
Duncan & Toplis Limited
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

Approved by order of the board of trustees on 30 June 2021 and signed on its behalf by:

Dr J Mitchell - Trustee

Page 7

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HOSPITAL OF WILLIAM BROWNE

Independent examiner's report to the trustees of The Hospital of William Browne

I reporttothecharitytrusteesonmyexaminationoftheaccountsofTheHospitalofWilliamBrowne(theTrust) for
the year ended 31 December 2020.

Responsibilities and basis of report

AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').

I reportin respectof my examinationof the Trust'saccountscarriedoutundersection145 of the Act andin carrying
out my examinationI have followedall applicableDirectionsgiven by the CharityCommissionundersection 145(5)(b)
of the Act.

Independent examiner's statement

I havecompletedmy examination.I confirmthatnomaterialmattershavecometomy attentioninconnection with
the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mark Hindmarch BSc ACA
Duncan & Toplis Limited
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

30 June 2021

Page 8

THE HOSPITAL OF WILLIAM BROWNE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Almshouses Museum Investment income 3 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Almshouses Museum Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted funds £ 10,000 46,126 317 17,654 74,097 - 74,405 127 35,469 110,001 (91,737) (127,641) 3,124,006 2,996,365	Restricted fund £ 57 - - 13 70 67 - - - 67 - 3 11,563 11,566	2020 Total funds £ 10,057 46,126 317 17,667 74,167 67 74,405 127 35,469 110,068 (91,737) (127,638) 3,135,569 3,007,931	2019 Total funds £ 4,468 47,566 2,837 29,501
				84,372 30 21,011 780 92,141
				113,962 317,928
				288,338 2,847,231
				3,135,569

The notes form part of these financial statements

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THE HOSPITAL OF WILLIAM BROWNE

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2020

Notes FIXED ASSETS Heritage assets 10 Investments Investments 11 Investment property 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds Restricted funds TOTAL FUNDS	2020 £ 400,000 2,080,541 450,000 2,930,541 7,792 92,525 100,317 (22,927) 77,390 3,007,931 3,007,931 2,996,365 11,566 3,007,931	2019 £ 400,000 2,160,277 450,000
		3,010,277 5,760 140,004
		145,764 (20,472)
		125,292
		3,135,569
		3,135,569
		3,124,006 11,563
		3,135,569

The financialstatementswere approvedand authorisedfor issue by the Board of Trustees and authorisedfor issue on
30 June 2021 and were signed on its behalf by:

J Mitchell - Trustee

The notes form part of these financial statements

Page 10

THE HOSPITAL OF WILLIAM BROWNE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

Basis of accounting

The financialstatementsof thecharity,whichis a publicbenefitentityunderFRS 102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and  the
CharitiesAct 2011. The financialstatementshave been preparedunder the historicalcost convention,with the
exception of investments which are included at market value, as modified by the revaluation of certain assets.

The presentation currency of the financial statements is the pound sterling (£).

Income

All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.

Allocation and apportionment of costs

Supportservicecostsareallocatedtothecostsofgeneratingfunds,charitableactivitiesandgovernance on
the basis of time spent by the support service.

Heritage assets

Thefreeholdproperty,notheldforinvestmentpurposes,comprisestheChapel,Cloisters, Medieval
BoardroomandAlmshouses.Thesebuildingscontainmanyoriginalfeaturesandanumberof historical
artefacts.Thetrusteeshavegivencarefulconsiderationtotherequirementunderaccountingstandards to
includethefreeholdproperty,notheldforinvestmentpurposes,anditshistoricalartefactsinthe financial
statements at valuation.

Aprofessionalvaluationofthefreeholdpropertywasundertakenon9April2009byRichardOakley ARICS.
This valuationwas reviewed by Paul JohnsonFNAEA who concludedthat as at February2010 the value had  not
significantlychanged.In the opinionof the trusteesthe market value of the freeholdpropertyat 31  December
2020wasnotsignificantlydifferentfromthisvaluation.Thevaluationof£400,000thereforeremainsthe one
used for these accounts.

However,thenatureofthepropertymeansconventionalvaluationapproacheslackreliabilityand this
valuation is subject to a high degree of uncertainty for several reasons:

- There is no open market for properties of this type.

- The propertyis fundamentalto the existenceof the charityandthe trusteeswouldneversell the property.
Accordingly any valuation based on annual rental / maintenance income is not wholly relevant.

-ThegradeII*listedstatusofthepropertymeansanybuyerwouldbeundertakingamajorcommitment to
maintainthe propertyin good repairand any purchaseprice would reflect that commitmentand therefore be
relatively low as a result.

continued...

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THE HOSPITAL OF WILLIAM BROWNE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES - continued

Heritage assets

The originalhistoricalartefactshavenotbeenincludedat valuationas it wouldbe undulycostlyto undertake
suchanexercise.Includedinthesehistoricalartefactsareitemsofantiquefurniturewhichthetrustees are
prohibitedfromdisposingof.Thusasabovethenatureofthehistoricalartefactsmeans conventional
valuationapproacheslackreliabilityandanyvaluationwouldbesubjecttoahighdegreeofuncertainty. Any
historicalartefactssubsequentlypurchasedbythecharityareincludedatcost,orvaluationinthecase of
donated items.

Preservation costs - facilities modernisation, repairs, conversion and restoration

TheHospitalhasarollingprogrammeofmaintenanceandmodernisationofaccommodationfacilitiesfor its
occupants and accordingly the property is maintained in good order.

Expenditurewhich,inthetrusteesview,isrequiredtopreserveorpreventfurtherdeteriorationof individual
items,includingpreservationworkontheHospital,isrecognisedasanexpenseintheStatementof Financial
Activitieswhenitisincurred,inaccordancewiththeaccountingpolicysetoutonpage11ofthese financial
statements.

Fortheabovereasons,thepropertyisconsideredtohaveanindeterminatelifeanddepreciationis not
therefore provided on the property.

Investment property

Investmentpropertyisshownatitsmostrecentvaluation.Anyaggregatesurplusordeficitarising from
changes in fair value is recognised in the Statement of Financial Activities.

Financial instruments

The charity has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basicfinancialassets,includingtradeandotherdebtorsandcash andbankbalancesare initiallyrecognised at
transactionprice,unlessthearrangementconstitutesafinancingtransaction,wherethetransaction is
measured at the present value of the future receipts discounted at a market rate of interest.

Attheendofeachreportingperiodfinancialassetsmeasuredatamortisedcostareassessedfor objective
evidenceofimpairment.Ifanassetisimpairedtheimpairmentlossisthedifferencebetweenthe carrying
amountandthepresentvalueof theestimatedcashflowsdiscountedattheasset'soriginaleffective interest
rate. The impairment loss is recognised in profit or loss.

Otherfinancialassets,includinginvestmentsinequityinstrumentswhicharenotsubsidiaries,associates or
joint ventures, are initially measured at fair value, which is normally the transaction price.

Suchassetsaresubsequentlycarriedatfairvalueandthechangesinfairvaluearerecognisedinthe income
statement,exceptthatinvestmentsin equityinstrumentsthatare notpublicallytradedandwhosefair values
cannot be measured reliably are measured at cost less impairment.

Financialassets are derecognisedwhen (a) the contractualrightsto the cash flows from the asset expire or are
settled,or(b)substantiallyalltherisksandrewardsoftheownershipoftheassetaretransferredto another
partyor(c)controloftheassethasbeentransferredtoanotherpartywhohasthepracticalability to
unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financialliabilities,includingtradeand othercreditorsare initiallyrecognisedat transactionprice, unless
thearrangementconstitutesafinancingtransaction,wherethedebtinstrumentismeasuredatthe present
value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

continued...

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THE HOSPITAL OF WILLIAM BROWNE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES - continued

Investment property

Tradecreditorsareobligationstopayforgoodsorservicesthathavebeenacquiredintheordinarycourse of
businessfrom suppliers.Accountspayableare classifiedas currentliabilitiesif paymentis due withinone year
orless.Ifnot,theyarepresentedasnon-currentliabilities.Tradecreditorsarerecognisedinitially at
transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designatedfundsarefundssetasidebythetrusteesoutofunrestrictedfundsforspecificfuturepurposes or
projects.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.

Hire purchase and leasing commitments

Rentalspaidunderoperatingleases are chargedto the Statementof FinancialActivitieson a straightline basis
over the period of the lease.

Debtors

Debtors are measured at their recoverable amount.

Creditors

Creditorsaremeasuredattheirsettlementamountorinthecaseofprovisionforliabilitiesthebest estimate
of their settlement amount.

Listed investments

Fixed asset investments represent long term investments and are stated at fair value.

Critical accounting judgements and estimation uncertainty

In the applicationof the charity'saccountingpolicies,managementis requiredto make judgements, estimates
andassumptionsaboutthecarryingvalueofassetsandliabilitiesthatarenotreadilyapparentfrom other
sources.The estimatesandunderlyingassumptionsarebasedonhistoricalexperienceandotherfactors that
are considered to be relevant.  Actual results may differ from these estimates.

Theestimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionsto accounting
estimatesarerecognisedintheperiodinwhichtheestimateis revisedif therevisionaffectsonlythat period,
or in the period of the revision and future periods if the revision affects both current and future periods.

Thekeysourcesofestimationuncertaintythathaveasignificanteffectontheamountsrecognisedin the
financial statements are described below.

Investment property

Theinvestmentpropertiesarestatedatfairvaluebasedonthevaluationsperformedbythetrustees. The
trusteesusedobservablemarketpricesandrentalyieldsadjustedasnecessaryforanydifferencesin the
future, location or condition of the specific asset.

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THE HOSPITAL OF WILLIAM BROWNE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES - continued

Debtors

Government grants

Governmentgrantsare recognisedwhen there is reasonableassurancethat the grantwill be receivedand any
conditionsattachedwillbecompliedwith.Grantsarerecognisedasincomeovertheperiodnecessary to
matchthemwithrelatedcostsorlostincome,forwhichtheyareintendedtocompensate,ona systematic
basis.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
Donations Grant for clock repairs Government grant	2020 £ 57 - 10,000 10,057	2019 £ 1,202 3,266 -
		4,468

Government grants relate to the Small Business Grant Fund.

3.

INVESTMENT INCOME

Rents received from wardens house Rent and room hire Dividends on listed investment Deposit account interest	2020 £ 3,750 3,518 10,360 39 17,667	2019 £ 15,000 3,368 11,034 99
		29,501

4.

INCOME FROM CHARITABLE ACTIVITIES

INCOME FROM CHARITABLE ACTIVITIES
			2020	2019
			Total	Total
	Almshouses	Museum	activities	activities
	£	£	£	£
Maintenance charges to almshouse
residents	46,126	-	46,126	47,566
Entrance fees to museum	-	317	317	2,837
	46,126	317	46,443	50,403

continued...

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THE HOSPITAL OF WILLIAM BROWNE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

5. RAISING FUNDS

Raising donations and legacies

Flowers for chapel 6. CHARITABLE ACTIVITIES COSTS Almshouses Museum 7. SUPPORT COSTS Other resources expended Almshouses Museum	2020 £ 67 Support Direct costs (see Costs note 7) £ £ 23,931 50,474 - 127 23,931 50,601 Governance Other costs £ £ 18,624 16,165 50,474 - 127 - 69,225 16,165	2019 £ 30 Totals £ 74,405 127
		74,532
		Totals £ 34,789 50,474 127
		85,390

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees'remunerationor other benefitsfor the year ended 31 December 2020 nor for the year
ended 31 December 2019.

Trustees' expenses

Therewerenotrustees'expensespaidfortheyearended31December2020norfortheyear ended
31 December 2019.

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THE HOSPITAL OF WILLIAM BROWNE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

9. STAFF COSTS

The average monthly number of employees during the year was as follows:

Administration Gardener	2020 1 - 1	2019 1 1
		2

No employees received emoluments in excess of £60,000.

10. HERITAGE ASSETS

Heritageassetsaredefinedastangiblepropertywithhistoricalandartisticimportancethatareheld to
advancepreservation,conservationandtheeducationalobjectivesofthecharity.Thetrusteesconsider its
freeholdproperty,notheldforinvestmentpurposesbeingtheChapel,Cloisters,MedievalBoardroom and
Almshouses, and its historical artefacts, held for preservation to fall within this definition.

A professionalvaluationof the freeholdpropertywas undertakenon 9 April2009by RichardOakleyARICS. In
theopinionofthetrusteesthemarketvalueat31December2020wasnotsignificantlydifferentfrom this
valuation. The valuation of £400,000 therefore remains the one used for these accounts.

Thecharityalsoownsanumberofhistoricalartefacts,giftedtothecharitybyWilliamBrownein 1475.
Includedinthesehistoricalartefactsareitemsofantiquefurniture.Thetrusteesarerequiredbytrustlaw to
retain these assets indefinitely and they are effectively prohibited from disposing of them.

Giventhenatureofthefurnitureandtherestrictionsandintentionsregardingitssalethetrusteesfeelit is
impracticalto place a market value on it by applyingconventionalvaluationtechniques.The insurancevalue of
the furniture is £182,412 (2019 - £179,011).

11. FIXED ASSET INVESTMENTS

MARKET VALUE At 1 January 2020 Additions Revaluations At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019	Listed investments £ 2,160,277 12,001 (91,737) 2,080,541 2,080,541 2,160,277

There were no investment assets outside the UK.

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THE HOSPITAL OF WILLIAM BROWNE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

12. INVESTMENT PROPERTY

INVESTMENT PROPERTY
FAIR VALUE At 1 January 2020 and 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019	£ 450,000
	450,000
	450,000

Included in investment property is freehold land valued at £150,000 (2019 - £150,000).

The investmentpropertycomprisesthe WardensHouseand19.96acresof landat Eastonon the Hilland was
revaluedbyRichardsonCharteredSurveyorsin2018.Thetrusteesusedmarketbasedevidenceand rental
yields in the local area to establishthe fair value of the investmentproperty.In the opinionof the trustees the
market value of the investment property at 31 December 2020 is not significantly different from this valuation.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors and prepayments 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors	2020 £ 7,792 2020 £ 19,349 3,578 22,927	2019 £ 5,760 2019 £ 12,727 7,745	2019 £ 5,760
		20,472

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fixed assets Investments Current assets Current liabilities	Unrestricted funds £ 400,000 2,530,541 88,751 (22,927) 2,996,365	Restricted fund £ - - 11,566 - 11,566	2020 Total funds £ 400,000 2,530,541 100,317 (22,927) 3,007,931	2019 Total funds £ 400,000 2,610,277 145,764 (20,472)
				3,135,569

continued...

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THE HOSPITAL OF WILLIAM BROWNE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

16. MOVEMENT IN FUNDS

Unrestricted funds Main fund Cyclical repair fund Extraordinary repair fund Restricted funds Chapel fund TOTAL FUNDS Net movement in funds, included in the above are a Unrestricted funds Main fund Cyclical repair fund Extraordinary repair fund Restricted funds Chapel fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds Main fund Cyclical repair fund Extraordinary repair fund Restricted funds Chapel fund TOTAL FUNDS	s follows: Incoming resources £ 74,084 13 - 74,097 70 74,167	At 1.1.20 £ 2,869,151 4,106 250,749 3,124,006 11,563 3,135,569 Resources expended £ (110,001) - - (110,001) (67) (110,068) At 1.1.19 £ 2,621,516 4,073 210,220 2,835,809 11,422 2,847,231		Net movement in funds £ (119,386) 13 (8,268) (127,641) 3 (127,638) Gains and losses £ (83,469) - (8,268) (91,737) - (91,737) Net movement in funds £ 247,635 33 40,529 288,197 141 288,338	At 31.12.20 £ 2,749,765 4,119 242,481 2,996,365 11,566 3,007,931 Movement in funds £ (119,386) 13 (8,268) (127,641) 3 (127,638) At 31.12.19 £ 2,869,151 4,106 250,749 3,124,006 11,563 3,135,569

continued...

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THE HOSPITAL OF WILLIAM BROWNE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds Main fund Cyclical repair fund Extraordinary repair fund Restricted funds Chapel fund TOTAL FUNDS	Incoming resources £ 84,168 33 - 84,201 171 84,372	Resources expended £ (113,932) - - (113,932) (30) (113,962)	Gains and Movement losses in funds £ £ 277,399 247,635 - 33 40,529 40,529 317,928 288,197 - 141 317,928 288,338

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds Main fund Cyclical repair fund Extraordinary repair fund Restricted funds Chapel fund TOTAL FUNDS	At 1.1.19 £ 2,621,516 4,073 210,220 2,835,809 11,422 2,847,231	Net movement in funds £ 128,249 46 32,261 160,556 144 160,700	At 31.12.20 £ 2,749,765 4,119 242,481
			2,996,365 11,566
			3,007,931

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THE HOSPITAL OF WILLIAM BROWNE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

16. MOVEMENT IN FUNDS - continued

A currentyear12 monthsandprioryear12 monthscombinednetmovementinfunds,includedinthe above
are as follows:

Unrestricted funds Main fund Cyclical repair fund Extraordinary repair fund Restricted funds Chapel fund TOTAL FUNDS	Incoming resources £ 158,252 46 - 158,298 241 158,539	Resources expended £ (223,933) - - (223,933) (97) (224,030)	Gains and Movement losses in funds £ £ 193,930 128,249 - 46 32,261 32,261 226,191 160,556 - 144 226,191 160,700

All reserves in the main fund are classified as unrestricted.

Allreservesinthecyclicalrepairfundareclassifiedasunrestrictedbutdesignatedbythetrusteesto provide
for long-term maintenance of the charity's properties.

All reserves in the extraordinaryrepairfund are classifiedas unrestrictedbut are designatedby the trustees to
provide for extraordinary repairs.

Allreservesinthechapelfundareclassifiedasrestrictedandfortheongoingmaintenanceofthechapel and
its fittings.

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2020 or 31 December 2019.

18. ULTIMATE CONTROLLING PARTY

The charity is controlled by the board of trustees.

19. FINANCIAL INSTRUMENTS

The charity has the following financial instruments:

	2020	2019
	£	£
Financial assets at fair value through profit or loss
Listed investments	2,080,541	2,160,277
Financial assets that are debt instruments measured at amortised cost
Other debtors	7,792	5,760
Financial liabilities measured at amortised cost
Trade creditors	19,349	12,727
Other creditors	3,578	7,745

continued...

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THE HOSPITAL OF WILLIAM BROWNE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

19. FINANCIAL INSTRUMENTS - continued

The income,expenses,net gains and net losses attributablethe charity'sfinancialinstrumentsare summarised
as follows:

Income and expense	2020	2019
	£	£
Financial assets measured at fair value through profit or loss	10,360	11,034
Net gains and losses
Financial assets measured at fair value through profit or loss	(91,737)	317,928

Thetotalinterestincomeandinterestexpenseforfinancialassetsandfinancialliabilitiesthatare not
measuredat fairvaluethroughthe statementof financialactivitieswas £nil(2019- £nil)and£nil(2019- £nil)
respectively.

Listed investments

Thecharityhasanumberoflistedinvestments.Thevaluationsarebasedonrecenttransactionsand are
determined by the investment managers being M & G Charities, Invesco Perpetual, Barclays and BlackRock.

20. INDEPENDENT EXAMINER'S FEE

Theindependentexaminationfee chargedfortheyearwas£1,500(2019:£1,000).Otherservicesprovided to
thecharitybytheindependentexaminerrelatedtoaccountspreparationservicesforwhich£2,580 (2019:
£2,000) was charged.

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THE HOSPITAL OF WILLIAM BROWNE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

INCOME AND ENDOWMENTS Donations and legacies Donations Grant for clock repairs Government grant Investment income Rents received from wardens house Rent and room hire Dividends on listed investment Deposit account interest Charitable activities Maintenance charges to almshouse residents Entrance fees to museum Total incoming resources EXPENDITURE Raising donations and legacies Flowers for chapel Charitable activities Care line Cleaning and gardening Architect and surveyor fees Other Subscriptions Gifts and donations Support costs Other Repairs and renewals Carried forward	2020 £ 57 - 10,000 10,057 3,750 3,518 10,360 39 17,667 46,126 317 46,443 74,167 67 3,791 940 19,200 23,931 310 370 680 45,111 45,111	2019 £ 1,202 3,266 -
		4,468 15,000 3,368 11,034 99
		29,501 47,566 2,837
		50,403
		84,372 30 1,687 1,917 12,488
		16,092 300 370
		670 48,938 48,938

This page does not form part of the statutory financial statements

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THE HOSPITAL OF WILLIAM BROWNE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Other Brought forward Rates and water Insurance Light and heat Telephone Website/virtual tours Sundries Office costs Governance costs Professional fees Accountancy Salary - administration Total resources expended Net expenditure	2020 £ 45,111 690 11,096 9,351 870 - 1,102 1,005 69,225 7,085 4,080 5,000 16,165 110,068 (35,901)	2019 £ 48,938 2,077 8,803 11,133 1,020 957 1,218 1,908 76,054 12,406 3,960 4,750 21,116 113,962 (29,590)

This page does not form part of the statutory financial statements

Page 23