```
REGISTERED CHARITY NUMBER: 221428
```
## **`REPORT OF THE TRUSTEES AND`**
```
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
```
```
FOR
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021`**
|||**`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`|`20`|
|**`Detailed Statement of Financial Activities`**|`21`|`to`|`22`|
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021`**
```
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December2021.The trustees
have adoptedthe provisionsof Accountingand Reportingby Charities:Statementof RecommendedPracticeapplicableto charities
preparingtheir accountsin accordancewith the FinancialReportingStandardapplicablein the UK and Republicof Ireland (FRS 102)
(effective 1 January 2019).
```
## **`OBJECTIVES AND ACTIVITIES`**
## **`Objectives and aims`**
```
Theaimofthecharityistoprovideshelteredalmshouseaccommodationforpersonsofgoodcharacterwhoareinconditions of
need,hardshipor distress.Theaim is achievedby runningthirteenshelteredunitsin an almshouse.Accommodationis provided in
the Hospital of William Browne, a historic grade II* listed building in Stamford, Lincolnshire.
```
```
ThehospitalwasfoundedbyWilliamBrowne,arichwoolmerchantofStamfordandbuiltin1475inthereignofEdwardIV. The
hospitalwas establishedas a home and houseof prayerfor poormen and womenof the time,and todayaccommodates residents
across its thirteen almshouses.
```
## **`Significant activities`**
## `Trustee meetings`
```
The Trusteesmet formallyfour times during the year in whichthey reviewedall the operationsof the Hospital.Unfortunately due
totheCovid19PandemicsomemeetingswereheldviaZoom.DuetoGovernmentrestrictionsbeingeasedmeetingslaterin the
year were held indoors however Trustees were seated with social distancing in mind.
```
## `Maintenance charge`
```
The Maintenance Charge is reviewed annually, and it was considered that a £2 per week increase would be implemented this year.
```
## `Lease of Wardens House and land at Easton on the Hill`
```
AnemergencymeetingwasheldtodiscussthepositionoftheprospectivetenantsoftheWarden'sHouse.Initiallytwo parties
wereinterestedin securingthelease,thesewereStapletonSolicitorsandLandmarkFinancialServicesLtd.Despiteoffering better
termstheadvicegiventotheHospitalofWilliamBrownewastodeclineLandmark'sofferandHeadsofTermswereissued to
Stapletonon10August2020,asthepreferredtenant.Theproposedstartdatewas1 November2020.Unfortunately, Stapleton's
did not honour this date and by 9 February were issued with an ultimatumthat they commitlegally or financiallyby 15 February. As
theydidnotcommitbythisdate,theBoardofTrusteesdecidedtooffertheleasetoLandmarkwhowerewillingtolease the
building 'as seen' and who were prepared to improve the internal parts of the building.
```
```
The Leaseagreed was an internalrepairingand insuringlease for a term of ten years whichwas to commenceon 1 April 2021. The
Lease issued was outside of the security tenure provisions of the Landlord and Tenant Act 1954.
```
```
Themonthlyrentwouldbe £750forthefirstsix monthsoftheleaseandthereafterrisingto£1,500per monthreapingan annual
rentof£18,000.TimewouldbeallowedforsomeinternalimprovementstobecarriedoutbyLandmarkandthefirstpayment of
£750wouldbeinJuly2021risingto£1,500fromFebruary2022.Therewillbeatenantonlybreakoptiontotakeeffectat each
thirdanniversaryof leasesubjectto six monthspriornoticein writing.In additionLandmarkwillpay the insurancechargesfor the
buildingand also contribute£450 per annum towardsthe costof routinemaintenanceof the roof,guttersand pigeoncontrol. The
Board of Trustees had agreed to take measures to investigate the damp problem that was quite apparent.
```
```
Page 1
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021`**
## **`OBJECTIVES AND ACTIVITIES`**
## `Wardens House`
```
TheWarden'sHouse,seeminglywithlittlemaintenanceovertheyears,wasstillinneedofcostlyimprovements.The Emergency
Lightinghad been completedbut the lightwellwas provingto be morearduousand expensiveto bring up to standard.The tenant
alsonotedthattherenderingin thelightwellhadcracksin thesurfaceandgapsaroundthewindows,andin additionthe gutters
werealsoin urgentneed ofattention,possiblythe causeofthe dampissues.TheTrusteesaccepteda quoteto re renderthe light
well and to clean out the gutters.
```
```
Afterstormsbadlyhit Stamford,the tenantreportedthatwaterwasleakingintoan upstairsofficewhichhad justbeen decorated
and recarpeted. The Trustees, again accepted a quote for work to be carried out on the roof as soon as possible.
```
## `War Memorial`
```
The Trustees were waiting for Stamford Town Council to inform them when work to the War Memorial would start.
```
## `Website/ Virtual Tour`
```
Thewebsitecontinuestoworkwell;asmallpaymentismadeeachyeartoDSquaredforhostingthesame.Forinformation the
website address is www.browneshospital.co.uk
```
## `Interpretation Board`
```
A quote to improvethe area under the interpretationBoardhad been receivedand placedon hold for the time being.The Hospital
were aware of other issues that were more urgent given the financial constraints.
```
## `New resident - Flat 1A`
```
AnewresidentwaswelcomedtoBrowne'sHospitalaftercompletionofimprovementstotheflat.Shewasakeengardener and
hadaskedifshecouldattendthesmallgardenareaattherearofthebuilding.Herrequestwasgranted;shehadmade huge
improvement to the area.
```
```
After livingin her Flat the residentnotedthat the outerwallwas damp and askedif this couldbe rectified.Initialworkwas carried
out but did not entirely rectify the problem. At considerable expense the whole path was replaced and a drainage system created.
```
## `Emergency Lights`
```
It was reportedat the March QuarterlyMeeting,that an agreed upgrade of emergencylights had been completedto the outside of
the Hospital.It had becomeapparentthat,due to a false fire alarmcall,the emergencylightingsystemwas inadequate. Additional
emergency lighting had now been installed in the Cloister area and the courtyard area that flats 10 and 11 would need to use.
```
## `Smoke Alarms`
```
Trusteeshadacceptedaquoteforthereplacementofthecurrentsmokealarmsystem.Itwasunderstoodthattheold system
neededreplacingwhichpromptedtheopportunitytoupgradethewholesystem.Unfortunately,due tothePandemic,supplies of
new parts were difficult to get and the project has been held up. It is hoped this can be resolved in the New Year.
```
```
Page 2
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021`**
## **`OBJECTIVES AND ACTIVITIES`**
## `Fire Brigade Training Evening`
```
Afterthesmallfirelastyearin Flat1A due toa toaster,thefirebrigadehadexpressedan interestin familiarizingthemselves with
Browne'sHospitalona trainingnight.Unfortunatelythishasbeenheldup becauseofthePandemic.Itwashopedthatthis would
be completed in the spring of 2022 when the nights were lighter.
```
## `Toc H Room Conversion`
```
Bytheendof2021theTrusteeswerepleasedtoreportthattheTocHroomhadbeensuccessfullyconvertedintoa one
bedroomedflatwhichwouldhousethenewon-siteCustodianCaretaker.Theconversionhadusedpartofthedisusedgarage to
form a staircase to the flat. Trustees were pleased that an unused area of the Hospital had been utilised in a very practical way.
```
```
Trustees would now move forward with the appointment of a new Custodian/Caretaker.
```
## `Risk Assessment Policies`
```
ItwasintendedthatallRiskpolicieswouldbereviewed.Trusteeswereaskedtoreadthechosenpoliciesandreportback. The
general feelingwas that the Risk Assessmentswere not adequatefor the Hospitalneeds and wouldbe discussedfurther at the first
Quarterly meeting of the 2022.
```
## `Registration of Land, Easton on the Hill`
```
As no progresshad been made by StapletonSolicitorsand also due to Mr PhilipRobsonjoiningthe Boardof Trusteesthe Chairman
askedif he wouldoverseethe paperworkto try and understandwhythe delayto the registrationof the Landat Eastonon the Hill
hadoccurred.MrRobsonagreed.HefurtheragreedthatChattertonswouldmovethisprojectforwardonacostonlybasis. The
Trustees were grateful for his help in this matter.
```
## `Museum`
```
The Museumwas re-openedto visitorsby Mr Wallingtonon Saturdayafternoonsin July,August and Septemberwith help from his
manyvolunteers.ItwasalsohopedtohaveanextendedopeningontheHeritageweekendinSeptember.Smallnumbers were
welcomedatfirstbutnumbershadgrownsteadilywithvisitorsfromaroundtheworldaswellasmorelocalvisitorsincluding a
number who had lived in Stamford all their lives who had never been in the building.
```
## `Stained Glass Project`
```
MrWallingtoncontinuedtoapplyforfundingfortheStainedGlassWindowsEncapsulationbutwasfindingitincreasingly difficult
and where successful, only small grants were forthcoming.
```
```
Hehadmanagedtoraiseatotalofinexcessof£17Kwhichhadbeenpaidintothebankbuthadtospend£10Kfora specialist
architect and trial glazing. He has also secured a further £25K which would be paid once work was started.
```
## `Bookings`
```
BookingshavestartedtoincreasethisseasonwithaneasingoftheCoronavirussafetymeasures.Unfortunately,theYoga Classes
which proved to be a very welcome addition to Browne's funds had now moved to another venue.
```
## `Summary`
```
ThishasprovedtohavebeenyetagainanincrediblychallengingyearfortheChairmanandtheTrustees.Thereviewof the
investments,thecreationofFlat12andthependingrefurbishmentoftheFlat10whichiscurrentlyouttoTender.The Warden's
House repairs had proved to be costly but aim to keep it as well maintained as the rest of the site.
```
```
In the new year the Trusteeswill be interviewingfor the positionof Custodiancaretaker.The Trusteesare also gratefulto Jo Evans
at Burghley house who advised the Chairman and the Clerk in respect of ensuring the correct policies are in place.
```
```
Trusteesarealsopleasedtosaythatallourresidentshaveremainedhealthythroughoutthisperiodwhichisthegoalfor the
running of the Alms-house.
```
```
The Chairmanof the Board and Trusteeswork tirelesslyfor the benefitof the Residentsand to ensure the future of the Hospital for
many years to come.
```
```
Page 3
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021`**
## **`OBJECTIVES AND ACTIVITIES`**
## **`Public benefit reporting`**
```
Whenreviewingthecharitiesobjectivesandactivitiesandinplanningfutureactivitiesthetrusteeshaveconsideredthe charity
commission's general guidance on public benefit.
```
## **`Volunteers`**
```
Althoughvolunteersare not widelyused by the charity,withouttheir help overthe yearsthe hospitalwouldneverhave been able
to open to the public. The trustees also rely on the support and goodwill of a number of residents.
```
```
For the time being, maintenanceof the flowergardens and cleaningof the site continuedto be attended to by Mr David Goodinson
untilareplacementwasappointed.MrsWaterfallcontinuedtokeepsomeareasofthesitecleanandtidyandhadtaken upon
herselftoregularlysanitizetheareastouchedonaregularbasisbyresidentsandcontractors.Trusteesweregratefulto Mr
Goodinson and Mrs Waterfall for their voluntary contributions. An operative continued to cut the grass around the site.
```
## `Museum`
```
AswellasbeingaTrustee,MrDavidWallington,alsovolunteersasHonoraryCuratoroftheMuseumalongwithateam of
volunteers.
```
```
The trustees are gratefulfor the contributionsmade to the charityby all of their volunteersand thank all of the volunteersfor their
hard work during the year.
```
## `Residents`
```
The Trusteeswere pleased to report that none of the residentshad contractedCovid19 and all had now been fully vaccinated. The
Trusteesagreed to buy PPE equipmentfor use by the residentsand contractors.Hand sanitizer,masks and disinfectantwipes were
provided.
```
```
In March the Trustees were sorry to hear that the Resident of Flat 10 had given notice to leave her flat and move into a bungalow in
Ketton and were further saddened to hear of her death six weeks later. She was a very popular member of the communityand each
year hosted and cooked a Christmas Dinner for all the residents.
```
## **`ACHIEVEMENT AND PERFORMANCE`**
## **`Charitable activities`**
```
The charity continues to provide sheltered accommodation through its thirteen almshouses.
```
## **`Fundraising activities`**
```
Thecharityderivesmostofitsincomefrominvestmentsandmaintenancechargestoalmshouseresidents.Italsoderives income
from pre-booked guided tours.
```
## **`Investment performance`**
```
Thetrusteesare reviewingthe performanceofthe investmentsand are in the processofmovingthe investmentsso thatthey are
achieving a satisfactory level of both capital growth and income.
```
## **`FINANCIAL REVIEW`**
## **`Principal funding sources`**
```
Thecharityreliesonthemaintenancechargesandincomefrombothpropertyandlistedinvestments.Thecharityhas benefited
fromsomesignificantdonationsandlegaciesinrecentyearswhichwillleavethecharityinastrongfinancialpositionfor the
foreseeable future.
```
```
Page 4
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021`**
## **`FINANCIAL REVIEW`**
## **`Investment policy and objectives`**
```
Thetrusteeshavethepowertoinvestin suchassetsas theythinkfit.Reportsarecirculatedthroughouttheyeartokeep trustees
informed of their progress.
```
```
ItwasreportedataMeetingheldon8March2021thattheChairman,DrJohnMitchellandTrusteeMrJohnSutcliffehad been
working together to assess the portfolio investment.
```
```
The report by Mr Sutcliffestated the purposesof our financialresourcesare to enable Browne'sHospitalto providethe alms-house
accommodation as per it's charitable objective and preserve the fabric of the hospital building.
```
```
An initialassessmentof our portfolioshowsthatthe M&G MultiAssetFund accountsfor95.7%of the investmentassetsand is no
more than a fund of M&G Funds whichhas lost 3.2%value in 2020.It is dominatedby equitytype risk (78.4%),with relianceon UK
equitiesparticularlyin financials,oilandgasandtobacco-stockswithhighdividendthathavestruggledin thelast12 months. Our
portfolioalsohasahighlevelofduplicationinthefundsandnotmuchdiversificationbothinassetclassesandgeography. We
proposetoasktwoInvestmentAdviserstolookafreshatwhatwearetryingtoachievewithourfinancialassetsandprovide us
with recommendations that would lead us to engage one of them.
```
```
The reviewwouldhavean ongoingobjectiveto raisethe investmentincomefromthe current£8k to a possible£30Kwhich would
bridgethegapbetweenincomeandexpenditureandbedisplayedinawayconsistentwiththeAlms-house Association
recommendations.AtthismeetingTrusteesagreedthattheChairmanandMrSutcliffeshouldproduceaproposalon how
Browne'sinvestmentshouldberestructured,andthatprofessionalfinancialadviceshouldbeobtainedfromfinancial investment
companies.
```
```
AfterseekingprofessionaladvicePRS(PortfolioReviewServices)wereappointedtoadvisethewayforwardandtointroduce the
Chairman,MrSutcliffeandtheClerk,toInvestmentcompaniesinLondon.Threecompanieswerechosen,Rathbones, Cazenove
andCCLA.Allwereallocateda45-minuteslotintheirofficesinLondon.AmeetingwithPRSwasheldlatertodecide which
companywouldbest suit the needs of the Hospital.Rathboneswere chosenas it was notedthat they offereddirectaccessto the
investment managers and that they were more proactive in managing the short term reserve.
```
```
To date the investmentswith M & G are in the process of being transferredto Rathbonesand the three other investmentswould be
cashed to finance on going projects at the hospital.
```
## **`Reserves policy`**
```
Thetrusteesareawarethattheyneedtomaintainunrestrictedfreereservesataleveltoprovidesufficientfundsto cover
operatingexpenditure.Thetrusteesconsiderthatthecharityshouldmaintainbetweenthreeandsixmonthsofunrestricted free
reserves.Thecurrentunrestrictedfreereservesof£3,245,435(2020:£2,996,365)aremorethansufficienttocomplywith this
policy.
```
## **`FUTURE PLANS`**
## `Outside Toilets`
```
It is hoped that with funds from cashed investments that the long overdue upgrade of the outside toilets will be completed.
```
```
The chairmanof the boardand the trusteesworktirelesslyfor the benefitof the residentsand to ensure the futureof the Hospital
for many years to come.
```
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`Governing document`**
```
The charityis governedin accordancewith a schemeof the charitycommissionersfor Englandand Walesdated 11 March1964, as
varied by a scheme dated 15 November 1982, and as further varied by a scheme dated 29 February 1996.
```
```
Page 5
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021`**
## **`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.
```
## `Appointment of new Trustee`
```
TheTrusteeswerepleasedtowelcometotheBoardofTrusteesinhercapacityofMayorofStamford,CouncillorMrs Gloria
Johnson, whilst she remained in office.
```
## `Death of Trustee Michael Exton`
```
TheChairmanwasalsosad to reportthe deathofMichaelExtonon 6 August2021,a formerNominatedTrusteewholater served
asaco-optativeTrustee,heheldthispositionformanyyears.TheChairman,DrMitchell,saidthathewouldmisshis sensible
debate and his calm manner.
```
## `Death of Councillor William Turner`
```
TheChairmanalsohadtoreporttotheTrusteesofthesaddeathofCouncillorWilliamTurnerwhowasExOfficioMemberof the
Boardin his capacityas Mayorof Stamford.He had only been able to attend two meetings,but he had a stronginterestin the War
Memorial and was working to secure improvements to the same.
```
## `Appointment of new Trustee`
```
On 8 March 2021 a Special Meeting of the Board was conductedby Zoom,due to the Pandemic.The purpose of the meeting was to
consider the appointment of Mr John Sutcliffe to the Board of Trustees. Mr Sutcliffe was duly appointed for a four-year period.
```
## `Appointment of new Trustee`
```
On 27 September2021,a Specialmeetingwas calledto considerthe appointmentof Mr PhilipRobsonto the Boardof Trustees. A
former solicitor, his knowledge would prove very useful. Mr Robson was duly appointed for a four-year period.
```
## `Resignation of Confrater`
```
AttheMarchquarterlymeetingtheChairmaninformedtheTrusteesthatFatherMichaelRuffhadsubmittedhisresignation after
serving as Confrater for the past ten years. A leaving presentation would be organised once the Covid restrictions were lifted.
```
## `Appointment of Trustee and Confrater`
```
TheChairman,Dr JohnMitchell,hadaskedFatherNeilShawif he wouldbe willingtotakeovertherole.He agreedthathe would
indeedserveas an Ex OfficioTrusteeas wellas Confrater.TheweeklyEucharistservicehadbeensuspendeddue tothe Pandemic
and once restrictions were lifted and due to other commitments, the service would resume on the first Wednesday of the month.
```
## `Resignation of Architect`
```
TheArchitect,MrAnthonyDelaney,alsosubmittedaletterofintentiontoretirefromhispositionatBrowne'sHospitalafter 44
years.His retirementwouldcommencefrom mid-Marchbut he was happy to continueto overseethe creationof the formerToc H
room into a flat for the new Custodian/Caretaker.
```
## `Appointment of new Architect`
```
Mr Peter Slinger was appointed as architect on an ad hoc basis; his first project would be the refurbishment of Flat 10.
```
## `Retirement of Caretaker`
```
TheTrusteesweresadtohearthatMrDavidGoodinsonhaddecidedtoretirefromhisvoluntaryroleasCustodian/Caretaker. He
had carriedout this workfor sixteenyears and whilstthe Trusteesunderstoodwhy he wantedto step back they were sorryto lose
him; he would remain at Browne's Hospital as a resident.
```
```
Page 6
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021`**
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`Organisational structure`**
```
Thetrusteesmeetregularlytomakedecisionsrelatingtothecharity.Alltrusteesgivetheirtimefreelyandnoremuneration 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`**
```
Thetrusteeshavea dutyto identifyand reviewthe risksto whichthe charityis exposedand to ensureappropriatecontrolsare in
placeto providereasonableassuranceagainstfraudand error.The trusteescontinueto monitorand reviewthe risksand instigate
controls as exercise appropriate.
```
```
ItwasintendedthatallRiskpolicieswouldbereviewed.Trusteeswereaskedtoreadthechosenpoliciesandreportback. The
general feelingwas that the Risk Assessmentswere not adequatefor the Hospitalneeds and wouldbe discussedfurther at the first
quarterly meeting of the 2022.
```
## **`REFERENCE AND ADMINISTRATIVE DETAILS`**
## **`Registered Charity number`**
```
221428
```
## **`Principal address`**
```
Mrs Carol Garwell
19 Downing Crescent
Stamford
Lincolnshire
PE9 1JD
```
## **`Trustees`**
```
Mrs M Rock
Cllr J Dawson
M Exton (deceased 6.8.21)
Dr J Mitchell
D Wallington
M P K Walmsley
A Croft
P Robson (appointed 27.9.21)
Councillor G Johnson Mayor of Stamford (appointed 25.5.21)
Father N Shaw Vicar
J Sutcliffe (appointed 8.3.21)
```
## **`Independent Examiner`**
```
Mark Hindmarch BSc ACA
Duncan & Toplis Limited
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA
```
## **`EVENTS SINCE THE END OF THE YEAR`**
```
Information relating to events since the end of the year is given in the notes to the financial statements.
```
```
Approved by order of the board of trustees on 19 July 2022 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 report to the charitytrustees on my examinationof the accountsof The Hospitalof WilliamBrowne(the Trust)for the year ended
31 December 2021.
```
## **`Responsibilities and basis of report`**
```
As the charitytrusteesof the Trust you are responsiblefor the preparationof the accountsin accordancewith the requirements of
the Charities Act 2011 ('the Act').
```
```
IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutundersection145oftheActandincarryingout my
examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
```
## **`Independent examiner's statement`**
```
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattentioninconnectionwith 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.`
```
I have no concernsand have come across no other matters in connectionwith the examinationto which attentionshould 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
```
```
19 July 2022
```
```
Page 8
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021`**
|`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`
`£`
`15,639`
`46,680`
`768`
`19,386`
`82,473`
`-`
`53,870`
`-`
`43,761`
`97,631`
`264,228`
`249,070`
`2,996,365`
`3,245,435`|`Restricted`
`fund`
`£`
`291`
`-`
`-`
`-`
`291`
`-`
`-`
`-`
`-`
`-`
`-`
`291`
`11,566`
`11,857`|`2021`
`Total`
`funds`
`£`
`15,930`
`46,680`
`768`
`19,386`
`82,764`
`-`
`53,870`
`-`
`43,761`
`97,631`
`264,228`
`249,361`
`3,007,931`
`3,257,292`|`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`|
```
The notes form part of these financial statements
```
```
Page 9
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2021`**
|`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`**
`17`
`Unrestricted funds`
`Restricted funds`
**`TOTAL FUNDS`**|`2021`
`£`
`451,649`
`2,245,798`
`450,000`
`3,147,447`
`7,932`
`108,808`
`116,740`
`(6,895)`
`109,845`
`3,257,292`
`3,257,292`
`3,245,435`
`11,857`
`3,257,292`|`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`|
```
Thefinancialstatementswereapprovedby theBoardofTrusteesandauthorisedforissueon19 July2022andweresignedon 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 2021`**
## **`1. ACCOUNTING POLICIES`**
## **`Basis of accounting`**
```
Thefinancialstatementsofthecharity,whichisa publicbenefitentityunderFRS102,havebeenpreparedin accordance
withthe CharitiesSORP(FRS102)'Accountingand Reportingby Charities:Statementof RecommendedPractice applicable
to charitiespreparingtheir accountsin accordancewith the FinancialReportingStandardapplicablein the UK and Republic
ofIreland(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancialstatementshavebeen prepared
under the historicalcost convention,with the exceptionof investmentswhich are includedat marketvalue,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 FinancialActivitiesonce the charityhas entitlementto the funds, it is probable
that the income will be received and the amount can be measured reliably.
```
## **`Expenditure`**
```
Liabilitiesare recognisedas expenditureas soon as there is a legal or constructiveobligationcommittingthe charityto that
expenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandtheamountof the
obligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassified under
headingsthataggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticular headings
they have been allocated to activities on a basis consistent with the use of resources.
```
## **`Allocation and apportionment of costs`**
```
Supportservicecostsareallocatedtothecostsofgeneratingfunds,charitableactivitiesandgovernanceonthebasis of
time spent by the support service.
```
## **`Heritage assets`**
```
Thefreeholdproperty,notheldforinvestmentpurposes,comprisestheChapel,Cloisters,MedievalBoardroom and
Almshouses.Thesebuildingscontainmanyoriginalfeaturesandanumberofhistoricalartefacts.Thetrusteeshave given
carefulconsiderationtotherequirementunderaccountingstandardstoincludethefreeholdproperty,notheld for
investment purposes, and its historical artefacts in the financial statements at valuation.
```
```
A professionalvaluationofthefreeholdpropertywasundertakenon9 April2009byRichardOakleyARICS.This valuation
wasreviewedby PaulJohnsonFNAEAwhoconcludedthatas at February2010thevaluehadnotsignificantlychanged. In
theopinionofthetrusteesthemarketvalueofthefreeholdpropertyat 31 December2021wasnotsignificantly different
fromthisvaluation.Thevaluationof£400,000thereforeremainstheoneusedfortheseaccounts,inadditionto capital
expenditure of £51,649 in the year ended 31 December 2021 for the conversion of the Toch 'H' room into a flat.
```
```
However,the natureofthe propertymeansconventionalvaluationapproacheslackreliabilityand thisvaluationis subject
to a high degree of uncertainty for several reasons:
```
```
- There is no open market for properties of this type.
```
```
- Thepropertyis fundamentalto the existenceofthe charityand the trusteeswouldneversellthe property. Accordingly
any valuation based on annual rental / maintenance income is not wholly relevant.
```
```
- ThegradeII*listedstatusofthepropertymeansanybuyerwouldbeundertakinga majorcommitmenttomaintain the
property in good repair and any purchase price would reflect that commitment and therefore be relatively low as a result.
```
```
Theoriginalhistoricalartefactshavenotbeenincludedatvaluationasitwouldbeundulycostlytoundertakesuch an
exercise.Includedinthesehistoricalartefactsareitemsofantiquefurniturewhichthetrusteesareprohibited from
disposingof.Thusasabovethenatureofthehistoricalartefactsmeansconventionalvaluationapproacheslack reliability
and any valuationwouldbe subjectto a high degree of uncertainty.Any historicalartefactssubsequentlypurchasedby the
charity are included at cost, or valuation in the case of donated items.
```
## **`Preservation costs - facilities modernisation, repairs, conversion and restoration`**
```
The Hospitalhas a rollingprogrammeof maintenanceand modernisationof accommodationfacilitiesfor its occupants and
accordingly the property is maintained in good order.
```
```
Expenditurewhich,inthetrusteesview,isrequiredtopreserveorpreventfurtherdeteriorationofindividual items,
includingpreservationworkon the Hospital,is recognisedas an expensein the StatementofFinancialActivitieswhenit is
incurred, in accordance with the accounting policy set out on page 11 of these financial statements.
```
```
continued...
```
```
Page 11
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
```
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
```
## **`1. ACCOUNTING POLICIES - continued`**
## **`Heritage assets`**
```
For the abovereasons,the propertyis consideredto have an indeterminatelife and depreciationis not therefore provided
on the property.
```
## **`Investment property`**
```
Investmentpropertyisshownatitsmostrecentvaluation.Anyaggregatesurplusordeficitarisingfromchangesin 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,includingtradeandotherdebtorsandcashandbankbalancesareinitiallyrecognisedat transaction
price,unlessthearrangementconstitutesa financingtransaction,wherethetransactionismeasuredatthepresent value
of the future receipts discounted at a market rate of interest.
```
```
Attheendofeachreportingperiodfinancialassetsmeasuredatamortisedcostareassessedforobjectiveevidence of
impairment.Ifanassetisimpairedtheimpairmentlossisthedifferencebetweenthecarryingamountandthe present
valueoftheestimatedcashflowsdiscountedattheasset'soriginaleffectiveinterestrate.Theimpairmentloss is
recognised in profit or loss.
```
```
Otherfinancialassets,includinginvestmentsin equityinstrumentswhichare notsubsidiaries,associatesor joint ventures,
are initially measured at fair value, which is normally the transaction price.
```
```
Suchassetsaresubsequentlycarriedatfairvalueandthechangesinfairvaluearerecognisedintheincome statement,
exceptthatinvestmentsinequityinstrumentsthatarenotpublicallytradedandwhosefairvaluescannotbe measured
reliably are measured at cost less impairment.
```
```
Financialassetsare derecognisedwhen(a)the contractualrightsto the cashflowsfromthe assetexpireor are settled, or
(b) substantiallyall the risks and rewards of the ownershipof the asset are transferredto another party or (c) controlof the
assethas been transferredto anotherpartywhohas the practicalabilityto unilaterallysellthe assetto an unrelated third
party without imposing additional restrictions.
```
```
Basicfinancialliabilities,includingtradeandothercreditorsareinitiallyrecognisedattransactionprice,unless the
arrangementconstitutesa financingtransaction,where the debt instrumentis measuredat the presentvalue 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.
```
```
Trade creditorsare obligationsto pay for goods or servicesthat have been acquiredin the ordinarycourse of business from
suppliers.Accountspayableareclassifiedascurrentliabilitiesifpaymentisduewithinoneyearorless.Ifnot,they are
presentedas non-currentliabilities.Trade creditorsare recognisedinitiallyat transactionprice 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.
```
```
Designated funds are funds set aside by the trustees out of unrestricted funds for specific future purposes or projects.
```
```
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity.Restrictions arise
when specified by the donor or when funds are raised for particular restricted purposes.
```
```
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
```
## **`Hire purchase and leasing commitments`**
```
RentalspaidunderoperatingleasesarechargedtotheStatementofFinancialActivitiesonastraightlinebasisover the
period of the lease.
```
```
continued...
```
```
Page 12
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021`**
## **`1. ACCOUNTING POLICIES - continued`**
## **`Debtors`**
```
Debtors are measured at their recoverable amount.
```
## **`Creditors`**
```
Creditorsaremeasuredattheirsettlementamountorinthecaseofprovisionforliabilitiesthebestestimateof their
settlement amount.
```
## **`Listed investments`**
```
Fixed asset investments represent long term investments and are stated at fair value.
```
## **`Critical accounting judgements and estimation uncertainty`**
```
Intheapplicationofthecharity'saccountingpolicies,managementisrequiredtomakejudgements,estimates and
assumptionsaboutthecarryingvalueofassetsandliabilitiesthatarenotreadilyapparentfromothersources. The
estimatesandunderlyingassumptionsarebasedonhistoricalexperienceandotherfactorsthatareconsideredto be
relevant. Actual results may differ from these estimates.
```
```
Theestimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionstoaccountingestimates are
recognisedintheperiodinwhichtheestimateisrevisediftherevisionaffectsonlythatperiod,orintheperiodof the
revision and future periods if the revision affects both current and future periods.
```
```
Thekeysourcesofestimationuncertaintythathaveasignificanteffectontheamountsrecognisedinthe financial
statements are described below.
```
## **`Investment property`**
```
Theinvestmentpropertiesarestatedatfairvaluebasedonthevaluationsperformedbythetrustees.Thetrustees used
observablemarketpricesand rentalyieldsadjustedas necessaryforanydifferencesin the future,locationor condition of
the specific asset.
```
## **`Government grants`**
```
Governmentgrantsarerecognisedwhenthereisreasonableassurancethatthegrantwillbereceivedandany conditions
attachedwillbecompliedwith.Grantsarerecognisedasincomeovertheperiodnecessarytomatchthemwith related
costs or lost income, for which they are intended to compensate, on a systematic basis.
```
## **`2. DONATIONS AND LEGACIES`**
## **`3.`**
|`Donations`
`Grants`
`Government grant`
`Government grants relate to the Small Business Grant Fund.`
**`INVESTMENT INCOME`**
`Rents received from wardens house`
`Rent and room hire`
`Dividends on listed investment`
`Deposit account interest`|`2021`
`£`
`930`
`15,000`
`-`
`15,930`
`2021`
`£`
`8,500`
`1,908`
`8,975`
`3`
`19,386`|`2020`
`£`
`57`
`-`
`10,000`|
|---|---|---|
|||`10,057`|
|||`2020`
`£`
`3,750`
`3,518`
`10,360`
`39`|
|||`17,667`|
```
continued...
```
```
Page 13
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021`**
## **`4. INCOME FROM CHARITABLE ACTIVITIES`**
|**`4.`**|**`INCOME FROM CHARITABLE ACTIVITIES`**||||||
|---|---|---|---|---|---|---|
||||||`2021`|`2020`|
||||||`Total`|`Total`|
|||`Almshouses`||`Museum`|`activities`|`activities`|
|||`£`||`£`|`£`|`£`|
||`Maintenance charges to almshouse residents`|`46,680`||`-`|`46,680`|`46,126`|
||`Entrance fees to museum`||`-`|`768`|`768`|`317`|
|||`46,680`||`768`|`47,448`|`46,443`|
|**`5.`**|**`RAISING FUNDS`**||||||
||**`Raising donations and legacies`**||||||
||||||`2021`|`2020`|
||||||`£`|`£`|
||`Flowers for chapel`||||`-`|`67`|
|**`6.`**|**`CHARITABLE ACTIVITIES COSTS`**||||||
||||||`Support`||
|||||`Direct`|`costs (see`||
|||||`Costs`|`note 7)`|`Totals`|
|||||`£`|`£`|`£`|
||`Almshouses`||||||
|||||`7,540`|`46,330`|`53,870`|
|**`7.`**|**`SUPPORT COSTS`**||||||
||||||`Governance`||
|||||`Other`|`costs`|`Totals`|
|||||`£`|`£`|`£`|
||`Other resources expended`|||`26,276`|`16,869`|`43,145`|
||`Almshouses`||||||
|||||`46,330`|`-`|`46,330`|
|||||`72,606`|`16,869`|`89,475`|
## **`8. TRUSTEES' REMUNERATION AND BENEFITS`**
```
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2021norfortheyear ended
31 December 2020.
```
## **`Trustees' expenses`**
```
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
```
```
continued...
```
```
Page 14
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021`**
## **`9. STAFF COSTS`**
```
The average monthly number of employees during the year was as follows:
```
|`Administration`
`No employees received emoluments in excess of £60,000.`
**`HERITAGE ASSETS`**
**`MARKET VALUE`**
`At 1 January 2021`
`Additions`
`At 31 December 2021`
**`NET BOOK VALUE`**
`At 31 December 2021`
`At 31 December 2020`|`2021`
`1`||`2020`
`1`
`Total`
`£`
`400,000`
`51,649`|
|---|---|---|---|
||||`451,649`|
||||`451,649`|
||||`400,000`|
## **`10. HERITAGE ASSETS`**
```
Heritageassetsaredefinedastangiblepropertywithhistoricalandartisticimportancethatareheldto advance
preservation,conservationandtheeducationalobjectivesofthecharity.Thetrusteesconsideritsfreeholdproperty, not
held for investmentpurposesbeing the Chapel,Cloisters,MedievalBoardroomand Almshouses,and its historical artefacts,
held for preservation to fall within this definition.
```
```
A professionalvaluationofthefreeholdpropertywasundertakenon9 April2009by RichardOakleyARICS.In the opinion
ofthetrusteesthemarketvalueat 31 December2021wasnotsignificantlydifferentfromthisvaluation.Thevaluation of
£400,000thereforeremainstheoneusedfortheseaccounts,inadditiontocapitalexpenditureof£51,649inthe year
ended 31 December 2021 for the conversion of the Toch 'H' room into a flat.
```
```
Thecharityalsoownsanumberofhistoricalartefacts,giftedtothecharitybyWilliamBrownein1475.Includedin these
historicalartefactsareitemsofantiquefurniture.Thetrusteesarerequiredby trustlawtoretaintheseassets indefinitely
and they are effectively prohibited from disposing of them.
```
```
Giventhenatureofthefurnitureandtherestrictionsandintentionsregardingitssalethetrusteesfeelit is impractical to
placea marketvalueon it by applyingconventionalvaluationtechniques.The insurancevalueof the furnitureis £182,412
(2020 - £182,412).
```
## **`11. FIXED ASSET INVESTMENTS`**
|**`MARKET VALUE`**
`At 1 January 2021`
`Disposals`
`Revaluations`
`At 31 December 2021`
**`NET BOOK VALUE`**
`At 31 December 2021`
`At 31 December 2020`|`Listed`
`investments`
`£`
`2,080,541`
`(89,594)`
`254,851`
`2,245,798`
`2,245,798`
`2,080,541`|
|---|---|
```
There were no investment assets outside the UK.
```
```
continued...
```
```
Page 15
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021`**
## **`11. FIXED ASSET INVESTMENTS - continued`**
```
Cost or valuation at 31 December 2021 is represented by:
```
## **`12.`**
|`Valuation in 2021`
**`INVESTMENT PROPERTY`**
**`FAIR VALUE`**
`At 1 January 2021`
`and 31 December 2021`
**`NET BOOK VALUE`**
`At 31 December 2021`
`At 31 December 2020`|`Listed`
`investments`
`£`
`2,245,798`
`£`
`450,000`
`450,000`
`450,000`|
|---|---|
|||
```
Included in investment property is freehold land valued at £150,000 (2020 - £150,000).
```
```
Theinvestmentpropertycomprisesthe WardensHouseand 19.96acresoflandat Eastonon the Hilland wasrevalued by
RichardsonCharteredSurveyorsin2018.Thetrusteesusedmarketbasedevidenceandrentalyieldsinthelocalarea to
establishthefairvalueoftheinvestmentproperty.Intheopinionofthetrusteesthemarketvalueofthe investment
property at 31 December 2021 is not significantly different from this valuation.
```
## **`13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
## **`14.`**
|`Other debtors and prepayments`
**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Trade creditors`
`Other creditors`||`2021`
`£`
`7,932`
`2021`
`£`
`2,381`
`4,514`
`6,895`|`2020`
`£`
`7,792`
`2020`
`£`
`19,349`
`3,578`|`2020`
`£`
`7,792`|
|---|---|---|---|---|
||||`22,927`||
## **`15. LEASING AGREEMENTS`**
```
Lease payments receivable by the charity under operating leases on its investment property are due as follows:
```
||`2021`|`2020`|
|---|---|---|
||`£`|`£`|
|`Within one year`|`17,250`|`-`|
|`Between one and five years`|`72,000`|`-`|
|`In more than five years`|`81,540`|`-`|
||||
||`170,790`|`-`|
||||
```
At 31 December 2020 the previous tenants had vacated the investment property and the new lease had not been agreed.
```
```
continued...
```
```
Page 16
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021`**
## **`16. ANALYSIS OF NET ASSETS BETWEEN FUNDS`**
|`Unrestricted`
`funds`
`£`
`Fixed assets`
`451,649`
`Investments`
`2,695,798`
`Current assets`
`104,883`
`Current liabilities`
`(6,895)`
`3,245,435`
**`17.`**
**`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 as follows:`
`Incoming`
`resources`
`£`
**`Unrestricted funds`**
`Main fund`
`82,473`
`Extraordinary repair fund`
`-`
`82,473`
**`Restricted funds`**
`Chapel fund`
`291`
**`TOTAL FUNDS`**
`82,764`|`Restricted`
`fund`
`£`
`-`
`-`
`11,857`
`-`
`11,857`
`At 1.1.21`
`£`
`2,749,765`
`4,119`
`242,481`
`2,996,365`
`11,566`
`3,007,931`
`Resources`
`expended`
`£`
`(97,631)`
`-`
`(97,631)`
`-`
`(97,631)`|`2021`
`Total`
`funds`
`£`
`451,649`
`2,695,798`
`116,740`
`(6,895)`
`3,257,292`
`Net`
`movement`
`in funds`
`£`
`213,964`
`-`
`35,106`
`249,070`
`291`
`249,361`
`Gains and`
`losses`
`£`
`229,122`
`35,106`
`264,228`
`-`
`264,228`|`2020`
`Total`
`funds`
`£`
`400,000`
`2,530,541`
`100,317`
`(22,927)`
`3,007,931`
`At`
`31.12.21`
`£`
`2,963,729`
`4,119`
`277,587`
`3,245,435`
`11,857`
`3,257,292`
`Movement`
`in funds`
`£`
`213,964`
`35,106`
`249,070`
`291`
`249,361`|
|---|---|---|---|
|||||
|||||
|||||
```
continued...
```
```
Page 17
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021`**
## **`17. MOVEMENT IN FUNDS - continued`**
## **`Comparatives for movement in funds`**
|`At 1.1.20`
`£`
**`Unrestricted funds`**
`Main fund`
`2,869,151`
`Cyclical repair fund`
`4,106`
`Extraordinary repair fund`
`250,749`
`3,124,006`
**`Restricted funds`**
`Chapel fund`
`11,563`
**`TOTAL FUNDS`**
`3,135,569`
`Comparative net movement in funds, included in the above are as follows:`
`Incoming`
`Resources`
`resources`
`expended`
`£`
`£`
**`Unrestricted funds`**
`Main fund`
`74,084`
`(110,001)`
`Cyclical repair fund`
`13`
`-`
`Extraordinary repair fund`
`-`
`-`
`74,097`
`(110,001)`
**`Restricted funds`**
`Chapel fund`
`70`
`(67)`
**`TOTAL FUNDS`**
`74,167`
`(110,068)`|`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)`|`At`
`31.12.20`
`£`
`2,749,765`
`4,119`
`242,481`|`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)`||
||||`(127,641)`
`3`|
||||`(127,638)`|
```
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 1.1.20`
`£`
`2,869,151`
`4,106`
`250,749`
`3,124,006`
`11,563`
`3,135,569`|`Net`
`movement`
`in funds`
`£`
`94,578`
`13`
`26,838`
`121,429`
`294`
`121,723`|`At`
`31.12.21`
`£`
`2,963,729`
`4,119`
`277,587`|
|---|---|---|---|
||||`3,245,435`
`11,857`|
||||`3,257,292`|
```
continued...
```
```
Page 18
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021`**
## **`17. MOVEMENT IN FUNDS - continued`**
```
A current year 12 months and prior year 12 months combined 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`
`£`
`156,557`
`13`
`-`
`156,570`
`361`
`156,931`|`Resources`
`expended`
`£`
`(207,632)`
`-`
`-`
`(207,632)`
`(67)`
`(207,699)`|`Gains and`
`Movement`
`losses`
`in funds`
`£`
`£`
`145,653`
`94,578`
`-`
`13`
`26,838`
`26,838`
`172,491`
`121,429`
`-`
`294`
`172,491`
`121,723`|`Gains and`
`Movement`
`losses`
`in funds`
`£`
`£`
`145,653`
`94,578`
`-`
`13`
`26,838`
`26,838`
`172,491`
`121,429`
`-`
`294`
`172,491`
`121,723`|
|---|---|---|---|---|
|||||`121,429`
`294`|
|||||`121,723`|
```
All reserves in the main fund are classified as unrestricted.
```
```
All reservesin the cyclicalrepairfund are classifiedas unrestrictedbut designatedby the trusteesto providefor long-term
maintenance of the charity's properties.
```
```
All reservesin the extraordinaryrepairfund are classifiedas unrestrictedbut are designatedby the trusteesto provide for
extraordinary repairs.
```
```
All reserves in the chapel fund are classified as restricted and for the ongoing maintenance of the chapel and its fittings.
```
## **`18. RELATED PARTY DISCLOSURES`**
```
There were no related party transactions for the year ended 31 December 2021 or 31 December 2020.
```
## **`19. POST BALANCE SHEET EVENTS`**
```
Afterthereportingdatethechapelfundwasamalgamatedintothecharity'sthreeunrestrictedfundsastheneed to
separately identify this fund had diminished.
```
## **`20. ULTIMATE CONTROLLING PARTY`**
```
The charity is controlled by the board of trustees.
```
## **`21. FINANCIAL INSTRUMENTS`**
```
The charity has the following financial instruments:
```
||`2021`|`2020`|
|---|---|---|
||`£`|`£`|
|**`Financial assets at fair value through the statement of financial activities`**|||
|`Listed investments`|`2,245,798`|`2,080,541`|
|**`Financial liabilities measured at amortised cost`**|||
|`Trade creditors`|`2,381`|`19,349`|
|`The income, expenses, net gains and net losses attributable the charity's financial instruments are summarised as follows:`|||
|`Income and expense`|`2021`|`2020`|
||`£`|`£`|
|`Financial assets measured at fair value through the statement of financial activities`|`8,975`|`10,360`|
|`Net gains and losses`|||
|`Financial assets measured at fair value through the statement of financial activities`|`264,228`|`(91,737)`|
```
continued...
```
```
Page 19
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021`**
## **`21. FINANCIAL INSTRUMENTS - continued`**
```
Thetotalinterestincomeandinterestexpenseforfinancialassetsandfinancialliabilitiesthatarenotmeasuredat fair
value through the statement of financial activities was £3 (2020 - £39) and £nil (2020 - £nil) respectively.
```
## **`Listed investments`**
```
The charity has a number of listed investments.The valuationsare based on recent transactionsand are determinedby the
investment manager being M & G Charities.
```
## **`22. INDEPENDENT EXAMINER'S FEE`**
```
Theindependentexaminationfeechargedfortheyearwas£1,500(2020: £1,500).Otherservicesprovidedtothe charity
by the independent examiner related to accounts preparation services for which £2,700 (2020: £2,580) was charged.
```
```
Page 20
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021`**
|**`INCOME AND ENDOWMENTS`**
**`Donations and legacies`**
`Donations`
`Grants`
`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`
`Rates and water`
`Insurance`
`Light and heat`
`Telephone`
`Sundries`
`Office costs`|`2021`
`£`
`930`
`15,000`
`-`
`15,930`
`8,500`
`1,908`
`8,975`
`3`
`19,386`
`46,680`
`768`
`47,448`
`82,764`
`-`
`1,532`
`811`
`5,197`
`7,540`
`316`
`300`
`616`
`36,397`
`137`
`14,582`
`13,986`
`736`
`2,519`
`4,249`
`72,606`|`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`
`690`
`11,096`
`9,351`
`870`
`1,102`
`1,005`|
|||`69,225`|
```
This page does not form part of the statutory financial statements
```
```
Page 21
```
```
THE HOSPITAL OF WILLIAM BROWNE
```
## **`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021`**
|**`Other`**
**`Governance costs`**
`Professional fees`
`Accountancy`
`Salary - administration`
`Total resources expended`
**`Net expenditure before gains and losses`**
**`Realised recognised gains and losses`**
`Realised gains/(losses) on fixed asset investments`
**`Net expenditure`**|`2021`
`£`
`7,669`
`4,200`
`5,000`
`16,869`
`97,631`
`(14,867)`
`9,377`
`(5,490)`|`2020`
`£`
`7,085`
`4,080`
`5,000`
`16,165`
`110,068`
`(35,901)`
`-`
`(35,901)`|
|---|---|---|
```
This page does not form part of the statutory financial statements
```
```
Page 22
```