Charlty number: 221644 THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD TRusfEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE HOSHTAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD coKrENTS Page Reference and Admlnlstrative Dets115 of the Charlty, Its Trustees and Ad¥tser5 Trustees. Report IndependentAudltorfs Report on ihe Fib7anclal Statemtnts 8-11 ststement of Flnanclal Actlvtlles 12 Balance Sheet 13 StatemeTrt of Cash Flows 14 Notes tD the Flnanclal Statements 15-36
THE H¢)SPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 TNstees The Duke of Norfolk The Honourable Slmon B G Howard The Honourable Philip CW Howard Lord Howard of Penrith Colonel NeIle Howard Lord Gerald FitZ8lan Howard Nicholas J A Hutton Oliver StephEnson Nicholas R B Robinson The Earl of Arundel CharFty reglstered number 221644 Principal office 8 St James Street Sheffield SI IXN Independent audhor BHP LLP 2 Rutland Park Sheffield 510 2PD Bankers HSBC plc Carmel House 49-63 Fargate Sheffield SI 2HD Solldtors Wake Smlth LLP No.1 Velouty 2 Tehter Street Sheffield SI 4BV Prlnclpal offlcer J N Robln50n MAICS IN£ent and Receiver Instme adSer5 Cazenove Capital Management Limited l London Wall Pl3cÈ London EC2Y SAU Page I
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD TRUSTEES, REPORT FOR THE YEAR ENDED 310ECEMBER 2020 The trustees present their annual report toEether with the audited flnancial statements of the charity for the ended 31 Deternber 2020. The trustEe5 have adopted the provisions of the Statement of Recommended Prattice.. ISORPI "Accountin8 and Reportin8 by Charitles" IFRS102I in preparing the trustees, report and financial statements of the charity. The financlal statements have been prepared In accordance with the accounting polioes set out in note 2 to the accounts and comply with the charit¢s governln8 dg¢umenL the Charities Act 2011 and Accountln8 and Reporting by Charities.. 5taternent of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Flnandal Reportlng Standard applicable in the UK and Republic ol Ireland published in October 2019. oblerti$<Td artivit$ .14Alcles objectlves The charity is limited In its attltieS insofaf as it 5h311 provide support for thE poor and needy of the fjty of Sheffleld. No chan8es to the objetts w pollcy of the tharlty have been affected in recent years. b. Strategies and aCtItIeS undenaken lo athleve oblertlves These objects are met by the provlsion of resldential accommodation at the hD5pltal and of a respite care facility at Beech Hlll and by the maknng of grants to charities whose activilies fall within the above scope. The 38Ent aThd receiver monitors the quallty of service delivery by re8ular eontart with hosptsl residents, the mana8ement at Beech Hill and the recipient5 of institutional 8rants. c. Grant.mzkin8 Fiolicles The charity invites applications for 8rants of financi31 assistance from other th¥rities whose objfftwes are compatlble with its own. AJI applications are accompanied by a sun)mary ol proposa15, financlal resources and statement of ability to delNer. The charity has made 3012019.. 361 instltutional grants totallin£ £lOO,¢X(112019= £80.2911 Sn fvrtherance ol its objects. The grants were for the purpose of social welfare. Page 2
THE HOSPITAL OF GILBERT. EARL OF SHREWSBURY AT SHEFFIELD TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Objectives and actlvltles Icontlnuedl d. Main actibThes undertaken to further the tharlty's purposes for ihe publlc benefft The trustees a aware of their duty uniler Section 4 of the Charities Art 2011 to have due regard to thé Public Benefit Guidance 35 published by the Charity Commission. Within the £cStraints of Its 8ovemin8 document the charity and Its a1VitieS are of benefft tts the general publit of Sheffield. The almshoLtse cornplex, known as the Hospltal. compri5e$ 74 one-bedroom almshouses set within S.5 acres of 18ndscaped grounds dose to Sheffield City Centre. The accornmodation is for the elderly and to varylng degrees the infirm. Two fulltime Wardens. a Caretaker and Chaplain INe onsite. The warden5 check on resldenV5 welfare daily (Unless the resldent rÈquests no visit). Each alrnshouse is linked Ma a warden call system which is monitored 24n in the case of emergency. Communal facilities comprise an Assembly Hall and Chapel. Acyvlties are arrange(I by staff. the Chaplain and resldent5. they include regular coffee mornings. snooker, table tennis, darts. bin80 and regular services in the chapel. Computers with internet are available for resident5 to use, there are several allotments for residenV5 Use. The Beech Hill Centr@ ts managed for the charity by Sheffield NHS Primary Care Trust which provide5 respite re facilities and support in the home to a large number of members of the public. Instftutional Brants are made annually to charities with activlties in Sheffield who support the elderly andlor infirm in the community. Achle¥ementsondperformance a. Key perlorfflance Indlcatays The agent and reteiver monitors the qu31ity of Servi delivery by reBular contact with hospitsl residents. the management at Beech Hlll and the recipients of institutional grants. b. Revlew of actlvlttes The level of occupancy at the Almshouses has remalned static, enquiries and interest from potential new resldents has dedlned as a result of Covid- 19. enquiries are expected to Intre35e when lockdown restrictions are Ilfted. The trustees are ultlmately responsible for sV5terns of financial management and intsrnal contrgls. They delegate day to day operatlon of ¢ontrols to the agent and receiver. The trustee5 monitor the application of good flnancial rontrols. c. Fa¢tors relevantto achle¥È oblertives The agent and rece6ver is instructed to malntaln all real property to a good standard and to irnprove rental income bv on8oln8 refurbtshmenL Page 3
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD TRUSTEES, REPORT (col1NuED) FOR THE YEAR ENDED 31 DECEMBER 2020 AChlèfflettts •fvd perfonnance Icontlnuedl d. Investment pollc¥ and performance The Charity Commi551Dn Scheme Specifies the charl5 investment powers. The charity's investment strateBV is Monitored agalnst a benchmark on an annual basis. In the year to 31 December 2020, the performance of the investment portfolio was above the benchmark. The benchmark set was +1.9%12019.' +10.9%) on a total return basls. The actual performance wa5 +2.3%12019.' +11.1%) on a total return basis. The investment advisors are Instructed to invest in a balanced portfolio which will maximi5e total return with mediurn to low risk Investments. The income from listed Investments for the year totallÈd £94,85312019.. £144,811). e. Volunteers The Tfust does not activdy en8a8e with volunteers. with the exptIOn ol the trustees who all 8ive thelr time free of char8e. Flmnclolrevlew a. Results for the year charity continues to sat15fy its objects and is rtnancially secure. At the 31 December 2020 funds totalled £16,679,572 12019.. £16.526.3561. These include the h05Pltal property which 15 an inalienable asset at £2.919,72112019.. £2.94S.4641 and the leasehold property, Beech Hill zt £300,cl2019.' £300,000) neither of which can be sold by the trustees. The financial 5tatement5 8ive details of the tharity'5 funds and how these have been bppllÈd during the year. Total Income amounted to £554.21212019.' £602,270 as stated). Total expenditure wa5 £713,55612019.- £693.745 as restated). Net expendlture before Investment gains and losses for the year was £159,34412019.. £91.4751. This 15 after capitalisation of expenditure on relurbishment of certan investment prop@rtiÈs and the almshouses. Net gains on investments and other gains, which intlude the listed investments and the investment property portfolio, wère £312,56012019'. £552.3551, Net movement in funds for the year wa5 a surplu5 01 £153,21612019.' surplus Df £460.8801. b. Golng concern and post balance sheet events Free reserves at 31 Deeembèr 2020 are £1,293.732. The Board have prepared forecasts of income and expenditure for S years from 31 December 2020 which shows that they have sufficient reserve5 to be able to continue for the foreseeable future. The Trustees therefore continue to adopt the going concern basis of pparation lor these financial statements. Page 4
ThE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DecEM8ER 2020 L Re5er¥es polky The cl)arity's total reseNe5 as at 31 December 2020 wer2 £16.679,57212019: £16,526.3561 of whi¢h £15,385,84012019'. £15.212.4281 are endowments and £1.293,73212019.. £1,313,9281 are unrestricted fe reserve5. The trustees have forecast the income and expendlture of the charity over the neKt 5 yèars to establish the lÈvel of free reseNe5 they require. The charity needs to hold free reserves to ensure that the hospital can keep running should there be any significant decllne In Income. in conjunction with the need for ongoin8 repaSr expenditure on the agein8 property. The target level of reserves is quantilied as £l.OCKJ,o. At 31 December 2020 free reserves are £1,293,732 12019- El.313,9281. The trustees consider this level of reserves, is sufficient to enable them to continue to fulfil their charitable objects over the foreseeable future. d. Prlnclpal fundlng The principal fundin8 Stream of the charity is rentèl Income from the estate and from quoted investments. Investment Income amounted to £519,23312019.. £565.083 a5 reststedl. e. Ili5k m¥na8•ment The trustees review the rnajor risks to which the charity Is exposed on a bl-annual basis and act as necessary to mltigate those risks. Th& trustees rely on the reports received from professional advlsors. parkncularly Cazenove Capltal Management Limited for the investments and Fowler Sandford for the operational rnanagement of the 31mshouses. Each have professional Indemnity insurance. Reports are received at eath meeting Df tru5tee5. where they are discussed antl 4ue5tioned, and visits round the premlses are mède. Budgets are sei annually and performan reviewed against these at each meÈtln8. External risks to funding have leé to a strate6lc plan being ppared by the Investment Advisors. Internal risks are minimised by authorisation procedures to ensure quality of delivery for all operational 15pects of the charitV5 activltles. Plansfor IUre perlods a. Fulure developments The progresslve upgrading of the residential accommodation at the hospitsl will be continsjed. The trustees intend to continue to make gfdnts to other charities whose work tompliments that of the charlty. The tru5tÈes are considering plans for the fvture whith may involve capital expenditure within the tharity's finèntial resour. Inforniatlon on fvndrnising Pfa¢tlces The charity does not actively fundraise and is therefore not a participant of a voluntary stheme for re8ulatin8 fundralslng. Page 5
THE HosprrAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD TRUSTEES. REPORT ICOfrmNUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 StnitTure* governoe ond manaqement a. Constltutlon The Hospitsl c¢f Gilbert, Earl of Shrewsbury at Sheffleld is an unincorporated charity. conststuted under an Act of Partiament in 1673. Current governance Is by way ol a Charity Commi55ion Scheme approved In 1993. Its thorlty number 15 221644. Methods of appointment or elertlon of trustees Prospective trustees are fully considered by the board of trustees. taking into account their suitabi15ty and relevant e)rperlence. Onte a decision has been made trustee5 are invited to jgin the board by the Patmn. His Grace the Duke of Norfolk. c. Or8anlsatlonal structure and detlslon-maklng policie5 At halt yearly trustees, rneetings. the trustees agree the broad strategy and areas of activities lor the charity. IndudSn8 cderatIOn of £rant making, Investment. reserves and risk mana8ernent policies and pertomance. The éay to day managernent of the hospital and the administration of grants is provided bythe agent and recelveT who Is charged with ensuring that the hospital is run as a cost efleciive charity whilst providing the best possible tare for in- patients and other beneficiaries. The charity is z member of the National Assoclatlon of Almshouses, which provides helpful information on good prartice. changes in 128islation. and acts as an authoritative lobby on behalf of almshouses charitie5 Wlth the government and re8ulator5. The hospltal management is the responslbS11ty of the trustees. d. Poll¢ies adopted for the Inducllon and tralnlnK of trustees The induction process for any newly 3ppolnted trusree Comprise5 an initial meetlng with the Patron fdlowed by discussion with the trustees re8ardln8 8eneral policy, powers and responslbllltles. e. Pay polirylor senior staff The trustees consider the Board of Trustee5 and JR Roblnson MRICS IAEent Ind Receiverl comprise the management personnel of the charity in charge ol directin& controllln& running and operatin8 the charity on a day to day basis. 1 trustees give their time freely without reIpt of remuneration in the year. Oetai15 of trustee's expenses and lated party transactions are dlsclosed in notes 21 and 24. The char8e from the a8ent and recelver Is VIeWed annually. In assesslng the appropriatenes5 01 the charge the trustees take into consideration their expeenCe gf fee5 charged by other agents. l. Related party relatlonshlps The charity does have related party relationshlps and the relevant transactions are detailed in note 24. Page 6
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Statement of trnstee5' re5ponslbllltles The trustees are responsible for preparing the tru5tees' report and the flnancial statements in accordance with applicable law and United Kingdom Accounting Standards (united Kingdom Generally Accepted Accounting Practitel. The law applicable to charrt(es in England & Wales requires the trustees to prepare linancial statements for each flnanclal which Ove a true and fair wiew of the state of affalrs of the charity and of its incoming resources and application of resource5. including its income and expenditure. for that period. In preparing these finandal statements, the trustees ère required to: selErt 5Ultable accountlng pollcles and then apply them consistently,. observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reonable and prudent,. stste whether 3pplicable UK Accountln8 Standards IFRS 1021 have been followed. Subject to any materlal departure5 disclosed and explalned In the financial statements,. prepare the financial statements on thè going concem basS5 unless it 15 inappropriate to presume that the charlty will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity ané enable them to ensure that the financial statements comply with the Charities Act 2011, the Charlfy (Accounts and Reports) Re8ulation5 2L)J8 and the provisions of the Charity Commission Scherne, They are also responsible for safe8uardin8 the assets of the charlty and hence for taking reasonable steps for the prevention and detection of fraud and other irre8ularities. Audltor The auditor, 8HP LLP, have indicated thelr wllllngness tc continue in office. The deslgnated trustee5 will propose a motion reapp(Nntin8 the audltor at a meetlng ol the trustees. Appr order o he mernbers of the board of trustee5 and Signed on their behalf by.. The Dukè of Nprlolk Date.. 12 May 2021 Page 7
THE mosPAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD Oplnlon We have audited the flnancial statements of The Hospital of Gilbert, Ead of Shrewsbury at Sheffield Ithe 'charity'l for the vear ended 31 December 2020 which comprise the statement of flnandal act[tIeS. the balance sheet. the statement of cash flows and the related notes, Includlng è summary of .5ignificant accountin8 policies. The finan¢ial reportin8 framework that has beeh applied in their pieparation is applicable law 3nd Unlted Kin8dom Accounting Standards, Intluding Finèncial Reportin8 Standard 102 The Financial Reporting Standard applicable in the UK and Republlc of Ireland, (United Kin8dom Generally Accepted Accounting Practice). In our opinion the financial ststements.. glve a true and fair view of the state of the charity's affalrs as at 31 Oetember 2020 and of its incomin8 resources and applitatSon of reUrceS for the year then ended,. have been properly prepared in actordante with United Kingdorn Generally Accepted Accounting Practice,. and have been prepared in ac¢ordance with the requirements of the Charltles Act 2011. Baslsfor oplnlon We condurted our audit in accordance with International Standards on Audltln8 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further descrlbed the Auditor's responsibilities for the avdit ol the financial statements sertion of our report. We a iddep?ndent of the charity in accordance wlth the ethical requirements that are relevant to our audlt of the financial statements in the United Kingdom, includlng the Financial Reporting Councll's Ethical standard. and we have fulfilled our other ethical responsiblllties in accordance with these requirements. We believe that the audit evidence we have obtalned is sufficient and appropriate to provide a basis for our opinion. Con¢lusloD5 relln8to eolni contern In auditing the financlal statements. we have concluded that the trustees, use of the going concern basis of accounting in the prep?ration of the financial statements Is appropriate. Based on the work we have performed, we have not identified any material uncertsintles relatSng to events or condition5 that, individually or CDllectively mèy cast $18Thificant doubt on the char5table cornpany's ability to continue as a 80inB concern for a period of at least e1ve months frum when the financial statements are authori5ed for Issue. Our responsibilities and the responsibllliies of the tnJstees with re5pert to going concern are described in the relevant 5ecknons of this report. Page 8
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HOSPITAL OF GILBERT. EARL OF SHREWSBURY AT SHEFFIELD ICONTINUEDI Other Infomiatlon The other information comprises the information included sn the trustees annual report, other than the financial statements and our auditorfs report thereDn. The trustees are responsible for the other infomation contained within the annual report. Our opinion on the linancièl statements does not cover the Dther infoimation and, except to the extent otherw15e expllcitly stated in our report, we nut expre55 any form of assurance conclusion thereon. Our responsibility is tD read the other information and, in doing so, consider whether the other Inforrnation is materiallv inconsistent with the financial ststements or our kftowledge obtained in the course of the audit or otherwise appears to be materially rnisstated. If we idEntify such material inconsistencies or apparent material rni5Statements, we are required to determine whether this gives rise to a material mIsStament in the financial statements themselves. If, based on the work we have performed, we conclude thai there is a material mi5Staternent of thls other information, we are reoulred to report that fatt. We have nothlng to report In thls regard. Matters on which we are requlred to report by eKceptlon We have nothing to report In respect of the folluwin8 motter5 where thè Charitie5 (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the Informatlon given In the finanaal statements ts Inconslstent In any material respert with the trustees. report; or the charity has not kept adequate accountin8 records. or the finandal ststements are not in agreement with the accountlng records ènd returns,. or we have not received 811 the information and explanat(ons we requlre for our audit. R•sponslbilltles of tnFStees As explained more fully in the trustees, re5pon5ibilibes statement, the trustees a responsible lor the preparatlon of the fSnanclal statements which give a true and falr view, and for such internal control as the trustees determine is necessary to enable the preparation of finaniiol Statements that are free from material misstatetnent. whether due to fraud or error. In preparing the financial statements. the tTUStees are responsible for a55e55ing the charitrfs ability to continue as a going concern, discloNg. as applicable. rnatters related to going Concern and usin8 the 8oing concern basls of accountlng unless the tNstees either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Pa8e 9
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD INDEPENDEIU AUDrroR'S REPORT TO THE TRUSTEES OF THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD ICONTINUEDI Ayrfltos responslbllltles forthe audlt otthe flnJn¢lal statements We have been appointed as auditor under settlDn 144 of the Charities Act 2011 and report In accordance with the re8ul3tions made under section 154 01 that Act. Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole are free from material misstatsment, whether due to fraud or error, and to 155ue an auditor's report that includes our opinion. Reasonable assurance is a hlgh levd of a$5urance. but 15 not a guarantee that an audit conducted in actordancÈ with ISAS IUKI wlll always detect a material misstatement when It exlsts. Misstatements can arise from fraud or eryor and are ¢on5idered material if. individually or in the aggregate. they could reasonably be expetted to influence the economic deci5ion5 of user5 taken on the basls of these finanoal statements. Irregularities. includin8 fraud, are instantes of non-tomplsance with laws and regulations. We design prDcedures in line with our responsibilities, outllned above. to detect material m15Statements in respect of irregularities, includln8 frèud. The speclflt procedures for this en8agement and the extent to which these a capable of detectln8 Irre8ularitie5, including fraud is detailed below.. the engagement partner ensured that the engagement team collectlvely had the appropriate compÈtèntÈ. capabilities and skills to identify or recognlse non-cornpliance with applicable laws and regulations,. we identified the laws and regulatiorts applicable to the charity through di5CU55ions with managernent and trustees, and from our knowledge and experience of this charity.. we focussed spealic laws and re8ulatlons which we considered may have a dirett material effect on the finantial statements or the operations of the charity. including the Charities Act 2011. data protection, employment law, building regulations and health and safety legislation.. we a55e55ed the extent of ComlanCe with the laws and regulations identified above through makin8 enquirles of mana8ement and trustees,. identlfled laws and regulations were cornmunlcated thin the audit team regularly and thè team remained alert to instance5 of non-compliarbce throughout the audit. We assessed the SUSpt[bIllty of the charlS financial staternents to material misstaternent. includlng obtslnin8 an understanding of how fraud might occur, by,. making enquirie5 of management and trustee5 as to where they considered there wa5 susceptlbllity to fraud. their krn0edge of actual. suspected and alleged fraud.. ènd considering the internal contro15 in place to rnigate risks of fraud and non-compliance with laws and regulatlons. To address the risks of fraud throu8h management biès and override controls, we: perfomied analytical procedure5 to identify any unusual or unexpected varfjance5,' tested journal entsles to Identify unusual transactions., assessed whether judgements and assumptions made in determinin8 the accountin8 estimates set out In note 2 were indicative of potential bia5.' and invesii8ated the rationale behind sl8nlflcant Of unusual tran5artions. In response to the risk of Irregularlties and non-compliance with laws and regulations, we designed procedures which induded, but were not Ilmlted to.. agreeing financial statèment disclosures to underlying supportin8 documentation,. readin8 the rninute5 of meetings of those charged with governance,. enquiring of rnanagement as to artual and potential litlBatign and claims. Page 10
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
BHP LLP
Statutory Auditor 2 Rutland Park Sheffield S10 2PD
Date: 13 September 2021
BHP LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Page 11
THE HOSHTAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD STATEMENT OF FINANCIAL ACTIVIE5 FOR THE YEAR ENDED 31 DECEMBER 2020 As re5tsted Total funds 2019 Unrestrlrted lunds 2020 Endowment fvnds 2020 Total funds 2020 Note Income and Èftdowmènts frorn: Charltable attlvSties 34,979 519233 34.979 519.233 37,187 565,OB3 Investments Total Income and endowments 554,212 554,212 602,270 Expendlture on: Ralsing funds Charitsble activities 99.738 529A70 39,066 148.095 545,650 574,752 Totsl expendlturt 629,608 83.948 713.556 693,745 Net gainsll105sesl on investments 12 55.2(rf> 281J32 336.532 551,696 Nèt IpendItUre)/ Incorne Other TecoBnlsed pln511105sesl: other Ilossesllgalns 120,1961 197J84 177,U8 460,221 123,9721 123.9721 659 Net movement In lunds 120.1961 175A12 153.216 46080 Reconclliatlon atfunds: Total funds brou8ht fotward Net movernent In funds lJ13.928 120.1961 15212.428 173,412 26J56 IS3.216 16,065,476 460,880 Totsl fvnd5 carrfed forward 15 1.293.732 15.385.840 16,679,572 16,S26,356 The Statement of Financial Actlvltles Sncludes all gains and losse5 recogni5ed in the year. Page 12
THE HosprrAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Note Flxed assets Tangible assets Investments li 3219.721 13,414.186 3,24S.464 13,246,233 12 16.633.9(n 16,491.697 Current assets Debtors 13 171.193 107,546 165,667 82.645 Cash at bank and in hand 27&739 248,312 Creditor5: amounts fallin8 due wthin one year 1233.0741 1213.6531 Net current assets 45,665 34,6S9 Total assets less current Ilabllities 16.679,572 16,526,356 Totsl net assets 16,679.57Z 16.526.356 Charlty lunds Endowment funds (Revaluatlon reserve £2,443,05812019= £2,30S,61611 Unrestrlcted funds (Revaluation resetve £249.79112019'. £246,43911 15 15.385WO 15.212,428 15 1293.732 1,313,928 Total funds I679,572 16,526.356 The financial statements Ere approved and authorised for iss¢Je by the trustees and signed on their behalf by. The [ke of Norfolk Date.. 12 May 2021 The notes on pages IS to 36 form part 0fthe finantSal statements. Pa8e 13
THE HosprrAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Note Cash flow5 from operatin8 acti¥Tties Net cash used In operattng activities 18 1643,772) 1640,8331 Cash flows from InveMlng attiiryties Dividends, interests and rents from inve5tment5 Purchase of tangible fixed assets Proceeds from sale of Investments 519.233 119.1391 2.825,601 13B52,0851 565.083 16,2911 2,049,653 1990,3601 Purchase of investments Net Cash (used Inl/provSded by investing acdvltles 126,3901 1,618,085 Clrange in cash and cash equIlents In the year ash and cash equivalents at the beginning of the year 167D,1621 977252 1.096.311 119.059 Cash and cash equivalents atthe ènd of the year 19 426,149 1,096.311 Page 14
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Gen•ral Infomialion The H05pitsI of Gilbert, Earl of Shrewsbury at Sheffield is a re8lstered unincorporated charfty In the United Kingdom. ThE addre55 of the registered offlce Is 8fven In the charity information on page l ol these flnancial staternents. The nature of the charlty's operations and prinopal actiwties are detsiled on pages 2 and 3. Accountlng polities 2.1 S$ of preporntlon ofllMnci015tatements The financlal statements have been prepared in accordance with Accounting and Reporting by Charities: ststement ol Recommended Practice applicable to charities preparing their accounts in atcord3nce with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021, the Charities Att 2011 and UK Generally Accepted Accountln8 Practlce. The financial statements have been prepared to give a 'true and falr, view and have departed frpm the Charities (Actounts and Reports) Re8ulaJons 2008 only to the extent required to provide a Irue and fair, view. This departure has Involved fDllowin8 the Charities SORP IFRS 1021 issued in OrtDber 2019 rather than the Accountin8 and Reporting by Charities.. Statement of Recommended Practice effective from l April 2rA)5 whith has slnce been withdrawn. The Hospital of Gllbert, Earl of Shrewsbury at Sheffield meets the definition of a public benefit enty ijnder FRS 102. Assets and liabilities are initially recDgn15ed at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Golnqconcern The Board have prepared forecasts ot income and expenditure for 5 years from 31 December 2020 whlch shows that they have sufficient reservE5 to be able to continue fur the foreseeable future. The Trustees therefore continue to adoptthe 8oin8 concern basis of preparation forthese flnanclal statements. 2.3 Inctwne All income Is recogni5ed once the charfty ha5 entitlement to the income, it is probable that the income will be recel¥ed and the amount of income receivable can be measured reliably. Rental and Investment income are accounted for on a receivable basls. Page 15
ThE HOSPITAL OF GILBERT. EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 A(countlng pollclès Itontinuedl 2.4 Expenditure Expenditure is recognised once there is a legal or construttwe obligation to transfer economic benefit to a thlrd party, it Is probable that a transfer ol economic benefits will be required in settlement and the zmount of the obligation can be measured Teliably. Expenditure is classified by activity. The costs of each act5vSty are made up of the total of direct costs and shared costs, including support costs involved in undertakinB each activity. Direct costs attributable to a single attivity are allocated directly to that activity. Shared costs whlch contribute to more than one activity and support costs whlth are not attribijtable to a Single activity are apportioned between those activlties on a basis consistent with the use of resources. Expenditurè on raising fund5 includes all expenditure Incurred by the charity in the rnanagement of the charity's endowment funds and InvestrnerTrt portfolio. Expendlture on charitable activities is incurred on dlrecdy undertaking the actiwties which further the charit¢s objectives, as well as any assoclated support costs. l expenditure i5 incluswe of irrecoverable VAT. 2.5 Forelqn currencies Monetary assets and liabilitie5 denrxninated in forei8n currencies arE translated into sterling at rates of exch3n8e rulin8 at the reportin8 datè. Transactions in foreign currencies are translated inio sterlin8 at the rate rulln8 on the date of the transaction. Exchange gains and1055es are reco8nised in the statement of financial activities. 2.6 Tonglblellxed ryssetsand depreclotlon Tan8ible fixed assets are Inltlally recognised at cost. After recognib'on, under the revaluation model, tanble flxed assets whose fair value can be measured reliably shall be carried at a revalued amount, belng their lair valve at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluat(ons arÈ made with sufficient regularity to ensure thatthe carryin8 amount does not differ matedally from that which would be determlned uslng falr value Èt the end of the reporting date. Fair values are determined from mathet-based evidence by appraisal that is normally undertaken by prtsfessionalty qualified valuers. If there is no market-based evidence of fair value beuse of the speciali5ed nature of the tangible fixed 3s5et and it is rarety sold, except a5 part of a contributin8 busine55, a charity may need to estimate fairvalue using èn income or depreciated reatement C05t approath. Gains and losses on revaluation are reco8nlsed in the statemeni of financial artivitles. Pa8e 16
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Ac¢o¥nling pollcles lcontinuedl 2.6 Torylblefved assets ORdepre(lot1On Icontknuedj land is not depreclated. Depreciabon on other assets is charged so as to allocate the c05t of tangible fixed assets less their residual value rjver their estimated useful Iwes Depreaation is provided on the fdlowing basi5'. The Amshouses and the Hospital are inalienable assets whlch are included in the balance sheet at valuation. Freehold bulldlngs are depreciated at 2% on a stralght line basls. Freehold land 15 not depreclated. The Beech Flill property is not depreciated. It 15 the charity's policy to maintain the property Sn a 8oDd stste of repair and as a ton5equence the value of the property is not being reduced 518nificantly by the pa5sa8e of time. Hence. in the view of the trustees, any element Df depreciation is Immaterial. 2.7 In¥estmeftts Fixed a55et investments are a forrn of financial instrurnent and are initially recDgni5ed at their transaction cost and subsequently measured at fair value at the balan sheet date. unless the value cant be measured reliably in which case it 15 measured at cost lÈss impairment. Investment 8alns and105ses. whether realised or unrealised, are combined and presented as 'Gains/lL05sesl on investsrents, in the 5taternent of financial actwities. Imestments held a5 fixed assets are shown at C05t less prowsion for Impairment. 2.8 Inkwtmentpropertles Investment properties are included in the balance sheet at their open market value In accordance with FRS 102 and are not depreciated. 2.9 Debtors Trade and other debtors are recognised at the settjement amount after any trade discount offered. Prepayrnents are valued at the amount prepald net of any trade discounts due. 2.10 C05h ut bonkond In Ind Cash at bank and in hand indudes cash and short-term hi8hly liquid Investments with a short maturlty of three months Dr le55 from the date of acquisltion or openlng of the deposit or similar account. Page 17
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 counting pulities Icontlnuedl 2.11 LffaI1esOdpr9¥lSlOs Liabilities are recognised when theie is an obligation at the balance sheet date as a result of a past event, It is probable that a transfer of econornic benefit will be required In settlement, the amount of the settlement can be estimated ieliablv. Liabilities are recognised at the amount that the charlty anticipates it will pay to settle the debt or the amount it has received as advanced payments for the go1$ or services it must provide. Provisions are measured at the best estSmate of the amounts requid to settle the obligation. Where the effect of the time valve of money 15 material. the provision 15 based on the present value of those amounts. discounted at the pre-tax discount rate that reflects the dsks specific to the liability. The unwlndlng ol thè dlscount is recognised in the statement of financlal att6vities è5 a finance cost. 2.12 Flnonclol lftstrumtnts The ch3rity only has financial assets and financial liabilities of a kind that qualify a5 basic flnancial Instruments. Basic financial instruments are initially recognlsed at transaction value and subseqvently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effertive interest method. 2.13 Pensions The charlty operates a delined cuntribution pension 5chemE and the pen%on charge represents the amounts payable by the charity to the fund in respert of the year. 2.14 Fundaccountlnq General fvnds are unrestrirted funds which are available for use at the discretlon of the trustees In fvrtherance of the general objectives of the charity and whith have not been degnated for other purposes. Endowment funds represent those as5et5 which must be held permanently by the charity. principally the almshouses. Ilsted investments and investment properties. Income arising from endowment funds can be used in accordance with the object5 of the charity and is includeé as unrestricted Income. Any capital gains or losses arising on the investments from part Df the fund. Investment mana8ement charges, prope mana8Ement char8es and legal advice rèlating to the fund are ¢har8ed against the fund. Investment income. 8ains znd1055es are allocated to the appropriate fund. 2.15 Emplo beneffts When employees have rendered service to the charrty. 5hort-term employee benefits to whlch the employee5 re entitled are recogni5ed at the undiscounted amounts expected tu be paid in exchange for that Service. 3.16 Prlorperfodcdjustment In 8ctt>rdance with the Chariues SORP FRS102. ra15ing funds expenditure has been restated to expense the provision for doubtful debts previously netted off within rental incorne. The impact ol thi5 adjustment has had no effect on the level of funds held at 31 December 2019. Page 18
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 A¢¢ountlng poll¢les Icontinuedl 2.17 CrltknlKcountinq estimote5 and t7rea5 oflydgment Estimates and jud8ment5 are continually evaluated and are based on hi5torlcal experience and other fartors, including expectations of future events that are believed to be reasonable under the circumstsnces. The charity makes estlmates and asSUrnPtions Ggnrernlng the fvture. The resulting accounting estlmates and assumptlons wlll, by deflnition. seldom equal the related actual results. In the opinlon of the trustees, the key estimate is the allocatlon of shared costs between endowment and unrestricted funds. The allocatlon ts based on assets held within eath respective fund and the management time taken to pertorm attivities a550Clated with those fund assets. Income from charable acti¥ities Unrestricted funds 2020 Total funds 2020 Total funds 2019 Housing benefit income Sundry income 34,696 283 34,6 283 36,945 242 Totu12020 34,979 34,979 37.187 In the prior year all Intome from charitable artivities was unrestTlCted. Page 19
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DecEM8ER 2020 Investment In¢ome As restated Total funds 2019 Unrestricted funds 2020 Total funds 2020 auoted Snvestments 94,853 1,914 422.466 94,853 1,914 422A66 144,811 3,565 416.707 Interest receivable Rentsl Income Toto12020 519,233 519.233 56S,083 In the prior year all investment income was unrestricted. Expenditure on ralslng funds As restated Total funds 2019 Unre5trirted Endowment funds nd5 20X) 2020 Total funds 2020 Investment management fees Managing charge for the estate Repairs to investment propertie5 Provision for doubtful debts 12,019 38.801 35.309 3,757 47328 42.558 19,108 29AIO 59,385 39,796 31,755 17,159 19,108 29,810 Tota12020 99,738 39,066 138.804 148,095 Total 2019 as restated 94.961 53,134 148,095 Page 20
THE HosprrAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Anaws of expendltvre on charltable artlvltles Summary bylundtype uns111¢ted EndowrnÈnt lund5 funds 2020 2020 Totsl fund5 2020 Totsl funds 2019 Pensionèrs, wÉlfare Estab115hment expenses Upkeep rjf a¢¢ommodation Security and insurance Mana8ement and le831 Professional fees Ihospltal management) Staff costs Inote 91 Grants (note 101 DepreclaVon Govemano (note 71 32.532 126,311 101.208 20,927 18,819 22,116 71,214 ioo,crf 3232 126,311 101,208 20,927 18,819 22.116 71.214 loo,0 4482 36.743 64,879 118,462 86,280 16,726 5,T17 28.343 68,267 80,291 45,625 31,thJO 44.882 36.743 roto1202 529.870 44,882 574.752 545,650 Total 2019 500,025 45,625 545.650 Page 21
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysls of expendlNre on ¢haritsble aclmtles Icontlnuedl Summary by expendlture type Total fund5 2020 Tot31 funds 2019 Staff costs Deprèciation 2020 2020 Other costs 2020 Pensloners, welfare Establishment expenses Upkeep of atcommodation Security and insurance Mana8ernent and le8al Professlonal fees Ihospltal management) Staff costs (note 91 Grants (note 101 Depreciation Governance lTrote 71 32,532 126,311 101.208 20.927 18,819 32.532 126.311 101,208 20.927 18,819 64879 118.462 86,280 16.726 5,777 22,116 22.116 71,214 ify),( 28,343 68,267 80291 45.625 71.214 ioo,o 44,882 36.743 36,743 31,CN)O Toto12020 71.214 44.882 458,656 574.752 545,650 Total 2019 68.267 45,625 431,758 545.650 Governance costs 2020 2019 Legal and actountsnry fees Professional tees relatinB to the governance of the charlty 17.932 18.811 13,Cfj) 18.Tr)0 36.743 31,CKXJ Page 22
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Net Income/{eMpendlturel 2020 2019 Thi5 i55tatedt7fterdwwlnq.' Depreciation of tan8iblE fixed a55ets owned by the charity Auditor's remvnerotion- audit 44.8B2 IOh47 5,733 45.625 Auditor's remuneration- other seryices 4,216 61262 57.670 Staff costs 2020 2019 Wages and salarle5 Social security costs Contribution to defined contrfbutlon pension schemes 69,223 1.704 287 66,566 1.447 71214 68,267 The average number of persons employed by the charity during the yearwa5 as follows.. 2020 No. 2019 Care homestsff The average headcount expressed as full-time eyuiwalents was- 2020 No. 2019 No. Staff - charitable activities No employee received ren7uneration amounting to more than £60.IXIO in eltheryear. The key management personnel is deemed to be the agent and re1ver, Mr J N Robinson. as detailed on pa8è 1. Durln8 the year profe55iofbal fees totalllng E79,03812019.. £83,4461 were pald tts F¢)wler Sandford. for services provided by the agent and receiver. Page 23
THE HOSPITAL OF GILBERT, EARL OF SHREWS8URY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 io. Grants ptyable All grants paid are to institutions. 2020 2019 S0+ Contemporary Dance Sheffield Action for Elders 2.000 2,600 Age UK Sheffleld Alzheimer's So¢ietv Amy's House Asplre Community Enterprise Baby Basic5 Ben's Centre 5.0(M) 2,OL%) 2,CXJO 2,078 900 British Wirele55 for the Blind Fund Burton Street Foundatr"on 2.500 Cavendish Care Centrè Chan8ing Faces Chula i.0 13lX) CLIC Sargent Contact the Elderlv Darnall Dementsa Group Dream Holidays Ichildren with Cystic Fibrosis Emmaus Sheffield 2,500 I,soo 5C(I Epilepsy Action Friends of Holllnsend Park Graves Park Health Walk 300 Greenhlll/8radway Tenants and Residents Association George Woofindin Alrnshouse5 Heeley (Jty Farm Help u5 Help Huntington's L)isease Assoclatlon Manor Lodge Community Primary Nursery School ManorTraining & Resource Centre Meadowhead Christian Fellowship Multlple Sderosls Therapy Centre Murns in Need 5.291 a00 2,5 2.700 5.000 25(A) mUC in H05Pltals & Care Nerve Tumours UK 2,500 2,000 balantè t/f 52.278 39,391 Pa8e 24
THE HOSHTAL OF GILBERT. EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Grantspayoble lcontinuedj balance b/f No Panic Sheffield 52.278 39,391 I,0 NormandyVeteran5 Sheffield & Cistrict Owlthorpe Walkln8 Group Parson Cross Initiètive (Prolectsl RetalIse Re3Pite Holidays Roundabout Ltd 300 3,000 1.222 4.OOD Sallron Sheffield sha Psychotherapy Sheffield Churches Council for Community Care Sheffield Flourish 3,500 Sheffleld Food Bank Nelwork Sheffield Mencap Sheffield Methodist Circuit 5.¢XIO Sheffield Scrubs Up Group Sheffield Steelers Wheelchalr Basketball Club Sheffield Yoga for ME & CFS Shelter 7.000 2,0 2.5OJ Sick Children's Trust 1.500 Scojth Yorkshlre Eating Disorde¥s Assoeiaiion Splnal Injue5 Assoclation 5t Mary's Ctsmmunity Centre 5t Matthew's Parish Chuich Council 2,OC 2XIOO 4.000 StopGap Sheffield Survivor5 of Depresgion in Transition SVP Furniture Store 3.000 1,5LI) 500 ThE Children's Hospital Charlty Ltd The Sheffield Sunday Centre UK Kidz Solutions 2,LlJO 3.CKIO Westwood 2015 Ltd WhizZ-dZ 1.000 Woodthorpe TARA 3.cilo 80291 Page 25
THE HQSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ii. Tanglble fixed assets Long-term leasehold pro FehOld propttrty Costorvoluvtlo At l January 2020 Additions 3,124951 19.139 3(K).O 3A24,951 19,139 At 31 December 2020 3.144,090 At I january 2020 Ch3r8e for the year 179.487 44,882 179A87 At 31 Derntser 2020 224.369 224,369 Iletbook voli At 31 December 2020 2.919.721 30Q.000 3319,721 At 31 December 2019 2,945,464 300,OC 3,245,464 Freehold land and buildinB5 were subject to professional valuation at 31 Oecember 2015. The valuatyon wag undertaken by N R B Robinson FRICS, on a depreciated replacement cost basis. Leasehold property Was subject to professlonal valuation at 31 December 2015. The valuation was undertaken by N R B Robinson FRICS, on an estimated open market value sublect to the existing lease. Included within freehold property Is freehold land at a valuation of £9CIJ.OCKI 12019.. £9C,[*)jI which is not depreciated. The historical cost of freehold property Is not avallable as it was acquired in perlods for whith records are no lon8er available, a5 such a revaluatlon resetve has not been disclosed on the balance sheet. Pa8e 26
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Iz. Axed asset Investments Quoted Investments 2020 Investment propertles 2020 Total funds 2020 Tolal funds 2019 At l January 2020 Additions at cost 5.657.567 3,309,097 12.825,6011 199,520 6,575,Q)O 42,988 12,232,567 12,740,164 3352.085 990.360 {2,825.6011 12,049,653 336.532 551,696 Disposal proceeds Net realised and unreallsed 8ainslllossésl 137,012 At 31 December 2019 6.340,583 318,603 6.755.000 13.095.583 318,603 12.232,567 1,013,666 Investment cash 6.659,186 6.755.0 13,414,186 13,246,233 The historical cost ol quoted Investments was £6,668,301 12019.. £6,684,135) and investment propert(es was £4,053,03512019.. £4,010,047). m0teriolinve5tnt&. Details of the historic cost of investrnent properties are not available as many were acqvired in periods lor which records are no longer available. Accordlngly. for the purpose of the note on historical t05t. C05t is deemed to be the market value at 31 December 1995. adjv5ted for additions and disposals since that date. The Investment properties valuaUon was prepared by the &gent and Receiver, JN Robin%)n MRICS, on a market value basis on December 2020. The investment portfolio contains the following material investments in extes5 of S% of the market value of the portfolio: 2020 2019 Paradise Square properties White Horse Public House 4,000 750AI 4,000,0fy) 770,0 4.750.000 4,770,000 Pa8e 27
TrIE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 13. Debtors 2020 2019 Due within ane Trade debtors 123223 47.970 114,241 51.426 Prepayments and accrued Income 171.193 16S,667 Credltors: Amounts falllbvd due wlthln one year 2020 2019 Trade creditor5 29.982 20a,092 Accruals and deferred income 213,653 233.074 213.653 2020 2019 Deferred income at l January 2020 Resources deferred durtng the year Amounts released from previou5 periods 132,693 136.623 1132,6931 128,022 132,693 1128,0221 Dpfvrred Income at31 Drtember2020 136.fj23 132,693 The deferred intome relates to Tents received in advance. Pa8e 28
THE HOSPITAL OF GILBERT. EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMEfrrrs FOR THE YEAR ENDED 31 DECEMBER 2020 15. Statèment of funds Statement of funds- current year at I JJnuary 2020 Tr•n5fer5 Ihlout Gain51 Balan at31 ILossesl De¢ember 2020 IncLYne EApwdlture Unrestrlcted . fvnds General unrestricted funds lJ13.928 554.212 1629,6081 55,2 1293.732 Endowmentfvnds Almshouses 2,945,465 300.000 144.882) 19.139 1919,722 300Lx) Beech Hill Investment Property Capitsl Investment fund 6A75,IMKI 42988 137.012 6,755 4A96,352 138.1241 11446381 110.628 427,218 Williarn 8irlev lund 115,644 19421 967 9.569 125238 Income temporary Investments 379.967 78,544 151 458,662 15,212,428 183.9481 257.360 15,385 Totoloffvnds 16,526.356 554.212 1713.5) 312,560 16,679,sn Page 29
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 15. Statement of funds Icontlnued) Statrment otlunds- prlor year Balance at I january 2019 Balan at Gains/ 31 Deternber ILos5esl 2019 As restated Income As rèstated Expendiiure Transfers inlovt Ilnrestrkted funds General unrestricted funds 1,226,775 602,270 1594,9861 79,869 1,313,928 Endowmentfvnds Alrnshouses 2,984,798 300,000 145,6251 6,292 2,945,465 300,OCK) Beeth HS11 Investment Property Capital Investment fund 6,505,000 104,444 134,4441 6,575,( 4,626,244 152,2621 1173,3091 495,679 4,896,352 William Birfey fund 104,144 18721 1,230 11,142 115.644 Income temporary investments 318,515 61.343 Ice 379,967 14,838,701 198,7591 472,486 15,212,428 Totaloffvnds 16.065,476 602,270 1693,7451 552,355 16.526.356 Pa8e 30
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 15. Statement of funds Icontlnuedl Almshouses and Beech Hlll The Almshouses and Beech Hill are inalienable assets, the former accommodatin8 around 74 resldent5. The latter being letfor charltable purposes. Investment property and Ilsted Investments Inve5trnent properties are detailed In the statement of realty and together with listed investments generate income for tharitable purposes. Transfers between fvnds Transfe between funds represent fixed asset and Investment property additions and movements between1Ssted investments allocated in accordan with the separately held funils. 16. Summaryolfvnds Summary ot fvnds- current year alance at I January 2020 Transfers Inlout fj*nsl Balan¢e ai ILossesl Derember 2020 Expendture General funds L313,928 15.212A28 554,212 1629.6081 183,9481 55,21XI 257360 1293.732 15385 Endowrnent funds 16.526,356 554212 1713.556) 312,560 16,679.sn Surnmary of funds- prioryear Balance at l January 2019 Balano at Gainsl 31 December ILos5esl 2019 restated Income As restated Expenditure Transfers inlout General funds 1.226.775 602,270 1594.9861 198,7591 79.869 1,313,928 15,212.428 Endowment funds 14,838,701 472,486 16.065.476 602,270 1693,7451 552.355 16J26,356 Page 31
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 17. Analysls ol net tssèts between knds Analysi5 of net assets between lunds- turrent perlod Unrestricted Endowrnent funds funds 2020 2020 Totsl funds 2020 Tanglble flxed assets Fixed a55et investments 3,219,721 12,166,119 3219.721 13A14A86 278.TJ9 1233A1741 1.248,067 278,739 1233,0741 Current assets Creditors due within one year Total 1.293,732 15.385,840 16.679.sn Analysis ot net assets between funds- prlor perlod Unrestrirt2d Endowment funds funds 2019 2019 Total funds 2019 Tangible fixed asset5 Fixed asset investments 3,245.464 11,966,964 3,245,464 13,246.233 1,279,269 248.312 1213,6531 Current assets 248,312 1213.6531 Creditors due within one year Total 1.313,928 15.212,428 16,526,356 Page 32
THE HOSPITAL OF GILBERT, EARL OF SHREWS8URY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DecEMBER2020 Reconuliation of net movement In funds to net cash flow from operotlnK actlvltles 2020 2019 Net Income for the perfod las per Statement of Financial Activities) 177.188 460,221 Adjustmentsfvr Depretiatiw charges IGainsl/losses on investments Dividends, interests and rents from investments Decreasellincreasel in debtors Increaselldecreasel In creditors Net effect on forel8n ex¢hange differences 45.625 1551,6961 1565,0831 I1539) 114.7201 659 1335,5321 {5192331 15W6) 19,421 123.9721 PJrtQ75h usedln operntlny ortivihes 1643.7721 1640.8331 19. Anafysis of ¢ash and cash equirentS 2020 2019 Cash hand 107.546 318HIJ 82,645 1,013,666 Cash held wlthin Investment portf10 InotE 121 Totalcush cttsh equivolents 426,149 1,096,311 Analysls of ¢hanges In net debt At31 December 2020 Al Iju4ry 2020 Cash Ilows Cash at bank and in hand B2,64S 1.013,666 24,901 (695I163 107.546 318.603 Investment portfollo 1.0%.311 1670.1621 426.149 Pa8e 33
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 21. Tru5tees' remunerztton and eMPellS•S No trustee5 recEived remuneration12019.. £nlll. There were no trustees expenses in the year to 31 December 2020. Durin8 the year ended 31 December 2019. expenses totalling £1,221 were reimbursed to 9 trustees relatsng to travelling expense5. 22. Tru5tee5' Ilablllty Insurance In accordance with norn)al commercial practice. the charity has purchased Insurance to protert Tru5tee5 frcrfn clalms arfslng from negligent acts. errors or omlsslons in the course of buslness. The insurance provide5 cover up to £I.OCQ.())O. The cost for the year ended 31 December 2020 was £1,518. Taxatlon As a charitvtt The H05Pital of Gilbert Earl of Shrewsbury at Sheffield is exernpt from tax on incomè and gains fallln8 within the available tax exemptions to the extent that these are applied to its charitsble objects. No tax chatrEes have risen within the charity. Related party transartlons The freehold of Beech Hill Carehome is owned by Norfolk 1958 Settlement of whith the beneftclary Is the Earl of Arundel. a trustee of the charity, and is leased to the trustees of the Hospital of Gilbert, Earl of Shrew5bury under a 125 year lease at an annual rent of £lCiI. Mr J N Roblnson, agent ènd receiver for the chathty, Is the son of a trustee. During the year professional lees totallin8 £79.038 12019.. £838461 were pèid to Fowler Sandford, a firm of whlch the agent and recewer 15 3 partner. At the year end amounts owing to Fowler Sandford are £16,15712019.. £19.8281. Fowler 5andford are the managing agents for the George Woc+findin Almshouses. Mr N R B Robinson. a trustee of the charity. Is secretaryto the George Woofindin Alm5hou5e5. Mr N Hutton, Mr O Stephen50n. Mr S B G Howard and Mr M 8 N Howard twstees of the charity are also trustèes of the George WoDdfindin Almshouses. Grants of £nil 12019.. £8,393) were paid to the George Woodfindln Alrnshouse> Mr N Hijtton and Mr O Stephenson. trustees of the charlty are also trustees of the Sheffield Town Trust which dlstributes the 8rants detailed in note 10 of the accounts. Page 34
THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 25. Statement ofValuatiDn of Reatty 2020 2019 Sheffleld ParadlsÈ Square Psalter Lane 4.(KJO.000 515MK) 7SO.OIY) 744,0 4,IJW.OCK) 515,000 770.CQO White Horse Other properties 794,Cl)J 6.009,(rf10 6,079,OCiI Rothertm Various piopertles 30,C 30,LXIO Penistone Various properties Bulldlng land 120,000 250.C I20,( 370,( o.coj l and 3 S¢Juth 330,000 16000 330,1X#) 16,000 Corn rents 346.000 346,C 6.755,LI)O 6,575,CwJO Page 35
THE HOSPITAL OF GILBERT. EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 2& Statement of the expendlture on the hospltal and of allowances to In.penslonets In the years 2011>2020 E)wnse5 ofthÈ eStabshmrt Induthr r¢palts and Inwsloners malnt¢nance of forfuel and bulldln8sand medlcal Dd$ attthdance eith knshouse Total In the Jeur 2010 258.216 156,476 159.567 35,457 40.286 49,373 24.968 33,590 39,516 36,418 34,031 37.808 64,879 32,532 293,673 196.762 208,940 199,186 295,254 407,157 390.649 278,277 404,699 337,887 331.264 3,969 2,659 2.824 2,692 2011 2012 2013 174,218 261,664 367,641 354,231 244.246 366.891 2014 2015 5,735 5,502 3,919 5,7( 4,759 4.477 2016 2017 2018 2019 273,LKIJ 298.733 2020 P¥ Per week The avÈra8e expenses of each Almshouse for the above years are.. 4,206 81 There are no pen5i9ns paid out to out-pensioners. The above statement is In pursuance of the order INO. 1411 of the trustees. Expense5 of the establlshment for 2020 indude establishment expenses of £227.519 and staff costs of £71,214 12019.. estsbllshment expenses of £204,742 and staff costs of £68,267) Page 36