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 Ne￿Ile 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
In￿stme￿ ad￿Ser5
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￿$<T￿d artivit￿$
.14Alcles objectlves
The charity is limited In its att￿ltieS 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 aCtI￿tIeS 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 £c￿Straints of Its 8ovemin8 document the charity and Its a￿1VitieS 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 (col￿1NuED)
FOR THE YEAR ENDED 31 DECEMBER 2020
AChlè￿fflettts •fvd perfonnance Icontlnuedl
d. Investment pollc¥ and performance
The Charity Commi551Dn Scheme Specifies the charl￿5 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 ex￿ptIOn 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,c￿l2019.' £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 certa￿n 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 p￿paration 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 f￿e 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 p￿pared 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 I￿Ure 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* governo￿e 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
c￿￿deratIOn 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 re￿Ipt 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 expe￿enCe 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 re￿onable 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 mosP￿AL 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 re￿UrceS 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 rel*ln8to 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 mIsSta￿ment 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, disclo￿Ng. 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
Ayrflto￿s 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 Com￿lanCe 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 SUS￿pt[bIllty of the charl￿S 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
krn0￿edge of actual. suspected and alleged fraud.. ènd
considering the internal contro15 in place to rni￿gate 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 ACTIVI￿E5
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 I￿pendItUre)/ 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
460￿80
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
I6￿79,572
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 0fth￿e 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 equI￿lents 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 en￿ty 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, tan￿ble
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 be￿use 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 re￿atement 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 OR￿depre(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 can￿￿t 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 I￿nd
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 LffaI￿1￿esO￿dpr9¥lSlO￿s
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 requi￿d 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 de￿gnated 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 char￿able 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
un￿s111¢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
32￿32
126,311
101,208
20,927
18,819
22.116
71.214
loo,0
44￿82
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 re￿1ver, 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
a￿00
2,5
2.700
5.000
25(A)
mU￿C 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
Re￿talIse 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 Inju￿e5 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
F￿ehOld
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 De￿rntser 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).
m0teriolinve5tn￿￿t&.
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
4,0￿￿00
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
300￿Lx)
Beech Hill
Investment
Property
Capitsl
Investment fund
6A75,IMKI
42988
137.012
6,755
4A96,352
138.1241
11446381
110.628
4￿27,218
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
I15￿39)
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 equi￿rentS
2020
2019
Cash hand
107.546
318HIJ
82,645
1,013,666
Cash held wlthin Investment portf￿10 InotE 121
Totalcush cttsh equivolents
426,149
1,096,311
Analysls of ¢hanges In net debt
At31
December
2020
Al Ij￿u4ry
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
Rothert￿m
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
eStab￿shm￿rt
Induthr
r¢palts and Inwsloners
malnt¢nance of
forfuel and
bulldln8sand
medlcal
D￿d$
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