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2021-12-31-accounts

Charity number: 221644

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

CONTENTS
Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 7
Independent auditor's report on the financial statements 8 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 36

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees The Duke of Norfolk
The Honourable Simon B G Howard(deceased 28 February2022)
The Honourable PhilipC W Howard
Lord Howard of Penrith(resigned 17 November 2021)
Colonel Neville Howard
Lord Gerald Fitzalan Howard
Nicholas J A Hutton
Oliver Stephenson
Nicholas R B Robinson
The Earl of Arundel
Charity registered number
221644
Principal office
8 St James Street
Sheffield
S1 1XN
Independent auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
Bankers
HSBC plc
Carmel House
49-63 Fargate
Sheffield
S1 2HD
Solicitors
Wake Smith LLP
No.1 Velocity
2 Tenter Street
Sheffield
S1 4BY
Principal officer
J N Robinson MRICS (Agent and Receiver)
Investment advisers
Cazenove Capital Management Limited
1 London Wall Place
London
EC2Y 5AU

Page 1

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees present their annual report together with the audited financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of the Statement of Recommended Practice: (SORP) "Accounting and Reporting by Charities" (FRS102) in preparing the trustees' report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Objectives and activities

a. Policies and objectives

The charity is limited in its activities insofar as it shall provide support for the poor and needy of the City of Sheffield.

No changes to the objects or policy of the charity have been affected in recent years.

b. Strategies and activities undertaken to achieve objectives

These objects are met by the provision of residential accommodation at the hospital and of a respite care facility at Beech Hill and by the making of grants to charities whose activities fall within the above scope.

The agent and receiver monitors the quality of service delivery by regular contact with hospital residents, the management at Beech Hill and the recipients of institutional grants.

c. Grant-making policies

The charity invites applications for grants of financial assistance from other charities whose objectives are compatible with its own. All applications are accompanied by a summary of proposals, financial resources and statement of ability to deliver.

The charity has made 24 (2020: 30) institutional grants totalling £75,000 (2020: £100,000) in furtherance of its objects. The grants were for the purpose of social welfare.

Page 2

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Objectives and activities (continued)

d. Main activities undertaken to further the charity's purposes for the public benefit

The trustees are aware of their duty under Section 4 of the Charities Act 2011 to have due regard to the Public Benefit Guidance as published by the Charity Commission.

Within the constraints of its governing document the charity and its activities are of benefit to the general public of Sheffield.

The almshouse complex, known as the Hospital, comprises 74 one bedroom almshouses set within 5.5 acres of landscaped grounds close to Sheffield City Centre. The accommodation is for the elderly and to varying degrees the infirm. Two fulltime Wardens, a Caretaker and Chaplain live onsite. The wardens check on resident’s welfare daily (Unless the resident requests no visit). Each almshouse is linked via a warden call system which is monitored 24/7 in the case of emergency. Communal facilities comprise an Assembly Hall and Chapel. Activities are arranged by staff, the Chaplain and residents, they include regular coffee mornings, snooker, table tennis, darts, bingo and regular services in the chapel. Computers with internet are available for residents to use, there are several allotments for resident’s use.

The Beech Hill Centre is managed for the charity by Sheffield NHS Primary Care Trust which provides respite care facilities and support in the home to a large number of members of the public.

Institutional grants are made annually to charities with activities in Sheffield who support the elderly and/or infirm in the community.

Achievements and performance

a. Key performance indicators

The agent and receiver monitors the quality of service delivery by regular contact with hospital residents, the management at Beech Hill and the recipients of institutional grants.

b. Review of activities

The level of occupancy at the Almshouses has remained static.

The trustees are ultimately responsible for systems of financial management and internal controls. They delegate day to day operation of controls to the agent and receiver. The trustees monitor the application of good financial controls.

c. Factors relevant to achieve objectives

The agent and receiver is instructed to maintain all real property to a good standard and to improve rental income by ongoing refurbishment.

d. Volunteers

The Trust does not actively engage with volunteers, with the exception of the trustees who all give their time free of charge.

Page 3

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and performance (continued)

e. Investment policy and performance

The Charity Commission Scheme specifies the charity’s investment powers.

The charity’s investment strategy is monitored against a benchmark on an annual basis. In the year to 31 December 2021, the performance of the investment portfolio was above the benchmark. The benchmark set was at +7.9% - 9.0% (2020: +1.9%) on a total return basis. The actual performance was +7.3% - +14.6% (2020: +2.3%) on a total return basis.

The investment advisors are instructed to invest in a balanced portfolio which will maximise total return with medium to low risk investments. The income from listed investments for the year totalled £106,205 (2020: £94,853).

Financial review

a. Going concern and post balance sheet events

Free reserves at 31 December 2021 are £1,248,481. The Board have prepared forecasts of income and expenditure for 5 years from 31 December 2021 which shows that they have sufficient reserves to be able to continue for the foreseeable future. The Trustees therefore continue to adopt the going concern basis of preparation for these financial statements.

b. Reserves policy

The charity's total reserves as at 31 December 2021 were £17,240,901 (2020 (as restated): £17,035,217) of which £15,992,420 (2020 (as restated): £15,741,485) are endowments and £1,248,481 (2020: £1,293,732) are unrestricted free reserves.

The trustees have forecast the income and expenditure of the charity over the next 5 years to establish the level of free reserves they require. The charity needs to hold free reserves to ensure that the hospital can keep running should there be any significant decline in income, in conjunction with the need for ongoing repair expenditure on the ageing property. The target level of reserves is quantified as £1,000,000. At 31 December 2021 free reserves are £1,248,481 (2020: £1,293,732). The trustees consider this level of reserves, is sufficient to enable them to continue to fulfil their charitable objects over the foreseeable future.

The rise of inflation will impact on The Trust, namely construction and utility costs. A review of expenditure has been undertaken and revised 5 year cashflow forecasts have been prepared and will be closely monitored. The review has identified a number of opportunities for The Trustees to consider.

c. Principal funding

The principal funding stream of the charity is rental income from the estate and from quoted investments. Investment income amounted to £509,124 (2020: £519,233).

Page 4

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

d. Results for the year

The charity continues to satisfy its objects and is financially secure. At the 31 December 2021 funds totalled £17,240,901 (2020 (as restated): £17,035,217). These include the hospital property which is an inalienable asset at £2,970,412 (2020: £2,919,721) and the leasehold property, Beech Hill at £300,000 (2020: £300,000) neither of which can be sold by the trustees.

The financial statements give details of the charity's funds and how these have been applied during the year.

Total income amounted to £532,774 (2020: £554,212). Total expenditure was £796,515 (2020: £713,556).

Net expenditure before gains and losses for the year was £263,741 (2020: £159,344). This is after capitalisation of expenditure on refurbishment of certain investment properties and the almshouses. Net gains on investments and other gains, which include the listed investments and the investment property portfolio, were £469,425 (2020 (as restated): £668,205). Net movement in funds for the year was a surplus of £205,684 (2020 (as restated): £508,861).

e. Risk management

The trustees review the major risks to which the charity is exposed on a bi annual basis and act as necessary to mitigate those risks.

The trustees rely on the reports received from professional advisors, particularly Cazenove Capital Management Limited for the investments and Fowler Sandford for the operational management of the almshouses. Each have professional indemnity insurance. Reports are received at each meeting of trustees, where they are discussed and questioned, and visits round the premises are made. Budgets are set annually and performance reviewed against these at each meeting.

External risks to funding have led to a strategic plan being prepared by the Investment Advisors.

Internal risks are minimised by authorisation procedures to ensure quality of delivery for all operational aspects of the charity’s activities.

Plans for future periods

a. Future developments

The progressive upgrading of the residential accommodation at the hospital will be continued.

The trustees intend to continue to make grants to other charities whose work complements that of the charity.

The trustees are considering plans for the future which may involve capital expenditure within the charity's financial resources.

Information on fundraising practices

The charity does not actively fundraise and is therefore not a participant of a voluntary scheme for regulating fundraising.

Page 5

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Structure, governance and management

a. Constitution

The Hospital of Gilbert, Earl of Shrewsbury at Sheffield is an unincorporated charity, constituted under an Act of Parliament in 1673. Current governance is by way of a Charity Commission Scheme approved in 1993. Its charity number is 221644.

b. Methods of appointment or election of trustees

Prospective trustees are fully considered by the board of trustees, taking into account their suitability and relevant experience. Once a decision has been made trustees are invited to join the board by the Patron, His Grace the Duke of Norfolk.

Two longstanding Trustees recently left The Trust. The Honourable Simon B G Howard died on 28 February 2022. Lord Howard of Penrith resigned 17 November 2021. The Patron and remaining Trustees are grateful for their efforts and contributions over the years.

Consideration will be given to appointing replacement Trustees.

c. Organisational structure and decision-making policies

At half yearly trustees’ meetings, the trustees agree the broad strategy and areas of activities for the charity, including consideration of grant making, investment, reserves and risk management policies and performance.

The day to day management of the hospital and the administration of grants is provided by the agent and receiver who is charged with ensuring that the hospital is run as a cost effective charity whilst providing the best possible care for in patients and other beneficiaries.

The charity is a member of the National Association of Almshouses, which provides helpful information on good practice, changes in legislation, and acts as an authoritative lobby on behalf of almshouses charities with the government and regulators.

The hospital management is the responsibility of the trustees.

d. Policies adopted for the induction and training of trustees

The induction process for any newly appointed trustee comprises an initial meeting with the Patron followed by a discussion with the trustees regarding general policy, powers and responsibilities.

e. Pay policy for senior staff

The trustees consider the Board of Trustees and J N Robinson MRICS (Agent and Receiver) comprise the management personnel of the charity in charge of directing, controlling, running and operating the charity on a day to day basis. All trustees give their time freely without receipt of remuneration in the year. Details of trustee’s expenses and related party transactions are disclosed in notes 22 and 25.

The charge from the agent and receiver is reviewed annually. In assessing the appropriateness of the charge the trustees take into consideration their experience of fees charged by other agents.

Page 6

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Structure, governance and management (continued)

f. Related party relationships

The charity does have related party relationships and the relevant transactions are detailed in note 25.

Statement of trustees' responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity Commission Scheme. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

The auditor, BHP LLP, has indicated their willingness to continue in office. The designated trustees will propose a motion reappointing the auditor at a meeting of the trustees.

Approved by order of the members of the board of trustees and signed on their behalf by:

Norfolk Norfolk (Aug 16, 2022 11:14 GMT+1)

The Duke of Norfolk

Date: Aug 16, 2022

Page 7

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

Opinion

We have audited the financial statements of The Hospital of Gilbert, Earl of Shrewsbury at Sheffield (the 'charity') for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections 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 (CONTINUED)

Other information

The other information comprises the information included in the trustees' report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the trustees' report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 9

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)

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

To address the risks of fraud through management bias and override controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. 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 the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Marshall (Aug 17, 2022 18:04 GMT+1)

BHP LLP

Statutory Auditor 2 Rutland Park Sheffield S10 2PD

Date: Aug 17, 2022

BHP LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 11

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Income and endowments from:
Charitable activities
3
Investments
4
Total income and endowments
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net expenditure before net gains on
investments
Net gains on investments
12
Net (expenditure)/ income
Other recognised gains/(losses):
Other gains/(losses)
Net movement in funds
Reconciliation of funds:
Total funds brought forward (as restated)
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
23,650
509,124
532,774
89,986
616,898
706,884
(174,110)
128,859
(45,251)
-
(45,251)
1,293,732
(45,251)
1,248,481		 Endowment
funds
2021
£
-
-
-
42,799
46,832
89,631
(89,631)
339,722
250,091
844
250,935
15,741,485
250,935
15,992,420		 Total
funds
2021
£
23,650
509,124
532,774
132,785
663,730
796,515
(263,741)
468,581
204,840
844
205,684
17,035,217
205,684
17,240,901		 As restated
Total
funds
2020
£
34,979
519,233
554,212
138,804
574,752
713,556
(159,344)
670,134
510,790
(1,929)
508,861
16,526,356
508,861
17,035,217

The Statement of Financial Activities includes all gains and losses recognised in the year.

Page 12

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

BALANCE SHEET

AS AT 31 DECEMBER 2021

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one year
14
Net current (liabilities) / assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds (Revaluation reserve
£3,952,124 (2020: £3,940,666))
16
Unrestricted funds (Revaluation reserve
£291,718 (2020: £268,085))
16
Total funds		 155,795
38,447
194,242
(239,816)		 2021
£
3,270,412
14,016,063
17,286,475
(45,574)
17,240,901
17,240,901
15,992,420
1,248,481
17,240,901		 150,393
107,546
257,939
(212,274)		 As restated
2020
£
3,219,721
13,769,831
16,989,552
45,665
17,035,217
17,035,217
15,741,485
1,293,732
17,035,217

The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:

Norfolk

Norfolk (Aug 16, 2022 11:14 GMT+1)

The Duke of Norfolk

Date: Aug 16, 2022

The notes on pages 15 to 36 form part of these financial statements.

Page 13

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Cash flows from operating activities
Net cash used in operating activities
19
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
20		 2021
£
(703,049)
509,124
(97,523)
2,272,967
(2,217,544)
467,024
(236,025)
427,332
191,307		 As restated
2020
£
(621,729)
519,233
(19,139)
2,825,601
(3,372,945)
(47,250)
(668,979)
1,096,311
427,332

Page 14

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. General information

The Hospital of Gilbert, Earl of Shrewsbury at Sheffield is a registered unincorporated charity in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are detailed on pages 2 and 3.

2. Accounting policies

2.1 Basis of preparation of financial statements

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2 Going concern

The Board have prepared forecasts of income and expenditure for 5 years from 31 December 2020 which shows that they have sufficient reserves to be able to continue for the foreseeable future. The Trustees therefore continue to adopt the going concern basis of preparation for these financial statements.

2.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Rental and investment income are accounted for on a receivable basis.

Page 15

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on raising funds includes all expenditure incurred by the charity in the management of the charity's endowment funds and investment portfolio.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the statement of financial activities.

2.6 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 16

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a charity may need to estimate fair value using an income or depreciated replacement cost approach.

Gains and losses on revaluation are recognised in the statement of financial activities.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives .

Depreciation is provided on the following basis:

The Almshouses and the Hospital are inalienable assets which are included in the balance sheet at valuation.

Freehold buildings are depreciated at 2% on a straight line basis.

Freehold land is not depreciated.

The Beech Hill property is not depreciated. It is the charity's policy to maintain the property in a good state of repair and as a consequence the value of the property is not being reduced significantly by the passage of time. Hence, in the view of the trustees, any element of depreciation is immaterial.

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.

Investments held as fixed assets are shown at cost less provision for impairment.

2.9 Investment properties

Investment properties are included in the balance sheet at their open market value in accordance with FRS 102 and are not depreciated.

Page 17

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

2.13 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Endowment funds represent those assets which must be held permanently by the charity, principally the almshouses, listed investments and investment properties. Income arising from endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments from part of the fund. Investment management charges, property management charges and legal advice relating to the fund are charged against the fund.

Investment income, gains and losses are allocated to the appropriate fund.

Page 18

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.16 Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amounts expected to be paid in exchange for that service.

Termination benefits are employee benefits payable as a result of the charity's decision to terminate an employee's employment before the normal retirement date.

2.17 Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

In the opinion of the trustees the key estimate is the allocation of shared costs between endowment and unrestricted funds. The allocation is based on assets held within each respective fund and the management time taken to perform activities associated with those fund assets.

3. Income from charitable activities

Housing benefit income
Sundry income
Total 2021		 Unrestricted
funds
2021
£
23,392
258
23,650		 Total
funds
2021
£
23,392
258
23,650		 Total
funds
2020
£
34,696
283
34,979

In the prior year all income from charitable activities was unrestricted.

Page 19

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

4. Investment income

Quoted investments
Interest receivable
Rental income
Total 2021		 Unrestricted
funds
2021
£
106,205
1,026
401,893
509,124		 Total
funds
2021
£
106,205
1,026
401,893
509,124		 Total
funds
2020
£
94,853
1,914
422,466
519,233

In the prior year all investment income was unrestricted.

5. Expenditure on raising funds

Investment management fees
Managing charge for the estate
Repairs to investment properties
Provision for doubtful debts
Total 2021
Total 2020		 Unrestricted
funds
2021
£
12,130
37,797
36,849
3,210
89,986
99,738		 Endowment
funds
2021
£
38,968
3,831
-
-
42,799
39,066		 Total
funds
2021
£
51,098
41,628
36,849
3,210
132,785
138,804		 Total
funds
2020
£
47,328
42,558
19,108
29,810
138,804

Page 20

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

6. Analysis of expenditure on charitable activities

Summary by fund type

Pensioners' welfare
Establishment expenses
Upkeep of accommodation
Security and insurance
Management and legal
Professional fees (hospital management)
Staff costs (note 9)
Subcontracted costs
Grants (note 10)
Governance (note 7)
Depreciation
Total 2021
Total 2020		 Unrestricted
funds
2021
£
45,743
131,150
181,074
24,052
9,081
29,483
72,442
10,667
75,000
38,206
-
616,898
529,870		 Endowment
funds
2021
£
-
-
-
-
-
-
-
-
-
-
46,832
46,832
44,882		 Total
funds
2021
£
45,743
131,150
181,074
24,052
9,081
29,483
72,442
10,667
75,000
38,206
46,832
663,730
574,752		 Total
funds
2020
£
32,532
126,311
101,208
20,927
18,819
22,116
71,214
-
100,000
36,743
44,882
574,752

Page 21

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

6. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type

Pensioners' welfare
Establishment expenses
Upkeep of accommodation
Security and insurance
Management and legal
Professional fees (hospital
management)
Staff costs (note 9)
Subcontracted costs
Grants (note 10)
Governance (note 7)
Depreciation
Total 2021
Total 2020		 Staff costs
2021
£
-
-
-
-
-
-
72,442
-
-
-
-
72,442
71,214		 Depreciation
2021
£
-
-
-
-
-
-
-
-
-
-
46,832
46,832
44,882		 Other costs
2021
£
45,743
131,150
181,074
24,052
9,081
29,483
-
10,667
75,000
38,206
-
544,456
458,656		 Total
funds
2021
£
45,743
131,150
181,074
24,052
9,081
29,483
72,442
10,667
75,000
38,206
46,832
663,730
574,752		 Total
funds
2020
£
32,532
126,311
101,208
20,927
18,819
22,116
71,214
-
100,000
36,743
44,882
574,752

7. Governance costs

Legal and accountancy fees
Professional fees relating to the governance of the charity		 2021
£
19,233
18,973
38,206		 2020
£
17,932
18,811
36,743

Page 22

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

8. Net income/(expenditure)

This is stated after charging:
Depreciation of tangible fixed assets owned by the charity
Auditor's remuneration - audit
Auditor's remuneration - other services		 2021
£
46,832
10,647
5,733
63,212		 2020
£
44,882
7,829
4,216
56,927

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
71,737
404
301
72,442		 2020
£
69,223
1,704
287
71,214

Wages and salaries includes £7,000 in the year for an ex-gratia termination payment (2020: £nil).

The average number of persons employed by the charity during the year was as follows:

2021 2020
No. No.
Care home staff 3 4

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel is deemed to be the agent and receiver, Mr J N Robinson, as detailed on page 1. During the year professional fees totalling £83,367 (2020: £79,038) were paid to Fowler Sandford, for services provided by the agent and receiver.

Page 23

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

10. Grants payable

All grants paid are to institutions.

50+ Contemporary Dance Sheffield
Abbeydale Park Bowling Club
Age UK Sheffield
Baby Basics
Ben's Centre
British Wireless for the Blind Fund
Burton Street Foundation
Cavendish Care Centre
Chula
CLIC Sargent
Deafblind UK
Disability Sheffield Centre
Emmaus Sheffield
Enable Sheffield
Heeley City Farm
Help us Help
Kidney Care UK
Manor Lodge Community Primary Nursery School
Meadowhead Christian Fellowship
Mums in Need
Normandy Veterans Sheffield & District
Parson Cross Initiative (Projects)
Revitalise Respite Holidays
Roundabout Ltd
Saffron Sheffield
Share Psychotherapy
Sheffcare
Sheffield Churches Council for Community Care
Sheffield Flourish
Sheffield Food Bank Network
Sheffield General Cemetery Trust
Sheffield Hospitals Charity
Sheffield Maternity Co-Operative
balance c/f		 2021
£
-
3,000
4,500
-
3,000
-
-
3,000
-
2,500
1,000
1,820
-
5,000
-
-
1,400
-
-
3,500
-
1,500
-
-
-
-
2,000
3,000
-
-
3,000
7,500
3,000
48,720		 2020
£
2,000
-
5,000
7,000
2,078
900
2,500
5,000
1,300
-
-
-
4,000
-
3,500
8,500
-
3,000
5,000
2,500
1,500
-
1,000
1,222
4,000
3,000
-
-
5,000
10,000
-
-
-
78,000

Page 24

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Grants payable (continued)
balance b/f
Sheffield Mencap
Sheffield Methodist Circuit
Sheffield Royal Society for the Blind
Sheffield Scrubs Up Group
Sheffield Steelers Wheelchair Basketball Club
Sheffield Yoga for ME & CFS
Shipshape
Sick Children's Trust
Spinal Injuries Association
St Mary's Community Centre
SVP Furniture Store
SY Chaplaincy & Listening Service
Teenage Cancer Trust
Westwood 2015 Ltd
Whizz-Kidz		 2021
£
48,720
4,000
-
5,600
-
-
3,500
5,000
-
2,000
-
-
2,500
2,000
1,680
-
75,000		 2020
£
78,000
-
2,000
-
7,000
2,000
-
-
1,500
2,000
5,000
500
-
-
1,000
1,000
100,000

Page 25

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

11. Tangible fixed assets

Cost or valuation
At 1 January 2021
Additions
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Freehold
property
£
3,144,090
97,523
3,241,613
224,369
46,832
271,201
2,970,412
2,919,721		 Long-term
leasehold
property
£
300,000
-
300,000
-
-
-
300,000
300,000		 Total
£
3,444,090
97,523
3,541,613
224,369
46,832
271,201
3,270,412
3,219,721

Freehold land and buildings were subject to professional valuation at 31 December 2015. The valuation was undertaken by N R B Robinson FRICS, on a depreciated replacement cost basis.

Leasehold property was subject to professional valuation at 31 December 2015. The valuation was undertaken by N R B Robinson FRICS, on an estimated open market value subject to the existing lease.

Included within freehold property is freehold land at a valuation of £900,000 (2020: £900,000) which is not depreciated.

The historical cost of freehold property is not available as it was acquired in periods for which records are no longer available, as such a revaluation reserve has not been disclosed on the balance sheet.

Page 26

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

12. Fixed asset investments

At 1 January 2021
Additions at cost
Disposal proceeds
Net realised and unrealised gains/(losses)
At 31 December 2021
Investment cash		 Quoted
investments
2021
£
6,695,045
2,205,304
(2,272,967)
480,821
7,108,203
152,860
7,261,063		 Investment
properties
2021
£
6,755,000
12,240
-
(12,240)
6,755,000
-
6,755,000		 Total
funds
2021
£
13,450,045
2,217,544
(2,272,967)
468,581
13,863,203
152,860
14,016,063		 As restated
Total
funds
2020
£
12,232,567
3,372,945
(2,825,601)
670,134
13,450,045
319,786
13,769,831

The historical cost of quoted investments was £5,706,946 (2020: £5,508,052) and investment properties was £4,065,275 (2020: £4,053,028).

Material investments:

Details of the historic cost of investment properties are not available as many were acquired in periods for which records are no longer available. Accordingly, for the purpose of the note on historical cost, cost is deemed to be the market value at 31 December 1995, adjusted for additions and disposals since that date. The investment properties valuation was prepared by the Agent and Receiver, JN Robinson MRICS, on a market value basis on 31 December 2020 and considered that this valuation remained unchanged for 31 December 2021

13. Debtors

Trade debtors
Prepayments and accrued income		 2021
£
102,067
53,728
155,795		 As restated
2020
£
102,423
47,970
150,393

Page 27

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

14. Creditors: Amounts falling due within one year

Trade creditors
Accruals and deferred income
Deferred income at 1 January 2021
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 December 2021		 2021
£
37,163
202,653
239,816
2021
£
115,822
115,676
(115,822)
115,676		 As restated
2020
£
29,982
182,292
212,274
As restated
2020
£
132,693
115,822
(132,693)
115,822

The deferred income relates to rents received in advance.

15. Prior year adjustments

There has been a presentational reclassification in the prior year between trade debtors and deferred income within creditors. There has been no impact to the surplus or net assets in the prior year.

It has come to light during the current year that the US $ private assets portfolio had been omitted from the financial statements. The impact of this is to increase net assets as at 31 December 2020 by £355,645 and increase the movement in the Statement of Financial ActivitIes by £355,645.

Page 28

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

16. Statement of funds

Statement of funds
Statement of funds - current year
As restated
Balance at 1
January 2021
£
Unrestricted
funds
General
unrestricted
funds
1,293,732
Endowment funds
Almshouses
2,919,722
Beech Hill
300,000
Investment
Property
6,755,000
Listed investments
- capital
5,182,863
Listed investments
- William Birley
125,238
Listed investments
- income
temporary
458,662
15,741,485
Total of funds
17,035,217		 Income
£
532,774
-
-
-
-
-
-
-
532,774		 Expenditure
£
(706,884)
(46,832)
-
-
(38,196)
(773)
(3,830)
(89,631)
(796,515)		 Transfers
in/out
£
-
97,522
-
12,240
(181,638)
711
71,165
-
-		 Gains/
(Losses)
£
128,859
-
-
(12,240)
527,538
7,624
(182,356)
340,566
469,425		 Balance at 31
December 2021
£
1,248,481
Unrestricted
funds
General
unrestricted
funds
Endowment funds
Almshouses
Beech Hill
Investment
Property
Listed investments
- capital
Listed investments
- William Birley
Listed investments
- income
temporary
Total of funds
2,970,412
300,000
6,755,000
5,490,567
132,800
343,641
15,992,420
17,240,901

Page 29

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General
unrestricted
funds
Endowment funds
Almshouses
Beech Hill
Investment
Property
Listed investments
- capital
Listed investments
- William Birley
Listed investments
- income
temporary
Total of funds		 Balance at
1 January
2020
£
1,313,928
2,945,465
300,000
6,575,000
4,896,352
115,644
379,967
15,212,428
16,526,356		 Income
£
554,212
-
-
-
-
-
-
-
554,212		 Expenditure
£
(629,608)
(44,882)
-
-
(38,124)
(942)
-
(83,948)
(713,556)		 Transfers
in/out
£
-
19,139
-
42,988
(141,638)
967
78,544
-
-		 As restated
Gains/
(Losses)
£
55,200
-
-
137,012
466,273
9,569
151
613,005
668,205		 As restated
Balance at
31 December
2020
£
1,293,732
2,919,722
300,000
6,755,000
5,182,863
125,238
458,662
15,741,485
17,035,217

Page 30

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

16. Statement of funds (continued)

Almshouses and Beech Hill

The Almshouses and Beech Hill are inalienable assets, the former accommodating around 74 residents. The latter being let for charitable purposes.

Investment property and listed investments

Investment properties are detailed in the statement of realty and together with listed investments generate income for charitable purposes.

Transfers between funds

Transfers between funds represent fixed asset and investment property additions and movements between listed investments allocated in accordance with the separately held funds.

17. Summary of funds

Summary of funds - current year

General funds
Endowment funds		 As restated
Balance at 1
January 2021
£
1,293,732
15,741,485
17,035,217
- prior year
Balance at
1 January
2020
£
1,313,928
15,212,428
16,526,356		 Income
£
532,774
-
532,774
Income
£
554,212
-
554,212		 Expenditure
£
(706,884)
(89,631)
(796,515)
Expenditure
£
(629,608)
(83,948)
(713,556)		 Transfers
in/out
£
-
-
-
Transfers
in/out
£
-
-
-		 Gains/
(Losses)
£
128,859
340,566
469,425
As restated
Gains/
(Losses)
£
55,200
613,005
668,205		 Balance at 31
December 2021
£
1,248,481
15,992,420
17,240,901
Balance at
31 December
2020
£
1,293,732
15,741,485
Summary of funds
General funds
Endowment funds
17,035,217

Page 31

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2021
£
-
1,294,055
194,242
(239,816)
1,248,481		 Endowment
funds
2021
£
3,270,412
12,722,008
-
-
15,992,420		 Total
funds
2021
£
3,270,412
14,016,063
194,242
(239,816)
17,240,901

Analysis of net assets between funds - prior year (as restated)

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2020
£
-
1,248,067
257,939
(212,274)
1,293,732		 Endowment
funds
2020
£
3,219,721
12,521,764
-
-
15,741,485		 Total
funds
2020
£
3,219,721
13,769,831
257,939
(212,274)
17,035,217

Page 32

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains on investments
Dividends, interests and rents from investments
Increase in debtors
Increase in creditors
Net effect on foreign exchange differences
Net cash used in operating activities		 2021
£
204,840
46,832
(468,581)
(509,124)
(5,402)
27,542
844
(703,049)		 As restated
2020
£
510,790
44,882
(670,134)
(519,233)
(5,526)
19,421
(1,929)
(621,729)

20. Analysis of cash and cash equivalents

Cash in hand
Cash held within investment portfolio (note 12)
Total cash and cash equivalents		 2021
£
38,447
152,860
191,307		 As restated
2020
£
107,546
319,786
427,332
21.
Analysis of changes in net debt
Cash at bank and in hand		 At 1 January
2021
£
107,546
107,546		 Cash flows
£
(69,099)
(69,099)		 At 31
December
2021
£
38,447
38,447

Page 33

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

22. Trustees' remuneration and expenses

No trustees received remuneration (2020: £nil). There were no trustees expenses in either year.

23. Trustees' liability insurance

In accordance with normal commercial practice, the charity has purchased insurance to protect Trustees from claims arising from negligent acts, errors or omissions in the course of business. The insurance provides cover up to £1,000,000. The cost for the year ended 31 December 2021 was £1,440 (2020: £1,518).

24. Taxation

The charity is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charity for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Income Tax Act 2007, Part 10 s521 – s537 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

25. Related party transactions

The freehold of Beech Hill Carehome is owned by Norfolk 1958 Settlement of which the Duke of Norfolk and Lord Gerald Fitzalan Howard are trustees and the beneficiary is the Earl of Arundel. The property is leased to the trustees of the Hospital of Gilbert, Earl of Shrewsbury under a 125 year lease at an annual rent of £100.

Mr J N Robinson, agent and receiver for the charity, is the son of a trustee. During the year professional fees totalling £83,367 (2020: £79,038) were paid to Fowler Sandford, a firm of which the agent and receiver is a partner. At the year end amounts owing to Fowler Sandford are £20,804 (2020: £16,157).

Fowler Sandford are the managing agents for the George Woofindin Almshouses. Mr N R B Robinson, a trustee of the charity, is secretary to the George Woofindin Almshouses.

Mr N Hutton and Mr O Stephenson, trustees of the charity, are also trustees of the Sheffield Town Trust, which distributes the grants detailed in note 10 of the accounts. The charity also leases car parking from Sheffield Town Trust at an annual rate of £1,400.

Mr N Hutton is a trustee of Sheffield Church Burgesses Trust. Rental income of £1 is received from Sheffield Church Burgesses Trust.

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THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

26. Statement of Valuation of Realty

Sheffield
Paradise Square
Psalter Lane
White Horse
Other properties
Rotherham
Various properties
Penistone
Various properties
Building land
Leominster
1 and 3 South
Corn rents		 2021
£
4,000,000
515,000
750,000
744,000
6,009,000
30,000
30,000
120,000
250,000
370,000
330,000
16,000
346,000
6,755,000		 2020
£
4,000,000
515,000
750,000
744,000
6,009,000
30,000
30,000
120,000
250,000
370,000
330,000
16,000
346,000
6,755,000

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THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

27. Statement of the expenditure on the hospital and of allowances to in-pensioners in the years 2010-2021

Expenses of the
establishment
including
repairs and
maintenance of
buildings and
grounds
£
In the year
2010
258,216
2011
156,476
2012
159,567
2013
174,218
2014
261,664
2015
367,641
2016
354,231
2017
244,246
2018
366,891
2019
273,009
2020
298,733
2021
395,333
The average expenses of each Almshouse for the above years are:
There are no pensions paid out to out-pensioners.		 In-pensioners
for fuel and
medical
attendance
£
35,457
40,286
49,373
24,968
33,590
39,516
36,418
34,031
37,808
64,879
32,532
45,743		 Total
£
293,673
196,762
208,940
199,186
295,254
407,157
390,649
278,277
404,699
337,887
331,264
441,076
Per annum
£
4,349		 Annual
expenses for
each
Almshouse
£
3,969
2,659
2,824
2,692
3,990
5,735
5,502
3,919
5,700
4,759
4,477
5,960
Per week
£
84

The above statement is in pursuance of the order (No. 141) of the trustees.

Expenses of the establishment for 2021 include establishment expenses of £312,224 and staff costs of £72,442 (2020: establishment expenses of £227,519 and staff costs of £71,214)

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