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2022-12-31-accounts

Charity number: 221644

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 35

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 2022

Trustees The Duke of Norfolk
The Honourable Simon B G Howard(deceased 28 February2022)
The Honourable PhilipC W Howard
Colonel Neville Howard(resigned 17 May2023)
Lord Gerald Fitzalan Howard(resigned 17 May2023)
Nicholas J A Hutton
Oliver Stephenson
Nicholas R B Robinson
Earl of Arundel
Charity registered number
221644
Principal office
4th Floor Abbey House
Leopold Street
Sheffield
S1 2GY
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 2022

The trustees present their annual report together with the audited financial statements of the charity for the year ended 31 December 2022. 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 26 (2021: 24) institutional grants totalling £75,000 (2021: £75,000) 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 2022

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 2022

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 2022, the performance of the investment portfolio was above the benchmark. The benchmark set was at -8.8% (2021: +7.9% - 9.0%) on a total return basis. The actual performance was -5.9% (2021: +7.3% - 14.6%) 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 £144,714 (2021: £106,205).

Financial review

a. Going concern and post balance sheet events

Free reserves at 31 December 2022 are £1,246,605. The agent and receiver has prepared forecasts of income and expenditure for 5 years from 31 December 2022 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 2022 were £16,441,328 (2021: £17,270,600 as restated) of which £15,194,723 (2021: £15,992,420) are endowments and £1,246,605 (2021: £1,278,180 as restated) 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 2022 free reserves are £1,246,605 (2021: £1,278,180 as restated). 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 £514,762 (2021: £513,340 as restated).

Page 4

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

d. Results for the year

The charity continues to satisfy its objects and is financially secure. As at 31 December 2022 funds totalled £16,441,328 (2021: £17,270,600 as restated). These include the hospital property which is an inalienable asset at £2,974,034 (2021: £2,970,412) and the leasehold property, Beech Hill at £300,000 (2021: £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 £538,882 (2021: £536,990 as restated). Total expenditure was £802,732 (2021: £796,370 as restated).

Net expenditure before gains and losses for the year was £263,850 (2021: £259,380 as restated). This is after capitalisation of expenditure on refurbishment of certain investment properties and the almshouses. Net losses on investments and other losses, which include the listed investments and the investment property portfolio, as well as exchange rate losses, were £565,422 (2021: gains of £469,425). Net movement in funds for the year was a deficit of £829,272 (2021: surplus of £210,045 as restated).

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 2022

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.

The Honourable Simon B G Howard died on 28 February 2022. The Patron and remaining Trustees are grateful for his efforts and contributions over the years.

Consideration is ongoing to appoint additional 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 24.

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 2022

Structure, governance and management (continued)

f. Related party relationships

The charity has related party relationships and these are detailed in note 24.

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 (Oct 27, 2023 08:51 GMT+1)

The Duke of Norfolk

Date: Oct 27, 2023

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

We have audited the financial statements of The Hospital of Gilbert, Earl of Shrewsbury at Sheffield (the ‘charity’) for the year ended 31 December 2022, which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 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 UK, 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.

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.

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)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which 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 and for being satisfied that they 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 group or parent charity or to cease operations, or have no realistic alternative but to do so.

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 regulations made under section 154 of that Act.

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:

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)

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

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

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 FRC'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 (Oct 27, 2023 12:13 GMT+1)

BHP LLP

Statutory Auditor 2 Rutland Park Sheffield S10 2PD

Date: Oct 27, 2023

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

Page 10

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

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 (losses)/gains
on investments
Net (losses)/gains on investments
12
Net (expenditure)/income
Transfers between funds
16
Net (expenditure)/ income
Other recognised (losses)/gains:
Other (losses)/gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward as previously
stated
Prior year adjustment
Total funds brought forward as restated
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
24,120
514,762
538,882
120,095
592,838
712,933
(174,051)
(12,391)
(186,442)
154,867
(31,575)
-
(31,575)
1,248,481
29,699
1,278,180
(31,575)
1,246,605		 Endowment
funds
2022
£
-
-
-
41,937
47,862
89,799
(89,799)
(523,868)
(613,667)
(154,867)
(768,534)
(29,163)
(797,697)
15,992,420
-
15,992,420
(797,697)
15,194,723		 Total
funds
2022
£
24,120
514,762
538,882
162,032
640,700
802,732
(263,850)
(536,259)
(800,109)
-
(800,109)
(29,163)
(829,272)
17,240,901
29,699
17,270,600
(829,272)
16,441,328		 As restated
Total
funds
2021
£
23,650
513,340
536,990
132,640
663,730
796,370
(259,380)
468,581
209,201
-
209,201
844
210,045
17,035,217
25,338
17,060,555
210,045
17,270,600

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

Page 11

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

BALANCE SHEET

AS AT 31 DECEMBER 2022

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
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds (Revaluation reserve
£3,627,539 (2021: £3,967,336))
16
Unrestricted funds (Revaluation reserve
£212,098 (2021: £276,506))
16
Total funds		 170,877
60,880
231,757
(291,516)		 2022
£
3,274,034
13,227,053
16,501,087
(59,759)
16,441,328
16,441,328
15,194,723
1,246,605
16,441,328		 185,494
38,447
223,941
(239,816)		 As restated
2021
£
3,270,412
14,016,063
17,286,475
(15,875)
17,270,600
17,270,600
15,992,420
1,278,180
17,270,600

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

Norfolk Norfolk (Oct 27, 2023 08:51 GMT+1)

The Duke of Norfolk

Date: Oct 27, 2023

The notes on pages 14 to 35 form part of these financial statements.

Page 12

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Cash flows from operating activities
Net cash used in operating activities
19
Cash flows from investing activities
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by 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		 2022
£
(693,596)
514,762
(51,484)
2,461,310
(1,817,919)
1,106,669
413,073
191,307
604,380		 As restated
2021
£
(707,265)
513,340
(97,523)
2,272,967
(2,217,544)
471,240
(236,025)
427,332
191,307

Page 13

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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 agent and receiver has prepared forecasts of income and expenditure for 6 years from 31 December 2022 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.

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.

Page 14

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

2.4 Expenditure (continued)

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.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are stated at deemed cost or actual cost less accumulated depreciation and accumulated impairment losses.

Freehold land and buildings were valued using depreciated replacement cost at the date of transition to FRS 102.

Leasehold property were valued using on an estimated open market value subject to the existing lease at the date of transition to FRS 102.

Freehold property comprises the Almshouses and the Hospital which are inalienable assets. Freehold property includes land which is not depreciated. Depreciation on freehold property is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

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.

Page 15

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

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.

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.

Page 16

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

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.

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.

Page 17

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

3. Income from charitable activities

Housing benefit income
Sundry income
Total 2022		 Unrestricted
funds
2022
£
23,463
657
24,120		 Total
funds
2022
£
23,463
657
24,120		 Total
funds
2021
£
23,392
258
23,650

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

Page 18

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

4. Investment income

Quoted investments
Interest receivable
Rental income
Total 2022		 Unrestricted
funds
2022
£
144,714
-
370,048
514,762		 Total
funds
2022
£
144,714
-
370,048
514,762		 As restated
Total
funds
2021
£
106,205
1,026
406,109
513,340

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 2022
Total 2021 as restated		 Unrestricted
funds
2022
£
11,394
36,705
44,204
27,792
120,095
89,841		 Endowment
funds
2022
£
38,181
3,756
-
-
41,937
42,799		 Total
funds
2022
£
49,575
40,461
44,204
27,792
162,032
132,640		 As restated
Total
funds
2021
£
51,098
41,628
36,704
3,210
132,640

Page 19

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022
Total 2021		 Unrestricted
funds
2022
£
57,779
138,124
150,442
26,013
13,187
27,001
60,221
3,384
75,000
41,687
-
592,838
616,898		 Endowment
funds
2022
£
-
-
-
-
-
-
-
-
-
-
47,862
47,862
46,832		 Total
2022
£
57,779
138,124
150,442
26,013
13,187
27,001
60,221
3,384
75,000
41,687
47,862
640,700
663,730		 Total
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

Page 20

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022
Total 2021		 Staff costs
2022
£
-
-
-
-
-
-
60,221
-
-
-
-
60,221
72,442		 Depreciation
2022
£
-
-
-
-
-
-
-
-
-
-
47,862
47,862
46,832		 Other costs
2022
£
57,779
138,124
150,442
26,013
13,187
27,001
-
3,384
75,000
41,687
-
532,617
544,456		 Total
2022
£
57,779
138,124
150,442
26,013
13,187
27,001
60,221
3,384
75,000
41,687
47,862
640,700
663,730		 Total
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

7. Governance costs

Legal and accountancy fees
Professional fees relating to the governance of the charity		 2022
£
22,670
19,017
41,687		 2021
£
19,233
18,973
38,206

Page 21

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

8. Net income/(expenditure)

2022 2021
£ £
This is stated after charging:
Depreciation of tangible fixed assets owned by the charity 47,862 46,832
Auditor's remuneration - audit 15,720 10,647
Auditor's remuneration - other services 5,546 5,733

9. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2022
£
59,862
(34)
393
60,221		 2021
£
71,737
404
301
72,442

Wages and salaries includes £nil for termination payments (2021: £7,000 for an ex-gratia termination payment).

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

2022 2021
No. No.
Care home staff 3 3

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 £79,623 (2021: £83,367) were paid to Fowler Sandford, for services provided by the agent and receiver.

Page 22

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

10. Grants payable

All grants paid are to institutions.

Abbeydale Park Bowling Club
Adira
Age UK Sheffield
Asperger's Children and Parent Together
Bags of Taste
Ben's Centre for Vulnerable People
Care in Crosspool
Cathedral Archer Project
Cavendish Cancer Care Centre
CLIC Sargent
Deafblind UK
Disability Sheffield Centre
Emmaus Sheffield
Enable Sheffield
Fareshare Sheffield
Kidney Care UK
Manor Community Transport
Mums in Need
Paces Sheffield
Parson Cross Initiative (Projects)
Revitalise Respite Holidays
SAGE Greenfinger
Sheffcare
Sheffield Churches Council for Community Care
Sheffield General Cemetery Trust
Sheffield Hospitals Charity
Sheffield Maternity Co-Operative
Sheffield Mencap
Sheffield Royal Society for the Blind
Sheffield Yoga for ME & CFS
Shipshape
South Yorkshire Housing
Spinal Injuries Association
balance c/f		 2022
£
-
3,000
2,929
2,929
2,500
1,952
2,000
2,929
4,952
-
-
1,302
1,952
-
2,929
-
3,000
-
4,952
-
2,000
2,500
-
-
-
-
-
-
-
-
-
2,595
-
44,421		 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
4,000
5,600
3,500
5,000
-
2,000
68,820

Page 23

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Grants payable (continued)
balance b/f
St Luke's Hospice
St Wilfrid's Centre
SY Chaplaincy & Listening Service
Teenage Cancer Trust
The Art House
The Children's Hospital Charity
The Neurofibromatosis Association
The Sick Children's Trust
Theodora's Children's Charity
Westwood 2015 Ltd
Whizz-Kidz		 2022
£
44,421
10,000
2,929
650
2,500
5,000
2,000
2,000
1,500
2,000
-
2,000
75,000		 2021
£
68,820
-
-
2,500
2,000
-
-
-
-
-
1,680
-
75,000

Page 24

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

11. Tangible fixed assets

Cost or valuation
At 1 January 2022
Additions
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Freehold
property
£
3,241,613
51,484
3,293,097
271,201
47,862
319,063
2,974,034
2,970,412		 Long-term
leasehold
property
£
300,000
-
300,000
-
-
-
300,000
300,000		 Total
£
3,541,613
51,484
3,593,097
271,201
47,862
319,063
3,274,034
3,270,412

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 (2021: £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.

Restatement

Restated disclosure has been included in these financial statements in respect of freehold land and buildings and leasehold land and buildings included above which were recognised at deemed cost on transition to FRS 102. These assets are being depreciated from their valuation date of 31 December 2015 on the basis that this valuation would, in the opinion of the trustees, be materially correct at the date of transition being 1 January 2014. In the opinion of the trustees this restatement reflects the substance of the revaluation exercise performed in 2015. The balance of £293,097 comprises subsequent additions at cost.

Page 25

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

12. Fixed asset investments

At 1 January
Additions at cost
Disposal proceeds
Net realised and unrealised (losses)/gains
At 31 December
Investment cash		 Quoted
investments
2022
£
7,108,203
1,775,720
(2,461,310)
(494,060)
5,928,553
543,500
6,472,053		 Investment
properties
2022
£
6,755,000
42,199
-
(42,199)
6,755,000
-
6,755,000		 Total
funds
2022
£
13,863,203
1,817,919
(2,461,310)
(536,259)
12,683,553
543,500
13,227,053		 Total
funds
2021
£
13,450,045
2,217,544
(2,272,967)
468,581
13,863,203
152,860
14,016,063

The historical cost of quoted investments was £5,279,942 (2021: £5,706,946) and investment properties was £4,107,474 (2021: £4,065,275).

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, J N Robinson MRICS, on a market value basis on 31 December 2020 and considered that this valuation remained unchanged for 31 December 2022.

13. Debtors

Trade debtors
Prepayments and accrued income		 2022
£
120,845
50,032
170,877		 As restated
2021
£
131,766
53,728
185,494

Page 26

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

14. Creditors: Amounts falling due within one year

Trade creditors
Accruals and deferred income
Deferred income at 1 January
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 December		 2022
£
64,171
227,345
291,516
2022
£
115,676
114,654
(115,676)
114,654		 2021
£
37,163
202,653
239,816
2021
£
115,822
115,676
(115,822)
115,676

The deferred income relates to rents received in advance.

15. Prior year adjustments

There has been a correction to the recognition of rental income for the prior year to 31 December 2021 of £4,361 and for the years up to 31 December 2020 of £25,338. The impact of this adjustment increases net assets at 31 December 2020 by £25,338, reduces the deficit in the prior year by £4,361 and increases net assets as at 31 December 2021 by £29,699.

Page 27

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

16. Statement of funds

Statement of funds
Statement of funds - current year
As restated
Balance at 1
January 2022
£
Unrestricted
funds
General
unrestricted
funds
1,278,180
Endowment funds
Almshouses
2,970,412
Beech Hill
300,000
Investment
Property
6,755,000
Listed investments
- capital
5,490,567
Listed investments
- William Birley
132,800
Listed investments
- income
temporary
343,641
15,992,420
Total of funds
17,270,600		 Income
£
538,882
-
-
-
-
-
-
-
538,882		 Expenditure
£
(712,933)
(47,862)
-
-
(41,169)
(768)
-
(89,799)
(802,732)		 Transfers
in/out
£
154,867
51,484
-
42,199
95,091
-
(343,641)
(154,867)
-		 Gains/
(Losses)
£
(12,391)
-
-
(42,199)
(501,258)
(9,574)
-
(553,031)
(565,422)		 Balance at 31
December 2022
£
1,246,605
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
2,974,034
300,000
6,755,000
5,043,231
122,458
-
15,194,723
16,441,328

Page 28

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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		 As restated
Balance at
1 January
2021
£
1,319,070
2,919,722
300,000
6,755,000
5,182,863
125,238
458,662
15,741,485
17,060,555		 Income
£
536,990
-
-
-
-
-
-
-
536,990		 Expenditure
£
(706,739)
(46,832)
-
-
(38,196)
(773)
(3,830)
(89,631)
(796,370)		 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		 As restated
Balance at
31 December
2021
£
1,278,180
2,970,412
300,000
6,755,000
5,490,567
132,800
343,641
15,992,420
17,270,600

Page 29

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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

In addition, a transfer totalling £154,867 has been made from endowment funds to unrestricted funds representing agents and receiver fees and investment management fees that are for the management of the endowment assets, but had been paid out of unrestricted funds. The calculation dates back to 2017 when the trustees resolution under s282 Charities Act 2011 was acknowledged by the Charity Commission.

17. Summary of funds

Summary of funds - current year

General funds
Endowment funds		 As restated
Balance at 1
January 2022
£
1,278,180
15,992,420
17,270,600
- prior year
As restated
Balance at
1 January
2021
£
1,319,070
15,741,485
17,060,555		 Income
£
538,882
-
538,882
Income
£
536,990
-
536,990		 Expenditure
£
(712,933)
(89,799)
(802,732)
Expenditure
£
(706,739)
(89,631)
(796,370)		 Transfers
in/out
£
154,867
(154,867)
-
Transfers
in/out
£
-
-
-		 Gains/
(Losses)
£
(12,391)
(553,031)
(565,422)
Gains/
(Losses)
£
128,859
340,566
469,425		 Balance at 31
December 2022
£
1,246,605
15,194,723
16,441,328
As restated
Balance at
31 December
2021
£
1,278,180
15,992,420
Summary of funds
General funds
Endowment funds
17,270,600

Page 30

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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
2022
£
-
1,306,364
231,757
(291,516)
1,246,605		 Endowment
funds
2022
£
3,274,034
11,920,689
-
-
15,194,723		 Total
funds
2022
£
3,274,034
13,227,053
231,757
(291,516)
16,441,328

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

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total (as restated)		 As restated
Unrestricted
funds
2021
£
-
1,294,055
223,941
(239,816)
1,278,180		 Endowment
funds
2021
£
3,270,412
12,722,008
-
-
15,992,420		 As restated
Total
funds
2021
£
3,270,412
14,016,063
223,941
(239,816)
17,270,600

Page 31

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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

Net (expenditure)/income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Losses/(gains) on investments
Dividends, interest and rents from investments
Decrease/(increase) in debtors
Increase in creditors
Net effect on foreign exchange differences
Net cash used in operating activities		 2022
£
(800,109)
47,862
536,259
(514,762)
14,617
51,700
(29,163)
(693,596)		 As restated
2021
£
209,201
46,832
(468,581)
(513,340)
(9,763)
27,542
844
(707,265)

20. Analysis of cash and cash equivalents

Cash in hand
Cash held within investment portfolio (note 12)
Total cash and cash equivalents		 2022
£
60,880
543,500
604,380		 2021
£
38,447
152,860
191,307

21. Analysis of changes in net debt

Cash at bank and in hand At 1 January
2022
£
38,447
38,447		 Cash flows
£
22,433
22,433		 At 31
December
2022
£
60,880
60,880

Page 32

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

22. Trustees' remuneration and expenses

One trustee received remuneration of £155. (2021: £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 2022 was £886 (2021: £1,440).

24. 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 £83,647 (2021: £87,241) 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 £21,446 (2021: £20,804).

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 2022

25. 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		 2022
£
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		 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

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THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

26. Statement of the expenditure on the hospital and of allowances to in-pensioners in the years 2012-2022

Expenses of the
establishment
including
repairs and In-pensioners Annual
maintenance of for fuel and expenses for
buildings and medical each
grounds attendance Total Almshouse
£ £ £ £
In the year
2012 159,567 49,373 208,940 2,824
2013 174,218 24,968 199,186 2,692
2014 261,664 33,590 295,254 3,990
2015 367,641 39,516 407,157 5,735
2016 354,231 36,418 390,649 5,502
2017 244,246 34,031 278,277 3,919
2018 366,891 37,808 404,699 5,700
2019 273,009 64,879 337,887 4,759
2020 298,733 32,532 331,264 4,477
2021 395,333 45,743 441,076 5,960
2022 352,170 57,779 409,949 5,540
Per annum Per week
£ £
The average expenses of each Almshouse for the above years are: 4,551 88

There are no pensions paid out to out-pensioners.

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

Expenses of the establishment for 2022 include establishment expenses of £288,566, staff costs of £60,221 and subcontracted costs of £3,384 (2021: establishment expenses of £312,224, staff costs of £72,442 and subcontracted costs of £10,667).

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