Charity number.. 221644 THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD CONTENTS Page Reference and administrative details of the charlty. Its Trustees and advisers Trustee5' report Independent auditor'5 report on the flnanclal statements 8-10 Statement of financlal artivities li Balance sheet 12 ststement of cash flows 13 Notes to the financial statements 14-34 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 2023 Trusteès The Duke of Norfolk The Honour3ble Philip C W Howard Colonel Neville Howard I￿51gned 17 May 20231 Lord Gerald Fitzalan Howard Iresigned 17 May 20231 Nicholas J A Hutton Oliver Stephen50n Nicholas R B Robin50n Earl of Arundel Katrina B Mayson (appointed 17 May 20231 Caroline M Hanson lappointed 17 May 20231 Charity registered number 221644 Prrncipal office 4th Floor Abbey House Leopold Street Sheffield SI 2GY Independent auditor BHPLLP 2 Rutland Park Sheffield SIO 2PD Bankers HSBC plc Carmel House 49.63 Fargate Sheffield SI 2HO Solicitors Wake Smith LLP No.1 Velocitv 2 Tenter Street Sheffield SI 48Y Prlncipal offi￿r J N Robinson MRICS (Agent and Receiver) Investment advlsers Ca2enove Capital Management knrnited l London Wall Place London EC2Y SAU Page I THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD TRUSTEES, REPORT FOR THE YEAR ENDED31 DECEM8ER 2023 The trustees present their annual report together with the audited financial 5t3tements of the charity lor the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recomrnended Practice.. ISORPI "Accounting and Reporting by Charities IFRS1021 in preparing the trustees. reporr and financial staternents of the charity. The financial statements have been prepared in accordance with the accountin8 policies set out in note 2 to the accounts and comply with the charit15 governing document, the Charitie5 Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. ObJe¢tlve5 ond urtlvltles a. Policies and objectives The charity is lirnited in it5 activities insofar a5 It shall provide support forthe poor and needy of the City of Sheffield. No changes to the objetts or policy of the charity have been affecred in recent years. b. Strategies znd activitles undertaken to achieve objettives These objects are met by the provision of residential accomrnodation at the h05Pltal and of a respite care facility at Beech Hill and by the rnaking of grant5 to charities whose activities fall within the above scope. The agent and receiver rnonitors the quality of Service delivery by regular contact with hospital residents, the managernent at Beech Hill and the recipients of institutional grants. c. Grant-makln8 policles The charity invites applications for grants of financial assistance from other charities whose objectives are cornpatible with its own. All applications are accompanied by 3 summary of propo$31s. financial resources and 5taternent of ability to deliver. The charity has made 2912022= 261 institutional grants totalling £75,00012022.. £75.0001 in furtherance of it5 object5. The 8rants were for the purpose of social welfare. Page 2 THE HOSPITAL OF GILBERT. EARL OF SHREINSBURY ATSHEFFIEID TRUSTEES, REPORT ICONTINUEDI FOR fHE YEAR ENDED 31 DECEMBER 2023 Objective5 and activitie5 Icontinuedl d. Main activities undertaken to flbrtherthe charity's purposes forthe public benefit The trustees are aware of their duty under Section 4 of the Charities Act 2011 to have due re8ard 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 degree5 the infirm. Two fulltime Wardens, a Caretaker and Chaplain live onsite. The wardens check on resident's welfare daily lunles5 the resident quests no visit). Each almshouse is linked via a warden call system which is monitored 2417 in the case of emergency. Communal facilities comprise an A5sernbly Hall and Chapel. Activities are arranged by staff, the Chaplain and residents, they include re8ular coffee mornings, snooker, table tenni5, darts, bingo and regular services in the chapel. Computers with internet are Bvailable for residents to use. there are several allotment5 for re51denVs use. The Beech Hill Centre is managed for the charity by Sheffield NHS Primary Care Trust which provides resplte care facilities and support in the home to a large nurnber of members of the public. Institution81 grants are made annually to charities with activities in Sheffield who support the elderly andlor infirm in the comrnunitv. Achievements &ndperformonce a. Key performan¢e Indl¢ators The agent and receiver monrtor5 the quality of Service delivery by regular contact with hospital r￿idents, the management at Beech Hill and the recipients of insritutional grants. b. RÈVIÈW of activitie5 The level of occupancy at the Almshouses has remained static. The trustee5 are ultirnately responsible for 5V5tems of financial management and internal controls. They delegate day to day operation of controls to the agent and receiver. The trustees monitor the application ol good financial controls. c. Fa¢tors relevant to achieve objectives The agent and receiver is Instructed to maintain all real properry to a good standard and to irnprove rental income bv ongoing refurbishment. d. Volunteers The Trust doe5 not actively engage with volunteers, with the exception of the trustees who all 8lve their time free of charge. Page 3 THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and performance lcontlnued) e. Investment policy and performan¢e The Charity Comrnission Scheme specifies the charl￿$ investment powers. The charit¢s investment Strategy is monitored against a benchmark on an annual basis. In the year to 31 December 2023, the performance of the investment portfolio was behind the benchmark. The benchrnark set was at +5.8%12022.' -8.8%) on a total return basis. The actual perforrnance was +4.3%12022.. -5.9%] on a total return ba51S. The investment advisors are instructed to invest in a balanced portfolio which will rnaxirllise total return with mediurn to low risk investments. The income from listed investrnents for the year totalled £145.18212022.. £144,714). Finonciolreview a. Going con￿rn and p05t balance sheet events Free reserves at 31 December 2023 are £1,041,608. The agent and receiver ha5 prepared forecasts of income and expenditure for 5 years from 31 Decernber 2023 which 5how5 that they have Sufficient reserves to be able to continue for the fO￿Seeable future. The Trustees therefore continue to adopt the going concern basis of preparation for these Inancial statements. b. Reserves poll The charity's total reserves as at 31 December 2023 were £16,253,66312022.. £16.441.3281 of which £15.212.05512022.. £15,194,723) are endowments and £1,041.60812022.. £1.246.6051 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 conjunttion with the need for ongoing repair expenditure on the ageing property. The target level of reserves is quaniified as El,000,000. At 31 December 2023 free reserves are £1.041,608 12022.. £1.246,6051. 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 fundln8 The principal funding stream of the charity is rental income from the estate and from quoted investments. Investment income arnounted to £506.40012022-. £514.7621. Page 4 THE HOSPITAL OF GILBERT. EARL OF SHREWSBURY AT SHEFFIELD TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED31 DECEM8ER 2023 d. Results for the year The charity continue5 to satisfy it5 objects and is financially secure. As at 31 December 2023 funds tota11ed £16.253,663 12022.. £16,441.3281. These include the hospital property which is an inalienable a55et at £2,958,38512022.. £2,947,034) and the leasehold property. Beech Hill at £300,00012022.. £300.0001 neither ol 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 £536,81612022.. £538,882). Total expenditure was £878,21512022.. £802.7321. Net expenditure before gains and Ios5e5 for the year was £341,399 12022.. £263,850). This is after c8pit3lisation of expenditure on refurbishment of certain inve5trnent properties and the almshouses. Net gains on investments and other losses, which include the listed investrnent5 and the inve5ttnent property portFolio, as well as exchange r8te losses. came to a gain of £153,73412022.. losses of £565.4221. Net movement in funds for the year was a deficit of É187,66512022.. deficit of £829,272). e. Rlsk management The trustees review the major risks to which the charity is exposed on an annual basis and act 85 necessary to mitigate those risks. The trustees rely on the reports received from professional advisors, particularly Cazenove Capital Management Lirnited for the investments and Fowler Sandford for the operation31 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 bein8 prepareil by the Investment Advisors. Internal risks are minirnised by authori5ation procedures to ensure quality of delivery for all operational aspect5 of the charitls activitie5. Plans for future periods a. Future developmeftts 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 charitv. The trustee5 are considering plans for the future which may involve capital expenditure within the charity's financial resource5. Informatlon on fundfaisin8 practices The charity does not actively fundraise and is therefore not a participant of a voluntary scheme for regulating fundraisin8. Page 5 THE HOSPITAL OF GILBERT. EARL OF SHREW5BURY AT SHEFFIELD TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Strurturej governonce monogement 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 1$ 221644. b. Methods of appolntment or election of tru5tee5 Prospective trustees are ful￿ considered by the board of trustees. taking into account their suff£ability and relevant experience. Once a decision has been made tru5tee5 are invited to join the board by the Patron. Hi5 Grace the Duke of Norfolk. Consideration is ongoing to appoint additional Trustees. ¢. Organisational structure and de¢lsion-maklng pollcles At half yearly tru5tees' meetings, the trustees agree the broad strategy and areas of activities for the charity, includin8 consideration of grant making. investment, reserves and risk management policies and performance. The dayto 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, change5 in legislation, and acts as an authoritative lobby on behalf of alm5hou5e5 charitie5 With the governrnent and regulator5. The hospital management is the responsibility of the trustees. d. Polioes adopttd for the induction and training of trustees The induction proce55 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 senlor stsff The tru5tee5 consider the Board of Trustees and J N Robinson MRICS IAgent 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 tru5tee'5 expenses and related party transactions are disclosed in notes 21 and 23. The charge from the agent and receiver is reviewed annually. In assessing the appropriatene55 of the charge the trustees take into consideration their experience of fees charged by other agents. f. Related party relationships The charity has related party relation5hip5 and these are detailed in note 23. Page 6 THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY ATSHEFFIELD TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED31 DECEM8ER 2023 Statement of trustees. responslbllltles The trustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to ch3rities in England & Wale5 requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affair5 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.. select suitable accounting policies and then apply them consistently,. observe the methods and principle5 01 the Charities SORP 2019 IFRS 1021.. make judgments and accounting estimates that are reasonable and prudent,. state whether accountin8 Standards have been followed. subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are re5pon5ible 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 fin3nci315tatement5 cornply with the Charities Act 2011, the Charity IAccounts and Report51 Regulations 2008 and the provisions of the Charity Cofflrni55ion Scheme. They are also responsible lor safeguarding the assets of the charity and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Auditor The auditor, BHP LLP. has indicated their willingne55 to continue in office. The designated trustees will propose a rnotion reappointin8 the auditor at a meeting of the trustees. Approved by order ol ernbets of e board of trustees and signed on their behalf by.. The Duke of No Date- 18 June 2024 Page 7 THE HOSPITAL OF GILBERT. EARL QF 5HREWSBURY ATSHEFFIELD INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELO We have audited the financial statements of The Hospital of Gilbert. Earl of Shrewsbury at sheffield Ithe'charitvl for the year ended 31 December 2023, which corllpri5e the statement of financial attiviiies, 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 Reportin8 Standard applicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Pratticel. In our opinion the financial 5tatements'. give a true and fair view of the State of the charity's affairs as at 31 December 2023, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI11SAs IUKII and applicable law. Our responsibilitie5 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. inclLiding 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 15 Sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng con¢ern In auditing the financial 5taternents, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial staternents is appropriate. Based on the work we have performed. we have not identified any rnaterial uncertainties relating to events or conditions that. individually or collectively, may c3St significant doubt on the charity'5 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 ￿SponSibl11t1eS and the responsibilities of the trustee5 Wlth re5PeCt to going concern are described in the relevant settion5 of this report. Other information The other information comprlses the information included in the trustees. report, other than thefinancial 5taternents and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the fin3ncial statements does not coverthe 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 materi811y inconsistent with the financial Statements or our knowledge obtained in the course of the audit or otherwise appears to be materially rnisstated. If we identify such material inconsistencies or apparent rnaterial 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 Teport in this regard. Pa8e 8 THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE HOSPITALOF GILBERT, EARLOF SHREWSBURY AT SHEFFIELD ICONTINUEDI Matters on which we are requlred to report bveX￿ptO0n We have nothlng to report in respect of the following matters in relation to which the Charities IAccounts and Reports) Regulations 2008 require5 US to report to you if, in our opinion.. the information given in the tru5tees' report is inconsistent in any material respect with the financial statements.. or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records,. or we have not received all the information and explanations we require for our audit. Responsibilitles of trustees As explained more fully In the trustees, responsibilities staternent, the trustees are re5pon5ible for the preparation of the financial statements and for being satisfied that they give a true and lair view. and for such internal control a5 the tru5tee5 determine is necessary to enable the preparation of financial staternents that are free frorn rnaterial rni55tatement. whether due to fraud or error. In preparing the financial staternents, the trustees are responsible for 35sessing the charity's ability to continue as a going concern, disc105ingi as applicable, matters related to going concern and using the going concern basi5 of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternatNe but to do so. Auditor responsibÉlities for the audit of the financial 5tatement5 We have been appointed as auditor under settion 144 of the Charities Act 2011 and report in accordance with the Att and relevant regulations made or having effect the￿under. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole a￿ free from material rnisstatement, whether due to fraud or error, ènd to issue an auditor's report that includes our opinion. Reasonable assurance 1$ 8 high level of assurance, but is not a guarantee that an audit Conducted in accordance with ISAS IUKI will 81w8ys detect a material misstatement when it exi5t5. Mi55tatements can arise frorn fraud or error and are considered material if, individually or in the aggregate, they cou5d reasonably be expected to influence the econornic decisions of users taken on the basi5 of these financial statement5. Irre8ularitie5, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detert rnateri81 misstatements in respect of irregularities. including fraud. The extent to which our procedures are capèble of detecting irregularities. including fraud is detailed below.. the responsible individual ensured that the enga8ement team collettively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations,. we identified the laws and reeulations applicable to the charity through di5CU55ion5 Wlth rnana8ement and trustees. and from our knowledge and experience of thi5 charity,. we focused on specific law5 and regulation5 which we Considered may have a direct material effect on the Inancial statements or the operatlOn5 of the charity. including the Charitie5 Act 2011, data protection, employment law, building regulations and health and safety legislation.. we a55es5ed the extent of cornpliance with the laws and regu13tions identified above through making enquiries of managernent and trustees,. identified law5 and regulations were communicated within the audit team regularly and the team remained alert to instance5 of non 12.461.3101 158,719 1536.2591 Disposal proceeds et realised and unrealised Ilossesl/gains 110,8601 At 31 December 5.851,687 6,755,(K)o 12.606,687 363,768 12.683.553 543.500 Investment cash 363,768 6,215,455 6,755,(K)o 12,970,455 13,227,053 The historical cost of quoted investrnents was £5.356,384 12022.. £5,291,747) and investment properties was £4,118,33412022.' £4,107,4741. Muterlallnvestments.. Details of the historic cost of investment properties are not available as many were ¥couired in periods for which records are no longer available. Accordingly. for the purpose of the note on hi5toricaS 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 wa5 prepared bythe Agent and Receiver, J N Robinson MRICS, on a rnarket value basis on 31 Decernber 2020 and the trustee5 have considered that this valuation remains unchanged for 31 December 2023. 13. Debtors 2023 2022 Trade debtor5 77.326 118A42 120,845 50,032 Prepayrnents and accrued income 195,768 170,877 Page 25 THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 14. Creditors: Amounts fzlling due wtthin one year 2023 2022 Trade creditors 46.100 197A54 64,171 227.345 Accruals and deferred incorne 243.554 291.516 2023 2022 Deferred income at l January Resources deferred during the year Amount5 released from previou5 periods 114.654 115.676 110,060 1114,6541 114.654 1115,6761 Defrrredincome ut31 De￿Mtser 110,060 114,654 The deferred income relates to rents received in advance. Page 26 THE HOSPITAL OF GILBERT. EARL OF SHREWSBURY AT SHEFFIELD NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. statement of funds statement of funds. current year Balance at I January2023 Transfers inlout Gèinsl Balance at 31 ILossesl December 2023 IncLwne Expenditure Unrestricted fvnds General unrestricted fund5 1,246,605 536A16 1770,3781 ZB,565 1.041.608 EndowmentAunds Almshouse5 2,974,034 300,000 148,5191 32.870 2.958.385 31)0,000 Beech Hill Investment Property Listed investments 6,755,fY)O 10.860 110,8601 6.755.000 5,043.231 158,7641 145,6591 131,l¢YI 5.069.912 Listed investments William 8irley 122,458 15541 1.929 4925 128,758 15,194,723 1107,8371 125,169 15.212,055 Totul offvnds 16,441,328 536,816 1878,2151 153,734 16,253.663 Page 27 THE HOSPITAL OF GILBERT. ÉARL OF SHREWSBURY AT SHEFFIELD NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Statement of funds l¢ontlnuedl Statement of funds- prlor year As restated Balance at l January 2022 8alance at Gainsl 31 December (Losses) 2022 Transfers inlout Income Expenditure Utrjrestrfrted funds Gener81 unrestrirted funds 1.278.180 538.882 1712,9331 154.867 112,3911 1,246,605 Endowmentfvnds Almshouses 2,970,412 300,0 147.8621 51,484 2.974.034 300.000 Beech Hill Investment Property sted investments 6,755,000 42,199 142,1991 6.7S5.000 5,490,567 141.1691 95.091 1501,2581 5.043.231 Listed investments William 8irley Listed investments income temporary 132,800 17681 19,5741 122.458 343,641 1343.6411 15.992,420 189.7991 1154,8671 1553,0311 15.194,723 rotoloffvnds 17.270.600 538.882 1802,7321 1565,4221 16,441,328 Page 28 THE HOSPITAL OF GILBERT. EARL OF SHREWSBURY ATSHEFFIELD NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 310ECEMBER2023 15. Statement of funds Icontinuedl Alrnshouses and Beech Hill The Alfflshouses 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 a￿ detailed in the statement of realty and together with listed investment5 generate income for charitable purposes. Transfers between funds Transfer5 between endowment funds represent fixed asset and investment property additions and movements between listed inve5trnents allocated in accordance with the separately held funds. 16. Summary of funds Summary of funds- current year Balante at I January 2023 Transfers inlout Galnsl B•lance ￿ 31 (Lossesl Oecember 2023 Income Expe*diture General funds 1,246,605 15,194,723 536,816 1770,37BI 1107.8371 28.565 125.169 1,041.608 15.212.055 Endowment funds 16,441,328 536,816 1878.2151 153,734 16.253,663 Summary offvnds- prloryear Balance at l January 2022 Balance at Gainsl 31 December ILossesl 2022 Transfers inlout Income Expenditure General funds 1,278,180 15,992,420 538,882 1712,9331 189,7991 154,867 1154,8671 112,3911 1553,0311 1,246,605 15,194,723 Endowment funds 17,270,600 538,882 1802,7321 1565,4221 16.441,328 Page 29 THE HOSPITAL OF GILBERT. EARL OF SHREWSBURY AT SHEFFIELD NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Anatysis of net assets between fvnds Analysis of net assets between fvnds- Current year Unrestrl¢ted funds 2023 Endowment funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments 3,258,385 3,258.385 1,016,785 268,377 1243,5541 11,953,670 12,970,455 268,377 1243,5541 Current assets Creditors due within one year rotol 1,041,608 15,212,055 16,253,663 Analysls of net assets between funds- prlor year Unrestricted funds 2022 Endowment funds 2022 Total funds 2022 Tangible fixed assets Fixed asset investments 3,274.034 3.274,034 13,227,053 231.757 1291,5161 1,306,364 231.757 1291,5161 11,920,689 Current asset5 Creditors due within one year Total 1,246,605 15,194.723 16,441,328 Page 30 THE HOSPITAL OF GILBERT, EARL OF SHREINSBURY ATSHEFFIELD NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2023 Reconciliation of net movement In funds to net cash fl¢)w from operating activities 20Z3 2022 Net expenditure for the year las per Statement of Financial Attivitiesl 1182,6801 1800,1091 Adjustmentsfor.. Depreciation charge5 IGains11105ses on investments Dividends. interest and rents frorn investments Ilncrea5el/decrease in debtor5 IDecreasel/increase in creditors Net effect on foreign exchan8e differences 48.519 1158.7191 1506.4001 124,8911 147,9621 14,9851 47,862 536,259 1514,7621 14,617 51,700 129,1631 Plet c#sh usedin operats'iig txtivitles 1877,1181 1693,5961 19. Analysis of (ash and cash equivalents 2023 2022 Cash in hand 72,609 363.768 60,880 543,500 Cash held within investment portfolio (note 121 Total cush ondtosh equivolents 436,377 604,380 zo. Analysls of chan8es In net debt At31 December 2023 At l January 2023 Cash flows Cash at bank and in hand 60.880 11,729 72,609 60.880 11,729 72.609 Page 31 THE HOSPITAL OF GILBERT, EARL OF SHREWS8URY AT5HEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2023 21. Trustees, remuneration and expenses Six trustees received travel expenses of £841. 12022.. one trustee. £1551. There was no trustees remuneration in either year. 22. Trustees, liability insurance In accordance with normal commercial practice, the charity has purchased insurance to protect Trustees from clairns arising from negligent acts, errors or omi55ions in the course of business. The insurance provides cover up to £I,000.000. The cost for the year ended 31 December 2023 was £95612022.. £8861. 23. Related party transartions The freehold of Beech Hill Carehome is owned by Norfolk 1958 Settlernent of which the Duke of Norfolk and Lord Gerald Fitzalan Howard are trustees and the beneficiary is the Earl of Arundel. The property is le3sed to the trustees of the Hospital of Gilbert, Earl of Shrewsbury under a 125 year lease at an annual rent of £lOO. Mr J N Robinson. agent and receiver for the charity. 15 the son of a trustee. During the year professional fees totalling £109.894 12022.. £83,647) were paid to Fowler Sandford. a firm of which the agent and ￿ceiVer is partner. At the year end amounts owing to Fowler Sandford are £30,17812022.. £21.4461. Mr N Hutton and Mr O Stephenson, trustees of the charity, are also trustees of the Sheffield Town Trust, which distributes the gr8nts detailed in note 10 of the accounts. The charity also leases car parking from Sheffield Town Trust at an annu81 rate of £1,400. Mr N Hutton is a trustee of Sheffield Church Burgesses Trust. Rental income of £1 is received from Sheffield Church Byrgesses Trust. Page 32 THE HOSPITAL OF GILBERT, EARLOF SHREWSBURY AT5HEFFIELD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 24. Statement of Valuation of Realty 2023 2022 Sheffield Paradise Square Psalter Lane 4.0￿.000 515.000 750.000 744.000 4,000.CM)O 515.000 750.000 744.000 White Horse Other properties 6.009.000 6,009.(M)O Rotherhom Various properties 30,000 30.000 30,000 30.000 Penlstone Various properties Building land 120,0(W) 250,OIX) 120,000 250,000 370,0(W) 370,000 £eomlnster l and 3 South 330,000 16,000 330.000 16.000 Corn rents 346,000 346.000 6,755,IXIO 6,755,000 Page 33 THE HOSPITAL OF GILBERT, EARL OF 5HREWSBURY AT SHEFFIELD NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 25. ststement of the expendlture on the hospital and of allowances to in.pensioner$ in the years 201Z-2023 Expenses of the establishment repalrs and malntenonce of bulld5nES and Erounds In•ensloners for fuel and medlcal attendènce Annual expenses for each mshouse Totsl In the yeur 2012 159,567 174,218 49,373 24,968 33.590 39.516 36.418 208.940 199.186 2,824 2.692 2013 2014 261,664 367,641 354,231 295.254 407.157 390.649 3.990 5.735 5.502 2015 2016 2017 244,246 366,891 273.009 298.733 395,333 352.170 296,315 34.031 37.808 64.879 32.532 45,743 57.779 49,912 278,277 404.699 337,887 331.264 441,076 409.949 346,227 3.919 5.700 4.759 4.477 5,960 5,540 4,679 2018 2019 2020 2021 2022 2023 Per anThum Per week The average expenses of each Almshouse for the above years are.. 4,648 89 There are no pensions paid out to out-pen5ioner5. The al)ove Statement Is in pursuance of the order (No. 1411 of the trustees. Expense5 of the establishment for 2023 include establishment expenses of £229.478, staff costs of £62.805 and subcontracted costs of £4,032 12022.. establishment expenses of £288,56£. stèff costs of £60,221 and subcontrarted costs of £3.3841. Page 34