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2024-12-31-accounts

Charity number: 221644

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

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 - 33

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

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 2024

Trustees The Duke of Norfolk
The Honourable PhilipC W Howard
Nicholas J A Hutton
Oliver G Stephenson
Nicholas R B Robinson
Earl of Arundel
Katrina B Mayson
Caroline M Hanson
Charity registered number
221644
Principal office
4th Floor Abbey House
Leopold Street
Sheffield
S1 2GY
Independent auditor
BHP LLP
Albert Works
71 Sidney Street
Sheffield
S1 4RG
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

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual report together with the audited financial statements of the charity for the year ended 31 December 2024. 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 30 (2023: 29) institutional grants totalling £75,000 (2023: £75,000) in furtherance of its objects. The grants were for the purpose of social welfare.

Page 2

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 (ARC Balanced Asset PCI) on an annual basis. In the year to 31 December 2024, the performance of the investment portfolio was ahead of the benchmark. The portfolio performance was +9.2% on a total return basis whilst the benchmark performance was +6.4%.

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 £139,499 (2023: £145,182).

Financial review

a. Going concern and post balance sheet events

Free reserves at 31 December 2024 are £1,021,273. The agent and receiver has prepared forecasts of income and expenditure for 4 years from 31 December 2024 which shows that the charity has 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 2024 were £15,052,848 (2023: £16,253,663) of which £14,031,575 (2023: £15,212,055) are endowments and £1,021,273 (2023: £1,041,608) are unrestricted free reserves.

The trustees have forecast the income and expenditure of the charity over the next 4 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 2024 free reserves are £1,021,273 (2023: £1,041,608). 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 4 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 £485,230 (2023: £506,400).

Page 4

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

d. Results for the year

The charity continues to satisfy its objects and is financially secure. As at 31 December 2024 funds totalled £15,052,848 (2023: £16,253,663). These include the hospital property which is an inalienable asset at £2,975,465 (2023: £2,958,385) and the leasehold property, Beech Hill at £300,000 (2023: £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 £557,199 (2023: £536,816). Total expenditure was £762,073 (2023: £878,215).

Net expenditure before gains and losses for the year was £204,874 (2023: £341,399). This is after capitalisation of expenditure on refurbishment of certain investment properties and the almshouses. Net gains/losses on investments and other losses, which include the listed investments and the investment property portfolio, as well as exchange rate losses, came to a loss of £995,941 (2023: gain of £153,734). Net movement in funds for the year was a deficit of £1,200,815 (2023: deficit of £187,665).

e. Risk management

The trustees review the major risks to which the charity is exposed on an 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

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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.

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 21 and 23.

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.

f. Related party relationships

The charity has related party relationships and these are detailed in note 23.

Page 6

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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:

Signer ID: DMQSNK60JD... The Duke of Norfolk

Date: 09/06/2025 GMT

Page 7

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

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 2024, 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. 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.

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Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

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 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 the Act and relevant regulations made or having effect thereunder.

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

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

Page 9

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

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;

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

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

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.

Signer ID: B7IXQS3DFV...

BHP LLP

Statutory Auditor Albert Works 71 Sidney Street Sheffield S1 4RG

Date: 09/06/2025 GMT

BHP LLP is eligible as auditor of the charity by virtue of its eligibility for appointment as auditor in terms of section 1212 of the Companies Act 2006.

Page 10

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income and endowments from:
Charitable activities
3
Investments
4
Total income and endowments
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net expenditure before net gains/(losses)
on investments
Net gains/(losses) on investments
12
Net (expenditure)/ income
Other recognised (losses):
Other losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
71,969
485,230
557,199
57,221
591,705
648,926
(91,727)
71,392
(20,335)
-
(20,335)
1,041,608
(20,335)
1,021,273		 Endowment
funds
2024
£
-
-
-
63,289
49,858
113,147
(113,147)
(1,066,672)
(1,179,819)
(661)
(1,180,480)
15,212,055
(1,180,480)
14,031,575		 Total
funds
2024
£
71,969
485,230
557,199
120,510
641,563
762,073
(204,874)
(995,280)
(1,200,154)
(661)
(1,200,815)
16,253,663
(1,200,815)
15,052,848		 Total
funds
2023
£
30,416
506,400
536,816
252,861
625,354
878,215
(341,399)
158,719
(182,680)
(4,985)
(187,665)
16,441,328
(187,665)
16,253,663

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

Page 11

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

BALANCE SHEET

AS AT 31 DECEMBER 2024

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 assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds (Revaluation reserve
£1,986,258 (2023: £3,050,942))
15
Unrestricted funds (Revaluation reserve £98,308
(2023: £81,027))
15
Total funds		 141,548
130,585
272,133
(253,447)		 2024
£
3,275,465
11,758,697
15,034,162
18,686
15,052,848
15,052,848
14,031,575
1,021,273
15,052,848		 195,768
72,609
268,377
(243,554)		 2023
£
3,258,385
12,970,455
16,228,840
24,823
16,253,663
16,253,663
15,212,055
1,041,608
16,253,663

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

Signer ID: DMQSNK60JD... The Duke of Norfolk

Date: 09/06/2025 GMT

The notes on pages 14 to 33 form part of these financial statements.

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Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Note
Cash flows from operating activities
Net cash used in operating activities
18
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
19		 2024
£
(576,794)
485,230
(66,938)
2,441,569
(2,394,452)
465,409
(111,385)
436,377
324,992		 2023
£
(877,118)
506,400
(32,870)
2,117,621
(1,882,036)
709,115
(168,003)
604,380
436,377

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Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Free reserves at 31 December 2024 are £1,021,273. The agent and receiver has prepared forecasts of income and expenditure for 4 years from 31 December 2024 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

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Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.4 Expenditure (continued)

apportioned between those activities on a basis consistent with the use of resources.

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

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

All expenditure is inclusive of irrecoverable VAT.

2.5 Foreign currencies

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

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

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

2.6 Taxation

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

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.

Page 15

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation (continued)

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.

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

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

2.8 Investments

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

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

2.9 Investment properties

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

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.

Page 16

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.12 Liabilities and provisions

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

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

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

2.13 Financial instruments

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

2.14 Pensions

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

2.15 Fund accounting

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

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

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

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.

Page 17

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

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 a 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.

Another key estimate is the investment property valuations, which are carried out by chartered surveyors.

3. Income from charitable activities

Housing benefit income
Sundry income
Total 2024		 Unrestricted
funds
2024
£
71,720
249
71,969		 Total
funds
2024
£
71,720
249
71,969		 Total
funds
2023
£
30,305
111
30,416

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

4. Investment income

Quoted investments
Rental income
Total 2024		 Unrestricted
funds
2024
£
139,499
345,731
485,230		 Total
funds
2024
£
139,499
345,731
485,230		 Total
funds
2023
£
145,182
361,218
506,400

In the prior year all investment income was unrestricted.

Page 18

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5. Expenditure on raising funds

Investment management fees
Managing charge for the estate
Repairs to investment properties
Bad debts
Total 2024
Total 2023		 Unrestricted
funds
2024
£
7,689
36,558
63,245
(50,271)
57,221
193,543		 Endowment
funds
2024
£
37,359
25,930
-
-
63,289
59,318		 Total
funds
2024
£
45,048
62,488
63,245
(50,271)
120,510
252,861		 Total
funds
2023
£
44,967
58,031
130,640
19,223
252,861

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 2024
Total 2023		 Unrestricted
funds
2024
£
55,150
116,372
141,855
44,460
18,407
21,432
65,122
4,010
75,000
49,897
-
591,705
576,835		 Endowment
funds
2024
£
-
-
-
-
-
-
-
-
-
-
49,858
49,858
48,519		 Total
2024
£
55,150
116,372
141,855
44,460
18,407
21,432
65,122
4,010
75,000
49,897
49,858
641,563
625,354		 Total
2023
£
49,912
121,905
107,573
26,853
42,858
43,434
62,805
4,032
75,000
42,463
48,519
625,354

Page 19

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024
Total 2023		 Staff costs
2024
£
-
-
-
-
-
-
65,122
-
-
-
-
65,122
62,805		 Depreciation
2024
£
-
-
-
-
-
-
-
-
-
-
49,858
49,858
48,519		 Other costs
2024
£
55,150
116,372
141,855
44,460
18,407
21,432
-
4,010
75,000
49,897
-
526,583
514,030		 Total
2024
£
55,150
116,372
141,855
44,460
18,407
21,432
65,122
4,010
75,000
49,897
49,858
641,563
625,354		 Total
2023
£
49,912
121,905
107,573
26,853
42,858
43,434
62,805
4,032
75,000
42,463
48,519
625,354

7. Governance costs

Legal and accountancy fees
Professional fees relating to the governance of the charity		 2024
£
30,163
19,734
49,897		 2023
£
23,391
19,072
42,463

Page 20

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8. Net income/(expenditure)

2024
£
This is stated after charging:
Depreciation of tangible fixed assets owned by the charity
49,858
Auditor's remuneration - audit
16,950
Auditor's remuneration - other services
4,510
Staff costs
2024
£
Wages and salaries
64,765
Contribution to defined contribution pension schemes
357
65,122
The average number of persons employed by the charity during the year was as follows:
2024
No.
Care home staff
3		 2023
£
48,519
14,520
4,380
2023
£
62,470
335
62,805
2023
No.
3

9. Staff costs

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 £91,292 (2023: £109,894) were paid to Fowler Sandford, for services provided by the agent and receiver.

Page 21

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10. Grants payable

All grants paid are to institutions.

50+ Contempary Dance
Active Independence
Age UK Sheffield
Anomaly Arts Collective CIC
Asperger's Children and Parent Together
Blanket Fort Club
Bluebell Woods Childrens Hospice
Brainstrust
British Disabled Angling Association
Cauldwell Children
Cavendish Cancer Care Centre
Children with Cystic Fibrosis Dream Holidays
Crookes Table Tennis Club
Darnall Dementia Trust
Darnall Well Being
Deafblind UK
Forced Entertainment
Goalball UK
Homeless and Roofless at Christmas
Life After Crisis Global Org CIC
Light Peer Support
Listening Books
Madina Day Care Sheffield
Manor Community Transport
Mens Group SADACCA
MHA Communities SY & Bassetlaw
Motor Neurone Disease Association
MS Society
Neurofibromatosis
Open Kitchen Social Club CIO
Owlthorpe Fields Conservation Group
Parson Cross Initiative
balance c/f		 2024
£
-
-
2,000
2,370
-
-
5,000
1,500
-
1,000
6,000
500
-
215
3,000
-
-
3,000
-
1,500
-
-
-
2,500
650
3,000
-
-
2,000
2,000
1,000
2,695
39,930		 2023
£
1,250
4,500
4,500
-
4,500
2,000
-
-
2,450
-
3,000
-
1,000
-
-
1,000
3,000
-
2,500
-
2,000
1,500
2,000
-
-
-
3,000
2,500
-
-
-
-
40,700

Page 22

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Grants payable (continued)
balance b/f
Re-engage
Rivelin Co
S20 Foodbank
Seven Hills special school
Share Psychology
Shawmind
Sheffcare
Sheffield and Rotherham Wildlife Trust
Sheffield Children's Hospital Charity
Sheffield Churches Council for Community Care
Sheffield ME & Fibromyalgia
Sheffield Yoga for ME & CFS
Sheffield Young Carers
South Yorkshire Visually Impaired Tennis Club
Spinal Injuries Association
St Luke's Hospice
St Matthews Parish Nursing Project
Survivors Of Depression In Transition
SY Chaplaincy & Listening Service
The Cathedral Archer Project
Under the Stars
Westwood 2015 Ltd
Young Lives v Cancer (previously Clic Sargent)		 2024
£
39,930
-
-
-
4,000
1,500
-
-
-
5,000
-
3,500
-
3,000
2,500
-
3,000
3,000
2,000
2,860
3,000
-
1,710
-
75,000		 2023
£
40,700
2,000
3,000
3,000
-
1,800
5,000
2,000
3,000
-
3,000
-
3,000
-
-
2,000
-
-
-
1,500
-
3,000
-
2,000
75,000

Page 23

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11. Tangible fixed assets

Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
3,325,967
66,938
3,392,905
367,582
49,858
417,440
2,975,465
2,958,385		 Long-term
leasehold
property
£
300,000
-
300,000
-
-
-
300,000
300,000		 Total
£
3,625,967
66,938
3,692,905
367,582
49,858
417,440
3,275,465
3,258,385

Included within freehold property is freehold land at a deemed cost of £900,000 (2023: £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.

Freehold land and buildings and leasehold land and buildings included above have been recognised at deemed cost on transition to FRS 102.

Page 24

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12. Fixed asset investments

At 1 January
Additions at cost
Disposal proceeds
Net realised and unrealised gains
At 31 December
Investment cash		 Quoted
investments
2024
£
5,851,687
2,366,860
(2,441,569)
457,812
6,234,790
194,407
6,429,197		 Investment
properties
2024
£
6,755,000
27,592
-
(1,453,092)
5,329,500
-
5,329,500		 Total
funds
2024
£
12,606,687
2,394,452
(2,441,569)
(995,280)
11,564,290
194,407
11,758,697		 Total
funds
2023
£
12,683,553
1,882,036
(2,117,621)
158,719
12,606,687
363,768
12,970,455

The historical cost of quoted investments was £5,333,798 (2023: £5,356,384) and investment properties was £4,145,926 (2023: £4,118,334).

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 on a market value basis at 31 December 2024 by Jeremy Wilson BSc (Hons) FRICS.

13. Debtors

Trade debtors
Prepayments and accrued income		 2024
£
60,253
81,295
141,548		 2023
£
77,326
118,442
195,768

Page 25

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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		 2024
£
3,972
249,475
253,447
2024
£
110,060
148,325
(110,060)
148,325		 2023
£
46,100
197,454
243,554
2023
£
114,654
110,060
(114,654)
110,060

The deferred income relates to rents received in advance.

Page 26

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15. Statement of funds

Statement of funds
Statement of funds - current year
Balance at 1
January 2024
£
Unrestricted
funds
General
unrestricted
funds
1,041,608
Endowment funds
Almshouses
2,958,385
Beech Hill
300,000
Investment
Property
6,755,000
Listed investments
- capital
5,069,912
Listed investments
- William Birley
128,758
15,212,055
Total of funds
16,253,663		 Income
£
557,199
-
-
-
-
-
-
557,199		 Expenditure
£
(648,926)
(49,858)
-
-
(62,825)
(464)
(113,147)
(762,073)		 Transfers
in/out
£
-
66,938
-
27,592
(96,923)
2,393
-
-		 Gains/
(Losses)
£
71,392
-
-
(1,453,092)
376,342
9,417
(1,067,333)
(995,941)		 Balance at 31
December 2024
£
1,021,273
Unrestricted
funds
General
unrestricted
funds
Endowment funds
Almshouses
Beech Hill
Investment
Property
Listed investments
- capital
Listed investments
- William Birley
Total of funds
2,975,465
300,000
5,329,500
5,286,506
140,104
14,031,575
15,052,848

Page 27

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.
Statement of funds (continued)
Statement of funds - prior year
Balance at
1 January
2023
£
Unrestricted
funds
General
unrestricted
funds
1,246,605
Endowment funds
Almshouses
2,974,034
Beech Hill
300,000
Investment
Property
6,755,000
Listed investments
- capital
5,043,231
Listed investments
- William Birley
122,458
15,194,723
Total of funds
16,441,328		 Income
£
536,816
-
-
-
-
-
-
536,816		 Expenditure
£
(770,378)
(48,519)
-
-
(58,764)
(554)
(107,837)
(878,215)		 Transfers
in/out
£
-
32,870
-
10,860
(45,659)
1,929
-
-		 Gains/
(Losses)
£
28,565
-
-
(10,860)
131,104
4,925
125,169
153,734		 Balance at
31 December
2023
£
1,041,608
2,958,385
300,000
6,755,000
5,069,912
128,758
15,212,055
16,253,663

Page 28

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15. 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.

16. Summary of funds

Summary of funds - current year

General funds
Endowment funds		 Balance at 1
January 2024
£
1,041,608
15,212,055
16,253,663
- prior year
Balance at
1 January
2023
£
1,246,605
15,194,723
16,441,328		 Income
£
557,199
-
557,199
Income
£
536,816
-
536,816		 Expenditure
£
(648,926)
(113,147)
(762,073)
Expenditure
£
(770,378)
(107,837)
(878,215)		 Transfers
in/out
£
-
-
-
Transfers
in/out
£
-
-
-		 Gains/
(Losses)
£
71,392
(1,067,333)
(995,941)
Gains/
(Losses)
£
28,565
125,169
153,734		 Balance at 31
December 2024
£
1,021,273
14,031,575
15,052,848
Balance at
31 December
2023
£
1,041,608
15,212,055
Summary of funds
General funds
Endowment funds
16,253,663

Page 29

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
-
1,002,587
272,133
(253,447)
1,021,273		 Endowment
funds
2024
£
3,275,465
10,756,110
-
-
14,031,575		 Total
funds
2024
£
3,275,465
11,758,697
272,133
(253,447)
15,052,848

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
-
1,016,785
268,377
(243,554)
1,041,608		 Endowment
funds
2023
£
3,258,385
11,953,670
-
-
15,212,055		 Total
funds
2023
£
3,258,385
12,970,455
268,377
(243,554)
16,253,663

Page 30

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Net income/(expenditure) for the period (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/(decrease) in creditors
Net effect on foreign exchange differences
Net cash used in operating activities
19.
Analysis of cash and cash equivalents
Cash in hand
Cash held within investment portfolio (note 12)
Total cash and cash equivalents
20.
Analysis of changes in net debt
At 1 January
2024
£
Cash at bank and in hand
72,609
72,609		 2024
£
(1,200,154)
49,858
995,280
(485,230)
54,220
9,893
(661)
(576,794)
2024
£
130,585
194,407
324,992
Cash flows
£
57,976
57,976		 2023
£
(182,680)
48,519
(158,719)
(506,400)
(24,891)
(47,962)
(4,985)
(877,118)
2023
£
72,609
363,768
436,377
At 31
December
2024
£
130,585
130,585

Page 31

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21. Trustees' remuneration and expenses

Five trustees received travel expenses of £1,158. (2023: six trustees, £841). 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 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 2024 was £1,004 (2023: £956).

23. Related party transactions

The freehold of Beech Hill Carehome is owned by Norfolk 1958 Settlement of which the Duke of Norfolk and Earl of Arundel are trustees and the beneficiary is 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 £91,292 (2023: £109,894) 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 £22,667 (2023: £30,178).

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.

Mr N Hutton is President of Age UK Sheffield. A grant of £2,000 (2023: £4,500) was made to Age UK Sheffield.

Page 32

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0

THE HOSPITAL OF GILBERT, EARL OF SHREWSBURY AT SHEFFIELD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24. Statement of the expenditure on the hospital and of allowances to in-pensioners in the years 2012-2024

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
2023 296,315 49,912 346,227 4,679
2024 327,359 55,150 382,509 5,169
Per annum Per week
£ £
The average expenses of each Almshouse for the above years are: 4,688 90

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 2024 include establishment expenses of £258,227, staff costs of £65,122 and subcontracted costs of £4,010 (2023: establishment expenses of £229,478, staff costs of £62,805 and subcontracted costs of £4,032).

Page 33

Document ID: 065c5b2836568b7ff336ec89aaa0472176e0cfe5b309df5766c17f8b6240a6b0