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2021-12-31-accounts

Charity number: 231984

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

CONTENTS

Page
Reference and administrative details of the charity, its Trustee and advisers 1 - 2
Trustee's report 3 - 12
Independent auditors' report on the financial statements 13 - 16
Statement of financial activities 17 - 18
Balance sheet 19 - 20
Statement of cash flows 21
Notes to the financial statements 22 - 42

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

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

Trustees The Reverend Canon John A Patrick, Master & Governor (resigned 9 March 2021)
The Reverend Canon Nicholas J W Brown, Master & Governor (appointed 9 March
2021)
Charity Registered
Number
231984
Estate Office
Trinity Estates Office
Newcastle House
37 Bridgegate
Retford
DN22 7UX
Almshouses
Hospital Road
Retford
Nottinghamshire
DN22 7BD
Bailiff & Estates
Manager
Mr John David Marshall MRICS
Independent Auditors
Streets Audit LLP
Chartered Accountants & Statutory Auditor
Tower House
Lucy Tower Street
Lincoln
LN1 1XW
Bankers
Yorkshire Bank plc
8 Guildhall Street
Lincoln
Lincolnshire
LN1 1TT
National Westminster Bank plc
21 The Square
Retford
Nottinghamshire
DN22 6UL
Solicitors
Jones and Co
5 Churchgate
Cannon Square
Retford
Nottinghamshire
DN22 6PB
Investment Advisors
Investec Wealth & Investment
Beech House
61 Napier Street
Sheffield
S11 8HA

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Agricultural, Commercial Fisher German and Residential Property Unit 2 Carolina Court Advice Lakeside Business Park Doncaster DN4 5RA Architect Carl Andrews Soul Architects 13 Sparken Hill Worksop Nottinghamshire S80 1AX Residential Property Brown & Co Advisors 29-33 Grove Street Retford DN22 6JP

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustee presents his annual report together with the audited financial statements of The Hospital of the Holy and Undivided Trinity (the charity) for the year ended 31 December 2021. The Trustee confirms that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The charity also operates under the name Trinity Hospital Estates.

Structure, Governance and Management

a. Constitution

John Darrel’s Will states “they my said executors and trustees by such their deed shall limit assign and appoint that the said Hospital and the poor and impotent men therein ……. as brethren and the Subdean of the Cathedral Church of the Blessed Virgin Mary of Lincoln and his successors as master and governor there of shall be incorporated by the name of Master and Governor and the brethren of the Hospital of the Holy and Undivided Trinity of West Retford in the County of Nottingham.”

Governing Document

The governing document of the charity is the Will of John Darrel dated 11 November 1664. John Darrel died on 8 March 1665. In his Will he specified that:

These wishes are the basis for the Trust Deed (Statutes, Ordinances Orders and Rules) for the charity. Several Schemes have been made and amended over the centuries. The latest Scheme is dated 28 June 1974. The Scheme benefited from a minor amendment, dated 26 September 2005, which removed the necessity for Charity Commission approval in respect of any annual increase in the Bailiff’s salary.

b. Organisational Structure and Decision Making

Trustee

Office: Master & Governor – as sole trustee. Name:The Reverend Canon John Andrew Patrick. Date of Appointment: 4 February 2012 Date of Resignation: 9 March 2021 Appointment: Will of John Darrel dated 11 November 1664.

Office: Master & Governor – as sole trustee. Name:The Reverend Canon Nicholas James Watson Brown. Date of Appointment: 9 March 2021 Appointment: Will of John Darrel dated 11 November 1664.

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

The Master & Governor is the sole trustee and has overall responsibility for the charity. John Darrel’s Will states:

“….And further by the same deed they my said executors shall limit and appoint that the Subdean of Lincoln and his successors shall be the sole visitors of the said Hospital and no other.”

Officers

Office: Bailiff & Estates Manager Name: Mr John David Marshall Date of Appointment: 1 January 2020 Appointment: Trust Deed dated 14 June 1672.

The Bailiff & Estates Manager is the senior officer and is responsible to the Master & Governor. The Bailiff & Estates Manager is appointed by the Master & Governor and deputises for the Master & Governor during any prolonged absence. The Trinity Estates Office staff are directly responsible to the Bailiff & Estates Manager.

The salary paid to the Bailiff & Estates Manager is determined and approved by the Trustee and is subject to an annual review.

Office Held: Chaplain Name: The Reverend Canon Richard Charles Lewis Date of Appointment: 1 August 2012 Appointment: Trust Deed dated 14 June 1672.

The Chaplain is responsible to the Master & Governor and looks after the spiritual welfare of the brethren. Matins is held in the Trinity Chapel Monday to Friday inclusive. Holy Communion is taken on Wednesday mornings. Special services are held at Christmas and Easter. The arrangement that the local Rector should lead the daily prayers (Clause 23 of the Scheme dated 16 June 1863 and Clause 6 of the Scheme dated 16 December 1919) was altered by the Variation of the Scheme dated 7 February 1972 “…. the Chaplain shall be a priest in Holy Orders in or near West Retford appointed by the Master”.

Office Held: Scheme Manager (formerly Matron) Name: Mrs Jane Jackson Date of Appointment: 2 December 2019 Appointment: Trust Deed dated 14 June 1672.

The Scheme Manager is responsible to the Master & Governor. She oversees the welfare of the brethren. The Scheme Manager visits each brother every morning. The Scheme Manager liaises daily with the Trinity Estates Office staff over administration and maintenance matters relating to the almshouses.

Administration of the Charity

The Master & Governor has total oversight of the charity but the day to day administration, maintenance of the almshouses, estate and finances are the responsibility of the Bailiff & Estates Manager (assisted by an Office Administrator and an Accounts Administrator). The Chaplain looks after the spiritual welfare of the brethren and the Scheme Manager their physical wellbeing.

The Master & Governor meets quarterly with all the charity’s officers to monitor the brothers’ welfare. A record of the meetings is kept in the Staff Meetings Minute Book.

An Annual General Meeting of the Master & Governor and Brethren of the Hospital is held as soon as the audit of the annual accounts has been completed and the financial statements have been prepared by the charity’s accountants. Records of the meetings are kept in the AGM Minute Book.

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

The Bailiff & Estates Manager and Trinity Estates Office staff carry out the administration of the estate and the almshouses, such as rent collection, property re letting, property maintenance, refurbishment and repairs, and the day to day financial administration of the charity.

Any two signatories of four (the Master & Governor, the Bailiff & Estates Manager, the Accounts Administrator and the Office Administrator) are authorised to sign cheques and approve payments up to £5,000. Payments over £5,000 must be authorised by the Master & Governor and one of the other three mandated signatories.

The Bailiff & Estates Manager meets with the Master & Governor at least monthly, but routinely more regularly. Additionally, they communicate more frequently by telephone, e-mail and in writing on important matters of policy, expenditure and routine activity.

The investment portfolio is managed by Investec Wealth & Investment. The Master & Governor, Bailiff & Estates Manager and Accountant meet with the Fund Manager twice a year to discuss the performance of the portfolio. In between meetings, the Fund Manager contacts the charity with any interim recommendations and these are discussed by the Master & Governor, Bailiff & Estates Manager and Accountant and appropriate decisions taken.

Policy decisions such as large financial expenditure, disposal of land or properties are made by the Master & Governor after considering the recommendations put forward by the Bailiff & Estates Manager and the professional advisors to the charity, such as local Land Agents, surveyors, architects, solicitors, Investment manager, accountants etc. A record of all meetings and decisions taken is kept by the Bailiff & Estates Manager on the Master & Governor’s file.

Specific Investment Powers

The Charity’s investment powers are now conferred by the Trustees’ Act 2000.

c. Related Party Relationships

The John Darrel Scholarship is a charity set up under the same Will. The Hospital of the Holy and Undivided Trinity provide administrative work for the charity and hold the investment properties (2 Scholarship Yard, Bridgegate & 66, 68, 70 & 72 Bridgegate) in the charity in their name as custodian. The charity aids the funding of students from Nottinghamshire and Lincolnshire attending Exeter College at the University of Oxford. The properties are shown on the balance sheet of the John Darrel Scholarship. The bank accounts of The John Darrel Scholarship are also held by Trinity Hospital but are named in order to distinguish the balances.

d. Risk Assessment

The Trustee has assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and is satisfied that systems and procedures are in place to mitigate exposure to the major risks.

The risk assessment policy has included the production of a flood risk assessment for the Bridgegate properties, which has been helpful to tenants, particularly in gaining adequate levels of insurance. Although the almshouses are unlikely to be affected by flooding, a ‘disaster plan’ has been produced and implemented for use in cases of emergency, including fire, flood and earthquake.

All of the charity’s property is insured through the Ecclesiastical Insurance Group. The insurance cover also provides for two years loss of rental income and Employer’s and Public Liability Insurance.

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Objectives and Activities

a. Objects and Aims

The objects and aims of the charity are set out in the Scheme drawn up by the Charity Commission. These are:

(i) Benefit of Brethren - the income of the charity shall be applied for the benefit of the brethren of the charity or any of them in such manner as the Master or acting Master shall think fit from time to time. The brethren shall be poor bachelors or widowers of good character who are not less than 50 years of age. Clause 9 of the Scheme of 28 June 1974 states that the almsmen of the charity will be known as brethren.

(ii) Expenses of Management - the cost of repairs, insurance and all other charges and outgoings payable in respect of the property of the charity, and all the proper costs, charges and expenses incidental to the administration and management of the charity shall first be defrayed out of its income.

b. Principal Activities

The main aim of the charity is to maintain the benefits the brothers are entitled to on appointment. These are:

The monies needed to support the brothers, pay stipends and salaries, fund repairs and maintain all the charity’s property are derived from rental income, dividend income and bank deposit interest. The charity is not a fund raising charity and receives no donations.

The charity owns and rents out 55 residential property units, 10 commercial units, one farm and approximately 300 acres of farm land.

(i) Extraordinary Repair Fund

Subject to any further Order or Orders of the Commissioners, a reserve fund to be entitled the Extraordinary Repair Fund shall be established and maintained for the purpose of providing for the extraordinary repair, improvement or rebuilding of the almshouses belonging to the charity.

The fund shall be established and maintained out of the income of the charity either by transfer to the fund of a yearly sum of not less than £320 or in such other manner as the Commissioners from time to time approve or direct.

(ii) Annual Dinner

An annual dinner shall be provided for the brethren out of the income of the charity as near to Trinity Sunday as is conveniently possible at such reasonable expense as the Master Governor or acting Master Governor shall think fit.

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and Performance

a. Establishment Activities and Achievements

Events

8 January 2021 - The Epiphany Feast was held in The Darrel Room and attended by all the brothers.

9 March 2021 - Founder’s Day Service and Lunch and the Reverend Canon Nicholas Brown became the 25th Master & Governor and Trustee of the charity.

13 April 2021 – the staff and brethren met with the Reverend Canon Nick Brown who attended Trinity Hospital with the outgoing Master & Governor Reverend Canon John Patrick. Everyone expressed their sincere thanks and appreciation to Reverend Canon John Patrick for all he had done over his 12 years in office and welcomed Reverend Canon Nick Brown.

7 July 2021 - the Trinity Feast was celebrated with a service in the chapel followed by lunch in the Darrel Room.

20 July 2021 – the sad passing of Michael Cowgill who had been a brother at Trinity Hospital since June 2014. Michael had a love of technology and was a talented musician. He (and his organ playing) has been greatly missed by the brethren and staff.

6 August 2021 – the funeral of Michael Cowgill took place at St Michael’s Church. All brethren and staff attended and the brethren formed a Guard of Honour as the coffin was taken into the church for the service.

1 September 2021 – the brethren and staff welcomed Antonio Mola Trafi to Trinity Hospital as a resident and brother.

11 September 2021 – National Heritage Open Day saw the public invited to tour the communal areas and the gardens at Trinity Hospital. A vacant cottage was also made available for them to see. Over 300 visitors attended and the feedback was very positive.

24 September 2021 - the Annual General Meeting was held in the Audit Room, and chaired by Reverend Canon Nick Jones, with the Trustee Reports of the Trinity Hospital and the John Darrel Scholarship being received and discussed. The meeting was well attended and the brothers and staff discussed the reports.

1 October 2021 - the brethren and staff welcomed Paul Rutledge to Trinity Hospital as a resident and brother.

21 October 2021 - the Harvest Festival Service was held in the chapel.

24 November 2021 - the sad passing of Ambrose Vardy who had been a brother at Trinity Hospital for 22 years. Ambrose had a lovely character and personality and regaled everyone who listened with the stories of his professional footballing career and his life’s experiences. Life at Trinity was certainly quieter without Ambrose and his cheery personality.

17 December 2021 – a service was conducted by Rev Dick Lewis at Babworth Crematorium for Ambrose Vardy. The brethren and staff attended and formed a Guard of Honour as the coffin was taken into the crematorium for the service.

23 December 2021 – The Christmas Carol Service was held in the chapel following which the Master Governor Rev Canon Nick Brown gave the brethren and staff a Christmas hamper.

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Brethren

The brethren are ably supported by The Scheme Manager and the Chaplain.

During 2020, it was difficult to look to seek admissions of brethren to Trinity Hospital during the pandemic and restrictions on movements and mixing of households. During 2021, there were the sad deaths of 2 brethren and the admission of 2 new brethren so number remained static with 11 brethren

COVID-19

At the beginning of 2020 it was not anticipated that COVID-19 would have such a massive impact on the world in terms of both the human and financial costs. The effects of the pandemic were referred to in the Trustee's Report for the year ended 31 December 2020.

The disruption caused by the pandemic continued into 2021 and safeguarding was at the forefront of everything at Trinity to ensure the brethren, staff, visitors and contractors were kept safe.

The financial impact on the charity caused by covid were limited and managed effectively and tenants and residents were supported where needed.

Public Benefit Summary

The Master & Governor, in exercising his powers and duties, is mindful of his need to comply with the guidance on public benefit published by the Charity Commission. In describing the objectives, activities and achievements, the Charity continues to demonstrate its commitment and support to its brethren in accordance with the Will of John Darrel.

The charity is proud of what has been achieved over so many generations in providing almshouse accommodation to those with a need for support and a welcoming community. It continues to strive to fulfil the objectives specified in the Charity Commission Scheme for Trinity Hospital in accordance with Best Practice. In keeping the benefits to the Brethren under regular review, the Master & Governor is confident that he is meeting his responsibilities for the provision of Public Benefit in full.

History of the Charity

From 1672 John Darrel’s own manor house was used as the living accommodation for the almsmen. Having fallen into disrepair by the 1830s, the house was demolished and replaced by the present building (the architect responsible for the new building was also commissioned for the design and construction of Buckingham House, now Buckingham Palace). The present accommodation provides 15 small cottage units for brothers, cottage accommodation for the Matron, a Chapel, Audit Room, parlour and laundry facilities. The Audit Room and Parlour are used for social functions.

The hospital building is Grade II listed and is set in its own grounds. These are laid to lawns, with flower beds, trees and shrubs. The almshouses are routinely refurbished and upgraded. Each centrally heated cottage is self contained and provides a living room, kitchen and shower room on the ground floor with a large bedroom on the first floor. The almshouses are within easy walking distance of Retford town centre.

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Estate: Stewardship of Assets

Maintenance

Maintenance of the fabric and compliance with legislative obligations was the main criteria both for Trinity Hospital and other property holding of the charity, with no significant major refurbishment or other projects undertaken during the year. Approximately £50,000 was spent on a combination of boiler replacements, decoration, fencing, and window replacements / repairs.

Hanging baskets and an irrigation system were installed along the frontage of properties at Bridgegate, Retford, and at Trinity Hospital to improve and enhance the appearance of the properties and quality of life for the brethren and Trinity residents. The scheme on Bridgegate was very well received and created a sense of civic pride and won a “Community Award” from Retford in Bloom.

With the easing of covid restrictions and in anticipation of further admissions to Trinity Hospital going forward it will be proposed to look to refurbishment of the cottages which are empty and need modernisation.

Retford Property and Land Developments and Plans for the Future

Following the obtaining of Outline Planning Consent for the development of Phase 1 on the North Road, Retford, a development partner was selected, planning consent obtained and the land sold to the selected developer for the building of up 196 new homes on the North Road, with 25% being for social housing provision. Following the sale of the land the receipt was used to purchased a mixed-use petrol filling station and retail scheme on the North Road, anchored by the Co-op on a long lease and with Greggs in another unit. In total there were 4 retail units and the investment is hoped to generate a long- term income stream for the charity as well as being the reinvestment of the sale proceeds into the local economy.

Negotiations are also underway with the local authority and developers for the development of other land owned by Trinity on the North Road for further residential homes and a separate commercial park where it is hoped to create much needed employment opportunities within the town.

With the sale of the Phase 1 residential land, some of the charity’s trading surpluses, and a short term liquidation of some stocks and shares, the charity has paid off 2 bank loans which were taken approximately 5 years ago for the redevelopment of flats and offices at Newcastle House, and also the improvements to Trinity Hospital concerning the provision of the Darrel Room. This cleared the debt and removed the interest payments. Further receipts are expected from the Phase 1 residential sale and these will be re-invested in stocks and shares in 2022.

With the anticipated future receipts from the sale of the proposed development land on the North Road it is hoped to do a small scheme of 5 single storey units to expand and improve the accommodation available at Trinity Hospital and further capital receipts will hopefully be invested in land and property in the Retford area as well as further investment in stocks and shares through the charity’s investment broker.

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Financial Review including Key Performance Indicators

The Statement of Financial Activities for the year is set out on pages 17 and 18 of the financial statements. A summary of the financial results is set out below:

(a) Charitable Activities

The net yield after deductions for the investment, property and management costs resulted in a figure of £583,811 (2020 - £481,507) available to the charity for its core activities. In meeting the objects of the charity £43,587 (2020 - £45,954) was directed to the specific benefits of the Brethren with a further £1,682 (2020 - £4,259) spent on entertainment and feasts as detailed in note 9 to the financial statements.

Net incoming resources for the year before disposals, revaluations and transfers were £354,356 (2020 - £282,312).

An increase to the brethren’s monthly stipend of 1.25% with effect from 1 January 2021 was approved. The heating allowance of up to £600 per annum and the brethren’s holiday allowance of up to £750 per annum remained unchanged. Officers and staff salaries were also increased by 1.25%.

(b) Net Income from Estates

Total income received from rental properties was £528,590 (2020 - £423,742), an increase of £104,848 on the previous year with the increase being largely due to the acquisition in the year. This represents a yield of 4.26% based on the brought forward valuation of investment property.

(c) Property Revaluation 2021

A valuation of property has been undertaken by Mr John David Marshall MRICS, Bailiff & Estates Manager. The market valuation of the property and land holdings as at 31 December 2021 is £24,569,000.

(d) Other Investment Returns

The charity’s endowment cash funds are invested in a wideranging investment portfolio managed by Investec Wealth and Management. The investment risk level of medium has remained unchanged during 2021. The charity has also invested other funds in a portfolio managed by Investec with an investment risk level of low which is also unchanged during 2021. Two meetings were held with the Fund Manager during the year.

Total income from the investment portfolio and other bank interest was £209,274 (2020 - £189,796).

At 31 December 2021, the overall market value of the investment portfolios was £5,359,472 (2020 - £6,198,249). The market value of endowment fund portfolio was £5,220,784 (2020 - £6,055,664) and the market value of other funds was £138,688 (2020 - £142,585).

The charity has also deposited a number of funds with the CCLA. These include:

COIF Permanent Endowment Fund (within Fixed Asset Investments) - this fund has helped support the continuing refurbishment and upgrading of the charity’s Permanent Endowment properties.

COIF Extraordinary Repair Account - this deposit account is managed by CCLA and is a fund set aside for any major repair and refurbishment works at Trinity Hospital. Interest earned is re invested in the account.

COIF General Purposes Deposit Account - this fund continues to support the property investment strategy of the Charity by maintaining available cash on accessible deposit.

COIF Rental Bond Account - this fund represents the charity’s rental bond deposits.

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Internet Banking Accounts

The charity operates its day to day financial business through its internet bank accounts held with Virgin Money following the rebranding of Yorkshire Bank during the year. Banking through these online accounts has saved the charity time and money.

(e) Staff Pensions

During the year, the charity continues to make payments to comply with the Government’s Auto Enrolment Scheme.

(f) Trustee's Indemnity Insurance

Trustee's Indemnity Insurance cover is £5m.

Reserves

Total reserves as at 31 December 2021 are £31,364,429 (2020 - £19,790,113). The charity cannot spend its permanent endowment fund. The policy is to have sufficient free reserves to meet two years expenditure in order to fulfil the objects of the charity, namely:

It is calculated that the free reserves (otherwise known as Unrestricted Funds not including any amounts tied within Fixed Assets or Loans) amount to £391,792 (2020 - £355,385).

Permanent Endowment

The charity owns investments in the form of land and property and as securities within both the Permanent Endowment and Unrestricted (Accumulated Income) Funds. The object has been to manage all the assets in the best interest of the charity in order to support its charitable activities and to protect the interests of current and future brethren.

From time to time an opportunity has arisen to invest in property by acquisition or by improvement or development of existing holdings. The portfolio of other investments has been maintained to provide balance.

Going Concern

After making appropriate enquiries, the Trustee has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason he continues to adopt the going concern basis in preparing the financial statements.

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

TRUSTEE'S RESPONSIBILITIES STATEMENT

The Trustee is responsible for preparing the Trustee's 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 Trustee 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 the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable him to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. He is 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.

This report was approved by the Trustee on 26 August 2022

The Reverend Canon Nicholas J W Brown, Master & Governor

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

Opinion

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

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Trustee's 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 Trustee with respect to going concern are described in the relevant sections of this report.

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY (CONTINUED)

Other information

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Trustee's responsibilities statement, the Trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustee 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 Trustee is 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 Trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY (CONTINUED)

Auditors' 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 Auditors' 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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 risk of fraud through management bias and override of controls, we:

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY (CONTINUED)

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustee and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charity's trustee 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 trustee those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustee for our audit work, for this report, or for the opinions we have formed.

Streets Audit LLP

Chartered Accountants & Statutory Auditor Tower House Lucy Tower Street Lincoln LN1 1XW 30 August 2022

Streets Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 16

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Income and
endowments from:
Charitable activities
4
Investments
5
Other income
6
Total income and
endowments
Expenditure on:
Raising funds:
7,8
Investment property
management
Investment portfolio
management
Charitable activities:
Establishment
Support
Total expenditure
Net income /
(expenditure) before
net gains on
investments
Net gains on
investments
Net income /
(expenditure)
Transfers between
funds
20
Net movement in
funds before other
recognised gains
Other recognised
gains:
Gains on revaluation
of fixed assets
Net movement in
funds		 Unrestricted
funds
2021
£
138
737,856
900
738,894
145,893
210
120,917
108,538
375,558
363,336
327,755
691,091
(640)
690,451
13,400
703,851		 Restricted
funds
2021
£
-
4
-
4
-
-
-
-
-
4
-
4
-
4
-
4		 Endowment
funds
2021
£
-
4
-
4
-
8,988
-
-
8,988
(8,984)
10,688,805
10,679,821
640
10,680,461
190,000
10,870,461		 Total
funds
2021
£
138
737,864
900
738,902
145,893
9,198
120,917
108,538
384,546
354,356
11,016,560
11,370,916
-
11,370,916
203,400
11,574,316		 Total
funds
2020
£
906
613,538
975
615,419
125,067
8,845
108,244
90,951
333,107
282,312
1,359,815
1,642,127
-
1,642,127
69,600
1,711,727

Page 17

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Reconciliation of
funds:
Total funds brought
forward
Net movement in
funds
Total funds carried
forward		 Unrestricted
funds
2021
£
2,647,565
703,851
3,351,416		 Restricted
funds
2021
£
35,149
4
35,153		 Endowment
funds
2021
£
17,107,399
10,870,461
27,977,860		 Total
funds
2021
£
19,790,113
11,574,316
31,364,429		 Total
funds
2020
£
18,078,386
1,711,727
19,790,113

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 22 to 42 form part of these financial statements.

Page 18

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

BALANCE SHEET AS AT 31 DECEMBER 2021

Note
Fixed assets
Tangible assets
13
Investments
15
Investment property
14
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets / liabilites
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net assets excluding pension liability
Defined benefit pension scheme liability
27
Total net assets		 1,480,388
578,982
2,059,370
(155,993)		 2021
£
1,897,796
5,359,472
22,676,000
29,933,268
1,903,377
31,836,645
(374,492)
31,462,153
(97,724)
31,364,429		 32,185
415,546
447,731
(540,038)		 2020
£
1,698,467
6,198,249
12,396,400
20,293,116
(92,307)
20,200,809
(319,138)
19,881,671
(91,558)
19,790,113

Page 19

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2021

Note
Charity funds
Endowment funds
20
Restricted funds
20
Unrestricted funds
20
Total funds		 2021
£
27,977,860
35,153
3,351,416
31,364,429		 2020
£
17,107,399
35,149
2,647,565
19,790,113

The financial statements were approved, authorised for issue and signed by the Trustee on 26 August 2022

The Reverend Canon Nicholas J W Brown, Master & Governor

The notes on pages 22 to 42 form part of these financial statements.

Page 20

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Income received from investments
Purchase of tangible fixed assets / investment property
Proceeds from sale of investment property
Net amounts withdrawn / (paid in) to investment portfolio
Net cash provided by investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Repayment of borrowings
Net cash used in financing 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		 2021
£
(385,287)
733,577
(5,416,371)
4,150,000
1,414,198
881,404
100,000
(432,681)
(332,681)
163,436
415,546
578,982		 2020
£
(263,972)
618,262
(26,870)
-
(1,804)
589,588
-
(60,007)
(60,007)
265,609
149,937
415,546

The notes on pages 22 to 42 form part of these financial statements

Page 21

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. General information

As set out in the Trustee's report, The Hospital of the Holy and Undivided Trinity is an unincorporated registered charity in England & Wales. The principal office of the charity is Trinity Estates Office, Newcastle House, 37 Bridgegate, Retford, DN22 7UX.

The principle objective of the charity is to support the Brethren of the charity; the Brethren being poor bachelors or widowers of good character who are not less than 50 years of age.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Hospital of the Holy and Undivided Trinity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in sterling, which is the functional currency of the charity.

2.2 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.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 22

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.3 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.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

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.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

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

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

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

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

At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 23

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

2.6 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.

2.7 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.

2.8 Cash at bank and in hand

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

2.9 Liabilities and Provisions

Liabilities and provisions 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.

2.10 Financial instruments

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

Page 24

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.11 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.

2.12 Fund accounting

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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

3. 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.

Critical accounting estimates and assumptions:

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Tangible fixed assets are recognised at cost or valuation, less accumulated depreciation and any impairment. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the charity's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen.

The valuation of freehold and investment property is based on third party valuations which by their nature are judgmental and based on assumptions.

The pension provision is based on expected future costs to the charity calculated based on life expectancy tables and discounted at the charity's investment rate of return.

Page 25

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

4. Income from charitable activities

Unrestricted Total Total
funds funds funds
2021 2021 2020
£ £ £
Income from Charitable Activities 138 138 906

5. Investment income

Rental and Associated Income
Investment Portfolio Income
Interest Received
Rental and Associated Income
Investment Portfolio Income
Interest Received
Other incoming resources
Staff Recharges		 Unrestricted
funds
2021
£
528,590
209,109
157
737,856
Unrestricted
funds
2020
£
423,742
188,868
462
613,072		 Restricted
funds
2021
£
-
-
4
4
Restricted
funds
2020
£
-
-
93
93
Unrestricted
funds
2021
£
900		 Endowment
funds
2021
£
-
-
4
4
Endowment
funds
2020
£
-
280
93
373
Total
funds
2021
£
900		 Total
funds
2021
£
528,590
209,109
165
737,864
Total
funds
2020
£
423,742
189,148
648
613,538
Total
funds
2020
£
975

6. Other incoming resources

Page 26

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

7. Expenditure on raising funds

Costs of investment property management

Repairs
Rates, Insurance and Utilities
Professional and Miscellaneous
Loan Interest
Wages and Salaries
National Insurance
Pension Costs		 Unrestricted
funds
2021
£
54,083
20,541
18,300
2,906
48,058
422
1,583
145,893		 Total
funds
2021
£
54,083
20,541
18,300
2,906
48,058
422
1,583
145,893		 Total
funds
2020
£
38,994
19,022
11,953
5,046
44,071
1,661
4,320
125,067

8. Investment management costs

Investment Management
Investment Management		 Unrestricted
funds
2021
£
210
Unrestricted
funds
2020
£
209		 Endowment
funds
2021
£
8,988
Endowment
funds
2020
£
8,636		 Total
funds
2021
£
9,198
Total
funds
2020
£
8,845

Page 27

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

9. Analysis of expenditure by activities

Establishment Costs
Direct Benefits
Establishment Costs
Direct Benefits		 Activities
undertaken
directly
2021
£
75,648
45,269
120,917
Activities
undertaken
directly
2020
£
58,299
49,945
108,244		 Support
costs
2021
£
108,538
-
108,538
Support costs
2020
£
90,951
-
90,951		 Total
funds
2021
£
184,186
45,269
229,455
Total
funds
2020
£
149,250
49,945
199,195

Page 28

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

9. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff Costs
Monthly Allowance - Brethren
Holiday Allowance - Brethren
Heating Allowance - Brethren
Entertainment Expenses
Feast Expenses
Repairs and Maintenance
Cottage Refurbishment
Rates, Utilities and Insurance
Miscellaneous Expenses		 Total
funds
2021
£
25,262
36,560
2,860
4,167
535
1,147
34,604
548
13,003
2,231
120,917		 Total
funds
2020
£
25,318
38,982
2,344
4,628
1,149
2,842
17,848
-
12,761
2,372
108,244

Analysis of support costs

Staff Costs
Depreciation
Rates, Utilities and Insurance
Office Costs
Miscellaneous Expenses
Loan Interest
Irrecoverable VAT
Governance Costs
Legal and Professional Costs
Pension Provision - Changes in Assumptions Charge		 Total
funds
2021
£
16,688
4,071
11,137
7,135
2,105
11,624
6,120
6,373
18,840
24,445
108,538		 Total
funds
2020
£
16,684
4,802
9,287
7,250
1,920
20,185
6,694
5,983
3,764
14,382
90,951

Page 29

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

10. Auditors' remuneration

2021 2020
£ £
Fees payable to the charity's auditor for the audit of the charity's annual
accounts 5,900 5,500

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
87,902
624
3,487
92,013		 2020
£
82,298
2,636
7,120
92,054

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

2021 2020
No. No.
Hospital and Administration 5 5

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

The total amount of key management personnel benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the academy trust was £47,084 (2020 - £44,449).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 December 2021, expenses totalling £ 373 were reimbursed or paid directly to 2 Trustees (2020 - £483 to 1 Trustee) .

Page 30

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

13. Tangible fixed assets

Cost or valuation
At 1 January 2021
Revaluations
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Freehold
property
£
1,689,600
203,400
1,893,000
-
-
-
1,893,000
1,689,600		 Fixtures and
fittings
£
57,489
-
57,489
48,622
4,071
52,693
4,796
8,867		 Total
£
1,747,089
203,400
1,950,489
48,622
4,071
52,693
1,897,796
1,698,467

Freehold property is included in the financial statements at a valuation. The 2021 valuations were made by Mr John David Marshall MRICS, Bailiff & Estates Manager. The valuations were prepared using an increase from the 2020 valuations based on a Residential Survey and rental yields. A full independent third party valuation will be undertaken for the 2022 year-end.

Page 31

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14. Investment property

Valuation
At 1 January 2021
Additions
Disposals
Revaluations
At 31 December 2021		 Freehold
investment
property
£
12,396,400
5,412,694
(4,005,343)
8,872,249
22,676,000

The 2021 valuations were made by Mr John David Marshall MRICS, Bailiff & Estates Manager. The valuations were prepared using an increase from the 2020 valuations based on a Residential Survey and rental yields. A full independent third party valuation will be undertaken for the 2022 year-end.

15. Fixed asset investments

Cost or valuation
At 1 January 2021
Additions
Disposals
Revaluations
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Investment
Portfolio
£
6,198,249
86,092
(1,415,000)
490,131
5,359,472
5,359,472
6,198,249

Page 32

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

16. Investment Portfolio

Material Investments
UK Fixed Interest
UK Equities
Overseas Fixed Interest
Overseas Equities
Property
Alternative Assets
Emerging Economies
Cash
COIF Permanent Endowment
Material Investments
UK Fixed Interest
UK Equities
Overseas Fixed Interest
Overseas Equities
Property
Alternative Assets
Emerging Economies
Cash
COIF Permanent Endowment		 Permanent
Endowment
Fund
2021
£
539,650
1,700,246
71,671
1,876,953
428,698
462,918
102,176
3,191
35,281
5,220,784
Permanent
Endowment
Fund
2020
£
921,135
1,701,200
72,275
1,720,206
1,036,476
452,411
107,138
9,546
35,277
6,055,664		 Accumulated
Income Fund
2021
£
138,740
-
-
-
-
-
-
(52)
-
138,688
Accumulated
Income Fund
2020
£
142,585
-
-
-
-
-
-
-
-
142,585		 Total
funds
2021
£
678,390
1,700,246
71,671
1,876,953
428,698
462,918
102,176
3,139
35,281
5,359,472
Total
funds
2020
£
1,063,720
1,701,200
72,275
1,720,206
1,036,476
452,411
107,138
9,546
35,277
6,198,249

Page 33

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

17. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2021
£
11,975
1,435,756
32,657
1,480,388		 2020
£
8,101
1,481
22,603
32,185

18. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Resources deferred during the year		 2021
£
38,506
1,296
2,756
41,295
72,140
155,993
2021
£
63,875		 2020
£
426,541
7,863
10,187
88,389
7,058
540,038
2020
£
-

At the year-end, the charity had received rental income in advance for 2022.

Page 34

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

19. Creditors: Amounts falling due after more than one year

Bank loans
Included within the above are amounts falling due as follows:
Between one and two years
Bank loans
Between two and five years
Bank loans		 2021
£
374,492
2021
£
124,617
249,875		 2020
£
319,138
2020
£
31,840
287,298

Bank loans are secured against land at Whinley's Farm with a net book value of £1,500,000 in the financial statements.

Page 35

THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

20. Statement of funds

Statement of funds - current year

Unrestricted
Funds
Legacy Funds
General Funds
Endowment
Funds
Endowment
Funds
Restricted
Funds
Extraordinary
Repair Fund
Total of Funds		 Balance at 1
January
2021
£
5,550
2,642,015
2,647,565
17,107,399
35,149
19,790,113		 Income
£
-
738,894
738,894
4
4
738,902		 Expenditure
£
-
(375,558)
(375,558)
(8,988)
-
(384,546)		 Transfers
in/out
£
-
(640)
(640)
640
-
-		 Gains/
(Losses)
£
-
341,155
341,155
10,878,805
-
11,219,960		 Balance at
31
December
2021
£
5,550
3,345,866
3,351,416
27,977,860
35,153
31,364,429

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
Funds
Legacy Funds
General Funds
Endowment
Funds
Endowment
Funds
Restricted
Funds
Extraordinary
Repair Fund
Total of Funds		 Balance at
1 January
2020
£
5,550
2,321,823
2,327,373
15,715,957
35,056
18,078,386		 Income
£
-
614,953
614,953
373
93
615,419		 Expenditure
£
-
(324,471)
(324,471)
(8,636)
-
(333,107)		 Transfers
in/out
£
-
(21,176)
(21,176)
21,176
-
-		 Gains/
(Losses)
£
-
50,886
50,886
1,378,529
-
1,429,415		 Balance at
31 December
2020
£
5,550
2,642,015
2,647,565
17,107,399
35,149
19,790,113

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

21. Details of charity funds

Unrestricted Funds:

General Funds represent the free funds of the charity which are available for use towards any of the objects of the charity.

Legacy Funds represents amounts left to the charity by former Brethren which will be put to a specific purpose yet to be agreed by the Trustee.

Endowment Funds:

Endowment Funds represent a Permanent Endowment Fund which must be held permanently by the charity. Funds are principally held in the form of investments and cannot be added to or spent. Income arising from the fund can be used in accordance with the charity's objects and is therefore included within unrestricted income in the SoFA.

Net transfers in and out of the Endowment Fund represent additions to endowment assets out of unrestricted income.

Restricted Funds:

The Extraordinary Repair Fund is held specifically for the repair, maintenance and restoration of the almshouse buildings and chapel. The fund shall be established and maintained out of the income of the charity either by transfer to the fund of a yearly sum of not less than £320 or in such other manner as the Commissioners from time to time approve or direct.

In the current year, there were no repairs that were paid out of the Extraordinary Repair Fund.

22. Summary of funds

Summary of funds - current year

General funds
Endowment
funds
Restricted
funds		 Balance at 1
January
2021
£
2,647,565
17,107,399
35,149
19,790,113		 Income
£
738,894
4
4
738,902		 Expenditure
£
(375,558)
(8,988)
-
(384,546)		 Transfers
in/out
£
(640)
640
-
-		 Gains/
(Losses)
£
341,155
10,878,805
-
11,219,960		 Balance at
31
December
2021
£
3,351,416
27,977,860
35,153
31,364,429

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

22. Summary of funds (continued)

Summary of funds - prior year

General funds
Endowment
funds
Restricted
funds		 Balance at
1 January
2020
£
2,327,373
15,715,957
35,056
18,078,386		 Income
£
614,953
373
93
615,419		 Expenditure
£
(324,471)
(8,636)
-
(333,107)		 Transfers
in/out
£
(21,176)
21,176
-
-		 Gains/
(Losses)
£
50,886
1,378,529
-
1,429,415		 Balance at
31 December
2020
£
2,647,565
17,107,399
35,149
19,790,113

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Total		 Unrestricted
funds
2021
£
147,796
57,953
3,317,000
456,876
(155,993)
(374,492)
(97,724)
3,351,416		 Restricted
funds
2021
£
-
-
-
35,153
-
-
-
35,153		 Endowment
funds
2021
£
1,750,000
5,301,519
19,359,000
1,567,341
-
-
-
27,977,860		 Total
funds
2021
£
1,897,796
5,359,472
22,676,000
2,059,370
(155,993)
(374,492)
(97,724)
31,364,429

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

23. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Total		 Unrestricted
funds
2020
£
138,467
61,850
2,985,400
412,582
(540,038)
(319,138)
(91,558)
2,647,565		 Restricted
funds
2020
£
-
-
-
35,149
-
-
-
35,149		 Endowment
funds
2020
£
1,560,000
6,136,399
9,411,000
-
-
-
-
17,107,399		 Total
funds
2020
£
1,698,467
6,198,249
12,396,400
447,731
(540,038)
(319,138)
(91,558)
19,790,113

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

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains on investments
Investment income
Decrease/(increase) in debtors
Increase in creditors
Investment portfolio management costs
Contributions paid against pension provision
Charge for change in pension provision assumptions
Net cash used in operating activities		 2021
£
11,370,916
4,071
(11,016,560)
(737,864)
(28,881)
7,667
9,198
(18,279)
24,445
(385,287)		 2020
£
1,642,127
4,802
(1,359,815)
(613,538)
8,523
48,980
8,845
(18,278)
14,382
(263,972)

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

25. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2021
£
578,982
578,982		 2020
£
415,546
415,546

26. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1 January
2021
£
415,546
(426,541)
(319,138)
(330,133)		 Cash flows
£
163,436
332,681
-
496,117		 Other non-
cash
changes
£
-
55,354
(55,354)
-		 At 31
December
2021
£
578,982
(38,506)
(374,492)
165,984

27. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £3,487 (2020 - £7,120). Contributions totalling £nil (2020 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

A provision is made in the financial statements in respect of the charity's self-funded pension to its retired staff which is paid through the payroll. During the year, the charity paid £18,279 (2020 - £18,278) in respect of pensions with a charge arising due to changes in assumptions of £24,445 (2020 - £14,382). The provision as at 31 December 2021 is £97,724 (2020 - £91,558).

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THE HOSPITAL OF THE HOLY AND UNDIVIDED TRINITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

28. Operating lease commitments - as Lessor

At 31 December 2021 the charity had commitments to receive future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2021
£
417,395
1,479,575
3,601,654
5,498,624		 2020
£
62,335
145,713
43,257
251,305

29. Related party transactions

During the year, transactions took place with The John Darrel Scholarship, a charity in which the charity trustee is also the sole trustee. The Founder of the Hospital also established The John Darrel Scholarship.

Management recharges of £900 (2020 - £975) were received from The John Darrel Scholarship relating to staff recharges. The balance outstanding at the year end is £1,400 (2020 - £1,400) and is included within other debtors.

Page 42