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2022-03-31-accounts

THE HOSPITAL OF ST OSWALD

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

REGISTERED CHARITY NUMBER: 233566

THE HOSPITAL OF ST OSWALD CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Pages
TRUSTEES’ REPORT 1
INDEPENDENT EXAMINER’S REPORT 6
STATEMENT OF FINANCIAL ACTIVITIES 7
BALANCE SHEET 8
NOTES TO THE FINANCIAL STATEMENTS 9

THE HOSPITAL OF ST OSWALD TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022

The charity trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The Trustees have adopted provisions of the 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 full name of the charity is The Hospital of St Oswald. The charity is known as St Oswald's Hospital, Worcester. The charity registration number is 233566. The principal office of the charity is St Oswald's Hospital, St Oswald's Close, The Tything, Worcester, WR1 1HR.

The administrative address of the charity is The Chapter Office, 8 College Yard, Worcester, WR1 2LA.

The charity trustees during the year complied with the duty in Section 17 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The constitution of the charity is a scheme approved by the Chancery Division of the High Court on 31 July 1878. Various subsequent schemes were approved by the Charity Commission on 15 August 1930, 29 August 1941, 17 November 1961, 18 June 1969, 1 September 1977 and 31 October 1985. A further amendment was made in 2017, which established a new scheme of governance and a resolution was passed under section 280 of the Charities Act 2011 to make these changes.

Trustees

The trustees who served during the year and up to the date of this report were as follows:

The Very Reverend Peter Atkinson, Dean of Worcester – Chair of the Board The Reverend Canon Dr Michael Brierley (to 31 August 2021) The Reverend Canon Dr Georgina Byrne (to 31 August 2021) The Reverend Canon Dr Stephen Edwards The Reverend Canon John Paul Hoskins (from 29 January 2022) Canon Henry Briggs Canon David Bryer Canon Anne Penn

The key senior personnel of the charity (the management board) are the Master (Chair of the Board), the Chaplain and the Steward. The remuneration of the Master and the Chaplain is not determined by the charity as the amounts are notional and historic as set out in the governing scheme. The Chaplain is provided with accommodation to allow her to fulfil her duties. The Steward is the Chief Operating Officer of Worcester Cathedral and has overall operational management responsibility of the charity and is supported by the finance team at Worcester Cathedral. The Steward is an employee of Worcester Cathedral and a charge is made for their services, along with other services provided by the Cathedral as disclosed in note 13. The charity does not have any policy or mechanism for determining their remuneration but the Master agrees the overall amount recharged.

During the year covered by this report and up to the date of this report, the following people held office: Chaplain: The Reverend Sue Irwin (to 9 September 2022) Steward: Mrs Val Floy (to 11 March 2022) Mr Matthew Hall (from 11 July 2022)

Despite a number of changes of personnel, before and after the year end, the management board has continued to work constructively to provide support to the residents and ensure the property is maintained in accordance with legal requirements.

1

THE HOSPITAL OF ST OSWALD TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022

OBJECTIVES AND ACTIVITIES

The main focus of the charity is to improve the quality of life of older people and others in need in the identified areas around the City of Worcester. St Oswald’s Hospital does this through the provision of:

• high quality homes in a safe, secure and friendly environment, with a strong sense of community

• responsive services to meet individuals’ needs over time, to help residents to live independent and fulfilled lives

St Oswald’s Hospital comprise north, south and west ranges of brick built terraced houses standing at the southeast corner of the Tything and St Oswald’s Road in Worcester. The Chapel is situated in the centre of the site at the east end of the courtyard and around which stand the almshouses and the Chaplain’s house is in the middle of the north range. The almshouses, Chaplain’s house and the Chapel are Grade ll listed as buildings of architectural and historical interest.

St Oswald’s Hospital provides a community approach to housing and the trustees continue to invest in improvements to the properties, both on a cyclical basis and by refurbishing units when they become vacant. During 2021 the charity continued to provide support to residents through keeping in touch on the telephone, visits on the doorsteps and by working with residents’ families where this was required. The opportunity for communal gathering in the Chapel and meeting spaces was paused due to continuing pandemic, in line with guidance, but some residents were able to access online alternatives.

The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

ACHIEVEMENTS AND PERFORMANCE

During the COVID-19 pandemic, the priority of the charity continued to be keeping residents and staff safe. The trustees give sincere thanks to the staff at St Oswald’s Hospital for their committed and dedicated efforts during the pandemic and during the subsequent transition as restrictions have eased.

Despite the challenges of the pandemic, the almshouses continued to be maintained and work identified as part of the most recent quinquennial inspection continued. Routine maintenance and improvements also continue to be made and the charity provides outstanding gardens to promote an environment that is enjoyed by the residents of the almshouses. Significant work on energy saving measures commenced in the year and will be developed further in 2022.

The financial strategy put in place last year has continued, with the aim of ensuring long term sustainability, with all residents receiving the same level of housing and repairs. This has meant increasing the monthly maintenance contributions for existing residents and applying a national valuation benchmark for new residents in order to bring St Oswald's in line with other almshouses nationally, The charity continues to support the appointment of the Chaplain and the spiritual life of the community, but that is done from its own resources and investment income. In terms of financial sustainability, the aim of the charity continued to be achieving a balanced budget with a longer-term objective to build up free reserves and allocate maintenance reserves to enable future longer term planning to be resourced.

2

THE HOSPITAL OF ST OSWALD TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022

FINANCIAL REVIEW

The total funds of the charity at 31 March 2022 amounted to £4,281,970 (2021: £4,323,856). Of this £4,100,157 (2021: £4,104,101) is permanent endowment and includes the almshouse property, investment property and other investments. The unrestricted funds are £181,813 (2021: £219,755).

The charity’s principal funding resource is income from its endowment investments, which was £136,024 (2021: £146,812). Income from residents amounted to £84,365 (2021: £64,518). Expenditure for the year before investment movements was £283,559 (2021: £227,982). The net expenditure for the year before investment gains was £60,640 (2021: net income of £11,970). Gains on investments were £18,754 (2021: losses of £13,382). There was a net decrease in funds of £41,886 (2021: net increase of £1,412).

COVID-19 Impact

The main impact of COVID-19 continued to be to the safety and health of residents and staff. St Oswald’s Hospital has a number of elderly and frail residents, who depend on family and carers to support them to live independently and it was important to enable their support networks to continue to operate effectively. The charity also needed to ensure that essential staff could continue to work safely and adapt their ways of working for the new situation.

During the height of lockdown the charity paused the usual maintenance and repair work, only responding to the urgent and critical issues. This has had an impact on the maintenance schedule in the year. Where there were temporary vacancies these were not as easy to fill, due to lockdown, so income from flat rentals suffered as a result.

Actions

The trustees are investing in measures to reduce utility costs, particularly in the area of insulation. Measures are also being taken to ensure that energy is not wasted and that residents are responsible for keeping these costs and usage to a minimum. This involves significant investment after the end of this financial year.

Future Outlook/Risk

The Trustees consider the steps now being taken to ensure the future financial viability of the charity after a difficult period as a result of world events, should be sufficient to ensure its continuing operation.

Principal Risks and Uncertainties and Risk Management

The Trustee considers that the principal risks are:

The Charity has a risk register that is monitored 6-monhtly at trustees’ meetings and includes mitigation for these key risks. The charity will continue to implement its longer-term strategy to address the balance between residents’ contributions and reliance on the endowment income from the charity’s investments.

3

THE HOSPITAL OF ST OSWALD TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022

Investment Policy

The charity relies on income from investments to fund the whole costs of maintaining the community at St Oswald’s Hospital. Income has held up well from properties and a further 2 properties have been identified for disposal, when the market allows and the capital will be invested with the investment portfolio, managed by EFG Harris Allday. The trustees are advised by the Finance Committee and Investment Sub-Committee, set up by Worcester Cathedral, and receive regular reports on the performance of investments. The Finance Committee and Investment Sub-Committee advises the trustees around maximising returns, in order to fund the running of the charity for its beneficiaries. The trustees maintain control over the management of the charity’s property and investment portfolio.

A new Reserves Policy is being drafted by the Finance Committee and will be approved by the trustees of St Oswald’s Hospital later in the year.

Reserves Policy

The charity’s permanent funds are endowed to provide unrestricted income for the charity’s ongoing operating expenditure, whilst at the same time preserving the real value of the investments. Major restoration work is funded from the restricted funds. The trustees aim to obtain sufficient funds so that the work of the charity can continue and develop. The trustees consider that the current level of reserves is adequate.

At 31 March 2022, unrestricted reserves amounted to £181,813 (2021: £219,755) representing 64% (2021: 96%) of unrestricted expenditure in the year. Total reserves were £4,281,970 (2021: £4,323,856) and the breakdown of assets and liabilities of which they are made up is disclosed on the balance sheet on page 8.

4

THE HOSPITAL OF ST OSWALD TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Report and the financial statements in according with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and 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 movement in funds for that year. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient 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 trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and protection of fraud and other irregularities.

Signed on behalf of the Trustees by The Very Reverend Peter Atkinson, Chair of the Board,

Date

5

THE HOSPITAL OF ST OSWALD INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

I report to the trustees on my examination of the accounts of The Hospital of St Oswald '(the Trust) for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed:

Name: Scott Lawrence FCA, DChA

Address: Hazlewoods LLP, Staverton Court, Cheltenham, GL51 0UX

Date

6

THE HOSPITAL OF ST OSWALD STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Income & Endowments from:
Note
Donations and legacies
2
Investments
3
Charitable activities
4
Total Income
EXPENDITURE ON:
Raising funds
5
Charitable activities
6
Total expenditure
NET EXPENDITURE
Gain/(loss) on investment assets
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
£
2,530
136,024
84,365
222,919
7,657
275,902
283,559
(60,640)
22,698
(37,942)
219,755
181,813		 Permanent
Endowment
Funds
£
-
-
-
-
-
-
-
-
(3,944)
(3,944)
4,104,101
4,100,157		 2022
Total
£
2,530
136,024
84,365
222,919
7,657
275,902
283,559
(60,640)
18,754
(41,886)
4,323,856
4,281,970		 2021
Total
£
4,682
146,812
64,518
216,012
8,641
219,341
227,982
(11,970)
13,382
1,412
4,322,444
4,323,856

The notes numbered 1 to 15 form part of these financial statements.

The gain on investment assets in 2022 was split between funds as follows: unrestricted funds £22,698; and permanent endowment fund (£3,944).

The comparatives for restricted funds are shown in the notes to the financial statements.

7

THE HOSPITAL OF ST OSWALD BALANCE SHEET AS AT 31 MARCH 2022

Note
FIXED ASSETS
Tangible fixed assets
8
Investments
9
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
LIABILITIES
Creditors: amounts falling
due within one year
11
NET CURRENT
ASSETS/LIABILITIES
NET ASSETS
FUNDS OF THE CHARITY
Unrestricted funds
15
Endowment Fund
15
TOTAL FUNDS		 Unrestricted
Fund
£
258
166,409
166,667
27,907
48,258
76,165
61,019
15,146
181,813
181,813
-
181,813		 Permanent
Endowment
Fund
£
1,890,000
2,211,849
4,101,849
-
(1,692)
(1,692)
-
(1,692)
4,100,157
-
4,100,157
4,100,157		 Total
2022
£
1,890,258
2,378,258
4,268,516
27,907
46,566
74,473
61,019
13,454
4,281,970
181,813
4,100,157
4,281,970		 Total
2021
£
1,890,542
2,433,613
4,324,155
11,908
45,924
57,832
58,131
(299)
4,323,856
219,755
4,104,101
4,323,856

Approved by the board of trustees and authorised for issue on and signed by:

The Very Reverend Peter Atkinson, Chair of the Board

The notes numbered 1 to 15 form part of these financial statements.

8

THE HOSPITAL OF ST OSWALD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

Statutory information

The Hospital of St Oswald is a charity, limited by guarantee, registered in England and Wales

Basis of preparation

The financial statements have been prepared in accordance the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on the March 2018 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The presentational current of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the charity operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Assets and liabilities are initially recognised in the financial statements at cost or transaction value. Where specifically stated below they are subsequently re-measured at fair value.

The Hospital of St Oswald is registered as a charity with the Charity Commission in England and Wales and consequently constitutes a public benefit entity as defined by FRS 102.

The trustees consider that in preparing the accounts there were no material error of judgement or estimation uncertainty likely to give rise to corrections in subsequent periods.

Going concern

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern given the level of assets held.

Cash flow

As a charity with income not exceeding £500,000 per annum, The Hospital of St Oswald is not required to present a cash flow statement.

Income

All income is included on the Statement of Financial Activities when the charity is legally entitled to the income, it is probable that the income will be received and the amount can be quantified with sufficient reliability.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have all been allocated to activities on a basis consistent with the use of resources.

Costs of raising funds the cost of managing the charity's investments.

Charitable activities include all the costs of running the Almshouse, together with the support costs, which are the indirect costs of running the Almshouse, and governance costs which are the costs of compliance with legal obligations such as external scrutiny of the accounts.

9

THE HOSPITAL OF ST OSWALD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 . ACCOUNTING POLICIES (continued)

Tangible fixed assets

Tangible fixed assets are included at cost except of property. Assets costing less than £100 are not capitalised.

Property is included as its fair value based on periodic external advice.

Depreciation is not provided on functional freehold buildings due to the expected residual value being not less than the carrying value. The building has a regular structural inspection, is properly maintained and is unlikely to deteriorate or suffer from obsolescence.

Depreciation is provided on office equipment at 16.67%-25% on cost in order to write off each asset over its useful economic life.

Investment property

Investment property is initially recognised on the balance sheet at acquisition cost and its subsequently re-measured at its fair value based on periodic external advice. No depreciation is provided on investment property in accordance with FRS102.

Other Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date at fair value using the closing market price. The statement of financial activities includes the net gains and losses arising or revaluation and disposals throughout the year.

Financial Instruments

The charity only has financial assets and financial liabilities of a king that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of the trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original term of the debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as noncurrent liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

10

THE HOSPITAL OF ST OSWALD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 . ACCOUNTING POLICIES (continued)

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustee.

Restricted funds can only be used for particular restricted purposes within the objects of the charity.

Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

The Permanent Endowment Fund consists of fixed capital which may not be expended. The income arising on the capital can be used for unrestricted purposes at the discretion of the trustees of the charity.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension contributions

The Cathedral makes contributions to a defined contribution pension scheme. Contributions payable for the year are charged in the Statement of Financial Activities on an accrual basis.

11

THE HOSPITAL OF ST OSWALD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2.
DONATIONS
Chapel collections
Other
All donations were unrestricted in both 2022 and 2021.
3.
INVESTMENT INCOME
Unrestricted Income
Properties:
Lansdowne Road, Worcester (City of Worcester)
Lansdowne Road, Worcester (Allotments)
35 Foregate Street, Worcester (ground/rear)
35 Foregate Street, Worcester (floors 1 and 2)
12 The Foregate, Worcester Ground
12 The Foregate, Worcester Upper
80 High Street, Bromsgrove
82 High Street, Bromsgrove
18 The Hill Avenue
Wayleave
Harris Allday investment income
Deposit Interest:
COIF Deposit Account
Total Investment Income
All income was unrestricted in both 2021 and 2022.
4.
CHARITABLE ACTIVITY INCOME
Residents' maintenance contributions - unrestricted income
All income was unrestricted in both 2021 and 2022.		 2022
£
1,104
1,426
2,530
2022
£
1,100
825
30,000
3,879
26,000
26,200
-
23,125
14,400
5
10,479
136,014
10
136,024
2022
£
84,365		 2021
£
1,110
3,572
4,682
2021
£
1,100
825
30,000
9,310
26,000
25,230
8,699
30,000
14,400
5
1,213
146,782
30
146,812
2021
£
64,518

12

THE HOSPITAL OF ST OSWALD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

5..
EXPENDITURE ON RAISING FUNDS
Rent collection fees - unrestricted expenditure
6.
CHARITABLE ACTIVITIES
Salaries
Employer's pension contribution
Honorarium
Death in Service insurance
Chaplain's house expenses
Chapel expenses
Almshouses expenses - Heat and light
- Water rates
- Council tax
Telephone
Insurance
Bookkeeping and secretarial costs
Computer expenses
Garden expenses
Sundry expenses
Property maintenance
Professional fees
Depreciation
Governance - auditor's remuneration		 2022
£
7,657
2022
£
51,316
2,373
1,000
-
7,589
589
88,016
5,047
682
2,067
5,060
24,432
210
2,220
5,460
65,698
10,424
283
3,438
275,902		 2021
£
8,641
2021
£
47,062
2,193
1,187
155
4,537
232
51,410
4,793
1,209
2,099
6,699
26,400
620
683
5,804
53,852
7,123
283
3,000
219,341

All of the above expenditure relates to unrestricted funds

13

THE HOSPITAL OF ST OSWALD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

7.
STAFF COSTS
Gross salaries
Other pension costs		 2022
£
51,316
2,373
53,689		 2021
£
47,062
2,193
49,255

The average monthly number of employees during the year was as follows:

2022 2021
No. No.
Full time 1 2
Part time 3 2

No employee received remuneration in excess of £60,000. An honorarium of £nil (2021 - £187) was paid to the Master (who is also a Trustee) and £1,000 (2021 - £1,000) to the Chaplain. These payments are made in accordance with a scheme approved by the Chancery Division of the High Court of Justice on 20 November 1877 and subsequent revisions. No expenses have been reimbursed to or paid on behalf of the Master (2021: £nil).

The separately identifiable remuneration of key management personnel comprises the aggregate honoraria stated above of £1,000 (2021: £1,187).

14

THE HOSPITAL OF ST OSWALD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8.
TANGIBLE FIXED ASSETS
Cost
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net Book Value
At 31 March 2022
At 31 March 2021
Functional asset used by beneficiaries
St Oswald's Hospital, Upper Tything, Worcester		 Freehold
property
£
1,890,000
-		 Office
equipment
Total
£
£
8,591
1,898,591
-
-
1,890,000 8,591
1,898,591
-
-		 8,050
8,050
283
283
- 8,333
8,333
1,890,000 258
1,890,258
1,890,000 541
1,890,541
2022
£
1,890,000		 2021
£
1,890,000

The freehold property was valued on an open market basis as at 31 March 2013 by Mr J Clines MRICS of Halls, Chartered Surveyors (now Fisher German LLP). It was previously valued at £1.5m in 2009. Its historic cost is not known.

15

THE HOSPITAL OF ST OSWALD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9.
FIXED ASSET UK
INVESTMENT
Property
£
Cost or valuation
At 1 April 2021
1,900,000
Additions
-
Disposals at proceeds
-
Cash movements in the
year
-
Revaluation adjustment
1,691
Gains / (losses)
(3,691)
At 31 March 2022
1,898,000
Freehold property held as permanent endowment
Investment assets
Land, Lansdowne Road, Worcester
(City of Worcester Play Area)
Land, Lansdowne Road, Worcester (South Allotments)
35 Foregate Street, Worcester
12 The Foregate, Ground Floor,
Worcester
12 The Foregate, Upper Floors,
Worcester
80 High Street, Bromsgrove
82 High Street, Bromsgrove
18 The Hill Avenue		 Property
£
1,900,000
-
-
-
1,691
(3,691)		 Shares
£
508,924
-
(75,000)
-
-
22,445		 Cash
Deposits
£
24,689
10
-
(810)
-
-		 Total
£
2,433,613
10
(75,000)
(810)
1,691
18,754
1,898,000 456,369 23,889 2,378,258
2022
£
18,500
25,000
340,000
240,000
402,000
200,000
275,000
397,500		 2021
£
17,500
25,000
340,000
240,000
392,500
220,000
275,000
390,000
1,898,000 1,900,000

Investment property was valued on an open market basis on 31 March 2022 by Fisher German, Chartered Surveyors, who are the property agents contracted by the charity. The property was previously valued at 31 March 2021.

Investment shares are unlisted and valued on the basis of prices published by CCLA Investment Management Limited, who administer the COIF Charity Funds, as at 31 March 2022.

16

THE HOSPITAL OF ST OSWALD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9.
FIXED ASSET UK INVESTMENTS
(continued)
2022
Property
Shares - COIF Accumulation Units
Listed shares
Cash - COIF Deposit Accounts
At 31 March 2022
2021
Property
Shares - COIF Accumulation Units
Listed shares
Cash - COIF Deposit Accounts
At 31 March 2021
10.
DEBTORS
Trade debtors
Prepayments and other debtors
All debtors relate to unrestricted funds.
11.
CREDITORS: amounts falling due
within one year
Trade creditors
Social security and other taxes
Accruals		 Unrestricted
Fund
Permanent
Endowment
Fund
£
£
-
1,898,000
164,630
-
-
291,739
1,779
22,110		 Unrestricted
Fund
Permanent
Endowment
Fund
£
£
-
1,898,000
164,630
-
-
291,739
1,779
22,110		 Total
£
1,898,000
164,630
291,739
23,889
166,409
2,211,849		 2,378,258
Unrestricted
Fund
Permanent
Endowment
Fund
£
£
-
1,900,000
216,933
-
-
291,991
1,769
22,920		 Total
£
1,900,000
216,933
291,991
24,689
218,702
2,214,911		 2,433,613
2022
£
20,274
7,633
27,907
2022
£
16,355
1,834
42,830
61,019		 2021
£
11,908
-
11,908
2021
£
46,562
1,728
9,841
58,131

17

THE HOSPITAL OF ST OSWALD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

12. RELATED PARTY TRANSACTIONS

Bookkeeping and secretarial services of £24,432 (2021: £26,400) are provided by Worcester Cathedral. The Trustees of the charity are the member of the Chapter of Worcester Cathedral. The balance due at year end is £24,432 (2021: £Nil) and is included within accruals in creditors.

A key member of personnel for the charity, who serves the cathedral, is provided with an alms house in line with the objectives of the charity.

13. TAXATION

The charity is not liable to corporation tax.

14. PENSIONS

The charity makes defined contribution pension arrangement available to staff in compliance with legal requirements. The amount payable for the year is shown in note 7 and has been charged to the Statement of Financial Activities. There are £nil unpaid contributions due at 31 March 2022 (2021: £nil).

15. FUNDS

The Unrestricted Income Fund has arisen from accumulated surpluses and can be used for any charitable purpose approved by the trustees within the unrestricted fund, the Trustees have designated £10,281 (2021: £8,777) for repairs.

The Permanent Endowment Fund is held largely in freehold properties together with a smaller amount of more realisable deposits. The capital in the fund is permanent and is for the sole purpose of providing income, which is unrestricted, for the running of the charity as approved by the trustees.

The Statement of Financial Activities and the Balance Sheet show the fund movements together with the allocation of the net assets between the funds.

18