BOND'S HosprrAL ESTATE CHARITY FOUNDED BY WILL DATED 18 f•1ARCH 1506 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
BOND'S HOSPffAL ESTATE CHARITY FOUNDED BY WILL DATED 18 MARCH 1506 INDEX TO THE FINANCIAL STATEMENTS tor the year endod 31 March 2024 Pag• Charity Information Feoffees, Report Auditors, Report Statemènt of Financial ActNlties- current year Balance Sheet 10 Notes lo the Flnanckql Statements 11-16
BOND'S HOSPITAL ESTATE CHARITY FOUNDED BY LL DATED 18 MARCH 1506 CHARiff INFORMATION FEOFFEES: Mr R M 8 Kenyon Ichairnian until February 2024) MT M D H Peachey (Chairman from February 2024) MrRJKMorton Mr S A W Chalker (Appointed November 20231 Mr A C Gillitt 1?1n1ed February 20241 Mrs G M Wglesworth (Retired May 20231 MsSCForte Councillor F Abbott Counclllor J Clifford Clerk and Agent. Mr P E Cowen Mes8rs. Godfrey-Payton Old Bablake Hill Street Coventy CV14AN Bankers.. Lloyd5 plc High Street Coventy CV15RE Soltilors.. Rolherham & Company Limited 8 & 9 The Quadrant Coventry CV12EG Audilors.. Dafferns LLP Chartered Accountants One Eas00d Harry Weston Road Binley Buslness Park Coventy CV3 2UB Investment Advisors.. Brewin Dolphin Limited 9 Colm0 Row Birmingham B3 2BJ Registered No.. 235581 Page 1
BOND'S HOSPITAL ESTATE CHARrrf FOUNDED BY WILL DATED 18 MARCH 1506 FEOFFEES, REPORT for the year ended 31 March 2024 Structure, Go¥ernance and Management The Charity was established in 1506 under the will of Thomas 8ond and is cLJnstiluled a5 an unincorpofftted association being governed primarily by a Scheme of the Charity Commissioners dated 9th Augu512002. 11 was estsblished to endow the Almshouses of Bond's Hospital, now incorporated into Bond's and Ford's Hospital Chanty. This involves the Maintenan of the existing Almshouses, their furbI$hrnen1 and the provision of rther accommodation. The administration of the Charity is vested in four co-OPtatNe Feoffees and three Feoffees nominated by Coventry City Council. The co-optab've Feoffees are chosen by the existing Feoffees. being people considered to have a particular interest in the work of the Charity or knOwdge and experience likely to assist in rts proper administration. No Feoffee receives any remuneration. Firms of Solicitors, Stockbrokers and Chartered Surveyors, adv15e the Feoffees with a Partner of the firm of Chartered Surveyo15 fi'lling the role of Clert( to the Charity. All report lo the meetings of the Feoffees, normally held al quarterly intervals, when re¢ommendab'ons are made, and decisions taken. Between meetings. decisions on matter5 of lesser importance afe taken by the Chairman, with routs'ne decisions Conrning buildings maintenance etc. and the general administration of the Charity being delegated lo the Clerk, The Feoffees monitor the Slralegic, business, and operational nsk5 which the Charity faces and have pul in place systems and processes to ¢ontrol the possi1e impact of these risks so that necessary steps to obviate them can be taken ObJKtIv08 and Actlvltl8• The primary objeCte of the Chanty Is to generate income for Bond's and Ford's Hosphal Charity. The Feoffees have no discretion as lo the distributs'on of any surplus incorne generated during the year which, in accordance with its scheme, is either wholly or partly distributed to that beneficiary Charity las now administered by Coventry Church (Municipall Chariliesl. In some years any balance from the distribution can be held on the beneficiary Charity's behalf pending a request for a subsequent dislnbulion towards ils work. Dunng the ye8r £337,38612023. £345,854) was distributed to Coventy Church (Municipall Charits8s to support ts activities and the Objects of that Charity, including ils loan repayment liabilities following the recent completion of 45 new almshous8s comprising the Bond's Lodge development in 2021. The investment policy of the Feoffees is to provide a steadily increasing surplus incomo for distribution coupled with reasonable Capital growth and proper security of investment. The Feoffee5' investment powers are governed by a sGherne dated 28th July 2000 whh largely replicate5 the Trustee Act 2000. The Feoffees believe that their investment aims can best b8 achieved by holding a mixture of agricultural, residential and commercial prOpe.@S along with 8 stock market investment portfolio," the balance beeen these will vary depending upon the circumstances prevailing and, the Feoffees believe that this policy will avoid the Charity being exposed to major nsks. There have been no ¢hanges lo this policy during the past year and the Feoffee5 wnsider that it is sb'll appropriate. The Charity is not dependent upon any donations or any other forrn of fvnd raising, nor is il dep8ndent upjn th8 SUPPOrt of any indNiduals. The Chanty dces not engage the services of any volunteers. The Feoffees confim that they have referred lo the Charity Commission's guidance on Publ tknefit when reviewing the Charity's aim5 and objectives and in planning future aclivits'es. Achlovomonts and Performance The Feoffees have continued to manage the assets of the Trust in a structured and coordinated manner, whilst reviewing and implementing their investment strategy, to ensure that the Objects of the Charity contr.nue to be achieved. DNidend income from the investment portfolio has shown a year-on-year increase of 20°h, with rentsl income from both commercial and agricultural investments having remained broadly static. Page 2
BOND'S HOSPITAL ESTATE CHARI FOUNDED BY WILL DATED 18 MARCH 1506 FEOFFEES, REPORT for the year ended 31 March 2024 Achlevemenls and Performance Icontlnued) The Portfolio is managed on a proactwe basis by the Feoffees to deliver a consistent level of income return wrth simultaneous capital grovrfth. The Feoffees meet formally on at least three occasions in each year. wth a fourth site visit also usually being arranged. Achieving a balance between the two key pillars of income and caprtal growth, whi15t meeb'ng the Charity's obligations and liabilities without exposing the Charity to undue risk remains challenging, bul considerable focus is directed towards both long-term investment strategy and the continuous assessment of risk. With RPI Inflation having commenced the year at a 1140k (marginally down from ils peak of 140A in November 20221, rt ended the year al 4.3%. Meanwhile, the Bank of England'5 Base Rate of interest fose from 4.250A to 5.25% by August 2023 and remained at that level for the balance of the year These hallenging economiG conditions when Gombined with political instability in Ukraine and the Middle East resulted in a very challenging period for both investors and occupiers whilst they mel the challenges of strong inflation and continuing high interest rates Three full Feoffee meetings were held during the year In April and November 2023 and February 2024. On each CLcasion specifi'c matters relatsng to the performance of the Portfolio were addressed, in additn lo other items of a more strategic nature. As part of the peri&*ic review of the Charity's investments, its advisors at Brewin Dolphin produce and monitor an ESG Risk Score to measure the degree to which the underfying inveslmenl's economic value may be at risk driven by material environmental, social and governance factors. The Portfolio has performed consislentty at a lowlmedium level of risk in that respect. In addition, the Portfolio's exposure lo carbon intensive businesses is nnItOred through Brewin Dolphin's oarbon intensity index, lo reflect the weighted average of each Gornpany's Carbon emissions within the Portfolio, divided by their annual sales. The Index identifie5 that the PortfolKJ holds low carbon intensity rating. In the year lo March 2024, th8 total return from the investment Portfolio was 11.86%, thereby outperfomiing the ARC Steady Growth Benchmark. The Charity has continued lo acb'vely promote opportunities for residèntial and commercial deveSopment of its land holdings at each stage ol the relevant planning processes with parbcular focus towards Lal Plan review processes and public engagement. The principal focus during the year remained the full planning application for 149 unts on the land forming part of Home Farm, Bulkinglon whrh was being led by the Charity's development Partner, Visty Homes. A planning Consent was ultimately issued by Nuneaton and Bedworth Borough Council on 51n July 2024, following Gompletion of a SeGlion 1Cfj Agreement. Thereafter, aspects of detail remained lo be resolved and PTrce negotiations are likely lo lead lo a sale of the srte being completed in late 2024. Progress with other strategic opportunities did not prove as fruitful as had been expected. partially with L¢xal Plan review processes becoming subject of delays resulting from changes to national planning policy guidance. Provisional lems have been aged with Gladman fof a new Land Promotion Agreement in respect of the land at Acton Hill wher8 that company's previous input (under a now0xpld Land Promotion Agreemenll had helped the Charity to secure a draft Allocation for residentl81 development within the emerging Local Pkgn. Other strategic developrrent opportunities We considered in respect of Pwl House Farm, and land al Exhall, bul did not Subsequently progre55. Amongst many other matter5 of a more routr'ne nature, maintenance Wofks lo the stone farm buildings al Herd Hill Farm were progressed and initsal works were cornrnenced with regard lo a planning application for the extension of the existing dwelling at Blacklands 8ungalow near Priors Marston following the premises falling vacant. The Charity's commercial properties continue lo be managed on a pro-aclwe basis, with routine matters handled as needs require. Following a 51rategic change of directson, the previous occupiers vacated The Penny Collard Centre in November 2023. and lemis have been agreed for a re-letting from late 2024. During the year, Gill Vmglesworth retired from her position as a co-optative Feoffee having initially been appointed in May 2012. Mrs Wiglesworth's contribution tts the Board over 11 years, and in particular her input on behalf of the occupiers of the Charity's land and propety was commended by the Chairman at her final Feoffee's nEeling Two local businessmen In Simon Chalker and Andrew Gillitt We subsequenlty appointed as Co-optslive Feoffees, with Mr Chalker taking up the post from November 2023 and Mr Gillitt from February 2024. Page 3
BOND'S HOSPITAL ESTATE CHARITY FOUNDED BYWILL DATED 18 MARCH 1506 FEOFFEES, REPORT for the year end8d 31 March 2024 Achlevements and Performancg {continued) Mr Kenyon decided that he did not wish lo stand again for re-elects'on as Chairman of the Feoffees when the opportunity arose in Febfuary 2024. He had been Chairman since February 1998 having initially become a co- opt8tive Feoffee in February 1990. Mr Peachey was appointed as his successor at that meeting and paid tribute to an unprecedented perk)d of leadership whh incluéed a visit from the then Prince of Wales, now Sovereign. al the tirne of his visrt on 25th May 2021 when the City was also Gelebraling its year as the UK City of Culture. Mr Kenyon continues in his role as a co-oplative Feoffee. The Feoffees and all those connected with the Charity were greauy sadd8ned in early 2024 to hear that the Charity's lead solicitor al Rotheth8m and Co Ltd, Jenny Dymond, had been struck down with ill health. It is with gal sadness that we now report that Mrs Dymond subsequently died on str June 2024 after a brave ftght against cancer. She will be rerrembered for her exc811ent worl(, professionalism, warmth and keen sense of humour when acting in respect of the Charity's affairs since May 2017. The Feoffees deepest thoughts remain wrth Jenny's family, and particularly her husband and young daughters al such a difficult lime ft)r them all. Flnanclal Revlgw The Feoffees carry out five yearly Gapital revaluations of their properties, however, since they have no powers lo distribute any of the as5els comprising of the endowed capital, any revalualions ol the fixed assets will not affect the income available for di5tribulion by the Feoffees. The assets are nexl due for review as al March 2026. The investments held on the Stock Market a managed by Brewin Dolphin on a dis¢relionary basis and the Portfolio has performed in line with the industry benchmark. Mr Caswell took over from Mr Burrows as the Charity's lead contact at Brewin Dolphin during Spring 2023. The overall income from rent and investments was £452,385 12023. £448,017). Expenditure amounted to £441.225 12023. £468,481), which included a distribution of £337,386 12023.. £345,854) lo the Charity's beneficiary, The total unrestricted surplus for the year was £25,329 following a beneficiary distribution of £337,386 {2023'. deficit of £8,468 with a distribution of £345,854). Re6fjr4e8 Pollcy The Charity maintains an Improvement and Renovatson Fund, established by a scheme dated 23rd May 1994 for the purposes of improving and repairing its properties. It is held lo ensure that should works of improvement or repair become ne$SOry al the same time that urgent reques15 for income to be distributed lo Bond's and Ford's Hospital Charity are received, there are sufficient reserves for the works to be carried out. The amount held within the fvnd is entirely at the discretion of the Feoffe85 and remains unchanged from 2023 at £220,000. The Feoffees have sel up a designated land promotion fund of £105,000 which represents fees 1Ved for land option agreements which, should they be exercised, be transferred to the endowment fund, Al the year-end the Charity held unrestTicled funds of £687,71 S of which £325,000 were designat$d. Free reserves at 31 March 2024 were £362,715 12023.. £337,386). The Feoffees believe these lo be sufficient to meet the immediate future needs of the Charity. Plans for the Futuro The Feoffees have a clear plan to maintain and improve the properties belonging lo the Charity,. to manage the assets of the Charity as market conditions and the national economy pemiil,. and lo increase the income and asset value of the Charity having regard to the financial, environmental, and social credentrdls which remain a key part of the Charity's function. They will l(K)k to enhance the value of their asset5 where Suitable opportunities arise. Page 4
BOND'S HOSPITAL ESTATE CHARITY FOUNDED BYWILL DATED 18 MARCH 1506 FEOFFEES, REPORT for the year ended 31 March 2024 Plans for the Future Icontinuedl 11 is anticipated that recent capital investment will result In a rise in income for the Charity in forthcoming years, although with inflation remaining high and economic growth likely to be supre5sed within the next 12 nths, the potential for enhancing income returns from the assets remains limited. Confirmed new lease5 of the premises at Bridgnorth and The Penny Collard Centre are likely to form part of the future progress. The Feoffees will be looking to conclude price negotiation5 with Vislry Hornes with regard lo the development sile al Bulkinglon and for a sale of that 51te to be completed and the first instslment of the sale price to be paid. Other progress is anlicipaled in respect of the strategic development opportunity at Acton Hill. With the appointment of 0 new Feoffees from the business and investment sectors within the West Midlands, the breadth of skills within the Feoffee group as such that the Charity is well placed to protect ils a55e15 and lo drive forward growth in the prevailing market Gondilions. The Charity maintains a low annual operating budget whith Gan be 5Galed back, when necessary, without significant fixed overhead costs. The meeting slruclure. allied to the Agendas for each meeting, help lo ensure that wise decisions are taken lo Invest in the endowment lo maintain a balanced Portfolio and lo maximise the revenues of the Charity to the ultimate advantage of ils ben8ficiary. Fundra181ng R•gulator Statemont of Cornpllanco Bond's Hcspital Estate Charity does not contract with a third paty to undertake any fundraising on its behaw. Hence. we have received no fundraising complaints during the year. Fooffee8' Rospon¥lbllttl•¥ In R•l•tlon to th• FlnanGlJl Stst•monts The Feoffees a responsible for preparing the Feoffees, Report and the financial statements in accordance with applicab law and United Kingdom Accounb'ng Standards (Unrted Kingdom Generally Accepted Accounting Pracli¢el, The law applicable lo Charits'es in England and Wales requires the Feoffees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In prepanng these financial statements. ltte Feoffees are required to.. select surtable accounting poli¢ies and then apply them ¢onsistentty.' observe th8 methods and principles in the Charities SORP 2019., make judgements and es1imal8s that are reasonable and prudent., Stale whether applicable accounting standards have been followed, subject to any material departures isclosed and explained In the finanaal stalemenls. prepare the financial slalements on the going concern basis unless it 15 inappropriate to SuMe that the Charty will conttnue in operation. The Feoffees are responsible for keeping accounting records that disclose with reasonable CUra¢Y at any time the financ1 posrtion of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008 and trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Appro Feoffees on 12 November 2024 and signed on their behalf by.. M D H Peachey- Feoffee Page 5
BOND'S HOSPITAL ESTATE CHARITY FOUNDED BYWILL DATED 18 MARCH 15D6 INDEPENDENT AUDITORS, REPORT TO THE FEOFFEES OF BOND'S HOSPITAL ESTATE CHARITY Oplnlon We have audited the financial statements of Bond's Hospital Estate Charity for the year ended 31 March 2024 which comprise the Statement of Financial AGlivitie5. Balance Sheet and notes lo the financial statements, inGluding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounb'ng Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicabK8 in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practs'cel. In our opinion, the financial statements". gwe a true and fair view of the state of the Charity's affaits as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended.. have been properly pPared in accordance with United Kingdom Generalty Accepted Accounting Practice applicable to Smaller Entities., have been prepared in accordance wrth th& requlr8rnents of the Chanties Act 2011. 8asl8 for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI (ISAS IUKII and applicable law. Our responsibilities under thos8 standards are further de5¢ribed in the Auditor's responsibilit185 for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requir8menls that are re18vant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu$lon8 r•latlng to golng con¢•m In auditing the financial statements, we have concluded that the Feoffees, 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 lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going con¢em for a period of at least e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Feoffees with resp8¢1 lo going concem are degcfibed in the revant sections of this report. Other Informatlon The other infomiation comprises the inftjrmation included in the Feoffees, annual pOrt, other than the financial statements and our auditor's report thereon. The Feoffees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except lo the extent otheMise explicitly slated 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 audit or otherwise appears to be maleria11y misstated. If we identify such material inconsistencies or apparent material misstatements. we are reqUId lo determine whether there is 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 a required lo report that fact. We have nothing lo report in this regard. Page 6
BOND'S HOSPITAL ESTATE CHARI FOUNDED BY WILL DATED 18 MARCH 1506 INDEPENDENT AUDITORS, REPORT TO THE FEOFFEES OF BOND'S HOSPITAL ESTATE CHARITY Matters on whlch we are requlred to report by exception We have nothing to report in respect of the following matters in relation lo which the Charities IAc¢ounl$ and Reports) Regulations 2008 require us lo report to you if, in OUT opinion.. the information given in the financial ststements is inconsistent in any material respect with the Feoffees, report., or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records,. or we have not received all the infomiation and explanations we require for our audit. Re8ponsibilitio8 of F•offe As explained more fully in the Feoffees, responsibilities 51alemenl Set out on page 5. the Feoffees are responsible for the preparation ol financial statements which give a true and fair view, and for such intern81 Control as the Feoffees detemiine is necessary lo enable the preparation of financial statements that are free from material rnisstatemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Feoffees are responsible for assessing the charity's ability lo continue as a going concern. disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the Feoffees either intend to liquidate the charity or lo cease operations, or have no realistic allernalive but to do so. Audltor's rosponslblllt108 for the &udlt ol tho fln•n¢lal 8tatements We have been appointed as auditor under section 144 of the Charities Act 2011 and POrt In accordance with gulations mado under section 154 of that Act. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material rni551atemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually of in the aggregate, they could reasonably be expected lo inflLsence the economic decisions of users taken on the basis of these financial statements. Ifregularilies, including fraud, are instances of non-compli8nce with laws and regulations. We deslgn procedures in line with our responsibilities, outlined above, lo delect material misstatements in reSpt ol irregularities, including fraud. The specific prOdureS for this engagement and the extent to which these a capable of delecling irregularities, including fraud is detailed below". Enquiry of management and those charged with governance around actual and F)olents'al Iiligation and claims,. Enquiry of Clerk 8nd enb'ty staff in compliance functions to identify any instances of non-compliance with laws and regulations., Reviewing minutes of meetings of those charged with governance., Reviewing financial ststement disclosures and testing lo supporting documentstion to assess compliance with applicable laws and regulations. Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Page 7
80ND'S HOSPITAL ESTATE CHARrrY FOUNDED BY WILL DATED 18 MARCH 1506 INDEPENDENT AUDITORS. REPORTTO THE FEOFFEES OF BOND'S HOSPITAL ESTATE CHARITY Audltorfs rosponslbllltles for the audlt of the flnanclal statements {continued) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, Including those leading lo a material misslalement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non- compliance. The risk is also greater regarding irregularib'es occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion. omission or MisrepSelat1on. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website at.. www.frc.org.ukJaudilorsresponsibilities. This description forms part of our audilof's report. U•• of our report This report is made solely to the Charity's Feoffees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work ha8 been undertaken so that we might stsle lo the Chanty's Feoffees those matters we are requiffjd to stale lo them in an auditols report and for no other purpose. To the fvllesl exlenl perynilted by law, we do not accept or assume responsibility to anyone other than the Charty and ils Feoffees as a body, for our audit Wofk, lor this report, or for tha opinions we have fom)ed.
4L LLf Daffern5 LLP Chartered Accountsnts stalulory Auditors, Eligible to act as an auditor in temis of Section 1212 of the Companies Act 20C6 One EasoOd, Hary Weston Road, Binley Business Park. Coventry, CV3 2UB Dated., 12 Novèmber 2024 Page 8
BOND'S HOSPITAL ESTATE CHARrrY FOUNDED BY WILL DATED 18 MARCH 1506 STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024 nrestricted Endowment funds funds Total 2024 Total 2023 Income and endowments from: Investments Rental income 383,661 383,661 393,072 wayaveS 950 950 913 Land prOntion feas Oividends and inter9St on quoted securities 59,063 59,C63 49.193 Interest on bank deposits 8.711 8,711 4,839 Total Income and endowrnents 452.385 452,385 448,017 Expenditurn on: Raising funds Charitable activities.. Trustees of Coventry Church (Municipall Charities Govemance costs 86.172 14,169 100,341 118,530 337,386 3,498 337,386 3,498 345,854 4,097 Totsl •xpondltur• 427,D56 14,169 441,225 468,481 Net gains l (lossesl on investment assets 201,536 201,536 1104,0471 Nel (expenditure) l incom8 25,329 187,367 212,696 1124.5111 Net movement In fvnds 25,329 187,367 212,696 (124.5111 Reconclllatlon of fund8 Total funds brought forward 662,386 13,152,477 13,814,863 13,939,374 Total funds c8rried forward 687,715 13,339,844 14,027,559 13,814,863 The comparative figures relate to unrestricted income, except as detailed in notes 2 and 5. The notes on pages 11 10 16 form part of these financial statements Page 9
BOND'S HOSPITAL ESTATE CHARITY FOUNDED BY WILL DATED 18 MARCH 1506 BALANCE SHEET 31 March 2024 Notes 2024 2023 FIXED ASss Investments 13.325.191 12,928,205 CURRENT ASSETS Debtors Cash at bank and investment managers 22.681 753,763 81,502 879,413 776,444 960,915 CREDITORS: Amounts falling due wrihin one year, 174,0761 174,257) NET CURRENT ASSETS 7a2,368 886,658 NET ASSETS 14,027,559 13.814.863 CHARITY FUNDS Endowment 13,339,844 13,152.477 UnreStrted - Accumulated income fund - Designaled fvnds 10 362,715 325,000 337,386 325,000 14.027,559 13,814,863 The financial statements were approved and authorised for issue by the Board of Faoffees on 12 November 2024 ned on their behalf by.. M D H Peachey- Feoffee The notes on pages 11 to 16 form part of these financial staternents Page 10
BONO'S HOSPITAL ESTATE CHARITY FOUNDED BYVVILL DATED 18 MARCH 1506 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 ACCOUNTING POLICIES General informatlon and ba818 of preparatlon Bonds Hospital Estate Charity is an unincorporated charity in England. The address of the Tegistered office is given in the charity information on page 1 of these financial statements. The natu of the harity's okEralions and principal a¢tNity Is lo generate Income for the Bonds ané Fords Hospital Charity The charity conslilutes a public benefit entity as defined by FRS 102. The financial statement5 have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities pparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, and UK Generally Accepted Accounting Practsce. The financial statements havé been prepared lo give a 'tru8 and fairf view and have departed from the Charities IAccounts and Reports) Regulations 2008 only to the extent required lo provide a 'lrue and fair view,. This departure has involved following the Accounting and Reports"ng by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 IssU8d In October 2019 rather than the Accounting and Reporting by Charrties.. Statement of Recommended Practice effective from 1 Apnl 2005 whh has since been withdrawn. The financial slalem8nls are prepared under the historical cost convention, modified to include certain items at fair value. The financial slalements are presented in Pound Sterling (£1 which is the functional Currency of the charity and rounded to the neast £1. The significant a¢counting policies applied in the preparation of these fi'nancial statements are set out below. These policies have been consislenlly applied to all years presented unless otheNise stsled. Fund8 Unrestricted funds are available for use 81 the discretion of the Feoffees in furtherance of the general objectives of the charity and whh have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the Feoffees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Endowment fun¢Js represent those assets which must be held permanently by the charity. principally investment propertie5 Income arising on the endowment funds can be used in accordanTr with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fvjnd. Investment management charges and legal advice relating to the fund are charged against the fund. Incomo recognltlon l income is included in the Statement of Financial ActNilies ISoFA} when the charity is legally entitled to the income after any perfomiance conditr'ons have been mel, the amount can be measured relrably, and rt is probable that the income will be received. Investment income is eamed through holding assets for investment purposes such as shares and pmpety. It includes dividends, interest and rent. Wnere rt is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established. The incon* arising from Endc>wed Assets is treated as unrestricted income and is availab to nEet the haritable purpose of the Charity. Page11
BOND'S HOSPITAL ESTATE CHARITY FOUNDED 8Y WILL DATED 18 MARCH 1506 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 ACCOUNMNG POLICIES (continued} Exp9nditure recognition All expenditure accounted for on an accnjals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructs've obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorise(l under the following headings.. Expenditure on raising funds includes those costs direclly attributable lo managing the investment portfolio, managing and maintaining the Charity's proFerkn'es and raising investment income,. Expenditu on charitable activits.es includes grants made and associated govemance costs," The amounts payabL9 to the Irust88s of Coventry Church Imunicipall Chanties are included in the accounts when paid. Govemance costs comprise all costs involving the public accountability of the Charity and rts compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together wrth an apportionm8nt of the Clerk's fees. Irrecoverable VAT is charged as an expense against the actNity for which expenditure ar&@. Inv•8tsnent• Investments are recognised inilialty at fair value which is normally the transaction pr excluding transaction costs. Subsequently, they affj measured al fair value with changes recognised in 'net gains I (losses} on investments, in the SOFA if the shares are publlY traded or their fair value can otherwise be measured reliably. The rnain forrn of financial risk faced by the charity is that of volatility in equity markets and investment mafkets due to wider e¢onomi¢ ¢ondition$, the attilu(Je of investors lo investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. Investment prop•rtla8 Investments prOpertS for which f8ir value can be measured reliably wrthout undue cost or effort arè measured at fair value al each reporting dale with changes in fair value recognised in 'nel gains I Ibsses) on investments, in the SOFA. Properts'es are re-v81ued every 5 years when no account is taken of any development hoFe value. The underlying basis of a valuation is the capitalisation of current rents, using rates of return appropriate to the type of propety. Adjustments are made where this method is considered to result in an unrealistic valuation. Flnanclal Instruments Basic financial instruments in debtors and credrtors with no stated interest rate, and receivable or payable within one year are recorded at transaction pnce. Any losses arising from impairment are recognised in expenditure. Golng concem The financial statements have been ppad on a going concern basis as the Feoffees believe that no malerial uncertainties exist. The Feoffees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Page 12
BOND'S HOSPITAL ESTATE CHARrrY FOUNDED BY WILL DATED 18 MARCH 116 NOTES TO THE FINANCIAL STATEMENTS lor the year ended 31 March 2024 EXPENDITURE ON RAISING FUNDS 2024 2023 Endowmnt Accumulated inco Endowment Accumula fund income Repair5 and Improvements to propethes Insurance Agents fees Professional fees Investment Management Fee Bank Charges Re-letting wst Electricity costs- vacant propety Other expendlture 30,958 16,413 33,328 1.020 57,600 13.658 33,408 678 14,169 11,998 60 630 500 3.408 728 257 14,169 86,172 11,996 106,534 GOVERNANCE COSTS 024 202 Luncheon at rent audits and expenses of annual view Subscription - Country Land & Business Association Auditors, remuneration.. Audit Other servioes VAT reclaimed 768 375 876 5,000 2,650 15,8211 5.500 2.480 15,1341 3,498 4,097 Govemance costs are allocated entirely to the one charitab18 activity of the charity. EMPLOYEES & FEOFFEE8 REMUNERATION The Charity h&J no employees during the year12023'. None). No Feoffee or persons connected with Feoffees rea or w8Ned any remuneration or reimbursement of expenses to the Charity during the y8ar12023.' None) Page 13
BOND'S HOSPffAL ESTATE CHARir FOUNDED BY WILL DATED 18 MARCH 1506 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 FIXED ASSET INVESTMENTS Freehold investment ro Quoted investments Totsl Market Value at 1 April 2023 Additions Disposals Net 8[sed and unalised gains 11,027.829 1,900,376 629,766 {434.3161 201.536 12,928,205 629.766 1434,3161 201.536 Market value at 31 March 2024 11,027,829 2,297,362 13,325,191 Historul cost al 31 March 2024 4,051,947 1,962,898 6,014,845 The nel realised and unrealised gains are unrestrthd £nil12022'. £nill and endowment £201,53612023'. losses £104,047). The freehold properties were revalued as at 31 March 2021 by Godfrey-Paylon, Charted Surveyors. The valuation has not been made in accordance with RICS Valuab'on Standards and the Feoffees agree that going lo that length is unnecessary and rKJI cost effeth've. The Feoffees have for many years adopted the practice of revaluing inveglment properties every five years to provide a better indication of the value of such assets For this reason, historical cost records of properties have not been retained. AcGordlng, the 1985 valuation is the earliest available information concerning their historical cost. This valuation and the Cost of Subsequent additions comprises the above historical cost disclosure. 2024 2023 Quotsd investments al market value comprise.. Ordinary stxks and shares 8onds Global investments and absolute retums Cagh product and other investments 1,538,935 366, 1 $6 273,352 118,919 1,287,868 323,590 174,566 114,352 2,297,362 1,900,376 The fair value of the listed investments is determined ty the reference to the quoted price for identical assets in an active market at the balance sheet dale. No holding of quoted inv8slments comprises over 5Dk of the market value of the total investment portfolio. Freehold investment properties comprising over 5% of Ihe market value of the total investment pjrtfolio are as folbws.. 2024 2023 Aclon Hill Fam. Staffordshire Manor Farrn. Lawford Heath 16- 20 High Street. Bridgnorth Land at Blacklands Farm Herd Hill Farm, Kinelon 2.278,261 807,407 1,850,000 895,911 1,406,756 2.278.261 807,407 1,850,000 895,911 1,4C6,756 Page 14
BOND'S HoSPAL ESTATE CHARITY FOUNDED BY WILL DATED 18 MARCH 1506 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 DEBTORS 2024 2023 Rents receDiable Other debtors 20.627 2,054 81,102 400 22.681 81,502 Rents receivable is measured at amortwd cost CASH AT BANK AND INVESTMENT MANAGERS 2024 2023 Lloyds plc 8r8win Dolphin Ltd Lloyds pl¢- Deposit Account CCLA Virgin Money 293,521 8,968 209,568 225,698 16,008 113,844 217,325 531,602 666 15,976 753,763 879,413 CREDITORS: Amounts falling due within one year 2024 2023 Rents received in advance Trade ¢dit0ryJ VAT Accrued expenditure 33,192 2,221 10,328 28,335 29,977 103 11,750 32,427 74,076 74,257 Rents recewed in advan is measured al amc41ised cost. OPERATING LEASE COMMITMENTS LESSOR The charity leases out its investment properties under non-cancellable operating leases for the following future minimum lease payments. There are no contingent rents.. 2024 2023 Within one year Beeen and five years In over five years 283,775 495,503 8,225 346,926 525,904 99,700 787.503 972,530 Page 15
BOND'S HOSPffAL ESTATE CHARITY FOUNDED BY WILL OATED 18 MARCH 1506 NOTES TO THE FINANCIAL STATEMENTS for the year fjndod 31 March 2024 10. UNRESTRICTED FUNDS Balance at1 ril 202 Transfers Balance Income beeen Ex endi a131 and ains fvnds and losses March 2024 a) Designated fund Improvement and renovation fund 220,000 Land promotions fvnd 105,000 220,000 105,000 325,000 325,000 bl AUmUlated income 337,386 452,385 1427,0561 362,715 Totsl Unrestricted funds 662.386 452,385 1427,0561 687,715 The Improvement and Renovation Fund was established for the purpose of providing for the improvement of the Charity's propety and the renovation or re-buikling of any buildings forming part of that property. The Land Promotions funds represent fees received for18nd opb'on agreements which, Should they be exercised, be transferred to the endowment fund. The accumulated income fund is available to be spent for any of the purposes of the charity. 11 ANALYSIS OF NET ASSETS BETWEEN FUNDS Fr ehol rren sse vestments Endowmènt fund 11,027,829 2,297,362 14,653 13.339.844 unStriCted funds.. Improvement and renovation fund Land promotions fund kcumulaled income 220,000 105,000 362,715 220,000 105,000 362,715 Total nel assets 11.027,829 2,297,362 702.368 14,027,559 As disclosed in the accounting policie5. the endowment fund represents those assets which must be held pernanenuy by the Charty, the income from which is freety available lo fund the aclivrties of the Charity. 12. RELATED PARTY TRANSACTIONS There are no related paty transactions during the year12023.. £nil). Page 16