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 Eas￿00d
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 knOw￿dge 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 Con￿rning 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 possi1￿e impact of these risks so that necessary steps to obviate
them can be taken
ObJKtIv08 and Actlvltl8•
The primary objeCt￿e 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 wh￿h 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 be￿een 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 addit￿n 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
n￿nItOred 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 L￿al 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 ag￿ed with Gladman fof a new Land Promotion Agreement in respect of the land
at Acton Hill wher8 that company's previous input (under a now0xpl￿d 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 wh￿h 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
g￿al 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 n￿e$SOry al the same time that urgent reques15 for income to be distributed
lo Bond's and Ford's Hospital Charity are received, there are sufficient reserves for the works to be carried
out. The amount held within the fvnd is entirely at the discretion of the Feoffe85 and remains unchanged from
2023 at £220,000.
The Feoffees have sel up a designated land promotion fund of £105,000 which represents fees ￿￿1Ved for
land option agreements which, should they be exercised, be transferred to the endowment fund,
Al the year-end the Charity held unrestTicled funds of £687,71 S of which £325,000 were designat$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 financ￿1 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 p￿Pared 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
re￿vant 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 reqUI￿d 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 reSp￿t ol
irregularities, including fraud. The specific prO￿dureS 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 Misrep￿Se￿lat1on.
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 Eas￿oOd,
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
way￿aveS
950
950
913
Land prOn￿tion 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 ASs￿s
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
UnreStr￿ted
- 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 p￿paring 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 wh￿h 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 nea￿st £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 wh￿h 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 publ￿lY 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 prOpert￿S 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 p￿pa￿d 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 1￿16
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 re￿￿a 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 un￿alised 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, Charte￿d 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 HoSP￿AL 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
Be￿een 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
be￿een 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 A￿UmUlated 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
un￿StriCted 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