## **ST. SAVIOURS MEDICAL CHARITY**
**FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021**
**Registered Charity No: 295886 Registered Company No: 2081695 (England and Wales)**
## **ST. SAVIOURS MEDICAL CHARITY**
## **CONTENTS**
## **CONTENTS**
|**CONTENTS**||
|---|---|
||**Page No**|
|Legal and Administrative Details|1|
|Trustees' Report|2 - 5|
|Independent Auditors' Report|6 - 9|
|Statement of Financial Activities|10 - 11|
|Balance Sheet|12|
|Notes to the Accounts|13 - 19|
## **ST. SAVIOURS MEDICAL CHARITY**
## **LEGAL AND ADMINISTRATIVE DETAILS**
**----- Start of picture text -----**
Members of the committee Dr A Mohr
Mr M Addison
Mrs R Dixon
Capt A J Ewart-James
Mr M Griffiths
Mr D Owen
Mrs J Paul
Mrs D Walkling
Secretary Mr P Seward
Key management personnel Mr P Seward
Charity number 295886
Company number 2081695
Principal address 49 High Street
Hythe
Kent
CT21 5AD
Registered office 49 High Street
Hythe
Kent
CT21 5AD
Independent Auditor Azets Audit Services
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
TN23 1FB
Bankers Barclays Bank plc
65/67 Sandgate Road
Folkestone
Kent
CT20 1RY
Investment advisors Cazenove Capital Management Ltd
12 Moorgate
London
EC2R 6DA
**----- End of picture text -----**
- 1 -
## **ST. SAVIOURS MEDICAL CHARITY**
## **REPORT OF TRUSTEES** _**FOR THE YEAR ENDED 31 MARCH 2021**_
The trustees present herewith their report and the financial statements for the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK published on 16 July 2014 as amended by bulletin 1.
## **Objectives and activities**
The main activities of the Charity fall into two categories:
Making grants to eligible persons, within our catchment area, for in-patient treatment in private hospitals, when local NHS hospital waiting lists are excessively long and the patient’s quality of life is seriously affected by the need for treatment. As a result of the COVID-19 pandemic and increased use of social media demand for individual patients’ grants increased with 62 patients being assisted (2020: 45). The selection procedures are working well, with the voluntary work of those Trustees who assess applicants playing a key part in the process.
Support in the form of one-off grants to other local, worthy, medical causes. Institutional grants amounted to £0 (2020: £26,010), details of which are shown in note 5.
The Charity’s objectives are to make grants for treatments which involve surgical or medical procedures for persons in need who are resident in the Folkestone & Hythe District or such wider area as the Committee consider appropriate to the increased resources of the Charity.
The policies adopted in futherance of these objectives are:
- a) Maximise income from existing funds through frequent review and active and regular communication with our appointed Investment Managers.
- b) Monitor NHS waiting times within the Kent and Medway Clinical Commissioning Group (CCG) area to ensure that our resources are directed to areas where they will be most effective.
- c) Engage with local G.P.s, Consultants, Social Services and, where appropriate, other local organisations, to identify and help those in greatest need.
- d) Engage with local Private and NHS hospitals to establish competitive prices.
## **Significant activities that contribute to meeting our stated objectives are:**
Regular review of the following
- a) Quarterly fund performance reports b) NHS waiting list times c) Processes to identify those most in need d) Prices of procedures, seeking discounts from different providers and having regard to prices obtained by the NHS.
## **Public benefit statement**
The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.
- 2 -
## **ST. SAVIOURS MEDICAL CHARITY**
## **REPORT OF TRUSTEES** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **Grant making policy**
It is the policy of the trustees to consider five years' residence to be the necessary qualifying period without prejudice to their power to consider other cases of special merit. Grants may be provided to individuals in need of urgent medical treatment, in situations where they cannot afford the full cost of private medicine, if they are suffering significant loss of quality of life through having to wait an excessive time for treatment from the NHS.
## **Strategic Report**
## **Achievements and Performance**
The level of funding is regularly reviewed and a budget set having regard to income expectation and demand for charitable grants. Any change in budget must be agreed at a full meeting of Trustees. The budget for the year under review was originally set at a conservative £300,000 (2020 £350,000) in addition to Patients’ contributions. As a consequence of increased demand this was increased towards the end of the year to £350,000. Patients’ contributions during the year amounted to £17,300 (2020: £12,900) giving a total final budget figure of £365,400 (2020: £362,900). During the year under review total charitable grants of £380,051 (2020: £310,898) before assisted patient deposits of £17,300 (2020: £12,900) were made. Letters are received from Patients expressing satisfaction and posted (unattributably) on social media.
Over the last four years the value of the Charity’s portfolio has risen by 1.72%. Income during that period has amounted to £1,231,964 whereas charitable grants have been made during the same period totalling £1,412,515. In the light of market uncertainty any surplus has been reinvested.
The Trustees are conscious of the volatility of the Stock Market and accordingly take reasonable and sensible steps to minimise the risk of a serious reduction in the capital base. Equally, the Trustees do not consider it wise to expend grants on unrealised Stock Market gains, which could disappear in the event of share price reductions.
## **Financial review (including reserves policy)**
Income for the year amounted to £248,860 (2020: £384,629). Total expenditure amounted to £468,940, including charitable grants of £362,751 (2020: £297,998).This resulted in a deficit for the year of £220,080 (2020: surplus £7,023). The company had realised and unrealised gains of £2,227,238 (2020: losses £1,354,859). This has resulted in an increase in total funds of £2,007,158 (2020: £1,347,836). An active campaign, particularly on social media, has continued to make more local residents aware of the potential benefits available through the Charity.
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure, equivalent to between £105,000 and £210,000 (2020: £94,000 and £188,000). The members of the committee consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
At 31 March 2021 unrestricted reserves amounted to £190,896 (2020: £172,192). The majority of the funds are held in investments, the policy and performance of which is detailed below. The trustees regularly review and revise, as appropriate, the budgets for the forthcoming year in view of current investment performance.
The Charity's designated funds representing the value of the investments amounted to £12,448,902 (2020: £10,460,448). As this represents the Charity's main source of income, these funds are not available for distribution.
In the current economic climate and in view of the uncertainty in the long term value of our assets the Trustees are content in the interim to re-invest any surplus that may arise.
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**REPORT OF TRUSTEES (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **ST. SAVIOURS MEDICAL CHARITY**
## **COVID-19 and going concern**
As the Charity only spends such income as it receives from its investments any impact of the pandemic will not adversely affect the future of the Charity.
The year to 31 March 2021 saw substantially increased demand for grants from individual patients, which, in the opinion of the Trustees, may continue for some while. Institutional Grants were minimal.
In any event, the Trustees limit expenditure to investment income plus contributions from assisted Patients. This sum will be calculated so as not to impact on the long-term ability of the Charity to continue as a going concern.
The Charity is an endowment charity and is thus not dependent on fundraising.
The Charity has no borrowings.
For the above reasons the Trustees conclude that there are no material certainties that cast significant doubt about the Charity’s ability to continue as a going concern in the long term.
## **Investment policy**
All of the Charity’s investments are presently managed by Cazenove Capital Management, who have complete authority to invest the Charity’s funds in institutions which will provide steady income streams to suit the Charity’s requirement for healthy cashflows, while still maintaining a sound capital base. A strategic allocation of assets is regularly reviewed.
The Managers’ performances are reviewed regularly against all the major fund managers in the Charity sector. The Trustees are presently satisfied that the Charity is receiving a reliable and economic service.
## **Risk assessment**
The trustees have considered the risks to the Charity and are of the opinion that sufficient control procedures are in place to identify and control these risks as they arise.
The amount allocated for grants each year is strictly limited to the predicted annual income less the predicted annual Charity running costs. The Secretary notifies the Chairman when the value of the grants actually awarded reaches 80% of the allocated annual grant budget so that steps can be taken to control the issue of further grants during that financial year. There are written procedures related to the provision of grants which are strictly followed. The Chairman reviews, with the Secretary, at monthly intervals, the grants made during the period to ensure that the procedures have been followed. The grants position together with dividend receipts are reported to the trustees at each quarterly meeting so that if necessary, action can be taken. An annual review of the performance of the Investment Managers is made by the Finance sub-Committee. The risk of the Charity encountering a financial imbalance is low.
## **Plans for the future**
We intend that the Charity will continue strongly into the future and thus regularly review our Investment Managers’ performance. The Trustees recognise the need to ensure growth, while maintaining sufficient income to meet our objective in the years ahead.
- 4 -
**ST. SAVIOURS MEDICAL CHARITY**
**REPORT OF TRUSTEES (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **Structure, governance and management**
St Saviours Medical Charity is a company limited by guarantee and a registered charity governed by its memorandum and articles of association. Charity number 295886. Company number 2081695.
The trustees during the year were as follows:
Dr A Mohr Mr D Owen Mr M Addison Mrs J Paul Mrs R Dixon Mrs K Spicer (resigned 10 May 2021) Capt A J Ewart-James Mrs A Tubman (resigned 4 June 2021) Mr M Griffiths Mrs D Walkling
The trustees have the power to appoint trustees. Trustees can not number more than 10.
## **Key management personnel**
The trustees and the company secretary comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All members of the committee give of their time freely and no member received remuneration in the year.
## **Statement of trustees' responsibilities**
The trustees, who are also the directors of St Saviour's Medical Charity for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the members of the committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the members of the committee are required to:
In preparing these accounts, the members of the committee are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2015 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the 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.
## **Disclosure of information to auditors**
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.
By order of the trustees
……………………………………………. Dr A Mohr
16 July 2021
- 5 -
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. SAVIOURS MEDICAL CHARITY**
## **Opinion**
We have audited the financial statements of St. Saviours Medical Charity for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Charitable Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
## In our opinion the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2020, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis of opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Board of Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Board of Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the Board of Trustees Annual Report, other than the financial statements and our auditor’s report thereon. The Board of Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
- 6 -
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. SAVIOURS MEDICAL CHARITY**
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’ report (incorporating the strategic report and the Directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic report and the Directors’ report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- • we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the Trustees’ responsibilities statement set out on page 5, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error
In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
- 7 -
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. SAVIOURS MEDICAL CHARITY**
**Extent to which the audit was considered capable of detecting irregularities, including fraud** In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and 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 indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view).
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
- 8 -
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST. SAVIOURS MEDICAL CHARITY**
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Michelle Wilkes FCA Ashford Commercial Quarter (Senior Statutory Auditor) 1 Dover Place for and on behalf of Azets Audit Services Ashford Statutory Auditor Kent Date: 14 September 2021 TN23 1FB
- 9 -
## **ST. SAVIOURS MEDICAL CHARITY**
## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|**Note**
**Income from:**
Donations
**2**
Investment income
**3**
**Total income**
**Expenditure on:**
Investment management
Charitable activities
**Total expenditure**
**4**
Net gain/(loss) on investments
**11**
Transfers between funds
**15**
**Reconciliation of funds:**
**Fund balances at 31 March 2021**
**Fund balances at 1 April 2020**
**Net movement in funds**
Net (expenditure)/income before
gains on investments
Net income/(expenditure) after
gains on investments|**Unrestricted**
**Designated**
**2021**
**Funds**
**Funds**
**Total**
**£**
**£**
**£**
264
-
264
248,596
-
248,596
248,860
-
248,860
50,206
-
50,206
418,734
-
418,734
468,940
-
468,940
(220,080)
-
(220,080)
2,227,238
-
2,227,238
2,007,158
-
2,007,158
(1,988,454)
1,988,454
-
18,704
1,988,454
2,007,158
172,192
10,460,448
10,632,640
190,896
12,448,902
12,639,798|**2020**
**Total**
**£**
100
384,529
384,629
42,630
334,976
377,606
7,023
(1,354,859)
(1,347,836)
-
(1,347,836)
11,980,476
10,632,640|
|---|---|---|
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
- 10 -
## **ST. SAVIOURS MEDICAL CHARITY**
## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|**COMPARATIVE INFORMATION ONLY**
**Note**
**Income from:**
Donations
**2**
Investment income
**3**
**Total income**
**Expenditure on:**
Investment management
Charitable activities
**Total expenditure**
**4**
Net gain/(loss) on investments
Transfers between funds
**15**
**Reconciliation of funds:**
**Fund balances at 31 March 2020**
Net (expenditure) / income before
gains on investments
Net income / (expenditure) after
gains on investments
**Net movement in funds**
**Fund balances at 1 April 2019**|**Unrestricted**
**Designated**
**2020**
**Funds**
**Funds**
**Total**
**£**
**£**
**£**
100
-
100
384,529
-
384,529
384,629
-
384,629
42,630
-
42,630
334,976
-
334,976
377,606
-
377,606
7,023
-
7,023
(1,354,859)
-
(1,354,859)
(1,347,836)
-
(1,347,836)
1,409,936
(1,409,936)
-
62,100
(1,409,936)
(1,347,836)
110,092
11,870,384
11,980,476
172,192
10,460,448
10,632,640|
|---|---|
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
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## **ST. SAVIOURS MEDICAL CHARITY**
## **BALANCE SHEET** _**AS AT 31 MARCH 2021**_
|**Note**
**Fixed assets**
Tangible assets
**10**
Investments
**11**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**13**
**Net current (liabilities)**
**Total assets less current liabilities**
**Unrestricted funds**
Investments
**15**
Income reserve
**16**
Designated funds:|**£**
**£**
349
12,816,900
12,817,249
1,895
39,542
41,437
(218,888)
(177,450)
12,639,798
12,448,902
190,896
12,639,798
**2021**|**£**
**£**
407
10,691,272
10,691,679
3,127
13,435
16,562
(75,601)
(59,039)
10,632,640
10,460,448
172,192
10,632,640
**2020**|
|---|---|---|
The financial statements were approved and authorised for issue by the Board of Trustees on 16 July 2021 and signed on its behalf by:
………………………….
Dr A Mohr
**Company Number: 2081695**
- 12 -
## **ST. SAVIOURS MEDICAL CHARITY**
## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
## **(a) Basis of accounting**
St Saviours Medical Charity is a registered charitable company in the United Kingdom. The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity’s operations and principal activities is dedicated to making grants for the relief of sickness of persons in need.
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) issued on 16 July 2014 as amended by Bulletin 1 and the Financial Reporting Standard applicable in the UK (FRS 102) and the Charities Act 2011.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the Charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **(b) Fund accounting**
Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Designated funds represent funds invested in fixed assets. The designated fund balance has been represented to ensure that the fund balance accurately reflects the designation policy adopted by the trustees.
## **(c) Income recognition**
All income is included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends and interest. Where it 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.
- 13 -
## **ST. SAVIOURS MEDICAL CHARITY**
## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies (continued)**
## **(d) Patient deposits**
Patients are sometimes required to, or wish to contribute towards the cost of an operation. Until the operation has taken place the money can be refunded and accordingly is treated as deferred income.
## **(e) Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive 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 categorised under the following headings:
• Costs of raising funds consists of invesment management costs;
• Expenditure on charitable activities comprises those costs incurred by the Charity in the delivery of its activities and services for beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The Charity makes charitable donations in two forms:- donations to patients for operations at an approved Hospital, and specific donations to local charities towards running costs and/or specific purchases of equipment. The cost of these donations is taken to the revenue account when paid and is detailed for the current year in Note 5.
## **(f) Support costs allocation**
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and administrative costs. They are incurred directly in support of expenditure on the objects of the Charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
The analysis of these costs is included in note 6.
## **(g) Tangible fixed assets and depreciation**
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Fixed assets below £100 are not capitalised.
Depreciation is provided on all tangible assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life, as follows:
Fixtures, fittings and equipment
10% pa on original cost
- 14 -
## **ST. SAVIOURS MEDICAL CHARITY**
## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies (continued)**
## **(h) Investments**
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
## **(i) Debtors and creditors receivable / payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **(j) Tax**
The Charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
## **(k) Judgements and key sources of estimation uncertainty**
Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
_Useful economic lives of tangible assets_
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the fixtures, fittings and equipment, and note 1(h) for the useful economic lives for each class of assets.
## **(l) Going concern**
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial ststements. The year to 31 March 2021 saw increased demand for grants from individual patients, which, in the opinion of the Trustees, may continue for some while. Accordingly, the budget for the year to 31 March 2022 has been increased to £500,000. The additional £200,000 over the previous year's budget is covered by cash balances held. This sum has been calculated so as not to impact on the long-term ability of the Charity to continue as a going concern. Institutional Grants will not be made. The Charity is not dependent on fundraising. The Charity has no borrowings. For the above reasons the Trustees conclude that there are no material uncertainties that cast significant doubt about the Charity’s ability to continue as a going concern in the long term.
|**2**
**Donations**
Donations
**3**
**Investment income**
Dividends and interest from investments
Equalisation proceeds
Interest on cash deposit|**2021**
**2020**
**£**
**£**
264
100
**2021**
**2020**
**£**
**£**
245,026
350,091
3,570
33,570
-
868
248,596
384,529|
|---|---|
- 15 -
## **ST. SAVIOURS MEDICAL CHARITY**
## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2021**_
**----- Start of picture text -----**
4 Total expenditure Support Grant Total Total
Staff costs costs funding 2021 2020
£ £ £ £ £
Raising funds
- -
Investment management costs 50,206 50,206 42,630
- -
50,206 50,206 42,630
Charitable activities
Grant funding of activities - - 362,751 362,751 297,998
-
Support costs 41,759 14,224 55,983 36,978
41,759 14,224 362,751 418,734 334,976
41,759 64,430 362,751 468,940 377,606
5 Grants payable Grants to Grants to Total Total
institutions individuals 2021 2020
£ £ £ £
Direct charitable expenditure 10 380,041 380,051 310,898
-
Assisted patient deposits (17,300) (17,300) (12,900)
10 362,741 362,751 297,998
Individual patients’ grants numbered 62 (2020: 45).
Grants to institutions comprise:
Paula Carr Trust 10 10
Kent MS Centre - 26,000
10 26,010
Reconciliation of grants payable
Commitments at 1 April 2020 70,509 72,905
Commitments made in the year 380,041 310,898
Grants paid during the year (253,675) (313,294)
Commitments at 31 March 2021 196,876 70,509
Commitments at 31 March 2021 are payable as follows
Within one year 196,876 70,509
196,876 70,509
**----- End of picture text -----**
- 16 -
## **ST. SAVIOURS MEDICAL CHARITY**
## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|**6**
**Support costs**
Rent
Office services
Insurance
Telephone and fax
Travelling
Audit fees
Professional fees
Sundry expenses
Secretarial services (see note 9)
Depreciation
**7**
**Net (expenditure) / income for the year**
This is stated after charging:
Auditors' remuneration
Prior year over-provision
Non-audit fees
Postage and stationery|**2021**
**2020**
**£**
**£**
1,800
1,800
2,280
2,280
333
327
822
393
627
582
443
1,234
4,691
5,092
2,910
-
260
212
-
25,000
58
58
14,224
36,978
**2021**
**2020**
**£**
**£**
5,253
5,662
(562)
(570)
2,910
-|
|---|---|
## **8 Trustees remuneration and key management personnel**
The Trustees consider the Trustees and the company secretary comprise the key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day to day basis. All Trustees give of their time freely and no Trustee received remuneration or reimbursed expenses in the year (2020: none).
## **9 Staff costs**
There was 1 employee during the year (2020: none).
There were no employees with emoluments above £60,000 (2020: None).
|Gross wages
Employer's National Insurance|**2021**
**2020**
**£**
**£**
33,503
-
8,256
-
41,759
-|
|---|---|
During the year, a review of the employment status of Mr. P Seward resulted in him being recognised as an employee rather than a self-employed person. This has resulted in PAYE and employer's national insurance becoming payable and has been included in the gross wages and employer's national insurance above.
|**Tangible assets**
**Fixtures, fittings and equipment**
**£**
**Cost**
As at 1 April 2020 and at 31 March 2021
2,561|**Tangible assets**
**Fixtures, fittings and equipment**
**£**
**Cost**
As at 1 April 2020 and at 31 March 2021
2,561|
|---|---|
|**Depreciation**
At 1 April 2020
Charge for the year|2,154
58|
|At 31 March 2021|2,212|
|**Net book values**
At 31 March 2021|349|
|At 31 March 2020|407|
## **10 Tangible assets**
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## **ST. SAVIOURS MEDICAL CHARITY**
## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|**11**
**Fixed asset investments**
**Quoted**
**Other**
**investments**
**unlisted**
**investments**
**£**
**£**
Market value at 1 April 2020
10,460,448
230,824
Disposals at market value
(4,553,069)
-
Acquisitions at cost
4,314,286
137,174
Change in value in the year
2,227,238
-
Market value at 31 March 2021
12,448,902
367,998
Historical cost:
At 31 March 2021
At 31 March 2020
**The main components of the portfolio, being in excess of 5% are:**
The Equity Income Trust for Charities
Charities Property Fund
Vanguard S & P 500
Schroder Charity Equity
Trojan Income Fund
Cash
**Assets by Class:**
Equities - UK
Equities - Overseas
Bonds - UK
Bonds - Overseas
Property
Other
Cash
**12**
**Debtors**
Other debtors
Prepayments and accrued income
**13**
**Creditors: amounts falling due within one year**
Patient grants
Other taxes and social security
Accruals|**2021**
**2020**
**Total**
**Total**
**£**
**£**
10,691,272
11,938,675
(4,553,069)
(7,666,118)
4,451,460
7,773,574
2,227,238
(1,354,859)
12,816,900
10,691,272
11,880,403
11,688,880
**2021**
**2020**
**£**
**£**
1,099,152
566,629
981,501
1,005,769
958,256
1,414,625
949,312
718,921
633,276
880,637
367,997
230,824
**2021**
**2020**
**£**
**£**
2,681,739
2,706,170
5,999,534
4,144,540
834,888
1,172,013
591,115
125,922
1,209,567
1,246,554
887,705
820,893
612,352
475,180
12,816,900
10,691,272
**2021**
**2020**
**£**
**£**
1,445
2,677
450
450
1,895
3,127
**2021**
**2020**
**£**
**£**
196,876
70,509
16,759
-
5,253
5,092
218,888
75,601|
|---|---|
Patient grants amounting to £196,876 (2020: £70,509) represents payments to which the Charity was committed in respect of completed operations.
- 18 -
**NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **ST. SAVIOURS MEDICAL CHARITY**
## **14 Company status**
The Charity is a company limited by guarantee and does not have a share capital. Every member of the Charity undertakes to contribute in winding up a sum not exceeding £1 while he is a member, or within on year after ceasing to be a member, towards debts and liabilities contracted before ceasing to be a member.
## **15 Designated funds**
The unrestricted funds of the Charity include the following designated funds which have been set aside out of the overall unrestricted funds by the trustees for specific purposes:
|**CURRENT YEAR**
Investments
**COMPARATIVE YEAR**
Investments
**16**
**Analysis of net assets between funds**
**CURRENT YEAR**
Fund balances at 31 March 2021 are
represented by:
Tangible fixed assets
Investments
Current assets
Creditors: amounts falling due within one year
**COMPARATIVE YEAR**
Fund balances at 31 March 2020 are
represented by:
Tangible fixed assets
Investments
Current assets
Creditors: amounts falling due within one year|**Balance at 1**
**April 2020**
**New**
**designation**
**Designation**
**release**
**Balance at 31**
**March 2021**
**£**
**£**
**£**
10,460,448
-
1,988,454
12,448,902
**Balance at 1**
**April 2019**
**New**
**designation**
**Designation**
**release**
**Balance at 31**
**March 2020**
**£**
**£**
**£**
11,870,384
-
(1,409,936)
10,460,448
**Unrestricted**
**funds**
**Designated**
**funds**
**Total**
**£**
**£**
**£**
349
-
349
367,998
12,448,902
12,816,900
41,437
-
41,437
(218,888)
-
(218,888)
190,896
12,448,902
12,639,798
**Unrestricted**
**funds**
**Designated**
**funds**
**Total**
**£**
**£**
**£**
407
-
407
230,824
10,460,448
10,691,272
16,562
-
16,562
(75,601)
-
(75,601)
172,192
10,460,448
10,632,640
**Movement in funds**
**Movement in funds**|
|---|---|
## **17 Related party transactions**
There were no related party transactions during the year (2020: none).
- 19 -