Charity Reglstration No. NIC100084 THE MATER HOSPITAL Y P FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE MATER HOSPITAL Y P FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrA Canavan Dr P Curran Dr J Doyle Reverend Dr P Fleming Mrs M Hinds Mr G Hughes Reverend G Fox Mr J Fitzpatrick (Appointed 19 December 2022) (Appointed 31 January 2023) (Appointed 16 May 2023) Charlty number NIC100084 Audltor Mccreery Turkington Stockman Ltd 1 Lanyon Quay Belfast Co Antrim Northern Ireland BT1 3LG Elankers AIB {NI) 85 Main Street Bangor BT20 4BA Solicitors Cleaver Fulton Rankin 50 Bedford Street Belfast BT2 7FW Investment advisors IQ EQ Fund Management {Ireland) Ltd 76 Sir Rogersons Quay Dublin 2 Dublin Ireland
THE MATER HOSPITAL Y P FUND CONTENTS Page Trustees, report Statement of Trustees, responsibilities Independent auditor's report 8-10 Statement of financial activities 11 statement of financial position 12 Notes to the financial statements 13-19
THE MATER HOSPITAL Y P FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their report and financial statements for the year ended 31 December 2022. The financial statements have been prepared in accordance wtth the accounting policies set out in note 1 to the financial statements and comply with the Charity's Trust deed, the Charities Act (Northern Ireland} 2008 and 'Accounling and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)° (as amended for accounting periods commencing from 1 January 2016}. Objectives and activities The purposes of the Fund are set out in the Trust Deed dated November 1992. ' The Trust is established to support and further by charitable means onlys such of the purposes, aims and objects of the Mater Hospital, being charitable, and such otherpurposes, aims and objects similar or akin to those of the Mater Hospital being charitsble, as the Trustees shall in their absolute discretion fmm time to time determine. The benefit provided by the Fund is the advancement of health, the prevention of illness, the saving of lives and the advancement of education. The public benefit is the health and wellbeing of all users of the Services provided by the Hospital. The beneficiartes of the Fund are the general public including patients of the Hospital, tamily members and carers of patients, relatives and visitors. Beneficiaries also include medical. nursing, allied health professionals, ancillary staff and students by way of research and utilisation of the state of the art Education Centre. Policy for the making of awards The Trustees satisfy themselves that the project being financed is in furtherance of the objects and purposes of the Fund, that it is charitable and that it does not place the finances or the reputation of the Fund at risk. Each project has the prior approval of the relevant professional group of the Hospital before being brought forward to the Trustees for consideration. The Trustees consult with the relevant personnel within the Hospital and third party professionals if required to satisfy themselves that the project is beneficial and viable. Monltoring achlevement At their regular meetings, the Trustees monitor the financial performance of the Fund by way of detailed reports from the appointed Investment Managers and the progress of each individual funded project. In relation to the funded projects an individual report is brought to the Trustees at their regular meetings by delegated Trustee who liaises with the relevant sponsoring member of the Hospital Staff.
THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Achievements and performance Past Fundlng Upon the accession of the Hospital to the National Health SeNice in 1972. and the routine funding being assumed by the then Ministry of Health and subsequently the Belfast Health and Social Care Trust (BHSCT): the necessity for the work of the Young Philanthropists lessened and the funds were invested and eventually rested within the Fund. However, the Fund continued to enhance the fabric of the Hospital with, inter alia, the construction of the new McAL¢ley building, a state of the art Education Suite, and Quiet Room. In addition, the Fund made substantial investment in improvement in the Hospital's diagnostie capacity, particularly radiology by the provision of Magnetic Resonance Imaging. CAT Scanning and screening equipment. There was also a major research project into chronic obstructive pulmonary disease (COPD). Further investments have been made in cardiology, hepatobiliary and ophthalmology departments and the upgrading of ICT systems, all keeping the Hospital abreast of the most up to date technology. Over the past two decades the Fund has contributed some £25,000,000 to support advances in the Hospital. Projects funded during the year During 2019120 the Hospital was designated a Covid-19 hospital. In 2021 the BHSCT began the reestablishment of core sernices in the hospital along wilh a review and redefinition of the surgical seiceS available at the hospital. This has had an impact on the level of requests and therefore the investment through the fund. During the year the Fund made investments and interim instalment payments totalling £290,851 (note 5} in respect of completed and ongoing projects.
THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Short Temi and Ongoing Investments The Trustees have made commitments to new and ongoing projects. The Trustees, in recognition of the cost of living crisis and the need among the staff group as members of the local community, supported a donation to three local community food banks. In recognition of the significant vital contribution of the late Eileen Ferguson the Fund established an award to be made bi-annually to stsff who work in support of clinical teams. The recipient of this award will receive support for trainingleducation. Delays in some projects have been incurred due to the impact of Covid-19 however the Trust has commenced a programme of service restoration and in relation to inpatient surgery, service re-profiling. In relation to the Junior Doctors suite the Trust has advised that costs have increased from the estimated £405K to £502K due primarily to increase¢J construction Costs. This project is subject to tendering with final costs to be confirmed in 2023. These projects and outstanding commitments are scheduled as follows-. Total Commitment Outstanding Commitment at 31 December 2022 (note 16) £ 'ooo £'ooo ICT Upgrade and Extension 1,586 COPD Researr.h 615 Junior Doctors Suite 502 384 Vocera Communications System 491 Community Food Banks 20 Eileen Ferguson Award Clinical Handover 601 601 Flnancial revlew The Audited Financial Statements for the year ended 31 December 2022 and Balance Sheet as at date are attached to this report. At 1 January 2022 the Gross Worth of the Fund was £27,243K and Net Worth was £24,218K after taking into account Outstanding Commitments at that date. During the Year the Fund generated income of £796K offset with reali5ed Losses on Investments of £191 K. Expenditure on charitable activities amounted to £370K leaving a Net Surplus for the year of £234K. At 31 December 2022 the Gross Worth of the Fund was £25,060K and Net Worth was £24,075K after taking inlo account Outstanding Commitments at that date. All fvnds are Unrestricted.
THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Reserves pollcy The Trustees have considered the necessity to create a reserve within the Fund. In light of the Net Worth of the Fund, the Unrestricted nature of the funds and its ready access to liquid funds the Trustees conclude that a reserve is not necessary. This will be kept under review on an annual basis. Investment policy The Trustees have appointed professional investment Managers to manage the Fund portfolio on a discretionary basis Wlthin defined parameters addressing long term capital growth, income generation, risk constraints and ethical and environmentsl awareness. The Investment Portfolio is maintained primarily in Sterling as the expenditure and funding of the Fund is exclusively in that currency. The Inveslment Managers report to the Trustees on a quarterly basis. Given the market volatility experienced during the Year, the Trustees are satisfied with the performance and management of the investment portfolio of the Fund during the Year. Risk Management The Trustees are cogni5ant of the reality that the primary asset of the Fund is represented by its Investment portfolio which they endeavour to mitigate any risk in this regard by the retention of professional Investment Managers. The Trustees have custodian arrangements in place for the protection of the equities and bonds. The Trustees are also cognisant of financial risk arising from the ultimately ineffectual research and this IS managed by the appointment ofTrustees with sufficient skill and expertise and by close liaison with the medical and clinical experts within the Hospital. The Trustees regularly monitor how funded expenditure on capital projects and research are developing and by regular consultation with the relevant personnel within the Hospital and third parties they are assured that their technical knowledge is up-to-date and they have the depth of insight and detail to demonstrate the appropriate utilisation of assets of the Fund in accordance with its charitable purposes.
THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Structure, governanee and management Structure The Mater Hospital (the "Hospital ' ) was founded by the Order of the Sisters of Mercy and opened its doors on the Crumlin Road, Belfast, to the public in 1883 providing, on a charitable basis, the best in care and treatment lo all those in need of it. irrespective of their creed, class or means. At the instigation of the then Father Patrick, later, Monsignor Mullally, a group of local busine55 people set up the YP Pools ( the name deriving from The Young Philanthropists ) with the principal purpose of raising funds for the Hospital. Over the years the majority of the funding for the Hospital, and that presently remaining in the Fund- derived almost entirely from the YP Pools. The Hospital was financed principally by this fund until the Government agreed to admit the Mater to the National Health Service in 1972 In November 1992 the Fund was established as a Charitable Trust and in April 2014 was registered as a charity with The Charity Commission for Northern Ireland under Registration Number NIC100084. Management The Fund is managed and controlled by a board ofTrustees. Those who served during the Year were.. Most Reverend N Treanor- Chairperson MrA Canavan Dr P Curran Dr J Doyle Reverend Dr P Fleming Monsignor J Glover Mrs M Hinds Mr C G Jenkins Mr G Hughes Reverend G Fox Mr J Fitzpatrick (Resigned 22 January 2023) (Deceased 29 October 2022) (Resigned 31 January 2023) {Appointed 19 December 2022) (Appointed 31 January 2023) {Appoinled 16 May 2023) After 11 years, service to the Fund as a Trustee, Monsignor Joseph Glover very sadly passed away on the 29 October 2022. Archbishop Treanor was appointed to the position of 'Apostolic Nuncio to the European Union., based in Brussels, on 22 January 2023 and resigned as a Trustee ofthe Fund at that date. The Trustees receive no remuneralion. Mrs Hinds received an honorarium of £7,500 for secretarial services.
THE MATER HOSPITAL Y P FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Audltor Mccreery Turkington Stockman Ltd has indicated its willingness to continue in office for the ensuing year. Trustees, as a matter of good governance, have indicated that the audit services for the year to 31 December 2023 will be tendered. Concluslon The Trustees wish to acknowledge the services and dedication of Archbishop Treanor, Mr Charlie Jenkins and the late Monsignor Glover to the Fund. Monsignor Joseph Glover was appointed a Trustee on 12 May 2011 and very sadly died on the 29th October 2022. Throughout this period he provided exceptional professional financial guidance to the Trustee5, to ensure that funds available were used to the maximum benefit of the patients and staff of the Mater Hospital. May he rest in peace. Archbishop Noel Tanor was appointed a Trustee on 12 May 2011. Archbishop Treanor chaired the meetings of the Trustees, providing exemplary leadership and support to all Trustees. Following his appointment as Archbishop by his Holiness Pope Francis, he was asked by the Vatican to take up the position as 'Apostoli¢ Nuncio to the European Union,, based in Brussels, with effect from 22 January 2023. His leadership of the YP Trust will be greatly missed. Mr Charlie Jenkins was appointed a Trustee on the 10 February 2017. Mr Jenkins, having formerly served as a Non-Executive Director and later Chairman of the Mater Hospital Trust. Mr Jenkins gave unstinting service to the YP Trust in support of the hospital, its staff. and its patients and to the wider community which it services. His contribution to the success of the YP Trust cannot be overstaled. The Trustees are privileged to be charged with the management and control of the Fund which was initially contributed to by the community in the financially stringent times post the second World War and whose generosity and 5UPPOrt of the Hospital is evidenced by the fact that their descendants and the community continue to benefit therefrom over some 70 years later. The Trustees, report was approved by the Board of Trustees. Lt l-kE M Hinds Trustee Dated.. 16 May 2023
THE MATER HOSPITAL Y P FUND STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees are responsible for preparing the Trustees, Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Northern Ireland requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resoUrS of the Charity for that period. In preparing these Financial Statements, the Trustees 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the Financial Statements 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 wilh the Charities Act (Northern Ireland} 2008, Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 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. By Order of the Trustees Mrs M Hinds Trustee Dated.. 16 May 2023
THE MATER HOSPITAL Y P FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MATER HOSPITAL Y P FUND Oplnlon We have audited the financial statements of The Mater Hospital Y P Fund (the 'Charity') for the year ended 31 December 2022 which comprise the statement of financial activities, the statement of financial posilion and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ol ItBland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the Charity's affairs as at 31 December 2022 and of its incoming resources and application of resources. for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting practi.. and have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) 2008. Basis for oplnlon 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 Auditorts responsibilities for the audit ol the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 obtsined is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relating to going con¢ern In auditing the financial statements, we have concluded that the 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 unrtaintieS relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a perio¢J of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant Sections of this report. Other information The other information comprise5 the information included in the trustees annual report, other than the financial statements and our auditor's report thereon. The 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 ststed in our report, we do not express any fonn of assurance conclusion thereon. OLFr 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 lo report in this regard.
THE MATER HOSPITAL Y P FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MATER HOSPITAL Y P FUND Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstalements in the directors, report included within the Trustees, report. We have nothing to report in respect of the following matters in relation to which the Charities (Arcounts and Reports) Regulations (Northern Ireland} 2015 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees, report., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records., or certain disclosures of trustees, 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 statement of Trustees, Responsibilities, the Trustees 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 Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going corKern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.
THE MATER HOSPITAL Y P FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MATER HOSPITAL Y P FUND Audltor's responsibilities for the audit of the financial statements We have been appointed as Auditor under section 65(2) of Ihe Charities Act {Northem Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objeclives 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 auditorfs 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 coulrj reasonably be exFected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatement5 in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates. We considered the risk of acts by the charity which were contrary to applicable laws and regulations. including fraud. These included but were not limited to Compliance with United Kingdom Accounting standards. including Charities Act (Northern Ireland) 2008 ,Charities {Accounts and Reports) Regulations (Northern Ireland) 2015 and the Charities SORP (FRS 102). We focused on laws and regulations that could give rise to material misstatement in the financial statements. Our tests included but were not limited to.. Agreement of financial slatements disclosures to underlying supporting documentation: Discussions with management regarding specific laws and regulations that may apply to the charity and the impact of any non-compliance on the audit- Review of minutes of meetings and correspondence throughout the period and after the year end-, Considering the effectiveness of Ihe control environment and monitoring compliance with laws and regulation Because of the inherent limitations of an audit, there is a risk that we will not detect all irreg ularities, 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 ststements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. http'.Ilwww.frc.org.ukJauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made 501ely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an Auditors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone olher than the Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. 16 May 2023 1 Lanyon Quay Belfast CoAntrim Northern Ireland BT1 3LG Mccreery Turkington Stockman Ltd Chartered Accountants Statutory Auditor 10-
THE MATER HOSPITAL Y P FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestrlcted Unrestricted funds funds 2022 2021 Notes Investments Other income 794,572 1,517 770,173 766 Totsl Income 796,089 770,939 en iture Charitable activities 369.712 930,553 Net gainsl{losses) on investments 10 (191,931} 162,419 Net incoming resources 234,446 2,805 Othor recognised gains and losses Revaluation of tangible fixed assets Other gains or losses {2,416,780) 1,333,191 (847} 1,625 11 Net movement in funds {2.183,181) 1,337,621 Fund balances at 1 January 2022 27,243,258 25,905,637 Fund balances at 31 December 2022 25,060,077 27,243,258 The statement of financial activities includes all gains and losse5 recogni5ed in the year. All income and expenditure derive from continuing activitie5. 11
THE MATER HOSPITAL Y P FUND STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 2022 2021 Notes Fixed assets Investments Current assets Debtors Cash at bank and in hand 12 25,028,869 27,160,688 13 23,481 13,827 20,533 67,526 37,308 88,059 Creditors: amounts falling due within one year 14 {5,900) (5,489) Net current assets 31.408 82,570 Total assets less current liabillties 25,060,077 27,243,258 Income funds Unre ricted fun General unrestricted funds 25,060,077 27,243,258 25,060,077 27.243,258 25.060.077 27,243,258 The financial statements were approved by the Trustee5 and authorised for issue on 16 May 2023 Mrs M Hinds Trustee Mr G Hughes Trustee 12-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng policles Charlty Information The Mater Hospital Y P Fund is a charity registered in Northern Ireland and is unincorporated. 1.1 Accountlng conventlon These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {2015) (FRS 102)} and the Charities Act (Northern Ireland) 2008). Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 require accruals a¢¢ounts to be prepared in accordance with the SORP. The Mater Hospital YP Fund is not required to prepare a Cashflow Statement under section FRS102 s7.1A. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amoun15 in these financial statements are rounded to the nearest £. The financial statements are prepared on a going concern basi5 under the historical cost convention, modified to include certain items at fair value. 1.2 Going concern At the time of approving the financial statements. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charttable objectives unless the funds have been designated for other purposes. Designated Funds are unrestricted funds earmarked by the Trustees for particular future project or commitment. Restricted fLtnds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors Ihat the capital must be maintained by the Charity. 1.4 Incoming resources Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be recelved. Cash donations are recognised on receipt. other donations are recognised once the Charity has been nolified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. 13-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting pollcles (Continued} Investment income is earned through holding assets for investment purposes such as shares and prOrtY. It inclLtdes dividends, interest and rent. 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 Inethod and dividend and rent income is recognised as the charity's right to receive payment is established. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. 1.5 Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities. events, norFcharitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by the Charity in undertaking adivities that further its charttable aims for the benefit of its beneficiaries, including those support costs and costs relating io the governance of the Charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the Charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Expenditure is recognised where there is a legal or constructive obligation to make payments to tFird parties, it is probable that the settlement will be quired and the amount of the obligation can be measured reliably. 1.6 Fixed asset Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction cost5. Subsequently, they are measured at fair value with changes recognised in 'net gains l (losses) on investments, in the SOFA if the shares are publicly traded or their fair value can otherwise be meagjred reliably. Other investments are measured at cost less impairment. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simullaneously. 14-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting pollcies (Continued) Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interesl method unless the arrangement constitutes a financing transaction, where the transaction is me?sured at the present value of the future receipts discounled at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities Classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due wtthin one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effe1ve interesl method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's conlractual obligations expire or are discharged or cancelled. 1.9 Forelgn exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. Al each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net incomel(expenditure) for the period. 1.10 Reserrfes The Trustees have considered the necessity for the creation of a Reserve within the Fund. In light of the worth of the Fund, the unrestrtcted nature of the funds held and its ability to readily access liquid funds the Trustees consider that a Reserve is not required. The matter will be kept under review on an ongoing basis. Critl¢al accounting estlmates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgemenls, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in Ihe period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both currenl and future periods. 15-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Investment Income Unrestrlcted Unrestricted funds funds 2022 2021 Income from listed investments - Dividends Income from Fixed Interest- UK Income from Fixed Interest- Non UK 538,815 218,287 37,470 516,969 206,984 46,220 794,572 770,173 Other Income Unrestricted Unrestricted funds funds 2022 2021 other income 1,517 766 Expenditure on charitable activities 2022 2021 COPDIEVISCO study ICT Centre of Excellence Ophthalmic Microscopes Still birth & neonatal death charity Junior Doctors Room Upgrade & Simulation Centre Vocera Communication System 255,344 83,268 280.408 485 21,104 491,376 245,790 45,061 290,851 851,592 Share of support costs (see note 6) 78,861 78,961 369,712 930,553 16-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Support costs 2022 2021 Investmenl- management fees Investment- custodian fees Trustee's Honorarium Auditors, remuneration - accountancy Auditors, remuneration - audit fee General expenses Bank charges Legal and professional fees 52,999 11.090 7,500 2,250 3,680 1.295 47 52,931 12,851 6,000 ?.,100 3,390 448 41 1,200 78.861 78,961 Auditor's remuneration The analysis of auditorfs remuneration is as follows: 2022 2021 Audit of the annual accounts 3,680 3,390 Non-audit services Audit-related assurance services 2.250 2,100 Trustees During the year £7,500 was paid to Mrs Mary Hinds for secretarial services (2021.. £6,000 to Mr WP O'Driscoll) Employees There were no employees during the year. 10 Net galnsl(losses} on investments Unrestricted Unrestricted funds funds 2022 2021 Gainl(loss) on sale of investments (191,931) 162,419 17-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 11 Other galns or losses Unrestricted Unrestricted funds funds 2022 2021 Foreign exchange gains 847 (1,625) 12 Flxed asset Investments Equitles Fixed Interest Flxed Term stocks and Deposits bonds £ Total Cost or valuatlon At 1 January 2022 Additions Valuation changes Disposals 16,055,815 10,315,362 789,511 27,160,688 334,423 4,356,402 6,530,885 11.221,710 89,106 12,698,490) (174) {2,609,558) (1,833,243) {3,906,014) (5,004,914) 110,744,171) At 31 Dember 2022 14,646,101 8,067,260 2,315,308 25,028,669 Carrying amount At 31 December 2022 14,646.101 8,067,260 2,315,308 25,028,669 At 31 December 2021 16,055,815 10,315,362 789,511 27,160,688 Valuation change Is made up of: Net gainsl(losses on investments) Revaluation of tangible fixed assets Other gains or losses (191.931) (2,416,780) (847) (2,609,558) 13 Debtors 2022 2021 Amounts falling due withln one year: Prepayments and accrued income 23,481 20,533 14 cdItors. amounts falllng due wlthln ono year 2022 2021 Accruals and deferred income 5,900 5,489 18-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2022 15 Analysis of charitable funds Unrestricted funds 2022 2021 Funds al 1 January Income Expenditure Gains and losses 27,243.258 25,905,637 796,089 770.939 (123,9221 (930,553) (2,609,558) 1,497,235 Funds at 31 December 25,305,867 27,243,258 16 Financlal commitments, guarantees and Contingent liabilities 2022 2021 COPD Project ICT Centre of Excellence Junior Doctors, Room Upgrade Mobile C-Arm Image Intensifier Vocera Communication System Senhance Surgical Robotic Platform Clinical Handover 33,000 476,000 312,000 85,000 234,000 1,885,000 384,000 601,000 985,000 3,025,000 17 Related party transactions There were no disclosable related party transactions during the year (2021 none}. 19-