Charfty registration number NIC100084 THE MATER HOSPITAL Y P FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE MATER HOSPITAL Y P FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrA Canavan Dr P Curran Dr J Doyle Reverend Dr P Fleming (Chairperson) Mrs M Hinds Mr G Hughes Reverend G Fox Mr J Fitzpatrick (Appointed 31 January 2023) (Appointed 16 May 2023) Charity number NIC100084 Auditor Mccreery Turkington Stockman Ltd 1 Lanyon Quay Belfast Co Antrim Northem Irelanrj BT13LG Bankers AIB (NI) 85 Main Street Bangor BT20 4BA SoliGitors Cleaver Fulton Rankin 50 Bedford Street Belfast BT2 7FW Investment Managers IQ EQ Fund Management (Ireland) Ltd 76 Sir Rogersons Quay Dublin 2 Dublin Ireland Investment Advisors Broadstone Financial Solutions Limited 100 Wood Street London EC2V 7AN
THE MATER HOSPITAL Y P FUND CONTENTS Page Trustees, report Statement of Trustees, responsikn'lities Independent auditors report 8-10 ststement of financial activities 11 Statement of financial posttion 12 Notes to the financial statements 13-22
THE MATER HOSPITAL Y P FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report arKI financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordan with the accounting policies set out in note 1 to the finanaal statements and comply with the Charitys Trust deed, the Chartknes Act (Northem Ireland) 2008 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financtal Repotting Standard applicable in the UK and Republic of Ireland published In October 2019. Objectlves and activlties The purposes of the Fund are set out in the Trust Deed dated November 1992. ' The Trust is established to support and furtherby charitable means onty. 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 charitable, as the Trustees shall in their absolute discretion from time to time deterniine. The benefit provided by the Fund is the advancement of health, the prevention of illness, the saving of lives and the advancement of education. In setting our objectives and planning our activrties our Govemors have given careful consideration to the Charity Commission's public benefrt guidance. The public benefit is the health and wellbeing of all users of the services provided by the Hospital. The beneficiaries of the Fund are the general public including patients of the Hospital, family members and carers of patients, relatives and visitors. Beneficiaries a150 include medical, nursing, allied heallh professionals, ancillary staff and students by way of educats'on, research, training and development of educational facilities. 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 pl the finances or the reputation of the Fund at risk. Each project submitted by staff has the prior support of the relevant professional or multidisciplinary group of the Hospital or senior manager before being brought forward to the Trustees for consideration. A short guidance for staff has been developed. The Trustees consult )Mth the relevant personnel Vthin the Hospital and other professionals to satisfy themselves that the project is beneficial and viable. Monltoring achievement At their regular meetings, the Trustees monitor the financial perfomance of the Fund by way of detsiled 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 regul¥ 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 2023 Achievements and perfomiance Past Funding Upon the aCssion of the Hospital lo the National Health Service in 1972: and the routine funding being assumed by the then Ministy of Health and subsequently the Department of Health and Belfast Health and Social Care Trust (BHSCT),. the necessty for the work 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 wth. inter alia. the construction of the new McAuley building, a state of the art Education Suite, Quiet Room and Junior Medical staff and administration area. In addition, the Fund made substantial investment in improvement in the Hospital's diagnostic 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, induding a clinical handover project. all keeping the Hospital abreast of the most up to date technology. Over the past two decades the Fund has contributed some £25.QOO.000 to support advances in the Hospital. Projects funded during the year As noted in the previous annual report during 2019120 the Hospital was designated a Covid-19 hospital. In 2021 the BHSCT began the reestablishment of core servi5 in the hospital along with a review and redefinition of the surgical services available at the hospital. The Mater has now been designated the first ovemight unit for intermediate level surgery. ile in 2022 this had an impact on the level of requests and therefore the investment through the fund, an increasing number of requests have been received in 2023. During the year 2023 the Fund made investments and interim instalment payments totalling £342K in respect of completed and ongoing projects.
THE MATER HOSPITAL Y P FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Short Term and Ongolng Investments The Trustees have made commitments to new and ongoing projects detsiled below. In 2023 these commitments focused on improving the internal and extemal hospital environment, further enhancement of support to staff through for example the dinical handover project and support for the palliative care and respiratory teams. The Trustees, in recognition of the increasing cost of living and the growing reliance by staff on local food banks the Fund supported donations to three local community fcod banks in 2022. This commrtment was repeated in 2023. These projects and outstanding commitments are sddUled as follows: Project I Initiatlve Totsl Commitment Payments Made in 2023 Outstanding Commitment Junior Doctors Suite Wayfindin Pro ect Respiratory Training Community Food Banks Hospital External {Railings) Eileen Ferguson Award Palliative Care Ophthalmology Nebulisers Clinical Handover BreathTec Boardroom MRI SVDP Sands Total 549.000 36,000 2,330 36,800 150,000 527,896 24,981 2,330 6,700 150,000 11,019 30.100 Environment 1,600 10,282 516,563 36,750 659.371 15,000 84,000 1,000,000 23,400 500 3,121,596 1,100 500 10,282 516,563 6,650 406,984 15,000 84,000 1,000,000 6,700 30,100 252,387 16,700 500 341,906 2.758,586 Eileen Ferguson Award In recognition of the significant vital contribution of the late Eileen Ferguson. a YP Trustee, trE Fund estsblished an award to be made bi-annually to staff who work in support of clinical teams. Whether behinrj the sneS or in full view of the public, staff who support the Clinical teams in Ihe Mater hospital are an invaluable and vital part of the multi-disciplinary team. They demonstrate daily professionalism and kindness. These staff make a significant contribution to patient care, a contribution that is often overl¢)oked. The Eileen Ferguson award celebrates and recognises the outstsnding contribution of the support staff in the Mater Hospital. The award will be made every two years commencing 2022 and indude a training bursary for the winner. The reripient of this award will receive support for trainingleducation. The first award was made in 2023 to Mr Tony Mc Donagh.
THE MATER HOSPITAL Y P FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnancial review The Audited Financial Statements for the year ended 31 December 2023 and Balan Sheet as at date are attached to this report. At 1 January 2023 the Gross Worth of the FurKJ was £25.060K and Net Worth was £24,075K after taking into account Oulstanding Commitments at that date. During the Year the Fund generated income of £882K in addrtion lo gains on Investments of £1,004K. Expenditure on tharitable 8ctivib.es amounted to £458K leaving a Net Surplus for the year of £1,427K. At 31 December 2023 the Gross Worth of the Fund was £26,488K and Net Worth was £23,729K after taking into account Outstanding Commitments at that date. All funds are Unrestricted. Resenies policy The Trustees have considered the nesSty to create a reseDie wthin the Fund. In light of the Net Worth of the Fund, the Unrestrided nature of the funds arKI its ready access to liquid funds the Trustees condude that a reserve is not nec&ssary. 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 within defined parameters addressing long temi capital growth, income generation, risk constraints and ethical and environmental awareness. The Investment Porffolio is maintained primarity in Sterling as the expenditure and funding of the Fund is exclusively in that currency. The Investment Managers report to the Trustees on a quarterfy basis. During the year the Trustees appointed Broadstone as investment advisors to perfom an investrnent portfolio review. The review included performan against objectives. perfornian against peer groups, responsible investment assessment. income and fees. Trustees were pleased yth the outcome of the review. Given the completion of the Broadstone review work and despite the market volatility experienced during the Year the Trustees are satisfied vlith the perforrnan and management of the investment portfolio of the Fund during the Year.
THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Risk Management The Trustees are cognisant 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, thi5 is managed by the appointment of Trustees with sufficient skill and expertise and by dose liaison with the medical, dinical and other experts within the Hospital. The Truslees regulady monitor how funded expenditure on capital projects. research and other projects are developing and by regular consultation with the relevant personnel within the Hospital and third parties. Through this process they are assured that their technical knoedge is upt(xJate and they have the depth of insight and delail to demonstrate the appropriate utilisation of assets of the Fund in accordan with its charitable purposes. In 2023 Trustees r1Ved presentations directly from recipients of the fund detailing the impact of the investment on patient care and support of staff Structure, governance 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 to all those in need of it, irrespective of their creed, class or mean5. At the instigation of the then Father Patrick, later, Monsignor Mullally, a group of local business people set up the YP Pools ( the name deriving from The Young Philanthropists ) wtth the principal purpose of raising funds for the Hospital. Over the years the majority of the funding for the Hoswtal. 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 ser in 1972 In November 1992 the Fund was established as a Charitable Trust and in Awil 2014 VRS registered as a Charity with The Charity Commission for Northem Ireland under Registration Number NIC100084. Management The Fund is managed and controlled by a board of Trustees. Those served during the Year were: Most Reverend N Treanor MrA Canavan Dr P Curran Dr J Doyle Reverend Dr P Fleming (Chairperson) Mrs M Hinds Mr C G Jenkins Mr G Hughes Reverend G Fox Mr J Fitzpatrick (Regned 22 January 2023) {Resigned 31 January 2023) (Appointed 31 January 2023) (Appointed 16 May 2023)
THE MATER HOSPITAL Y P FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees receive no remuneration. Mrs Hinds received an honorarium of £7.500 for secretarial services. Audltor Mccreery Turkington Stockman Ltd has indicated its willingness to continue in office for the ensuing year. Trustees, as a matter of good govemance. have indicated that the audit servitss for the year to 31 De¢ember 2023 will be tendered. Conclusion The Trustees are privileged to be charged with the management and control of the Fund vthich was inrtially contributed lo by the communty in the financially stringent times post the second World War and whc6e generosity and support of the Hospitsl is evidenced by the fact that their descendants and the communsty continue to benefit therefrom over some 70 years later. The Trustees, report was approved by the Board of Trustees. d l-IKtiV Mrs M Hinds Trustee Dated.. 28 May 2024
THE MATER HOSPITAL Y P FUND STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The TTUStees are responsible for preparing the Trustees, Annual Rep)rt 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 Northem Ireland requires the Trust&s to prepare Financial Ststements 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 Trustees are required to: select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP 2019 (FRS 102): make judgements and estimates that are reasonable and prudent; prepare the Financial Ststements on the going concem basis unless it is inappropriate to presume that the Charity will conkn'nue in operats'on. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the fjnancial position of the Charity and enable them to ensure that the Financial Statements comply with the Charities Act (Northern Ireland) 2008, Charities (Accounts and Reports) Regulations {Northem 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.
THE MATER HOSPITAL Y P FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MATER HOSPITAL Y P FUND Opinion We have audited the financial statements of The Mater Hospital Y P Fund (the 'Charity') for the yr ended 31 December 2023 which comprise the ststement of financial 8Ctivities, the statement of financral posib.on 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 Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the finanaal statements: give a true and fair view of the state of the Charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended. have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practi. and have been prepared in accordan with the requirements of the Chartttes Act (Northem Ireland) 2008. Basls for opinlon We conducted our audit in accordance with Inlemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs Trsponsibilrfies for the audit ol the financial statements section of our report. Vve 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 obtained is suffiaent and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going COnM for a period of at least twelve months from when the finanal statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees Vth respect to going concern are described in the relevant sections of this report. other Infonnation The olher information comprises the infonnatron induded 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 infomiation and, except to the extent otherwise explicitjy stated in our report. we do not express any fonn of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other infomialion is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or othemise appears to be materially misstated. tf 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 infomiation, we are required to report that fact. We h8ve nothing to 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 aro required to report by exceptlon We have nothing to report in respect of the followng matters in relats'on to which the Charities (Accounts and Reports) Regulations (Northem Ireland) 2015 require us to report to you rf, in our opinion: the information given in the financial statements is inconsistent in any material respect with the Trustees, report., or suffiuent 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 VR require for our audit. Responsibllities of Trustees As explained more fully in the statement of Trustees, Responsibilrties, 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 intemal control as the Trustees determine is neSSary 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 concem and using the going concem basis of accounting unless the Trustees either intend to ase operations, or have no realistic altemab've but to do so. Auditors responsibilities forthe audit of the financial ststements We have been appointed as Auditor under section 65(2) of the Charities Act (Northem Ireland) 2008 and report in accordan with the Act and relevant regulations made or havtng effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a Who are free from material misstatement, whether due to fraud or error, and to issue an auditoffs report that inGludes 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 tt eSts. Misstatements can arise from fraud or error and are considered material rf, 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. Irregularities, including fraud. are instances of non-compliance vth lavrfs and regulations. INe design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecttng irregularities. including fraud is detailed below. We gained an understanding of the legal and regulatory framerk 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 Complian with United Kingdom Accounting Standards, including Charities Act (Northem Ireland) 2008 ,Charities (Accounts and Reports) Regulations (Northem Ireland} 2015 and the Charities SORP 2019 (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 statements disclosures to underfying supporting documentation. Discussions with management regarding speafic lavrfs and regulations that may apply to the charlty 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 the control environmenl 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 irre9Jlarities, 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 fiected in the financial ststements, as we will be less likeiy to become aware of instances of nonwcompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion. omission or misrepresentation.
THE MATER HOSPITAL Y P FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MATER HOSPITAL Y P FUND A further description of our responsibilities is available on the Financial Reporting Council's website at.. ht8..1/ www.frc.org.ukJauditorsresponsibilities. This description forms part of our auditf*s report. Use of our report This report is made solely to the Charity's Trustees, as a body. in accordan with Part 4 of the Charities (Accounts and Reports) Regulations (Northem Ireland) 2015. Our audit work has been undertaken so that we might state to the Charity'5 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 other than the Charity and the Charity's Trustees as a body, for our audit work. for this repor( or for the opinions we have formed. Mccreery urklngton Stocknian Ltd 28 May 2024 Chartered Accountants statutory Auditor 1 Lanyon Quay Belfast Co Antrim Northem Ireland BT13LG 10-
THE MATER HOSPITAL Y P FUND STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted funds 2023 Unrestrlcted funds 2022 Notss Income and endowments from: Investments Other income 868,274 13,565 794,572 1,517 Total income 881,839 796,089 Expenditure on: Charitable activities 458,475 369,712 Total expenditure 458.475 369,712 Net gainsl(losses) on investments 11 1.0(14,302 {2,608,711) Net Incomel(expendlture) 1.427,666 (2,182,334) Other recognised gains and losses: Other losses 13 (51) (847) Net movement in funds 1,427,615 (2,183,181) Reconciliation of funds: Fund balances at 1 January 2023 25.060,077 27,243,258 Fund balances at 31 December 2023 26,487.692 25,060,077 The statement of financial activities includes all gains and losses recognised in the year. AJI income and expenditure derive from continuing activities. 11
THE MATER HOSPITAL Y P FUND STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Investments Current assets Debtors Cash at bank and in hand 14 28,317.221 25,028,669 16 34,380 141,911 23,481 13,827 176,291 37.308 Creditors: amounts falling due within one year 16 (5,820) (5,900) Net current assets 170,471 31,408 Total assets less current Ilabilities 26,487.692 25,060,077 Income funds nr icte fun General unrestricted funds 26.487,692 25,060,077 26.487,692 25,060,077 26,487.692 25,060,077 The financial statements were approved by the Trustees and authorised for issue on 28 May 2024 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 2023 Accounting pollcies Charlty infomiation The Mater Hospital Y P Fund is a charity lStered in Northem Ireland arKI is unincorporated. 1.1 Account5ng convention These financial statements have been prepared in compliants with FRS 102, The Financial Reporting Slandard applicable in the UK and the Republic of Ireland.. Acwjnting and Reporting by Charities: Statement of Recommended Pradice applicable to tharities preparing their accounts in accordan wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019 and the Charities Acl (Northem Ireland) 2008). Charities (Accounts and Reports) Regulations (Northem Ireland) 2015 require accruals accounts to be prepared in accordance with the SORP. The Mater HospÈtal YP Fund is not required to prepare a Cashflow Statement under section FRS102 s7.1A. The financial statements are prepared in sterfing, which is the functionaf currency of the Charty. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements are prepared on a going concem basis under the historical cost convention, modified to indude rtain items at fair value. 1.2 Golng concern At the time of approving the finanoal statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the TteeS continue to adopt the going concem basis of accounting in preparing the flnancial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Designated Funds are unrestricted funds eatmarked by the Trustees for particular future project or commilment. Restricted funds are subject to specific conditions by donors or grantors 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 that the caprtal must be maintsined by the Charity. 1.4 Incoming resources Income is rocognised when the Charity is legally entitled to tt after any perfornian conditions have been met, the amounts can be measured reliably, and it is probable that income wll be received. Investment income is eamed through holding assets for investment purposes such as shares . It includes dividends and interest. ere 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 income is recognised as the charivs right to receNe payment is established. 13-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcies (Continued) 1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is ctassified by activity. The costs of each activty are made up of the total of dir1 Gosts and shared costs, including support costs involved in undertaking each activity. Direct costs attributaNe to a single activity are all02ted directly to that activty. Shared costs which contribute to more than one activity and support Gosts which are not attributable to a single actiwty are apportioned between those activities on a basis consistent with the use of resources. Central staff costs a allocated on the basis of time spent, and depreciation charges are allocated on the portion of the assefs use. 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 activrties to which it relates= expenditure on raising funds inGludes the costs of all fundraising activities. events. noTrcharitable trading activities, and the sale of donated goods. expendlture on charitable activities indudes all costs incurred by the Charity in undertaking activities that further it5 charitsble aims for the benefft of its beneficiaries, including those support costs and costs relats'ng to the governan of the Charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the Charty 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 beeen 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 tlyrd parties, it is probable that the settlement will be required 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 costs. Subsequently, they are measured at fair value with changes COgniSed in 'net gains I Ilossesl on investments, in the SOFA if the shares are publidy traded or their fair value can othepwise be measJJred reliably. Other investrnents are measured at cost less impairment. 1.7 Cash and cash equlvalonts Cash and cash equivalents indude cash in hand. deposits held at call vrith banks, other short-temi 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 Charfty 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 Chanws 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 ststements, 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 reallse the asset and settle the liability simultaneously. 14-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Contlnued) Baslc financlal 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 interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the fLrture receipts discounted at a market rate of interest. Financial assets classified as receivable wthin one year are not amortised. Basic flnancial liabilities Basic f nancial liabilities, including credrtors and bank loans are initially re(x)gnised at transaction pri unless the arrangement constitutes a finanang transaction. vrfhere the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities dassified 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 ordinay course of operations from suppliers. Amounts payable are classified as current liabilities rf payment is due within 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 effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charitys contractual obligations expire or are discharged or cancelled. 1.9 Taxation The Chaty is an exempt charity for taxati( purposes. 1.10 Forelgn exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At 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. 1.11 Reserves The Trustees have considered the necessty for the creation of a Reserve wthin the Fund. In light of the worth of the Fund, the unrestricted nature of the funds held and its ability to readily access liquid funds the Trustees consider that a Reserve is not required. The matter )Mll be kept under review on an ongoing basis. 1.12 Public Benefit The charity constitutes a public benefit entity as defined by FRS 102. 15-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Critlcal accountlng estlmates and judgements In the application of the Charity's accounting policies. the Trustees are required to make judgements, 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 relevanL Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are reGognised in the 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 current and future periods. Investment income Unrestricted Unrestricled funds funds 2023 2022 Income from listed investments - Dividends Income from Fixed Interest - UK Income from Fixed InteSt- Non UK 567,816 267.021 33.437 538,815 218,287 37,470 868,274 794,572 Other Income Unrestricted Unrestricted funds funds 2023 2022 Other income 13,565 1,517 16-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expendlture on charltable actlvlties 2023 2022 Direct costs Clinical Handover ICT Centre of Excellence Eileen Ferguson Award Nebulisers Still birth & neonatal death charity Foodbanks SVDP Wayfinding project Ophthalrnic Microscopes 252,387 245,790 1.100 30,100 500 30,100 16,700 11,019 45,060 341,906 290,850 sha of support and governance costs (see note 7) Support 116,569 78,861 458,475 369,711 Analysis by fund Unrestricted funds 458,475 389,712 Net movement in funds 2023 2022 The net movement in funds is stated after chargingl(creditsng): Fees payable to the charity's auditor. - for the audtt of the charity's financial statements - for other assurance services 3,490 2,250 3,680 2,250 Support costs 2023 2022 Investrnent- management fees Investment - custodian fees Trustee's Honorarium Auditors, remuneration - accountsncy Auditors, remuneration- audit fee General expenses Bank charges Legal and professional fees 73,978 12.561 7,500 2.250 3,490 490 85 16.215 52,999 11,090 7,500 2,250 3,680 1,295 47 116,569 78,861 17-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees During the year £7,500 was paid to Mrs Mary Hinds for secretarial services {2022: £7,500) Auditorfs remunerdtlon The anatysis of auditor's remuneration is as follows.. 2023 2022 Audit of the annual accounts 3,490 3,680 Non-audit servlces Audit-related assurance services 2.250 2,250 10 Employees There were no employees during the year. 11 Gains and losses on investments Unrestrlcted Unrestrlcted funds funds 2023 2022 Gainsl{losses) arising on.. Revaluation of investments Sale of investments 909,954 94,348 (2,416,780) (191,931) 1.004.302 (2,608,711) 12 Taxatlon The charity is exempt from taxation on its adivities because all its income is applied for charitable purposes. 13 Other galns or losses Unrestrlcted Unrestricted funds funds 2023 2022 Foreign exchange gains 52 18-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Flxed asset Investments Equities Ftxed Interest Fixed Terni stocks and Deposlts bonds £ Total Cost or valuatlon At 1 January 2023 Additions Valuation changes Disposals 14.646,101 8,067.260 585,121 3,135,156 952.956 51,265 {552.747) (2.086.766) 2,315,308 25,028,669 20.080 3,740,357 30 1,004,251 (816,543) (3,456,056) At 31 December 2023 15,631,431 9.166,915 1,518,875 26,317,221 Carrylng amount Al 31 December 2023 15,631,431 9.166,915 1,518,875 26,317,221 At 31 December 2022 14,646.101 8,067.280 2,315,308 25,028,669 Valuation change Is made up of". Net gainslllosses on investments) Revaluation of tangible fixed assets Other gains or losses 909,954 (51) 1,004.251 15 Debtors 2023 2022 Amounts falling due withln one year: Prepayments and accrued income 34,380 23,481 16 Creditors: amounts falllng due wlthin one year 2023 2022 Accruals and deferred income 5,820 5,900 19-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Unrestrlcted funds The unrestricted funds of the charty comprise the unexpended balances of donats'ons and grants which are not subject to specific conditions by donors and grantors as to how they may be used. The include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2023 Incomlng resources Resources expended Galns and losses At31 December 2023 General funds 25.060.077 881.839 (458.475) 1,004,251 26,487,692 Previous year: At 1 January 2022 Incoming resources Resources expended Galns and losses At31 December 2022 General funds 27.243,258 796.089 (369.712) {2,609,558) 25,060,077 -20-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Financlal commitments, guardntees and contingent liabilities 2023 2022 Junior Doctors, Room Upgrade Clinical Handover Wayfinding Project Respiratory Training Community Foodbanks Hospital External Environment (Railings) Eileen Ferguson Award Palliative Care Ophthalmologic Equipment Nebuliser Equipment Breath Tec Project Boardroom MRI SVDP 527,898 384,000 406,984 601,000 24,981 2,330 6,700 150,000 500 10,282 516,563 6,650 15,000 84,000 1,000,000 6,700 10 11 12 13 14 2.758.586 985,000 A complete refurbishment of an area used by consultant medical and junior medical staff along with medical students and supportive administrative staff. This extends and improves the working environment. This comprehensive project provided an improved system for dinical handover which has a material impact on patient safety and workload management for medical staff. This project aims to review and redesign the way finding system in place in the hospital. Currently the site is very difficult to navigate and has been a source of cOnM to Servi users. This funding supports a senior nurse access spealISt practice training in respiratory care This project aimed to support a small number of local foodbanks and thereby some of the staff of the hospital during a period of significant financial challenge for many families. This project aimed to improve the extemal environment of the hospital restoring the listed railings and associated works. The Eileen Ferguson Award was established to acknowledge the work of staff vtho provide vital support to patients and families from a range of backgrounds for example administration, catering, finance and technology. This project supports an initiative to improve the practical care to families who are vith their loved ones towards the end of life. This significant investment provides resour to update a wide range of clinical equipment. This investments supports in particular the Vitreo Retinal ServÈce IVR) which provides a regional service for all vitreoretinal emergencies and elective surgery for the whole of Northem Ireland. 10 This project provided funding for new nebulisers which have an improved specffication improving the patient experience. 11 This project provided technology support and linseS for individual patients to aCsS education and support for respiratory conditions. 12 The project supports the refurbishment and updating of the Boardroom and associated room to modem standards. These rooms are used extensivety by staff for managerial meetings and educational opportunities. 13 This funding provides some support for the installation of a new MRIO scanner. This will benefft the patients of the Mater Hospital and beyond impacting on waiting lists and help support tetter acce&s to services. 14 This project aimed to supporting St Vinnt de Paul Sooety. 21
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Related party transactlons There were no disdosable related party transactions during the year (2022 - none).