WALSALL HOSPITALS NHS TRUST GENERAL CHARITABLE FUND CHARITY NUMBER TRUSTEES ANNUAL REPORT 2007/2008

Transcription

1 Walsall Hospitals NHS Trust WALSALL HOSPITALS NHS TRUST GENERAL CHARITABLE FUND CHARITY NUMBER TRUSTEES ANNUAL REPORT 2007/2008 TRUSTEES INCORPORATED AS A BODY CORPORATE UNDER SECTION 11 OF THE NATIONAL HEALTH SERVICES AND COMMUNITY CARE ACT Principal Address MANOR HOSPITAL MOAT ROAD WALSALL WEST MIDLANDS WS2 9PS Bankers NATIONAL WESTMINSTER BANK PLC 33 Park Street Walsall West Midlands WS1 1ER Auditors GRANT THORNTON UK LLP 7 Hill Street Birmingham B5 4UU Investment Managers SINGER & FRIEDLANDER INVESTMENT MANAGEMENT LIMITED Colmore Row Birmingham B3 2BB

2 The Walsall Hospitals NHS Trust General Charitable Fund is governed by a model declaration of trust for a NHS special purpose charity. The objectives of the charity are for any charitable purpose or purposes relating to the National Health Service wholly or mainly for the service provided by the Walsall Hospitals NHS Trust. The charity is registered with the Charity Commission who have declared that, under the provisions of section 96 of the Charities Act 1993, the charity and the following charities shall be treated as a single charity for the purposes of Sections 3 and 4 (Registration) of the Charities Act 1993 and for the purposes of Part IV of that Act (Accounting): 1. Medical Specialties Charitable Fund 2. Surgical Specialties Charitable Fund 3. Women s Services Charitable Fund 4. Elderly Care Services Charitable Fund 5. Children s Charitable Fund 6. Cancer Charitable Fund 7. Chemotherapy Unit Charitable Fund 8. Pathology Services Charitable Fund 9. General Practitioner Ward Charitable Fund 10. Staff Education and Training Charitable Fund 11. Common Investment Fund The annual accounts comply with the current statutory requirements as notified by the Charity Commissioners and they are in line with the requirements detailed in the Charities Governing Document and revised Statement of Recommended Practice (SORP 2005). TRUSTEE The Walsall Hospitals NHS Trust Board as the Corporate Trustee of the Charitable Funds is governed by the law applicable to Trusts, principally the Trustee Act 2000 and also the law applicable to Charities which is governed by the Charities Act As Corporate Trustee, the Trust Board, through its Charitable Funds Investment Panel, is responsible for the overall management of the Charitable Funds. The Board devolved responsibility for the on-going management of the funds to the Charitable Funds Investment Panel; the panel membership comprises: Mrs Maureen Woodcock: Non-Executive Director & Chair of Investment Panel Mrs Shahana Khan: Director of Finance (From ) Mr P.Ashmore: Non-Executive Director (From ) Mr Z Nawaz: Non-Executive Director (Left ) Mr Bernard Chalk: Director of Finance (Left )

3 Members are appointed to the Charitable Funds Investment Panel by election of the presiding Trust Board members, however appointees are restricted to executive and non-executive directors of Walsall Hospitals NHS Trust Board. Before commencing as a Trustee, new members are provided with an induction session. This involves them being made aware of the terms of reference of the Charitable Investment Panel and receiving a copy of the annual accounts and report, quarterly investment report and minutes of previous meetings. Members are also offered the opportunity to attend external training courses to fulfil their role as Trustees. During the year the value of the funds reduced by 32,000 in total. This represents an under spending of 50,000 in the donations received netted against a decrease on the valuations of the Charitable Fund s shareholding of 82,000. The portfolio of shares has undeniably been affected by the economic downturn within the local economy and worldwide and overall the investment portfolio realised a negative return of 3.6% for the level of investment in equities for the year ending 31 st March When benchmarked against the return for the Total W M Charities Fund Index for the year ended 31st March 2008, the fund returned 0.2% below the WM Charity Fund Average Index. A defensive strategy has been maintained for the portfolio of shares ensuring a higher proportion of shares were held within companies listed within the Financial Times Stock Exchange (FTSE) 100 index of companies. The shares were purchased with the view that they represented greater long term value, were less volatile and were easily convertible to cash when required. The Corporate Trustees have considered exposure to falls in the value of investments as the major risk to which the Charity is exposed and has therefore implemented an investment strategy where on average 60% of the funds are held in equities and 40% are held in longer dated government securities and cash. However, the maximum ratio of funds held in equities will not exceed 65% to avoid exposing Walsall Hospitals NHS Trust Charitable Fund to greater share valuation risk. However, investments are not made in industries whose aims and objectives are contrary to those of the NHS, eg Tobacco Industries, Breweries. The risk of any fund becoming overdrawn is managed by stringent financial controls, which ensure that expenditure cannot be committed where funds do not exist. This helps to mitigate against the overall risk of reduced annual donations, which may be a reflection of a change in direction of other worthy charitable causes or a downturn in disposable income within the economy. Nevertheless, a reduction in the level of funds held by the Charity is a general indicator of the achievement of our objectives, with funds being used for the purpose with which they were given. The Charity was established and registered to manage donations received by Walsall Hospitals NHS Trust and has a policy that ensures recurrent commitments or liabilities are not entered into beyond normal day-to-day expenditure. The Trustees therefore do not consider a Reserves Policy to be either required or appropriate.

4 The Charity has the following commitments for the forthcoming year: Haematology Analyser Monitors - 12,500 Electrocardiogram (ECG) System - 9,521 Charitable funds have been used to purchase medical equipment, to provide amenities for patients and staff and to finance limited medical research and education. As an example during the financial year the following items of medical equipment were purchased: SPECIALIST CURTAINS 47, PATIENT CHAIRS 10,630 MATTRESSES 9,971 DRILL SYSTEM (RESTRICTED) 8,331 HUMIDIFIERS 6,239 Donations are received from a wide variety of sources, including bequests. During the year the Charitable Fund received income specifically for the purchase of a high speed drill. Liquid assets were retained by the Charitable Fund to enable the purchase of the high speed drill within the restricted fund. The Charitable Fund has not received endowments during the year and does not have any within the Charitable Fund. The charity does not formally engage in fundraising, however, it has benefited from specific fund raising events by external bodies. Many donations were received from the general public as a way of expressing their gratitude for the care provided to themselves or relatives. The main objectives of the charity are to ensure that donations received on an annual basis are used in accordance with the wishes of the donor i.e. to purchase medical equipment, provide amenities to patients and staff and finance limited education and medical research. The Charitable Funds Investment Panel meetings are held quarterly, and they review financial performance of the investment portfolio and, more importantly, monitor the fund balances with the aim of encouraging fund managers to utilise the funds available, thereby satisfying the objectives of the Charity and ultimately that of the general public. Funds that have not incurred any expenditure during the year are requested to outline future purchases. All donations will be gratefully received and will assist in improving patient and staff amenities. They should be sent to: The General Office Walsall Hospitals NHS Trust Manor Hospital Moat Road Walsall WS2 9PS

5 The following is an extract of the accounts and has been compiled to assist readers in understanding the Charity's financial affairs. STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31 MARCH / / / / Unrestricted Restricted Total Incoming Resources Voluntary Income Investment Income Total Incoming Resources Resources Expended Investment Management Costs Charitable Activities Governance Costs Total Resources Expended Net Incoming/(Outgoing) Resources (58) Gains/(Losses) on revaluation and disposal of investments (82) 0 (82) 50 Net movement in funds (33) 1 (32) (8) Fund balances brought forward at 31 March , ,186 1,194 Fund balances carried forward at 31 March , ,154 1,186

6 BALANCE SHEET AS AT 31 MARCH / / Fixed Assets Restricted Funds Unrestricted Funds Total Investments Current Assets Debtors 6 4 Short term investments and deposits Cash at bank and in hand Total Current Assets Creditors due within one year (14) (35) Total Net Assets 1,154 1,186 Total Funds of the Charity Restricted Funds Unrestricted Funds 1,139 1,172 1,154 1,186 Approved on behalf of the Trustee SHAHANA KHAN DIRECTOR OF FINANCE 12 November 2008

7 WALSALL HOSPITALS NHS TRUST CHARITABLE TRUST ACCOUNT 2007/2008 Statement of trustees' responsibilities The trustees are responsible for: a. keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the funds held on trust and to enable them to ensure that the accounts comply with requirements in the Charities Act 1993 and those outlined in the directions issued by the Secretary of State; b. keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the funds held on trust and to enable them to ensure that the accounts comply with requirements in the Charities Act 1993 and those outlined in the directions issued by the Secretary of State; c. establishing and monitoring a system of internal control; and d. establishing arrangements for the prevention and detection of fraud and corruption. The trustees are required under the Charities Act 1993 and the National Health Service Act 1977 to prepare accounts for each financial year. The Secretary of State, with the approval of the Treasury, directs that these accounts give a true and fair view of the financial position of the funds held on trust, in accordance with the Charities Act In preparing those accounts, the trustees are required to: a. apply on a consistent basis accounting policies laid down by the Secretary of State with the approval of the Treasury: b. make judgements and estimates which are reasonable and prudent; c. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts. The trustees confirm that they have met the responsibilities set out above and complied with the requirements for preparing the accounts. The financial statements set out on pages 1 and 2 attached have been compiled from and are in accordance with the financial records maintained by the trustees. By Order of the Trustees Signed: Vice Chairman 12 th November 2008 Trustee 12 th November 2008