Grampian Health Board Endowment Fund

Transcription

1 Grampian Health Board Endowment Fund FINANCIAL STATEMENTS 31 March 2004 Registered Number SCO17296

2 TRUSTEES To 31 March 2004 Mr A. Gordon (Endowment Committee Chairman )* Mr J.Royan Mr G Esson (ceased 31 March 2004) Councillor Mr R Bisset Councillor Mrs K Dean (Appointed 1 August 2003) Councillor Mr E Aldridge Councillor L Ironside (Resigned 31 July 2003) Prof. J Weir Prof S Logan Prof N Haites Ms M Burns Dr M S Watson Mrs A Campbell Mr A. C. Smith * Mr N Campbell (Resigned 31 August 2003) Mr A. J. Cumming Dr E Baijal Mr E Robertson Mr D Benton * Member of Endowment Committee From 1 April 2004 Mr A C Smith Mr A.J. Cumming* Dr E Baijal Dr R Dijkhuizen Mr D Benton Mr A Gall* Councillor R Bisset Councillor K Dean Councillor E Aldridge (resigned 4 June 2004) Mr A Gordon* Prof.N Haites Mr E Robertson* Prof S Logan Mr J Royan Mrs E Mc Dade Mr A Ward Dr S Watson Prof J Weir Mrs B Bruce*(Endowment Committee Chairperson) Prof V Maehle * Member of Endowment Committee AUDITORS Williamson & Dunn 3 West Craibstone Street Aberdeen AB11 6YW BANKERS Clydesdale Bank West End Branch Aberdeen AB10 1TN Clydesdale Bank 150 Buchanan Street Glasgow G1 2HL CHARITABLE REGISTERED OFFICE Summerfield House 2 Eday Road Aberdeen AB15 6RE REGISTERED NUMBER SCO Grampian Health Board Endowment Fund

3 TRUSTEES REPORT The trustees present their report and financial statements for the year ended 31 March The Grampian Health Board Endowment Fund ( the Fund ) holds all nonexchequer funds of the Board. It is held and administered under the terms of Section 82, 83 and 84 of the National Health Service (Scotland) Act 1978 by the Interim Chief Executive and Fund Trustees Committee. The Scottish Hospital Trust was abolished during the year. As a result the Fund s share of investments held by the Scottish Hospital Trust was transferred to the Fund during the year. The Fund comprises two elements: Unrestricted funds These include an agreed proportion of the funds transferred to the Board on 1 April 1974 and those donated thereafter. The use of these funds is unrestricted with the exception of an obligation to use them for purposes relating to Health Services. Restricted funds The use of these funds is restricted by the terms and conditions of the donation or legacy. The net assets of the Endowment at 31 March 2004 were 3,897,542 ( ,539) consisting of 107,464 unrestricted funds, restricted funds of 3,787,839 and an investment revaluation reserve of. On behalf of the Board B Bruce Chairperson Grampian Health Board Endowment Fund Dated 24 June

4 STATEMENT OF TRUSTEES RESPONSIBILITIES Legislation 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 Fund and of its excess of income or expenditure for that year. In preparing those financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently make judgements and estimates that are reasonable and prudent state within the financial statements that they have been prepared in accordance with accounting standards and, if they are not, indicate any material departures ensure the financial statements comply with all statutory requirements The trustees are responsible for keeping proper accounting records in accordance with Trust Law, which disclose the financial transactions and the assets and liabilities with reasonable accuracy. They are also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 3

5 COMBINED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT Year ended 31 March 2004 Incoming Resources Investment income Other income Donations and collections Grants N.O.F. Scottish Hospital Trust transfer of dividend Scottish Hospital Trust transfer of funds Unrestricted 3, Restricted 8,062 53,066 3,744, , ,066 3,744, , , ,979 3,432 3,805,863 = 3,809,295 = 354,204 Resources expended Patient and staff welfare Hospitality Education and research Miscellaneous expenditure Charitable donations Scottish Hospital Trust transfer of dividend Grants N.O.F. Audit fee 1, ,066 1, , , , , ,285 53,246 55, ,555 Net incoming/(outgoing) resources before investment 1,147 3,752,617 3,753,764 (1,351) Unrealised gains on revaluation of investments Net movement in funds for the year 1,147 3,754,856 3,756,003 (1,351) funds brought forward at 1 April ,317 35, , ,890 funds carried forward at 31 March ,464 3,790,078 = 3,897,542 = 141,539 5

6 BALANCE SHEET 31 March 2004 Notes INVESTMENTS 2 3,343,309 CURRENT ASSETS Bank investment account fixed term account current account 7, , ,669 7, ,345 3,323 Accrued income 6,973 CREDITORS: amounts falling due within one year (589) (587) NET ASSETS 3,897,542 = 141,539 FUNDS Unrestricted fund Restricted funds ,464 3,787, ,317 35,222 3,895, ,539 Investment revaluation reserve 6 3,897,542 = 141,539 B. Bruce Chairperson Grampian Health Board Endowment Fund Date 24 June 2004 Mr A Gall Director of Finance Grampian Health Board Endowment Fund Date 24 June

7 NOTES TO THE ACCOUNTS Year ended 31 March ACCOUNTING POLICIES Basis of preparation of accounts The accounts have been prepared under the historical cost convention. Income Income from deposits, donations, legacies and investments is credited on an accruals basis. The tax suffered on investment income is recoverable because of the charitable status of the Fund, and therefore income is accounted for gross. Expenditure All expenditure is charged to the income and expenditure account on an accrual basis. Investments The investments are stated at in the Balance Sheet at market value. This complies with The Statement of Recommended Practice for Charities Accounts. Cashflow The accounts do not include a cashflow because as a small reporting entity, the Fund is exempt from the requirement to prepare such a statement under Financial Reporting Statement 1, Cashflow Statements 2. INVESTMENTS Investments transferred from Scottish Hospital Trust at transfer value Unrealised gains (losses) on investment revaluation Narrower 623,454 (23,207) Wider 2,717,616 25,446 3,341,070 _ Market value at 31 March 2004 Appendix 1 600,247 2,743,062 = 3,343,309 = 7

8 NOTES TO THE ACCOUNTS Year ended 31 March TOTAL FUNDS BALANCES AS AT 31 MARCH 2004 Capital Unrestricted Restricted At 31 March 2003 Transferred from/(to) Revenue 105,849 30, ,353 At 31 March ,849 30, ,353 Revenue At 31 March 2003 Income & expenditure Transferred from/(to) Capital 468 1,147 4,718 3,752,617 5,186 3,753,764 At 31 March ,615 === 3,757,335 3,758,950 = TOTAL 107,464 3,787,839 = 3,895,303 = 4. CAPITAL FUND BALANCES AT 31 MARCH 2004 Unrestricted: General Unrestricted 105,849 Restricted 105,849 Restricted: J R Shand Legacy Public Health Medicine Fund 10,155 20,349 10,155 20,349 TOTAL CAPITAL FUNDS 105,849 30, ,353 8

9 NOTES TO THE ACCOUNTS Year to 31 March REVENUE FUND BALANCES AT 31 MARCH 2004 Balance at 1 April 2003 Income/ Transfers Expenditure/ Transfers Balance at 31 March 2004 RESTRICTED FUNDS J R Shand Legacy Public Health Department Fund Scottish Hospital Trust Fund 2,640 2, ,804, ,066 3,035 2,591 3,751,709 UNRESTRICTED FUND General Fund 468 3,432 2,285 1,615 5,186 3,809,295 = 55,531 3,758,950 = 6. INVESTMENT REVALUATION RESERVE Unrealised gains (losses) on investment revaluation Narrower (23,207) Wider 25,446 As at 31 March 2004 (23,207) 25, TRUSTEES REMUNERATION No remuneration was paid and no expenses were reimbursed by the Fund to any of the Trustees during the year (2003 Nil). 8. POST BALANCE SHEET EVENT On 1 April 2004 the Grampian Health Board Endowment Fund has received the funds of the former Endowment of Grampian University Hospitals NHS Trust and Grampian Primary Care NHS Trust. 9

10 WILLIAMSON & DUNN INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF GRAMPIAN HEALTH BOARD ENDOWMENT FUND We have audited the financial statements of The Grampian Health Board Endowment Fund for the year ended 31 March 2004 set out on pages 5 to 9 which have been prepared under the historical cost convention, and the accounting policies set out on page 7. This report is made solely to the trustees, as a body, in accordance with relevant legislation. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in the auditor s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Fund and the trustees as a body, for our audit work, for this report, or for opinions we have formed. Respective responsibilities of the trustees and the auditors As described in the statement of trustees responsibilities on page 4, you are responsible as trustees for the preparation of the financial statements in accordance with applicable law and United Kingdom accounting standards. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards. We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990, the Charities Accounts (Scotland) Regulations 1992 and the constitution of the Fund. We also report to you if, in our opinion, the Trustee s Report is not consistent with the financial statements, if the fund has not kept proper accounting records, or if we have not received all the information and explanations we require for our audit. Basis of opinion We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by or on behalf of the trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. Opinion In our opinion the financial statements give a true and fair view of the state of the affairs as at 31 March 2004 and of its incoming resources and application of resources in the year then ended and been properly prepared in accordance with the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990, the Charities Accounts (Scotland) Regulations 1992 and the constitution of the Fund. WILLIAMSON & DUNN Chartered Accountants and Registered Auditors Aberdeen AB11 6YW Date: 4 INVESTMENTS HELD AT 31 MARCH 2004 APPENDIX I

11 BOOK MARKET VALUE VALUE 31/03/ /03/2004 NARROWER RANGE Fixed Interest Stocks 617, ,855 Overseas 6,036 26, , ,247 WIDER RANGE Fixed Interest/Convertible 173, ,508 Mining 49,240 45,762 Oil & Gas 311, ,477 Building & Construction 102, ,328 Chemicals 30,811 29,737 Engineering & Machinery 30,705 32,398 Beverages 95,053 95,258 Food Producers 26,543 21,659 Pharmaceutical 302, ,169 Retailers General 197, ,323 Leisure Entertainment & Hotels 71,036 69,657 Media & Photography 67,345 71,367 Support Services 73,233 72,661 Transport 52,057 55,881 Telecommunications 171, ,592 Utilities 187, ,392 Banks 581, ,932 Life Assurance 58,712 55,910 Investment Trusts 135, ,051 2,717,616 2,743,062 10