Aneurin Bevan Local Health Board Charitable Fund and Other Related Charities

Transcription

1 Aneurin Bevan Local Health Board Charitable Fund and Other Related Charities The accounts for Funds Held on Trust. FOREWORD The Charity s accounts and annual report for the year ended 31st March 2014 have been prepared by the Corporate Trustee in accordance with the Charities Act 2011 and the Charities (Accounts and Reports) Regulations STATUTORY BACKGROUND Aneurin Bevan University Local Health Board is the Corporate Trustee of the funds held on trust under the National Health Service (Wales) Act The Aneurin Bevan Local Health Board and Other Related Charities registered with the Charity Commission on 7th January 2011, registration number

2 Statement of Financial Activities for the year ended 31 March 2014 Restricted Unrestricted funds funds Total Note Incoming resources Voluntary income Donations Legacies Total voluntary income ,175 Investment income Total incoming resources 74 1,008 1,082 1,390 Resources expended Governance costs Charitable activities ,696 2,030 2,186 Total resources expended 343 1,747 2,090 2,240 Net incoming/(outgoing) resources before other recognised gains and losses (269) (739) (1,008) (850) Gains / (losses) on investment assets Net movement in funds (268) (731) (999) (528) Reconciliation of Funds Fund balances brought forward as at 1 April ,462 5,432 5,960 Fund balances carried forward as at 31 March ,731 4,433 5,432 2

3 Balance Sheet as at 31 March 2014 Restricted Unrestricted 31 March funds funds Total 2013 Note Fixed assets Investments ,276 3,850 3,841 Total fixed assets 574 3,276 3,850 3,841 Current assets Debtors: Amounts falling due within one year Cash at bank and in hand ,623 Total current assets ,084 1,853 Liabilities Creditors: Amounts falling due within one year 11 (21) (480) (501) (262) Net current assets / (liabilities) ,591 Net assets / (liabilities) 702 3,731 4,433 5,432 Funds of the charity: Unrestricted income funds ,731 3,731 4,462 Restricted income funds Total funds 702 3,731 4,433 5,432 3

4 Cash Flow Statement for the year ended 31 March Net incoming/(outgoing) resources before other recognised gains and losses (1,008) (850) (Increase)/decrease in debtors 19 (15) Increase/(decrease) in creditors Net cash inflow/(outflow) from operating activities (750) (759) Capital expenditure and financial investments Payments to acquire fixed investment assets 0 0 Movement in cash held as part of investment portfolio 0 1 Receipts from sale of investment assets 0 63 Net cash inflow/(outflow) from capital expenditure 0 64 Management of liquid resources Purchase of current asset investments and deposits 0 0 Sale of current asset investments and deposits 0 0 Net cash inflow/(outflow) from management of liquid resources 0 0 Increase/(decrease) in cash (750) (695) Cash at bank and in hand at 1 April ,623 2,318 Cash at bank and in hand 31 March ,623 4

5 Notes to the Accounts 1. Accounting policies (a) Accounting convention The financial statements have been prepared under the historic cost convention, with the exception of investments which have been included at market value. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2005) issued in March 2005 and applicable UK Accounting Standards and the Charities Act (b) Funds structure Unrestricted income funds comprise those funds which the Trustee is free to use for any purpose in furtherance of the charitable objectives. Unrestricted funds include designated funds, where the donor has made known their non binding wishes or where the trustee, at their discretion, have earmarked the funds for specific purposes. Where funds are received for a specified sole purpose and are supported by a legal deed the funds are treated as restricted funds. (c) Incoming resources All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of the incoming resources can be measured with sufficient reliability. (d) Incoming resources from legacies Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy is virtually certain; this will be once confirmation has been received from the representatives of the estate(s) that payment of the legacy will be made or property transferred and once all conditions attached to the legacy have been fulfilled. An estimate of material legacies which have been notified but not recognised as incoming resources in the Statement of Financial Activities are disclosed in Note 16 to the accounts. (e) Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. All expenditure is recognised once there is a legal or constructive obligation committing the charity to the expenditure. (f) Irrecoverable VAT Irrecoverable VAT is charged against the category of resources expended for which it was occurred. (g) Overhead and support costs Overhead and support costs which are not wholly attributable to an expenditure category have been apportioned on an appropriate basis between Governance Costs and Charitable Activities. 5

6 1. Accounting policies (continued) (h) Governance Governance costs comprise all costs attributable to ensuring the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit together with an apportionment of overhead and support costs. (i) Charitable Activities Charitable activities costs comprise all costs incurred in the pursuit of the charitable objects of the charity. These costs include direct costs and an apportionment of overhead and support costs. (j) Fixed asset investments Investments are stated at mid-market value as at the balance sheet date, and investment properties are included at their open market valuation. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Quoted stocks and shares are included in the balance sheet at mid-market price, excluding dividend. (k) Realised gains and losses All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening carrying value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening carrying value (or purchase date if later). 6

7 2. Analysis of donations Unrestricted Funds Individual donations Corporate donations Voluntary Organisation donations Other donations Total Gross income from investments and cash on deposit Held in UK Investment properties Investments listed on stock exchange Interest on cash held as part of investment portfolio Total gross income Overhead and support costs Allocated to Charitable Governance Activities Total Finance and Administration External Audit Total Finance and Administration expenses have been allocated to governance and charitable activity on the basis of time spent. Internal audit expenses are included in this and have been allocated to governance. The subsequent apportionment of charitable activity expenditure across the various activities is shown in Note 5 to the accounts. 7

8 5. Analysis of expenditure Grant Funded Support Activity Costs Total Purchase of equipment 1, ,390 1,605 Patients welfare and amenities Staff education and welfare Total 1, ,030 2,186 Support costs have been allocated across expenditure categories based on that category's share of total expenditure. 6. Auditor's remuneration Auditors remuneration was 8,309 ( ,554). Auditors have not undertaken any additional work for the charity. 7. Analysis of net assets between funds at 31 March 2013 Restricted Unrestricted Total 31 March funds funds funds Investments 574 3,276 3,850 3,841 Current assets ,084 1,853 Current liabilities (21) (480) (501) (262) Total 702 3,731 4,433 5,432 8

9 8. Movement of fixed asset investments Investments Listed Cash Held in Investment on Stock Investment Other Properties Exchange Portfolio Assets Total Market value at 1 April , ,841 3,583 Less: Disposal at carrying value (64) Add: Acquisitions at cost Net gain/(loss) on revaluation (1) Movement of cash held as part of the investment portfolio Market value at 31 March , ,850 3,841 The investment valuation has been performed by CCLA Investment Management Limited. The loss on revaluation of investment properties, consisting of freehold ground rents and small parcels of land, is based on a professional assessment of market value by an independent valuer. The movement of cash held as part of the investment portfolio relates to interest on the deposit fund held by CCLA. 9. Analysis of debtors 31 March Amounts falling due within one year: Other debtors Total debtors Analysis of cash at bank and in hand 31 March Current account 872 1,222 Deposit Account Petty cash 1 1 Total cash at bank and in hand 873 1,623 9

10 11. Analysis of creditors 31 March Amounts falling due within one year: Accruals 0 0 Other creditors (501) (262) Total creditors (501) (262) 12. Analysis of funds Material funds Balance at Balance at 1 April Incoming Resources Gains or 31 March 2013 Resources Expended (Losses) 2014 Restated Unrestricted and unrestricted designated funds Royal Gwent Property Legacy (TPP) 1, (677) Royal Gwent Property, 13 Clytha Square (3) ABHB Charitable Funds Committee (2) St Woolos Conservatory Fund 79 3 (2) 0 80 Caerphilly Birth Centre (10) 0 75 Monmouth - Chippenham Community Nurses 71 3 (7) 0 67 Nevill Hall Respiratory Account 65 6 (4) 0 67 ABHB International Health Link 70 0 (5) 0 65 ABHB Post Graduate Fund 53 6 (2) 0 57 Royal Gwent Post Graduate Eye (73) 0 55 Other unrestricted designated funds 2, (962) 6 2,213 Total 4,462 1,008 (1,747) 8 3,731 Unrestricted designated funds were established for wards and departments following generous gifts by patients and relatives. Restricted funds Royal Gwent Diabetes Centre Legacy ( EJW) (60) Renal Unit Legacy (GB) 68 4 (2) 0 70 Royal Gwent Medical DCU Legacy (YEAR) 79 3 (16) 0 66 Nevill Hall Coronary Care Legacy (MTS-J) 68 3 (5) 0 66 Nevill Hall Rheumatology Legacy (IMM) 64 2 (1) 0 65 Royal Gwent Ophthalmology Legacy (EMG) 57 2 (1) 0 58 Nevill Hall NICU Legacy (MEB) 40 2 (1) 0 41 Chepstow General Legacy (RWJ) Nevill Hall Cardiac Unit Legacy (MEB) 40 2 (7) 0 35 Nevill Hall Palliative Care Legacy (IMM) 21 1 (1) 0 21 Other - 25 restricted designated funds (249) Total (343) Where funds are received for a specified sole purpose and supported by a legal deed the funds are now treated as restricted funds. The material funds specified in the above note will vary from year to year dependent on the closing year end balance. 10

11 13. Commitments The Charity has made the following commitments as at 31 March 2014: Future 2012/13 Approved Bids 2014/15 Years Total Total CFC-1a GARTH (Gwent Art in Hospitals) 30, ,000 32,000 CFC-21a Employee Well-Being Support 15,000 15,000 30,000 60,000 CFC-41 Welcome Service 15, ,000 30,000 CFC-35 Volunteer Co-ordinating Role 15, ,596 25,049 CFC-46 Equipment for Shoulder & Elbow Service ,000 CFC-47 Air Mattresses Ward C7 East ,356 CFC-50 Conversion of bathroom to store room ,000 CFC-54 Provision of ENT Stroboscope ,000 CFC-55 Nerve Conduction Monitoring Sytem ,000 CFC-58 Camera - Foot & Ankle ,500 CFC-59 Curtains for Orthopaedic Ward CFC-65 Working in Partnership with People with LD 37, ,620 42,420 CFC-70 Pachymeter for Ophthalmology ,100 CFC-72 Blinds and Chairs for Oral Surgery ,152 CFC-77 Transanal Endoscopic Rectoscope 21, ,537 0 CFC-79 Clinical Equipment for MAU ,335 CFC-83 Utrasound for Antenatal ,228 CFC-84 Environment Improvement Gynaecology ,353 CFC-85 Bariatric Chair Gynaecology ,800 CFC-89 GAVO Volunteering Project ,619 CFC-92 Bed Mover, Labour Ward ,250 CFC-93 Echocardiogram, Paediatrics ,808 CFC-94 Children's Outdoor Playground ,000 CFC-99 ECG Machine ,000 CFC-104a International Health Links 35,000 30,000 65,000 0 CFC-105 New Training Facility ,000 CFC-111 Mini C- Arm, Orthopaedics 40, ,608 0 CFC-112 Mini C- Arm,Orthopaedics 40, ,608 0 CFC-119 LQI Urology 51, ,000 0 CFC-127 Ultrasound, Early Pregnancy Assessment 55, ,000 0 CFC-128 DBT Staff Training, Mental Health 20, ,000 0 CFC-130 Volunteer Service, Complex Care 17,000 17,000 34,000 0 CFC-133 Service Improvement, Richmond House 47, ,000 0 CFC-147 Chill out in the Chapel 6, ,604 0 Total Commitments 447,573 62, , , Pooling scheme An official pooling scheme registered as Aneurin Bevan Health Board (Expendable Funds) Common Investment is operated for the Charity's investments. The scheme was registered with the Charity Commission on 7 January 2011, and combines the funds of the charity into one pool for investment purposes. 11

12 15. Related party transactions The Aneurin Bevan University Local Health Board is the sole beneficiary of the charity. The charity has provided funding to the Health Board for approved expenditure of 2,090,000 ( ,240,000) as detailed in the Statement of Financial Activities. During the year none of the members of the Health Board, or parties related to them were beneficiaries of the charity. Peter Sampson, a trustee of the charity until 30th September 2013 is also a trustee of GARTH a charity which was granted 100,000 over three years from to Neither the Corporate Trustee nor any member of the Health Board or its predecessor bodies or parties related to them received honoraria, emoluments or expenses in the year and the Health Board has not purchased trustee indemnity insurance. 16. Material legacies Legacy income is only included in incoming resources where receipt is reasonably certain and the amount is known with certainty, or the legacy has been received. As at 31 March 2014 the charity has been notified of three residual legacies with an estimated value of 190,000. These legacies have not been accrued for in the accounts. 17. Financial Instruments The Funds Held on Trust receive the majority of their income in the form of donations. Significant investments are, however, made and are the source of the main financial risk. Interest rate risk The Funds Held on Trust are exposed to fluctuations in interest rates on the monies invested in deposits and the stock market. Liquidity risk The majority of expenditure is financed from donations and legacies and there are no borrowings. The Funds Held on Trust are not, therefore, exposed to significant liquidity risk. 18. Post balance sheet events None 12

13 Statement of Trustee's Responsibilities The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustee should follow best practice and : - select suitable accounting policies and apply them consistently; - observe the methods and principles of the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustee is responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2001, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. The Trustee is 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 Trustee confirms that they have complied with the above requirements. By order of the trustee... Dated Trustee... Dated Financial Trustee 13

14 Report of the Auditor General for Wales to the Trustee of Aneurin Bevan Local Health Board Charitable Fund and Other Related Charities I have audited the financial statements of Aneurin Bevan Local Health Board Charitable Fund and Other Related Charities for the year ended 31 March 2014 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Respective responsibilities of the trustee and independent auditor As explained more fully in the Trustee Responsibilities Statement set out on page 12, the trustee is responsible for the preparation of financial statements which give a true and fair view. I have been appointed as auditor under section 150 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. My responsibility is to audit the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require me to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustee; and the overall presentation of the financial statements In addition, I read all the financial and non-financial information in the Trustee's Annual Report and Accounts , to identify material inconsistencies with the audited financial statements. If I become aware of any apparent material misstatements or inconsistencies, I consider the implications for my report. Opinion on financial statements In my opinion the financial statements: give a true and fair view of the state of affairs of the charity as at 31 March 2014 and of its incoming resources and application of resources for the year then ended; and have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and the Charities Act Opinion on other matters In my opinion the information which comprises the commentary on the Trustee's review of Finances, Achievements and Performance of the charity in the Trustee's Annual Report and Accounts is consistent with the financial statements. 14

15 Matters on which I am required to report by exception I have nothing to report in respect of the following matters where the Charities Act 2011 requires me to report to you if, in my opinion: the other information in the Trustee's Annual Report and Accounts is inconsistent with the financial statements; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns; or I have not received all the information and explanations I require for my audit. Huw Vaughan Thomas Auditor General for Wales (Date..) Wales Audit Office 24 Cathedral Road Cardiff CF11 9LJ 15