Charlty nvmbor. 216275
THE HosprrAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL)
ALMSHOUSES CHARITY
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

THE HOSPITAL OF ST MARY THE VIRGIN {RYE HILL AND BENWELL) ALMSHOUSES CHARttY
CONTENTS
Pag8
RoferwKo and Admlnlstratlve Dotalls of tho Charlty, Its Tntst•es and AAfvIs•Ts
TNstws' Report
Ind•p•nd•nt Audltor8' R•port on the Flnanclal Statements
10-13
8tatgm•nt of Flnanclal I￿vItIes
14
Incomo and Expmdlturn Account
8•lanc• She•t
15
16
Stat•rnent of Cash Flo
17
N¢)t•s to th• Flnanclal Statements
18-40
•p¢ndlx l . S¢h¢dul¢ of Snv¢slmènts
41

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELLI ALMSHOUSES CHARITY
REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 PAARCH 2024
Ctr Hazol J)ne>L¢e, Chak
Mr Rlchard Metcalfe. Chay
Mr Alan Birkmyre
Counclllor Teresa Cairns (rnSi￿d 14 May 2W24)
Mr Aidan Evans
c￿nd110r Jom
fvls Sue Pearson
Dr Hllary Anna Wynn
Mrs Patricia Wynn8 CBE (relired 7 J￿9 2023)
C￿n￿lIor Shumel Rahman {reslgn8d 2 May 2024)
Mr N McDiannid (r8signed 8 May 2023)
Mr M Richardson
Charlty re9￿1•1￿ numb•r
216275
Reglstered office
New*raslle Tyn8
NE2 1SQ
Indep•nd•nt audltorn
Klnnalr A6so(#ates Limlted
Chartered Accountarts
Regist8r8d Auditor
Aston House
Red￿rn Road
Newcastle Up<￿ Tyne
NE5 1NB
Bank•rn
Natlonal Westmlnster Bank
16 Northumberfand Street
N6wcastle upon Tyne
NEI 7EL
Sollcltorn
Mlncoffs Solicitors
5 . 7 Osborne Terr
Newcastle u￿n Tyne
NE2 1SQ
Rogulator of Soclal Hou•lng numb•r
A1273
Pago 1

THE HOSPITAL OF ST MARY THE VRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARrrY
REFERENCE AND ADMINISTRATNE DEfAILS OF THE CHARrrY, rrs TRUSTEÉS AND ADVISERS
(CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Manager
Patrlda Embleton
Thomas Horsley House
Benwdl Lane
Newcastle upon Tyne
NE156NG
Clerks
Tirnothy Rohan Gray (Cletl()
Ckn51oph8r Huthes {Desxty
Page 2

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 21r24
The Trustees presént their annud rep￿1 t0￿er *llh Ihe financl81 statements of th8 Charity
year 1 April 2023 to 31 March 2024.
The fInana￿ statements have been kYepw&l In a￿dan￿ ￿4th the accounting w)licios sot out in the notss to
the finawal statemerrts 1￿mplY vlth the Charttys swy40rning document. the Housing SORP 2018:
Statement of RecommeThled practi￿ (SORP) f￿ Registered &Kial Housww Providers. the Charilies Act 2011,
the relevani version of the Statement ol RecommeThI￿1 Practi¢e a￿liCable to charities preparing Ihelr financial
statemerts in aCcLyd￿ce ￿4th the FIn￿d81 Repcrtlng Stsnd*d applicable in the UK and Republic of Irdand
(FRS 102). the Hou%ng Regweratlon A(* 2LN)8 aml tho ACco￿try DIr￿tIon Private Reglstered
l*ovidws crf Social HouslrwJ 2022.
The FInan￿￿ Statements do not Fv888nt a Stst￿nert of C(Ynprehensive Ir￿m0 or a Statement of Changès in
Regerrfes as the Trustees b8llav8 that thè Inf0Mwti￿ that ￿t)Uld b8 shcvm In these statements Is alréady
adequately dlsdosed In the Statement of Fin*ua klivities ar¥J the Statement of Funds note to the Financial
Statements.
QbJocdvM and athnl•s
Pollclos 8md obJocllvo•
The oblectlve of ts Charlty Is to KYovld8 iMxpensve g￿lternd att4)mmodalion for men over the age of
50 years referred to as'resldenw.
The pdndpal adivity Is the managomant of the AIms1K￿eS at Rye Hill aThJ BerY•KII. The number3 of flats
avallatde for ocojpation by residents aro 19 at Rye Hil a￿1 40 ai Thomas Hcrtey fr￿58. Ben￿￿11.
The Trustees are satisfied that th8 c*iocts of the Ch8fTty fdl TAithin lh8 meaning cl"charilatrAe purpose" *ithin
Secllon 2 of the Charltles P£t 2011 as tlw refer wbculady to: .
tho proverllon or rellef rf povarty. aThJ
tho relSef ol those in need by rèason of ￿th. aw1114￿1th, dlsabllty. finwK¥al hardship or oth
dl&*lvantage.
The Trustees are lurthw satisfied that th8 aclivitiès of Ihe Chty fall *fjthln wnaples and Iwo a8 set out In
the Ch&ity Commission guidancé dated December 21X>B Ihat lh8 histori￿1 r8sti1Gtv￿S on 8nty are, in all
evailiThJ ¢i￿rnS1an￿s. r&*c￿￿le.
In sethng objectives and planning for aL*viti8s th8 Trust88s have g5v8n (x>nsideTrlion to 98neral gudanr
published by the Charity C(Ynmi55ion relating to KMA>lic benefft. Ir￿￿Udln9 the guidanc8'Public benefit: running
¢harlty (PB2)'.
A¢hl•v•m*ts and porfomian
• conv11an￿ wlth tho Gov•mane• Flnanelal Vlablmty Stsndwd
The Truste88 ufKlwtake an amual a&8essment of lI￿r (X￿a￿ Govomanco and Financial Viability
standard and ￿￿riMI tho entivs rxxnpl1wK￿ *ith the StwKlwd (knINJ tho COL*sa of the yow and up to th?
slgnlng of the finJwl ststements.
The TNstees have adoptod th8 NHF C(NJ8 of Go¥ernwMX 2020.
Pag8 3

THE Hl)sprrAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALIJISHOUSES CHARITY
TRUSTEES. REPORT ICONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Aehlwoment• and p•rfomianc• (conllnu•d)
• Rwlew of actlvltles
In wrsuit of high standards ￿1th regard to its resprmsbilities to residents and staff. at least every Ihree y&ar5.
th6 Charity revie￿5 its polides and pro¢edwes as part of a cydiGal proG85s of Mon1t￿n9 and Improvement.
In line with recommendations of the Regulator of Swal Housing and the ￿mshOUseS Asg)cialion. the Charity
has continued wlh Frfogrammes of E￿arned maintenano arwj enh*)cement of the properties vith funds
accumulated f(Y the purpose. The Twstees. havirvJ a558ssed the risks, are confident that high standards have
been maintained *thilst ratainiw suffic4ent re￿U[c4s to cover Ihe costs ol un8xpected events.
Income - the financyal statements Tefknt an ovwal inuaase In i￿)me of £160k wthich is largely due to a grant
of £100k received frcffi The Catherine Cojkson F￿ndatIon to help fund the ￿plaCement boiler at Thomas
Horsley House. Income from residents has also In(xeased d￿* to the annual In¢￿aSe in weekly contribullons.
lower voids also the additional ￿￿tri￿Arti0n t(Y•Ards Ihe cost of utilities vthich is now being chty to
residerrts.
Exp8ndilure- the repcrted exp￿ditUre refiects th8 ongoing maliterbar￿ of the prop8rties.
• Inv•8tm•nt pollcy and pwhrman¢•
The Trustees have ath)￿J a ￿lleY of seeking medium rlsk i￿eStments in order to generate Income and
achleve some capital grThth. The thwity remains a long terni inve51or and. on prcles*inal advice, holds
diversified portfolio of equitie4 bcKbJs JKI Property knith some cash.
The portfolio total relum was +11.8% for Ihe ￿ to 31 M¥ch 2W2412021' .5.9%). This compares with total
returns for the following indices
Yearto 31.03.24
+13.4%
0.0%
+ 7.4%
+ 8.4%
+21.4%
- 3.5%
+ 6.3%
Yew to 31.03.23
- 1.4%
- 16.3%
- 10.6%
BD Risk C*egory 6 Benchmark
FTSE British Goverrffient AM Stocks Index
Iboxx £ Corporate BorKI Index
FfsE Al Share Index
FfsE Al Wortd Ex UK Indox
IA Property Index
IA Targeted Ab9￿u￿ Retum Index
- 8.4%
+ 0.3%
The Brayln Dolphln Risk Category 6 wmprises 3.5% UK GIIty 2.5% UK Bonds. 11% 0¥8TS8as
Bonds. UK Equities, 49.5% I￿￿aS Equibe% 3% Pyopety. 9% Altematives & 2.5% Cash.
2023 had stsrted aThl largety conf(KwKlod fc￿8* TA41h gl(thl 8(￿OrnY generally proving to be
slronger than antiapaied. The trènds continued into the ge￿nd quarter. essentially 2022.9 losers becoming
2023.8 winners as the ted￿￿¢0Y seclor b￿need ￿ from tho previou5 year's rout. Gro￿ and quality stylès
V￿re at the forefront. although w?s mainly P0￿red by a handlul of mega-cap US tech stockn. The
one topic tha market became extremely excited aboul was artifiaal Intalllgence IAII. Overall. markets
stabilised after the banknng lum￿11 in Marc* and the deficit in annual relativ8 perfomiance narrowed markedly
this peri¢)d as a dreadful firsl of 2022 fell out rrf th8 calculati￿.
Thereafter. ho￿ver. It Yfds a struggl8 to make lurtlw wtwss 2023 gains ￿ra p¥ed back. J￿Y and
August had al￿dY been falrty mixed and September F¥Dved to be typcally weak as global marf(ets faltered
and led to ts vffjrst month for a yw. Hopes a broadening of the rally not met and. Instead,
leaderslmp changed. with energy taking Ovor the mwlle from technology companies. Easing inflation and
upward surprises for grovrth had been 5LWOrtive for most of the year Lwt the dyn￿1¢ tharKJed and higher
energy pricas complicated th¢Jse skn8s and bacama the latest ￿)nUnd￿rn for central bank$.
Page 4

THE HosprrAL OF ST MARY THE VIRGIN (RYE HILL AND BEP4WELL) ALMSHOUSES CHARrrY
TRUSTEES. REPORT (COIrnNUED)
FOR THE YEAR ENDED 31 MARCH 2024
Achl•v•m•nt• and p•rforn￿ Icontlnu•dl
Tha Wèakn￿ CA)ntlw8d Into th8 Ikul quart8r of 2023 b8forn tha most t￿&￿ble signs of an easing in inflation
came through and ojnvlnced investors tPot Westem ¢•)tral banks moving closer to a much
awalted iivol. from ralsing to culling interest rate& As eNI of the year appll￿Ched. a 'Sants rall
o)mpwThded gains and saw global o¢wty markets re* a ri58 of over 15% from late October. The S&P 500
Ind￿ tradod dosé to a record. tho NASDAQ ICK) had Its b8st yw sincé 1999. arml the global tM)nd market saw
Its blggost tsvo.month galn ￿ reo)rd.
Markets have rallied for the last 18 monts *KI a quwtsr at the start of 2024 on the galr
from 2023. Tho S&P 5CQ rgathed now dl-timg hiths arKI, 1￿M a technical porsp8Ctivo. it was en¢ouraglng to
saa avidence of1oad*slMp slyftirg from tO(*V￿￿￿ arvj sto(*s to a broader of companles.
The US and Japan ￿11 of other regions atkwh, for UK inv8Stors, retums from the latter have
been affected thrI)uglK￿rt the year by signfficant in tho Yen. Ps investors switched out of value and
In￿Me producing sectors the UK tKas a (rdative) straggler avvj c(￿CernS over the Chin8S8 economy saw Far
East and emorglng markets lag develcyed markel relwns sigr¥ficwty.
Since tho * thange in infiation data, in Novemlw 2023, wi centrd bank rate fimily on the table
relative pgrfornance has seen a noticeth b(Tht. Wlilst th8 pa￿ a￿1 tra1￿)ry of easing 1$ still uncertain. and
there will always bo many othor forc05 Ihat contribute to th8 trirvj and frfring in markets, vm are Confidenl thal
aur approach *ill ¢￿tinue to see the benefft rf gkthl infiation rmtinues on the current dtrrnrd trend.
Flnanclal r•vlew
• Golng ¢on¢•rn
Although Trust￿$ thd Iwve some concem ab￿1 Ihe levd of Ihe irKa)me from the Estats Management Charlty
hich is mad8 up principally of furnls from commercial letlings. they are satlsfied that rantsl inGorne is
mada up as they W￿ld expect arvj therefore. they are satisfied that th8 Charity has the resourcw to ¢￿tinUe in
operation fcy tho for￿•able futwe. For this reason. thoy ￿￿ltinUe to adopt gorwJ ￿)nCern ba¥is In
proparirwJ tho financial statement& Furthgr details th8 adopkn of thè going C￿c¢M ba￿3 bo
found in the accounting policie&
• Ru•rvts pollcy
It is the TNsta6s' pclicy to maintain frge roserves at a level ewaling to ar0￿d ￿ months of (*arltablo
expenditure. At tho year th8 fre8 r8s8No5, after takin9 accoLrt of £2s).0￿ de8lgnated fty m4or ￿annad
propety expenditure, stsnd at £273.287 {207J: £228.030). This level of free reserves is equlvalent to
approx#nately seven months, chwitabla 0Xp￿{￿Jre aThl so is slith above the targetsd1ov81.
• Flnan¢lal r•vlow
In seeklng lo acNeve the Charitvs Objectives the TnJstèos monitor the level of void ￿8k$ l.?. weeks
propety Is ￿0¢￿pIed. DuriNJ the fina￿￿al Y￿ there vras ￿ ￿u[valent of 123 vold ￿akS (252 In
202212023) amounffjng to a reduction cl £10,578 (£19.516 in 2022r2023) on maxlmum &Mtrbullons comactable.
Arrears ¢xrtstanding at tho finanual yoar 8ThJ TAWO £4.987 (2023: £4.64n.
The IrKome of the Chwity for th6 year amcrt￿ts to £571,3)6 {2023: £416.821) and operatlng ￿StS of £455,546
(2023: £394.9981 leaving a suwus ￿ £115.760 (2023: £21.823) before ta￿ng account of realised and
unTeali$8d gairffj on investrnents. Nole that the Inrmo thls yw includès a one off gra* of £1CKJ.000 rec6i¥8d
from th8 Cathedne Cookson Fi￿NIa￿1)n toAwds th? cost ￿ thfr boilar at Th¢xnas Ho￿leY H￿Se.
Pago 5

THE HOSPITAL OF ST MARY ThE VIRGIN IRYE HILL AND BENWELL) ALMSHOUSES CHARITY
TRUSTEES. REPORT (CONTINUEDI
FOR THE YEAR ENDED 31 MARCH 2024
Prlnclpal fundlng
The consistent major sow¢8s of incrjne of the Charity are from the St Mary the Virgin Estate Manag&ment
Chablty and weekly contributions from the residents. 80th Ihe Estate M￿ageMent Charity and this Charity a
constituted ￿rythIn the samo scheme ￿ the Chwity Commissioners.
The Chariisls legaGy inrJJme ITtTh the Estate Management Charity has retumed to prevlous levels and in
addltlon the PJmsts)u￿ have begm to flll the void&
• Valu? tor monoy
In acwdance vlth the Valve for Money Standard introdK£d by Ihe Regulator of Social Housing in April 2018
we set below Ihe Charilvs performarte against ¢)ur value f￿ money targets by reference to a serie5 of
seven metrics set ty the Regulatr* wt¥ch sed( to meawre ecOr￿lY. eff￿le[W ar￿ effectT¥en855.
Value for Mon8y Metrlc
Tary•t 2024
Actual 2023
One- R•lnv6slmenl %
2.6%
9.0%
10.4%
4.4%
Commenw - the reinvestrnerrt p8rcen* is ca￿lated by refereno lo *Y>rks to th8 8Xi8ting prowties
divided by the net value of hcwsing prcpgrbès at déemed cost. Wlthln the pre-8XiSting properties one new
soryal hougng unit was developed in the year in ad(rrtion to some pknned major repair works. There was no
capilalised interest. The Trust88s anticipate thwe *ryll be ￿0ther ￿181 housing unit d8veloped on the 2025
Two - Now Suppty %
&xial housing units dellvered
1.7%
1.7%
Non4oclal houslng unlts deliver￿1
Nil
Nll
Commentary - Wlthin the pr￿XIst1rrfj propwties one ￿ sooal Fthsing ￿11 vrds dweloped in th8 year and
the Twstees Flan to develcp anot*￿ sorial unm in 2025. The Tntss have no plans to deliver any
non-sooal housing units.
Thr••- Goarfng %
-2.6%
4.4%
3.5%
-2.7%
Commentary- previou￿Y tho Charlty h*Y no debt and so a negativè g6arirrfJ fIgU￿ Is arrfved at by divldlng the
Chariws cash al bank by tho net book value crf housin9 properties at deemed cctst. Truslees b)rrowpd
£100,c￿ from the AlmshLwses A&8ociation to a&￿St Thith the of major repair works In 21r24.
Four- E8ITDA MRI Int•r•st cover %
Nl
CLNnmentary- previoudy the Chaity ha5 no torrwThJ and as eX￿aind at three abovè th6 Trustees borro*pd
£100.L￿ as an interest fre8 lo￿ th? Amshwsas A88ocia1ion.
Ffve- Hoadllno soclal hou$lng M•t
£7.438
£11.478
£7,301
Comrnentary - tho cost has Increased lfi Ihe due to expoNlilw8 malor malntenan¢e arKI rnpair vths
being incurred whi¢h arg expecled to redwe in 2025.
SIX- Op•r•tlng rnaryln %
Ovorall z sodal Pmwsing lettirys
-51.3%
-100.3%
-62.ly/o
Paga 6

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HLL AND BENb%ELL) ALIISHOU8ES CHARrrY
TRusfEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Commentw - tho rwc*g85 wtive a5 a r8%Jt of the Ch&itys inwrne from other sources
mean5 that it can subsidise the socaal housing Yknich r8suIt in op8ratirwJ deficits. negallve p8rcents98
improved dug to incrgased contributions to direct Ix)sts. Whlo the Tnths anticipat8 Ihal the Charity VAII
ntinue to benefit from other sourcos of income being available to 8ubsidise the scKa81 h￿SIr& costs they
S•v•n- R•turn on capltal •mploy•d % 4.8%
4.6%
-9.5%
4.9%
Commentary - the percentages 8re wative as explained in metrbc sx. The negativ6 percentage reduced
slightly due to an deuease in revern* wlmardy wising from a re(kKtion In the volds.
The T￿￿te86 are Lmawwe of any Re•St￿￿ ScKlal Hr￿1r￿j Prtyiders Y*Ath similar fun¢*ng arrangements to
this Charity and thefefora believe that thern arn no mean1r￿1 berthmark comparigxts available.
Structurn, govomanc• and mana
• Constliutlon
The Hospltal ol St Mary the Mrgln (Rye Hlll aTrKI BerfA*ll) Alm51￿￿85 Charity is a registered charity. wmber
216275, and Is [ffi￿tuted urnlor a Trust dood.
The oblectlve of tho Chadty is to provide Irwwve &￿tered wxx)mrnodation for poor men over the age of
50 years refened to as-resldents-.
The Charfty stheme has been apWOv￿ by Charity C(¥nmis5ionern for England and Wales ar*d is go¥err￿d
by the rules contslned In the schèma dated 2 Aprd 1979.
• M•thods of appoIntm￿l or •l•cllon of TnMt•••
The Tru*aes non4x8cxrtiva m8mbors*ilh a *idg rarvje d ￿mMe￿i81 and professbcThI expwlm.
The Trustee8 meat quarterfy. settlry WKI m¢mitc¥irvd and ￿Orm￿m￿. err8wirwJ adequate fuTrJlng aThJ
fomiulatlng pdlcy on key Issue& In additi￿ su￿(￿nMItteeS m88t b8tween the maln Trusiees meetlngs to
dlscuss strategy and revlvw pollcl8s In thok raspe(Itva aroa5 of ￿lIS and interesL Day to day management of
the Charity is delegated to the Busines9 Managw and Cjark to the Trust8es.
The ty)ty of Tn￿ shall o)nslst of:
Thre& NOmIna￿ve Trwto04 or* app(#ntsd by the of N￿￿&￿110 and two by NthTrsUe upon Tyne
Clty Coundl. and
No fewpr than seven Cwllve TNsio8s appoinlod by a re&AUtI(￿ of the Almthouses Tnthes pa88ed at
a speraal meelirYJ.
The Trustees seryed durlng the In tho Admln18trattvo Inforniauon.
proVId￿ by Hempsons LLP.
Page 7

THE HOSP￿￿1 OF ST MARY THE VIRGIN IRYE HILL AND BENWELL) ALIJISHOUSES CHARrrY
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Slru¢ture. gov•rnanc• and man•g•m•nt (conllnu•d)
• Organlsatlonal structur• and d•clslon4naklng polld••
The Trustees are responsible for estab&shing and maintalning the Charitys system of internal financial ￿ntrOl.
Intemal control systems are designed to meet Ihe particular needs of the Charity th8 risks to %thith it is
exposed. and by their natwe can provide reasonable but not absolute assurance against material misstatsmenl
or loss. The key procedures tpknich the Tnffjloes have e*blished ￿lIh a view to providing effedve Intsrnal
finandal control are as foll
dearly defined management and ￿P)rtIng structur8S:
detailed standing orders irKluding limtls on spen￿n9 aulhoritr.
management infonnation and ac£c*mtirwJ systems *ilh rog￿ar rep)rting of flnandal result$;
i￿sInesS Pl￿nIng FKoce&s: and
r8¥iew of internal and extem81 &Klit lunL*on&
The Tru5t88s régularfy revleth*d the effectivengss of the syslem of interroal fin￿d81 control as it operat8d
during the year.
. Pollcl•s adoptsd for the Indudlon and tralnlng of Tn￿te•9
Upon appointment Tntstees are given ¢opies of the Charity Commissitin Scheme, the ac￿Unts and the
mlnutes of meetings of the Trustees. T￿Y are a￿￿ supplied ￿1th the Charity Commission booklet in relaOon to
the reS[￿sibIlity ol ChJity Trustees. Tntsiees w8 appcmnted for their partlcular skllls in dealiThJ wlh a Charity
of this nature.
New Trustees V*ill be reqwsted to DBS d*cks to eThJage in pwiodic updating of safeguarding
tralning.
• Pay pollcy for SL
18taft Irrespective of seThMty have sdary revitr￿ have regard for bénclMn*klng and oth
parameter. Where salary chaNJes we gwted they take effe{* from th8 folloN*irwJ 1 Awll.
• Flnan¢lal rl$k manag•Thwnt
The Trustees have assessed the major ri*s to Ythith the C￿ty Is exposed. in pwticular those related to the
operatic￿S and finances of the Charity. and ar8 satisfied thal Syst￿￿$ and sxocedures are in place to mitigat8
exposure to the mapx risks. The Trustees con&der that the major factors likely to affect the future financl81
perfomiance of the Ch*ity ar8 the levels of ￿parKy. *eekly contributions levied and investment
performance including the levels of income reeeived from the St. Mary the ITirgin Estate Management Charity.
Plans for fulur• p•rlods
The Tntstees Intsnl to maintsin the 8XiSting al￿￿M(￿ja￿0n ￿)Its to a hlgh standard arnj havo carriod out
major ropalrs at Thomas Hor8ley House in 21r24.
addltlonal ur4t has been made wlaila1￿e at Rye Hill by convershjn of the foTher Warden's a¢commodallon
and the Trustees intent to cr8ale a further unit at Thomas H• H￿se again by conversmm of the fomier
Warden's accommodation in the next financial year.
P*3e 8

THE HOSPITAL OF ST PAARY THE VIRGIN (RYE HILL AND BENWELL) ALPASHOUSES CHARrrY
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 IAARCH 2024
Slat•m•rt of Tru*t•8s' r••poMlblllti
Thg TnJsteos aré r8sponsltlé for praparfng th8 Tntstaes. Rap￿t and thè flnandal statomonts in accordance
vith applicable law and United Klngdom AccI￿ntIng Slandanls (United KiThJdom Gworaly Accepted
Ac(x>unting Practice).
The law 8pplicaLqe lo ¢h*illes in EJWKI & W48$ rog￿re$ Trusteos to p￿are finan(¥al statemerts for
each fin￿CIAl year ¥thlch a truo and falr vlw of tha slats of affalrs of tho Chafity and of its Inc￿mIng
resources and application of resourc*s, indudiNJ its Incon8 0Xp￿IdIt￿8. for that peiiod. In prepwing these
financial statements. the Twstees are rewirnd to..
8ele¢t Suitsble acc￿￿￿1r￿j ￿licieS and awly them (x)n*stanlly.
observe the methcxls aThJ princiA8s of the Ch¥ities SORP (FRS 102).
mako ludgmenls and accounllng estimates that are reasona)le prud￿￿(.
slate ￿ther apFli¢aNe UK Accwiting Stand&ts (FRS 102> have been followed. subject to any
material dep¥￿re$ disdosed and expEained in the fin￿(la1 statements;
prepare Ihe financlal statements (ffi the ¢oncwn ba* Imless It Is Inwrtyrfato to presumè that the
Charity Yall continua wi businoss.
The Trustee8 are responsible for keeping adequate armjnting reconls thai are Sufficient Io show and explaln
the Charity8 transactions and disdose ￿1th T8ag)naNe accwacy at any tim8 the financial position of the Charlty
and enable them to enswe that the fin￿Cial 8tatements c4)mpty knith the Charities Art 2011. the Charity
(Accounts and Rep￿ts) Regdations 2CQ8 and the F¥ovisions of the Trust deed. They are also resp¢Jnsible for
safewarding the as8ets of the Charity arAI henc£ for tthing reasonable *eps for the WEvention detection
of fraud other Irreg￿ar11les.
Dl•¢lo•ur• of Inforniatlon to audltord
Eath of tho p8rsons are Tru8t88s at tho Ilm• thls Tn*t808' Rap￿t[s apwoved has Cl￿firmed Ihat:
80 far as that Tn￿e is awwe. Ihere Is no relevant a￿lIt infmtion of Charltys auditcKs are
unaware. and
that the Trustee h&s taken all the steps Ihat (xw to have been taken as a Tntslae Sn ￿der to ￿ aware
of any relevant audlt Irrfomiatlon aThJ to e*2lJlsh that th8 (*wWs audltors are awaro of that inforniatlon.
Audltord
The auditors. bfjnnair AssoGiat05 Limited. have inthcatod thew ￿llingn8s5 to ￿ntinue In offico. The designated
Trustees will propose a motion reappointiry th8 auditors at a meeting of the Tnjstees.
provad by ordor of the m8mb*5 of th& Lxxd of Tn￿ 20 Sefvbb8r 2024 and slgnad on thelr behdf
Mr Rl¢hanl IAots•110
Pag6 9

THE HOSPITAL OF ST IAARY THE VIRGIN (RYE HILL AND BENYELL) ALMSHOUSES CHARITY
INDEPENDEKf AUDrroRS' REPORT TO THE MEMBERS OF THE HOSPITAL OF ST MARY THE
VIRGIN (RYE HILL AND BENWELL} ALMSHOUSES CHARITY
Oplnlon
We have authted the financial statemants of The Flosytd of St the VIr￿n (Rye Hlll and Ben￿11)
Ajmshouses Charity (the 'Ch￿ty? for the year erthd 31 March 2(r24 comprise the Stal8ment of FinancFal
Activities, Ihe Incorne and Expenditure Account. the Balance Sheet. th8 Statement of Cash Flows arKi the
related Th)tes, induding a summary of slgnificant aCC￿nting polTrcies. The financial reporting fram8v￿rk that
has baan applled In their preparation is applicable law and United Kingjom Acc(wnting Standard5, includlng
Finandal Reportlng Standard 102 The Finanaal Reporting Slandwd appl•cth in the UK and Republic of
Ireland, (Unlted Klngdom Generaly Accw AcC￿￿1￿J Practice).
The flnancial stalernents have b88n propared in ac¢ordan¢e *lth A¢ountiThJ and Reporting by Charltles
preparing their accowts in acC(￿dance the FinanGial Rep￿tIng StsThJards appliGable in the UK
Republic of Ireland (FRS 1021 in prelerence to the Ac0￿ntIng and Reporting by Charities.. Slalement of
Recommended Practi￿ iswed on 1 Wil 21NlS *+uth is referred to in the extant regulations twl has been
thdra￿Tr.
Thls has been done in order for the aca)vnts to provid8 a Irue arKI fair view in arxordance wlth the Generalty
AGGepted A¢counting Practice effective for rewtirvj periods beginning or after 1 January 2015.
In our tjplnlon the finan(yal statements."
give a true a￿1 fair view of the slats of the charitys affai￿ a5 at 31 Marth 2024 and of Its I￿￿ming
resources aThJ application of resources fty the year erTrded:
have been properly prepared In acc¢Mthnce *fjlh Unlled Genwally Axepled Accounti
Practice. arKI
have been prepared in ￿TIh Charliles Act 2011. the H￿SIng and Regeneration Act 2008
aNI the Accounting DbrerAon f(Y Private Regthr•J Providws of SocAal Ho￿r￿d 2022.
8asl• for oplnlon
We cOr￿UCted our audit in aCCrydan￿ *ilh Intemational Standards on Auditing (UK) {ISAs {UKI) and
applicable law. Our responsibilitios under those sta)dards are further desLYibed in th8 Auditors. rgsponsibilitiès
for the audil of the finanrial statements section of ow report. We are independent of the charity in accordance
ith thè ethlcal requlrements that are relevant to our audit of the financial statsmerts In the United Klng¢Jom,
indudlng the Flnan(aal Reporting Counul's Ethical Standard. and ¥￿ have fulfllled our other ethlcal
resp(￿sIbIlItIeS in accordance with these requiremerts. W? bdiove that th6 alwjit evldence v* have obtslned Is
gjfficient a￿j appropriate to provid& a basis for ￿ cf#n*)n.
Concluslons rnlallng to golng con¢•m
In aL*Jitlng the financlal Statern￿ts. ￿ have Concl￿ that the Tr￿fees. use of the going (￿cern basis of
accounllng in the prep¥ation of the finaneial Stateme￿ is appropriate.
Based on the have perf￿ed, have Thjt identified any matsrial un¢ert4ntio$ relating to wents or
¢onditiorts that, individually or ￿ll@Clive￿. may cast significant doubt on tho ¢hariWs a￿lIty to cnnllnua as
going concem for a peri￿ of at least tthe rn(￿ from thé finan(ial slatements are authorfsed for
Issue.
Our reswnsibilitigs aThY the re¥￿￿1b11IlloS of the Trt￿ *ith respect to g￿ng (X￿c&M are d88(xibed in the
relevant ￿tionS of ttrms report.
Page 10

THE HOSPITAL OF ST IAARY THE VIRGIN (RYE HILL AND BENbYELL) ALMSHOUSES CHARrrY
INDEPENDEwf AUDrroRS' REPOIU TO THE MEMBERS OF THE HosP￿AL OF ST MARY THE
VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY (CONTINUED)
Oth•r Informatlon
The other infomiation comwls88 the infomiation Ind￿ in the Annual Report other than the financlal
statements and our Audit(Ks' Rewt thervnn. The Tn￿ are responslble for the other Infomiation C¥Jnt8ined
rythin the Arnual Rep￿1. Our opiThon on 8tat8merts i*)8$ ￿t C4)ver the other infomiation a￿1,
except to the 8Xt8nt other*ise ewiatly ststsd in our reporL do r#)t exK*ess fom of assurance
cryKIu8ion there￿. Our responsibility is to read the other lnfcffi1at1￿ and. In thing so. consldar ￿er the
other infomiation is materially inc¥msistent ¥thilh Ihe financial staterr*nts c¢ our krK)V4ledg8 obtained Sn
¢OW8e of the audit. ￿ otherwise appws to be materi*ly mis*ated. M V4¢ Identify gJth mat&rial incOn￿stenc1os
or apparent matsrial misslatsrnen￿ are re<wired to delemlne this gives rise to a materlal
misststsment in the financial slatements themselves. If. based on tho have P8rfo￿ed. we (￿dUd0
thal there is a maknal mlsststemerrt of this otsr Inf￿￿on. * are reqiired to rerM)rt that fact.
We have rKthlng lo retKYt In thls
Matt¢rn on whl¢h ￿ ar• Mqulr•d to rnport by •xc•ptlon
We have nothlro ts report In re4)e(l of Iho foUTr*lng maiters th tho Charities (Accounts and Rep￿ts>
Regulatlons 2008 rewir95 US to reFKxI to yw rf, oplnkffi:
th& Infom)atk￿ giv￿ in tha Trusteos, Rwt is InC￿￿5￿nt in materlal resped fin￿￿81
5tatemprts:
sufficxent acC￿Jnting re(x)rds have not been kept: or
the financial staternents are not in agreement with the axwitlng re¢c*ts and rotum$ or
havè not rec￿ed all the informakn exWw)ath ￿ req￿re for audiL
RMpon•lblllll•8 of Trust•
A8 explained more fully In tho Trusteos. Rosponsililities Statemen( th& TNste88 are responsible fry tho
prep8ration of the fin￿cial statsmonts 7hthich give a aTrJ fair viffw. aThl for such intemal O￿trol as th•
Trustees detemilne Is necessary to onabla tt* Fyewation of fin￿bal statements that are free from material
mlsstaternent. ¥thethtt due to fraud ty orKty.
In pr6parfng the financtal stat8morls. the TrustO8s resp(￿sIble for &ssessing the abilty to contlnue
as a wlng u)nc6m, dIsdC￿Ing. as appli¢ablo. matter5 related to uv)ing LThcem and using the gting ￿nCern
basls of acci)unllng ￿lesS Ihe Tn￿108$ oithw intend to liquidate the ch*ity or to Cease operations. or have no
r￿1$¢1¢ altemallvo bul to do so.
Page 11

THE HO8prrAL OF ST IAARY THE ThGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY
INDEPENDE￿r AuD￿ORs. REPORT TO THE MEMBERS OF THE HOSPITAL OF ST MARY THE
VIRGIN {RYE HILL AND BENWELL) ALMSHOUSES CHARITY (CONTINUED)
Audllors. responslbllltl•s for th• audll of th• flnanclal statements
We have been appointed as auditor under 88ctlon 145 of the Charities Act 2011 and rewt in a￿rdance vAth
the Act and relevant rewlations made or having effect thereunder.
Our objeclives are to obtain reasonable assurance ab(Art thelher the flnaneial statements a8 a whole are free
from malerial misstatement. wh8ther due to fraud ￿ error, and to issue ￿ Auditors. Report that indudes our
opinion. ReasonaL4e assurance is a high level crf assuraKe. but not a guarantee that an audit conducted in
acGord8nce thith ISAS (UK) will aKYays det¢d a material misstaternent vthen it exists. Misstatements can arise
f￿M fraud ￿ error aro 0￿$1￿¢red material If. indNidually or in tho &Jgregate. they could rgaTJonably b8
gXP8Cted to infl￿nCe tha 8corthThl¢ de(asic•B of users laken on the bags of thes8 finaKial ststemonts.
Irregularities. inchJdEng fraLxI. are inslances of n(￿￿￿1[11￿Ce *ith laws and ragulatlons. We deslgn
procedures in line with our R¥crffjibililies r￿ined atM)ve, to detect materbal misslatemenls In respect of
Irregularities. in¢bJding fraud. The extent io vthich ow procedLY85 are Capab￿ of detecting irregularities.
irKluding fraud is detailed betr￿.
the engagem8nt partner enwred that th8 team ￿leCtiVe￿ h￿1 the appropriatè
competence. capaL¥litios and skills to or recognise norHxJmpliance *ith appYi¢able la￿ and
regulations.,
we identified the la*s and regulations applic4Ne to the Charity through di$￿$s1On$ v4ith Truslees and
other management. aThl from our 0)mmeni￿ kn￿ledge and experi￿ce of the registered sod81 houslng
provideTS sector,
wè focused on specific laws and regulations vthich we considered may have a direct material effect on
the flnancial statements or the operations of the Charity, induding the Charitieg Act 2011 et seq., the
Charities (Protection and Social Investment) Act 2016. the Tru5te&s Acts 1925 and 2(KJO, Charity
Commlssion regulations aThl the Statemenl ol Recomm¢r￿ed Pr*ic8 lor Social Hou5irvJ Providers
2018.
assessed the extent of c£ffiplian¢e V*ith the lav*S and regulations idenlified abovo through maklng
enquiries of manag&nent and in$Feding legal o)rresFKmd8n￿', a￿1
ensured that the identifi￿j law￿ and regulations V•W8 communicated within tho a￿rrt leam regulady
and the team remained alert to instances of norF￿)Mpli￿Th thro￿Out the a￿lt.
We assessed the wxeptibility of the Charitys financial stat•nents to materlal misstatemwL including
taining an understanithng of howfraud might I)c￿r. ty.-
making erh]uiries of management as to *thero tw thwe was susceptibilty to fraud and thelr
kTr)vledge of aeiual. w$p￿ted and alleged fra￿1. and
considering th• intemal controls In place to mitigate risks of fraud and norHx)mpliarw Tmth law5 and
regulation&
To address the dsk of fra￿1 through managemenl bias and oveThid8 of O￿trOlS. we: .
perfonned anaw'cal pTh>c￿￿ to I￿tsfy any UfKw81 or unexpectèd rela￿OnShIp
tested joumal entries to identfy unusual transactiorts" and
assessed ￿er judgements arKI assumptiiyLS mad& in datemilning the aC¢￿anting astimatès set out In
the notes to the financial stslements are indicativa of potential bias.
In response to the risk of Irreg￿￿1￿8¥ arKI *ith la￿ regulations. designed procethjres
7Athich inGILvJg, but arfj not limiied to:.
agreeing fin￿?81 8tatem8nt thsdomes to LWKlerfyirvJ 4)r#￿ir￿d documw)tsllon:
Pag8 12

THE HOSPITAL OF ST MARY THE VIRGIN (RYE IIILL AND BENWELL) ALMSHOUSES CHARITY
INDEPENDEKf AUDrroRS' REPORT TO THE MEMBERS OF THE HOSP￿AL OF ST PIARY THE
VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARtrY (CONTINUED)
reading Ihe minutes of meetirys of those chty ￿1th go¥emance:
enquiring of management as to actual and Fthnlial litigatim and daim$" and
reviewing ￿Spondence wth HMRC, relevant rewlators IRegulatr of SoGial Housng) and the
Charitys legal advi8(XS.
Ther8 are inherwrt limitations in ¢xr ￿tr￿pated aKIit wtKedures de￿Ibed abov8. The mcKe removed that
lawB and Tegulallons are from finwoal transa¢ll¢￿. less likely it is that WEI wDuld become aware of non-
mplIanr￿. Audlting stand¥ds algJ limit the aU￿rt reqUIr￿j to identify no￿￿0mplian￿ With laws
and regulation5 to enqulry cl the Tr￿te￿￿ and other marwJement and th8 inspection of regulatory and legal
corr88p￿den(¥. rf any.
Material misstatements that arise due to fra￿j can b8 hwfler to detect than Ih088 that arise from error as they
may involve deliberate ConC￿￿mert or collusion.
A further d8scriplion of ow reSp(￿sIbl1tieS for the a￿Jit ol the financial statements is located on the Flnancial
Reporting coU￿1r5 ￿*b￿le aL'
itie& de8<¥iption fom)s part of tyjr
Auditors. Report.
Us• of our report
Thts report is made solely to the Charitys TNste8s. as a bLty, In ac¢>Ndan¢e wth Part 4 of the Charities
(Accounts and Reports) Reg￿atIOnS 2008. autht work has been uThJertakon so that Nva might state to th8
Charrtvs Trustees those matters we we required to ￿te to Ihem In an Auditors. Report and for other
purpose. To the fullesi extent pemiitted by law. we th not accept or asyTho reswnsibilty to ￿yon8 Other than
the Charity aThl its Trustee4 as a body. for (￿r for thls r8M (* opl￿n5 ￿ have fo￿ed.
Klnnalr Aswclatos Llmlt•d
Chartered Ac(x)untants
Registered Auditor
ton H￿Jse
Redt￿M Road
Newcaslle upon Tw
NE5 1NB
20 Septgmber 2024
lfjnrAir Associates Lirnlted are ellglble to as a￿lItorS In temi8 of xlion 1212 of th8 Companles AGt 2006.
Pag8 13

THE HosprrAL OF ST IAARY THE VRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY
STATEMEKf OF FINANCIAL ACTMTIES
FOR THE YEAR ENDED 31 IIARCH 2024
RKtrlct•d Unr•8lrfcted
funds
funds
2024
Tolal
funds
2024
Total
funds
2023
Income from:
Oonations and lagaaes
Charltable activitie8
Inveslments
100.000
193,141
263.310
14.855
293,141
263,310
14,855
189.517
215,593
11.711
Ineom•
11)0.000
471.306
571.306
416.821
Expondllwo on:
Raising f￿￿$
Charita1￿8 aGtivities
3,201
3301
3.056
391.942
Total expendlture
455,546
394.998
Not Incom• b•for• n•t g•lnsl(lou•s)
on Inv•stm•nts
Nel gaIn￿{lO$Se$) on investments
100,(I)O
15,760
115,760
43,766
21,823
(43.035)
Nèt In¢omd(•xpèndliur•)
Transfers bel%*Een lunds
11x1,000
11¢)0,000)
59.526
11MI.000
159,526
(21.212J
Not movemgnt In funds
159,526
159.526
(21,212J
ReGonclliatlon of funds:
Total funds brought foThYard
Net movement in funds
l737,179
159,526
2,737,179
159.526
2.758.391
(21.212J
Total fundi canl•d forward
2.896,705
2,896,705
2.737.179
The Statement of Financaal Aciivities indth all gawis and lossés ra￿¥$ed In the year.
The notes on pages 18 to 40 f¢xm part of finwKaal statemen
Page 14

THE H08prrAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY
SUMMARY INCOIAE AND EXPENDrruRE ACCOUNT
FOR THE YEAR ENDED 31 IAARCH 2024
Total lund•
Total funds
2023
Income
Gainsl(lossos) on Inveskna)ts
571.306
43.766
416,821
(43,035)
Gro$$ In¢om• In th• rnportlnq p•rfod
Le5&. Total èxpendlturo
615,072
(454546)
373,786
(394,998J
N•1 In¢omrf•xp•ndltur•) forth• r•pthlng pwlod
159.526
(21,212)
The notes on pages 18 to 40 fonn part of Ihese fin￿c4a1 stalemerts.
Page 15

THE HosprrAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY
BALANCE SHEET
AS AT 31 MARCH 2024
2024
2023
Flxod a880ts
Tangible awts
Investments
15
16
2,379,169
539.797
2.259. 149
486.060
1918.966
2,745,209
Current assets
Debtors
Cash at bank and in ha
17
12,250
204,154
60.613
61.741
216.404
122,354
Creditorn am￿nts falllng due *ilhin one
18
(65,180)
(32.711)
Net current assets
151,224
90.243
Total as3•ts l••¥ ¢umint Ilabllltl•s
3.070,190
2.835.452
Creditors: amounts falling due after moro
than ono year
Provlsions for liat¥lities
19
(89,250)
(84,235)
(98,273)
Total net usets
2,896,705
2.73T,179
Charlty fvnds
Urwestricted funds
2,891705
2.737. 179
Total funds
2,M705
2,737. 179
The fIna￿la1 statemwts approvad and aU￿￿1$•d for Issuo by th8 Truslegs on 20 S8pt8mbar 2024
sign8d on their tehalf by:
hJJ MW.
Mr Rlchvd Metcalfe
The notss on p•38$ 18 to 40 fomi part of these fin￿da1 statorn￿.
Pago 16

THE HosprrAL OF ST MARY THE VIRGIN (RYE HLL AND BEPIIELL) ALMSHOUSES CHARrrY
8TATEMEpif OF CASH FLOWS
FOR THE YEAR ENDED 31 IAARCH 2024
2023
Cash flows from op•ratlng actlvlll•s
Net cash used In i)peTating arAivitss
250.758
42.686
Cagh flowA from Inv•8llng a¢lMtI•s
DlYlden(1s. interests and rents from inveth
Purchaso of tsnglble fixed assets
Pro¢ood$ from of invetherts
Purchas6 of Investm￿ts
I4￿55
11.711
{212,979) (100.525)
31.250
(38.572)
(69,970)
Nat ca•h u•gd In Invostlng actMIIo8
1208,095)
(96,136)
C•8h flo￿ from flnan¢lng actlvltlos
ash inflovvJ from new bOT￿lIr￿j
Ropayments of borf(Mryrvd
105.ODO
(5,250)
Not pmld•d by flnanclng actlvlo
99.750
Chang• In cash and wh equlvalonts In th• yo*
Cash ¢ash equlvalents at the of the yew
141413
81,741
151450)
115,191
Cash and eash •qUIvalw￿ at th• •nd of th• y
204,154
61.741
The ￿ on pag8s 18 to 40 fomi wt ofth8se fin￿(la1 slataments
Pag8 17

THE HosprrAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 IAARCH 2024
General Informatlon
The Ho4Ytal of St Mary Ihe Virgin (Rye Hill aThJ Bern￿11) Almthou5es Charity 1$ a reglstered charlty.
rnbor 216275. It is also rrfistwed thM18r the H￿￿n9 and Regenerat￿)n Act 2(KJ8 and Its regSstered
number 1$ A1273. The Charity hs un1nccxrm)￿ and its register&1 dfice is at 5 . 7 Osbome TerraL*,
Newcaslle upon Tyre. NE2 1SQ.
¢ountlng pollcl•s
2.1 Basls of pr•p¥4tlon of Ilnandal stat•mMts
The finarrial statomerrts have been prepared under the historical wsl convention In accordanc8
with the Housing SORP 2018: Statement of RecommerKled Pra¢ti¢e ISORP) for Regisl&red Soual
Housing Provlders. the Charities SORP {FRS 102) - kO￿ntI￿j Reporting by Charities:
Slatement of Recommended Practice awlr¢able to C*}￿lIeS tKeparing their accounts in accordancg
Ith th8 Financial ReportiNJ Stsndard applicable in the UK and Republic of Ireland (FRS 102)
(effective 1 January 2019), the Finanual R8PCrfting sta￿lard applicable in the UK and Republlc of
Ireland {FRS 1021. the Chwities A¢t 2011 and o)mpty V*ith the Accounting Dlrecllon for Private
Registered ProvideTS ol Swl Hw%r4J 2022.
The financaal statements hav8 b88n wep￿1 lo givo a ar￿ fal¢ vlw arKI have departed from
the Charities (Accounts and ReFK¥ts) Regulations 2008 onty to the extent required to provide a Irue
and fairf view. This departure ha5 involved following the Charitles SORP {FRS 102) published in
October 2019 rather the A¢￿UntIng and RepM)rting by Charities.. Statement of Recomm8nded
Practlce effective from 1 Awil 2(K)5 thlch has SIn￿ be￿ withdraMI.
The Hospital of St Mary the Vlrgln {Rye Hll and Ber￿11) Almshouses Charity meets the definition
of a public benefit entity under FRS 102. Assets and liabilities ate irmtialty reco3nised at histori¢al
cost or transathon valuo unless othe￿Ise stated in the relevant accounting policy.
22 Golng con￿￿
The Trustees have ￿nsIdered the potential finaTr3al effects on the avallabillty of cash and reseNes
aNJ the consequent b8aTiW on the use of tho going &inc8m basls of preparation of the finandal
ststwnents. The Trustees have concluded that th• Chartty has suffTrdent cash and reserves to
sustain it lor the f￿eSe8abI8 futurè. The Tru&ees are thereth satisfied that it Is apprOp￿ale for
them to prepare th858 financial tstements on the basis that the Charity continues to be a going
(x)ncem.
2.3 In¢om•
l income Is rn¢0￿lsed oKe the Clwity has enlitlemwfi to the Inccrfne, it 18 probable that the
Income ￿111 be received and the ￿K￿ffit of Inccme rewvable can b8 measured reliably.
So(aal H￿St￿ Lettiiy. d8scrib8d as "c4)ntritKrtiorr8 from residents". are Bccounted f(Y on an
Income frcrfn cash deposits is a¢¢owt8d for an aC￿￿lS b￿. Inc¥Jrno fr￿Tr all other Invaslments
Is taken into attwnt (m a re￿Nable b8SiS.
Income from the sister CPority, Sl Mary lh8 Viryin Ma￿gernent Chaiity. Is reoognlsed on a
re¢8ivatAe basis.
Grants are Ind￿ed in Statemont of Fin*Kial A¢llvltles ￿ a rKeivable basis. The ba1￿ce of
Paga 18

THE HosprrAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARrrY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Aa￿u￿tIng polld•s (contlnuod)
23 Incom• qci>ntlnu•d)
Income received for spedfk Fwrposes lyjl rnt 8xpwd8d dwiry the period is 5hovm in the relev8A
funds on the BalaKe SheeL Where ir#)xne is T6cei¥ed in advance of enlidement of recelpt, Its
recognitK)n Is deferred and IrK4uded In crethtty5 as deferred in￿rne. Where entitlement occurs
b8for8 Income is re¢eNed. the Inciyne Is aCUU￿1.
2.4 Exp•ndllur•
Expendiluro 1$ re¢ogrlsed (rta thern is a or (x)nstru(thio obyigatlon to transfer economlc
benefit to a tr4rd party. it Is probable that a transfer ol ectsnLxniG b8n8fits wll bg requlred In
88ttlem¢nt ar#J the amounl of the can ￿ measured roliat4y.
JI exp8ndiiwe 1$ accounted for on an awuals bags has b88n das&fied ￿der headlng8 that
aggregate all costs related to the catewy.
Costs of generating fwKls *• thosè costs inwred In attracbryJ Vol￿ inLxxne.
Charltat4e adivities and Gcwemanca costs costs IncLwfod on the upkeep and management of
the tw) Almshouse5 inr*Jding SUPF#Nt aThl costs relating to th8 athinistraticffi of the Charity
and cOmph'an￿ Gonstitutiorwl aThJ statutory requlremènts.
SuA)ort *))sts iTKlud8 cenlTrl funL*Ths and have been alkKated to acuvlty cost Categorles on a
basis ￿nSIstent ￿1th th8 uso of res0w￿. e.g. a11ts2tlng prop8rty (x)st8 by floor aws, ￿ per
caplts. stsff c05t by the time S$￿t and ollw costs by lI￿r us48.
Expendiiwe on raising indudes all expendture lThx¥r8d by Charity to ralse funds for Its
charbtablè purKws aThl indth u)sts of aN fuNlr*lng activities events and noTrcharitable traolng.
Expendlturo on tharilabl8 activities is incurred on dlredly undertaking the acbvltles further the
Charltys objoGbv84 as well as any associated SUPF#Xt costs.
All exp8ndlttYe Is I￿lUsive of iTh•c￿￿￿AO VAT.
2.5 Int•r••t r•¢•lvaJl•
Interest on fthxls held do￿>￿t is indwlgd th rec8ivable arml tha amwnt be m8asurwJ
rellatly by the Charity" this is rK)rnialty urm nO￿fiC￿ of th8 Inter881 paid or payable by the
Institutlon with TAthom the fuThls are deptsyw.
2.6 Tanglbl• Ilx•d as••ts and d•w•cla
Tanglbla fixad assets aro initialty reCfjgr￿ at o)st {or deemed ￿)st} le&q d•proclalion.
As perniltted by the H(￿sn9 Aswjats￿ SORP 2014. the charl1at￿8 tN* olaciod to mgasuro
propertles at their far valug on the date of Irarth to th8 SOFLO and use that falr valua as deemèd
C08t at that d*0.
Page 19

THE HOSprrAL OF ST hlARY THE VIIGIN IRYE HILL AND BEN¥¥ELL) ALMSHOUSES CHARrrY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accountlng poll¢1￿ (¢ontlnu¢dl
2.6 Tanglbl• flxed assets and dePr•c￿l￿ Icontlnuad)
Depre¢iation is not tharg&J ￿ freetrM)Id land. Depreciation on other tsnglble assets is provTrd8d at
rates Ca1￿lated to off the ¢ost of those assets. less their estimated residual value, over their
estimated us8ful lives using th9 stsaigh14ine methcMJ.
Depreciation is provided on th8 f￿l￿Al￿g basis:
Freehc4d PrO￿ty
Fixtu￿8 and fittlr
Freehdd prcpety
improvements
Deweaation on freehold prwty is based on their fair valu8 at valuation at 1 April 2014. Freehold
propety is being depreciated over 50 years from the transition dato (1 Aprll 2014).
2.7 Investments
Fixed asset invesbnents are a forni of finaThial instrument and are initially rOeC¥3nis8d at thelr
transaction ojsl and the¢wently measuRd at fair value at the Balance Sheèt date. unless the
value cannot be rnea￿ed reli￿ in vthich case il Is measwed al (¥>sl less impaiment. Investment
gains and lo&w. ¥thether realised or unrealised. are Lx)mbw)ed aThJ presented a8'GalngJ(Losses) on
investments. In the Siaiemenl of Fin￿¢181 A¢livitie&
2.8 DAbtov•
Trade and other debtors are recognised at the settlement amount after any trade diso)unt offered.
Prepayments ar6 valued at th8 ar￿￿nI prepaid net of any trade dls¢wnts due.
2.9 Cash at bank and In h•nd
Cash at bank and in haThJ indudes cash arKI st￿4eM7 higNy liqud investments a short
maturity cl Ihrno mcmths or less fr(¥n date of WLllgtion or owing of tho d•Kh)git or similar
account.
2.10 Ll•bllltl•s
Llabilities aTrJ ￿¥0VIsI￿$ are r8cognis8d *then IheT8 is an oblTgatlon at the Balancé She81 date as a
result of a past event. It 1$ probable that a transfer of economlc benefil v4ill be required in setllernent,
and the arTh￿￿t of the selll•m8nt can be estimated relia￿.
Llablllties fn rerAyised at the amcwt that the Charity anticipatss it ￿11 pay to setue the debt or
Provisions 8re rneasu￿ at the best estÉmate of the amounts required to settle the ot4igation.
Where the effect of the timé valuè of rnC￿ey is material. the provision 1$ based on the present valua
of thcth amounts. discounted at ts pr&tax discount rate that refiec18 risks specific to tha
liability. The unwinding of the diswunt is rec(>3nised in the Stat•nent of Flnancial Activities as a
finance (x)st.
Page 20

THE HO8prrAL OF 8T MARY THE VRGIN IRYE HILL AND BEPMELL) ALPASHOUSES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accountlng polldm (Mnllnued)
111 Soclal houslng grw
Government ￿labr￿￿ lo kngible fixed assets are treated as deferred income and released to
the stat￿6n1 of finwc4al activities ovor the expect8d useful lives of the assets concerned. Other
grants are credited to the statem￿t of financial acatvities as the related expenditure is incurrad.
112 Flnanclal InstNmont•
The Charity cffily has finarrial assets and fin*Kial liablllties of a that qualify as ba$lc fin￿￿al
instruments. Baslc fin￿¢la1 instruments are Inlti8lly r8(x)gnis8d al transaction valu• and
subsequenvy measurtrj at th8ir setuement value ￿1th the exception of bank lo￿9 whlch are
$ubsequenUy measur*J at am(Xt1￿ ￿st uslrKJ the effeclive interest rnethcKI.
113 Fund a¢¢ounllng
General furnls *e unrestrictwj funds are avakth for use at th8 discretion of the Trustees in
furtherarKe of the gwwal 0tr48L*ves of the Charfty a)d wthich have not been desTr￿jated for other
purFwe&
RestsiGted funds are funts are to used in acco￿arKe TArfth speofi¢ restrfctlons Imposed by
d￿r5 or thith have b08n raised by the Charity for parti(yJar purpos￿ The costs of raisng and
administering such funds are charged agalnsl th8 sp8(¥fic fund. The alm arKI use of each restricted
furKI is set out in the n(kns to the finwKial slatemert&
Investrnent income. gains losses are allocated to the apwoFrflat8 f￿d.
Pag& 21

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Ineom• from dMaU¢)ns and hgachs
R•strlGtsd Unrestrlcted
fvnds
lunds
2024
2024
funds
2024
Grants
St Mary tho Virgln Estate Manag￿ent Ckorty
1(K).O
100.000
194141
193,141
100,000
193.141
293,141
Unr8stsicted
fi￿dS
2023
Total
fvnds
2023
Donations
St Mary the Vlryin Estate Managwnert Charity
189.515
189,515
189.517
189.517
kncom• from Gharltabl• acllvltle•
Unrn8trl¢tod
fund$
2024
Totsl
funds
2024
Contributions from rnsidents
263.310
263,310
tritrArtSons from residwts above In¢kths £11.480 contsibuiion tThffrds ulllltle&
Unresfrict&d
fvnds
2023
Total
fvnds
2023
Contribution5 fr(￿ residonts
215.593
215,593
Page 22

THE IIOSPITAL OF ST M*RY THE VRGIN (RYE trMLL AND BENYIELL) ALMSHOU8E8 CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 IAARCH 2D24
Unmtrlct•d
funds
2024
Total
funds
2024
DNid8nds and intwest on investmerts
Bank deposlt Interest
12.798
2.057
12,798
2.057
14,855
14855
fvnds
2023
2023
Divldends and interest investmerts
Bank deposit inter8St
11.3C
411
11.300
411
11.711
11.711
Invulmènt management
Unmtrlct•d
funds
Total
funds
2024
Investment mrnemant fe85
3.201
3,201
Total
fvn¢ts
2023
2023
Investment man4ernent fo88
3,056
3,056
Pag8 23

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARrrY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysh of •xp•ndltur• on ¢harltabl• aclmt
Summary by fvnd typ•
Unro•trlctsd
funds
2024
Total
2024
DirerA costs. Provi$￿ of sheltered accommodation
452.345
452,345
UnrnstfiCt&d
Total
2023
2023
Dlrecl cosls. Provir4￿ of sheltered accomm(Klallon
391.942
391.942
Analys1$ of expondltur• by actlvlll•s
Actlvltles
undertaken
dlrectly
Support
¢￿ts
2024
Total
funds
2024
Direct eosts. Prnvi%on of shdiered a{r￿￿[￿￿tion
398.289
54,056 452,345
Activthes
Kjortaken
ectty
2023
Support
osl
2023
Total
fvnds
2023
Direct costs. Provison of sheltwed acrxmnmoda
349.327
42.615
391,942
Page 24

THE HOSPITAL OF ST PAARY THE VIRGIN (RYE HILL AND 8ENVaL) ALM8HOVSES CHARITY
NOTES TO THE FINANCIAL STATEMEwrs
FOR THE YEAR ENDED 31 MARCH 2024
Analysls of •xp•ndltur• by •ctMUM (o)Trllnuod)
Analysls of dlv•ct costs
Provl$lon of
sh•lt•r•d
accOmn￿da1I0n
2024
Total
fvnds
2024
114,536
92,959
16,638
114538
92,959
16,638
6,495
72,345
66,869
14430
3,095
14,955
2.505
7.500
114038)
Deweclation
Water rat65
Insurance
Ughtlng and heating
Repalrn and maintenance
UW8p crf grounds
CleanlrKJ and Jwnctry
W*den call system
Sundries
Cle￿￿ 8a
H￿￿ng Assodation grant rnleased
72,345
14,430
14.955
114.038)
398,289
398,289
Pag8 26

THE HOSPITAL OF 8T MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analys1$ of expendIt￿ by aGtlvltlH (conllnuod)
Analysls of dlroct costs Iconllnuod)
re¢t costs .
PtDvi&on ol
shenered
8ccommtydation
2023
Tot
fund8
2023
Staff costs
Depreciation
Water rates
Ir￿uranCe
Lighting and heating
Repairs and maintenanc*
Upkeep of gr0￿d5
Clear4ng and laundry
Warden call system
Sundrtes
Clerk's salary
Housing Asso¢iation grnnt released
105,840
105.840
83,053
15.632
5,545
49.205
62.264
14.934
3.233
12,480
3,686
7,493
15.632
5.545
49,205
62.264
14.934
3.233
12.480
3,686
7,493
li
(14,038)
(14,038J
349.327
349,327
Page 26

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENVIELL) ALMSHOU8E8 CHARITY
NOTES TO THE FIN1￿cIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysls of oxp•ndllw• by actMUM (contlnu¢d)
Anaty•l• d support co•t•
Provlslon of
•h•lt•r•d
*eeommodatlon
2024
Total
funds
2024
Staff cosis
Sundry expensas
Po*age. gtati(xwry arKI advwlislrwJ
Subsuipllons
Bank chargas
orffj(ltsncy IrainiTrJ
0ffi¢o insLTrn¢a
Proféssional fees
Loan arrangement fee
GovgmarTh ¢<￿ts
21.836
21,836
5.878
5.878
4,386
1,082
810
700
2,827
5,000
10.612
1,082
810
700
2,827
5.000
10.612
54,056
Pmwsion ol
Total
2023
2023
19.827
443
4.147
4,012
19.827
Sundry expenses
Postage. ststlonery e4)d thertislThJ
Sub5CriPtic￿S
Bank rhrges
Consullan¢y and trainlng
Olfi¢e insuranc8
Professiona fees
Govemance o)sts
4. 147
4,012
687
1045
9,518
9.518
42.615
42.615
Page 27

THE HosprrAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSKIUSES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 PAARCH 2024
G¢)vomance costs 1nrj￿jed above comprise:
2024
2023
A￿lItorn reM￿er￿lon
Clerk's fees
7,512
7,620
2,498
10.012
10.118
Page 28

THE HOSPITAL OF ST MARY THE VIRGIN (RYE TrILL AND BENIPAL) ALMSHOUSES CHARITY
NOTES TO THE FINANCIAL STATEME1￿5
FOR THE YEAR ENDED 31 MARCH 2024
Sch•dul• of oulgolngs 4)n prop•rU•s- 31 lknch
2024
ThonMs
Hornky
Ryo Hlll
2024
Water rntes
Insuranco
Lighting and heating
Repai￿ and maintenar
Upkeep of arounds
Cleaning and laurthy
Wwden (all system
Sundrles
Cl8rk's fees
H￿SIng Assoaation want rethed
Wagg$ and salari6s
Depreclation
5.762
2.742
30.278
3Q.524
5.396
10.876
3.753
42,067
36.345
9.034
2.615
10.132
1.783
4.231
(14.038)
68.692
16.638
6,495
72.345
66.869
14,430
3.095
14.955
2.505
7.500
(14,038)
114,536
4.823
3.269
4S.844
17
224
Sch•dulo of outgolngs on properUes- 31 IAarch
2023
Thoma8
Hornley
Hous•
Ry• Hlll
Homos
20rJ
Water rates
Insurance
LhJhllng and heatiThJ
Repalrs and malnt8nanc•
Upkeep of grounds
Cleaning *)d la￿)dry
Warden call ss*m
5,351
10.281
3.150
31.238
35.869
9.664
2.612
8.697
2,149
4.247
(14.038)
64.835
15.632
5,$45
49,205
62.264
14.934
3.233
12,480
17.967
26,395
5.270
621
3,783
1.537
3.246
Clerts fees
Housing Ass(KIall￿ grant recolved
Wag8s and salaries
Depreciation
7.493
(14.038)
105.840
41.1x15
Page 29

THE HOSPITAL OF ST IAARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
10. Audltorf ￿m￿•ratIOn
2024
2023
Fees payable to the Charivs cuffent a￿1￿(* Ihe aLthJil of the Chaiivs
annual accounts
5,850
11. Staff eosts
2024
2023
Wages aNJ Salaries
127,755
8,617
121,842
3,825
136.372
125,667
The average number of per5wts ern￿Yed by the Chwlty during the year was as follow5.'
2024
2023
No.
Numb￿ of employees
The avernge headcount expressed as 1￿mIMe equbvalents VAS:
2024
No.
2023
Numbw of employees
No employee receNed wwnun8ratiM ￿(￿)ling to morg than £60,000 in either year.
Key mtnagemenl wuneralkm. bdng costs relatir¥J to the Manager and the Clerk to the Twstse$,
amounted lo £46.478 (2023: £44.577).
12. Tru•ts•s' r•mufi•r*tlon and •xp•nMs
rtng year. no Trustees received reM￿￿allOn or other beneffts (2023. £NIL).
rlng the year ended 31 March 2024, M Trustee oxp*ws have been Incwred (2023- £NIL).
Pago 30

THE HosprrAL OF 8T MARY THE VROIN (RYE trllLL AND BENWELL) ALMSHOUSES CHARrrY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 IAARCH 2024
13. N•t (lossesVgaln8 on Inv••tm•nt•
2024
2023
Losses on dlsposal of share Snvesknwrt assets
Gans1(Ic￿S89) on rav￿*110￿ of share inveslmont assets
(584)
44,350
(4,053)
(38,982)
43,766
(43,035)
l& Incom• from l•ttlngs
2024
2023
Maxlmum contrlbutions rec*lvatlo
Less: Voids
262,408
(10,$78)
235, 109
(19.516)
251,830
215.593
Numbw of unlts
The uimts of aC{￿￿￿jati0n for distharlag8d peotA8 let at social rent are: .
2024
Numb•r
2023
Number
T￿￿￿na5 Hornley H￿j88
Ftye Hill
40
19
40
18
One extra flat was cTrated at Rye Hill dwng the yw as a re&At of th& wisling Warden's offlca boing
split betKen ￿ olfKe arKI a residential UIML
The Charity. being an almsh)use charity. d[￿ nol create any fomi of assured tenancy in favour of
oMied by the Charity.
Page 31

THE HosprrAL OF ST MARY THE VIRGIN {RYE HILL AND BENWELL) ALMSHOUSES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1& Tanglble fix•d ass•ts
Fmhold Flxtures and
propfjty
ffttlngs
Total
Cost or valuatlon
At 1 April 2023
Additions
1690.550
364,240
212,979
3,054790
212.979
At 31 March 21Y24
2,690.550
$77,219
3,267.769
Dopreclatlon
At 1 ￿11 2023
Charge for the year
545,035
n,950
250,606
20,009
795,641
92,959
At 31 March 2024
617.985
270.615
888,61)0
Net book valu•
Al 31 March 2024
2.071565
301604 2,379,169
At 31 March 2023
2,145.515
111634
2,259.149
Ind￿ed in freehdd properly, planl arKI 1$ lrnehdd laNI at deemed cost of £450,1kn) (2023 -
£450.(KIOI ￿Nch is rK)t depreciated freehold trwl1d1r￿ at deemed cost of £1,900,CW (2023 -
£1,900.OCQ). Thg Freehokl Properties were revalued by woodn￿ & Co. Chart8red Surveyors using
fair value basis valuation to establish a deemed ￿$t on tran￿tion to FRS11Y2 the Statemenl of
Recommwvjed Pracllce for Social Howfflg Provith 2014.
The hSstori¢ co* of the* trywti8s is £981,266 comprises £195.594 for the revltalisation of Rye
Hill and £785.672 for the Qykstruction ol ThLYnas Horsley Hous8.
Pag8 32

THE HOSPITAL OF ST IAARY THE VIRGIN IRYE trILL AND BENWELL) ALMSHOUSES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1& Flx¢d a••ot Investmonts
Olh•r fix•d
as••t
Llstsd
Totsl
Cwt orvaluallon
At 1 Aprfl 2023
Additions
Disposals
Revaluallor
464674
69,970
(49,062)
41350
21,386
486,060
69,970
(60,583)
44.350
At 31 March 2(r24
529,932
539,797
N•t bopk valuo
At 31 March 2024
529.932
9.865
539.797
At 31 IAar¢h 2023
464.674
21.386
486.060
All the fixed asset Investments are hdd In the Ulc
17. D•btor•
2023
Duo wlthln on• y•ar
Trad8 d8bt(Ys
st Mary the vI￿n Estate Manag￿ent Charfty
Prepayments and acuued incl￿0
4987
4,647
36.775
19.191
11250
60,613
Page 33

THE HOSPtrAL OF ST klARY THE VIRGIN (RYE HILL AND BENWELLI ALM8HOU8E8 CHARITY
140TES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 PIARCH 2024
1& Credltors: Amounts falllng du• w5th1n on• year
2024
2023
loans
Tr￿e creditors
Other creditors
Acuuals and deferred income
10,500
9.031
2.562
41.$05
29.549
65,180
32,111
19. Crodltorn: Amounts falllng du• aftw mor• than om y•ar
2023
Othgr loans
89,250
InGILKl8d within the atxwe are amounts falling due asfcA1￿￿$.
2024
2023
8otWeon on• and two yoarn
Other loans
10.500
Other lowis
31.500
Ov•r fivo yoars
Other loans
47.250
Tho aggregate am(wnt ol li*illties payatle or repa￿e *thlly or in Fert mor• than fiva ￿ar8 aft8r the
rewting date is:
2024
2023
Payable or repwiatle by Instalments
47,250
47.250
Paga 34

THE HOSPITAL OF 8T MARY THE VIRGIN (RYE HILL AND BEN¥¥ELL) ALMSHOUSES CHARrrY
NOTES TO THE FINANCIAL STATEMEKrs
FOR THE YEAR ENDED 31 MARCH 2024
Flnanclal In8trwn•nt•
2023
Flnandal a8Mts
Finanryal awts measured at fair vakn IhrW Incryne and eX￿dItyjre
204.154
464,674
Flnancial assets meawred at fair value inrx)me aThl exp￿￿11￿8 o)mpri8e quoted Investments
statad at markot v￿￿0.
21. Ae¢rual8 and d•f•rnd In¢orn•
2023
Govwnment Gr￿ts
84235
98.273
On transition to the acc￿n11r9 polirie& rewred by the Statement of Rec£Mnmended Practice for S￿181
Houstng Providers 2014, the element of Ihe Social H￿sIng Grant relallng to Thomas Horsley House
ith was still to be released to the Statement of Flnandal Actlvltles transferred to accruals and
deferred income lo be released over the estimated useful Iwe of the bulldlng at the time of the
experKI'ture (*thich Was 50 yews).
The remairK18r of this ￿ant together *ith the f(Al ScKial Housing Grant recèived for refurbishmeni of
Rye Hill has been taken to urrestricted funds to refleci the value of grants that in accordanc8 with
the requr8m8nts of tho Statement CA Re(xThmwded Pra￿1(* for &*ial HousiThJ Providers 2014 *Duld
hwi8 been relea￿d to the Ststement ol Fin￿>81 A¢lriities rf those a¢4xNJnting requirements had b8en
in place from the time of the expendiiwe.
The anKunts Shc*￿ as deferred irKAyno aro incaKled in th8 •nounts disd08ed as clyrtingent liabilities.
Paga 35

THE HosprrAL OF ST MARY THE VIiGIN IRYE HILL AND BENWELL) ALM8HOUPA8 CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
21 Stat•m•nt of funds
PJtat•m•nt of fund8- curr•nt year
Balan￿ at
31 March
2024
Balance at 1
Aprll 2023
Tr•nsf•rs
Inlout
Galnsl
(Loss￿)
Income Exp•ndltw•
UnMstrfcl•d
funds
Revaluati
r￿r¥8
{1162n
686.013
Major planned
gxpenditu
reseNe
250.wo
1,788.539
250,000
1,960,692
General Fund$
471.306
(455.546)
112,627
43.766
1737,179
471.306
(455.546)
100.OIXI
43.766
2.896,705
Regtrl¢tsd
lund$
Catherine
Ctsjkson
Foundallon
100.000
(100,0001
T¢)tsl of fund$
1737,179
$71.306
(4SS,5461
43.766
2,896,705
The g￿t of £11X).(MK) fr￿ the Calherine c(W*S￿ F￿[￿t￿)n was to help the pur¢ha88 of a new
boiler at Thomas Horsley Fkw. Once thè boiler purchased WKI ￿MIssiOned it was trangfeffed to
General Fund5.
Pag8 36

THE HosprrAL OF ST MARY THE VIRGIN (RYE HILL A14D BENV&L) ALMSHOUSES CHARITY
NOTES TO THE FINANCIAL STATEMEpirs
FOR THE YEAR ENDED 31 PaARCH 2024
statorn•nt of fund• {contlnwd)
statwnent of lund$- prlor y•ar
Trnnsfe
i￿out
Gain
(Losses)
31 March
2023
Unrestrlctod
funds
Revaluati¢
reserve
711.267
(12.627)
Major planned
expenditure
reserve
250,1
1,797, 124
250.(XlO
(43.035J 1, 788.539
Genwal Funds
414821
(394.998)
12.627
2.758.391
41&821
(394.998)
(43.035) 2, 737. 779
Tot•1
fund$
2024
funds
2024
Tanglble fixod as$8ts
Flxéd atsot inv•stments
urrent assets
2.379,169
539,797
216.404
(65,180)
(89250)
(84235)
2.379.169
539.797
21&404
(65,180)
(89.250)
(84235)
Credltors vAtNn one ye
Creditors <*J6 in more
Provisions for liatilili88 and ¢hwps
Tolal
2.896,705 1896,705
Page 37

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALM8HOU8ES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
23. Analysls of n•t assets b￿l￿On funds (wnllnu•d)
Analysls of not ass•ts b•t*wn funds . prlor p•rlod
Total
funds
2023
funds
2023
Tangl￿e fixed assets
Fixed asset Invostrnents
Current assets
Credilors due withln one ye
Provlslons for Ilabllftles and chw
Z259.149
2,259. 149
486,060 486.060
122,354
122.354
(32,111)
(32.111)
(98.273)
(98.273)
Total
2,737,179
2. 737, 179
24. Roconclllatlon of not mov•Thnt In funds to net ¢a•h ilow from operallng actlvltles
2024
2023
Net incomelexpenditur8 for the pgrl(Ml (as pgr Statem￿1 of Finandal
Activities)
159,526
(21,212)
AdJu¥trnnts for:
Depr9aation tharges
Lossesllgainsl on investments
Dividends, interests and rents fmm imiestments
D8crea9el{increa88) in deblors
In¢rea8elldefJease) in (xethto
Rdease of wl
92,959
{43,7661
(14,8551
48.363
83.053
43.035
(11,711)
(24.377)
(12.064)
(14.038)
(140381
N•t cash provld•d by op•vallng actlvll
250.758
42.686
Analysls ol ¢ash and ¢uh •qulval•Trt•
2024
2023
Cash in hand
204,154
61.741
T•)tal ¢ash and •qulv•l•nts
204,154
61.741
Pag8 38

THE HOSPIT￿ OF ST MARY THE VIRGIN IRYE HILL AI4D BENWELL) ALMSHOUSES CMARrrY
NOTES TO THE FINANCIAL STATEMEKrs
FOR THE YEAR ENDED 31 IAARCH 2024
26. An•￿1* ol¢hangu In n•t dabt
At 1 Aprll
2023 Cash flows
At 31 March
2Q24
Cash at bank and In hand
Debt due ￿rythin 1 year
Debt due after 1 ye
61.741
142,413
(10,5110)
(89,2SO)
204154
(10,5001
(89,250>
61.741
42,863
104.404
27. Conllng•nt Ilabllltl•s
Tho i*arltable tru* has In wllw yws r8c•lvod Sodal H￿S7￿j (knts from tho prearnr of tho
Rog￿ator of Sodal Hou4ng to fuThJ tho pun*as8 refurblshm•nt of fro8hold proFwb•s as follo
Thomas H(￿laY H￿80 £701.923: and
Rye Hill
£193.097.
There is limit for repayment of these rf a r818vatt ov•rt o¢cws to trgger repa￿enL Such
ovonts Kiuld induda tha properties being sold, a chang8 or uso or rf ts r•gistor8d housing providor
worn to dwolister. The Tr￿Stea8 do Th)t a￿l￿pate any of those oV￿ts ctcuffing in the fore￿able
future. kn ur*xpired porbon of th8 grant is Ind￿ in dofwrod inc4no.
Op•ratlng l•as• commltm•nts
At 31 March 2024 the Ch¥lty had wnmilmwts to make ￿1￿8 miymum lease paymonts undw non-
cancallable cperating leases as folm"
2024
2023
Not lat8r than 1
2,476
6.874
2.317
Later th￿ 1 yew and not laterthan S y8ar5
Later 5 yews
6.086
1.130
9,894
11.667
Th? follty•ANJ loase paJryn•ts havo been rnto￿lsed as ￿ expense in th8 Stat￿8nt of Fina￿la1
Activities:
2023
Operalng lease rwrtals
1546
2.297
Page 39

THE TrIOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND 8ENWELL) ALIISHOUSES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 hlARCH 2024
29. Rolatsd party tr•Ndlo
The Charity is constilutad Ur￿1￿ a Tn￿1 D88d ￿lled th8 Hospltal of Saint Mary the Virgin. in the Cty of
Newcas￿8 Up￿ TY￿ in th8 c￿ of &¥J Wear.
It Is organised inlo separate Charities nwned the Hospital of St. Mary the Virgin {Rye Hill and
Ban￿11) Almshouses Charity referrwj to as the "Almth)uses Ch*iW and the St. Mary the Vwgln Estate
Man4efnent Charity referred to as the %stats Man*Jemenl Charilf.
Incixne received by this Charity fr(xn the Estats Marwnent Charity Is sh(Ywn on tho Statem&nl of
Finanoal Activities. The arnO￿t due from the Estate Man•J8m8nt Chaiity al tha yw ènd Is shown In
debtors du8 V•ithin one yew.
Tim Gray (Clerk to the Trustees) is a o)rwltant to Mincths solicators. D￿n9 the year ended 31 March
2024, Mincoffs provided legal ServI￿S to the Charity aM0￿￿1r￿j to Q.340 (2023: £2.340).
Page 40