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2025-03-31-accounts

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

Charity number: 216275

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 9
Independent Auditors' Report on the Financial Statements 10 - 13
Statement of Financial Activities 14
Income and Expenditure Account 15
Balance Sheet 16
Statement of Cash Flows 17
Notes to the Financial Statements 18 - 41

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees

Dr Hazel Jones-Lee, Chair Mr Richard Metcalfe, Vice Chair Mr Alan Birkmyre (resigned 9 April 2025) Councillor Teresa Cairns (resigned 14 May 2024) Mr Michael Downie (appointed 26 September 2025) Mr Aidan Evans Dr Laura Graham (appointed 26 September 2025) Councillor John O'Shea Ms Sue Pearson Mr M Richardson Councillor Shumel Rahman (resigned 2 May 2024) Dr Hilary Anne Wynne

Charity registered number

216275

Registered office

5 - 7 Osborne Terrace Newcastle upon Tyne NE2 1SQ

Independent auditors

Kinnair Associates Limited Chartered Accountants Registered Auditor Aston House Redburn Road Newcastle upon Tyne NE5 1NB

Bankers

National Westminster Bank plc 16 Northumberland Street Newcastle upon Tyne NE1 7EL

Solicitors

Mincoffs Solicitors 5 - 7 Osborne Terrace Newcastle upon Tyne NE2 1SQ

Regulator of Social Housing number

A1273

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Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Manager

Patricia Embleton Thomas Horsley House Benwell Lane Newcastle upon Tyne NE15 6NG

Clerks

Timothy Rohan Gray (Clerk) Christopher Hughes (Deputy)

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Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2024 to 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charity’s governing document, the Housing SORP 2018: Statement of Recommended Practice (SORP) for Registered Social Housing Providers, the Charities Act 2011, the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2022.

The Financial Statements do not present a Statement of Comprehensive Income or a Statement of Changes in Reserves as the Trustees believe that the information that would be shown in these statements is already adequately disclosed in the Statement of Financial Activities and the Statement of Funds note to the Financial Statements.

Objectives and activities

Policies and objectives

The objective of the Charity is to provide inexpensive sheltered accommodation for poor men over the age of 50 years referred to as “residents”.

The principal activity is the management of the Almshouses at Rye Hill and Benwell. The numbers of flats available for occupation by residents are 19 at Rye Hill and 41 at Thomas Horsley House, Benwell.

The Trustees are satisfied that the objects of the Charity fall within the meaning of “charitable purpose” within Section 2 of the Charities Act 2011 as they refer particularly to: -

The Trustees are further satisfied that the activities of the Charity fall within principles one and two as set out in the Charity Commission guidance dated December 2008 and that the historical restrictions on entry are, in all prevailing circumstances, reasonable.

In setting objectives and planning for activities the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

Compliance with the Governance and Financial Viability Standard

The Trustees undertake an annual assessment of their compliance with the Governance and Financial Viability Standard and confirm the entity’s compliance with the Standard during the course of the year and up to the signing of the financial statements.

The Trustees have adopted the NHF Code of Governance 2020.

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THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

Review of activities

In pursuit of high standards with regard to its responsibilities to residents and staff, at least every three years, the Charity reviews its policies and procedures as part of a cyclical process of monitoring and improvement taking into account as appropriate the recommendations from time to time of the Almshouses Association.

In line with recommendations of the Regulator of Social Housing and the Almshouses Association, the Charity has continued with programmes of planned maintenance and enhancement of the properties with funds accumulated for the purpose. The Trustees, having assessed the risks, are confident that high standards have been maintained whilst retaining sufficient resources to cover the costs of unexpected events.

Expenditure - the reported expenditure reflects the ongoing maintenance of the properties.

Investment policy and performance

The Trustees have adopted a policy of seeking medium risk investments in order to generate income and achieve some capital growth. The charity remains a long term investor and, on professional advice, holds a diversified portfolio of equities, bonds and property with some cash.

The portfolio total return was +2.8% for the year to 31 March 2025 (2024: +11.8%). This compares with total returns for the following indices :

Year to 31.03.25 Year to 31.03.25 Year to 31.03.24
BD Risk Category 6 Benchmark + 6.5% + 13.4%
FTSE British Government All Stocks Index - 1.2% - 0.0%
Iboxx £ Corporate Bond Index + 2.3% + 7.4%
FTSE All Share Index + 10.5% + 8.4%
FTSE All World Ex UK Index + 5.2% + 21.4%
IA Property Index + 6.2% - 3.5%
IA Targeted Absolute Return Index + 4.5% + 6.3%

The Brewin Dolphin Risk Category 6 Benchmark comprises 3.5% UK Gilts, 2.5% UK Bonds, 11% Overseas Bonds, 17% UK Equities, 51.5% Overseas Equities, 3% Property, 9% Alternatives & 2.5% Cash.

Global equities continued to make new highs at the start of the year supported by resilience in the US economy and the increasing prospects of a ‘soft landing’. There was a clear divergence in US and Eurozone market performances and, while the S&P 500 and NASDAQ Composite indexes reached record highs as investors continued piling into tech stocks, Europe ended barely in the black.

However, the momentum built up over the previous couple of months stalled in the latter half of July and, after the global ‘Crowdstrike’ outage, investors began to look for alternative ways of playing the spread of artificial intelligence (AI). August was also something of a rollercoaster ride as, with inflation concerns falling, a US employment report came in below forecasts for only the fifth time in the previous two years. The possibility of a US recession became a greater concern and was initially thought to be the catalyst for the sell-off in technology stocks. However, with US rates set to decline the (fairly long running) dollar/Yen carry trade became less attractive and, in early August, the yen started to appreciate very fast. This put pressure on investors being squeezed out of the trade to reduce positions and the Japanese TOPIX index fell a stunning 12% in a single session. The knock-on effects were felt across global markets and the gains made by semi-conductor and AIrelated stocks were particularly targeted.

At the beginning of November the action was dominated by the US presidential election. The reaction to the results was largely intuitive and equities generally benefited, reflecting the prospect of less regulation and potentially lower taxes. However, the election of President Trump warranted an increased premium for risky

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Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance (continued)

assets and the imposition of tariffs, which could reduce global growth and re-fuel inflation, and saw treasury yields rise sharply.

It was always likely to be a lively start to 2025 but major markets performed well in January. Even so, the performance of the US equity market had been broadening out since the election in November and, although 2024 had been a strong year for the ‘Magnificent Seven’ mega-cap stocks, the month saw the group lose further ground against the wider market.

There have been two distinct phases to the market action since the US election. The first was a repeat of the ‘Trump bump’ experienced in his first term and this took place after the result confirmed he would have a second term, as investors reacted to the prospect of anticipated benefits, such as reduced regulation and the possibility of tax cuts. However, the bump became a slump and, from mid-February, there was a sharp sell-off for global equities, driven almost entirely by the US. The most obvious rationale for the sell-off was trade tariffs and the dramatic escalation in President Trump’s global trade war.

With no major changes to the inflation outlook, gilts have fallen and the resulting rise in yields has given little support to property, or infrastructure. This has weighed on relative performance but these are areas that make a significant contribution to portfolio income.

Financial review

Going concern

Although Trustees did have some concern about the level of the income from the Estate Management Charity, which is made up principally of funds from commercial lettings, they are satisfied that rental income is now made up as they would expect and therefore, they are satisfied that the Charity has the resources to continue in operation for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies .

Reserves policy

It is the Trustees' policy to maintain free reserves at a level equating to around six months of charitable expenditure. At the year end the free reserves, after taking account of £250,000 designated for major planned property expenditure, stand at £323,407 (2024: £267,536). This level of free reserves is equivalent to approximately seven months’ charitable expenditure and so is slightly above the targeted level.

Financial review

In seeking to achieve the Charity's Objectives the Trustees monitor the level of void weeks i.e. weeks where a property is unoccupied. During the financial year there was the equivalent of 128 void weeks (2024: 123) amounting to a reduction of £11,458 (2024: £10,578) on maximum contributions collectable. Arrears outstanding at the financial year end were £11,489 (2024: £4,987).

The income of the Charity for the year amounts to £509,664 (2024: £571,306) and operating costs of £520,290 (2024: £455,546) leaving a deficit of £10,626 (2024: Surplus £115,760) before taking account of realised and unrealised gains on investments.

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Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Principal funding

The consistent major sources of income of the Charity are from the St Mary the Virgin Estate Management Charity and weekly contributions from the residents. Both the Estate Management Charity and this Charity are constituted within the same scheme of the Charity Commissioners.

The Trustees are aware that the Charity's legacy income from the Estate Management Charity has reduced due to a rent reduction and in addition the Almshouses have begun to fill the voids.

Value for money

In accordance with the Value for Money Standard introduced by the Regulator of Social Housing in April 2018 we set out below the Charity's performance against our value for money targets by reference to a series of seven metrics set by the Regulator which seek to measure economy, efficiency and effectiveness.

Value for Money Metric Target 2026 Actual 2025 Target 2025 Actual 2024
One - Reinvestment % 2.3% 1.4% 2.6% 9.0%

Commentary – the reinvestment percentage is calculated by reference to works to the existing properties divided by the net book value of housing properties at deemed cost. Within the pre-existing properties one new social housing unit was developed in the year in addition to some planned major repair works. There was no capitalised interest. The Trustees do not anticipate there will be any more social housing unit developed for the foreseeable future.

Two - New Supply %

Social housing units delivered 0.0% 1.7% 1.7% 1.7%
Non-social housing units delivered Nil Nil Nil Nil

Commentary – Within the pre-existing properties one new social housing unit was developed in the year. The Trustees have no further plans to develop any more social housing units. The Trustees have no plans to deliver any non-social housing units.

Three - Gearing % -9.5% -4.3% 1.2% -0.2%

Commentary – while the Charity has some debt this is exceeded by the cash balances and so a negative gearing figure is arrived at by dividing the Charity’s cash at bank less loan balance by the net book value of housing properties at deemed cost.

Four – EBITDA MRI Interest cover % Nil Nil Nil Nil
Commentary – The Charity has interest free borrowing from the Almshouses Association.
Five – Headline social housing cost £7,852 £7,726 £6,660 £9,854

Commentary – the cost has increased in the year due to expenditure on major maintenance and repair works being incurred which are expected to reduce in 2026.

Six – Operating margin %

Overall = social housing lettings -36.0% -41.6% -54.7% -51.3%

Commentary – the percentages are negative as a result of the Charity’s income from other sources which

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Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

means that it can subsidise the social housing so resulting in sustainable operating deficits. The negative percentage improved due to increased contributions to direct costs. While the Trustees anticipate that the Charity will continue to benefit from other sources of income being available to subsidise the social housing costs they expect to continue to receive contributions towards direct costs.

Seven – Return on capital employed % -4.0% -4.1% -5.8% -4.4%

Commentary – the percentages are negative as explained in metric six. The negative percentage reduced slightly due to an increase in revenue primarily arising from contributions towards utilities.

The Trustees are unaware of any Registered Social Housing Providers with similar funding arrangements to this Charity and therefore believe that there are no meaningful benchmark comparisons available.

Structure, governance and management

Constitution

The Hospital of St Mary the Virgin (Rye Hill and Benwell) Almshouses Charity is a registered charity, number 216275, and is constituted under a Trust deed.

The objective of the Charity is to provide inexpensive sheltered accommodation for poor men over the age of 50 years referred to as “residents”.

The Charity scheme has been approved by the Charity Commissioners for England and Wales and is governed by the rules contained in the scheme dated 2 April 1979 as amended.

Methods of appointment or election of Trustees

The Trustees comprise non-executive members with a wide range of commercial and professional experience.

The Trustees meet quarterly, setting and monitoring strategy and performance, ensuring adequate funding and formulating policy on key issues. In addition sub-committees meet between the main Trustees meetings to discuss strategy and review policies in their respective areas of skills and interest. Day to day management of the Charity is delegated to the Manager, her financial assistant and the Clerk to the Trustees.

The body of Trustees shall consist of:

The Trustees who served during the year are shown in the Reference and Administrative information.

The Trustees are encouraged to undertake professional training courses which most recently have been provided by Hempsons LLP.

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Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

Organisational structure and decision-making policies

The Trustees are responsible for establishing and maintaining the Charity’s system of internal financial control. Internal control systems are designed to meet the particular needs of the Charity and the risks to which it is exposed, and by their nature can provide reasonable but not absolute assurance against material misstatement or loss. The key procedures which the Trustees have established with a view to providing effective internal financial control are as follows:

The Trustees regularly reviewed the effectiveness of the system of internal financial control as it operated during the year.

Policies adopted for the induction and training of Trustees

Upon appointment Trustees are given copies of the Charity Commission Scheme, the accounts and the minutes of meetings of the Trustees. They are also supplied with the Charity Commission booklet in relation to the responsibility of Charity Trustees. Trustees are appointed for their particular skills in dealing with a Charity of this nature.

New Trustees will be requested to undergo DBS checks and to engage in periodic updating of safeguarding training.

Pay policy for staff

All staff irrespective of seniority have annual salary reviews which have regard for benchmarking and other parameter. Where salary changes are granted they take effect from the following 1 April.

Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Trustees consider that the major factors likely to affect the future financial performance of the Charity are the levels of occupancy, weekly contributions levied and investment performance including the levels of income received from the St. Mary the Virgin Estate Management Charity.

Plans for future periods

The Trustees intend to maintain the existing accommodation units to a high standard and have carried out major repairs at Thomas Horsley House in 2024.

An additional unit has been made available at Rye Hill by conversion of the former Warden's accommodation and the Trustees have created a further unit at Thomas Horsley House again by conversion of the former Warden's accommodation in the next financial year.

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Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Kinnair Associates Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 26 September 2025 and signed on their behalf by:

Dr Hazel Jones-Lee

(Trustee)

Mr Richard Metcalfe (Trustee)

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Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

Opinion

We have audited the financial statements of The Hospital of St Mary the Virgin (Rye Hill and Benwell) Almshouses Charity (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY (CONTINUED)

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

In addition, we have nothing to report in respect of the following matter where the Housing Regeneration Act 2008 requires us to report to you if, in our opinion a satisfactory system of control over transactions has not been maintained.

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THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY (CONTINUED)

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -

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Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY (CONTINUED)

To address the risk of fraud through management bias and override of controls, we: -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which include, but are not limited to: -

There are inherent limitations in our anticipated audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Kinnair Associates Limited

Chartered Accountants Registered Auditor Aston House Redburn Road Newcastle upon Tyne NE5 1NB

26 September 2025

Kinnair Associates Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net (expenditure)/income before net (losses)/gains
on investments
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
190,506
301,990
17,168
509,664
3,534
516,756
520,290
(10,626)
(722)
(11,348)
2,896,705
(11,348)
2,885,357		 Total
funds
2025
£
190,506
301,990
17,168
509,664
3,534
516,756
520,290
(10,626)
(722)
(11,348)
2,896,705
(11,348)
2,885,357		 Total
funds
2024
£
293,141
263,310
14,855
571,306
3,201
452,345
455,546
115,760
43,766
159,526
2,737,179
159,526
2,896,705

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 41 form part of these financial statements.

Dr Hazel Jones-Lee Mr Richard Metcalfe Trustee Trustee

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Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025

Note
Income
Losses/(gains) on investments
Gross income in the reporting period
Less: Total expenditure
Net expenditure/ (income) for the reporting period		 Total funds
2025
£
509,664
(722)
508,942
(520,290)
(11,348)		 Total funds
2024
£
571,306
43,766
615,072
(455,546)
159,526

The notes on pages 18 to 41 form part of these financial statements.

Page 15

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
17
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Provisions for liabilities
Total net assets
Charity funds
Unrestricted funds
22
Total funds		 37,411
187,878
225,289
(54,629)		 2025
£
2,311,950
551,694
2,863,644
170,660
3,034,304
(78,750)
(70,197)
2,885,357
2,885,357
2,885,357		 12,250
204,154
216,404
(65,180)		 2024
£
2,379,169
539,797
2,918,966
151,224
3,070,190
(89,250)
(84,235)
2,896,705
2,896,705
2,896,705

The financial statements were approved and authorised for issue by the Trustees on 26 September 2025 and signed on their behalf by:

Dr Hazel Jones-Lee Mr Richard Metcalfe (Trustee) (Trustee)

The notes on pages 18 to 41 form part of these financial statements.

Page 16

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Note
Cash flows from operating activities
Net cash used in operating activities
24
Cash flows from investing activities
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Cash inflows from new borrowing
Repayments of borrowing
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
25		 2025
£
22,340
17,168
(32,665)
126,362
(138,981)
(28,116)
-
(10,500)
(10,500)
(16,276)
204,154
187,878		 2024
£
250,758
14,855
(212,979)
59,999
(69,970)
(208,095)
105,000
(5,250)
99,750
142,413
61,741
204,154

The notes on pages 18 to 41 form part of these financial statements

Page 17

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

The Hospital of St Mary the Virgin (Rye Hill and Benwell) Almshouses Charity is a registered charity, number 216275. It is also registered under the Housing and Regeneration Act 2008 and its registered number is A1273. The Charity is unincorporated and its registered office is at 5 - 7 Osborne Terrace, Newcastle upon Tyne, NE2 1SQ.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention in accordance with the Housing SORP 2018: Statement of Recommended Practice (SORP) for Registered Social Housing Providers, the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and comply with the Accounting Direction for Private Registered Providers of Social Housing 2022.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Hospital of St Mary the Virgin (Rye Hill and Benwell) Almshouses Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Trustees have considered the potential financial effects on the availability of cash and reserves and the consequent bearing on the use of the going concern basis of preparation of the financial statements. The Trustees have concluded that the Charity has sufficient cash and reserves to sustain it for the foreseeable future. The Trustees are therefore satisfied that it is appropriate for them to prepare these financial statements on the basis that the Charity continues to be a going concern.

Page 18

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Social Housing Lettings, described as "contributions from residents", are accounted for on an accruals basis.

Income from cash deposits is accounted for on an accruals basis. Income from all other investments is taken into account on a receivable basis.

Income from the sister Charity, St Mary the Virgin Estate Management Charity, is recognised on a receivable basis.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Costs of generating funds are those costs incurred in attracting voluntary income.

Charitable activities and Governance costs are costs incurred on the upkeep and management of the two Almshouses including support costs and costs relating to the administration of the Charity and compliance with constitutional and statutory requirements.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. allocating property costs by floor areas, or per capita, staff cost by the time spent and other costs by their usage.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 19

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost (or deemed cost) less depreciation.

As permitted by the Housing Association SORP 2014, the charitable trust elected to measure properties at their fair value on the date of transition to the SORP and use that fair value as deemed cost at that date.

Depreciation is not charged on freehold land. Depreciation on other tangible assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their estimated useful lives using the straight-line method.

Depreciation is provided on the following basis:

Freehold property - 2%
Fixtures and fittings - 10%
Freehold property - 7%
improvements

Depreciation on freehold property is based on their fair value at valuation at 1 April 2014. Freehold property is being depreciated over 50 years from the transition date (1 April 2014).

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 20

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.10 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.11 Social housing grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the statement of financial activities as the related expenditure is incurred.

2.12 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 21

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

3. Income from donations and legacies

St Mary the Virgin Estate Management Charity
Grants
St Mary the Virgin Estate Management Charity		 Restricted
funds
2025
Unrestricted
funds
2025
£
£
-
190,506
Restricted
funds
2024
Unrestricted
funds
2024
£
£
100,000
-
-
193,141
100,000
193,141		 Total
funds
2025
£
190,506
Total
funds
2024
£
100,000
193,141
293,141

4. Income from charitable activities

Unrestricted Total
funds funds
2025 2025
£ £
Contributions from residents 301,990 301,990

Contributions from residents above includes £28,513 (2024 : £11,480) contribution towards utilities.

Unrestricted Total
funds funds
2024 2024
£ £
Contributions from residents 263,310 263,310

Page 22

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. Investment income

Unrestricted
funds
2025
£
Dividends and interest on investments
14,175
Bank deposit interest
2,993
17,168
Unrestricted
funds
2024
£
Dividends and interest on investments
12,798
Bank deposit interest
2,057
14,855
Investment management costs
Unrestricted
funds
2025
£
Investment management fees
3,534
Unrestricted
funds
2024
£
Investment management fees
3,201		 Total
funds
2025
£
14,175
2,993
17,168
Total
funds
2024
£
12,798
2,057
14,855
Total
funds
2025
£
3,534
Total
funds
2024
£
3,201

6. Investment management costs

Page 23

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Direct costs - Provision of sheltered accommodation
516,756
Unrestricted
funds
2024
£
Direct costs - Provision of sheltered accommodation
452,345		 Total
2025
£
516,756
Total
2024
£
452,345

8. Analysis of expenditure by activities

Direct costs - Provision of sheltered accommodation
Direct costs - Provision of sheltered accommodation		 Activities
undertaken
directly
2025
£
427,732
Activities
undertaken
directly
2024
£
398,289		 Support
costs
2025
£
89,024
Support
costs
2024
£
54,056		 Total
funds
2025
£
516,756
Total
funds
2024
£
452,345

Page 24

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Direct costs -
Provision of
sheltered
accommodation
2025
£
Staff costs
104,131
Depreciation
99,884
Water rates
20,592
Insurance
6,363
Lighting and heating
94,057
Repairs and maintenance
72,433
Upkeep of grounds
15,654
Cleaning and laundry
2,948
Warden call system
15,852
Sundries
2,356
Clerk's salary
7,500
Housing Association grant released
(14,038)
427,732		 Total
funds
2025
£
104,131
99,884
20,592
6,363
94,057
72,433
15,654
2,948
15,852
2,356
7,500
(14,038)
427,732

Page 25

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Depreciation
Water rates
Insurance
Lighting and heating
Repairs and maintenance
Upkeep of grounds
Cleaning and laundry
Warden call system
Sundries
Clerk's salary
Housing Association grant released		 Direct costs -
Provision of
sheltered
accommodation
2024
£
114,536
92,959
16,638
6,495
72,345
66,869
14,430
3,095
14,955
2,505
7,500
(14,038)
398,289		 Total
funds
2024
£
114,536
92,959
16,638
6,495
72,345
66,869
14,430
3,095
14,955
2,505
7,500
(14,038)
398,289

Page 26

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Direct costs -
Provision of
sheltered
accommodation
2025
£
Staff costs
25,040
Sundry expenses
2,339
Postage, stationery and advertising
7,195
Subscriptions
5,869
Bank charges
1,137
Consultancy and training
1,535
Professional fees
35,067
Governance costs
10,228
Bad debts
614
89,024
Direct costs -
Provision of
sheltered
accommodation
2024
£
Staff costs
21,836
Sundry expenses
945
Postage, stationery and advertising
5,878
Subscriptions
4,366
Bank charges
1,082
Consultancy and training
810
Office insurance
700
Professional fees
2,827
Loan arrangement fee
5,000
Governance costs
10,612
54,056		 Total
funds
2025
£
25,040
2,339
7,195
5,869
1,137
1,535
35,067
10,228
614
89,024
Total
funds
2024
£
21,836
945
5,878
4,366
1,082
810
700
2,827
5,000
10,612
54,056

Page 27

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Governance costs included above comprise:

Auditors remuneration
Clerk's fees		 2025
£
7,740
2,500
10,240		 2024
£
7,512
2,500
10,012

9. Schedule of outgoings on properties - 31 March 2025

Rye Hill
Homes
Thomas
Horsley
House
2025		 Rye Hill
Homes
Thomas
Horsley
House
2025		 Rye Hill
Homes
Thomas
Horsley
House
2025
£
£
£
Water rates 6,477 14,115
20,592
Insurance 2,175 4,188
6,363
Lighting and heating 46,418 47,639
94,057
Repairs and maintenance 18,440 53,993
72,433
Upkeep of grounds 6,057 9,597
15,654
Cleaning and laundry 840 2,108
2,948
Warden call system 4,954 10,898
15,852
Sundries 38 2,318
2,356
Clerk's fees 3,196 4,304
7,500
Housing Association grant received - (14,038)
(14,038)
Wages and salaries 49,145 54,986 104,131
Depreciation 43,768 56,116 99,884

Page 28

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

. Schedule of outgoings on properties - 31 March 2024

Rye Hill
Homes
Thomas
Horsley
House
2024		 Rye Hill
Homes
Thomas
Horsley
House
2024		 Rye Hill
Homes
Thomas
Horsley
House
2024
- £
£
£
Water rates 5,762 10,876
16,638
Insurance 2,742 3,753
6,495
Lighting and heating 30,278 42,067
72,345
Repairs and maintenance 30,524 36,345
66,869
Upkeep of grounds 5,396 9,034
14,430
Cleaning and laundry 480 2,615
3,095
Warden call system 4,823 10,132
14,955
Sundries 722 1,783
2,505
Clerk's fees 3,269 4,231
7,500
Housing Association grant received - (14,038)
(14,038)
Wages and salaries 45,844 68,692 114,536
Depreciation 43,768 49,191 92,959
173,608 224,681 398,289

10. Auditors' remuneration

2025 2024
£ £
Fees payable to the Charity's current auditor for the audit of the Charity's
annual accounts 3,550 3,440

Page 29

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Staff costs

Wages and salaries
Social security costs		 2025
£
125,745
3,426
129,171		 2024
£
127,755
8,617
136,372

The average number of persons employed by the Charity during the year was as follows:

Number of employees
The average headcount expressed as full-time equivalents was:
Number of employees		 2025
No.
7
2025
No.
5		 2024
No.
8
2024
No.
5

No employee received remuneration amounting to more than £60,000 in either year.

Key management remuneration, being costs relating to the Manager and the Clerk to the Trustees, amounted to £53,002 (2024: £46,478).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .

13. Net (losses)/gains on investments

Losses on disposal of share investment assets
Gains/(losses) on revaluations of share investment assets		 2025
£
(17,040)
(722)
(17,762)		 2024
£
(584)
44,350
43,766

Page 30

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. Income from lettings

Maximum contributions receivable
Less: Voids		 2025
£
284,935
(11,458)
273,477		 2024
£
262,408
(10,578)
251,830

.

Number of units

The units of accommodation for disadvantaged people let at social rent are: -

Thomas Horsley House
Rye Hill		 2025
Number
41
19
60		 2024
Number
40
19
59

One extra flat was created at Rye Hill during the year as a result of the existing Warden's office being split between an office and a residential unit.

The Charity, being an almshouse charity, does not create any form of assured tenancy in favour of residents. The position is made clear to each resident when they take up occupation of any property owned by the Charity.

Page 31

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Tangible fixed assets

Cost or valuation
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Freehold
property
£
2,690,549
27,716
2,718,265
617,985
74,515
692,500
2,025,765
2,072,564		 Fixtures and
fittings
£
577,220
4,949
582,169
270,615
25,369
295,984
286,185
306,605		 Total
£
3,267,769
32,665
3,300,434
888,600
99,884
988,484
2,311,950
2,379,169

Included in freehold property, plant and equipment is freehold land at deemed cost of £450,000 (2024 - £450,000) which is not depreciated and freehold buildings at deemed cost of £1,900,000 (2024 - £1,900,000). The Freehold Properties were revalued by Woodruff & Co. Chartered Surveyors using a fair value basis valuation to establish a deemed cost on transition to FRS102 and the Statement of Recommended Practice for Social Housing Providers 2014.

The historic cost of these properties is £981,266 which comprises £195,594 for the revitalisation of Rye Hill and £785,672 for the construction of Thomas Horsley House.

Page 32

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Fixed asset investments

Cost or valuation
At 1 April 2024
Additions
Disposals
Revaluations
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
All the fixed asset investments are held in the UK.
Debtors
Due within one year
Trade debtors
St Mary the Virgin Estate Management Charity
Prepayments and accrued income		 Listed
investments
£
529,932
138,981
(123,846)
(722)
544,345
544,345
529,932		 Other fixed
asset
investments
£
9,865
-
(2,516)
-
7,349
7,349
9,865
2025
£
11,489
10,613
15,309
37,411		 Total
£
539,797
138,981
(126,362)
(722)
551,694
551,694
539,797
2024
£
4,987
-
7,263
12,250

17. Debtors

Trade debtors represent gross social housing rent arrears.

Page 33

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Creditors: Amounts falling due within one year

Other loans
Trade creditors
Other creditors
Accruals and deferred income
Creditors: Amounts falling due after more than one year
Other loans
Included within the above are amounts falling due as follows:
Between one and two years
Other loans
Between two and five years
Other loans
Over five years
Other loans		 2025
£
10,500
2,430
354
41,345
54,629
2025
£
78,750
2025
£
10,500
31,500
36,750		 2024
£
10,500
9,031
4,144
41,505
65,180
2024
£
89,250
2024
£
10,500
31,500
47,250

19. Creditors: Amounts falling due after more than one year

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Payable or repayable by instalments 2025
£
36,750
36,750		 2024
£
47,250
47,250

Page 34

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Financial instruments

2025 2024
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 187,878 204,154

Financial assets measured at fair value through income and expenditure comprise quoted investments stated at market value.

21. Accruals and deferred income

2025 2024
£ £
Government Grants 70,197 84,235

On transition to the accounting policies, required by the Statement of Recommended Practice for Social Housing Providers 2014, the element of the Social Housing Grant relating to Thomas Horsley House which was still to be released to the Statement of Financial Activities was transferred to accruals and deferred income to be released over the estimated useful life of the building at the time of the expenditure (which was 50 years).

The remainder of this grant together with the full Social Housing Grant received for refurbishment of Rye Hill has been taken to unrestricted funds to reflect the value of the grants that in accordance with the requirements of the Statement of Recommended Practice for Social Housing Providers 2014 would have been released to the Statement of Financial Activities if those accounting requirements had been in place from the time of the expenditure.

The amounts shown as deferred income are included in the amounts disclosed as contingent liabilities.

Page 35

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Statement of funds

Statement of funds - current year

Balance at 1
April 2024
£
Unrestricted funds
General Funds - all funds
1,960,692
Revaluation reserve
686,013
Major planned expenditure
reserve
250,000
2,896,705		 Income
£
Expenditure
£
509,664
(520,290)
-
-
-
-
509,664
(520,290)		 Gains/
(Losses)
£
(722)
-
-
(722)		 Balance at
31 March
2025
£
1,949,344
686,013
250,000
2,885,357

The grant of £100,000 from the Catherine Cookson Foundation was to help fund the purchase of a new boiler at Thomas Horsley House. Once the boiler was purchased and commissioned it was transferred to General Funds.

Page 36

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Revaluation
reserve
Major planned
expenditure
reserve
General Funds
Restricted
funds
Catherine
Cookson
Foundation
Total of funds		 Balance at
1 April 2023
£
698,640
250,000
1,788,539
2,737,179
-
2,737,179		 Income
£
-
-
471,306
471,306
100,000
571,306		 Expenditure
£
-
-
(455,546)
(455,546)
-
(455,546)		 Transfers
in/out
£
(12,627)
-
112,627
100,000
(100,000)
-		 Gains/
(Losses)
£
-
-
43,766
43,766
-
43,766		 Balance at
31 March
2024
£
686,013
250,000
1,960,692
2,896,705
-
2,896,705

Page 37

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
2,311,950
Fixed asset investments
551,694
Current assets
225,289
Creditors due within one year
(54,629)
Creditors due in more than one year
(78,750)
Provisions for liabilities and charges
(70,197)
Total
2,885,357		 Total
funds
2025
£
2,311,950
551,694
225,289
(54,629)
(78,750)
(70,197)
2,885,357

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Total		 Unrestricted
funds
2024
£
2,379,169
539,797
216,404
(65,180)
(89,250)
(84,235)
2,896,705		 Total
funds
2024
£
2,379,169
539,797
216,404
(65,180)
(89,250)
(84,235)
2,896,705

Page 38

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

24. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement
Activities)
Adjustments for:
Depreciation charges
Losses/(gains) on investments
Dividends, interest and rents from investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Release of grant
Net cash provided by operating activities
25.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
26.
Analysis of changes in net debt
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 of Financial
At 1 April
2024
£
204,154
(10,500)
(89,250)
104,404		 2025
£
(11,348)
99,884
722
(17,168)
(25,161)
(10,551)
(14,038)
22,340
2025
£
187,878
187,878
Cash flows
£
(16,276)
-
10,500
(5,776)		 2024
£
159,526
92,959
(43,766)
(14,855)
48,363
22,569
(14,038)
250,758
2024
£
204,154
204,154
At 31 March
2025
£
187,878
(10,500)
(78,750)
98,628

Page 39

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

27. Contingent liabilities

The charitable trust has in earlier years received Social Housing Grants from the precursor of the Regulator of Social Housing to fund the purchase and refurbishment of freehold properties as follows:

Thomas Horsley House £701,923; and Rye Hill £193,097.

There is no time limit for repayment of these grants if a relevant event occurs to trigger repayment. Such events would include the properties being sold, a change or use or if the registered housing provider were to de-register. The Trustees do not anticipate any of these events occurring in the foreseeable future. An unexpired portion of the grant is included in deferred income.

28. Operating lease commitments

At 31 March 2025 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2025
£
2,054
5,425
1,130
8,609		 2024
£
2,678
6,086
1,130
9,894

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

2025 2024
£ £
Operating lease rentals 2,894 2,546

Page 40

Docusign Envelope ID: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3

THE HOSPITAL OF ST MARY THE VIRGIN (RYE HILL AND BENWELL) ALMSHOUSES CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

29. Related party transactions

The Charity is constituted under a Trust Deed called the Hospital of Saint Mary the Virgin, in the City of Newcastle upon Tyne, in the County of Tyne and Wear.

It is organised into two separate Charities named the Hospital of St. Mary the Virgin (Rye Hill and Benwell) Almshouses Charity referred to as the "Almshouses Charity" and the St. Mary the Virgin Estate Management Charity referred to as the "Estate Management Charity".

Income received by this Charity from the Estate Management Charity is shown on the Statement of Financial Activities. The amount due from the Estate Management Charity at the year end is shown in debtors due within one year.

Tim Gray (Clerk to the Trustees) is a consultant to Mincoffs solicitors. During the year ended 31 March 2025, Mincoffs provided legal services to the Charity amounting to £3,480 (2024: £2,340).

Page 41

Certificate Of Completion

Envelope Id: E97D7126-32A1-471F-B7BD-F6D0BEBF20D3 Subject: Complete with Docusign: Hospital of St Mary the Virgin - year ended 31st March 2025.pdf Source Envelope: Document Pages: 43 Signatures: 7 Certificate Pages: 5 Initials: 0 AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC-08:00) Pacific Time (US & Canada)

Status: Completed

Envelope Originator: Detlev Anderson detlev-anderson@kinnair.co.uk IP Address: 185.16.152.169

Record Tracking

Status: Original Holder: Detlev Anderson Location: DocuSign 9/26/2025 8:22:47 AM detlev-anderson@kinnair.co.uk Signer Events Signature Timestamp Hazel Jones-Lee Sent: 9/26/2025 8:44:28 AM hazeljoneslee@gmail.com Viewed: 9/27/2025 4:40:59 AM Security Level: Email, Account Authentication Signed: 9/27/2025 4:43:34 AM (None) Signature Adoption: Pre-selected Style Using IP Address: 86.186.138.102 Electronic Record and Signature Disclosure: Accepted: 9/27/2025 4:40:59 AM ID: 539c4ebf-ab93-48f1-bdd5-327d975c4ab1 Richard Metcalfe Sent: 9/27/2025 4:43:35 AM rjmetcalfe@btinternet.com Viewed: 9/27/2025 8:00:16 AM Security Level: Email, Account Authentication Signed: 9/27/2025 8:03:23 AM (None) Signature Adoption: Drawn on Device Using IP Address: 2a00:23c6:19b7:dc01:40c4:cb19:8711:8ccb Signed using mobile

Electronic Record and Signature Disclosure: Accepted: 9/27/2025 8:00:16 AM ID: 57426e30-0955-487a-8647-e354984addc2 Kinnair Associates Limited Sent: 9/27/2025 8:03:24 AM detlev-anderson@kinnair.co.uk Viewed: 9/28/2025 2:22:06 AM Director Signed: 9/28/2025 2:23:16 AM Kinnair Associates Limited Signature Adoption: Pre-selected Style Security Level: Email, Account Authentication (None) Using IP Address: 82.1.105.198 Signed using mobile Electronic Record and Signature Disclosure: Not Offered via Docusign

In Person Signer Events Signature Timestamp
Editor Delivery Events Status Timestamp
Agent Delivery Events Status Timestamp
Intermediary Delivery Events Status Timestamp
Certified Delivery Events Status Timestamp
Carbon Copy Events Status Timestamp
Tim Gray Sent: 9/28/2025 2:23:17 AM
timgrayconsulting@gmail.com Viewed: 9/28/2025 4:01:45 AM
Security Level: Email, Account Authentication
(None)
Electronic Record and Signature Disclosure:
Not Offered via Docusign
Witness Events Signature Timestamp
Notary Events Signature Timestamp
Envelope Summary Events Status Timestamps
Envelope Sent Hashed/Encrypted 9/26/2025 8:44:28 AM
Certified Delivered Security Checked 9/28/2025 2:22:06 AM
Signing Complete Security Checked 9/28/2025 2:23:16 AM
Completed Security Checked 9/28/2025 2:23:17 AM
Payment Events Status Timestamps
Electronic Record and Signature Disclosure

Electronic Record and Signature Disclosure created on: 2/28/2022 10:29:55 AM Parties agreed to: Hazel Jones-Lee, Richard Metcalfe

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