2020-12-31-accounts - The Hospital Of King James In Gateshead

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REGISTERED CHARITY NUMBER: 229942

`Report of the Trustees and`

Financial Statements for the Year Ended 31 December 2020

`for`

The Hospital of King James in Gateshead

Inspire Compliance Limited
Chartered Accountants
Registered Auditors
6 Queens Court
Third Avenue
Team Valley
Gateshead
Tyne and Wear
NE11 0BU

The Hospital of King James in Gateshead

Contents of the Financial Statements
for the Year Ended 31 December 2020

	`Page`
`Report of the Trustees`	`1 to 4`
`Report of the Independent Auditors`	`5 to 8`
`Statement of Financial Activities`	`9`
`Balance Sheet`	`10 to 11`
`Notes to the Financial Statements`	`12 to 21`
`Detailed Statement of Financial Activities`	`22 to 23`

The Hospital of King James in Gateshead

`Report of the Trustees`

`for the Year Ended 31 December 2020`

Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December 2020.
ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandard applicable
in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

`OBJECTIVES AND ACTIVITIES`

`Objectives and aims`

Thecharity'smainobjectiveis theprovisionof accommodationtoalmspeopleintheGatesheadarea.Itadministers the
runningofshelteredflatsandmanagesseveralresidentialproperties.Thecommitteeofthetrusteesmeetregularly to
consider all matters regarding the running of the charity.

`How we benefit the public`

Asanalmshouse,thecharityexiststoprovideaccommodationforthosewhoareelderlyordisadvantagedin the
Gatesheadarea.Keytoachievingthisisprovidingasafeandcaringenvironmentforthosewholiveatthe hospital.
Thereis a fulltimewardenwholivesonsitewhois theretoensurethewellbeingof all residents.Regularsocial events
and activities are held for the enjoyment of the residents.

Whilstthecharitychargesitsresidentsweeklymaintenancecontributionsforstayingatthehospital,thisrentis very
much below market rates of accommodation for a similar standard of accommodation with warden support.

`ACHIEVEMENT AND PERFORMANCE`

`Charitable activities`

Incomingresourcesfortheyeartotalled£260,886(2019:£283,296),whichincludedrentsof£109,241 (2019:
£120,256)andotherinvestmentincomeof£7,187(2019:£20,912).IncomefromtheHospitalitselfamounted to
£144,242 (2019: £142,110).

Thecharityrecordedadeficitof£24,262(2019:surplus£150,738)fortheyear.Thisincludesnetrecognisedloss of
£115,844 (2019: gain £72,866) in respect of changes in the values of properties and investments.

Thetrusteesconsiderthecharity'sfinancialperformancetobesatisfactory.Investmentsmadebythecharityare held
in accordance with the trustees' powers.

`FINANCIAL REVIEW`

`Reserves policy`

The reserves of the charity totalled £2,461,020 at the end of the year. These reserves are used as follows:-

£1,764,539oninvestmentpropertywhichareareheldtogenerateincometoreplacethealmshousewhenitneeds to
be rebuilt, and also help towards running costs.

£232,393ininvestmentsrepresentingtherecoupmentfunds.Thesefundsareusedtobuildupcapitalforwhen the
almshouse needs to be rebuilt or major refurbishment work is needed.

£6,878 invested for the Extraordinary Repair fund to be used for major repairs, improvement or rebuilding.

£311,312ininvestmentsrepresentingthegeneralfund.Thesefundsareusedtoholdunrestrictedreservestobe used
in the general running of the charity.

Page 1

The Hospital of King James in Gateshead

`Report of the Trustees`

`for the Year Ended 31 December 2020`

`FUTURE PLANS`

Manyoftheunitsinthealmshousehavenowbeenrefurbished,andwhilethebuildingwillbekeptingoodrepair, no
substantive improvements will be made while our development plan is under way.

WehavecompletedourfeasibilitystudyforthenewAlmshousefacilitytobebuiltontheRecreationGround we
already own, and intend to apply for Registered Provider status in 2022.

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Governing document`

Thecharitywasformedinoraroundtheyear1245andisconstitutedbyvariousgoverningdocumentsoverthe years,
including its current governing document, a charity scheme of 1970. It is a registered charity, number 229942.

`Recruitment and appointment of new trustees`

Thecurrenttrusteesandotherdetailsofthecharityareshownbelow.TheMasterofthecharityisan ex-officio
trusteebyvirtueofherpostasRectoroftheParishofGateshead.TwotrusteesarenominatedbytheBishop of
Durham, and one by Gateshead Council. A further three trustees are co-opted by the existing trustees.

`Organisational structure`

ThecharityisrunonadaytodaybasisbytheMasterofthecharityandtheWarden.TheTrusteesmeetatleast four
times a year, and more regularly as necessary to deal with strategic matters and to authorise expenditure.

`Estate Management`

EstatemanagementservicestotheHospitalofKingJamesareprovidedbySarahMainsPropertyConsultants, who
undertakethedaytodaymanagementoftheprivateresidentialportfolioofbehalfofthecharity.Thisincludesbut is
not limited to dealing with all tenant enquiries, rent collection and property issues such as statutory testing.

`Induction and training of new trustees`

Changeintrusteesarerareinthecharity,however,whentheydooccurthenewtrusteereceivescopiesof recent
minutesandaccountstobringthemuptospeedwiththecharityanditsactivities,aswellasacopyofthetrust deed.
Newtrusteesalsoreceivea tourofthealmshouse,detailsofthehistoryofthecharityandareencouragedtorefer to
"Standards of Almshouse Management" which is published for members on line.

`Future structure`

The Trustees wish to change the structure of the Charity to achieve limited liability status for the Trustees.

`REFERENCE AND ADMINISTRATIVE DETAILS`

`Registered Charity number`

`Principal address`

Sunderland Road
Gateahead
Tyne and Wear
NE8 3EY

Page 2

The Hospital of King James in Gateshead

`Report of the Trustees`

`for the Year Ended 31 December 2020`

`Trustees`

A James
K Brown
Cllr A Douglas (resigned 15.9.20)
Dr A Scott
Rev M Mackay
B Kitching
Rev D Snowball
N Graham (appointed 15.9.21)

`Auditors`

Inspire Compliance Limited
Chartered Accountants
Registered Auditors
6 Queens Court
Third Avenue
Team Valley
Gateshead
Tyne and Wear
NE11 0BU

`Advisors Bankers`

Lloyds Bank
102 Grey Street
Newcastle Upon Tyne
NE99 1SL

`Property Agents`

Sarah Mains Property Consultants
4 Beaconsfield Road
Low Fell
Gateshead
NE9 5EU

`STATEMENT OF TRUSTEES' RESPONSIBILITIES`

ThetrusteesareresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 3

The Hospital of King James in Gateshead

`Report of the Trustees`

`for the Year Ended 31 December 2020`

`STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued`

ThelawapplicabletocharitiesinEnglandandWales,theCharitiesAct2011,Charity(Accountsand Reports)
Regulations2008andtheprovisionsofthetrustdeedrequiresthetrusteestopreparefinancialstatementsfor each
financialyearwhichgiveatrueandfairviewofthestateofaffairsofthecharityandoftheincomingresources and
applicationofresources,includingtheincomeandexpenditure,ofthecharityforthatperiod.Inpreparing those
financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
timethefinancialpositionofthecharityandtoenablethemtoensurethatthefinancialstatementscomplywith the
CharitiesAct2011,theCharity(AccountsandReports)Regulations2008andtheprovisionsofthetrustdeed. They
arealsoresponsibleforsafeguardingtheassetsofthecharityandhencefortakingreasonablestepsforthe prevention
and detection of fraud and other irregularities.

Approved by order of the board of trustees on 26 October 2021 and signed on its behalf by:

A James - Trustee

Page 4

`Report of the Independent Auditors to the Trustees of`

`The Hospital of King James in Gateshead`

`Opinion`

WehaveauditedthefinancialstatementsofTheHospitalofKingJamesinGateshead(the'charity')fortheyear ended
31December2020whichcomprisetheStatementofFinancialActivities,theBalanceSheetandnotestothe financial
statements,includingasummaryofsignificantaccountingpolicies.Thefinancialreportingframeworkthathas been
appliedintheirpreparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdom Generally
Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

`Basis for opinion`

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicable law.
OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditof the
financialstatementssectionofourreport.Weareindependentofthecharityinaccordancewiththe ethical
requirementsthatarerelevanttoourauditofthefinancialstatementsintheUK,includingtheFRC'sEthical Standard,
andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethat the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

`Conclusions relating to going concern`

Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisof accounting
in the preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharity'sabilitytocontinueasa going
concern for a period of at least twelve months from when the financial statements are authorised for issue.

Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedinthe relevant
sections of this report.

`Other information`

Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in
the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in
doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our
knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material
inconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesrisetoa material
misstatementin thefinancialstatementsthemselves.If,basedontheworkwehaveperformed,weconcludethat there
isamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingto report
in this regard.

Page 5

Report of the Independent Auditors to the Trustees of

`The Hospital of King James in Gateshead`

`Matters on which we are required to report by exception`

WehavenothingtoreportinrespectofthefollowingmatterswheretheCharities(Accountsand Reports)
Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

`Responsibilities of trustees`

AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrusteesareresponsibleforthe preparation
ofthefinancialstatementswhichgiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is
necessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherdue to
fraud or error.

Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sabilitytocontinueas a
goingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasis of
accountingunlessthetrusteeseitherintendtoliquidatethecharityortoceaseoperations,orhaveno realistic
alternative but to do so.

Page 6

`Report of the Independent Auditors to the Trustees of`

`The Hospital of King James in Gateshead`

`Our responsibilities for the audit of the financial statements`

WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportinaccordancewith the
Act and relevant regulations made or having effect thereunder.

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whetherduetofraudor error,andtoissuea Reportof theIndependentAuditorsthat includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarise from
fraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpected to
influence the economic decisions of users taken on the basis of these financial statements.

Irregularities,includingfraud,areinstancesofnon-compliancewithlawsandregulations.Wedesignproceduresin line
withourresponsibilities,outlinedabove,todetectmaterialmisstatementsinrespectofirregularities,including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Basedonourknowledgeofthecharity,weidentifiedthattheprincipalrisksofnoncompliancewithlaws and
regulationsrelatedtonon-compliancewiththeCharitiesAct2011andweconsideredwhateffectnoncompliance may
have a material effect on the financial statements.

Weevaluatedmanagement'sincentivesandopportunitiestocarryoutfraudulentmanipulationofthe financial
statements and determined that the principal risk was the reduction in rental income being received.

Audit procedures carried out by the engagement team included:
Analytical review of rents received comparing total income to possible potential income.
Review of individual transactions for a sample of properties.

Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReport of
the Independent Auditors.

Page 7

`Report of the Independent Auditors to the Trustees of The Hospital of King James in Gateshead`

`Use of our report`

Thisreportis madesolelytothecharity'strustees,as a body,inaccordancewithPart4 of theCharities(Accounts and
Reports)Regulations2008.Ourauditworkhasbeenundertakensothatwemightstatetothecharity'strustees those
matterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.Tothefullest extent
permittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecharityandthe charity's
trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Inspire Compliance Limited
Chartered Accountants
Registered Auditors
6 Queens Court
Third Avenue
Team Valley
Gateshead
Tyne and Wear
NE11 0BU

26 October 2021

Page 8

`The Hospital of King James in Gateshead`

`Statement of Financial Activities`

`for the Year Ended 31 December 2020`

`Notes` `INCOME AND ENDOWMENTS FROM` `Donations and legacies` `Charitable activities` `4` `Residental care` `Investment income` `3` `Other income` `Total` `EXPENDITURE ON` `Raising funds` `Charitable activities` `Residental care` `Total` `Net gains/(losses) on investments` `NET INCOME/(EXPENDITURE)` `RECONCILIATION OF FUNDS` `Total funds brought forward` `TOTAL FUNDS CARRIED FORWARD`	`Unrestricted` `funds` `£` `-` `144,242` `111,676` `216` `256,134` `35,690` `133,614` `169,304` `(51,429)` `35,401` `2,186,348` `2,221,749`	`Restricted` `funds` `£` `-` `-` `4,752` `-` `4,752` `-` `-` `-` `(64,415)` `(59,663)` `298,934` `239,271`	`31.12.20` `Total` `funds` `£` `-` `144,242` `116,428` `216` `260,886` `35,690` `133,614` `169,304` `(115,844)` `(24,262)` `2,485,282` `2,461,020`	`31.12.19` `Total` `funds` `£` `4` `142,110` `141,167` `14`
				`283,295` `55,185` `150,239`
				`205,424` `72,867`
				`150,738` `2,334,544`
				`2,485,282`

The notes form part of these financial statements

Page 9

`The Hospital of King James in Gateshead`

`Balance Sheet`

`31 December 2020`

`Notes` `FIXED ASSETS` `Tangible assets` `9` `Investments` `Investments` `10` `Investment property` `11` `CURRENT ASSETS` `Debtors` `12` `Cash at bank and in hand` `CREDITORS` `Amounts falling due within one year` `13` `NET CURRENT ASSETS` `TOTAL ASSETS LESS CURRENT` `LIABILITIES` `CREDITORS` `Amounts falling due after more than one year` `14` `NET ASSETS`	`Unrestricted` `funds` `£` `112,675` `311,312` `1,764,539` `2,188,526` `11,891` `105,169` `117,060` `(12,110)` `104,950` `2,293,476` `(71,727)` `2,221,749`	`Restricted` `funds` `£` `-` `239,271` `-` `239,271` `-` `-` `-` `-` `-` `239,271` `-` `239,271`	`31.12.20` `Total` `funds` `£` `112,675` `550,583` `1,764,539` `2,427,797` `11,891` `105,169` `117,060` `(12,110)` `104,950` `2,532,747` `(71,727)` `2,461,020`	`31.12.19` `Total` `funds` `£` `116,560` `605,675` `1,764,539` `2,486,774` `6,152` `83,626` `89,778` `(16,798)` `72,980` `2,559,754` `(74,472)` `2,485,282`

The notes form part of these financial statements

continued...

Page 10

The Hospital of King James in Gateshead

`Balance Sheet - continued`

`31 December 2020`

`FUNDS` `16` `Unrestricted funds` `Restricted funds` `TOTAL FUNDS`	`2,221,749` `239,271` `2,461,020`	`2,186,348` `298,934`
		`2,485,282`

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon26October2021 and
were signed on its behalf by:

A James - Trustee

The notes form part of these financial statements

Page 11

The Hospital of King James in Gateshead

`Notes to the Financial Statements`

`for the Year Ended 31 December 2020`

`1. STATEMENT OF COMPLIANCE`

HospitalofKingJamesisanunincorporatedcharity)charitynumber:229942).Theregisteredofficeisbased at
Gateshead Rectory, 91 Old Durham Road, Gateshead, Tyne and Wear, NE8 4BS.

`2. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandard102'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'and the
CharitiesAct2011.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconventionwith the
exception of investments which are included in market value.

Thefinancialstatementshavebeenpreparedonagoingconcernbasisonthegroundsthatcurrentand future
sourcesoffundingorsupportwillbemorethanadequateforthecharity'sneeds.TheTrustees have
consideredaperiodof12monthsfromthebalancesheetdateandconsidernofurtherdisclosurerelating to
the charity's ability to continue as a going concern need to be made.

HospitalofKingJamesmeetsthedefinitionofapublicbenefitentityunderFRS102.Assetsandliabilities are
initiallyrecognisedathistoricalcostortransactionvalueunlessotherwisestatedintherelevant accounting
policy note(s).

The financial accounts are prepared in Sterling (£).

`Significant estimates and judgements`

ThepreparationofthefinancialstatementsrequirestheTrusteestomakejudgementsandestimates.The main
areas where such judgements and estimates are made are in respect of recognition of income.

The charity has applied the following accounting policies:

`Financial reporting standard 102 - reduced disclosure exemptions`

Thecharityhastakenadvantageofthefollowingdisclosureexemptionsinpreparingthesefinancial statements,
as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

`Income`

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds, it
is probable that the income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccruals basis
andhasbeenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.

continued...

Page 12

The Hospital of King James in Gateshead

`Notes to the Financial Statements - continued`

for the Year Ended 31 December 2020

`2. ACCOUNTING POLICIES - continued`

`Tangible fixed assets`

Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetoveritsestimated useful
life.

Hospital- 2% on cost

`Investment property`

Investmentpropertiesarevaluedona currentmarketvaluebasisasvaluedbya firmofCharteredSurveyors in
2014.

`Taxation`

The charity is exempt from tax on its charitable activities.

`Fund accounting`

Generalfundsareunrestrictedfundswhichareavailableforuseatthediscretionofthetrusteesin furtherance
of the general objectives of the charity and which have not been designated for other purposes.

Restrictedfundsarefundswhicharetobeusedinaccordancewiththespecificrestrictionsimposedby donors
orwhichhavebeenraisedbythecharityforparticularpurposes.Thecostofraisingandadministering such
fundsarechargedagainstthespecificfund.Theaimanduseofeachrestrictedfundissetoutinthenoteto the
financial accounts.

`Investments`

Investments are stated in the Balance Sheet at market value.

`Trade debtors`

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

`Cash at bank and in hand`

Cashatbankandcashinhandincludescashandshorttermhighlyliquidinvestmentswithashortmaturity of
three months or less from the date of acquisition or opening of the deposit or similar account.

`Creditors and provisions`

Creditorsandprovisionsarerecognisedwherethecharityhasapresentobligationresultingfromapast event
thatwillprobablyresultin thetransferof fundstoa thirdpartyandtheamountduetosettletheobligation can
bemeasuresorestimatedreliably.Creditorsandprovisionsarenormallyrecognisedattheir settlement
amount after allowing for any trade discounts due.

continued...

Page 13

`The Hospital of King James in Gateshead`

`Notes to the Financial Statements - continued`

`for the Year Ended 31 December 2020`

`3. INVESTMENT INCOME`

`Rents received` `Dividends received` `4.` `INCOME FROM CHARITABLE ACTIVITIES` `Hospital rental income` `5.` `SUPPORT COSTS` `Information` `Management` `Property` `technology` `£` `£` `£` `Residental care` `36,570` `62,050` `2,368` `Support costs, included in the above, are as follows:` `Management` `Cleaner and cleaning material` `Warden and deputy`	`31.12.20` `£` `109,241` `7,187` `116,428` `31.12.20` `Residental` `care` `£` `144,242` `Human` `resources` `£` `21,149` `31.12.20` `Residental` `care` `£` `11,499` `25,071` `36,570`	`31.12.19` `£` `120,256` `20,911`	`31.12.19` `£` `120,256` `20,911`
		`141,167`
		`31.12.19` `Total` `activities` `£` `142,110`
		`Totals` `£` `122,137`
		`31.12.19` `Total` `activities` `£` `14,185` `26,713` `40,898`
			`40,898`

continued...

Page 14

The Hospital of King James in Gateshead

`Notes to the Financial Statements - continued`

`for the Year Ended 31 December 2020`

`5. SUPPORT COSTS - continued Property`

`SUPPORT COSTS - continued` `Property`
	`31.12.20`	`31.12.19`
	`Residental`	`Total`
	`care`	`activities`
	`£`	`£`
`Rates and water`	`7,595`	`9,299`
`Insurance`	`2,851`	`5,872`
`Light and heat`	`19,453`	`32,496`
`Community care alarm`	`9,817`	`9,624`
`Equipment and repairs`	`18,449`	`22,962`
`Depreciation freehold property`	`3,885`	`3,885`
	`62,050`	`84,138`
`Information technology`
	`31.12.20`	`31.12.19`
	`Residental`	`Total`
	`care`	`activities`
	`£`	`£`
`Telephone`	`2,109`	`2,012`
`Postage and stationery`	`129`	`49`
`Subscriptions`	`130`	`537`
	`2,368`	`2,598`

`6. TRUSTEES' REMUNERATION AND BENEFITS`

Trusteeremunerationamountedof£3,000(2019:£3,000).Thisremunerationisastipendpaidtothe Master
in accordance with the charity's trust deed.

`Trustees' expenses`

Therewerenotrustees'expensespaidfortheyearended31December2020norfortheyear ended
31 December 2019.

continued...

Page 15

The Hospital of King James in Gateshead

`Notes to the Financial Statements - continued`

`for the Year Ended 31 December 2020`

`7. STAFF COSTS`

	`2020`	`2019`
	`£`	`£`
`Cleaners`	`3,490`	`8,665`
`Warden and deputy`	`33,080`	`26,713`

	`36,570`	`35,378`

The average monthly number of employees during the year was as follows:

`31.12.20` `Cleaner` `1` `Warden and deputy` `2` `3` `No employees received emoluments in excess of £60,000.` `COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES` `Unrestricted` `Restricted` `funds` `funds` `£` `£` `INCOME AND ENDOWMENTS FROM` `Donations and legacies` `4` `-` `Charitable activities` `Residental care` `142,110` `-` `Investment income` `130,892` `10,275` `Other income` `14` `-` `Total` `273,020` `10,275` `EXPENDITURE ON` `Raising funds` `55,185` `-` `Charitable activities` `Residental care` `150,239` `-` `Total` `205,424` `-` `Net gains on investments` `37,032` `35,835` `NET INCOME` `104,628` `46,110`	`31.12.19` `1` `2` `3` `Total` `funds` `£` `4` `142,110` `141,167` `14`	`31.12.19` `1` `2` `3` `Total` `funds` `£` `4` `142,110` `141,167` `14`
		`283,295` `55,185` `150,239`
		`205,424` `72,867`
		`150,738`

`8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`

continued...

Page 16

`The Hospital of King James in Gateshead`

`Notes to the Financial Statements - continued`

`for the Year Ended 31 December 2020`

`8.` `COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued` `Unrestricted` `Restricted` `funds` `funds` `£` `£` `RECONCILIATION OF FUNDS` `Total funds brought forward` `2,081,720` `252,824` `TOTAL FUNDS CARRIED FORWARD` `2,186,348` `298,934` `9.` `TANGIBLE FIXED ASSETS` `COST` `At 1 January 2020 and 31 December 2020` `DEPRECIATION` `At 1 January 2020` `Charge for year` `At 31 December 2020` `NET BOOK VALUE` `At 31 December 2020` `At 31 December 2019` `10.` `FIXED ASSET INVESTMENTS` `MARKET VALUE` `At 1 January 2020` `Funds invested` `Disposals` `Change in value` `At 31 December 2020` `NET BOOK VALUE` `At 31 December 2020` `At 31 December 2019`		`Total` `funds` `£` `2,334,544`
		`2,485,282`
	`Hospital` `£` `194,260` `77,700` `3,885` `81,585` `112,675` `116,560` `Listed` `investments` `£` `605,675` `438,340` `(539,707)` `46,275` `550,583` `550,583` `605,675`

continued...

Page 17

The Hospital of King James in Gateshead

`Notes to the Financial Statements - continued`

`for the Year Ended 31 December 2020`

`10. FIXED ASSET INVESTMENTS - continued`

Investments are held in common investment funds. There were no investment assets outside the UK.

`11. INVESTMENT PROPERTY`

`FAIR VALUE` `At 1 January 2020` `and 31 December 2020` `NET BOOK VALUE` `At 31 December 2020` `At 31 December 2019`	`£` `1,764,539`
	`1,764,539`
	`1,764,539`

The investment properties held consist of the following:

King James Cottage
89 Old Durham Road
No's 1 to 8 King James Street
No's 25 to 35 (odd numbers) and 39 Cemetery Road
No's 72, 74, 84 and 86 Wordsworth Street
Recreation ground, Sunderland Road

Propertieswithacarryingvalueof£1,010,000werevaluedon12February2014byKnightFrank LLP,
CharteredSurveyorsonanopenmarketvalueassumingvacantpossession.Theremainingproperties were
revaluedovervariousdatesbetweenApril2007andSeptember2007byMcIntoshThompson, Chartered
Surveyors,onthebasisofacurrentmarketvaluation.ThetrusteeshaveusedtheNationwideHouse Price
Index during the prior year to adjust for the chance in value at 31 December 2018.

The recreation ground is not valued for accounts purposes due to its nature, as is permitted by the SORP.

`12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`

	`31.12.20`	`31.12.19`
	`£`	`£`
`Other debtors`	`696`	`2,722`
`Prepayments and accrued income`	`11,195`	`3,430`
	`11,891`	`6,152`

continued...

Page 18

`The Hospital of King James in Gateshead`

`Notes to the Financial Statements - continued`

`for the Year Ended 31 December 2020`

`13.`	`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`
		`31.12.20`		`31.12.19`
			`£`	`£`
	`Trade creditors`		`1,561`	`144`
	`Other creditors`	`10,549`		`16,654`
		`12,110`		`16,798`
`14.`	`CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE`	`YEAR`
		`31.12.20`		`31.12.19`
			`£`	`£`
	`Other creditors`	`71,727`		`74,472`
	`Interest is charged on the loan from Gateshead Council at 7.9% per annum.`
`15.`	`LOANS`
	`An analysis of the maturity of loans is given below:`
		`31.12.20`		`31.12.19`
			`£`	`£`
	`Amounts falling due within one year on demand:`
	`Loan - Gateshead Council`		`1,400`	`1,400`
	`Amounts falling between one and two years:`
	`Loan - Gateshead Council -1-2`		`1,400`	`1,400`
	`Amounts falling due between two and five years:`
	`Loan - Gateshead Council - 2-5`		`4,200`	`4,200`
	`Amounts falling due in more than five years:`
	`Repayable by instalments:`
	`Loan - Gateshead Council due after more than 5 years`	`66,127`		`68,872`

continued...

Page 19

The Hospital of King James in Gateshead

`Notes to the Financial Statements - continued`

`for the Year Ended 31 December 2020`

`16. MOVEMENT IN FUNDS`

`Unrestricted funds` `Unrestricted funds` `Restricted funds` `Restricted Funds` `TOTAL FUNDS` `Net movement in funds, included in the above are a` `Unrestricted funds` `Unrestricted funds` `Restricted funds` `Restricted Funds` `TOTAL FUNDS` `Comparatives for movement in funds` `Unrestricted funds` `Unrestricted funds` `Restricted funds` `Restricted Funds` `TOTAL FUNDS`	`s follows:` `Incoming` `resources` `£` `256,134` `4,752` `260,886`	`At 1.1.20` `£` `2,186,348` `298,934` `2,485,282` `Resources` `expended` `£` `(169,304)` `-` `(169,304)` `At 1.1.19` `£` `2,081,720` `252,824` `2,334,544`		`Net` `movement` `in funds` `£` `35,401` `(59,663)` `(24,262)` `Gains and` `losses` `£` `(51,429)` `(64,415)` `(115,844)` `Net` `movement` `in funds` `£` `104,628` `46,110` `150,738`	`At` `31.12.20` `£` `2,221,749` `239,271` `2,461,020` `Movement` `in funds` `£` `35,401` `(59,663)` `(24,262)` `At` `31.12.19` `£` `2,186,348` `298,934` `2,485,282`

continued...

Page 20

The Hospital of King James in Gateshead

`Notes to the Financial Statements - continued`

`for the Year Ended 31 December 2020`

`16. MOVEMENT IN FUNDS - continued`

Comparative net movement in funds, included in the above are as follows:

`Unrestricted funds` `Unrestricted funds` `Restricted funds` `Restricted Funds` `TOTAL FUNDS`	`Incoming` `resources` `£` `273,020` `10,275` `283,295`	`Resources` `expended` `£` `(205,424)` `-` `(205,424)`	`Gains and` `Movement` `losses` `in funds` `£` `£` `37,032` `104,628` `35,835` `46,110` `72,867` `150,738`	`Gains and` `Movement` `losses` `in funds` `£` `£` `37,032` `104,628` `35,835` `46,110` `72,867` `150,738`
				`150,738`

`Extraordinary Repair Fund`

Byasupplementalorderdated4October1979bytheCharityCommission,thehospitalwasrequiredto set
asideoutofincomeanannualsumof£1,395inrespectofextraordinaryrepairfund.Thefundandits income
therefrom shall be invested in the name of the Official Custodian.

`Property Equity Reserve`

Byordersdated28February1972and2November1972,expenditurewassanctionedfromcapitalof the
Charityof£83,124fordefrayingpartofthecostoferectingnewAlmshouses.Theorderdirectedthatthe sum
expendedberecoupedtocapitalfromincome.Ayearlysumof0.35percentshallbeinvestedina separate
accountwiththeOfficialCustodianforaperiodof60years.Dividendsaccruingshallbeinvestedthereon by
way of accumulation until twelve months after the last payment.

`17. RELATED PARTY DISCLOSURES`

There were no related party transactions for the year ended 31 December 2020.

`18. ULTIMATE CONTROLLING PARTY`

The charity is under the control of the trustees.

Page 21

`The Hospital of King James in Gateshead`

`Detailed Statement of Financial Activities for the Year Ended 31 December 2020`

	`31.12.20`	`31.12.19`
	`£`	`£`
`INCOME AND ENDOWMENTS`
`Donations and legacies`
`Gifts`	`-`	`3`
`Donations and legacies`	`-`	`1`
	`-`	`4`
`Investment income`
`Rents received`	`109,241`	`120,256`
`Dividends received`	`7,187`	`20,911`
	`116,428`	`141,167`
`Charitable activities`
`Hospital rental income`	`144,242`	`142,110`
`Other income`
`Deposit account interest received`	`216`	`14`
`Total incoming resources`	`260,886`	`283,295`
`EXPENDITURE`
`Raising donations and legacies`
`Insurance`	`4,672`	`4,661`
`Sundries`	`546`	`32`
`Management fees`	`17,087`	`16,708`
`Repairs`	`13,385`	`33,784`
	`35,690`	`55,185`
`Charitable activities`
`Audit fees`	`2,640`	`3,138`
`Stipend - Diocese of Durham`	`3,000`	`3,000`
`Gateshead loan interest`	`5,792`	`5,847`
`Bank charges`	`45`	`191`
	`11,477`	`12,176`

This page does not form part of the statutory financial statements

Page 22

`The Hospital of King James in Gateshead`

`Detailed Statement of Financial Activities`

`for the Year Ended 31 December 2020`

	`31.12.20`	`31.12.19`
	`£`	`£`
`Support costs`
`Management`
`Cleaner and cleaning material`	`11,499`	`14,185`
`Warden and deputy`	`25,071`	`26,713`
	`36,570`	`40,898`
`Property`
`Rates and water`	`7,595`	`9,299`
`Insurance`	`2,851`	`5,872`
`Light and heat`	`19,453`	`32,496`
`Community care alarm`	`9,817`	`9,624`
`Equipment and repairs`	`18,449`	`22,962`
`Depreciation freehold property`	`3,885`	`3,885`
	`62,050`	`84,138`
`Information technology`
`Telephone`	`2,109`	`2,012`
`Postage and stationery`	`129`	`49`
`Subscriptions`	`130`	`537`
	`2,368`	`2,598`
`Human resources`
`Accountancy and bookkeeping`	`5,472`	`6,745`
`Professional fees`	`15,677`	`3,684`
	`21,149`	`10,429`
`Total resources expended`	`169,304`	`205,424`
`Net income before gains and losses`	`91,582`	`77,871`
`Realised recognised gains and losses`
`Realised gains/(losses) on fixed asset investments`	`(157,367)`	`72,867`
`Net (expenditure)/income`	`(65,785)`	`150,738`

This page does not form part of the statutory financial statements

Page 23