``` REGISTERED CHARITY NUMBER: 229942 ``` ## **`Report of the Trustees and`** ``` Financial Statements for the Year Ended 31 December 2022 ``` ## **`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 2022 ``` ||**`Page`**| |---|---| |**`Report of the Trustees`**|`1 to 4`| |**`Report of the Independent Auditors`**|`5 to 7`| |**`Statement of Financial Activities`**|`8`| |**`Balance Sheet`**|`9`| |**`Notes to the Financial Statements`**|`10 to 19`| |**`Detailed Statement of Financial Activities`**|`20 to 21`| ``` The Hospital of King James in Gateshead ``` ## **`Report of the Trustees`** ## **`for the Year Ended 31 December 2022`** ``` Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December 2022. 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 runningofshelteredflatsandownsa portfolioofresidentialproperties.Thecommitteeofthetrusteesmeet regularly 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£252,603(2021:£253,631),whichincludedrentsof£119,146 (2021: £116,020)andotherinvestmentincomeof£8,517(2021:£1,541).IncomefromtheHospitalitselfamounted to £124,507 (2021: £136,028). ``` ``` Thecharityrecordedadeficitof£667(2021:surplus£159,136)fortheyear.Thisincludesnetrecognisedlosses of £89,432 (2021: surplus £68,884)) 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 £2,616,589 at the end of the year. These reserves are used as follows:- ``` ``` £1,764,539oninvestmentpropertywhichareareheldtogenerateincometoreplacethealmshousewhenitneeds to be rebuilt, and also help towards running costs. ``` ``` £222,220ininvestmentsrepresentingtherecoupmentfunds.Thesefundsareusedtobuildupcapitalforwhen the almshouse needs to be rebuilt or major refurbishment work is needed. ``` ``` £7,806 invested for the Extraordinary Repair fund to be used for major repairs, improvement or rebuilding. ``` ``` £325,273ininvestmentsrepresentingthegeneralfund.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 2022`** ## **`FUTURE PLANS`** ``` Manyoftheunitsinthealmshousehavenowbeenrefurbished,andwhilethebuildingwillbekeptingoodrepair, no substantiveimprovementswillbemadewhileourdevelopmentplanisunderway.Wehaveobtained Planning PermissiontodeveloptheRecreationGroundbuthavebeendeclinedRegisteredProvider(RP)statusbecause we consideredtherisksinacceptingsurrenderoftheRecreationGroundleasebeforewehadcontracteditssale were toohighduetoproblemswiththeground.WearenegotiatingwithanRPwithsimilarobjectivestoourselves who wishes to develop the site, as inflation and high interest rates have put the project beyond our reach. ``` ``` We continuetopreparelessambitiousplanstorefurbishourcurrentbuildingbyremovingtheasbestosand upgrading theenergyrating;wehaveconsideredapplyingforthegovernmentSocialHousingDecarbonisationFundbut have found the conditions too onerous for a small charity. ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Governing document`** ``` Thecharitywasformedinoraroundtheyear1245andisconstitutedbyvariousgoverningdocumentsoverthe years, includinga RoyalCharterof1611,ActofParliamentof1811anditscurrentgoverningdocument,a charityscheme 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`** ``` TheTrusteeswishtochangethestructureoftheCharitytoachievelimitedliabilitystatusfortheTrusteesand the processtoachievethishasbeencompleted.Adeeddated5thOctober2023wasexecutedunderwhichall trustees resigned and King James Almshouses (a Charitable Incorporated Organisation) was appointed sole trustee. ``` ## **`REFERENCE AND ADMINISTRATIVE DETAILS`** ## **`Registered Charity number`** ``` 229942 ``` ``` Page 2 ``` ## **`The Hospital of King James in Gateshead`** ## **`Report of the Trustees for the Year Ended 31 December 2022`** ## **`Principal address`** ``` Sunderland Road Gateshead Tyne and Wear NE8 3EY ``` ## **`Trustees`** ``` A James K Brown Dr A Scott Rev M Mackay B Kitching Rev D Snowball N Graham ``` ## **`Auditors`** ``` Inspire Compliance Limited Chartered Accountants Registered Auditors 6 Queens Court Third Avenue Team Valley Gateshead Tyne and Wear NE11 0BU ``` ## **`Solicitors`** ``` Muckle LLP 32 Gallowgate Newcastle upon Tyne NE1 4BF ``` ## **`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 2022`** ## **`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 24 October 2023 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 31December2022whichcomprisetheStatementofFinancialActivities,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 2022 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 misstatementinthefinancialstatementsthemselves.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. ``` ## **`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. ``` ``` 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 6 ``` ## **`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 ``` ``` 24 October 2023 ``` ``` Page 7 ``` ## **`The Hospital of King James in Gateshead`** ## **`Statement of Financial Activities for the Year Ended 31 December 2022`** |`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`
`£`
`160`
`124,507`
`122,145`
`273`
`247,085`
`32,815`
`131,023`
`163,838`
`(42,255)`
`40,992`
`2,348,477`
`2,389,469`|`Restricted`
`funds`
`£`
`-`
`-`
`5,518`
`-`
`5,518`
`-`
`-`
`-`
`(47,177)`
`(41,659)`
`271,679`
`230,020`|`31.12.22`
`Total`
`funds`
`£`
`160`
`124,507`
`127,663`
`273`
`252,603`
`32,815`
`131,023`
`163,838`
`(89,432)`
`(667)`
`2,620,156`
`2,619,489`|`31.12.21`
`Total`
`funds`
`£`
`-`
`136,028`
`117,561`
`42`| |---|---|---|---|---| |||||`253,631`| |||||`31,794`
`131,585`| |||||`163,379`| |||||`68,884`| |||||`159,136`
`2,461,020`| |||||`2,620,156`| ``` The notes form part of these financial statements ``` ``` Page 8 ``` ## **`The Hospital of King James in Gateshead`** ## **`Balance Sheet`** ## **`31 December 2022`** |`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`**
**`NET ASSETS`**
**`FUNDS`**
`14`
`Unrestricted funds`
`Restricted funds`
**`TOTAL FUNDS`**|`Unrestricted`
`funds`
`£`
`104,903`
`325,273`
`1,764,539`
`2,194,715`
`18,195`
`201,815`
`220,010`
`(25,256)`
`194,754`
`2,389,469`
`2,389,469`|`Restricted`
`funds`
`£`
`-`
`230,020`
`-`
`230,020`
`-`
`-`
`-`
`-`
`-`
`230,020`
`230,020`|`31.12.22`
`Total`
`funds`
`£`
`104,903`
`555,293`
`1,764,539`
`2,424,735`
`18,195`
`201,815`
`220,010`
`(25,256)`
`194,754`
`2,619,489`
`2,619,489`
`2,389,469`
`230,020`
`2,619,489`|`31.12.21`
`Total`
`funds`
`£`
`108,789`
`636,208`
`1,764,539`
`2,509,536`
`14,362`
`150,659`
`165,021`
`(54,401)`
`110,620`
`2,620,156`
`2,620,156`
`2,348,477`
`271,679`
`2,620,156`| |---|---|---|---|---| ``` ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon24October2023 and were signed on its behalf by: ``` ``` A James - Trustee ``` ``` The notes form part of these financial statements ``` ``` Page 9 ``` ``` The Hospital of King James in Gateshead ``` ## **`Notes to the Financial Statements`** ## **`for the Year Ended 31 December 2022`** ## **`1. STATEMENT OF COMPLIANCE`** ``` HospitalofKingJamesisanunincorporatedcharitywithregisteredcharitynumber:229942.The registered office is based at 48 Cedarway, Gateshead, Tyne and Wear, NE10 8LD. ``` ## **`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`** ``` All incomeis recognisedin theStatementof FinancialActivitiesoncethecharityhasentitlementtothefunds, 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 10 ``` ``` The Hospital of King James in Gateshead ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 December 2022`** ## **`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 thatwillprobablyresultinthetransferof fundstoa thirdpartyandtheamountduetosettletheobligation can bemeasuresorestimatedreliably.Creditorsandprovisionsarenormallyrecognisedattheir settlement amount after allowing for any trade discounts due. ``` ``` continued... ``` ``` Page 11 ``` ## **`The Hospital of King James in Gateshead`** ## **`Notes to the Financial Statements - continued for the Year Ended 31 December 2022`** |**`3.`**
**`INVESTMENT INCOME`**
`Rents received`
`Dividends received`
**`4.`**
**`INCOME FROM CHARITABLE ACTIVITIES`**
`Hospital rental income`
**`5.`**
**`SUPPORT COSTS`**
`Information`
`Management`
`Property`
`technology`
`£`
`£`
`£`
`Residental care`
`36,908`
`79,356`
`2,894`|`31.12.22`
`£`
`119,146`
`8,517`
`127,663`
`31.12.22`
`Residental`
`care`
`£`
`124,507`
`Human`
`resources`
`£`
`6,225`|`31.12.21`
`£`
`116,020`
`1,541`| |---|---|---| |||`117,561`| |||`31.12.21`
`Total`
`activities`
`£`
`136,028`| |||`Totals`
`£`
`125,383`| ``` Support costs, included in the above, are as follows: ``` ## **`Management`** |**`Management`**||| |---|---|---| ||`31.12.22`|`31.12.21`| ||`Residental`|`Total`| ||`care`|`activities`| ||`£`|`£`| |`Cleaner and cleaning material`|`12,107`|`12,395`| |`Warden`|`24,801`|`22,366`| ||`36,908`|`34,761`| ``` continued... ``` ``` Page 12 ``` ## **`The Hospital of King James in Gateshead`** ## **`Notes to the Financial Statements - continued for the Year Ended 31 December 2022`** ## **`5. SUPPORT COSTS - continued Property`** |**`SUPPORT COSTS - continued`**
**`Property`**||| |---|---|---| ||`31.12.22`|`31.12.21`| ||`Residental`|`Total`| ||`care`|`activities`| ||`£`|`£`| |`Rates and water`|`12,865`|`13,035`| |`Insurance`|`4,000`|`3,401`| |`Light and heat`|`37,101`|`33,917`| |`Community care alarm`|`10,005`|`10,011`| |`Equipment and repairs`|`11,500`|`18,234`| |`Depreciation freehold property`|`3,885`|`3,885`| ||`79,356`|`82,483`| |**`Information technology`**||| ||`31.12.22`|`31.12.21`| ||`Residental`|`Total`| ||`care`|`activities`| ||`£`|`£`| |`Telephone and broadband`|`2,220`|`2,051`| |`Postage and stationery`|`8`|`75`| |`Subscriptions`|`666`|`603`| ||`2,894`|`2,729`| ## **`6. TRUSTEES' REMUNERATION AND BENEFITS`** ``` Trusteeremunerationamountedof£3,000(2019:£3,000).Thisremunerationisastipendpaidtothe Master in accordance with the charity's trust deed. ``` ## **`Trustees' expenses`** ``` Therewerenotrustees'expensespaidfortheyearended31December2022norfortheyear ended 31 December 2021. ``` ``` continued... ``` ``` Page 13 ``` ``` The Hospital of King James in Gateshead ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 December 2022`** ## **`7. STAFF COSTS`** |`31.12.22`
`£`
`Wages and salaries`
`12,107`
`Social security costs`
`24,801`
`36,908`
`2022`
`£`
`Cleaners`
`9,280`
`Warden and deputy`
`26,385`
`35,665`
`The average monthly number of employees during the year was as follows:`
`31.12.22`
`Cleaner`
`1`
`Warden`
`1`
`2`
`No employees received emoluments in excess of £60,000.`
**`8.`**
**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
`Unrestricted`
`Restricted`
`funds`
`funds`
`£`
`£`
**`INCOME AND ENDOWMENTS FROM`**
**`Charitable activities`**
`Residental care`
`136,028`
`-`
`Investment income`
`116,020`
`1,541`
`Other income`
`42`
`-`
**`Total`**
`252,090`
`1,541`
**`EXPENDITURE ON`**
`Raising funds`
`31,794`
`-`
**`Charitable activities`**
`Residental care`
`131,585`
`-`
**`Total`**
`163,379`
`-`|`31.12.22`
`£`
`12,107`
`24,801`
`36,908`|`31.12.22`
`£`
`12,107`
`24,801`
`36,908`||`31.12.21`
`£`
`12,395`
`22,366`
`34,761`|`31.12.21`
`£`
`12,395`
`22,366`
`34,761`| |---|---|---|---|---|---| |||`2022`|||`2021`| |||`£`|||`£`| |||`9,280`|||`9,080`| |||`26,385`|||`23,393`| ||||||| ||||||| |||`35,665`|||`32,473`| ||||||| ||||||| |||||`31.12.21`
`1`
`1`
`2`
`Total`
`funds`
`£`
`136,028`
`117,561`
`42`|| ||||||`253,631`| ||||||`31,794`
`131,585`| ||||||`163,379`| ``` continued... ``` ``` Page 14 ``` ## **`The Hospital of King James in Gateshead`** ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31 December 2022`** |**`8.`**
**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued`**
`Unrestricted`
`Restricted`
`funds`
`funds`
`£`
`£`
`Net gains on investments`
`38,017`
`30,867`
**`NET INCOME`**
`126,728`
`32,408`
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
`2,221,749`
`239,271`
**`TOTAL FUNDS CARRIED FORWARD`**
`2,348,477`
`271,679`
**`9.`**
**`TANGIBLE FIXED ASSETS`**
**`COST`**
`At 1 January 2022 and 31 December 2022`
**`DEPRECIATION`**
`At 1 January 2022`
`Charge for year`
`At 31 December 2022`
**`NET BOOK VALUE`**
`At 31 December 2022`
`At 31 December 2021`||`Total`
`funds`
`£`| |---|---|---| |||`68,884`| |||`159,136`
`2,461,020`| |||`2,620,156`| |||`Hospital`
`£`
`194,260`
`85,471`
`3,886`
`89,357`
`104,903`
`108,789`| ``` continued... ``` ``` Page 15 ``` ``` The Hospital of King James in Gateshead ``` ## **`Notes to the Financial Statements - continued for the Year Ended 31 December 2022`** ## **`10. FIXED ASSET INVESTMENTS`** |**`FIXED ASSET INVESTMENTS`**|| |---|---| ||`Listed`| ||`investments`| ||`£`| |**`MARKET VALUE`**|| |`At 1 January 2022`|`636,208`| |`Funds invested`|`8,517`| |`Revaluations`|`(89,432)`| |`At 31 December 2022`|`555,293`| |**`NET BOOK VALUE`**|| |`At 31 December 2022`|`555,293`| |`At 31 December 2021`|`636,208`| ``` Investments are held in common investment funds. There were no investment assets outside the UK. ``` ``` Cost or valuation at 31 December 2022 is represented by: ``` |`Valuation in 2022`
**`11.`**
**`INVESTMENT PROPERTY`**
**`FAIR VALUE`**
`At 1 January 2022`
`and 31 December 2022`
**`NET BOOK VALUE`**
`At 31 December 2022`
`At 31 December 2021`|`Listed`
`investments`
`£`
`555,293`
`£`
`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 ``` ``` continued... ``` ``` Page 16 ``` ## **`The Hospital of King James in Gateshead`** ## **`Notes to the Financial Statements - continued for the Year Ended 31 December 2022`** ## **`11. INVESTMENT PROPERTY - continued`** ``` Propertieswithacarryingvalueof£1,010,000werevaluedon12February2014byKnightFrank LLP, CharteredSurveyorsonanopenmarketvalueassumingvacantpossession.Theremainingproperties were revaluedovervariousdatesbetweenApril2007andSeptember2007byMcIntoshThompson, Chartered Surveyors,onthebasisofacurrentmarketvaluation.ThetrusteeshaveusedtheNationwideHouse Price Index since these dates until 31st December 2018 to adjust for the change in value. ``` ``` 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`** ||`31.12.22`|`31.12.21`| |---|---|---| ||`£`|`£`| |`Other debtors`|`4,129`|`4,129`| |`Prepayments and accrued income`|`14,066`|`10,233`| ||`18,195`|`14,362`| |**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**||| ||`31.12.22`|`31.12.21`| ||`£`|`£`| |`Trade creditors`|`13,780`|`39,661`| |`Taxation and social security`|`337`|`-`| |`Other creditors`|`11,139`|`14,740`| ||`25,256`|`54,401`| ## **`13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`** ## **`14. MOVEMENT IN FUNDS`** |**`Unrestricted funds`**
`Unrestricted funds`
**`Restricted funds`**
`Restricted Funds`
**`TOTAL FUNDS`**|`At 1.1.22`
`£`
`2,348,477`
`271,679`
`2,620,156`|`Net`
`movement`
`in funds`
`£`
`40,992`
`(41,659)`
`(667)`|`At`
`31.12.22`
`£`
`2,389,469`
`230,020`| |---|---|---|---| ||||`2,619,489`| ``` continued... ``` ``` Page 17 ``` ## **`The Hospital of King James in Gateshead`** ## **`Notes to the Financial Statements - continued for the Year Ended 31 December 2022`** ## **`14. MOVEMENT IN FUNDS - continued`** ``` Net movement in funds, included in the above are as follows: ``` |**`Unrestricted funds`**
`Unrestricted funds`
**`Restricted funds`**
`Restricted Funds`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`247,085`
`5,518`
`252,603`|`Resources`
`expended`
`£`
`(163,838)`
`-`
`(163,838)`|`Gains and`
`Movement`
`losses`
`in funds`
`£`
`£`
`(42,255)`
`40,992`
`(47,177)`
`(41,659)`
`(89,432)`
`(667)`|`Gains and`
`Movement`
`losses`
`in funds`
`£`
`£`
`(42,255)`
`40,992`
`(47,177)`
`(41,659)`
`(89,432)`
`(667)`| |---|---|---|---|---| |||||`(667)`| ## **`Comparatives for movement in funds`** |**`Unrestricted funds`**
`Unrestricted funds`
**`Restricted funds`**
`Restricted Funds`
**`TOTAL FUNDS`**|`At 1.1.21`
`£`
`2,221,749`
`239,271`
`2,461,020`|`Net`
`movement`
`in funds`
`£`
`126,728`
`32,408`
`159,136`|`At`
`31.12.21`
`£`
`2,348,477`
`271,679`| |---|---|---|---| ||||`2,620,156`| ``` Comparative net movement in funds, included in the above are as follows: ``` |**`Unrestricted funds`**
`Unrestricted funds`
**`Restricted funds`**
`Restricted Funds`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`252,090`
`1,541`
`253,631`|`Resources`
`expended`
`£`
`(163,379)`
`-`
`(163,379)`|`Gains and`
`Movement`
`losses`
`in funds`
`£`
`£`
`38,017`
`126,728`
`30,867`
`32,408`
`68,884`
`159,136`|`Gains and`
`Movement`
`losses`
`in funds`
`£`
`£`
`38,017`
`126,728`
`30,867`
`32,408`
`68,884`
`159,136`| |---|---|---|---|---| |||||`159,136`| ``` continued... ``` ``` Page 18 ``` ``` The Hospital of King James in Gateshead ``` ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31 December 2022`** ## **`14. MOVEMENT IN FUNDS - continued`** ## **`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. ``` ## **`15. RELATED PARTY DISCLOSURES`** ``` There were no related party transactions for the year ended 31 December 2022. ``` ## **`16. ULTIMATE CONTROLLING PARTY`** ``` The charity is under the control of the trustees. ``` ``` Page 19 ``` ## **`The Hospital of King James in Gateshead`** ## **`Detailed Statement of Financial Activities for the Year Ended 31 December 2022`** ||`31.12.22`|`31.12.21`| |---|---|---| ||`£`|`£`| |**`INCOME AND ENDOWMENTS`**||| |**`Donations and legacies`**||| |`Donations and legacies`|`160`|`-`| |**`Investment income`**||| |`Rents received`|`119,146`|`116,020`| |`Dividends received`|`8,517`|`1,541`| ||`127,663`|`117,561`| |**`Charitable activities`**||| |`Hospital rental income`|`124,507`|`136,028`| |**`Other income`**||| |`Deposit account interest received`|`273`|`42`| |**`Total incoming resources`**|`252,603`|`253,631`| |**`EXPENDITURE`**||| |**`Raising donations and legacies`**||| |`Insurance`|`4,569`|`2,682`| |`Sundries`|`163`|`172`| |`Management fees`|`13,569`|`16,040`| |`Repairs`|`14,514`|`12,900`| ||`32,815`|`31,794`| |**`Charitable activities`**||| |`Audit fees`|`2,640`|`2,640`| |`Stipend - Vicar of Gateshead`|`3,000`|`3,000`| |`Gateshead loan interest`|`-`|`(928)`| ||`5,640`|`4,712`| |**`Support costs`**||| |**`Management`**||| |`Cleaner and cleaning material`|`12,107`|`12,395`| |`Carried forward`|`12,107`|`12,395`| ``` This page does not form part of the statutory financial statements ``` ``` Page 20 ``` ## **`The Hospital of King James in Gateshead`** ## **`Detailed Statement of Financial Activities for the Year Ended 31 December 2022`** ||`31.12.22`|`31.12.21`| |---|---|---| ||`£`|`£`| |**`Management`**||| |`Brought forward`|`12,107`|`12,395`| |`Warden`|`24,801`|`22,366`| ||`36,908`|`34,761`| |**`Property`**||| |`Rates and water`|`12,865`|`13,035`| |`Insurance`|`4,000`|`3,401`| |`Light and heat`|`37,101`|`33,917`| |`Community care alarm`|`10,005`|`10,011`| |`Equipment and repairs`|`11,500`|`18,234`| |`Depreciation freehold property`|`3,885`|`3,885`| ||`79,356`|`82,483`| |**`Information technology`**||| |`Telephone and broadband`|`2,220`|`2,051`| |`Postage and stationery`|`8`|`75`| |`Subscriptions`|`666`|`603`| ||`2,894`|`2,729`| |**`Human resources`**||| |`Accountancy and bookkeeping`|`6,000`|`6,000`| |`Professional fees`|`225`|`900`| ||`6,225`|`6,900`| |`Total resources expended`|`163,838`|`163,379`| |**`Net income before gains and losses`**|`88,765`|`90,252`| |**`Realised recognised gains and losses`**||| |`Realised gains/(losses) on fixed asset investments`|`(89,432)`|`68,884`| |**`Net (expenditure)/income`**|`(667)`|`159,136`| ``` This page does not form part of the statutory financial statements ``` ``` Page 21 ```