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2023-12-31-accounts

REGISTERED CHARITY NUMBER: 229942

Report of the Trustees and

Financial Statements for the Year Ended 31 December 2023

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 2023

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 20
Detailed Statement of Financial Activities 21 to 22

The Hospital of King James in Gateshead

Report of the Trustees for the Year Ended 31 December 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's main objective is the provision of accommodation to almspeople in the Gateshead area. It administers the running of sheltered flats and owns a portfolio of residential properties. The committee of the trustees meet regularly to consider all matters regarding the running of the charity.

How we benefit the public

As an almshouse, the charity exists to provide accommodation for those who are elderly or disadvantaged in the Gateshead area. Key to achieving this is providing a safe and caring environment for those who live at the hospital. There is a full time warden who lives on site who is there to ensure the wellbeing of all residents. Regular social events and activities are held for the enjoyment of the residents.

Whilst the charity charges its residents weekly maintenance contributions for staying at the hospital, this rent is very much below market rates of accommodation for a similar standard of accommodation with warden support.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Incoming resources for the year totalled £280,315 (2022: £252,603), which included rents of £127,290 (2022: £119,146) and other investment income of £6,503 (2022 :£8,517). Income from the Hospital itself amounted to £149,416 (2022: £124,507).

The charity recorded a surplus of £89,252 (2022: deficit £667) for the year. This includes net recognised gains/losses of £20,698 (2022: losses £89,432) in respect of changes in the values of properties and investments.

The trustees consider the charity's financial performance to be satisfactory. Investments made by the charity are held in accordance with the trustees' powers.

Page 1

The Hospital of King James in Gateshead

Report of the Trustees for the Year Ended 31 December 2023

FINANCIAL REVIEW Reserves policy

The Charity aims to hold liquid reserves equivalent to at least three months of expenditure.

The reserves of the charity totalled £2,701,791 (2022:£2,619,849) at the end of the year. These reserves are used as follows:-

£1,764,539 on investment property which are are held to generate income to replace the almshouse when it needs to be rebuilt, and also help towards running costs.

£237,265 in investments representing the recoupment funds . These funds are used to build up capital for when the almshouse needs to be rebuilt or major refurbishment work is needed.

£8,326 invested for the Extraordinary Repair fund to be used for major repairs, improvement or rebuilding.

£692,897 in investments representing the general fund. These funds are used to hold unrestricted reserves to be used in the general running of the charity.

FUTURE PLANS

Many of the units in the almshouse have now been refurbished, and while the building will be kept in good repair, no substantive improvements will be made while our development plan is under way. We have obtained Planning Permission to develop the Recreation Ground but have been declined Registered Provider (RP) status because we considered the risks in accepting surrender of the Recreation Ground lease before we had contracted its sale were too high due to problems with the ground. We are negotiating with an RP with similar objectives to ourselves who wishes to develop the site, as inflation and high interest rates have put the project beyond our reach.

We continue to prepare less ambitious plans to refurbish our current building by removing the asbestos and upgrading the energy rating.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity was formed in or around the year 1245 and is constituted by various governing documents over the years, including a Royal Charter of 1611, Act of Parliament of 1811 and its current governing document, a charity scheme of 1970, a resolution of 5 October 2023 and a letter from the Charity Commission dated 12 April 2024.. It is a registered charity, number 229942.

Recruitment and appointment of new trustees

The sole trustee of the Charity is King James Almshouses, a Charitable Incorporated Organisation, registered charity number 1198062. King James Almshouses holds no assets.

Organisational structure

The charity is run on a day to day basis by the Master of the charity and the Warden. The Trustees of the parent Charity meet at least four times a year, and more regularly as necessary to deal with strategic matters and to authorise expenditure. Decisions can be made using electronic communication.

Estate Management

Estate management services to the Hospital of King James are provided by Sarah Mains Property Consultants, who undertake the day to day management of the private residential portfolio of behalf of the charity. This includes but is not limited to dealing with all tenant enquiries, rent collection and property issues such as statutory testing.

Page 2

The Hospital of King James in Gateshead

Report of the Trustees for the Year Ended 31 December 2023

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 229942

Principal address

Sunderland Road Gateshead Tyne and Wear NE8 3EY

Trustees

A James (resigned 5.10.23) K Brown (resigned 5.10.23) Dr A Scott (resigned 5.10.23) Rev M Mackay (resigned 5.10.23) B Kitching (resigned 5.10.23) Rev D Snowball (resigned 5.10.23) N Graham (resigned 5.10.23) King James Almshouses reg. charity 1198062 (appointed 5th October 2023)

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

Page 3

The Hospital of Kin8 James in Gateshead Report of the Trurtees ftiv the Year Ended 31 December 2023 STATEMENT OF TRUSTEES. RESPONSIBIUTIES The trustees are responsible for preparing the Report of the Trustees and the financial sta￿MentS in accordance wbth applicable Ixw and Llnited Kingdom Accounting Standards {Uni￿d Kingdom Generally Accepted Accounong Prarticel- The law applicable to charities in England and Wales, rhe Charitie5 Act 2011, Charity IAccoun¢s and Reptsrcsl Regulations 2008 and the provisions of the trust deed requires the trustees to prepare fiThanCi￿ sta¢emencs for each financial year which &'ve a true and fair v7ew of the Sta￿ of affairs of the charity and of the Incoming resources and IpplicaooTr of resources, including rhe income and expendicure. of the ch¥ity for Eh3t period. In preparing those financial staternent5. the trusoes are required to sele¢[ suitable aceounung polioes and then appty them consistently.. observe the methods and principles in the Charity SORP., ke judgements and estimates that are reasonable and prudenr., prepare the financi￿ stat•nents on the going concern basis unles5 it is inaFvropriats to presurrE that the charity will continue in busines& The tru5tee5 are responsible for keeping proper accounting records which disclose with reasonable accuracy at any rne the financial POSIt￿n of the chariLy and to enable them to ensure that the financial staTrmenrs comply with the Charities Att 201 l. the Charity (Accounts and Reports) Regulation5 2￿8 and the provisions of the trust deed. They Ire also responsible for safeguarding the assets of the charity and hence for taknng reasonable steps for the prevention and derecuon of fraud and other irregulariues. Approved by order of the board of tru5tee5 on 17 Ocrober 2024 and Si￿ed on its behalf by.. Alames - Trusteè

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

Opinion

We have audited the financial statements of The Hospital of King James in Gateshead (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).

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 UK, including the FRC'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.

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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

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

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:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our knowledge of the charity, we identified that the principal risks of non compliance with laws and regulations related to non-compliance with the Charities Act 2011 and we considered what effect non compliance may have a material effect on the financial statements.

We evaluated management's incentives and opportunities to carry out fraudulent manipulation of the financial statements and determined that the principal risk was the reduction in rental income being received.

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 Report 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

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 the 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

17 October 2024

Page 7

The Hospital of King James in Gateshead

Statement of Financial Activities for the Year Ended 31 December 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
4
Residental care
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
5
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
£
250
149,416
129,537
1,112
280,315
59,820
163,147
222,967
11,206
68,554
2,389,469
2,458,023		 Restricted
funds
£
-
-
4,256
-
4,256
-
-
-
2,989
7,245
230,020
237,265		 31.12.23
Total
funds
£
250
149,416
133,793
1,112
284,571
59,820
163,147
222,967
14,195
75,799
2,619,489
2,695,288		 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

The notes form part of these financial statements

Page 8

The Hospital of King James in Gateshead

Balance Sheet 31 December 2023

Notes
FIXED ASSETS
Tangible assets
10
Investments
Investments
11
Investment property
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
15
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
101,347
338,726
1,764,539
2,204,612
21,549
263,624
285,173
(31,762)
253,411
2,458,023
2,458,023		 Restricted
funds
£
-
237,265
-
237,265
-
-
-
-
-
237,265
237,265		 31.12.23
Total
funds
£
101,347
575,991
1,764,539
2,441,877
21,549
263,624
285,173
(31,762)
253,411
2,695,288
2,695,288
2,458,023
237,265
2,695,288		 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

The financial statements were approved by the Board of Trustees and authorised for issue on 17 October 2024 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 2023

1. STATEMENT OF COMPLIANCE

Hospital of King James is an unincorporated charity with registered charity number: 229942. The registered office is based at 48 Cedarway, Gateshead, Tyne and Wear, NE10 8LD.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with 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 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included in market value.

The financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity's needs. The Trustees have considered a period of 12 months from the balance sheet date and consider no further disclosure relating to the charity's ability to continue as a going concern need to be made.

Hospital of King James 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 note(s).

The financial accounts are prepared in Sterling (£).

Significant estimates and judgements

The preparation of the financial statements requires the Trustees to make judgements and estimates. 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

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Page 10

continued...

The Hospital of King James in Gateshead

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Hospital

Investment property

Investment properties are valued on a current market value basis as valued by a firm of Chartered Surveyors in 2014.

Taxation

The charity is exempt from tax on its charitable activities.

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 the specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost 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 note to the financial accounts.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

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

Cash at bank and cash 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.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measures or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 11

continued...

The Hospital of King James in Gateshead

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

3. INVESTMENT INCOME

Rents received
Dividends received
4.
INCOME FROM CHARITABLE ACTIVITIES
Hospital rental income
5.
RAISING FUNDS
Raising donations and legacies
Insurance
Sundries
Management fees
Repairs
Professional fees
6.
SUPPORT COSTS
Management
£
Other trading activities
650
Residental care
41,292
49,042		 31.12.23
31.12.22
£
£
127,290
119,146
6,503
8,517
133,793
127,663
31.12.23
31.12.22
Residental
Total
care
activities
£
£
149,416
124,507
31.12.23
31.12.22
£
£
6,227
4,569
667
163
18,551
13,569
23,183
14,514
10,542
-
59,170
32,815
Information
Property
technology
£
£
-
-
96,075
2,169
88,975
2,169

Page 12

continued...

The Hospital of King James in Gateshead

Notes to the Financial Statements - continued

for the Year Ended 31 December 2023

6. SUPPORT COSTS - continued

Other trading activities
Residental care
Support costs, included in the above, are as follows:
Management
Raising
donations
Other
and
trading
legacies
activities
£
£
Cleaner and cleaning
material
-
-
Warden
-
-
Pensions
-
650
Professional fees
7,100
-
7,100
650
Property
Raising
donations
and
legacies
£
Rates and water
-
Insurance
-
Light and heat
-
Community care alarm
-
Equipment and repairs
-
Depreciation freehold property
-
Depreciation of tangible fixed assets
-
(7,100)		 Human
resources
£
-
13,447
13,447
Residental
care
£
9,933
31,359
-
-
41,292
Residental
care
£
5,037
4,000
34,764
10,059
32,147
2,870
98
96,075		 Other
£
-
4,524
4,524
31.12.23
Total
activities
£
9,933
31,359
650
7,100
49,042
31.12.23
Total
activities
£
5,037
4,000
34,764
10,059
32,147
2,870
98
88,975		 Totals
£
650
157,507
158,157
31.12.22
Total
activities
£
12,107
24,801
-
-
36,908
31.12.22
Total
activities
£
12,865
4,000
37,101
10,005
11,500
3,885
-
79,356

Support costs, included in the above, are as follows:

Management

Property

Page 13

continued...

The Hospital of King James in Gateshead

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

6. SUPPORT COSTS - continued Information technology

SUPPORT COSTS - continued
Information technology
31.12.23 31.12.22
Residental Total
care activities
£ £
Telephone and broadband 1,615 2,220
Postage and stationery 106 8
Subscriptions 448 666
2,169 2,894
Other
31.12.23 31.12.22
Residental Total
care activities
£ £
Sundries 4,524 -

7. TRUSTEES' REMUNERATION AND BENEFITS

Trustee remuneration amounted of £3,000 (2022: £3,000). This remuneration is a stipend paid to the Master in accordance with the charity's trust deed.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

8. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs
Cleaner
Warden and administrator		 31.12.23
£
9,933
31,359
650
41,942
2023
£
9,933
31,359
41,292		 31.12.22
£
12,107
24,801
-
36,908
2022
£
9,20
26,385
35,665

Page 14

continued...

The Hospital of King James in Gateshead

Notes to the Financial Statements - continued

for the Year Ended 31 December 2023

8. STAFF COSTS - continued

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

31.12.23 31.12.22
Cleaner 1 1
Warden 1 1
Administrator 1 -
3 2

No employees received emoluments in excess of £60,000.

9.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
160
-
Charitable activities
Residental care
124,507
-
Investment income
122,145
5,518
Other income
273
-
Total
247,085
5,518
EXPENDITURE ON
Raising funds
32,815
-
Charitable activities
Residental care
131,023
-
Total
163,838
-
Net gains/(losses) on investments
(42,255)
(47,177)
NET INCOME/(EXPENDITURE)
40,992
(41,659)
RECONCILIATION OF FUNDS
Total funds brought forward
2,348,477
271,679		 Total
funds
£
160
124,507
127,663
273
252,603
32,815
131,023
163,838
(89,432)
(667)
2,620,156

Page 15

continued...

The Hospital of King James in Gateshead

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
funds funds funds
£ £ £
TOTAL FUNDS CARRIED FORWARD 2,389,469 230,020 2,619,489
10. TANGIBLE FIXED ASSETS
Computer
Hospital equipment Totals
£ £ £
COST
At 1 January 2023 194,260 - 194,260
Additions - 426 426
At 31 December 2023 194,260 426 194,686
DEPRECIATION
At 1 January 2023 89,357 - 89,357
Charge for year 3,884 98 3,982
At 31 December 2023 93,241 98 93,339
NET BOOK VALUE
At 31 December 2023 101,019 328 101,347
At 31 December 2022 104,903 - 104,903
11. FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 January 2023 555,293
Funds invested 6,503
Revaluations 14,195
At 31 December 2023 575,991
NET BOOK VALUE
At 31 December 2023 575,991
At 31 December 2022 555,293

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

Page 16

continued...

The Hospital of King James in Gateshead

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2023 is represented by:

Valuation in 2023
12.
INVESTMENT PROPERTY
FAIR VALUE
At 1 January 2023
and 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022		 Listed
investments
£
575,991
£
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

Properties with a carrying value of £1,010,000 were valued on 12 February 2014 by Knight Frank LLP, Chartered Surveyors on an open market value assuming vacant possession. The remaining properties were revalued over various dates between April 2007 and September 2007 by McIntosh Thompson, Chartered Surveyors, on the basis of a current market valuation. The trustees have used the Nationwide House 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.

Page 17

continued...

The Hospital of King James in Gateshead

Notes to the Financial Statements - continued

for the Year Ended 31 December 2023

13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments and accrued income
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Taxation and social security
Other creditors
15.
MOVEMENT IN FUNDS
At 1.1.23
£
Unrestricted funds
Unrestricted funds
2,389,469
Restricted funds
Restricted Funds
230,020
TOTAL FUNDS
2,619,489
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
Unrestricted funds
280,315
(222,967)
Restricted funds
Restricted Funds
4,256
-
TOTAL FUNDS
284,571
(222,967)		 31.12.23
£
4,129
17,420
21,549
31.12.23
£
18,253
474
13,035
31,762
Net
movement
in funds
£
68,554
7,245
75,799
Gains and
losses
£
11,206
2,989
14,195		 31.12.22
£
4,129
14,066
18,195
31.12.22
£
13,780
337
11,139
25,256
At
31.12.23
£
2,458,023
237,265
2,695,288
Movement
in funds
£
68,554
7,245
75,799

Page 18

continued...

The Hospital of King James in Gateshead

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

15. MOVEMENT IN FUNDS - continued

Comparatives for 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

Comparative 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)

Extraordinary Repair Fund

By a supplemental order dated 4 October 1979 by the Charity Commission, the hospital was required to set aside out of income an annual sum of £1,395 in respect of extraordinary repair fund. The fund and its income therefrom shall be invested in the name of the Official Custodian.

Property Equity Reserve

By orders dated 28 February 1972 and 2 November 1972, expenditure was sanctioned from capital of the Charity of £83,124 for defraying part of the cost of erecting new Almshouses. The order directed that the sum expended be recouped to capital from income. A yearly sum of 0.35 per cent shall be invested in a separate account with the Official Custodian for a period of 60 years. Dividends accruing shall be invested thereon by way of accumulation until twelve months after the last payment.

Page 19

continued...

The Hospital of King James in Gateshead

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.

17. ULTIMATE CONTROLLING PARTY

The charity is under the control of the trustees.

Page 20

The Hospital of King James in Gateshead

Detailed Statement of Financial Activities for the Year Ended 31 December 2023

31.12.23 31.12.22
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations and legacies 250 160
Investment income
Rents received 127,290 119,146
Dividends received 6,503 8,517
133,793 127,663
Charitable activities
Hospital rental income 149,416 124,507
Other income
Deposit account interest received 1,112 273
Total incoming resources 284,571 252,603
EXPENDITURE
Raising donations and legacies
Insurance 6,227 4,569
Sundries 667 163
Management fees 18,551 13,569
Repairs 23,183 14,514
Professional fees 10,542 -
59,170 32,815
Charitable activities
Audit fees 2,640 2,640
Stipend - Vicar of Gateshead 3,000 3,000
5,640 5,640
Support costs
Management
Cleaner and cleaning material 9,933 12,107
Carried forward 9,933 12,107

This page does not form part of the statutory financial statements

Page 21

The Hospital of King James in Gateshead

Detailed Statement of Financial Activities
for the Year Ended 31 December 2023
31.12.23 31.12.22
£ £
Management
Brought forward 9,933 12,107
Warden 31,359 24,801
Pensions 650 -
Professional fees 7,100 -
49,042 36,908
Property
Rates and water 5,037 12,865
Insurance 4,000 4,000
Light and heat 34,764 37,101
Community care alarm 10,059 10,005
Equipment and repairs 32,147 11,500
Depreciation freehold property 2,870 3,885
Depreciation of tangible fixed assets 98 -
88,975 79,356
Information technology
Telephone and broadband 1,615 2,220
Postage and stationery 106 8
Subscriptions 448 666
2,169 2,894
Human resources
Accountancy and bookkeeping 6,000 6,000
Professional fees 7,447 225
13,447 6,225
Other
Sundries 4,524 -
Total resources expended 222,967 163,838
Net income before gains and losses 61,604 88,765
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments 14,195 (89,432)
Net income/(expenditure) 75,799 (667)

This page does not form part of the statutory financial statements

Page 22