**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 staMentS in accordance wbth
applicable Ixw and Llnited Kingdom Accounting Standards {Unid 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 POSItn 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 28 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 Sied 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).
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2023 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**
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:
- 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**
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.
- 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.
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':
- the requirements of Section 7 Statement of Cash Flows.
## **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
- 2% on cost
## **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