Charity number: 255892
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent auditor's report on the financial statements | 4 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Statement of cash flows | 10 |
| Notes to the financial statements | 11 - 30 |
Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2022
| Trustees | J D Bousfield |
|---|---|
| R Edwards | |
| G A Liddle | |
| A Lloyd(appointed 2 November 2021) | |
| R J Shepherd(appointed 8 February2022) | |
| Housing Corporation number A2835 Charity registered number 255892 Principal office Clerk to the Trustees Elmhirst Parker LLP The Abbey Yard Selby North Yorkshire YO8 4PX Independent auditor BHP LLP Chartered Accountants Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH Bankers HSBC Bank plc Market Place Selby YO8 4PA Santander Bootle Merseyside L30 4GB Barclays Bank Market Place Selby YO8 4NX |
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 APRIL 2022
The Trustees present their report and the audited financial statements of the charity for the year ended 30 April 2022. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published in October 2019.
Constitution and objectives
The Charity is governed by the Charity Commission Scheme dated 8 April 1975.
The Hospital of the Reverend William James Charity is a registered Housing Association, which consists of 20 residential flats together with a warden's flat.
In setting the objectives and planning the activities the trustees have given careful consideration to the Charity Commission's general guidance on public benefit. The charity works for the public benefit through its stated objectives of providing accommodation to needy persons who are resident in the parish of Cawood.
Trustees
J D Bousfield A Lloyd R Edwards R J Shepherd G A Liddle
The trustees are appointed by the Feoffment Estate Non-Education Charity of Cawood.
Internal controls, governance and risk management
The charity is governed by a Board of Trustees. The Board exists to provide probity and governance to The Reverend William James Charity, set the strategic direction, ensure adherence to the Scheme, and provide advice and scrutiny. When appointing a new Trustee, the Trustees review their current skill set and appoint accordingly. Consideration is given to people from the local area and the church when making the appointment.
The charity is compliant with the HCA's Governance and Financial Viability Standard and has adopted the main principles and provisions of the National Housing Federation Excellence in Governance (February 2015) as its appropriate code under the HCA regulatory framework. This Code of Governance covers the principles by which the charity is constituted. It also records how decisions are taken, by whom and how the decisions taken are recorded communicated and implemented. The charity is a 'not for profit' organisation and all income goes into running the charity and the services delivered by it.
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
Results for the year
The charity has returned a surplus of £3,502 (2021: £10,099) from operating activities and, after adding net interest receivable of £16,888 (2021: £17,630), the loss on disposal of fixed assets of £1,090 (2021: £352) and the surplus on revaluation of investments of £26,235 (2021: £121,679), the net surplus for the year was £45,535 (2021: £149,056). The charity made net transfers to restricted funds of £7,138 (2021: £14,342).
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
Fixed Assets
The movements in tangible fixed assets are shown in notes 12 and 13 to the financial statements.
Reserves Policy
It is the policy of the charity to maintain revenue reserves at a level which equates to approximately three to six months' expenditure. Six months' expenditure equates to £40,000. The current level of free reserves is £566,915 (2021: £528,910). It should be noted that the free reserves are mainly tied up in investments which are being used to generate income to fund the operations of the charity.
Plans for future periods
To continue to provide accommodation to needy persons within the parish of Cawood.
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP 2019 (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Signer ID: TMHZSOSOPX... R J Shepherd
Date: 18/03/2024 GMT
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
We have audited the financial statements of The Hospital of the Reverend William James Charity (the ‘charity’) for the year ended 30 April 2022, which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 30 April 2022, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 auditor 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 other information comprises the information included in the trustees' report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained with the trustees' report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the charity's financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.
Auditor responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the sector;
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY (CONTINUED)
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, taxation legislation, data protection, and health and safety legislation;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance; and
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enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY (CONTINUED)
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 auditor’s 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.
Signer ID: AV3MHV6Q7Z...
BHP LLP
Chartered Accountants Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH
Date: 18/03/2024 GMT
BHP LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022
| Note Income from: Charitable activities 5 Investments 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net income/(expenditure) before net gains on investments Net gains on investments 14,16 Net income/(expenditure) Transfers between funds 21 Net movement in funds Reconciliation of funds: Total funds brought forward as previously stated Prior year adjustment 20 Total funds brought forward as restated Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 72,324 25,472 97,796 68,338 68,338 29,458 26,235 55,693 (7,138) 48,555 647,183 - 647,183 48,555 695,738 |
Restricted funds 2022 £ - - - 10,158 10,158 (10,158) - (10,158) 7,138 (3,020) 221,222 260,577 481,799 (3,020) 478,779 |
Total funds 2022 £ 72,324 25,472 97,796 78,496 78,496 19,300 26,235 45,535 - 45,535 868,405 260,577 1,128,982 45,535 1,174,517 |
As restated Total funds 2021 £ 73,563 26,287 |
|---|---|---|---|---|
| 99,850 | ||||
| 72,473 | ||||
| 72,473 | ||||
| 27,377 121,679 |
||||
| 149,056 - |
||||
| 149,056 | ||||
| 716,092 263,834 |
||||
| 979,926 149,056 |
||||
| 1,128,982 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
BALANCE SHEET AS AT 30 APRIL 2022
| Note Fixed assets Housing properties 12 Other tangible assets 13 Investments 14 Current assets Debtors 15 Investments 16 Cash at bank and in hand 25 Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 18 Total net assets Charity funds Restricted funds 21 Unrestricted funds 21 Total funds |
14,345 242,446 36,365 293,156 (32,833) |
2022 £ 377,441 8,702 607,340 993,483 260,323 1,253,806 (79,289) 1,174,517 478,779 695,738 1,174,517 |
7,518 238,624 48,239 294,381 (35,244) |
As restated 2021 £ 367,826 11,024 571,175 950,025 259,137 1,209,162 (80,180) 1,128,982 481,799 647,183 1,128,982 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Signer ID: TMHZSOSOPX...
R J Shepherd
18/03/2024 GMT Date:
The notes on pages 11 to 30 form part of these financial statements.
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2022
| Note Cash flows from operating activities Net cash provided by operating activities 24 Cash flows from investing activities Investment income Purchase of tangible fixed assets Purchase of investments Net cash used in investing activities Cash flows from financing activities Repayments of borrowing Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 25 |
2022 £ 7,587 15,477 (20,382) (13,752) (18,657) (804) (804) (11,874) 48,239 36,365 |
As restated 2021 £ 24,224 26,287 (12,438) (14,608) (759) (891) (891) 22,574 25,665 48,239 |
|---|---|---|
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
1. General information
The Hospital of the Reverend William James Charity is registered in England and Wales and is a registered housing association in the United Kingdom. The address of the registered office is given in the reference and administrative information on page 1 of these financial statements. The nature of the charity's operations and principle activities are that of a housing association. The association constitutes a public benefit entity as defined by FRS 102.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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 applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling, which is the functional currency of the charity, and rounded to the nearest £.
The Hospital of the Reverend William James Charity meets the definition of a public benefit entity under FRS 102.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Charities that are registered providers of social housing prepare accounts under the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for Private Registered Providers of Social Housing in England 2019. However, there is an exception where the charity is an Almshouse and in that instance the charity would prepare accounts under the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Previously it was thought that this charity should prepare its accounts under the SORP for Social Housing Providers 2018 whereas during the year it has come to light that the accounts should be prepared under the SORP (FRS 102) for Charities (effective 1 January 2019). As a result of this the prior year figures have been restated, further details of which are given in note 20.
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
2. Accounting policies (continued)
2.2 Going concern
As part of their assessment of the going concern basis of preparation, the trustees have considered the impact of the wider economy on the forecasted results for the years to 30 April 2025. The charity is confident that it has sufficient reserves to cover the current level of expenditure to 30 April 2025 and beyond.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis in preparing the financial statements.
2.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT.
2.5 Investment income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Investment income is included when receivable by the charity.
2.6 Housing properties and depreciation
Housing properties are properties held for the provision of social housing or to otherwise provide social benefit. Housing properties are principally properties available for rent and are stated at cost less accumulated depreciation and impairment losses. Cost includes the cost of acquiring land and buildings, development costs, interest charges incurred during the development period.
Works to existing properties which replace a component that has been treated separately for depreciation purposes, along with those works that result in an increase in net rental income over the lives of the properties, thereby enhancing the economic benefits of the assets, are capitalised as improvements.
The charity separately identifies the major components which comprise its housing properties, and charges depreciation, so as to write-down the cost of each component to its estimated residual value, on a straight line basis, over its estimated useful economic life.
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
2. Accounting policies (continued)
2.6 Housing properties and depreciation (continued)
The charity depreciates the major components of its housing properties at the following annual rates:
| Roofs | - | 70 years |
|---|---|---|
| Windows and external doors | - | 30 years |
| Boilers and heating systems | - | 15 years |
| Kitchens | - | 20 years |
| Bathrooms | - | 30 years |
| Ground works | - | 100 years |
2.7 Other tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
- Equipment and fixtures 10% per annum straight line
2.8 Investments
Fixed and current asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities. Investment gains and losses are all dealt with through unrestricted funds and are used to fund the transfers in absolute terms to the cyclical maintenance and extraordinary repairs funds. Within the investment portfolio certain holdings have been earmarked as current investments in the event that they are required to fund repairs.
2.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
2. Accounting policies (continued)
2.11 Prior year restatement
The cash flow statement has been amended in the prior year to show the repayment of the Housing Corporation loan as a financing transaction.
2.12 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
2.13 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.14 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
4. Income and expenditure from social housing lettings
| Rents receivable excluding service charges Rent losses arising from voids Direct property management costs Administration costs Operating surplus on social housing lettings |
2022 £ 77,840 (5,516) 72,324 61,256 7,566 68,822 3,502 |
As restated 2021 £ 75,680 (2,117) 73,563 57,040 6,424 63,464 10,099 |
|---|---|---|
Rent contributions at 30 April 2022 were £75 per week (2021: £73 per week).
At 30 April 2022, the charity had 20 supported housing residential flats available for use together with a wardens flat (2021: 20 units).
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
5. Income from charitable activities
| Social housing rental income Total 2021 |
Unrestricted funds 2022 £ 72,324 73,563 |
Total funds 2022 £ 72,324 73,563 |
Total funds 2021 £ 73,563 |
|---|---|---|---|
6. Investment income
| Quoted investment dividends Bank interest Total 2021 |
Unrestricted funds 2022 £ 25,466 6 25,472 26,287 |
Total funds 2022 £ 25,466 6 25,472 26,287 |
Total funds 2021 £ 26,274 13 |
|---|---|---|---|
| 26,287 | |||
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
7. Analysis of expenditure on charitable activities
Summary by fund type
| Staff costs Other employee costs Estate costs Office overheads Other operating expenses Loss on disposal of fixed assets Interest payable Total 2021 as restated |
Unrestricted funds 2022 £ 1,928 2,532 27,730 18,940 7,534 1,090 8,584 68,338 69,216 |
Restricted funds 2022 £ - - 10,158 - - - - 10,158 3,257 |
Total 2022 £ 1,928 2,532 37,888 18,940 7,534 1,090 8,584 78,496 72,473 |
As restated Total 2021 £ 1,950 1,374 33,180 20,555 6,405 352 8,657 |
|---|---|---|---|---|
| 72,473 | ||||
8. Analysis of expenditure by activities
| Employee costs Other employee costs Estate costs Office overheads Other operating expenses Loss on disposal of fixed assets Interest payable Total 2021 as restated |
Direct property management 2022 £ 1,928 2,532 37,888 18,908 - - - 61,256 57,040 |
Support costs 2022 £ - - - 32 7,534 1,090 8,584 17,240 15,433 |
Total funds 2022 £ 1,928 2,532 37,888 18,940 7,534 1,090 8,584 78,496 72,473 |
As restated Total funds 2021 £ 1,950 1,374 33,180 20,555 6,405 352 8,657 |
|---|---|---|---|---|
| 72,473 | ||||
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
8. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Warden - Staff costs Warden - Telephone Warden - Rates and water Gardener Insurance Repairs and renewals Lifeline telephone Electricity and gas Water and sewage rates Utilities - empty properties Alarm maintenance Advertising Depreciation Administration fees |
Total funds 2022 £ 1,928 100 1,027 1,405 1,981 11,717 639 323 5,078 1,436 4,413 302 11,999 18,908 61,256 |
As restated Total funds 2021 £ 1,950 123 971 280 1,924 10,799 683 327 4,487 7 3,294 - 11,659 20,536 |
|---|---|---|
| 57,040 |
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Interest payable Bank charges Sundry expenses Audit fee Accountancy fee Professional fees Loss on disposal of fixed asset 9. Auditor's remuneration Fees payable to the charity's auditor for the audit of the charity's annual accounts Fees payable to the charity's auditor in respect of: All non-audit services not included above |
Total funds 2022 £ 8,584 32 - 4,390 2,438 706 1,090 17,240 2022 £ 4,390 2,438 |
Total funds 2021 £ 8,657 34 (15) 3,720 2,064 621 352 |
|---|---|---|
| 15,433 | ||
| 2021 £ 3,720 2,064 |
10. Staff costs
| Wages and salaries Social security costs Pension costs |
2022 £ 1,928 - - 1,928 |
2021 £ 1,950 - - |
|---|---|---|
| 1,950 |
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
10. Staff costs (continued)
| The average number of persons employed by the charity during the year was as follows: 2022 No. Part-time employees 1 No employee received remuneration amounting to more than £60,000 in either year. |
2021 No. 1 |
|---|---|
| 11. Trustees' remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2021 - £NIL). During the year ended 30 April 2022, no Trustee expenses have been incurred (2021 - £NIL). 12. Housing properties Cost At 1 May 2021 Additions Disposals At 30 April 2022 Depreciation At 1 May 2021 Charge for the year On disposals At 30 April 2022 Net book value At 30 April 2022 At 30 April 2021 |
Total £ 490,733 20,382 (3,893) |
|---|---|
| 507,222 | |
| 122,907 9,677 (2,803) |
|
| 129,781 | |
| 377,441 | |
| 367,826 |
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022 |
|
|---|---|
| 13. Other tangible fixed assets Cost At 1 May 2021 At 30 April 2022 Depreciation At 1 May 2021 Charge for the year At 30 April 2022 Net book value At 30 April 2022 At 30 April 2021 |
Equipment and fixtures £ 23,612 23,612 12,588 2,322 14,910 8,702 11,024 |
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
| 14. Fixed asset investments Valuation At 1 May 2021 Additions Revaluations At 30 April 2022 Net book value At 30 April 2022 At 30 April 2021 The historic cost of listed fixed asset investments at 30 April 2022 was £289,587 (2021: £275,836). |
Listed investments £ 571,175 13,752 22,413 |
|---|---|
| 607,340 | |
| 607,340 | |
| 571,175 | |
| 15. Debtors Rent arrears Other debtors Prepayments 16. Current asset investments Market value at 1 May Net unrealised gains/(losses) |
2022 £ 2,043 9,995 2,307 14,345 2022 £ 238,624 3,822 242,446 |
2021 £ 4,058 - 3,460 7,518 2021 £ 199,753 38,871 238,624 |
|---|---|---|
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
16. Current asset investments (continued)
The historic cost of listed current asset investments at 30 April 2022 was £128,534 (2021: £128,534). The investment is held to fund the extraordinary and other repairs (see note 21).
17. Creditors: Amounts falling due within one year
| The Housing Corporation loan (see note 19) Rental income in advance Accruals |
2022 £ 891 4,305 27,637 32,833 |
As restated 2021 £ 804 1,587 32,853 |
|---|---|---|
| 35,244 |
All the above debts are normal unsecured creditors payable on demand with no interest payable.
18. Creditors: Amounts falling due after more than one year
| As restated | |||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| The Housing Corporation loan (see note | 19) | 79,289 | 80,180 |
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
19. Debt analysis
| Within one year or on demand Between one to two years Between two and five years Over five years |
2022 £ 891 891 989 3,662 74,638 79,289 80,180 |
2021 £ 804 |
|---|---|---|
| 804 891 3,301 75,988 |
||
| 80,180 | ||
| 80,984 |
Security
The Housing Property Finance loan is secured by fixed charges on individual properties.
Terms of repayment and interest rates
The Housing Property Finance loan is repayable by equal half yearly instalments of capital and interest of £4,694, the last instalment being due on 31 March 2045. The interest on the loan is charged at 10.625% on half yearly balances.
20. Prior year adjustments
Due to the accounts now being prepared under the Charities SORP (FRS 102), there has been a prior year adjustment in respect of The Housing Association Grant which relates to housing properties, which had been previously treated as deferred income and credited to the income and expenditure account over the estimated useful life of the properties. The prior year adjustment has released the deferred income into a restricted fund. The impact of this as at 30 April 2021 is to increase the net assets by £260,577 (2020: £263,834), decrease creditors within one year by £3,257 (2020: £3,257), decrease creditors due more than one year by £257,320 (2020: £260,577) and reduce the surplus in the year to 30 April 2021 by £3,257.
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
21. Statement of funds
Statement of funds - current year
| Unrestricted funds General funds Investment revaluation reserve Restricted funds Capital fund Cyclical maintenance reserve Extraordinary repairs reserve Housing property Total of funds |
As restated Balance at 1 May 2021 £ 241,753 405,430 647,183 14,474 126,060 80,688 260,577 481,799 1,128,982 |
Income £ 97,796 - 97,796 - - - - - 97,796 |
Expenditure £ (68,338) - (68,338) - (6,901) - (3,257) (10,158) (78,496) |
Transfers in/out £ (7,138) - (7,138) - 17,080 (9,942) - 7,138 - |
Gains/ (Losses) £ - 26,235 26,235 - - - - - 26,235 |
Balance at 30 April 2022 £ 264,073 431,665 |
|---|---|---|---|---|---|---|
| 695,738 | ||||||
| 14,474 136,239 70,746 257,320 |
||||||
| 478,779 | ||||||
| 1,174,517 |
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
21. Statement of funds (continued)
Details of the material funds are given below:
Investment revaluation reserve
The difference between the fair value of investments and the historical cost carrying value is credited to the revaluation reserve.
Cyclical maintenance reserve
In accordance with the Trust Deed, the charity is required to maintain a cyclical maintenance fund for the purpose of providing for those items of ordinary maintenance and repair of the almshouses which recur at infrequent intervals. This is therefore a restricted fund.
Extraordinary repairs reserve
In accordance with the Trust Deed, the charity is required to maintain an extraordinary repair fund for the purposes of providing for the extraordinary repairs, improvement or rebuilding of the almshouses. This is therefore a restricted fund.
Housing property
Represents housing property funded by a grant received in 2002. The expenditure relates to depreciation on the property.
Transfers
Transfers represent the recommended annual contributions to the Cyclical Maintenance Reserve (£17,080) and the Extraordinary Repairs Reserve (£10,440) and the utilisation of the Extraordinary Repairs Reserve for fixed asset additions during the year (£20,382).
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
21. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General funds Investment revaluation reserve Restricted funds Capital fund Cyclical maintenance reserve Extraordinary repairs reserve Housing property Total of funds |
As restated Balance at 1 May 2020 £ 220,338 283,751 504,089 14,474 114,563 82,966 263,834 475,837 979,926 |
Income £ 99,850 - 99,850 - - - - - 99,850 |
Expenditure £ (64,093) - (64,093) - (5,123) - (3,257) (8,380) (72,473) |
Transfers in/out £ (14,342) - (14,342) - 16,620 (2,278) - 14,342 - |
Gains/ (Losses) £ - 121,679 121,679 - - - - - 121,679 |
As restated Balance at 30 April 2021 £ 241,753 405,430 |
|---|---|---|---|---|---|---|
| 647,183 | ||||||
| 14,474 126,060 80,688 260,577 |
||||||
| 481,799 | ||||||
| 1,128,982 |
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
22. Summary of funds
Summary of funds - current year
| General funds Restricted funds |
As restated Balance at 1 May 2021 £ 647,183 481,799 1,128,982 - prior year As restated Balance at 1 May 2020 £ 504,089 475,837 979,926 |
Income £ 97,796 - 97,796 Income £ 99,850 - 99,850 |
Expenditure £ (68,338) (10,158) (78,496) Expenditure £ (64,093) (8,380) (72,473) |
Transfers in/out £ (7,138) 7,138 - Transfers in/out £ (14,342) 14,342 - |
Gains/ (Losses) £ 26,235 - 26,235 Gains/ (Losses) £ 121,679 - 121,679 |
Balance at 30 April 2022 £ 695,738 478,779 |
|---|---|---|---|---|---|---|
| 1,174,517 | ||||||
| As restated Balance at 30 April 2021 £ 647,183 481,799 |
||||||
| Summary of funds | ||||||
| General funds Restricted funds |
||||||
| 1,128,982 |
23. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Other tangible fixed assets Housing properties Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2022 £ 8,702 120,121 607,340 71,697 (32,833) (79,289) 695,738 |
Restricted funds 2022 £ - 257,320 - 221,459 - - 478,779 |
Total funds 2022 £ 8,702 377,441 607,340 293,156 (32,833) (79,289) |
|---|---|---|---|
| 1,174,517 |
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
23. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Unrestricted funds 2021 As restated Restricted funds 2021 £ £ Other tangible fixed assets 11,024 - Housing properties 107,249 260,577 Fixed asset investments 571,175 - Current assets 73,159 221,222 Creditors due within one year (35,244) - Creditors due in more than one year (80,180) - Total As restated 647,183 481,799 Reconciliation of net movement in funds to net cash flow from operating activities 2022 £ Net income for the year (as per Statement of Financial Activities) 45,535 Adjustments for: Depreciation charges 11,999 Gains on investments (26,235) Investment income (25,472) Loss on the sale of fixed assets 1,090 Decrease/(increase) in debtors 3,168 (Decrease)/increase in creditors (2,498) Net cash provided by operating activities 7,587 |
As restated Total funds 2021 £ 11,024 367,826 571,175 294,381 (35,244) (80,180) 1,128,982 As restated 2021 £ 149,056 11,659 (121,679) (26,287) 352 (416) 11,539 24,224 |
|---|---|
24. Reconciliation of net movement in funds to net cash flow from operating activities
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
25. Analysis of cash and cash equivalents
| Barclays and HSBC current accounts Barclays Cyclical Maintenance Fund Total cash and cash equivalents |
2022 £ 18,950 17,415 36,365 |
2021 £ 30,826 17,413 |
|---|---|---|
| 48,239 |
26. Analysis of changes in net debt
| Cash at bank and in hand Debt due within 1 year Debt due after 1 year Liquid investments |
At 1 May 2021 £ 48,239 (804) (80,180) 238,624 205,879 |
Cash flows £ (11,874) (87) 891 3,822 (7,248) |
At 30 April 2022 £ 36,365 (891) (79,289) 242,446 |
|---|---|---|---|
| 198,631 |
27. Taxation
The charity is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charity for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Income Tax Act 2007, Part 10 s521 – s537 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
28. Related party transactions
There were no related party transactions requiring disclosure in the current or previous year.
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Document ID: f983be350a98b48c108dcbc187454a45eca640a59303a67defb3316669ed4504