Charity number: 255892
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
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 - 4 |
| Independent auditor's report on the financial statements | 5 - 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 29 |
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
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 2023
| Trustees | J D Bousfield |
|---|---|
| R Edwards | |
| D A Jones(resigned 30 April 2023) | |
| G A Liddle | |
| A Lloyd | |
| J Maunder(resigned 30 April 2023) | |
| J Noott(resigned 30 April 2023) | |
| R J Shepherd | |
| 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 Barclay's Bank Market Place Selby YO8 4NX |
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Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
The Trustees present their report and the audited financial statements of the charity for the year ended 30 April 2023. 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 J Maunder (resigned 30 April 2023) D A Jones (resigned 30 April 2023) J Noott (resigned 30 April 2023)
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.
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Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
Results for the year
The charity has returned a surplus of £538 (2022: £3,502) from operating activities and, after adding net investment income receivable of £19,957 (2022: £16,888), the loss on disposal of fixed assets of £nil (2022: £1,090) and deducting the deficit on revaluation of investments of £9,755 (2022: surplus £26,235), the net surplus for the year was £10,740 (2022: £45,535). The charity made net transfers to restricted funds of £29,495 (2022: £7,138)
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 £559,493 (2022: £566,915). 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.
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Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023
Approved by order of the members of the board of Trustees and signed on their behalf by:
Signer ID: WRPGPHITUO...
R Edwards
Date: 27 January 2025
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Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
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 2023, 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 2023, 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: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
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: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
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: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
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: IPFNE7JEI6...
BHP LLP
Chartered Accountants Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH
Date: 29/01/2025 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: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 APRIL 2023
| Note Income from: Charitable activities 5 Investments 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments 13 Net income/(expenditure) Transfers between funds 19 Net movement in funds Reconciliation of funds: Total funds brought forward as previously stated Prior year adjustment Total funds brought forward as restated Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 72,000 28,448 100,448 74,596 74,596 25,852 (9,755) 16,097 (29,495) (13,398) 695,738 - 695,738 (13,398) 682,340 |
Restricted funds 2023 £ - - - 5,357 5,357 (5,357) - (5,357) 29,495 24,138 478,779 - 478,779 24,138 502,917 |
Total funds 2023 £ 72,000 28,448 100,448 79,953 79,953 20,495 (9,755) 10,740 - 10,740 1,174,517 - 1,174,517 10,740 1,185,257 |
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 |
The Statement of financial activities includes all gains and losses recognised in the year.
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Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
BALANCE SHEET AS AT 30 APRIL 2023
| Note Fixed assets Housing properties 11 Other tangible assets 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 16 Total net assets Charity funds Restricted funds 19 Unrestricted funds 19 Total funds |
24,528 49,109 73,637 (43,384) |
2023 £ 370,530 6,380 856,394 1,233,304 30,253 1,263,557 (78,300) 1,185,257 502,917 682,340 1,185,257 |
14,345 36,365 50,710 (32,833) |
As restated 2022 £ 377,441 8,702 849,786 1,235,929 17,877 1,253,806 (79,289) 1,174,517 478,779 695,738 1,174,517 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Signer ID: WRPGPHITUO...
R Edwards
Date: 27 January 2025
The notes on pages 11 to 29 form part of these financial statements.
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Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
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).
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 2026. The charity is confident that it has sufficient reserves to cover the current level of expenditure to 30 April 2026 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.
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Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2. Accounting policies (continued)
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.
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 |
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Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2. Accounting policies (continued)
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.
2.11 Prior year restatement
The balance sheet has been amended in the prior year to show all investments under fixed assets. Previously some investments have been shown under current assets.
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Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2. Accounting policies (continued)
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.
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.
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Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
3. Critical accounting estimates and areas of judgment (continued)
The estimate and assumption which has a significant risk of causing a material adjustment to the carrying amount of assets and liabilities is as follows:
Depreciation
The depreciation rates of the property components are set to write off the cost of the fixed asset components over their useful lives.
4. Income and expenditure from social housing lettings
| Rents receivable excluding service charges Rent losses arising from voids Direct property management costs Support costs Operating surplus on social housing lettings |
2023 £ 78,000 (6,000) 72,000 56,252 15,210 71,462 538 |
2022 £ 77,840 (5,516) |
|---|---|---|
| 72,324 61,256 7,566 |
||
| 68,822 3,502 |
Rent contributions at 30 April 2023 were £75 per week (2022: £75 per week).
At 30 April 2023, the charity had 20 supported housing residential flats available for use together with a wardens flat (2022: 20 units).
5. Income from charitable activities
| Social housing rental income Total 2022 |
Unrestricted funds 2023 £ 72,000 72,324 |
Total funds 2023 £ 72,000 72,324 |
Total funds 2022 £ 72,324 |
|---|---|---|---|
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Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
6. Investment income
| Quoted investment dividends Bank interest Total 2022 |
Unrestricted funds 2023 £ 28,404 44 28,448 25,472 |
Total funds 2023 £ 28,404 44 28,448 25,472 |
Total funds 2022 £ 25,466 6 |
|---|---|---|---|
| 25,472 | |||
7. Analysis of expenditure on charitable activities
Summary by fund type
| Honorarium costs Other warden and gardener costs Estate costs Office overheads Other operating expenses Loss on disposal of fixed assets Interest payable Total 2022 |
Unrestricted funds 2023 £ 1,950 3,723 27,802 17,469 15,161 - 8,491 74,596 68,338 |
Restricted funds 2023 £ - - 5,357 - - - - 5,357 10,158 |
Total 2023 £ 1,950 3,723 33,159 17,469 15,161 - 8,491 79,953 78,496 |
Total 2022 £ 1,928 2,532 37,888 18,940 7,534 1,090 8,584 |
|---|---|---|---|---|
| 78,496 | ||||
Page 16
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
8. Analysis of expenditure by activities
| Honorarium costs Other warden and gardener costs Estate costs Office overheads Other operating expenses Loss on disposal of fixed assets Interest payable Total 2022 |
Direct property management 2023 £ 1,950 3,723 33,159 17,420 - - - 56,252 61,256 |
Support costs 2023 £ - - - 49 15,161 - 8,491 23,701 17,240 |
Total funds 2023 £ 1,950 3,723 33,159 17,469 15,161 - 8,491 79,953 78,496 |
Total funds 2022 £ 1,928 2,532 37,888 18,940 7,534 1,090 8,584 |
|---|---|---|---|---|
| 78,496 | ||||
Page 17
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
8. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Warden - Honorarium 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 Grants released against depreciation Management Fees |
Total funds 2023 £ 1,950 39 1,379 2,305 2,140 8,695 - 233 4,192 1,654 3,072 - 12,098 1,075 17,420 56,252 |
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 |
Page 18
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Interest payable Bank charges Audit fee Accountancy fee Professional fees Loss on disposal of fixed asset |
Total funds 2023 £ 8,491 49 10,550 3,850 761 - 23,701 |
Total funds 2022 £ 8,584 32 4,390 2,438 706 1,090 |
|---|---|---|
| 17,240 |
9. Auditor's remuneration
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the charity's auditor for the audit of the charity's annual accounts | 8,200 | 7,852 |
| Fees payable to the charity's auditor in respect of: | ||
| All non-audit services not included above | 2,600 | 2,438 |
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 30 April 2023, no Trustee expenses have been incurred (2022 - £NIL).
Page 19
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
11. Housing properties
| Cost At 1 May 2022 Additions Disposals At 30 April 2023 Amortisation At 1 May 2022 Charge for the year On disposals At 30 April 2023 Net book value At 30 April 2023 At 30 April 2022 |
Total £ 507,222 2,865 (615) 509,472 129,781 9,776 (615) 138,942 370,530 377,441 |
|---|---|
Page 20
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 |
|
|---|---|
| 12. Other tangible fixed assets Cost At 1 May 2022 At 30 April 2023 Depreciation At 1 May 2022 Charge for the year At 30 April 2023 Net book value At 30 April 2023 At 30 April 2022 |
Equipment and fixtures £ 23,612 23,612 14,910 2,322 17,232 6,380 8,702 |
Page 21
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
13. Fixed asset investments
| Cost or valuation At 1 May 2022 (as restated) Additions Revaluations At 30 April 2023 Net book value At 30 April 2023 At 30 April 2022 |
Listed investments £ 849,786 16,363 (9,755) |
|---|---|
| 856,394 | |
| 856,394 | |
| 849,786 |
The historic cost of listed fixed asset investments at 30 April 2023 was £434,484 (2022: £418,121 (as restated)).
14. Debtors
| Rent arrears Other debtors Prepayments |
2023 £ 1,508 19,079 3,941 24,528 |
2022 £ 2,043 9,995 2,307 14,345 |
|---|---|---|
Page 22
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
15. Creditors: Amounts falling due within one year
| The Housing Corporation loan (see note 17) Rental income in advance Accruals |
2023 £ 989 1,929 40,466 43,384 |
2022 £ 891 4,305 27,637 |
|---|---|---|
| 32,833 |
All the above debts, except for the Housing Corporation loan, are normal unsecured creditors payable on demand with no interest payable. More details of the Housing Corporation loan are given in note 17.
16. Creditors: Amounts falling due after more than one year
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| The Housing Corporation loan (see note | 17) | 78,300 | 79,289 |
Page 23
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
17. Debt analysis
| Within one year or on demand Between one to two years Between two and five years Over five years |
2023 £ 989 989 1,097 4,061 73,142 78,300 79,289 |
2022 £ 891 |
|---|---|---|
| 891 989 3,662 74,638 |
||
| 79,289 | ||
| 80,180 |
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.
18. Prior year adjustments
Upon consideration of the investments held, it has been found that some investments have previously been incorrectly classified as being current assets. The prior year adjustment has been to move these to fixed assets. The impact of this as at 30 April 2022 was to increase fixed asset investments by £242,446 and to reduce current asset investments by the same amount. There is no impact on the funds as at 30 April 2021 and 30 April 2022 or to the surplus in the year ended 30 April 2022.
Page 24
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
| 19. Statement of funds Statement of funds - current year Balance at 1 May 2022 £ Unrestricted funds General funds 264,073 Investment revaluation reserve 431,665 695,738 Restricted funds Capital fund 14,474 Cyclical maintenance reserve 136,239 Extraordinary repairs reserve 70,746 Housing property 257,320 478,779 Total of funds 1,174,517 |
Income £ 100,448 - 100,448 - - - - - 100,448 |
Expenditure £ (74,596) - (74,596) - (2,100) - (3,257) (5,357) (79,953) |
Transfers in/out £ (29,495) - (29,495) - 20,080 9,415 - 29,495 - |
Gains/ (Losses) £ - (9,755) (9,755) - - - - - (9,755) |
Balance at 30 April 2023 £ 260,430 421,910 |
|---|---|---|---|---|---|
| 682,340 | |||||
| 14,474 154,219 80,161 254,063 |
|||||
| 502,917 | |||||
| 1,185,257 |
Page 25
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
19. 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 (£20,080) and the Extraordinary Repairs Reserve (£12,280) and the utilisation of the Extraordinary Repairs Reserve for fixed asset additions during the year (£2,865).
Page 26
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
19. 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 |
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 |
Page 27
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
20. Summary of funds
Summary of funds - current year
| General funds Restricted funds |
Balance at 1 May 2022 £ 695,738 478,779 1,174,517 - prior year Balance at 1 May 2021 £ 647,183 481,799 1,128,982 |
Income £ 100,448 - 100,448 Income £ 97,796 - 97,796 |
Expenditure £ (74,596) (5,357) (79,953) Expenditure £ (68,338) (10,158) (78,496) |
Transfers in/out £ (29,495) 29,495 - Transfers in/out £ (7,138) 7,138 - |
Gains/ (Losses) £ (9,755) - (9,755) Gains/ (Losses) £ 26,235 - 26,235 |
Balance at 30 April 2023 £ 682,340 502,917 |
|---|---|---|---|---|---|---|
| 1,185,257 | ||||||
| Balance at 30 April 2022 £ 695,738 478,779 |
||||||
| Summary of funds | ||||||
| General funds Restricted funds |
||||||
| 1,174,517 |
21. 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 2023 £ 6,380 116,467 617,314 63,863 (43,384) (78,300) 682,340 |
Restricted funds 2023 £ - 254,063 - 248,854 - - 502,917 |
Total funds 2023 £ 6,380 370,530 617,314 312,717 (43,384) (78,300) |
|---|---|---|---|
| 1,185,257 |
Page 28
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66
THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
21. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year as restated
| 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 £ 8,702 120,121 849,786 (170,749) (32,833) (79,289) 695,738 |
Restricted funds 2022 £ - 257,320 - 221,459 - - 478,779 |
Total funds 2022 £ 8,702 377,441 849,786 50,710 (32,833) (79,289) 1,174,517 |
|---|---|---|---|
22. 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.
23. Related party transactions
There were no related party transactions requiring disclosure in the current or previous year.
Page 29
Document ID: 50d28ede928446f1033bab86906b33e694c39a9d8bc55199ea44410b7ce09b66