Charity number: 255892
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 APRIL 2024**
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **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: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **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 2024_
|**Trustees**|J D Bousfield|
|---|---|
||R Edwards|
||G A Liddle|
||A Lloyd|
||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: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## TRUSTEES' REPORT
_FOR THE YEAR ENDED 30 APRIL 2024_
The Trustees present their report and the audited financial statements of the charity for the year ended 30 April 2024. 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.
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Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## TRUSTEES' REPORT (CONTINUED)
_FOR THE YEAR ENDED 30 APRIL 2024_
## **Results for the year**
The charity has returned a deficit of £12,255 (2023: surplus £538) from operating activities and, after adding net investment income receivable of £30,243 (2023: £28,448), the loss on disposal of fixed assets of £1,530 (2023: £nil), deducting interest payable of £8,390 (2023: £8,491) and adding the surplus on revaluation of investments of £33,337 (2023: deficit £9,755), the net surplus for the year was £41,405 (2023: surplus £10,740). The charity made net transfers to restricted funds of £24,395 (2023: £29,495)
## **Fixed Assets**
The movements in tangible fixed assets are shown in notes 11 and 12 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 £44,000. The current level of free reserves is £584,677 (2023: £559,493). 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP 2019 (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
TRUSTEES' REPORT (CONTINUED) _FOR THE YEAR ENDED 30 APRIL 2024_
Approved by order of the members of the board of Trustees and signed on their behalf by:
Signer ID: WRPGPHITUO...
## **R Edwards**
Date: 26 June 2025
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Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **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 2024, 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:
- give a true and fair view of the state of the charity’s affairs as at 30 April 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **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:
- the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the charity's financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the 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:
- 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;
- 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: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **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)
- 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;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- 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:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- 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:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- 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:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance; and
- 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: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **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: CRZCVPKXXZ...
## **BHP LLP**
Chartered Accountants Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH
Date: 27/06/2025 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: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## STATEMENT OF FINANCIAL ACTIVITIES
_FOR THE YEAR ENDED 30 APRIL 2024_
|**Note**
**Income from:**
Charitable activities
5
Investments
6
**Total income**
**Expenditure on:**
Charitable activities
7
**Total expenditure**
**Net income/(expenditure) before net**
**gains/(losses) on investments**
Net gains/(losses) on investments
13
**Net income/(expenditure)**
Transfers between funds
18
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**65,494**
**30,243**
**95,737**
**81,119**
**81,119**
**14,618**
**33,337**
**47,955**
**(24,395)**
**23,560**
**682,340**
**23,560**
**705,900**|**Restricted**
**funds**
**2024**
**£**
**-**
**-**
**-**
**6,550**
**6,550**
**(6,550)**
**-**
**(6,550)**
**24,395**
**17,845**
**502,917**
**17,845**
**520,762**|**Total**
**funds**
**2024**
**£**
**65,494**
**30,243**
**95,737**
**87,669**
**87,669**
**8,068**
**33,337**
**41,405**
**-**
**41,405**
**1,185,257**
**41,405**
**1,226,662**|Total
funds
2023
£
72,000
28,448
100,448
79,953
79,953
20,495
(9,755)
10,740
-
10,740
1,174,517
10,740
1,185,257|
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
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Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## BALANCE SHEET
_AS AT 30 APRIL 2024_
|**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
18
Unrestricted funds
18
**Total funds**|**39,190**
**31,193**
**70,383**
**(45,711)**|**2024**
**£**
**367,971**
**4,058**
**907,164**
**1,279,193**
**24,672**
**1,303,865**
**(77,203)**
**1,226,662**
**520,762**
**705,900**
**1,226,662**|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|
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## Signer ID: WRPGPHITUO...
## **R Edwards**
Date: 26 June 2025
The notes on pages 11 to 29 form part of these financial statements.
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Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
NOTES TO THE FINANCIAL STATEMENTS _FOR THE YEAR ENDED 30 APRIL 2024_
## **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: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **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: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **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 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.
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Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **2. Accounting policies (continued)**
## _**2.12 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.
## _**2.13 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.
Page 14
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **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 (deficit)/surplus on social housing lettings_**|**2024**
**£**
**80,580**
**(15,086)**
**65,494**
**62,080**
**15,669**
**77,749**
**(12,255)**|2023
£
78,000
(6,000)|
|---|---|---|
|||72,000
56,252
15,210|
|||71,462
538|
Rent contributions at 30 April 2024 were £78 per week (2023: £75 per week).
At 30 April 2024, the charity had 20 supported housing residential flats available for use together with a wardens flat (2023: 20 units).
## **5. Income from charitable activities**
|Social housing rental income
Total 2023|**Unrestricted**
**funds**
**2024**
**£**
65,494
72,000|**Total**
**funds**
**2024**
**£**
**65,494**
72,000|Total
funds
2023
£
72,000|
|---|---|---|---|
|||||
Page 15
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **6. Investment income**
|Quoted investment dividends
Bank interest
Total 2023|**Unrestricted**
**funds**
**2024**
**£**
29,749
494
30,243
28,448|**Total**
**funds**
**2024**
**£**
**29,749**
**494**
**30,243**
28,448|Total
funds
2023
£
28,404
44|
|---|---|---|---|
||||28,448|
|||||
## **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 2023|**Unrestricted**
**funds**
**2024**
**£**
1,950
3,091
34,814
15,718
15,626
1,530
8,390
81,119
74,596|**Restricted**
**funds**
**2024**
**£**
-
-
6,550
-
-
-
-
6,550
5,357|**Total**
**2024**
**£**
**1,950**
**3,091**
**41,364**
**15,718**
**15,626**
**1,530**
**8,390**
**87,669**
79,953|Total
2023
£
1,950
3,723
33,159
17,469
15,161
-
8,491|
|---|---|---|---|---|
|||||79,953|
||||||
Page 16
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **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 2023|**Direct**
**property**
**management**
**2024**
**£**
1,950
3,091
41,364
15,675
-
1,530
-
63,610
56,252|**Support costs**
**2024**
**£**
-
-
-
43
15,626
-
8,390
24,059
23,701|**Total**
**funds**
**2024**
**£**
**1,950**
**3,091**
**41,364**
**15,718**
**15,626**
**1,530**
**8,390**
**87,669**
79,953|Total
funds
2023
£
1,950
3,723
33,159
17,469
15,161
-
8,491|
|---|---|---|---|---|
|||||79,953|
||||||
Page 17
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Warden - Honorarium
Warden - Telephone
Warden - Rates and Water
Gardener
Insurance
Repairs and renewals
Electricity and gas
Water and sewage rates
Utilities - empty properties
Alarm maintenance
Depreciation
Grants released against depreciation
Management fees
Loss on disposal of fixed assets|**Total**
**funds**
**2024**
**£**
**1,950**
**-**
**1,456**
**1,635**
**2,488**
**13,697**
**368**
**5,172**
**5,310**
**1,733**
**12,596**
**-**
**15,675**
**1,530**
**63,610**|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|
Page 18
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Interest payable
Bank charges
Audit fee
Accountancy fee
Professional fees
**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**
**2024**
**£**
**8,390**
**43**
**7,300**
**4,040**
**4,286**
**24,059**
**2024**
**£**
**7,560**
**1,890**|Total
funds
2023
£
8,491
49
10,550
3,850
761|
|---|---|---|
|||23,701|
|||2023
£
8,200
2,600|
## **9. Auditor's remuneration**
## **10. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 30 April 2024, no Trustee expenses have been incurred (2023 - £NIL).
Page 19
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **11. Housing properties**
|**_Cost_**
At 1 May 2023
Additions
Disposals
At 30 April 2024
**_Amortisation_**
At 1 May 2023
Charge for the year
On disposals
At 30 April 2024
**_Net book value_**
At 30 April 2024
At 30 April 2023|**Total**
**£**
**509,472**
**9,245**
**(3,780)**
**514,937**
**138,942**
**10,274**
**(2,250)**
**146,966**
**367,971**
370,530|
|---|---|
Page 20
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
|NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_||
|---|---|
|**12.**
**Other tangible fixed assets**
**_Cost_**
At 1 May 2023
At 30 April 2024
**_Depreciation_**
At 1 May 2023
Charge for the year
At 30 April 2024
**_Net book value_**
At 30 April 2024
At 30 April 2023|**Equipment and**
**fixtures**
**£**
**23,612**
**23,612**
**17,232**
**2,322**
**19,554**
**4,058**
6,380|
Page 21
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **13. Fixed asset investments**
|**_Cost or valuation_**
At 1 May 2023
Additions
Revaluations
At 30 April 2024
**_Net book value_**
At 30 April 2024
At 30 April 2023|**Listed**
**investments**
**£**
**856,394**
**17,433**
**33,337**|
|---|---|
||**907,164**|
||**907,164**|
||856,394|
The historic cost of listed fixed asset investments at 30 April 2024 was £451,917 (2023: £434,484).
## **14. Debtors**
|Rent arrears
Other debtors
Prepayments|**2024**
**£**
**5,439**
**28,713**
**5,038**
**39,190**|2023
£
1,508
19,079
3,941
24,528|
|---|---|---|
Page 22
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **15. Creditors: Amounts falling due within one year**
|The Housing Corporation loan (see note 17)
Rental income in advance
Accruals|**2024**
**£**
**1,097**
**1,523**
**43,091**
**45,711**|2023
£
989
1,929
40,466|
|---|---|---|
||||
|||43,384|
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**
|||**2024**|2023|
|---|---|---|---|
|||**£**|£|
|The Housing Corporation loan (see note|17)|**77,203**|78,300|
Page 23
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **17. Debt analysis**
|Within one year or on demand
Between one to two years
Between two and five years
Over five years|**2024**
**£**
**1,097**
**1,097**
**1,216**
**4,504**
**71,483**
**77,203**
**78,300**|2023
£
989|
|---|---|---|
|||989
1,097
4,061
73,142|
|||78,300|
|||79,289|
## **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.
Page 24
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
|**18.**
**Statement of funds**
**Statement of funds - current year**
**Balance at 1**
**May 2023**
**£**
**_Unrestricted_**
**_funds_**
General funds
**260,430**
Investment
revaluation
reserve
**421,910**
**682,340**
**_Restricted funds_**
Capital fund
**14,474**
Cyclical
maintenance
reserve
**154,219**
Extraordinary
repairs reserve
**80,161**
Housing property
**254,063**
**502,917**
**_Total of funds_**
**1,185,257**|**Income**
**£**
**95,737**
**-**
**95,737**
**-**
**-**
**-**
**-**
**-**
**95,737**|**Expenditure**
**£**
**(81,119)**
**-**
**(81,119)**
**-**
**(3,293)**
**-**
**(3,257)**
**(6,550)**
**(87,669)**|**Transfers**
**in/out**
**£**
**(24,395)**
**-**
**(24,395)**
**-**
**20,880**
**3,515**
**-**
**24,395**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**33,337**
**33,337**
**-**
**-**
**-**
**-**
**-**
**33,337**|**Balance at 30**
**April 2024**
**£**
**250,653**
**455,247**|
|---|---|---|---|---|---|
||||||**705,900**|
||||||**14,474**
**171,806**
**83,676**
**250,806**|
||||||**520,762**|
||||||**1,226,662**|
Page 25
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **18. 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 (£20,880) and the Extraordinary Repairs Reserve (£12,760) and the utilisation of the Extraordinary Repairs Reserve for fixed asset additions during the year (£9,245).
Page 26
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **18. 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 2022
£
264,073
431,665
695,738
14,474
136,239
70,746
257,320
478,779
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 27
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **19. Summary of funds**
## **Summary of funds - current year**
|General funds
Restricted funds|**Balance at 1**
**May 2023**
**£**
**682,340**
**502,917**
**1,185,257**
**- prior year**
Balance at
1 May 2022
£
695,738
478,779
1,174,517|**Income**
**£**
**95,737**
**-**
**95,737**
Income
£
100,448
-
100,448|**Expenditure**
**£**
**(81,119)**
**(6,550)**
**(87,669)**
Expenditure
£
(74,596)
(5,357)
(79,953)|**Transfers**
**in/out**
**£**
**(24,395)**
**24,395**
**-**
Transfers
in/out
£
(29,495)
29,495
-|**Gains/**
**(Losses)**
**£**
**33,337**
**-**
**33,337**
Gains/
(Losses)
£
(9,755)
-
(9,755)|**Balance at 30**
**April 2024**
**£**
**705,900**
**520,762**|
|---|---|---|---|---|---|---|
|||||||**1,226,662**|
|||||||Balance at
30 April 2023
£
682,340
502,917|
|**Summary of funds**|||||||
|General funds
Restricted funds|||||||
|||||||1,185,257|
## **20. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|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**
**2024**
**£**
4,058
117,165
907,164
(199,573)
(45,711)
(77,203)
705,900|**Restricted**
**funds**
**2024**
**£**
-
250,806
-
269,956
-
-
520,762|**Total**
**funds**
**2024**
**£**
**4,058**
**367,971**
**907,164**
**70,383**
**(45,711)**
**(77,203)**|
|---|---|---|---|
||||**1,226,662**|
Page 28
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613
## **THE HOSPITAL OF THE REVEREND WILLIAM JAMES CHARITY**
## NOTES TO THE FINANCIAL STATEMENTS
_FOR THE YEAR ENDED 30 APRIL 2024_
## **20. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|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
856,394
(175,217)
(43,384)
(78,300)
682,340|Restricted
funds
2023
£
-
254,063
-
248,854
-
-
502,917|Total
funds
2023
£
6,380
370,530
856,394
73,637
(43,384)
(78,300)
1,185,257|
|---|---|---|---|
## **21. 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.
## **22. Related party transactions**
There were no related party transactions requiring disclosure in the current or previous year.
Page 29
Document ID: 0ba8bf59c3bb86891791a3f7348d14686c9f04efa081f55d00b2ec0a0a7cf613