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← The Varrier-Jones Foundation

2025-03-31-accounts

Registered number: 03377965 Charity number: 1064595

THE VARRIER-JONES FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

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THE VARRIER-JONES FOUNDATION

(A Company Limited by Guarantee )

CONTENTS

Page
Reference and Administrative Details of the Foundation, its Trustees and Advisers 1 – 2
Trustees' Report 3 – 12
Independent Auditors' Report on the Financial Statements 13 – 16
Statement of Financial Activities 17
Balance Sheet 18 – 19
Statement of Cash Flows 20
Notes to the Financial Statements 21 - 37

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THE VARRIER-JONES FOUNDATION

(A Company Limited by Guarantee )

REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees D Lowther, Chair
S W Beach, Vice Chair and Chair of Appointments Committee
M P Alexander, Chair of Property Investment Committee
C M Baldasare
D H R Browne, Chair of Grants Committee
J L Bugg, Chair of Investment Committee, resigned 21 November 2024
S Crouch, Chair of Investment Committee from 22 November 2024
A K Lynch
C Sheasby, Treasurer, resigned 31 August 2025
L R Sherratt, appointed 11 April 2025
Company registered
number		 03377965
Charity registered
number		 1064595
Registered office Upper Pendrill Court
Ermine Street North
Papworth Everard
Cambridge
CB23 BUY
Independent auditors UHY Hacker Young LLP
Quadrant House
4 Thomas More Square
London
E1W 1YW
Bankers Natwest Bank Plc
92 High Street
Huntingdon
PE29 3DT
Solicitors Howes Percival
Terrington House
13-15 Hills Road
Cambridge
CB2 1NL
Property Advisers Bidwells LLP
Trumpington Road
Cambridge
CB2 9LD

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1

THE VARRIER-JONES FOUNDATION

(A Company Limited by Guarantee )

REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Peck Property Consultants College Farm Hatchet Lane Stanely Cambridgeshire PE19 5EG Investment Managers Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Cazenove Juxon House 100 St Paul’s Churchyard London EC4m 8BU Accountants Green and Purple Building 1000 Cambridge Research Park Waterbeach Cambridge CB25 9PD

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THE VARRIER-JONES FOUNDATION

(A Company Limited by Guarantee )

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

INTRODUCTION

The Trustees of The Varrier-Jones Foundation ("the Foundation") present their report and the audited financial statements of the Foundation for the year ended 31 March 2025.

The Foundation was incorporated on 29 May 1997. The Foundation's registration company number is 03377965 and the registered charity number is 1064595.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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 (FRS 102).

DIRECTORS AND TRUSTEES

The Directors of the Foundation are the Trustees of the Foundation for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees serving during the year and up to the date of signature of the financial statements were as follows:

D Lowther, Chair S W Beach, Vice Chair and Chair of Appointments Committee M P Alexander, Chair of Property Committee C M Baldasare D H R Browne, Chair of Grants Committee J L Bugg, Chair of Investment Committee, resigned 21 November 2024 S Crouch, Chair of Investment Committee from 22 November 2024 A K Lynch C Sheasby, Treasurer, resigned 31 August 2025 L R Sherratt, appointed 11 April 2025

OBJECTIVES AND ACTIVITIES

The Foundation supports people living with disabilities by pursuing the following objectives:

In order to meet these objectives, the Foundation seeks to manage its investment and property portfolios to generate sufficient return to allow regular grants to be made whilst also seeking to preserve, in real terms, the longterm capital value of its assets, notwithstanding that it is free to distribute any or all of its capital in order to best meet these primary objects.

APPOINTMENT AND TRAINING OF NEW TRUSTEES

The Board of Trustees is responsible for the appointment of any new Trustees and for ensuring that a broad range of relevant skills and expertise are represented on the Board. In reviewing the membership of the Board, and any nominations for new Trustees or for the election of the Chair, the Board seeks to:

  1. Ensure a good distribution of diverse skills and experience amongst Trustees;

  2. Ensure the timely and effective succession of the Chair of the Board;

  3. Implement an induction program, ensure relevant information is provided to new Trustees and monitor ongoing training needs for all Trustees.

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THE VARRIER-JONES FOUNDATION

(A Company Limited by Guarantee )

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

In order to carry this out effectively, the Foundation has an Appointments Committee, which seeks to facilitate the above, recognising the desire to achieve equality and diversity at Board level and ensuring recruitment to the Board is transparent and objective.

The Foundation is also continually developing its induction program for Board members, and uses resources supplied by its key property and investment advisors to provide incoming Trustees with the information they need to deliver their roles effectively. The Foundation has developed its internal systems to provide Trustees with access to information digitally and utilises technology to hold Board and Sub-Committee meetings virtually, where appropriate.

PUBLIC BENEFIT

The Trustees confirm they have considered their duties and have regard to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Foundation's aims and objectives and in planning future activities. The Foundation supports work to provide equality, choice and independence for disabled people, ensuring access to facilities and opportunities that may be available to the public in general.

The Foundation fulfils this purpose through the awarding of grant funding largely, but not exclusively, to the Papworth Trust in support of programs and activities that improve the lives of disabled people. The Trustees of the Foundation consider applications for funding from the Trust via consideration of its strategic plan and budgets, and from other organisations via a formal applications process which includes due diligence based on information in the public domain, and reviews the outcomes achieved via the submission of regular reports and presentations to the Board. The Trustees are therefore confident that the activities of the Foundation are carried out for the benefit of others, monitored by regular reporting on the impact and effectiveness of activities undertaken by beneficiary organisations and the Trustees have due regard to public benefit tests when making decisions.

FIXED ASSETS

Fixed assets are held in order to achieve the objectives of the Foundation. The movements in fixed assets during the year are set out in notes 12 and 13 to these financial statements.

ACHIEVEMENTS AND PERFORMANCE

In the Trustees' Report for the year ended 31 March 2024, The Foundation set out the following objectives for the year to 31 March 2025 and achievement against these is shown in the table below:

Objective Achievement
Secure the planning consent for the existing
application at Jubilee Green and sell the land at
arm's length on the open market.		 Planning consent was successfully obtained and the
land was successfully sold in August 2025.
Increase the occupancy at Pendrill Court, deploying
more flexible terms as necessary		 Pendrill Court occupancy has not improved. The office
market remains challenging following the pandemic
and the increase in home-based working.
Establish clear plans for other vacant
buildings/space in Papworth Everard		 An outline strategic plan for all of the Foundations land
and property assets has been developed and will be
reviewed on an annual basis.

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THE VARRIER-JONES FOUNDATION

(A Company Limited by Guarantee )

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Embed the grants and distribution policies to support
the long-term sustainability plans for the Foundation.		 A grants management agreement has now been
agreed with Papworth Trust and an Independent
Expert appointed to attend the Grants Committee.
Further review and continue to revise the operational
support for the Foundation in line with governance
recommendations and best practice.		 Management has been strengthened with the
appointment of a Chief Executive with effect from Q3
2025/26.
Review the internal and external risk and assurance
framework of the Foundation		 The risk framework has been reviewed and a risk
appetite statement created. This will now be reviewed
on an annual basis.

IMPACT STATEMENT

Over the past year, the Foundation has been privileged to support a wide range of charities and community organisations, awarding £1,400,786 in grants and donations. Each grant reflects our commitment to improving lives the lives of disabled people.

The Foundation’s largest grant this year was £1.35 million awarded to the Papworth Trust, one of the UK’s leading disability charities. Their work is far-reaching, providing essential support to disabled people and their families across multiple areas of life including the following:

The scale of Papworth Trust’s impact is significant: every year, thousands of disabled people benefit from their services, gaining greater independence, improved wellbeing, and the chance to participate fully in society. The Foundation is proud to contribute to this work, recognising that systemic, long-term support for disabled people requires sustained investment. Their own impact report for 2024/25 is available on their website, www.papworthtrust.org.uk.

Alongside this, we provided targeted grants to smaller charities making a difference locally and nationally. From Cauldwell Children, offering essential equipment and therapies, to Make Them Smile, bringing joy to children facing life-limiting conditions.

We are proud to have supported education and opportunity through Rowan Humberstone, Pear Tree Specialist School, and Ipswich Opportunity Group, ensuring that children and young people with additional needs can learn, create, and thrive. Grants to groups such as Power2Inspire, Listening Books, and Life Path Trust have promoted access, inclusion, and wellbeing across diverse communities.

Importantly, many of our grants have provided immediate, practical help. Whether funding respite services, creative programmes, or family support, these contributions enable charities like Marches Family Network, Side by Side, Stepping Stones, and Step by Step to deliver care and connection where it matters most.

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THE VARRIER-JONES FOUNDATION

(A Company Limited by Guarantee )

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The Foundation is proud to play a part in sustaining the passion and dedication of these charities, and we remain committed to working alongside them to create brighter futures.

FINANCIAL REVIEW

The Foundation manages its financial performance and distribution policy on a total return basis in order to provide the best opportunity to meet its objectives over the medium to long term. In the financial year to 31 March 2025, total movement in funds was an increase of £226,983 (2024: increase of £2,277,451). The value of listed market and property investments still held decreased by £469,946 in the year (2024: increased by £2,431,861).Because the Foundation seeks to balance income and expenditure over the longer term, using a total return spending rule to determine affordability, and the cyclical nature of markets, it is not always possible to balance annual income and expenditure. Annual operating deficits therefore can and do arise in the normal course of business.

The Foundation recorded an operating deficit for the year of £429,637 (2024: deficit of £661,725). The deficit on operations is stated after direct grants of £1,400,786 (2024: £1,480,058). Expenditure on raising funds for the year to 31 March 2024 included the recognition of a £475,000 provision for remedial work to investment properties.

The Foundation made grants as follows:
The Papworth Trust
Cauldwell Children
Helping Disabilities Trust
Make Them Smile
Rowan Humberstone
Marches Family Network
Pear Tree specialist School
Ipswich Opportunity Group
Side by Side
Step by Step
Power2Inspire
Listening Books
Stepping Stones
Life Path Trust
Total		 £
1,350,000
1,670
3,000
3,911
10,000
5,280
3,400
5,000
5,176
349
5,000
3,000
3,000
2,000
1,400,786

Reserves policy

The Foundation is free to adopt any approach to reserves management it deems appropriate, subject to general charitable principles under charity reserves: building resilience (CC19). The Trustees hold all the reserves of the Foundation as unrestricted funds. The Trustees aim to ensure sustainability of their grants and therefore, as far as possible, seek to protect the underlying capital held by the Foundation. In seeking to do this, the Trustees regularly review the Reserves policy of the Foundation and have developed the Reserves policy to reflect the Foundation's total return approach to reserves management. This policy designates elements of the reserves as described below in order to improve visibility of the resilience of the funds at the Foundation’s disposal.

The Foundation’s property and land assets were originally transferred from Papworth Trust on 29[th] December 1997 along with £1.7 million in cash

Designated Income Fund

The Foundation aims to maintain a designated income fund, consisting of income reserved from the planned distribution from its assets on a total return basis, with a view to sustaining charitable activities for a minimum of six months and a target of twelve months.

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THE VARRIER-JONES FOUNDATION

(A Company Limited by Guarantee )

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Designated Investment Fund

The Foundation aims to maintain a designated investment fund, consisting of Core Capital, which is the real term value of the underlying assets used to establish the Foundation, and Capital Reserves, which represent unapplied total return on investments.

The level of reserves to be retained is subject to annual review and will be linked to the Foundation's business plan and budget cycles.

The Income Fund at the 31 March 2025 was £1,654,778 (2024: £249,378). This was slightly above the Foundation's reserves policy target of 6 to12 months of charitable expenditure (12 months being - 2025: £1,452,600; 2024: £1,516,947). The Trustee’s aim is to maintain this Income Fund over time from the implementation date of the total return strategy in April 2021. The Income Fund aims to strengthen organisational resilience while minimising any adverse impact on the annual distribution of grants to the Foundation beneficiaries .

Comments on events that have affected financial performance

Total income has decreased by 2.4% this year compared to the prior year. Rental income increased by 11.4% mainly driven by improved rental income yield from investment properties. Despite this overall improvement, the market for small to medium-sized office space in rural locations remains suppressed as organisations continue to maintain hybrid/home-working approaches. Investment portfolio income is lower by 19%.

Expenditure on raising funds related mainly to third party investment management fees with regards to the Foundation's property and market investment portfolios. The overall cost has reduced to £1,182,307 (2024: £1,404,383) mainly due to a provision of £475,000 for remedial works to investment properties made in the year to 31 March 2024. The provision is retained at £475,000 (see note 17) as the remedial works have yet to be carried out. Property portfolio management fees increased from £569,040 in 2024 to £652,643 in 2025.

Charitable activities decreased slightly by 4.2% this year (2025: £1,452,600; 2024: £1,516,947). This was largely due to an 5.4% decrease in charitable grants (2025: £1,400,786; 2024: £1,480,058). Grants are expected to increase next year with increased levels of grants in our forecasts.

During the year, the Foundation carried out a detailed review of its support cost allocation methodology, which resulted in an increase in support costs being allocated to investment activities of 90%. This has also been reflected in the adjusted numbers for the year to 31 March 2024.

Net expenditure before investment gains was £429,637 (2024: £661,725). Net gains on investments during the year were £656,619 (2024: £2,939,176 gains), driven by gains on the market investment portfolio of £282,043 (2024: £3,673,507 gains) and gains of £240,998 on the property investment portfolio (2024: £585,750 losses). Net movement in funds, after investment gains, was a £226,983 surplus (2023: £2,277,451 surplus), representing a 0.4% surplus on opening net assets (2024: 4.0% surplus).

Investment policy

The Trustees have discretionary powers to invest the Foundation's monies in the purchase of investments or property. The investment property portfolio consists largely of legacy assets originally donated to the Foundation by the Papworth Trust, which have been developed, and in some cases disposed of, over time. Surplus cash thus generated has been used to establish the portfolio of listed market investments.

The overall investment objective of the Foundation is to maintain the real value of the assets over the long term, thus preserving the purchasing power of distributions, and subject to this, to produce the best risk adjusted total financial returns from its investments, which are used to meet the Foundation's charitable objectives by providing grants to the Papworth Trust and to other charities.

The investment property portfolio is actively managed by a third party professional property management firm to generate a commercial return and the listed market investment portfolio is managed by an external asset manager in accordance with the Statement of Investment Policy approved by the Trustees.

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THE VARRIER-JONES FOUNDATION

(A Company Limited by Guarantee )

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Distribution Policy

The Foundation seeks to distribute as charitable grants the maximum amount of funds available after providing for the maintenance of the real value of its investment assets and subject to the reserves policy set out above. During the year, the Foundation transferred a total of £2,858,000 (2024: £1,603,500), from the Investment Fund to the Income Fund for future expenditure on charitable purposes, including a one-off transfer of £1,100,000 to boost the level of the Income Fund to the targeted reserves level. The transfer of £1,758,000 represented 3.25% of the average quarterly value of net assets over a trailing three-year period.

Risk Management

The Foundation aims to manage the risks that it faces by considering the key risks anticipated at each Committee meeting, escalating these to the Board where necessary. The Foundation uses a risk register to record the key risks faced by the Foundation and the activities that are employed to mitigate those risks. This register is reviewed at least annually by the Trustees.

The Trustees retain oversight of the activities of the Foundation through a system of internal controls and delegation, designed to manage key risks, to give reasonable assurance as to the accuracy of financial information and to safeguard the Foundation's assets and reputation.

Principal risk faced by the Foundation

The Foundation's key risks are as follows:

Key Risk Impact Mitigation
Continued political and
economic uncertainty and
disruption could adversely
affect financial returns
yielded		 Distributable funds may need
to be reduced, or greater
withdrawals made from the
portfolio than planned,
impacting current and future
service delivery by our
grantees		 Adoption of total return approach to limit
distributions to a long-term sustainable level.
Seek to diversify the portfolio adequately to avoid
concentration risk.
Active broadening of the Trustee skills base to
provide greater breadth of skills to manage property
opportunities
Loss of key skills to manage
and govern the Foundation.		 The Foundation relies on a
small number of individuals
with key skills to manage
complex property and
investment portfolios. Loss of
those skills could impact on
performance and result in
lower returns		 The Board considers governance and succession
planning regularly. The Board ensures it employs
appropriate staff and establishes strategic
partnerships with key advisors to ensure the
Trustees are properly advised.
The Foundation also purchases services from
external parties to support operations, where
required.
Board resilience has been strengthened with
additional Trustees. Trustees continue to commit
additional time to key projects. Co-opted Grants
Committee member is being recruited.
Portfolio liquidity:
Lack of cash and other
liquid assets to fund
distributions and
expenditure		 Forced to sell assets to meet
cashflow requirements at
distressed prices which
destroys value.		 External investment manager selection prioritises
funds with daily liquidity.
The Statement of Investment Policy contains
appropriate cash allocation and benchmark
currency exposure ranges, noting 100% of VJF's
expenditure is in sterling.
The Board reviews the VJF forward-looking
cashflow projections quarterly.
An informal policy is to maintain approximately
£250k cash and cash equivalents buffer outside the
investment portfolio.

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THE VARRIER-JONES FOUNDATION

(A Company Limited by Guarantee )

TRUSTEES' REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Key risks (continued)

Key Risk Impact Mitigation
Fail to secure adequate
planning approvals and
disposal proceeds from
development sites to mitigate
loss of hospital income		 Planned capital receipts not
achieved in year, not giving the
portfolio growth planned,
adversely impacting cash flow		 Positive engagement maintained with planners,
via experienced property development
Trustees.
Sympathetic schemes sought of sufficient scale
to attract developers
Material downgrade in
property valuations due to
difficult lettings market leads
to potential impairment charge
Total asset value diminishes,
reducing funds available for
distribution, and potentially
weakening returns		 Diversified property portfolio, with key assets
held in currently attractive large-scale industrial
units.
Mixture of tenancy periods also supports
maintaining pace with the market
Change in key personnel and
advisors could lead to loss of
institutional memory		 Loss of institutional memory,
inconsistent handover or
documentation		 Clear handover meetings; documented
processes and structured archives.
Investment Value:
Significant fall in real capital
value of listed investment
portfolio		 VJF endowment shrinks in real
terms below core capital.
Reduced absolute £ level of
funds available for distribution.		 Appropriate distribution policy is set at 3.25% of
average NAV over previous 12 quarters and is
considered in light of the expected forward
looking return on the investment portfolio.
Investment policy states guideline asset class
ranges intended to deliver a 3.25% real return
over the long term.
Relationship with main
beneficiary is not
appropriately governed		 Charity Commission intervention;
reputational damage.
Grant Management Agreement framework in
place between Papworth Trust the Foundation
which sets out clear process and responsibilities.

Internal Controls

The organisation successfully transitioned to independent providers of management accounting, IT and Human Resources support and utilises the support of professional firms to support property management and health & safety governance. It is also recognised that there are inherent risks with a small team, therefore a scheme of delegation has been established to address the difficulty of achieving suitable segregation of duties, and appropriate authorisation levels, which also involves the participation of the Trustees.

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THE VARRIER-JONES FOUNDATION

(A Company Limited by Guarantee )

TRUSTEES' REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

PLANS FOR FUTURE PERIODS

In the next financial year, the Foundation plans to:

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Foundation is a company limited by guarantee, governed by its Memorandum and Articles of Association. It is a registered charity with the Charity Commission. The Foundation is governed by its Board of Trustees, consisting of the Trustees, as stated on page 1 of the financial statements, which meets quarterly.

The Trustees, assisted by staff and professional contractors, are responsible for formulating the strategy and policies of the Foundation, including the approval of budgets and exercising of financial control. In addition, the Foundation procures support and advice from external advisors in key areas of its operations including investment and property management.

The Trustees also maintain Committees to oversee individual elements of the Foundation’s operation. The Committees currently in operation are as follows:

Property Investment Committee

The Property Investment Committee oversees the property portfolio of the Foundation, working with external advisors to set the strategy, report on performance and to make recommendations to the Board. The terms of engagement of these advisors, and their performance, are reviewed regularly to ensure the primary objectives are being met. This Committee reports to the Board at each Board meeting.

Investment Committee

The Investment Committee oversees the investment portfolio of the Foundation. The Committee reviews the investment strategy, monitors investment performance and makes recommendations to the Board with regard to investment policy and asset allocation. The Statement of Investment Policy is reviewed regularly to ensure it remains suitable for the Foundation. The Committee monitors the performance of the investment manager, and reports on investment performance to the Board at each Board meeting.

Appointments Committee

An Appointments Committee manages the process of recruiting new Trustees and electing officers for the Foundation. This meets as required, and brings recommendations to the Board for new appointments, based upon an assessment of skills required and contributions new Trustees may bring.

Grants Committee

A Grants Committee has been established to set the criteria and consider grant awards to Papworth Trust and to other organisations that apply to the Foundation. This Committee meets at least twice a year and considers applications in accordance with the Foundation's Grant-Making Policy on their strategic fit, viability, and impact, as well as undertaking necessary due diligence on potential beneficiaries. The Committee makes recommendations to the Board for approval, and monitors the awards made via the collection of reports on expenditure made and impact achieved.

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THE VARRIER-JONES FOUNDATION

(A Company Limited by Guarantee )

TRUSTEES' REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Fundraising approach

The Foundation's income is generated mainly through returns on its investment and property portfolios which are appropriately managed to meet the objectives of the charitable organisation in full. No formal fund-raising activity is deployed to generate income from members of the public. Whilst members of the public are able to donate contributions voluntarily if they so wish, and the Trustees are empowered to accept such donations, the Foundation does not promote fund raising. No professional fundraisers are employed by the Foundation.

Responsibilities for day-to-day management of the Foundation

Debbie Lowther is Chair of the Foundation, overseeing the overall governance and operation of the Foundation. Michael Alexander oversaw all property matters as Chair of the Property Investment Committee until his retirement as a Trustee in November 2025, at which point Steven Beach became Chair of the Property Investment Committee, and Joanne Bugg (prior to 21 November 2024) and Stu Crouch (post 22 November 2024) have overseen financial investments as successive Chairs of the Investment Committee. Chris Sheasby, as Treasurer, supported the Board and Committees as appropriate until his resignation in August 2025. The Trustees are supported by employed staff, as well as outsourced governance and financial management support.

Trustees' responsibilities

The Trustees (who are also directors of The Varrier Jones Foundation for the purposes of company law) 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).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

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11

THE VARRIER-JONES FOUNDATION

(A Company Limited by Guarantee )

TRUSTEES' REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

AUDITORS

UHY Hacker Young LLP were appointed as auditors of the charitable company and in accordance with section 485 of the Companies Act 2006 a resolution proposing that they be reappointed will be put at a general meeting.

OUR THANKS

Finally, the Trustees would like to thank their staff and professional contractors for their dedication, hard work and commitment to the work of the Foundation.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Deborah Lowther

D Lowther Chair

02-12-2025

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VARRIER-JONES FOUNDATION

OPINION

We have audited the financial statements of The Varrier-Jones Foundation (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charitable company'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.

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VARRIER-JONES FOUNDATION (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon, The Trustees are responsible for the other information contained within the Annual 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.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

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 Companies Act 2006 require us to report to you if, in our opinion:

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14

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VARRIER-JONES FOUNDATION (CONTINUED)

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.

Based on our understanding of the charitable company and the industry in which it operates, we identified the principal risks of non-compliance with laws and regulations related to the acts by the charitable company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls).

Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, enquiries of management and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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15

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VARRIER-JONES FOUNDATION (CONTINUED)

Other Matters

During the year, UHY Hacker Young LLP were appointed as auditors to The Varrier-Jones Foundation, replacing Ensors Accountants LLP following a periodic review of audit services.

In accordance with auditing standards, UHY Hacker Young LLP have audited the financial statements for the year ended 31 March 2025. The comparative figures for the year ended 31 March 2024 were audited by Ensors Accountants LLP, who expressed an unqualified opinion. UHY Hacker Young LLP do not express an opinion on the prior year figures.

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Harriet Hodgson-Grove (Senior Statutory Auditor) for and on behalf of

UHY Hacker Young LLP Chartered Accountants

Date: 08-12-2025

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16

THE VARRIER JONES FOUNDATION {A Company Limited by Guarantee) REGISTERED NUMBER: 03377965

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note
INCOME FROM:
Investments
4
Other income
5
TOTAL INCOME
EXPENDITURE ON:
Raising funds
6
Charitable activities
7
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE)
BEFORE NET GAINS/(LOSSES) ON
INVESTMENTS
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
19
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total unrestricted funds brought
forward
Net movement in funds
TOTAL UNRESTRICTED FUNDS
CARRIED FORWARD		 Investment
Fund Income Fund
2025
£
2025
£
2,190,254
-
15,016
-		 Total
funds
Total
funds
2025
£
2024
£
2,190,254
2,242,011
15,016
17,594
2,205,270
-		 2,205,270
2,259,605
1,182,306 -
-
1,452,600		 1,182,306
1,404,383
1,452,600
1,516,947
1,182,306
1,452,600		 2,634,906
2,921,330
1,022,964
(1,452,600)
656,619-		 (429,636)
(661,725)
656,619
2,939,176
1,679,583
(1,452,600)
(2,858,000)
2,858,000		 226,983
2,277,451
- -
(1,178,417)
1,405,400		 226,983
2,277,451
58,541,903
249,378
(1,178,417)
1,405,400		 58,791,281
56,513,830
226,983
2,277,451
57,363,486
1,654,778		 59,018,264
58,791,281

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 21 to 37 form part of these financial statements.

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17

THE VARRIER JONES FOUNDATION {A Company Limited by Guarantee) REGISTERED NUMBER: 03377965

BALANCE SHEET AS AT 31 MARCH 2025

FIXED ASSETS
Note
Market investments
13
Investment property
12
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
Provisions for liabilities
17
TOTAL NET ASSETS
UNRESTRICTED CHARITY FUNDS
Investment Fund
19
Income Fund
19
TOTAL UNRESTRICTED FUNDS		 242,211
1,660,268		 242,211
1,660,268		 2025
£
40,342,183
17,792,000


164,857
1,098,633		 2024
£
41,028,127
17,576,002
58,604,129
864,255
58,134,183
1,559,878
1,902,479
(342,601)		 1,263,490
(399,235)






59,694,061
(49,997)
(625,800)		 59,468,384
(51,303)
(625,800)
58,791,281
58,541,903
249,378
58,791,281
59,018,264
57,363,486
1,654,778
59,018,264

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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THE VARRIER JONES FOUNDATION {A Company Limited by Guarantee) REGISTERED NUMBER: 03377965

BALANCE SHEET {CONTINUED) AS AT 31 MARCH 2025

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

D Lowther Chair

Date: 02-12-2025

The notes on pages 21 to 37 form part of these financial statements.

19

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THE VARRIER JONES FOUNDATION

( A Company Limited by Guarantee )

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
21
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments
Withdrawals from investment portfolio
Proceeds from sale of investment property
NET CASH PROVIDED BY INVESTING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS INTHEYEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
22		 2025
£
(2,688,953)
2,150,588
1,100,000
0
3,250,588
561,635
1,098,633		 2024
£
(2,303,177)
2,242,011
400,000
108,000
2,750,011
446,834
651,799
1,660,268 1,098,633

The notes on pages 21 to 37 form part of these financial statements

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20

THE VARRIER JONES FOUNDATION

( A Company Limited by Guarantee )

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. GENERAL INFORMATION

The Varrier-Jones Foundation is a private company limited by guarantee and incorporated in England and Wales. The liability of each member in the event of the Foundation being wound up is limited to £1. The registered office is Upper Pendrill Court, Papworth Everard, Cambridge, CB23 BUY.

The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.

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 Companies Act 2006.

The Varrier-Jones Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 GOING CONCERN

After making appropriate enquiries, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

2.3 INCOME

All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The Foundation recognises rental income from properties let out under operating leases on a straight-line basis over the term of the lease. Rental income is included in the statement of financial activities in the period to which the income relates.

Dividend income is recognised on a receivable basis.

Income from studio hire is recognised in the period in which the studio is used. If payment is received in advance, it is recorded as deferred income and recognised in the statement of financial activities in the period in which the studio is used.

Income tax recoverable in relation to investment income is recognised at the time the investment

income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

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21

THE VARRIER JONES FOUNDATION ( A Company Limited by Guarantee )

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES (CONTINUED)

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 on raising funds includes all expenditure directly incurred by the Foundation on managing its investment properties and its portfolio of listed investments. Also included is an allocation of support and governance costs based on the time spent on investment management.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Foundation's objectives, as well as any associated support and governance costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 INVESTMENTS

Fixed 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 properties are stated at fair value and are not depreciated. A full professional valuation of investment properties is conducted every four years as part of a rolling valuation programme of the total property portfolio. Although not depreciating investment property is in accordance with FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. Investment properties are held for their investment potential and therefore their current value is of prime importance. The departure from the provisions of the Act is considered to be necessary in order to present a true and fair view.

Investments held as fixed assets are shown at cost less provision for impairment.

2.6 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.

2.7 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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22

THE VARRIER JONES FOUNDATION

( A Company Limited by Guarantee )

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES (CONTINUED)

2.8 LIABILITIES

Liabilities and provisions 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. These include anticipated future liabilities for repair and maintenance work, which is contributed to by current tenants to reflect their obligation to contribute to the maintenance and upkeep of the infrastructure.

Liabilities are recognised at the amount that the Foundation 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.

2.9 FINANCIAL INSTRUMENTS

The Foundation 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.

2.10 PENSIONS

The Foundation enrolls staff into a defined contribution pension scheme and the pension charge represents the amounts payable by the Foundation to the scheme in respect of the year.

2.11 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 Foundation and which have not been designated for other purposes.

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THE VARRIER JONES FOUNDATION

( A Company Limited by Guarantee )

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements 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 Foundation 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 assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Investment properties

The valuation of the investment properties requires the use of several estimates and judgements. Changes in these estimates and judgements can lead to material changes in the valuation. The value of investment property at the year-end was £17,792,000 (2024: £17,576,002).

Papworth bypass and remedial property costs provisions

The provisions for potential compensation claims and remedial works to investment property are subject to a number of assumptions; changes in these assumptions can lead to material changes in the provision. The value of the provision at the year-end was £625,800 (2024: £625,800).

4. INVESTMENT INCOME

Rent receivable
Income from investment portfolio		 Investment
Fund
2025
Total Funds
2025
Total Funds
2024
£
£
£
1,275,133
1,275,133
1,108,130
915,121
915,121
1,133,881
2,190,254
2,190,254
2,242,011

All investment income in the current and prior years is unrestricted.

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THE VARRIER JONES FOUNDATION

( A Company Limited by Guarantee )

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. OTHER INCOMING RESOURCES

Studio and room hire
Solar panel income
Wayleave income		 Investment
Fund Total Funds
Total Funds
2025
£
2025
£
2024
£
7,329
7,329
7,297
7,687
7,687
7,673
-
-
2,624
15,016
15,016
17,594

All other incoming resources in the current and prior years are unrestricted.

6. INVESTMENT MANAGEMENT COSTS

Property portfolio management costs
Property disposal costs
Remedial cost provision on properties
Market investment portfolio management costs
Support costs - staff
Support costs - governance
Support costs - other		 Investment
Fund
2025
Total Funds
2025
Total Funds
2024
£
£
£
652,642
652,642
569,040
27,510
27,510
30,342
-
-
475,000
209,869
209,869
175,507
44,176
44,176
75,089
64,160
64,160
22,024
183,949
183,949
57,381
1,182,306
1,182,306
1,404,383

All investment management costs in the current and prior years are unrestricted.

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25

THE VARRIER JONES FOUNDATION

( A Company Limited by Guarantee )

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Supporting disability charities
TOTAL 2024
ANALYSIS OF SUPPORT COSTS
Staff costs
Governance costs
Other
ANALYSIS OF GRANTS
Supporting people with disabilities		 Grant
funding of
activities
(note 8)
2025
£
1,400,786		 Support
costs
2025
£
51,814
36,889
Supporting
disability
charities
2025
£
4,908
7,130
39,776
51,814
Grants to
charities
2025
£
1,400,786		 Total Funds
2025
£
1,452,600
1,516,947		 Total Funds
2024
£
1,516,947
Total Funds
2024
£
8,343
2,447
26,099
36,889
Total Funds
2024
£
1,480,058
1,480,058
Total Funds
2025
£
4,908
7,130
39,776
51,814
Total Funds
2025
£
1,400,786

8. ANALYSIS OF GRANTS

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26

THE VARRIER JONES FOUNDATION

( A Company Limited by Guarantee )

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. ANALYSIS OF GRANTS (CONTINUED)

Grants to charities comprise the following:

The Papworth Trust
Able Kidz
Bedford Disabled Horse Riding Association (BDHRA)
Burwell Print Centre
Hamelin Trust
Tom's Trust
The Back-Up Trust
Children's Charitable Trust
Stowmarket ASD Saturday Club
Branching Out
Caudwell Children
Helping Disabilities Trust
Make Them Smile
Rowan Humberstone
Marches Family Network
Ipswich Opportunity Group
Side by Side (Children) Ltd
Pear Tree Special School
Power2Inspire
Other		 2025
£
1,350,000
-
-
-
-
-
-
-
-
-
1,670
3,000
3,911
10,000
5,280
5,000
5,176
3,400
5,000
8,349
1,400,786		 2024
£
1,431,300
3,000
5,000
5,000
7,785
4,215
6,000
8,398
6,000
3,000
-
-
-
-
-
-
-
-
-
360
1,480,058

9. GOVERNANCE COSTS

Trustees' indemnity insurance
Other professional fees
Audit fee		 2025
£
4,361
44,197
22,731
71,289		 2024
£
4,748
8,546
11,177
24,471

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27

THE VARRIER JONES FOUNDATION

( A Company Limited by Guarantee )

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. STAFF COSTS

Wages and salaries
Employer’s national insurance
Contribution to defined contribution pension schemes
Contractually employed staff costs
Temporary staff costs
Total staff costs		 2025
£
43,872
624
4,588
49,084
-
49,084		 2024
£
41,870
-
1,570
43,440
39,992
83,432

The average number of persons employed by the Foundation during the year was as follows:

2025 2024
No. No.
Support & administration 2 2

No employee received remuneration amounting to more than £60,000 in either year.

Key management personnel comprise the Operations Manager. The total amount of employee benefits paid to key management personnel during the year was £49,084 (2024: £42,921).

11. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year, expenses totaling £1,032 were reimbursed or paid directly to 4 Trustees (2024 - £309 to 3 Trustees). These expenses relate to travel and subsistence, postage, and staff appreciation costs.

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28

THE VARRIER JONES FOUNDATION

( A Company Limited by Guarantee )

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. INVESTMENT PROPERTY

VALUATION
At 1 April 2024
Disposals
Unrealised gain in the year
At 31 March 2025		 Freehold
investment
property
£
17,576,002
(25,000)
240,998
17,792,000

The historical cost of all the investment properties at 31 March 2025 was £13,166,365 (2024: £13,166,365).

Investment properties are revalued based on a professional valuation by Peck Property Consultants on a 4-year rolling review. Those properties not included in the professional valuation at 31 March 2025 have been reviewed by the trustees, who are of the opinion that the valuation included in the accounts is consistent with the current fair value for these properties.

13. FIXED ASSET INVESTMENTS

VALUATION
At 1 ApriI 2024
Additions
Disposals
Unrealised gain
Cash movement
At 31 March 2025		 Market
investments
Investment
cash
Total
£
40,411,355
616,772
41,028,127
52,388,011
52,388,011
(53,945,090)
(53,945,090)
282,042
282,042
589,093
589,093
39,136,318
1,205,865
40,342,183

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29

THE VARRIER JONES FOUNDATION

( A Company Limited by Guarantee )

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. FIXED ASSET INVESTMENTS (CONTINUED)

Market value represented by:
Historical cost of assets
Unrealised gains
Investments held as:
Cash & cash equivalents
Fixed income
Equities
Alternative investments		 2025
£
38,667,777
1,674,406
40,342,183
2025
£
1,205,865
7,855,484
27,510,538
3,770,296
40,342,183		 2024
£
36,068,668
4,959,459
41,028,127
2024
£
616,772
6,637,115
30,039,033
3,735,207
41,028,127

As at 31 March 2025, the portfolio had no investments that amounted to more than 5% of the portfolio value (2024: There was 1 investment greater than 5%).

14. DEBTORS

DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
34,044
146,479
61,688
242,211		 2024
£
52,136
85,527
27,194
164,857

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30

THE VARRIER JONES FOUNDATION

( A Company Limited by Guarantee )

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2024
Resources deferred during the year
Amounts released from previous periods		 2025
£
57,310
41,831
44,464
198,996
342,601
2025
£
132,153
80,251
(130,153)
82,251		 2024
£
23,020
51,738
91,472
233,005
399,235
2024
£
17,395
124,153
(9,395)
132,153

Deferred income amounting to £80,251 (2024: £124,153) relates to rental income received in advance.

Also included is deferred income amounting to £2,000 (2024: £8,000) in respect of monies received for the granting of a 25-year lease. Amounts have been deferred to spread the income over the remaining term of the lease, with the remaining portion to be fully released within one year.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Building repair receipts in advance
Deferred income		 2025
£
49,997
-
49,997		 2024
£
49,303
2,000
51,303

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31

THE VARRIER JONES FOUNDATION ( A Company Limited by Guarantee )

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. PROVISIONS

As at 1 April 2024
Change in year
As at 31 March 2025		 Papworth
Bypass
£
150,800
-
150,800		 Remedial
property
costs
£
475,000
-
475,000		 Total
£
625,800
-
625,800

Papworth Bypass

The provision represents potential compensation claims arising from the development of the Papworth bypass. The timing and amount of these claims are uncertain.

Remedial property costs

The provision represents the estimated net cost of reinstating property to its former state.

18. PRIOR YEAR RECLASSIFICATIONS

Support Costs

The method for allocating support costs between Investment Management and Charitable activity has been reviewed during the year based on the volume of transactions undertaken by the organisation. The outcome is that 90% of support costs are now allocated to Investment Management activity and 10% to Charitable activity. This apportionment method has been adopted for the year ending 31 March 2025 and applied to the prior year to 31 March 2024. The ratio will be reviewed annually going forwards.

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32

THE VARRIER JONES FOUNDATION

( A Company Limited by Guarantee )

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

INCOME FUND
Income Account
INVESTMENT FUND
Core Capital
Account
Capital Reserves
Account
TOTAL
UNRESTRICTED
FUNDS		 Balance at
1 April
2024
Income
Expenditure
Transfers
in/out
Gains/
(Losses)
Balance at
31 March
2025
£
£
£
£
£
£
249,378
- (1,452,600)
2,858,000
-
1,654,778
51,326,940
-
-
1,745,116
-
53,072,056
7,214,963
1,315,248
(292,284)
(4,603,116)
656,619
4,291,430
58,541,903
1,315,248
(292,284)
(2,858,000)
656,619
57,363,486
58,791,281
1,315,248
(1,744,884)
-
656,619
59,018,264

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33

( A Company Limited by Guarantee )

THE VARRIER JONES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. STATEMENT OF FUNDS (CONTINUED}

Income Fund

The Income Fund represents funds that are freely available to spend on charitable activities. The transfer to this account represents an allocation of funds from the Investment Fund (Capital Reserves Account) to fund charitable activities during the year. The amount transferred represents 3.25% of the average quarterly investment assets {less provisions and certain other costs) over a trailing three-year period. The Trustees believe that this represents the appropriate spending rule required to achieve a sustainable level of charitable activities.

Investment Fund

The Investment Fund represents designated funds that have been invested to provide a long-term source of total return to fund the Foundation's charitable activities. Within this:

Core Capital Account

The Core Capital Account represents the real value of the original gift made by The Papworth Trust to the Foundation. The Trustees aim to preserve the value of this fund to ensure the gift can continue to generate sufficient total return funding for charitable activities over the long term. The transfer to this account represents the increase in CPI during the year.

Capital Reserves Account

The Capital Reserves Account represents the unapplied total return, being the surplus of investment funds over the real value of the original gift from The Papworth Trust. This account is the portion of the Investment Fund that can be transferred to the Income Fund without diminishing the real value of the original gift. The transfer from this fund represents a transfer to the Core Capital Account (to align the Core Capital Account with the real value of gifted assets) and a transfer to the Income Fund to fund charitable activities.

ENV71749657-4205-DAEF-6017-BDCF 08/12/2025 09:07 AM UTC

34

THE VARRIER JONES FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

Balance Balance at
at 1 April Transfers Gains/ 31 March
2023 Income Expenditure in/out (Losses) 2024
£ £ £ £ £ £
INCOME FUND
Income Account 212,337 - (1,566,459) 1,603,500 - 249,378
INVESTMENT FUND
Core Capital
Account 49,454,830 - - 1,872,110 - 51,326,940
Capital Reserves
Account		 6,846,663 2,259,605 (1,354,871) (3,475,610) 2,939,176 7,214,963
56,301,493 2,259,605 (1,354,871) (1,603,500) 2,939,176 58,541,903
TOTAL
UNRESTRICTED
FUNDS 56,513,830 2,259,605 (2,921,330) - 2,939,176 58,791,281

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed Assets
Current Assets
Creditors due <1 year
Creditors due >1 year
Net Assets		 Income
Fund
Core
Capital
Capital
Reserve
Total
Funds
£
£
£
£
-
53,072,056
5,062,127
58,134,183
1,654,778
-
247,701
1,902,479
-
-
(342,601)
(342,601)
-
-
(675,797)
(675,797)
1,654,778
53,072,056
4,291,430
59,018,264

35

ENV71749657-4205-DAEF-6017-BDCF 08/12/2025 09:07 AM UTC

( A Company Limited by Guarantee )

THE VARRIER JONES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

21. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the period (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Gains/(losses) on investments
Dividends, interests and rents from investments
Non-cash investment transactions
Increase in debtors
lncrease/(decrease) in creditors
Increase in provisions
NET CASH USED IN OPERATING ACTIVITIES
22.
ANALYSIS OF CASH AND CASH EQUIVALENTS
NatWest cash
Sarasin Income Account cash
Cazenove Cash Reserve Account
TOTAL CASH AND CASH EQUIVALENTS		 2025
2024
£
£
226,983
2,277,451
_
_
(630,054)
(2,939,176)
(2,150,588)
(2,242,011)
-
(685)
(77,354)
(88,416)
(57,940)
214,660
-
475,000
(2,688,953)
(2,303,177)
2025
2024
£
£
537,832
968,709
22,436
129,924
1,100,000
-
1,660,268
1,098,633

23. PENSION COMMITMENTS

During the year, the Foundation paid contributions into one employee's personal pension scheme (2024: one employee). The pension cost charge represents contributions payable by the Foundation to the funds and amounted to £4,588 (2024: £1,570). There were no outstanding contributions at 31 March 2025 (2024: £Nil).

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THE VARRIER JONES FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

24. LESSOR

The operating leases represent leases to third parties. The leases are negotiated over various terms.

At the reporting end date, the Foundation had contracted with tenants for the following minimum lease payments.

Within one year
Between two and five years
In over five years		 2025
£
2024
£
815,890
842,405
1,598,881
1,456,035
1,031,384
1,309,880
3,446,155
3,608,320

25. RELATED PARTY TRANSACTIONS

The Varrier-Jones Foundation has a longstanding relationship with The Papworth Trust, a UK-based charity supporting people with disabilities. The Foundation was originally established with assets gifted by The Papworth Trust and continues to make significant grants to support its work.

During the year, the Foundation awarded grants totalling £1,350,000 (2024: £1,431,300) to The Papworth Trust. These grants were made in accordance with the Foundation’s Grant-Making Policy and were subject to appropriate due diligence and Board approval.

In addition, the Foundation procured services from The Papworth Trust totalling £23,521 (2024: £45,630), which included IT support, accountancy services, telephone costs, and administrative support. These services were provided on an arm’s length basis. The Foundation also charged The Papworth Trust rental income of £84 (2024: £11,500), also on an arm’s length basis.

At the year end, the Foundation had a balance due to The Papworth Trust of £12,000 (2024: £Nil) and a balance due from The Papworth Trust of £62 (2024: £33).

To manage potential conflicts of interest, the Foundation has undertaken a transition to independent providers for operational support services previously delivered by The Papworth Trust. All related party transactions are reviewed and approved by non-conflicted Trustees.

26. CONTROLLING PARTY

The Foundation is controlled by the Board of Trustees, who are also the members and the directors under company law.

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