thaiity registratlon number 1161904 Compary rewlration number 089662751England and Wales) JAMES HIRONS ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 JAMES HIRONS LEGAL AND ADMINISTRATIVE INFOR￿￿oN Trustees Mrs B Beal Mr D Eccleston Mr A Givens Mrs M Stark Mrs N Sawdon Mr D Poynton IAppointed 16 May 20231 IAppnintpd 21 Novèmbér 20231 (Appointed 17 july 20241 Mrs A Stevens Charfty number 1161904 Company number 08966275 Reilstered offi£¢ 53 Lillin8ton Road Leamington Spa Warwickshire CV32 6LD Audltor Burgis & Bullock 23-25 Waterloo Place Leamineton Spa Warwickshire CV32 SL4 Bankers Handelsbanken Myton House 40 Holly Walk Leamin8ton Spa CV32 4HY In¥estment ad¥lsors Evelyn Partners 9 Colmore Row 8im)in8ham 83 28J JAMES HIRONS CONTENTS Trustees, report Statement of trustees, responsibilitie5 Independent audth￿S report 9-12 Consolidated statement of financlal activities 13-14 Group balance sheet 15 Balance sheet 16 Ststement of cash flows 17 Notes to the financial ststements 18-34 JAMES HIRONS TRUSfEES' REPORT (INCLUDING DIRECTORS. REPORn FOR THE YEAR EAIDED 31 MARCH 2024 The trustees present their annual report and financial ststements for the year ended 31 March 2024. The James Hirons Caie Home is a Voluntary or8anisation having charitsble status, administered by a Board of Trustee5 to provide residential and comiales¢ent accommodation mainly for the eldefly. It was established with the endowment of the late James Hirons in 1953. The James Himns charity is governed by a Charity Cornm1551on Scherne dated 16 December 1986. The Company umiied by rJu3ranree Is governed by the Artl¢le5 of A550Ciation dated 28 March 2014. An elegant and spacious Edwardian buildi￿ the James Hirons Home today provtdes a warm and welcomin8 home for persons requiring long term or respite care. The Home is ￿lIste1ed for twenty-three residents. The james Hirons PFome is rated by the Quality Care Commission ICQCI as 'GOOD' both ￿erall and in all 5 Key Questbon A￿3$. In line with CQC requirements we submitted our annual Provlder Information Request in June 23. The financial statements have been prepared In attordance with the accountlng policle5 set out In note I to the finan¢lal statements and comply with the charity's parent charitable ¢ompany'5 artScles of a550ciation dated 14 March 2014 as amended by special resolutions dated 17 September 2015 as amended on 31 july 2023, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Charities preparing iheir account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective I january 20191. Oblertl¥e5 and actl¥ltl•s The Charity exists to provide accommodation, together with residential care. whilst primarily for the elderly In Learnington Spa and the surroundin8 distrirts. we can now take residents from further afield. Prospective residents are encouraged to enter the Home for a trial period before taking up residence, to ensure that it is suited to their needs. Respile care is also offered. We are also reviewin8 our 5 year Strategy to consider how best to meet the changin8 health and social care needs of our older population. including those with early dla8nosls of Dementia. The Charity's overall aims and objectrves are.. To provide a high level of care for mainly elderty people In 8 safe, re5pon5ive, warm and frlendly environment.. to treat thern with respect. and ensure thelr indivldual need5 are catered for. To observe current requirements of health and safety and other re8ulations for residents and staff. To constantly up8rade the fabric of the Home and surwndin8 gardens. The Trustees, and staff objertive of providing a high le¥el of care has been bomÈ out by re8ular assessments by the CQC that rated us a$ 80(xl in 202212023. Work continue5 to maintain the good ratlng as a mlnSmum and ideally moving towards an outstandin8 ratinB in future. During the year to 31 March 2024, we hwe welcomed new residents and staff. Throughout this time our residents, their families and our staff have worked with u5 to prevent harm and keep our rE5ident5 safe, families, and staff safe, and we a￿ pleased to report that there We￿ no outbreaks of COVID during this period. Our diligence and focus on safety continues. JAMES HIRONS TRUSTEES, REPORT IINCLUDING DIREcfoR5' REPORT) (CONTINUED) FOR ThE YEAR ENDED 31 MARCH 2024 The Trustees are responsible for monthly Provider Visits to the Home and continue, in turn, to complete a Report Form that ensu￿5 feedback and learning on all CQC Key Lines of Enquiry. The Trustees have also complied wrth the commitrnent for a full Independent Evaluation of the Home annually. Approaches to obtaining feedback from resKlentS, theirfamilies and Staff continue to be progressed. The Trustees confifm that, to the best of their knowledge and belief. they have complled with Section 4 of the Charltles Art 2006 in respect to havin8 due fe8ard to Public Beneh't Guidan¢e published by the Charitv Commission. In addition to the James Hirons Home itself. support has been provided for continued financial support to the Admiral Dementia Care Community Nurse service at the local hospital Trust. The charity has not engaged in any fundraising pro8rammes. Co¥ld.1g Trustees are very aware that Covid 19 continues to p￿sent ongoing concerns. and r15ks for residents and for it5 Staff. The Trustees and managing staff continue to comply stringent￿ wlth all related Government dlrectbves. fjolni Concern The Home has enjoyed a 8ood year after the challenges of the past three year5. Occupanry has increased lar8èly as a result of the Sncreasè in respite ¢are. The Home is fortunatè to have 0 substantial investment portfolio which contlnue5 to generate si8nificant income to supplement income from occypancy. Lower than anticipated occupancy 15 Still our bi8gest risk. and we have put plan5 in place to mitl8ate this. These Include creating more beds for respite, in the short whilst also marketing our service to the LeaMin￿On community. We are fortunate that many referrals come through personal recornmendations but we are also pursuing other avenues including local advertising including mail drops. Many of our residents continue to participate in social actlvities against the backdrop of keeplng safe with our activity or8anlsèr arranging an array of different tasks and exercises. Trustees recognise that the world is changing as people are living longer and potential residents are increasingly assessed as requiring more significant mobility and cognitive 5UPPOrt than might have been the case a few years ago. For this ￿aSOn, and despite the potential, albeit hopefully temporary impact this may have on income from resldent fees, the Trustees have and wlll colltinue to support the Home Managerfs judgement when balancin8 healthy occupancy targets with profe55ional and clinical judgement about resident referrals, particularly in the context of an aBeing intake. dementia. a more dependent population and pressures on health and social care. The Trustees are confident that there are sufficient assets to finance day to day operations for the foreseeable future, being a period of twelve months after the date on which this Report and the Financial Statement5 signed and, therefore. contlnue to adopt the going concern basis. JAMES HIRONS TRusfEES' REPORT (INCLUDING DIREcfoRS' REPORn ICONTINUEDI FOR ThIE YEAR ENDED 31 MARCH2024 Rlsk Management The Trustees review the internal controls, risk management and compliance systems of the Charity and implement risk management strategies. This involves identifying the types of risks the Charity face5, prioritisin8 them In term5 of potential impact and likellhood of occurrence and providing means of mitigating the risks. Prln¢lpal rfsks and uncertaintles The Charity takes an active approach to mèna8in8 risk. Key risks are identified, fdted and mitigation strategies devised using the Charivs risk re815ter. The Trustees review the risk register on an a bi-monthlv basis. Financial risks are stress tested to understand what level of financlal management is required, what Impact the risk will have and how severe (he situation would have to become before the risk could no longer be managed. On the rlsk re8iSter the likelihood of all risks Is then assessed. where likelihood and Impa¢t are each assessed on a scale of I Ilowl to S Ihighl. For each risk the likelihood and impact scores are multlplied by each other to 8lve a rlsk rating score between l and 25 where 51$ a rlsk of low priority and 25 is a fundamental risk. In the 202312024 financlal year. the primary risks to the charlty contlnued to be: Residential OC¢LSPation. A reduction in overall demand for place5. b. Any event causing damage to reputation. RetaininB Staff and market-diffi¢ulties in recrur(ing appropriate permanent stsff. d. Income. VolatS1ity of global stock markets and the potential adverse impart on caprtal values and investment Resuhs The Charity continues to be feco8nised as providing 'good' servlces to rts ￿SIdentS by the CQC assessments, provider assessments, and by Feedback recebNEd from residents and families. In 23124 the bed occupancy rate was 71%12V23 80%). The Government's continued policy of care in the community has meant more people are staying in their own homes longer and the requirement for residential care is ddayed or no longer appropriate. However. relaxation of the criteria laid down by CQC as regards to keeping a resident when they become more dependent Continues to have a posltive impart on occupancy. It remains challenging to recruit staff of the right calibre to maintsin the high standards that have been set In the Home. JAMES HIRONS TRUSTEES. REPORT (INCWDING DIRECtORS' REPORT) ICONTINUEDI FOR niE YEAR ENDED 31 MARCH 2024 Marth 2024 Mar¢h 2023 Income from Charitsble Activities 883.326 8(Kl,132 In￿)Illi￿rIL IriiurTie 131,337 136.092 Total Income I.015.2￿) 936.332 Total Expenditure 1,350,359 1,243.887 In￿stMent Poll¢y The Charity continues to ernploy Evelyn Partners Ipreviously Smlth and Williamson) as investment rnanager to manage the Charity's investment portfolio on a dIsc￿tIonary basis. The Charlty has set out the following objectlves for Evelyn Partners in its Statement of Investment Principles. The creation of a sufficient ftnancial return to enable the Charity to carry Out its purposes effectlvelv and without interruption The maintenance and enhancement of the investment furKls over the long terrn To obtain a reasonable balance between capital Bro￿h and Income so that the Charity can meet future as well as Current needs To maintain a medium risk profile The Tru5tees' policy Is to invest in an appropriate mix of real assets i.e.. equities, fixed interest securities, alternative assets and Monetary assets. The Trustees recoBnise that the returns on equities, while expected to be greater over the longer temi th•n those of fixed interest and monetary assets, are likely to be more volatile. Investment in a mix of asset classes should neverthele55 provide to mltigate volatility for the Ch3Tity to a¢hleve Its objectives. The Trustees have asked Evelyn Partners to move the investments from a stage 5 to a sta8e 6 risk. This Is only a marginal change but is likety to increase investment income. Valuatlons and ￿POrtS are produced by Evelyn Partners on a quarterly ba515 to coincide wlth the Charity's financial year end. Investment meetings are convened wilh Evelyn Partners on a yearly basis involving both the Finance committee and the Full Board of Trustees. The Trustees have the power to irwest in such in¥estments as they see fit. EVe￿n Partners, Investment Manager, continLtres to advise the Charity on its investments. The Board's policy is to maximise income whilst pre5ervlng the real value of endowments. JAMES HIRONS TRLisfEES' REPORT IINCLUDING DIRECTORS. REPORn IcoMnNUED) FOR THE YEAR EAIDED 31 MARCH 2024 Marth 2024 Matth ZOZJ Portfolio value Investment Income 4.373.599 131,337 4,462,661 136.092 Geographi¢al asset allocation: UK Equities Overseas Equitles Alternative and Multi-Asset Flxed interest Cash 23 49 13 14 26 19 io The investment portfolso is overseen by the Finance sub-committee. whlch meets the Charity's advi50r on an annual basis. Investments are measufed agalnst the market as a whole. Included wlthln the Statement of Financial Actlvitie$1s a gain on revaluation of £308,041 compared to a loss of E353,023 in 2023, The Charity has a policy of maintalning a level of surplus Ilquid funds In short.term deposits and investments to meet liabilities as they arise and planned expenditure. The aim is to use investment income to meet larger repair bills and capital items as they arise and to support residents. whose fvnds may become depleted, rendering them unable to afftjrd the full cost of thelr care. Whilst working towards Its target of achieving break-even on its operations, the Home also uses its investment income to make 8ood any shortfall. ReseThes Pollcv The Trustees have reviewed the reserves of the Charlty and intend to malntaln reserves In excess of SSX months expendSture. In the last 12 months expendtture totalled £1,243,887 and the Trustees confirm that reserves are at an adequate level to provide a buffer for interruptions to services, In¢ludin8 periods where income genefating activities may be suspended temporarily. Total unrestricted reserves being £1,459.334 12023 - £1.662,64SI and iotal endowment furid reserves being £4.230.33712023- £4,061,708). The Charity remains low geared with an annual Income of £l,015.21XI and a total balante sheet of £5,689,671. Grnnt Making Po15cv The grant supports Dementla UK to fund a local Admiral Nufse supporting people with dementia to remain in the comrnunity. The nurse 15 available to James Hirons to provide Specialist dementia tfaining and a5515tance to it5 Staff. The grant was payable in two instalrnerrts of £20,000 in August 2022 and Au8USt 2023. Future Plans As trustees we continue to explore ways to improve the quality of our seivices and scope of our care provided by the home. This includes a day care fa¢ility from Spring 202S. In addition, our ethos of 'Making Everyday a Day Worth Living, is planned. Alongside current surveys and feedback questionnaires, Trustees and stsff will be Consulting with residents, familie5 and staff about what could usefully be added to the Home's current offer- from 'extra mile, to bigger idèas. The Trustees will then prioritise and action as many of these as possible over the coming year. JAMES HIRONS TRusfEES' REPORT (INCLUDING DIRECTORS. REPORn ICONTINLIED) FOR THE YEAR ENDED 31 MARCH 2024 Slrurture. governance and management A Board of Trustee5 comprising of eight volunteer member5 during the year meets at least once every two months to administer the Charity. The Board is supported through a contract with Burgis and Bullock. A Home Manager IRN Dip H Ed. RMAI, Deputy Home Manager and Office Manager are appolnted by the Trusiees to manage the Jay-t￿aY operations ot the Charity, supervise the statt and ensure that all operational regulatory requirements are met. They liaise closely with the Trustees. and report to the full Committee of Trustees and sutr*committees for advice, support and overall decision5. The trustees. who are also the direaors for the purpose of company law, and who served durin8 the year and up to the date of signature of the financial staternents were: Mrs B Beal Mr D Owen Mr P Davie5 Mr D Eccleston Mr A Givens Mrs M Stark Mrs M Kirwan Mrs N Sawdon Mr D Poynton Mrs A Stevens (Resigned 26 March 2024} IResi8ned 21 November 20231 (Appointed 16 May 2023 and retired 26 March 20241 (Appointed 16 May 20231 (Appointed 21 November 20231 (Appointed 17 July 20241 Trustees are appolnted for a temi of three years. Consideration is given when recruiting new Trustees to preservln8 the balance of skills on the 8oard that are required for the runnin8 of the organisation. Prospective Trustees are drawn from the local communrty. and all are individuals who hold or held positions of responsibility and have relevant skills and knowledge. Initial contact with prospective Trustees le4ds to an informal meeting with exlstin8 Trustees where they are given key basic information. On appointment, a full pack of information on the Charity Is provided. All new and estsbli5hed Trustees are encoura8ed to take advantage of training and development opportunities. During the reporting year the Natlonal Care Forum INCFI that represents care sector members, continues to provide extensive up-to-date information on policy and guidance, training, net-working and support. All Trustee5 receive national update5 and briefing5 weekly and also link Into dedicated Fora includin8 Finance, Governance, HR. Practice and Quality. In addition to meetin85 of the full Board. there are five sub-committees=. Finance Personnel Risk Management Service Impfovement Finance including investments HR Intemal controls. risk Man3￿Ment and compliance ￿SteMS of the Chafity Quality and Safety Infomiation TechrK>logyl Cyber 5ecurity/ Digitsl A combination of Trustees and Management 51t on these commtttee5 which all report to the main Board. JAMES HIRONS TRusfEES' REPORT {INCWDING DIRECTORS, REpoirri (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Arran8emerts for settin8 pay and remufierntion. and sLiff retsrrtlon Led by the Personnel SU￿CommIttee, Trustees review salaries and other benefrts of key management personnel and other staff annually, taking account of rdevant market data. including a review of the manager's job description and appraisal. To improve further our staff benefits package, the Discretionary Sickness Pay Policy was reviewed and applied in line with Leglslatfve Guidance and Best Practice. Staff retention at James Hirons Is high but. as acros5 the sector. the satisfactory recrultment of suitable new carers and senior carers contlnues to be a challenge. There 15 also a wish to become le55 reliant on agency Staff. DLtrrin8 the reporting year, therefore. the Personnel and Finance sub-committee5 have continued to review staff pay and Terms and Conditions of Employment. The followlng beneflts are in place for all permanent staff: a significant pay award. 'Death in Servlce, Beneflt,. dirert access to a BUPA Counselling Support Service.. introduction of a discretionary Staff Welfare Fund. All these actions are aimed ai recognisin8 the dedication and hard work of our skilled staff. encouraging their retention, and offering an attractive new recruitin8 package. Nonetheless we recognise that there 15 no room for complacency and we continue lo listen to and learn from our staff including Equality, Dlversity and Inclu#lon that 1$ èmbedded in our r¢vlsed poli¢i¢s. training and day to day •pPli￿tion. Audltor In accordance with the company's articles, a ￿SOlutIon proposlng that Burgis & 8ullock be reappolnted as auditor of the company will be put at a General Meetin8. Dls¢losure of infomiatlon to audftor Each of the trustees has confirmed that there is fho infom)ati¢)n of which they are awjre which is relevant to the audit. but of which the auditor is unaware. They have further confirnied that they have tsken appropriate steps to identify such relevant information and to estsblish that the auditor is aware of such information. The trustee5' report was approved by the Board of Trustee Mrs B Beal Trustee Mr D Poynt Date: JAMES HIRONS 5fATEMENT OF TRUStEES' RESPONSIBILMES FOR THE YEAR ENDED31 MARCH 2024 The trustees. who are also the directors of James Hirons for the purpose of company law. are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accountin8 Standards (Uniled Kingdom Generally Accepted Accounting Practice). Company Law requ1￿$ the trustees to prepare financial statements for each financial year which give a tnje and fair view of tlie statv uf ¢ffdir¥ uf ili¥ Llidrily diid v( the incoming re50urce5 and appllcatlon of resources, Including the income and expenditu￿. of the charitable company for that year. In preparing these financial ststements. the trustees are required to.. - select suttable accountin8 policies and then apply them consistently,. - observe the methods and prbnciples in the Charities SORP,. make Judgements and estlmates that are reasonable and prudent; State whether applicable LIK A¢countin8 Standards have been followed, subject to any material departures disclosed and explained in ihe financial statements- and prepare the financial statemer*ts on the 80in8 concern basis unless it is inapproprlate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accountlng records that disclose wlth reasonable accuracy at any tSme the financial position of the charity and enable them to ensure that the flnancial statements comply with the Companles Act 2006. They are also responsible for safe8uardinB the assets of the charity and hence for tskin8 reasonable step5 for the prevention and detection of fraud and other irregularities. JAME5 HIRONS INDEPENDE￿ AUDITOR'S REPORT TO THE MEMBERS OF JAMES HIRONS Oplnlon We have audited the financial statements of James Hirons I'*he parent charitsble company") and its subsidiary Itogether "the group") for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Artivities. the Group and Parent Charitable Company Balance Sheets, the Consolidated Cash Flow Statemènt and notes to the financial statements, including significant accounting pollcles. The nnanclal reportlng framework Ihai has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards. includini Flnancial Reporting Standard 102 The Flnanclal Reportin8 Stsndard appllcable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our oplnlon, the financial statements-. give a true and fair view of the stste of the group's and parent charitable company's affalrs as at 31 March 2024 and of the Bioup's incoming resources and application of resources, for the year then ended: have been properly prepared in accordance wlth United Klngdom Generally Accepted Accounting Practlce,. and have been prepared In accordance with the requirements of the Companles Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditln8 IUKI IISAS IUKII and applicable law. Our responsibilities under those standard5 are further described in the Auditor5 re5pon5ibilltles for the oudlt ol the fingnciol Statements sectlon of our report. We ère Independent of the charity in accordance with the ethical requiremerrt5 that ale relevant to our audit of the financlal statements in the UK, including the FRC'S Ethical Standard, and we have fuwilled our other ethical responsibilities in ac¢ordan¢e with these requirements. We believe that the audit evidence we have obtained 15 sufficient and approprlate to provide a basis for our opinion. Conclyslons relatlng to iolTrz concern In auditin8 the financlal statements, we have concluded that the trustees, use of the going concern basls of accounting in the prepafation of the linancial statements is apprnpriate. Based on the work we have perfomed. we have not identffied any materfal uncertainties relatin8 to events or conditions that, individually or collectively. may cast signiflcant doubt on the parent charitable company's ability to continue as a 8oin8 concern for a period of at least twelve month5 from when the financial statements are authorlsed for issue. Our Te5ponslbilities and the ￿SPOn￿bIlltIes of the trustees with ￿sPeCt to goin8 concern are described in the relevant Sections of this report. JAMES HIRONS INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE MEMBERS OF JAMES HIRONS Other Information The other information comprises the inform*ion included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements doe5 not cover the other information and. except to the extent othenvise explicitty stated in our report. we do not express any form of assurance conclusion thereon. Vur responsibility Is to read the other information and. in doirtg so, consider whether the other information is materially incon51Stent 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 ststements themselves. If, based on the work we have perforrned, 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 thls regard. Oplnlons on other matters prns¢rlbed ty the Companles Art 2006 In our oplnlon, based on the work undertaken In the course of our audlt: the information given in the twstees. report for the financial year for which the financial statements are prepared, which includes the director5, report prepared for the purposes of company law, is conslstent wlth the financial statements,. and the directors, report included within the trustees. report ha5 been prepared in accordance V￿th applicable legal requlrements. Matters on whlch w• •r• r•qulred to report by t￿•PtIOn In the light of the knowledge and understanding of the group and the parent charitable Company and its envirornment obtained in the course of the audit, we have not identified matertal misststements in the trustees, report. We have nothing to report in respect of the followin8 matters In relation to which the CompanSes Act 2006 require5 US to report to you if, in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us,- or the financial statements are not in a8reement with the accounting records and retums,. or certain disclosures of tru5tees' remuneration specitied by law are not made., or we have not received all the information and explanations we require for our audiL' or the trustees were not entitled to prepare the financial statewnents in ac¢ordan¢e with the small ompanies regime and take advantage of the small companies. exemptions in preparin8 the trustees. report and from the requirement to prepare a stratew¢ report. 10- JAMES HIRONS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF JAMES HIRONS Responslbilities of trustees As explained more fully in the Statement of trustees, responsibilitie5, the trustees, who are also the directors of the parent chafltable company for the purpose of ¢omp3ny 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 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to travd or error. In preparin8 the financial statements, the trustees are responsible for asses5in8 the 8roup'5 and the parent charitable Company's ability to continue as a golng concern, disclosing, as applicable, matters related to 80in8 concern and uslng the going concern ba515 of accountlng unless the Irustees either intend to liquidate the charitable company or to cease operation5. or have no realistic alternative but to do so. Audltor's responslbllltles lor the audlt ol the flnanclal statements Our oble¢tives are to obtain reasonable assurance about whether the financial ststements as a whole are free Irom material mi55tatement, whether due to ffaud 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 ISA5 IUKI will always detert a materièl mi55tatement when it exist5. Misstatements can arise from fraud or error and are considered material if, individually or in the a8gre8ate, they could reasonably be expetted to Infiuence the economlc decisions of users taken on the basls of these financlal Statements. Irregularities, includlng fraud. are instances of nonn schemes Charge to profit or loss In ￿speCt of defined ￿ntribUtIon schemes 41,195 35,955 The charlty operate5 3 defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an Independently administered fund. 31 JAME5 HIRONS NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Endowment funds Endowment funds ￿pfe$errt assets which must be held permanently by the charity. Income arising on the endowrnent funds can be used in accordance with the objects of the charity and is included as unrestrirted income. Any capital gain5 or losses arisin8 on the assets form part of the fund. At i Aprfl Resourt•s 2023 expeftded Transfers Galns and At 31 Ma￿h losses 2024 Permanent endowments Evelyn Partners- Main A¢¢ount Freehold land and building. and property improvements 2.864,304 {11,4131 210,054 3,062,945 1.197.404 {30,0121 1,167,392 4,061.708 141,4251 210,054 4,230,337 Prevlous year: Al l April Resouttes 2022 expended Transfers G•ln5 and At 31 March losses 2023 Permanent endowments Evelyn Partners- Main Account Freehold land and bulldin8, and property Improvements 3,105.938 113.2771 1228,3571 2,864,304 1.166.896 128.1351 58,643 1,197,404 4.272.834 141.4121 58,643 1228,3571 4.061,708 Evelyn Partners - Main Account endowment funds pertain to the unintorporated charity and Freehold land and building endowment funds pertain to the parent company endowment funds. JAMES HIRONS NOTES TO THE FINANCIAL STATEMENTS (CONnNUEDI FOR THE YEAR ENDED 31 MARCH2024 21 Analysls of net assets between fvnds- I￿{p Unrestrfcted End*iwment funds funds 2024 2024 Total 2024 At 31 March 2024: Tangible assets Investments Current assetsllliabilitiesl 45,860 1.307,354 106.120 1,167,392 3,066.245 13.3LX)I 1,213,252 4,373.599 102.820 1,459.334 4,230.337 5,689,671 Unre51rlct•d Endowment funds funds 2023 2023 Totsl 2023 At 31 March 2023.. Tangible assets Investments Current assetsllllabS1Sties1 1,197.404 2,869,216 14.9121 1,197,404 4,462,661 64,288 l.S93.445 69,2fy) 1,662,645 4.061,708 5,724,3S3 All unrestrirted funds pertain to the parent charitsble cornparw. only endowment funds pertainin8 to the tangible fixed a55et relate to the parent company. 22 R•lat•d party transacllon5 There were no di5c105able related party trar￿ctionS during the year12023 - none). 23 Analysls of ¢han8es In net funds The charity had no material debt during the year. JAMES HIRONS NOTES TO THE FINA14CIAL STATEMENTS {CONnNUED) FOR THE YEAR ENDED 31 MARCH2024 24 Cash Benerated from operatlons 2024 2023 Deficit for the year 134,6821 1687,4661 Adjustments for.. Investment incorne recognised in statement of fjnancial artivities Loss on disposal of investments Fair value 8ains and losse5 on investments Depreciation and Impairment of tan8ible fixed assets 1131,3371 7,564 1308,0411 32,783 1136,0921 26,888 353,023 28,136 Movements in working capital: Decrease/lincrease) in debtor5 IDecreasel In creditors 9,463 12,2511 14,9871 18,2241 Cash absorbed by oper*lons 1426,5011 1428,7221