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2023-12-31-accounts

Charity registration number: 1190755

The Liz and Jack Daniel Foundation

Annual Report and Financial Statements for the Year Ended 31 December 2023

Milsted Langdon LLP Chartered Accountants 4 Queen Street Bath BA1 1HE

The Liz and Jack Daniel Foundation

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 5
Statement of Trustees' Responsibilities 6
Independent Auditors' Report 7 to 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Financial Statements 13 to 25

The Liz and Jack Daniel Foundation

Reference and Administrative Details

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Milo Popperwell Andrew Sage Mark Young Jane Adrienne Adams (appointed 14 February 2024) Jonathan Beecher (appointed 14 February 2024) Principal Office: 16 Cleveland Walk Bath BA2 6JU Charity Registration Number: 1190755 Auditor: Milsted Langdon LLP Chartered Accountants 4 Queen Street Bath BA1 1HE

Page 1

The Liz and Jack Daniel Foundation

Trustees' Report

The trustees present the annual report together with the financial statements and auditors' report of the charity for the year ended 31 December 2023.

Structure, governance and management

Organisational structure

The charity was incorporated as a Charitable Incorporated Organisation on 6 August 2020. The charity operates under its Constitution.

The management of the Foundation is the responsibility of the trustees.

The Constitution requires that there are a minimum of three trustees, and a maximum of eight.

Recruitment and appointment of trustees

The following trustees were appointed under the Constitution on 6 August 2020 for terms of three years each ending on the 5 August 2023:

Mary Elizabeth Daniel died on the 3rd September 2020 and Lana Jane Tricker retired as a Trustee on 14th January 2021.

Mark Young was appointed by a meeting of the trustees held on 24 January 2021 for a term of three years starting on 24 January 2021 and ending on 23 January 2024. Mark has subsequently agreed to stay on as a Trustee for a further term.

Future trustees have been appointed for a term of three years by a resolution passed at a properly convened meeting of the charity’s Trustees. In selecting individuals for appointment as charity trustees, the charity trustees has considered the skills, knowledge and experience needed for the effective oversight and administration of the charity.

Jonathan Beecher and Jane Adams were appointed as Trustees in February 2024 and Milo Popperwell stepped down from the Trustee role as a result, also in February 2024.

Jonathan Beecher stepped down from the Trustee role in April 2024 due to other commitments.

Jane Adams has been the acting Chair of the Trustees during 2024 and has supported the charity with introducing and updating policies as well as arranging Trustee meetings every 2 months to discuss matters related to the Charity. The Trustee meetings are focussed to ensure requests for grants and donations are formally reviewed prior to decisions on funding are made. The Trustees continue to review the status and management of the charity property portfolio, both in terms of daily operations and the longer term strategic review of investment options to ensure the charity is sustainable.

Page 2

The Liz and Jack Daniel Foundation

Trustees' Report (continued)

Objectives and activities

Objects and aims

The objects of The Liz and Jack Daniel Foundation, a registered charity (no. 1190755), are 'a) the public benefit the relief of those in need due to age, ill-health, disability and their carers by the provision of a retreat centre to rest and recuperate, b) to advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time, by providing grants to registered charities and other organisations and individuals'

The Trustees’ main strategic objectives are:

  1. To stabilise the charity’s investment property portfolio in order to maximise the income available for grant making.

  2. Search for additional trustees.

Public benefit

This has been the second year of the charity’s operation. During this period the United Kingdom initially continued to implement lockdown restrictions due to the COVID pandemic. Our immediate priority has been to continue to secure the charity’s investment property portfolio, which was gifted to it by its founder to generate an income for the charity, along with funds left under her Will. This has involved extensive work for example to:

To assist with this, we have continued to work with a Property Management Firm and Bookkeepers/Accountants. In July 2022 as the work load was becoming too high the Trustees decided to appoint a full time employee Property Services Manager to assist with the maintenance of the properties.

We have achieved the following against the plans we outlined in 2021:

We have completed our assessment of the viability of the Founder’s proposal that one of the properties be run as a centre for holistic therapies. Unfortunately our assessment has shown that it would not be cost effective to implement this and we would not be able to obtain appropriate planning permission, we are therefore reviewing alternative options.

As the repair work required on the property portfolio has been substantial, we thought it prudent to continue to retain the majority of the charity’s income to assist in stabilising the property portfolio. We have therefore only made limited grants this year. All the grants we have made have been to registered charities and other organisations and are undertaken to further our charitable purposes for the public benefit.

The Trustees decided to commission Milsted Langdon to provide a report to review the charity’s governance, and financial systems, in order to review compliance and strengthen these going forward. This has now been delivered and its recommendations are being reviewed by the Trustees. The Trustees have therefore decided to postpone their review of the areas of charitable activity open to the charity and the development of a suitable grant making policy until they have implemented any recommendations from the report, [and brought new Trustees on board], but this remains a key future goal for the charity.

Page 3

The Liz and Jack Daniel Foundation

Trustees' Report (continued)

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Plans for future periods

In the next year we aim to focus on:

• addressing the compliance and governance issues raised in Milsted Langdon’s report;

• continuing to stabilise the charity’s investment property portfolio, and consider rationalising it, in order to make sure that the portfolio can generate a reliable income to enable the charity to expand its charitable activities;

• reviewing the areas of charitable activity open to the charity and identifying areas where we feel that the charity could make a difference, and develop a suitable grant making policy to maximise the support we give to those in need due to age, ill-health and disability;

• finding additional trustees to work with the charity.

Financial review

Policy on reserves

The trustees aim to maintain free reserves at a level which equates to approximately three months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds available to cover support and governance costs.

At 31 December 2023, the charity retained unrestricted funds of £10,860,507 (2022: £10,916,856) and £Nil restricted funds (2022: £Nil). The total amount of free reserves at the end of the year was £1,119,363 (2022: £718,889).

Principle risks facing the charity

Objectives and policies

The charity’s activities expose it to a number of financial risks including credit risk and liquidity risk.

Credit risk

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.

The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Page 4

The Liz and Jack Daniel Foundation

Trustees' Report (continued)

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

Fundraising

In accordance with Section 162A Charities Act 2011, the trustees of the charity confirm that:

(a) The charity does not actively fund-raise from members of the public and relies upon its property investment income to fund its charitable activity.

(b) The charity does not make use of any professional fund-raisers and has not entered into any agreements with any commercial participators.

(c) Neither the charity nor any person acting on its behalf was subject to an undertaking to be bound by any voluntary scheme for regulating fund-raising, or any voluntary standard of fund-raising, in respect of the charity’s activities.

(d) The charity has not received any complaints during the year in relation to fund-raising.

(e) As the charity does not carry out any fund-raising activity it does not consider it necessary, at present, to have any arrangements in place to monitor fund-raising activity and has not needed to take any steps to ensure that any fund-raising activity is carried out in a way that protects vulnerable people and members of the public from the behaviour as set out in Section 162A(2) Charities Act 2011. If the Trustees decide to undertake fundraising activity appropriate arrangements would be put in place.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The annual report was approved by the trustees of the charity on 20 October 2024 and signed on its behalf by:

.........................................

Jane Adrienne Adams Trustee

Page 5

The Liz and Jack Daniel Foundation

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees of the charity on 20 October 2024 and signed on its behalf by:

......................................... Jane Adrienne Adams Trustee

......................................... Jane Adrienne Adams Trustee

Page 6

The Liz and Jack Daniel Foundation

Independent Auditor's Report to the Members of The Liz and Jack Daniel Foundation

Opinion

We have audited the financial statements of The Liz and Jack Daniel Foundation (the 'charity') for the year ended 31 December 2023, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. 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.

Page 7

The Liz and Jack Daniel Foundation

Independent Auditor's Report to the Members of The Liz and Jack Daniel Foundation (continued)

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 6), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

Page 8

The Liz and Jack Daniel Foundation

Independent Auditor's Report to the Members of The Liz and Jack Daniel Foundation (continued)

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

Use of our report

This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees 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 charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

......................................

Mr Ian Lloyd (Senior Statutory Auditor) Milsted Langdon LLP 4 Queen Street Bath BA1 1HE

21 October 2024

Milsted Langdon LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 9

The Liz and Jack Daniel Foundation

Statement of Financial Activities for the Year Ended 31 December 2023

Total
Unrestricted Total 2022
funds 2023 £ (As
Note £ £ restated)
Income and Endowments from:
Donations and legacies 2 - - 458,573
Investment income 3 5,000 5,000 417
Other income 4 381,313 381,313 374,911
Total income 386,313 386,313 833,901
Expenditure on:
Raising funds 5 (144,385) (144,385) (208,148)
Charitable activities 6 (271,849) (271,849) (219,585)
Other expenditure 7 (26,428) (26,428) (18,065)
Total expenditure (442,662) (442,662) (445,798)
Gains/losses on investment assets - - 541,000
Net (expenditure)/income (56,349) (56,349) 929,103
Net movement in funds (56,349) (56,349) 929,103
Reconciliation of funds
Total funds brought forward 10,916,856 10,916,856 9,987,753
Total funds carried forward 19 10,860,507 10,860,507 10,916,856

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 19.

The notes on pages 13 to 25 form an integral part of these financial statements. Page 10

The Liz and Jack Daniel Foundation

(Registration number: 1190755) Balance Sheet as at 31 December 2023

2022
2023 £ (As
Note £ restated)
Fixed assets
Tangible assets 13 19,524 26,032
Investments 14 9,721,620 9,940,000
9,741,144 9,966,032
Non-current assets
Non-current assets 15 250,000 250,000
Current assets
Debtors 16 11,861 12,029
Cash at bank and in hand 17 996,829 747,136
1,008,690 759,165
Creditors: Amounts falling due within one year 18 (139,327) (58,341)
Net current assets 1,119,363 950,824
Net assets 10,860,507 10,916,856
Funds of the charity:
Unrestricted income funds
Unrestricted funds 10,301,507 10,357,856
Revaluation reserve 559,000 559,000
Total unrestricted funds 10,860,507 10,916,856
Total funds 19 10,860,507 10,916,856

The financial statements on pages 10 to 25 were approved by the trustees, and authorised for issue on 20 October 2024 and signed on their behalf by:

......................................... Jane Adrienne Adams Trustee

The notes on pages 13 to 25 form an integral part of these financial statements. Page 11

The Liz and Jack Daniel Foundation

Cash Flow Statement for the Year Ended 31 December 2023

2023 2022
Note £ £
Cash flows from operating activities
Net cash (expenditure)/income (56,349) 388,103
Adjustments to cash flows from non-cash items
Depreciation 9 6,508 8,678
Investment income 3 (5,000) (417)
(54,841) 396,364
Working capital adjustments
Decrease in debtors 16 168 81,052
Increase in creditors 18 88,295 34,268
(Decrease)/increase in deferred income (7,309) 2,486
Net cash flows from operating activities 26,313 514,170
Cash flows from investing activities
Interest receivable and similar income 3 5,000 417
Purchase of tangible fixed assets 13 - (22,089)
Purchase of investments 14 (431,620) -
Sale of investments 14 650,000 -
Net cash flows from investing activities 223,380 (21,672)
Net increase in cash and cash equivalents 249,693 492,498
Cash and cash equivalents at 1 January 747,136 254,638
Cash and cash equivalents at 31 December 996,829 747,136

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 13 to 25 form an integral part of these financial statements. Page 12

The Liz and Jack Daniel Foundation

Notes to the Financial Statements for the Year Ended 31 December 2023

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

The Liz and Jack Daniel Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The financial statements are prepared in sterling, which is the functional currency of the charity, and rounded to the nearest £.

Going concern

The trustees assess whether the use of the going concern is appropriate i.e. whether there any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect for a period of at least one year from the date of the authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Prior year adjustments

In relation to a loan provided by Liz Daniel was included in her estates. Trustees were made aware of this loan in 2023.

The loan agreement is dated 2016 and has a term of 10 years, repayment in full will be due in 2026. The interest being received by the charity is £417 per month.

Key sources of estimation uncertainty

In the application of the charities accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed in an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Page 13

The Liz and Jack Daniel Foundation

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Page 14

The Liz and Jack Daniel Foundation

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £100 or more are initially recorded at cost.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Fixtures and fittings 25% reducing balance
Motor vehicles 25% reducing balance

Investment properties

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Other debtors

Other debtors include the loan owed to the charity. Other debtors must be measured at their recoverable amounts.

An amount receivable more than a year after the reporting date must be mesured at its present value at the balance sheet date if the time value of the money is material and the settlement term consitute a financing transaction.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Page 15

The Liz and Jack Daniel Foundation

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Financial instruments

Recognition and measurement

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 15. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 17. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is no obligation to deliver services rather than cash or another financial instrument.

2 Income from donations and legacies

2
Income from donations and legacies
Total Total
2023 2022
£ £
Donations and legacies;
Donations from individuals - 458,573
- 458,573

Page 16

The Liz and Jack Daniel Foundation

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

All of the income above was attributable to unrestricted funds in 2023 and 2022.

3 Investment income

Unrestricted
funds Total Total
General 2023 2022
£ £ £
Interest receivable and similar income;
Interest receivable on Loan 5,000 5,000 417

All of the income above was attributable to unrestricted funds in 2023 and 2022.

4 Other income

Unrestricted
funds Total Total
General 2023 2022
£ £ £
Rental income 375,804 375,804 372,636
Utilities reimbursed 5,509 5,509 2,275
381,313 381,313 374,911

All of the income above was attributable to unrestricted funds in 2023 and 2022.

Page 17

The Liz and Jack Daniel Foundation

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

5 Expenditure on raising funds

a) Costs of trading activities

Unrestricted
funds Total Total
General 2023 2022
£ £ £
Property rental income costs 144,385 144,385 208,148
144,385 144,385 208,148

All of the expenditure above was attributable to unrestricted funds in 2023 and 2022.

6 Expenditure on charitable activities

Unrestricted
funds Total Total
General 2023 2022
£ £ £
Grant funding of activities 36,431 36,431 59,596
Staff costs 130,586 130,586 86,926
Allocated support costs 15,545 15,545 23,916
Governance costs 89,287 89,287 49,147
271,849 271,849 219,585

All of the expenditure above was attributable to unrestricted funds in 2023 and 2022.

Page 18

The Liz and Jack Daniel Foundation

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

7 Other expenditure

Unrestricted
funds Total Total
General 2023 2022
Note £ £ £
Other resources expended 26,428 26,428 18,065
26,428 26,428 18,065

All of the expenditure above was attributable to unrestricted funds in 2023 and 2022.

8 Analysis of governance and support costs

Governance costs

Unrestricted
funds Total Total
General 2023 2022
£ £ £
Audit fees
Audit of the financial statements 15,574 15,574 7,920
Other fees paid to auditors 4,603 4,603 12,660
Legal and professional fees 69,110 69,110 28,567
89,287 89,287 49,147

All expenditure above was attributable to unrestricted funds in 2023 and 2022.

9 Net incoming/outgoing resources

Net (outgoing)/incoming resources for the year include:

Net (outgoing)/incoming resources for the year include:
2023 2022
£ £
Audit fees 15,574 7,920
Other non-audit services 4,603 12,660
Depreciation of fixed assets 6,508 8,677

Page 19

The Liz and Jack Daniel Foundation

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

10 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

Milo Popperwell

Milo Popperwell received remuneration of £60,000 (2022: £53,333) during the year.

The trustee was remunerated during the period for services in respect of managing the rental properties, this included carrying our repair and maintenance in addition to ensuring they remained complaint with leasing laws and regulations.

Pension contributions made by the charity in respect of the trustees remuneration totalled £110 (2022: £1,315).

This payment was not made under any legal authority but has been reported to the Charity Commission. Back payment and future employment has been approved going forward.

During the year Milo Popperwell was reimbursed out of pocket expenses totalling £3,508 (2022: £1,001).

At the balance sheet date the amount due to Milo Popperwell was £55,000 (2022: £562).

11 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
2023 2022
£ £
Staff costs during the year were:
Wages and salaries 120,000 80,833
Social security costs 9,155 4,120
Pension costs 1,431 1,973
130,586 86,926

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

2023 2022
No No
Average number of employees 2 2

No employee received emoluments of more than £60,000 during the year (2022: Nil).

Page 20

The Liz and Jack Daniel Foundation

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

12 Auditors' remuneration

12 Auditors' remuneration
2023 2022
£ £
Audit of the financial statements 15,574 7,920
Other fees to auditors
All other non-audit services 4,603 12,660
13 Tangible fixed assets
Furniture and Motor
equipment vehicles Total
£ £ £
Cost
At 1 January 2023 6,572 32,345 38,917
At 31 December 2023 6,572 32,345 38,917
Depreciation
At 1 January 2023 2,765 10,120 12,885
Charge for the year 952 5,556 6,508
At 31 December 2023 3,717 15,676 19,393
Net book value
At 31 December 2023 2,855 16,669 19,524
At 31 December 2022 3,807 22,225 26,032

Page 21

The Liz and Jack Daniel Foundation

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

14 Fixed asset investments

14 Fixed asset investments
2023 2022
£ £
Investment properties 9,721,620 9,940,000
Investment properties
Investment
properties
£
Cost or Valuation
At 1 January 2023 9,940,000
Additions 431,620
Disposals (650,000)
At 31 December 2023 9,721,620
At 31 December 2022 9,940,000

The fair value of the charity's investment property was revalued on 19 December 2022 by an independent valuer. The basis for this valuation was fair value as defined by FRS 102, being existing use market value. The trustees do not believe that the fair value has changed materially from the most recent valuation carried out on 19 December 2022. The name and qualification of the independent valuer is Philip Jennings FRICS of Jennings Estate Agents and Chartered Surveyors. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £10,252,270 (2022: £10,461,500).

15 Non-current assets

15 Non-current assets
2022
2023 £ (As
£ restated)
Other debtors 250,000 250,000
16 Debtors
2023 2022
£ £
Trade debtors 4,674 5,529
Prepayments 7,187 6,500
11,861 12,029

Page 22

The Liz and Jack Daniel Foundation

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

17 Cash and cash equivalents

17 Cash and cash equivalents
2023 2022
£ £
Cash on hand 342 430
Cash at bank 996,487 746,706
996,829 747,136
18 Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 15,188 4,091
Other taxation and social security 47,069 21,676
Other creditors 2,189 3,071
Accruals 74,106 21,419
Deferred income 775 8,084
139,327 58,341

19 Funds

19 Funds
Balance at 31
Balance at 1 Incoming Resources December
January 2023 resources expended 2023
£ £ £ £
**Unrestricted ** funds
General 10,916,856 386,313 (442,662) 10,860,507
Balance at
31
Balance at Other December
1 January Incoming Resources recognised 2022
2022 resources expended gains/(losses) £ (As
£ £ £ £ restated)
**Unrestricted ** funds
General 9,987,753 833,901 (445,798) 541,000 10,916,856

Page 23

The Liz and Jack Daniel Foundation

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

20 Analysis of net assets between funds

20 Analysis of net assets between funds
Total funds
Unrestricted at 31
funds December
General 2023
£ £
Tangible fixed assets 19,524 19,524
Fixed asset investments 9,721,620 9,721,620
Non-current assets 250,000 250,000
Current assets 1,008,690 1,008,690
Current liabilities (139,327) (139,327)
Total net assets 10,860,507 10,860,507
Total funds
Unrestricted at 31
funds December
2022
General £ (As
£ restated)
Tangible fixed assets 26,032 26,032
Fixed asset investments 9,940,000 9,940,000
Non-current assets 250,000 250,000
Current assets 759,165 759,165
Current liabilities (58,341) (58,341)
Total net assets 10,916,856 10,916,856

21 Analysis of net funds

21 Analysis of net funds
At 31
At 1 January Financing December
2023 cash flows 2023
£ £ £
Cash at bank and in hand 747,136 249,693 996,829
Net debt 747,136 249,693 996,829
At 31
At 1 January Financing December
2022 cash flows 2022
£ £ £
Cash at bank and in hand 254,638 492,498 747,136
Net debt 254,638 492,498 747,136

Page 24

The Liz and Jack Daniel Foundation

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

22 Related party transactions

During the year the charity made the following related party transactions:

The Estate of Mary Elizabeth Daniel

At the balance sheet date the amount due to/from The Estate of Mary Elizabeth Daniel was £Nil (2022 - £Nil). During the year, £Nil was received from the estate of Mary Elizabeth Daniel (2022 - £458,573). This was an interim distribution from the Founder's estate.

Mary Elizabeth Daniel gifted the investment properties to The Liz and Jack Daniel Foundation.

Milo Popperwell

At the balance sheet date the amount due to Milo Popperwell was £56,932 (2022 - £562). Please refer to note 10 for details of transactions during the year.

Andrew Sage

At the balance sheet date the amount due to/from Andrew Sage was £Nil (2022 - £Nil). During the year The Liz and Jack Daniel Foundation paid Sage Waste Management £2,180 (2022 - £13,200) for waste management and removal services. Andrew Sage is a director of Sage Waste Management. All transactions were made on an arms length basis.

23 Prior period adjustment

The balance sheet has been restated to recognise the loan provided by Liz Daniel which was included in her estate. The adjustment affects the accounting periods 31 December 2023, 31 December 2022 and 2022 brought forward figures.

Summary of the prior year accounting impact:

As at 31
December
2023		 As at 31
December
2022		 As at 1
January 2022
Increase in other debtors 250,000 250,000 250,000
Increase in unrestricted funds (250,000) (250,000) (250,000)
Total - - -

Page 25