Mrs Jane Cart's Trust
(Including linked charity Mrs Jane Cart's Almshouses)
Accounts for the year
1st April 2024 to 31st March 2025

Mrs Jane Carvs Trust (including Ilnked charlty Mrs Jane Carvs Almshouses)
For the year ended 3141 March 2025
Contents
Pag•
Referencel Administrative Inf0M￿tIOn
Report of the Trustees
StNcture, Governan￿ and Management
Staternenl of Trus*es Responsibilities
Report of the IndeperKlent Auditor
Statemenl of Financial Activities
12
Balance Sheet
13
Notes to the Accounts
14

Mrs Jane Cart's Tn￿ (includlng linked charity MpJ Jana Cart's Almshouses)
For year ended 3111 March 2025
Reference and Admlnlstratlve Infomialion
Registered Charity Nutythf
200186
Trustees
Mr Jeremy H M N8wsum (Char)
Rt Rev Richard Atkil￿n OBE, Bishop of B￿3f0rd
Mrs Caroline L E M Bewes
Mrs Cynthia M Gresham
Mrs Cressida E Rayner
Mr Edmund M Wood
Mrs Jane E ￿trilbread
Mr Andrew Br(Avn OBE
Clerk to the Trustees
Karen Petkins cjo Bedfordshire and Lulon Comnwnlty Foundation
Correspondence address
cjo Bedfordshire arbd Lut(xi Communty Foundation
Enterprise House
Wrest Park
Silsoe
Bedfordshlre
MK45 4HS
Audltors
HW Associates Lvnited
Portmill House
Portmim Lane
Hitchin
SG5 1DJ
Banke
Barclays Bank PLC
28 George Street
Luton
LU12AE
Scottish Bank PLC
PO Box 12757
67 Morrison Street
Edinburgh
EH3 8YJ
Invostment Managers
Sarasin and Partners LLP
Juxon House
100 St Paul's Churchyard
London
EC4M 8BU

Mrs Jano Carvs Tnmt (including linked charfty Mrs Jane Carvs Almshouses
Report of the Trustees for the year ondod 31•t March 2025
The Trustees present their annu81 report tc•Jether with the aggregat&J audited ac%ounts for the year
ended 31 March 2025 for Mrs Jane Carvs Twst and its linked charity Mrs Jane Carvs Almshouses.
They are prewed in accordance with the accounting policies set out in note 2 to the accounts
compty with both charbties, trust deeds, the Charities Act 2011 and Accounting and Reporting by
Charitios: Statement of RecOm￿￿nded Practi￿ applicable to charities preparing their accounts in
accordance with the Financial Rewrting Standard applicable in the UK and Republic of Ireknd
<FRS102) (effective 1• January 2019) (as by Uwlate Bulletins 1 and 2 in Oc*ober 2018).
Oblects and Athities
The principal objects ofthe charity We:
The relief of [￿r clergy, their SFX)uses. widows, widcrwers, and dependants.
The upkèèp of a monumenl and dock in Dunstable partsh church.
A semK)n to be preached in Dunstsbk parth church; and
The relief of w members of the Church of E￿and resident in DLr6lable eltlw In in kind
or gtant8 of money.
The principal admty during the year has been payTr￿ts in the form of grants to such benefidwle&
Mrs Jan6 Carys Alrr6houses
The princpal coiect of the charity is the provtsion of housiro acecfflm￿at1(￿ for pM)or single wom
and widows in Dunstable and certain surrounding parishes. or the Mak1￿ of grants or payments to
suth beneficiaries or other bodies who provmle aSsislan￿ to those in need.
The Almshouses were sthj in 2006 and the catsl value realsed been reinvested in stock
exchange securilies.
Public bonefft
The Twstees have referred to the guKlance containexl in the Charity Commission's general guidance
on pubfic benefft when reviewng aims and obje¢tNes and in p￿nnIng future activilies. In particular,
the Trustees consider how planned aGtivitw wi]1 ￿rtrIbute to the aims and objectives they have set.
Mrs Jane
Th8 publlc benefrt achieved by the Charity Is In the fom of indNidu81 grants given to members of the
Church of England dergy or their dependants, to alleviate hardship and support their ministry. This
can cover 8 variety of circumstances such as the addtktonal costs bome Up￿ retir￿ or medical
expenses. Indi¥idua15 a5Wy for a grant through a fomi *thtch d6tsils their fjnancial ￿rCUMStanCeS and
the reason they are in hardship.
ou
Mrs Jane Carvs Aknshouses makes grants to other almshouse Irusts and housing providers
supporting poor slNJle women.

Mrs Jane Cart's Trust (including linked charity Mrs Jane Cart's Almshouses>
Roport of the Trustees for the year ended 3q•t March 20251continuad)
Achlevements and Performance
The Trustees have undertaken a review of scrfne of their operational and strategic objectives wlth a
view to facilitating wtwaccess to theirfunding.
Grants were paid by Mrs Jane tst's T￿￿t tt) benefft ¢lwgy and their dewdants totalling
£11)0,405 to 78 persons (2024 £100,472 to 72 pefsonsl.
The trust￿ have agreed to support the year of spiritual renewal facilitated ty th8 St Albans
Diocese. £60,000 has been ￿rUed Hi the accounts to reflect the contribution experted for
2025. A slmlar contrll)utlon is expe(*ed for 2026.
Grants akn made to Dunstable Parish Church £10.IXKI and St Fr8munds Church
£2,902.
Grants were paid totalling £13,157.20 by Mrs Jane Carvs Alfftshou58s durirrfj 2025 {2024
£7.880). Payments were made to Lulon Wornen's Atd and Ashton Almshouses.
Plans for fvture periods
The Jane Cart Tntst is continuousty revtth¥ing th8 Implar￿n￿lIOn and efficw of 118 oK￿atIonS
particularly in view of its Objects.
Financlal Revlew
The results of the chaity for the year are s* wt in the Statement of FIna￿la1 Aetivitses on pgge 12.
Reserves Policy
Perma1￿ Endowmont
The trustees have exercised the power granted under section 104A (2) of the charities Act 2011 and
adopted a lotsl retum policy for both Mrs Jane Carts Trust and Mrs Jane Carfs Almshouses.
The initial values of the trust for investnRrt and the initial Yalue of the unapplied totd retum vftre
established on 314t March 2022.
The trustees have apwoved a return of 3% of the total investment as of 31#t Decemter 2023 to be
applied frorn 1 P4YiI 2024 for the year to 3111 March 2025.

Mrs Jane Cart* Trust {Includlng Ilnked charlty Mrs Jane Carvs Almshouses)
Report of the T￿￿196$ for the ygar onded 31st March 2025 Iconllnu8d)
Structure. Governance and Managornent
Governing documents
Mrs Jane Carts Trust vms prtncipally foUnd￿j by Deeds of Lease and Release made by Mrs Jane
Cart on the arKI 23rt June 1736. It is currendy regula￿ by a Scheme made by the Charity
Commlssioners daled 1￿ Feb￿￿ 1992.
The goveming document of Mrs Jane Carts Almshouses is a Scheme mode by the Charity
Commissioners dated ￿ June 2002.
Appointmant of Trust•69
B¢Ah tharities have the same Trustees. are appointed by a resolution ofthe existing Trustees of
the charity passed at a special meeting of which not less than twenty-one days. notice has been
gNen.
Oryanisation
The names of the Trustees who srnl during Ihe year arKI ￿ to the date of signing the report ar8
sel on page 3.
Trustees meetings are held re9[￿arty three a year. The finance com1r1￿ also meet three
times a y8ar and the grant makiig committee m*t twice a year.
Day-tt>day running of the organisation is handled by Bedfordshirè and Luion CorM)unhy Found&ion.
with major iterns of expendrlure being referred to the Trustees.
Risk Managemenl
The Trustees carry out an annual review of the Ttsks which the chaiit*s may face, have established
systems and woc&lures to mitw risks Klontified and mnimise any potential imp¢t should any
entified rk8ks materi&li5e.

Mrs Jane Carvs Trust (including linked charity Mrn Jane Carvs Almshouses)
Report of the Tn￿tea$ for the year ended 31st March 2025 {contlnued)
ststemont of Trust￿8. R￿pOnsIbIlItIeS
The ¢hanty are responsljle for preparing a trustees. annual reFKKt 8nd accounts in
accordance with applteAtJle law and United Kingdom A(￿)untIng Standards (United lQTrgdom
Generawy A¢￿pted A￿ntIng Pradice).
The la4V applicable to Charities in England and Wales requires the charity Trustees to prepare
accounts for each financial year which give a true and fair view of the stste of affairs of the charity
and of inc¢)ming resources and application of resources for that period. In preparing those
a¢¢ounts. the TnBte8s we required to:
Sel&rt suitable policies and then them conslstenty;
Observe the methods and princip￿5 in the Charities SORP;
Make judgèments and estimates that are reasonable and prudent.
Stale vthether appficable accounting standards have been followed. subject to ￿Y material
departures that musl be disclosed arKI explained in the ￿cOUnts. and
Prepare the a￿nts on the going ¢¢)ncem basis Unl￿ it is inapprwBte to assume that the
charity continue in operation.
The Trustees are responsible for keeping adeq1￿te accounting records that are sufficient to sh(xv
and explain the Charitys transactions and disclose with reasonable accuw at any time the financial
y￿SItion of the charity and to ensure that the accounts comply with the Charities Act 2011,
Staternents of Recommended Practice and the wovisions of the trust deed. They are a150
responsib￿ for safeguarding the assets of Ihe charity and herte kK taking reasonable steps for the
prevention and detecti￿ oflraud and other Kregularities.
Underthe Charilw Act 2011, a5 the thartws Trustees. we certrfy that.
So far as we are aware. there is no relevant audit infomwlion of which Ihe charity's Auditors
are unaware., and
As the Trustees of the charty, we have taken all the steps that we ought to have tsken in
order to make oursefves of any relevant audit infonrAlion and to establish that the
charity's auditor8 are wNare of that In￿rMatiOn.
Approved by the Trustees on 2A November 2025
And signed on their behalf by..
Jeremy H M N
Chair
clo Bedfordshire and Luton Community F<wndation
Enterprise House. Wresl P8rK
Silsoe,
Bedfordshire
MK45 4HS

Indopondonl Audltorfs Report to the Trustees of PAKS Jane Cart's Trust (includlng
linked charity Mrs Jane Carts Almshou50s) for the year ended 3181 Paarch 2025
Oplnlon
We have audited the financial statements of Mrs Jane Cart's Tnjst for the year ended 31 March
2025 which comprK%e Ihe Statement of Finan(aal AcliNryttes, the Balance Sheet and notes to the
financial statements. indud1r￿ a summary of *nificant ac£ounting poliiies. The fnancial reporting
fr8mework that has been appli￿ in their preparatton is ap￿icable law and United Kingdom
Accounting Standards, includiThJ Financi81 Reporting StsThYard 102 The Financial Reporting Standard
applicable in the UK a￿1 Republlc of Ireland (United ￿ngdoM Generalty Accepled Accounting
Practi￿1.
In our opinion the fina￿181 staterr*rts:
give a Iwe and fair view of the stste of the ¢trorWs affairs as at 31° March 2025 and of its
incoming resources and application of resour￿. for the year then ended;
have been property prepared in aCC￿lenCe with United Kingdom Generally Aw)ted
Accounting Pr%tice; 8rrtl
have been prepared in ￿0[dOn￿ with the requlremerts ofthe Charilies Aet 2011.
Basls for opinlon
We conduded our audit in actofdance with Intemational Standards on Auditing (UK) (ISAS (UK)) and
applicable law. Our reswnsibilities under thos8 standards are further dexribed in the Audrtorfs
responsibilities for the audit of the financbal statements S￿tI)n of our rep(xL We are independenl of
the charity in accordance with the ethical wuirwents that are relevant to our audit ofthe finan¢ial
statements in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibililies in ac￿[d￿Ce with these requirements. Ilve believe that the audit eVKIen￿ we have
obtained is Sulf￿lent and appropriate to provide a basis for our opinion.
Concluslons relatlng to golng concern
In auditing the f￿￿cIal statem￿, we have ¢onduded that the trustees, use oflhe go￿9 conwn
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfonned, we have not KJentif(ed any material uncertainties relating to
events or conditit)ns that. indivhluauy or collectwety, may cast significant lkwbt on the charity's ability
to continue as a going concern for a pwityj of at least 12 mnths from when the fYwKial statoments
are authorised for issue.
Our responsibilities and thè responsibifrties of the twstees with r￿pect to going cOn￿n are
described in the retevant sections of this reporL
Other inforniation
The other infomation comprrAs the infomMtiffi included in the trustees. annual report, other than Ihe
financH sLgtements and our auditor's report thereon. The tnjstees are responsible for the other
information. Our opinion on the financial statements dcEs cover the th infomiation and, except
to the extent otheThvise expliciuy stated in our report, we do not express any fom of assurance
conclusion thereon.
Our responsibilty is to read the other informthTr and. in doing so, consider whether the other
Infomiation is MateF￿lY inconsistent with the financ￿1 statements, or kntsW￿ge obtained in the
audit or otkwwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstatements, we are required to detemiine whether there gives rise to a material
mssstatement in the financial staternents themselves. If, basgs on the worf( we have performed, we
conclude that there is a m*erial mi55tatsrnent of tlis (ther information, we are required to report that
fact.
Wa have Aothing to report kn thls regard.

Independent Audltorfs Report to the Truskn of Mvs Jane Carvs Trust lincluding
Ilnked charity Jane Carvs Almshouses) for the yoar ended 318t fylarch 2025
(cortlnued)
Opinions on other matters prescrfbed by Iho Charltlos (accounts and Reports)
Rogulations 2008
In our opinion, based the wwk undertaken in the ¢CMffse ofthe audit:
the Informat￿ given in the trustees, rewL prep￿ed for the purpose5 of charity l•¥. for the
financial year for whic* the fina￿la1 ststements are prepared is consistent with the financlal
statements" and
the trustees. ￿pOrt has t￿) prepared in aCCor￿Ce with appli¢ai4e legal requirements.
Matters on whlch we are required to report by exceptlon
In the light ofthe k￿w￿{￿je •KI £￿de￿tsnd1rt9 ofthe company and its envirornnenl obtaiied in the
course of the aLKlit, we have not iden11￿d materi81 misslatements in the trustees, report.
We have nothing to report in respect ofthe following matters in relation to which the Charities
{accounts and Reports) Reg￿atiOnS 2LM)8 requires us to report to you if. in our opinion:
the infomiation given vi th8 financial statements is irTh)nsisient in any ff*rial respeL* with
the trustees, re￿￿rt or
adequate and proper ac£ounting records have not been kept: or
the financial statements are not in agreemert with the a￿0￿￿ting reccffds and retums., or
we have not received all the infom)ation and explanations we require for our audit
Responslbllilles of trustees
As explained more fuBy in the trtjstees. responsibilitres slatement set out on page 7, the trustees are
responsible for the Preparat￿ of Ihe financial statements and for being satlsfied that they give a true
and fair view. and for such Interro1 Control as the trustees detemine is necessary to enable the
preparation of firwn¢i81 statements that are free from materia mrsst8temen( wl)ether due to fraud or
error.
In preparing the financial statements, the Iruslee$ are re5pon5UI e for assessing the chariws ability to
continue as a going concem. disckjsing, as applicable, matters re]aied to going concern and using
the going concem basis of accounting unless the Irust88s either intend to liquidate the charty or to
cease operalions, or have no realith *temative but to do so.
Auditorfs responsibilities for tho audil of the financial Slatements
Our objectives are to obtsin reasrmable aswran¢e ab)ut whth the fnancial statements as a whole
are free from material rr￿sStatenHrt, whether due to fraud or errr)r, and to issue an auditoffs reFQrt
that inclth Quf opinton. Reasonable assurance is a high level of assurance but is not a guarantee
that an audit Conducted in accordance wilh ISAS (UK) will aways del￿￿ a material misStater￿t
when Ft exists. Misstatements can arise from fraud or error and are considered material if, indivKJualty
or in the aggregate, could reasonatty be expected to infiuence the economic d￿l$lon8 of users
taken on Ihe basis ot thes8 financial staternents.
Irregularit￿8, induding fraud, are instances of non-compliance wlth laws and regulations. We
design prctedures in line with our responsibilitles. outiird above, to detect material
misstatements in respect of iffegularbtses. including fraud. Tho extent to vthich our procgjures are
Capable of de￿ling irregthalilies, is detailed bekwl.

Independent Auditofs Report to the Tntstees of Mrs Jane Cart's Trust {including
linked charity Mrs Jane Carvs Almshouses) for tho year ended 314t March 2025
(continuad)
The oxtent to which the audlt was consldered capablo of d•tocting irrngularities
includlng fraud
In identifying and assessing the risks of material misstateffEnt in resF*d of iFregularities.
inckxling fraud and n0n-cthTh￿lan¢e with I?￿S and regulalions, we ￿nSId8r￿j the fol1w1￿.
The nature of Ihe industy and sector. control envinnment busiw peth￿ance
induding the design of the remuneration policies, k8y drivers for twstee remuneTh2tK>n,
bonus levels and perfomiance twget&'
r8sutt8 of our eTh4uiri88 of Managen￿t about thelr own Identif￿8￿ and as8es8twtt of
the risks of rwegularthes.
any matters we identified hamng obtained reviewed the chariils dC￿MentatIOn of
their ￿1[cleS and prctedures relating to:
identifying. eval￿1ng and comptying law5 arKI regulation and wheU*r they w
aware of ￿ instances of nOr￿CoMplanCe.
detecting and respondiro to the risks of fraud and whether they have kn￿NIedge of
any acttMI. suslwtsd or alleged frawj:
the intemal contrc4s estab￿'$hed to Mil￿ate risks of fraud or noHomFlianco V￿th laws
8nd regulations",
the matters d¢cussed ￿)ng the audit engagement team regarding how where fraud
might owir in the financial statements aThJ potential indicators offraud.
As a result of these twdures, we con5ideTed the opForbi￿ and inc8ntrrfes that may
exist within the organisation for fraud. In common with all audits under ISAS (UK). we are also
required to perfm Spe￿fiC prOc*d￿e5 lo respond to the risk of management ovenide.
We also obtaned an undetstanding of the legal arKI regulatory frameworks Ihat th8 charity
operales in. focusing on provisions of those laws and regulations that had a direct effect on
the determination of maerral amounts and disdosures in the financial ststements. The kèy
taws and ￿gUlationS we considered in this conlext included the UK Charities Act.
In addition, we cOn￿dered provisions of other IM and regulations that do not have a direct
effect on the financial stat8ments but Complian￿ v•th whith may be fundamental to the
charity's abilty to operate or to avoid a material penalty. These included the Employment law.
Audit rosponse to risks Identlfied
To address the risk of fraud through man￿eMent bias and ovorrlde of contrc4s, we:
perfonT￿￿ an￿1 ￿￿edureS to identlfy any I￿su&l or unexpected relationshlps:
tested joumal an1￿ to idenlfy unusu4 transactions:
10

Independent Auditofs Report to tho Trustots of Jane Carv$ Trust (includlng
linked charity Mrs Jane Carvs Almshouses) the year ended 31st March 2025
(continued)
aswsed whether judge￿nts assumptions made in detemilning the accounllng
estimates were indicative of pjtential lias: and
investig*d the rationale behiid syxficanl or unusual trans
In response to the rBk of ifregularities and noTrcornpliance wth laws atxl re9uEations, we
designed procedures which induded, but were not limited to..
agreeing financial statement disck)sures to underkying supporting d￿UMentatIC￿.
reading the minules of meetings of those charged with govemance; and
enquiring of management as to actual and prtential litsgation and claims.
There are Inhe￿nt Iwmitalions in our 8udrt prK>cedures described above. The more removed
that laws regulations are from financia transactims, the less likely it is that we would
l)ecome aware of nork￿mplianCe. Aud*ing stsndards also limit the audit procedures required
to identfy nOnwQ)Mplian￿ with laws arrfl regulations to enqumy of the directors and other
management and the inspection of regulatory and legal Cnrresp0nden￿, rf any.
MÉterial misstatements that arlse due to fraud can be harder to detect than those that arise
frcrfn error as they may involve deliberate concealment or collusion.
A further deseripti¢Jn of our responsibiliiies is availabk oft the Finan¢ial RewrtM)g Council's
website at. vwM.frc.org.uklauditotsre$ponsibili¢ies.
This description fomB part of our audit￿$ report
Use of our report
This report ts made solely lo the charity's trustees, as a body, ￿ acc￿lanCe with Part 4 of the
Charities (Accounts and Reports) ReguEations 2008. Our audit work has been undertaken so thal
we might state to the charity's trustees those mattern we are required to state to them in an
auditors re￿rt for no other purp)se. To the fullest extent permilted by law. we do not accept
or ￿SuMe resFKV15ibilty to wryone other than the charty and the chantys Iwslees as a bc￿, for
our audit work, forthis rekmxt. rx for the op#)ions we have f0M￿d.
JJJ,
HW Assoclates Umited
Chartttred Accountsnts and
statutory Auditors
ev
Portsnln House
Portsnill Lane
Hitch￿, HeTts. SG5 1DJ
11

Mrg Jano Carfs Trust (Includlng Ilnk•d charity Mrs Jane Carvs Almshouses
Slatamont of Flnancial Activltles for the year •ndad 3111 March 2025
2024
Total
Funds
fund
Total
Fwd*
Mnb
Catv
Trust
MYS
Cart
Akn8hou
Mr8 J•n•
Mrn Jan•
Carf• TnAt Cart
not• 3
Inwne from:
Investment incf>me
Dfvidends
Interest
Suiplusl{lossl on Sale ol
investments
Totsl Incom•
Expendlturo on:
Ra151ng Funds:
Investsn8nt managementfee8
ChariL*Ae *ctivilio8:
Grants to clergy and t￿1r
dependants
Grants to locd organ6sations
Churth dock repairs
Annual Semion
Administrati¢)n and
manag•ment'.
Clerk'$ fee5
Governance c08ts- Autht Fee
Legal and professional fees
Insurance
Miscellaneou5
Total expenditure
168,241
2.002
22,484
34
190,725
2,036
66
2QIO.692
416
{2561
170,309
22.518
192,827
200,852
Z812
{9￿)
3,416
160,405
160.405
166.722
12,902
2,824
1,671
13,157
26,059
2,824
1,671
37,992
17.381
4,300
47
264
1,202
200,996
5,184
1,300
22.565
5,600
47
21.606
4,660
3,818
403
1.196
239,813
1S)0
19,741
1.302
222,559
2,812
1990>
Net gains cm investments
8.592
57,186
337,605
Nèt Incomel(Expendlture)
200 996
Total R¢Wm allrxated b)
Inoome
Not mov•mont in
(160,780)
123,45n
160,780
23,457
55,311
8,643
(40,216)
3,716
27.454
298,644
Total ftm(ts broughtfoTh¥ard
IstAprll 2024
5,026.132
729,758
693.912
88.527 6.537.329
6.238.685
5.080.443
738A01
653,696
92,243 6.564.783
6.537.329
31st Alareh 2025
12

Mrs Jane Carys TnBt (Includlng linked charlty Mr8 Jane Cart's AlMSho￿se9 )
Balance Shoet
31Ji March 2025
Fixad As4•ts
Investments
6 374 731
6 323 968
Curyent Assots
Cash al bank
220.761
Ll*bllltl•*:
Creditors amounls fallirvj due
Tthin one year
N•t CuN•nt As••ts
Not A880ts
6.564,783
6,537,329
Funds
Mrs Jane Cart'3 Trust
Mts Jane Cart's Almshouses
5,080,443
738,401
5.025,132
729,758
Re¥trlcted funths:
Mrs Jane Carvs Almsho￿e¥
92.243
88,527
Unr8strict•d Funds:
Mr5 Jane Cart8 Tnjgt
893 912
8,564.783
6,537.329
proved by trE Try￿tee8 on 20th Novernber 2025 and signed on their behalf by..
MrJHMN
um
) Trustees
Wood
13

Mrs Jane Carvs Trust (includlng linked ¢haiity Mrs Jane Cart's Almshouses)
Notes to tho Accounts for the yaar ended 31at March 2025
1. Trust Inf0M￿tIOn
Mrs Jane C8rt'8 Tnjst was prlndpalty founded by Deeds of Lease and Rele&se m&le by Mrs
Jane Cart on the 22Tht and 2yd June 1736. It is currenlly regulated by a Scheme made ty the
Charity Commissionws dated 10th February 1992.The governing documart of Mrs Jane Carys
Almshouses is a Scheme made by the Charity Commissioners dated 201h June 2002. Both
charilies are based at Bedfordshir8 and Luton Communty Foundation. EntsrFXiS6 H(￿se,
Wrest Park. Si15LY, Bedft)rdshire,
2. AcGounting policios
Basls of prnparallon
The accouTts have been prepared under th8 historical cost basis except for the modifKations
to a fair value basis for investment propty and investments as 8￿fied in the accounting
poI￿leS bdow. The financial statements have t*en prepared in a￿ordanCe with Ihe
Slatem8nt of Recommended Pr&tice Acwunting and Rewling by Charittes preparing their
accounts in accordance with the Financial Reporting Standard 8pplio8ble in the UK and
Republlc of Ireland {FRS 102) leffe¢tlue 1st Januwy 2019) (as amended by Update Bulletin 1
and 2 in O¢lober 2018> and the Charities Act 2011.
The charity meets the defintli)n of a wtslic benefii entity under FRS 102. Assets and ￿abIlitieS
are initialty recognised at historical Cost unless othevwi5e stated in the relevant accounting
polw note.
b. Going concem
The trustees are confideni that the charity Can continue to meet lis liablths as they fall due
for the foreseeable future and that the accounts should bo prepared on a g(xng c￿Cern basis.
c. Accounting for linkad charlty
The ￿nked chartty Mrs Jane Carvs Alrnshouses has been trealed as 8 branch of the reporting
charity Mrs Jane Carvs Trust. The accurnulated funds of Mrs Jane Carvs AJm$houses
originalty constituted restricted funds within these aggregaied accounts of Mrs Jane Cart's
Trust Tho trustees have established a total return pofw which includes Jane Cart's
Almshouses and the base value of the restrirted fund on 31" March 2022 has been US￿ as
the initial irwestment value. The funds are now disclosed as pemianent end(y•mient.
d. Fund accounti￿9
Un￿StriCted funds are avalable for use at the discretion of the Tnjstees in furtherance of the
genera obj8Llives of the d￿rIty and whith have not been designated for other purpc6es.
Designaw funds are funds set aside for specific purposes by the trustees.
Restricted funds are funds which are to be used in accordance with Sp￿ restriction5
imposed by donots or %thich have been raised by the chaTty for particular purposes. The cost
of raising admiixstering such funds are charged against the specific fund. Thi5 includes
grant funds which ar& given for speufic puryx)ses.
14

Mrs Jane Cart's Trust (including linked charlty Mrs Jane Cart's Almshousos
Notes to the Accounts for the year ended 31 St March 2025
Endowffent fuNb are fijnds of capital vthich must be maintsined; the tnths have adopted a
total retum policy from 31" March 2022 viith the initral value and the unapplied total return
established at this date.
g. Income recognition
Income from Kwerty, investrnents arKI depos*s are aCc<MX)￿ for on a receiv8tAe b8SiS.
f. Exponditura vecognlllon
All expenditure is accounted for on an accruals basis and t￿S been dg53if*d under headings
that aggregate all costs related to the category.
Charitable expenditure comprises those costs incurred ty the chality in the delivery of its
tivities and servioes for its beneficiaries. Approved grants aR ￿0￿nt￿j for when payable.
It includes both costs that ¢8n be allocated di• to such activilie5 and those costs of an
indirect nature necessary to support them.
Governance costs Indude tho* ￿>st8 assodated *ryth rneeting the constitLthnal and statutory
requirements of the charity and include the audit fees and costs linked to the strateg
management of the chaTty.
All costs we all(Kated belween the expendilure categories of the St*mert of Financial
Activities on a basis deS￿ned to retlect the use of the ￿$￿rCe. Costs relating to a particular
acti¥ty are alk)cated dbr•.
g. Investment8
Investments are stated at mi(knwket value. Gains and losses on revaluation are taken to the
Statement of Financial Activities as they arise. Unreali8ed gains and bJsse8 are calculated as
the differen¢e betbyeen the fair value at the year end thar rArrying value.
The Investrnent obSth of the portfollos Is to achieve long temi (¥pitsl income growth.
ahead of inflatw)n. largeting UK CPI +4%, nel of costs, over rolling 5 year pericrtls. It is
intended that this wim be ach￿Ved by investrnerrt in a broadly diverJified global portlolio
covering the wohj's principal sloGk, ￿nd, and currency markels, together wlth Investments in
atemative assets and commerual property.
15

Mrs Jane Carvs Trust (including linked charity Mrs Jane Carvs Almshouses)
Notss to the Accounts for the y￿r ended 31•t March 2025 (contlnued)
Sl•lomont of Hnanclwl Activittes fortho y•ar gnd•d 31¥1 Ma￿h 2024
EDdownwnt Fund•
Unf••tsict•d RMtrf¢t•d 21124 Total
Fund8
IArn Ja
Mrd Jan•
¢arV¥ T￿￿1 Carfs Trust
Almshouse
Ilrn Jan•
Cart's
Carv8 Tnmt
Incom• frnm:
Dividends
Interest
L¢)ss on sale ofinvestrrnnts
178,299
382
256
22.393
34
20D,692
416
Total I￿om•
178,425
22,427
200,852
Exp•ThMlurn on:
Ralslng funds:
Investment mar￿geM￿rt fees
4211
(795)
3.416
Ch•ritabh activili•J:
Grants Clergy & dependents
Grants to local organisation$
186.722
30,112
166,722
37.992
7,880
AdmlniBtraii¢)n and
managgmgnt"
Clth's fees
Govemance costs- Audrtfee
Legal and Professional fees
Insurance
MI￿lIaneOuS
17.285
3,728
3.818
403
1.097
4,321
932
21.606
4,660
3,818
403
1.196
Toial 8wndl￿rn
795
13.232
239 813
Net 98in8 on inve8trnents
277.537
60.[￿8
337,605
Not I￿oM• 1 (Exp•nditurnl
451751
Totsl retum alh)cated to Income
1154.672)
(22,172)
154.672
22.172
Not movemgnt In fvnd5
297.079
8.940
Reconclllatlon of funds:
Total fundts Ixwhtforward
1rtApril 2023
4,728,053
762.405
79,587
6.238.685
Total funds foThYaYd
314 March 2024
5.025.132
729,758
693,912
88.527 6,537.329
16

Jane Carvs Tn*t lincluding lInk￿ charity Mr8 Jane Cart's Almshouses)
Notes to the Accounts for the yffir ended 3141 March 2025 (continued)
Othèr Investrnonts {lknted)
2026
Volualion Income
2024
v￿atith) Inwme
Sarasin arKI Partners Portlomo
6 374 731 192 827
6 323,968 200 852
Summwy
Market Val￿ at 1st April 2024
Management fees
DES￿alS thJring the year
Unreali¥ed Surplus on reVa￿a￿.0ft
Markel value at 31* March 2025
6,323,968
(1.622)
(4.601)
57.186
6 3T4 731
2025
2024
InveSth￿ntS at 31st March 2025 comprEse:
Equities
Fixed intere$1 $￿Ur1118S
Altematives
3.6TT.376
484,567
2 212 788
8,374 731
3.878,368
608.465
1837.135
6.323,968
Histori￿1 cost
6 $57,888
6.565 165
5. Crodltors: amounts fallng due wlthln y•¥T
2024
Accrua18 artd deferred
7.400
Anatysis pf n•t a¥s•ts bgl%w•n fund
PeMiar￿n*
Unrestrthd
Funds
Furb4
Investments
Currenl assets
Currerrt
liabilibes
5.818.844
555,887
165,169
{68.350)
6.374.731
258,402
168,350)
93233
Net assets at
31st March 2025
5,818,844
93,233
652,706
6,564,783
17

Mrs Jane Carvs Tn￿t {Includlng Ilnked charlty Mrs Jane Cart's Almshousos)
Notes to the Accounts for the year ended 3111t March 2025 (conts"nued)
7. Totsl return apwoach to IrNoslm8nt of ￿mI0n￿nI endo*Tront
Mrs Jane C¥is Tr￿1
Trust fc*
un&￿ed T<>tsl
Retum
trs Jane Carts Almshou#e$
Trust tor
Unapplied Totsl Totd EndowTnent
Retum
I•IApril 2024
Grfi Component of
the peFmanent
endowment
Unapplied total
retum
5,258.017
720.378
5.978,395
12¥2,885}
9,380
(223.505)
5 258 017
720 378
5 754 890
Movgfflont for the
year.
Investment Return:
DNidends ar
Inleresl
Investment return..
realised and
unrealised galn8
and Ilossesl
Le8s: Investment
managemart costs
Tot•1
Vnapplied t￿al
turn allocated to
Income In the
reporting pwr¢)d
Not mov•m•nts for
th• y•ar
S1￿ March 2025
Gfft component of
the pemanent
endowment
Unapvlied toial
return
170.243
22,518
192.761
48.680
8.592
57.252
(2,812)
990
(1,8221
216 091
1160.780)
123.457)
{184.237)
55.311
8,843
63,954
5,258.017
720.378
5,978.395
(177,574)
18,023
{f 59,551)
Total
58.017
720 378
18

AITS Jano Carfs T￿t (Includlng Ilnked charlty Mrs Jam Cart'5 Almshou￿$)
Notos to the Accounts for the year ended 31Ai March 2025 Iconllnued)
2026
2024
Indivithal gants
Instltutlonal grarts
Total grants
160,405
26.059
166,722
37.992
9. R8latsd p•ty transactlo
None ofthe trlthes received ony remuneralion from the charity during the year (2024 £n￿l. C Gresham
received (eimt￿rs8rnent ofeX[￿ses am￿￿ng to £529.9012024: £NA) and J NewsLTh re￿1ve(l
reimbursemenl of 6wses amounting to £120.48 (2024: £Nil>
19