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2022-03-31-accounts

REGISTERED CHARITY NUMBER: 207186

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

THE CHARITY OF ELIZABETH JANE JONES

CG LEE Limited Chartered Certified Accountants Statutory Auditors Ingram House Meridian Way Norwich Norfolk NR7 0TA

THE CHARITY OF ELIZABETH JANE JONES

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Page
Trustees' Report 1 to 5
Report of the Independent Auditors 6 to 7
Statement of Financial Activities 8
Balance Sheet 9
Cash Flow Statement 10
Notes to the Cash Flow Statement 11
Notes to the Financial Statements 12 to 19
Detailed Statement of Financial Activities 20 to 21

THE CHARITY OF ELIZABETH JANE JONES

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

In setting their objectives and planning their activities, the Directors of the Trustee Company have given careful consideration to the Charity Commission's guidance on public benefit.

The objectives of the Directors are to maintain and administer the Charity and its almshouses, which provide housing for the benefit of those with limited means.

The almshouses, known as The Fairholme Estate, are situated in Bedfont, Middlesex, and consists of 72 units of differing sizes together with a central Assembly Hall with ancillary offices, kitchen and toilet facilities.

The scheme provides that up to 14 of these properties can be made available for commercial letting in order to provide additional income for charitable purposes. Owing the acute shortage of affordable housing in the area, the Directors are not currently making use of the provision and as at 31 March 2022, none of these properties were let at a commercial rent.

The Directors are intent on maintaining a comfortable and relaxed environment for the beneficiaries and all their efforts are concentrated in this direction

ACHIEVEMENT AND PERFORMANCE

Since April 2003, the Charity has had to adapt its strategy in order to complete the major refurbishment programme within a reasonable timescale. At that time, our cash reserves had been all but exhausted, so the programme which began in the mid 1990s would have been impossible to complete from available cash flows.

Hence, in 2003, the Charity obtained a £2.5m facility from the Allied Irish Bank (GB) in order to undertake and complete the refurbishment programme. Just less than £1m was actually drawn down from this facility as we have been able to use the cash flow generated from increased weekly maintenance contributions from the residents to finance the project. More than 90% of the debt to the bank had been repaid by the 31 March 2022, leaving a balance of £12,500.

The internal refurbishment programme is now largely complete and the charity is now looking to reinvest in its properties, to ensure they are fit for purpose over the next two to three decades.

A major priority for the Charity is the replacement of the windows. The listed status of the estate is hampering the design proposals due to the Local Authority's insistence that original Crittall windows are retained despite them being no longer suitable. The Charity has engaged the services of a leading architect in the field of almshouse renovation and will work towards a solution acceptable to the Local Authority.

Page 1

THE CHARITY OF ELIZABETH JANE JONES

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

FINANCIAL REVIEW

It is pleasing to be able to report again that the Charity's Statement of Financial Activities (SOFA) this year shows a surplus of net incoming resources of £56,786 before transfer to reserves and a revaluation surplus on our investments, the surplus was £147,131 in the previous year.

Although our expenditure has increased over the year, there have been some savings through the introduction of an improved logging and control arrangement for repairs/refurbishments and ordering of any items or service. Refurbishment costs to both the interiors and exteriors of the properties, and our rear drive this year, are deducted when calculating the surplus of incoming resources. The Directors anticipate that this expenditure will continue to vary, year to year, depending on when any of the last un-refurbished properties become vacant.

The table below shows the year on year surplus after depreciation and before exceptional costs have been incurred:-

Year to 31 March Surplus or (Deficit) Surplus before
before Exceptional exceptional costs
Revaluation gain/loss refurbishments & revaluation gain/loss
£ £ £
2022 56,786 - 56,768
2021 147,131 1,095 148,226
2020 156,974 58,736 215,710
2019 75,491 60,648 121,666
2018 123,847 23,208 147,055
2017 132,079 57,368 189,447
2016 101,716 121,344 223,060
2015 138,322 65,819 204,141
2014 61,382 20,283 81,665

The Directors of the Corporate Trustee are aware that there is still an amount of further refurbishment work needed, mostly to the rear of the properties, namely gutters, downpipes and repainting. However, they are confident that the cash flow generated by our properties will cover much of these costs which will be incurred over a period of time, depending on the availability of funds.

Reserves Policy

The Charity holds investments with M&G NAACIF (National Association of Almshouses Common Investment Fund) Accumulation units for our Extraordinary Reserve Fund (ERF) so as to provide a long term fund (say, 25 years) to allow the Charity to undertake another major refurbishment programme at the appropriate time. In addition, the Charity held M&G NAACIF Income units, worth £667,031 and cash reserves of £18,838. These unrestricted reserves represent marginally more than a typical year's expenditure on charitable activities. No additional investments were made during the year.

In reviewing its reserve requirements, the Directors have decided that the Charity needs to hold this level of reserves to provide for ongoing maintenance work and external refurbishments as well as the ongoing work of the Charity and unexpected costs likely to arise on an Estate of this size. Cash in excess of current cash flow requirements will, in future, be invested in NAACIF Accumulation units so as to build our long term reserves.

As mentioned above, the Board recognised the need, at the end of the financial year, to allocate monies to an Extraordinary Repair Fund in order to provide for the long term upkeep of Fairholme. However, the reserves have been depleted over previous years in bringing the accommodation up to date and making essential repairs to the properties. The directors are aware of the necessity to make long term provision for major works at some time in the future. Once our mortgage has been paid off in full, we will be able to increase transfers to our long term reserve (ERF) but only after we are satisfied that our unrestricted reserves are more than adequate to cover all likely "routine" expenditure.

Our aim will be to hold unrestricted reserves of circa one year's running costs and to build our long term reserves to several million pounds within the next decade, whilst continuing to repay the debt owed to Allied Irish Bank.

Staff

The Charity employs two full time members of staff and one part time as well as various contractors

FUTURE PLANS

Our future plans are focused to do everything in our power to ensure that all our residents live in comfortable, fully modernised surroundings in this peaceful and tranquil haven. We are also still looking at ways to expand our operations, with the tried and tested methodology we have practised so successfully here at Fairholme.

The Charity's ambition is to build up our financial strength so as to be able to withstand and survive any foreseeable future problems and provide a sustainable future for our beneficiaries.

Page 2

THE CHARITY OF ELIZABETH JANE JONES

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity of Elizabeth Jane Jones is an unincorporated trust constituted under a scheme set up by The Charity Commission in May 1931, with revisions and amendments over the years. A revised scheme, which took effect on 1 April 2011, as amended by Resolutions dated 23 September and 25 November 2015, has been adopted by the Charity with the Charity Commission's approval.

In November 2015, the then Trustees resolved formally to resign en bloc and to appoint Elizabeth Jane Jones Trustee Limited (the Corporate Trustee) as the sole Trustee of the Charity, with all the former Trustees being appointed to the Board as Directors of the Corporate Trustee.

The Board of Directors of the Corporate Trustee shall consist of at least eight, and no more than twelve, competent persons. New directors are appointed by a resolution of the board for a term of five years. Directors may seek re-appointment after their term of office expires.

At bi-monthly board meetings, the Board agrees the broad strategy and major policy decisions of the Charity including consideration of investment policy, reserves policy and risk management.

The day to day administration and management of the Charity's assets is delegated to The Clerk to the Trustee (known as the Chief executive), who reports to the Board of Directors or the relevant Sub Committee. A Sub Committee has been set up for admissions although refer major issues to the full Board.

The major risks, to which the Charity is exposed, as identified by the Directors, are regularly monitored and periodically reviewed. Steps have been taken to establish systems and procedures to mitigate these risks.

The Board keeps its skill requirements under review and, in the event that a Director permanently retires or additional Directors are required, the Board of Directors actively seek to recruit suitable persons in order to maintain or improve the overall standard of expertise required to run the Charity effectively.

The induction process for any newly-appointed Directors comprises attendance at least one Board Meeting as an observer, an initial meeting with the Chair and CEO. There follows a series of short meetings with the CEO with discussions on investments, and the powers and responsibilities of the Trustee Company Board and the Sub Committees.

The welcome pack includes a brief history of the Charity, copy Board and Sub Committee Minutes, a copy of the last three years' of Annual Reports and Accounts, a copy of the governing trust deed and a copy of the Charity Commission's guidance 'The Essential Trustee: What You Need To Know'.

The Charity is an active member of the following bodies:

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

207186

Principal address

The Fairholme Estate Staines Road Bedfont Middlesex TW14 8DE

Page 3

THE CHARITY OF ELIZABETH JANE JONES

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

Trustees THE TRUSTEE

The charity is served by the Corporate Trustee; Elizabeth Jane Jones Trustee Limited.

The Directors of Elizabeth Jane Jones Trustee Limited

The Directors who served the Corporate Trustee during the period were as follows:Mr C J Gage (Chairman)

Mr A V Groves (Deputy Chairman) Mrs S Alderson Mrs A Gupta Revd P J Smith Mrs C F Mays Mrs A G McCreadie Mrs S Brewerton Mr D I Harvey Mr W R Jinks

Clerk

Mr N Lucas

Auditors CG LEE Limited Chartered Certified Accountants Statutory Auditors Ingram House Meridian Way Norwich Norfolk NR7 0TA Bankers CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ Solicitors Bircham Dyson Bell 50 Broadway London SW1 0BL Chartered surveyors Roper Son & Chapman Willow House River Gardens Feltham TW14 0RD

AUDITOR

CG LEE Limited has been re-appointed as auditor for the ensuing year.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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

Page 4

THE CHARITY OF ELIZABETH JANE JONES

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

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

Approved by order of the board of trustees on 25 January 2023 and signed on its behalf by:

Mr C J Gage - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE CHARITY OF ELIZABETH JANE JONES

Opinion

We have audited the financial statements of The Charity of Elizabeth Jane Jones (the 'charity') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) 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, the trustees are responsible for the preparation of the financial statements which 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.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE CHARITY OF ELIZABETH JANE JONES

Our responsibilities for the audit of the financial statements

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and tax legislation, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an 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 the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

CG LEE Limited Chartered Certified Accountants Statutory Auditors Ingram House Meridian Way Norwich Norfolk NR7 0TA

25 January 2023

Page 7

THE CHARITY OF ELIZABETH JANE JONES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
7,000
Charitable activities
4
Providing almshouse
accommodation for the poor and
needy
570,273
Investment income
3
11,607
Other income
5,208
Total
594,088
EXPENDITURE ON
Raising funds
5
10,640
Charitable activities
6
Providing almshouse
accommodation for the poor and
needy
526,680
Total
537,320
Net gains on investments
21,033
NET INCOME
77,801
Transfers between funds
18
(50,000)
Other recognised
gains/(losses)
Gains/(losses) on revaluation of
fixed assets
-
Net movement in funds
27,801
RECONCILIATION OF FUNDS
Total funds brought forward
543,516
TOTAL FUNDS CARRIED
FORWARD
571,317		 Restricted
funds
£
-
-
-
-
-
-
-
-
33,981
33,981
-
-
33,981
309,891
343,872		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
-
50,000
-
50,000
13,057,500
13,107,500		 2022
Total
funds
£
7,000
570,273
11,607
5,208
594,088
10,640
526,680
537,320
55,014
111,782
-
-
111,782
13,910,907
14,022,689		 2021
Total
funds
£
13,400
560,999
12,310
220
586,929
9,870
429,928
439,798
124,706
271,837
-
(1,255,000)
(983,163)
14,894,070
13,910,907

The notes form part of these financial statements

Page 8

THE CHARITY OF ELIZABETH JANE JONES

BALANCE SHEET 31 MARCH 2022

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
11
20,549
Investments
12
323,159
343,708
CURRENT ASSETS
Debtors
13
359,946
Cash at bank and in hand
18,838
378,784
CREDITORS
Amounts falling due within one
year
14
(151,175)
NET CURRENT ASSETS
227,609
TOTAL ASSETS LESS
CURRENT LIABILITIES
571,317
CREDITORS
Amounts falling due after more
than one year
15
-
NET ASSETS
571,317
FUNDS
18
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Restricted
funds
£
-
343,872
343,872
-
-
-
-
-
343,872
-
343,872		 Endowment
fund
£
13,120,000
-
13,120,000
-
-
-
(12,500)
(12,500)
13,107,500
-
13,107,500		 2022
Total
funds
£
13,140,549
667,031
13,807,580
359,946
18,838
378,784
(163,675)
215,109
14,022,689
-
14,022,689
571,317
343,872
13,107,500
14,022,689		 2021
Total
funds
£
13,144,176
612,018
13,756,194
246,195
61,396
307,591
(140,378)
167,213
13,923,407
(12,500)
13,910,907
543,516
309,891
13,057,500
13,910,907

The financial statements were approved by the Board of Trustees and authorised for issue on 25 January 2023 and were signed on its behalf by:

Mr C J Gage - Trustee

The notes form part of these financial statements

Page 9

THE CHARITY OF ELIZABETH JANE JONES

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2022
£
7,997
(555)
7,442
-
-
(50,000)
(50,000)
(42,558)
61,396
18,838		 2021
£
22,853
(1,163)
21,690
(1,138)
(1,138)
(50,000)
(50,000)
(29,448)
90,844
61,396

The notes form part of these financial statements

Page 10

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2022 2021
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 111,782 271,837
Adjustments for:
Depreciation charges 3,627 4,255
Gain on investments (55,014) (124,706)
Loss on disposal of fixed assets - 1,694
Interest paid 555 1,163
Increase in debtors (113,750) (178,399)
Increase in creditors 60,797 47,009
Net cash provided by operations 7,997 22,853
2. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS
At 1.4.21 Cash flow At 31.3.22
£ £ £
Net cash
Cash at bank and in hand 61,396 (42,558) 18,838
61,396 (42,558) 18,838
Debt
Debts falling due within 1 year (50,000) 37,500 (12,500)
Debts falling due after 1 year (12,500) 12,500 -
(62,500) 50,000 (12,500)
Total (1,104) 7,442 6,338

The notes form part of these financial statements

Page 11

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments and freehold property which are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 15% on reducing balance Office equipment - 15% on reducing balance

Freehold land and buildings, used for charitable purposes are shown at an "existing use" valuation in accordance with the revaluation policy adopted by the Charity. Other fixed assets are show at historical cost.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

The Charity's funds comprise the following:

Permanent Endowment Fund:

All charitable use and investment properties are held as permanent endowments.

Extraordinary Repair Fund:

A restricted fund to provide for rebuilding or renovation of the properties. Transfers to this fund out of general reserves are at the discretion of the Trustees.

Cyclical Maintenance Fund:

A designated, unrestricted fund, created by the Trustees in order to provide for ongoing maintenance costs.

General Purpose Fund:

Remaining unrestricted funds to be applied for general charitable purposes.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 12

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES - continued

Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The charity does not acquire put options, derivatives or other complex financial instruments. Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise. Other investments are included at cost, which is considered to be approximate to their market value.

2. DONATIONS AND LEGACIES

Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Donations
7,000
-
-
3.
INVESTMENT INCOME
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Dividend income from
investments
11,607
-
-
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Maintenance contributions
receivable from almshouse
Providing almshouse accommodation for the
residents
poor and needy
5.
RAISING FUNDS
Investment management costs
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Staff costs
10,640
-
-
6.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Providing almshouse accommodation
for the poor and needy
436,631		 2022
Total
funds
£
7,000
2022
Total
funds
£
11,607
2022
£
570,273
2022
Total
funds
£
10,640
Support
costs (see
note 7)
£
90,049		 2021
Total
funds
£
13,400
2021
Total
funds
£
12,310
2021
£
560,999		 2021
Total
funds
£
13,400
2021
Total
funds
£
12,310
2021
Total
funds
£
9,870
Totals
£
526,680		 2021
Total
funds
£
9,870

Page 13

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

7. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Providing almshouse accommodation for the
poor and needy 90,049

8. TRUSTEES' REMUNERATION AND BENEFITS

There was no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

Travelling expenses are paid to certain Trustees in relation to attendance at meetings and other duties performed.

9. STAFF COSTS

2022
£
Wages and salaries
109,549
Social security costs
7,456
Other pension costs
8,764
125,769
The average monthly number of employees during the year
was as follows:
2022
Number of management staff
3
The number of employees, whose remuneration for the year
fell within the following bands, were:
2022
£60,000 to £69,999
1
10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
13,400
-
Charitable activities
Providing almshouse accommodation for the
poor and needy
560,999
-
Investment income
12,310
-
Other income
220
-
Total
586,929
-
EXPENDITURE ON
Raising funds
9,870
-
Charitable activities
Providing almshouse accommodation for the
poor and needy
429,928
-
Total
439,798
-		 2022 2021
£ £
109,549 111,405
7,456 7,136
8,764 3,989
125,769 122,530
2022 2021
3 3
2022 2021
1 1
Endowment
fund
£
-
-
-
-
-
-
-
-		 Total
funds
£
13,400
560,999
12,310
220
586,929
9,870
429,928
439,798

Page 14

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

10.
COMPARATIVES FOR THE STATEMENT OF
Net gains on investments
NET INCOME
Transfers between funds
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
11.
TANGIBLE FIXED ASSETS
COST OR VALUATION
At 1 April 2021 and 31 March 2022
DEPRECIATION
At 1 April 2021
Charge for year
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
Endowment
funds
funds
fund
£
£
£
55,958
68,748
-
203,089
68,748
-
(50,000)
-
50,000
-
-
(1,255,000)
153,089
68,748
(1,205,000)
390,427
241,143
14,262,500
543,516
309,891
13,057,500
Freehold
Plant and
Office
property
machinery
equipment
£
£
£
13,120,000
45,559
17,906
-
29,537
9,752
-
2,586
1,041
-
32,123
10,793
13,120,000
13,436
7,113
13,120,000
16,022
8,154		 FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
Endowment
funds
funds
fund
£
£
£
55,958
68,748
-
203,089
68,748
-
(50,000)
-
50,000
-
-
(1,255,000)
153,089
68,748
(1,205,000)
390,427
241,143
14,262,500
543,516
309,891
13,057,500
Freehold
Plant and
Office
property
machinery
equipment
£
£
£
13,120,000
45,559
17,906
-
29,537
9,752
-
2,586
1,041
-
32,123
10,793
13,120,000
13,436
7,113
13,120,000
16,022
8,154		 Total
funds
£
124,706
271,837
-
(1,255,000)
(983,163)
14,894,070
13,910,907
Totals
£
13,183,465
39,289
3,627
42,916
13,140,549
13,144,176

The Charity's freehold properties were valued on an existing use basis by Sneller Commercial, Chartered Surveyors, at £13,120,000 on 15 December 2021.

There would be no potential tax liability if the properties were sold at current market value provided the gains were applied for charitable purposes.

12. FIXED ASSET INVESTMENTS

Listed
investments
£
MARKET VALUE
At 1 April 2021 612,018
Revaluations 55,013
At 31 March 2022 667,031
NET BOOK VALUE
At 31 March 2022 667,031
At 31 March 2021 612,018

There were no investment assets outside the UK.

Page 15

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 16)
Trade creditors
Social security and other taxes
Other creditors
Pension creditor
Accrued expenses
15.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 16)
16.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans and overdrafts
17.
SECURED DEBTS
The following secured debts are included within creditors:
Bank loans		 2022
£
8,701
321,858
29,387
359,946
2022
£
12,500
37,261
-
101
3,233
110,580
163,675
2022
£
-
2022
£
12,500
-
2022
£
12,500		 2021
£
31,771
172,167
42,257		 2021
£
31,771
172,167
42,257
246,195
2021
£
50,000
15,239
3,052
42
-
72,045
140,378
2021
£
12,500
2021
£
50,000
12,500
2021
£
62,500

The above loan is secured against a first legal charge over land and properties at Fairholme Estate, Bedfont, Middlesex, with a balance sheet value of £13,120,000.

Interest is charged at the lenders base rate plus 1.125% per annum and the loan is repayable in full within 20 years of the first drawdown made in August 2004. Capital repayments commenced in October 2006.

Page 16

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

18. MOVEMENT IN FUNDS

At 1.4.21
£
Unrestricted funds
General fund
383,516
Cyclical maintenance fund
160,000
543,516
Restricted funds
Extraordinary Repair Fund
309,891
Endowment funds
Permanent endowment fund
13,057,500
TOTAL FUNDS
13,910,907
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
594,088
Restricted funds
Extraordinary Repair Fund
-
TOTAL FUNDS
594,088
Comparatives for movement in funds
At 1.4.20
£
Unrestricted funds
General fund
230,427
Cyclical maintenance fund
160,000
390,427
Restricted funds
Extraordinary Repair Fund
241,143
Endowment funds
Permanent endowment fund
14,262,500
TOTAL FUNDS
14,894,070

Page 17

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

18. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Extraordinary Repair Fund
Endowment funds
Permanent endowment fund
TOTAL FUNDS		 Incoming
resources
£
586,929
-
-
586,929		 Resources
expended
£
(439,798)
-
-
(439,798)		 Gains and
losses
£
55,958
68,748
(1,255,000)
(1,130,294)		 Movement
in funds
£
203,089
68,748
(1,255,000)
(983,163)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Cyclical maintenance fund
Restricted funds
Extraordinary Repair Fund
Endowment funds
Permanent endowment fund
TOTAL FUNDS		 At 1.4.20
£
230,427
160,000
390,427
241,143
14,262,500
14,894,070		 Net
movement
in funds
£
280,890
-
280,890
102,729
(1,255,000)
(871,381)		 Transfers
between
funds
£
(100,000)
-
(100,000)
-
100,000
-		 At
31.3.22
£
411,317
160,000
571,317
343,872
13,107,500
14,022,689

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 1,181,017 (977,118) 76,991 280,890
Restricted funds
Extraordinary Repair Fund - - 102,729 102,729
Endowment funds
Permanent endowment fund - - (1,255,000) (1,255,000)
TOTAL FUNDS 1,181,017 (977,118) (1,075,280) (871,381)

Structure of funds

All freehold property owned by the Charity is classified as a Permanent Endowment in accordance with the original deed of governance.

Page 18

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

18. MOVEMENT IN FUNDS - continued

Structure of funds - continued

The Endowment Fund was set up to include charitable use and investment properties at their market values, as at 31 March 2010, after deducting bank loans outstanding at that date. The bank loans were taken out in 2004 to finance major refurbishment work to the interior and exterior of the properties. These loans are secured on the properties. This Fund will change in value from year to year when the properties are revalued and the loans repaid.

An Extraordinary Repair Fund has been established in order to provide for major repairs or rebuilding expenditure that may be required in the future. The intention is to build up the Fund, over a period of time, to levels recommended by The Almshouse Association. The balance of this Fund, at 31 March 2022, was £343,872 (2021: £309,891).

The Cyclical Maintenance Fund is an unrestricted fund set up to provide for general repairs and refurbishment works which are necessarily incurred on an ongoing basis.

19. EMPLOYEE BENEFIT OBLIGATIONS

The Charity of Elizabeth Jane Jones participates in the CARE Pension Scheme operated by the Pensions Trust. which provides benefits to some 41 non-associated employers. The scheme is a defined benefit scheme in the UK.

It is not possible for the charity to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the charity is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2019. This valuation showed assets of £79.0m, liabilities of £93.90m and a deficit of £14.90m. To eliminate this funding shortfall, participating employers were asked to pay additional contributions to the scheme from 1 April 2021 to 30 September 2027 totalling £1.53m per annum. The deficit contributions required from The Charity of Elizabeth Jane Jones is £719 per annum. The next valuation is planned in 2022.

20. RELATED PARTY DISCLOSURES

Included in Other Debtors was a loan of £317,292 (2021 - £185,911) made to a charity with the same Corporate Trustee. The loan is considered as repayable on demand.

Page 19

THE CHARITY OF ELIZABETH JANE JONES

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Dividend income from investments
Charitable activities
Maintenance contributions receivable from
almshouse residents
Other income
Sundry income
Total incoming resources
EXPENDITURE
Investment management costs
Wages
Social security
Pensions
Charitable activities
Wages
Social security
Pensions
Insurance
Communal hot water & water rates
Water rates
General maintenance
Council tax
Other charitable costs
Exceptional refurbishment
Garden maintenance
Support costs
Loss on sale of tangible fixed assets
Mortgage
Support costs
Governance costs
Wages
Social security
Pensions
Accountancy
Consultancy and professional fees
Auditors' remuneration
Printing, postage & stationery
Bad debts
Light and heat
Cleaning and sundry costs
Carried forward		 2022
£
7,000
11,607
570,273
5,208
594,088
9,100
1,085
455
10,640
80,949
4,047
7,334
13,118
5,002
1,649
210,508
22,100
1,257
-
50,364
39,748
-
555
436,631
19,500
2,325
975
2,376
2,088
14,070
5,199
4,509
6,297
12,890
70,229		 2021
£
13,400
12,310
560,999
220
586,929
8,689
1,029
152
9,870
84,096
3,901
17,257
12,751
2,665
601
109,447
164
530
1,095
66,538
43,984
1,694
1,163
345,886
18,620
2,206
325
3,138
-
10,932
1,295
11,663
2,176
19,382
69,737

This page does not form part of the statutory financial statements

Page 20

THE CHARITY OF ELIZABETH JANE JONES

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2022
Governance costs
Brought forward
Subscriptions, travel and subsistence
Telephone
Computer consumables
Plant & machinery depreciation
Computer equipment depreciation
Total resources expended
Net income		 2022
£
70,229
5,883
2,186
8,124
2,586
1,041
90,049
537,320
56,768		 2021
£
69,737
1,469
1,985
6,596
3,041
1,214
84,042
439,798
147,131

This page does not form part of the statutory financial statements

Page 21