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2023-03-31-accounts

REGISTERED CHARITY NUMBER: 207186

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 2023

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 2023

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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 2023, 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. This debt has now been repaid in full.

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 2023

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 £29,331 before transfer to reserves and a revaluation surplus on our investments, the surplus was £56,786 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
£ £ £
2023 29,331 - 29,331
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.

The Charity has funded the activities of the David Henry Waring Homes Trust, a charity with the same trustees, whilst it had problems with its bank account and was not able to readily fund exceptional expenditure. At the year end the charity was owed £262,531 by the David Henry Waring Homes Trust in respect of this funding. At the date of this report the David Henry Waring Homes Trust is liquidating its investments in order to repay the loan.

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 £661,874 and cash reserves of £58,489. 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

Staff

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

Page 2

THE CHARITY OF ELIZABETH JANE JONES

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

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.

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 2023

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 A V Groves (Chairman) Mrs S Alderson (Deputy Chairman) Mr C J Gage 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

Mr C J Gage served as Chairman for the period from 1 April 2022 to 27 September 2023 when he was replaced as Chairman by Mr A V Groves, who was previously the Vice Chairman from 1 April 2022 to 27 September 2023, when he was replaced by Mrs S Alderson.

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 2023

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 29 January 2024 and signed on its behalf by:

Mr A V Groves - 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 2023 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

29 January 2024

Page 7

THE CHARITY OF ELIZABETH JANE JONES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
-
Charitable activities
4
Providing almshouse
accommodation for the poor and
needy
595,085
Investment income
3
12,310
Other income
1,753
Total
609,148
EXPENDITURE ON
Raising funds
5
10,993
Charitable activities
6
Providing almshouse
accommodation for the poor and
needy
567,303
Total
578,296
Net gains/(losses) on
investments
(9,004)
NET INCOME
21,848
Transfers between funds
17
(12,500)
Net movement in funds
9,348
RECONCILIATION OF FUNDS
Total funds brought forward
571,317
TOTAL FUNDS CARRIED
FORWARD
580,665		 Restricted
funds
£
-
-
-
-
-
-
-
-
3,847
3,847
-
3,847
343,872
347,719		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
-
12,500
12,500
13,107,500
13,120,000		 2023
Total
funds
£
-
595,085
12,310
1,753
609,148
10,993
567,303
578,296
(5,157)
25,695
-
25,695
14,022,689
14,048,384		 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

The notes form part of these financial statements

Page 8

THE CHARITY OF ELIZABETH JANE JONES

BALANCE SHEET 31 MARCH 2023

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
11
17,618
Investments
12
314,155
331,773
CURRENT ASSETS
Debtors
13
317,790
Cash at bank and in hand
58,489
376,279
CREDITORS
Amounts falling due within one
year
14
(127,387)
NET CURRENT ASSETS
248,892
TOTAL ASSETS LESS
CURRENT LIABILITIES
580,665
NET ASSETS
580,665
FUNDS
17
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Restricted
funds
£
-
347,719
347,719
-
-
-
-
-
347,719
347,719		 Endowment
fund
£
13,120,000
-
13,120,000
-
-
-
-
-
13,120,000
13,120,000		 2023
Total
funds
£
13,137,618
661,874
13,799,492
317,790
58,489
376,279
(127,387)
248,892
14,048,384
14,048,384
580,665
347,719
13,120,000
14,048,384		 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

The financial statements were approved by the Board of Trustees and authorised for issue on 29 January 2024 and were signed on its behalf by:

Mr A V Groves - 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 2023

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 (used in)/provided by 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		 2023
£
52,373
(64)
52,309
(158)
(158)
(12,500)
(12,500)
39,651
18,838
58,489		 2022
£
7,997
(555)
7,442
-
-
(50,000)
(50,000)
(42,558)
61,396
18,838

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 2023

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2023 2022
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 25,695 111,782
Adjustments for:
Depreciation charges 3,089 3,627
Losses/(gain) on investments 5,157 (55,014)
Interest paid 64 555
Decrease/(increase) in debtors 42,156 (113,750)
(Decrease)/increase in creditors (23,788) 60,797
Net cash provided by operations 52,373 7,997
2.
ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.22
Cash flow
At
£
£
Net cash
Cash at bank and in hand
18,838
39,651
18,838
39,651
Debt
Debts falling due within 1 year
(12,500)
12,500
(12,500)
12,500
Total
6,338
52,151		 31.3.23
£
58,489
58,489
-
-
58,489

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 2023

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 2023

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
-
-
-
3.
INVESTMENT INCOME
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Dividend income from
investments
12,310
-
-
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
10,993
-
-
6.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Providing almshouse accommodation
for the poor and needy
474,871		 2023
Total
funds
£
-
2023
Total
funds
£
12,310
2023
£
595,085
2023
Total
funds
£
10,993
Support
costs (see
note 7)
£
92,432		 2022
Total
funds
£
7,000
2022
Total
funds
£
11,607
2022
£
570,273		 2022
Total
funds
£
7,000
2022
Total
funds
£
11,607
2022
Total
funds
£
10,640
Totals
£
567,303		 2022
Total
funds
£
10,640

Page 13

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

7. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Providing almshouse accommodation for the
poor and needy 92,432

8. TRUSTEES' REMUNERATION AND BENEFITS

There was no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

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

9. STAFF COSTS

2023
£
Wages and salaries
120,247
Social security costs
13,544
Other pension costs
8,856
125,769
The average monthly number of employees during the year
was as follows:
2023
Number of management staff
3
The number of employees, whose remuneration for the year
fell within the following bands, were:
2023
£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
7,000
-
Charitable activities
Providing almshouse accommodation for the
poor and needy
570,273
-
Investment income
11,607
-
Other income
5,208
-
Total
594,088
-
EXPENDITURE ON
Raising funds
10,640
-
Charitable activities
Providing almshouse accommodation for the
poor and needy
526,680
-
Total
537,320
-		 2023 2022
£ £
120,247 109,549
13,544 7,456
8,856 8,764
125,769 125,769
2023 2022
3 3
2023 2022
1 1
Endowment
fund
£
-
-
-
-
-
-
-
-		 Total
funds
£
7,000
570,273
11,607
5,208
594,088
10,640
526,680
537,320

Page 14

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

10.
COMPARATIVES FOR THE STATEMENT OF
Net gains on investments
NET INCOME
Transfers between funds
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 2022
Additions
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for year
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
Endowment
funds
funds
fund
£
£
£
21,033
33,981
-
77,801
33,981
-
(50,000)
-
50,000
27,801
33,981
50,000
543,516
309,891
13,057,500
571,317
343,872
13,107,500
Freehold
Plant and
Office
property
machinery
equipment
£
£
£
13,120,000
45,559
17,906
-
-
158
13,120,000
45,559
18,064
-
30,910
12,006
-
2,198
891
-
33,108
12,897
13,120,000
12,451
5,167
13,120,000
14,649
5,900		 FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
Endowment
funds
funds
fund
£
£
£
21,033
33,981
-
77,801
33,981
-
(50,000)
-
50,000
27,801
33,981
50,000
543,516
309,891
13,057,500
571,317
343,872
13,107,500
Freehold
Plant and
Office
property
machinery
equipment
£
£
£
13,120,000
45,559
17,906
-
-
158
13,120,000
45,559
18,064
-
30,910
12,006
-
2,198
891
-
33,108
12,897
13,120,000
12,451
5,167
13,120,000
14,649
5,900		 Total
funds
£
55,014
111,782
-
111,782
13,910,907
14,022,689
Totals
£
13,183,465
158
13,183,623
42,916
3,089
46,005
13,137,618
13,140,549

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. In the opinion of the trustees there has been no significant change to this valuation at 31 March 2023.

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 2022 667,031
Revaluations (5,157)
At 31 March 2023 661,874
NET BOOK VALUE
At 31 March 2023 661,874
At 31 March 2022 667,031

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 2023

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 15)
Trade creditors
Other creditors
Pension creditor
Accrued expenses
15.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans		 2023
£
13,990
266,552
37,248
317,790
2023
£
-
6,660
-
3,386
117,341
127,387
2023
£
-		 2022
£
8,701
321,858
29,387
359,946
2022
£
12,500
37,261
101
3,233
110,580
163,675
2022
£
12,500

16. SECURED DEBTS

The above loan was 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 was charged at the lenders base rate plus 1.125% per annum.

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Cyclical maintenance fund
Restricted funds
Extraordinary Repair Fund
Endowment funds
Permanent endowment fund
TOTAL FUNDS		 At 1.4.22
£
411,317
160,000
571,317
343,872
13,107,500
14,022,689		 Net
movement
in funds
£
21,848
-
21,848
3,847
-
25,695		 Transfers
between
funds
£
(12,500)
-
(12,500)
-
12,500
-		 At
31.3.23
£
420,665
160,000
580,665
347,719
13,120,000
14,048,384

Page 16

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

17. MOVEMENT IN FUNDS - continued

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 609,148 (578,296) (9,004) 21,848
Restricted funds
Extraordinary Repair Fund - - 3,847 3,847
TOTAL FUNDS 609,148 (578,296) (5,157) 25,695
Comparatives for movement in funds
Net Transfers
movement between At
At 1.4.21 in funds funds 31.3.22
£ £ £ £
Unrestricted funds
General fund 383,516 77,801 (50,000) 411,317
Cyclical maintenance fund 160,000 - - 160,000
543,516 77,801 (50,000) 571,317
Restricted funds
Extraordinary Repair Fund 309,891 33,981 - 343,872
Endowment funds
Permanent endowment fund 13,057,500 - 50,000 13,107,500
TOTAL FUNDS 13,910,907 111,782 - 14,022,689

Comparative 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 594,088 (537,320) 21,033 77,801
Restricted funds
Extraordinary Repair Fund - - 33,981 33,981
TOTAL FUNDS 594,088 (537,320) 55,014 111,782

Page 17

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

17. MOVEMENT IN FUNDS - continued

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 1.4.21
£
383,516
160,000
543,516
309,891
13,057,500
13,910,907		 Net
movement
in funds
£
99,649
-
99,649
37,828
-
137,477		 Transfers
between
funds
£
(62,500)
-
(62,500)
-
62,500
-		 At
31.3.23
£
420,665
160,000
580,665
347,719
13,120,000
14,048,384

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

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,203,236
(1,115,616)
Restricted funds
Extraordinary Repair Fund
-
-
TOTAL FUNDS
1,203,236
(1,115,616)		 Gains and
Movement
losses
in funds
£
£
12,029
99,649
37,828
37,828
49,857
137,477		 Gains and
Movement
losses
in funds
£
£
12,029
99,649
37,828
37,828
49,857
137,477
137,477

Structure of funds

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

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 2023, was £347,719 (2022: £343,872).

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.

Page 18

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

18. 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 2023.

19. RELATED PARTY DISCLOSURES

Included in Other Debtors was a loan of £262,531 (2022 - £317,292) 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 2023

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
Garden maintenance
Support costs
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
Subscriptions, travel and subsistence
Telephone
Carried forward		 2023
£
-
12,310
595,085
1,753
609,148
9,382
1,142
469
10,993
87,037
9,956
7,382
10,804
3,993
-
271,328
470
2,302
56,336
25,199
64
474,871
20,104
2,446
1,005
10,724
4,708
14,070
4,235
182
1,386
18,186
1,994
2,574
81,614		 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
5,883
2,186
78,298

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 2023

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2023
Governance costs
Brought forward
Computer consumables
Plant & machinery depreciation
Computer equipment depreciation
Total resources expended
Net income		 2023
£
81,614
7,729
2,198
891
92,432
578,296
30,852		 2022
£
78,298
8,124
2,586
1,041
90,049
537,320
56,768

This page does not form part of the statutory financial statements

Page 21