**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: 

* The Almshouse Association 

* The National Housing Federation 

* The G320 group of smaller London based housing associations 

## **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 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

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: 

- give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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: 

- the information given in the trustees Report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **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: 

- discussions with management including consideration of known or suspected instances of non-compliance with laws 

- and regulation; 

- evaluating management's controls designed to prevent and detect irregularities; 

- identifying and testing of journal entries for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business; and 

- reviewing significant accounting estimates for management bias. 

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<br>funds<br>Notes<br>£<br>**INCOME AND ENDOWMENTS**<br>**FROM**<br>Donations and legacies<br>2<br>-<br>**Charitable activities**<br>4<br>Providing almshouse<br>accommodation for the poor and<br>needy<br>595,085<br>Investment income<br>3<br>12,310<br>Other income<br>1,753<br>**Total**<br>609,148<br>**EXPENDITURE ON**<br>Raising funds<br>5<br>10,993<br>**Charitable activities**<br>6<br>Providing almshouse<br>accommodation for the poor and<br>needy<br>567,303<br>**Total**<br>578,296<br>Net gains/(losses) on<br>investments<br>(9,004)<br>**NET INCOME**<br>21,848<br>**Transfers between funds**<br>17<br>(12,500)<br>**Net movement in funds**<br>9,348<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>571,317<br>**TOTAL FUNDS CARRIED**<br>**FORWARD**<br>580,665|Restricted<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>3,847<br>3,847<br>-<br>3,847<br>343,872<br>347,719|Endowment<br>fund<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>12,500<br>12,500<br>13,107,500<br>13,120,000|2023<br>Total<br>funds<br>£<br>-<br>595,085<br>12,310<br>1,753<br>609,148<br>10,993<br>567,303<br>578,296<br>(5,157)<br>25,695<br>-<br>25,695<br>14,022,689<br>14,048,384|2022<br>Total<br>funds<br>£<br>7,000<br>570,273<br>11,607<br>5,208|
|---|---|---|---|---|
|||||594,088|
|||||10,640<br>526,680|
|||||537,320|
|||||55,014|
|||||111,782<br>-|
|||||111,782<br>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<br>funds<br>Notes<br>£<br>**FIXED ASSETS**<br>Tangible assets<br>11<br>17,618<br>Investments<br>12<br>314,155<br>331,773<br>**CURRENT ASSETS**<br>Debtors<br>13<br>317,790<br>Cash at bank and in hand<br>58,489<br>376,279<br>**CREDITORS**<br>Amounts falling due within one<br>year<br>14<br>(127,387)<br>**NET CURRENT ASSETS**<br>248,892<br>**TOTAL ASSETS LESS**<br>**CURRENT LIABILITIES**<br>580,665<br>**NET ASSETS**<br>580,665<br>**FUNDS**<br>17<br>Unrestricted funds<br>Restricted funds<br>Endowment funds<br>**TOTAL FUNDS**|Restricted<br>funds<br>£<br>-<br>347,719<br>347,719<br>-<br>-<br>-<br>-<br>-<br>347,719<br>347,719|Endowment<br>fund<br>£<br>13,120,000<br>-<br>13,120,000<br>-<br>-<br>-<br>-<br>-<br>13,120,000<br>13,120,000|2023<br>Total<br>funds<br>£<br>13,137,618<br>661,874<br>13,799,492<br>317,790<br>58,489<br>376,279<br>(127,387)<br>248,892<br>14,048,384<br>14,048,384<br>580,665<br>347,719<br>13,120,000<br>14,048,384|2022<br>Total<br>funds<br>£<br>13,140,549<br>667,031<br>13,807,580<br>359,946<br>18,838<br>378,784<br>(163,675)<br>215,109<br>14,022,689<br>14,022,689<br>571,317<br>343,872<br>13,107,500<br>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<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Interest paid<br>Net cash provided by operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Net cash (used in)/provided by investing activities<br>**Cash flows from financing activities**<br>Loan repayments in year<br>Net cash used in financing activities<br>**Change in cash and cash equivalents in**<br>**the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**Cash and cash equivalents at the end of**<br>**the reporting period**|2023<br>£<br>52,373<br>(64)<br>52,309<br>(158)<br>(158)<br>(12,500)<br>(12,500)<br>39,651<br>18,838<br>58,489|2022<br>£<br>7,997<br>(555)<br>7,442<br>-<br>-<br>(50,000)<br>(50,000)<br>(42,558)<br>61,396<br>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.**<br>**ANALYSIS OF CHANGES IN NET FUNDS**<br>At 1.4.22<br>Cash flow<br>At<br>£<br>£<br>**Net cash**<br>Cash at bank and in hand<br>18,838<br>39,651<br>18,838<br>39,651<br>**Debt**<br>Debts falling due within 1 year<br>(12,500)<br>12,500<br>(12,500)<br>12,500<br>**Total**<br>6,338<br>52,151|31.3.23<br>£<br>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<br>Restricted<br>Endowment<br>funds<br>funds<br>funds<br>£<br>£<br>£<br>Donations<br>-<br>-<br>-<br>**3.**<br>**INVESTMENT INCOME**<br>Unrestricted<br>Restricted<br>Endowment<br>funds<br>funds<br>funds<br>£<br>£<br>£<br>Dividend income from<br>investments<br>12,310<br>-<br>-<br>**4.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>Activity<br>Maintenance contributions<br>receivable from almshouse<br>Providing almshouse accommodation for the<br>residents<br>poor and needy<br>**5.**<br>**RAISING FUNDS**<br>**Investment management costs**<br>Unrestricted<br>Restricted<br>Endowment<br>funds<br>funds<br>funds<br>£<br>£<br>£<br>Staff costs<br>10,993<br>-<br>-<br>**6.**<br>**CHARITABLE ACTIVITIES COSTS**<br>Direct<br>Costs<br>£<br>Providing almshouse accommodation<br>for the poor and needy<br>474,871|2023<br>Total<br>funds<br>£<br>-<br>2023<br>Total<br>funds<br>£<br>12,310<br>2023<br>£<br>595,085<br>2023<br>Total<br>funds<br>£<br>10,993<br>Support<br>costs (see<br>note 7)<br>£<br>92,432|2022<br>Total<br>funds<br>£<br>7,000<br>2022<br>Total<br>funds<br>£<br>11,607<br>2022<br>£<br>570,273|2022<br>Total<br>funds<br>£<br>7,000<br>2022<br>Total<br>funds<br>£<br>11,607|
|---|---|---|---|
|||2022<br>Total<br>funds<br>£<br>10,640<br>Totals<br>£<br>567,303|2022<br>Total<br>funds<br>£<br>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<br>£<br>Wages and salaries<br>120,247<br>Social security costs<br>13,544<br>Other pension costs<br>8,856<br>125,769<br>The average monthly number of employees during the year<br>was as follows:<br>2023<br>Number of management staff<br>3<br>The number of employees, whose remuneration for the year<br>fell within the following bands, were:<br>2023<br>£60,000 to £69,999<br>1<br>**10.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>7,000<br>-<br>**Charitable activities**<br>Providing almshouse accommodation for the<br>poor and needy<br>570,273<br>-<br>Investment income<br>11,607<br>-<br>Other income<br>5,208<br>-<br>**Total**<br>594,088<br>-<br>**EXPENDITURE ON**<br>Raising funds<br>10,640<br>-<br>**Charitable activities**<br>Providing almshouse accommodation for the<br>poor and needy<br>526,680<br>-<br>**Total**<br>537,320<br>-|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<br>fund<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-||Total<br>funds<br>£<br>7,000<br>570,273<br>11,607<br>5,208|
|||||594,088|
|||||10,640<br>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.**<br>**COMPARATIVES FOR THE STATEMENT OF**<br>Net gains on investments<br>**NET INCOME**<br>**Transfers between funds**<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**<br>**11.**<br>**TANGIBLE FIXED ASSETS**<br>**COST OR VALUATION**<br>At 1 April 2022<br>Additions<br>At 31 March 2023<br>**DEPRECIATION**<br>At 1 April 2022<br>Charge for year<br>At 31 March 2023<br>**NET BOOK VALUE**<br>At 31 March 2023<br>At 31 March 2022|**FINANCIAL ACTIVITIES - continued**<br>Unrestricted<br>Restricted<br>Endowment<br>funds<br>funds<br>fund<br>£<br>£<br>£<br>21,033<br>33,981<br>-<br>77,801<br>33,981<br>-<br>(50,000)<br>-<br>50,000<br>27,801<br>33,981<br>50,000<br>543,516<br>309,891<br>13,057,500<br>571,317<br>343,872<br>13,107,500<br>Freehold<br>Plant and<br>Office<br>property<br>machinery<br>equipment<br>£<br>£<br>£<br>13,120,000<br>45,559<br>17,906<br>-<br>-<br>158<br>13,120,000<br>45,559<br>18,064<br>-<br>30,910<br>12,006<br>-<br>2,198<br>891<br>-<br>33,108<br>12,897<br>13,120,000<br>12,451<br>5,167<br>13,120,000<br>14,649<br>5,900|**FINANCIAL ACTIVITIES - continued**<br>Unrestricted<br>Restricted<br>Endowment<br>funds<br>funds<br>fund<br>£<br>£<br>£<br>21,033<br>33,981<br>-<br>77,801<br>33,981<br>-<br>(50,000)<br>-<br>50,000<br>27,801<br>33,981<br>50,000<br>543,516<br>309,891<br>13,057,500<br>571,317<br>343,872<br>13,107,500<br>Freehold<br>Plant and<br>Office<br>property<br>machinery<br>equipment<br>£<br>£<br>£<br>13,120,000<br>45,559<br>17,906<br>-<br>-<br>158<br>13,120,000<br>45,559<br>18,064<br>-<br>30,910<br>12,006<br>-<br>2,198<br>891<br>-<br>33,108<br>12,897<br>13,120,000<br>12,451<br>5,167<br>13,120,000<br>14,649<br>5,900|Total<br>funds<br>£<br>55,014|
|---|---|---|---|
||||111,782<br>-|
||||111,782<br>13,910,907|
||||14,022,689|
||||Totals<br>£<br>13,183,465<br>158<br>13,183,623<br>42,916<br>3,089<br>46,005<br>13,137,618<br>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<br>Other debtors<br>Prepayments<br>**14.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Bank loans and overdrafts (see note 15)<br>Trade creditors<br>Other creditors<br>Pension creditor<br>Accrued expenses<br>**15.**<br>**LOANS**<br>An analysis of the maturity of loans is given below:<br>Amounts falling due within one year on demand:<br>Bank loans|2023<br>£<br>13,990<br>266,552<br>37,248<br>317,790<br>2023<br>£<br>-<br>6,660<br>-<br>3,386<br>117,341<br>127,387<br>2023<br>£<br>-|2022<br>£<br>8,701<br>321,858<br>29,387|
|---|---|---|
|||359,946|
|||2022<br>£<br>12,500<br>37,261<br>101<br>3,233<br>110,580|
|||163,675|
|||2022<br>£<br>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**<br>General fund<br>Cyclical maintenance fund<br>**Restricted funds**<br>Extraordinary Repair Fund<br>**Endowment funds**<br>Permanent endowment fund<br>**TOTAL FUNDS**|At 1.4.22<br>£<br>411,317<br>160,000<br>571,317<br>343,872<br>13,107,500<br>14,022,689|Net<br>movement<br>in funds<br>£<br>21,848<br>-<br>21,848<br>3,847<br>-<br>25,695|Transfers<br>between<br>funds<br>£<br>(12,500)<br>-<br>(12,500)<br>-<br>12,500<br>-|At<br>31.3.23<br>£<br>420,665<br>160,000|
|---|---|---|---|---|
|||||580,665<br>347,719<br>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**<br>General fund<br>Cyclical maintenance fund<br>**Restricted funds**<br>Extraordinary Repair Fund<br>**Endowment funds**<br>Permanent endowment fund<br>**TOTAL FUNDS**|At 1.4.21<br>£<br>383,516<br>160,000<br>543,516<br>309,891<br>13,057,500<br>13,910,907|Net<br>movement<br>in funds<br>£<br>99,649<br>-<br>99,649<br>37,828<br>-<br>137,477|Transfers<br>between<br>funds<br>£<br>(62,500)<br>-<br>(62,500)<br>-<br>62,500<br>-|At<br>31.3.23<br>£<br>420,665<br>160,000|
|---|---|---|---|---|
|||||580,665<br>347,719<br>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<br>Resources<br>resources<br>expended<br>£<br>£<br>**Unrestricted funds**<br>General fund<br>1,203,236<br>(1,115,616)<br>**Restricted funds**<br>Extraordinary Repair Fund<br>-<br>-<br>**TOTAL FUNDS**<br>1,203,236<br>(1,115,616)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>12,029<br>99,649<br>37,828<br>37,828<br>49,857<br>137,477|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>12,029<br>99,649<br>37,828<br>37,828<br>49,857<br>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**<br>**Donations and legacies**<br>Donations<br>**Investment income**<br>Dividend income from investments<br>**Charitable activities**<br>Maintenance contributions receivable from<br>almshouse residents<br>**Other income**<br>Sundry income<br>**Total incoming resources**<br>**EXPENDITURE**<br>**Investment management costs**<br>Wages<br>Social security<br>Pensions<br>**Charitable activities**<br>Wages<br>Social security<br>Pensions<br>Insurance<br>Communal hot water & water rates<br>Water rates<br>General maintenance<br>Council tax<br>Other charitable costs<br>Garden maintenance<br>Support costs<br>Mortgage<br>**Support costs**<br>**Governance costs**<br>Wages<br>Social security<br>Pensions<br>Accountancy<br>Consultancy and professional fees<br>Auditors' remuneration<br>Printing, postage & stationery<br>Bad debts<br>Light and heat<br>Cleaning and sundry costs<br>Subscriptions, travel and subsistence<br>Telephone<br>Carried forward|2023<br>£<br>-<br>12,310<br>595,085<br>1,753<br>609,148<br>9,382<br>1,142<br>469<br>10,993<br>87,037<br>9,956<br>7,382<br>10,804<br>3,993<br>-<br>271,328<br>470<br>2,302<br>56,336<br>25,199<br>64<br>474,871<br>20,104<br>2,446<br>1,005<br>10,724<br>4,708<br>14,070<br>4,235<br>182<br>1,386<br>18,186<br>1,994<br>2,574<br>81,614|2022<br>£<br>7,000<br>11,607<br>570,273<br>5,208|
|---|---|---|
|||594,088<br>9,100<br>1,085<br>455|
|||10,640<br>80,949<br>4,047<br>7,334<br>13,118<br>5,002<br>1,649<br>210,508<br>22,100<br>1,257<br>50,364<br>39,748<br>555|
|||436,631<br>19,500<br>2,325<br>975<br>2,376<br>2,088<br>14,070<br>5,199<br>4,509<br>6,297<br>12,890<br>5,883<br>2,186<br>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**<br>**FOR THE YEAR ENDED 31 MARCH 2023**|||
|---|---|---|
|**Governance costs**<br>Brought forward<br>Computer consumables<br>Plant & machinery depreciation<br>Computer equipment depreciation<br>Total resources expended<br>**Net income**|2023<br>£<br>81,614<br>7,729<br>2,198<br>891<br>92,432<br>578,296<br>30,852|2022<br>£<br>78,298<br>8,124<br>2,586<br>1,041|
|||90,049|
|||537,320|
|||56,768|



This page does not form part of the statutory financial statements 

Page 21