OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

REGISTERED CHARITY NUMBER: 207186

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 2024

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 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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, situated facing the Staines Road, 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 2024, 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.

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 has made replacement and repairs a difficult exercise but Listed Building Consent has been achieved for some of the properties on the estate as well as the Assembly Hall.

Page 1

THE CHARITY OF ELIZABETH JANE JONES

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

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 £59,653 before transfer to reserves and a revaluation surplus on our investments, the surplus was £30,852 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
£ £ £
2024 59,653 - 59,653
2023 30,852 - 30,852
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 £272,991 by the David Henry Waring Homes Trust in respect of this funding and other essential expenditure.

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.

Our aim will be to hold unrestricted reserves to enable us to fund programmes that maintain our properties to the high standards expected of a responsible almshouse charity.

Staff

The Charity employs three full time members of staff, as well as various contractors.

Page 2

THE CHARITY OF ELIZABETH JANE JONES

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

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 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.

During the year the Charity reviewed its governance arrangements and introduced a range of new policies and procedures. The key changes were to increase the maximum number of Directors to fourteen and the minimum number to six. Four new Trustees were recruited bringing the Board up to its maximum number. Directors are appointed annually may only seek re-appointment after their term of office (9 years) has expired, in exceptional circumstances.

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 2024

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 (resigned 22-Jul-24) Mr P Kingsmore (appointed 22-Nov-23) Mr T J A Wright (appointed 22-Nov-23) Mr B R Marken (appointed 22-Nov-23) Mrs K E Mills (appointed 22-Nov-23) (resigned 28-Oct-24)

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 2024

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 24 January 2025 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 2024 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.

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

28 January 2025

Page 7

THE CHARITY OF ELIZABETH JANE JONES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS
FROM
Charitable activities
3
Providing almshouse
accommodation for the poor and
needy
659,751
Investment income
2
13,717
Other income
448
Total
673,916
EXPENDITURE ON
Raising funds
4
21,620
Charitable activities
5
Providing almshouse
accommodation for the poor and
needy
592,643
Total
614,263
Net gains/(losses) on
investments
592
NET INCOME
60,245
Other recognised
gains/(losses)
Gains on revaluation of fixed
assets
-
Net movement in funds
60,245
RECONCILIATION OF FUNDS
Total funds brought forward
580,665
TOTAL FUNDS CARRIED
FORWARD
640,910		 Restricted
funds
£
-
-
-
-
-
-
-
27,524
27,524
-
27,524
347,719
375,243		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
1,680,000
1,680,000
13,120,000
14,800,000		 2024
Total
funds
£
659,751
13,717
448
673,916
21,620
592,643
614,263
28,116
87,769
1,680,000
1,767,769
14,048,384
15,816,153		 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

The notes form part of these financial statements

Page 8

THE CHARITY OF ELIZABETH JANE JONES

BALANCE SHEET 31 MARCH 2024

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
10
15,586
Investments
11
319,747
335,333
CURRENT ASSETS
Debtors
12
316,505
Cash at bank and in hand
66,635
383,140
CREDITORS
Amounts falling due within one
year
13
(77,563)
NET CURRENT ASSETS
305,577
TOTAL ASSETS LESS
CURRENT LIABILITIES
640,910
NET ASSETS
640,910
FUNDS
14
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Restricted
funds
£
-
375,243
375,243
-
-
-
-
-
375,243
375,243		 Endowment
fund
£
14,800,000
-
14,800,000
-
-
-
-
-
14,800,000
14,800,000		 2024
Total
funds
£
14,815,586
694,990
15,510,576
316,505
66,635
383,140
(77,563)
305,577
15,816,153
15,816,153
640,910
375,243
14,800,000
15,816,153		 2023
Total
funds
£
13,137,618
661,874
13,799,492
317,790
58,490
376,280
(127,388)
248,892
14,048,384
14,048,384
580,665
347,719
13,120,000
14,048,384

The financial statements were approved by the Board of Trustees and authorised for issue on 24 January 2025 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 2024

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
Purchase of fixed asset investments
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Net cash provided by/(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		 2024
£
13,840
-
13,840
(695)
(5,000)
(5,695)
-
-
8,145
58,490
66,635		 2023
£
52,375
(64)
52,311
(158)
-
(158)
(12,500)
(12,500)
39,653
18,837
58,490

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 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024 2023
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 87,769 25,695
Adjustments for:
Depreciation charges 2,727 3,089
(Gain)/losses on investments (28,116) 5,157
Interest paid - 64
Decrease in debtors 1,285 42,156
Decrease in creditors (49,825) (23,786)
Net cash provided by operations 13,840 52,375

2.

ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23
Cash flow
At
£
£
Net cash
Cash at bank and in hand
58,490
8,145
58,490
8,145
Total
58,490
8,145		 31.3.24
£
66,635
66,635
66,635

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 2024

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 2024

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. INVESTMENT INCOME

Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Dividend income from
investments
13,717
-
-
INCOME FROM CHARITABLE ACTIVITIES
Activity
Maintenance contributions
receivable from almshouse
Providing almshouse accommodation for the
residents
poor and needy
RAISING FUNDS
Raising donations and legacies
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Support costs
4,423
-
-
Investment management costs
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Staff costs
17,197
-
-
Aggregate amounts
21,620
-
-		 2024
Total
funds
£
13,717
2024
£
659,751
2024
Total
funds
£
4,423
2024
Total
funds
£
17,197
21,620		 2023
Total
funds
£
12,310
2023
£
595,085		 2023
Total
funds
£
12,310
2023
Total
funds
£
-
2023
Total
funds
£
10,993
10,993

3.

4. RAISING FUNDS

Page 13

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

5. CHARITABLE ACTIVITIES COSTS

Providing almshouse accommodation
for the poor and needy
SUPPORT COSTS
Raising donations and legacies
Providing almshouse accommodation for the
poor and needy		 Direct
Costs
£
478,975		 Support
costs (see
note 6)
Totals
£
£
113,668
592,643
Governance
costs
£
4,423
113,668
118,091

6. SUPPORT COSTS

7. TRUSTEES' REMUNERATION AND BENEFITS

There was no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

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

8.

STAFF COSTS

2024 2023
£ £
Wages and salaries 141,183 120,247
Social security costs 10,717 13,544
Other pension costs 16,380 8,856
168,280 125,769
The average monthly number of employees during the year
was as follows:
2024 2023
Number of management staff 3 3
The number of employees, whose remuneration for the year
fell within the following bands, were:
2024 2023
£60,000 to £69,999 - 1
£70,000 to £79,999 1 -

Page 14

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

9.
COMPARATIVES FOR THE STATEMENT OF
INCOME AND ENDOWMENTS FROM
Charitable activities
Providing almshouse accommodation for the
poor and needy
Investment income
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Providing almshouse accommodation for the
poor and needy
Total
Net gains/(losses) on investments
NET INCOME
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
10.
TANGIBLE FIXED ASSETS
COST OR VALUATION
At 1 April 2023
Additions
Revaluations
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for year
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
595,085
-
12,310
-
1,753
-
609,148
-
10,993
-
567,303
-
578,296
-
(9,004)
3,847
21,848
3,847
(12,500)
-
9,348
3,847
571,317
343,872
580,665
347,719
Freehold
Plant and
property
machinery
£
£
13,120,000
45,559
-
-
1,680,000
-
14,800,000
45,559
-
33,108
-
1,867
-
34,975
14,800,000
10,584
13,120,000
12,451		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
12,500
12,500
13,107,500
13,120,000
Office
equipment
£
18,064
695
-
18,759
12,897
860
13,757
5,002
5,167		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
12,500
12,500
13,107,500
13,120,000
Office
equipment
£
18,064
695
-
18,759
12,897
860
13,757
5,002
5,167		 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
Totals
£
13,183,623
695
1,680,000
14,864,318
46,005
2,727
48,732
14,815,586
13,137,618

At 31 March 2024 the Charity's freehold properties were valued at £14,800,000 by the Charity's trustees on an existing use basis. This valuation takes account of market changes since the last formal valuation on 15 December 2021 and reflects the increased maintenance contribution income since the previous valuation.

Page 15

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

10. TANGIBLE FIXED ASSETS - continued

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

11. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 April 2023 661,874
Additions 5,000
Revaluations 28,116
At 31 March 2024 694,990
NET BOOK VALUE
At 31 March 2024 694,990
At 31 March 2023 661,874

There were no investment assets outside the UK.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
Prepayments
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Pension creditor
Accrued expenses
14.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Cyclical maintenance fund
Restricted funds
Extraordinary Repair Fund
Endowment funds
Permanent endowment fund
TOTAL FUNDS		 At 1.4.23
£
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 2024

14. 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 673,916 (614,263) 592 60,245
Restricted funds
Extraordinary Repair Fund - - 27,524 27,524
Endowment funds
Permanent endowment fund - - 1,680,000 1,680,000
TOTAL FUNDS 673,916 (614,263) 1,708,116 1,767,769
Comparatives for movement in funds
Net Transfers
movement between At
At 1.4.22 in funds funds 31.3.23
£ £ £ £
Unrestricted funds
General fund 411,317 21,848 (12,500) 420,665
Cyclical maintenance fund 160,000 - - 160,000
571,317 21,848 (12,500) 580,665
Restricted funds
Extraordinary Repair Fund 343,872 3,847 - 347,719
Endowment funds
Permanent endowment fund 13,107,500 - 12,500 13,120,000
TOTAL FUNDS 14,022,689 25,695 - 14,048,384
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 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

Page 17

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

14. 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 1.4.22
£
411,317
160,000
571,317
343,872
13,107,500
14,022,689		 Net
movement
in funds
£
82,093
-
82,093
31,371
1,680,000
1,793,464		 Transfers
between
funds
£
(12,500)
-
(12,500)
-
12,500
-		 At
31.3.24
£
480,910
160,000
640,910
375,243
14,800,000
15,816,153

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

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 1,283,064 (1,192,559) (8,412) 82,093
Restricted funds
Extraordinary Repair Fund - - 31,371 31,371
Endowment funds
Permanent endowment fund - - 1,680,000 1,680,000
TOTAL FUNDS 1,283,064 (1,192,559) 1,702,959 1,793,464

15. 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 2025.

Page 18

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

16. RELATED PARTY DISCLOSURES

Included in Other Debtors was a loan of £272,991 (2023 - £262,531) 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 2024

INCOME AND ENDOWMENTS
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
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
Computer consumables
Plant & machinery depreciation
Computer equipment depreciation		 2024
£
13,717
659,751
448
673,916
14,743
1,784
670
17,197
99,902
5,723
14,504
16,309
3,152
256,828
3,561
1,117
57,881
19,998
-
478,975
26,538
3,210
1,206
4,592
22,270
11,714
2,780
9,523
5,453
9,987
7,746
3,834
6,511
1,867
860
118,091		 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
7,729
2,198
891
92,432

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 2024
Total resources expended
Net income		 2024
£
614,263
59,653		 2023
£
578,296
30,852

This page does not form part of the statutory financial statements

Page 21