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2025-03-31-accounts

REGISTERED CHARITY NUMBER: 207186

TRUSTEES' REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 2025

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 2025

The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. 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. As at 31st March 2025 none of these properties were let commercially, however, during the year the Board decided that these properties should be let on commercial terms to improve the Charity's income for the purposes of reinvesting into the housing stock.

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

ACHIEVEMENTS AND PERFORMANCE

The year has seen a great deal of focus on improving the governance of the Charity including updating and adding new policies. The Charity has formed 5 new Sub Committees, each responsible for a particular area of the Charity's work. Amongst other things, the Sub Committees have begun to review both revenue streams and reserves, reviewing admissions procedures and reviewing the Charity's policy in respect of ongoing beneficiary status of residents. The work is expected to be concluded in mid to late 2025.

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. Due to the constraints and cost of window units it is expected that this programme will extend to 5 years.

Page 1

THE CHARITY OF ELIZABETH JANE JONES

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

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 £168,699 before transfer to reserves and a revaluation surplus on our investments, the surplus was £59,653 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
£ £ £
2025 168,699 - 187,356
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 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 £168,396 by the David Henry Waring Homes Trust in respect of this funding and other essential expenditure. This is considered as a loan in the accounts and interest is charged at 3% per annum. The loan remains repayable on demand.

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 £824,770 and cash reserves of £274,217. These unrestricted reserves represent marginally more than a typical year's expenditure on charitable activities. Approximately £95,000 of additional investments were added throughout 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.The reserves policy is being reviewed by the Charity's Finance Investment and Audit Sub Committee.

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 2025

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.

As part of ensuring the residents live in comfortable, up-to-date accommodation, the directors agreed to commence a programme to replace boilers on the estate. This programme was agreed and commenced after 31 March 2025, and was completed by October 2025 at a cost of approximately £28k for 16 properties.

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 continued its review of its governance arrangements and introduced a range of new policies and procedures. Directors are appointed annually and may only seek re-appointment after their term of office (9 years) has expired, unless 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 2025

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 (resigned 22-Sep-25) Mrs A Gupta Revd P J Smith Mrs C F Mays (resigned 09-May-25) Mrs A G McCreadie Mrs S Brewerton Mr D I Harvey (resigned 30-Oct-25) Mr W R Jinks (resigned 22-Jul-24) Mr P Kingsmore Mr T J A Wright Mr B R Marken Mrs K E Mills (resigned 28-Oct-24) Mr R Sutton-Mattocks (appointed 22-Jan-25) Mr N Bryan-Brown (appointed 26-Mar-25) Mr A Dryer (appointed 19-Nov-25)

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 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under charity law the trustees must not approve the financial statements unless they are satisfied that they 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 and The Charity (Accounts and Reports) Regulations 2008. 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 27 January 2026 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 2025 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).

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 6

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

Our responsibilities for the audit of the financial statements

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

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

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

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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

27 January 2026

Page 7

THE CHARITY OF ELIZABETH JANE JONES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
150
Charitable activities
4
Providing almshouse
accommodation for the poor and
needy
717,633
Investment income
3
19,150
Other income
634
Total
737,567
EXPENDITURE ON
Raising funds
5
3,605
Charitable activities
6
Providing almshouse
accommodation for the poor and
needy
565,263
Total
568,868
Net gains on investments
-
NET INCOME
168,699
Transfers between funds
15
(87,367)
Other recognised
gains/(losses)
Gains on revaluation of fixed
assets
-
Net movement in funds
81,332
RECONCILIATION OF FUNDS
Total funds brought forward
640,910
TOTAL FUNDS CARRIED
FORWARD
722,242		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
87,367
34,779
122,146
375,243
497,389		 Endowment
fund
£
-
-
-
-
-
-
-
-
-
-
-
920,000
920,000
14,800,000
15,720,000		 2025
Total
funds
£
150
717,633
19,150
634
737,567
3,605
565,263
568,868
-
168,699
-
954,779
1,123,478
15,816,153
16,939,631		 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

The notes form part of these financial statements

Page 8

THE CHARITY OF ELIZABETH JANE JONES

BALANCE SHEET 31 MARCH 2025

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
11
13,329
Investments
12
327,380
340,709
CURRENT ASSETS
Debtors
13
188,371
Cash at bank and in hand
274,217
462,588
CREDITORS
Amounts falling due within one
year
14
(81,055)
NET CURRENT ASSETS
381,533
TOTAL ASSETS LESS
CURRENT LIABILITIES
722,242
NET ASSETS
722,242
FUNDS
15
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Restricted
funds
£
-
497,389
497,389
-
-
-
-
-
497,389
497,389		 Endowment
fund
£
15,720,000
-
15,720,000
-
-
-
-
-
15,720,000
15,720,000		 2025
Total
funds
£
15,733,329
824,769
16,558,098
188,371
274,217
462,588
(81,055)
381,533
16,939,631
16,939,631
722,242
497,389
15,720,000
16,939,631		 2024
Total
funds
£
14,815,586
694,990
15,510,576
316,505
66,636
383,141
(77,564)
305,577
15,816,153
15,816,153
640,910
375,243
14,800,000
15,816,153

The financial statements were approved by the Board of Trustees and authorised for issue on 27 January 2026 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 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Interest received
Net cash used in investing 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		 2025
£
297,766
297,766
(90)
(95,000)
4,905
(90,185)
207,581
66,636
274,217		 2024
£
13,842
13,842
(695)
(5,000)
-
(5,695)
8,147
58,489
66,636

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 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Losses on investments
Interest received
Decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operations		 2025
£
168,699
2,347
-
(4,905)
128,134
3,491
297,766		 2024
£
87,769
2,727
(28,116)
-
1,285
(49,823)
13,842

2.

ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24 Cash flow At 31.3.25
£ £ £
Net cash
Cash at bank and in hand 66,636 207,581 274,217
66,636 207,581 274,217
Total 66,636 207,581 274,217

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 2025

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 2025

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

2025 2024
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
£ £ £ £ £
Donations 150 - - 150 -
3. INVESTMENT INCOME
2025 2024
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
£ £ £ £ £
Dividend income from
investments 14,245 - - 14,245 13,717
Interest on loan 4,905 - - 4,905 -
19,150 - - 19,150 13,717
4. INCOME FROM CHARITABLE ACTIVITIES
2025 2024
Activity £ £
Maintenance contributions
receivable from almshouse Providing almshouse accommodation for the
residents poor and needy 717,633 659,751
5. RAISING FUNDS
Raising donations and legacies
2025 2024
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
£ £ £ £ £
Support costs - - - - 4,423
Investment management costs
2025 2024
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
£ £ £ £ £
Staff costs 3,605 - - 3,605 17,197
Aggregate amounts 3,605 - - 3,605 21,620

Page 13

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

6. CHARITABLE ACTIVITIES COSTS

Providing almshouse accommodation
for the poor and needy
SUPPORT COSTS
Providing almshouse accommodation for the
poor and needy		 Direct
Costs
£
422,770		 Support
costs (see
note 7)
Totals
£
£
142,493
565,263
Governance
costs
£
142,493

7. SUPPORT COSTS

8. TRUSTEES' REMUNERATION AND BENEFITS

There was no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

Travelling expenses are paid to certain Trustees in relation to attendance at meetings and other duties performed. Two amounts of travel expenses were paid during the year to 31 March 2025, amounting to £230.

9. STAFF COSTS

2025 2024
£ £
Wages and salaries 158,718 141,183
Social security costs 11,649 10,717
Other pension costs 12,748 16,380
183,115 168,280
The average monthly number of employees during the year
was as follows:
2025 2024
Number of management staff 3 3
The number of employees, whose remuneration for the year
fell within the following bands, were:
2025 2024
£60,000 to £69,999 - -
£70,000 to £79,999 1 1
10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Providing almshouse accommodation for the
poor and needy
659,751
-
Investment income
13,717
-
Other income
448
-
Total
673,916
-		 Endowment
fund
£
-
-
-
-		 Total
funds
£
659,751
13,717
448
673,916

Page 14

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
Endowment
funds
funds
fund
£
£
£
EXPENDITURE ON
Raising funds
21,620
-
-
Charitable activities
Providing almshouse accommodation for the
poor and needy
592,643
-
-
Total
614,263
-
-
Net gains on investments
592
27,524
-
NET INCOME
60,245
27,524
-
Other recognised gains/(losses)
Gains on revaluation of fixed assets
-
-
1,680,000
Net movement in funds
60,245
27,524
1,680,000
RECONCILIATION OF FUNDS
Total funds brought forward
580,665
347,719
13,120,000
TOTAL FUNDS CARRIED FORWARD
640,910
375,243
14,800,000
11.
TANGIBLE FIXED ASSETS
Freehold
Plant and
Office
property
machinery
equipment
£
£
£
COST OR VALUATION
At 1 April 2024
14,800,000
45,559
18,759
Additions
-
-
90
Revaluations
920,000
-
-
At 31 March 2025
15,720,000
45,559
18,849
DEPRECIATION
At 1 April 2024
-
34,975
13,757
Charge for year
-
1,587
760
At 31 March 2025
-
36,562
14,517
NET BOOK VALUE
At 31 March 2025
15,720,000
8,997
4,332
At 31 March 2024
14,800,000
10,584
5,002		 10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
Endowment
funds
funds
fund
£
£
£
EXPENDITURE ON
Raising funds
21,620
-
-
Charitable activities
Providing almshouse accommodation for the
poor and needy
592,643
-
-
Total
614,263
-
-
Net gains on investments
592
27,524
-
NET INCOME
60,245
27,524
-
Other recognised gains/(losses)
Gains on revaluation of fixed assets
-
-
1,680,000
Net movement in funds
60,245
27,524
1,680,000
RECONCILIATION OF FUNDS
Total funds brought forward
580,665
347,719
13,120,000
TOTAL FUNDS CARRIED FORWARD
640,910
375,243
14,800,000
11.
TANGIBLE FIXED ASSETS
Freehold
Plant and
Office
property
machinery
equipment
£
£
£
COST OR VALUATION
At 1 April 2024
14,800,000
45,559
18,759
Additions
-
-
90
Revaluations
920,000
-
-
At 31 March 2025
15,720,000
45,559
18,849
DEPRECIATION
At 1 April 2024
-
34,975
13,757
Charge for year
-
1,587
760
At 31 March 2025
-
36,562
14,517
NET BOOK VALUE
At 31 March 2025
15,720,000
8,997
4,332
At 31 March 2024
14,800,000
10,584
5,002		 Total
funds
£
21,620
592,643
614,263
28,116
87,769
1,680,000
1,767,769
14,048,384
15,816,153
Totals
£
14,864,318
90
920,000
15,784,408
48,732
2,347
51,079
15,733,329
14,815,586

At 31 March 2025 the Charity's freehold properties were valued at £15,720,000 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.

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

Page 15

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

12. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 April 2024 694,990
Additions 95,000
Revaluations 34,779
At 31 March 2025 824,769
NET BOOK VALUE
At 31 March 2025 824,769
At 31 March 2024 694,990

There were no investment assets outside the UK.

13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Accrued expenses
15.
MOVEMENT IN FUNDS
At 1.4.24
£
Unrestricted funds
General fund
480,910
Cyclical maintenance fund
160,000
640,910
Restricted funds
Extraordinary Repair Fund
375,243
Endowment funds
Permanent endowment fund
14,800,000
TOTAL FUNDS
15,816,153
Net
movement
in funds
£
168,699
-
168,699
34,779
920,000
1,123,478		 2025
£
7,080
170,771
10,520
188,371
2025
£
24,385
56,670
81,055
Transfers
between
funds
£
(87,367)
-
(87,367)
87,367
-
-		 2024
£
9,325
281,425
25,755		 2024
£
9,325
281,425
25,755
316,505
2024
£
32,299
45,265
77,564
At
31.3.25
£
562,242
160,000		 2024
£
32,299
45,265
77,564
722,242
497,389
15,720,000
16,939,631

Page 16

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

15. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Extraordinary Repair Fund
Endowment funds
Permanent endowment fund
TOTAL FUNDS		 Incoming
resources
£
737,567
-
-
737,567		 Resources
expended
£
(568,868)
-
-
(568,868)		 Gains and
Movement
losses
in funds
£
£
-
168,699
34,779
34,779
920,000
920,000
954,779
1,123,478

Comparatives for movement in funds

Unrestricted funds
General fund
Cyclical maintenance fund
Restricted funds
Extraordinary Repair Fund
Endowment funds
Permanent endowment fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are
Incoming
resources
£
Unrestricted funds
General fund
673,916
Restricted funds
Extraordinary Repair Fund
-
Endowment funds
Permanent endowment fund
-
TOTAL FUNDS
673,916		 At 1.4.23
£
420,665
160,000
580,665
347,719
13,120,000
14,048,384
s follows:
Resources
expended
£
(614,263)
-
-
(614,263)		 Net
movement
in funds
£
60,245
-
60,245
27,524
1,680,000
1,767,769
Gains and
losses
£
592
27,524
1,680,000
1,708,116		 At
31.3.24
£
480,910
160,000
640,910
375,243
14,800,000
15,816,153
Movement
in funds
£
60,245
27,524
1,680,000
1,767,769
a

Page 17

continued...

THE CHARITY OF ELIZABETH JANE JONES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

15. 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 1.4.23
£
420,665
160,000
580,665
347,719
13,120,000
14,048,384		 Net
movement
in funds
£
228,944
-
228,944
62,303
2,600,000
2,891,247		 Transfers
between
funds
£
(87,367)
-
(87,367)
87,367
-
-		 At
31.3.25
£
562,242
160,000
722,242
497,389
15,720,000
16,939,631

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 1,411,483 (1,183,131) 592 228,944
Restricted funds
Extraordinary Repair Fund - - 62,303 62,303
Endowment funds
Permanent endowment fund - - 2,600,000 2,600,000
TOTAL FUNDS 1,411,483 (1,183,131) 2,662,895 2,891,247

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. 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 2025, was £497,389 (2024: £375,244).

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 2025

16. 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.

17. RELATED PARTY DISCLOSURES

Included in Other Debtors was a loan of £168,396 (2024 - £272,991) made to a charity with the same Corporate Trustee. Interest of £4,905 has been charged at a rate of 3% on the outstanding balance (2024 - £nil). The loan is considered as repayable on demand.

Transactions took place during the year with another charity with the same Corporate Trustee. Purchases were made of £32,268 (2024 - £nil). At the year end there no outstanding balances due to or from this charity.

Page 19

THE CHARITY OF ELIZABETH JANE JONES

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Dividend income from investments
Interest on loan
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
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
Carried forward		 2025
£
150
14,245
4,905
19,150
717,633
634
737,567
3,077
374
154
3,605
124,869
7,530
11,055
15,372
3,499
160,741
4,561
1,726
82,476
10,941
422,770
30,772
3,744
1,539
8,875
18,480
12,261
2,935
5,527
5,532
14,652
11,348
115,665		 2024
£
-
13,717
-
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
105,019

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 2025

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025
Governance costs
Brought forward
Telephone
Computer consumables
Website development write-off
Plant & machinery depreciation
Computer equipment depreciation
Total resources expended
Net income		 2025
£
115,665
4,008
2,439
18,034
1,587
760
142,493
568,868
168,699		 2024
£
105,019
3,834
6,511
-
1,867
860
118,091
614,263
59,653

This page does not form part of the statutory financial statements

Page 21