Ch•vlty r¢#istFatlon nufflber 213838 ALMSHOUSES OF WILLIAM JONES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ALMSHOUSES OF WILLIAM JONES LEGAL AND ADMINISTRATIVE INFORMATION Trustees A Elbi Ichairmanl Mrs S Campbell Mr E Elliott Mr D J N RoEer5 Mr G HÈwitt Professor W Horbury Mr M Curtis Charbty number 213838 Indewnd¢nt ¢xamlner Mitthell Charles*h 24 Nicholas Street Chester CHI 2AU Bankers Lloyds Bank pl Cknk to the Trustee Mr H.J Butler Jolliffe & Co LlP Solicitors 6 St John Street Chester CHI IDA Inv•stm•nt Manag•r: Quiller Chev{ Livorpool
ALMSHOUSES OF WILLIAM JONES CONTENTS Trustees, report Statemeni ol trustees, responsibilit4es Independent examiner's report 51atemeni of fifian¢i•l •ttryities Balance sheet Noies to the financ1 M*tments 7-13
ALMSHOUSES OF WILLIAM JONES TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustee5 present their annual repr and financial swements fortheyear ended 31 December 2024. The financi#l statements hove been prepared Fn accoanCe with the accounting policie5 set out in note I to the financial statements and cornply with the Charity'5 governing docurnent. the Charities Act 2011 afid "Actouniing and Reporting by Charities.. Statement of RecomrneThded Practice applicable to charitie5 preparing their account5 in alCDrdan¢e w4th the Financial Reportin8 Standard applicable in ihe UK and Republic of Ireland IFRS 1021 (effective l January 20191 Oblettfves •nd •dMtles The Charity was constituted under Charity Commission Scheme5 dated 12th April 1960. 41h November 1969 and 19Th january 1989 to provide ond maintain Almshouses fr¥r occupation by suitabty qualsfied m$peoPle. There were poliry changes urlnÉ the year efided 31st Dectmbet 2024. Almspeopl• The Charity provides that applicants for one ol the Charity's Almshouses wrt meet the followin8 qualificati•rts may be provided wilh a¢commodation'.- Applicants shall be in financlèl need without subManii•l financial fesour¢es ol ihtlr own. bl Applicants shall be not le55 than SS yèars of age and of 8ood charatter. Appli¢anis mu$t at the lime of ihe4r apwinimeAt resKle in Chester. The Trustet$ belSeve that the objeds of the tharity are compliant with the Charttles Commission Guidance OTr Public Benellt. Achlevements and perlorMarKe All the flats in Park Streei and the house at 11lestmtner PA)ad were occupied during 2024. Flnan¢l•l r¢vlew The Statement ol Financial Activities shows that the net incomin8 resourtes amounts to £16,885112023: £12Q.98911. There was a net gain on sales of investments amounting to ElS.169 12023.. £8.6051 KNin¥ an increase in total funds of £8,28412023. Deficit £12,384). The overall investment pollcy is to ¥chie¥e an appropriate balanced return between income and capital appreciation. The investment5 are dix105ed in the accounts ai CO with i of their Cur1 market value. The Trusiees consider that the investments are held on a long term basi5 and therefore hasT r1 alled the irwestments on the 8alafi¢e Sheei to market value. The Trustees recogni5e the risk associated with investment in rnaiTh5tream finaThcial mar*et5 and a£cept this risk in return for the prospert of additional returns over lon8er PerdS of time. As such. they wish to remain largely iTrvested at all time5 subject to C35h re5erve5 being held as Part ol the investmerf martagemeni process and to cover aTry excepiional liabilities.
ALMSHOUSES OF WILLIAM JONES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Strurturej pvernanct •nd maTr•iemert The trustees who seNed during the year and up to ihe date of si8nature of the finarKYal statements were.. Mrs A Elloy Ichairrnanl Mr5 S Campbell Mr E Elliott Mr D J N Rogers Mr G Hewitt Prole$50r W Horbury Mr M Cunls At the year end, the body of Tiustees consi515 of $tA cwptati4* trustee5. Until July 2023, the Rev D Che5ter5 ex.offitlo Trustee la Clerk in Holy Orders seleded from the p•rish Chester most closely associated with the Almshouses situèted ¢n Park Street). Co-optative Trustees are app)iThted lor a term of live yeats by Trusiees resolution. Trtssiees, re591utlgns are passed by majority Vote. Thè Trustees usually rneei iwice yearty. The fi1 meeting lakes pla¢¢ in April and the second meetsn8 takes place In November. At the April meetlll8, the Trustee5 consider the accounts for the financlal year ending in the previous December. At both the April ènd Nernber meetings, the Trustees consider the in¥e5trnent performance of the trust's share portfollo, the trust's financial position and receive a report frorn the Clerk on the Alm5people (bein8 the octup•nts of the seven Almshouses owned by the irustl. The irusiees. report was approved by the Board of Tfustees. MrsA TfUStee Iloy ICh3irrnanl Date..
ALMSHOUSES OF WILLIAM JONES STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Law applicablt to charities in En8land and Wales requi$ the trustee5 to prepa fin¥ncial 5ts1ements for eJrh fiNarKial year which give a true and fair view of the charity'5 financial artwitie5 durin6 the year and ol it5 financial p051tion at the end of the year. In preparin8 financial statements 8Ning a true and fair view. the trustees should lollow best prattice and.. select suitoble •¢CouNti polIc$ and ihefi appty them eonsistentlyi make reasonable and prudent judgements èfKI estirnale5- prepare the linan£ial ststements ¢)n the toini concern basis unle5S It Is inappropriate to presurne that the charity will continue in business. State whether applicable accounting standards and statements of recommended practice have been followed. subjeu ic+ any departures dixlosed explained in the linancial statements. The trustees are responsible for.. keepin8 proper accountlng records: $3feguardin8 the charity's assets: taking reasonable steps lor the preyembon and detectlon of fraud.
ALMSHOUSES OF WILLIAM JONES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ALMSHOUSES OF WILUAM JONES I report to the trustee5 on my examinailon of the financial llatements of Almshouses ol Wllll•m Jones Ithe Charity) for the year ended 31 December 2024. Respohslbllltles •nd bail$ of POrt As the trustees of the Charitv vou are responsible for the preparatitsn tsf the financial 5tsterneTht5 in accordance with the requ1MentS of the Charille5 Art 2011 (the 2011 Act). I report in respect of my examinatlon of the Chariiy's fin•rt¢i•l sutements C•fried out under strtion 145 of the 2011 Act. In Carrying out my examinaison I have lollowed •ll ihe applicable Diretlions ¢iven by the thèrity Comm15sion under section 145lSllbl of the 2011 Act. Independent examlner'$ 5tstement Your attention 15 drawn to the fact that the charity ha5 prepared fjnancial 5tstements in aCrdanCe wlth A¢countln8 and Reportin8 by Charlties preparin8 their accounts in a£cofdan¢e with the Financial Rew)rtin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 in prelereAce io ihe Actounting and Reportin8 by Charitie5'. Statement ol Recgmmended Prauice issued ort l April 25 which is velerred its in the extant regulation5 but ha5 now been withdrawn. l understand that this has been done in older for linaftcial ststements io provide a true and tsir view in a¢rordance wlth Generally Accepted Accouniin8 Pla1<e ttl¥t for reportino periods be8ififiin8 on or aftèr l January 2015. I have completed my examination. I confirm that no matters have (orne to my attention In connect wlth the exarnination 8ivin8 me cause to believe that in any rnaterial respeci". a¢countin8 records were not kept in rtspert ol the Charity a5 reouirtd by section 130of the 2011 Act., or the financlal statemenis do noi accord with those records,. or the linanclal 5tatement5 do not comply with the applicable requlrernents concernlne the form ano content ol accounts set out in the Charlties IA£cotsnts and Reportsl Regulation$ 2C¥)8 other than any requirement that the •¢count$ 8ive ? true and f•lrview whi¢h is not • matterconSeTed as of an independert examinatlon. I havt no concerns and have tom* a£r055 no other matters in connection with the examination to which atterstion should awn In thls feport In ovder to enable a proper understsndlng of ihe fIna[al staiements to be re•ched. fl.J. Hall Mitchell Charlesw4orth 24 Nicholas Street Chester CHI 2AU Dated..
ALMSHOUSES OF WILLIAM JONES STATEMENT OF FINANCIAL ACtIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrfrt*d Unrestritted lunds funds 2024 2023 Notes In£ome from: Maintenance charges re¢ei¥ed Investment Incorne 11,631 13,578 10,768 13,524 Total Incom• 25,209 24,292 ndtture on: Charitable activitits 32,094 45,281 Net Expenditure / Income 16,8851 120.9891 Net galnslllossesl on inStmentS 15.169 8.60S Net lThcomellexpendlturtl lor th• Tftafl Net movement In funds 8.284 112.3841 Fund balances at l January 2024 509.493 521.877 Fund balances •t JI Oeceffll 2024 517.777 509.493 The siaternent ol financial activities iludeS all 8ain5 and 1055es rtctynistd in the year. The staternent ol IlnarKSal a1vItIeS irKludes all galns and losses reco8nised in the year. All irKome and expenditure derive from continuin8 aCtivitie5.
ALMSHOUSES OF WILLIAM JONES BALANCE SHEET AS AT31 DECEMBER 2024 2024 Flxed •ssets Tangible assets Investments 13 14 73,439 403,249 73,439 411,060 476,688 484.499 Current •ssets Debtor5 Cash at bank and In hand 15 1.274 42,095 665 26,499 43.369 12,2801 27,164 12.1701 Cr•dftors: •mounts lalllw due wfthln one yur 16 N¢t ¢urr¢nt •ss•ts 41.089 24,994 Tof•l asMts1•s5 current Il•bHttles 517.777 S09.493 The funds of the Charlty unrestrIrt funds 17 517,777 509,493 517.777 509,493 The financlal statements were approved by the trustees oft................... Mr5 A Elloy (Chairman) Truste¢
ALMSHOUSES OF WILLIAM JONES NOTES TO THE FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 Aceountlry pollrTres Charlty Infomi•tlon Almshouses of William Jones is an unincorpornted charitywhose principal offKe is 6 St John Slreet. Che$ttr, CHI IDA. 1.1 AOuntIn¥ ¢onventlon The financial statements ha¥e been prepared in accordance with the Charitys uobErnine do¢umefit. the Charlties Art 2011 and "Accountin8 and Reporting by Charities.. Statement of Recornmended Practice applicable to choTlties prep¥rinK their ac¢ounis in actordance wrth the Finan¢i41 Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 (effective l January 20191- The Charity is a Public Benefit Entity as defined by Ffts 102. The Charity has taken advantage ol the provisions in the SORP for charitie5 app18 FRS 102 Update Bulletin I not to prepare a Statemeni of Cash Flows. Tht linanclal statements have departed from the Ch•flties (Accounts and Reports1 Regulation5 2C#)8 only to the extent required to provide a true and lair view. Thts departLtre ha5 involved followifi8 the Statement of Recommended Practice for charities applyin8 FPS 102 rather than the version ol the Statement of Recommended Prxtice which is referred io In Ihe Regulations but which has since been withdrawn. The finan¢6•1 st¥tements are pr¢p•fed in steflln& whi¢h is the lunctlonal currenq of the Charity. Monetary amtsunts In these linanelal $taiemenis are rounded to ihe nearest f l. The fin•nclil staiements been Ppared under the hlstoriul ¢ost corwentioTr.The principal coUntin1 policies adopted are set out bel¢)w. 1.2 Golni concem At the lime of approvin8 the finarrfial siatements. the trustees have 3 reasonable expectation that the Ch3rity ha$ adequate resources io Coniinue in operatioftal exisience for the foreseeable futu. Thus the trustee5 continue to adopt the 80in8 concern basis ol accountin6 in prIn$ the financial staiements. l.J Ch•Yltsble fund5 Unrestricted fund5 ère wailable lor use at the disc10 of the trustees in lurtherance of iheir charltable objectives. IA Ineome Income is reco8n15ed when the Charrty is leylfy entff¢led to rt after any performance condlllons have been met, the amounts can be measured reliabty, and it is probable that iThtome will be reteived. 1.5 ExwhdUIl Expendlture is recognised once Ihere is a legal or constructive obli8ation to tran51er economit benefit to a third party. It is probable that a transfer of economic benefits will be required in senlement, and the amount ol the obliytion can be measured reliabty. Expendlture Is classified by artivity. The costs of each artiwty are made up of the total of dire¢t wsts artil shared costs, ifitlud*n8 support Costs involved in undertaking each artivity. Oirect Costs attribable to a single activity are allOted directly to that artiwty. Shared t0S which contrib to more than one activrty and support costs which are not attributable to a 5inBle activity are apportioned between ihose attltieS on a basis tonsistent with the use of resources. Cenir31 staff costs are allocated on the basis of time spent, and depreciation tharges a •llwted on the portlon of the asset's use. lTrcome and expenses are knclvdeil in the finart¢ial aatemerbts as they IoMe receivable or due. Expenses include VAT where applicable as the tharitycannot reclaim it.
ALMSHOUSES OF WILLIAM JONES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢countlN pdl¢S¢s Icontlnuedl 1.6 T4nKlble fftJ¢ed a55ets Tan8ible fixed assets are Inrtially measured * cost. Depreciation is reco8ntsed $0 as to write off the tost or valuation of assets less theor fesldual v•lues ovei their vseful lfves on the followin8 bases.. Freehold laftd and buildin85 The Bain or Ioss arising on the disposal of an assei is ddermintd as the drference between the sale proceed5 and the carrying value of the asset. and Is reco8nlsed In the statement of rtnancial adiwties. 1.7 Flxed asset Investments Flxed asset n¥e5tments are recorded at cost. In¥estmenis are held on a10fi8 term basis and therefore the Tnt5tees have not altered the instMentS on the Balance Sheet to maikei value. 1.8 Impalrment olffixed assets At eèch reporting end date. the Charlty reviews the carrying arnounis of its tangible assets tc determine whtthtr there Is any indication that those assets have suffered an imp3irmertt loss. If any such indication exist5, the recoverable arnount ol the a55et Is estimated in order io deiermine the extent olthe impairment10s5 Ill anyl. 1.9 Cash and cash equIlents Cash and Cash equivalents include cash in hand, deposits held at call wtrh banks. other short-term Ilquld Investment5 with tsri8inal rnaturitie5 01 three rnonth5 or less. and bank overdrafts. Bank o¥erdraft5 are shown within borrowin85 in 1.10 Flnanclal Instruments The Chorlty has tle¢ied to apply the pro¥i5ions of Section 11 'Basic FIn¢1¥1 lfistruments, and kctlon 12 '0ther Financial Instrument5 Issue5, of FRS 102 to all of its financlal instrumehts. Flnancial snstfuments are reco8nls¢d In the Charity'$ b•l•nce sheet when the Charty becornes p¥rty io the contr•¢iual provlsions of the Instrument. Financial asseis and liabilities arè offset, with the net amounts psented in the fin•n(iil statements. when thefe is 1*8ally enforttable ri8ht lo set off the recognised amounts and there is •n intentioTh to settle on a net basis or to reallse the asset and settle the liability simultaneousfy. Bvskfinunrlul o55ets 8a5ic financial a55ets, which Include debtors and cash and bank balances. are initially measured at transactlon prlce Including iransauion costs and a subsequentty c3rrJed at amortssed cost Using the effettivÈ interest method unle55 the arrangement constitutes ¥ financing transaction. where the iransattion is measuied * the present value ol the futu re£eipts discounted at a market rate ol interest. Financial assets classified as receivable within one year are not amtsrtised.
ALMSHOUSES OF WILLIAM JONES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ountinA poli¢ies Icontlnuedl B#skJln•n¢l•llltybllltles Basic financial li3bilitie5, includin8 rredit¢)rs and bank loans are initialty recognised at tran5artion price unle55 the afrangement constitutes a financin8 transaction, where the debt instrument is measured at the present value ol the future payments discounted at a market rate of interest. Finanoal liabilities classilied as payable within one year are not amortised. Debt Instruments are subsequently ¢arTied at ainortised ¢0#. usingth¢ effettt¥e interest rate method. Trade creditors are obll8ations to pay for 8oods or ser¥ices that have been acquid In the ordinary cOue of operatlons from Suppliers. Amoufits payable are £lassified as curreni liabilities if payment 15 due within othe year or less. If not, thev are presented as non-eurrent liabilities. Trade ¢di10 are recognised initially at traTh5artion prict and subst4uentlv rnea5ured at amort15ed cost U5in8 the ettertive interest method. Derecoqnltlon oJflnL¥ndolllvbllltles Financial liabilities are dereco8nised when the Charrtrfs corttr•¢iual obllgatlons expire or afe discharged or cancelled. 1.11 Employee beneffts The cost of any unused holld•y eniitlemefit is fe¢o8nlsed In the perlod in which the employee'5 ser¥kes are fe¢efved. Termlnation benelit5 are recognised immediately as ah e¥pense when the Charty is d¢monstrably committed to ierminaie rhe employment ol an employee or to piowde terrnination benefits. Crhlul x¢ourflry e#lm•tes ludymonts In the application ol the Charity'5 accountini policies. the trustees are required to make judgements, estimate5 and assumptions about the carrying amount of asset5 and liabilities th41 are not readily apparent from other sources. The estimètes and associatets assumpi¢ons are based on historical experiente ond other factors ihat are consldered to be relevant. Artual Ftsults may diffet ftom ihese estimaies. The estimates and underlyin8 assumptions are reviewed on an on8oing basis. Revlsions to accountin8 e5tirnate5 are recognised in the period in which the estimate 15 revised where Ihe revision affetts only that perlod, OT In the period ol Ihe revlsloth •rtd future perlods where the revision affects both current and future periods. Milntenat £harys rt¢•l¥*d Unrestrlctèd Unrestricted funds lunds 2024 2023 Malntenance 11,631 10,768
ALMSHOUSES OF WILLIAM JONES NOTES TO THE FINANCIAI STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 In¢ome from Snvestments Unregtrlcted funds 2024 Unrestrl¢ted lunds 2023 Other Income 13.578 13,524 Ch•rlL9ble actMtle5 2024 2023 R?res Ll8ht & heat Insurance Repairs & renewa15 961 137 1,586 7,703 986 125 1.448 26.025 10,387 28.584 Christmas boxe5 Shar* ol tovernanfe lsee note 71 7C 21,LK17 600 16.097 32,094 45,281 Grants p•y¥ble 2024 2023 Christma5 boxes 700 700 10-
ALMSHOUSES OF WILLIAM JONES NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support msts Governance 2024 2023 Accounting sef¥ices Legal and professional Subscriptions Telephone Sundry Stockbrokets charges 2.180 14,440 343 2.180 14.440 343 2,130 10,000 196 350 3,584 3,361 21,Ci17 21,(X17 16,097 AThalysed between Charitable activities 21,C¥)7 21,(7 16.097 Net rnov•m•nf In lund5 2024 2023 The rbet mowernerbt In lund$ is ststed after charyin811creditin¢l'. Fets payable lor the independeni e%amlnation of ihe charlty's ftnanclal stst¢ments 2.180 2,130 Trurt•es None of the trustee5 lor any ptrsons connected with iheml te¢eNed any remuneration or benelits from the Charity durln8 the year. IQ Employees The average number ofemplgyees during the year was: 2014 Nurnber 2023 Number There were no employees whose annual remuneration was more than £160,CW.
ALMSHOUSES OF WILLIAM JONES NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 11 Galns ind1055es on hmstments Unrestricted lundi 2024 UnrestrSrt¢d funds 2023 Gain5111055esl arising on.. Sale of Investmenis 15.169 8,605 12 T•Natlon The charity15 exempt from tsx on Income aNd 8aifis fallin8 WlthiTh sectlon 505 01 the Taxe5 Act 1988 or sertlon 252 of the Taxation of Chargeable Galns Act 1992 to the extent that these are applied to its charitable objerts. 13 Thn6Sbl¢ flmed •ssrts FN•h•ld l•nd Iwjlldlnp Cost At l January 2024 73.439 At 31 Oecembtr 2024 73,439 Clrrylry amount At 31 Deeernber 2024 73,439 At 31 December 2023 73.439 14 Flxed 855et Investments Usted Investments Cost orvaluatlon At l January 2024 Additions Disposals 411,060 35.806 143.6171 At 31 December 2024 403.249 C•rryinK irnount At 31 December 2024 4103.249 At 31 De¢ember 2023 411,060 12-
ALMSHOUSES OF WILLIAM JONES NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 14 Fixed asset irNe5tm*nts IContSnuedl The inve5trnent5 are distlostd in the accotsnts at cost. Ihe markd value at the year end was £494,35712023- f4B3.3421. The Trustees consider that the inveslments ore held on a long term basis and therefore have Trot altered the invesimenis the 8alaThce Sheet to market ¥71ue. 15 Debtors 2024 2023 Amouffls lalllni due withln one year: Prepayrnents and a<¢rued Inc+yn¢ 1,274 665 16 Credltors: amounts hlllni wlthln one yo•r 2024 2023 Atcruals and delerred Iome 2.280 2,170 17 UnrertFlrt•d lunds The unrestricted funds of the ch•tity compris¢ the unexpended balances ol donation5 aNd 8rants whi¢h are not subjett to specific condition5 by donor5 and Érèniors as to how they may be used. These include de518Trated lunds which have been set aslde out of unrestricted funds by the tru5tee5 for 5pe¢ific purposes. At l J•nu•ry 2024 In¢omlni RescoJrtesGaln5 4nd b055es At al Dtttmb¢f tmpended 2024 General funds 509.493 25.209 132.0941 15.169 517,777 Pr•vlous •r.. At l January In¢omlY¥ ResourrnsG•lns •nd losses At 31 December 2023 General funds 521.877 24.292 145.2811 8,605 509,493 Related partytransacllon5 There We no dbsdOsae related party transactions during the ye¥r12023- none). 13-