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2024-12-31-accounts

REGISTERED CHARITY NUMBER: 217047

Report of the Trustee and

Unaudited Financial Statements for the Year Ended 31 December 2024 for

The James Charities

incorporating P & W Social Accountants Ltd

The James Charities

Contents of the Financial Statements for the Year Ended 31 December 2024

Page
Report of the Trustee 1 to 6
Independent Examiner's Report 7
Statement of Comprehensive Income 2024 8
Comparative Statement of Comprehensive Income 2023 9
Statement of Financial Position 10 to 11
Statement of Cash Flows 12
Statement of Change in Funds 13
Notes to the Financial Statements 14 to 26
Detailed Statements of Comprehensive Income 2024 23 to 24
Comparative Detailed Statements of Comprehensive Income 2023 25 to 26

The James Charities

Report of the Trustee for the Year Ended 31st December 2024

The Trustee presents its report with the financial statements of the charity for the year ended 31 December 2024. The trustee has adopted the provisions of the Statement of Recommended Practice (SORP (FRS102)) 'Accounting and Reporting by Charities'. The statements have been prepared in accordance with the Charities Act 2011 and Accounting Requirements for Registered Social Landlords General Determination 2006 and Statement of Recommended Practice - Accounting For Social Housing Providers (2018).

The James Charities is registered with Homes England (Regulator of Social Housing) as a Social Landlord, in the City of Birmingham, under the Housing Act 1996.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

The Charity is registered with the Charity Commission (Registration Number 217047) and with the Regulator of Social Housing (Registration Number A2150).

Principal address

6A James Memorial Homes Stuart Street Nechells Birmingham, B7 5NW

Trustee

The James Charities Trustee Limited (The Trustee)

Independent examiner

R B Welch MA P & W Social Accountants Ltd 10 Newent Road Northfield Birmingham B31 2ED

Chief Executive Officer

Mr W Coffin

Page 1

The James Charities

Report of the Trustee for the Year Ended 31st December 2024

PRINCIPAL ACTIVITY

The principal activity of the Charity is to provide accommodation for the elderly.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is regulated by a scheme of the Charity Commissioners dated 25 September 1900 and varied by Order of the Minister of Education of the 7 July 1955 and schemes of the Commissioners of the 25 January 1962 and 24 June 1963. This was further amended by a Charity Commission Scheme dated 29 December 1969 and 15 April 2019.

By virtue of that Scheme The James Charities Trustee Limited was appointed as Corporate Trustee of the Charity on 15 April 2019 in place of the existing trustees and acts as the sole trustee. The James Charities Trustee Limited has a board of up to eight unpaid Co-opted Directors and one Ex Officio Director who are nominated to the board based on their relevant expertise. At the year end date there were seven directors appointed.

The Directors of The James Charities Trustee Limited

Mrs L J Matheson (Chair)

Miss K Hudson (Vice Chair) Mr A H Jones Mr D J Kitchen Appointed 12th March 2024 Mr J R Nicholls Mr T W Perkins Mr I S Sathi

The Vicar of Aston and Nechells Ex Officio Director to be appointed

RECRUITMENT AND INDUCTION

The Charity has a policy of recruiting Directors of the Corporate Trustee from the local community that have an interest in the wellbeing of the local residents and those entitled to benefit from the objects of the Charity.

Within the Corporate Trustee potential new Directors are invited to attend a Directors' Meeting to get an indication of the role. Once they indicate their willingness to be appointed, the Charity's formal system of approval is then put into place. Directors are given a copy of the Charity's governing document and any relevant training as required is provided. Given the size of the Charity and the number of Directors involved, the process of Director induction is informal.

OBJECTIVES AND ACTIVITIES

The 2019 Scheme has modernised the wording of the objects and widened the scope of the objects to include not only the provision and maintenance of almshouses but also associated services and facilities so that provision could be made for those in need in the community but who do not live in the almshouses, if that is something the Trustee wants to do going forward.

After first defraying the costs of the management of the Charity, the income is to be applied as follows:

  1. The provision and maintenance of almshouses and associated services and facilities for the public benefit for those in need who are aged 55 years or over in particular but not limited to those who have resided for not less than one year in the City of Birmingham.

  2. To maintain a Major Extraordinary Repair Fund for the repair, improvement or rebuilding of the Almshouses belonging to the Charity.

Page 2

The James Charities

Report of the Trustee for the Year Ended 31st December 2024

ACHIEVEMENT AND PERFORMANCE

The Charity continues to provide accommodation for the elderly.

The results for the Charity are set out on pages 8 to 26.

Income for the year including donations, grants and investment income was £225,508 (2023: £226,352). Income from providing accommodation marginally increased to £213,648 from £203,186 in 2023. There were several void flats during the year which offset the positional benefit of a 7.7% increase in the Weekly Maintenance Contribution within the year. There were no donations during the year (2023: £855).The charity received three grants during the year; The Justham Trust (£50,000), Charity Bank (£75,000) and Homes England (£906,615). £1,025,317 of these grants have been treated as deferred or capital grants to be released either over the economic useful life of the new build development or as revenue income in 2025 against revenue expenditure on this project. £21,238 of the Homes England grant was allocated to revenue expenditure in 2024. In 2023 the charity received a restricted grant of £14,940 from Access Reach Fund for the new development. This was treated as a revenue grant in 2023. This has been readdressed in 2024 as a capital grant in line with grants received during this year.

Operating expenditure has also increased from £191,729 in 2023 to £253,138 in 2024 partially caused by a change in staffing hours worked but the main contributor to the increase was expenditure associated with the cost of the new development. Other contributions to the increased cost are reflected in inflationary increases in services received and repairs and maintenance.

The surplus for the year, prior to revaluation of investments, was £3,014 (2023:£48,211). This included a gain on sale of investments of £50,942 (£2023: £16,770). Investments held at 31st December 2024 were revalued to market value giving an unrealised loss of £50,229 ( 2023: loss of £15,015). The overall loss for the year was £47,215 (2023: surplus £33,196).

REPORT OF THE CHAIR

2024 has been a landmark year for the James Charities. It has seen the start on site of our new development, which comprises ten new one-bedroomed flats and communal facilities such as a community room and laundry. Reaching this point has been a journey of highs and lows and one or two sleepless nights but the help and encouragement we have received from so many agencies has been remarkable. It was particularly pleasing that Christine Price, our former Chair, whose brainchild this was, laid the first brick in August.

The Trustee Board has proved to be a winning team. The team was bolstered in March, with the appointment of Derek Kitchen. Every member has made contributions across many disciplines, from policy development through legal work to construction management, without which the development would not have happened. The Board has a Development Committee and a project Finance Committee to monitor the detail of the project and its financing. This has necessarily impacted the workload of the Chief Officer, William Coffin, and he agreed to work more hours for the duration of the project.

The residents, who have had to live with noise, inconvenience and dust, have been supportive throughout. In 2023, the Residents’ Satisfaction Survey gave the Board serious pause for thought. During 2024 the Scheme Manager, Cher McLeggan, has worked hard to improve satisfaction levels and the now entirely positive reviews on Google are a testament to this.

The 2024 accounts paint a different picture from previous years as we are now in a period of high spending on the development. The development finance is treated as capital and does not appear in the day-to-day figures, but these are affected by the increase in creditors and depreciation. The charity has also had to commit some of its reserves to fund the new scheme.

To date, the development has been funded by grants, notably from Homes England, Charity Bank, the Justham Trust and Reach. We are particularly grateful to the Justham Trust as it has indicated that its donation should be used to trigger match-funding from other charities. Directors have negotiated a loan from Charity Bank to be drawn down in 2025, when the first tranche of the Homes England grant is exhausted. The Directors are confident that there will be sufficient funds in place to cover the outstanding project costs.

Page 3

The James Charities

Report of the Trustee for the Year Ended 31st December 2024

At the end of a memorable year the James Charities can face the future with confidence.

RISK MANAGEMENT

The board has carried out a comprehensive review of its Risk Management Strategy and Risk Register which was completed in May 2024. It took into account the risks to the charity involved with the development. In addition a separate risk assessment has been carried out for the development, to include earth and health and safety issues, cost overruns and labour shortages amongst others. Adequate insurance cover has been obtained in order to cover any potential losses.

VALUE FOR MONEY

The Regulator of Social Housing has introduced a new standard for the reporting of Value for Money (VfM), under which all Almshouse Charities which are Registered Providers of Social Housing must comply. This Accounting Direction applies to all accounting periods beginning on or after 1st January 2022.

The regulator has defined seven key VfM metrics that must be reported by every provider for the financial year that is being examined.

31.12.24 31.12.23
1. Reinvestment % 62.81% 32.45%
2a. New supplydelivered %(Social Housingunits) 0.00% 0.00%
2b. New supplydelivered %(Non-Social Housingunits) 0.00% 0.00%
3. Gearing% -31.77% 1.83%
4. Earnings before Interest, Tax, Depreciation, Amortisation, Major Repairs Included
Interest Cover %		 -36.81% 837.37%
5. Headline Social HousingCost Per Unit £8,416.55 £6,459.50
6a. OperatingMargin(social housinglettings)% -14.78% 12.89%
6b. OperatingMargin(overall)% -14.78% 12.89%
7. Return on Capital Employed(ROCE)% -2.09% 5.20%

Metric1 Reinvestment % -This metric looks at the investment in properties (existing stock as well as new supply) as a percentage of the value of total properties held. The increase in the current year relates to the costs incurred to date on the new development as well as upgrading original stock.

Metric 2 New Supply Delivered % -This metric sets out the number of new social housing and non social housing units that have been acquired or developed in the year as a proportion of the total housing units and non-social housing units owned at the period end. The development of 10 new units are in progress and should be completed in 2025.

Metric 3 Gearing % - This metric assesses how much of the adjusted assets are made up of debt and the degree of dependence on debt finance. It is often a key indicator of an organisation's appetite for growth. A negative result in 2024 is the consequence of additional revenue cost associated with the new development.

Metric 4 Earnings before Interest, Tax, Depreciation, Amortisation, Major Repairs Including Interest Cover % - This is a measure of the level of surplus that the charity generates compared to interest payable, whilst removing the distortion arising from depreciation of properties.

Metric 5 Headline Social Housing Cost per Unit - The unit cost metric assesses the headline housing cost per unit as defined by the regulator.

Metric 6 Operating Margin % - This demonstrates the profitability of operating assets before exceptional expenses are taken into account. Almshouses are requires to report on two Operating Margin ratios: a) Operating Margin (social housing lettings only) b) Operating Margin (overall). These figures are the same for The James Charities as all units are classed as social housing.

Metric 7 Return on capital employed (ROCE)% - This metric compares the operating surplus to total assets less current liabilities and is a common measure in the commercial sector to assess the efficient investment of capital resources.

Page 4

The James Charities

Report of the Trustee for the Year Ended 31st December 2024

The James Charities' Metrics

The regulator asks providers to lay out a set of metrics of their own that they can measure themselves against. We have selected Metrics which best reflect the outcomes we are seeking to deliver in line with our business plan for our Almshouse Charity. The regulator has also suggested that almshouses that are social providers form benchmarking groups to enable them to measure their VfM against other comparable organisations. In future years The James Charities is very willing to participate with any benchmarking group that comes to the Trust's attention within a similar area of operation.

2024 2023 Target
1. Occupancy 91.15% 93.21% 95.00%
2. Contributions collected as apercentage of contributions owed 98.50% 98.73% 100.00%
3 Attendance of the Board of Directors 88.30% 86.80% 48.60%

RESIDENT SATISFACTION

The Trust received zero complaints from residents (as per the Housing Ombudsman's definition) in 2024. Within this year, the Trust recorded 1,255 substantive interactions with residents and responded to 171 service requests. The average time between a request and a repair was two-and-a-half working days.

PUBLIC BENEFIT

When planning activities for the year, The Trustee has considered the Charity Commissions guidance on public benefit not only for those who directly benefit but also for the wider community. In particular, The Trustee considers how planned objectives will contribute to the aims and objectives it has set.

INVESTMENTS

Portfolio Purpose and Policy

The investment portfolio constitutes a major element of its Extraordinary Repair fund with the balance being held for the General Fund. The investments are long term assets, the purpose of which is to generate income and capital growth that will maintain real value to finance the Charity's expenditure on its charitable objectives.

Range of Investment

Investments in the portfolio may be held in the following ranges:

UK Equities Overseas Equities Fixed Interest and Cash

Page 5

The James Charities

Report of the Trustee for the Year Ended 31st December 2024

RESERVES POLICY

The trustee of The James Charities takes the view that reserves are essential to maintain the ongoing viability of the charity.

Restricted funds are also excluded from Reserves but the nature and amount of any such funds may impact upon the Reserves Policy. The starting point for calculating Reserves will normally be the unrestricted funds, however part of these may not be readily available for spending and may be excluded from Reserves. This will include tangible fixed assets and any programme related investments.

The level of reserves will be kept under review throughout the year by the Trustee.

Extraordinary Repair Fund (ERF)

This designated fund has now been used for the new development project. Transfers was made to the Income and Expenditure Account. The fund was previously invested in accumulation shares and preferably in a Common Investment Fund. It was drawn upon to meet the major new development to provide further almshouses in accordance with the charity's objectives.

General Reserve Fund

The James Charities recognises the need to have sufficient funds in reserve readily available as or convertible into cash to cover day to day expenditure, especially in the event that there is a reduction in Weekly Maintenance Charge (WMC) income following the departure of residents pending new residents being appointed. In order to mitigate this risk, the Directors, have calculated that free reserves of £75,000 would be needed to allow the charity to operate for at least 6 months without income from WMC and has resolved to maintain free reserves of this amount.

INDEPENDENT EXAMINERS

P & W Social Accountants Ltd have expressed their willingness to continue in the Office as independent examiners and a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting.

Approved by order of the Board of Directors of The James Charities Trustee Limited , on 10th June 2025

and signed on its behalf by:

............................................. Mrs L J Matheson (Director) The James Charities Trustee Limited - Trustee

............................................. Miss K Hudson (Director) The James Charities Trustee Limited - Trustee

Page 6

Independent Examiner's Report to the Trustee of The James Charities

I report on the accounts for the year ended 31st December 2024 set out in the following pages.

Respective responsibilities of trustee and examiner

The charity's trustee is responsible for the preparation of the accounts. The charity's trustee considers that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.

It is my responsibility to:

examine the accounts under Section 145 of the 2011 Act

to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and

to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

(1) accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act ; or (2) the accounts do not accord with those records; or

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

R B Welch MA P & W Social Accountants Ltd 10 Newent Road Northfield Birmingham B31 2ED

Date ........................................

Page 7

The James Charities

Statement of Comprehensive Income for the Year Ended 31 December 2024

Unrestricted
General and
Designated
funds
Notes
£
TURNOVER
18.
214,237
Operating Costs
18.
(231,900)
OPERATING (DEFICIT)/SURPLUS
(17,663)
Donations
18.
-
Interest receivable and other income
18.
4,973
Interest payable and finance costs
18.
(20,298)
Realised gains/ (losses) on investments
18.
50,942
SURPLUS/(DEFICIT) FOR THE YEAR
17,954
Unrealised (loss)/gains on investments
7.
(50,229)
TOTAL COMPREHENSIVE
(DEFICIT)/INCOME FOR THE YEAR
BEFORE TRANSFE OF FUNDS
(32,275)
Transfer between funds
12.
-
TOTAL COMPREHENSIVE
(DEFICIT)/INCOME FOR THE YEAR
(32,275)
Total funds brought forward
12.
493,869
TOTAL FUNDS CARRIED FORWARD
12.
461,594		 Restricted
funds
£
6,298
(21,238)
(14,940)
-
-
-
-
(14,940)
-
(14,940)
-
(14,940)
15,240
300		 31.12.24
Total funds
£
220,535
(253,138)
(32,603)
-
4,973
(20,298)
50,942
3,014
(50,229)
(47,215)
-
(47,215)
`
509,109
461,894		 31.12.23
Total funds
£
220,105
(191,729)
28,376
855
5,392
(3,182)
16,770
48,211
(15,015)
33,196
-
33,196
475,913
509,109

Page 8

The James Charities

Comparative Statement of Comprehensive Income for the Year Ended 31 December 2023

Unrestricted
General and
Designated
funds
Notes
£
TURNOVER
19.
205,165
Operating Costs
19.
(191,729)
OPERATING SURPLUS / (DEFICIT)
13,436
Donations
19.
855
Interest receivable and other income
19.
5,392
Interest payable and finance costs
19.
(3,182)
Realised gains/ (losses) on investments
19.
16,770
SURPLUS/(DEFICIT) FOR THE YEAR
33,271
Unrealised (loss)/gains on investments
19.
(15,015)
TOTAL COMPREHENSIVE INCOME
/ (DEFICIT) FOR THE YEAR BEFORE
TRANSFE OF FUNDS
18,256
Transfer between funds
13.
-
TOTAL COMPREHENSIVE
INCOME/(DEFICIT) FOR THE YEAR
18,256
Total funds brought forward
13.
475,613
TOTAL FUNDS CARRIED FORWARD
13.
493,869		 Restricted
funds
£
14,940
-
14,940
-
-
-
-
14,940
-
14,940
-
14,940
300
15,240		 31.12.23
Total funds
£
220,105
(191,729)
28,376
855
5,392
(3,182)
16,770
48,211
(15,015)
33,196
-
33,196
`
475,913
509,109		 31.12.22
Total funds
£
201,974
(159,031)
42,943
20
4,853
(3,228)
-
44,588
(3,627)
40,961
-
40,961
434,952
475,913

Page 9

The James Charities

Statement of Financial Position At 31 December 2024

31.12.24
Unrestricted
Funds
Restricted
Fund
Capital &
Extra-
Ordinary
Repair
Fund
Property
Fund Total funds
Notes
£
£
£
FIXED ASSETS
Tangible assets
6.
179
-
89,726
1,030,263
1,120,168
Investments
7.
34,125
-
-
34,125
34,304
-
89,726
1,030,263
1,154,293
CURRENT ASSETS
Debtors
8.
8,257
-
-
-
8,257
Cash at bank and in hand
14.
140,278
295,867
-
-
436,145
148,535
295,867
-
-
444,402
CREDITORS
Amounts falling due within one year
9.
(30,781)
(4,803)
-
-
(35,584)
NET CURRENT ASSETS
117,754
291,064
-
-
408,818
TOTAL ASSETS LESS
CURRENT LIABILITIES
152,058
291,064
89,726
1,030,263
1,563,111
CREDITORS
Amounts falling due more than one
year
10.
(75,900)
(290,764)
-
(734,553)
(1,101,217)
NET ASSETS
76,158
300
89,726
295,710
461,894
FUNDS
12.
Unrestricted funds
76,158
Designated funds
385,436
Restricted funds
300
TOTAL FUNDS
461,894		 31.12.23
Total
funds
£
430,906
106,716
537,622
13,784
34,636
48,420
(40,749)
7,671
545,293
(36,184)
509,109
80,441
413,428
15,240
509,109

The notes on page 12 to 26 form part of these financial statements Page 10

The James Charities

Statement of Financial Position At 31 December 2024

The financial statements were approved by the Board of Directors of The James Charities Trustee Limited on 10th June 2025 and were signed onits behalf by

.............................................

Mrs L Matheson (Director)

The James Charities Trustee Limited - Trustee

............................................. Miss K Hudson (Director) The James Charities Trustee Limited - Trustee

The notes form part of these financial statements Page 11

The James Charities

Statement of Cash Flows for the Year Ended 31st December 2024

Notes
OPERATING ACTIIVITES
Net cash generated from operations
14.
Interest paid
NET CASH GENERATED FROM OPERATING ACTIVITIES
CASH FLOW FROM INVESTING ACTIVITIES
Improvements to housing properties
6.
Interest and dividends received on investments
2.
Purchase of investments
7.
Sale proceeds of investments
NET CASH FLOW FROM/(USED IN) INVESTING ACTIVITES
CASH FLOW FROM FINANCING ACTIVITIES
Funding /(Repayment) of borrowings
Deferred and capital grant funding
14.
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE BEGINNINING
OF THE YEAR
CASH AND CASH EQUIVALENTS AT THE END OF THE
YEAR		 31.12.24
£
(42,136)
(3,029)
(45,165)
(703,442)
4,973
(1,697)
75,000
(625,166)
46,524
1,025,317
401,509
34,636
436,145		 31.12.23
£
61,956
(2,800)
59,155
(139,654)
5,392
(5,102)
25,000
(114,363)
(6,252)
-
(61,460)
96,096
34,636

The notes form part of these financial statements Page 12

The James Charities

Statement of Changes in Funds for the Year Ended 31 December 2024

Balance at 1 January 2023
(Deficit)/Surplus for the year
Balance at 31 December 2023
(Deficit) for the year
Balance as 31 December 2024
for the Year Ended 31 December 2023
Balance at 1 January 2022
Surplus/(Deficit) for the year
Balance at 31 December 2022
(Deficit)/Surplus for the year
Balance as 31 December 2023
Statement of Changes in Funds		 Income and
Expenditure
Funds
£
103,053
(22,612)
80,441
(4,283)
76,158
Income and
Expenditure
Funds
£
49,359
53,694
103,053
(22,612)
80,441		 Restricted
Fund
£
300
14,940
15,240
(14,940)
300
Restricted
Fund
800
(500)
300
14,940
15,240		 Capital &
Extra-
Ordinary
Repair
Fund
£
177,226
(71,000)
106,226
(16,500)
89,726
Capital &
Extra-
Ordinary
Repair
Fund
£
177,226
-
177,226
(71,000)
106,226		 Property
Fund
£
195,334
111,868
307,202
(11,492)
295,710
Property
Fund
£
207,567
(12,233)
195,334
111,868
307,202		 Total
Funds
£
475,913
33,196
509,109
(47,215)
461,894
Total
Funds
£
434,952
40,961
475,913
33,196
509,109

The notes form part of these financial statements

Page 13

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets and in accordance with the Financial Reporting Standard 102, the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities except where dictated by the Housing SORP 2018 for registered social housing providers.

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income represents weekly maintenance contributions receivable from residents.

Resources expended

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

Tangible fixed assets other than land and investments are stated at cost less depreciation.

Depreciation is calculated so as to write off the cost of fixed assets on a straight line basis over the expected useful economic lives of the assets concerned. The charity is undertaking a new development of ten flats, a new communal area and office. Depreciation of these properties will commence on completion of the project. The principal annual rate used for this purpose which is consistent with that of the previous years is:

Completed housing property 2.5% per annum Improvements to properties 2.5%, 3.33%, 5%, 6.66% and 10% per annum Fixtures and fittings 20% per annum

Land is not depreciated and is stated at cost.

Taxation

The James Charities is a registered Charity and is therefore exempt from liability to taxation on its income and capital gains as the income is used for charitable purposes only.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustee.

Designated funds are those designated by the Trustee and include the property assets which although not restricted have been designated by the Trustee for continuing use in the charity as Almshouses.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements

The notes form part of these financial statements Page 14

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2024

Pension costs and other post-retirement benefits

Contributions payable to the staff pension scheme are charged to the Statement of Comprehensive Income in the period to which they relate.

Investments

Investments are shown at market value. Any gain or loss on revaluation is taken to the Income and Expenditure Account. Investment income is accounted for in the period in which the Charity is entitled to receipt.

Grants for Social Housing

The original Social Housing Grant (SHG) was paid by the Homes and Communities Agency to reduce the cost of development and is therefore shown as a deduction from the cost of Housing Properties on the Balance Sheet in line with accounting standards set out in SSAP4 at the time of the receipt of this grant. SHG is repayable under certain circumstances, primarily following the sale of a property but will normally be restricted to net proceeds of sale.

A second grant was received from Homes England in 2024 for the development of 10 additional flats. Any grant that relates to revenue expenditure for the development has been treated as income. The grant that has been used on capital expenditure has been treated as a deferred capital grant and will be released to revenue over the useful economic life of the new development under the accounting standards set out in FRS102. Any unspent grants for this development at the end of the year have been treated as deferred grants and will be allocated to revenue or the deferred capital grant when spent in 2025. This includes some smaller grants from Justham Trust and Charity Bank. The Access Grant received in 2023, has been reallocated in 2024 from restricted income as shown in the 2023 accounts to the deferred capital grant, in line with the accounting convention under FRS102.

Routine Maintenance

The James Charities has established a regular programme of cyclical repairs and maintenance. Costs are charged to the Revenue Account in the year in which they are incurred.

Major Repairs

Cost of major repairs, unless representing improvements to the properties , are charged to the Revenue Account in the year in which they are incurred.

Extraordinary Repairs Fund

This Revenue Reserve represents amounts set aside to carry out major repairs on housing properties. Any surplus /(deficit) is transferred to the Income and Expenditure Account. In 2024 The Trustee released £16,500 (2023: £71,000) from the fund during the year for the new development project.

Capital Fund

This represents that proportion of the cost of properties which was financed by charitable donations.

Property Fund

This represents the other portion of the cost of the properties which was financed by the Trust's own resources.

Value Added Tax

The James Charities is not registered for Value Added Tax. In these financial statements, where applicable, expenditure is shown inclusive of VAT.

The notes form part of these financial statements Page 15

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2024

2. INVESTMENT INCOME

INVESTMENT INCOME
Income from bank deposit
Dividend income		 31.12.24
£
3,276
1,697
4,973		 31.12.23
£
291
5,102
5,392

3. TRUSTEE'S REMUNERATION, BENEFITS AND DONATIONS

Trustee’s remuneration

The James Charities only has a corporate trustee (The James Charities Trustee Ltd). As such it cannot receive remuneration or other benefits of employment. None of the directors of The James Charities Trustee Ltd have been paid any remuneration or received any benefits of employment from The James Charities or The James Charities Trustee Ltd.

Trustee’s expenses

During the year Directors of the Trustee were paid expenses of £72 (2023: £97)

Trustee’s donations

There were no trustee’s donations for the year ended 31 December 2024 or for the year ended 31 December 2023.

4. STAFF COSTS

5.

31.12.24
£
71,556
2,113
73,669
31.12.24
2
INTEREST PAYABLE AND SIMILAR CHARGES
31.12.24
£
Mortgage interest payable
3,029
Loan breakage fee
16,872
19,901
The average monthly number of employees during the year was as follows:
No employees received emoluments in excess of £60,000.
Wages and salaries
Other pension costs		 31.12.23
£
53,205
1,572
54,777
31.12.23
2
31.12.23
£
2,800
-
2,800

The notes form part of these financial statements

Page 16

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2024

6. TANGIBLE FIXED ASSETS

At 1 January 2024
Additions
Disposals
Less Housing Grant
At 31 December 2024
DEPRECIATION
At 1 January 2024
Eliminated on disposals
Charge for year
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023
COST		 Freehold
property
£
423,340
689,878
-
(132,112)
981,105
40,470
-
1,686
42,157
938,949
250,757		 Property
improvements
£
260,770
13,565
-
-
274,335
81,184
-
12,111
93,295
181,040
179,586		 Fixtures and
fittings
£
29,316
-
-
-
29,316
28,754
-
383
29,137
179
563		 Totals
£
713,426
703,442
-
(132,112)
1,284,756
150,408
-
14,181
164,588
1,120,168
430,906

Included within the cost of the Freehold property is land costing £99,783 that is non depreciable.

7. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 M&G
ERF
£
53,833
1,175
(7,801)
(16,308)
30,899
30,899
53,833		 M&G
General
£
52,883
522
(16,257)
(33,921)
3,227
3,227
52,883		 Totals
£
106,716
1,697
(24,058)
(50,229)
34,125
34,125
106,716

All investments were held in the UK.

The notes form part of these financial statements Page 17

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2024

8.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24
£
Residents contributions in arrears
3,484
Bad debt provision
-
Prepaid expenses
3,873
Other debtors
900
8,257
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24
£
1,194
Mortgage
-
Accrued expenses
19,576
National Almshouse Association loan
13,100
PAYE/NIC/Pension
1,714
35,584
10.
CREDITORS: AMOUNTS FALLING DUE MORE THAN ONE YEAR
31.12.24
£
Mortgage
-
Deferred Grants
290,764
Deferred Capital Grants
734,553
National Almshouse Association loan
75,900
1,101,217
Residents contributions received in advance		 31.12.23
£
3,203
-
4,002
6,580
13,784
31.12.23
£
544
292
32,242
6,000
1,671
40,749
31.12.23
£
18,184
18,000
36,184

In 2017 The James Charities received an interest free loan of £60,000 from the National Almshouse Association repayable over 10 years. Repayment instalments are due every six months commencing 25th March, 2018. An additional £150 arrangement fee is due with each instalment totalling £3,000 over the lifetime of the loan. A second loan of £71,000 was received in 2024 and repayable in six month instalments over 10 years. The first instalment is due in January 2025. An additional £178 arrangement fee is due with each instalment totalling £3,550 over the lifetime of the loan.

11. SECURED LIABILITIES

The original Royal Bank of Scotland mortgage was administered by Link Asset Services Limited and was secured by a first legal charge dated April 1980 over freehold flats in Nechells Park Road. The mortgage was repayable by half yearly annuity instalments of £1,526 (inclusive of interest at 15% per annum over 60 years commencing on 1 April 1980). In 2024 the Trust repaid the total of the loan including an addition fee of £16,872 for early termination of the loan.

The notes form part of these financial statements Page 18

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2024

12. MOVEMENT IN FUNDS

Unrestricted funds
Income and Expenditure Fund
Designated funds
Extraordinary Repair Fund
Capital Fund
Property Fund
Unrestricted and designated funds
Restricted funds
Gardening
Physical Activity
New Building Fund
Restricted funds
TOTAL FUNDS		 At 1.01.24
£
80,441
16,500
89,726
307,202
493,869
-
300
14,940
15,240
509,109		 Net movement
in funds
£
(32,275)
-
-
-
(32,275)
-
-
(14,940)
(14,940)
(47,215)		 Transfer
between
funds
£
27,992
(16,500)
-
(11,492)
-
-
-
-
-		 At 31.12.24
£
76,158
-
89,726
295,710
461,594
-
300
-
300
461,894

The Extraordinary repair fund was held across the total of the investment portfolio.

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

Unrestricted funds
Income and Expenditure Fund
Designated funds
Extraordinary Repair Fund
Capital Fund
Property Fund
Restricted funds
Gardening
Physical Activity
New Building Fund
FUNDS MOVEMENT BEFORE
TRANSFERS		 Incoming
resources
£
219,210
-
-
-
-
-
6,298
225,508		 Resources
expended
£
(252,198)
-
-
-
-
-
(21,238)
(273,436)		 Gains and
losses on
investments
£
713
-
-
-
-
-
-
-
713		 Movement
in funds
£
(32,275)
-
-
-
-
-
-
(14,940)
(47,215)

The notes form part of these financial statements

Page 19

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2024

13. 2023 COMPARATIVE MOVEMENT IN FUNDS

At 1.01.23
Net movement
in funds
Transfer
between
funds
£
£
£
Unrestricted funds
Income and Expenditure Fund
103,053
18,256
(40,868)
Designated funds
Extraordinary Repair Fund
87,500
-
(71,000)
Capital Fund
89,726
-
-
Property Fund
195,334
-
111,868
Unrestricted and designated funds
475,613
18,256
-
Restricted funds
Gardening
-
-
-
Physical Activity
300
-
-
New Building Fund
-
14,940
-
Restricted funds
300
14,940
-
TOTAL FUNDS
475,913
33,196
-
Incoming
resources
Resources
expended
Gains and
losses on
investments
£
£
£
Unrestricted funds
Income and Expenditure Fund
211,412
(194,911)
1,755
Designated funds
Extraordinary Repair Fund
-
-
-
Capital Fund
-
-
-
Property Fund
-
-
-
Restricted funds
-
Gardening
-
-
-
Physical Activity
-
-
-
New Building Fund
14,940
-
-
FUNDS MOVEMENT BEFORE
TRANSFERS
226,352
(194,911)
1,755
The Extraordinary repair fund is held across the total of the investment portfolio.
Net movement in funds, included in the above are as follows:		 At 31.12.23
£
80,441
16,500
89,726
307,202
493,869
-
300
14,940
15,240
509,109
Movement
in funds
£
18,256
-
-
-
-
-
14,940
33,196

The notes form part of these financial statements Page 20

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2024

14.
(Deficit) Surplus for the year
Adjustments for:
Depreciation and loss on disposal of tangible fixed assets
Grant amortisation
Movement in fair value of investments
(Gain) on disposal of investments
Interest and investment income receivable
Interest payable
Decrease/(Increase) in trade and other debtors
(Decrease)/Increase in trade and other creditors
Cash generated from operations
CASH AND CASH EQUIVALENTS
Cash and cash equivalents represented by
Cash at bank and in hand
Deposit
Cash at bank and in hand
RECONCILIATION OF SURPLUS AFTER TAX TO CASH
GENERATED FROM/(USED IN) OPERATIONS
Operating cash flows before movement in working capital		 31.12.24
£
(47,215)
14,181
-
50,229
(50,942)
(4,973)
3,029
(35,691)
5,527
(11,972)
(42,136)
31.12.24
£
22,786
413,359
436,145		 31.12.23
£
33,196
13,642
-
15,015
(16,770)
(5,392)
2,800
42,490
(4,544)
24,009
61,956
31.12.23
£
34,553
83
34,636

The notes form part of these financial statements Page 21

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2024

15. CAPITAL COMMITMENTS

At 31 December 2024 the capital commitment was £1,924,636 (2023: £Nil). The capital commitment will be funded by grants and a mortgage from Charity Bank which was secured on 4th September 2024.

16. CONTINGENT LIABILITIES

At 31st December 2024 there were no contingent liabilities (2023: £Nil).

17. ACCOMMODATION IN MANAGEMENT

At the start and end of the year there were 31 units of housing accommodation. Only 30 of these units were available for housing residents. One of the units was temporarily used as the site office while the contruction of a further 10 units, office and common room were developed. Once the contrution is complete this unit will be available for use in the housing stock.

Page 22

The notes form part of these financial statements

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2024

18. DETAILED STATEMENT OF COMPREHENSIVE INCOME

TURNOVER
Residents' Maintenance Contribution
Less voids
Rental income Hall/Church
Laundry
Grants
OPERATING COSTS
Service costs
Rates and water
Gas and Electricity
Gardening and cleaning
Insurance
Scheme Manager cost
Pension
Central Control system maintenance
Depreciation
Residents welfare
TV Licences
Management and administration
CEO
Advertising and website
Sundries and subscriptions
Professional fees
Consultancy fees
Bookkeeping service
Training costs staff welfare
Trustee insurance
Bad debt
Loss of office settlement
Trustee expenses
Travel
Telephone, printing, stationery, post and
computer exp
Accounts production and Independent
Examiner's fee
Additional accountancy fees regarding
new build project		 Unrestricted
funds
£
233,956
(20,308)
400
188
-
214,237
1,485
7,510
10,491
2,912
26,728
2,113
3,131
14,181
970
267
69,788
44,828
3,749
2,785
-
1,898
2,197
-
2,100
4,791
594
-
422
-
72
62
63,498		 Restricted
funds
£
-
-
-
-
6,298
6,298
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 31.12.24
£
233,956
(20,308)
400
188
6,298
220,535
1,485
7,510
10,491
2,912
26,728
2,113
3,131
14,181
970
267
69,788
44,828
3,749
2,785
-
1,898
2,197
-
2,100
4,791
594
-
422
-
72
62
63,498		 31.12.23
£
217,124
(13,937)
1,400
578
14,940
220,105
3,855
8,807
9,843
2,785
18,140
1,572
1,820
13,642
570
364
61,398
35,065
3,545
2,875
162
1,395
1,788
-
-
4,512
262
-
348
15,000
97
143
65,194

The notes form part of these financial statements Page 23

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2024

18. DETAILED STATEMENT OF COMPREHENSIVE INCOME CONTINUED

Maintenance
Dwellings
Communal areas
Service contracts
Waste and pest control
New Build Project
TOTAL OPERATING COSTS
OPERATING (DEFICIT)/SURPLUS
Donations
Interest receivable and other income
Interest receivable
Investment income
Other income
Interest and financing costs
Interest payable
Bank charges and loan arrangement fees
Loan breakage fee
SURPLUS/(DEFICIT) FOR THE YEAR
Unrealised (loss)/gains on investments
Realised gains/(losses) on fixed asset
TOTAL COMPREHENSIVE
(DEFICIT)/INCOME FOR THE
YEAR BEFORE TRANSFE OF
FUNDS		 Unrestricted
funds
£
53,267
1,878
1,239
668
41,562
98,614
231,900
(17,663)
-
3,276
1,697
-
4,973
(3,029)
(397)
(16,872)
(20,298)
50,942
17,954
(50,229)
(32,275)		 Restricted
funds
£
-
-
-
-
21,238
21,238
21,238
(14,940)
-
-
-
-
-
-
-
-
-
-
(14,940)
-
(14,940)		 31.12.24
£
53,267
1,878
1,239
668
62,800
119,852
253,138
(32,603)
-
3,276
1,697
-
4,973
(3,029)
(397)
(16,872)
(20,298)
50,942
3,014
(50,229)
(47,215)		 31.12.23
£
45,481
15,464
3,758
435
-
65,137
191,729
28,376
855
291
5,102
-
5,392
(2,800)
(382)
-
(3,182)
16,770
48,211
(15,015)
33,196

The notes form part of these financial statements Page 24

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2024

19. COMPARATIVE DETAILED STATEMENT OF COMPREHENSIVE INCOME

TURNOVER
Residents' Maintenance Contribution
Less voids
Rental income Hall/Church
Laundry
Grants
OPERATING COSTS
Service costs
Rates and water
Gas and Electricity
Gardening and cleaning
Insurance
Scheme Manager cost
Pension
Central Control system maintenance
Depreciation
Residents welfare
TV Licences
Management and administration
CEO
Advertising and website
Sundries and subscriptions
Professional fees
Consultancy fees
Bookkeeping service
Training costs staff welfare
Trustee insurance
Bad debt
Loss of office settlement
Trustee expenses
Travel
Accounts production and Independent
Examiner's fee
Additional accountancy fees regarding
new build project
Telephone, printing, stationery, post and		 Unrestricted
funds
£
217,124
(13,937)
1,400
578
-
205,165
3,855
8,807
9,843
2,785
18,140
1,572
1,820
13,642
570
364
61,398
35,065
3,545
2,875
162
1,395
1,788
-
-
4,512
262
-
348
15,000
97
143
65,194		 Restricted
funds
£
-
-
-
-
14,940
14,940
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 31.12.23
£
217,124
(13,937)
1,400
578
14,940
220,105
3,855
8,807
9,843
2,785
18,140
1,572
1,820
13,642
570
364
61,398
35,065
3,545
2,875
162
1,395
1,788
-
-
4,512
262
-
348
15,000
97
143
65,194		 31.12.22
£
201,823
(881)
400
632
201,974
2,327
7,052
9,321
2,579
24,199
1,388
1,269
13,065
620
377
62,195
22,050
3,024
2,352
-
1,213
2,277
-
-
4,212
375
-
15
-
18
30
35,567

The notes form part of these financial statements Page 25

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2024

19. COMPARATIVE DETAILED STATEMENT OF COMPREHENSIVE INCOME CONTINUED

Maintenance
Dwellings
Communal areas
Service contracts
Waste and pest control
TOTAL OPERATING COSTS
OPERATING SURPLUS/(DEFICIT)
Donations
Interest receivable and other income
Interest receivable
Investment income
Other income
Interest and financing costs
Interest payable
Bank charges and loan arrangement fees
SURPLUS/(DEFICIT) FOR THE YEAR
Unrealised (loss)/gains on investments
Realised gains/(losses) on fixed asset
TOTAL COMPREHENSIVE
INCOME/(DEFICIT) FOR THE
YEAR BEFORE TRANSFE OF
FUNDS		 Unrestricted
funds
£
45,481
15,464
3,758
435
65,137
191,729
13,436
855
291
5,102
-
5,392
(2,800)
(382)
(3,182)
16,770
33,271
(15,015)
18,256		 Restricted
funds
£
-
-
-
-
-
-
14,940
-
-
-
-
-
-
-
-
-
14,940
-
14,940		 31.12.23
£
45,481
15,464
3,758
435
65,137
191,729
28,376
855
291
5,102
-
5,392
(2,800)
(382)
(3,182)
16,770
48,211
(15,015)
33,196		 31.12.22
£
36,754
23,983
379
154
61,270
159,031
42,943
20
47
4,606
200
4,853
(2,834)
(394)
(3,228)
-
44,588
(3,627)
40,961

The notes form part of these financial statements Page 26