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2025-12-31-accounts

REGISTERED CHARITY NUMBER: 217047

Report of the Trustee and

Unaudited Financial Statements for the Year Ended 31 December 2025 for

The James Charities

incorporating P & W Social Accountants Ltd

The James Charities

Contents of the Financial Statements for the Year Ended 31 December 2025

Page
Report of the Trustee 1 to 6
Independent Examiner's Report 7
Statement of Comprehensive Income 2025 8
Comparative Statement of Comprehensive Income 2024 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 2025 23 to 24
Comparative Detailed Statements of Comprehensive Income 2024 25 to 26

The James Charities

Report of the Trustee for the Year Ended 31st December 2025

The Trustee presents its report with the financial statements of the charity for the year ended 31 December 2025. 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

The James Charities Management Office James Memorial Homes Stuart Street Birmingham, B7 5NW

Trustee

The James Charities Trustee Limited (The Trustee)

Independent examiner

Jasbir Rai ACMA BVSC Accountancy Service Latham House, 33-34 Paradise Street Birmingham B1 2AJ

Chief Executive Officer

Mr W Coffin

Page 1

The James Charities

Report of the Trustee for the Year Ended 31st December 2025

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 Resigned 17th November 2025 Ms R E Cripps Appointed 10th June 2025 Resigned 26th March 2026 Mr A H Jones Mr D J Kitchen Mr J R Nicholls Mr T W Perkins Resigned 26th February 2026 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 2025

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 £519,319 (2024: £225,508). Income from providing accommodation increased to £240,447 from £213,648 in 2024. The new development which contains a further 10 flats was completed at the end of November with 7 of these flats being occupied from the start of December. The charity received £3,809 of donations during the year (2024: £nil).The charity received numerous capital and revenue grants during the year. These included Grimley Charity (£200), John Avins Trust (£330), GJW Turner Trust (£500), Richard Cadbury Charity (£500), Grimmitt Trust (£750), HJ Sayer & J Hopkins Charity (£400), Justham Trust (£35,000), W Wing Yip and Brothers Foundation (£9,278), Baron Davenport (£10,000), Albert Hunt Trust (£8,000) and Dumbreck Charity (£1,000) .Since August 2023 a total of £1,393,538 grants have been received for the new development project, £269,206 have been used for revenue expenditure and £1,124,861 has been allocated to capital expenditure which will be released over the economic useful life of the new development. In 2025 £221,246 (2024:£21,238) of the Homes England grant, that was received in 2024, was allocated to revenue expenditure along with £26,193 of the Charity Bank grant received 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 £253,138 in 2024 to £466,274 in 2024 mainly due 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 £38,539 (2024:£3,014). This included a gain on sale of investments of £16,434 (£2024: £50,942). Investments held at 31st December 2025 were revalued to market value giving an unrealised loss of £16,309 ( 2024: loss of £50,229). The overall surplus for the year was £22,230 (2023: loss £47,215).

REPORT OF THE CHAIR

2025 has seen the completion of the The James Charities’ major building project, which provides not only ten spacious one-bedroomed flats, but also a laundry, office accommodation and a community room with tea-making facilities and a dedicated library area. That the construction was completed almost on time, despite the extraordinary price increases in the cost of materials and delays in supply lines, is a tribute to the hard work and professionalism of the contractor, Interclass, and the design team Quantita, (quantity surveyors and employers agent), KKE (architects), and Shire (structural engineers).

We have also been greatly assisted by Charity Bank, the Almshouse Association and the Almshouse Consortium. Their advice and practical help have been invaluable.

It would be remiss not to thank my fellow directors and William Coffin, the Chief Officer, for their determination, dedication and sheer hard work over the last five years, which has made this moment possible. The work of Cher McLeggan, General Manager, was also invaluable in settling in the new residents and creating a welcoming community space.

We are also grateful to our funders: Homes England The Justham Trust Charity Bank The Dumbreck Charity The John Avins Trust HJ Sayer & J Hopkins Trust The Grimley Trust The GJW Turner Trust The Albert Hunt Trust

Page 3

The James Charities

Report of the Trustee for the Year Ended 31st December 2025

Richard Cadbury Charitable Trust W Wing Yip and Brothers Foundation

This, however, is not the end of the development. 2026 will see stage 2 – the refurbishment and conversion of two existing flats from studios into one-bedroomed homes, plus the repurposing of space currently occupied by our offices, laundry and storage area into two one-bedroomed apartments. This work will take the total number of the Charities homes to 42. For this we are indebted to funding from:

The Emma Greener Trust Baron Davenport’s Charity The Grimmitt Trust The Eveson Trust

Finally, a warm welcome to our new residents and many thanks to our residents who, uncomplainingly, put up with living next to a building site for a year and a half. We hope you think it has been worth it!

In November 2025, Kim Hudson resigned from the Board for personal reasons. She will be much missed and we wish her well in all her future endeavours.

RISK MANAGEMENT

The board has carried out a comprehensive review of its Risk Management Strategy and Risk Register which was completed in June 2025. 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.

being examined. being examined.
31.12.25 31.12.24
1. Reinvestment % 61.05% 62.81%
2a. New supplydelivered %(Social Housingunits) 24.39% 0.00%
2b. New supplydelivered %(Non-Social Housingunits) 0.00% 0.00%
3. Gearing% 38.48% -31.00%
4. Earnings before Interest, Tax, Depreciation, Amortisation, Major Repairs Included
Interest Cover %		 -509.40% -246.08%
5. Headline Social HousingCost Per Unit £10,973 £8,417
6a. OperatingMargin(social housinglettings)% 19.00% -15.22%
6b. OperatingMargin(overall)% 19.00% -15.22%
7. Return on Capital Employed(ROCE)% 1.51% -2.09%

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 percentage relates to the costs incurred on the new development, completed in November2026, 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 were completed in November 2025.

Page 4

The James Charities

Report of the Trustee

for the Year Ended 31st December 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. In 2025 the charity drew down the agreed Mortgage for the development of the new properties and an additional cost of living loan which is reflected in the Gearing percentage. A negative result in 2024 is the consequence of receiving grant income prior to the spending associated with the new development.

Metric 4 Earnings before Interest, Tax, Depreciation, Amortisation, Government Grants, 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. This metric in 2025 and 2024 appears extremely negative. This is due to the revenue cost of the new development being included in the earnings figure but the Government grant, from Homes England, being removed from the calculation in line with the Almshouse Association calculation for this metric.

Metric 5 Headline Social Housing Cost per Unit - The unit cost metric assesses the headline housing cost per unit as defined by the regulator. These cost are higher in 2025 and 2024 due to revenue expenses associated with the new development.

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.

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.

2025 2024 Target 2022
1. Occupancy 93.93% 91.15% 95.00%
2. Contributions collected as apercentage of contributions owed 97.48% 98.50% 100.00%
3 Attendance of the Board of Directors 80.00% 88.30% 48.60%

RESIDENT SATISFACTION

The Trust received one complaint from residents (as per the Housing Ombudsman's definition) in 2025. Within this year, the Trust recorded 1,347 substantive interactions with residents and responded to 193 service requests. The average time between a request and a repair was three-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.

Page 5

The James Charities

Report of the Trustee

for the Year Ended 31st December 2025

INVESTMENTS

Portfolio Purpose and Policy

The investment portfolio has an investment category named Extraordinary Repair fund but all investments are held within 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

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 were made to the Income and Expenditure Account in 2024. 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 strive to have free reserves of £75,000, which they have calculated would be needed to allow the charity to operate for at least 6 months without income from WMC and are resolved to aim for free reserves of this amount as a minimum.

Approved by order of the Board of Directors of The James Charities Trustee Limited , on 9th June 2026 and signed on its behalf by;

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

Page 6

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

Respective responsibilities of trustee and examiner

The trustee (who is also the director of the company for the purposes of company law) is responsible for the preparation of the accounts. The charity’s trustee consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of the Chartered Institute of Management Accountants.

Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:

  1. examine the accounts under Section 145 of the 2011 Act

  2. 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

  3. 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 trustees 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 matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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.

Signed: Dated: 3rd June 2026

Jasbir Rai ACMA BVSC Accountancy Services Latham House 33-34 Paradise Street Birmingham B1 2 AJ

Page 7

The James Charities

Statement of Comprehensive Income for the Year Ended 31 December 2025

Unrestricted
General and
Designated
funds
Notes
£
TURNOVER
18.
252,461
Operating Costs
18.
(217,056)
OPERATING SURPLUS/ (DEFICIT)
35,405
Donations
18.
3,809
Interest receivable and other income
18.
3,431
Interest payable and finance costs
18.
(30,940)
Realised gains on investments
18.
16,434
SURPLUS/(DEFICIT) FOR THE YEAR
28,139
Unrealised (loss) on investments including
adjustments to market value on disposal
7.
(16,309)
TOTAL COMPREHENSIVE INCOME
/ (DEFICIT) FOR THE YEAR BEFORE
TRANSFE OF FUNDS
11,830
Transfer between funds
12.
-
TOTAL COMPREHENSIVE INCOME
(DEFICIT) FOR THE YEAR
11,830
Total funds brought forward
12.
461,594
TOTAL FUNDS CARRIED FORWARD
12.
473,424		 Restricted
funds
£
259,618
(249,218)
10,400
-
-
-
-
10,400
-
10,400
-
10,400
300
10,700		 31.12.25
Total funds
£
512,079
(466,274)
45,805
3,809
3,431
(30,940)
16,434
38,539
(16,309)
22,230
-
22,230
`
461,894
484,124		 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

Page 8

The James Charities

Comparative Statement of Comprehensive Income for the Year Ended 31 December 2024

Unrestricted
General and
Designated
funds
Notes
£
TURNOVER
19.
214,237
Operating Costs
19.
(231,900)
OPERATING (DEFICIT) /SURPLUS
(17,663)
Donations
19.
-
Interest receivable and other income
19.
4,973
Interest payable and finance costs
19.
(20,298)
Realised gains/ (losses) on investments
19.
50,942
SURPLUS/(DEFICIT) FOR THE YEAR
17,954
Unrealised (loss) on investments including
adjustments to market value on disposal
19.
(50,229)
TOTAL COMPREHENSIVE
(DEFICIT) / INCOME FOR THE
YEAR BEFORE TRANSFE OF FUNDS
(32,275)
Transfer between funds
13.
-
TOTAL COMPREHENSIVE
(DEFICIT) / INCOME FOR THE YEAR
(32,275)
Total funds brought forward
13.
493,869
TOTAL FUNDS CARRIED FORWARD
13.
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 9

The James Charities

Statement of Financial Position At 31 December 2025

31.12.25
Unrestricted
Funds
Restricted
Fund
Capital &
Extra-
Ordinary
Repair
Fund
Property
Fund Total funds
Notes
£
£
£
FIXED ASSETS
Tangible assets
6.
410
-
89,726
2,738,088
2,828,224
Investments
7.
9,859
-
-
9,859
10,269
-
89,726
2,738,088
2,838,083
CURRENT ASSETS
Debtors
8.
14,039
-
-
-
14,039
Cash at bank and in hand
14.
311,403
39,492
-
-
350,895
325,442
39,492
-
-
364,934
CREDITORS
Amounts falling due within 1
year
9.
(141,783)
(28,792)
-
-
(170,575)
NET CURRENT ASSETS
183,659
10,700
-
-
194,359
TOTAL ASSETS LESS
CURRENT LIABILITIES
193,928
10,700
89,726
2,738,088
3,032,442
CREDITORS
Amounts falling due more than
one year
10.
(137,800)
-
-
(2,410,518)
(2,548,318)
NET ASSETS
56,128
10,700
89,726
327,570
484,124
FUNDS
12.
Unrestricted funds
56,128
Designated funds
417,296
Restricted funds
10,700
TOTAL FUNDS
484,124		 31.12.25
Unrestricted
Funds
Restricted
Fund
Capital &
Extra-
Ordinary
Repair
Fund
Property
Fund Total funds
Notes
£
£
£
FIXED ASSETS
Tangible assets
6.
410
-
89,726
2,738,088
2,828,224
Investments
7.
9,859
-
-
9,859
10,269
-
89,726
2,738,088
2,838,083
CURRENT ASSETS
Debtors
8.
14,039
-
-
-
14,039
Cash at bank and in hand
14.
311,403
39,492
-
-
350,895
325,442
39,492
-
-
364,934
CREDITORS
Amounts falling due within 1
year
9.
(141,783)
(28,792)
-
-
(170,575)
NET CURRENT ASSETS
183,659
10,700
-
-
194,359
TOTAL ASSETS LESS
CURRENT LIABILITIES
193,928
10,700
89,726
2,738,088
3,032,442
CREDITORS
Amounts falling due more than
one year
10.
(137,800)
-
-
(2,410,518)
(2,548,318)
NET ASSETS
56,128
10,700
89,726
327,570
484,124
FUNDS
12.
Unrestricted funds
56,128
Designated funds
417,296
Restricted funds
10,700
TOTAL FUNDS
484,124		 31.12.25
Unrestricted
Funds
Restricted
Fund
Capital &
Extra-
Ordinary
Repair
Fund
Property
Fund Total funds
Notes
£
£
£
FIXED ASSETS
Tangible assets
6.
410
-
89,726
2,738,088
2,828,224
Investments
7.
9,859
-
-
9,859
10,269
-
89,726
2,738,088
2,838,083
CURRENT ASSETS
Debtors
8.
14,039
-
-
-
14,039
Cash at bank and in hand
14.
311,403
39,492
-
-
350,895
325,442
39,492
-
-
364,934
CREDITORS
Amounts falling due within 1
year
9.
(141,783)
(28,792)
-
-
(170,575)
NET CURRENT ASSETS
183,659
10,700
-
-
194,359
TOTAL ASSETS LESS
CURRENT LIABILITIES
193,928
10,700
89,726
2,738,088
3,032,442
CREDITORS
Amounts falling due more than
one year
10.
(137,800)
-
-
(2,410,518)
(2,548,318)
NET ASSETS
56,128
10,700
89,726
327,570
484,124
FUNDS
12.
Unrestricted funds
56,128
Designated funds
417,296
Restricted funds
10,700
TOTAL FUNDS
484,124		 31.12.24
Total funds
£
1,120,168
34,125
10,269
-
89,726
2,738,088
2,838,083
14,039
-
-
-
14,039
311,403
39,492
-
-
350,895		 1,154,293
8,257
436,145
325,442
39,492
-
-
364,934
(141,783)
(28,792)
-
-
(170,575)		 444,402
(35,584)
183,659
10,700
-
-
194,359
193,928
10,700
89,726
2,738,088
3,032,442
(137,800)
-
-
(2,410,518)
(2,548,318)		 408,818
1,563,111
(1,101,217)
56,128
10,700
89,726
327,570		 484,124 461,894
56,128
417,296
10,700		 76,158
385,436
300
484,124 461,894

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 2025

The financial statements were approved by the Board of Directors of The James Charities Trustee Limited on 9th June 2026 and were signed onits behalf by

............................................. Mrs L Matheson (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 2025

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		 31.12.25
£
196,863
(30,156)
166,707
(1,726,880)
3,431
(609)
25,000
(1,699,058)
1,349,900
97,201
(85,250)
436,145
350,895		 31.12.24
£
(42,136)
(3,029)
(45,166)
(703,442)
4,973
(1,697)
75,000
(625,166)
46,524
1,025,317
401,509
34,636
436,145

The notes form part of these financial statements

Page 12

The James Charities

Statement of Changes in Funds for the Year Ended 31 December 2025

Balance at 1 January 2024
(Deficit) for the year
Balance at 31 December 2024
(Deficit)/Surplus for the year
Balance as 31 December 2025
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
Statement of Changes in Funds		 Income and
Expenditure
Funds
£
80,441
(4,283)
76,158
(20,030)
56,128
Income and
Expenditure
Funds
£
103,053
(22,612)
80,441
(4,283)
76,158		 Restricted
Fund
£
15,240
(14,940)
300
10,400
10,700
Restricted
Fund
300
14,940
15,240
(14,940)
300		 Capital &
Extra-
Ordinary
Repair
Fund
£
106,226
(16,500)
89,726
-
89,726
Capital &
Extra-
Ordinary
Repair
Fund
£
177,226
(71,000)
106,226
(16,500)
89,726		 Property
Fund
£
307,202
(11,492)
295,710
31,860
327,570
Property
Fund
£
195,334
111,868
307,202
(11,492)
295,710		 Total
Funds
£
509,109
(47,215)
461,894
22,230
484,124
Total
Funds
£
475,913
33,196
509,109
(47,215)
461,894

The notes form part of these financial statements

Page 13

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2025

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 has undertaking a new development of ten flats, a new communal area and office. Depreciation of these properties commenced on completion of the project and occupation of the properties in December 2025. 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 2025

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 2024 were treated as deferred grants and were allocated to revenue or the deferred capital grant when they were 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 completely depleting this fund. It is expected that this fund will be restored over the coming years.

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 2025

2. INVESTMENT INCOME

INVESTMENT INCOME
Income from bank deposit
Dividend income		 31.12.25
£
2,821
610
3,431		 31.12.24
£
3,276
1,697
4,973

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 not paid any expenses (2024: £72)

Trustee’s donations

There were no trustee’s donations for the year ended 31 December 2025 or for the year ended 31 December 2024.

4. STAFF COSTS

5.

31.12.25
£
76,452
2,239
78,691
31.12.25
2
INTEREST PAYABLE AND SIMILAR CHARGES
31.12.25
£
Mortgage and loan interest payable
30,156
Loan breakage fee
-
30,156
Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
No employees received emoluments in excess of £60,000.		 31.12.24
£
71,556
2,113
73,669
31.12.24
2
31.12.24
£
3,029
16,872
19,901

The notes form part of these financial statements

Page 16

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2025

6. TANGIBLE FIXED ASSETS

At 1 January 2025
Additions
Disposals
Less Housing Grant
At 31 December 2025
DEPRECIATION
At 1 January 2025
Eliminated on disposals
Charge for year
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024
COST		 Freehold
property
£
1,113,218
1,724,662
-
(132,112)
2,705,768
42,157
-
6,975
49,132
2,656,636
938,949		 Property
improvements
£
274,334
1,800
-
-
276,134
93,294
-
11,662
104,956
171,178
181,040		 Fixtures and
fittings
£
29,316
418
-
-
29,734
29,137
-
187
29,324
410
179		 Totals
£
1,416,868
1,726,880
-
(132,112)
3,011,636
164,588
-
18,824
183,412
2,828,224
1,120,168

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 2025
Additions
Disposals
Revaluations
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024
Market Value adjustment on disposal		 M&G
ERF
£
30,898
471
(8,566)
(17,335)
635
6,103
6,103
30,898		 M&G
General
£
3,227
138
-
-
391
3,756
3,756
3,227		 Totals
£
34,125
609
(8,566)
(17,335)
1,026
9,859
9,859
34,125

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 2025

8.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.25
£
Residents contributions in arrears
7,736
Bad debt provision
-
Prepaid expenses
6,273
Other debtors
30
14,039
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.25
£
2,751
Mortgage
-
Accrued expenses
153,435
National Almshouse Association loan
13,100
PAYE/NIC/Pension
1,289
170,575
10.
CREDITORS: AMOUNTS FALLING DUE MORE THAN ONE YEAR
31.12.25
£
Mortgage
1,288,000
Cost of living loan
75,000
National Almshouse Association loan
62,800
Deferred Grants
-
Residents contributions received in advance
Deferred Capital Grants
1,122,518
2,548,318		 31.12.24
£
3,484
-
3,873
900
8,257
31.12.24
£
1,194
-
19,576
13,100
1,714
35,584
31.12.24
£
-
75,900
290,764
734,553
1,101,217

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 was paid 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

In May 2025, The James Charities commenced utilising two further secured loans from the Charity Bank, a mortgage of £1,288,000 and a cost of living loan of £75,000. Both loans are secured on the original 31 flats and the new development of a further 10 flats. Interest only payments occurred from the initial utilisation of the loan facility for the first 24 months. The rate of interest for the mortgage up to the completion of the project in November 2025 was 3.19% above the Bank of England Base Rate (BoEBR) then dropping to 2.19% above BoEBR until the end of the agreement period. The rate of interest for cost of living loan remains at 2.19% above BoEBR for the entire loan period. The current agreement schedules are for a 10 year period to May 2035 but it is expected to extend so that the repayment will be completed over 28 years. In 2024 the charity repaid the total of the original Royal Bank of Scotland mortgage, administered by Link Asset Services LTD, 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 2025

12. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
At 1.01.25
Net movement
in funds
£
£
Unrestricted funds
Income and Expenditure Fund
76,158
11,830
Designated funds
Extraordinary Repair Fund
-
-
Capital Fund
89,726
-
Property Fund
295,710
-
Unrestricted and designated funds
461,594
11,830
Restricted funds
Refurbishment of Flats
-
9,900
Physical Activity
300
-
New Building Fund
-
-
Trees and Plants
-
-
Trellis
-
500
Xmas decorations
-
-
Restricted funds
300
10,400
TOTAL FUNDS
461,894
22,230
I
i
R
Net movement in funds, included in the above are as follows:
ncom ng
resources
esources
expended
£
£
Unrestricted funds
Income and Expenditure Fund
255,893
(244,188)
Designated funds
Extraordinary Repair Fund
-
-
Capital Fund
-
-
Property Fund
3,808
(3,808)
Restricted funds
Refurbishment of Flats
10,750
(850)
Physical Activity
-
-
New Building Fund
247,438
(247,438)
Trees and Plants
530
(530)
Trellis
500
-
Xmas decorations
400
(400)
FUNDS MOVEMENT BEFORE
TRANSFERS
519,319
(497,214)		 Transfer
between
funds
£
(31,860)
-
-
31,860
-
-
-
-
-
-
-
-
-
G i
d
a ns an
losses on
investments
£
125
-
-
-
-
-
-
-
-
-
-
125		 At 31.12.25
£
56,128
-
89,726
327,570
473,424
9,900
300
-
-
500
-
10,700
484,124
M
t
ovemen
in funds
£
11,830
-
-
-
-
9,900
-
-
-
500
-
22,230

The notes form part of these financial statements Page 19

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2025

13. 2024 COMPARATIVE MOVEMENT IN FUNDS

At 1.01.24
Net movement
in funds
Transfer
between
funds
£
£
£
Unrestricted funds
Income and Expenditure Fund
80,441
(32,275)
27,992
Designated funds
Extraordinary Repair Fund
16,500
-
(16,500)
Capital Fund
89,726
-
-
Property Fund
307,202
-
(11,492)
Unrestricted and designated funds
493,869
(32,275)
-
Restricted funds
Gardening
-
-
-
Physical Activity
300
-
-
New Building Fund
14,940
(14,940)
-
Restricted funds
15,240
(14,940)
-
TOTAL FUNDS
509,109
(47,215)
-
The Extraordinary repair fund is held across the total of the investment portfolio.
Net movement in funds, included in the above are as follows:
Incoming
resources
Resources
expended
Gains and
losses on
investments
£
£
£
Unrestricted funds
Income and Expenditure Fund
219,210
(252,198)
713
Designated funds
Extraordinary Repair Fund
-
-
-
Capital Fund
-
-
-
Property Fund
-
-
-
Restricted funds
-
Gardening
-
-
-
Physical Activity
-
-
-
New Building Fund
6,298
(21,238)
-
FUNDS MOVEMENT BEFORE
TRANSFERS
225,508
(273,436)
713		 At 31.12.24
£
76,158
-
89,726
295,710
461,594
-
300
-
300
461,894
Movement
in funds
£
(32,275)
-
-
-
-
-
(14,940)
(47,215)

The notes form part of these financial statements

Page 20

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2025

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
RECONCILIATION OF SURPLUS AFTER TAX TO CASH
GENERATED FROM/(USED IN) OPERATIONS
Operating cash flows before movement in working capital
Cash and cash equivalents represented by
Cash at bank and in hand
Deposit
Cash at bank and in hand		 31.12.25
£
22,230
18,824
-
16,309
(16,434)
(3,431)
30,156
67,654
(5,782)
134,991
196,863
31.12.25
£
133,668
217,227
350,895		 31.12.24
£
(47,215)
14,181
-
50,229
(50,942)
(4,973)
3,029
(35,692)
5,527
(11,972)
(42,136)
31.12.24
£
22,786
413,359
436,145

The notes form part of these financial statements Page 21

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2025

15. CAPITAL COMMITMENTS

At 31 December 2025 the capital commitment was £35,012 (2024: £1,924,636). The capital commitment will be funded by a mortgage from Charity Bank which was secured on 4th September 2024.

16. CONTINGENT LIABILITIES

At 31st December 2025 there were no contingent liabilities (2024: £Nil).

17. ACCOMMODATION IN MANAGEMENT

At the start 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 constructions of a further 10 units, office and common room were developed. The construction of the additional 10 units has now been completed but the refurbishment of the unit used temporarily as an office has still to be completed. Therefore there are currently 40 units in use.

The notes form part of these financial statements

Page 22

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2025

18. DETAILED STATEMENT OF COMPREHENSIVE INCOME

TURNOVER
Residents' Maintenance Contribution
Less voids
Rental income Hall/Church
Laundry
Grants
Amortisation of capital grants
OPERATING COSTS
Service costs
Rates and water
Gas and Electricity
Gardening and cleaning
Insurance
Employment costs
Pension
Central Control system maintenance
Depreciation
Residents welfare
TV Licences
Management and administration
Employment costs
Telephone, printing, stationery, post and
computer exp
Accounts production and Independent
Examiner's fee
Advertising and website
Sundries and subscriptions Professional
fees
Consultancy fees
Additional accountancy fees regarding
new build project
Bookkeeping service
Training costs staff welfare
Trustee insurance
Bad debt
Loss of office settlement
Trustee expenses
Travel		 Unrestricted
funds
£
258,515
(17,622)
225
9,000
2343
252,461
2,286
8,194
8,330
3,211
27,625
2,239
2,002
18,824
807
302
73,820
48,827
4,211
3,494
325
2,906
2,767
1,800
5,127
188
141
-
-
129
69,915		 Restricted
funds
£
-
-
-
-
259,618
0
259,618
-
-
-
-
-
-
-
-
400
-
400
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 31.12.25
£
258,515
(17,622)
-
225
268,618
2,343
512,079
2,286
8,194
8,330
3,211
27,625
2,239
2,002
18,824
1,207
302
74,220
48,827
4,211
3,494
325
2,906
2,767
-
1,800
5,127
188
-
141
-
-
129
69,915		 31.12.24
£
233,956
(20,308)
400
188
6,298
0
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

The notes form part of these financial statements Page 23

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2025

18. DETAILED STATEMENT OF COMPREHENSIVE INCOME CONTINUED

Maintenance
Dwellings
Communal areas
Service contracts
Waste and pest control
New Build Project
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
Loan breakage fee
SURPLUS FOR THE YEAR
Realised gains on fixed asset
TOTAL COMPREHENSIVE
INCOME/(DEFICIT) FOR THE
YEAR BEFORE TRANSFE OF
FUNDS
Unrealised (loss) on investments
including adjustments to market value on
disposal		 Unrestricted
funds
£
38,193
10,127
491
780
23,730
73,321
217,056
35,405
3,809
2,821
610
-
3,431
(30,156)
(784)
(30,940)
16,434
28,139
(16,309)
11,830		 Restricted
funds
£
850
-
-
-
247,968
248,818
249,218
10,400
-
-
-
-
-
-
-
-
-
-
10,400
-
10,400		 31.12.25
£
39,043
10,127
491
780
271,698
322,139
466,274
45,805
3,809
2,821
610
-
3,431
(30,156)
(784)
-
(30,940)
16,434
38,539
(16,309)
22,230		 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)

The notes form part of these financial statements Page 24

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2025

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
Employment costs
Pension
Central Control system maintenance
Depreciation
Residents welfare
TV Licences
Management and administration
Employment costs
Telephone, printing, stationery, post and
Accounts production and Independent
Examiner's fee
Advertising and website
Sundries and subscriptions Professional
fees
Consultancy fees
Additional accountancy fees regarding
new build project
Bookkeeping service
Training costs staff welfare
Trustee insurance
Bad debt
Loss of office settlement
Trustee expenses
Travel		 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 25

The James Charities

Notes to the Financial Statements for the Year Ended 31 December 2025

19. COMPARATIVE 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
Realised gains on fixed asset
TOTAL COMPREHENSIVE
(DEFICIT)/INCOME FOR THE
YEAR BEFORE TRANSFE OF
FUNDS
Unrealised (loss) on investments
including adjustments to market value on
disposal		 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 26