REGISTERED NUMBER: 218578 REPORT AND ACCOLThTS FOR THE YEAR ENDED Stll JLYUARY 2024
THE JANE HAYES cHARV TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5TH JANUARY 2024 The TTUSt¢es present their annual r¢port and finan¢ial staten]ents of the Qiwity for the year ended 5 January 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I lo the accounts attd compEy with the Charity's trust deed, Ibe chariti Act 2011 and Accounting and Rortl[lE by critles'. Statement of Recommended Practice applicable to charlties preparing their accounts in accordance with the Financial Reportll Standard applicable in the UK and Republic of IreLand published on 16 July 2014. REFERENCE ALYD AJ)MINISTIL4TIVE DETAtLS OF ThE CHARrrY The fiLII name of the charity 18 The Jane Hayes Charity, clwity regislralion number 218578. Trustees The following people have acted as tn]stees of ihe clwity during the year: P J Streveus Miss S E Wam R M Temple Jccook Principal Address of the Charity PO Box 339, Herefor& HR19LW ProfessionAI Advisors - Bankers Lloy(Ls Bank ple 6-8 High Street, Herefor4 HRI 2AE STRUCTURE, GOVERNAL¥CE AND MAL¥AGEMEINT Status And ConstithÉffion The full [e of the cEity is The JatLe Hayes Chatity, Charity registration number 218578. It is governed by the will trnsl of Miss Jane Hayes deed 17 October 1927 and by the Chariti&s Act 1960. Recrnitment and Appoinlment of Trustees The Truslces CODsidcr that, at thc prcscnt timc, there is no fier requirement for any additional TrsteeS. Suitable Trustees are appointed when a vacallcy arises from the recommendation of the retiring TTUSt¢e and the forn]aI approval of the renlg Tnjstees. Trnstees Induction and Trailling New Trustces are mad¢ fully aware of thc aims ar objcctives olthe Charity. OrganisatloDAI Strncture The Charity is operated by ihe Tnlee5 al has no paid eEnployees. Risk Managemellt The major risks to which tbe Cbarity is expose(L as identified by the Trustees, have been reviewd and systems have been establish( to mitigate those risks. Objectiyes and Actie5 Under the provisions of the Will of Jane Hayes. who ditxi on 26 August 1927, a sum of £10,000 was left on trust to provide almshouseg for ten wM)r persons reBident in the city or county of Her¢ford.
THE JANE HAYES C(R[Ty TRUSTEES, 11NAL REPORT FOR THE YEAR ENDED 5TH JANUARY 2024 Objectives Ydnd Artivities (CODt'd) The land was purchased and tbe alllLihouse8 constructed during 1929 and the properties were occupied from September of that year. The almshouses are situated in Vicarage Road and Green Street. Hereford. Public Benefit The main purpos¢ of th¢ Charity is to provide almshouse accommodation for len poor persons who have been resident in the city of Hereford or its surroundJ]Jg county, Herefordshtre prior to their appointment as a resident of the Charity. During tbe year under review, ati ten of the almhouses have remainryl ¢upIed and the TDJstees feel they have. therefore, complied with Section 4 of th¢ Charities Act 2006 published by the CILarity ComrlliSSiOn. Achievements and Perform&nce The Trustees believe that the objectives of the Cbarity have been fulfilled during the year and will continue to operate in this manner for the foreseeable futr. The Trustees consider the perfornwice of the Charity during the year ended 5 January 2019 to hav¢ b¢¢n satisfactory. Fin4n¢ial Review For the yw ellded 5 Jalluary 2024, nct illCQmiDg resources amounted to £17,201 (2023.. outgoing resources £8,255). Net assets totalled £154.260 (2023: £137,059). Details of the financial posltiotL of th¢ Charity are set out in the following aounts. Reserves Policy The designated repair fimd is h¢ld to meet major rq)air expenditure on the properties. The requirement for such e%penditure is illcvitably difficult to predict and there are periods such as in the years to January 2003, 2009, 2011. 2013, 2017, 2018 and 2019, wherc signtfL¢anl levels of outgoings were needeA. The tnstees feel tbat tbe balance eanicd forward on the designatcd repair fund al 5 January 2024 is reasonable in tbe view of likely future comD]itments. Due to the higb Level of rcpair work required in the year to 5 January 2017. the Trustees pproved a transfer of futlS totalling £5i,O(M) from thc unrestricted fimd to the desigllated fiwd. Due lo the higb level of repair iiork required in the year to 5 January 2019, the Trustccs approved a transfer of fijnds totalling £3i,000 from the uDregtrictcd fund to the designated fimd. A balance of £121,522 (2023: £100,928) is rrIed forward on the UDrcstricted fun(i This is kvailable and adequate to fiLLfll the obligatiODs of tbc clwity. The stairs in the almshouse properties cause difficulties for tbc less mobile ienants, and the building design Enakcs the inslallalion of stair lifts difficult though not inwssible. The TnLStees are aware that the main Toof of the cotnplex will need replacing in the near future due to the age of the Atti]shouses. In the year to 5 January 2023. all the Alrnhouses reccivcd an electrical inpsection w'hich Tcvca]cd that the electrics require full replacement.
THE JANE HAYES CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED SIH JAIYUARY 2024 Reserves Policy (Collt'd) Tbe Trust intends to bring each property upto full ¢l¢ctrical rcquiremlS as each ainhOuse is vAcated. During the period under review No I I ha5 now been electrically rewired. Nos 3, l3, and 98 were rewired in the year lo 5th January 2023. Illvestment Policy Investments are made through the National Association of AlDhOuSeS Common Investment Fund, with a view to achieving low risk retUTn on both income and capital. While the perfom]ance in the year reflects the difficult slock mrtel conditions prevailing over the period. good investment retLfftlS bave been achieved over a IoDg period of review. Fixed Assets The trustees are of the opinion Ihal the ll)arket value of th¢ Aln]shouses and land owned by the charity is substantially in excess of the historiul cost shown on t balance sheet. Plaus for Future Periods The ar¢ no n)ajor changes envi8aged to the management of the Clwity. Statemellt of Trn5tee5 Responsibilities The trustees are responsible for prcpanng th¢ Report of the Trustees and the fllwicial slalements in accordance with applicabl¢ law and Lnited Kingdom Accounting Standards (United Kingdom Generally A¢cepted Accoutttints Praeuce). Th¢ law applicable lo cbarilies ill England al Wales, the Cl]arities Act 201 I, Charity (Accounts and Reports) Regulations 2008 and the provisiot]s of the tllLSt deed requires the trust¢¢s to prepare flnancial statements for eacb fLtMncial year which Eive a true and fair view of the state of affairs of the charity atLd of the incoining resources and application of resources. including income arkd expenditure. of the Charity for that pcriiKL Jn preparing thesc finarLcial statements, the trustees rgquired 10: - select suitable accounting policies and thcn apply them consistently. - obseTre tbe nod8 and principles itl the Charity SORP. - make judgemcnts alld estimaies that are reasonable and pnent. - prepare the fir)ancial slatements on the going concem basis unless it is inappropri8te to pr&%ume that the charity will continue in business. The trustees are responsible for keeping proper accounting rwrds which disclose wilh rtrasonable accuracy al any titne, the financial position of the charity and to enabl¢ Ihcm to ensure that thc financial statements comply Thith the Charities Ac¢ 2011. the Charity (Accounts alld Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for oafeguardillg the assets of the charitv bence for taking reasonable steps for the prei'ention an detection of fraud atLd other legUlarl[leS. Approved b bcha er of the bo and sipwl on its PJStr vens - rustee.
THE JthE HAYES CHARrrY STATEMEI¥4T OF FINNcIAL AcfivITIES FOR THE YEAR ENDED 5TH JANLARY 2024 2024 Total Funds 2023 Total Funds unrestrict Restricted Endowment Fund Fund Fund Income and Elldowments from: Charitable activities: Contributions from Almspeople G¥sden rents Li¢en¢e fee tnvestmenls Dividcllds and int¢r¢st Bank interest TOTAL INCOLWIE 46.564 265 30 46,564 265 30 35.096 245 30 1.963 59 48,881 2.851 4,814 59 51,732 4,571 2.851 39,943 Expenditure on: CkLaritabl¢ activities: Water rates and councll tax Insurance General repairs Major repairs Ga8 and electricity Expenses r¢ allotments Void rents Other: Secretary's expenses Accountancy and professional fe 8.313 1249 8,313 1.249 2,401 5,455 18,243 6.882 1,178 4,182 11,982 23,933 2,401 5,455 18,243 607 607 710 300 343 128 ?9.183 300 343 128 37.039 300 196 130 49,493 Subscriptions Sundry exp¢nscs TOTAL ExPESEs 7.856 Net gaIn(lOSSeS} on investments 896 1,612 2,508 1,295 Net incom(exPenditllre) 20.594 (3,393) 17,201 (8,255) Trnllsfer5 between fuuds Net movement in funds 20.594 (3.393) 17201 {8,255) Reconciliation of funds: Funds brought fonvard at 6 January 2023 FutL(L8 carried forward al 5 January 2024 100.928 25.081 11.050 137,059 145,314 121,5?2 21,688 11.050 154,260 137,059
THE JANE HAYES CHARITY BALANCE SHEET AS AT S JMIIARY 2024 2024 2023 ote Flxed Assets Tangible assets 11.050 11,050 tnvestrtLcnts 125,160 118,217 Total fixed assets 136,210 129,267 Current Assets Debtors Prepaellts 566 546 Cash at bank and in hand 23,911 13,319 24.477 13,865 Current Liabilities Creditors: anlln[S falling due within one year.. Crcditors and aual$ 6.427 6,073 Net current assetslOiabiJities) 18,050 7,792 Total net #SS¢tslOiabiiities) 154,?60 137,059 The funds of tbe charity: Endowment fwid Restricted fund Unrestricted fimd 11,050 ?1,688 121.522 11,050 25,081 100,928 Total ¢hArit)' funds J 54,260 137,059 The accounts Oll pages 4 to 10 were approved by thc Trustces and authorised for issue ott and signcd on their beilf by: - Trustee TeEnple- Trus Miss S Wam- Trustcc ook- Trustcc
THE JATraE HAYES CHARIrY CASH FLOW STATEMEf+rr FOR THE YEAR ENDED STH JANLARY 2024 2024 2023 Cash flows from operating activitie8: Cash received from rents and other income Rellds rtteived from 8uppLiers 48,598 34,353 48.598 (38,386) 10.212 34,353 (48,200) (13,847) Payments lo supplierj Net ea5h provided byl(used in) operlting activities Casb floivs from investinE actlvfitfie%: Dividends and interesi from investtnents Purchases of investtuenis Proceeds from sales of Invcstnits Net CAsh provided b}"/(used ia) Anvestlllg activitiey 378 348 8,000 8,348 378 Change ill cash and cash equivalents in the year 10,591 (5,497) Caskn and cash equivalcnts at 6 January 2023 13,319 18.816 Casb and cash equivthlents at 5 Jglluary 2024 23,911 13,319 RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES Net income/(expenditttre) for the year 17,201 {8,255) Adjustm¢nts fot: (Gains)Ilosses on investments Dividends received from investmcDts Purchase of invcstD]cnts Salcs of illvestments (Increase)ideerease in debtors IncTeaseJ(decrease) in crcditors (2,508) (4,436) (1,295) (4,222) 8,000 (49) 324 (5,497) (20) 354 10,591 ANALYSIS OF CASH ALYD CASH EQLU, VALENTS Ca8h in hand- current account Cash in hand- instant aocess dew)sit account 12,678 11,233 9,145 4,174 23,911 13,319
NOTES TO THE ACCOU[S FOR THE YEAR ENDED STU JANUARY 2024 Principal Accoullting polieies Basis of accountlllg The accounts have been prepard under the bistorical cost accoiinting convention and in accordance with the Statement of Recommended Prdctice: Accounting and Rq>orting by Chan'ties preparing their accounts in accordance with the Financial Reporting Standard applicable in tbe iJK and Republic of Ireland (FRS 102> issucd on 16 July 2014 and thc Charities Act 2011 And applicable regulations, exccpt for iavestmenls which e stated at market value. Th¢ Charity nstitUteS a pubtic benefit clltity as defined by FRS 102. The TrLLStees consider that there are no tnaterial uncertainties about the Charity's ability to continue as a going concern. With respxt to the n¢xt rqx>rting period, 2023-18, the most signifLcatit arca of uncertainly I1¢h affec(s thc carrying value of assets held by thc Charity is the Eevel of investment return and the perfornwice of investment mart(¢ts (see the itivcstmeDt poli and perfortllance and risk nwllgemcnt StionS of Ihe Trustccs alltLual report for more inforn]2tion.) Fixed assets Fixed assets comprise the Alnthou5es in Vicarage Road and Green Street. These assets are included at cost and no depreciation is pn)vided oll these properties. The Trustres have given due consideration to the need to rewaluc the Almshouses lo their market Tralue at the balance sheet dale arnd have agrced that th¢ current historical c08t vatuation still provides a true and fair vicw ofthe CharliS financial positioa. Incoming re50ur¢es All incoming rcsourees are itLcludal in the Statement of Financial Acliffttics when the Charity is legally eTktitled to the income and the amowit can be quanlifled witb reasonable accuracy. For legacies. entitlement is the eartier of the being notified of an impending distribuiion or thc legacy being received. Re$ource5 expended All expenditure is accounted for on an accruals basis alld has been included under the expense categories that aggregate all costs for alltKation to actilties. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of th¢ resources. Fundraising eosts are those iDcurred ID seeking i'oluntary contribLttiOllS and do not include ttLe costs of disseminalAng infornmtton in support of ttLe charitable activities. Support costs are those costs iticurred directlv irL SLWPOrt of expendimre on objects of thc charity and include project rllanagement Carried out at Headquarters. GovernatLce wsts are those incurred in connection witb the administration of thc cbarity and comptiallcc with constitutional statutory rcquirements.
THE JANE HAYES CIIARITY NOTES TO THE ACCOLwrs FOR THE YEAR ENDED 5TH JANUARY 2024 Principal Accowiting policies (¢ODt'd) Fixed Asset investmellts Listed investments have been stated at market value at the balance sheet date. Realised gains and losses are calculated as thc difference between sales proceub and mrtct value at the previous balance sheet date. LTnrealised gains and losses are accounted for on revaluation of itivestments at 5 January each year. Fund5 Structure The Chariiy bas a single perrgnettI endowtnent fund which COllSiSt of the Altnshouses and land at Vicarage RO& Hereford. There is also a restrithed fd which is held as a repairs fund for the properties and consists of accumulation sbares held in the National Association of A]mshouses Common Investsllent Ful. The unrestricted fimd compri5e5 those funds whicb the Trustees are free to U8e for any purpose in furtherdllce of the charitable objects. Further details of each fimd are disclos in note 8 to the accounts Realised gains and losses Ail gains arLd losses are taken to the Statement of FiDancial Actiiryties as they arise. R¢alis¢d gains and losses otL inveslmenls are calculated a5 the difference between sales proceeds and their opening wrying value. Unrcalised gains and losses are calculated as the difference betweell the markct i'alue ai ihe beginninu atld end of the period. Realisaj and UDreaLised inv¢sLtneni gains and losses are cornbined in the statnellt of Financial Activities. Trustees expen$e5 and remuneration The trteeS aLI gve freely their timc and expertis¢ without any forn] of renwnerntion or other b¢tLefit in cash or Find {2023: £nil). Thcre were no employees during the cuent or previous ycar. Major repalrs 2024 2023 Electrical rewiring No I I Redecorating No 3 Tree ivork at the Almshouses Replace toilet No 96 Replace ma¢cTator No 13 FlubIllg works _ No 98 1815 8.270 1,620 1,600 492 1,152 1.488 5.455 3,712
THE JANE IL4YES CHARrrY NOTES TO THE ACCOUNTS FOR THE TrE4R EIWED 5TH JLNUARY 2024 Accountfdncy and professional fees 2024 2023 AccoutLtancy fees Independent examine fee 150 150 150 150 300 3(K) Allated between fids. Ullrestricted funds Restricted fimd 300 300 300 300 2024 2023 l Quoted tnvestmellls Market value at 6 January 2023 Reinvestment of dividend income Additions Disposals Net realis¢d investment gain N¢1 unrealised investment gairL,'(loss) Market value at S JAnuary 2024 118,217 4,436 120.700 4,222 (8.000) 7,023 (5,728) 118,217 2,507 125,160 Historical cost at S Jthttuary 2024 22,126 22,126 The inyestnwnts mPriSe Naliollal kn¢Kiation of Almshouscs Cotrjnmm Investment Fund Share8. Thcse include a holding in Accumulation Shares with a rnket value of £116.208 forming 91.850/9 of thc market value of the portfolio. Dividends receivcd in relation to the National Association of AIms1u8¢S Common Investment Fund Accumulation Sbares are reinvested in to the Holding on the date of eLpl. 2024 2023 DebtOT5 prepydyments Debtors Prcpayments 566 566 All debtors and prepaynlents related to unrestricted funds in both 2024 and 2023 546 546
THE JANE HAYES CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR EIIDED 5TH JANUARY 2024 2024 2023 Creditors: arnoun15 failing due within one year liepairs to aimshouses Independeni exatninos fee Major repairs Ac£ounlancy fe¢s Light and heat aCcnl Rents received iti advance 120 150 1,600 150 2,133 1,920 6,073 150 150 2,526 3.601 6,427 CTedilors of £Nil related to the restrict fund in 2024 (2023. £1,600). An41y8is of charitable funds UDr¢stricled Restrict Endowlllellt Fund Fund Fund Total Funds Opening al 6 January 2023 Income Expenditure Tran8feL¥ Gaitis, (losses) At 5 January 2024 100,928 25,081 48,881 2.85 I (29.183) (7,856) 11.050 137,059 51,732 {37.039) 896 121.522 1.612 21,688 2,508 154,260 a) The UnreStrled fund is availabEe to be spent for any of th¢ purposes of the charity. b} The restri¢t¢d fund is held as a repairs reSee foT the properties and consists of Accumulation Shares held in the National Association of AJms1uScs CoD]mon IllVeStn Fund. c) The endowment fund CODSiSts of AlmSho8eS and land at Vicarage Road, Hueford. -io-
'I'HL JANI,: 14A YI,;$ CHARI'I'Y FOR T14F. Yr,AR ENIILD S1'II.IANLIAIII' 21124 In(leiTreiiilenl ex¥miner's rL'pihrt ID Ilie Iruslees olTlie Jxne Ilayos C."hMril)' I report oli 111e iccoiiiits of I"he .laiie Hay¢s Cliarily. eliiii'il>- iiiini11. ?18576. 14)I' IIIL }'edf Lll(le(l S Janiiary ?0?4. whicli are set oiil on pages 4 to l O. Ile.8iitettTre responsibiliti of ti'iistees #n(1 eiaiiiinei. A% 1STrL Lliarily IriisleLS ol- Ilie 1'rii.sl yoii .Ii'e re.*POI-.Sl?le for Ihe pi'epai'aiiibll l)1'1S?e £aLcouiIL4 111 Iccol'dance ivitli I hL' Ir4iJirL'nieiit% ofilie Ch21 l'ilies Aci ?{) I I I'il)e Acl. l. I repori in r¢speLI of Iny examTiiation uf the -frtlSl"4 acci)Iiiil% Larriecl i)Lil ijiiilii. SLcliiiii 14.) i)I' Ilie 111 I I Act lid in carryiiig QLII ITI), exaiiiiiicltion I hai'e lolloii'ed all Ihc dl)plicahle Dii'L'cIioiits i)ji'¢11 b! Ilie Cli21-Ity Coinniission Liiide)- seetioii 145{5l(b) of tlie Ail. In(lepc'n(lent examiner's staiemenl I Ii'ive ¢onipleiiil Iny ex11 11)inaiioii. I cDnfiriii tli¢ll no iiialerial maiteis Iiave Come to 1l1S' cillentiDlI in coiin¢¢tioii will.. the exainii)¢ilioii biiviiig nie caiise to believe tIilL t iii any material respect.. l. Acci)Iiiil in&F Irci)I'ds Mllei'e IJOE k¢pl iii I'especl u1- tlic l-r1151 as rcquii'ed b>. sectioii l JO i)l-IhL ALL.. iir 2. Iht a¢ci)uiits (.0 Iiot .IL¢ord wilh (Iiose rCordS. oi. 3. Iliv kliCDUlits do not Comply with Ili¢ p.pplicable I'eqiiirvvnenls L(?ncLrniiii? tlie foriii aiid eoiirenl ot a¢tyoiiiits sel out iii ihe Cliai'iiies (Aecouiits ai)d Rcportsl Regulalions 2008 oiher thali Riiy requireiiient Il)Iit tlie ELCCOilliiS &yive a "ti'ue (1nd fair view which is nol a Inall¢r considered tl5 Pclrt of an ii)depeiidLIii exÉiininkilian. I liave iio concerns and li¢iwe Loine aiross no othei. m.ItlLrs in coiinL¥lioii H-illi rl)e ex111[11al lun iij li IIILII ,1tILiition shoiild be di'awn in this report in order lo eii#E>l¢ a pi-opei- undei'siiindiiig of tlie acL'(Iui)l% ID b¢ I'ettihed.