REGISTERLD CHARITY ￿UmBER. 218578 REPORT AND Accouyrs FOR THE YEAR ENDKD sfH J￿NUARy 2025 THE j￿NE HAYES CIIARITY TRUSTFF,S' AIYNUAL REPORT FOR THE YEAR ENDED 5TH JANUARY 2025 The Trustses present their annual reKth and financial stalemeTkts of the ¢barAty for th¢ year ended 5 January 2025. The r]nanciaL statements have been prqiared in accorda1￿ with the a￿O￿ntIng policies set out in note I to the a￿￿nIS and cotnply with the Charity's trust dee tbe Charities Act 2011 and Accouniing and Reporting by Clwities.. StateD]ent of Recommended Practice applicable to clwities preparing Ihcir accounts in accordancc with the Financial RepoTting Stand&rd applicable in the UK and Rcpublic of Ireland publisbed on 16 July 2014, REFERENCE AND ADMINISTRATIVE DETAItS OF THF. CHAIUTY The full name of the c]]arity is The Jalle Hayes Charity. charity registration nUTnber 218578. Trustees The following people have acted as trustees of the ckwity dwing the year.. P J Strevens Mi&s S E Warn R li 4 Templc Jccook Principal Address of the Charity PO Box 339. Herefor￿ HRI 9LW Profe8sional Advisors- Ba]Jkers Lloy(ts Bank plc High StreeL Herefo￿ HRI 2AE STRUCTURE, GOVERNANCE AND MANAGEMENT Status and Constitution The name of ihc charity is The Jane Hayes Cltarity. eharAty registration number 21 $578. It is governed by the will in￿1 of Miss Jane Hay&s deed 17 Octobcr 1927 and by tbe Charities Act 1960. Recruitment and.4ppointment of Trustees The Trustees consider that. at the present I1￿c. there is no furthcr reqUireM￿t for any additional Trustees. Suitable Trustees are appointcd when a vacancy aTi5e5 from the recomllielldation of the rctiring Trustee and the fornMI approval of the remaining Tn￿lees. Trustees Indudion and Training New Trustees are made fully aware of the aill￿ and objectives of the Clwity. Organlsydtlollil Structure The Charity is operated by thc Trustees aod has no paid employees. Risk Man¥4gement The rnajor risks io which tkLC Charity is exposed, as Identifi￿ by ihe Tntstecs, have been reviewed and systems hav¢ b¢¢n establishcd to mitigate tbose risks. Objectives 8nd Ac¢ivAtAes Under the provisious of tbe Will ot Jane Hayes, who dial on 26 Augwst 1927, a sum of £10,000 was left Oll tr￿st to provide almshouscs for ten poor persons Tesident in the city or county of IIcrcfoTd. THE JANE llAYES CHARITY TRUSTEES, ANNUAL REPORT FOR TEIE YEAR ENDED 5TH JANUARY 202S Objectives and Activities (cont'd) The land was purclmsed and the altDSh0￿¢S ¢ODStruct¢d during 1929 and the properties were occupied from September of that year. Th¢ aimshowes are situatcd in Vicarage Road and Green Street, Hcrcford. Public Benefit Thc puryose of the CE￿ity is to provide ahnshouse accommothtion for tcn VK)r persons who have been resident in the city of Hereford or its surmunding county. H¢r¢for(L5hire prior lo tbeir appointnwit as a resident of the CIwAty. At the end of the year under review, seven of the almhouses have remained occupie4 two have had new tenants appointed and one becattLe vaeant at the end of the period. A nsw tcnant will be appoint appointed early in 2025. The Trustees feel they bave, therefo￿ con1pl1￿ with Section 4 of th¢ CI￿ltieS Act 2006. published by the Charity Commi&8io Aehievements 4nd Performance The Trustees believe thai the objectives of the Charity have been fi￿fill￿ dwing the yw and will continue to opernte in thi8 manner for the forcsccablc fiiture. The Trustees consider th¢ perfOnTw￿ of the Charity during the year ended 5 January 2025 to have been 8atisfaclory. Financial Review For the year ended 5 January 2025. nct incoming resourccs atwunted to £33.742 (2024: incoming resources £17,201). Net assds totalled £188,￿1 (2024: £154,260). Details of the filla￿la1 position of the CharÈty ￿ set oui in the following accounts. Reserves Policy The designai¢d repair fund is held io meet i]]ajoT repair ¢xpendiiure on the properties. The requireraent lor su¢h expenditure is iiieN4tably diificuli 10 preAlict and there are peTiods such as in the years lo January 2003, 2009, 2011, 2013, 2017, 2018 and 2019, where SI￿lfICant levels of outgoings were lleeded. The trustees feel that the balance carried foThYaTd on the designated repair fund at S January 2025 is re&soDable in the view of likdy future conllDitments. Due to the higb level of repair work required in the year to 5 January 2017, tbe TrLtstees approved a transfer ot fiuyls totalling £55,000 Irom the unrestricled fund to the dcsigllatcd fund. Due to the high level of repair work required in the year to 5 January 2019. th¢ Trustees approvcd a traDSt"cr of fL￿dS totslling £35,000 from thc unrcstrictcd fund to the designated fund. A balance of £156,030 (2024: £121,522} is carried foThvard on the utmtrictcd fund. This is availabl¢ and adcquatc to fulfil the obligations of th¢ cbarity. Thc stairs in the almshouse properties cause difficulties for the Ic55 mobile tenants, and Ibe buildillg design makes the installation of stair lifts ditScult though llot imP05siblc. The Trustees are aware that the n￿in riM)f of the con4)lex will need replacing in thc llcxt 3 to 5 years duc to thc ag¢ of thc Almsbouses. In thc ycar to 5 January 2023. all the Almhowes received an ele¢tri¢al inps￿tson which revealed that the electrics require full Teplac¢ment. THE JANE HAYES CHAHIIY TRUS'fEES' ANNUAL IiLPORT bOK THL YEAR ENDED sfH JANUARY 2025 Reserves Policy (Cont'd) The Tmst intends to bring eacb property upto full elcctrical rcquirements as each almshouse is vacated. During tb¢ ycar lo 5th January 2024 No I I was electiically rewired. Nos 3. 13. and 98 wcre rewiral in the year to 5th Jauuary 2023. Investment Policy Investments are made tbrough the Nationa] Aswiation of Aln)sknes Common Investment Fun￿ with a view to achieving low risk Teturn on both income and capital. While the performance in thc year reflccts thc difficult stock rnarkct conditions prevailing over the period, g(K)d investrnent returns hay¢ been a¢hi¢ved over a long period of r¢vi¢w. Fixed Assets The trustces arc of thc opinion that thc markct valuc of the Almshouses and land owned by the charity is substantially in exce&s of the historical cost shown on the balance sheet. Plans for Future Periods The are no major changes envisaged to the ￿￿￿gement of the Ci)arity. StAtem¢nt of Trustee5 Responsibilities The tnL8tees ar¢ responsible for preparing the Rq>ort of the Ttustx8 and the financial statements in a￿OrdanCe with applicable law aJMI Unit¢d Kingdom Accounting Stallda￿s (Unitcd Kingdo￿ Grllcrally Acccpted Accoullting PracLice}. The law applicable to charities in England and IVale5, the Clwities Act ?01 I, Cl)8rity (Accounts and Reports) Regulations 2¢X)8 and the provisions of the tNst de￿1 rtwuires the tNstees to prq)are financÈal statements for each fjnancial year which give a true and fair view of the state of affairs of the charity and ofthe incoming resources and appliealiotk of rcsourccs, including In￿Me and expcllditure. of the clwity for tbat pcriod. In prepaTing these financial statem¢nts, the tTUSt¢es are required to.. - sele¢i suitable accounting poli¢É&s and then apply them wDsist¢DtIy, - obscrve thc tndhods and principles in the Cbarity SORP. - make judgemeuts and eslimatC5 that are reasonablc and prudent" - prepare the fmancial stalements on the going concernbasis unless it is iDappropriaie to pTh%ume that the c]wity will continue in business. The trust¢cs are r&8ponsibl¢ for kccpiDg proper accounting record8 which disclose with reasonable accuracy at ally lime, the financial position of tbe charity and io enable them to ellsurc that Ihc financial 5talcm¢nts wmply w'ith the Charities Act 2011, thc Charily (Accounls and R¢port8) Rcgulalion5 2008 and the provisions ofthc ITU5t dccd. Thcy aTe also responsible for safegLwding the assets of tbc charity and bcncc for taking reasonable steps for the preventio and detection of fraud and other irregularities. dby rder of of twstees and signed on its St THI JANE HAYES CHARITY STATEMENT OF Tr'if4ANCIAL ACTtVITIES FOR THE YEAR E￿DED 5TH JANUARY 2025 2025 Total Funds 2024 Total Funds u￿r￿l¢led Restricted EndowllKnt Fund Fund Income And F,ndowments from: Charitable activities.. Coniributions from Almspeople Garden r¢nts Licenc¢ fee Investments Dividends and iDlerest Bank interest TOTAL ThCOLVIE 58.025 360 30 58.025 360 30 46,564 265 30 2.109 192 60.716 3,068 5,177 192 63.784 4,814 59 51,732 3,068 Expendlture on: Charitable activities.. Water rates and council tsx Insurance General repairs Major repairs Gas and electricity Expenses re vacaut property Void rents Othcr.. s￿retary's ¢xp¢ns¢s Accountancy and profcs8ional 8.301 1284 8,301 1,284 980 5,970 16.640 259 8,313 1.249 2,4Ql 5,455 18.243 980 5.970 16,640 259 668 668 607 300 353 135 27,940 300 353 135 34.890 300 343 128 37,039 Subscriptions Sundry expenses TOTAL EXPENSKS 6,950 Net gaIn￿(loSses) on inv¢s¢menls 3,116 4,848 2.508 Net income/{expeDdithre) 34.508 (766) 33.742 17,201 Transfers between funds Net movement in fund$ 34,508 {766) 33.742 17,201 Reconcilir•tion of funds: Funds brought forward at 6 January 2024 Funds carried fonvard at 5 January 2025 121,522 21.688 11,050 154.260 137,059 156,030 20,9?2 11,050 188,002 154,260 TIIE JthTI, JiAYES CHAIUTY BALANCE SHEET TArwbl¢ ass¢ts 11,050 11,050 Current A8sets 47.702 24,477 fvj-K￿r5.' 'aEii-s dki¢ WrtbiL' Crtiliton aud Aron￿￿8 5,532 6,427 I I,OjL, 20,521 156,030 Restricted fill ,688 121,522 lld signed on theiT bth&lf by: THE HAYES CHARITY CASH FLOW STATEMEyr FOR THE YEAR ENDED sfH JAIIVARY 2025 2025 2D24 Cash flows from operating aetlvities: Cash Teceivcd from rents and othcr income Refunds receiv￿ from suppliers 59.378 48,598 59,378 (36,580) 22.798 48,598 {38,386) 10.212 Payments to suppliers Net cAsb provided byl{used in) operating activities C8$h flow% from inve$tinE aetfvities: Dividends and interest from investments Purcllases of Investments Procccds fron] salcs of inv&%lmenls Net cash provided byl{used in) finvesting Actlvfitfies 403 378 403 378 Change in cash and cash equivalents in ibe year 23200 10,591 Cash and cash equivalents at 6 Jalluary 2024 23,909 13,320 C85h and cAsb equivilents at 5 Jalluary 2025 47.110 23.911 RECONCILIATION OF CASH FLOWS FROM OPERATING AcrIvrrIES Nel incomel(expenditur¢) lor the y¢ar 33.742 17201 Adjustments for: (Gainsylosses on iDvestmcllts Dividends received from investments Purchase of investments Sales of investD]cnts {Incr¢ase)/dwrws¢ in debtors Increas¢1(d￿reaS¢) in ¢r¢ditors (4,848) (4.773) (2,508) (4,436) (26) (895) 23,200 0.00 {20) 354 10,591 ANALYSIS OF CASH ATr*D CASH EQUIVALEYTS Cash in hand- current account Cash in hand- instant access dqx)sit account 25,113 21,997 l2.678 11,234 47,110 23,911 THE JANE HAYES CHAIUTY NOTES TO THE ACCOUNTS ri OR THE YEAR ENDED 5TH JAL¥UARY 2025 Principjl aceounting po]i¢ies Basis of accounting The accounts have been prepared under the bisiorical cost accounting convention and in accordance witb the Statement of Recommended Practicc: Accounting and Reporting by Chariti¢s pr¢paring th¢ir accounts in accordance with the Finan¢iaL Reporting Standard applicable in the UK and Republi¢ of Ir¢land (FRS 102) issued on 16 July 2014 alld the Charities Act 2011 and Applicable regulations. excq)t for investmellts which are ststed at rDarket value. Tbe Chanty constitutes a public benefit enlity as defined by FRS 102. The Trustees consider that there are no D)aterial uncertainties alK)Ut thc CharIt￿S ability to conlitLue as a going collcern. With respect to the ucxt rq)ortiThg perii)d, 2025-26, th¢ most siglliti¢aot area of uncertainty which atTccts the canying valu¢ of assets held by th¢ Charity is th¢ level of investment return and the perfonnance ofinveslment markets (see the investment wtrlicy and performance and risk management ￿tiOnS of the Tntslees annual report for more inf0m￿tIon.) Fixed assets Fixed assets comprise the Alm8houses in Vic8rnge Road and Green Street. These assets arc included at cost and no depreciation is provided on these propertics. The T￿￿teeS have given thie WDStderdtion to the neal to revalue the Almshouses to their market value at the balan¢¢ sheet date and have agreed Ihai the curreni historical cost valuation still PTovides a trne and fair view of the Chariiy's financial posilion. Incoming resourees All incoming resources are included in tbe Ststement of Financial Activities when tlie Charity is legally entitled to the income and the amounr call be quantifi￿ with reasonable accurncy. For Icgacias: cntitlcmcnt is the ear]ier of the Chgrity being notified of an impending distribution or the legacy being rcccived. Resources expended All expenditure is accounted for on an accruals basis and has been included under the expense categories that aggregate all costs for allocation to activities. Ilffiere costs cannot be directly attributed to particular activities tbey have been au0￿ted on a b8sis consistent with thc use of the resouwes. Fundraising costs are tbose inallTr4J ID sccking voluntary contributions and do not incluik the costs of disseminating inf¢)rD)ation in support of the ¢haritsble activities. Support costs are those costs incuyred directly in suprmrt of expendilure on objects of the charity and include proje¢t management cwried out at Headquarters. Governance costs are those Incurr￿ in connection with the admiDistraiion of the charity and compliance with constitutional statutory requirements. THE JANE HAYES CHARtrY NOTES TO THE Accouyrs FOR THL YEAR ENDED 5TH JANUARY 2025 Principal A¢counting pollcies (¢ont'd) Flxed Asset investments Listed inve5tmellts have been stated at market value ai the balance sheet date. Realised gains and losses are calculated as the difference beN'een s&les proceeds and market value at the previous balance sheet date. Unreatised gains and10sw are aCCo￿ted foT on revaluation of investllnits at 5 January each ycar. Funds structure The ChaTity has a sing]e pern)an¢￿ eA)dowment fund which consist of the Almshouses and land at Vicarage Road. HcTeford. There is also a restricted fund which is held as 8 repairs fund for thc properties and consisls of accumuialion shaK8 held in tbe National Ass(Kiation of Almshous¢s Con)mon JDVe8tmeni Fund. Thc unrestrictcd fulld compri5CS thosc funds which the Trust¢¢s are free to use for any purposc in firferance of the cljaritablc objects. Furthcr delai18 of cach fund are disclos￿ in notc 8 to the accounts Realised gains losses All gakns and losses are takffl lo the Statement of Financial Activitics as they arise. Realised gains and losses on investments are calculaied as thc differen￿ between sales procccds and thcir opcniDg carrying valuc. Unrcaliscd gains and losses Are calculated as ihe diffcrellce between the rnatket value at the beginning and end of the Peri￿. Realised and unrealis￿1 investment ￿InS and losses are C4)mbined in the Statement of Financial Activities. Trustees expenses and remuneration The trustees all give freely their time and expertise without any fon￿ of rcmuncratioll or other benefit in cash or knnd (2024.. £R)tI). There werc no employees during the cU￿t orprcviow year. Major repairs 2025 2024 Electrical rewiring No I I Replace bal]]mom No I Work in bathroom No I I Replace macerdtOT No 13 Plumbing works_ No 98 2.815 4.770 1,200 I,152 1,488 5,455 5,970 THE JANE HAYES CHARrrY NOTES TO THE ACCOUNTS FOR THE YLIR ENDED srll JANUARY 2025 AccountAncy and profe5$ion41 fees 2025 2024 Accountancy fees 1ndep￿dellt examiners fee 150 150 150 150 300 300 Allocated betweell fullds: LTnrestricted full(Ls Restricied fi]nd 300 300 300 300 2025 2024 I Quoted investments Market value at 6 January 2024 Reinvesttnenl of dlvidend income Additions Disposals N¢t T¢alis¢d investment ￿ill Nel unrealised investment gainl{loss) M•rket value 415 J8nu4ry 2025 125,160 4,773 118217 4,436 4,847 l34,780 2,507 125,160 Hi%toric•l cost 4t 5 January 2025 22.126 22,126 The investments comprise National Association of Ajmshouses ComTnon Invcstment Fund Shares. These include a holding Accumulation SIMrcs with a market valuc of £125,527 forming 93.140/0 of thc markd value of the ￿rtfOlIo. Dividaids received in relation lo tli¢ National Aswialion ofAlmshouses Coinmon Inveslmeni Fund Actiumulation Shares are reinvesied in to the Holding on tbe dat¢ of receipt. 2025 2024 Debtor$ &lld prepayments E)ebtors Prcpaymcnts 592 i92 566 566 All debtors and prepayrnents related to Utirestricted funds ill both 2025 and 2024 TItF JANF, HAYES ClIAR￿y NOTES TO THE ACCOUNTS FOR THE YEAR ENDED iTH JANUARY 2025 2025 2024 Credfitors: amounls falling due withtn one ycar Independ¢nt ¢xamin¢rs fee TV Li¢en¢¢ Acwuntancy fe&8 Light and heat accrual Rents received ill advance 150 150 150 1.008 4,216 5.532 Creditors of £Nil rclaicd to the restricted fund in 2025 (2024: £1,6(K)). 150 2.526 3.601 6.427 Allalysis of charitsble fund5 Unrestricted Restrtcted Endowment Fund Fund Fund Totsl Futids Opttlling at 6 January 2024 Income Expenditure Transfers Gainsl(losses) At 5 Jinuary 2025 121.522 21.688 60,716 3,068 (27,940) {6,950) 11,050 154,260 63,784 (34,890) 1.732 156,030 3,116 20,922 4,848 188,002 11.050 a) The unrestricted fulld is Rvailable to be spent for any of Ihe pwpose5 of the chariry. b) The restricted fund is held as a Tq)air5 reserve for the pmpertics and consists of Accumulation S]wes held in the N￿10￿&1 Ass(￿lation of Altnshouses Conllnon Investment Fund. c) The ¢ndowment fiuul Consists of AlmS1￿vseS and land ai Vicarnge Road. Hereford. -io- THE J.4NF, HAYCI S CHARITY ri OR THE YEAR ENDED iT14 JAf*llARY 2025 IDdependent examiner's report to the trustees of The Jaiie Hayes Cbarity I report on the accounts of The Jane Hayes Cliarity. charity iiumbei. 218578, for th¢ yetu- ended 5 J8nLiary 2025, wl)ich are set out on pages 4 to l O. Respective responsibilities of trustees and examiner As ilie cliai-ity trustees of the Trust )'ou a]'e responsible foi- tl)e preparation of th¢ accounts in ¢ ccordaiice with the requirements of the Charities .4el 2011 ('the Act,). I I'eport iii respect of my ex￿lin￿tIOn of the Trusi's accouiits carricd out undei. sectioii 145 of the 2011 Act and in carryiiig out examination I lia￿.¢ folloM'ed all the applicable Dii'¢¢tions given bj. the Cliai'ity Coininission under section 145{5Xb) of the Act. INilependent examiner's statement I liave completed niy eKainiLiation. I confirni that no Inaterial Inatters hai'¢ ¢om¢ tr> my attention iii ¢onnection with tlie examination giving me cause to b¢lieve that in any tnaterial respect= I , ac¢ouiiting records weir iiot kept in respect of the Tnist a5 r¢quireil by section 130 of the Act. or 2. the awoiints do not accord with those re¢ords' or 3. tlie aceoLiiils do not coinpl). with the appli¢able req1Jire￿e￿ts coneeming the form and content of ¢counts set out in the Charities (Accounts and Repoits) Regulations ?008 other than anj requireiiient tl)ai Ihe gceollllts giv¢ a 'true and fair view which is not a tnatter considered as part of an independeiit exainination. h&ve no Concerns and have come across no other matt¢rs in coi)iieotion witli tlie examination to M,hicli attention should be drawn in this report in order to eiiable a proper uiiderstaiiding of the accouiits lo be l'eached. GAr¢th Vale Accountant .1 Ilolmer Terrace, Holmcr, I lereford. HR4 9RH 14th MarLh 2025