THE JONES FAMILY CHARITABLE TRUST
REPORT OF THE TRUSTEES
and STATEMENT OF ACCOUNTS YEAR ENDED 30TH JUNE 2024
SCOTTISH CHARITY NO. SC046743
THE JONES FAMILY CHARITABLE TRUST
ANNUAL REPORT and STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2024
PAGE
| CONTENTS | |
|---|---|
| Report of the Trustees | 1 - 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Statement of Cash Flows | 6 |
| Notes on Accounts | 7 - 12 |
| Independent Auditor's Report to the Trustees | 13 - 15 |
THE JONES FAMILY CHARITABLE TRUST
Report of the trustees for the year ended 30 June 2024
The Trustees have pleasure in submitting their Report for the year ended 30th June 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, The Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland second edition October 2019) and FRS 102 (second edition issued in October 2019).
Objectives and activities
The terms of the Trust Deed provide that the Trustees shall hold the Trust Fund, and income thereof for the following purposes: (One) for the prevention and relief of poverty and the need in whatever manner the Trustees consider to be appropriate through the provision of financial support to such bodies who will further this provision; (Two) for the advancement of education by supporting training and research and broader education in the development of individual capabilities, skills and understanding; (Three) the advancement of health, which will include the prevention of relief of sickness, disease or human suffering; (Four) the advancement of citizenship or community development; (Five) the advancement of the arts, heritage, culture or science; (Six) the advancement of environmental protection or improvement; (Seven) the relief of those in need by reason of age, ill health, disability, financial hardship or other disadvantage; (Eight) the advancement of animal welfare; and (Nine) the saving of lives DECLARING THAT the Trust Fund shall be applied in accordance with the above mentioned purposes to such charitable bodies, whether incorporated or unincorporated in Scotland and elsewhere as the Trustees shall determine in their absolute discretion.
A review of the achievements and performance
The objectives of the charity during the year were to support charities in line with the objectives. The Trustees fulfilled these objectives by making donations, those greater than 5% of the total donations made are detailed in note 7 of the accounts, to the extent of the revenue balance and capital which was considered appropriate. The donations were agreed at the meeting held during the year.
Financial review
The financial position of the Trust at 30 June 2024 is as disclosed in the Statement of Financial Activities and Balance sheet on page 4 and 5. The deficit from the income and expenditure account is due to donations being shown as revenue payments. The shortfall represents a payment from capital.
Investment policy and performance
The investment managers appointed by the Trustees have over the past fifteen months followed an investment policy in line with the agreed strategy for the Trust's investments, as set out in their Investment Policy Statement. The Investment Policy Statement will be reviewed within the next accounting period. The investment managers report to the Trustees on a regular basis, with the progress and policy reviewed twice annually. The performance of the investments was in line with the objectives.
The total return on all investments, after Brewin Dolphin fees, for 2024 was 8.8 % (2023 5.19%). This compares with the MSCI PIMFA Private Investor Balanced Index benchmark of 14.1% (2023 3.47%).
Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finance of the Trust, and are satisfied that the systems are in place to mitigate their exposure to the major risks. The Trustees consider the major risks to be fluctuations in the value of its investment portfolio and investment returns. The risks are mitigated by the use of external secretaries and on investment managers to ensure the organisation structure is appropriate. The trustees currently have a wide range of skills and seek advice where necessary. Securities are held by Brewin Dolphin. Uninvested cash is held by Brewin Dolphin and Anderson Strathern LLP. An investment policy statement has been prepared.
Reserves policy
The Trustees can make distributions from both income and capital gains generated from investments, while recognising the importance of preserving the real value of the investment portfolio over time. They are prepared to use further capital, as determined by the trust deed, in exceptional circumstances.
1
THE JONES FAMILY CHARITABLE TRUST
Report of the trustees for the year ended 30 June 2024 (continued)
Plans for the future
The Trustees wish to continue to build the capital of the fund, taking due account of risk, to enable them to have sufficient funds to meet the various appeals received from the chosen categories.
Structure, governance and management
The Trust was set up by Roderick Forbes Jones and registered in the Books of Council and Session on 9 August 2016. It was granted charitable status by the Office of the Scottish Charity Regulator (OSCR) on 26 July 2016. It was recognised by OSCR as being a dormant trust, that would eventually come into funds following the death of Mr Jones. It was with great sadness that Mr Jones passed away shortly after the Trust was established. During the accounting period to 30 June 2025 the Trust received the majority of the funds from Mr Jones's estate. The Trust will form a lasting memorial to the late Mr Jones, who had a strong sense of social responsibility and gave generously throughout his lifetime to a wide range of charitable causes. The Trust will continue to benefit the charitable causes Mr Jones supported together with those charities selected at the discretion of the Trustees. Trustees include both family members and external trustee appointments.
The Trust does not actively fundraise and seeks to continue the charitable work desired by the donor through the careful stewardship of its existing resources.
Key management personnel remuneration
(Chairman) and Anderson Strathern LLP (the Secretaries) look after the day to day management of the Trust. All Trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 2 to the accounts.
Trustees are required to disclose all relevant interests and register them with the Chairman in accordance with the Trust's policy and withdraw from decisions where a conflict of interest arises.
Reference and administrative information
Trustees
Day to day management
Anderson Strathern Trustee Company Limited
Principal Office
58 Morrison Street, EH3 8BP
Auditors
MHA 6 St Colme Street, EH3 6AD
Investment Managers
Brewin Dolphin 144 Morrison Street, EH3 8BR
Charity Number: SC014514
2
THE JONES FAMILY CHARITABLE TRUST
Report of the trustees for the year ended 30 June 2024 (continued)
Trustees' responsibilities in relation to the accounts
The charity trustees are responsible for preparing a trustees' annual report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Law applicable to charities in Scotland requires the charity trustees to prepare accounts for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts;
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 (as amended), and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
Approved by the trustees on and signed on their behalf by:
Director, Anderson Strathern Trustee Company Limited
Date
28 March 2025
3
THE JONES FAMILY CHARITABLE TRUST
Statement of Financial Activities for the year ended 30th June 2024
| NOTE Income Donations received 3 Investment income 4 Interest receivable 4 Total income Expenditure on: Raising funds: Investment management costs 5 Charitable activities: Donations 7 Support and governance costs 6 Cost of grant making Total expenditure Net income/(expenditure) before gains and losses on investments Net gains on investments Net income and net movement in funds Total fund brought forward Total funds carried forward |
Year Ended 15 months to 30 June 30 June 2024 2023 £ £ - 4,193,887 133,243 41,242 10,460 5,658 |
|---|---|
| 143,703 4,240,787 |
|
| 36,703 17,122 |
|
| 101,320 250,000 60,519 65,919 |
|
| 161,839 315,919 |
|
| 198,542 333,041 (54,839) 3,907,746 |
|
| 453,973 107,919 |
|
| 399,134 4,015,665 7,593,376 3,577,711 |
|
| 7,992,510 7,593,376 |
All funds are unrestricted
The notes on pages 7 to 12 form part of these accounts.
4
THE JONES FAMILY CHARITABLE TRUST
| Balance Sheet As at 30th June 2024 NOTE Fixed assets: Investments 8 Current assets: Debtors 9 Cash at Bank Liabilities Amounts falling due within one year: Creditors 10 Net current assets Total assets less current liabilities The funds of the charity: Unrestricted funds Approved by the Trustees and signed on their behalf by |
30 June 30 June 2024 2023 £ £ 7,629,240 4,002,917 |
|---|---|
| 10,137 3,338,419 387,423 268,139 |
|
| 397,560 3,606,558 |
|
| 34,290 16,099 |
|
| 363,270 3,590,459 |
|
| 7,992,510 7,593,376 |
|
| 7,992,510 7,593,376 |
|
Director, Anderson Strathern Trustee Company Limited Type text here
The notes on pages 7 to 12 form part of these accounts.
5
THE JONES FAMILY CHARITABLE TRUST
| Statement of Cash Flows As at 30th June 2024 NOTE Net cash provided by operating activities 12 Cashflows from investing activities Investment income Payments to acquire investments Proceeds from disposal of investments Net cash (used in) investing activities Net cash inflow 13 Cash at start of period Cash at end of period Cash comprises: Cash at bank Cash held within investment portfolio |
2024 2023 £ £ 3,147,931 532,506 |
|---|---|
| 143,703 46,900 (4,601,762) (3,927,913) 1,429,412 3,466,196 |
|
| (3,028,647) (414,817) |
|
| 119,284 117,689 268,139 150,450 |
|
| 387,423 268,139 |
|
| 165,675 192,376 221,748 75,763 |
|
| 387,423 268,139 |
6
THE JONES FAMILY CHARITABLE TRUST
Year ended 30th June 2024
Notes to the accounts
1 Accounting Policies
(a) Basis of preparation and assessment of going concern
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (second edition - October 2019), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulation 2006 (as amended).
The trust constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. With respect to the next reporting period, 2024-25, the most significant areas of uncertainty that effect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the trustees' annual report for more information).
(b) Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in reporting
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
(c) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (e) below.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaining to that grant is outside of the control of the Trust.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
7
THE JONES FAMILY CHARITABLE RUST
Year ended 30th June 2024
(d) Allocation of support and governance costs
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.
(e) Costs of raising funds
The costs of raising funds consist of investment management costs and certain legal fees.
(f) Charitable activities
Costs of charitable activities include grants made, governance costs and support costs as shown in note 5 and 6.
(g) Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
(h) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
(i) Debtors
Accrued income is recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any discounts due.
(j) Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
(k) Creditors
Creditors are recognised where the charity has a present obligation resulting from past events that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
All administration expenses are included on an accruals basis and are recognised when there is a legal or constructive obligation to pay for expenditure, it is probable that settlement will be required and the amount of the obligation can be measured.
8
THE JONES FAMILY CHARITABLE TRUST
Year ended 30th June 2024
(l) Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Any reversals of impairment are recognised in statement of financial activities immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
(m) Funds Structure
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.
All the funds of the trust are unrestricted.
2 Related party transactions and trustees' expenses and remuneration
The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2023: £nil).
Anderson Strathern LLP incurred fees of £46,087 (2023: £59,653). At 30 June 2024, accruals due to Anderson Strathern LLP were £3,336 (2023: £4,503.)
3 Donations received
The donations received were from Roderick Forbes Jones's Executry.
| Donations comprised: Cash legacies Donated shares in unlisted investments Investment income Dividends and fixed interest securities Interest on cash deposits |
Year to 15 months to 30 June 30 June 2024 2023 £ £ - 4,193,887 - - |
|---|---|
| - 4,193,887 |
|
| Year to 15 months to 30 June 30 June 2024 2023 £ £ 133,243 41,242 10,460 5,658 |
|
| 143,703 46,900 |
All income is unrestricted.
4
9
THE JONES FAMILY CHARITABLE TRUST
Year ended 30th June 2024
| Year ended 30th June 2024 | |
|---|---|
| 5 Investment management costs Investment management fees All investment management costs are attributable to unrestricted funds. 6 Allocation of governance and support costs Governance Legal fees Auditor's remuneration Support costs Secretaries fees Website design |
Year to 15 months to 30 June 30 June 2024 2023 £ £ 36,703 17,122 |
| Year to 15 months to 30 June 30 June 2024 2023 £ £ 5,116 - 9,000 6,000 |
|
| 14,116 6,000 46,087 59,653 316 266 |
|
| 46,403 59,919 |
|
| 60,519 65,919 |
7 Analysis of charitable expenditure
The charity undertakes its charitable activities through grant making and awarded grants to a number of individuals and institutions in furtherance of its charitable activities.
Donations which are more than 5% of the total donations made in the year are detailed below.
| Royal National Lifeboat Institution Cancer Research UK Game & Wildlife Conservation Trust Royal National Lifeboat Institution Prostate Cancer UK Sight Scotland Edinburgh International Festival Society Greenpeace Env Tst Ltd WWF UK Income Account Sand Dams Worldwide Ltd Wooden Spoon Multiple Sclerosis Society Queens Hall Edinburgh Ltd Zane Zimbabwe A National Emergency Alzheimers Research UK Scottish Chamber Orchestra National Trust for Scotland British Heart Foundation British Red Cross RSNO Society Ltd Birmingham Dogs Home Tahira Animal Welfare Foundation Donations under 5% of total donations |
Year to 15 months to 30 June 30 June 2024 2023 £ £ - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 - 12,500 5,500 - 13,000 - 82,820 |
|---|---|
| 101,320 250,000 |
All charitable expenditure was attributable to unrestricted funds.
10
THE JONES FAMILY CHARITABLE TRUST
Year ended 30th June 2024
8 Fixed Asset Investments
Movement in fixed asset listed investments
| Market value brought forward at 1 July 2023 Add: additions to investments at cost Disposal proceeds Net gain on revaluation Market value as at 30 June 2024 Historic cost |
30 June 30 June 2024 2023 £ £ 4,002,917 - 4,601,762 3,927,913 (1,429,412) (32,915) 453,973 107,919.00 |
|---|---|
| 7,629,240 4,002,917 |
|
| 7,227,791 3,896,944 |
All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and performance sections of the Trustees' Annual Report.
The Trust relies on a combination of capital and growth from portfolio investments and dividend and bond coupon income to finance its work. The value of the portfolio investments fluctuates with market values. The principal risks to the market value of financial instruments held in the trust's portfolio relate to interest rate movements, foreign exchange rate movements and inter-related levels and changes in levels of economic growth and inflation. Government policies have an influence on these factors. Risks to income include the same factors, which influence dividend levels and the creditworthiness of bond counterparties. Investor expectations, which affect the market price of investments are related to these factors, but are not always objectively derived.
The Trust manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges.
| 9 Debtors Donation received from Sue Jone's SIPP Accrued dividend income Total |
30 June 30 June 2024 2023 £ £ - 3,331,518 10,137 6,901 |
|---|---|
| 10,137 3,338,419 |
All accrued income related to unrestricted funds in both 2024 and 2023.
11
THE JONES FAMILY CHARITABLE TRUST
Year ended 30th June 2024
10 Analysis of current liabilities and long term creditors
| Analysis of current liabilities and long term creditors | Analysis of current liabilities and long term creditors | |
|---|---|---|
| 30 June 30 June Creditors under 1 year 2024 2023 £ £ Legal fees 5,116 - Anderson Strathern - management fees 3,336 4,503 Brewin Dolphin - investment management 10,838 5,596 Audit fee and Trustees' expenses 15,000 6,000 34,290 16,099 All creditors in 2024 and 2023 relate to unrestricted funds. Analysis of charitable funds 2024 Realised and Restated Unrealised Balance Gains and Fund b/fwd Income Expenditure Losses c/fwd £ £ £ £ £ 7,593,376 143,703 (198,542) 453,973 7,992,510 2023 Realised and Restated Unrealised Balance Gains and Fund b/fwd Income Expenditure Losses c/fwd £ £ £ £ £ 3,577,711 4,240,787 (333,041) 107,919 7,593,376 Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 £ £ Net movement in funds 399,134 4,015,665 Deduct interest income shown in investing activities (143,703) (46,900) Deduct gains/add back losses on investments (453,973) (107,919) Donated investments - - Decrease (increase) in debtors 3,328,282 (3,338,419) Increase (decrease) in creditors 18,191 10,079 3,147,931 532,506 Analysis of net funds at 1 July at 30 June 2023 Cashflows 2024 £ £ £ Cash at bank and in hand 268,139 119,284 387,423 |
30 June 30 June 2024 2023 £ £ 5,116 - 3,336 4,503 10,838 5,596 15,000 6,000 |
|
| 34,290 16,099 |
||
| Realised and Unrealised Gains and Fund Losses c/fwd £ £ 453,973 7,992,510 |
||
| 2023 Restated Balance b/fwd Income Expenditure £ £ £ 3,577,711 4,240,787 (333,041) |
Realised and Unrealised Gains and Fund Losses c/fwd £ £ 107,919 7,593,376 |
|
| 3,147,931 532,506 |
||
| at 30 June Cashflows 2024 £ £ 119,284 387,423 |
11 Analysis of charitable funds
12 Reconciliation of net movement in funds to net cash flow from operating activities
13 Analysis of net funds
14 Legacies
The charity is the residual beneficiary in the estate of Sue Jones's, the share of which is still to be determined.
12
Independent Auditor’s Report to the Trustees of the Jones Family Charitable Trust
Opinion
We have audited the financial statements of the Jones Family Charitable Trust (the ‘charity’) for the year ended 30 June 2024 which comprise the statement of financial activities, the balance sheet, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 30 June 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the report of the trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the report of the trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
13
Independent Auditor’s Report to the Trustees of the Jones Family Charitable Trust (continued)
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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proper accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
14
Independent Auditor’s Report to the Trustees of The Jones Family Charitable Trust (continued)
Auditor’s responsibilities for the audit of the financial statements (continued)
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Enquiry of management and those charged with governance around actual and potential litigation and claims;
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Enquiry of charity management and those charged with governance to identify any instances of noncompliance with laws and regulations;
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Performing audit work over the risk of management override of controls, including the testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of the charity’s activities and reviewing accounting estimates for bias;
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Reviewing minutes of meetings of those charged with governance;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities.This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
MHA Statutory Auditor 6 St Colme Street Edinburgh EH3 6AD
28 March 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
MHA is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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