[joeysteele]

It means there is nothing in law that can be taken to a court, the thing that anyone falsely accused of a crime hopes to hear all the time.

The law states Jim has nothing to answer to and is taking no action and in fact doing no more investigation as to him either.
Anyone who had false allegations made, who went through over a year of being intensely investigated and all things 'checked out' too.
When they were then told no charges will be brought,no caution of any kind put in place and no further investigation would be going on,that person would likely celebrate like crazy.

You cannot be deemed guilty of something if you are not on bail for anything,have not been charged with anything and even moreso been taken to court for it either.
That person is therefore 'not guilty' of anything as to the law.