REGISTERED CHARITY NUMBER: 1002966 REPORT OF THE TRUSTEES AND AUDITED FIIYAIYCIAL s'fATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 OR THE ERIC WRIGHT CHARITABLE TRUST Fairhurst sta￿tOry Auditor Chartered Accountants Douglas Bank House Wigan Lan¢ Wigan Lancashire WNI 2TB THE ERIC WRIGHT CHARITABLE TRUST COIYfENTS OF THE FIINANCIAL ST ATEMENTS for the Ye4r Ended 31 December 2024 Page Trnstees report 2to7 Trust¢es' responsibilities stafrm¢nt Independent auditors report 9t0 11 Introduction lo the financial siatements 12 Consolidated statement of financial activities 13 Consolidated balance sheet 14 Trust balance sheet 15 Consolidatrd cash flow statement 16 Notes to the consolidated cash flow statement 17 Notes to the financial statements 181050 Page I THE ERIC WIUGHT CHARITABLE TRUST TRUSTEES REPORT for Ihe Year Ended 31 December 2024 The TTusl¢¢s pres¢nt their report with the financÈal statements of the Charity for the year ended 31 December 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Staternent of Recommended Practice appllcable to charities preparing their accounts in accordance with the Financial Reportin¥ Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). STRUCTURE, GOVERNANCE AND MANAGEMENT Goverlllng document The Charity was established by deed on the 23 April 1990. The Trust was granted charitable status on 17 May 1991 a5 a general charitable trust with registered charity number 1002966. Organisalional structure The Trustee5 meet at least four times a year to agree strategic direction, receive reports from staff, approve budgets and finance reports and endorse new poli¢ies as well as Changes to existing policies. The Trustee5 are also rnembers of key Sub-committees that meet periodically throughout the year lo discuss Finance, Investment and Governance, CharAtabl¢ Giving and Remuneration. The day-to-day responsibility for the Eric Wright Charilable Trust rests with a board of twstees who use professional advice and support where required. Retruitment and appolntment of new trustees The power to appoint new trustees is vested in ihe settlor, Eric Wright, during his lifetime and, following his death. in Alison WrighL a Trustee of the Charity. New trustees are appointed as and when required and deterniined by the cU￿¢￿t trustee body and the needs of the Charity in consuliation wilh the setslor. One new trustee was appointed during theyear. When appointingT]ew trustees. the trustees seek to address the issue of any skill and knowledge gap wiihin their body. JDduction and tr#ining of new trustees New trustees will be subject to training as required by their previous experience. Ongoing training is provided to the existing trustees as required. R¢lat¢d partles The Charity is related to its subsidiaries. Water Park Limited and Henmead Limited, and in turn all of Henmead's subsidiaries, and a]so to the Eric Wright Leaming Foundation, a charitable company limited by guarantee of which the Trust is a member and provides the majority of its funding. Confliets of inlertst The T￿st operates in accordance with its Conflict of Interest policy. From time to time the Charity rnay make grants to organisations with whom one or more of its Trustees is connecled, typically as a Trustee or member of staff. The Trustees make every effort to ensure that decisions on these granls are made at arnis-length, and in accordance with their policy for dealing with potential conflicts of inteTest. Risk management The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen Ihese risks. The prlncipal risk5 identified by the T￿SteeS relate to financial controls, risk managgment within the operating subsidiaries. and investment. The policies in relation to financial controls and risk manageinent are reviewed on an annual basis. In relation to investrnents, the Trustees review these in conjunction with investment advisors on a quarterly basis. Financial Controls.. The Trustees operale on a day-to-day b&8is in accordance with their financial controls policy, which is fornially reviewed and updated on an annval basis. Page 2 THE ERTC WRIGHT CHARITABLE TRUST TRUSTEES REPORT for tbe Year Ended 31 Deeember 2024 Operating Sybsidillrles.. There are detailed procedures in place in relation to risk management within the operating subsidiaries. In the c&se of Water Park Limited, the directors meet three times a year as a Board and piovide operational and financial ￿pOrtS to the Trustees on a biannual basis. In ihe case of Henmead Limited and its subsidiaries, the dlrectors of thes¢ oper&tional boards meet on a monthly basis and provide operational and financial reports to ihe TTUStees on a quarterly basis. There are a150 a number of reserved matter5 that require the consent of the Trustees before they can be implemented by the operational boards of Henmead Limitd and its subsidiaries. The Tru5t¢¢5 meet with the auditors of Henmead Limited and of its operating subsidiarie5 at their June meeting to receive their annual audit report and discuss any rccommendalions arising. which infornis ihe Trustees, approach to ongoing risk manageJncnt within ihat operating subsidiary. The Finance Sub-committee consisting of four Trustees meet with the auditors of the Eric Wright Charitable Trust at their September Tneeting to receive iheir annual audit report. InvestmeDts: The Trustees receive quarterly reports from iheir Investment advisors. who also present an annual rq)ort in person at the Trustees. sub-committee meeting to give their advice and address any matters. In addition lo the above, the Trustees formally r¢vi¢w risk n)anagement on an annual ba51S. Charity Commission GovernAnce Code The Trustees have taken note of and follow¢d the Charity Commission Governance Code where appropriate. Remun¢rAtioD No Trustees are remunerated by the ChaTity. The Charity does not have any ¢mployees. ORIEcfivES AND ACTIVITIES Grant Maklllg Policy The Eric Wright Charitable Trust is a general charitable trust with unrestricted objects. However, the Trustees have prioritised donations lo charitable activities based in the North West ofEngland within th¢ following sectOTS- Youth Developmcnl Elderly Care Education and Training Carers, Support Services Health Support Services Community and Voluntary Service Organisations Mental Health Child and Family Support Protedures And policy for grant making The Trustees operate the following Grants Programmes referred to as the Charitable Giving Str4tegy'. a Major Grants programme for grants equal to and exceedin¥ £25,¢N)o, typically for medium-sized charities. Charitable organisations are invited to apply for these following an initial Teview and meeting with one or more of the Trustees. Application for a Major Grani is by invitation only and by way of a forrnal Grant Applicalion Fonn stating, inter ali4 how the fi]nds would be used, what would be achieved, how results would be measured, and providing constitutional and fmancial informatioT]. In rcsponse to donee requests, in 2023 the Trustees introduced a pilot initiative to provide multi-year funding to a small nurnber of charities on the Grants Programme. These charities are now entering into tbe third year of the granl award and are reporting on their current suGGesses as a result of the multi-year funding. a Community Grants programme for grants between £5,000 and £25.000. typically for Small lo medium sized harilies. Charitable organisations aT¢ invit¢d to apply for these following an initial review and meeting with one or more of the Trustees. Application for 8 Community Grant is by invitation only and by way of a forn)al Grant Application Forni stating how the fvnds would be used and providin8 constitutional and financial information. a Small Grants Programme for grants under £5,000, typically for small charities. Appli¢ations are made in the fiTSt instance by letter orviathe Trust's website and are subjerf io such requirements as the Trustees believe are appropriate in relation to the nature of the applicant organisation a￿1 the siz¢ of the grant. Page 3 THE ERIC WIUGHT CHARITABLE TRUST TRUSTEES REPORT for the Yewr Ended 31 December 2024 The TNstees deal with approvals under each Grant Programme in the manner they believe is approprlate to that Grant Programme. Public Benefit The Trustees confinn that they have had due regard to the ChaTity Commission's general guidance on public benefit in planning future strategy. developing graiit-making policy and in muking grants. The Trustees believe ihat the Charity achieves significant social benefit through the following activities: its opcration of the WutCT Park facllily.. the public benefil of which 15 considered below its mcJnbership of the Eric Wiight Learning Foundalion, the public benefit of which is considered bolow its grant-making strategy, which airns at providing funding lor charities, typically small and medium sized operating in the North West of England, whlch Ihe'frustees believe provide a wide range of public benefit, with particular ernphasis on the health. well-being and education of local residents and the development of local communities. HowcvLr, given that thc Trust has unrestricted objects, the Trustees retain full discretion to make grants for any charitabl¢ purpose as th¢y se¢ fil. depending upon th¢ circumstances. Significant aetivitieg Th¢ ￿tiViti¢5 of the Charity are set out below. ACHIEVEMENT AND PERFORMANCE Charitable YdCtivitie5 for the public beDefrt During the year, the Trust continued to opeTat¢ in fi]rther8nce of the objectives stated above. Its principal a￿1vilIeS were &$ follows.. Water Park Outdoor Pursuits Centre Water Park is an outd(K)r pursuit centre owned by the Trust on Coniston Waler in the Lake District aimed at helping young people, many from disadvantaged backgrounds, to spend time in a wholly different learning environment and assist their s¢lf-development. The centre does this by providing lailored and progressiv¢ outdoor adventurous experiences which develop confidence, raise self-esteem and increase an awareness of self, others and the environment. The progressive adventhre approach accompanied by visiting teachers, collaboration will ensure a Water Park visit delivers ihe maximum life enrlchment available through outdoor adventurous activities. The teachers from the respective schools stay wilh the children and frequently comment on ihe positive impact that the stay at Water Park has had. Comments include.. Improves }'oung people's ability to work together and tolerate others Their resilience and perseverance is improved Young people who may 5truggl¢ academlcally are allowed to shine in this different environment The opportunity to escape from a challenging home life and to be a cllild for a week is imrneasurable The educalional benefit of such courses can be seen from the fact that many l)ookings are return visits from schools who now see a visit to Water Park &$ an integral part of the broader cu￿1¢U1um. The operdtion of Water Park is undertaken ihrough a wholty owned subsidiary. Water Park Limited, the company responsible for running the centre. Day to day management and operation of the centre is dclegated to a management team who, in turn, report to Water Park Limited. Subsidies from the Trust are availablc for individuals or groups who cannot afford to attend. Applicalions for a subsidy are considered in accordance with guidelines established and are periodically reviewed by the Trustees in order lo ensure objectivity. This approach enables support lo be focused towards groups or individuals where the need is greatest. In the year to 31 D¢c¢rnber 2024, the tolal operating cosi for Water Park was £1,484,000 (2023.. £1.262.¢X)O). It is not envisaged that Water Park Limited will generale an operating SUTplus in the for¢s¢eable future and as a consequence the Trustees have factored an ongoing financial commithient in suppori of the subsidiary into the reserves policy. During the rinancial year under review the Trust provided funding of £1.180,000 to Water Park Limited. The Trustees ar¢ sali5fied that the Water Park facility meets the Charity Commission's guidan¢e on public benefit. Page 4 THE EIUC WIUGHT CHARITABLE TRUST TRUSTEES REPORT for tbe Year Ended 31 December 2024 The Erlc Wright LeArning Foundation The Trust is a member of the F.ri¢ Wright Learning Foundation, a ¢harAtable company limited by guarantee, and provides the funding io support its activities. The Learning Foundation aims to: inspire young people to be the best they can be support progress from early interactions through education and positive learning experiences thai reflect a real world environment reate oppurtunities for meaningful careers through relalionships with industy employer5 The Learning Foundation works in partnership wilh Preston's c.ollege to provide vocational training for both the 14-16 and 1&18 learner cohorts ij) addition to scholaTships for 16-18 students across the following Irades= Brickwork Plastering & Joinery Painting & Decorating Plumbing Electrical Support is provided by the Learning Foundation to 14-16 learners through mentoring, PPÉ, bursaries, and the opportunity to access apprenticeships or furthcr training. During the financial y¢ar under reviewthe Trust provided ￿ndIng of £67,IKIO to Thc Eric Wrigbt I￿rning Foundation. Charitsble Grant M8kiDg Slr4t¢gy During 2024, the Trustees delivered their charitable giving strategy by WOTking wilh a wide number of organisation5 ￿To$S the North West of England. Donations of £2,160,000 (2023: £1,728,0￿) were made to 123 registered charities predominantly working within the sertOTS listed below. Youth D¢velopment Elderly Care Education and Training Carers, Support Services Health Support Services Community and Voluntary Service Organisations Child and Family Support Mental Health Examples of some of the projects within these sectors that the Tntstees have supported with Major Grants include.. Youth Development: a number of Youth Zones in ihe North West that provide slaie of the art facilities for young people. Funding from Ihe I'rnst has supported the Youtb Zones lo deliver a variety of initialives to givc young people new skills and experiences to achiev¢ their potential. Elderly: North West bascd charities supporting Elderly people were fijnded to deliver initiatives including inforniation and advic¢ servlces. activity centres and progTammes for elderly people, and tniliatives helping service users feel less isolated and Tnore supported in later life. Mental Health: project5 range from supporting young people in school setiings and older teenagers with their wellbeing and mental health, to family focused projects and adults with mental health conditions who need addilional support with welfare righis and debts. Carers Support Services: a range of diverse services d¢S1￿)ed to support carets in various circumstances. PToje¢ts iT]¢lude assistance for carers looking after individuals with dementia, and tailored support foTyoung carers responsible for a parent. These services may adopt a whole-family approach. particularly for families affected by parental mental health issues or substance misuse. as well as providing support to families caring for a child with a lif¢-limiting illness. Healtb: projects run by charities focused on health care and well-being such as the development of a digital hub and befriending service for visually impaired people. creative support for young people with complex mentsl health conditions and a programme to support critically unwell ¢hildren to make positive rnemories with their families whilst in hospital. Page 5 THE ERIC WRIGHT CHARITABLE TRUST TRUSTEES REPORT for the Year Ended 31 December 2024 Community and Voluntary Serviee5: The Trustees have worked with a number of CVS organisations across the North West to provide grant funds managed by the local CVS organisation which can be accessed by sn]all grass roots organisations, thereby building community cohesion and rediicing social isolation. FINAIYCIAL REVIEW PriD¢ipal funding sourees The Eri¢ Wright c.haritable Trust is funded by donations from Henmead Limited. In¢ome generated by the managed investment portfolio is reinvested within the wrtfolio. Investment policy and obJectlves There are no restrictions on the Trustees, powers to invest. To the extent that future accumulated reserves exceed the Trust's short to medium-temi obje¢tives, the Trustees will be seeking lo build reserves to strengthen the long-terni sustainability of the Trust as well as to develop the flexibility lo fund multi-year grants and larger projects that also meet its criterla. Investment p¢rformAnce The TTUSt has three principal investments in addition to ihe cash balances retained to fi]Ifil the operational reserves poli￿. These ar¢ the property at High Nibthwaite, Cumbria" the IOOO/o shareholding in Henmead Limited" and a portfolio of investments managed by Brewin Dolphin Investment Managers. High Nibthwaite The property is rented out to Water Park Limited at an annual rcnt of £80,000 per annum, representing a return of 3.6 % on the investment. The property is presently valued at £2,500,(K)O and is subject to Ihree-yearly revaluation& la8t valued with an effective date of31" December 2023. Henmead Limited The Trust is sole shareholder of Henmead Limiled. a subsidiary company with a net book value of £J 01,428.000. Financial results for Henmead Limited are published separately. Managed Investment Portfollo The managed investment portfolio was valued at £3,886,000 as at 31st December 2024. The Twstees have appointed professional investment advisors who advise on investment policy and strategy and asset allocation. The Trustee5 have aligned the investment risk profile with other charitable organisations and are confident that the inveslment strategy Mryll serve the Tnjst well. Reserves policy It is the wlicy of the Trust to maintaTn cash filnds at a level that will match committed expendlture. The reserves include a minimum of two years, committed expenditure at any one time and incorporate the multi-year grant programme, enabling the Trust to honour its comrnith]ents and make future pledges. Under ihe t¢rnis of the Trust Deed, the General Fund 15 expendable at the Trustees, discretion. All unexpended ￿ndS are theiefore held in the General Fund. The Trustees intend to continue moniioring the value of the General Fund in real terms to ¢nsure that they are able to achieve both income and capital appr¢ciaiion so as to maintain the existing level of charitsble giving for the foreseeable future. At the year end the value of res¢rv¢5 held was £113,472,000. Going Concern After making enquiries, the TTU5tees have a reasonable exp￿tatIOn that the Charity has adequaTr resources to continue in operational exislence for the foreseeable future. Accordingly. they continue to adopt a going concern basis in preparing the financial statements. Pag¢ 6 THE EIUC WRIGHT CHARITABLE TRUST TRUSTEES REPORT for the Year Ended 31 De¢¢mb¢r 21124 PLANS FOR FUTURE PERIODS The current Charitable Giving Strategy will conclude at the end of 2025 and the Trustee5 will ¢ontinue to evolve the strategy in preparation for implementing a new strategy in 2026. REFERENCE AND ADMINISTRA TJVE DETAILS Registered Charity number 1002966 Principal addre55 Sceptre House Sceptre Way Bamber Bridge Preston Lancashire PR5 6AW Trustees M E Collier H J Ma¢Donald A Wright J M Collier M Newsholme CJ Wilson P Martin (appointed 27A1312024) REFERENCE AND ADTrllNISTRA TIVE DETAILS Audllors Fairhurst Audit Services Ltd Statutory Auditor Chartered Accountants Douglas Bank House Wigan Lane Wigan Lan¢ashire WNI 2TB BaDkers Royal Bank of Scotland PLC Corporate Setvice Centre PO Box 2027 Parklands De Havilland Way Bolto BL6 4YU Page 7 THE ERIC WIUGHT CHARITABLE TRUST TRIISTEES REPORT ror the Year Emded 31 Deeember 2024 STATEMENT OF TRUS'I'EES RESPOIYSIBILI'I'IES The Trustees are responsible for preparing the Report of the l-rustees and ihe financi21 statements in accordance with applicablc law and United Kingdom Accounting Standards (United Kingdom Generdlly Acccpted Accounling Practice). The law applicable lo charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the Trnstccs lo prepare financial statemeT]ts for each financial year whith give a true and fair view of the state of affairs of ihe c.harity and of the incoming resources and application of resources, including ihe incoIne and expenditure, of the Charity for that period. In preparing those financi￿ statements, the Truste¢s are required lo select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charity SORP. make judgements and estimates that ar¢ reasonable and prndent. state wh￿her applicable accounting standards have been followeiL subject to any material departures disclosed and explained in the financial statements; prepare the financial statements 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 which disclose with reasonable accuracy al any time the financial position of the Charity and to enable them to ensure that the financial statements comply with ihe Charities Act 2011, the Charity (Arwunts and Reports} Reguldlions 2008 and the provision5 of the trust deed. They ar¢ also responsible for safeguaTding thc assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud ijnd other i￿egUlar1tie5. Approved by order of the Board of TTUStees on ai aols and signed on its behalf by: 1114,aL H J MACDOIYALD Truste¢ Page 8 INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE ERIC WRIGHT CHARJTABLE TRUST Opinion We have audited the financial statements of The Eric Wright Charitable Tr￿t (the 'parent charitable company,) and ils subsidiaries (Ihe 'group"') for the year ended 31 December 2024 which comprise the Inlroduclion to the Flnancial Statements, Group Statement of Financial Activities, the Group and Charity Balance Sheet, the Group Cash Flow Ststement and related notes to th¢ fmancial statements. including a summary of significant accounting policies. The financial reporting framework that ha5 been applied in iheir preparation is applicable law alld United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Acceptcd Accounting Practice). In our opinion the finaT]cial statemcnts= give a true and fair view of ihe state of the Group's and of the paTcnt charitable compayry's affairs as at 31 December 2024 and of its incoming r(sources and application of resources, including its income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Ac¢ow)ting Practice" and have been prepared in accordan¢e with the requirements of the Charities Act 2011. Basls for opinion We Conducted our audit in a¢cordance with Internalional Stsndards on Auditing {UK) (ISAS (UK)) and applicable law. Ourresponsibilities under those sLqndards aTe furtherdescribed in the Auditors responsibilities forthe audit of Ihe financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevanl to our audit of the fmancial statements in the UK, including the FRC'S Ethical stalldar￿ and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that ihe audit evidence we have obtained IS SUtTicient and appropriate to provide a basis for our opinion. Comelusions relating to golng concern In auditing the fiTJancial statements, we have concluded that the Trustees. use of the going concern basis of accounting in tbe preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to eventg or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to Continue as a going Concern for a pcriod olat least twelv¢ months from when the financial statements are authorised for i&sue. Our responsibilities and the responsibililies of the Trusters with respect to going concern are described in the Televant sections of this report. Other information The Trustees are responsible for the other infonnation. The other infornlation comprises the infortnation included in the annual repor( other than the financial ststements and our Report of the Jndependent Auditors thereon. Our opini(m on the financial statements doe5 not cover the oiher infonnation and, except to the extent oiherwise explicitly stated in our report, w¢ do nol express any foTm of &ssurance conclusion thereon. In connection with our audit of the fmancial slatements, our responsibility is to read the other inforniation and, in doing so, consider whether the other inforniation is materially inconsistent with the financial slatem¢nls or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsislencies or apparent material misstatemcnts, we are required to det¢rniine whether this gives rise to a material misstatemenl in the financial statements themselves. I£ based on ihe work we have perfornied, we ¢onclude that there is a material rnisstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Page 9 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ERIC WRIGHT CHARITABLE TRUST Maltews whl¢h we gre required to report by exeeptlon In ihe light of our knowledge and understanding of the charitable company and its environment obtained in the course of tlie audit, we have not identified material misstatements in the Trustees Report. We have nothing to report in respect of the following matlers in relation to which the Charities Act 201 J requires us to report lo you if, in our opinion: the parent charitable company has not kept adequate and sufficient accounting records, or re￿r￿S adequate for our audit have not been received from branches not visited by us; or the parent charitable company financial statemenls are not in agreement with the accounting records and returns. or certain disclosure5 of Trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more ￿llY in the Statement of Trus*es Responsibilitie4 the Truste¢s are responsible for the preparation of the financial sthtements which give a true and fair view. and for such inlernal control as the Trustees determine is necessary to enable the preparation of flnancial siatements that are free from material misstalement, whether due to fraud or error. In preparing the financial statements, the Trnstees are responsible for assessing the Group's and the parent ¢harAlabl¢ ompany's ability to continue as a going Concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Trustees eithcr intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditor's responslbfilltles for the Audit of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under se¢tion 154 of that Act. Our objectives are to obtain reasonable assurance ab)ut whether the flnancial statements as a whol¢ are free from material misstatement, whelher due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of ￿Urance, but is not a guarnnte¢ that an audit conducled in accordance with ISAS (UK) will always detect a material misstatement when il exists. Misslatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could Te&8onably be expected to intluence the economic decisions of users taken on the basis of these financial 5tatemenÉ& I￿¢gUlarIties, including fraud. are inslances on non-compliance with laws and regulations. We design procedures in line with OUT r¢sponsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. Th¢ extent to which our procedures are capable of detecting I￿¢gu]ar1ties. including fraud is detailed below.. We obtained an understanding of the legal and Tegulatory framework within which the Charity operates, focusing on those laws and regulations that have a direct effect on the deterniination of material amounts and disclosures in the financial statements. Th¢ laws and regulations we considered in this context were the Charities Act 2011, Financial Reporting Standard 102 and the Charities Statement of Recommended Practice (SORP). We identified the ￿eatest risk of material impact on the financial statement from irregularities, including frauiL to be the override of controls by management and the completeness of income. Our audit procedures to resp)nd to these risks included enquiries of management about their owi identification and assessment of the risks of irregularities, sample testing of journals and reviewing accounting e51imales for biase4 reading minutes of those charged with governance and designing audit pro¢edur¢s to test the timing of income. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misslaiem¢nts in the financial staternents, even ihough we have properly planned and performed our audit in a¢¢ordan¢¢ with accounting slandards. We are not responsible for preventing non-compliance and cannot be expected to detect non- compliance wilh al laws and regulations. A further description of our responsibilities for the audit of the flnancial statements 15 located on the Financial Reporting Council's website at www.frc.org.uklauditOTsresponsibilities. This description foms part of our Report of the Independent Auditors. Page 10 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ERIC WRIGHT CHARITABLE TRUST Fairhurst Audil Services Ltd is eligible for appointment as auditor of the charity by virtue of its eligibility for appointn)ent &8 auditor of a company under section 1212 of the Con)panies Aci 2006. Use of our report This r¢y)rt is made solely to the Charity's Trustees, as a body, in a¢¢ordance with Chapt¢T 3 of Part 8 of the Charilies Act 2011. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required lo slate to them in an auditors, report and for no other purpose. To the fullest extent permltted by law, we do not accept OT assume responsibility to anyone other than the Charity and the Charity's Trust¢¢s as a body, for our audit work, foT this reporL or for the opinions we have formed. Falrbursl Audlt Servlees Ltd Stalutory Auditor Douglas Bank House Wigan Lane Wigan Lancashire WNI 2TB Date: Pagell THE ERIC WRIGHT CHARITABLE TRUST INTRODUCTION TO THE FINAP4CIAL STATEMENTS for the Year Ended 31 December 2024 The Eric Wright Charitable Trust (the Charity) owns Water Park Limited and Henmead Limited, th¢ latter being a group of non-charitable trading companies operating in the property and construction indlsslry. Water Park Limited and Henmead Limited are wholly owned subsidiaries and, as required by charitable law, are consolidated into charithble accounls as presented in the Financlal Statements on the 5ub5equent pages. The Statement of Financial Activities for the Charity has been reproduced below to present the activilies of the Charity prior to the consolidation of the subsidiary companies (Henmead Limiled and Water Park Limited). 2024 £000 2023 £000 INCOME AND ENDOWMEIYTS TrROM: Donations and legacies Investment incorne 3,634 347 3,326 255 3,981 3,581 EXPENDITURE OIY: Raising funds Charitable 4divitles: Financial assistance to Water Park Ltd Grant to institutions other than Water Park Ltd 212 223 1,106 2,160 893 1,728 3,478 2,844 Operating surplus 503 737 Net gainsl(losses) on investments 9,505 (2,358) NET MOVEMENT IN FU￿,Ds 10,008 {1,621) A proportion of the profits from Henmead Limited (which trades through the Eri¢ Wright Group of Companie5) are donated annually to the Eric Wright Charitable Trust. The Charity uses the donation from Henmead Limited io support local ¢harities as outlined in the Charitable Giving Strategy contained within th¢ Trustees Report and lisied in Note 10 of the accounts. Surpluses are invested in a managed share p)rtfolio to provide future stability and fulfilmenl orihe Charity's obj¢ctives. Page 12 THE EIUC WRIGHT CHARITABLE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 Deeember 2024 2024 Totil fuDds 2023 Total funds Notes £'ooo £'ooo INCOME AND ENDOWMENTS FROM Donations and legacies Commercial trade operation Charltsble Activities Third party fee income paid to Water Park Invesiment income 308262 246,272 380 268 371 174 Total incoming resources 308,912 246,818 RESOURCES EXPENDED Costs of generating funds Raising funds Commercial trade operation 45 240.281 299260 CharitAble activities Grants to oth¢r Charitable bodies Costs of operating Water Park and governance activities 2.160 1,728 1,570 1.361 Total Tesources expended 303,038 243,415 Gainl(10&8) on revaluation of investment Property Net gain on investments 851 321 (1.405) 197 NET INCOME 7,Ib46 2,195 Other reeognised gAinsl(losses) Re-me&8uremenl of the net defined benefit liability Share of comprehensive incomel(loss) of joint ventures & associates Effective portion of Changes in fair value of cash flow hedge Defe￿¢d tax on other comprehensive (loss)lincome 167 2,421 (121) (3,239) 578 (204) (625) 169 2962 (3,816) Total Incomel(loss) for the ye4r IOA1118 (1,621) RECONCILIATION OF FUNDS Total funds brought forward 103,464 105,085 TOI'AL FUNDS CARRIED FORWARD 113472 Page 13 THE ERIC WRIGHT CHAIUTABLE TRUST CONSOLIDATED BALANCE SHEET At 31 December 2024 2024 Total funds 2023 Total ￿ndS Notes £'ooo £'ooo FIXED ASSETS Intangible assets Tangible assets Ini'estments Investmenls Investment propeTty 15 16 lJ93 11,982 1,605 17 18 17,964 14,020 118.772 110,218 CURRENT ASSETS Stocks Debtors Cash at bank 19 20 29,563 98,790 31,366 90,411 153,801 143.291 CREDITORS Amounts falling due wiihin one year 21 (111,668) (102.892} NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 160,905 150,617 CREDITORS Amounis falling due after more than one year 22 {40,996) (39,481) PROVISIONS FOR LIABILITIES Deferred liability Pensions and similar obligations Other provisions 26 27 28 (4250) (2,142) (45) (5,176) (2,467) (29) NET ASSETS 113.472 FUTr4DS Unrestricted funds 29 113,472 TOTAL FUNDS 113,472 103.464 The financial statements were approved by the Board of T￿SteeS on and were sig d on its behalf by: ai(,.I HJMACD Trustee NALD Page 14 THE ERIC WRIGHT CHARITABLE TRUST TRUST BALANCE SHEET 31 Deeember 2024 2024 Total funds 2023 Total ffijnds Noles £'ooo £'ooo FIXED ASSETS Tangible assets Investmen¢$ Inveslmenls Inveslment propety 16 15 17 17 18 10.SJ14 2.500 95.742 2.500 107.829 98,259 CURRENT ASSETS Debtors Cash at bank 20 407 5.365 262 5,772 5,476 CREDrroRS Amounts falling due within one year 21 {129) (271) TrIET CURRENf ASSETS 5.205 TOTAL ASSETS LESS CURRENT LIABILITIES 113,472 103,464 NET ASSETS 113 472 103.464 FUIYDS Unrestricied funds 29 113.472 103 464 TOTAL FUNDS 113472 103,464 The fmancial statements were approved by the Board of Trustees and authorised frjr issue on ai l io l aoJS and we e signe on its behalf by.. HthJ JCL H J MACDONALD Trustee Page15 THE ERIC WIUGHT CHAIUTABLE TRUST CONSOLIDA TED CASH FLOW STATEMENT for the Year Ended 31 December 2024 2024 £'ooo 2023 £'ooo Noles Cash nows from operating Activities: c.ash generated from operations Tax paid 15,492 656 Net L'ash received from operating Activities 13a35 621 Cash flows from investing aetivities: Purchase of inlangible fixed assets Purchase of tangible fixed assctl Purchase of fixed asset investment5 Purchase of investment property Sale of tangible fixed assets Repayment of loans New loans Interest received Dividends received (290) {1,278) (3.133) (794) 5,929 3,822 (52) 98 345 (7,18S) (1,564) (6,672) 13J55 3,048 (135) 177 513 Net Cash provided by Investlng activities Cash flows from finAiicing activities: Loan repayments in year (Decrease)Ilncrease in dire¢tors' loan (10.689) 249 (6,507) Net cash used in financing gctivities 5,446 Change in cash 8lld casb equivaleDts in the r¢porting pcriod CAsh casb equival¢ntS At the begimniDg or the reporting perRod 3,934 (178} 21.514 21,692 Cash and cash equivalents at tbe end of tbe reporting perlod 21,514 Page 16 THE ERIC WRIGHT CHARITABLE TRUST IYOTES TO THE CONSOLIDATED CASH FLOW STATEMENT for the Year Ended 31 December 2024 RECOIYCILiATION OF NET INCOME TO IYET CASH FLOW FROM OPERATING ACTIVITIES 2024 £'ooo 2023 £'o(x) Net income for the reporting period (as per the statement of nnanelal activities) 10,008 (1,621) Adjustments for: Depreciation charge5 Gain on investments Interest rcceived Dividends received Revaluation of investment properties and listed investments Operaling profit of joint ventures & associates Profit on disposal of investment propety and fixed assets Taxation Decrease/(increase) in stocks Increase in Irade and other debtors In¢Twe in trade and other creditors Other Comprehensive Income Movement in Provision 595 (320) (177) (90) 477 (197) (98) (76) 1.405 (3.562) (215) (388) (11.042) (8,062) 20,667 3,816 (4,233) (2J50) 1083 1.803 {9,205) 22280 (2962) li 387 448 Net c¥sh generated from operating *etfvlties 15,492 656 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 £'ooo 2023 £'ooo 21.514 C&8h & cash equivalents Totsl Cash and cash equivalents Page 17 THE ERIC WRIGHT CHARITABLE TRUST NOTES TO THE FINANCIAJ, STATF.MENTS for the Yeor Ended 31 December 2024 ACCOIIIYTING POLICIES Th¢ Eric Wright Charitable Trust {"the Trust) is a Charitable Trust registered and domiciled in the UK. The accounting policies set out below hav4 unless oiherwise siaied, been applied consistently to all periods presented in these financial statements. Judgements made by the Trustees, in the application of these accounling policies that have gignificant effect on the financial stalements ai)d estimates witl) a significant risk of rnaterial adjustment in the next year are discussed later in accounting policies under the title 'Accounting estimates and judgements,. Bthsis of preparing the financial statcm¢llts The financial slaiemenls of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charitie5 SORP (FRS 102) 'Accounling and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing thLiT accounts in accordance wilh the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Rcporting Standard 102 The Financial Rcporilng Siandard applicable in the UK and Republic of Ircland, and the Charitics Act 2011. The financial stateTnenls havc been prepared under the historical cost convention with the exception of investments which are included at market valu4 as modified by the revaluation of certain assets. All amounts in the financial statcments have been rounded to the nearest £l.000. Going coneern The Trust's activities are sel out on the Trustees, report sel out on pages 2 to 7. Th¢ financial position of the Trust 15 sel out in the balance 5h¢& on page 15. The financial risk and management of financial risk is explained in the Trustees, report. The Trustees have a reasonable expectalion ihat the Charity has adequate resources to continue in operalional existence for the foreseeable future. Thus, Ihey Continue to adopt the going concern basis of a¢¢ounting in preparing the annual fmancial Statements. Consideration of going ¢on¢em for subsidiary entities is made at Henmead level and the Trustees agree with the conclusion fonned. Jneome Income from charitable activities is recognised once the Trust has entitlemei)t to the incom4 it is probable that the in¢onie will be received and the amouni of the income can be reliably measured. Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer econornic benefit to a third party, it is probable that a transfer of econornic benefits will be required in settlement and the amount of the obligation can be me&8ured reliably. Expenditure on charitable aclivities is incurred on directly undertaking the activities which further the groups objectives, as well as any support costs. Granls payable are charged in the year when payment is made OT an uncondilional offer is made. Grants offered subject to conditions which hav¢ not been met at the year end are noted within the reserves notc a commitrnent. but not accTued as expcnditure. Expenditur¢ is inclusive of irrecoverable VAT. where appropriate. Paupe 18 THE ERIC WRIGHT CHATUTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED for the Ye4r Ended 31 December 21J24 ACCOUNTIL¥IG POLTCIES- tontinued Basis of consolidation The consolidated financial slalements include the financial statements of ihe Charity and its subsidiary undertakings made up to 31 December 2024. A subsidiary is an entity that is controllLd by the Charlty. The results of subsidiary undertakings are included iT] the consolidated statement of financial activities frorn the date thal control COTY]mences until the date that control ceases. Control is eslabli5hed when the Charity has the power to govern the operaling and flnancial poli¢i¢s of an entity so as to obtain benefits from its activities. In assessing control, the Henmead Limited group of companies referred to as Group, takes inlo consideration potential voting righis ihal are cutTently exerci5ablc. The Henmead Limited group of companies is controlled by the Charity, consequently the gross income and expenditure from its operations are presented on the StatemcDt of Financial Activities for both thc current and the comparative period. An associale is an entity in which the Group has signiflcant influence, but not control. ovcr the operating and rinancial policies of the entity- Significant influence is presumed to exist when the investor holds between 200/0 and 500/0 of the cquity voting righis. A joint venture is a contractual aTrangement undertaking in which the Group exercises joinl control OV¢T the operating and f￿anCIal policies of the entity- Where the joint vcnture is carried out through an entity, it is treated as a jointly controlled entity. The Group's share of the profils less losses of associates and of jointly wntrolled entities is included in Ihe ¢onsolida¢ed statement of financial activities and its interest in their net assets is record on the balance sheet using the equity method. Where the￿ is no obligation, commitment or guarantee by the group to fund the joint venture operations or make payments on behaifof the investees and there is no TDtention to in the future, then the share of net liabilities Tecogmised in the group consolidated balan¢e sheet is restricted to the value of the investment made by the group. Where a group company is paty to a joint venture which As not an entity, that company accounts directly for its share of the income and expendiNre, assets. liabilities and cash flows. Such arrangements are reported in the onsolidated financial statements on the same basis. Basls of PTepAriDg the finantial statements In the consolidated financial statements. investments in subsidiaries> jointly controlled entities and associates are carried at cost less impairment. In the accounts of the Trust, the investments in subsldiaries are Carried at Net Asset Value. Turnover Turnover in respect of irading activities is included in'other income" within income on the Statement of Financial Activities. Thrnover is stated Tjet of VAT. In respect of the contrdGtAng activities, tumover represents the value of work done in the year including estimates of amounts not invoiced and adjustments relating to prior years which have been agreed during the year. In respect of the ¢OTnTheTcial development activities, turnover represents ihe sale of property Tecogniscd on complelion. With regard to foThvard fimded comrnercial schemes, revenue is recorded equivalent to the level of costs incu￿ed. Whcre development manageTnent services are perforn)ed, revenue is recognised in line with the coinpletion of perf0m￿nCe obligations throughout the duration of the contra6￿. Development managem¢nt fees are recognised as they are carned or in line with contractual milestOT)es. In respect of the residential development activity turnover 15 recognised on completion of property sales. In respect of the Public Private Partnership and management aclivities turnover represents the value of services suppli¢d during the year. Rentsl income is recognised on a straight-line basis over the associated lease terni. All amounts are derived within the Uniled Kingdom. Page 19 THE ERIC WRIGHT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 December 2024 ACCOUNTING POLICIES- eontinued Cla$sifieAtion or rinancial instruments issued by ihe group In a¢¢ordaT]¢e with FRS 102.22, financial instruinents issued by the group are treated as equity only to the extent that they meet the following tH'o conditions- (a) they include no contractual obligalions upon the Group to deliver cash OT Other tinancial asseis or io exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable lo the group. and (b) where the instrument will or may be settled in the entity's own equity instruments, il is either a non-derivaiive that includes no obligation to deliver a variable number of the entity's own equity instruments or is a derivative that will be settled by the entity exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. Basle flllanelal instruments Trade and other debtors I creditors Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequenl lo initial recognition they are measured at amortised cost using the effective interest method, less any impairnient losses in the case of trade debtors. Ifthe arrangement constitutes a financing transaction, for example if payment is deferred beyond nonnal busine55 temis, then it is measured at the present value of ￿tllre payments discounted ai a market rate of interest for a similar debt instrument. ITJterest-bearino borrowin s classified as basic financial instruments Interest-bearing borrowings are recognised initially at the present value of future payrnentg discounted at a markel rale of interest. Subsequent to initial recognition, interesl-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses. Investments in ference and ordin shares Invesiments in equity instruments are measured initially at fair value, which is nornially the transa¢tion price. Transaction costs are ex¢luded if the inveslments are subsequently measured at fair value. Subsequent to initial recognition investments that can be measured reliably are measured at fair value with changes recognised in the Statement of Financial Activities. Other investments are measured at cost less impairment in the Statement of Financial Activities. Cash and cash e uivalents Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and f(￿M an integral part of the Charity's cash managernent are in¢lud¢d as a component of cash and c&sh equivalents for the purpose only of the cash flow statement. Finance lease debtors Al the commencement of the lease tern), a finance I￿se is recorded in the balance sheet as a receivable, al an amount equaj lo the net investment in the lease. Th¢ net inv¢stment in a lease is the gross investment in the le&8e discounted at the interest rale implicit in the lease. The gross investment in the lease 15 the aggregate of: The minimum lease paymenls receivable under a finance1&gse' and Any unguaranteed residual value accruing to the company. Initial direct cosls (Costs that are incremental and directly attributsthle to negotiating and arranging a lease) are included in the initial measurement of the finance lease receivable and reduce the income recognised over the lease term. Finance income is recognised based on a pattern reflecling a constant periodi¢ rate of return on the net investmenl outstanding in respect of ihe finan¢e lease. Page 20 THE EIUC WRJGHT CHARITABLE TRUST OTES TO THE FINANCIAL STATEMENTS- COIYTINUED for the Year Ended 31 Dectmber 2024 ACCOUNTING POLICIES - ¢onllnu¢d 1.10 Other fln9neial instruments Financial instruments not considered to be Basic financial insiruments Other financial instrument$ Other financial instrument5 not meeting the definition of Basic Financial Instrnments are recognised initially at fair value. Subsequent lo initial recognition other financial instruTnents are measured at fair value with changes recognised in the Slatement of Financia] Activities except as follows= invesiments in equity instrumLnts that are nol publicly traded and whose fair value canT]Ot otherwise be m￿Ured rcliably shall be measured at cost less impairment; and hedging instrumenis in a designated hedging relationship shall be recognised as set out overleaf. Derivative financial instrnments and hed in Within the Trust no derivative finaTkcial instruments exist how¢ver, the below represents those derivalive financial instruments that occur in the Henmead group accounts and are included in tb¢ Trust accounts on consolidation. Derivative financial instruments are recognised at fair value. The gain or loss on remeasurement to fair value is recognised immediately in profit or loss. However, where derivatives qualify for hcdg¢ ￿￿OuntAng, recognition of any resultant gain or loss depends on the nature of the item being hedged (see below). 1.11 Hedge aeeounting Fair value hed es Within the Trust no fair value hedges exist however, Ihe below represents those fair valu¢ hedges that occur in the Henm¢ad group accounts and are included in the Trust accounts on consolidation. Where a derivative fjnancial instrument is designaled as a hedge of the variability in fair value of a recognised asset or liability an unre¢ognised firn] commitment, all changes in the fair value of the derivative are recognised immdiately in the Statement of Financial Activities. The carrying va]ue of the hedg¢d item is adjusted by the change in fair value that is attributable to lh¢ risk being hedged (even if it 15 normally carried at cost or amortised cost) and any gains or losses on remeasurement are recognised immediately in the income statement (even if those gains would noTm&lly be recognised directly in reserves). If hedge aGcounting is discontinued and the hedged finan¢ial asset or liability has not been derecognised, any adjustments to the carrying anjount of the hedged item are amortised into the Stai¢m¢nt of Financial Activities using the effective interest method over the remaining life of the hedged item. Cash flow hed es Within the Trust no cash flow hedges exist however. the below Tepr¢s¢nts those cash flow hedges that occur in the Henvnead group accounts and are included in the Trust accounts on consolidation. Where a derivative financial instrument is designated as a hedge of the vaTiability in cash flows of a recognised asset or liability, or & highly probable forecasl transaction. the effective part of any gain or loss on the derivative fjnancial instrument is recognised directly in other COrnPTehensive income. Any iT]effective wrtion of Ihe hedge is recognised immediatcly in the Statement of Financial Activities. For cash flow hedges, whcre the forecast transactions resulted in the recognition of a non-flnancial asset or non- financial liability. the hedging gain or loss reGognised in other recognised losses is included in the initial cost or other carrying amount of the asset or liability- Alternatively, when the hedged item is recognised in profit or loss the hedging gain or loss is reclassified to the Statemenl of Financial A¢tivities. When a hedging instntment expircs or is sold. teTminated or exercised, or the entity discontinues designation of the hedge relationship but the hedged forec&st transaction 18 Still expected to o¢cur, the cumulative gain or loss at that point remains in equity and is recognised in accordance wilh the above policy when the transaction occurs. If the hedged transaction is no longer experted to lake place, the cumulative unr¢alised gain or Ioss recognised An equity is recognised in th¢ income ststement immediately. Page 21 THE EIUC WRIGHT CHARITABLE TRUST LIOTES TO THE FINANCIAL STATEMENTS - CONTINUED ror Ihe Ye*r Ended 31 Dec¢mb¢r 2024 ACCOUNTIIYG POLICIES- conilnued 1.12 Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impainnent losses. Wl]ere parts of an itcm of tangible fixed assels have different useful lives, they are accounted for as separate items of tangible fixed assets, for example land ts treated separately from buildings. Lcascs in which the entity assumes subslantially all the risks and rewards of ownership of the leased asset are Llassified as finance leases. All other leases are classifled as operating leases. Leased assets acqiiiTed by way of finance lease are stated on initial recognition al an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease. including any increme7]tal costs directly attributsble to negotiating and arranging the lease. Ai initial recognition a finanee lease liability is recognised equal to the fair value of the leased asset or, if lower, the present value of the minimilln Icase payments. The present value ofthe minimum lease payments is calculated using the interest rate implicit in the lease. Lease payments ￿e accounted for as described below. The company asse5se5 at reportiT]g date wh¢th¢r tangible fixed assets (including those leased under a fmance lease) are impaired. Depr￿latIOn is charged lo the Statement of Financial Activities on a strdight-line basis over the estimated usefijl lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease lerni and their vsethl lives. Land is not depreciated. The estimated usefi]I lives aTe &8 follows.. Freehold buildings - Leasehold land and buildings - PlanL machinery and scaffolding Fixtures and fittings - Motor vehicles - Computer equipment l%oncost 1- 40/0 on cost 150/0 on reducing balance 150/0 on reducing balance 25010 on reducing balance 330/0 on cost Computer equipment is included in fixknTeg and fittings in note 16. Depreciation methods, useful lives and residual values arL rcvicwed if there is an indicalion of a significant change since l&st annual r¢poriing date in the pattern by which the group expects to consume an asset's future ￿onoMiC benefits. 1.13 Business eombinatiolls Business combinations are accounted for using thL purchase method as at the acquisition dale, which is the date on which control 15 transferred to the cntity. At the 3CqUlSltion date. thc group recognises gwdwill as: - the fair valuc of the consideration (excluding contingent C4)nsideration) transf¢rred' plus estimated amount of contingent consideration (see below)- plus the fair value of the equity instruments issued- plu5 directly attributable transaction costs- less - the net recognised amounl (gencrally fail valu¢) of the idenllfiable assets acquired and liabilities and contingent liabilities assumed. Consideration which is contingent on fvture events is recognised based on the estimated amount if the contingent onsideration is probable and can be measured reliably. Any subsequent Changes to the aniount aTe treated as an adjustment to the cost of the acquisition. FRS 102.35 granted certain exemptions from the full requirements of FRS 102 in the transition period. The Group elected not to Testate business combinalions ihat took place prlor to l January 2014. In respect of acquisitions prior to l January 2014. sO￿jw11l is included on the basis of ils deemed cost, which represents the amount recorded under old UK GAAP. Intangible assets previously included in goodwill, arg not recognised separalely. Page 22 THE ERIC WRIGHT CHARITABLE TRUST NOTES TO THE FINATrICIAL STA TEMENTS . CONTINUED for the Year Ended 31 December 2024 ACCOUNTING POLICIES - continued 1.14 Intangible assets Within the Trust no intangible assets exists however, Ihe below represents intangible asset5 that occurs in the Henmead group accounts. Intangible assets relate to computer software which is stated at cost less accumulaled amortisation. Amortisation is charged to the profit and loss account on a straight-line b&8is over the estimated useful life which is l O years. 1.15 Stock and work in progress Sto¢k and work in progress is Stated at the lower of Cost and net realisable value. Cost includes all direct expenditure and an appropriate proportion of fixed amd variable overheads. 1.16 Investment property Invesiment properties are properties which are held either to earn rental income or for ¢apital appreciation or for both. Investment properties are recognised initially at cosl. Subsequent to initial recognition investment properties whose fair value can be measureJJ reliably without undue Gost or effort are held at fair value. Any gains or losses arising from Changes in the fair value are recognised in Ihe Statement of Financial Activities in the period that they arise. and no depreciation is provided in Tesped of investment properties applying the fair value rnodel. 1.1 7 Construction eontraet debtors Within the Trust accounts no constrnction contract debtors exist however, the below Tepresent$ those ¢onstruction contract debtors that occur in the subsidiary accounts. Amounts recoverable on long tenn contracts represents the ￿OsS unbilled amount for COntr￿l work perfonned to dale. They are measured at cost plus profit recognised to date (see the revenue accounting policy) less a provision for foreseeable losses and less progress billings. Variations are in¢lud¢d in contract revenue when they are reliably measurable and it is probable that the customer will approve the varlation itself and the revenue aTising from the variation. Claims are included in contract revenue only when they are reliably measurable and negotiations have reached an advanced stsge such th￿ it is probable that the customer will accept ihe claim. Cost includes all expenditure related directly to specific projects and an allocation of fixed and variable overheads incurred in the entity's ¢ontra¢t activities based on nornlal operating capacity. Amounts recoverable on long frmi Contracts are presented as part of trade debtors in the balance sheet. If payments re¢¢ived from customers exceed the income recognised, then the difference is wesented as payments on account in the balance theel. Page 23 THE EIUC WRIGHT CHARITABLE TRUST PIOTES TO THE FINANCIAL STATEMEIYTS- CONTINUED for the l'ear Ended 31 December 2024 ACCOUNTING POLICIES - eonifinued 1.18 Impalrment excluding 5tock& inve5Ément properties and delerred tax asset$ Financial assets in¢lvdin trade and oiher debtors A finan¢ial asset not carried at fair value thTough the Statement of Financial Activities is &8sessed at each reporting date to deterniine whether there is obj¢ciive evideii¢e that it is irnpaired. A financial asset is impaired if objective evidence indicates that a loss event has occiirred after the initial recognition of the asset: and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. An impaimient loss in respect of a financial asset measured at amortised cost is calculated as the difference between its canying amount and the present value of the eslimaled future cash flows discounted at the asset's original effeclive interest rale. For financial instruments m&￿ured at cost less itnpairnient, an impairnienl is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Inte￿$t on the impaired asset continues to be recognised throu￿ the unwinding of the discount. Impairnient losses are re¢ognised in the Statement of Financial Activities. When a subsequent event causes the amount of impaimient loss to decrease, the decrease in impaim)ent loss is reversed through the Statement of Financial Activities. Non-financial assets Within the Trust accounts no non-fman¢ial assets exist however, the below represents those non-financial &ssets that occur in the Subsidiary accounts. The carrying amounts of the entiry's non-financial assets, other than investment property, stock5 and deferred tax assets, are reviewed at each reporting date to detemiine whether there is any indication of impairment. If any such indi¢alion exists, then Ibe asset's recoverable amount is estimated. The recoverable amount of an asset or cash- generating unir is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are di5¢0unted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the assel. For the purpose of impairnient testing. assets that cannotbe tested individually are grouped together into the smallest group of assets that generates Cash inflows from continuing use that are largely independent of the cash intlows of other asset5 or groups of a5sels (the 'cash-generating unit"). The goodwill acquired in a business combination, for the purpose of impairment testing is allocated to cash-generating unils, or ("CGU') that ar¢ expected to benefit from the synergies of the combination. For the PUTpose of goodwAII impairment testing. if goodwill cannot be allocated to individual CGUS or groups of CGUS on a non-arbilrary basis, the impairment of goodwill is detemiiDed using the Tecoverable amount of the acquired entity in its entirety, or if it has been integrated then the entire group of entities into which it h&8 been integrated. An impairment loss is recognised if the carrying amounl of an asset or its CGU exceeds its estimaled recoverable amount. Impairment losses are recognised in the Statemenl of Financial ActlVAties. Impairmentlosses recognised in respect of CGUS are allocated first to reduce the ￿rryIng amount of any goodwill allocated lo the units, and then to reduce the carrying amounts of ihe oiher assets in the unit (group of units) on a pro Taia basis. An impairnient loss is reversed if and only if the reasons for the impairment have ¢¢&8ed to apply. Iinpaim)ent losses recognised in prior periods are assessed at each reporting date for any indications that ihe loss has decreased or no longer exists. An tmpaArn)ent loss is reversed otlly to the extent that the asset's carying amount does not exceed Ihe ¢arrying amount that would have been deterniined, net of depreciation or amortisation, if no impairnieni loss had been recognised. Page 24 THE EIUC WIUGHT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEIIIENTS - CONTINUED for the Year Ended 31 December 2024 ACCOUNTING POLICIES- continued 1.19 Employee benefi1$ Defined contribution lans and other lon lerni em lovK benefjts A defined contribution plan is a post-employment benefil plan under which the covnpany pays fixed contributions into a sepaTate entity and will have no legal or constructive obligalion lo pay thrther amounts. Obligalions for conlributions to defined contribulion pension plans are recognised as an expensc in thc profjt and loss accounl in the perii)d5 during which services are rendered by employees. The GTOUP ope￿leS a defjned contribution pension scheme. Thc assets OF the scheme are held separately from those of the GTOUP in an independenily administered ￿lld. The amount charged to ihe Statement of Financial Activities represents the wntributions payable to the scheme in respecl of the aGwunting period. Diiferences between contributions payable in the year and conlributions actualty paid are Shown as either other credttors or prepayments in the balance sknt. Defined benefit lans Wiihin the Trust no defined benefit plans exist however, the below represents those defined benefit plans thal occur in the Henmead group accounts and included in the Trust accounis on consolidation. A defined benefit plan is a post-employmeni benefit platt other than a defined contribution plan. The entity's net obligation in respe¢t of defined benefil plans is ¢al¢ulated by cstimating the amount of ￿tUre benefit that ernployees have earned in rethrn for their service in the current and prior perifyjs. that benefit is discounted io detern)ine its Pre￿nt value. The entity determines the net interest expense (income) on the net defined benefit liability for the period by applying ihe discount rate as d¢tern]ined at the beginning of the annual period to the net defJDed benefit liability taking account of changes arising as a result of contribull￿S and benefit payments. The discount rate is the yield at the balance sheel date on AA Lredit raied bonds denominated in the currency of, and having maturity dates approximating, to th¢temis ofthe entity's obligalions. A valuation is perforn)ed annually by a qualified actuary using the PTojected unit credit Jn¢th(wJ. Changes in the net defmed benefit liability arising from employee s¢rvic¢ rendered during the peri￿, net interest on net defined bencfit liability, and the c05t of plan introductions, benefit changes, curtailments and settlements during the perÉod are recognised in the Statement of Tr inanciaj Activities. R¢measureTnent of the net defined benefit liability is recognised in other comprehensive income in the peri(yJ in which it occurs. 1.20 Provision$ A provision is rc¢ognised in the balance sheet when the entity has a preseni legal or constructive obligation a5 a result of a past evenl, that can be reliably measured and it is probable that an outtlow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting dat¢. Where the Trust enteTS into finan¢Aal guarantee contracts to guarantee the indebtedness of other companies within its group, the company treats the guarantee conira¢t as a ¢ontingent liability in its individual financial statements until such time as it becomes probable thai the company will be required lo make a payment under the guarantee. Page 25 THE ERIC WRIGHT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED for the Year Ended 31 Deeember 2024 ACCOiINTING POLICIES- coDtinued 1.21 Expenses eratin lease Payments (excluding costs for services and insurance) made under operating leases are recognised in the Sialement of Financial A¢tivities on a straight-line basis over the lerni of the lease unless tlie payments to th¢ lessor are structured to increase in line with expecled general infiation; in which &gse ihe payments related to the strnctured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the lerm of the leas¢ as an integral part of the total lease expense. Flnance lease Minimum lease payments are apportioned between the finan¢¢ charge and the reduction of the outstanding liabillty using the rate implicit in the lease. The finance charge is allocated to each period during the lease term so as lo produce a constant periodic rale of interest on the remaining balance of the liability. Contkngent rents are charged as expenses in the periods in which they are incurred. Interesl receivable and Interest 'able Interest payable and similar charges iii¢lude interest payable, finance charges and finance leases recognised in the Statement of Financial Aclivilie5 using ihe effective interest method and unwinding of the discount on provisions Ihat are re¢ognised in the Statement of Financial Activities. Other interest receivable and similar income Include interest receivable on funds invesied and net foreign exchange gains. Interest income and interest payable are recognised ll) the Statement of Financial Activities as they a￿rlle, using the effective interest method. Dividend income is re¢ognised in the Statement of Financial Activities on the date the entity's right to receive payments is established. Foreign currency gains and losses are reported on a net basis. 1.22 Taxalion The Trust is exempt from taxation in respect of income or capilal gains, to the extent that such income or gains are applied exclusively to charitsbl¢ purposes. Tax on the profit or loss for the year for tradin8 subsidiaries comprises current and deferred tax. T&x is recognised in the statement of financial activities ex¢¢pt to the extent that it relates to items recO￿lIS¢d dirertly in equity or other gains and losses, in whi¢h ¢&se it As recognised dir￿tlY in equity or other gains and losses. Curreni ￿ As the expected tax payable or receivable on ihe taxable income or loss for the year, using lax rat¢s enaded or substantively enacted at tl)e balance sheet date, and any adjuslmenl to tax payable in respect of previous years. Defe)Ted tax is provided on timing differences which arise from ihe inclusion of income and expenses in lax assessments in periods different frotn those in which they are recognised in the financial statements. The following timing dtfferences are not provided for.. dlfferences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all condilions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries, associales and joint ventures to the extent that it is not probable that they will reverse in the foreseeable futhre and the reporting entity is able to control the reversal of the timing difference. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-laxable or are disallowable for lax or because certain tsx charges or allowances are grealer or smaller than the co￿¢SpOndIng income or expense. Deferred tax is provided in respect of the additional tax that will be paid or avoided on diff¢r¢nces betsveth) the amount at which an asset (other than goodwill) or liability is recognised in a business wmbination and the corresponding amount that can be deducted or assessed for tax. Goodwill is adjusted by the amount of such defe￿ed tax. Deferred lax is measured at ihe tax rate that is expected to apply to the reversal of the related difference, using tsx raies enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. UnrelAeved tax losses and other defe￿ed lax assets are rewgnised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future tsxable profits. Page 26 THE ERIC WRIGHT CHAIUTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTIIYUED ror tb¢ Yur Ended 31 December 2024 ACCOUNTING POLJCtES - continued 1.23 Fund accouDlillg All funds are held within unr¢5tricted reserves, which are available for use at the discretion of the Trustees in furtherance of the charitable objectives of the Group. ACCOUNTING ESTIMATES AND JUDGEMENTS (x) Key sourees of estimation uncertglnty In gpplying the Group's Aceounting policies Preparation of the financial statements requires the Trustees to mak¢ estimat¢s. The items across the group statements wheTe these estimateg have been made include.. Contracl turnover Amounts recoveTable on ￿ntraCtS and rovisions Th¢ amount ofprofit attributable to the stage of ¢ompletion of a long-term contract ts recognised when ihe outcome of the contract can be foreseen with reasonable cenainty howev¢r there is inherent judgement in this ass¢s5ment. Turnover for such contracts is stated by reference to the costs incuffed as a proportion of the total anticipated contract Costs, less amounts recognised in previous years. Wicre the outcome cannot be reasonably foreseen, revenue is recognised to the ex¢ent of costs expensed as i￿￿[red. Arnounts recoverable on contracts represent ihe gross unbilled amount foT contract work perfonned io date. Provision is made for any 10&8es as soon as they are foreseen. The provisions are Tecognised ai the best estimate of the amount required to settle the obligation at the reporting dale. Life c 'cle rovision The Eric Wright Group has contractual obligations to maintain prop¢rties owned by LIFT entities and other third parties over the lives of those assets. The receipts are under contract however the timing and quantum of cosls differs resulting in a provision on the balance sheet. Due to the duration of the life cycle contracts, there 55 uncertainty regarding th¢ timing and extent of the Gosts required to maintain the assets and judgement is therefore r¢quired in order lo assess sU￿1clenCy. Trade debtors Held within trade debtors aTe contract trade debtors that represent billed amounts for Contract work perfonned to date. Contract trade debtors are regularly reported and moniiored to ensure the full amount is recovered. Provision is made for doubtful debts. Defect riod rovision Durlng the prioryear, new legislation was introduced which resulied in an extension to the limitation ￿rIOd within the Building Safety Act. This creatsd the potential for future liabililies on a small number of buildings whi¢h were constrncted in the past 30 years. A provlsion for future costshas been ¢alculated based on the inforn)alion currently available, consequently £0.9m h&8 been included wiihin accruals. (b) Critical aeeountlng Judgements in applying the Group's Aeeountlng polleles Certain critical accounting judgements (apart from thos¢ involving estimations included above) in applying the Group's accounting policies de5Gribe41 below. Investmenl ro Investment properties are initially recognised at cost. Subsequent to initial recognition investmenl properties whose fair value ¢an be measured reliably are held at fair value. Whilst the investment properties are valued by external experts, there are a number of judgernents adopted in resped of items such as yield and lease renewals which affect the overall valuation. Loans to int ventUTe5 Loans to joint ventur¢5 are initially recognised at cosl. The loans are reviewed annually for impairnient via a review of the joint ventures cash flow forecast, which incorporates assumpiions, No impaimient As recognised as future trading and cash flow fore¢asts demonstrate tbe joint ventures have suificient funds to meet repayment of the loans as they fall due. Page 27 THE ERIC WRIGHT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- C.ONTJNUED for the Year Ended 31 December 2024 ACCOUNTING ESTIMATES AND JUDGEMENTS- eontinued Investments in oinl ventures To the exlenl that the Henmead group have no legal or constructive obligation to fund the share of historic losses reeognised in the joint ventures the value of the investmenl is restricted to the value of the investments made. Classification of financial instruments Financial instruments (see note 25) are recognised inilially al fair value. Subsequent to initial recognition financial instruments are measured at fair value with ¢hanges recognised in the Ststement of Financial Aclivili¢s. Where the financial instrument falls undei the ¢lassifi¢atioii of hedging instruments and is in a designaled hedging relalionship the effective part of any gain or loss on the derivative financial instrument is reco￿ls¢d directly in other gains and losses. Any ineffective portion of the hedge is recognised immediately in the Statement of Financial Activilies. The assessment of hedge effectiveness requires judgement. Defined benefit lan The Group's net obligation in respect of defined benefil plans is calculated each year by a qualified A¢thary and using the estimates set out in note 27. Full provision for the liability is rewgnised in the GTOUP accounts. DONATIONS AND LEGACIES The ￿nt income Can be represented as: 2024 £'ooo 2023 £'ooo Other Page 28 THE ERIC WIUGHT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEIYTS - CONTINUED for the Ye*r Ended 31 December 2024 COMMERCIAL TRADE OPERATIONAL INCOME 2024 £'ooo 2023 £'ooo Group turnover Oiher operating incom¢- rental income Profil on disposal of investment property Share of profit in Joint Ventures Interest receivable and similar income 291,774 232.278 5.461 215 3.562 4,756 2J50 4233 4J02 308262 Commercial trade operational income relates to the Hetm]¢ad Limited group of cornpanies. INCOME FROM CHARITABLE ACTIVITIES 2024 £'Doo 380 2023 £'ooo 371 Activity Third party fee income paid to Waler Park Water Park fees received INVESTMENT INCOME 2024 £'ooo 91 177 2023 £'IK)O 76 98 Other fjxed asset investment Deposit account interest 174 Page 29 THE ERIC WRIGHT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTJNUED for the Year Ended 31 Deeember 2024 RAISINC. FIINDS Other Irading activities 2024 £'ooo 48 2023 £'ooo 45 Purchases COMMERCIAL TRADE OPERATIONAL EXPENDITURE 2024 £'ooo 2023 £'ooo Cost of sales Administraiive expenses Interest payable and similar expenses Tax on profit on ordinary activities 267J40 27.446 3,092 212,408 24.430 3,831 388 299,260 240,281 Commercial trade q)erational expenditure relates to the Henmead Limited group of companies. CHARITABLE ACTIVITIFS COSTS Grant funding of activities sUp￿rt costs (See note 10) (See note I l) £'ooo £'ooo 275 212 Direct costs Totals £'ooo 1,081 £'ooo 1,358 212 2.160 Costs of operating Water Park Governance costs Grants to othcr Charitable l)odies 2,162 487 Page 30 THE ERIC WRIGHT CHARITABLE TRUST Tr40TES TO THE FINANCIAL STATEMENTS - CONTIIYUED for ib¢ Year Ended 31 December 2024 io. GRANTS PAYABLE 2024 2023 £'ooo Grants to other Charitable bodies 2,160 1,728 2024 £'ooo 2023 £'ooo Grants paid to institulions other than Water Park Limited are categorised into the following sectors.. Health 551 295 Youth 307 280 Council for Voluntary Services 278 270 Mentsl H¢alth 274 222 Elderly 251 145 Carers 202 159 Child and Family sUp￿)rt J84 270 Education & Training 75 Other 33 12 2,160 1,728 Page31 THE ERIC WRIGHT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEh'TS- COIYTINUED for the Year Ended 31 December 2024 CHARITABLE SUPPORT COSTS Support Costs, included in the above, are as follows: Covernanc¢ costs 2024 2023 £'ooo Recharge of administrative resources Auditors, remuneration Accountancy and l¢gal fees Trustees and sundry expenses 153 18 40 103 15 102 212 222 Audit fees across the group are disclosed as: 2024 £'ooo 2023 £'ooo Trust auditor (Fairhurst)-. Audit of Trust and Water Park subsidiary 18 15 Henmead Limtted auditor: Audit of Henmead Limited financial slatements Audii of flnancial statemenls of subsidiaries of Henmead Limited Taxation advisory services 194 io 184 45 230 251 Page 32 THE ERIC WRIGHT CHARITABLE TRUST NOTES TO THE FIIYANCIAL STATEMENTS- CONTINUED for the Ytar Ended 31 Deeember 2024 12. TRUSTEES, REMUNERATION AND BENFFITS There were no trusttres, iemuneralion or other benefits payable by the TTUSt for the year ended 31 December 2024 nor for the year ended 31 December 2023. Howev¢r. during the year two TTUStees received benefits for their foTmer rol¢ as a director of two of the non- haritsble trading subsidiaries {2023= two). One I'rustee also Teceived remuneration for supplying ad hoc professional advisory servitts to subsidiari¢5 Within the Hemnead Limited group (2023: one). Trustees, expenses During the year Trustees were reimbursed atolal of £592 (2023: £772) io cover out of ￿￿ket expenses. Direetors, r¢muner2tion key man*gem¢nt personnel Durin¥ the year Directors, and key management personnel of tbe Henmead group were c¢)mpensated for their service5 as follows: 2024 2023 £'ooo Directors, remunwation Benefits in kind Company contributions to money purchas¢ pension plans 2209 1,823 96 38 2a09 1,865 Inforniation regarding the highest paid director is as follows: 2024 £'ooo 2023 £'ooo Remuneration 903 Retirement benefits are a¢￿u]ng to two (2023: one) director under a defined contribution scheme. The remuneration of the Directors of Henmead Limited is disclosed above. The additional r¢muneTation of the DiTectors of Eric Wright Group Limitod (key management personnel) is set oui below. 2024 £'ooo 2023 £'ooo Key management personnel remuneration 1,158 Page 33 THE EIUC WRIGHT CHARITABI,F. TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 Deeember 2024 13. STAFF NUMBERS APID COSTS The average number of persons employed by the Group (including Trnstees) during the year, analysed by ¢at¢gory. was as follows.. 2024 2023 Dir¢¢t lubour Administration 460 499 394 473 959 867 The aggregate payroll costs of these persons were as follows: 2024 £'ooo 2023 £'ooo Wages and salaries Social security costs Contiibvtions to defined contribution plans 40,676 3,892 4J48 36,632 3,735 3.941 14. TAXATION During the year no tax was directly payable by the Trust. Taxation was paid by subsidiary entities and is disclosed in llote 8. 15. INTANGIBLE ASSETS Group Software £'ooo COST At l January 2024 Additions 2.111 At 31 December 2024 2,111 AMORTISATION At l January 2024 Aniortisation charge for year 506 212 At 31 De¢ember 2024 718 NET BOOK VALUE At 31 December 2024 lJ93 Ai 31 December 2023 1,605 Trust Th¢ Irust dLKS not hold any goimlwill or intangible assets. Page 34 THE ERIC WRIGHT CHARITABLE TRUST NOTES TO THE FIIYANCIAL ST ATEMENTS - CONTINUED for the Year Ended 31 December 2024 16. TANGIBLE FJXED ASSETS Freehold property £'ooo Long leasehold £'ooo PIIDI and machiDery £'ooo Group COST At l January 2024 Additions Transfer Disposals 4.039 6,164 {361) 1,061 300 2,851 621 361 45 At 31 Dec¢mber 2024 1.361 DEPRECIATION Ai l January 20?4 Charge for year Eliminated on disposal 403 34 360 25 2,264 209 37 At 31 December 2024 437 385 NET BOOK VALUE At 31 December 2024 9.405 976 lJ52 At 31 De£ember 2023 701 587 Fixtur¢$ and ritting5 £'ooo Motor vehieles Totals £'ooo COST At l January 2024 Additions Transfers Disposals 2.303 loo 397 10,651 7,185 5) At 31 D￿eMber 2024 2.398 397 DEPRECIATION Ai l January 2024 Charge for year Eliminated on disposal 2.133 86 5) 308 24 5.468 378 42 At 31 December 2024 332 NET BOOK VALUE At 31 December 2024 184 65 At 31 December 2023 170 89 5,183 Page 35 THE ERIC WRIGHT CHAIUTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTJNUED for the Year Ended 31 Deeember 2024 TANGIBLE FIXED ASSETS - continued LAnd and buildings The ncl book value of land and buildings in tangible tixed ass¢ts and investment properties comprises= 16. 2024 £'ooo 77,769 19,922 123 2023 £'ooo 63,359 29,437 701 Freehold Long leasehold Sliort leasehold 97014 93,497 Trust Fixtures and rjttings £'ooo COST At l January 2024 and 31 December 2024 204 DEPRECIATIOIY At l January 2024 Charge for year 187 At 31 December 2024 189 NET BOOK VALUF At 31 December2024 15 At 31 December 2023 17 17. FIXED ASSET INVLSTMENTS Grow Lo8￿5 to Joiut T¢llture5 Intttt5t5 ill JoiDI C8$b settlemeDts pemdlDg £tMIO I￿¢StMents Otbtr £(MJo Sh*re porrfolio £000 in associates Totsl £00 £fy)o £(M)O COST OR M4R1￿T IIALUE Ai l January 2024 Addltions Disp(bsals N¢w loaD$ ptovided Repayment of loans Revaluation Share of profivlloss) 11864 1.499 25 3,443 775 1699) 56 789 1798) 17,888 1,564 11,4971 135 (3,018) 322 4,989 135 {3.048) 320 4.989 Al 31]k¢¢mber 2024 9,951 6,488 27 3.389 47 20.353 PROI'ISTIONS At l J8nuJry 2024 Movejment in provisio 13.8681 1,479 (3,8681 1.479 At 31 Dec¢m￿r 2024 12,389) {2.389} NET BOOK VALUE AT 31 DECETrIBER 2024 7,562 6,48B 27 47 17,964 At31 D¢¢¢mbEr 11123 8.996 ,499 25 3.443 56 14,020 Page 36 THE ERIC WRIGHT CHARITABLE TRUST NOTES TO THE FINANCJAL STATEMEIYTS - CONTINUED for the Year Ended 31 Deeemb¢r 2024 17. FLXED ASSET INVESTMENTS - continued Trust Cash and settlements pending £'o Share portfolio Unlisted investmcnts Totals £'o FAIR VAI.UE Al l January 2024 Additions Disposals Revaluations 3.443 775 (699) 320 92,243 56 789 (798) 95.742 1,564 {1,497) 9,505 9,185 At 31 December 2024 3.839 101,428 47 105.314 NET BOOK VAI.UE At 31 December 2024 101,428 47 105J14 At 31 December 2023 3,443 56 95,742 There were no inveslment assets outside the UK. The TTusVs investments in unlisted companies at the balance sheei date were: P¢rcenta¥e Country of Nominal value holding incoworation Company Henvnead Limiled Water Park Limited loo loo England England loo i& INVESTMENT PROPERTY 2024 2024 £'ooo TThst Group FAIR VALU Ai l January 2024 Additions Disposals Net surplus from fair value adjustrnents 89.410 6,672 (9000) 851 At 31 December 2024 87,433 NET BOOK VALUE At 31 December 2024 87,433 2,SOO At 31 December 2023 89,410 2.500 All investment properties are held at fair value. With the exception of the asset held by the TTU5t. all group assets weTe valued at l November 2024 at market valuc on the basis of existing use by Avison Young or Cushman and Wakefield. Chartered Surveyors, external Indepe￿dent valuers, having 3n appropriale recognised professional qualiflcation (The Royal Institute of Chartered Surveyors) and receT]t cxperience in the location and Class of propcrty being valued. The investmeT]t asset held by the Trust was valued on the same basi4 but a8 at 31 Decembcr 2023. Although the trust asset is used by Waler PaTk Limited {a subsidiary company) for ihe furtherance of the Trust's charitable activilie5, the Trusle¢s have deemed that it is correct for it to be classified as an investment property in the consolidated accounts as il is their policy to revalue the asset on a regular basis. Page 37 THE ERIC WRIGHT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for ihe Year Emded 31 Deeember2024 19. STOCKS Gribup 2024 £000 Group 202.3 £000 Trus¢ 2024 £000 Trust 2023 £000 Work progress 29,S63 31,366 29,563 31,366 The write-down of stocks to net realisable value through cost of saleg amounled to £nil (2023.- £65,000). 20. DEBTORS Grovp 2024 £000 Group 2023 £000 Tru$t 2024 £0 Trust 2023 £000 Amoun¢sfalling th4e Trviihin oneyear rinance lease debtor Teceivablc Trade debtors Amounts recoverable on long t¢rn) contracts Amounts due from subsidiaTies Corporation t&x VAT Prepayments Deferred tax Financial Instruments Oiher debtors 2,628 26,J96 27.295 2,353 20,545 23,805 299 208 216 5,700 692 4,867 I,oii 471 4,437 103 54 4A50 67,141 57,705 407 262 Due ofier more than one year Finan¢e lease debtor receivable Trade debtors 27,803 3,846 30,590 2,116 9&790 90,411 407 262 Amounts owed by subsidiaries are non-interest bearing and repayable on demand. Within debtors due after one year are trade debtors in relation to retentions receivable on contracts after more than one year. Page 38 THE ERIC WIUGHT CHARITABLE TRUST NOTES TO THE FINANCIAL SI'ATEMENTS- CONTINUED for the Year Ended 31 Deeemb¢r 2024 21. CREDITORS: AMOUIYTS FALLIIYG DUE WITHIN ONE YEAR Group 2024 £000 Group 2023 £000 Trust 2024 £oDo Trnst 2023 £000 Bank loans and overdraft Payments on account Trade Creditors Amounts due to subsidiaries Taxation and social security Other crcditors Accruals and deferred income Director's loan accounts 1,892 14848 14,610 12,350 34,171 45 30 59 9969 19005 7,669 19,928 7,417 6,747 84 182 111,668 102,892 129 271 Included within directors, loan accounts due within one year are loans due to R E Wright (Direclor). Amounts due io R E Wright are £6,498,000 (2023.. £6.747.(M)O). The M￿lMuM amount outstsnding in the year to R E Wright was £7,097,000 (2023: £6,747,000). Within other creditors is a provision of £867,000 (2023: £3,036,000) in relation to an onerous development contract. This provision WAII be utilised in full by April 2025. Within accruals there is a reserve of £870,000 (2023.. £970,000} in relation to polential defecls as a Tesult of the changes to th¢ liability period imposed by the Building Act 2022. Amounts owed to subsidiaries by the Trust are non-interest bearing and repayable on demand. 22. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group Group 2024 2023 £000 Trust 2024 £000 Trust 2023 £000 Bank loans Deferred Income Financial instruments 35,468 5?72 156 33.441 4,835 1,205 39.481 Details on financial instruments are included in note 25. 23. INTEREST-BEARING LOANS AND BORROWING This nole provides information about the contractual ternis of Henmead's interest-be8ring loans and borrowing5, which are measured at amortised cost. 2024 £'oThi 2023 £'ooo Loans and overdrafts can be analysed as falling due: In one year or less Belween one and two years Belween two and five years In five ycar5 or mor¢ 1092 6051 14J61 14 14,610 12.493 4.888 16.060 37J60 Page 39 THE ERIC WRIGHT CHARJTABLE TRUST NOTES TO THE FINATr4CIAL STATEMENTS- CONTINUED for the Year Ended 31 December 2024 23. INTEREST.BEARTNG LOANS AND BORROWINGS- continued 2024 2023 £'ooo £'ooo Creditors falling due in more dian one year Secured bank loans 35,468 33,441 Bank loans are secured on certain investment properties of Eric Wright Group Limited, a subsidiary of Henmead Limite￿ and other group coivjpanies. All financial liabilities are denominated in UK ￿llndS slerling. The financial liabilities cary floating rates of interesL based upon market rates prrvailing at the time. Som¢ of these financial liabilities have bccn swapped to a fixed interesl rate. Inlerest rate swaps, d¢nomAnated in pounds sterling have bccn entered into to protect the maxiTnuTn interesl expense to which the GTOUP is cxposed. These swaps with an underlying debi value of £50,393,{K￿ (2023.. £33.584.OW) enable the Group to swap floating rate liabilities on loans to a fixed rate liability. The period of these swap arrangements ranges from I to 13 years as at 31 Dcccmber 2024. This capped the rnaxiTnum inlerest payable by the Group lo DccemlKr 2024 at 5.87 /. The interest paid by the Group on its bank floating rate liabilitie5 was at a rate of SONIA plus a margin of 21J/o (2023.. SONIA plus 2 /0 to 2.7 /0). Tern)s and debt repayment 5ch¢dule Group Curren¢y Nomillal interest ra¢e Y¢4r of R¢p¥yment maturity sehedule 21124 £00 2023 £o(M) Term loan I Revolving Credit Facility £GBP Debenture loans £ GBP Tenn loan 2 £GBP Terni loan 3 £GBP Terni loan 4 £GBP £GBP SONIA + 2.70/0 2029 Amonising Revolving Credit Facility Subordinated debt Amortising Amorti5jDg Arnortising 9JllO 12,4(Kl SONIA + SONIA + SONIA + SONIA + 0.97I/b. SONtA + 2.1/0 2025 2026 2024 2030 2037 67 67 3,438 18955 3,965 19.955 37JéO 4&051 Following a refinance COTnplcted in December 2024, Term loan l is Im amortising 5 tenn loan with annual capital repayments of £400,000. The residual £8m loan will fall due for final repayment in December 2029. The Revolving Credii Facility ("RCF") 15 drawn for a fixed period. agreed in advance with the bank. The RCF is either repaid at the end of the fixed Period or the period exlended. The RCF is due to be refllW)ced in January 2026. and the discussions have commenced with a view to completingthe refinance in Autumn 2025. The available facility is £30m subject to the value of Charged assets. The debenture loan is unsecured and no redemption date has been set. The terni loans 2-4 are repaid bi-annually and full repayment will be made by the expiry date and relate to the Group's PFI a￿angeMent. Page 40 THE ERIC WRIGHT CHAIUTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 D¢¢ember 2024 24. OTHER FINANCIAL LIABILITIES Group 2024 Group 2023 £000 Trust 2024 £0 Trust 2023 £000 Liabilities Amounts falling due after more than one yegr Other financial liabilities designated as fair value through oiher comprehensive income 156 1,205 156 1.205 Group 2024 Group 2023 £000 Trust 2024 £000 Trust 2023 £000 A$￿tS Amounts rtcoverable after more than one year Other financial assets dcsignated as fair value through otber comprehensive income 471 471 25. Fll¥AIYCIAL INSTRUMENTS (a) Carrying amount offinall¢Aal instruments The carrying amounts of the financial assets and liabilities in¢lude: Notional amount Maturity Fixed rale £'o year Fair value Fair value 2024 £'o 2023 £'ooo LiAbilities measured It amortised cost Interest rate swap I Interest rate swap 2 Interesl rate swap 3 2024 2030 2037 5.865 5.400 4.400 (2} (206) (997) (loo} (56) 18,936 156 112051 Fgir value asset Notional amount Mgturity £000 YeYdT Fixed Rate 2024 £IHJO 2023 £000 Assets measured at arnortised eogl Interest rate swap 4 Interest rate swap 5 9,000 8,000 2024 2029 0.545 4.006 471 471 Page 41 THE ERIC WRIGHT CHARITABLE TRUST NOTES TO THE FINANCIAL ST ATEMENTS- CONTINUED for the Year Ended 31 December 2024 25. FINANCIAL INSTRUMENTS - conlinued (b) Financial instruments mèasured gt fair value Derivative fin￿1claI instruinents The fair value ot- interest rate swap and inlerest rate caps is based on broker quotes. Those quotes are tested for reasonableness by comparing against prior year valuations, mdrkLt interesl rates and valuations for simAlaT instNments at the measurement date. (c) Hedge 8ccounting To hedge the potential volatility in future intcrcst cash flows arising from movements in SONIA, the Group has entered into swap agreements with RBS. the Bank of Tokyo Mitsubishi, Santander and c.o-operative Rank. These re5uII in the GTOUP paying the floating interesl rate and r¢ceiving andlor paying a fixed interest rate on the swaps. This effcctivcly fixcs the interest cosl on the108ns. The derivatives are accounted for as a hedge of variable interest rate risks, in accordance with FRS 102. The cash flows arising from the interest rate swaps will continue unlil iheir maturity, coinciding with th¢ repayment of the loans. The following table indicales the periods in which ihe cash flows asso¢iated with cash flow hedging instruments are expected to occur as required by FRS 102.29(a) for the cash flow hedge accounting models.. 2024 2023 Expected cish flows S yegrs EXpe￿d 5y¢ars CArrying Amounl l year or It$$ 2to <5ye#rs Carrying amount l year or less I to <2y¢ars <5y¢ars £￿)0 £(x)o <2}'t#ry flo￿￿ £(x)o over £￿10 £000 £wy £￿0 £￿0 InteTe5t rate swap5: Liabiliti¢s 3ffj317 11,984 1ffi73 4,4117 4213 33,545 iioji 1,637 1.463 3.756 5.175 30,317 11.984 1,691 Ih73 4.407 4213 33.-545 11301 1,637 1.463 3.756 5.175 The change in fair value in the period is recognised in other comprehensive income as the swaps were 100 / effectivL hcdgcs. (d) Fair values The amounts for all fmancial assets and financial liabilities Carried at fair value are as follows.. Falr value Fair value 2024 £'ooo (156) 2023 £'ooo {1,205) 471 Interest rate swaps - liabilities Interest rale swaps - assets 1156 734 26. DEFERRED TAX ASSETS AND LIABILITIES Def¢rred tax assets and liabilities are attributable to the following.. Group 21124 Group 2023 £000 5.610 {395) (39) Trus¢ Trust 2023 £000 Held illprovisionsfor liabililies ondcharges 2024 At l January Profit and loss a¢¢ouni ¢r¢dit Amount ￿CogniSed in other comprehensive income 5,176 {853) (73) Al 31 D¢¢ember 42511 5,176 Paoe 42 THE ERIC WIUGHT CHAIUTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 December 2024 DEFERRED TAX ASSTES AND LIABILTfiES- rontinued 26. Group 2024 Group 2023 £(K)o 894 {13) 130 Trust 14eld ipi debiors 2024 £0 2023 At l January Profit and Ioss Recounts charge Amounl recognised in oth¢r comprehensive income I,oii {42) (277) Al 31 December 692 Grnup 2024 £00 Group 2023 £000 Trnst 2024 £0( Trnst 2023 £000 Defered ia¥ liability Ac¢elerat¢d capital allowances Other timing differences Short t¢rni liming diff¢r¢n¢es financial instnunen15 Other short term timing differences 3J88 245 (25) 442 3,520 193 48 1.415 4,250 5,176 Deferred assei 2024 2023 £O(Kl 25 120 2024 £uoo 2023 £000 A¢¢¢l¢rated capital allowances Other timing diff¢r¢n¢es Short terni timing differences relating to pension provision Short terni liming (thfferences - financial inslruments io 132 536 617 14 249 692 I,oii 27. EMPLOYEE BENEFITS Henmead Limited 0￿rateS a pension scheme providing benefits to a fmile number of long serving retired employees based on an ex-gratia pension determined by the Chairnian. The pension scheme has no assets and the pension scheme liability is re¢ognised in full in the balance sheet and detsiled b¢low. The infonnalion disclosed below is in respect of the whole of the plan and for which Henmead Limited is legally responsible. 2024 £'ooo 2023 £'ooo Nei ension liabili Defined beneflt obligation 2,142 2,467 Net pension liability 2,142 2,467 2024 £'ooo Movements in resent value of defined benefii obli ation £'ooo At l January Inlere5t expense Remeasurement: actuarial (gains)Ilosses Benefits paid 2,467 133 {167) 291 2,482 248 Ai 31 December 2,467 Page 43 THE ERIC WRICHT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTJNUED for the Year Ended 31 December 2024 27. EMPLOYEE BENEFITS- contillued 2024 £'ooo 2023 £'ooo nse reco mised in the SOFA Nel Interest on net defmed benefit liabllity 133 112 Total expense recognised in the SOFA 133 112 Principal actuari￿ assumptions (expressed as weighted averages) at the year-end were as follows.. 2024 2023 Discount rat¢ The last thll actuarial valuation was perfornied on 31 December 2024. The amount forthe current and fourprevious periods are as follows: 2024 £000 2023 £000 2022 £000 2021 £000 2020 £000 Present value of scheme liabilities (2,142) (2,467) (2,482) (3,594) (4,104) Expericncc adjustments on scheme liabilities 167 (121} 985 (367) In valuing the liabilities of the pension fund at 31 December 2024, mortality assumptions have been made as indicated below. The assumptions relating lo longevity underlying the pension liabilities at the balance sheet dale are based on standard actuarial mortality table and include an allowan¢¢ for future improvem￿tS in longevity. The assumptions are equivalent to expending a 75 year old to live for a number of years as follows: 2024 2023 Years Years Female Male 15 13 15 13 Defined eontribution plans Grou The Group operates a number of defined Contribution pension plans. The total expense Telating to these plans in ihe current year was £4,273,000 (2023: £3,879,000) and the amount due to the scheme at the year-end is £511,000 (2023.. £376,000) and is in¢lud¢d in other ￿editorS. Page 44 THE ERIC WRIGHT CHAIUTABLE TRUST NOTES TO THE FtNANCIAL STATEMENTS- CONTINUED for the Year Ended 31 D¢¢¢mber 2024 28. OTHER PROVSIONS Other provisions represent a dilapidation provision for a property operated by the Trust. Included wiihin the Water Park accounts are provisions for Icasr dilapidation of £45,000 (2023.. £29.000)- 29. MOVEMENT IN FUNDS Net movement Trdnsfer in funds between funds £'ooo £'ooo At 111124 £'ooo At 31112124 Unttstrleted funds General fund Designated funds 100,697 2,767 10,058 (50) 110,755 2,717 103,464 10.W8 113,472 TOTAL FUNDS 113 472 Net movement in funds, inGluded in the above are as follows.. Incoming resources Resources expended £'ooo Gains and Movemenl in losses funds £'o(x) £'ooo £'ooo Unrestrict¢d funds Gencral fund De5ignatcd fund 308,912 (302.988) 50 4,134 10.058 50 TOTAL FUNDS 308 912 303.038) Comparatlv¢$ for movement in fund$ Transf¢r between funds £'ooo Net movement in funds At 31112123 £'ooo At 111123 £'ooo £'ooo Unres¢rl¢ted funds General fund Designated fund 102.818 2.267 (1,871) 250 (250) 250 100,697 1267 TOTAL FUNDS 105.085 103,464 Page 45 THE ERIC WRIGHT CHARITABLE TRUST NOTES TO THE FIIYANCIAL STATEMENTS - CONTINUED lor th¢ Year Ended 31 December 2024 29. MOVEMENT IN FIJNDS - eontinued Comparative Tjet mov¢m¢nl in funds, included in th¢ above are as follows: Incorning resoiirces Resources expended £'ooo Gains and Movemenl in losses funds £'ooo £'ooo £'ooo Unrestricted funds General fund Designated fund 246,818 (243,415) (5,274) 250 (1.871) 250 TOTAL FUNDS 246,818 243.415 The designated fund reflecrs the value of the property, which has been designated for the use of the Water PaTk, and the granl received for th¢ purchase of certain fixed assets. which is being released in line with the depreciaiion of the fixed assets purchased. During 2010 a donation was received lowards the cosls of Stoves. This was transferred to a separate designated nd. Depreciation of the Stoves in Water Park Lin)ited accounts are covered by a ￿ant paid out of the Stoves Designated Fund. During 2012 a donation was received lowards the fit-out costs of the Wright Lodge Building. This was transferred to a separate designated fund. Depreciation of the fit-out costs in Water Park Limited accounts are covered by grant paid out of the Fit Out Designated Fund. In 2023, the remaining reserves held within the Stoves and Wright Lodge fijnds were transfeTTed into the General fund by the agreement of the board. 30. LEASING AGREEMENTS Operailng lea5e5 Non-¢anc¢llable operating lease r¢ntals are payable as follows: Group 2024 £000 Group T￿$1 2024 £000 TNst 2023 £000 2023 £000 Ixss than on¢ year B¢t%veen one and five years More than fiv¢ years 2,1103 1.946 3.952 19,767 15817 21,258 25.665 During the year £1,939,000 (2023: £1,513,000) was recognised as an expense in the Statement of Financial Activities in respect of operating leases. Page 46 THE ERIC WRIGHT CHARJTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED for tbe Ycar Ended 31 December 2024 30. LEASING AGREEMENTS -continued Leases as lessor The investment properties held by Henrnead Limited are let under operating leases. The future minimum lease payments receivable under non-cancellable leases are as follows: Grnthp 2024 (toup Try51 2024 Trnst 2023 £000 £uuo Less than one year Between one and five years More than five years 6J14 18J14 20,713 6,093 18,774 51,702 45,341 76,569 There are no individual material l¢&sing arrangements requiring disclosure. Fin*nce l¢as¢s Leases as lessor The Group has finance leases An ¢onnection with its PFI a￿angementS. The minimum lease receivable payment receivable at th¢ end ofthe r¢porting period are as follows: Minimum leas¢ reeeivable Minimum Interesi 2024 £000 Prineipal 2024 receivable Interesi Principal 2023 2024 £000 2023 £000 2023 £000 Within one year Greater than one year and l¢ss than two years Greater than two y¢ars and 1¢$$ than five Y&￿S Greater than five vears 5,1135 2,407 1628 4.941 2,588 2,353 4951 2,195 2,756 5.056 2286 2,670 12,037 24,419 6,597 18,4511 13.057 28,303 5,926 7,514 7,131 20,789 5,969 46,442 16,011 30,431 51,357 18,414 32,943 31. COMMrrMENTS The Group and the Trnst have no contractual commitments to purchase langible fixed &ssets at either the cu￿ent or prior year-end. In res￿1 of interests in Jointly Controlled Entilies, the Group and the Trust have no ¢ommithient to incur capital expenditure at either the current or prior year end. 32. CONTINGENT LIABILITIES Thcr¢ is a ¢ross guarantee in place in relation lo the Group's Revolving Credit Facility between a number of Group ompanies. This is supported by a first legal charge over certain Group investment properties. Page 47 THE F.RIC WIUGHT CHARITABLE TRUST NOTES TO THE FINANCIAL ST ATEMENTS - CONTINUED for the Year Ended 31 December 2024 33. RELATED PARTY DISCLOSURES Related rties The following 15 the identity of related parties of the Group. CompaDy/entily Subsidiar)y undertoklngs Portion of ordinary share5 held Henmead Limited* Eric Wright Group Limited Eric Wright Construction Limited Eric Wright Partnerships Limited Eric Wright Civil Engineering Limited Maple Grove Developmenls Limited Eric Wright Investments Limited Maple Grove Investments Limited Stonecross Enterprises Limited Elltech Limited Sceptre Nursery Limited Eric Wrighr Commercial Limited Skemtech Limited Fleetwood PPP Limiled Cobco 494 Limited Cobco 450 Llmited Eric Wright FM Limited Eric Wright Homes Limited Maple Grove Residential Limited Applethwaite Limited Eric Wright Developments Eric Wrighi Water Limited EWGN Blackpool PSP Limited Blackpool LEP Limited Highfield PFI Holdco Limitrd Highfield PFI SPV Limited Samle5bury Dei'elopments Limiled Wrightcare Holdings Limited Wrightcare Developments Limited Wright¢are Clitheroe Limited Joint ventures Foundation for Life Limited L¢igh Holdco Limited Leigh Fundco Limited Pa¢ific Shelf 888 Limited Pemberton Car¢ Limited Pinco 2033 Limited Pinco 2206 Limited Pimco 2401 Limited FFL Capital Projects Limited East Lancashire Building Partnership Limiied Blackburn Holdco Limited Blackburn Fundco Limited Rossendale LIFT Limited Pinco 2223 Limited Pimco 2297 Limited Inhoco 2952 Limited Pim¢o 2451 Limited East Lancashire Capifal Projects Limited Brahm LIFT Limited IOO/o IOO°/o IOOO/o IOOO/o loo% loo. Donnant 950/0 IOO/o Dorniant 95/0 IOOO/o loo% IOOO/o IOOO/o loo% loo% loo% Dorniant 800/0 640/0 720/0 720/0 IOO/tr IOO/o loo% IOOO/o Donnant Dorniant Dornlant 600A 60% 600/0 600/0 Dorn]ant 600/0 600/0 60Q/o 600/0 Domiant Dorniant 600/0 600/0 60% 600/0 60/0 60% 60/0 Page 48 THE ERIC IVRIGHT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- COIYTINUED Tor the Year Ended 31 Deeember 2024 33. RELATED PARTY DISCLOSURES- continued Company/entity Joint venture5 Brahm Intermediate Holdco l Limited Brahm Fundco l Limited Brahm Intern]ediate Holdco 2 Limited Brahm Fundco 2 Limited Bolton Holdco l Limited Bolton Fundco l Limited Brahm Capital Projects Limited Regional and Local Education Partnership Limiied Tri link 140 Holdings l LLP Tri Link 140 Holdings 2 LLP Winsford Holdings l LLP Winsford Holdings 2 LLP Holbeck Homes (Cartmel) Limited Portion ofordiD8ry $hares held 60/0 60/0 60/0 600/0 600/D 600/ 600/0 26% 50/0 50/0 50% 500/0 500/0 DoTmant Donnant Dorniant Dorniant Domanl AssociAtes Deeside Regeneration Limited 24.￿/0 All companies are registered and operate in England and Wales and principal activities ar¢ either building, contracting, civil engineering or property development. The registered addresses of the related parties are availabk in the accounts of each of the entities, whicb are available from Companies House. * Eric Wright Charitable Trust directly owns the share ¢apital of this entity. All rcmaitiitig share capital. apart from Water Park Limited (which is directly 0￿￿ed) is owned indirectly through subsidiary widertakings. Related rt transaction5 Henmead Goods and servfi¢¢s shwreholding supplled 2024 £OOO's BAIAnce oMt5tanding at the end of the year 2024 2023 £Oi10'5 £OOO's 2023 £OOO's During the year subsidiaries of Henmead Limited supplied construction seryices to the following companies in which the GTOUP has an interest. These services were provided by Eri¢ Wright Construction Limited. Blackpool Local Education Partnership Limited 64/0 During the year subsidiaries of Henmead Limited supplied hard FM services to the following companies in which Eric Wright Group Limited has an interest. These services were provided by Eric Wright FM Limited. Blackburn Fundco Limitrd Bolton Fundco l Limited Brahm Fundco l Limited Brahm Fund¢o 2 Limited Highfield PFI SPV Limited Inhoco 2952 Limited Leigh Fundco Limited Pacific Shelf 888 Limited Pemberton Care Limited Pimco 2297 Limited Pimco 2401 Limited 600/0 469 589 1.310 995 787 1,240 454 69 160 83 453 595 I,172 894 816 1,189 405 67 151 72 21 19 720/0 600/0 47 170 34 45 170 38 60/0 60°/0 60/0 Iii,, 278 259 Page 49 THE ERIC WRIGHT CHAIUTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 December 2024 33. RELA TED PAR'fY DISCLOSURES- continued Related Iransa¢tions Hènmead Goods and services shareholding supplied 2024 £OiIO's Balance outstanding at Ihe end of the year 2024 2023 £OOO'$ £OOO's 2023 £OOO's Plmco 2451 Llmited Pinco 2033 Limited Pinco 2206 Limited Pinco 2223 Limited Rossendale Lift Limited 620 946 575 795 525 655 902 512 854 492 600/0 60/0 600/0 600/0 During the year subsidiaries of Henmcad Limited provided management services to the following companies in which Eric Wright Group Limitcd has an interest. These services were provided by Eric Wrighi Partnerships Limited. Blackburn Fundco Limited Blackpool Local F.ducation Partnership Limited Bolton Fundco l Limited Brahm Fundco l Limited Brahm Fundco 2 Lirnited Brahrn Lift Limiled Inhoco 2952 Limited Leigh Fundco Limited Pacific Shelf 888 Lirnited Pemberton Care Limited Pimco 2297 Limited Pimco 2401 Limiled Pimco 2451 Limited Pinco 2033 Limited Pinco 2206 Limited Pinco 2223 LimitLd Rossendale Lift Limited East Lancashire Building Parthership l.imited boundation for Life Limited 60Q/o 26 24 640/0 600/0 600/ 600/0 600/0 60/ 600/0 60/0 600/0 60% 60/0 600/0 600/0 600/0 60°/0 600/0 600/0 600/0 151 255 206 15 371 64 l2 39 13 91 109 286 146 109 36 464 145 243 198 223 348 60 li 36 12 86 102 268 139 102 34 267 213 34. ULTIMATE COIYI'ROLLING PARTY The TTUSt is under the control of ihe board of Trust¢es. POST BALANCE SHEET EVENT On 28 January 2025, the Group completed the disposal of it5 entire shareholding in Maple Grove Residential Limited, a wholly owned subsidiary. The transa¢iioii was completed on an arn]s length basis for proceeds equivalent to net assets of the company at the date of disposal, Page 50