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2022-04-05-accounts

REGISTERED COMPANY NUMBER: 01959978 (England and Wales) REGISTERED CHARITY NUMBER: 1004043

Trustees' Report and

Financial Statements for the Year Ended 5th April 2022

for

Elmley Foundation(The)

Elmley Foundation(The)

Contents of the Financial Statements for the Year Ended 5th April 2022

Page
Reference and Administrative Details 1
Trustees' Report 2 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 to 20
Detailed Statement of Financial Activities 21

Elmley Foundation(The)

Reference and Administrative Details for the Year Ended 5th April 2022

TRUSTEES Diana Susan Johnson Sally Katrina Luton Hugh Bampfield Carslake REGISTERED OFFICE West Aish Morchard Bishop Crediton Devon EX17 6RX REGISTERED COMPANY NUMBER 01959978 (England and Wales) REGISTERED CHARITY NUMBER 1004043 INDEPENDENT AUDITORS Richards Sandy Audit Services Limited (Statutory Auditor) Thorneloe House 25 Barbourne Road Worcester WR1 1RU CHIEF EXECUTIVE John de la Cour PROPERTY MANAGERS GJS Dillon 7 Roman Way Business Centre Berry Hill Industrial Estate Droitwich Worcestershire WR9 9AJ INVESTMENT MANAGERS EFG Harris Allday Church Mews Ombersley Worcestershire WR9 0EW

Page 1

Elmley Foundation(The)

Trustees' Report for the Year Ended 5th April 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 5th April 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The main object of the Elmley Foundation is the advancement of education by promoting the appreciation, knowledge and study of the arts and of artistic achievement in all their forms in the counties of Herefordshire and Worcestershire and in particular (but without prejudice) to the foregoing:

The Foundation pursues this object principally through the making of grants to arts organisations. Thus the list of grants made in the year, which is to be found within this report, is the clearest record of our activities. The Trustees do not set out to achieve specific ends each year. Applications which fit the Foundation's remit and which the Trustees would like to support account for almost all the budget available.

The Foundation runs a Main Grants programme and a Small Grants scheme. In both cases, the grant giving policy is to adopt a predominantly reactive stance. In the Main Programme, the emphasis is on supporting the use of professional artists, and decisions are taken by the Trustees. The Small Grants scheme (which is administered by Community First, the Community Council for Herefordshire and Worcestershire) encourages the use of professionals in community arts activity and also makes grants for the purchase of arts equipment.

The Trustees are keen to encourage the growth of spending on the arts in the two counties generally. Many grants start as match funding offers to organisations who go on to be awarded significant grants by other bodies. The Foundation also offers a considerable amount of non-financial support to organisations and agencies, often in the form of technical assistance and advice provided by the Chief Executive. Another example is the Foundation Conferences, where organisations and individuals are invited to gather for discussion on matters of common interest.

After an inevitable decline in activity caused by the pandemic, the year saw a pleasing rise in grant applications and grant expenditure. It is hoped that this trend will soon reach pre-pandemic levels.

The Trustees are keenly aware of the tendency among public sector funders to burden applicants with heavy administrative demands and try as far as possible, to operate a simple system. They are also aware that many organisations are weakened by inadequate covering of their core costs, and have made a number of grants in recognition of this.

The Foundation, which has been operating since 1995, is extremely well-known in the two counties which make up its sole area of benefit. Thus it does not need to advertise its existence, though steps are taken to ensure that changing personnel in local authorities are aware of the help on offer. For information on how to apply for a grant, enquirers are directed in the first instance to the Foundation's website.

The Trustees are particularly pleased to be able to support a small number of students undertaking arts courses at the higher levels. They are especially aware of the problems of having to fund studies at postgraduate level, and will always consider requests from students struggling to take up places offered to them.

Public benefit

The Trustees confirm that they have complied with the duty in Section 17(5) of Charities Act 2011 to have due regard to guidance on public benefit published by the Charity Commission when reviewing the Foundation’s aims and objectives and in planning and setting the grant making policy for the year.

Page 2

Elmley Foundation(The)

Trustees' Report for the Year Ended 5th April 2022

ACHIEVEMENT AND PERFORMANCE

During the year 43 (2021 - 31) grants were paid under the Main Programme and 14 (2021 - 5) under the Small Grants scheme, totalling £278,459 (2021 - £161,374). Details are given in Note 8 to the accounts. In addition, as a result of a policy to give greater security to some of its beneficiaries, the Foundation has commitments for the next four years of £332,800 (2021 - £332,437).

Applicants are required to supply reports on their activities, which supplement monitoring undertaken by the Chief Executive. In addition, the Foundation enjoys good relations with many people associated with the arts in the two counties and is able to draw on their impressions as well as those of Trustees attending events.

The Foundation also depends on other funders who support its clients. It is rarely the sole funder of organisations or projects and therefore actively fosters relations with local authorities and other bodies. Many of its grants are used as matching money for Arts Council, Lottery and Local Authority schemes.

Fundraising activities

The Foundation does not carry out any fundraising activities (as defined by section 162A of Charities Act 2011).

FINANCIAL REVIEW

Financial position

The Foundation has no restricted funds. The Foundation is reliant on income from its investments and from those of the Countess Beauchamp Charitable Trust, a charity with related objects and common control, which is managed in tandem.

Grant expenditure is financed by whichever of the two charities is best placed to provide it at the time. Taking the two charities together, the income from investments and rents was £365,958 (2021 - £321,239) - (this charity alone £241,055 (2021 - £212,044)). Grants paid out by the two charities during the year totalled £278,459 (2021 - £166,374) - (this charity alone £278,549 (2021 - £161,374)). The Statement of Financial Activities for both charities show grants approved and paid during the year and commitments to grants made during the year but unpaid at 5 April 2022 totalling £278,822 (2021 - £192,075) - (this charity alone £278,822 (2021 - £187,075)).

The Trustees have authority, granted by Charity Commission Order, to appoint an investment manager for the charity. They may delegate to a duly appointed investment manager the power, at his discretion, to buy and sell investments for the charity on behalf of the Trustees in accordance with the investment policy laid down by the Trustees. In addition, the Trustees may arrange for any investments of the charity or income from these investments to be held by a corporate body, incorporated in England and Wales, as the Trustees' nominee and pay reasonable remuneration to any corporate body acting as such a nominee. Acquisition and disposal of fixed assets, including investments, during the year are shown in the notes to the accounts. Investments acquired by the charity have been bought in accordance with the powers available to the Trustees.

Investment policy and objectives

The Trustees investment policy is to create sufficient income and capital growth to enable the Foundation to carry out its purposes consistently year by year with due and proper consideration to future needs and the maintenance of, and, if possible, enhancement of, the value of the investment funds while they are retained.

EFG Harris Allday act as investment manager to the Trustees regarding the stock exchange investments. They have full discretion to deal on the Foundation's behalf. Valuation reports are scrutinised regularly by the Trustees.

The Foundation retains the services of GJS Dillon as its Commercial Property Consultants and the property portfolio, which produces a major part of the Foundation’s income, is managed very actively. GJS Dillon report regularly to the Trustees. In its property dealings the Foundation is registered for VAT.

Reserves policy

All investment income is generated from assets which are unrestricted. At the year end the Foundation holds listed investments totalling £2,465,811 (2021 - £2,348,992) and investment property totalling £2,440,000 (2021 - £2,120,000) for the purpose of generating investment income.

Sufficient assets are held in quickly realisable investments in order to cover any unexpected drop in income or cash requirement. At the year end the Foundation had cash reserves of £113,004 (2021 - £70,381), of which £41,969 (2021 - £41,967) relates to rental deposits held, leaving £71,035 (2021 - £28,414) available for immediate use. Listed investments held can be sold at short notice if needed.

The Trustees take steps to ensure that the level of forward commitments does not exceed the value of quickly realisable assets. The total unrestricted reserve at the year end amounted to £4,603,698 (2021 - £4,475,420).

Page 3

Elmley Foundation(The)

Trustees' Report for the Year Ended 5th April 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document and charity constitution

The full name of the charity is The Elmley Foundation. It is constituted as a limited company and is governed by the Memorandum and Articles of Association. The company does not have a share capital being limited by guarantee with each member’s liability limited to a maximum amount of £1.

Recruitment and appointment of new Trustees

The existing Trustees have sole power to appoint new Trustees. New Trustees are selected based on personal recommendations from contacts the existing Trustees have with Trustees of other charities in the area.

Decision making

The Trustees meet regularly to consider policy, initiate projects and decide on requests for grants. Decisions are made by majority vote.

With Charity Commission approval dated May 2006, the day to day running of the charity is performed by J de la Cour, the spouse of Trustee D S Johnson.

Induction and training of new Trustees

New Trustees receive induction informally on Trustee responsibility and the affairs of the Foundation as necessary.

Connected charities

The company is connected to a second charity, the Countess Beauchamp Charitable Trust. The principal contact address for this charity is West Aish, Morchard Bishop, Crediton, Devon. The charities are connected by virtue of having related objects and some common control with J de la Cour, D S Johnson and S K Luton being Trustees of the Countess Beauchamp Charitable Trust.

Net assets of this charity at 5 April 2022 were £3,397,442 (2021 - £3,390,761). The income and expenditure for the year to 5 April 2022 was £124,903 (2021 - £109,195) and £166,777 (2021 - £41,571) respectively. Net gains on investment assets were £48,555 (2021 - net gains of £547,187) giving net income of £6,681 (2021 - net expenditure of £614,811).

During the year the Foundation received donation of £155,000 (2021 - £35,000) from the Countess Beauchamp Charitable Trust.

Risk management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Elmley Foundation(The) for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Page 4

Report of the Independent Auditors to the Members of Elmley Foundation(The)

Opinion

We have audited the financial statements of Elmley Foundation(The) (the 'charitable company') for the year ended 5th April 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 22 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Page 6

Report of the Independent Auditors to the Members of Elmley Foundation(The)

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we have:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Companies Act 2006 (and related legislation), the Charities Act 2011 (and related legislation), laws and regulation regarding partial VAT exemptions and laws and regulations relating to the employment and payment of staff including, but not limited to, the Employment Rights Act 1996, the National Minimum Wage Act 1998 and the Pensions Act 2008.

We performed audit procedures to detect non-compliances which may have a material impact on the financial statements, which included reviewing the financial statement disclosures, reviewing the calculations of VAT returns (including ensuring that only input VAT on qualifying expenditure has been claimed) and sample testing of monthly payroll records for the calculation of gross wages, payroll taxes and pension costs.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 7

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Elmley Foundation(The)

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 5th April 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
4
Income from Investments
5
Total
EXPENDITURE ON
Raising funds
Investment management costs
6
Charitable activities
7
Grants issued
Support costs
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2022
Unrestricted
funds
£
155,000
241,098
396,098
36,291
36,291
281,086
72,980
390,357
122,537
128,278
4,475,420
4,603,698		 2021
Total
funds
£
35,000
212,044
247,044
26,747
26,747
187,075
59,398
273,220
761,552
735,376
3,740,044
4,475,420

The notes form part of these financial statements

Page 9

Elmley Foundatio n(The)(Registered number:019 59978)
Balance Sheet
SthApril2022
2022 2021
Unrestricted Total
funds funds
Notes € e
F]XED ASSETS
lnvestments
lnvestments
lnvestmentProPertY		 15
16		 2,465,8',1',
2,440,000
4,905,811 4,788,992
CURRENT ASSETS
Debtors
Cashatbank		 17 10,0'17
113,004		 10,555
70,381
123,021 80,936
CREDITORS
Amounts fallingduewithin one year		 18 (276,284) (296,758)
:
NET CURRENTASSETS (153,263) (215,822)
TOTAL ASSETSLESS CURRENTLIABILITIES 4,752,548 4,573,170
CREDITORS
Amounts falling dueafter more than one year		 19 (148,850)(97,750)
NET ASSETS 4,603,698 4,475,420
FUNDS 20
Unrestricted funds:
General unrestricted fund		 4,603,698 4,475,420
TOTALFUNDS : 4,603,698 4,475,420

Elmley Foundation(The)

Notes to the Financial Statements for the Year Ended 5th April 2022

1. STATUTORY INFORMATION

The charity is a company limited by guarantee. The members of the company are the trustees named in the Trustees' Report. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

The charitable company's registered number and registered office address can be found on page 1.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention with the exception of listed investments and investment properties which are included at market value.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

The charity has not included a cash flow statement on the basis that it is not a larger charity.

INCOME

Income, including grants receivable and donations, is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from listed investments is recognised when the right to receive payment is established.

Rental income from operating leases is recognised on a straight-line basis over the lease term. Any change in rental income arising from temporary rent concessions occurring as a direct consequence of the COVID-19 are recognised on a systematic basis over the periods that the change in lease payments is intended to compensate.

EXPENDITURE

Expenditure is included on an accruals basis. Liabilities are included in the accounts as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Raising funds includes investment management costs.

Charitable activities costs include grant funding, the cost of the development manager and support costs (which include governance costs comprising the costs of running the charity, including strategic planning for its future developments, internal and external audit, any legal advice for the Trustees, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability).

Support costs are all allocated to charitable activities as this is the predominant activity.

Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment

Page 11

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2022

2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS

Tangible fixed asset additions are not capitalised if their cost is less than £100.

LISTED INVESTMENTS

Listed investments are stated at market value. Increases/(decreases) on revaluations of listed investments are transferred to/(from) the Statement of Financial Activities.

INVESTMENT PROPERTY

Investment properties are stated at market value. Increases/(decreases) on revaluations of investment properties are transferred to/(from) the Statement of Financial Activities.

TAXATION

The company is a registered charity and is not liable to corporation tax.

FUND ACCOUNTING

Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees.

CASH AT BANK

Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

FINANCIAL INSTRUMENTS

The charity has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the charity becomes party to contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic Financial Liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction cost.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Accounting estimates and judgement are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting judgements

Judgement is used in determining the point in which grants payable are recognised in the financial statements, being the point at which the offer made by the Foundation is conveyed to the recipient, except in cases there the offer is subject to conditions not yet met. The value of grants payable recognised as an expense in the year and of the total of grants approved and offered but not yet paid can be found in note 8 of the financial statements.

Significant sources of estimation uncertainty

Investment properties are revalued to market value. The year end valuation was performed by the Trustees based on an October 2021 valuation undertaken by a professional valuer, which the Trustees have determined is not significantly different from the year end value. The value of investment property is included in note 15 of the financial statements.

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continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2022

4. DONATIONS AND LEGACIES

Donation from Countess Beauchamp Charitable Trust
5.
INCOME FROM INVESTMENTS
Rents receivable
Income from listed investments
Bank interest
6.
INVESTMENT MANAGEMENT COSTS
Listed investment management fees
Property management costs
Property repairs
Property rates and water
Property utilities
Property insurance
Property advertising
Legal and professional fees
7.
CHARITABLE ACTIVITIES COSTS
Direct
Costs (see
note 8)
£
Grants issued
2,264
Support costs
-
2,264
8.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Forum and conference costs		 Grant
funding of
activities
(see note
9)
£
278,822
-
278,822		 2022
£
155,000
2022
£
149,871
91,217
10
241,098
2022
£
7,365
6,926
13,969
231
(266)
1,181
-
6,885
36,291
Support
costs (see
note 10)
£
-
72,980
72,980
2022
£
2,264		 2021
£
35,000		 2021
£
35,000
2021
£
121,535
90,490
19
212,044
2021
£
-
13,944
4,410
3,748
633
2,262
250
1,500
26,747
Totals
£
281,086
72,980		 2021
£
-
13,944
4,410
3,748
633
2,262
250
1,500
26,747
354,066
2021
£
-

Page 13

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2022

9. GRANTS PAYABLE

The aggregate grants paid during the year were as follows:

The aggregate grants paid during the year were as follows:
2022 2021
£ £
Elmley Small Grants Arts Fund 11,202 4,800
(see note below)
Main Programme:
Combined Arts
Broadway Arts Festival 2,500 -
Churches Conservation Trust 5,000 -
Courtyard Centre For The Arts 10,000 10,000
Crave Arts 1,500 -
New Leaf Sustainability - 1,500
Worcester City Council 30.000 -
Worcester Live Charitable Trust Limited - 3,500
Dance
2Faced Dance Company 14,500 4,500
DanceFest 4,000 -
Everybody Dance - 2,000
Film and Media
Borderlines Film Festival 10,000 10,000
Rural Media Charity 12,000 -
Literature
Ledbury Poetry Festival 12,000 15,000
Music
Bromsgrove Concerts 2,000 -
Bromsgrove International Young Musicians' Competition 3,500 -
Evesham Abbey Trust 3,500 -
Hereford Cathedral (Chorister) 6,500 9,500
Jazz In Malvern 3,000 -
The Linarol Consort Of Viols 750 -
Longborough Festival Opera 2,046 -
The OHMI Trust 1,700 -
Orchestra of The Swan - 10,000
Presteigne Festival 10,000 10,000
The Three Choirs Festival 26,936 -
Worcester Cathedral 21,000 6,184
Worcester Concert Club - 1,750
Wychavon Festival Of Brass 3,000 -
Theatre
Coach House Theatre 2,500 -
Fetch Theatre Company - 3,500
Open Sky Productions - 3,000
Vamos Theatre 3,500 3,500
Visual Arts and Crafts
Hereford College Of Music - 6,000
Meadow Arts 8,500 5,000
Museum of Royal Worcester - 7,500
Students
Hereford College of Arts 2,800 -
National Youth Orchestra of Great Britain 5,000 5,000
National Youth Choir of Great Britain 2,000 3,965
Grants to individual students 32,800 33,500

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continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2022

9. GRANTS PAYABLE - continued

Total grants paid in year 278,459 161,374

Elmley Small Grants Arts Fund

Grants paid under the Small Grants Arts Fund in the current year include grants paid to: Big Apple Association, Bromyard Community Arts, The Cracked Slipper Company, Everybody Dance, Grimley Peace Hall Foundation, Hay Theatre CIC, Indigo Arts, Kington Arts Society, Llanwarne & District Village Hall, Malvern Civic Society, The Monday Night Club, Pershore Abbey, St Peter's Community Church, and Wildgoose Rural Training.

GRANTS APPROVED AND OFFERED BUT NOT YET PAID

2022/23 2023/24 2024/25
£ £ £
2Faced Dance Company 10,000 10,000 -
Arts Alive 7,500 7,500 7,500
Autumn in Malvern 2,300 2,300 2,300
Broadway Arts Festival 2,000 - -
Bromsgrove & Redditch Network 5,000 5,000 5,000
Churches Conservation Trust 5,000 - -
Hereford Three Choirs Festival 30,000 - -
John Masefield High School & Sixth Form Centre 5,000 - -
Ledbury Poetry Festival 15,000 15,000 15,000
Longborough Festival Opera 2,800 - -
Malvern Theatre 6,250 12,500 18,750
Museum Of Carpet 3,000 - -
National Youth Choirs of Great Britain 2,600 - -
National Youth Orchestra 10,000 - -
Orchestra Of The Swan 15,000 - -
Pershore Midsummer Brass 1,000 - -
Presteigne Festival Of Music And The Arts 15,000 15,000 15,000
Rural Media Charity 12,000 12,000 -
Worcester Porcelain Museum 15,000 - -
Wychavon Festival Of Brass 4,000 4,000 -
Individual students 15,500 2,000 -
Total 183,950 85,300 63,550
2022 2021
£ £
Creditors: amounts falling due within one year 183,950 234,687
Creditors: amounts falling due after more than one year 148,850 97,750
332,800 332,437
Grants issued in the current year not yet paid 208,800 140,736
Grants issued in prior years not yet paid 124,000 191,701
332,800 332,437
Grants Summary
2022 2021
£ £
Grants paid in the year 278,459 161,374
Less grants paid in the year approved in prior years (see note below) (205,007) (105,574)
Plus grants approved in the current year not paid before the year end 208,800 140,736
Less grants approved in prior years cancelled in the year (see note below) (3,430) (9,461)
Grants per Statement of Financial Activities 278,822 187,075

Page 15

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2022

9. GRANTS PAYABLE - continued

Grants paid in the year approved in prior years are as follows:

Grants paid in the year approved in prior years are as follows:
2022 2021
£ £
2021 total grant creditor falling due within 1 year 234,687 117,690
Less grant payments originally due in 2021 deferred until future years (26,250) (19,155)
Plus early payment of grant creditors previously not due for payment in 2022 - 12,000
Less grants cancelled (element due within one year at the end of last year) (3,430) (4,961)
205,007 105,574

During the year 2 grants totalling £3,430 (2021 - 3 grants totalling £9,461) which the charity had committed to pay to fund festivals or events that were cancelled due to the coronavirus outbreak were neither paid not deferred until later years. In a number of other instances committed grant funding has agreed to be deferred, rather than cancelled, until the activities which they are to fund can be undertaken once the current restrictions relating to the coronavirus outbreak have been relaxed.

10. SUPPORT COSTS

11.

Support costs
Support costs, included in the above, are as follows:
Wages
Social security
Pensions
Small grants management fees
Event attendance costs
Office costs
Travel and subsistence
Sundry costs
Auditors' remuneration - audit fees
Auditors' remuneration - other services
Professional fees
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors’ remuneration – audit fees
Auditors’ remuneration – other services		 Management
£
72,980
2022
2021
Support
Total
costs
activities
£
£
53,257
44,865
909
-
139
93
4,500
4,500
493
-
2,816
3,005
4,740
-
630
539
4,710
6,360
36
36
750
-
72,980
59,398
2022
2021
£
£
4,710
6,300
36
19

Page 16

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2022

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5th April 2022 nor for the year ended 5th April 2021.

TRUSTEES' EXPENSES

During the year 3 trustees were reimbursed travelling costs totalling £392 (2021 - no trustees were reimbursed any expenses).

13. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2022
£
53,257
909
139
54,305		 2021
£
44,865
-
93
44,958

Total remuneration paid to key management personnel (including employers NI) was £43,006 (2021 - £35,583) during the year.

The average monthly number of employees during the year was as follows:

Chief executive
Office staff		 2022
1
1
2		 2021
1
1
2

No employees received emoluments in excess of £60,000.

14. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Office
equipment
£
COST
At 6th April 2021 and 5th April 2022 3,856
DEPRECIATION
At 6th April 2021 and 5th April 2022 3,856
NET BOOK VALUE
At 5th April 2022 -
At 5th April 2021 -

Page 17

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2022

15.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 6th April 2021
Additions
Disposals
Revaluations
At 5th April 2022
NET BOOK VALUE
At 5th April 2022
At 5th April 2021		 Listed
investments
£
2,348,992
240,862
(246,580)
122,537
2,465,811
2,465,811
2,348,992
16.
INVESTMENT PROPERTY
FAIR VALUE
At 6th April 2021
and 5th April 2022
NET BOOK VALUE
At 5th April 2022
At 5th April 2021		 £
2,440,000
2,440,000
2,440,000

Investment properties were valued on a market value basis in October 2021 by an independent professional qualified valuer with recent experience in the location and class of the investment properties held. The trustees have reviewed this valuation and consider it to be the fair value as at 5 April 2022.

The value of investment property under historical cost accounting is as follows:

Cost
Impairment
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments and accrued income		 2022 2021
£ £
2,367,450 2,367,450
(649,701) (649,701)
1,717,749 1,717,749
2022
£
10,017		 2021
£
10,555

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continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2022

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

VAT
Other creditors
Grants payable (note 8)
Accruals
Deferred income		 2022
£
6,614
41,969
183,950
5,673
38,078
276,284		 2021
£
1,163
41,967
234,687
9,591
9,350
296,758

Deferred income represents rent and recharged utility costs received in advance. The amount of £9,350 (2021 - £11,050) brought forward has all been released during the year and a new reserve of £38,078 (2021 - £9,350) has been carried forward.

Other creditors includes £41,969 (2021 - £41,967) relating to rent deposits received.

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Grants payable (note 8)
20.
MOVEMENT IN FUNDS
Unrestricted funds
General unrestricted fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General unrestricted fund
396,098
TOTAL FUNDS
396,098		 At 6.4.21
£
4,475,420
4,475,420
Resources
expended
£
(390,357)
(390,357)		 2022
£
148,850
Net
movement
in funds
£
128,278
128,278
Gains and
losses
£
122,537
122,537		 2021
£
97,750
At
5.4.22
£
4,603,698		 2021
£
97,750
4,603,698
Movement
in funds
£
128,278
128,278
128,278

Comparatives for movement in funds

Unrestricted funds
General unrestricted fund
TOTAL FUNDS		 At 6.4.20
£
3,740,044
3,740,044		 Net
movement
in funds
£
735,376
735,376		 At
5.4.21
£
4,475,420
4,475,420

Page 19

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2022

20. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General unrestricted fund
TOTAL FUNDS		 Incoming
resources
£
247,044
247,044		 Resources
expended
£
(273,220)
(273,220)		 Gains and
Movement
losses
in funds
£
£
761,552
735,376
761,552
735,376		 Gains and
Movement
losses
in funds
£
£
761,552
735,376
761,552
735,376
735,376

21. RELATED PARTY DISCLOSURES

The Countess Beauchamp Charitable Trust is a charity connected by virtue of having related objects and some common control with J de la Cour, D S Johnson and S K Luton being trustees of the Countess Beauchamp Charitable Trust. During the year the Foundation received donation of £155,000 (2021 - £35,000) from the Countess Beauchamp Charitable Trust.

22. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.

23. THE COUNTESS BEAUCHAMP CHARITABLE TRUST

The company is connected to a second charity, the Countess Beauchamp Charitable Trust, a charity connected by virtue of having related objects and some common control with J de la Cour, D S Johnson and S K Luton being trustees of the Countess Beauchamp Charitable Trust.

The principal contact address for this charity is West Aish, Morchard Bishop, Crediton, Devon.

Net assets of this charity at 5 April 2022 were £3,397,442 (2021 - £3,390,761). The income and expenditure for the year to 5 April 2022 was £124,903 (2021 - £109,195) and £166,777 (2021 - £41,571) respectively. Net gains on investment assets were £48,555 (2021 - net gains of £547,187) giving net income of £6,681 (2021 - net expenditure of £614,811).

24. CHARITABLE COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee and therefore has no share capital. Each member's liability is limited to a maximum of £1.

25. LEASING AGREEMENTS

Total future minimum lease income which are receivable under non-cancellable operating leases, in respect of investment properties, are as follows:

2022 2021
£ £
Not later than one year 172,953 145,000
Later than one and not later than five years 530,625 512,000
Later than five years 770,000 890,000
1,473,578 1,547,000

Covid-19-related rent concession

During the year the total rental income waived due to Covid-19 was £26,000 (2021 - £44,000).

Page 20

Elmley Foundation(The)

Detailed Statement of Financial Activities for the Year Ended 5th April 2022

2022 2021
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donation from Countess Beauchamp Charitable
Trust 155,000 35,000
Income from Investments
Rents receivable 149,871 121,535
Income from listed investments 91,217 90,490
Bank interest 10 19
241,098 212,044
Total incoming resources 396,098 247,044
EXPENDITURE
Investment management costs
Listed investment management fees 7,365 -
Property management costs 6,926 13,944
Property repairs 13,969 4,410
Property rates and water 231 3,748
Property utilities (266) 633
Property insurance 1,181 2,262
Property advertising - 250
Legal and professional fees 6,885 1,500
36,291 26,747
Charitable activities
Forum and conference costs 2,264 -
Grants approved in year 278,822 187,075
281,086 187,075
Support costs
Management
Wages 53,257 44,865
Social security 909 -
Pensions 139 93
Small grants management fees 4,500 4,500
Event attendance costs 493 -
Office costs 2,816 3,005
Travel and subsistence 4,740 -
Sundry costs 630 539
Auditors' remuneration - audit fees 4,710 6,360
Auditors' remuneration - other services 36 36
Professional fees 750 -
72,980 59,398
Total resources expended 390,357 273,220
Net income/(expenditure) 5,741 (26,176)

This page does not form part of the statutory financial statements

Page 21