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2024-04-05-accounts

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

Trustees' Report and

Financial Statements for the Year Ended 5th April 2024

for

Elmley Foundation(The)

Elmley Foundation(The)

Contents of the Financial Statements for the Year Ended 5th April 2024

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
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 22
Detailed Statement of Financial Activities 23

Elmley Foundation(The)

Reference and Administrative Details

for the Year Ended 5th April 2024

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 2024

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 2024. 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. A major such event on Arts and Digital was undertaken in September 2023.

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 and other organisations 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 2024

ACHIEVEMENT AND PERFORMANCE

During the year 55 (2023 - 46) grants were paid under the Main Programme and 14 (2023 - 15) under the Small Grants scheme, totalling £353,469 (2023 - £268,525). Details are given in Note 9 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 three years of £305,900 (2023 - £371,385).

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 Government 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 £429,166 (2023 - £409,214) - (this charity alone £303,017 (2023 - £273,534)). Grants paid out by the two charities during the year totalled £353,469 (2023 - £268,525) - (this charity alone £353,469 (2023 - £268,525)). 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 2024 totalling £305,900 (2023 - £307,110) - (this charity alone £305,900 (2023 - £307,110)).

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 £2,233,268 (2023 - £2,233,227) and investment property totalling £3,105,000 (2023 - £3,105,000) 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 £139,252 (2023 - £110,250), of which £41,974 (2023 - £41,994) relates to rental deposits held, leaving £97,274 (2023 - £68,256) 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 £5,068,397 (2023 - £4,991,552).

Page 3

Elmley Foundation(The)

Trustees' Report for the Year Ended 5th April 2024

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 recommendations from contacts the existing Trustees have.

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 2024 were £3,028,193 (2023 - £3,083,025). The income and expenditure for the year to 5 April 2024 was £126,149 (2023 - £135,680) and £218,373 (2023 - £105,580) respectively. Net gains on investment assets were £37,392 (2023 - net losses of £344,517) giving net expenditure of £54,832 (2023 - net expenditure of £314,417).

During the year the Foundation received donation of £200,000 (2023 - £85,000) 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.

Page 4

Elmley Foundation(The)

Trustees' Report for the Year Ended 5th April 2024

In so far as the trustees are aware:

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to - small companies.

Approved by order of the board of trustees on nb £11, Z1024 and signed on its behalf by:

Diana Susan Johnson - Trustee

Page 5

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 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

”

Melissa Jean Godwin ACCA (Senior Statutory Auditor)

for and on behalf of Richards Sandy Audit Services Limited (Statutory Auditor)

Thorneloe House 25 Barbourne Road Worcester WR1 1RU

Date: ...A BN Qe PAN cesecsecsteseens

Page 8

Elmley Foundation(The)

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 5th April 2024

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		 2024
Unrestricted
funds
£
200,000
303,017
503,017
41,582
41,582
303,058
83,169
427,809
1,637
76,845
4,991,552
5,068,397		 2023
Total
funds
£
85,000
273,534
358,534
33,609
33,609
310,249
72,675
416,533
445,853
387,854
4,603,698
4,991,552

The notes form part of these financial statements

Page 9

:

Elmley Foundation(The) (Registered number: 01959978)

j Balance Sheet
5th April 2024
2024 2023
Unrestricted Total
funds funds
Notes £ E
FIXED ASSETS
Tangible assets 14 250 498
Investments
= Investments 15 2,223,268 2,233,229
Investment property 16 3,105,000 3,105,000
§,328,518 5,338,727
CURRENT ASSETS
Debtors ; 17 9,308 6,863
Cash at bank 139,252 110,250
148,560 117,113
CREDITORS
Amounts falling due within one year 18 (341,681) (311,388)
NETCURRENTASSETS (193,121) (194,275)
TOTAL ASSETS LESS CURRENT LIABILITIES 5,135,397 5,144,452
CREDITORS
Amounts falling due aftermore than one year 19 (67,000) (152,900)
NETASSETS 5,068,397 4,991,552
FUNDS 20
Unrestricted funds:
General unrestricted fund 5,068,397 4,991,552
TOTALFUNDS i 5,068,397 4,991,552

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on bS 1/2024.

and were signed on its behalf by:

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Diana Sugan Johnson - Trustee
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The notes form part of these financial statements

Page 10

Elmley Foundation(The)

Cash Flow Statement for the Year Ended 5th April 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2024
£
(81,597)
(81,597)
-
(173,265)
184,863
209
98,792
110,599
29,002
110,250
139,252		 2023
£
(110,443)
(110,443)
(744)
(182,385)
195,820
70
94,928
107,689
(2,754)
113,004
110,250

The notes form part of these financial statements

Page 11

Elmley Foundation(The)

Notes to the Cash Flow Statement for the Year Ended 5th April 2024

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2024 2023
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 76,845 387,854
Adjustments for:
Depreciation charges 248 246
Gain on investments (1,637) (445,853)
Interest received (209) (70)
Dividends received (98,792) (94,928)
(Increase)/decrease in debtors (2,445) 3,154
(Decrease)/increase in creditors (55,607) 39,154
Net cash used in operations (81,597) (110,443)
ANALYSIS OF CHANGES IN NET FUNDS
At 6.4.23 Cash flow At 5.4.24
£ £ £
Net cash
Cash at bank 110,250 29,002 139,252
110,250 29,002 139,252
Total 110,250 29,002 139,252

2. ANALYSIS OF CHANGES IN NET FUNDS

The notes form part of these financial statements

Page 12

Elmley Foundation(The)

Notes to the Financial Statements for the Year Ended 5th April 2024

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.

Interest income (including interest receivable on fixed interest listed investment bonds) is recognised for all interestbearing instruments on the effective interest rate basis. Dividends are recognised in the income statement when they are declared.

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.

Page 13

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2024

2. ACCOUNTING POLICIES - continued

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 - 33.33% straight line

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.

PENSION COSTS

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

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.

Page 14

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2024

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 9 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 a November 2023 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 16 of the financial statements.

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 insurance
Legal and professional fees		 2024
£
200,000
2024
£
204,016
98,792
209
303,017
2024
£
13,127
12,480
11,770
(146)
778
3,573
41,582		 2023
£
85,000		 2023
£
85,000
2023
£
178,536
94,928
70
273,534
2023
£
13,942
9,146
7,403
812
806
1,500
33,609

7. CHARITABLE ACTIVITIES COSTS


Grants issued
Support costs
DIRECT COSTS OF CHARITABLE ACTIVITIES
Forum and conference costs		 Grant
Direct
funding of
Costs (see
activities
note 8)
(see note 9)
£
£
15,074
287,984
-
-
15,074
287,984		 Support
costs (see
note 10)
£
-
83,169
83,169
2024
£
15,074		 Totals
£
303,058
83,169		 Totals
£
303,058
83,169
386,227
2023
£
3,139

8. DIRECT COSTS OF CHARITABLE ACTIVITIES

Page 15

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued

for the Year Ended 5th April 2024

9. GRANTS PAYABLE

The grants paid during the year were as follows:

2024 2023
£ £
Elmley Small Grants Arts Fund 11,427 12,625
(see note below)
Main Programme:
Combined Arts
Arts Alive 7,500 -
Broadway Arts Festival 4,500 2,000
Bromsgrove & Redditch Network - 5,000
Churches Conservation Trust 5,000 -
Courtyard Centre For The Arts 11,500 -
Engage Malvern 7,500 -
Worcester Mela 15,000 -
Dance
2Faced Dance Company 10,000 10,000
Everybody Dance 1,500 -
Film and Media
Borderlines Film Festival 12,000 12,000
Rural Media Charity 12,000 12,000
Worcester Film Festival 5,000 -
Literature
Bewdley Festival 1,500 -
Hay Festival 20,000 -
Ledbury Poetry Festival 15,000 15,000
Music
Autumn in Malvern Festival 2,300 2,300
Bromsgrove Concerts 2,000 3,000
Ex Cathedra 2,000 -
Hagley Parochial Church Council 3,000 3,250
Hereford Cathedral (Chorister) - 8,000
Longborough Festival Opera 3,500 2,800
Orchestra of The Swan 20,000 15,000
Pershore Midsummer Brass - 1,000
Presteigne Festival 15,000 15,000
The Black Mountains Chamber Music Trust 1,000 1,000
The Midland Sinfonia 2,000 2,000
The Three Choirs Festival 4,500 30,000
Worcester Cathedral 8,000 8,000
Worcester Concert Club 1,400 1,400
Worcestershire Early Morning 1,200 -
Wychavon Festival Of Brass 4,000 4,000
Theatre
Arts Uplift CIC - 5,000
Coach House Theatre - 2,500
Expial Atrocious Theatre 2,000 -
John Masefield High School & Sixth Form Centre - 5,000
Ledbury Amateur Dramatic 10,000 -
Malvern Theatre 12,500 -
Malvern Youth & Community Trust - 5,600
Open Sky Theatre 7,000 -
Pentabus Arts Limited - 4,000
Reaction Theatre Makers 1,000 2,000
Strange Futures - 3,000
Vamos Theatre 5,000 5,000

Page 16

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2024

9. GRANTS PAYABLE - continued

Visual Arts and Crafts
Alloy - Hereford Jewellers Group
Bromyard Community Centre
Carpet Museum Trust
Craftspace
CUP Ceramics Community CIC
Meadow Arts
Museum of Royal Worcester
Museums Worcestershire
New Leaf Sustainable
Paradise Multimedia
Severn Arts
Worcester Paint Festival
Students
Hereford College of Arts
National Youth Orchestra of Great Britain
National Youth Choir of Great Britain
Grants to individual students
Total grants paid in year		 4,200
1,200
-
3,000
1,785
15,000
20,000
-
1,000
-
10,000
4,000
12,645
-
3,500
30,312
353,469		 -
-
3,000
-
-
5,000
15,000
5,000
-
3,000
-
2,000
2,800
10,000
2,600
22,650
268,525

Elmley Small Grants Arts Fund

Grants paid under the Small Grants Arts Fund in the current year include grants paid to: Bewdley Community Theatre Group, Callow End Village Hall, CUP Ceramics Community CIC, Eardisland Village Hall, Fairfield Village Community Association, Hay Community Choir, Hereford City Rotary Club, The Hub at St Peters Church, Leominster Museum CIO, Number 8 Community Arts Centre, Verdun Oak Sculpture, Vics School of Musical Theatre, Whittington Community Hall and Wolverley Village Player.

GRANTS APPROVED AND OFFERED BUT NOT YET PAID

2Faced Dance Company
Arts Alive
Arts and Heritage CIO
Autumn in Malvern Festival
Boarderlines Film Festival
Courtyard Centre For The Arts
Hay Festival
Hay Music Trust
Hereford Cathedral
Hereford College Of Arts
Ledbury Poetry Festival
Longborough Festival Opera
Malvern Theatre
Midland Sinfonia
Museum Of Royal Porcelain
National Youth Choir of Great Britain
ORA Singers
Presteigne Festival Of Music And The Arts
The Word Association CIC
Three Choirs Festival
Worcester Cathedral
Worcester Concert Club
Individual students
Total		 2023/24
£
15,000
7,500
10,000
2,300
12,000
9,500
20,000
1,000
16,000
20,000
15,000
3,200
12,500
2,000
20,000
3,500
2,000
15,000
1,500
25,500
8,000
1,400
16,000
238,900		 2024/25
£
15,000
7,500
-
-
-
10,000
-
-
-
-
-
-
12,500
2,000
20,000
-
-
-
-
-
-
-
-
67,000		 2025/26
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Page 17

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued

for the Year Ended 5th April 2024

9. GRANTS PAYABLE - continued

10. Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year
Grants issued in the current year not yet paid
Grants issued in prior years not yet paid
Grants Summary
Grants paid in the year
Less grants paid in the year approved in prior years (see note below)
Plus grants approved in the current year not paid before the year end
Less grants approved in prior years cancelled in the year
Grants per Statement of Financial Activities
Grants paid in the year approved in prior years are as follows:
2023 total grant creditor falling due within 1 year
Less grant payments originally due in 2024 deferred until future years
Less grants approved in prior years cancelled in the year
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
Adjustment to input VAT in regard to prior year expenditure
Depreciation on tangible fixed assets		 2024
£
238,900
67,000
305,900
147,000
158,900
305,900
2024
£
353,469
(198,985)
147,000
(13,500)
287,984
2024
£
218,485
(19,500)
-
198,985
2024
£
59,746
734
183
4,500
455
4,005
5,972
1,343
3,560
48
2,375
-
248
83,169		 2023
£
218,485
152,900
371,385
199,285
172,100
371,385
2023
£
268,525
(160,700)
199,285
-
307,110
2023
£
183,950
(23,250)
-
160,700
2023
£
54,631
293
147
4,500
3,382
3,401
6,242
992
4,170
36
-
(5,365)
246
72,675

Page 18

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2024

11. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£ £
Depreciation - owned assets 248 246
Auditors’ remuneration – audit fees 3,560 4,170
Auditors’ remuneration – other services 36 36

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5th April 2024 nor for the year ended 5th April 2023.

TRUSTEES' EXPENSES

During the year 2 trustees (2023 - 3 trustees) were reimbursed travelling costs totalling £104 (2023 - £216).

13. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2024
£
59,746
734
183
60,663		 2023
£
54,631
293
147
55,071

Total remuneration paid to key management personnel (including employers NI) was £47,678 (2023 - £43,480) during the year.

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

Chief executive
Office staff		 2024
1
1
2		 2023
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 2023 and 5th April 2024 4,093
DEPRECIATION
At 6th April 2023 3,595
Charge for year 248
At 5th April 2024 3,843
NET BOOK VALUE
At 5th April 2024 250
At 5th April 2023 498

Page 19

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2024

15. FIXED ASSET INVESTMENTS

MARKET VALUE
At 6th April 2023
Additions
Disposals
Revaluations
At 5th April 2024
NET BOOK VALUE
At 5th April 2024
At 5th April 2023
16.
INVESTMENT PROPERTY
FAIR VALUE
At 6th April 2023
and 5th April 2024
NET BOOK VALUE
At 5th April 2024
At 5th April 2023		 Listed
investments
£
2,233,229
173,265
(184,863)
1,637
2,223,268
2,223,268
2,233,229
£
3,105,000
3,105,000
3,105,000

Investment properties were valued on 7 November 2023 on a market value basis by GJS Dillon, an independent professional qualified valuer with recent experience in the location and class of the investment properties held. These valuations take into account that these investment properties are being leased out to tenants under long term operating leases. The trustees are of the opinion that the valuation of investment properties as at 5 April 2024 is not significantly different from this valuation.

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		 2024
£
2,367,450
(614,701)
1,752,749
2024
£
9,308		 2023
£
2,367,450
(614,701)
1,752,749
2023
£
6,863

Page 20

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2024

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

VAT
Other creditors
Grants payable (note 9)
Accruals
Deferred income		 2024
£
10,897
41,974
238,900
4,403
45,507
341,681		 2023
£
8,102
41,994
218,485
5,042
37,765
311,388

Deferred income represents rent and recharged utility costs received in advance. All deferred income at the end of last year was released to income within the current year.

Other creditors includes £41,974 (2023 - £41,994) relating to rent deposits received.

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

Grants payable (note 9)
20.
MOVEMENT IN FUNDS
Unrestricted funds
General unrestricted fund
TOTAL FUNDS
Net movement in funds, included in the above are a
Unrestricted funds
General unrestricted fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General unrestricted fund
TOTAL FUNDS		 s follows:
Incoming
resources
£
503,017
503,017		 At 6.4.23
£
4,991,552
4,991,552
Resources
expended
£
(427,809)
(427,809)
At 6.4.22
£
4,603,698
4,603,698		 2024
£
67,000
Net
movement
in funds
£
76,845
76,845
Gains and
losses
£
1,637
1,637
Net
movement
in funds
£
387,854
387,854		 2023
£
152,900
At
5.4.24
£
5,068,397
5,068,397
Movement
in funds
£
76,845
76,845
At
5.4.23
£
4,991,552
4,991,552

Page 21

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2024

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
£
358,534
358,534		 Resources
expended
£
(416,533)
(416,533)		 Gains and
Movement
losses
in funds
£
£
445,853
387,854
445,853
387,854		 Gains and
Movement
losses
in funds
£
£
445,853
387,854
445,853
387,854
387,854

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 £200,000 (2023 - £85,000) 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 2024 were £3,028,193 (2023 - £3,083,025). The income and expenditure for the year to 5 April 2024 was £126,149 (2023 - £135,680) and £218,373 (2023 - £105,580) respectively. Net gains on investment assets were £37,392 (2023 - net losses of £344,517) giving net expenditure of £54,832 (2023 - net expenditure of £314,417).

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:

Not later than one year
Later than one and not later than five years
Later than five years		 2024
£
186,058
714,419
704,017
1,604,494		 2023
£
158,119
485,506
650,000
1,293,625

Page 22

continued...

Elmley Foundation(The)

Detailed Statement of Financial Activities

for the Year Ended 5th April 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donation from Countess Beauchamp Charitable Trust
Income from Investments
Rents receivable
Income from listed investments
Bank interest
Total incoming resources
EXPENDITURE
Investment management costs
Listed investment management fees
Property management costs
Property repairs
Property rates and water
Property insurance
Legal and professional fees
Charitable activities
Forum and conference costs
Grants approved in year
Support costs
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
Adjustment to input VAT in regard to prior year expenditure
Depreciation
Total resources expended
Net income/(expenditure)		 2024
£
200,000
204,016
98,792
209
303,017
503,017
13,127
12,480
11,770
(146)
778
3,573
41,582
15,074
287,984
303,058
59,746
734
183
4,500
455
4,005
5,972
1,343
3,560
48
2,375
-
248
83,169
427,809
75,208		 2023
£
85,000
178,536
94,928
70
273,534
358,534
13,942
9,146
7,403
812
806
1,500
33,609
3,139
307,110
310,249
54,631
293
147
4,500
3,382
3,401
6,242
992
4,170
36
-
(5,365)
246
72,675
416,533
(57,999)

This page does not form part of the statutory financial statements

Page 23