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← The Elmley Foundation

2025-04-05-accounts

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

Trustees' Report and

Financial Statements for the Year Ended 5th April 2025

for

Elmley Foundation(The)

Elmley Foundation(The)

Contents of the Financial Statements for the Year Ended 5th April 2025

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 23
Detailed Statement of Financial Activities 24

Elmley Foundation(The)

Reference and Administrative Details for the Year Ended 5th April 2025

TRUSTEES H B Carslake
E F D de la Cour (appointed 1.1.25)
K Forde (appointed 1.1.25)
D S Johnson
S K Luton
T R True appointed 30.7.25)
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 2025

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 2025. 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 Community 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 Community 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. The most recent 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 2025

ACHIEVEMENTS AND PERFORMANCE

During the year 50 (2024 - 55) grants were paid under the Main Programme and 17 (2024 - 14) under the Community Grants scheme, totalling £390,057 (2024 - £353,469). Details are given in Note 9 to the accounts. In addition, the Foundation has commitments for the next three years at the year end totalling £408,445 (2024 - £305,900).

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 £472,611 (2024 - £429,166) - (this charity alone £325,637 (2024 - £303,017)). Grants paid out by the two charities during the year totalled £395,057 (2024 - £353,469) - (this charity alone £390,057 (2024 - £353,469)). 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 2025 totalling £408,445 (2024 - £305,900) - (this charity alone £408,445 (2024 - £305,900)).

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 £2,056,521 (2024 - £2,233,268) and investment property totalling £2,760,000 (2024 - £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 £119,269 (2024 - £139,252), of which £42,996 (2024 - £41,974) relates to rental deposits held, leaving £76,273 (2024 - £97,274) 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 £4,431,827 (2024 - £5,068,397).

Page 3

Elmley Foundation(The)

Trustees' Report for the Year Ended 5th April 2025

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 E de la Cour, J de la Cour, K Forde, D S Johnson, S K Luton and T True being the trustees of the Countess Beauchamp Charitable Trust.

Net assets of this charity at 5 April 2025 were £2,963,403 (2024 - £3,028,193). The income and expenditure for the year to 5 April 2025 was £146,974 (2024 - £126,149) and £124,905 (2024 - £218,373) respectively. Net losses on investment assets were £86,859 (2024 - net gains of £37,392) giving net expenditure of £64,790 (2024 - net expenditure of £54,832).

During the year the Foundation received donation of £100,000 (2024 - £200,000) 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. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they 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)

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Trustees’ Report for the Year Ended 5th April 2025

STATEMENT OF TRUSTEES’ RESPONSIBILITIES - continued

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In so far as the trustees are aware:

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

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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 2025 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: ...1A12.. ZR.

Page 8

Elmley Foundation(The)

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 5th April 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
4
Income from Investments
5
Other income
Total
EXPENDITURE ON
Raising funds
Investment management costs
6
Charitable activities
7
Grants issued
Forum and conferences
Support costs
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2025
Unrestricted
funds
£
100,000
325,637
7,811
433,448
34,098
34,098
492,602
1,634
90,737
619,071
(450,947)
(636,570)
5,068,397
4,431,827		 2024
Total
funds
£
200,000
303,017
-
503,017
41,582
41,582
287,984
15,074
83,169
427,809
1,637
76,845
4,991,552
5,068,397

The notes form part of these financial statements

Page 9

Elmley Foundation(The) (Registered number: 01959978)

Balance Sheet 5th April 2025

----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |Unrestricted|Total| |funds|funds| |Notes|£|£| |FIXED|ASSETS| |Tangible|assets|14|325|250| |Investments| |Investments|15|;|2,056,521|2,223,268| |Investment|property|16|2,760,000|3,105,000| |4,816,846|5,328,518| |CURRENT ASSETS| |Debtors|17|6,387|9,308| |Cash|at|bank|119,269|139,252| |125,656|148,560| |CREDITORS| |Amounts|falling|due|within|one|year|18|(369,175)|(341,681)| |NET CURRENT ASSETS|(243,519)|(193,121)| |TOTAL ASSETS|LESS|CURRENT|LIABILITIES|4,573,327|5,135,397| |CREDITORS| |Amounts|falling|due|after more than|one year|19|(141,500)|(67,000)| |NET ASSETS|4,431,827|5,068,397| |FUNDS|20| |Unrestricted|funds:| |General|unrestricted|fund|4,431,827|5,068,397| |TOTAL|FUNDS|4,431,827|5,068,397| |These|financial|statements|have|been|prepared|in|accordance|with the|provisions|applicable|to|charitable|companies| |subject|to the|small|companies|regime.|®|

----- End of picture text -----

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The financial statements were approved by the Board of Trustees and authorised for issue on jesiesissistississtsssesseseeeeeeees aNd Were signed on its behalf by: D{ad Trustee

The notes form part of these financial statements

Page 10

Elmley Foundation(The)
Cash Flow Statement
for the Year Ended 5th April 2025
2025
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(187,526)
Net cash used in operating activities
(187,526)
Cash flows from investing activities
Purchase of tangible fixed assets
(490)
Purchase of fixed asset investments
(245,935)
Sale of fixed asset investments
306,735
Interest received
330
Dividends received
106,903
Net cash provided by investing activities
167,543
Change in cash and cash equivalents in
the reporting period
(19,983)
Cash and cash equivalents at the
beginning of the reporting period
139,252
Cash and cash equivalents at the end of
the reporting period
119,269		 2024
£
(81,597)
(81,597)
-
(173,265)
184,863
209
98,792
110,599
29,002
110,250
139,252

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 2025

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2025 2024
£ £
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities) (636,570) 76,845
Adjustments for:
Depreciation charges 415 248
Losses/(gain) on investments 450,947 (1,637)
Interest received (330) (209)
Dividends received (106,903) (98,792)
Decrease/(increase) in debtors 2,921 (2,445)
Increase/(decrease) in creditors **101,994 ** (55,607)
Net cash used in operations **(187,526) ** (81,597)
2. ANALYSIS OF CHANGES IN NET FUNDS
At 6.4.24 Cash flow At 5.4.25
£ £ £
Net cash
Cash at bank **139,252 ** **(19,983) ** 119,269
**139,252 ** **(19,983) ** 119,269
Total 139,252 (19,983) 119,269

The notes form part of these financial statements

Page 12

Elmley Foundation(The)

Notes to the Financial Statements for the Year Ended 5th April 2025

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 interest-bearing 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.

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 2025

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 5[th] April 2025

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 – point of recognition of grant commitments

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 – valuation of investment properties Investment properties are revalued at the balance sheet date to their deemed market value.

The current year end valuation was performed by the trustees, based on advise from the professional valuers who performed a full valuation in November 2023.

The value of investment properties are included in note 16 of the financial statements.

4. DONATIONS AND LEGACIES

5.

6.

Donation from Countess Beauchamp Charitable Trust
INCOME FROM INVESTMENTS
Rents receivable
Income from listed investments
Bank interest
INVESTMENT MANAGEMENT COSTS
Listed investment management fees
Property management costs
Property repairs
Property rates and water
Property insurance
Property advertising
Legal and professional fees		 2025
£
100,000
2025
£
218,404
106,903
330
325,637
2025
£
13,478
14,685
860
375
913
650
3,137
34,098		 2024
£
200,000		 2024
£
200,000
2024
£
204,016
98,792
209
303,017
2024
£
13,127
12,480
11,770
(146)
778
-
3,573
41,582

7. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Grants issued
Forum and conferences
Support costs		 Direct
Costs (see
note 8)
£
-
1,634
-
**1,634 **		 Grant
funding of
activities
(see note
9)
£
492,602
-
-
**492,602 **		 Support
costs (see
note 10)
£
-
-
90,737
**90,737 **		 Totals
£
492,602
1,634
90,737
584,973

Page 15

continued...

Elmley Foundation(The)

Notes to the Financial Statements – continued for the Year Ended 5[th] April 2025 8. DIRECT COSTS OF CHARITABLE ACTIVITIES

Forum and conference costs
9.
GRANTS PAYABLE
The grants paid during the year were as follows:
Elmley Community Grants scheme
(see note below)
Main Programme:
Combined Arts
Arts Alive
Broadway Arts Festival
Crave Arts
Churches Conservation Trust
Courtyard Centre For The Arts
Engage Malvern
Leominster Priory
Worcester Mela
Dance
2Faced Dance Company
Everybody Dance
Film and Media
Borderlines Film Festival
Catcher Media Social
Rural Media Charity
Worcester Film Festival
Literature
Bewdley Festival
Hay Festival
Ledbury Poetry Festival
The Word Association
Music
Armonico Consort Ltd
Autumn in Malvern Festival
Bromsgrove Concerts
Ex Cathedra
Hagley Parochial Church Council
Hay Music Trust
Hereford Cathedral (Chorister)
Kidderminster Choral Society
Longborough Festival Opera
Malvern Chase Brass Band
ORA Singers
Orchestra of The Swan
Pershore Midsummer Brass
Presteigne Festival
The Black Mountains Chamber Music Trust
The Midland Sinfonia
The Three Choirs Festival
Worcester Cathedral
Worcester Concert Club
Worcestershire Early Morning
Wychavon Festival Of Brass		 2025
£
1,634
2025
£
14,895
7,500
7,000
2,000
-
13,700
-
3,000
-
15,000
-
12,000
2,500
30,000
5,500
2,500
20,000
15,000
1,500
2,000
2,300
-
2,000
-
1,000
8,000
5,000
3,200
1,772
2,000
30,000
1,000
15,000
-
2,000
30,500
-
1,400
-
5,000		 2024
£
15,074
2024
£
11,427
7,500
4,500
-
5,000
11,500
7,500
-
15,000
10,000
1,500
12,000
-
12,000
5,000
1,500
20,000
15,000
-
-
2,300
2,000
2,000
3,000
-
-
-
3,500
-
-
20,000
-
15,000
1,000
2,000
4,500
8,000
1,400
1,200
4,000

Page 16

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2025

9. GRANTS PAYABLE - continued

Theatre
Bretforton Theatre
ECHO For Extra Choices In Herefordshire Limited
Expial Atrocious Theatre
Feral Productions
Ledbury Amateur Dramatic
Malvern Theatre
Open Sky Theatre
Reaction Theatre Makers
Strange Futures
Vamos Theatre
Visual Arts and Crafts
Alloy - Hereford Jewellers Group
Arts & Heritage CIO
Bromyard Community Centre
Craftspace
CUP Ceramics Community CIC
Hereford Guild of Mayor's Guides
Meadow Arts
Museum of Royal Worcester
Museums Worcestershire
New Leaf Sustainable
Severn Arts
Worcester Paint Festival
Students
Hereford College of Arts
National Youth Choir of Great Britain
Grants to individual students
Total grants paid in year		 6,500
2,540
-
5,000
-
12,500
-
1,000
-
5,000
-
10,000
-
-
2,000
1,000
7,500
20,000
5,500
-
-
2,000
20,750
3,500
21,000
390,057		 -
-
2,000
-
10,000
12,500
7,000
1,000
-
5,000
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

Elmley Community Grants Scheme

Grants paid under the Community Grants Scheme in the current year include grants paid to: Archenfield Arts, Arley Memorial Hall, Brampton Abbotts Village Hall, Bromsgrove Regeneration, Dilwyn Ceder Hall, Hay Camera Club, Hereford College Of Arts, Hereford Community Land Trust Ltd, Hereford Symphony Orchestra, Herefordshire Growing Point, Indigo Arts, Ledbury Brass Band, Malvern Cube Projects, Malvern Museum of Local History, Mobilise Arts CIC, Weobley Village Hall and West Malvern Social Club CIC.

Page 17

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2025

9. GRANTS PAYABLE - continued

GRANTS APPROVED AND OFFERED BUT NOT YET PAID

2Faced Dance Company
Alloy - Hereford Jewellers Group
Arts Alive
Bretforton Grange & Theatrebarn
Broadway Arts Festival
Courtyard Centre For The Arts
Hay Castle Trust
Hay Festival
Hay Music Trust
Hereford Cathedral
Jigsaw Community Festivals
Little Malvern Priory
Longborough Festival Opera
Malvern Theatre
Meadow Arts
Midland Sinfonia
Museum of Royal Worcester
National Youth Choir of Great Britain
Pershore Midsummer Brass
Presteigne Festival Of Music And The Arts
Rural Media Charity
Severn Arts
Severn Rivers Trust
Strange Futures Theatre Company
Three Choirs Festival
Vamos Theatre
Worcester Cathedral
Worcester Paint Festival
Worcestershire Early Morning
Wychavon Festival Of Brass
Total
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		 2025/26
£
15,000
4,000
7,500
6,500
10,000
10,000
20,000
23,000
1,000
8,000
4,500
1,000
2,945
12,500
7,500
2,000
20,000
3,500
1,000
20,000
30,000
-
2,000
5,000
28,598
10,000
8,000
2,000
1,000
4,000
270,543		 2026/27
£
-
-
-
-
10,000
-
20,000
-
-
-
-
-
3,500
-
-
-
-
-
-
20,000
30,000
15,000
-
-
-
10,000
-
-
-
4,000
112,500
2025
£
266,945
141,500
408,445
325,445
83,000
408,445		 2027/28
£
-
-
-
-
-
-
-
-
-
-
-
-
4,000
-
-
-
-
-
-
20,000
-
-
-
-
-
5,000
-
-
-
-
29,000
2024
£
238,900
67,000
305,900
147,000
158,900
305,900

Page 18

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2025

9. GRANTS PAYABLE - continued

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:
2024 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
Depreciation on tangible fixed assets
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Auditors’ remuneration – audit fees
Auditors’ remuneration – other services		 2025
£
390,057
(214,900)
325,445
(8,000)
492,602
2025
£
238,900
(16,000)
(8,000)
214,900
2025
£
63,580
1,264
195
4,500
3,898
4,791
4,703
1,295
3,375
96
2,625
415
90,737
2025
£
415
3,375
96		 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
2024
£
248
3,560
36

10. SUPPORT COSTS

11. NET INCOME/(EXPENDITURE)

12. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5th April 2025 nor for the year ended 5th April 2024.

TRUSTEES' EXPENSES

During the year 4 trustees (2024 - 2 trustees) were reimbursed travelling costs totalling £525 (2024 - £104).

Page 19

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2025

13. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2025
£
63,580
1,264
195
65,039		 2024
£
59,746
734
183
60,663

Total remuneration paid to key management personnel (including employers NI) was £51,615 (2024 - £47,678) during the year.

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

Chief executive
Office staff
No employees received emoluments in excess of £60,000.		 2025
1
1
2		 2024
1
1
2

14. TANGIBLE FIXED ASSETS

Office
equipment
£
COST
At 6th April 2024 4,093
Additions 490
Disposals (3,054)
At 5th April 2025 1,529
DEPRECIATION
At 6th April 2024 3,843
Charge for year 415
Eliminated on disposal (3,054)
At 5th April 2025 **1,204 **
NET BOOK VALUE
At 5th April 2025 325
At 5th April 2024 250

Page 20

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2025

15. FIXED ASSET INVESTMENTS

MARKET VALUE
At 6th April 2024
Additions
Disposals
Revaluations
At 5th April 2025
NET BOOK VALUE
At 5th April 2025
At 5th April 2024
16.
INVESTMENT PROPERTY
FAIR VALUE
At 6th April 2024
Revaluation
At 5th April 2025
NET BOOK VALUE
At 5th April 2025
At 5th April 2024		 Listed
investments
£
2,223,268
245,935
(306,735)
(105,947)
2,056,521
2,056,521
2,223,268
£
3,105,000
(345,000)
2,760,000
2,760,000
3,105,000

Investment properties were valued at the year end using the investment method. The valuation has been undertaken by the trustees based on the advice of GJS Dillon, an independent professional qualified valuer in regards to both what methodology to use and what investment benchmarks should be applied in the valuation models. GJS Dillon are the estate agents for the investment properties and also carried out a full valuation of the properties in November 2023.

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
(909,701)
1,457,749
2025
£
6,387		 2023
£
2,367,450
(614,701)
1,752,749
2024
£
9,308

Page 21

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2025

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

VAT
Other creditors
Grants payable (note 9)
Accruals
Deferred income		 2025
£
9,316
42,996
266,945
4,059
45,859
369,175		 2024
£
10,897
41,974
238,900
4,403
45,507
341,681

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 £42,996 (2024 - £41,974) 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
£
433,448
433,448		 At 6.4.24
£
5,068,397
5,068,397
Resources
expended
£
(619,071)
(619,071)
At 6.4.23
£
4,991,552
4,991,552		 2025
£
141,500
Net
movement
in funds
£
(636,570)
(636,570)
Gains and
losses
£
(450,947)
(450,947)
Net
movement
in funds
£
76,845
76,845		 2024
£
67,000
At
5.4.25
£
4,431,827
4,431,827
Movement
in funds
£
(636,570)
(636,570)
At
5.4.24
£
5,068,397
5,068,397

Page 22

continued...

Elmley Foundation(The)

Notes to the Financial Statements - continued for the Year Ended 5th April 2025

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
£
503,017
503,017		 Resources
expended
£
(427,809)
(427,809)		 Gains and
Movement
losses
in funds
£
£
1,637
76,845
1,637
76,845

21. RELATED PARTY DISCLOSURES

The Countess Beauchamp Charitable Trust is a charity connected by virtue of having related objects and some common control with E de la Cour, J de la Cour, K Forde, D S Johnson, S K Luton and T True being the trustees of the Countess Beauchamp Charitable Trust. During the year the Foundation received donation of £100,000 (2024 - £200,000) 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 E de la Cour, J de la Cour, K Forde, D S Johnson, S K Luton and T True being the 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 2025 were £2,963,403 (2024 - £3,028,193). The income and expenditure for the year to 5 April 2025 was £146,974 (2024 - £126,149) and £124,905 (2024 - £218,373) respectively. Net losses on investment assets were £86,859 (2024 - net gains of £37,392 ) giving net expenditure of £64,790 (2024 - net expenditure of £54,832).

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		 2025
£
180,552
693,267
544,617
1,418,436		 2024
£
186,058
714,419
704,017
1,604,494

Page 23

Elmley Foundation(The)

Detailed Statement of Financial Activities for the Year Ended 5th April 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donation from Countess Beauchamp Charitable Trust
Income from Investments
Rents receivable
Income from listed investments
Bank interest
Other income
Dilapidations
Total incoming resources
EXPENDITURE
Investment management costs
Listed investment management fees
Property management costs
Property repairs
Property rates and water
Property insurance
Property advertising
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
Depreciation
Total resources expended
Net (expenditure)/income		 2025
£
100,000
218,404
106,903
330
325,637
7,811
433,448
13,478
14,685
860
375
913
650
3,137
34,098
1,634
492,602
494,236
63,580
1,264
195
4,500
3,898
4,791
4,703
1,295
3,375
96
2,625
415
90,737
619,071
**(185,623) **		 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

This page does not form part of the statutory financial statements

Page 24