ReglsteTed number: 02872186 Chartty number.. 1030968 THE EDMUND TRUST (A Company Limltsd by Guaranteo) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 hlARCH 2021 THE EDMUND TRUST IA Company Umit•d by Gu•rantoe) CONTENTS Page Rofarence and Admlnlstrallve D*lls of the Charlty.118 Trustaos and Advlse Trugte8s' Roport Ind9pondent Auditor5. Roport on the Flnancial 8tatgments 10-14 statem•nt of Fin•ndal ActMtie8 15 Balance Sheet 18-17 Statement of Cash Flows 18 Nolgs to t￿ Flnancial Statgments 19-43 THE EDMUND TRUST Company Umlted by Guaranteol REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021 Board MthiboT¥ Dr D W Ford. Chaimwi (resignfra 31 Morch 20211 W G Hwbinson. VKe Charmi {resvJned 27 Juty 20201 N J riley L Jenkins (resigne4 27 July 21720) JRBwg E Kron (appoiTtsd 29 Pprii 2020) H Mason [appCAnt￿ 29 Aprf 2020) N R Tomkys OBE (appointed 29 Apnl 2020) T A Wyatt (appointed 29 ￿1 2(Y20) Company rogi•torod nllm￿r IY2872186 Charity rogist8r8d number 1030*8 R8gisterèd offiGo Suite G10 Blenheim House. Carnbr￿e Innovation ParK Dgnny End Road, Watert)8xh Cambrid C825 9GL Patrons ProfT Holl*d Dr N Johnson ¢hl8f ExgCUtIv8 Offlcgr J Elbs Independent auditorn PeteT5 & m{￿)re Chartwed Accounknts statutoryAuditors Salisbury Houge ststion Ro8d Gambridge CB1 2LA Banker5 Lbyds Bank Pk GonMlle Place Cambrvjge CB2 1BQ Page 1 THE EDMUND TRUST (A Company Umlted by Guarant•e) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Board Members present their annual rewl tcgether with the audited fina￿18[ statement5 of the Charity for the year 1 April 2020 to 31 March 2021. The Board MembeTS confimi that tha Annual Report financial statements of the Charty compty wfth the current statlrtory requirements. ts requirements of the Charivs governing document the provisions of the Slatwnent of Recommended Prydctice {SORP). ￿1p11¢able to charibes preparing their accounts in accordance with thè Financial ReFKJrting Standard applicable in the UK and R8publi¢ of Ireland (FRS 102) second edition October 2019 (effective 1 January 2019), the Financial R9POrting Standard ap￿1¢able in the UK and Repl￿￿ oflreiand (FRS 102) ond the Comparnes Act 2006. OBJECTIVE8 AND ACTMfiES PolicAeS and obiedr The principle aim of the Charity is to improve the Iiv8s of, to supw( and to provide services and information for Pgople with learning disabilibes, thar fanwkes and careTS live in C8mbridggshlre and more latt8ty East Activities undertaken to achieve Obj￿b¥e5 Our servi￿$ includ8: Supported liviThJ services Communty Outreach Semees Registered Care Home8 Granl-rn*ng ￿￿1Cl@S The Board has made no grants for the perrcrfj up to eThY Mar¢h 2￿21. STRATEGIC REPORT ACHIEVEMEKfs AND PERFOFIIWICE Review of actMtie8 Our mission is lo amtxiwer and sUPPOrt peop￿ of al ages with a loaming distibility from across Cambridgeshire and East Anglia lo live the lives they choose and to be a(aive members of the communiti6s that they INe in. We achieve this by affording intfividuals. their famil￿$ and wer5 the support they need, by davg]oping semces to meet identffied need and providing info￿a￿n and alice. Our Board Men*ers have due regard to the guidance on public benefft in the decisions they make arKI the way the organisa1￿)n is Nn. COVltk19 Tho financial Year2021￿21 has of cryjrso been dominated by COV1[￿19 and the pandenN The Edmund Trust support$ oround 170 people many of whom would be considered to b8 especialty vulnerablg rf Ihay weTe to be infected with COM[￿19. AlthtxNh cyjr operating area of Cambridgeshire has been on8 of the Igast affected 8Tras of the country, The Edmund Trust 5penl most of this year in a heightened state of alert whi18t still perfO￿nIng nb)st of the sam8 &b¥it￿ that rt dKi beforfrTrMth som8 atterati(#)s. It b￿ame increasingty clear as the Pandem￿ grtr•V that congregate s8ttings would be disproportionat8ty affected and Care Homes in particular wou]d suffer some of the Y￿st losses. The failur& of govemmenl lo see that discharging people from hospitals into communty and in parbcular eare home settings was fuelling the transmission of the infection. Sadty Ihis happened to ona p8rson thai we support which resulted in complata service lock down in one settin9 and true heroism frC￿ staff. Page2 THE EDMUND TRUST (A Company Umited by Guaranto•1 TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 We are not able to stop dolng thg vast Mai￿ty ofthe woth thaiwe do P￿em￿ or otherwise. As previou$ty report￿1. wg dosed ¢)ur offices earf￿ than th9 govemment advTce to ty and prevent our ¢)wn offlcg being a hub for infe(*on. To date this app&Ys to have b88n successful wilh onty 8epar*e posthvo tests in the y8ar in supp)rt fvrKtion staff and no sign da Spr￿ crf iTrfection. In temis of the front4ine delNery of sentices the vast m¥4rxity of our continued albeil wfth ne•V guid81ines around PPE and working pradices appeariro on a near da1￿ basis. Due to the guidance from govemmenl w8 had to close sitès namely the 8￿]ngS we u88 for our offer. and for the vast majority of the financial year our hydrotherapy pc Operationalty staff have performed herorcs in continuffj to deli￿ seMce8 inGluding in￿ents ￿re staff have remained 'locked in. serviw for up to three vRd(s. Staff despite many being frightened and anxious about the impart on them personally have in almost all cases helped us a5 an oryanisaiion nawgate the pandern relativety well. We have outbreaks of thg infection, sadty one W wo support died. The vagt majority of the business disfuplion has been caus9d by positive tests CY staff b8w in contact with others that have tested Positive and th8 Staffing i$sue5 caused by sdf4solation. This has of course been hugety disruptNe but alkywed us to ewore ways of worting. All our support funclM)ns wwe able to work suc¢essfulty. We have as a result been ab￿ to reduce the amount of leased offic8 space by 500h. Financially. Cambridgeshire County C¢)uncil have been huyely supportNe and have been abl8 10 pass on addiiional fvnds from ¢enlral govemment In realty this mean passing on a temporary uplift to us as an organisation for April and May and June 2020 as wel as significant funds throughout the yaar to support the additional costs of PPE. At the time of vmting we are sts"Il in the ridst of the pandemic wrth infections rates rising. Forthis porithj Th8 Edmund TrusY$ abilty to have avc¥ded a mass infection within the communty that it gUPPOrts has been th8 detsrnining factor in relth.on to the impact that cov1[￿19 has had for indNiduals w8 SUPPOrt and the financial stabilty of the organisaknon. At the lime of writing one lady that we supp(xi has dRd who had COVID-19 included on death certificatè. Th9 long4erm viabilty of our ofganisatim remains goc¥J desplie COVID-19 and the financial, operational and organisational changgs that we have ¥npknentwJ the past fve years has put us in a better position to withslarKI a crisis. Prior to the pandemic we started to see the first syns that austertywas coming to an end. Only trme will tell vthat impact will be felt by the social care sector in the medium tem future. Whilst finanaalty we appear at this stage to have weathered the pandemic it is not yet cknr rf local aukhorths wiu have to return to sorne fom of au$terty given the seismic financi81 burden that the country nfjw ha& As aws the key for The Edmund Trust is lo keep trying to delNer grgat services to people whibt afvRys hthing to rnake what we do Organisational￿ as effKient and cost effective as possible. We were not able to start the wort to increase the pro￿t￿ffl of the work that we have commissionad with local authorities outside of Cambridgeshire due to travd restricli¢)ns aTKI growlh was curtailed largely by the lack of movement of people although we did support some new people as the yearwent on. Retaining our staff is a key issue for The Edmund Trust and forthe most part ofthe pand8mic staff tumover was al very Ii)w levds. As lock d¢)wns have been eased we have seen staff mobilty both into aThJ out of thg organisation. It remain5 a straiggi¢ pri￿lty for The Edmund Trust to retain more of our staff yeor on year with ambf(ious targets sét. Previousty we spoke about the Boarri of The Edmund Tr￿t and the decAsion in 2017 to reintegrate Eddie's back into Thg Edmund TTUSt as well as winding LP Edmund House Trading Limited IEHTL). This group re-structure fundamenla]ty is about making the Charity as a whde more efficient and effective. We have started to S8e thè effici8nrAes from this in ￿Ju¢1n9 number of transacti¢MS that we need to complete inlérnalty, the reduced cost of audit, Ihe simpiifKation when coMmUn￿n9 ext81￿. and a much mor8 coordin*d and ￿her&nI Page 3 THE EDMUND TRUST (A Company Limlted by Guarantse) TRUSTEES. REF4)RT (coirnNUEDI FOR THE YEAR ENDED 31 MARCH 2021 organisation. We are JEt to see if one organith has ary detrimental offects on fundraising or attractrveness to doncts or grant fundeT5. Covid-19 meant that the plans that w8 had to continue the gTfN4th of the organisation effectrvety were put on hold. Due lo the restric*ons it rneant that there was Iiue movement of p8opSe into social care settings. INe saw a srnall numbw of pgople come to be supported by The Edmund Trust mostty in Ma￿ urgent situations. The Edmund Trust brand continues to becoffe emb8dded vAthin the localtiès tn which we opth, wlth a greater awareness and understanding of the charity and its and purF#)se. We do not employ a professicffial fundrnrserand we do not fvThJTaise diredty frcffl the public. We are supporbng mc*e peoKrfe than 6v8r bth and are just about to embarf( on a signlficant p&*)d of growth r8fi8Cted in the 2021-26 Business Plan. Signthcant highliglrts of the yaarAptil 2020 to March 2021 Deliv*1 over 10(K) onSne Eddie's TV Sessio￿ duriry the year. Tha sessions w&e up and running almost imM￿late￿ that lock dcv+vn began and used a mixture of paid staff and volunteers. The team was able to offer an online seNcg to dl the pg)plo that were able duo to closures to attend th8ir usual day placem8nl. Feedback from people al￿ t￿r f*nilies for this Se￿￿ has been incredible. In total around people have used the seNce. This has becotr* a subscription￿aSed offer now that people can purchase. We contlnu8 to èngage with volunteers who help us delivera number ofthe sgrvKes that w& offer. We hav8 $itrfour vdunt8ers that are ¢urrently registered us aThl tly volunteer wthin the Eddie's Operating Dmsion. Many ofthese volurrt8ers whRst not to phJBicalty supp￿ servK05 during the pandemic wo able to support the on-line services that we devdoped. We were abb to reduce the amount of kned space that we use for our support functions and admint5tration by 500h at a saving of ovar £30.0￿ per annum trMJt develtying the then￿ of part hcfflg workirvA for rnost of the staff at head office. saMng has been redwect8d into staff w•Jes. Wo have conbnued to increase fv number rf p* wé SUFWt across tha Organisatic￿ and across thè ounty ne￿3hbOurlng loc81 authorthes alhwgh the pandemic has slowgd this right down. We now support in excess of 2CQ people across al our paid sep4ices and another IDJ pecyle thmgh Eddie's services. We contlnue to $hrink propKJrtionately the % of our inwm8 that spend administerkng OUTsekns. At the 8nd of Mareh 2021 this has shrunk to less than 14% of our inccYng. Our tumover has remained stabte rather than grcwing due to the pandemi& Tumover reaching just OVEr £6million from £3.2 in March 2015 and £sm￿lOn in March 2019. This has alhxed a greater level offinancial security a￿1 stablity for thg tygani8abon which has h4￿d us through the pandemio We increased wages for al staff al The Edmund Trust by 1% at the end of thts period briThJing our support W0￿er rate up to £9.60 per hour 15 the hpJh8St pay raie of any cDrnparabl8 provider in Cambridge5hiTe. The development of 8 retention Strategy￿ a number of fopjssing we c8n better rdan our staff in the coming years. Page 4 THE EDMUND TRUST (Acofflpany Llrnltod by GuaTants•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 20tI We have establishe(l one contr&t wilh ConlinuiThJ Heth Care {CHC) offering ar￿her rgvenue stream. We have begun a pl￿ of work wth the NHS on an Auti￿ Kwker Project th* ain5 to help prevent hospital admiss￿$ for young peopte. This proieci stsrt8d in thi5 period is eXp￿ted to continue for the next finantsal year. We are realy proud to have been Selected to take part in what is a pilot al the moment w((h a view tc a natifm81 rdl out. This marks a signrfTrcant devekpment in ourwi¥* as an organisation. We continue to d¥J￿9e our suppoKI func*hY￿ wlh the focus ¢)n and lknbilty. We began the process to move all our systems to 'clO￿l. basad software so that do ncl need to re￿ on physical seNer infrastsudure going forward. We have invesw over £20.000 in this project and expert this to be complet& in August 2020. This prqert was c(wnpleted on time and within the allocated bLHYgeL We continued to grthy our communty supwrt offer that VR make to yourMJ peop18 adults. We now support over 100 people as part of our crxnmuntty 5UPWt and respito offer. The coMple￿ty of the p8opie we support is increasing as wa upskill our5ths as an organi5atp)n as ks the get)Jraph￿l spread of th8 59rvi￿ we offer. The EdmuThJ Trust introduced a posits￿ Beha￿0￿1 Support Manager p05t into thè organisation which will help services to work with the most indivtrJuaL8 and to onable u¥ to increase the range and number of complex pecple that we work wfth. We continue to run a very wdl suppjrted respit8 Se￿￿ at The Poplars. We have gxtended our cu8tomers at this sefvice to indude 8 new local auth￿lty and during the reporting peric#J was again over 90% occupi￿. Throughout the rewjrting peri¢)J, the Residential Care arKI sUpP￿ted Limng Servw that we operat8 in w8re over 93% occupieil d￿r￿nStrate5 bcth the demand ft)r our samces and for the acC(￿mI)datIon we have built 8lthough it is a SI￿h1 reduction on the year bèfore. This was largety due lo the lack of people moving into the servicés because of the restrictions. Our 8ickn855 percentage has been on ￿erage bel￿ ourtarget rf 3% over the Teporting perfod. Training compfsance % acmss the organisabon ha5 tan at over 9￿ over tha rewting pariod. We COTrtinue to be real￿ successful at attrxting staff to join us at The Edmund Trust recruiting around 60 staff in the reporting period which given paThJemic was realty good. Linked with previous comments about the success of Eddies TV wé have grovm our social media pres8nce on a number of platfom)s both as Th8 Edmund Trust and the Eddi8'5 cwating division. Exiemal feedba for our content hwe been very positNe and itform5 part of the main routes both to market Customers and also for potential recruits. We have had a staN8 and (xganised transilion Irom one Chairof the Board Members to a new Chair. Given the long standing of tha outgoing Chair this is a significant departure for The Edmund Trust. We have had three Board M8Tnbers resign in this peri￿1 and four nwi Boarrl Membern join tho OTgani8ation 8tr&ngthening and engrgising the organisation as people retire from The Board. Pag8 5 THE EDMUND TRUST IA Company Umited by Guarnntsel TRUSTEES. REPORT ICOIMNUED) FOR THE YEAR ENDED 31 MARCH 2021 FINANCIAL REWEW Our view Is that given the l&st yew and ts rncredfj)le strain that CoMd.19 ha$ wt on our organk%ation we ar8 pleased lo be presenting actsjunts that shcpw we have a surplus of£141,941. We are dtsappoirrted that the pension liabilty revaluatiL￿ has h•J suth a negative impact {£46k lossl and we y￿11 look to rev￿ our strategy with regards to the outstanding pensim. We have scffie cash I￿r¥aS glthough we do not have a fomial resenr8s strategy. This wll be develo￿￿ over the eomtTrJ w (see bth). Reseryes poli A rev￿ of tha resefves P¢￿￿ is to be undertaken to that those areas of the organ￿at￿)n which do not have regular and relrable statutory or cCKnmerCi￿ inLY)￿o can contwiue to operate should there be a d8lay in fvndraising. Principal risks and uncertalnties The Edmund Trust uses a risk registerthat delaRs the key forthé OTganisation and hw we look to mttrgate thero. Thi8 is reviewed at quarterfy Board meetings by ￿ Board Members. The key risks arg gNen a d8ta'18d de￿￿t￿n. a rating, the respm. rated n thg risk register and the risk has an SMT owner. The risk register has 17 tTsks detaI￿d wrth thg highest rating ones being Abuse in seNKes, CQC ting, Loss of our main customer. Injury or dealh of staff. the inabirty to attr&X and retain the right staff. PLANS FOR THE FufuRE Followng on from th8 comments above to rfrlaunch the 2021-26 Businoss Plan in Septhber 2021. This will be an agenda for gr￿4th aThJ geographKal divwsificth inlo neigtrknuriTrJ counties. To continue to gffjw The Edmund Trust vthilst grvmng the irtfrastrudure at a slower rate so that we rgach tumov9rfigufft of £8minion by Mar¢h 2028 and hav8 8 % spend on infrastructure of 11.25%. To introduce a more sen￿r operat￿)n$ Manager Yrto the manag9ment Structu￿ at the organisatM)n from October 2021. This post wll support thg day to day operattons &KI alkxv for the H9ad of Operations to have more of a focus on developing nèw services. To focus upon the health out￿me$ of the people that 7hE SL¥>POrt through focussing On annual health checks, medication rgwews, epilepsy awareness ond protowls arKI tthng a $￿eMaIl¢ 4)proach lo these through our FOT a key focus of the organisation to conllnuè to be on the r8duthon of staff tumover ￿thin th8 OTganisalion. Social Care now typicalty sees over 30% tumovgr and The Edmund Trust is no drfferent. We plan lo address the issues with tumover by ¢ontinuing to push al pay rates, for Servicè Manager tszining and supeNision to be tightened up and lo cont¢nue to aim to be an employor of choits. For KPIS to feature mcts prominffj ai Board Levet as part of the scrutiny and oversight of the organisation. These KPIS indude. Percenlage cccupancy Agency usaye sickn￿ Levels Tumover Training SFze end financial year March 2021 £8mill￿n 2022 £6.Smithon 2023 £7miifion Cash strategy to have 3 months ofau costs {£1nwlion) in the bank by 2D26 Size of overhead percentage measures Page 6 THE EDMUND TRUST {ACompany Ltsnited ty Guarantee TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MPRCH 2021 We have develcFed plans for a development forthg vacant land ai MiTron and at the time of w￿ltIng are a pre planning stage. This dev8lopment is likely to cost £8CQ,O(X) and will prowde a purposo built building for our highly regarded respf(9 senrice th* we run in Ffthi. cor￿1n￿ is fthelyto stari at the arKI crf2021 givgn the requirgd planning approvaL We continue to WO￿ wilhin the Cambridggshire County Coundl frdmvworf( agrewnenl for 8ervic83 to p8ople with a kaming disability. This secures our ability to c•Jntinug to suppNt pwle on behalf ol Cambridgeshire Lgaming DiSabl￿ty Partnershlp. Broadly our bus￿￿$¥ planning for the futur8 fals into eight areas. Bus￿95$ DevekJpmenL. Extend arvj bro•Jen our S¢fvlces across East of Ervjland to pecole of all age8 ith leaming or physical disabl1￿e$. c￿PleX needs. wuired brwn iryury orAutism. Marketing.. Deveky our brdndin9 aThJ market presenr£ such that The Edmund Trust becomgs the most trusted IKand in our sector. Service Delver￿. Defver consistent exce118nt servKos that are fi8￿￿le and reSPC￿31v8 to individual neads. To Increase our Sales patticulaty in areas greatest need. To manage our efficiency, devel(y our comnwcd prLxesses and maintsin a stable and financial successful chaiity. To deveb)p the skill5 of ¢ur staff to meet their aspiratrons aThJ the fuiure neets ofthg Charity. To develop a succession plan for key within Tn To implemgnt robust processes for i)vewht of ￿1 activitses ofthe Trust STRUCTURE, GOVERMANCE AND MANAGEME Constiiution The company is registerèd as a choritth company limited by guayantee was set up by a Memorandum CA AssocialiDn on 16 Novembgr 1993. The regi5tgred charity number 15 1030W. Organlsational stsijduro and decis￿An￿ng pcAicies The Board Members. as a body. administer thg TntsL Th8 Board Members meet once a quarter with additional meetings being hald when required to deal wilh issu8s clstrategy in m¢)re dapL The Board M8mbers have delegaied the day to day responsibilty for the pwsion of $8Tvices to the Chief Execulive Officer ICEO). The CEO is responsbbla for ensuring that the Trust delivers the Services specified arKI that key perf0m￿nCe indicatots are mel The CEO dso has responst>ility for the day to day operational management of servic88 and furKlraisiTVJ. The CEO is assisted by other membérs of the Senior Management Team. Poliuos adopted for the indudion aThJ training of Board Members Board mernbe￿ are trustees for charit￿ Act purposes arKI director5 for Cc4npanias Act purpos63. New Board Members undergo a period rrf induction to ￿lef them on the work of the Trusc their legal obligations under chartty and company law. the contents of the MemorarKlum and ArlKles of Association, the committee and decision making process, the business plan and recent fmncial perfor￿(anCe ofthe Charily. During the induction they rn￿1 wf(h key employees and ¢)ther Board m￿b￿s. ￿ Board m￿berS are encouraged to attend appropriate extemal training everts whwe these will facilitate urKlerta(ing their role. Page 7 ThE EDIAUND TRUST (A Company Lknlted by Guarant*) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Financial risk Manag￿r￿nt The Bowd membe￿ have assessed Ihe m84or risks to whth the company and the group is exposed. in particular thosg relatsd to the operations and finan￿ of the company and th8 group. and a￿ satisfied that Systems and procedures are in place to mibgale our exposure to the risks. A signtficant operational risk e￿$ts as nyaiorty of the T￿￿S incaTh comes from one wstomer, Cambridgeshirè County Council, for the provis￿ of adult care servi￿. The major risk is that Cambridgeshire County Council wll ncl be abbe or V+illmg to pay a fatr wice forthe ¥eNces provklga in the long 18mi. The senior management of the Trust continu8 to work dosdy Y￿th Cambrrdgeshire County Council to understsnd Ih8ir atti￿de to fiJiure service requirements. and continue to ￿nprOVe the finanual efficiency of the Trusys operation5 to provKle a gts)d care ¥wvi¢e to ts people who w8 kjok after. The Trust has b08n seeking aitemabve fvnding partners for carfr seTvKes. bLrt accgpts trAt the nature of its work ￿ in Cambridgeshiro arKI this majority re￿anCe wll continue. Members. liab￿ty The Mernbers of the Compary guarantee to eontnbute an amount ncrt exceeding £1 to the ass8ts of tha Company in the ev&rt ofwinding up. STATEMEKf OF TRUSTEES, RESPONSIBILMES The Board Members (who are also the diredors olthe Charity for the purposes ot company lawl arg responsiblg for prgparing the Trustees. Report including the Strategic Report and the financial ststements in accordance with applicable law and Unitwj Kingd¢￿ Accounting Standards {Uniled KirMJth)m Genwalty Acceptad Accounting practi￿). Company law requires the Board Members to prepare ffnanc4ql statemerrts for each financial . Under eornpany law, the Board Members musl not approvg the financtaf StateM￿ts unless they are satisfied that they give a true and fair wew of the state of affairs of the Charity and of its Inc￿mIng resourtss and application of resources, ineluding ils income and expenditurq for Ihat perK*Y. In preparing these financial statements, the Board Mamb8rs are required to: select sults￿e accounting pol￿￿85 and then aFplythem c(Thistenty. observe the methcds and printhpks Of￿ Charities SORP IFRS 1021., make judgments and acctyjnting estinates that ar8 reasonable and prudgnt,. slate whether applicable UK Accounting Standards (FRS 102) have been folI¢yw￿, subject to any material departures disclos8d and explained in the financial statements.. Prepare the financial slaternents on the goru Goncem basis unl8ss k is inappropriai8 to presume that the Charity will continue in business. The 8oard Members a￿ respons￿￿ for keepww &Jequate xcounting records that are suffici8nl to show 4nd explain the ChaTi￿S transac￿On8 and disdos9 reasonable ￿uracY at any time the financial posilion of the Charity and enable them to ensur8 that the finaneid Stat￿nts cornpty Y￿th the Companias Act 2006. They are also resPOn￿bI9 for safeguardiro the assets of the Charity and hence for takirtsJ reasonable steps for the prevontion and detection of fraud and rther irregularities. Pag8 8 THE ÉDMUND TRUST (A Comyny Umited by ￿aranteeD TRUSTEES. REPORT ICOTrrnNUEDI FOR THE YEAR ENDED 31 MARCH 2021 Disclosure of informalron to auditixs Each of the persons Ytho are Board membe￿ al the time when this Trttstees, Report ts approved has confirnied so far as that Board paembw is avdte, there is no ￿levant audit infixmation of whiGh the Chari￿s auditOT5 are unaware, and that Board Member has taken all the steps that ought to ha￿ l)een taken as a Trustee in order to be aware of any relevant audit information and to establish thatthe cbarity's auditors are awaFe of that infomMtion. Approved by order of the r￿berS ofthe board ofTruslees and stgned on thetr behalf by: N R Tomky$ OBE (Chair of TTUSteesl Date: Page 9 THE EDMUND TRUST (A Company Limlted by Guarantee) INDEPENDETr￿ AUDITORS. REPORT TO THE MEMBERS OF THE EDMUND TRUST OPINION We have audited the fingnctal statements of The Edmund TNst {the'charty) for the year erKled 31 March 2021 which comprisa the Statement of FIr￿CIal Activibes. the Balance Sheet. the Statement of Cash Flows and the related notes, including a summary of signfftanl a¢ewnting Frf)Iic4es. The financial reporting framework that has been applied in their preparation is applicable law and United lfjngdom Accounting Standards. Including Financial R8porting Standard 102 The Financial Reporbng Standard applicable in thg UK and Republic of Irdand, (United lfjngdom Genef8ltyAccept8d Acc<¥Jnting Pr*Tc*). In our opinton the finan￿0[ stat8m8nts: give a truo and fair vi&v of the state of the charftabk companl$ affairs as at 31 March 2021 and of tis coming resources and applicatson of resources, i￿lUdI￿ fts inc4Jme 8nd expenditUTe for the year then ended.. have been propedy pwared in ac0)rdan￿ wilh Uniw Krydcrfn Generally Accepted Accounting Practice.. and have been prgpared in a￿OI￿anGe wRh the requirements ofthe C(Ynpanies Act 2006. BASIS FOR OPINION We conduded our audit in accordance with InteMa￿n8l Standards on Audibng (UK) (ISAS (UK)) and applicable law. OUT responsibilities underthose standards are fvrther descnl>ed in the AudRors' rgsponsbi llTties forthe ?udit of the financial slathents section of our reporL We are independent of the charitable company in accordance th the ethica] requirem9nts Ihal are rdevant to our aLMJrt of Ihe financial statements in tha United Kingdcmn, induding the Financia Reporting Councifs Ethicd Standard. and we have fvtfilled our other ethical responsibilities in accordanee wih these requirement& We betwe that the 8urfrt.evidenca wg hava obtained Sufficient and appropriate to pmide a ba￿$ for OL¢ft)Pini¢YL CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial slatemenls. we have C￿ndUd8d that th8 Trustees. use of the going concem basis of accounting in the preparation of the financi￿ statements is appropriate. Bas8d on the work we have Ferf0M￿d, have not *￿entIfied ary material uncertainth?s relaltng to events or condiiions that, indTviduaEly or colledtvdy. may casi wgnificant doubt on the charitable companys ability lo ¢ontinue as a going conc8ffl for a WiL>J of at leasi twthe months from when th8 financial statements are aulhorised for issua. Our respon￿￿)1￿1eS and the responsibifths of th8 Truste8s with TESFect to going concern are described in th& relevant sections of this repJrL Paga 10 ThE EIXIUND TRUST (A Company Umited by Guarantsè) INDEPENDENT AUDITORS. REpoKf TO THE MEMBERS OF THE EDMUND TRUST (CONTINUED) OTHER INFORNIATION Th? other information comprises the Tnfomwkn Ir￿uded in the Annual Report other than thg financial 5tatement5 and our Auditor5. Rep)rt Iher8on. The Trustees are responsible for the other infoThnation contained thin the Annua] Report. Our opinion on th8 financHi State￿ts does not covgr the other infomalion and, ex¢8pI to the extent otheTrMse expliulty sL*ed in our report. we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other infofftiation and, in doing so. consider whather the othèr information is materially inconsistent with the fina￿la1 stslements or our knowledge obtainad in the ￿urse of the audc or otF]eThvise appears to b& rnateridty mi55tated. If we identify such material inconsistencies or apparent malerial misstatements, we are required to detemiine Wheth￿ thks gNes Ti5e to a material mi5Statem8nt in the finanrAal ststeTnents themsefves. If. based on th8 Wotk we have perlomied. we c(xKlude that th8re is a material misstatemnt ofthis other information, we are wuirthl to rwt ihat f* We have nothing to report in thks regard. OPINK)N ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion. based on the work undgrtaken in the ￿ul$e of the aLbJ the infom*tion given in the Trustees. Rewl induding the Str*egK Report for the financial year for vthlch the financial statements are prepared is consistent wryth the financial statements. the Tnsstees, Report and the Str*gic Rewt have prepared in accorfiance with applicab￿ legal requirgfflents. MAThERS ON WHICH T•YE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our kn¢yAedge and undeTsL8nding of the charitablg company and its enwronment obtained in the course of the audl we have not identified malerial mi5Statements in the Trustees, Report including the Strategic We have nothing to r4￿rt in respeca of the frAkniing mattèrs in rdabcl) to which c￿SnieS Aci 20{￿ rquires us to report to you rf, in our cpinion.. 8dequale accounting records have not been kept. or returns *quate for our audit hava not been recewed from branches not visTia by us", or the financial statements are ncl in agreem8ntwith the accountin9 records and returrrs., or certain discbsures of Trustees. remuneration specified by law are not made.. or we have not r8ceived all the information and èxplanations V•P require for our audl£. P8ge11 THE EDMUND TRUST IA Company Umited by Guarantsel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE EDMUND TRUST (CONTINUED) RESPONSIBILMES OF TRUSTEES As explain￿ more luHy in the Trustees. ResFon5Tr￿1itseS Statemenl the TnJstee¥ (￿9 are also the director3 of the charitable company for the purposes of company knv) are respmsble for the preparation of the finanaal 8tatem8nts and for be￿9 satisfied that they grve a and faff vithv, for such intemal control as the Trustees determine is necessary lo enab19 the weparaion of financial statements that are free from material Misstat￿7ent. whdher due to ￿ud or arr￿. In preparing the financial st8terngnt$, the Tntstees are resp￿st5[a for assessing the charitable compan￿3 abilty to continue as a going concarn, discfosing, a5 q1p1￿le. matters related to wiThJ concem and using the going concem basis of actounting unlgss the Trustees either intsnd to liqU￿ate the Charitab￿ company or to eease operations, or have no raa￿StiC attemative butto do 50. Page 12 THE EDMUND TRUST (A Company UmRed by Guanntee) INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE EDMUND TRUST {CONTINUED} AUDrroRS' RESPONSIBIUTIES FOR THE AUDIT OF THE FINANCIAL STATEMENrs Our objectives are to obtain reasonable aSsuTrr￿ at¥Jut whether the financial statements as a ￿0[9 are fre8 from material m[sslat￿ent, whether due to fraud or error, and to issue an AuditoTr' Report that indudgs our opinion. Reasonable assurance is a high 18V81 of a5surarKe, but is not a guarantee that an audit conducted in accordance with ISAS (UK) a￿y5 detect a material misstat￿nt when it 8￿sts. Misstatements can aris8 from fraud or error arKI are considered Tnaterial rf, indiv*Jualty or in the aggregate, they coukl raa50nably be 8XFeCted to in11￿n(% th8 ￿C￿K)MiG d&isions of us8rs taken ijn the of these financial ststements. Irr8gulwities, including fraLKI, are instances of nOr￿CoMPlrdr￿9 with I￿ and regulations. We design proc8dures in line Mth rasponsibli ities, outlined above. to detect materid mi5Statements in respect of irregularities, induding fraud. The extent to whith our prtxedur8s are capable of detecting irr8gularities, including fraud . detailed betoK. Our apprwh to wjentsfying and assessing Tisks of material misstatement in rw)ect of irregularlies. including fraud and nonwcomplianee with l*vs and regulatN)ns, was as folk?￿. th8 engagement partner ansured that the engagement team collectivdy had the appropriate competenc&, capabil￿e8 and skills to Id￿lfy or rwnis& n¢•n￿ wth applicable laws and regulations,. we focused on spe￿ffic and regulations which we considered may have a direct material gffact on Ihe finanaal statements or the operations of the charity, induding the Companies Ad 2￿, Char((ias Act 2011. taxalion legislation and dala protect￿. 0rrt￿brib￿. ￿￿ent. health and safety legislation. we assessed Iho extent of wrrplance with tha I￿5 ￿ rwJulations •Jentif￿ abovo through making enquiries of management., and Identffied laws and rfjgulalio￿ were communbcat8d within the audit team regularty and the tsam remained alert to InStan￿S of non-compfianco thrOughC￿ the aud We assessed the suscoptibilty of the charitys financaal sL*errEnts to materAI mlsstat￿￿nt. including obtaining an understanding of how might occur. ty. maknng enquirias of management as to vA)ere they ¢OnSKie￿ there was susceptbw lo fraud. thelr knowledge of actual. suspe(aed and allepj frnud" and considering the intemal controls in p*e to miloate risks of fraud and nonWCLNnpiia￿e hmth laws and regulations. To address the risk offraud through managém￿1 bk35 and override d contro15, we: perfDmied an¥￿1¢al proc8dures to hlentify any unusual or uneytsj r8lationships'. test8d joumal entries to identify unusual transathons: and we evaluated the assumptions aTrJ judgements used by managtsynentwthin SIgn￿Kant accounting estimates and assessed whether these indK*ed evidence of management bias. In response to the risk of irregularrties and norFcomplIan￿ ￿ryth and regulations, we d88igned procedures which included, but were not limit￿1 to: agreeing financial statsment disdosures to Und￿ty1ng ￿P￿tIl¥j documontation" and Page 13 THE EDMUND TRUST (A C¢mpany Limlted by Guaranta•l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE EDAIUND TRUST (CONTINUED) e￿4Uiring of management as to aThl p￿￿tial stijat￿ arvj There are inherent Imitations in our audtt prE￿luTeS de8crl)&l Tho more removed that law8 and regulations are from financtal twsaction8. the kss fikdy ￿ IS that we W(￿Id become •varg of non-crmplian¢e. Audibng standards also limf( Ihe audit prctauras required to identify noriwcomplk￿r￿9 Wfth laws and regulations to enquiry of the directors arKI other management 8ThJ the ins￿tiM of regulatory and19gal corre8poTrJ8nce, rf any. Material misstatements that arise due to fraud can b8 harder to detttt than those that ari58 from error as they may invofve deliberate concealmgnt or colusion. A further descripti{￿ of our re9F4)nsibilrbes for the audit ot the ffinan￿aI statements is b)caled on the Finanaal Reporting C¢uncil's websile at.. VAYW. .￿laUdi}01￿ Auditors, R8POrt. foilities. This descriplion f1 The notss on pwJes 19 to 43 fomi part olthtteffinancaal stat￿￿ Page 17 THE EDIAUND TRUST IA Company Lknlted ty Guarantoe) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 CASH FLOWS FROM OPERATING AGfivmES Nat cash used in f￿ratIng a¢￿￿tIeS 293,118 300,418 CASH FLOWS FROM INVESTING ACTiwllES Proc*ds from the sale ￿tangIble fixed assets Purch&%e oftangible fixed asseis 339 (69.280) (154,939> NET CASH USED IN IPl4lESTING ACTlVtTIES 168.780} (164.6001 CASH FLOWS FROM FINNJICING AcnvmE8 Repayments of borrowing Cash innows from new boTrthving (865,244) (303,463) 868,000 293,000 NEf CASH PROVIDED BYI(USED IN) FINANCING ACTMTJES 2.756 {10A63) CHANGE IN CASH AND CASH EQUIVALE1￿ IN THE YEAR 135.355 464,607 Cash and txsh equivalents aithe baginning of the year 599.962 .CASH AND CASH EQUIVALENTS AT IHE END OF THE YEAR 827.056 599,962 The notes on payes 19 to 43 fo￿ part ofthesefinanoal statem Page 18 THE EDMUND TRUST (A Company Umited by Guarojrtw) NOTES TO THE FINANCIAL STATEMEfrirs FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF RNANCIAL STATEMENTS The financial statwnents hav8 begn preporwj in ￿CL￿lanCe with tho Chariiies SORP (FRS 102)- Accounting and Reporting by Charities: St*ement of Reccfflmendgd Practice applicable to charities preparing their xcounts in accordance ￿th the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) second edttion Octcthr 2019 (effedrve 1 January 20191, the Financial Reporbng Standard ¥pft￿bIe in iho UK and Repubk of Ireland {FRS 102) and the Companias Act 20C6. The Edmund Trust meets the deFinilion I￿a public bgnefft entty under FRS 102. Assèts and liabiliti9¥ are in￿?￿Y recognised * hiStc￿Cal cost or transactK)n value unless otherwise statgd in the r81evant accounting pJfy. 1.2 COMPANY STATUS The Company is a ccwarty Iwnitsd by guarant* The Membe￿ of the Company are the Board Members named on page 1. In the event of Ihe Company being W￿n￿ up, the liab￿ty in respoQt of the guarante8 i5 limited to £1 w mwt*er of the Company. 12 GOING CONCERN The B¢)ard Members have re￿eWed the financi81 posthn of th8 Charity induding th8 impact of COVID-19 on its OPgrati¢Jns, in their assessment of go ng concem. They have conclud8d that tha impact is minimal due to the ongoing fvrKling from local aUth￿tIeS. The Board Members consider that there gre no material uncertainties about the Charitys ability to continue as a goirvJ concern and are satisfied that tho Charity has Suffici￿ funds to meet ts liabihties as theyfall du8. AccoTdingly, the fi￿nCl￿ 5tatrnts continue to te prgpared on the going cJ)ncam basis. 1.4 FUND ACCOUNTING General funds are unr8slricbJ funds which are avaikblè for use at the discretion of the Trustees in furtherance of Ihe general 0tr4ecaNes of the Charity and wh￿h have not been desNJnaled for other purFwes. Design*ed funds comprise unrestrthd funds that have t*en set aside by the Trusteas for particular purptsses. The aim and use of each designated fund 15 set out in the notes to the financial staternenis. R85tricted funds are fvndg whKh are to be used in w((h specffj￿ restrictigns imposed by donors or whKh have been raised by the Charity for parti￿1aT purpos8s. The costs of raising and administering Such funds are tharged against the specific fvnd. The aim and use of each restridad fund is set wt in th8 notes to the financid statements. Pag819 THE EDMUND TRUST (A Company Limltgd by Guarahtèo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2021 AccouKfiNG POUCIES (CONTINUED) 1.5 INCOME All ineorne 15 r8ct)anI5￿ once the Charity has entiUem￿I to the incoma, it is probablé that the income will be rec*ved and the arn￿nI of income ￿e￿Ie can be rneasured reliabty. For legac￿. taken as the earlrer of the date on whith either. the group Company 1$ aware that probate has been granted. the estate has been finalisgd and r￿[fiCat￿)n has been madg by the ex8cutor{s) to the Trust that a d[stributh￿ will be malo, orwhen a distribUbc￿ is re￿Ived from thè estsle. Receipt irf a legacy, in whole or in part. onty C(￿S1der&I probabla when the arnount can be mgasured reliably and the Company has been notEfied of the executors intèntion to make a distribution. Where 19gacies have been notifi&J to the Company. or the cc￿panY is aware of the granting of probate, and the criteria for Ir￿ome re￿gnth have not been met then th8 legacy is treated as a contingent a8S8t and discbjsed rf mater Grants are included in the Statement of Financial Adivities on a rec9ivable basi5. The balance of income receN8d for specific purposes but not expended during th8 period is slb)wn in the rel8vanl funds on the Balance Shed. Where ineomB is re¢eNed in adva￿ of entrt18m8nt of receipt, ts recognition is deferred and included in creditor& 2$ defgrred incomè. Where entitlement occur8 bèfore income is receiv&l, the income is xcrL*d. Gffts in kind donated for distribution are IndUd￿ at valu81*)n and re￿)gnIsed as irKome when they ar? distributed lo the pro1￿ts. Gth donaied for res* arg included as incomo when they ar8 sokl. Income tax re¢over*le in rdatKffi b donattons r￿e1ved urKl8r Gift Aid or deeds of covenant is recognised at the t*Me of the donalion. Income tax rewverab18 in rdaion to invesfvnt income 18 recognt58d * the time the investment income is receN*ble. Interest on funds held on daposit is induded when receNable and the omourrt can bè measured reDably by the company,. this is normaity UF¥)n notification ￿the rnleresl paid or payabl¢ bythe Bank other inccrfne is r8cogntsed in the period in whth it is receNab and to the extent the 9ODds hav8 been prowded or on completion ofthe wvice. Page 20 THE EtIPAUND TrUST {A C¢)mpany Limited by Guarantw) NOTES TO THE RNANCIAL STATEMEKrs FOR THE YEAR ENDED 31 hlARCH 2021 ACCOUNTING POUCIES {CONTINUEDI 1.6 EXPENDrruRE Expenditure 15 recogni8ed oncg there is a lagal or Constr￿liVe obfigation to transfer e￿nomiC benefrt to a third paty, it is prOba￿e Ihat a transfer of economic beneffts will be required in $8tU8ment and the amount of tha Obligatic￿ can be measured reliably. ExFenditure is classffi8d by aciiwty. The costs of gath ath￿y are made up of tha tclal of direct costs and shared costs. I￿luding support costs invofved in undertaking each actrvty. Dir&a costs attrt)utable to a single actiwty are allocated dired lo that activity. SharBd costs whth o)ntrbute to more than on8 adivity and support costs which are r￿1 attribut*le to a single athity are apportioned between those actmties on g basis consistent with thg use of resources. Central staff costs are allctated on the b&sis of time sponl. and depreciation charggs allocated <)n th& porbon ofthe asset's L￿. Costs of generating bJrK15 are costs incurrad in attradY¥ voluntary in￿rna. and those incurred in trading actwities that raise fuNJs. Charitable armies and Governan￿ costs are t>)sts incurred on the companys operotions, Including supp)rt costs and costs relating to the g0Veman￿ of the company apportioned tg charitable aclkvities. Expenditure on charitabla adiVi￿e5 ks inojrred on dweclty undert*irwJ thg act￿￿85 which furtI￿r the Charitys a5 well as any assockqw SUFPOrt costs. All expenditure inGlusive of irrecoverth VAT. 1.7 GOVERNMENT GRANTS Govemmenl gr* relaling to L8ngibkn fixed assets are treated as deferred income and ro19ased to the Statement of Financia Adivities ovar the expected usefvl fwes of the assets concemed. Other grants are credited to the Statement of Financial Actmtw as the rektèd eypgnditure is incurred. 1ts TANGIBLE FIXED ASSEf8 AND DEPRECIATION Tangible fixed assets costing £1,OCO or more are capitalised and recognised when futum économic benefits are proba)le aNI the Mst OT value (rfthe asset can be measured reliably. Tangible fixed assgts are initiaty reCogn￿d ai cost. After recognition, underthe cost mc*Jel, tangibla f￿ed assets are me8sured at cost less accurnulate(I depTecAation and any accumulated impaimgnt sses. Al costs incuThed to bTing a tsngble f￿ad asset its intended wo￿ng condition ¥hould be indudad in the measurement of cosL Page21 THE EtXUND TRUST IA Company Umlted by Gu•rantso1 NOTES TO THE FINANCIAL STATeMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POUCIES (COPrnNUEDI 1.8 TANGIBLE FIXED ASSEfs AND DEPRECIATION (CONTINUED) Depreciation is charged so as to allocate the cost of tsngible f￿d a5sets185S their residual value over their estimal•J useful lives, U￿ng the strapJht4in8 method. Depre￿alM)n is provided ￿ thefCknl￿ bases.. Freehold propgty - ￿ years straHJht line Lon*t8￿n leasehc4d prcwty - ￿0 years ￿tra￿3ht line short.tenn leasehoid prowty - 33% straHJht line Plant and machin - 25% stravjht line Motor vehK - 25% stra￿￿ht line Fixtures, fittings & office - 25% stra*Jht h'ne equiwent Freehold larKI and assats under construdion are not deweuated. 1.9 INVESTMENTS Fixed asset investments are 8 fom of financial instrumént and ¥e initially reccgnisad at their transaction cost and subsequenty measured at fair Va￿ ot tha BaL8nce Sheet date, un￿sS the Yalu8 cannot b8 m8a$ured reliably in which case it is measured at cost less impairnwnl. Investment gains and bsses, whether realised or unrealised. are C￿nb]ned and prgsented as 'Gainsl{Losses) on inv9slments' in the Statement of Finanoa] Acbvthes. Programme rdated investrrthts aTe nitialty r￿n1￿￿ and measured * tha amount received or paid. with the caNwng amount adjusted in subsequent year8 to rgfleci repayments arKI rf any, aGcrugd interest and ary inpalm)￿)l Investments hgld as r￿ed assets org slKAvn at cost tess provisM)n fur I￿1rMant. 1.10 PENSIONS The Charty opwates a defined beneffts ￿ltin and the pension charge is based on a fvll acluaria ￿aluatIOn daled 31 Marth 2020. The Company also contributes to group pension poScies and to a stakeholdgr scheme. Thg CoMpan￿S contributions are ￿ off in the year vthKh thoy are incurt•J. 1.11 DEBTORS Trade and other debt￿S are recognis•J at the sthnent amount after any trade discount offered. Prepayrnents ar8 valued at the *Tr)unt prepad net ofany trade discounts due. 1.12CASH AT BANKAND IN HAND Cash at bank and n hand includes cash and short4erm highty IKiuhl investments with a short maturity of th￿e months or less from th& dale of or opening of the d8posit or similar accounL Pa9e 22 THE EDMUND TRUST Company Llmlted by Guarantoe} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POUCIES (CONTINUED) 1.13 LIABIUTIE8 Liabilitie5 and provisions are recognised when there ￿ an obligatbon at tha Balance Sheat date as a result of a past event. li is probable that a transfer of economic benafft will be required in settlem8nt, and the am(￿nI ofthe setuement can be estimated relw. Liabilities are rttognis8d 8t the a¥￿int that the Clwity anticipates ￿ wll pay to settle the dgbt or the gmwnt it h&8 reL*Ned as thnced payments fDrthe gorth or seNice8 f( ffnjst providg. Provisions are measured at the best estimate crf the anTr)unts required to settle the obligation. Where the effect of the time V￿￿e of money is material. the prowsion is based on the present value of those amounts. discounted at the pr&tax discount rate th* reflects the risks specrfK to thè liability. The Un￿1ndiN￿ of the discount is reco3ntsaY li ￿ sta￿￿￿ of Finanuai Adiviti85 a8 a finance cosL 1.14 FINANCIAL INSTRUMENTS The Charty only has financial assets and finaneial of a kind that qualfy as basic finan¢io1 insiruments. Basic financial instruments are initialty recconised at transadion value and subsequently measurgd at their s&tlement value with the exception of bank loans which are subsequent m8asutBd ot amorbsed cost using the effectNe inter8St m*h¢xl. CRMCAL AccouKfiNG ESTIMATES AND AREAS OF JUDGMENr Estsmates and judgments ar8 ojntwiuaily evaluatad and are based on hisiorical experignce and other factors, induding exP￿tatIonS of Mura events that are believed to be reasonable under the circumstances. CTitical accounting 85tirnates and assumptiryi8: The Charity makes estimates and assumptions oJncemrrtJ the fvture. The reSU￿n9 accounting estimates and assumptions ￿71, by definthon. seldom equal the relaled aduai results. The estimatgs and assumptions that have a signffieant risk of caU￿ng a matgrial adjustmenl to the carying amounts of assets and liabilitias within the nexifinanciai year are dBcussed bekx. crit￿al areas of judgm8nL" TangIL￿e frx8d assets a￿ rttognised at cost, less a￿Urnu1aIed de￿lation. DepreGiation 18 charged aver the e$timated useful Itfe of the asset to its estimated residual vdue. Recoverabilty of debtor5 are consider8d on a regular basis. When caleulating the debtor provision, the trustees consider the age of the debts and the ffinancia posf(h)n of its customer. D8fined benefft pension valUat￿)n i￿[ude$ a number of estrrtates. RelHncg is pLgc8 on professional actuaries who promde these ￿lUations. Page 23 THE EDMUND TRUST (A Company Umlted by Guaranto91 NOTES TO THE FINANUAL STATEMENTS FOR THE YEAR ENDED 31 PAARCH 2021 INCOME FROM DONATIONS, LEGACIES AND GRANrs Unre¥trlctgd Rogtrlcted funds funds 2021 2021 Total nds 2021 Total fund8 2020 Donations Grants 16,371 168,863 21711 6.918 39m2 175.781 105,022 53.995 185,234 29,S29 214863 159,017 TOTAL 2020 75,125 159,017 Grants includes £168,863 from GovernmenL INCOME FROM CHARrrABLE ACTivmES Unro5trlGtgd funds Totsl funds 2021 Total funds 2020 Prowsion of support 5,811,277 S.811,2TI 5.677,141 TOTAL 2020 5,677.141 5,677.141 Paga 24 TrIE EDMUND TRUST (A Company Umltod ty Guarantso NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 OTHER INCOIIJNG RESOURCES Unre8tr1ct8d fund$ 2021 Totsl funds 2021 Total fvnds 2020 G￿n on disposal d r￿ed assets Gov8mment granls 55 3.939 94.594 94.694 95.094 3.994 TOTAL 2020 3,994 3,994 Government grants repres8nts amounts r8ceN8ble under the Coronavirus Job Rdention Scheme (CJRS) to cover sal8ri8s of fuTknigtr￿d staff. ANALYSIS OF EXPENDrruRE BY ACTivmES ndertaken dlrnctty 2021 Support Total funds 2021 Total fvnds 2020 2021 Provision ￿ support 5,053,853 871.440 5.925,293 5.771,576 TOTAL 2020 5,067.458 704,118 5.771,576 In 2020 expendiiuré ¢)n Cha￿able thtses spfft betr￿n resti7C￿ . £75,907 and unrestricted - £5.695,669. Page 25 THE EDMUND TRUST IA C(¥npany Umitsd by Guardntse) NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 MARCH 2021 ANALYSIS OF EXPENDrruRE BY ACTlVtnES (CONTINUED ANALYSIS OF DIRECT COSTS Provislon of 8UPPOrt 2021 Totsl fund$ 2021 Total fijnds 2020 Pension adjustmerrts (note 20) Staff costs Depretsation cither costs 14.0(K) 4,141,654 175,640 722.559 14,OQO 4,141,654 175,640 722,559 16.000 3,818,779 163,289 1.C69,390 5,053,853 5,053,8S3 s.1￿7.458 TOTAL 2020 5,067.458 5,067,458 AN￿Y513 OF SUPPORT COSTS Provislon of support Total funds 2021 Total funds 2020 580.391 231,998 40.089 2.212 16.750 580A91 231998 40,089 2.212 16.750 464,371 188,770 23.221 7,677 20,079 Other costs Staff training Legal fees Audit and xcountarw fees 871.440 871h40 704.118 TOTAL 2020 704,118 704.118 Govemance costs forthe year totaj £18.￿ (2020.. £27.7S6). AUDrroRS' REMUNERATION Th8 audrtors, remuneTation amou￿& to an audilorfee of £11.670 (2020- £10.320). and other services of £5.080 {2020- £9,759}. Page 26 THE EDMUND TRUST IA Company Umlt•d by Guarnntoe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2021 STAFF COSTS 20 2020 W4es and salaries Sc¢ial security costs Contribution to defined Conl￿ul10n ￿SiC￿ schem89 4584597 44,949 91,499 4,157.356 40,517 85,277 4722.1)45 4,283.150 The average number of pmis 8mployEd bytha Charty duriry the was 88 follows.. 2021 No. 2020 No. 19 211 19 20D Admln stsff Direct Servi￿ delNery stsff 230 219 Th8 number of employaes whose employee b8neffts (èxduding employer pensicffl ¢08ts} exceeded £60,000 vras: 2021 2020 No. In the b￿d ￿0,001- £80.0 Total r8muneration paid to key managwnent petsonnel induding employerfs national insuranta and p8n5ton costs to £253.432 (2020_£267,627). TRUSTEES. REMUNERATION AND EXPENSES During the year. no Trustees recewj any [WnUne￿ti￿ or cther benefrts {2020- £NILI. During the year 31 March 2021. M Trustee expenses have incuTrad (2020- £NIL). Page 27 ¢0 Iir THE EDMUND TRUST (A Company Umited by Guarantee) NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 11. FIXED ASSET INVESTPAEKrs Programme related invegtments OST OR VALUATION At 1 April 2020 149.550 AT 31 IA4RCH 2021 149.550 NEf BOOK VALUE AT 31 DAARCH 2021 149.550 AT 31 MARCH 2020 149,550 The programm8 relat&1 inv*ngnt is an interest free kwi to the Cambridge H¢JJsing Society Limited as a contributi¢M to the eost of Pauline Bumett's Hous8 and subsequent propety improvements. This loan would be repayable ￿ in the evwrt that the Ch* cea8e5 to manage Ihe home. 12. DEBTORS 2021 2020 Tradè debtots Crther debtor8 Prepayments ￿ accrued incomg 260,749 2V72 37.750 198.811 18.493 64.872 312.971 282.176 Pag& 30 THE EtAIUNLI TRLIST (A Company Umlted ty GuaTantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2021 CREtXTORS: Ahioup¥fs FALUNG t)UE YKThUN ONE YEAR 2021 2020 Bank loan$ Trade creditcrfs Other taxation and sc¢ial sevJrity Other creditor¥ Accnjals 49,754 214742 60.082 331,019 71,965 156.561 189.557 143.724 273.$81 758,470 809,184 The bank loans are securEd with a (tsge on a number of the freehold properties cThvned by th8 Charity and a )loating charge ¢)ver the ChariV$ assets. Interest is Gharg•J on the bank lotffjs al rale8 between 328% and 4.43•A. Page 31 THE EDMUND TRUST (Acompany Liffllt￿ by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2021 2020 Bank loans 1,068.278 1,054,400 Induded vAthin the above are ￿ounts tswing due as foTrM: BEfwEEN ONE AND FIVE YEARS Bank loans 226,792 240.327 OVER FIVE YEARS Bank loans 841A86 814.073 The aggr8gate a))ount of lithlfttes payab￿ or repayable or in part mc*e than fivo year8 aftèr the r8porting dale is-. 2021 2020 Payable or r8pay*le by inslatments 869.264 814,073 869,264 814,073 The bank loans are securgj wfth a charge on a number of the frethld prop8rtie8 owned by the Charity and a floating charge over thg Charl￿$ assets. Interest is charged on tho bank loans al rat&s ba￿en 3.28% and 4.430A. The bank loans also indude a Govemmenl bxked knunce back, loan, was drawn down in May 2020. This loan is lo￿% guaranteed by the Govemment and there be no fees or interest payable in the first 12 morrths. Afterthis 12-4)￿nth wiod. intwgstwrll be charg&J 812.5% pw annuum. Page 32 0 (9 0<<<￿LL>l0￿1ll > r•1 O o ro O t>) LY ￿ r4 o rD •1 In r f4 - 0￿(0 o Lo VJ IL 7i v •£ wffj WLU tt Ill" E&%° i 14) CO (O 10 o fo UUL) THE EDMUND TRUST (A Company Llmlted lry Guarnnte•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 16. ANALYSIS OF NET ASSEf8 BEfwEEN FUNDS ICONTINUED) ANALYSIS OF NEf ASSEfs BETWEEN FUNDS. PRIOR YEAR Unrestric￿￿ Restricted fiJnd$ ffijnds 2020 2020 Total fvnds 2020 Tangible fixed assets Fixgd asset ￿ve5￿Ments Currgnt 8958ts Creditors due within one year Creditors due in more than ¢)M year Promsions for liabilittes and charges 4292,e61 149.550 868.634 (809.1841 (1.054,4￿) 1632,000) 4,292.661 149.550 882.138 (809,184) {1,054,400) (632,0001 13.504 2.815.261 13,504 2.828,765 TOTAL RECONCILIATION OF NEf MOVEMEKf IN FUNDS TO NET CASH FLOW FROM OPERATING 17. ACTIVITIES 2021 2020 Net income for the year (a5 per Statem@￿ of Finan¢ial A¢XNibes) 196￿1 68,576 AWUSTMENTS ForL" Deprgaalion charges Profil on the sale of fixed assets {Increase)Idecrea5e in deb D￿se Hi credit Defined benefft pension scheme cost contrfoutK)n$ paythe Definwj bènefft pension Sch￿ finarK8 c05t 173.308 1500) (30,795) 136,836} (22,000) 14.000 163,288 {55) 63.579 {9,9701 (1,000) 16.000 NET CASH PROVIDED BY OPERATING ACTIWllES 293,118 300,418 Page 39 THE EDMUND TRUST IA Company Lknlted by Guarantw} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 18. ANALYSIS OF CASH AND CASH EQUIVALEPITS 2021 2020 Ca8h in hand 827.066 599.9&2 TOTAL CASH AND CASH EQUIVALEP 827,058 599.962 19. ANALYSIS OF CHANGES IN NET DEBT At 1 APTII 2020 Cash flow5 Al 31 March 2021 Cash at bank and in hand Debt due within 1 year Debt due after 1 ye 599.962 (60.082) 11.054,4001 227.094 827,066 10.328 149.754> {13.878) 11.068,278) (514.520) 223.544 1290.976} Paga 40 THE EDMUND TRUST Company Umil•d by Guarants•) NOTES TO THE FINANCIAL STATeMENrs FOR THE YEAR ENDED 31 MARCH 2021 PENSION COl•lMITMENTS The Charity operat88 a defined berth pensIC￿ 8Ctwrn. One employee (2W20: one wnpw) d The Edmund Trust continue to accwe benefits under the Can*)ridgeshire County Council PensiM Fund. The scheme is dosed to new employ8e5. The benefts provKla by the 5¢hem8 are of the deffin8d benefft ty• The ass8ts in the fund are held in externalty managed funds invested by wofessional investment man￿er& Pattripat￿n in the scheme Is by virtue of thg Chwrils status a8 an Admitt•J Body to thè Fund. The last 8duarial Wall￿1¢?￿ of the fvnd was carried Imrt by indapend8nt qualified actuarigs as at 31 March 2020. The purFose of the ¥￿ation was to exwnine the fnancia position of the fiJnd and to recommend the eontTibution rate to be paid by the charity and other part￿1patIng enwloywy in the fvnd. Principal acluarial a5wtions at the Bal￿ Shed date (express&J as weightsd avera98s)'. Al 31 March At 31 March 2D21 2020 135 2.30% 2.50% 2.00% Discount r* Future salary I￿reaSe$ Future p￿Slon increases 185 Thè Chartys shwe of the assets in tha Scheff￿ At 31 March At 31 Ma￿h 2021 2020 906.280 196,800 196,800 13,120 749.000 132,000 187,000 33.000 Equtties Debt instruments Property Cg¥h TOTAL FAIRVALUE OF ASSErs 1.312.000 1.101,000 Tha actual retum on Scheme assets vras £228,tyJO {2020- £{173,C￿)). Page 41 THE EDMUND TRUST IA Company Umlt•d by Guarant••} NOTES TO THE RNANCIAL STATEMEiirs FOR THE YEAR ENDED 31 klARCH 2021 PENSION COmMITMEP￿s (CONTINUED) The 8nbJunts reo)gnisgd in the Statement of Financial Athvts5 are aF fol 2021 2020 CuTrent seNS* cost Expgcted retum on Schaw￿ assets Interest on oNigatK)n ActU8fFal {losse8ygans on defin&g bEn8fft P￿S1on schams TOTAL AMOUF￿ RECOGNISED IN THE STATEMENT OF FINANCIAL ACTMTIES 22,000 25,000 139.000) 14OODI 1.000 31.￿0 {47,000) 46,000 {46.000) 31.000 Movements in the present vah* Oft￿ definvAI benefft O￿lga￿an Thpre as fdl 2021 Opgning defirkd benefft obligabon Interest e05t Contribuknong by schgma parbcipants Current servtC8 CQSt 8enefft8 paid Actuarid gansl{h)sses} 1,733.000 39,(100 164,000) 282,000 CLOSING DEFINED BENEFrr OBLIGATION 1 ,990.000 Movements in the fairvthe oflhe CharE￿8 Sha￿ of stheme assets were as folows.. 2021 Opening fairvalue on s¢heme assats Expected return on assets Contributicms ty ￿p10yer Contributions by scheme partmiparts Bengfts paid Actuarial gain81{10558s) 1,101.000 25.000 22.000 (64.000> 228,000 CLOSING FAIR VALUE OF SCHEME ASs￿s 1.312.000 The cumulative amount of &luarioJ gains and h)sses recognis8d in the Stalement of Totsl ReCogr￿sed Gains and Losses was a k)ss (# £54.000 (2020: gain of £46.000). Th8 Company expects to contrbuta £44.LKK> to its Defined Bellefrt Penslon Sch￿￿ in 2021. Page 42 THE EDMUND TRUST (A Company Limlted ty Guarnntee) NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 PAARCH 2021 21. OPERATING LEASE COMMIThIEKrs At 31 MaTth 2021 the Gharity had commitm8rts to make fulure mininum 18ase payments under non- cancellablo (pe￿I]ng teases as fol￿￿. 2021 2020 Not laterthan 1 year Latw than 1 yearand not latw than 5 JEars Laterthan 5 yeals 41.247 119N06 126,247 75.834 229.386 159,375 286.899 464,595 RELATED PARTY TRANSACTIONS ND relat9d paty1ran5￿lonS have occurroJ durTrw the ujrrent or prittyear. Pago43