OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← The Edmund Trust

2023-03-31-accounts

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

Registered number: 02872186 Charity number: 1030968

THE EDMUND TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report and Strategic Report 2 - 9
Independent Auditors' Report on the Financial Statements 10 - 14
Statement of Financial Activities 15
Balance Sheet 16 - 17
Statement of Cash Flows 18
Notes to the Financial Statements 19 - 41

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees N R Tomkys OBE
H Mason
E Kron
T A Wyatt (Resigned 19 July 2023)
J R Bragg
Company registered
number 02872186
Charity registered
number 1030968
Registered office Suite G10 Blenheim House, Cambridge Innovation Park,
Denny End Road, Waterbeach
Cambridge
CB25 9GL
Patrons Prof T Holland
Dr N Johnson
Chief executive officer J Ellis
Independent auditors Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
Bankers Lloyds Bank Plc
3 Sidney Street
Cambridge
CB2 1BQ

Page 1

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Board Members present their annual report together with the audited financial statements of the Charity for the year 1 April 2022 to 31 March 2023. The Board Members confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition October 2019 (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

OBJECTIVES AND ACTIVITIES

POLICIES AND OBJECTIVES

The principle aim of the charity is to improve the lives of, to support, and to provide services and information for people with learning disabilities, their families and carers who live in Cambridgeshire and more latterly East Anglia.

GRANT MAKING POLICIES

The Board has made no grants for the period up to end March 2023.

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

REVIEW OF ACTIVITIES

Our mission is to empower and support people of all ages with a learning disability from across Cambridgeshire and East Anglia to live the lives they chose and to be active members of the communities that they live in. We achieve this by affording individuals, their families and carers the support they need, by developing services to meet identified need and providing information and advice. Our Trustees have due regard to the guidance on public benefit in the decisions they make and the way the organisation is run.

COVID-19

The financial year 2022-23 has continued to be impacted by COVID-19 and the pandemic albeit in a much reduced sense from the previous two years.

Edmund Trust now supports around 200 people, and it remains the case that many of the people we support would be considered to be especially vulnerable if they were to be infected with COVID-19. The social care guidelines that our services have to work within began to alter and then fundamentally change during this financial year. As is often the case with social care, guidelines for ‘protecting’ vulnerable people stay in place longer than rules or guidelines for the general population. In the previous two financial years we had significant financial support from the local authority to help pay for the additional costs relating to the pandemic. This funding support ended during this financial year but many of the additional costs remained.

We did not lose anyone we support or employ due to COVID-19 during the 22-23 financial year which is testament to the incredible work that our staff teams have done in keeping people safe and following the complex guidelines around testing and PPE.

We have maintained many of the new ways of working that we adopted due to the pandemic. We have kept the majority of head office staff working in informal hybrid patterns. We continue to grow as an organisation and the opportunity afforded to us by the pandemic to shrink our office footprint has realised tangible financial benefits.

Page 2

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

We are yet to see the long-term impacts of staff having less face to face contact with each other but we will look to see the evidence and experience of other organisations or studies and alter our approach as we think best suits our needs.

Our front line delivery of services returned to pre-pandemic levels during this financial year and the three settings that we had been forced to close all reopened. Usage of the reopened services quickly returned to the levels seen before COVID-19.

We are very pleased to report that we reached the end of the pandemic having paid all our staff their full contracted pay for every hour they were off sick with COVID-19 or were isolating without exception.

FINANCIAL CLIMATE

As the pandemic came to an end we started to see the impact of the new contagion-inflation. Global instability and the knock on effects of rapidly rising fuel prices meant that the crisis of COVID-19 was replaced by an economic crisis. Paradoxically, rising inflation has meant that local authorities have made uplift awards significantly higher than has been the case for the last ten years. The years of austerity forced social care providers into greater and greater efficiencies and the stretching of what could be achieved for real terms decreases in funding. This period forced us into greater and greater efficiencies.

In the last seven years at The Edmund Trust we have grown the organisation significantly whilst shrinking the amount proportionately that we spend on administering ourselves. We budgeted and achieved an overhead figure of 12.19% which was down from 14.20% in 2021-22. This efficiency enables The Edmund Trust to pass on as much as possible from any uplifts into staff wages.

As always, the key for The Edmund Trust is to keep trying to deliver great services to people whilst always looking to make what we do organisationally as efficient and cost effective as possible.

STAFFING

Retaining our staff is a key issue for The Edmund Trust. This cannot be stressed any more highly. It remains the highest risk issue on our organisational Risk Register. During the 2022-23 financial year we were not able to make significant inroads into the challenge of retention despite being very successful in recruiting new staff.

It remains a strategic priority for The Edmund Trust to retain more of our staff year on year with ambitious targets set.

The Edmund Trust brand continues to become embedded within the localities in which we operate, with a greater awareness and understanding of the charity and its aims and purpose. In the last reporting period we recruited people to support our recruitment process with a social media background and this has resulted in a looking to capitalise on the work that we do by having a greater presence on line. The key for us is to attract the right people to come and work with us and use every available route to achieving this. We have been pleased with the impact that this role has had with many more people interacting with The Edmund Trust on line. On Facebook as an example the number of impressions (people interacting with posts/profile) went from 20,017 in April 2022 to 69,210 in March 2023.

We do not employ a professional fundraiser and we do not fundraise directly from the public.

We are supporting over 200 people now and are exceeding all the growth targets that were set in the 2021-26 Business Plan.

Due to the pace of our growth we are revisiting the 2021-26 Business Plan with a view to what The Edmund Trust could look like at various sizes of turnover.

Page 3

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

FINANCIAL POSITION

We really pleased to be presenting accounts that show we have made a surplus of £487,340. There are a number of exceptional items that have positively impacted on this figure notably the removal of our outstanding pension liability of £489,000, resulting in a gain of £189,000, and a grant of £370,000.

RESERVES POLICY

The Edmund Trust is working to review its reserves policy. Due to the majority of the income we receive coming from local government and therefore highly stable it is felt that we as an organisation do not need to carry a high level of reserve and that between one and three months operating costs (£534k - £1,603k) will be the level that we operate at. Free reserves at the year end are £678k, being unrestricted funds less unencumbered tangible fixed assets and designated funds.

PRINCIPLE RISKS AND UNCERTAINTIES

The Edmund Trust uses a risk register that details the key risks for the organisation and how we look to mitigate them. This is reviewed at quarterly Board meetings by the Trustees.

The key risks are given a detailed description, a rating, the response, rated in the risk register and the risk has an SMT owner. The risk register has grown to include 21 risks detailed with the highest rating ones being Abuse in services, CQC rating, Loss of our main customer, Injury or death of staff, and the inability to attract and retain the right staff.

The highest rated (the most risky) is Staff Resourcing and Staff Turnover.

We are attempting to mitigate the highest rated risk of Staff Resourcing and Turnover by becoming the employer of choice in our sector/area. We are paying sector/area leading wages and do everything we can to run as efficient an organisation as possible so that we can maximise the amount of our revenue that we can put into staff wages. We conduct exit interviews and hold a quarterly staff forum where staff representatives are able to raise concerns of staff and make suggestions to improve the organisation. We measure the length of time we take to recruit people and we take feedback from new starters after they have worked with us for a few weeks to make sure they are happy and comfortable in their role.

The operational risks such as Abuse in services, CQC rating, Loss of our main customer, Injury or death of staff, are mitigated through policies, procedures, training, supervision, appraisals, observation, service audit, monthly service review meetings, and inspections. Throughout the structure of The Edmund Trust different levels of Management have different levels of responsibility with regards to their management and overall mitigation of the key risks. The overall responsibility on a day to day basis for the Risk Management in services sits with the Head of Operations and in support functions sits with Department Heads. The CEO has responsibility delegated to them from the Board of Trustees who are legal Directors of the The Edmund Trust.

SIGNIFICANT HIGHLIGHTS OF THE YEAR APRIL 2022 TO MARCH 2023

Page 4

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Trust (under various guises) had underpaid on the contributions into the scheme leaving a position where we had one active member of the scheme and a ‘run rate’ deficit of c.£650,000 and a crystallisation debt position of c £1.24 million in 2016. The outcome of the last 7 years work on this is that we have paid in cash terms £410,000 and this has wiped out a crystallisation debt position of £1,240,000. This represents a saving made to the organisation of around £800,000 had we not taken such positive and dynamic action. This outcome is of significant and lasting benefit to The Edmund Trust.

Page 5

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

operate in were over 93% occupied which demonstrates both the demand for our services and for the accommodation we have built although it is a slight reduction on the year before.

PLANS FOR THE FUTURE

We have set an ambitious growth target for the next financial year of £1million again looking to extend our reach both Cambridgeshire wise and in other counties.

For a key focus of the organisation to continue to be on the reduction of staff turnover within the organisation. Social Care now typically sees over 30% turnover and The Edmund Trust is no different. We plan to address the issues with turnover by continuing to push at pay rates, for Service Manager training and supervision to be tightened up and to continue to aim to be an employer of choice.

For KPIs to feature more prominently at Board Level as part of the scrutiny and oversight of the organisation. These KPIs include;

We continue to work within the Cambridgeshire County Council framework agreement for services to people with a learning disability. This secures our ability to continue to support people on behalf of Cambridgeshire Learning Disability Partnership.

Page 6

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Broadly our business planning for the future falls into eight areas;

STRUCTURE, GOVERNANCE AND MANAGEMENT

CONSTITUTION

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 16 November 1993. The registered charity number is 1030968.

ORGANISATIONAL STRUCTURE AND DECISION-MAKING POLICIES

The Board Members, as a body, administer the Trust. The Board Members meet once a quarter with additional meetings being held when required to deal with issues of strategy in more dept.

The Board Members have delegated the day to day responsibility for the provision of services to the Chief Executive Officer (CEO). The CEO is responsible for ensuring that the Trust delivers the services specified and that key performance indicators are met. The CEO also has responsibility for the day to day operational management of services and fundraising. The CEO is assisted by other members of the Senior Management Team.

POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF BOARD MEMBERS

Board Members are trustees for Charities Act purposes and directors for Companies Act purposes. New Board Members undergo a period of induction to brief them on the work of the Trust, their legal obligations under charity and company law, the contents of the Memorandum and Articles of Association, the committee and decision making process, the business plan and recent financial performance of the Charity. During the induction they meet with key employees and other Board Members. All Board Members are encouraged to attend appropriate external training events where these will facilitate undertaking their role.

FINANCIAL RISK MANAGEMENT

The Board Members have assessed the major risks to which the company and the group is exposed, in particular those related to the operations and finances of the company and the group, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Page 7

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

A significant operational risk exists as the majority of the Trust’s income comes from one customer.

Cambridgeshire County Council, for the provision of adult care services. The major risk is that Cambridgeshire County Council will not be able or willing to pay a fair price for the care services provided in the long term.

The senior management of the Trust continue to work closely with Cambridgeshire County Council to understand their attitude to future service requirements, and continue to improve the financial efficiency of the Trust’s operations to provide a good care service to the people who we look after. The Trust has been seeking alternative funding partners for care

MEMBERS' LIABILITY

The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Board Members (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report including the Strategic 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 Board Members to prepare financial statements for each financial . Under company law, the Board Members 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Board Members are required to:

The Board Members are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 8

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Board Members at the time when this Trustees' Report is approved has confirmed that:

Approved by order of the members of the board of Trustees and signed on their behalf by:

N R Tomkys OBE Chair of Trustees

Date: 23/08/2023

Page 9

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EDMUND TRUST

OPINION

We have audited the financial statements of The Edmund Trust (the 'charity') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 United Kingdom, including the Financial Reporting Council's Ethical Standard, 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.

Page 10

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EDMUND TRUST (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

OPINION 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 our 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 including the Strategic Report.

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

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees' Responsibilities Statement, 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.

Page 11

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EDMUND TRUST (CONTINUED)

AUDITORS' 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 an Auditors' Report 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Page 12

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EDMUND TRUST (CONTINUED)

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Page 13

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EDMUND TRUST (CONTINUED)

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Auditors' Report.

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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Hewett (Senior Statutory Auditor)

for and on behalf of

Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

Date: 23 August 2023

Page 14

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
INCOME FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
7
TOTAL EXPENDITURE
NET MOVEMENT IN FUNDS
BEFORE OTHER RECOGNISED
GAINS
OTHER RECOGNISED GAINS:
Other gains
21
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2023
£
21,603
7,984,912
2,400
-		 Restricted
funds
2023
£
397,357
-
-
-
397,357
15,877
15,877
381,480
-
381,480
27,258
381,480
408,738		 Total
funds
2023
£
418,960
7,984,912
2,400
-
8,406,272
8,107,932
8,107,932
298,340
189,000
487,340
3,479,140
487,340
3,966,480		 Total
funds
2022
£
299,334
6,445,310
-
18,777
8,008,915 6,763,421
8,092,055 6,412,987
8,092,055 6,412,987
(83,140)
189,000		 350,434
158,000
105,860 508,434
3,451,882
105,860		 2,970,706
508,434
3,557,742 3,479,140

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 19 to 41 form part of these financial statements.

Page 15

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 02872186

BALANCE SHEET AS AT 31 MARCH 2023

FIXED ASSETS
Note
Tangible assets
11
Programme related investments
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
NET CURRENT ASSETS
TOTAL
ASSETS
LESS
CURRENT
LIABILITIES
Creditors: amounts falling due after more
than one year
15
NET
ASSETS
EXCLUDING
PENSION
LIABILITY
Defined benefit pension scheme liability
21
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
16
Unrestricted funds
16
TOTAL FUNDS		 460,844
1,386,615
1,847,459
(1,347,720)		 2023
£
4,248,055
149,550
4,397,605
499,739		 264,510
1,520,568
1,785,078
(985,615)		 2022
£
4,017,587
149,550
4,167,137
799,463
4,897,344
(930,864)
3,966,480
-		 4,966,600
(998,460)
3,968,140
(489,000)
3,966,480 3,479,140
408,738
3,557,742		 27,258
3,451,882
3,966,480 3,479,140

Page 16

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 02872186

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

N R Tomkys OBE Chair of Trustees

Date: 23/08/2023

The notes on pages 19 to 41 form part of these financial statements.

Page 17

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the sale of tangible fixed assets
Purchase of tangible assets
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of borrowing
NET CASH USED IN FINANCING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
The notes on pages 19 to 41 form part of these financial statements		 2023
£
324,578		 2022
£
765,151
-
(393,220)		 307
(13,201)
(393,220) (12,894)
(65,311) (58,745)
(65,311) (58,745)
(133,953)
1,520,568		 693,512
827,056
1,386,615 1,520,568

Page 18

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Edmund Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 COMPANY STATUS

The Company is a company limited by guarantee. The members of the Company are the Board Members named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Company.

1.3 GOING CONCERN

The Board Members consider that there are no material uncertainties about the Charity’s ability to continue as a going concern and are satisfied that the Charity has sufficient funds to meet its liabilities as they fall due. Accordingly, the financial statements continue to be prepared on the going concern basis.

1.4 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 19

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (CONTINUED)

1.5 INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the Company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Company, or the Company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 20

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (CONTINUED)

1.6 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

1.7 GOVERNMENT GRANTS

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.

Page 21

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (CONTINUED)

1.8 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property - 30-50 years straight line Long-term leasehold property - 5-50 years straight line Short-term leasehold property - 5 years straight line Plant and machinery - 25% straight line Motor vehicles - 25% straight line Fixtures and fittings & office- 25% straight line equipment

Freehold land and assets under construction are not depreciated.

1.9 INVESTMENTS

Programme related investments are initially recognised and measured at the amount received or paid, with the carrying amount adjusted in subsequent years to reflect repayments and if any, accrued interest and any impairment.

1.10 PENSIONS

The Charity participated in a defined benefits pension scheme and the pension charge was based on a full actuarial valuation dated 31 March 2020. The Charity exited the scheme in the year.

The Company also contributes to group pension policies and to a stakeholder scheme. The Company's contributions are written off in the year in which they are incurred.

1.11 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.12 CASH AT BANK AND IN HAND

Cash at bank and in hand 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.

Page 22

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (CONTINUED)

1.13 LIABILITIES

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

1.14 FINANCIAL INSTRUMENTS

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Estimates and judgments 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 estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

Tangible fixed assets are recognised at cost, less accumulated depreciation. Depreciation is charged over the estimated useful life of the asset to its estimated residual value.

Recoverability of debtors are considered on a regular basis. When calculating the debtor provision, the trustees consider the age of the debts and the financial position of its customer.

Defined benefit pension valuation included a number of estimates. Reliance was place on professional actuaries who provided these valuations.

Page 23

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds
2023
£
Donations
4,062
Grants
17,541
21,603
TOTAL 2022
260,805		 Restricted
funds
2023
£
7,554
389,803
397,357
38,529		 Total
funds
2023
£
11,616
407,344
418,960
299,334		 Total
funds
2022
£
5,816
293,518
299,334

Grants include £NIL (2022 - £284,168) received from Government.

4. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2023
£
Provision of support
7,984,912
TOTAL 2022
6,445,310
INVESTMENT INCOME
Unrestricted
funds
2023
£
Bank interest received
2,400		 Total
funds
2023
£
7,984,912
6,445,310
Total
funds
2023
£
2,400		 Total
funds
2022
£
6,445,310
Total
funds
2022
£
-

5. INVESTMENT INCOME

Page 24

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. OTHER INCOMING RESOURCES

Gain on disposal of fixed assets
Government grants
TOTAL 2022		 Unrestricted
funds
2023
£
-
-
-
18,777		 Total
funds
2023
£
-
-
-
18,777		 Total
funds
2022
£
307
18,470
18,777

Government grants in 2022 represented apprenticeship income.

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Provision of support
TOTAL 2022		 Activities
undertaken
directly
2023
£
7,010,016
5,477,851		 Support
costs
2023
£
1,097,916
935,136		 Total
funds
2023
£
8,107,932
6,412,987		 Total
funds
2022
£
6,412,987

In 2022 expenditure on charitable activities was split between restricted - £34,909 and unrestricted - £6,378,078.

Page 25

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF DIRECT COSTS

Pension adjustments (note 21)
Staff costs
Depreciation
Other costs
TOTAL 2022
ANALYSIS OF SUPPORT COSTS
Staff costs
Other costs
Staff training
Legal fees
Audit and accountancy fee
TOTAL 2022		 Provision of
support
2023
£
-
5,068,164
162,752
1,779,100
7,010,016
5,477,851
Provision of
support
2023
£
725,478
307,354
40,129
2,494
22,461
1,097,916
935,136		 Total
funds
2023
£
-
5,068,164
162,752
1,779,100
7,010,016
5,477,851
Total
funds
2023
£
725,478
307,354
40,129
2,494
22,461
1,097,916
935,136		 Total
funds
2022
£
13,000
4,415,981
181,491
867,379
5,477,851
Total
funds
2022
£
654,513
234,418
32,518
140
13,547
935,136

Included in the above are Governance costs of £24,955 (2022 - £13,687).

8. AUDITORS' REMUNERATION

The auditors' remuneration amounts to an auditor fee of £16,560 ( 2022 - £11,670 ) , and other services of £5,901 (2022 - £1,877).

Page 26

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
5,621,758
61,321
110,563
5,793,642		 2022
£
4,918,732
49,385
102,377
5,070,494

The average number of persons employed by the Charity during the year was as follows:

Admin staff
Direct service delivery staff		 2023
No.
16
208
224		 2022
No.
18
178
196

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £60,001 - £70,000 2 1
In the band £70,001 - £80,000 1 1

Key management personnel are the CEO and senior management team. Total remuneration paid to key management personnel including employer's national insurance and pension costs amounted to £282,519 (2022 - £220,725).

10. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL).

Page 27

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 April 2022
Additions
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for the year
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Freehold
property
£
4,192,816
375,906
4,568,722
520,347
97,954
618,301
3,950,421
3,672,469		 Short-term
leasehold
property
£
251,240
-
251,240
33,019
6,939
39,958
211,282
218,221		 Plant and
machinery
£
73,986
-
73,986
51,866
4,313
56,179
17,807
22,120		 Motor
vehicles
£
46,575
-
46,575
40,027
4,499
44,526
2,049
6,548		 Fixtures and
fittings

£
369,925
15,896
385,821
278,296
49,047
327,343
58,478
91,629		 Assets
under
construction
£
6,600
1,418
8,018
-
-
-
8,018
6,600		 Total
£
4,941,142
393,220
5,334,362
923,555
162,752
1,086,307
4,248,055
4,017,587

Page 28

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12. PROGRAMME RELATED INVESTMENTS

COST OR VALUATION
At 1 April 2022
AT 31 MARCH 2023
NET BOOK VALUE
AT 31 MARCH 2023
AT 31 MARCH 2022		 Programme
related
investments
£
149,550
149,550
149,550
149,550

The programme related investment represents a 37% equity share in the cost of Pauline Burnett's House. Funding was provided to Cambridge Housing Society Limited as a contribution to the cost of Pauline Burnett's House and subsequent property improvements. The equity share would be repayable only in the event that the Charity ceases to manage the home.

13. DEBTORS

Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
330,769
18,526
111,549
460,844		 2022
£
176,878
14,039
73,593
264,510

Page 29

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2023
£
63,112
227,121
107,699
375,230
574,558
1,347,720		 2022
£
60,827
135,206
103,523
322,340
363,719
985,615

The Charity receives income in advance from certain tenants as well as occassional grants. Deferred income at the year end was £81,071 (2022: £65,300). During the year £53,506 was released from previous years.

The bank loans are secured with a fixed charge on a number of the freehold properties owned by the Charity and a floating charge over the Charity's assets. Interest is charged on the bank loans at rates between 3.28% and 4.43%.

The bank loans also include a Government backed 'bounce back' loan, which was drawn down in May 2020. This loan is 100% guaranteed by the Government and there were no fees or interest payable in the first 12 months. After this 12-month period, interest will be charged at 2.5% per annum.

Page 30

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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

Bank loans
Included within the above are amounts falling due as follows:
BETWEEN ONE AND FIVE YEARS
Bank loans
OVER FIVE YEARS
Bank loans		 2023
£
930,864
208,376
722,488		 2022
£
998,460
265,066
733,394

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Payable or repayable by instalments 2023
£
722,488
722,488		 2022
£
733,394
733,394

The bank loans are secured with a fixed charge on a number of the freehold properties owned by the Charity and a floating charge over the Charity's assets. Interest is charged on the bank loans at rates between 3.28% and 4.43%.

The bank loans also include a Government backed 'bounce back' loan, which was drawn down in May 2020. This loan is 100% guaranteed by the Government and there were no fees or interest payable in the first 12 months. After this 12-month period, interest will be charged at 2.5% per annum.

Page 31

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTE
D FUNDS
DESIGNATED
FUNDS
Fixed Asset
Fund
GENERAL
FUNDS
General Funds -
all funds
Pension reserve
TOTAL
UNRESTRICT
ED FUNDS		 Balance at 1
April 2022
£
3,003,670
937,212
(489,000)		 Income
£
-
8,008,915
-
8,008,915
8,008,915		 Expenditure
£
-
(8,092,055)
-		 Transfers
in/out
£
(124,417)

(175,583)
300,000		 Gains/
(Losses)
£

-

-
189,000
189,000
189,000
Balance at
31 March
2023
£
2,879,253
678,489
-
678,489
3,557,742
448,212 (8,092,055)
124,417
3,451,882 (8,092,055)
-

Page 32

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. STATEMENT OF FUNDS (CONTINUED)

599
58
13,116
9,011
2,547
1,927
-
-
-
27,258
3,479,140		 2,464
-
1,416
-
696
14,977
374,826
978
2,000
397,357
8,406,272		 (2,390)
(58)
(323)
-
(399)
(11,819)
-
(539)
(349)
(15,877)
(8,107,932)		 -
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
189,000

Page 33

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTE
D FUNDS
DESIGNATED
FUNDS
Fixed Asset
Fund
GENERAL
FUNDS
General Funds -
all funds
Pension reserve
TOTAL
UNRESTRICT
ED FUNDS		 Balance at
1 April 2021
£
3,120,175
504,893
(678,000)		 Income
£
-
6,693,892
31,000
6,724,892
6,724,892		 Expenditure
£
-
(6,378,078)
-		 Transfers
in/out
£
(116,505)

116,505
-

116,505

-		 Gains/
(Losses)
£
-
-
158,000
Balance at
31 March
2022
£
3,003,670
937,212
(489,000)
(173,107) (6,378,078) 158,000 448,212
2,947,068 (6,378,078) 158,000 3,451,882

Page 34

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED
FUNDS
Downs Support
Group
Artworks Milton
Artworks March
Fenland
Windmill Pool
Troublemakers
Family Support
Services
Young People's
Befriending
Befriending
Works
Eddies TV
Befriending
Fenland
Renovation
projects
Splat March
Splat Cambridge
TOTAL OF
FUNDS		 760
-
-
-
-
-
-
-
12,029
9,020
1,829
-
-
23,638
2,970,706		 30
6,992
10,781
100
10
63
10,407
63
4,961
-
1,480
3,331
311
38,529
6,763,421		 (790)
(6,992)
(10,781)
(100)
(10)
(63)
(9,808)
(5)
(3,874)
(9)
(762)
(1,404)
(311)		 -
-
-
-
-
-
-
-
-
-
-
-
-		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
158,000		 -
-
-
-
-
-
599
58
13,116
9,011
2,547
1,927
-
(34,909)
(6,412,987)		 -
-		 27,258
3,479,140

Page 35

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

16. STATEMENT OF FUNDS (CONTINUED)

DESIGNATED FUNDS - The designated funds exist due to internal designations made in respect of the purposes as described by the fund name.

The Fixed Asset Fund

Represents the net book value of fixed assets less bank loans relating to the properties.

RESTRICTED FUNDS - The restricted funds exist due to donations received in respect of the purposes as described by the fund name.

JMS Supported Living Trust

This funds includes accumulated grants from the JMS Supported Living Trust. These amounts were received to fund the purchase of a property for use by the charity to provide shared supported living accommodation for tenants initially specified by the funder. The fund value represents the carrying value of the property. Under the terms of the grant, The Edmund Trust is required to use the property as shared supported living accommodation, or in the event the property is no longer suitable, it's proceeds for the public benefit to relieve the needs of adults with learning disabilities through the set up of long-term supported living settings.

Befriending Schemes

Eddie's befriending schemes are for young people aged 13 to 25. A team of volunteer befrienders provide friendship and practical support for young people with a learning disability.

Eddie's

Eddie's is an operating division of The Edmund Trust and provides a range of services for children, young people and adults with learning disabilities.

Renovation projects

The fund represents donations received for specific renovation projects and corresponding expenditure on the projects carried out.

Splat March

Funding received for the provision of delivering a performing arts project to people of all ages with learning disabilities in March.

Disco

Funding received for the delivery of disco evenings for people of all ages with learning difficulties.

Equipment

Funding received for the purchase of equipment to be used within the charity.

Downs Syndrome Support Group

Our parent led group meet on a monthly basis, and provide support and advice to local families who have a child with Downs syndrome. We received donations from private individuals to fund the provision of speech and language therapy to the children attending this group.

Artworks

Eddie's arts based sessions are aimed at adults with learning disabilities.

Windmill Pool

Amounts received to fund, and expenditure incurred in running the Windmill Pool.

Page 36

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

STATEMENT OF FUNDS (CONTINUED)

Troublemakers

Funds for a drama and singing group.

Family Support

Eddie's Family Support service is aimed at young children with a learning disability and their family carers. Volunteers are matched with a family and visit them on a regular basis.

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
Restricted
funds
2023
2023
£
£
Tangible fixed assets
3,873,229
374,826
Fixed asset investments
149,550
-
Current assets
1,813,547
33,912
Creditors due within one year
(1,347,720)
-
Creditors due in more than one year
(930,864)
-
TOTAL
3,557,742
408,738		 Total
funds
2023
£
4,248,055
149,550
1,847,459
(1,347,720)
(930,864)
3,966,480

TOTAL

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
TOTAL		 Unrestricted
funds
Restricted
funds
2022
2022
£
£
4,017,587
-
149,550
-
1,757,820
27,258
(985,615)
-
(998,460)
-
(489,000)
-
3,451,882
27,258		 Total
funds
2022
£
4,017,587
149,550
1,785,078
(985,615)
(998,460)
(489,000)
3,479,140

Page 37

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Loss/(profit) on the sale of fixed assets
Decrease/(increase) in debtors
Increase in creditors
Defined benefit pension scheme cost less contributions payable
Defined benefit pension scheme finance cost
NET CASH PROVIDED BY OPERATING ACTIVITIES		 2023
£
298,340
2022
£
350,434
162,752
181,491
-
(307)
(196,334)
48,461
359,820
216,072
(300,000)
(44,000)
-
13,000
324,578
765,151

19. ANALYSIS OF CASH AND CASH EQUIVALENTS

2023 2022
£ £
Cash in hand 1,386,615 1,520,568

20. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1 April
2022
Cash flows
£
£
1,520,568
(133,953)
(60,827)
-
(998,460)
-
461,281
(133,953)		 Other non-
cash At 31 March
changes
2023
£
-
£
1,386,615
(2,285)
(63,112)
67,596
(930,864)
65,311
392,639

Page 38

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. PENSION COMMITMENTS

The Charity operates a defined benefit pension scheme.

One employee (2022: one employee) of The Edmund Trust continued to accrue benefits under the Cambridgeshire County Council Pension Fund for a period during the year. The scheme is closed to new employees. The benefits provided by the scheme are of the defined benefit type. The assets in the fund are held in externally managed funds invested by professional investment managers. Participation in the scheme is by virtue of the Charity's status as an Admitted Body to the Fund.

The last actuarial valuation of the fund was carried out by independent qualified actuaries as at 31 March 2020. The purpose of the valuation was to examine the financial position of the fund and to recommend the contribution rate to be paid by the charity and other participating employers in the fund.

During the year the scheme became fully funded and a cessation event occurred whereby The Edmund Trust exited the scheme.

Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

At 31 March At 31 March
2023 2022
% %
Discount rate 2.70
Future salary increases 3.80
Future pension increases 3.30

The Charity's share of the assets in the scheme was:

Equities
Debt instruments
Property
Cash
TOTAL FAIR VALUE OF ASSETS		 At 31 March
2023
£
-
-
-
-
-		 At 31 March
2022
£
945,880
222,560
208,650
13,910
1,391,000

The actual return on scheme assets was £Nil (2022 - £75000).

Page 39

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

21. PENSION COMMITMENTS (CONTINUED)

The amounts recognised in the Statement of Financial Activities are as follows:

2023
£
Current service cost
-
Expected return on scheme assets
-
Interest on obligation
-
Actuarial gains/(losses) on defined benefit pension schemes
189,000
TOTAL AMOUNT RECOGNISED IN THE STATEMENT OF FINANCIAL
ACTIVITIES
189,000
Movements in the present value of the defined benefit obligation were as follows:
Opening defined benefit obligation
Actuarial (losses)/gains
CLOSING DEFINED BENEFIT OBLIGATION
Movements in the fair value of the Charity's share of scheme assets were as follows:
Opening fair value of scheme assets
Expected return on assets
Contributions by employer
Actuarial (losses)/gains
CLOSING FAIR VALUE OF SCHEME ASSETS		 2022
£
44,000
25,000
(38,000)
158,000
189,000
2023
£
1,880,000
(1,880,000)
-
2023
£
1,391,000
-
300,000
(1,691,000)
-

The cumulative amount of actuarial gains and losses recognised in the Statement of Total Recognised Gains and Losses was a gain of £189,000 (2021: gain of £158,000).

During the year the scheme became fully funded and a cessation event occurred whereby The Edmund Trust exited the scheme.

Page 40

DocuSign Envelope ID: 125AB4E5-0B6F-4FB5-94FC-99284406AC29

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. OPERATING LEASE COMMITMENTS

At 31 March 2023 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2023
£
31,136
113,240
74,396
218,772		 2022
£
41,966
115,773
99,194
256,933

23. RELATED PARTY TRANSACTIONS

No related party transactions have occured during the year (2022 - None)

Page 41