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← The Edmund Trust

2024-03-31-accounts

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

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 2024

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

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
Statement of Cash Flows 17
Notes to the Financial Statements 18 - 37

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

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 2024

Trustees N R Tomkys OBE
H Mason
E Kron
D E Copping (Appointed 23 August 2023)
J R Bragg
M Santocchini (Appointed 18 October 2023)
N Tiley (appointed 8 March 2024)
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: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Board Members present their annual report together with the audited financial statements of the Charity for the year 1 April 2023 to 31 March 2024. 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 2024.

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 LOOKING BACK

The impact of COVID-19 in the financial year 2023-24 was very much reduced from the previous years.

The guidelines that had such an onerous impact on our Charity were finally removed in this financial year, and whilst their remained a watching brief things had largely returned to normal from an infection control perspective.

Looking back at the whole COVID-19 period, we are incredibly proud of the way The Edmund Trust coped and adapted with the unprecedented challenge. Tragically we lost one person we supported who likely contracted the virus in hospital and was then discharged back to our support.

The crisis showed our staff teams in their greatest light with heroism, bravery, and ‘simply getting through’ in abundance.

The year after COVID-19 and the financial year of this report we saw a large movement of staff both into and out of The Edmund Trust. People’s perspective on work and life and what they do and do not want to do post pandemic. As turnover of staff is a key challenge for The Edmund Trust this made for significant difficulties in being able to respond to the weekly request for us to support new people. We had peaks where the annual turnover figure of staff at the organisation was over 30% (the national average is around this figure). This had reduced by the end of this financial year and would have been very difficult to sustain even in the medium term.

Page 2

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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. 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.

FINANCIAL CLIMATE

Inflation. The average inflation rate in the UK from 2017-2021 was 2.2%. Inflation in 2022 averaged 9.07% and in 2023 it averaged 7.31%.

With the fees that we receive from the local authority being uplifted by rates lower than inflation and the intense pressure that increases in the national minimum wage caused, the pressure on The Edmund Trust to become more efficient and productive became more acute during the period of this report. The years of austerity 2009-18 reduced between 25 and 30% in real terms the value of the fees that we receive which forms the more recent foundations of the financial climate that social care finds itself in.

We continue as an organisation to grow in terms of the number of people we support and our turnover, whilst shrinking the amount proportionately that we spend on administering ourselves. This remains fundamental to the long term sustainability of The Edmund Trust. We budgeted and achieved an overhead figure of 11.86% which was down from 12.19% in 2022-23.

We will continue to work as an organisation to drive improvements in productivity. As the CEO, becoming ever more efficient through the use of technology and a focus on workflows, remains a key aspect of my work. Improving the speed and/or accuracy of our processes whilst not impacting on the support and services that we offer. As always we need to ensure that that the experience the people we support and our staff receive from us is consistently great.

STAFFING

It will not surprise anyone to see that the retention of our staff remains a key organisational priority and as in previous years is the highest rated risk on our risk register. Recruitment and retention are sector-wide issues that we do not appear to be insulated from despite our best efforts. 2023-24 followed a similar trend to be previous years in that we were very successful in attracting people to come and work at The Edmund Trust. With regards to retention we saw rates of attrition drop from over 35% at the worst period after the end of COVID-19 down to a figure of 21.5% based upon the last quarter of 2023-24.

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

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

We are supporting over 220 people now (up from 200 last year) and continue to exceed all the growth targets that were set in the 2021-26 Business Plan.

Due to the pace of our growth we revisited the 2021-26 Business Plan alongside our Board of Trustees. We asked key questions around the size of The Edmund Trust and as we reach milestones like £10 million turnover for example do we look to consolidate or to continue to grow. The Trustees felt that taking a particular turnover figure and then not accepting any new referrals was not the right thing to do. Their view was that should people contact us for support, and we feel that we are the right organisation to assist them, then we should offer our support. The challenge is to maintain the ethos and feel of the organisation as we grow. The Edmund Trust has a long and enviable history of supporting people and their families and it is important as an organisation that we do not lose the essence of what we do due to an increase in scale.

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL POSITION

We really pleased to be presenting accounts that show we have made a small surplus. The financial climate is far from ideal and to have been able to show accounts that are not in deficit is something we are pleased with. Our current cash position had been growing steadily and discussions for a mortgage for the new property are very positive. Between January 2024 and July 2024 we have paid 40% of the new build costs which has reduced our cash position. We have already achieved the growth target for the 2024-25 financial year. Any subsequent new work will be addition to this budgeted growth and will positively impact on the cash position.

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 £207k, 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 and updated as risks emerge, (for example inflation which previously had not been a risk appearing on the risk register), or disappear (for example the final salary pension scheme that we have exited).

In the legal area of Fire Safety John Ellis CEO is the Responsible Person as defined by The Regulatory Reform (Fire Safety) Order 2005.

For the Care Quality Commission John Ellis CEO is the Nominated Individual.

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 now has 24 risks detailed and now listed in order of severity. The highest rating risks are Abuse in services, CQC rating, Loss of our main customer, Injury or death of staff, the uncertainty around local authority funding, 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 Edmund Trust.

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

SIGNIFICANT HIGHLIGHTS OF THE YEAR APRIL 2023 TO MARCH 202 4

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

PLANS FOR THE FUTURE

We have set a growth target for the next financial year of £500,000 again looking to extend our reach both Cambridgeshire wise and in other counties. We feel this a highly achievable target and have based spending assumptions on this figure.

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

organisation. Social Care now typically sees over 30% turnover in staff. Whilst The Edmund Trust is currently running a turnover rate of 21.5%, as always 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.

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.

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.

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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.

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:

Page 8

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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.

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 August 2024

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

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 2024 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.

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

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.

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

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:

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

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:

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

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

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

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. 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: 28 August 2024

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
INCOME FROM:
Donations and legacies
3
Charitable activities
4
Investments
5
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
6
TOTAL EXPENDITURE
NET MOVEMENT IN FUNDS
BEFORE OTHER RECOGNISED
GAINS
OTHER RECOGNISED GAINS:
Other gains
15
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2024
£
1,329
9,533,969
10,803
9,546,101
9,584,786
9,584,786
(38,685)
-
(38,685)
3,557,742
(38,685)
3,519,057		 Restricted
funds
2024
£
54,394
-
-
54,394
5,944
5,944
48,450
-
48,450
408,738
48,450
457,188		 Total
funds
2024
£
55,723
9,533,969
10,803
9,600,495
9,590,730
9,590,730
9,765
-
9,765
3,966,480
9,765
3,976,245		 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

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

The notes on pages 18 to 37 form part of these financial statements.

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

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

BALANCE SHEET AS AT 31 MARCH 2024

2024 2024 2023 2023
Note £ £
FIXED ASSETS
Tangible assets 10 4,644,685 4,248,055
Programme related investments 11 149,550 149,550
4,794,235 4,397,605
CURRENT ASSETS
Debtors 12 579,379 460,844
Cash at bank and in hand 752,598 1,386,615
1,331,977 1,847,459
Creditors: amounts falling due within one Creditors: amounts falling due within one
year 13 (1,284,756) (1,347,720)
NET CURRENT ASSETS 47,221 499,739
TOTAL
ASSETS		 LESS CURRENT
LIABILITIES 4,841,456 4,897,344
Creditors: amounts falling due after more
than one year 14 (865,211) (930,864)
TOTAL NET ASSETS 3,976,245 3,966,480
CHARITY FUNDS
Restricted funds 15 457,188 408,738
Unrestricted funds 15 3,519,057 3,557,742
TOTAL FUNDS 3,976,245 3,966,480

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 August 2024

The notes on pages 18 to 37 form part of these financial statements.

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
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		 2024
£
(127,506)
(443,043)
(443,043)
(63,468)
(63,468)
(634,017)
1,386,615
752,598		 2023
£
324,578
(393,220)
(393,220)
(65,311)
(65,311)
(133,953)
1,520,568
1,386,615

The notes on pages 18 to 37 form part of these financial statements

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

(A Company Limited by Guarantee)

THE EDMUND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 18

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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.

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.

Page 19

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

(A Company Limited by Guarantee)

THE EDMUND TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.7 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 land and assets under construction are not depreciated.

1.8 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.

1.9 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.

1.10 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 20

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES (CONTINUED)

1.11 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.

1.12 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.

Page 21

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds
2024
£
Donations
1,329
Grants
-
1,329
TOTAL 2023
21,603		 Restricted
funds
2024
£
24,394
30,000
54,394
397,357		 Total
funds
2024
£
25,723
30,000
55,723
418,960		 Total
funds
2023
£
11,616
407,344
418,960

Grants include £NIL (2023 - £Nil) received from Government.

4. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2024
£
Provision of support
9,533,969
TOTAL 2023
7,984,912		 Total
funds
2024
£
9,533,969
7,984,912		 Total
funds
2023
£
7,984,912

5. INVESTMENT INCOME

Unrestricted
funds
2024
£
Bank interest received
10,803
TOTAL 2023
2,400		 Total
funds
2024
£
10,803
2,400		 Total
funds
2023
£
2,400

Page 22

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Provision of support
TOTAL 2023		 Activities
undertaken
directly
2024
£
8,379,005
7,010,016		 Support
costs
2024
£
1,211,725
1,097,916		 Total
funds
2024
£
9,590,730
8,107,932		 Total
funds
2023
£
8,107,932

In 2023 expenditure on charitable activities was split between restricted - £15,877 and unrestricted - £8,092,055.

ANALYSIS OF DIRECT COSTS

Staff costs
Depreciation
Other costs
TOTAL 2023		 Provision of
support
2024
£
6,702,403
142,768
1,533,834
8,379,005
7,010,016		 Total
funds
2024
£
6,702,403
142,768
1,533,834
8,379,005
7,010,016		 Total
funds
2023
£
5,068,164
162,752
1,779,100
7,010,016

Page 23

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF SUPPORT COSTS

Staff costs
Other costs
Staff training
Legal fees
Audit and accountancy fee
TOTAL 2023		 Provision of
support
2024
£
824,851
328,882
34,857
1,330
21,805
1,211,725
1,097,916		 Total
funds
2024
£
824,851
328,882
34,857
1,330
21,805
1,211,725
1,097,916		 Total
funds
2023
£
725,478
307,354
40,129
2,494
22,461
1,097,916

Included in the above are Governance costs of £23,135 (2023 - £24,955).

7. AUDITORS' REMUNERATION

The auditors' remuneration amounts to an auditor fee of £17,390 ( 2023 - £16,560 ) , and other services of £4,415 (2023 - £5,901).

Page 24

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
7,316,889
69,056
141,309
7,527,254		 2023
£
5,621,758
61,321
110,563
5,793,642

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

Admin staff
Direct service delivery staff		 2024
No.
22
266
288		 2023
No.
16
208
224

The average headcount expressed as full-time equivalents is 233 (2023: 213).

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

2024 2023
No. No.
In the band £60,001 - £70,000 3 2
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 £336,569 (2023 - £282,519).

9. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL).

Page 25

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 April 2023
Additions
Disposals
At 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Freehold
property
£
4,568,722
55,711
-
4,624,433
618,301
97,060
(99,671)
615,690
4,008,743
3,950,421		 Short-term
leasehold
property
£
251,240
-
-
251,240
39,958
5,864
-
45,822
205,418
211,282		 Other fixed
assets
Assets
under
construction
£
£
506,382
8,018
43,367
343,965
(79,580)
-
470,169
351,983
428,048
-
36,594
-
(73,014)
-
391,628
-
78,541
351,983
78,334
8,018		 Total
£
5,334,362
443,043
(79,580)
5,697,825
1,086,307
139,518
(172,685)
1,053,140
4,644,685
4,248,055

Included in freehold property is land valued at £538,825 (2023: £NIL).

Page 26

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. PROGRAMME RELATED INVESTMENTS

COST OR VALUATION
At 1 April 2023
AT 31 MARCH 2024
NET BOOK VALUE
AT 31 MARCH 2024
AT 31 MARCH 2023		 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.

12. DEBTORS

Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
515,705
5,043
58,631
579,379		 2023
£
330,769
18,526
111,549
460,844

Page 27

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£
65,297
122,999
136,263
353,536
606,661
1,284,756		 2023
£
63,112
227,121
107,699
375,230
574,558
1,347,720

The Charity receives income in advance from certain tenants as well as occassional grants. Deferred income at the year end was £7,665 (2023: £81,071). 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 28

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. 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		 2024
£
865,211
284,609
580,602		 2023
£
930,864
208,376
722,488

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 2024
£
580,602
580,602		 2023
£
722,488
722,488

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 29

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15.
STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
Balance at 1
April 2023
£
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Fixed Asset Fund
2,879,253
GENERAL FUNDS
General Funds - all funds
678,489
TOTAL UNRESTRICTED
FUNDS
3,557,742		 Income
£
-
9,546,101
9,546,101		 Expenditure
£
-
(9,584,786)
(9,584,786)		 Transfers
in/out
£
432,480
(432,480)
-		 Balance at
31 March
2024
£
3,311,733
207,324
3,519,057

Page 30

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED FUNDS
Garden Party
Young People's Befriending
Eddies TV
Befriending Fenland
Renovation projects
Splat March
JMS Supported Living Trust
Poplars Disco
Equipment
Heron Club
March Kitchen
Community Day Trips
March Artwork Equipment
TOTAL OF FUNDS		 Balance at 1
April 2023
£
-
673
14,209
9,011
2,844
5,085
374,826
439
1,651
-
-
-
-
408,738
3,966,480		 Income
£
330
8,587
-
-
-
-
30,000
540
-
8,659
2,653
2,395
1,230
54,394
9,600,495		 Expenditure
£
-
(1,812)
-
-
(200)
-
(2,382)
-
(144)
(848)
-
(558)
-
(5,944)
(9,590,730)		 Transfers
in/out
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
31 March
2024
£
330
7,448
14,209
9,011
2,644
5,085
402,444
979
1,507
7,811
2,653
1,837
1,230
457,188
3,976,245

Page 31

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. 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 2022
£
3,003,670
937,212
(489,000)
448,212
3,451,882		 Income
£
-
8,008,915
-
8,008,915
8,008,915		 Expenditure
£
-
(8,092,055)
-
(8,092,055)
(8,092,055)		 Transfers
in/out
£
(124,417)
(175,583)
300,000
124,417
-		 Gains/
(Losses)
£
-
-
189,000
189,000
189,000		 Balance at
31 March
2023
£
2,879,253
678,489
-
678,489
3,557,742

Page 32

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. STATEMENT OF FUNDS (CONTINUED)

RESTRICTED
FUNDS
Young People's
Befriending
Befriending
Works
Eddies TV
Befriending
Fenland
Renovation
projects
Splat March
JMS Supported
Living Trust
Poplars Disco
Equipment
TOTAL OF
FUNDS		 Balance at
1 April 2022
£
599
58
13,116
9,011
2,547
1,927
-
-
-
27,258
3,479,140		 Income
£
2,464
-
1,416
-
696
14,977
374,826
978
2,000
397,357
8,406,272		 Expenditure
£
(2,390)
(58)
(323)
-
(399)
(11,819)
-
(539)
(349)
(15,877)
(8,107,932)		 Transfers
in/out
£
-
-
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
189,000		 Balance at
31 March
2023
£
673
-
14,209
9,011
2,844
5,085
374,826
439
1,651
408,738
3,966,480

Page 33

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. 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 fund 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.

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.

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 34

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF FUNDS (CONTINUED)

Troublemakers

Funds for a drama and singing group in Cambridge.

March Kitchen

To enhance the facilities at March Artworks – a long term project.

Community Day Trips

This is for those supported by Community Support to all get together for outings.

March Artworks Equipment

Received for the purchase of equipment to be used within the charity.

Garden Party

This is for those supported by us to all get together for outings.

Heron Club

Heron Club made a very large donation towards future projects and activities.

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Unrestricted
funds
2024
£
Tangible fixed assets
4,242,241
Fixed asset investments
149,550
Current assets
1,277,233
Creditors due within one year
(1,284,756)
Creditors due in more than one year
(865,211)
TOTAL
3,519,057		 Restricted
funds
2024
£
402,444
-
54,744
-
-
457,188		 Total
funds
2024
£
4,644,685
149,550
1,331,977
(1,284,756)
(865,211)
3,976,245

Page 35

Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD

Unrestricted
funds
2023
£
Tangible fixed assets
3,873,229
Fixed asset investments
149,550
Current assets
1,813,547
Creditors due within one year
(1,347,720)
Creditors due in more than one year
(930,864)
TOTAL
3,557,742
17.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net income for the period (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Loss/(profit) on the sale of fixed assets
Increase in debtors
Increase/(decrease) in creditors
Defined benefit pension scheme cost less contributions payable
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
18.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand		 Restricted
funds
2023
Total
funds
2023
£
£
374,826
4,248,055
-
149,550
33,912
1,847,459
-
(1,347,720)
-
(930,864)
408,738
3,966,480
FROM OPERATING
2024
2023
£
£
9,765
298,340
139,518
162,752
(93,105)
-
(118,535)
(196,334)
(65,149)
359,820
-
(300,000)
(127,506)
324,578
2024
2023
£
£
752,598
1,386,615

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Docusign Envelope ID: 5E8FAE58-286E-4ECF-A1FC-5753D3C84E88

THE EDMUND TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. 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
2023
£
1,386,615
(63,112)
(930,864)
392,639		 Cash flows
£
(634,017)
-
-
(634,017)		 Other non-
cash
changes
£
-
(2,185)
65,653
63,468		 At 31 March
2024
£
752,598
(65,297)
(865,211)
(177,910)

20. OPERATING LEASE COMMITMENTS

At 31 March 2024 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		 2024
£
31,136
109,193
47,343
187,672		 2023
£
31,136
113,240
74,396
218,772

21. RELATED PARTY TRANSACTIONS

No related party transactions have occured during the year (2023 - None)

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