Docusign Envelope ID.. 2C100F15_BCOF4380-87FO-Z491CAE3976C THE ELM TREE TRUST (Charity Registration Number: 1072197) UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 RatlthonES Trust Conwany Lintied
Docusign Envelope ID.. 2C100F15_BCOF4380-87FO-Z491CAE3976C THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Index Page 14 Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balan Sheet 8-14 Notes to the Accounts
Docusign Envelope ID.. 2C100F15_BCOF4380-87FO-Z491CAE3976C THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Trustees. Annual Re ort The Trustees have pleasure in submitting their Annual Report and unaudited Financial Statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 lo the accounts and comply with the charitys trust deed and applicable law. OBJECTIVES AND ACTIVITIES The funds are to be applied for or towards such charitable purposes at such time or times and in such manner as the Trustees shall in their absolute discretion think fit. The objectives are fulfilled by the Trustees through consideration of appeals and making grants or donations in response thereto. Funds held pending disbursement may be invested in securities of whatsoever nature the Trustees think fit. The only costs incurred to raise funds are investment management fees, as detailed in the notes to the accounts. HIEVEMENT AND PERF RMAN The Trustees continued to consider requests for funding and responded thereto. The Trustees resolved to make a number of donations during the financial year which are detailed in the notes to these accounts, totalling £535,0001£22,000 - 2024>. The donations increased significantly in the financial year. The Trustees are pleased to have agreed to one multi-year pledge. The Trustees have agreed to pledge £496,000 to the Allerton Research & Educational Trust (charity number.. 1010814). This is to fund a 36 month project which will support 40 farms with a breadth of deliverables such as certified training, environmental and business advice and project management guidance. The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the general guidance issued by the Charities Commission on public benefit. FINANCIAL REVIEW A generous donation was made by the founder of the charity in the sum of £200.117 (£49.999 - 2024> and income generated by the charity's investments totalled £14,189 (£11,389 - 2024). As detailed in the notes to the accounts, £543,990 (£29,748- 2024) was spent on charitable activities, including govemance costs and support costs. A further £4,461 was spent to raise funds (£3,858 - 2024). The SOFA includes net gains and losses arising on the charitys investment assets. Net losses of £3,609 were generated for th@ year {n8t gains of £56,937 - 2024). The Trustees continue to review the movements within th8 Portfolio and are satisfied with the investments. performance during the financial year. understanding the circumstances contributing to the results. After taking all other costs into account. the charitys funds decreased by £337,754 during the year (increased by £84,719 2024), resulting in a balance of Total Funds held as at 31 March 2025 in the surn of £328,191 {£665,945 - 2024) of which £0 (£32,499 - 2024) represented Unrestricted Income Funds and £328,191 (£633.446 - 2024) represented Expendable Endowment capital.
Docusign Envelope ID.. 2C100F15_BCOF4380-87FO-Z491CAE3976C THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Trustees. Annual Re ort INVESTMENTS There are no restrictions in the Trust's deed and the Trustees have resolved to delegate their investment duties to Rathbones Investment Management. The Trusfs capitsl is invested in marketable investments or held in cash. The Trustees operate a low risk policy with an objective of a balanced approach, to secure reasonable growih in income consistent with the long term preservation of capital in real temis. The Trustees wish to ensure that the objectives outlined above are achieved with an acceptable risk. This implies the need for diversification of investment of the Trust to include a range of assets. including fixed interest stocks. UK and overseas shares. The Trustees operate within the constraints applying to trusts govemed by the Trustee Act 2000. The value of the Trust's portfolio as at 31 March 2025 totslled £684.749 an increase from £640,105 as at 31 March 2024. The Trustees have reviewed the movements within the portfolio and are satisfied wth the perfomiance. They do not intend to make any change to the investment policies at this time. TR RE VERNAN E AND MANA EMENT The Elm Tree Trust is constituted by a Trust Deed dated 20 August 1998 and is a registered Charity (charity no. 1072197) under clause 4(1). The ststutory power of appointing new or additional Trustees is by a resolution of the Trustees passed at a special meeting. There is a minimum of two Trustees. The Trust is governed by the Board of Trustees, as listed above, who served during the year. Procedures to appoint new Trustees are stated in the Trust's governing document. The Board of Trustees is authorised to appoint new Trustees to fill vacancies arising through resignation or death of an existing Trustee. New Trustees are selected in accordance with Iheir connection to the current Trustees and the experience and expertise they bring to the Board, to ensure that beeen them they govern the charity effectively and achieve its objectives. RISK The Trustees have given consideralion to the major risks to vh)ich the charity is exposed and are satisfied that systems or procedures have been established in order to manage those risks. After considering the areas of governance. operational, financial, environmenlal and compliance the Trustees have identified that major negative fluctuations in the investment assets could cause a material risk to the chartys funds. In order to mitigate this risk the Trustees are establishing a Policy Statement to be adhered to by the Investment Manager. which will be regularly reviewed against with investment performance. RESERVES It is the Trustees policy to restrict outgoing resources to the available income. Clause 2 of the Trust Deed gives the power to apply the Trust fund and the income thereof for such Charitable purposes as the Trustees shall in their absolute discretion determine. Accordingly it is possible to maintain reserves at a minimal level. Page 2
Docusign Envelope ID.. 2C100F15_BCOF4380-87FO-Z491CAE3976C THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Trustees. Annual Re ort PLANS FOR THE FUTURE The Trustees will monitor the progress of the multi-year pledges which have been agreed this financial year, continuing to focus on applying the charivs funds tovrfards projects and initiatives which aim to make the world a betler place for the benefit of the next generation. The Trustees are satisfied that their current approach will meet wth the charitrfs objectives. and so do not envisage making any changes to their policies in the near future. REFERENCE AND ADMINISTRATION DETAIL Trustees who served during Nancy Naidoo the year and on the date Rathbones Trust Company Limited the Report was approved: Helen Clark The individuals who are directors of Rathbonas Trust Company Llmlted at the date the report was approved: Linda Joyce Cousins - Retired 31 December 2024 Bruce Robert Newbigging - Retired 31 December 2024 James Stephen Hurrell - Resigned 06 June 2025 Robert Paul Stockton - Resigned 06 June 2025 Anna Frost Suhajova - Appointed 01 July 2025 Trevor Harris Alexander Richmond Kerry Roberts Prlnclpal address: Rathbones Trust Company Limited, Port of Liverpool Building, Pier Head, Liverpool, L3 1 NW Charlty Number: 1072197 Accountancy: Rathbonès Trust Company Limited, Port of Liv8rpool Building, Pier Head, Liverpool, L3 1 NW Independent Examlner: Tony Stanley ACA, Suites C, D, E & F, Mitchell Charlesworth, 14th Floor, The Plaza,100 Old Hall Street. Liverpool, L3 9QJ Bankers: Rathbones Investment Management, 30 Gresham Street, London, EC2V 7QN Investment Managers: Rathbones Investment Management, 30 Gresham Street, London, EC2V 7QN
Docusign Envokyg ID: 2cl15-Bc0F438I7F1KA9lcAE3976c THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Trustees, Annual Re ort STEES. RESPON IBILTIE The Trustees are responsible for preparing the Trustees, Annual Report and Accounts in accordance applicable law and United Klngdom Accounting Standards (Unrted 'n9dln Generalty Accepted Accounling Practice). The law applicable to charit in England and Wales requires the Trustees to prepare accounts for each financial year whlch give a true and fair vlew of the state of affairs of the charity and of th8 inccwning resources and applicatlon of resources of the charity for that ar. The Twstees must not approve the financial statements unless Ihey are salisfied that they give a true and fair view of the state of aflairs ol the charity and of the incoming reswrces and application of resources, including Ihe incixne and expenditure. ol the charity for the flnancial penod. In preparing these accounts. the Trustees are requlred to.. - select suilable accounting polices and then apply them consistently. - observe the methods and principles in the Charities SORP IFRS 102); make judgements and estimates that are reasonable and prudent., - state vtheiher applicabl8 UK accounting standards {FRS102) have been followed. sub}ect to any material departures disclosed and explained in the financial siatements; and - prepare the financial statements on the going concem basis unless it is inappropriate lo presume that the Charity will continue In operati(. The Trustees are respjnslble for keeplng sufficlent accountlng records that dlsclose reasonable accuracy at any lim8 the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Chanty (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding ihe assets of the charity and hence for taking reasonable steps for the prevenb'on and detection of fraud and other Irregulafities. AS approved and 8lgn•d on half of th• Board of Tru8t••s: 28 January 2026 1 11:08 AM (r JL&fL_ 1 Kerry Roberts On behalf of Raihbon•$ Trust Company Date
Docusign Envelope ID.. 2C100F15_BCOF4380-87FO-Z491CAE3976C THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Independent Examiner's Report I report to the trustees on my examination of the financial statements of The Elm Tree Trust (the charity) for the year ended 31 March 2025. This report is made solely to the charitys trustees. as a body. in accordance with Section 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity's trustees those matters l am required to state to them in an Independent Examinerfs report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume sPonsIbl11ty to anyone other than the charity and the charity's trustees as a body, for my examination, for this report, or for the opinions I have formed. Responslbilitles and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act}. report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examlner's statement Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preferen to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act. or 2 the financial statements do not accord with those records; or 3 the financial statements do not comply with the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the financial statements to be reached. 2810112026 Tony Stanley ACA - Mitchell Charlesworth. Suites C, D, E & F, 14th Floor, The Plaza, 100 Old Hall Stree¢ Liverpool, L3 9QJ Date Page 5
Docusign Envokyg ID: 2cl15-Bc0F438I7F1KA9lcAE3976c THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Statement of Flnanclal Actlvltles Expendable Unrestrlctod Endowment Funds 2025 2025 Total Funds 2025 Total Funds 2024 Notes Income and Endowment8 from: Donation8 Investments 2,117 200.117 14.189 14,189 49,999 11,389 Total Incom• 214,306 214,306 61,388 Expendlture on: Raising funds Chantable activities 4,461 4.461 543,W) S43,990 3.858 29, 748 Total Expendlture 4.461 $43,990 548,451 33,606 N•t (losses) I galns on Inv•stments 13,609 (3,609 56,937 Net movement In Funds 18.070) 1329.684) 1337,754 84,719 Transfer between funds 16 <297.185) 297.185 Total funds brought forward 1 Apn'l 2024 633.446 32.499 665,945 581.226 Tolal funds as at 31 March 2025 328 191 0 328 191 665 945 The notes on pages 8 to 14 fomi part of these accounts.
Docusign Envokyg ID: 2cl15-Bc0F438I7F1KA9lcAE3976c THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Balance Sheet as at 31 March 2025 Expendable Unrestrlcted Endowment Funds 2025 2025 Total Fund8 2025 Total Funds 2024 Notes Fixed Assets Investments 496,513 188.238 684.749 640, 105 Total 496.513 188,236 f>84.749 640, 105 Current Assets Cash at bank Debtors 10 11 118.382 118.382 35.608 40.851 35,608 Total Current Assets 3S,608 118,382 153,990 40,851 Llabllltl Creditors.. Amounts falling due wlthin one year 12 203.930 203.930 15,011 Net Current Llabllities 168.322 118.382 49.940 25.840 Creditors: Amounts due after more than one ytar 13 306.618 306,618 Total Net Asset8 as at 31 March 2025 328.191 328,191 665,945 Represented by. Total Funds as at 31 March 2025 328,191 328,191 665,945 28 January 2026 1 11:08 AM C3Tr Approved on behalf of th• Charlty's Tru8toe8 on K•rry Roberts On behalf of Rathbon•s Trust Company
Docusign Envelope ID.. 2C100F15_BCOF4380-87FO-Z491CAE3976C THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Notes to the Accounts 1 Accounting Policies Charlty Informatlon The Elm Tree Trust is a Trust and Public Benefit Entity as defined by FRS 102. It is governed by a declaration of Trust dated 20 August 1998 and registered in England and Wales with the Charity Commission (charity number: 1072197). Its principal address is clo Rathbones Trust Company, Port of Liverpool Building, Pier Head, Liverpool. L3 1 NW. Accountlng conventlon These financial statements have been prepared in accordance with 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 Charities Act 2011 and FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared on the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below. The charity has taken advantage of the provisions in Ihe SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. Going Concern The Trustees have assessed whether the use of Going Concem is appropriate and have concluded that the charity has adequate resources and reserves to enable it to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern and thus the Trustees continue to adopt the 'going concern, basis of accounting in preparing the financial statements. Fund accounting Unrestricted funds are available for use at the discretion of the charity in furtherance of the general charitable objectives of the charity, unless the funds have been designated for other purposes. Expendable Endowment funds are to be retained for the benefit of the charity as a capital fund and are largely invested to produce income that is to be spent for the purposes of the charity. These funds are released as expendable and transferred to unrestricted funds of the Charity for distribution. Page 8
Docusign Envelope ID.. 2C100F15_BCOF4380-87FO-Z491CAE3976C THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Notes to the Accounts Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met. the amounts can be measured reliably and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income Tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Expenditure Expenditure is recognised when paid or when there is a legal or constructive obligation for which it is more likely than not that a transfer of economic benefit will be required in settlement and the amount can be reliably measured as at the reporting date. A constructive obligation exists where the charity has communicated the commitment to provide particular goods, services or funding to the recipient by the balance sheet date and there are no conditions attached to its payment falling due after the reporting date. Provisions for liabilities must be recognised when either the timing or the amount of future expenditure required to settle the obligation is uncertain. These are distinguished separately on the balance sheet. If a transfer of resources is no longer required. provisions are reversed and charged to the SOFA, Governance costs are those incurred in relation to the general running of the Charity, including activities that allow the Charity to operate and generate the information required for public accountability. They are not related to the direct management function. These costs include accountancy. examination and legal fees, together with costs of trustees, meetings. They are attributable to the capital and the income of the fund according to the nature of the expense incurred. These costs are recognised on an accruals basis, being included when the liability has been incurred as at the balance sheet date. Taxation The charity is not liable to income or capital gains tax on its charitable activities. Irrecoverable VAT is included in the asset cost or the expense to which it relates. Cash and cash equivalents Cash at bank and in hand is held to meet short-terrn cash commitments as they fall due rather than for investment purposes. Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Financlal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instwments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Page 9
Docusign Envelope ID.. 2C100F15_BCOF4380-87FO-Z491CAE3976C THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Notes to the Accounts Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper are initially recognised at transaction price. Such assets are subsequently carried at the amortised cost using the effective interest method, less irnpairment. Financial assets classed as receivable within one year are not amortised. Other financial assets, including equity instruments which are not subsidiaries, associated or joint ventures, are initially measured at value with subsequent changes in value recognised in the SOFA. Baslc flnanclal Ilabllltles Basic financial liabilities, including trade and other payables and loans from third parties are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. SLJch liabilities are subsequently measured at amortised cost using the effective interest method. Financial liabilities classified as payable within one year are not amortised. Cancellatlon of flnanclal assets and Ilabllltles Financial assets and liabilities are derecognised when the charity's contractual rights or obligations expire or are settled or cancelled. 2 Critical accounting estimates and judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. No critical accounting estimates or judgements have been applied in preparing these accounts. Page 10
Docusign Envelope ID.. 2C100F15_BCOF4380-87FO-Z491CAE3976C THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Notes to the Accounts 3 Donations 2025 2024 Investments transferred from Mrs N Naidoo 200.117 49.999 200,117 49,999 The donor is a Trustee of the charity. The donation was made to the Trust with no conditions attached which would require the charity to alter its existing activities in any way. 4 Investment Incorne 2025 2024 Dividend Income Bank Interest 13,350 839 10,832 557 14,189 11,389 5 Raising Funds 2025 2024 Investment Management fees 4.461 3, 858 4,461 3, 858 6 Charitable activities Grant making - donations made: Organisations.. Donations made (note 7) Support and administration (note 8) Governance costs (note 8) 2025 2024 535.000 3,600 5,390 22, 000 1,240 6, 508 543.990 29. 748 7 Grant maklng - donatlons made: Organisations.. Allerton Project Hampstead Theatre Family Survival Trust Foundation of Peace Key4Life Need to Talk London Signpost Youth Counselling 2025 2024 496.000 1,000 1,000 2,000 25.000 10,000 2, 000 1,000 75,000 2, 000 2, 000 Total donations 535,000 22, 000 Page 11
Docusign Envokyg ID: 2cl15-Bc0F438I7F1KA9lcAE3976c THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Notes to the Accounts 8 Governance costs 2025 2024 Sayers 8utterworth Accountancy and compliance fee Independent Examination fee Independent Examination fee - prior year under provision Administration fee 918 3.090 2,200 300 1,240 3.090 2,300 3,600 8,990 7. 748 9 Investment assets Value at Purchases 01/04/2024 at cost Sales proceeds Realised Unrealised Value at Gainl(loss) Gainl{loss) 3110312025 Unlt Trusts 640.105 259,981 211.728 513 4,122 684,749 Investment funds have been allocated betn Expendable Endowment and Unrestricted Funds to represent the balanc8 of cash held and charitsble acts'viti8s during the year which is Unrestricted. 10 Cash at Bank and In hand 2025 2024 Rathbones Investment Management 118,382 40,851 118,382 40,857 11 Debtors 2025 2024 Unsettled Investments Transactions 35,608 35.608 12 Current Ilabillti05: amounts falllng due wlthin ono year 2025 2024 Rathbones Trust Company Rathbones Trust Cornpany - Prior years Mitchell Charlesworth Accountants - Independent Examination fee Mitchell Charlesworth Accountants - Prior years Rathbones Investment Management Grants payable 6,690 4.330 2.300 4,330 5.400 2.200 2. 100 981 1.228 189,382 203.930 15,011 Page 12
Docusign Envokyg ID: 2cl15-Bc0F438I7F1KA9lcAE3976c THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Notes to the Accounts 13 Provision for liabilities: amounts due within more than one year 2025 2024 Grants payable 306.618 306,618 14 Confllcts of Interest and Related Party Transactlons Relaled parties include charity's Truslees. dose family members and entitles whlch Ihey control or have a significant interest in. A transaction involving a Truslee or other related paty is regafded as material. No Trustee expenses have been incurred during the year, or the previous year. None of the Tnjstees have been paid any remuneration or received any other benefil from an employment with this charity or a related entity. Rathbones Trust Company ser4ed as a Trustee during the year. of which a payment of £6,690 was accrued (£4,330 in 2024) to Rathbones Trust Company as detailed in note 12. Nancy Naidoo served as a Trustee during the year, and donate(I shares to the Trust valued al £200,117 (£49.999 in 2024) as detailed in note 3. There were no other transactions during the year. or previous year, requiring disclosure. 15 Remuneratlon and Other Infom)atlon The charity has no employees and none of the Trustees received any remuneration or were reimbursed expenses during the period <£0 during the year ended 31 March 2024). 16 Movements between funds Balanc• at 01104124 Galns I (Losses) Tran8f•r of funds Balance at 31103125 Income Exp•ndltur• Expendable Endowment Investments 633,446 14.461) (3,609) (297,185) 328.191 Unrestrlcted funds: General funds 32,499 214.306 (S43,)) 297,185 Tolal funds 665 945 214.306 548.451 3.609 328,191 Page 13
Docusign Envokyg ID: 2cl15-Bc0F438I7F1KA9lcAE3976c THE ELM TREE TRUST UNAUDITED ACCOUNTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Notes to the Accounts 17 Comparative Statement of financial activities Expendable Unrestrlcted Endowment Funds 2024 2024 Total Funds 2024 Income and Endowments from: Donations Investments 49.999 49,999 11.389 11,389 Tolal Income 49,999 11,389 61,388 Expendlture on: Raising funds Charitsble activities 3,858 29,748 29,748 Total Expendlture 3,858 29,748 33,606 Net galn81 (losses) on Investments 56.937 56,937 Net movement in Funds 103,078 (18.359) 84.719 Tolal funds brought forward 1 April 2023 530.368 50,858 581,226 Total funds as at 31 March 2024 633,446 32,499 665,945 Page 14