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 be￿een 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: 2cl￿15-Bc0F438I￿7F1KA9lcAE3976c
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 ￿'n9dl￿n 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

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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: 2cl￿15-Bc0F438I￿7F1KA9lcAE3976c
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

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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 bet￿n 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

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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: 2cl￿15-Bc0F438I￿7F1KA9lcAE3976c
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
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