**Charity registration number 1073376 (England and Wales)** 

## **THE ELLERDALE TRUST** 

**ANNUAL REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 5 APRIL 2025** 

## **THE ELLERDALE TRUST** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

|**Trustees**|P C Kurthausen|
|---|---|
||A T R Macfarlane|
||C L Cairns|
||J S Elliott|
||S J Moores|
|**Charity number**|1073376|
|**Principal address**|Suites C,D,E, & F|
||14th Floor The Plaza|
||100 Old Hall Street|
||Liverpool|
||L3 9QJ|
|**Auditor**|DJH Audit Limited|
||Pacific Chambers|
||11-13 Victoria Street|
||Liverpool|
||L2 5QQ|
|**Bankers**|Barclays Bank plc|
||One Stanhope Gate|
||Mayfair|
||London|
||W1K 1AF|
|**Investment advisors**|CCLA Investment Management Limited|
||Senator House|
||85 Queen Victoria Street|
||London|
||EC4V 4ET|
|**Correspondent address**|The Parlour|
||The High Street|
||Ketteringham|
||Norfolk|
||NR18 9RU|



## **THE ELLERDALE TRUST** 

## **CONTENTS** 

||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Statement of trustees' responsibilities|5|
|Independent auditor's report|6 - 8|
|Statement of financial activities|9 - 10|
|Balance sheet|11|
|Notes to the accounts|12 - 20|



## **THE ELLERDALE TRUST** 

## **TRUSTEES' REPORT** 

## _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

The trustees present their annual report and financial statements for the year ended 5 April 2025. 

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's Trust Deed, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019). 

The accounts 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the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. 

## **Objectives and activities** 

The Trust Deed states that the Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income, and all or part of the capital, for the relief of poverty, distress or suffering by appropriate charitable assistance in any part of the world and in particular by the provision of funds, material and other assistance to needy or disadvantaged children. 

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. 

To satisfy the primary objectives of the Trust, the trustees direct their support to registered charitable organisations only.  No grants are paid directly to individuals. 

## Funding is applied : 

(a) To charities which assist children to develop in their early years, mainly up to 10 with a limit of 18, although the Trust does support some young people over that age. 

(b) With preference given for applications from Norfolk charities, from the 6th April 2025 preference will be given to London registered charities via the London Community Foundation (Registered Charity Number 1091263). 

Grant making is mainly directed towards children in need falling within the primary groupings of: 

(i) Children who have been abused, either sexually, physically or by bullying. 

(ii) Brain damaged children. 

(iii) Terminally ill children. 

(iv) Children requiring mobility equipment because of illness. 

(v) Holidays or breaks for carers and children from inner cities. 

(vi) The causes and relief of mental illness. 

(vii) Children and their families suffering from life threatening illness or bereavement. 

(viii) Disadvantaged children living within depressed or deprived areas. 

To date the Trust has paid out a range of grants to charitable organisations. Over the last ten years, the largest grant has been for £900,000 and the smallest £250. 

- 1 - 

## **THE ELLERDALE TRUST** 

## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

## **Achievements and performance** 

During the year the Trust made 24 grants totalling £150,000 (2024: 28 grants totalling £150,000). 

Over the last number of years income of the Trust has reduced from £270k in 2014 to £213k in the current year. This reflects lower yields on investments, combined with a significant sale of investments to cover large donations to NSPCC and to spread liquidity risk. As a consequence total grants made have also reduced, from £240k in 2016 to £150k in the current year. 

## **Financial review** 

The Statement of Financial Activities on page 8 of the accounts shows the charity's income of £213,223 which comprised of income from the charity's investments. Expenditure totalled £204,466 (of which £150,000 related to grant funding) leaving a surplus of £8,757 before investment losses of £443,635. 

At 5 April 2025 there was £7,584,193 in the expendable endowment fund and £13,368 in unrestricted funds. 

## **Reserves policy** 

The trustees have the discretionary power to convert part or all of the Expendable Endowment Fund into income and apply such funds for the purpose of the Trust.  In the absence of exceptional circumstances which require such action, the trustees will continue to invest Expendable Endowment Fund assets and utilise income generated therefrom for the purpose of the Trust. 

The annual income generated by the Expendable Endowment Fund is to be applied for charitable purposes. Year on year the trustees intend to make a full distribution of available income, subject to making adequate reserves for known and future potential liabilities and commitments, where applicable.  Any amounts not so distributed will be held within the Income Fund for future allocation. 

The Income Fund is an Unrestricted Distributable Fund. The Expendable Endowment Fund is also an Unrestricted Fund. There are no restrictions in the use of income or application of capital from the fund. 

## **Investment policy** 

The Trustees’ Investment Policy is set out in their Investment Policy Statement dated October 2019 which states, inter alia, the financial objective is to maintain the real value of the assets through a combination of capital growth and income. The target return will be to achieve annual returns of UK CPI + 5% per annum over a time horizon of 10 years. The portfolio of cash and quoted shares and securities should be managed with a level of risk which is consistent with the Charity’s stated risk profile of Steady Growth. 

The expected target income return of the portfolio for the year was c. £200k and an actual income stream was of £213,223 was received. At their meeting of 22 February 2022 the Trustees noted that CCLA's investment approach tended towards capital appreciation, as opposed to income stream, to achieve total return. Consequently it may be that future donations could be funded in part from capital appreciation, provided target returns were attained. 

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. 

The Trust aims to maintain its annual investment income stream at around £200,000, and net of expenses to make full distribution of these monies year on year _i_ n accordance with the charitable objectives detailed on Page 1. 

- 2 - 

## **THE ELLERDALE TRUST** 

## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

## **Structure, governance and management** 

The Ellerdale Trust was established by a Trust Deed dated 6 October 1998. 

The Trust was registered as a charity,  number 1073376, on 19 January 1999. 

The Trust received its first donations during September 1999, and is now the beneficiary of an income stream generated from a substantial expendable endowment fund. 

The trustees, who served during the year were: S P Moores OBE (Deceased 25 March 2025) P C Kurthausen A T R Macfarlane C L Cairns J S Elliott S J Moores 

It is with great sadness that the Trustees note that Simon Moores, a Trustee, died on the 25th of March 2025. Simon established the trust in 1998 and provided the Trust's initial financial support and also in later years. The Trustees wish to record their thanks to Simon for his unstinting involvement and financial support over the last 27 years in helping the Trust to meet its charitable objectives. Simon's guidance will be greatly missed. 

The Ellerdale Trust is an unincorporated entity in which none of the trustees had any beneficial interest. Power of appointment of new trustees is vested in the Settlor, S P Moores, during his lifetime.  A new trustee or new trustees may be appointed at any time (either by way of replacement or addition), but the total number of trustees shall at no time exceed six.  The trustees shall never be less than three in number. 

Any new trustees will be found from the contacts and networks of existing trustees.  When recruiting new trustees, the Board of Trustees looks for individuals with skills and experience which are of value to the Trust. When appointed, new trustees will be provided with a pack of information, including recent accounts, copies of the Trust Deed, information regarding finances, governance and charitable objectives, including minutes of trustees' meetings for the previous year. 

Where appropriate, the Trust will support the training of trustees, including for example attendance at seminars organised by the Association of Charitable Foundations. 

There was one formal meeting of the trustees during the year to review and make final decisions on the awarding of grants and the approval of accounts. 

No expenditure below £200 will be capitalised in the accounts. 

J S Elliott, a trustee, is a current partner of Mitchell Charlesworth. Mitchell Charlesworth act as the charity's accountants and assist with the administration of the charity. Mitchell Charlesworth was paid £6,024 during the year for accountancy and administration fees which is disclosed under the heading of governance costs in note 6 to the accounts. 

In March 2024 the Trust signed an agreement with the London Community Foundation (a registered charity - Charity No 1091263).  The Trustees decided, with the agreement of LCF, for the year ended 5 April 2025  to continue their support mainly for charities based in Norwich . The Trustees have determined that their charitable giving for the year ended 5 April 2026 will be, via LCF, to selected (as chosen by the Trustees of Ellerdale) London based registered charities who meet the Trusts objectives as set out in page 1 of the accounts. 

Mary Adlard, Director of grants, retired on the 31st of August 2025 and the Trustees wish to offer their thanks to Mary for the many years of valuable service and dedication. 

- 3 - 

## **THE ELLERDALE TRUST** 

## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

## **Public benefit** 

Our grant making activities in 2024/25 demonstrated, in all accepted definitions, that The Ellerdale Trust provides charitable services that are of public benefit. We will continue to hold the delivery of public benefit as a key driver of our work. 

The trustees confirm that they have referred to the guidance contained in the charity commission's general guidance in public benefit when reviewing the trust's aims and objectives when setting the grant making policy for the year. 

The trustees' report was approved by the Board of Trustees. 

## **S J Moores** 

Trustee Dated: 28 January 2026 

- 4 - 

## **THE ELLERDALE TRUST** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

## _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

The trustees are responsible for preparing the accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. 

Law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the trust's financial activities during the year and of its financial position at the end of the year. 

In preparing these accounts, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and 

- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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. 

- 5 - 

## **THE ELLERDALE TRUST** 

## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ELLERDALE TRUST** 

## **Opinion** 

We have audited the financial statements of The Ellerdale Trust (the ‘trust’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, 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: 

- give a true and fair view of the state of the charity’s affairs as at 5 April 2025 and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the Charities Act 2011. 

## **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 _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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** 

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: 

- the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or 

- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the trust’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date 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. 

## **Other information** 

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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 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. 

- 6 - 

## **THE ELLERDALE TRUST** 

## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ELLERDALE TRUST** 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the statement of trustees' responsibilities, the trustees 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 trust’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 cease operations, or have no realistic alternative but to do so. 

## **Auditor's responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

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 auditor's 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. 

We assessed the susceptibility of the trust's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included: -Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; 

-Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; 

-Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable law and regulations. 

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 

## **Other matters** 

Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) in preference 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. 

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice. 

- 7 - 

## **THE ELLERDALE TRUST** 

## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ELLERDALE TRUST** 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

## **DJH Audit Limited** 

28 January 2026 

**Chartered Accountants Statutory Auditor** 

Pacific Chambers 11-13 Victoria Street Liverpool Merseyside 

L2 5QQ 

- 8 - 

## **THE ELLERDALE TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

## _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

## **Current financial year** 

|**Current financial year**|||
|---|---|---|
|**Unrestricted Endowment**<br>**funds**<br>**funds**<br>**2025**<br>**2025**<br>**Notes**<br>**£**<br>**£**<br>**Income from:**<br>Investments<br>**3**<br>213,223<br>-<br>**Expenditure on:**<br>Charitable activities<br>**4**<br>204,466<br>-<br>Net gains/(losses) on investments<br>**9**<br>-<br>(452,392)<br>**Net movement in funds**<br>8,757<br>(452,392)<br>Fund balances at 6 April 2024<br>4,611<br>8,036,585<br>**Fund balances at 5 April 2025**<br>13,368<br>7,584,193|**Total**<br>**2025**<br>**£**<br>213,223<br>204,466<br>(452,392)<br>(443,635)<br>8,041,196<br>7,597,561|**Total**<br>**2024**<br>**£**<br>208,606|
|||203,995|
|||494,423|
|||499,034<br>7,542,162|
|||8,041,196|



The statement of financial activities includes all gains and losses recognised in the year. 

All income and expenditure derive from continuing activities. 

- 9 - 

## **THE ELLERDALE TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)** 

## _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

## **Prior financial year** 

|**Prior financial year**||
|---|---|
|**Unrestricted Endowment**<br>**funds**<br>**funds**<br>**2024**<br>**2024**<br>**Notes**<br>**£**<br>**£**<br>**Income from:**<br>Investments<br>**3**<br>208,606<br>-<br>**Expenditure on:**<br>Charitable activities<br>**4**<br>203,995<br>-<br>Net gains/(losses) on investments<br>**9**<br>-<br>494,423<br>**Net income/(expenditure)**<br>4,611<br>494,423<br>**Net movement in funds**<br>4,611<br>494,423<br>Fund balances at 6 April 2023<br>-<br>7,542,162<br>**Fund balances at 5 April 2024**<br>4,611<br>8,036,585|**Total**<br>**2024**<br>**£**<br>208,606|
||203,995|
||494,423|
||499,034|
||499,034<br>7,542,162|
||8,041,196|



The statement of financial activities includes all gains and losses recognised in the year. 

All income and expenditure derive from continuing activities. 

- 10 - 

## **THE ELLERDALE TRUST** 

## **BALANCE SHEET** 

## _**AS AT 5 APRIL 2025**_ 

|**Notes**<br>**Fixed assets**<br>Investments<br>**10**<br>**Current assets**<br>Debtors<br>**12**<br>Cash at bank and in hand<br>**Liabilities**<br>Creditors: amounts falling due within one<br>year<br>**13**<br>Net current assets<br>**Total assets less current liabilities**<br>**The funds of the charity:**<br>General endowment funds<br>**15**<br>Unrestricted funds|**2025**<br>**£**<br>**£**<br>7,179,646<br>54,244<br>373,096<br>427,340<br>(9,425)<br>417,915<br>7,597,561<br>7,584,193<br>13,368<br>7,597,561|**2024**<br>**£**<br>**£**<br>7,632,038<br>53,274<br>382,168<br>435,442<br>(26,284)<br>409,158<br>8,041,196<br>8,036,585<br>4,611<br>8,041,196|**2024**<br>**£**<br>**£**<br>7,632,038<br>53,274<br>382,168<br>435,442<br>(26,284)<br>409,158<br>8,041,196<br>8,036,585<br>4,611<br>8,041,196|
|---|---|---|---|
||||8,041,196|
||||8,036,585<br>4,611|
||||8,041,196|



The accounts were approved by the Trustees on 28 January 2026 

S J Moores **Trustee** 

- 11 - 

## **THE ELLERDALE TRUST** 

## **NOTES TO THE  FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

## **1 Accounting policies** 

## **Charity information** 

The Ellerdale Trust is a UK registered charity. The principal address can be found on the Legal and Administration information page. 

## **1.1 Accounting convention** 

The financial statements have been prepared in accordance with the trust's Trust Deed,  the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102. 

The accounts 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 financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. 

The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. 

The Charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. 

## **1.2 Going concern** 

At the time of approving the accounts the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the ‘going concern’ basis of accounting in preparing the accounts. 

## **1.3 Charitable funds** 

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 

The endowment fund is an unrestricted fund and is expendable. It has arisen mainly from the periodic donations made in the past by the trustee S P Moores. There are no restrictions in the use of income or application of capital from the fund. 

## **1.4 Income** 

Income is recognised when the trust 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. 

- 12 - 

## **THE ELLERDALE TRUST** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

## **1 Accounting policies** 

**(Continued)** 

## **1.5 Expenditure** 

Expenditure is largely in the form of grants to institutions undertaking activities consistent with the charity's aims and objectives. 

Expenditure is recognised as soon as there is a legal or constructive obligation committing the Trust to the expenditure. It includes irrecoverable VAT. 

Grants are included as charitable donations in the year which they are paid or minuted as approved and committed for payment, whichever is earlier. 

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit together with other administration fees. 

Only capital expenditure amounts in excess of £200 per item are capitalised as fixed assets. 

## **1.6 Fixed asset investments** 

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date.  Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. 

## **1.7 Cash and cash equivalents** 

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. 

## **1.8 Financial instruments** 

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. 

Financial instruments are recognised in the trust's balance sheet when the trust 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 

- 13 - 

## **THE ELLERDALE TRUST** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

## **1 Accounting policies** 

## **(Continued)** 

## _**Basic financial liabilities**_ 

Basic financial liabilities, including creditors and bank loans 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 

## _**Derecognition of financial liabilities**_ 

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled. 

## **1.9 Retirement benefits** 

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 

## **1.10 Taxation** 

The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions.  Recovery is made of tax deducted from qualifying income and from receipts under Gift Aid. 

The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT. 

## **1.11 Pensions** 

The trust operates a defined contributions pension scheme.  Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme. 

## **2 Critical accounting estimates and judgements** 

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying 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. There are no critical accounting estimates included in these accounts. 

- 14 - 

## **THE ELLERDALE TRUST** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

## **3 Investments** 

||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Income from listed investments|213,209|208,594|
|Interest receivable|14|12|
||213,223|208,606|



## **4 Charitable activities** 

||**Unrestricted**|<br>**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
|**Grant and project funding**|**£**|**£**|
|Staff costs|43,682|41,559|
|Travelling expenses|999|1,188|
|Office costs|-|82|
||44,681|42,829|
|Grant funding of activities (see note 5)|150,000|150,000|
|Share of governance costs (see note 6)|9,785|11,166|
||204,466|203,995|



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## **THE ELLERDALE TRUST** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

## **5 Grants payable** 

|**Grants payable**|||
|---|---|---|
|BREAK<br>Designability<br>EACH<br>Eating Matters<br>Gr8 As U R<br>Home Start Norfolk<br>Matthew's Friends<br>MIND<br>NANSA Family Centre<br>New For U<br>Norfolk & Norwich Festival<br>Norfolk Community Foundation<br>Norwich MIND<br>Nourishing Norfolk<br>NSPCC<br>SHINE<br>SHOUT<br>Sir Norman Lamb Mental Health and Wellbeing Fund<br>Sue Lambert Trust<br>Swan Youth Project<br>The Daisy Garland<br>The Hamlet Centre Trst<br>The King's Trust<br>The Matthew Project<br>The Prince's Trust<br>TIME Norfolk<br>ToysLikeMe - CIC<br>Twins Trust<br>Vision Norfolk<br>Whitlingham Charitable Trust|**2025**<br>**£**<br>6,000<br>3,000<br>15,000<br>6,000<br>-<br>20,000<br>5,000<br>18,000<br>3,000<br>3,000<br>6,000<br>1,250<br>5,000<br>3,750<br>18,000<br>-<br>3,000<br>3,000<br>3,000<br>6,000<br>5,000<br>3,000<br>3,000<br>5,000<br>-<br>-<br>-<br>3,000<br>3,000<br>-<br>150,000|**2024**<br>**£**<br>6,000<br>2,500<br>16,000<br>5,000<br>8,000<br>16,000<br>5,000<br>18,000<br>2,000<br>-<br>5,000<br>1,250<br>3,000<br>5,000<br>20,000<br>500<br>3,000<br>4,000<br>2,000<br>4,000<br>5,000<br>2,000<br>-<br>3,000<br>2,000<br>3,000<br>2,000<br>2,250<br>2,500<br>2,000|
|||150,000|



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## **THE ELLERDALE TRUST** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

## **6 Support costs** 

|Audit fees<br>Accountancy<br>Analysed between<br>Charitable activities|**Support**<br>**costs**<br>**Governance**<br>**costs**<br>**£**<br>**£**<br>-<br>3,761<br>-<br>6,024<br>-<br>9,785<br>-<br>9,785|**2025**<br>**£**<br>3,761<br>6,024<br>9,785<br>9,785|**Support**<br>**costs**<br>**Governance**<br>**costs**<br>**£**<br>**£**<br>-<br>3,555<br>-<br>7,611<br>-<br>11,166<br>-<br>11,166|**2024**<br>**£**<br>3,555<br>7,611|
|---|---|---|---|---|
|||||11,166|
|||||11,166|



All governance costs are recharged to grant and project funding activity. 

## **7 Trustees** 

None of the trustees (or any persons connected with them) received any remuneration during the year, two trustees have been reimbursed expenses of £539 in the year (2024: two trustees reimbursed £673). 

## **8 Employees** 

## **Number of employees** 

The average monthly number of employees during the year was: 

|Administration<br>**Employment costs**<br>Wages and salaries<br>Other pension costs|**2025**<br>**Number**<br>1<br>**2025**<br>**£**<br>42,600<br>1,082<br>43,682|**2024**<br>**Number**<br>1|
|---|---|---|
|||**2024**<br>**£**<br>40,477<br>1,082|
|||41,559|



There were no employees whose annual remuneration was £60,000 or more (2024: none). 

## **9 Gains and losses on investments** 

||**Endowment**|**Endowment**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|(452,392)|494,423|



- 17 - 

## **THE ELLERDALE TRUST** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

## **10 Fixed asset investments** 

|**Valuation**<br>At 6 April 2024<br>Valuation changes<br>At 5 April 2025<br>**Carrying amount**<br>At 05 April 2025<br>At 05 April 2024<br>**11**<br>**Financial instruments**<br>**Carrying amount of financial assets**<br>Debt instruments measured at amortised cost<br>Equity instruments measured at fair value<br>**Carrying amount of financial liabilities**<br>Measured at amortised cost<br>**12**<br>**Debtors**<br>**Amounts falling due within one year:**<br>Other debtors<br>**13**<br>**Creditors: amounts falling due within one year**<br>Trade creditors<br>Other creditors<br>Accruals and deferred income<br>**14**<br>**Retirement benefit schemes**<br>**Defined contribution schemes**<br>Charge to profit or loss in respect of defined contribution schemes|**2025**<br>**£**<br>427,340<br>7,179,646<br>9,425<br>**2025**<br>**£**<br>54,244<br>**2025**<br>**£**<br>1,515<br>-<br>7,910<br>9,425<br>**2025**<br>**£**<br>1,082|**£**<br>7,632,038<br>(452,392)<br>7,179,646<br>7,179,646<br>7,632,038<br>**2024**<br>**£**<br>435,442<br>7,632,038<br>26,284<br>**2024**<br>**£**<br>53,274<br>**2024**<br>**£**<br>234<br>18,000<br>8,050<br>26,284<br>**2024**<br>**£**<br>1,082|
|---|---|---|



- 18 - 

## **THE ELLERDALE TRUST** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

## **14 Retirement benefit schemes** 

## **(Continued)** 

The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund. 

## **15 Endowment funds** 

Endowment funds represent assets which must be held permanently by the trust. Income arising on the endowment funds can be used in accordance with the objects of the trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. 

|**Expendable endowments**<br>Endownment fund<br>**Previous year:**<br>**Expendable endowments**<br>Endownment fund|**At 6 April**<br>**2024**<br>**Gains and**<br>**losses**<br>**£**<br>**£**<br>8,036,585<br>(452,392)<br>**At 6 April**<br>**2023**<br>**Gains and**<br>**losses**<br>**£**<br>**£**<br>7,542,162<br>494,423|**At 5 April**<br>**2025**<br>**£**<br>7,584,193|
|---|---|---|
|||**At 5 April**<br>**2024**<br>**£**<br>8,036,585|



The Expendable Endowment Fund is an unrestricted fund comprising special receipts and subsequent movements. 

The fund originated from donations made under Deed of Gift and Gift Aid by the Settlor, Mr S P  Moores, between September 1999 and April 2001. These donations, which, with associated tax recoveries totalled £6,007,568, were credited to The Expendable Endowment Fund at the request of the Settlor. 

## **16 Analysis of net assets between funds** 

|**Unrestricted**<br>**funds**<br>**Endowment**<br>**funds**<br>**2025**<br>**2025**<br>**£**<br>**£**<br>Fund balances at 5 April<br>2025 are represented by:<br>Investments<br>-<br>7,179,646<br>Current assets/(liabilities)<br>13,368<br>404,547<br>13,368<br>7,584,193|**Total**<br>Unrestricted<br>funds<br>Endowment<br>funds<br>**2025**<br>2024<br>2024<br>**£**<br>£<br>£<br>7,179,646<br>-<br>7,632,038<br>417,915<br>4,611<br>404,547<br>7,597,561<br>4,611<br>8,036,585|Total<br>2024<br>£<br>7,632,038<br>409,158|
|---|---|---|
|||8,041,196|



- 19 - 

## **THE ELLERDALE TRUST** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2025**_ 

## **17 Related party transactions** 

## **Remuneration of key management personnel** 

The remuneration of key management personnel is as follows. 

||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Aggregate compensation|43,682|41,559|



J S Elliott, is a director of Mitchell Charlesworth. Mitchell Charlesworth act as the charity's accountants and also assist with the administration of the charity. Mitchell Charlesworth was paid £6,024 during the year (2024: £7,611) for accountancy and administration fees. 

Other than disclosed in note 7 there were no other related party transactions. 

- 20 -