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← Ashbourne Almshouse Charity

2024-12-31-accounts

Charity registration number 1074650 (England and Wales)

THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE

(THE OLD TRUST)

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'’S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees B Bates
D Bell
M Betteridge
A Broom
JE Dawson
S Jones
P Oakes
D Spencer
S Spencer
JH Taylor
M Weaving
N Moore
M Elias
J Griffiths (Appointed 30 July 2024)
G Bayliss (Appointed 26 March 2024)
Charity number (England and Wales) 1074650
Principal address West Barn
Headtow Fields Farm
Snetston, Ashbourne
Derbyshire
DE6 2GP
Independent examiner Jerroms Business Solutions Limited
Lumaneri House
Blythe Gate
Blythe Valley Park
Solihull
West Midlands
B90 8AH
Bankers Lloyds BankPLC
Ashbourne
Derbyshire
Investment advisors Chambers Smith Financial Planning Ltd
Oaklands Business Centre
103 Duffield Rd
DarleyAbbey
Derby
DE221AE

THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) CONTENTS

Page

Trustees’ report

1-2

Statement of trustees’ responsibilities

Independent examiner's report

3 4

Statement of financial activities 5-6

Balance sheet

7

Notes to the financial statements

8-21

THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annua! report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting poticies set out in note 1 to the financial statements and comply with the trust's governing document, 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)" (effective 1 January 2019).

Objectives and activities

The trust's main objects are to support Queen Elizabeth Grammar School, Ashbourne, to provide appropriate affordable accommodation for iocal elderly people and to administer a number of small local trusts. The policies adopted in furtherance of these objects are to invest funds and maintain reserves to ensure the long term sustainability of these projects, and there has been no change in these during the year.

Public benefit

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

Achievements and performance

Significant activities and achievements against objectives

During the year the 46 almshouses were maintained and almost fully occupied. Donations were made to the School, and to other bodies in accordance with historic trusts.

Financial review

The attached accounts show the current state of the finances of the charities, which the trustees consider to be sound.

As interest rates increased in the year, cash holdings in excess of short term requirements was placed in term deposits to take advantage of better returns.

This year the charity has reported net unrealised gain of £54,133 on investments. Overall the listed investments fair value is 5% higher than the historical cost.

Reserves policy

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to several months’ expenditure to allow for any reductions in the level of income.

Due to restrictions in non-urgent maintenance work on the almshouses during the pandemic, with occupancy close to maximum, cash reserves increased, and such changes were taken into account in the annua! review of residents’ weekly maintenance contributions. Maintenance costs have now increased, but not to pre-pandemic levels.

The smaller historic funds were reviewed in the year as some funds generate very little income and the specific objects are in some cases obsolete. The funds were amalgamated and allocated to just two funds as appropriate, representing the main beneficiaries, namely the Church Fabric Fund and the Grammar School.

Major risks

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.

-1-

THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

The Foundation known as The Governors and Assistants of Queen Elizabeth's Grammar School, Ashbourne (Old Trust) was incorporated under a Charter granted by Letters Patent by Queen Elizabeth | dated 15th July in the 27th year of her reign (i.e. 1585).

The Foundation and its endowment are administered in accordance with 1) A Scheme made by the Minister of Education under the Charitable Trusts Acts, 1853 to 1925, which was sealed on 17th March 1960; 2) An Order of the Charity Commissioners for England and Wales, which was sealed on 12 January 1962; 3) A further Order of the Charity Commissioners dated 13 November 1997.

The trustees who served during the year and up to the date of signature of the financial statements were: B Bates

D Bell

M Betteridge

A Broom

J E Dawson

S Jones

P Oakes

D Spencer

S Spencer

JH Taylor

M Weaving

N Moore

M Elias

J Griffiths (Appointed 30 July 2024)

G Bayliss (Appointed 26 March 2024)

Recruitment and appointment of trustees

New trustees are elected by the board of trustees and serve until they retire.

Organisational structure

The charity is unincorporated association, governed by a board of trustees. The trustees make policy and operational decisions by majority vote.

Public Benefit

The trustees confirm that they have complied with their duty under section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit.

The trustees are satisfied that all activities undertaken during the year have directly contributed to the charity's aims and have provided clear public benefit.

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

S knee Steve Jones Trustee Steve Jones (Sep 12, 2025 15:30:27 GMT+1)

11 September 2025

AE.

THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.

In preparing these financial statements, the trustees are required to:

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 financial statements 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 trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

545

THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE

| report to the trustees on my examination of the financial statements of The Incorporated Governors and Assistants of Queen Elizabeth's Grammar School, Ashbourne (the trust) for the year ended 31 December 2024.

Responsibilities and basis of report

As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

| report in respect of my examination of the trust's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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. | understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I ha © 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 understanding of the financial statements to be reached.

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AWK Not + Mr Richard Horton Jerroms Business Solutions Limited Chartered Certified Accountants Lumaneri House Blythe Gate Blythe Valley Park Solihull WestB90DANG 8AHMidlandsisicavessscaves| 4 _ y ita pete 7% *

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE

(THE OLD TRUST) STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Unrestricted Unrestricted Unrestricted Restricted Endowment Total Unrestricted Unrestricted Restricted Endowment Total
funds funds funds funds funds funds funds funds
general designated general designated
2024 2024 2024 2024 2024 2023 2023 2023 2023 2023
Notes £ £ £ £ £ £ £ £ £ £
Income and endowments from:
Charitable activities 3 158,392 - - - 158,392 149,686 - - - 149 686
Investments 4 5,825 49,202 - 10,797 65,824 3,512 40,385 - 11,713 55,610
Other income 5 1,183 7,207 - - 8,390 184 11,781 - - 11,965
Total income and
endowments 165,400 56,409 - 10,797 232,606 153,382 52,166 - 11,713 217,261
Expenditure on:
Raising funds 6 628 12,603 - 4,101 17,332 612 12,093 - 3,892 16,597
Charitable activities 7 102,742 - - - 102,742 101,906 - - - 101,906
Other material expenditure - - - 11,661 11,661 - - - 11,359 11,359
Total expenditure 103,370 12,603 - 15,762 131,735 102,518 12,093 - 15,251 129 862
Net gains/(losses) on
investments 11 433 33,219 580 19,466 53,698 2,998 28,953 1,984 18,071 52,006
Netincome 62,463 77,025 580 14,501 154,569 53,862 69,026 1,984 14,533 139,405
Transfers between funds (88,251) 88,251 - - - 50,274 (50,274) - - -
Other recognised gains
andlosses:

aha

THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Unrestricted Unrestricted Unrestricted Restricted Endowment Total Unrestricted Unrestricted Restricted Endowment Total
funds funds funds funds funds funds funds funds
general designated general designated
2024 2024 2024 2024 2024 2023 2023 2023 2023 2023
Notes £ £ £ £ £ £ £ £ £ £
Other gains 13 5,800 - - - 5,800 7,938 - - - 7,938
Netmovement in funds (19,988) 165,276 580 14,501 160,369 112,074 18,752 1,984 14,533 147,343
Reconciliation of funds:
Fund balances at 1 January 2024 835,679 1,370,144 34,544 348,566 2,588,933 723,605 1,351,392 32,560 334,033 2,441,590
Fund balances at 31 December
2024 815,691 1,535,420 35,124 363,067 2,749,302 835,679 1,370,144 34,544 348,566 2,588,933

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) BALANCE SHEET

AS AT 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 14 595,463 595,463
Investments 15 4,902,390 1,720,443
2,497,853 2,315,906
Current assets
Debtors 16 9,003 19,945
Investments 17 55,571 §2,829
Cash at bank and in hand 198,180 214,291
262,754 287,065
Creditors: amounts falling due within 18
one year (11,305) (14,038)
Net current assets 251,449 273,027
Total assets less current liabilities 2,749,302 2,588 933
The funds of the trust
Endowment funds 19 363,067 348,566
Restricted income funds 20 35,124 34,544
Unrestricted funds - general 22 815,691 835,679
Unrestricted funds - designated 21 4,535,420 1,370,144
2,749,302 2,588,933

The financial statements were approved by the trustees on 11 September 2025

D Bell S Jones Trustee Trustee

----- Start of picture text -----
D
W Bell
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__ D W Bell (Sep 12, 2025 18:12:25 GMT+3)

_oF Steve Jones (Sep 12, 2025 16:26:59 GMT+1)

-7-

THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Charity information

The "Old Trust" was incorporated by Royal Charter by Queen Elizabeth |. Details of its constitution are given in the Trustees’ Report.

The financial statements have been prepared in accordance with the trust's governing documents, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” ("FRS 102”) and the Charities SORP "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 trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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 invoived 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 financiaf statements have been prepared under the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.

The financial statements of the Trust incorporate the audited accounts of the Ashbourne Almshouse Charity (which forms part of the Old Trust) which were drawn up to comply with the requirements of the Accounting Direction for private registered providers of social housing 2019, issued by the Regulator of Social Housing.

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust 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 financial statements.

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

The Ashbourne Almshouse Charity sets aside reserves in two Designated Funds. The Cyclical Repairs and Maintenance Fund is to cover a regular programme of cyclical repairs and maintenance. Costs are charged to the Revenue account in the year in which they are incurred. The Exceptional Repairs Reserve represents amounts to cover major repairs on housing properties.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

(Continued)

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.

Cash donations are recognised on receipt.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected.

1.5 Expenditure

1.6 Tangible fixed assets

Tangible assets comprise 46 almshouses, which are used wholly for the purposes of the charity. The original cost of construction of the almshouses is not known. The carrying value in the financial statements represents the costs of improvements in modern times, less grants from the Housing Corporation, and are not depreciated. In view of the nature of their use, the trustees do not consider that the cost of obtaining a professional valuation to include in the financial statements would not serve any useful purpose, but they are insured for approximately £12 million being an indication of their replacement cost.

Freehold land is not depreciated.

1.7 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.

1.8 Impairment of fixed assets

The almshouses are fully maintained and improved when required or when falling vacant, therefore no permanent impairments arise, and no adjustment is made to the carrying value of the properties.

1.9 Cash and cash equivalents

Cash and cash equivalents include bank balances and uninvested cash held within the investment portfolios.

1.10 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.

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.

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers.

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.

Key sources of estimation uncertainty

Impairment of properties

The Trustees undertake an impairment review every year to determine any need for an impairment. The procedures in relation to the impairment of properties include:

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Charitable activities
Charitable rental income 158,392 150,645
Other income - (959)
158,392 149,686

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE

(THE OLD TRUST)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

4 Income from investments

Unrestricted Unrestricted Endowment Total Unrestricted Unrestricted Endowment Total
funds funds funds funds funds funds
general designated general designated
2024 2024 2024 2024 2023 2023 2023 2023
£ £ £ £ £ £ £ £
Income from listed investments 3,728 28,419 10,664 42,811 1,202 22,897 41,535 35,634
Interest receivable 2,097 20,783 433 23,013 2,310 17,488 178 19,976
5,825 49,202 10,797 65,824 3,512 40,385 11,713 55,610

-i1-

THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

5 Other income

Unrestricted Unrestricted Total Unrestricted Unrestricted Total
funds funds funds funds
general designated genera! designated
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Net gain on disposal of
programme related
investments - 7,207 7,207 - 11,781 11,781
Sundry income 1,183 - 1,183 184 - 184
1,183 7,207 8,390 184 11,784 41,965

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE

(THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Expenditure on raising funds

investment management

Unrestricted Unrestricted Endowment Total Unrestricted Unrestricted Endowment Total
funds funds funds funds funds funds
general designated general designated
2024 2024 2024 2024 2023 2023 2023 2023
£ £ £ £ £ £ £ £
628 12,603 4,101 17,332 612 12,093 3,892 16,597

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Expenditure on charitable activities

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Housing|Housing| |2024|2023| |£|£| |Direct|costs| |Property|Expenses|79,233|80,891| |Miscellaneous|donations|-|1,505| |Sundry|expenses|3,434|2,537| |82,667|84,933| |Share|of support and|governance|costs|(see|note|8)| |Support|8,030|6,954| |Governance|12,045|10,019| |402,742|101,906| |Analysis|by|fund| |Unrestricted|funds|-|general|102,742|101,906| |8|Support|costs|allocated|to|activities| |2024|2023| |£|£| |Officers’|emoluments|10,061|7,303| |Governance|costs|10,014|9,670| |20,075|16,973| |9|Auditor's|remuneration| |Fees|payable|to|the|charity's|auditor|and|associates:|2024|2023| |£|£| |For|audit|services| |Audit|of the|financial|statements|of Ashbourne Almshouse|Charity|4,500|5,000|

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10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE

(THE OLD TRUST)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

11 Gains and losses on investments

Unrestricted Unrestricted Restricted Endowment Total Unrestricted Unrestricted Restricted Endowment Total
funds funds funds funds funds funds funds funds
general designated general designated
2024 2024 2024 2024 2024 2023 2023 2023 2023 2023
Gains/(losses) arising on: £ £ £ £ £ £ £ £ £ £
Revaluation ofinvestments 433 33,219 580 19,901 54,133 2,998 28,953 1,984 15,158 49,093
Sale of investments - - - (435) (435) - - - 2,913 2,913
433 33,219 580 19,466 53,698 2,998 28,953 1,984 18,071 52,006

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13. Other gains and losses

Unrestricted Unrestricted
funds funds
2024 2023
Gains/({losses) upon: £ £
Insurance claim (Flood damage) 335,594 68,461
Flood Damage (329,794) (60,523)
5,800 7,938

14 Tangible fixed assets

Tangible fixed assets
Freehold land Housing Total
and buildings Corporation
grant
£ £ £
Cost
At 1 January 2024 1,163,164 (567,701) 595,463
At 31 December 2024 1,163,164 (567,701) 595,463
Carrying amount
At 31 December 2024 1,163,164 (567,701) 595,463
At31December2023 1,163,164 (567,701) 595,463

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

14 Tangible fixed assets

(Continued)

Tangible fixed assets comprise 46 almshouses, which are used wholly for the charitable purposes of the charity. These properties are held to further the charity’s objectives and are not intended for resale.

The original cost of construction for certain properties is unknown. Accordingly, the carrying value in the financial statements reflects the cost of improvements made in modern times, net of any grants received from the Housing Corporation. This approach has been adopted due to the absence of reliable historical cost data. Most of the carrying value of the almshouses represents the costs of improvements in modern times (£704,203) funded by the grant from the Housing Corporation and residual mortgage loans of £59,039 repaid over 30 years up to 2016, with the balance of £77,463 from the charity's own resources.

The trustees have determined that depreciation is not applied to these properties. This decision is based on the following considerations:

The trustees have also considered the cost-benefit of obtaining professional valuations for accounting purposes and concluded that such costs would not be justified. However, for transparency, the buildings are insured for approximately £12 million, which provides an indication of their replacement cost.

This policy is reviewed annually to ensure it remains appropriate and compliant with applicable accounting standards.

15 Fixed asset investments

Listed Other Total
investments investments
£ £ £
Cost or valuation
At 1 January 2024 1,295,245 425,198 1,720,443
Additions 256,025 140,589 396,614
Valuation changes 54,131 - 54,131
Disposals (173,278) (95,520) (268,798)
At 31 December 2024 1,432,123 470,267 1,902,390
Carrying amount
At 31 December 2024 1,432,123 470,267 1,902,390
At 31 December 2023 1,295,245 425,198 1,720,443
2024 2023
Other investments comprise: £ £
Loans 470,267 425,198

PeKes

THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

15 Fixed asset investments (Continued)
2024 2023
Investments at fair value comprise: £ £
Grammar School Endowment portofolio 349,304 302,363
Almshouse Charity Portfolio 1,041,892 925,060
Small local charities 34,527 61,507
Grammar School general fund 6,400 6,315
1,432,123 1,295,245
All ofthe investments are in Pooled Investment Vehicles with a mix ofEquities and Fixed Interest funds.
Most of these local charities were very old and generated very small amounts of income, and their original
purpose had in some cases become obsolete. The Ashbourne Poor fund was cashed in and distributed in full
to three local charitable causes. The other funds and their supporting investments were divided into two
sections and allocated to either the Church Fabric Fund or the Grammar School.
The historical cost ofthe listed investments is £1,359,857 (2023: £1,221,922).
16 Debtors
2024 2023
Amounts falling due within one year: £ £
Other debtors 29 690
Prepayments and accrued income 8,974 19,255
9,003 19,945
17 Current asset investments
2024 2023
£ £
Cash deposits 55,571 52,829
18 Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,805 1,674
Other creditors - 2,824
Accruals and deferred income 9,500 9,540
11,305 14,038

418i.

THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

19 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.

At 1 January Incoming Resources Gains and At 31
2024 resources expended losses December
2024
£ £ £ £ £
Permanent endowments
348,566 10,797 (15,762) 19,466 363,067
Previous year: At 1 January Incoming Resources Gains and At31
2023 resources expended Josses December
2023
£ £ £ £ £
Permanent endowments
334,033 11,713 (15,251) 18,071 348,566

206 ~=— Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At t January Gains and At 31
2024 losses December
2024
£ £ £
Church Fabric Fund and theGrammar Schoo! 34,544 580 35,124
Previous year: At 1 January Gains and At 31
2023 losses December
2023
£ £ £
ChurchFabricFundandtheGrammarSchool 32,560 1,984 34,544

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

21 ~+Unrestricted funds - designated

These are unrestricted funds which are material to the trust's activities.

At 1 January 1 January Incoming Resources Transfers Gains and At31
2024 resources expended losses December
2024
£ £ £ £ £ £
Cyclical repairs
and
maintenance 342,491 28,419 (12,599) 32,785 - 391,096
Extraordinary
repair fund 948,124 27,990 (4) 55,466 33,219 1,064,795
Charitable fund
property reserve 79,529 - - - - 79,529
1,370,144 56,409 (12,603) 88,251 33,219 1,535,420
Previous year: At1 January Incoming Resources Transfers Gains and At 31
2023 resources expended losses December
2023
£ £ £ £ £ £
Cyclical repairs
and
maintenance 375,038 22,897 (10,956) (44,488) - 342,491
Extraordinary
repair fund 896,825 29,269 (1,137) (5,786) 28,953 948,124
Charitable fund
property reserve 79,529 - - - - 79,529
1,351,392 52,166 (12,093) (50,274) 28,953 1,370,144
22 ~+Unrestricted funds
Unrestricted funds
At 1 January
2024		 Incoming
resources		 Resources
expended		 Transfers Gains and
losses		 At 31
December
2024
£ £ £ £ £ £;
Generalfunds 835,679 165,400 (103,370) (88,251) 6,233 815,691

~ 90).

THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

22 ~+Unrestricted funds ~+Unrestricted funds (Continued)
Previous year: At1 January Incoming Resources Transfers Gains and At31
2023 resources expended losses December
2023
£ £ £ £ £ £
General funds 723,605 153,382 (102,518) 50,274 10,936 835,679
23 ~Analysis of net assets between funds
Unrestricted Unrestricted Restricted Endowment Total
funds funds funds funds
general designated
2024 2024 2024 2024 2024
£ £ £ £ £
At 31 December 2024:
Tangible assets 515,934 79,529 - - 595,463
Investments 130,360 1,373,839 35,124 363,067 1,902,390
Current assets/(liabilities) 169,397 82,052 - - 251,449
815,691 1,535,420 35,124 363,067 2,749,302
Unrestricted Unrestricted Restricted Endowment Total
funds funds funds funds
general designated
2023 2023 2023 2023 2023
£ £ £ £ £
At 31 December 2023:
Tangible assets 515,934 79,529 - - 595,463
Investments 122,497 1,214,836 34,544 348 566 1,720,443
Current assets/(liabilities) 197,248 75,779 - - 273,027
835,679 1,370,144 34,544 348,566 2,588,933

24 ~+Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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