The Three Ells Trust
Annual Report and Financial Statements
For the Year Ended 5 April 2024
Charity Registered in England and Wales Number: 1084237
Produced by Albert Goodman LLP
The Three Ells Trust Contents For the Year Ended 5 April 2024
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees’ Annual Report | 2 - 5 |
| Independent Examiners’ Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 14 |
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The Three Ells Trust Reference and Administrative Details For the Year Ended 5 April 2024
| Trustees | Mr C M Berry |
|---|---|
| Mr G R Hodges | |
| Mrs H Naerger | |
| Mr L Naerger | |
| Principal Office | 5 Three Yards Close |
| Portland | |
| Dorset | |
| DT5 1JN | |
| Independent Examiner | Michelle Ferris BSc (Hons) FCA DChA |
| Albert Goodman LLP | |
| Leanne House | |
| 6 Avon Close | |
| Weymouth | |
| Dorset | |
| DT4 9UX | |
| Bankers | Lloyds Bank plc |
| Weymouth Branch | |
| 92 St Mary Street | |
| Weymouth | |
| Dorset | |
| DT4 8PA | |
| Investment Managers | Redmayne Bentley LLP |
| 139 Commercial Road | |
| Ashley Cross | |
| Poole | |
| Dorset | |
| BH14 0JD |
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Page 1
The Three Ells Trust Trustees’ Report For the Year Ended 5 April 2024
The Trustees have pleasure in presenting their annual report and the financial statements for the year ended 5 April 2024. 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 charity’s Constitution and the Charities Act 2011. The provisions of 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) - (Charities SORP (FRS 102)) have been adopted in preparing the annual report and financial statements of the charity.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document and Constitution
The Three Ells Trust is a registered charity in England and Wales, charity number 1084237. The charity’s principal office is 5 Three Yards Close, Portland, Dorset DT5 1JN. It is governed by its Constitution which was originally adopted under a trust deed dated 15 November 2000.
Recruitment and Appointment of Trustees
Appointment of Board members (“Trustees” for Charity legislation purposes) is governed by the Constitution of the charity. The Trustees are authorised to co-opt new members on to the Board to fill vacancies in order to ensure adequate representation and diversity.
The following people were Trustees of the charity during the year:
Mr C M Berry Mr G R Hodges Mrs H Naerger Mr L Naerger
None of the trustees have any beneficial interest in the Charity.
The Trust’s Board of Trustees is responsible for the overall governance and strategic direction of the charity.
Induction and Training of Trustees
New Trustees undergo an induction period in which they become familiar with the governance process of the charity, the structure of the organisation and the role of the Trustees before they become a Trustee. Once appointed, new Trustees are supplied with guidance notes issued by the Charity Commission, along with support, mentoring and supervision. Trustees meet bimonthly to discuss the business and governance of the organisation. This includes strategy, operations and financial information for the charity. Trustees are included and encouraged to participate in staff team building events and Forum activities. Development work is ongoing with the Trust Board in preparation for future business and with the recruitment of further Trustees to broaden the skill set and diversity of the Board. The Trust provides full indemnity insurance for its Trustees
Investment Powers
The Constitution authorises the trustees to use all money raised to further its objects and to do all things that are lawful and conducive to the attainment of those objects and does not prevent investment.
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Page 2
The Three Ells Trust Trustees’ Report For the Year Ended 5 April 2024
Risk Management
The Trustees acknowledge their responsibility to give due consideration to the risks to which the charity is exposed and have set in place processes to identify and manage risks through Risk Registers. Risks are regularly reviewed, assessed, managed and escalated appropriately in accordance with the Risk Management policy. Risk management processes are in place and continue to be developed as required throughout the organisation.
OBJECTIVES AND ACTIVITIES
Statement of Purpose
The Trust is constituted by the Constitution and its objects are:
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a) The relief of sickness especially in children suffering from cancer and other life threatening conditions by the provision of buildings, medical, educational and recreational equipment and support for research for the public benefit into cancer, especially bone cancer, prosthetics, physiotherapy and orthopaedic surgery.
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b) To provide additional funding for the provision of support services and equipment within the community, surgeries, hospital, hospice and at home for the care treatment, education and welfare of children with cancer and other life threatening conditions.
Summary of Charitable Activities
The Trust works within its Objects by:
- Making grants as determined by its Trustees.
Policies
The Trust is committed to the continuous improvement of our practices, policies and procedures and continues to review and update policies as required.
ACHIEVEMENTS AND PERFORMANCE
The Charity has continued with its increased level of activity in terms of the volume and variety of grants which it can now make. The Trustees and their advisors are satisfied with the levels of income achieved from the investment portfolio during the year which continues to fund the Charity's activity. Further grants have been made since the year end and the Trustees continue to have more in mind.
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The Three Ells Trust Trustees’ Report For the Year Ended 5 April 2024
FINANCIAL REVIEW
Financial Position
Incoming resources in the year were £41,086 (2023: £116,974).
A deficit of £102,141 was made in the year (2023: deficit of £91,012). At the balance sheet date total unrestricted reserves were £717,603 (2023: £819,744).
The charity maintains a cash balance of £125,820 (2023: £150,478),and has net current assets of £125,566 (2023: £149,260). Total net assets are £717,603 (2023: £819,744).
Reserves Policy
The Three Ells Trust are aware of the need to retain funding for future endeavours and developments and the Trustees review the amount of reserves required on a quarterly basis, to ensure that they are adequate to fulfil the charity’s continuing obligations.
At 5 April 2024, this policy equated to total reserves of approximately £717,603 of unrestricted reserve funds. The reserves policy currently requires cover for a minimum of 2 years expenditure.
Going Concern
The Trustees have no uncertainties concerning the charity’s ability to continue as a going concern.
PLANS FOR THE FUTURE
The Trustees intend to carry on with their existing policy of making grants to suitable organisations and individuals out of the income and any capital growth achieved on the Charity’s investments by realising further funds as required to help support children and their families, the psychologist position at DCH and the Youth Support Worker on the Teenage Cancer Trust unit at Southampton Hospital. In light of this the Trustees will be reducing the capital value of the Charity's investments to a level of approximately £550,000 but still producing future income and capital growth.
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Page 4
The Three Ells Trust Trustees’ Report For the Year Ended 5 April 2024
TRUSTEES’ RESPONSIBILITES
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with 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).
The law applicable to charities in England & 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 charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. 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.
Approved by the board on 24/10/2024 and signed on their behalf by:
H Naerger Trustee
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Page 5
The Three Ells Trust Independent Examiners' Report to the Trustees For the Year Ended 5 April 2024
I report to the trustees on my examination of the accounts of The Three Ells Trust (“the Trust”) for the year ended 5 April 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning 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 understanding of the accounts to be reached.
Michelle Ferris BSc(Hons) FCA DChA for and on behalf of Albert Goodman LLP Chartered Accountants Date: 31/10/2024
Leanne House 6 Avon Close Weymouth Dorset DT4 9UX
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Page 6
The Three Ells Trust Statement of Financial Activities For the Year Ended 5 April 2024
| Unrest- | Rest- | Total | Unrest- | Rest- | Total | ||
|---|---|---|---|---|---|---|---|
| ricted | ricted | Funds | ricted | ricted | Funds | ||
| Notes | Funds |
Funds | 2024 | Funds | Funds | 2023 | |
| £ | £ | £ | £ | £ | £ | ||
| Income from: | |||||||
| Donations and legacies | 2 | 14,452 | - | 14,452 | 90,223 | - | 90,223 |
| Investments | 3 | 26,634 | - | 26,634 | 26,751 | - | 26,751 |
| ______ | ______ | ______ | ______ | ______ | ______ | ||
| Total income | 41,086 | - | 41,086 | 116,974 | - | 116,974 | |
| __ | __ | __ | __ | __ | __ | ||
| Expenditure on: | |||||||
| Raising funds | 4 | 5,932 | - | 5,932 | 5,484 | - | 5,484 |
| Charitable activities | 5 | 149,641 | - | 149,641 | 158,693 | - | 158,693 |
| ______ | ______ | ______ | ______ | ______ | ______ | ||
| Total expenditure | 155,573 | - | 155,573 | 164,177 | - | 164,177 | |
| __ | __ | __ | __ | __ | __ | ||
| Net (expenditure)/income | (114,487) | - | (114,487) | (47,203) | - | (47,203) | |
| Gains/ (losses) on investment | assets | 12,346 | - | 12,346 | (43,809) | - | (43,809) |
| ______ | ______ | ______ | ______ | ______ | ______ | ||
| Net income/ (expenditure) | |||||||
| before transfers | (102,141) | - | (102,141) | (91,012) | - | (91,012) | |
| Transfers between funds | - | - | - | - | - | - | |
| ______ | ______ | ______ | ______ | ______ | ______ | ||
| Net movement in funds | (102,141) | - | (102,141) | (91,012) | - | (91,012) | |
| Reconciliation of funds: | |||||||
| Total funds brought forward | 819,744 | - | 819,744 | 910,756 | - | 910,756 | |
| ______ | ______ | ______ | ______ | ______ | ______ | ||
| Total funds carried forward | 717,603 | - | 717,603 | 819,744 | - | 819,744 | |
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Page 7
The Three Ells Trust Balance Sheet As at 5 April 2024
| Notes | 2024 | 2023 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Investments | 8 | 592,037 | 670,484 | ||
| Current assets | |||||
| Cash at bank and in hand | 125,820 | 150,478 | |||
| Debtors | 10 | 1,146 | - | ||
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| 126,966 | 150,478 | ||||
| Creditors | |||||
| Amounts falling due within one year | 9 | (1,400) | (1,218) | ||
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| Net current assets | 125,566 | 149,260 | |||
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| Net assets | 717,603 | 819,744 | |||
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| The funds of the charity | |||||
| Unrestricted funds: | |||||
| General funds | 11 | 717,603 | 819,744 | ||
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| Total charity funds | 717,603 | 819,744 | |||
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Approved by the Board of Trustees for issue on 24/10/2024 and signed on their behalf by:
H Naerger Trustee
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Page 8
The Three Ells Trust Notes to the Financial Statements For the Year Ended 5 April 2024
1 Accounting Policies
1.1 General information and basis of accounting
The Three Ells Trust is an unincorporated charity governed by its Constitution. The address of the principal office is given on page 1. The nature of the charity’s operations and its principal activities are set out in the Trustees report on pages 2-5.
The financial statements have been prepared in £ sterling on the historical cost basis and 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) - (Charities SORP (FRS 102)) and the Charities Act 2011.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2
Income
All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.
Donation and legacy income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable.
Investment income in respect of funds held on deposit is included when receivable and the amount can be measured reliably. This is normally upon notification of the interest paid by the bank.
1.3 Donated services
In accordance with the Charities SORP (FRS 102), any unpaid general volunteer time is not recognised in the financial statements.
1.4 Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its charitable activities and services. It includes both costs that can be allocated directly to such activities and costs of an indirect nature which are necessary to support them.
1.5 Fixed asset investments
Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
1.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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The Three Ells Trust Notes to the Financial Statements For the Year Ended 5 April 2024
1.7 Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.
1.8 Taxation
The Three Ells Trust is a registered charity and is therefore not liable to taxation to the extent that its income and gains are applicable to charitable purposes only. Value added tax is not recoverable and is therefore included in the relevant costs in the Statement of Financial Activities.
1.9 Fund accounting
General funds are unrestricted funds receivable or generated for the objects of the charity without further specified purpose and are available as general funds.
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs as appropriate.
1.10 Financial instruments
The charity only holds basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurements are as follows:
Financial assets – Investments are debt instruments measured at fair value through the profit and loss account as detailed in note 13.
Cash at bank – is classified as a basic financial instrument and is measured at amortised cost.
Financial liabilities – Creditors are financial instruments and are measured at amortised cost and detailed in note 13.
2 Income from donations and legacies
| Unrest- | Rest- | Total | Unrest- | Rest- | Total | |
|---|---|---|---|---|---|---|
| ricted | ricted | Funds | ricted | ricted | Funds | |
| Funds | Funds | 2024 | Funds | Funds | 2023 | |
| £ | £ | £ | £ |
£ | £ | |
| Donations and gifts | 14,452 |
- | 14,452 | 12,810 | - | 12,810 |
| Legacies | - | - | - | 77,413 | - | 77,413 |
| ______ | ______ | ______ | ______ | ______ | ______ | |
| 14,452 | - | 14,452 | 90,223 | - | 90,223 | |
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The Three Ells Trust Notes to the Financial Statements For the Year Ended 5 April 2024
3 Investment Income
| Unrest- | Rest- | Total | Unrest- | Rest- | Total | |
|---|---|---|---|---|---|---|
| ricted | ricted | Funds | ricted | ricted | Funds | |
| Funds | Funds | 2024 | Funds | Funds | 2023 | |
| £ | £ | £ | £ |
£ | £ | |
| Dividends from investments | 17,650 | - | 17,650 | 18,554 | - | 18,554 |
| Interest from investments | 8,236 | - | 8,236 | 7,877 | - | 7,877 |
| Other income from investments | 547 | - | 547 | 294 | - | 294 |
| Interest on cash deposits | 201 | - | 201 | 26 | - | 26 |
| ______ | ______ | ______ | ______ | ______ | ______ | |
| 26,634 | - | 26,634 | 26,751 | - | 26,751 | |
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| Expenditure on raising funds | ||||||
| Unrest- | Rest- | Total | Unrest- | Rest- | Total | |
| ricted | ricted | Funds | ricted | ricted | Funds | |
| Funds | Funds | 2024 | Funds | Funds | 2023 | |
| £ | £ | £ | £ |
£ | £ | |
Investment management fees |
5,932 | - | 5,932 | 5,484 | - | 5,484 |
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4 Expenditure on raising funds
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The Three Ells Trust Notes to the Financial Statements For the Year Ended 5 April 2024
5 Expenditure on charitable activities
| Unrest- | Rest- | Total | Unrest- | Rest- | Total | |
|---|---|---|---|---|---|---|
| ricted | ricted | Funds | ricted | ricted | Funds |
|
| Funds | Funds | 2024 | Funds | Funds | 2023 | |
| £ | £ | £ | £ |
£ | £ |
|
| Grants: | ||||||
| Grants to organisations | ||||||
| (towards equipment) | 555 | - | 555 | 3,765 | - | 3,765 |
| Grants to individuals | ||||||
| (towards hospital travel and equipment | ||||||
| costs etc) | 36,000 | - | 36,000 | 48,932 | - | 48,932 |
| Grants to individuals | 10,019 | - | 10,019 | - | - | - |
| Dorset County Hospital NHS | ||||||
| Foundation Trust | ||||||
| (towards funding of | ||||||
| Paediatric Psychology services) | 84,557 | - | 84,557 | 52,890 | - | 52,890 |
| Teenage Cancer Trust | ||||||
| (towards Youth Empowerment | ||||||
| Programme) | 16,950 | - | 16,950 | 51,860 | - | 51,860 |
| ______ | ______ | ______ | ______ | ______ | ______ | |
| 148,081 | - | 148,081 | 157,447 | - | 157,447 | |
| Accountancy fees | 860 | - | 860 | 660 | - | 660 |
| Independent examination fees | 660 | - | 660 | 586 | - | 586 |
| Website costs | 40 | - | 40 | - | - | - |
| ______ | ______ | ______ | ______ | ______ | ______ | |
| 149,641 | - | 149,641 | 158,693 | - | 158,693 | |
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6 Wages and salaries
The charity does not have any employees (2023 – none) and therefore has not paid any wages or salaries in the year (2023- £nil), and has no employee earning more than £60,000 (2023 – none). There is no key management personnel remuneration to be disclosed (2023 – none).
7 Related parties
None of the trustees (or any persons connected with them) received any remuneration during the year (2023: none), and there were no related party transactions (2023: none).
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The Three Ells Trust Notes to the Financial Statements For the Year Ended 5 April 2024
| 8 | Investments | |||||
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| 2024 | 2023 | |||||
| £ | £ | |||||
| Market value as at 6 April 2023 | 670,484 | 730,488 | ||||
| Additions at cost | 14,843 | 6,756 | ||||
| Disposal proceeds | (105,636) | (22,931) | ||||
| Net gain / (loss) on disposals | 10,482 | 2,033 | ||||
| Net gain / (loss) on revaluation | 1,864 | (45,862) | ||||
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| Market value as at 5 April 2024 | 592,037 | 670,484 | ||||
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| 9 | Creditors: Amounts falling due within one year | |||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Accruals and deferred income | 1,400 | 1,218 | ||||
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| 10 | Debtors: Amounts falling due within one year | |||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Accrued income | 1,146 | - | ||||
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| 11 | Statement of funds - 2024 | |||||
| Balance | Gains / | Balance | ||||
| 06.04.23 | Income | Expenditure | (losses) | 05.04.24 | ||
| £ | £ | £ | £ | £ | ||
| Unrestricted funds | ||||||
| General funds | 819,744 | 41,086 | (155,573) | 12,346 | 717,603 | |
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| Total unrestricted funds | 819,744 | 41,086 | (155,573) | 12,346 | 717,603 | |
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| Statement of funds – 2023 | ||||||
| Balance | Gains / | Balance | ||||
| 06.04.22 | Income | Expenditure | (losses) | 05.04.23 | ||
| £ | £ | £ | £ | £ | ||
| Unrestricted funds | ||||||
| General funds | 910,756 | 116,974 | (164,177) | (43,809) | 819,744 | |
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| Total unrestricted funds | 910,756 | 116,974 | (164,177) | (43,809) | 819,744 | |
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The Three Ells Trust Notes to the Financial Statements For the Year Ended 5 April 2024
12 Analysis of net assets between funds
| Unrest- | Rest- | Total | Unrest- | Rest- | Total | |
|---|---|---|---|---|---|---|
| ricted | ricted | Funds | ricted | ricted | Funds | |
| Funds | Funds | 2024 | Funds | Funds | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Tangible fixed assets | 592,037 | - | 592,037 | 670,484 | - | 670,484 |
| Current assets | 125,820 | - | 126,966 | 150,478 | - | 150,478 |
| Creditors due within one year | (1,400) | - | (1,400) | (1,218) | - | (1,218) |
| Debtors due within one year | 1,146 | - | 1,146 | - | - | - |
| ______ | ______ | ______ | ______ | ______ | ______ | |
| 717,603 | - | 717,603 | 819,744 | - | 819,744 | |
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13 Financial instruments
Categorisation of financial instruments
| Categorisation of financial instruments | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Financial assets that are debt instruments measured at amortised cost | 126,966 | 150,478 |
| Financial assets measured at fair value through profit and loss account | 592,037 | 670,484 |
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| 719,003 | 820,962 | |
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| Financial liabilities measured at amortised cost | 1,400 | 1,218 |
| ______ | ______ | |
| 1,400 | 1,218 | |
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Items of income, expenditure, gains and losses
In relation to the financial assets measured at fair value through profit and loss account, there was income of £26,433 (2023 - £26,725), expenditure of £5,932 (2023 - £5,484), gain on investment of £12,346 (2023 loss on investment - £43,809).
In respect of the financial assets that are debt instruments measured at amortised cost, there was income of £201 (2023 - £26), there were no items of expenditure, gains or losses (2023 – none).
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