THE VERNON ELLIS FOUNDATION Unaudited Trust Accounts For the Year Ended 5 April 2024
THE VERNON ELLIS FOUNDATION Index Pase Trustees. Report Independent Examiner's Report Balance Sheet Statement of Financial Activities Notes to the Financial Statements 6-10 Investment khedule 11-14
THE VERNON ELLIS FOUNDATION TTU8tees' Report The tru5tee8 present their aDnual reporl and the Account$ of the durity for theyear ended 5 Apiil 2024. The Aceounts have been prepared in accordance wlth the accountsng policies set out innote i to the Accounts ctsmply wryth the charity's trust deed, the Charities Act 2011 and Accountins and Reportinsby Charities: Statement oERecommended Practice 2019 applicable to charities preparing their Aeeounts in accordan with the Finoncial Reporting Standard (FRSI applicable in the UK and Republic of Ireland publithed 1Tht0ber 2019. Le801 and Admittistrative ltt£orAnation Settlor Vernon James Ellis Trustees Vernon James Ellis AndW David Ellis KatieLoui8e Cou8itig Mary Elizabeth Bide Mark Bide Rtgi8lered Charity Number 1090013 Re8i8¢ered O£fi¢t Greengate Farm Lur8a8hail Petworth GU28 9ET Bank¢r8 Coutts & Co 440 Strand London WC2ROQS Solicito Charles Russell Speed)Jys LLP 5 Fleet P]ace London EC4M 7RD Independeni Examlne Ms T Mohammed BA,FCA Couth Bright Kin8 & Co 2 TOllrSt Court ]lJrkey Mill Business Park Aghford Road Maidslone Kent ME14 5SF Structure, Governan¢e And MdnAgement The Vemon Ellis Foundation was created by Deed dated 3 Dember 2001 with an initial Settled sum OE £10 tash. Funds have been added since that datein the Eom) of gifts of Investments l shares in Accenture Ltd and other quoted Companiesl and Gifi Aid and Charities Aid Foundation donation& The Tw$tees hold the TrostFund upon trust to same {without distinetion betweeneapital and income), for alid towards seneral charitable putposes. Appointment of Thtee& and ¢harity ors•nifjation The tharity is managedby the trust who a appointed under the terms OE the trust deed. The powerof appointing new trustees 18 vested in thesettlor during his life and thereafter in Hazel Marilyn Elli& The statutory powers of app)intin8 new tru8tee5 apply thereafter. The Foundation's administration is undertakenby Kam Wall. FiThaTh¢Aal r¢vi*w Incomins resource5 totalled £285,048.8212023 £298,655.65). TheTrust&$ are satisfied with thefinancial position of the Charity and confirm that they have adequate ossets available to Eu]fil their obligations.
THE VERNON ELLIS FOUNDATION TTUStees' Report Objective5 arLd Activities The Chatlty cmtinues to follow Its poliey of pIedominately 5UPFX)rting arts charitles and, to a lesser extenl educational or medical tharitles. The Charity is a gthoral charitable trust and ¢¢easitsnally makes grants ofJ general naiure, mainly to other UK iStea elwities but the Injstees. main (blectives remain to promote the perEormante of tlassieal music for the general public. to alst in the musical education of the general public and the development ol musicaj tale l and sometimes individuals training as classical musicians) tsnd. an tsgrd shift in emphasis in recent yoars. to make grants forproitt$ which make an impact i)n health. edueatim and wellbEing. This is aehievod by making grants to appropriate UK registered classical music charities and al gometimes to or for the benefit I for wholly eharitable puwses) of individuals. Adlievements and Performance During Yearnder review a total of 27 donation5 werellL4de ianKing from (the smallest) £120 to (the largest sinsie donation) £IIX>.O(X).The total surn of all donations rnade during theyear was £463%57.501 Erom UnresItttd Funds). Charity's Ptsblie Benefit The trnsteeshaveenstsred that all activities throughout thepriod have bcen for the public benefit. This i5 cvidetKed by the donatio made to Charities totalling £463.857.50 P023 £401.4001. The trustecs conEirni that they have referred to the suidance contsined in the Charity Commission's ger81 guidance on public berit when reviewing the Charity's aims and (bieclive5 ar in activitie& Keserves Policy and Kisk Management The irnstees, p)Iicy 15 to maintain enoush reserve5 for cornmitment5 made aj continue 5UPPOrt of a number oEorsanisatLons over severa] year& The overall investment polLCy IS to achieve a balanced rern of ]rOrne and capi1 srowth at medium risk Future Financial Commitment8 The Settlor has made a cornmitment, both duringhis liEe and in respect of his estate after hls deBth to provide a persotvl guarantee to the trustees to make up any slwrtfall should any fJnan¢ial call in respect OE investments or donatiot provided for, exceed the value of the Foundation's assets. Currently the total net assets comfortably exceed commitments. Tru8tees respon8ibAlitie8 in relation lo the A¢counts The Charity trustees are responsible for preparins a trusiees, annuaj report and Aecounts in accordance with applieable law and United Kingdom Att0untingStaJardS l UDJted Kingdom Generally Aeeepted Accounting Praetieel. The law applicable to dritieS in England and Wa]es requires the trustees to prepare Accounts Eor each year whieh give a tn and Eair view of the State OE affairs tsf the Charity and ()f the incott)ing r&wuree% and applicationofres0urS of the Charity Eor tbAt period. In preparing the Accounts the trustee5 art requId to: • $electsultable aceoundngpolieies and then applythem consis. • observe It*methods and PTinciplesinthe applicable CIwTi1ies SORP. continue in business. The trustees aro responsible for keeping pIoper accountins rdS that dI105e withiewnable atcuracy at any time the financial w)sition of the Charity and to eTthle thern to ensuie that the AccounLs cornply with tho Charities Aet 2011, the applicable Charities (Atcounts a[ Reports) Resulatiolls and the pravisions of the Ttust Deed. They are also responsible tor sateguardthg the assets ok the L'hatity and takins reasonable steps br the prevention and deEechon ok Iraud and otherirregularilie5. Approved by Vemon James Ellis on For and on beha]foE the Trustees 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE VERNON ELLIS FOUNDATION I report to the trustees on my examination of the Accounts of The Vernon Ellis Foundation for the year ended 5 April 2024 whicli are sel out on pages 4 10 14. Responsibilities and basis of report As the dwitys trustees you are responsible for the preparation of the Accounts in accordan with the requirements of the Charities Act 2011 (' the Act"). I report in respect of my exarnination of the Accounts for the Charity carried out under Section 145 of the 2011 Act. and in carrying out my exarnination I have followed all the applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. Jndependent Examinerfs Statement Since the ChIty'S gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that l am qualified to undertake the examination because l am a member of the Lnstitute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies. E 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: l) accounting records were not kept in respect of the Charity as required by Section 130 of the Act; or 2) the Accounts do not accord with those records; or 3) the Accounts do not comply with the applicable requirements Conrning the form and content of the Accounts set out in the Charities (Accounts and Reports) Regulations 2(H18 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 cnable a proper understandins of the Accounts to be reached. Ms T Mo118nimLd BA,F, Couch Bright King & Co Chartered Accountants 2 Tolherst Court Turkey Mill Business Park Ashford Road Maidstone Kent ME14 5SF 19"Stpk 2024
THE VERNON ELLIS FOUNDATION Balance Sheet a8 at 5 AprRI 2024 2024 ixed As•ets Programme related inve8tmeThts Investments at market value 1,259,961.(X) 1,335,282.(J) 1,259,961. 1235281LMJ Current A88ets 155,951.98 101373.72 Debtors 2,125.Crf) 158,076.98 101,27922 203,652.94 Credito Amounts Ealllng due within one year Neicurrent Assets io 7,984.73 4661.98 1S0,m25 198,Th).96 Totol A88ets Lo66 Llabilltio8 I,IiO,053,25 1,534,Oll% Repre8entsd by. FundA Unrestricted Ftmd8 Restricted Funds 1.406,941.98 3.111.27 Ik30,961.69 3.111.27 li Total awity Funds 1,410,053.25 1,534,OT2.96 Daled 2024 Approved by Vemon James El]is For and on behalf of the Trustees VJaL
THE VERNON ELLIS FOUNDATION Statement of Financial Activities for the year ended 5 April 2024 2024 Re8trleted 2023 Total Note Unre8tsActed Futtd Funds Total Trund8 Income tnvestment income Gifts and donations received 51T74.82 232,274nO 52,774.82 231274.00 I353.90 285,101.69 Total Income 285,048.82 285,048 298.655.65 xpenditure Govemance Costs Expendire on Charitable Activities 11.556. 463,857.Y) I156.90 463,85750 11,784.99 437,633.73 Total Expenditure 475,414.40 475,414.40 449A18.72 Net Expenditure Itncome before Gains and Losses Nel Gain81 (Lo88es) on investments Reali8ed Rediged Movement in unrealised CainsllLoK%*S) Exchange GaAnsl(t(Jsses) Net Movement in Fund8 in the Year (190,365.581 I1,36538) (150,763.07) 72,592.48 29,599.5 (35,846.15) W92.48 136,141.791 (35,846.15) {14,119.49) (124019.71) I12419.71 120L024J51 At 5 ApTiI 2023 Net movement of resources in the year 1,530,961.69 (124,019.71) 3,11127 1.534,072.96 (124,019.71) 1,735,097.31 {201,024.35) At5 April 2024 1,406,941.98 3,111.27 1,410X)53.25 1,534,072.96
THE VERNON ELLIS FOUNDATION Notes to the Accounts for the Year ended 5 April 2024 I Princip*l Aec¢)untin8 Polleie$ These Accounts have been prepared in accordance with the particular accounting policies described below, la) General Information and Basi8 of Aeeounting The Veznon Ellis Foundation is a general charitable trust with the objective of promoting the performance OE elassical musie for the general public. In the event tsE the Foundation being wound up, the Settlor has made a commitment to provAde a personal guarantee to the trustees to make up any shortfall. The address OE the registeTed Ofli is given in the Foundation information on page l of those financial slatoments. The Accounts have been prepared in accordance with Accounting and Reporting by Charities: Ststement of Recomniended PLaLtiLL appIiLiible to Charities preparing their Accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland issued in October 2019. the Financial Reporting Standard app]icable in tTrLe United Kingdom and Republic of IreEand (PRS102). the Charitie5 Act 2011 and UK Generally Accepted Accounting Practice. The Acr.nuntrg havp alAn hppn prepared under the historical cost convention oxcopt for invcjtmentg which have been included at market value. The Charity constitutes a public benefit entity as defined by FRS102. The trustees consider there are no material U[rtaintIes about the Charity'5 ability to continue as a going coneern. The Accouiits VLeseiilgLI iii Si¥rling whlch ly the functlonal currency of the Charity- Ib} Inve8tsnertt8 and Invegtment Income Quoted ped investments are stated at mid-market value at the Balance Sheet date. Investment income is credited to the Unresiricied Fund when reeeivable. Chan8es in the market value OF the investments held durins the period are reco8nised in net gain<1088e8I on investments in the Statement of Flnancial Aciivities . Donated investments are ree(>rded at the valuation al the time OE the donation. lel Forei8ft Cullencies Assets and liabilities in other curreneies at the Balance Sheet date are translated into sterling at the rate ruling on that datE. Transactions during the year have been translated into sterling at the rate ruling on the date of the tra[aCtion. ExLliaiige differencey arising during the year are dealt with in the Unrestricted Fund via the Ststement of Financial Activitie5. (d) Incoming Fund8 Donation5 received Erom Vernon Ellis are credited to the Unrestricted Fund when reIved. Other donation5 are credited to the relevant Fund when received. Investment incorne, together th any a&%)cialed tax repaymeiil is Lrediivd tu the relLsvant Fund when receivable. lel Charitable Activities Charitable donations are recognised as resour8 expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. IE) Covernance C08ts Covernance costs comprise all costs involving the public accountability of the Foundation and its compliance with regulations and 8IMTrd practice and are irLclusive OE Irrecoverable VAT.The8e costs also include cost5 related to the Independent Examiner'5 fees.
THE VERNON ELLIS FOUNDATION Notes to the Flnancial Statements for the Year ended 5 April 2024 Isl Pmgratnme related investments Programme retated Investments are held at cost, less repayments of the loan eotnmitment and any provision fjoi dilniiiulioti ii) vdliiv. A fair valiie Isnot obtalned for these inve8tments as, In the view of theTrustees, the ctsst of valuing these assets would be onerous compared with the additional benePit of such a valuation to users of the Accounts. (h) Re8tri(ted Funds Donations received for a specifie purpose are separately identified within notes 4 and 10 to enyure that they are spetLt a5 the donor intended. li)Debtors and creditors Ieceivablelpayable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losseb arising from impairTnent are recognised in expenditure. Jnformation regarding Trustees None of the tru3tec8 received remuiiei'alioii vi exy¥iwy Liurlli¥ Ili¥ yedr. 3. Investment and Other Incorne 2024 2023 Income from UK Li8ted and other securities Jnterest r1ved- Loult5 52,536.08 238.74 52,774,82 13,161.92 392.04 13,553.96 4. Gift8 and donations recelved Unre8tsicled Fund8 2024 2023 Vernon Ellis-eash { lo include gift aid) Vernon Eilis-stock exchanse inveskments 12,500.(K) 219,774.00 231274.(K) 254,601.69 254,601.69 Gifts and donations received Erom TrusteeB are without conditions. Re8tsietedFunds 2024 2023 New Philanthropy for the Arts INPAQ Responsible Induence in Art5 and Culturo IRIACI 2J)O.(K) 26,000.(K) 30,500.(K) Vernon Ellis is thairin8 a project"New Philanthropy for the Art<,. Thwe are now 20 members of the group overseeing l] yrujvLt.This wurk Ig parl of the Beacon Collaborative whose aim 15 to expand philanthropy. Two consultants are dt)ing work Eor this group. Their costs are being partly covered by the Arts Counci] who axe payins their fees throush the Beacon Collaborativo. Each meml*r of the group donated £1,200 plu5 sift aid into this restricted futid which was used to pay foi a matching contribution to fund these 8upport C05t5. (See also note 11.) NPAC has a next seneration initiative to establish a separate Charity for Responsible Induence in Arts and Culture. (s also note 11). 5. Donations to Charitable InstitiOnS From Unre8trActed Funds 2024 2023 Charitable Donation8 463,857.50 401.400.(M)
THE VERNON ELLIS FOUNDATION Notes to the FinanciaI Statements for the Year ended 5 April 2024 S. Donation8 to Char£table InstitiOnS From Re8trieted Funa8 2024 2023 NPAC I s¬e 111 RtAC I see note 111 8,233.73 28.(X)O.(M) 36,233.73 Governance Costs 2024 2023 tndeFndent Exarniner's E Coutt5 fee5 Trust administration fees Coutb Bank charges 3,588.00 1964.72 4,195.00 809.18 11,556.90 3,420.00 3.866.86 3,845.00 653.13 11,784.99 7. Prosralle Relaled Investment8 2024 2023 Balance brought forward Adjii$Fmpnt fnr liqiiidalion {29,59).) {29,599.54) 29,599.54 Realised sain l{108sI Balance The Foundatlon has provided funding to the Bridges Lommunity L)evelopment Venture fr'und Ikbridges LL)V bund) and received repayments of the loan committnent. Thi5 Venture Fund makes investments in busine8 with one or two Criteri the first of which is that the business is located in a deprived area OE the UK and make5 a beneficial impact on that local area through the use of employee5 Emm that area, or through a core target arket in that area or to disadvantagod people, or at least 50% of the noTh- salary expenditure of such business 8ge8 to businesses in Such area5. The second criteria is that the business 15 located elRg.whg.rp. in thp. IJK biit hrin8S Strms Annal benefit5 in one of several ways including creating cornmunity development or economic re8eneratLOTh the relief OE poverty, the protection ok the environment, educatio the pro]notion oEhealth the provision of economic opportunlty for disabled people and ethnic mlnority or otherwise excluded communities, or the provision of care to disabled or otherwise disadvantaged or excluded communitie& Tlw Fuuiidation made a cummitment of £1 mllllon to the Bridge5 CDV Fund of which O.(X)IV. (£IO} was a capital comrnitment and the remainder was in the forni of interest free loans which were drawn down by the Partnership, up to the commitment lirnit of £lmillion. The Bi'id8es CDV Funa lIllin<ed on the cli)sing date of 4 June 2017 and the process of Ilquldadng Fhtr rpmAinins asqpts is ongoin8.Thc remain1n balance has been reducod to nil ret this and pending receipt of fvrther and final distributiorL8 which may I tnade. The Trustees received £67J69.28 Lm 16 June 2023 from the continuin8 liquidation of the Bridges Community Developrnent Venture (CDVI Fund. 8. tnYe8tments listed on a recols¢d Stock Exchange 2024 2023 Market Value brought forward Additions 1,335,282.00 489,540.97 1,824822.97 {601,608.30} 71592.48 (35,846.15) 1,259,961. IA25,653.00 66£682.94 10g)J35.94 1704792.661 (36,141.79) {14119.49} 1,335,282. Disposal Ptteed$ Realised GainllLo55) Unrealised Gain/lkn)ss) Marketvalue carried forward
THE VERNON ELLIS FOUNDATION Notes to the Financial Ststemenls for the Year ended 5 AprlI 2024 Continued Cash 2024 2023 Coutts & Co Current account Coutts & Co Capital account Coutts & Co liicome aLfOUtIL 137,307.n 18,644.26 9),034.40 3J39.32 155,951.98 102,373.72 9. Debtor8 2024 Live Music Now-loan Grange Festival HMRC GiftAid Dividend ioo,o(x).00 1,140.00 2.125.(KJ 139.22 101.279.22 2.125.(X) The loan to tive Music Now Limited (English & Welsh Charity Numbet 273596) wa5 recoverable after more than one year. On 29January 2U24 Ihe'Jrustee5 reBolved to waive the repayment of the loan and to convert that loan to a donation lo the Charity. 10. Creditor8 Amounts fallins due wlthln one year Coutts Batth char8e5 HMRC CiEt nid ovcrpayment Independent Examiner's fees Trust administration fees 2024 2023 201.73 171.98 J7Jr.00 3.420.00 895.00 4,861.98 3588.00 4,195.00 7,984.73 As at 5 April 2024 there were no funding or capital commitrnents contingent Ilabilltles or other financial commitments for whith full provision has not been made in these financial statements. 11.Re8trlcled Funds 21J24 2U23 NPAC AC Total Total Balan brought forward as at 6 April 2023 3,111.27 3,111.27 845.(X) Incotne reIved in the year 300.[K) 39,345.(K) 3,11127 3,111.27 Expenses paid in the year {Note 121 Funds traTh%Eerred in the year 11,118.43 36,233.73 3,11127 3,111.27 Balance carried forward as at 5 April 2(r24 3,11127 3,111.27 3,111.27 12. Restiicted Fund8 2024 2023 RIAC UK Expenks 22,28157 Expenses 33.73
THE VERNON ELLIS FOUNDATION Notes to the Financial Statements for the Year ended 5 April 2024 12. Regtricted Fund8 (continued) Restricted ndS are establishod so thllt don8tions for specivic purposes c7 be rin8-leiiLed Lo safe¥uard th wishes of the donor. These funds are expended for music purposes either to support the professional develnpment of young rnusicians or for the performance 0£ classical music to public audientts. Vetnon Ellls 18 chairing d projecl"New PhilanlhTOPy for the Arts" (NPAC). There are now 20 rnembers ofthe group overseeing the prtiiect.This work is part of the Beacon Collaborative whose aim is to expand philanthropy. Two consultants are doing work for this group. Their costs are being partly covered by the Arts Council who are paying their fees through the Beacon CollaboratLVe. Each member of the group has donated £1,200 plus gift aid into this restricted Eund whith is used to pay for a matching Contribution to fund these support costs. NPACS next generation initiative is Responsible Influence in Arts and Culture ( IUACI which has been established as a separate Charity { a CIO) and prior to that event the Foundation providd Eunds to support the initiative. The balance of these Fw8 is included within the Balance Sheet Net A&8ets as cash. 13. Related party transactions Donations oE£232274 were received fTOrn the Trustees without eonditions. TIW LIritY duL% not have a relatlonship with any other charity or organisatiorLS. None of the TTUStees received any rcmuneration or Teimbursed exyeTL*I as Tru.$trp.p. diJrin8 thp pprind. Sir Vernon Ellis is a trustee of Live Music Now ( appointed in October 2018) where a donation wa5 rnade in the year of £11,552 and also a loan OE £IOO,(MJ) was walved and converted to a donation making the total donation in the year £11155212023 £1,700). He ceased to be co-chair of Britten Pears Arts on 10 Dmber 2021 and resigned as a trustee on 31 March 2023. MarkBide is a trustee of Evolve mUC l oppointed 19 Novomber 20201 where a dlatIon was Iade iii llie yedt vl £iul 12023 £15,000). io
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