Reglstered Company No. 04738794 (England and Wales) Registered Charlty No: 1100869 Gerald Palmer Eling Trust Company Group Financial Statements for the year ended 31 March 2024
Gerald Palmer Eling Trust Company Contents Page General infomiation Directors, report Independent auditors, report Group ststement of financial activities 12 Group balance sheet 13 Company balance sheet 14 Group cash flow statement 15 Notes to the financial statements 16
Gerald Palmer Eling Trust Company General information Directors RS Broadhurst (Chairman} DRW Harrison A Cropley JW Gardiner KR McDiarmid Company secretary DJ Hill Company registration number 04738794 Charity registration nurnber 1100869 Registered and principal office Eling Estate Office Hermitage Thatcham Berkshire RG18 9UF Sollcltors Blandy & Blandy One Friar Street Reading Berkshire RGI IDA Stockbrokers and investment managers CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET Auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE Bankers National Westminster Bank PLC 30 Market Place Newbury Berkshire RG14 SAG Page I
Gerald Palmer Eling Trust Company Directors, report For the year ended 31 March 2024 The Directors present their report together with the audited financial statements for the parent company and its subsidiary undertaking for the year ended 31 March 2024. The report is prepared in accordance with the small company regime (Section 41912)) of the Companies Act 2006. Structure. governance and management Background Gerald Palmer Eling Trust Company is the legal entity which own5 and manages a rural estate situated near Newbury in Berkshire which was bequeathed to charity on the death of the late Gerald Palmer Esq. It consists of farm land, forestry and residential and commercial properties. The Estate maintains a number of listed buildings and significant public acce55 to open spaces. Net income is part reinvested or distributed in charitable donations. Incorporation Gerald Palmer Eling Trust Company was incorporated on 17 April 2003 and registered with the Charity Commission on 24 November 2003. Eling Developments Ltd, the whollyowned subsidiary, was incorporated on 12 August 2014. Constltution Gerald Palmer Eling Trust Company is a charitable trust company {registered in England and Wales) for general charitable purposes governed by the Memorandum and Articles of Association dated 17th April 2003 and constituted as a private company limited by guarantee and having no share capital. Eling Developments Ltd is a 100% owned subsidiary. Directors Directors are recruited and appointed in order to ensure that the board taken as a whole has a range of competencies and experience appropriate for a charitable company of this size having a landed estate. New directors are provided with a full induction to the charitable company and training is provided where required. The Directors are appointed by the members in general meeting. The Directors, or any person connected, have not received any remuneration nor expenses during the year. The Directors who served during the year were as follows: R S Broadhurst D R W Halson A Cropley J WGardiner K R McDiannid Statement of trustees. responsibilities- charitable company The trustees (who are also directors of Gerald Palmer Eling Trust Company for the purposes of company lawl 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). Company law require5 the trustees to prepare financial statement5 for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources Page 2
Gerald Palmer Eling Trust Company Directors, report {continued) For the year ended 31 March 2024 and application of resources, including the income and expenditure, of the charitable group forthat period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP {FRS 1021; 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 financial statements; and 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 keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2(X)6. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there 15 no relevant audit information of which the charitable company's auditor is unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Organisational structure Major decisions relating to the strategy and policies of the charitable company are made by the Directors as a board. The Directors have appointed managing agents in order to delegate day to day decisions. The Managing Agent is Hills and Country Limited. The fee for Managing Agent for the year was £70,000 (2023: £60,CK)01. Related parties D J Hill, who was appointed company secretary of Gerald Palmer Eling Trust Company and Eling Developments Limited on 14June 2018, is a Directorof Hills and Country Limited, which ha5 been appointed as Managing Agent by the Directors. Other related parties are the Directors and the wholly owned subsidiary company, Eling Developments Ltd. Risks The major risks to which the Group is exposed, as identified by the Directors, have been revjewed and Systems have been established to manage these risk5. Health and safety risks due to forestry and building operations are reviewed through bi-annual health and safety forums including all members of staff and regular contractors. Financial risks due to unforeseen events are mitigated by the unrestricted reserves being held at a level sufficient to fund at least Six months of operating expenditure. Whilst the financial impacts from the Covid19 pandemic have subsided, operational impacts such as availability of materials and contractors continue to frustrate progress of maintenance and improvements across the rural estate. Turbulence in agricultural markets following the invasion of Ukraine as well as uncertainty surrounding domestic agricultural policy causes some instability in the land market and on land rents. This instability can be mitigated to some extent through long-term letting arrangements. Page 3
Gerald Palmer Eling Trust Company Directors, report (continued) For the year ended 31 March 2024 Objectives and actlvltles Objects The objects of the Group are to: advan the Christian religion, more particularly according to the teaching and usage of the Orthodox Churches of the East- advan medical research and the study of medicine; relieve sickness and/or poverty- and such othergeneral charitsble purposesasare exclusivelycharwtable underthe lawsof England and Wales includin& in particular. the long-term maintenance of the character and qualities of the landed estate- the Eling Estate- beingthe principal asset of the original endowment, and the protection and sustenance of its environment. The Directors achieve the first three of these objects by making grants to other charities in response to specific requests for assistance. Grant funding is made available from the surplus generated from the Estate portfolio. The Directors achieve the long-term maintenance of the character and qualities of the Eling Estate by operating and where possible enhancing the landed estate as well as authorising expenditure on the conservation of Heritage Properties and landscape which would be difficult if not impossible to justify in purely commercial terms. Aims The aims of the Direttors are: to distribute a substantial proportion of the net income in charitsble donations; to manage the woodlands and otherfeatures of the estate forthe public benefit and to facilitate public access where appropriate; and to improve the quality of the Group's assets and the return therefrom, both in temis of annual income and of caprtal value so that, over time, increasing donations may be distributed to charity. Strategies The strategies of the Directors are to: invest carefijlly in the fabric of the estate buildings, land and woodlands; maintain public access where appropriate; improve the retum from the Group's assets; review the Group's investments on a regular basis. and consider alternative investments as opportunities arise. Grant-making policies It is the policy of the Directors to make grants in response to specific requests, giving particular emphasis to: advancing the Christian religion; advancing medical research. relieving sickness and poverty; and supporting local charities. Applicants for grants find information about the charity either from its inclusion in a number of directories of grant-giving organisations or directly from public information held by the Charity Commission. Page 4
Gerald Palmer Eling Trust Companv Directors, report {continued) For the year ended 31 March 2024 Investment policy and objectives Recognising that the principal asset of the charitable Group is a landed estate, it is the policy of the Directors, who have unrestricted powers of investment, to maximise long term growth of both income and capital while maintaining a suitable balance between stock market investments and property. In relation to stock market investments, it isthe policy of the Directors to invest in a balanced portfolio of investments weighted in favour of equities. The increase in the value of the investments over the year is due to the fluctuation of the stock market. Public benefit Taking fully into account the above objects, aims, objectives. strategies, significant activities and grant- making policies, the Directors have concluded that Gerald Palmer Eling Trust Company meet5 the public benefit requirement because- the benefits that arise from the companws aims are that- the company is able to make substantial grants and donations to other charities; and the company is able to ensure the long-term maintenance of the character of the landed estate through the conservation of heritage properties and the natural environment. the company's aims intend to benefit other charities and those who are able to enjoy the environmental benefits of parts of the company's landed estate. there are no restrictions on who can have the opportunity to benefit. nobody receive5 any private benefit from the company. In so concluding, the Directors have cornplied with the duty in Section 17 of the Charities Act 2011 to have due regard to guidance on public benefit published by the Charity Commission. Achievements and perfomiance Charitable activities undertaken During the year the Directors have continued their operation of managing the Eling Estate and other interests concerned with Gerald Palmer Eling Trust Company. An on-going programme of repairs has maintained the built environment and charitable grants of £272,02312023: £304,255) have been made. In addition, the company makes available and maintains the Estate's woodland to the public for free access as well as providing space for schools and other usergroups to utilise some of the Estate land for education or wellbeing uses. Although the benefit and costs of these provisions are difficult to quantify financially, they provide significant public benefit in accordance with the aims of the charity. Property Maintenance Global trade and business interruption caused by the continuing conflict in Ukraine as well as in the Middle East ha5 had a significant impact on material prices and availability. Thi5 in turn ha5 caused a significant increase in costs of property maintenance. Whilst the delays to works experienced during the Covid lockdown have eased, availability of contractors and complexities in dealing with utility provider5 remains challenging. Investment performance v. investment objectives The comparator against which the performance of the COIF Charities Investment Fund representing 80.23% of the portfolio is measured, is MSCI S World. It comprises Overseas Equities 65.55Yo, Infrastructure and operating assets 9.41Yo, UK Equities 6.63%, Fixed Interest 8.23Yo, Cash 1.62Yo, Property 3.96Y., Contractual & other income 1.15Yo, Private Equity 3.42% and Derivatives 0.02%. The total gross return on this fund in the year to 31 March 2024 was a gain of 12.16Yo against 16.72% for the comparator. Page 5
Gerald Palmer Eling Trust Companv Directors, report (continued) For the year ended 31 March 2024 The comparator against which the performance of the COIF Charities Global Equity Income Fund representing 15Yo of the portfolio is measured, is MSCI S World. The total gross return on this fund in the year to 31st March 2023 was a gain of 18.10% against 22.45% for the comparator. The comparator against which the performance of the COIF Charities Property Fund (CPFI representing 4.77% of the portfolio is measured, is MSCI/AREF Other Balanced Property Fund Index. The total gross return on this fund in the year to 31st March 2024 was a loss of 0.04% against a loss of 1.75% for the comparator. Continuing conflict in Ukraine and the Middle East remain5 a significant factor in limiting growth on investment portfolios. Whilst the early half of the year saw modest growth, this was tempered in the latter part of the year. Property income Across the Group, gross rental and other income from property for the year was £1,855,272 (2023: £1,756,413). Factors relevant to achievement of objectives There were no exceptional factors which affected the performance of the Group during the year. Fundraising The Directors take their responsibility under the Charities (Protection and Social Investment} Act 2016 seriously and have considered the implications on their activities. The charity does not raise funds directly from the public and does not actively solicit donations. Therefore, the Directors do not consider it necessary to have a formal fundraising policy in place. The Directors are not aware of any complaints made in respect of fundraising during the period. Financial review Review of financial position The surplus of income over expenditure for the year and net movement in the unrestricted funds before the transfer to the endowment fund was £646,212 (2023: £579,371). The net movement in the endowment fund comprises a gain on revaluation of investments of £454,726 {2023:10s5 on revaluation of £512,618), a gain on revaluation of the properties of £13,949,755 {2023: £nil) and a transfer from the unrestricted fund to the endowment fund of £626,65512023: transferof £167,299) representing property improvements that cannot be Separated from the endowment net of movements in borrowing to fund capital works. Reserves It is the policy of the Directors to maintain sufficient income reserves to fund unforeseen revenue expenditure on the Estate for a period of three to six months ahead. Because of the Group's diverse income Stream income is relatively predictable whereas cash flows on expenditure is more sporadic, meaning it is not possible strictly to adhere to a self-imposed formula. The level of expected expenditure is approximately £1,200,LK)O per annum. The Directors do not Wlsh to hold this level of funding in cash within the unrestricted reserves, given the scale and liquidity of the investment portfolio should additional funding be required. At 31 March 2024, the level of unrestricted reserves held wa5 a Surplus of £351,974 (2023: surplus £332,417}. Page 6
Gerald Palmer Eling Trust Company Directors, report (continued) For the year ended 31 March 2024 Endowment fund In the long term it is the Directors, intention that the capital accountshould represent property and financial investments at market value. Unrestricted fund Surplus income not distributed during the year is transferred to the unrestricted fund, and is available for both the long-term maintenance of the characterand qualities of the landed estate and forfuture charitable distributions. Transfers between funds There was a transfer of £626,655 from the unrestricted fund to the endowment fund in the year ended 31 March 2024 {2023: £167,299). This transfer represents the costs of maintenance which have been capitalised, net of repayments on bank loan5 attached to the properties and new loans taken out. Principal funding sources The principal funding sources of the charitable Group are property and investment income. Eling Developments Ltd Thi5 ICMJ% owned 5ub5idiary was incorporated on 12 August 2014. Its principal activity is letting residential property. Any profit made in the year 15 then passed back up to the Gerald Palmer Eling Trust Company. Plans for the future The Directors, plans for the future are to: increase over time the amount of donations to charity; find a satisfactory solution to the future use of redundant scheduled buildings; improve the rental yield and capital value of the Estate through improvement of buildings and exploration of further opportunities for development. and seek to improve the viability of the woodlands in keeping with maintaining the character of the Estate. On behalf of the Directors o. RS Broadhurst Director (I 2024 Page 7
Gerald Palmer Eling Trust Company Independent auditors, report For the year ended 31 March 2024 Opinion We have audited the financial statements of Gerald Palmer Eling Trust Company (the 'parent charitable company'l and its subsidiary (the 'group'l for the year ended 31 March 2024 which comprise the group statement of financial activities, the group and company balance sheets, the group statement of cash flows and notes to the financial statements, including significant accounting policie5. The financial reporting framework that ha5 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 ouropinion the financial statement5". give a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 March 2024 and of the group's incoming resources and application of resources, including its income and expenditure, 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 requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK} IISAS {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 group and parent charitable company 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 relatlng to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees Wlth respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 8
Gerald Palmer Eling Trust Company Independent auditors, report (continued) For the year ended 31 March 2024 Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour 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. Other matters prescribed by the Companies Act 21J)6 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Annual Report which includes the Directors, Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Trustees, Annual Report which includes the Directors, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 require us to reportto you if, in our opinion: adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable company financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees, Annual Report and the Strategic Report. Responsibilities of trustees As explained more fully in the Statement of Tru5tees' Responsibilities set out on pages 2 and 3, the trustee5 (who are also the directors of the parent charitable company for the purposes of company lawl 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 the financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial 5tatement5, the trustees are responsible for assessing the group and the parent charitable company's ability to continue a5 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 liquidate the group or the parent charitable company or to cease operation5, or have no realistic alternative but to do so. Page 9
Gerald Palmer Eling Trust Company Independent auditors, report (continued) For the year ended 31 March 2024 Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. Ourobjectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs 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 {UKI 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 statement5. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our re5pon5ibilities, Outlined above, to detect material misstatements in respect of irregularitie5, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularities: We assessed the susceptibility of the group and parent charitable CoMpanS financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunitie5 for fraudulent manipulation of the financial statements. We identified laws and regulations that are of 5i8nificance in the context of the group and parent charitable company by discussions with management and trustees and updating our understanding of the sector in which the group and parent charitable company operate. Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales. Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable compan5 policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of tnanagement whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of busine55. We a55essed whetherjudgements made in making accounting estimates gave rise to a p055ible indication of management bias. At the completion stage of the audit, the engagement partnerf5 review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. Page 10
Gerald Palmer Eling Trust Company Independent auditors, report (continued) For the year ended 31 March 2024 There are inherent limitation5 in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorf5 report. Use of our report This report is made solely to the parent charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 21X]6. Our audit work has been undertaken so that we might State to the parent charitable compan¢s members those matters we are required to state to them in an auditorfs 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 parent charitable company and the parent charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Cara Turtington (Senior Statutory For and on behalf of Saffery Auditor) Statutory Auditors 71 Queen Victoria Street London EC4V 48E Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Page 11
Gerald Palmer Eling Trust Company Group statement of financial activities (Including an income and expenditure account) For the year ended 31 March 2024 2024 2024 2024 2024 2023 Unrestricted Endowment Restrirted Totsl Total Funds Fund5- Funds Funds Funds Notes Income Investment income 2.086.006 2,086,006 1,963,708 Charitable Activities 121,482 121.482 Totsl income 2,086,006 121,482 2,207.488 1,963,708 Expendlture Charitable activitie5 Estate maintenance Grant making 1,092,656 347,138 45.281 1,137,937 347,138 996,570 387,767 Total expenditure 1,439,794 45,281 1,485,075 1,384,337 Net gain/llossl on investments 454.726 454,726 1512,6181 Net income in the year 646,212 454.726 76,201 1,177,139 66,753 Transfer between funds Tax paid Net gain on revaluation of property 14 1626,6551 626,655 115,2331 13,949,755 13,949,755 Net movements in funds 19,557 15.031,136 76.201 15,126.894 51.520 Reconciliation of funds Total funds brought 332,417 89,414,897 89,747,314 89.695,794 foNard Total funds carrled 351.974 104,446,033 76,201 104,874,208 89,747,314 forward The notes on pages 16 to 31 form part of these financial statements. Page 12
Gerald Palmer Eling Trust Company Group balance sheet As at 31 March 2024 2024 2023 Notes Fixed assets Land and buildings Investments Tangible assets ioo.000,000 5,427.506 55.849 85.679.736 4.972,780 62.828 105.483.355 90,715.344 Current assets Stocks Debtors Cash at bank 2,603 451,828 231.991 2.848 285.448 253,990 686.422 542,286 Current Ilabllltles Creditors- Amounts falling due within one year io 1584,1771 (562,0881 Net current (Ilabllltlesllassets 102,245 (19,8021 Total assets less current liabllltles 105,585,600 90.695.542 Credftors: Amounts falling due After more than one year li 1711,392) (948,2281 Net assets 104,874,208 89,747,314 Represented by: Restricted fund 13 76.201 Endowment fund 13 104,446,033 89,414,897 Unrestricted fund 13 351,974 332,417 Total funds 104.874.208 89.747.314 These financial Statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. Approved by the directors on 2024 R S Broadhurst Director The notes on pages 16 to 31 form part of these financial statements. Page 13
Gerald Palmer Eling Trust Company Company balance sheet As at 31 March 2024 2024 2023 Notes Fixed assets Land and buildings Investments Tangible assets ioo.000.000 5,427.606 55.849 85,679,736 4.972.880 62,828 105,483,455 90.715.444 Current assets Stocks Debtors Cash at bank 2,603 489.722 73,278 2,848 300.217 88,388 565,603 391,453 Current Ilabilitles Creditor5: Amounts falling due within one year io {577.6971 (543,796) Net current assets 112.094} (152.3731 Total assets less current liabilities 105,471,361 90,563,101 Credltors: Amounts falling due after more than one year li 1711,3921 (948,2281 Net assets 104,759.969 89.614.873 Represented by: Restricted fund 76,201 Endowment fund 104,446,033 89,414,897 Unrestricted fund 237,735 199.976 Total funds 104,759,969 89.614,873 No separate SOFA has been presented for the Charity alone, as permitted by Section 408 of the Companies Act 2006. The income of the Charity for the year was £2,554,03412023- £1,935,468) and its net income was £114.23912023: £5 3271. R S Broadhurst Director 2024 The notes n pages 16 to 31 form part of these financial Statements. Page 14
Gerald Palmer Eling Trust Company Group cash flow statement For the year ended 31 March 2024 2024 Total Funds 2023 Total Funds Notes Cash used in operating activities 20 (1,595,065) 11.537,985) Cash flows from investing activities Interest, dividends and rents from investments Property improvements Purchase of fixed assets 2,207,488 {370,509) 17,760) 1,963,708 {688,370) (30,123) Cash provided by investing activitles 1,829,219 1,245,215 Cash flows from financing activities Repayment of loan 1256,1531 1144,325) New loan received I,000,O(h) (256,1531 855,675 (Decrease)/increase in cash and cash equivalents in the year (21,9991 562,905 Cash and cash equivalents at the beginning of the year 253,990 1308,915) Cash and cash equivalents at the end of the year 231,991 253,990 (Decrease)/increase in cash and cash equivalents in the year 21 (21,9991 562,905 The notes on pages 16 to 31 form part of these financial statements. Page 15
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2024 Accounting policies The principal accounting policies adopted, judgements and key sources of estimation in the preparation of the financial statements are as follows- Basis of preparation The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charitie5 Statement of Recommended Practice {"SORPIFRS102) ), Financial Reporting Standard 102, and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment propertie5 and other investments. Going concern After reviewing the group's forecasts and projections, the trustees have a reasonable expectation that the group has adequate resource5 to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing the financial Statements as Outlined in the Statement of trustees, responsibilities on pages 2 and 3. Company status The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. At 31 March 2024 the total of such guarantees was £512023: £5). The charity meets the definition of a public benefit entity under FRS 102. Basis of consolidatlon The financial statements present the consolidated statement of financial activities {SOFA), the consolidated cash flow statement and the consolidated and Charity balance sheets comprising the consolidation of the Charity and with its wholly owned subsidiary Eling Developments Limited (company number 9172446). Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the itemlsl of income have been met, it is probable that the income will be received and the amount can be reliably measured. Donations, legacies, and grants. are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the Charity is considered probable. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intend5 retention is to be permanent or not. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets Page 16
Gerald Palmer Eling Trust Company Notes to the financial statements {continued) For the year ended 31 March 2024 for retention or consumption, or at the value to the Charity in the case of donated seNices or facilities. Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis. Income from investment properties is accounted for in the period to which the rental income relates. Dividend income is accounted for on the basis of when it is received. Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. The direct costs incurred in preserving the estate are shown as a charitable activity distinct from that of donation making. Irrecoverable VAT is included with the item of expenditure to which it relates. Governance costs comprise the costs of complying with constitutional and statutory requirements. Intra-group sales and charges between the Charity and its subsidiary are excluded from income and expenditure. No provision has been made for holiday that Staff have accrued, but not taken, from the beginning of the holiday year11 January) to the financial year end (31 March), as the amounts involved are considered to be trivial. Tangible fixed assets Expenditure on the acquisition of individual fixed assets C05ting more than £1,000 is capitalised at cost. In certain circumstances, where the original costs of assets are not ascertainable, a reasonable estimate of the cost, if material, has been used. Other expenditure on items incurred in the normal day-to-day running of the Group and its subsidiary is charged to the SOFA as incurred. Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal instalments over their expected useful economic lives as follows: Motor vehicles, plant & machinery Office equipment 4-5 year5 on a straight-line basis 4 years on a straight-line basis The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the SOFA. Investments Investment properties are valued as individual investments attheir market values as at the balance sheet date. Purchases and sales of investment properties are recognised on exchange of contracts. Listed investments are valued at mid-market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the SOFA and are allocated to the appropriate Fund according to the ownership" of the underlying a55ets. The investment in the subsidiary undertaking is shown at cost on the charity balance sheet. Page 17
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2024 Stock Stock is included at the lower of cost or net realisable value. No value is attributed to standing timber. Provisions are made for obsolete or slow-moving stock. i.io Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. i.ii Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.12 Creditors and provisions Creditors and provisions are recognised where the group 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 normally recognised at their settlement amount after allowing for any trade discounts due. 1.13 Financial instruments The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.14 Fund accounting The charitable trust funds of the Charity and its subsidiary are accounted for as unrestricted or endowment capital, in accordance with the terms of charity. Endowment funds are further subdivided into the revaluation reseNe and general resenie. 1.14.1 Unrestrlcted fund Surplus income not distributed during the year is available for both the long term maintenance of the character and qualities of the landed estate and for future charitable distributions. This expenditure is done on the discretion of the trustees in furtherance of the general objective5 of the charity. 1.14.2 Endowment fund The endowment fund represents property and investment endowments, together with any profit or loss arising from the disposal and replacement of these assets, and sums transferred to the endowment fund from the unrestricted fund in recognition of the fact that surplus income has been capitalised by way of property improvement. 1.14.3 Restricted fund Restricted funds are those which are to be used in accordance with specific restrirtions of the donors or which have been raised by the Charity for particular purposes. The purpose for which restricted funds are held is analysed in notes 13 and 14 to the accounts. Page 18
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2024 1.15 Pension costs Retirement benefits to employees of the group are provided through a defined contribution scheme. The pension costs charged to the SOFA are the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. 1.16 Key estimates and judgements In application of the charity's accounting policies, the trustees are required to make judgements, estimates and a55umptions 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 experiences and ather factors considered to be relevant. Actual results may differ from these estimates. Income 2024 Group 2023 Group Estate income Rent and other property income Income from woodland5 1,855,252 70,726 1,925,978 1,756,413 49,378 1,805,791 Investment income Dividends Interest Income from royalties 148,872 1,924 9,232 148,872 3,145 5,900 160,028 157,917 Total investment income 2,086,006 1,963,708 Charitable Activities Income from woodlands 121,482 The income represents the restricted grant that wa5 received from the Department of Environment Food & Rural Affairs with the objective of the Erant to fund activities towards the maintain of the woodland to SUPPOrt biodiversity, access and landscape value. Page 19
Gerald Palmer Eling Trust Company Notes to the financial statements {continued) For the year ended 31 March 2024 Estste maintenance 2024 Group 2023 Group Repairs Insurance and other property costs Estate maintenance costs Woodlands costs Net cost of yard Management charge Support cost5 (Note 5) 517,767 87,919 42,228 45,281 357,794 68,345 35,898 56,559 69,167 375,575 60,417 417,558 1,137,937 996,571 Grant making 2024 Group 2023 Group Grants to institutions Grants returned 272,023 329,855 (25,600) 272,023 304,255 Support costs (Note 51 75,115 83,512 347,138 387,767 This year the following recipients received grants over £5,000 which made up 73%12023: 57¥01 of the total donations made by the charity. ABC to Read Action for the River Kennet Alexander Devine H05pice Berkshire County Blind Society Brendoncare Bridge for Young People Brightwalton & Catmore PCC Corn Exchange Newbury Daisys Dream Enham Trust Helen & Douglas House Hypo Hounds Independence at Home Institute for Orthodox Christian Studies IPSEA Launchpad Reading Listening Books {2 donations) 3,C(10 5,WO 5,000 5,000 3,OLK) 5,(NJO 25,WO 5,(X)O 5,000 5,000 3,000 5,000 5,000 5,OCMJ lo,0] 5,000 3,000 5,OCM) 25,0 5,000 5,OChJ 3,000 1,500 Page 20
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2024 Maggie Keswick Jencks Cancer Caring Centre5 Trust Newlife Newbury Soup Kitchen Parkin50ll5 Disease Priors Court Foundation Prospect H05pice Rainbow Trust Recovery In Mind Response Organisatio Roya l Agricultural Benevolent Institution Salisbury Cathed ra I St Andrew's Church Boxford St James Church Leckhampstead Support Through Court Swings & Smiles Thames Valley Air Ambulance The John Simonds Trust The Living Forest The Old Library (Corn Exchange) The St Gregory's Foundation The Porch Limited Time to Talk West Berkshire Treloar's Ufton Court Education Trust West Berkshire Therapy Centre Woodland Centre Trust Willow Foundation12 donations) Yeldall Manor 3,000 5,000 3,000 5,000 3,000 10,000 5,000 3,000 10,000 5,000 5,000 15,000 5,000 5,000 2,000 2,000 5,000 5,000 5,000 27,000 5,000 5,000 5,000 5.000 5,000 10,000 5,000 5,000 3,000 3,000 5,000 5,000 5,000 5,000 6,000 20,000 iO,CMJO 3,000 5,000 5,CN)O 3,()30 15,000 Grants totalling £18,000 were made during the year in support of one individual {2023: £18,000 in support of one individuall. Page 21
Gerald Palmer Eling Trust Company Notes to the financlal statements (continued) For the year ended 31 March 2024 Support costs Current year Estate expenditure Donations Total Office premises costs Staff costs Estate office running costs Legal and financial costs Governance costs 60,991 95,399 194,021 5,262 19,902 12,198 19,080 38,804 1,053 3,980 73,189 114,479 232,825 6,315 23,882 375,575 75,115 450,690 Support costs have been apportioned 5/6 Estate Expenditure and 116 to Donations. The audit fee for the year ending 31 March 2024 was £14,450 {2023: £14,000). The auditorfs fee for tax compliance services was £1,500 {2023: £1,250) and for accountancy services was £3,625 {2023: £3,340). Comparative year Estate expenditure Donations Total Office premises costs Staff costs Estate office running costs Legal and financial costs Governance costs 36,063 100,544 227,918 29,129 23,903 7,213 20,109 45,584 5,826 4,781 43,276 120,653 273,502 34,955 28,684 417,558 83,512 501,069 Page 22
Gerald Palmer Eling Trust Company Notes to the financial statement5 (continued) For the year ended 31 March 2024 Land and buildings 2024 Group and Company 2023 Group and company Freehold properties At valuation l April 2023 85,679,736 84.991,366 Additions Revaluation in the year 370,509 13,949,755 688,370 31 March 2024 ioo,000,000 85,679.736 Afull external valuation of the properties in the sum of £100 million was carried out as at 31 March 2024 by Carter Jonas, independent chartered surveyors. The basis of valuation was'the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion" The Trustees consider the fair value of investment property each year and believe it is not materially different from the carrying value disclosed above. Investments 2024 Group 2024 Companv 2023 Group 2023 Company Market value l April 2023 Additions Disposals Net {lossl/gain on reva luation 4,972,780 4,972,780 5,485,496 4,611,496 454,726 454,826 (512,618) 361,384 31 March 2024 5,427,506 5,427,606 4,972,780 4,972,880 Historical cost at end of year 2,508,389 2,508,489 2,508,389 2,508,489 COIF Charities Investment Fund COIF Charities Global Equity Income Fund COIF Charities Property Fund CCLA Charity Deposit accounts Investment in subsidiary Unquoted investments 4,354,393 813,906 4,354,393 813,906 3,992,959 706,524 3,992,959 706,524 259,054 259,054 273,144 273,144 loo 151 loo 151 151 151 5,427,506 5,427,606 4,972,780 4,972,880 Page 23
Gerald Palmer Eling Trust Companv Notes to the financial statements (contlnued) For the year ended 31 March 2024 All investment assets including investment properties are held in the UK. The charity holds IOOYO of the share capital of its subsidiary Eling Developments Limited {company number 091724461 The results of the company for the year are shown in note 22 2024 2023 Reconciliation of unrealised gains and losses on investments Unrealised gains at beginning of year Net gain/(loss) on revaluation 1,650,832 454,726 2,163,450 1512,618) Unrealised gains at end of year 2,105,558 1,650,832 Tangible fixed assets Group and Company Offlce Equipment Vehicles plant and machinery Total Cost or valuatlon l April 2023 Additions Disposals 146,569 7,760 7,607 154,176 7,760 31 March 2024 154,329 7,607 161,936 Depreciation l April 2023 Charge for year Disposals 87,210 14,045 4,138 694 91,348 14,739 31 March 2024 101,255 4,832 106,087 Net book value 31 March 2024 53,074 2,775 55,849 31 March 2023 59,359 3,469 62,828 Page 24
Gerald Palmer Eling Trust Company Notes to the financial statements {continued) For the year ended 31 March 2024 Debtors 2024 Group 2024 Company 2023 Group 2023 Company Trade debtors Development Costs Amounts owed by EDL Prepayment5 and accrued income HM Revenue and Custom5 Sundry debtors 201,203 152,882 212,922 152,882 33,040 87,193 106,718 118,963 106,518 118,963 19,474 30,820 94,058 35,325 8,352 16,090 8,352 16,090 3,685 3,685 451,828 489,722 285,448 300,217 io. Creditors: amounts falling due wlthin one year 2024 Group 2024 Company 2023 Group 2023 Company Bank loans (note 111 Trade creditors Amounts owed to EDL Rents received in advance Tenant deposits refundable Accruals HM Revenue & Customs Sundry creditors 270,078 159,852 270,078 169,072 289,395 142,624 289,395 139,924 118,642 26,545 8,400 660 105,990 23,497 8,400 660 115,724 42,081 103,072 39,141 127,736) {27,736) 584,177 577,697 562.088 543,796 For both years, rents received in advance relate to the subsequent financial year. Page 25
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2024 11. Creditors: amounts falling due after more than one year Group and Company 2024 2023 Bank loans payable after more than one year 711,392 948,228 Expected repayments are as follows: 2024 2023 Within 1-2 years Within 2-5 years After more than 5 years 183,621 527,771 185,059 499,744 263,425 948,228 289,395 711,392 270,078 Within l year 981,470 1,237,623 The charity has an original bank loan which was taken out in and is unsecured although the Bank Loans are unsecured, the Directors have signed a letter of negative pledge in respect of the Charity's investment properties. An additional loan was taken out in the year ended 31 March 2023. The loan attracts interest at 2.25% over base rate and the loan is repayable over 7 years with repayments beginning in June 2023. No additional security was required by the bank. 12. Provisions for commitments: intentions At 31 March 2024, the Directors had approved donations of £16,5(X) payable in the year ended 31 March 2025. These donations are subject to conditions within the control of the Trustees. Page 26
Gerald Palmer Eling Trust Company Notes to the financlal statements (continued) For the year ended 31 March 2024 13. Funds Current year Unrestricted Fund Endowment Fund Restricted Fund Total Total funds brought forward Income Expenditure (Loss)/Gain on revaluation (Loss)/Gain on revaluation of property Transfer between funds 332,417 89,414,897 89,747,314 2,086,006 11,439,794) 121,482 (45,281) 2,207,488 11,485,075) 454,726 454,726 13,949,755 13,949,755 {626,6551 626,655 Total funds carried 351,974 104,446,033 76,201 104,874,208 forward The transfer from the unrestricted fund to the endowment fund represents the costs of maintenance which have been capitalised, net of repayments on bank loans attached to the properties. Current year Unrestricted Fund Endowment Fund Restricted Fund Totsl Total funds brought forward Income Expenditure (Loss)/Gain on investments Transfer between funds (399,0191 90,094,814 89,695,793 1,963,708 (1,399,570) 1,963,708 {1,399,570) 1512,618) {512,618) {167,299) 167,299 Total funds carried 332,417 89,414,897 89,747,314 forward The restricted fund wa5 set up in the year ended 31 March 2024 and it represents the grant that was received from the Department of Environment Food & Rural Affairs with the objective of the grant to fund activities towards the maintain of the woodland to support biodiversity, acce55 and landscape value. Pa e27
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2024 14. Analysis of net assets between funds Current year Unrestricted Fund Endowment Fund Restricted Fund Total Land and buildings Investments Tangible fixed assets Current assets Current liabilities Long term liabilities iOO,000,CM)O 5,427,506 ioo,000,coo 5,427,506 55,849 686,422 (584,1771 (711,3921 55,849 610,221 (314,096) 76,201 1270,081) 1711,392) 351,974 104.446,033 76,201 104,874,208 Comparative year Unrestricted Fund Endowment Fund Total Land and buildings Investments Tangible fixed asset5 Current assets Current liabilities Long term liabilities 85,679,736 4,972,780 85,679,736 4,972,780 62,828 542,286 {562,088) {948,228) 62,828 542,286 {272,693) 1289,395) 1948,2281 332,421 89,414,893 89,747,314 Page 28
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2024 15. Staff costs The group employed I full time and 3 part-time12023: 1 full time and 3 part-timel staff duringthe year at a cost of £114,479. 2024 2023 Wage5 and salarie5 Social security cost5 Pension contributions (Note 161 101,646 4,426 8,407 101,595 6,704 12,354 114,479 120,653 There are no employees with emolument5 above £60,000 (2023: none). No remuneration was paid to trustees during the current or prior year. The trustees received reimbursement of travel expenses totalling £Nil during the year12023: £Nill The trustees outsource the rnanagement of the group to a third-party organisation providing professional services and ha5 no employees making management decisions. They therefore do not consider there to be any remuneration paid to key management personnel. The amount paid by the group to the managing agent was £70,000 (2023: £60,000). 16. Penslon Scheme The group operate5 a defined contribution scheme to which contributions of £8,407 (2023: £12,354) were paid during the year. 17. Financial commitments 17.1 Operating Leases The group had no annual commitments during the year. 17.2 Capital cornmitments At 31 March 2024, the Trustees have not committed any capital spend on property developments (2023- £Nil). 18. Related party transactions During the year Gerald Palmer Eling Trust charged a ground rent to Eling Developments Ltd. For the year ended 31 March 2024 this was £12,020 (2023: £11,903). Eling Developments Ltd made a gift aid payment of £94,307 during the year12023: £78,882). A5 at 31 March 2024, Eling Developments Ltd owed Gerald Palmer Eling Trust Company £52,501 12023: Eling Developments Ltd owed Gerald Palmer Eling Trust Company £19,474). There were no other related party transactions during the year. Pa e29
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2024 19. Operating lease receipts The total of rents receivable from investment properties expected in the next financial year is £1,837,757 (2023: EI,635,727). Leases on farm land are a mixture of Farm Business Tenancies and Agricultural Holding Act IAHAs} Tenancies. Successions rights of the AHAS mean there is no way of knowing when this lease will terminate. Other tenancies are of varying length and subject to periodic rent reviews. FRS 102 $20.30 requires disclosure of lease receipts due in 2-5 years and over 5 years based on the expiration date of current leases. The trustees consider that the level of variables involved mean that including any figure for this would be misleading to users of the accounts. 20. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net movement in funds Add back depreciation Less gain on revaluation of properties Less interest income, dividends and rents from investments Losses/lgains} on investments Decrease/llncreasel in stock (Increase)/Decrease in debtors IDecreasel/lncrease in creditors 15,126,894 14,739 {13,949,755) (2,207,488) 1454,726) 245 {166,3801 41,406 51,520 8,923 (1,963,708) 512,618 9,542 (47,212) (109,668) {1,595,0651 11,537,985) 21. Analysis of changes In net debt At l April 2023 Cash flows Other non cash changes At 31 March 2024 Cash Overdraft Cash and cash equivalents Loans falling due within one year Loans falling due after one year 253,990 (21,999) 231,991 253,990 1289,395) (21,9991 19,317 231,991 {270,078) {948,228) 236,836 {711,392) (983,6331 234,154 (749,479) Page 30
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2024 22. Taxable benefits The charitable company is a registered charity and therefore generally is not liable to corporation tax on its net income for the year, or on its capital gains. Trading activtties 23. Gerald Palmer Eling Trust Company is the sole shareholder of Eling Developments Ltd (company number 91724461, a company incorporated in 2014. The following result5 of Eling Developments Ltd have been included in the group result5. 2024 2023 Turnover Property Costs 120,200 140,823) 119,026 (20,306) 79,377 98,720 Overheads {3,273) (4,413) 94,307 (15,233) 79,074 Profit before tax Taxation Profit after tax 76,104 76,104 Share capital Profit and loss reseNes loo 100 114,238 114,338 132,441 132,541 Capital and reserves 24. Ultimate controlling party The company is limited by guarantee and, as such, is effectively controlled by its directors. Pa e31
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2024 25. Group statement of financial activities- comparative year Unrestricted fund Endowment fund 2023 Total funds Income Investment income 1,963.708 1.963,708 Total income 1,963.708 1.963.708 Expenditure Charitable activities Estate maintenance Grant making 996,570 387,767 996.570 387.767 Total expenditure 1,384.337 1,384,337 Net {105s11 gain on investments 1512.6181 1512,6181 Net income In the year 579,371 1512,6181 66,753 Transfer between funds 167,299 {167,2991 Tax paid 115,2331 {15,2331 Net gain on revaluation of property Net movements In funds 731,437 1679,9171 51,520 Reconclllation of funds Total funds brought forward 1399,0201 90,094,814 89,695,794 Totsl funds carried forward 332.417 89,414,897 89,747.314 Page 32