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 Ha￿lson
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 CoMpan￿S 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 compan￿5 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