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 2025
Gerald Palmer Eling Trust Company Contents Page General information Directorf report Independent auditorl report Group statement 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 number 1100869 Registered and principal office Eling Estate Office Hermitage Thatcham Berkshire RG18 9UF Solicitors 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 Audltors 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 2025 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 2025. The report is prepared in accordance with the small company regime {Section 419{211 of the Companies Act 2(MJ6. Structure, governance and management Background Gerald Palmer Eling Trust Company is the legal entity which owns 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 access 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. Constitution 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 2(Y)3 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 Direttors, 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 Harrison A Cropley J W Gardiner K R McDiarmid C R A Ferguson (appointed I" April 2025) ststement of trustees. responsibilities- charitable company The trustees (who are also directors of Gerald Palmer Eling Trust Company for the purposes of company law) are responsible for preparing the Tru5tees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources Page 2
Gerald Palmer Eling Trust Company Dirertors, report (continued) For the year ended 31 March 2025 and application of resources, including the income and expenditure, of the charitable group for that 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 102}- 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(K)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 is no relevant audit information of which the charitable CoMpanS 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 Hi115 and Country Limited. The fee for Managing Agent for the year was £70,C()0 {2024: £70,000). Related parties D J Hill, who was appointed company secretary of Gerald Palmer Eling Trust Company and Eling Developments Limited on 14 June 2018, is a Directorof Hills and Country Limited, which has been appointed as ManagingAgent 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 reviewed and systems have been established to manage these risks. 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. World events such as the continued conflict in Ukraine and more recently in the Middle East lead to uncertainty in market5 which 15 proving to have a significant impact on costs of running the business; in particular on costs of materials for construction and maintenance which a significant proportion of the Trust's expenditure. Availability of labour and Skilled tradespeople remains a challenge. Page 3
Gerald Palmer Eling Trust Company Directors, report (continued) For the year ended 31 March 2025 Risks to income are managed by diversifying the let portfolio and keeping properties maintained to current standards and where possible in anticipation of known legislative changes such as energy performance regulations. Objertives and activities Objects The objects of the Group are to: advance the Christian religion, more particularly according to the teaching and usage of the Orthodox Churches of the East; advance medical research and the study of medicine; relieve sickness and/or poverty. and such other general charitable purposes as are exclusively charitable under the laws of England and Wales including, in particular, the long-term maintenance of the character and qualities of the landed estate the Eling Estate - being the 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. Grantfunding 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 po55ible enhancing the landed estate as well a5 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 Directors are: to distribute a substantial proportion of the net income in charitable donations. to manage the woodlands and other features of the estate for the 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 terms of annual income and of capital value so that, overtime, increasing donations may be distributed to charitv. Strategies The strategies of the Directors are to- invest carefully in the fabric of the estate buildings, land and woodlands- maintain public access where appropriate: improve the return from the Group's assets; review the Group's investments on a regular basis. and consider alternative investments as opportunities arise. Grant-maklng 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 sicknes5 and poverty; and supporting local charities. Page 4
Gerald Palmer Eling Trust Company Directors, report (continued) For the year ended 31 March 2025 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. 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 is the 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 meets the public benefit requirement because- l. the benefits that arise from the company's aims are that: the company is able to make substantial grant5 and donation5 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. 2. 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 receives any private benefit from the company. In so concluding, the Directors have complied 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 performance Charitable artivities 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 £306,318 {2024: £272.023) have been made. In addition, the company makes available and maintains the Estate's woodland to the public forfree access as well a5 providing space for Schools and other user groups 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 a5 well as in the Middle East has had a significant impact on material prices and availability. This in turn has caused a significant increase in costs of property maintenance. The trust continues to maintain its propertiesto a high standard on a proactive basis to minimise significant unexpected expenditure. Investment performance v. investment objectives The comparatoragainst which the performance of the COIF Charities Investment Fund representing 78.16% of the portfolio is measured, is MSCI S World. It comprises Overseas Equities 56.73¥c¢, Fixed Interest 9.93¥0, UK Equities 8.14%, Infrastructure and operating asset5 7.38¥0%, Cash 6.85Yo, Property 4.68%, Private Equity Page 5
Gerald Palmer Eling Trust Company Directors, report (continued) For the year ended 31 March 2025 4.62%, Contractual & other income 1.65%, and Derivatives 0.02%. The total gross return on this fund in the year to 31 March 2025 wa5 a gain of 1.98¥0 against 4.05% for the comparator. The comparator against which the performance of the COIF Charities Global Equity Income Fund representing 16.26% of the portfolio is measured, is MSCI S World. The total gross return on this fund in the year to 31st March 2025 was a1055 of 3.77% against a gain of 4.76% for the comparator. The comparator against which the performance of the COIF Charities Property Fund {CPF) representing 5.59% 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 2025 was a gain of 7.08¥0 against 6.22% for the comparator. Conflict in Ukraine and the Middle East continues to restrain markets and more recently trade turbulence driven by imposition of tariffs by the United States has led to a poor performance at the latter part of the year following a p051tive Start. Uncertainty around policies coming out of the US continue to unsettle markets. Property income Acro55 the Group, gro55 rental and other income from property for the year was £1,858,179 (2024: £1,855,252}. 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 £617,631 (2024: £646,212). In addition the charity has benefitted from some restricted grants that have been applied to forestry maintenance. The net movement in the endowment fund comprises a loss on revaluation of investments of a reduction of £224,59012024: gain on revaluation of E454,726}, a gain on revaluation of the properties of £- (2024". £13,949,755) and a transferfrom the unrestricted fund to the endowment fund of £503,31612024: transfer of £626,655) representing property improvements that cannot be separated from the endowment net of movements in borrowing to fund capital work5. 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 month5 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 Page 6
Gerald Palmer Eling Trust Company Directors, report (continued) For the year ended 31 March 2025 £1,200,000 perannum. The Directors do notwish 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 2025, the level of unrestricted reserves held was a surplus of £466,28912024: surplus £351,974). Endowment fund In the longterm it is the Directors, intention thatthe capital account should represent property and financial investments at market value. Unrestricted fund Surplus income not distributed during the year is transferred to the unrestricted fund, and 15 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 £503,316 from the unrestricted fund to the endowment fund in the year ended 31 March 2025 {2024: £626,655). This transfer represents the costs of maintenance which have been capitalised, net of repayments on bank loans attached to the properties and new loan5 taken out. Principal fundlng sources The principal funding sources of the charitable Group are property and investment income. Eling Developments Ltd This IOO¥o owned subsidiary was incorporated on 12 August 2014. Its principal activity 15 letting residential property. Any profit made in the year is 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 K R McDiarmid Dirertor '( 2025 Page 7
Gerald Palmer Eling Trust Company Independent auditors, report For the year ended 31 March 2025 Opinion We have audited the financial statements of Gerald Palmer Eling Trust Company (the 'parent charitable compan¢) and its subsidiary (the 'group') for the year ended 31 March 2025 which comprise the group statement of financial activities, the group and company balance sheets, the group statement of cash flows and note5 to the financial statements, including significant accounting policies. The financial reporting framework that has 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 our opinion the financial statements- give a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 March 2025 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) {ISA5 {UK)l and applicable law. Our responsibilities under those standards are further described in the Auditorfs 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 relating 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 is 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 with 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 auditorfs 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 Companv Independent auditors, report (continued) For the year ended 31 March 2025 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 2006 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 Director5, 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 report to 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 statement5 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 trustee5 As explained more fully in the Statement of Trustees, Responsibilities Set Dut on pages 2 and 3, the trustees (who are also the directors of the parent charitable company for the purposes of company law) 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 trustee5 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 statements, the trustees are responsible for asse55ing the group and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee5 either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do 50. Page 9
Gerald Palmer Ellng Trust Company Independent auditors, report (continued) For the year ended 31 March 2025 Auditorfs responsibillties for the audit of the flnancial 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 whetherthe 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 auranCe, but is not a guarantee that an audit conducted in accordance with ISAS (UK) 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 statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, 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 asse55ing risks related to irregularities: We assessed the susceptibility of the group and parent charitable companws 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 po55ible incentives and opportunities for fraudulent manipulation of the financial statements. We identified law5 and regulations that are of significance 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 record5 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(s 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 management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, 5U5pected 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 business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion Stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate profe55ional 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 2025 There are inherent limitations 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 auditorfs report. Use of our report This report is made solely to the parent charitable compan¢s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might State to the parent charitable company'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 companWs members as a body, for our audit work, for this report, or for the opinions we have formed. Cara Turtington (Senior Statutory Audltor) For and on behalf of Saffery LLP ..2025 Statutory Auditors 71 Queen Victoria Street London EC4V 4BE 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 actlvities (including an income and expenditure account) For the year ended 31 March 2025 2025 2025 2025 2025 2024 Unrestricted Endowment Restrirted Total Total Funds Funds Funds Funds Funds Notes Income Investment income 2,016,977 2,016,977 2,015,280 Charitable Activities 89,421 200,450 289,871 192.208 Other income 5,500 5,500 Total income 2,111,898 200,450 2,312,348 2.207.488 Expenditure Charitable activities Estate maintenance Grant making 1,111,849 382.418 144,682 1,256,531 382,418 1,137,937 347,138 Total expenditure 1,494,267 144,682 1,638,949 1,485,075 Net gain/llossl on investments 1224,5901 1224.5901 454.726 Net income in the year 617,631 1224,5901 55,768 448,809 1,177.139 Transfer between funds Tax paid Net gain on revaluation of property 14 1503,3161 503,316 13,949,755 Net movements in funds 114,315 278,726 55,768 448,809 15,126,894 Reconciliation of funds Total funds brought 351,974 104,446,033 76,201 104,874,208 89,747,314 forward Total funds carried 466,289 104.724,759 131,969 105,323,017 104.874,208 forward The notes on pages 16 to 32 form part of these financial statements. Page 12
Gerald Palmer Eling Trust Company Group balance sheet As at 31 March 2025 2025 2024 Notes Fixed assets Land and buildings Investments Tangible assets 100.768,371 4,702.916 79,818 ioo,000,000 5.427,506 55,849 105,551,105 105.483,355 Current assets Stocks Debtor5 Cash at bank 2.962 479,210 335.826 2,603 451.828 231.991 io 817.998 686,422 Current liabilities Creditors: Amounts fallin8 due within one year li 1460,655) 1584.1771 Net Current (liabilitles)/assets 357,343 102,245 Total assets less current liabilities 105,908,448 105,585,600 Creditors: Amounts falling due After more than one year 12 {585,431) 1711,3921 Net assets 105,323,017 104,874,208 Represented bv: Restricted fund 14 131.969 76.201 Endowment fund 14 104,724,759 104,446,033 Unrestricted fund 14 466,289 351.974 Total funds 105.323.017 104.874.208 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 l IX2025 K R McDiarmid Director The notes on pages 16 to 32 form part of these financial statements. Page 13
Gerald Palmer Eling Trust Company Company balance sheet As at 31 March 2025 2025 2024 Notes Flxed assets Land and buildings Investments Tangible assets 100,768.371 4,703,016 79,818 ioo.000,000 5.427.606 55,849 105,551,205 105,483.455 Current assets Stocks Debtors Cash at bank 2,966 500.996 182.286 2.603 489.722 73,278 io 686.248 565,603 Current liabilities Creditors: Amounts falling due within one year li 1445,237) {577,6971 Net current assets 241.011 112.0941 Total asset5 less current Ilabllltle5 105,792,216 105,471,361 Creditors: Amount5 falling due after more than one year 12 1585,4311 1711,392) Net assets 105,206,785 104,759,969 Represented by: Restricted fund 14 131.969 76,201 Endowment fund 14 104,724,759 104.446,033 Unrestricted fund 14 350,057 237,735 Total funds 105,206.785 104,759,969 No separate SOFA has been presented for the Charity alone, as permitted by Sertion 408 of the Companies Act 2006. The income of the Charity for the year was £2,189.173 {2024= £2.099,308} and its net income was £446,81612024- £114,239). K R McDiarmid Director 2025 The notes on pages 16 to 32 form part of these financial statements. Page 14
Gerald Palmer Eling Trust Companv Group cash flow statement For the year ended 31 March 2025 2025 Total Funds 2024 Totsl Funds Notes Cash used in operating activities 21 11,379,851) (1,595,065} Cash flows from investing activities Interest, dividends and rents from investments Property improvements Purchase of fixed assets 2,016,977 1768,371) 135.4751 2,207,488 {370,509) (7,7601 Proceeds from sale of investments 500,000 Proceeds from Sale of asset 5,500 Cash provided by investing activities 1,718.631 1,829,219 Cash flows from financing activities Repayment of loan {234,945} (256,153) 1234,9451 (256,1531 (Decrease)/increase in cash and cash equivalents in the year 103,835 {21,9991 Cash and cash equivalents at the beginning of the year 231,991 253,990 Cash and cash equivalents at the end of the year 335,826 231,991 (Decrease)lincrease in cash and cash equivalents in the year 22 103,835 (21,999) The notes on pages 16 to 32 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 2025 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 fir)ar)cial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice {"SORPIFRS1021 I, Financial Reporting Standard 102, and the Charities Act 2011. The financial statement5 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 ba515 of accounting, as modified by the revaluation of investment properties and other investments. Golng concern After reviewing the group's forecasts and projection5, the trustees have a reasonable expectation that the group has adequate resources 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 2025 the total of such guarantees was £5 {2024: £51. The charity meets the definition of a public benefit entity under FRS 102. Basls of consolidation 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 it5 wholly owned subsidiary Eling Developments Limited (company number 9172446). Income Income 15 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 restriction5, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for a5 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 2025 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 actniity distinrt 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 holidaythat staff have accrued, but not taken, from the beginning of the holiday year {1 January) to the financial year end (31 March), as the amounts involved are considered to be trivia l. Tangible fixed assets Expend iture on the acquisition of individual fixed assets costing more tha n £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 vehicle5, plant & machinery Office equipment 4-5 years 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 at their 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 assets. 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 (contlnued) For the year ended 31 March 2025 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 Creditor5 and provisions are recognised where the group ha5 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 recogni5ed 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 endowrnent capital, in accordance with the terms of charity. Endowment funds are further subdivided into the revaluation reserve and general reserve. 1.14.1 Unrestricted 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 restrictions 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 2025 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 assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors considered to be relevant. Actual results may differ from these estimates. Income 2025 Unrestrirted Fund 2025 Restricted Fund 2025 Total 2024 Total Estate income Rent and other property Income 1,858,179 1,858,179 1,855,252 Investment Income Dividends Interest Income from royalties 148,420 2,393 7,985 148,420 2,393 7,985 148,872 1,924 9,232 158,798 158,798 160,028 Total investment income 2,016,977 2,016,977 2,015,280 Charitable activities Income from woodlands 89.421 200,4SO 289,871 192,208 The restricted income represents the restricted grant that was received from the Department of Environment Food & Rural Affairs with the objective of the grant to fund activities towards the maintenance of the woodland to support biodiversity, acce55 and landscape value. Page 19
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2025 Estate maintenance 2025 Group 2024 Group Repairs Insurance and other property costs Estate maintenance costs Woodlands costs Management charge Support costs (Note 51 493,054 73,746 94,417 144,682 70,130 380,502 517,767 87,919 42,228 45,281 69,167 375,575 1,256,531 1,137,937 Included in Woodland costs are costs worth £144,682 (2024- £45,281) which are re5trirted Grant making 2025 Group 2024 Group Grants to institutions Grants returned 306,318 272,023 306,318 272,023 Support costs (Note 51 76,1 75,115 382,418 347,138 This year the following recipients received grants over £5,000 which made up 64% (2024: 73%) of the total donations made by the charity. Action for the River Kennet Alexander Devine Hospice Berkshire County Blind Society Bridge for Young People Bucklebury Parish Corn Exchange Newbury Independence at Home Institute for Orthodox Christian Studies Kingwood Launchpad Reading Maggies Centres Newlife Orchard Cancer Appeal Place2Be Priors Court Foundation 5,OCX) 5,000 5,(K)O 5,(X)O 5,000 5,000 5,000 5,000 5,000 25,000 50,OQN) 5,(YJO s,0 5,(KJO 5,000 5,000 10,000 5,000 3,000 5,000 10,000 Page 20
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2025 Project Visio Prospect Hospice Rainbow Trust Recovery In Mind Response Organi5ation Smartworks Reading St Andrew's Church Boxford St Michael's Hospice Support Through Court Swings & Smiles Thames Valley Air Ambulance The John Simonds Trust The Living RainForest The Old Library (Corn Exchange} The St Gregory's Foundation Treloar's Ufton Court Education Trust West Berkshire Therapy Centre Woodland Centre Trust Willow Foundation12 donations) Yeldall Christian Centres 5,000 5,000 5,000 5,000 7,500 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5.000 5,CrfJO s,0 io,IxxJ 5,000 5,000 5,000 5,000 5,000 5,000 6,000 20,000 5,000 10,000 5,000 5,000 5,000 20,000 Grants totalling £18,000 were made during the year in support of one individual (2024: £18,000 in support of one individual). Page 21
Gerald Palmer Eling Trust Company Notes to the financial statements (continued} For the year ended 31 March 2025 Support costs Current year Estate expenditure Donations Total Office premises costs Staff costs Estate ofFice running costs Legal and financial costs Governance costs 53,539 101,363 188,512 18,801 18,287 10,708 20,272 37,702 3,760 3,658 64,247 121.635 226,214 22,561 21,945 380,502 76,100 456,602 Support costs have been apportioned 5/6 Estate Expenditure and 1/6 to Donations. The audit fee for the year ending 31 March 2025 was £14,830 {2024: £14,450). The auditor's fee for tax compliance services was £1,500 {2024: 1,500) and for accountancy services was £3,72012024: £3,625). Comparative 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 Gain/{loss} on investments Group 2025 Group 2024 Net loss/gain on revaluation of investments (note 8} 1224,590) 456,602 Page 22
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2025 Land and buildings 2025 Group and Company 2024 Group and company Freehold properties At valuation l April 2024 ioo,000,000 85.679,736 Additions Revaluation in the year 768,371 370,509 13,949,755 31 March 2025 100,768,371 ioo,o(x),000 Afull external valuation of the properties in the sum of £100 million was carried out as at 31 March 2024 by Carterjonas, 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 Trustee5 consider the fair value of investment property each year and believe it is not materially different from the carrying value disclosed above. Investments 2025 Group 2025 Company 2024 Group 2024 Company Market value l April 2024 Additions Disposals Net (lossl/gain on revaluation 5,427,506 5,427,606 4,972,780 4,972,780 (500,IX)O) 1224,590) {5LY),000) {224,590) 454,726 454,826 31 March 2025 4,702,916 4,703,016 5,427,506 5,427,606 COIF Charities Investment Fund COIF Charities Global Equity Income Fund COIF Charities Property Fund CCLA Charity Deposit account5 Investment in subsidiary Unquoted investment5 3,675,591 764,464 3.675,591 764,464 4.354.393 813,906 4,354,393 813,906 262,708 262,708 259,054 259,054 100 151 loo 151 151 151 4,702,916 4,703,016 5,427,506 5,427,606 All investment assets including investment properties are held in the UK. Page 23
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2025 The charity holds 100% 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 24. 2025 2024 Reconciliation of unrealised gains and losses on investments Unrealised gains at beginning of year Net gain/{loss) on revaluation 2,105,558 {224,590) 1,650,832 454,726 Unreali5ed gain5 at end of year 1,880.968 2,105,558 Tangible fixed assets Group and Company Office Equipment Vehicles plant and machinery Total Cost or valuation l April 2024 Additions Disposals 154,329 35,475 {15,925) 7,607 161,936 35,475 (15,925) 31 March 2025 173,879 7,607 181,486 Depreciation l April 2024 Charge for year Disposals 101,255 10,951 115,9251 4,832 555 106,087 11,506 {15,925) 31 March 2025 96,281 5,387 101,668 Net book value 31 March 2025 77,598 2,220 79,818 31 March 2024 53,074 2,775 55,849 Page 24
Gerald Palmer Eling Trust Company Notes to the financial statements {contlnued) For the year ended 31 March 2025 io. Debtors 2025 Group 2025 Company 2024 Group 2024 Company Trade debtors Development costs Amounts owed by EDL Prepayments and accrued income HM Revenue and Customs Sundry debtors 183,590 232,284 183,585 232,284 21,167 47,560 201,203 152,882 212,922 152,882 33,040 87,193 46.936 94,058 14,211 2,189 14,211 2,189 3,685 3,685 479,210 500,996 451,828 489,722 ii. Creditors: arnounts falllng due wlthln one year 2025 Group 2025 Company 2024 Group 2024 Company Bank loans (note 111 Trade creditors Amounts owed to EDL Rents received in advance Tenant deposits refundable Accruals HM Revenue & Customs Sundry creditors 161,094 140,288 161,094 137,522 270,078 159,852 270,078 169,072 140,712 17,901 128,060 17,901 118,642 26,545 8,400 660 105,990 23,497 8,400 660 660 660 460,655 445,237 584,177 577,697 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 2025 12. Creditors: amounts falllng due after more than one year Group and Company 2025 2024 Bank loans payable after more than one year 585,431 711,392 Expected repayments are as follows: 2025 2024 Within 1-2 years Within 2-5 years After more than 5 years 183,621 401,810 183,621 527,771 585,431 161,094 711,392 270,078 Within l year 746,525 981,470 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 2.25Yo 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. 13. Provisions for commitments: intentions At 31 March 2025, the Directors had approved donations of £36,500 payable in the year ended 31 March 2026 and £15,0(KJ payable in the year ended 31 March 2027. These donations are subject to conditions within the control of the Trustees. Page 26
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2025 14. Funds Current year Unrestricted Fund Endowment Fund Restrirted Fund TOL11 Total funds brought forward Income Expenditure ILoss}/Gain on revaluation {Lossl/Gain on revaluation of property Transfer between funds 351,974 104,446,033 76,201 104,874,208 2,111,898 11,494,267) 2(),450 1144,682) 2,312,348 11,638,949) 1224,590) 1224,590) 1503,316) 503,316 Totsl funds carried 466,289 104,724,759 131,969 105,323,017 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. Prior year Unrestricted Fund Endowment Fund Restricted Fund Total Total funds brought forward Income Expenditure ILos5)/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 (4S,281) 2,207,488 11,485,075) 454,726 454,726 13,949,755 13,949,755 {626,6S5) 626,655 Total funds carried 351,974 104.446,033 76,201 104,874,208 forward The restricted fund was 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 activitie5 towards the maintain of the woodland to support biodiversity, access and landscape value. Page 27
Gerald Palmer Eling Trust Company Notes to the financial statsments (continued) For the year ended 31 March 2025 15. Analysis of net assets between funds Current year Unrestricted Fund Endowment Fund Restrirted Fund Total Land and buildings Investments Tangible fixed assets Current assets Current liabilities Long term liabilities l(K),768,371 4,702,916 IIX),768,371 4,702,916 79,818 817,998 (460,6551 1585,431) 79.818 686,029 1299,5581 131,969 (161,0971 (585,4311 466,289 104,724.759 131,969 105,323,017 Prior year Unrestricted Fund Endowment Fund Restrlcted Fund Total Land and buildings Investments Tangible fixed assets Current assets Current liabilitie5 Long term liabilities loo,000,0 5,427,506 ioo,000,000 5,427,506 55,849 686,422 1584,177) 1711,392) 55,849 610,221 (314,096) 76,201 (270,081) (711,392) 351,974 104,446,033 76,201 104,874,208 Page 28
Gerald Palmer Eling Trust Company Notes to the flnancial statements {continued) For the year ended 31 March 2025 16. Staff costs The group employed I full time and 3 part-time {2024: 1 full time and 3 part-time) staff during the year at a cost of £121,635. 2025 2024 Wages and salaries Social security costs Pension contributions (Note 7 106.664 5,148 9,823 101,646 4,426 8,407 121,635 114,479 There are no employees With emoluments above £60,000 {2024: none). No remuneration was paid to trustees during the current or prior year. The trustees received reimbursement of travel expenses totalling £nil during the year12024: £nil} The trustees outsource the management of the group to a third-party organisation providing professional services and has no employee5 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,O¢J) {2024: £70,000). 17. Pension Scheme The group operates a defined contribution scheme to which contributions of £9,823 {2024: £8,407) were paid during the year. 18. Financial commitments 18.1 Operating Leases The group had no annual commitments during the year. 18.Z Capital commitments At 31 March 2025. the Trustees have not committed any capital spend on property developments {2024: £Nill. 19. Related party transactions During the year Gerald Palmer Eling Trust charged a ground rent to Eling Developments Ltd. For the year ended 31 March 2025 this was £12,318 (2024: £12,020). Eling Developments Ltd made a gift aid payment of £76,104 during the year (2024: £94,307). As at 31 March 2025, Eling Developments Ltd owed Gerald Palmer Eling Trust Company £40,662 12024: Eling Developments Ltd owed Gerald Palmer Eling Trust Company £52,501). There were no other related party transactions during the year. Page 29
Gerald Palmer Eling Trust Company Notes to the financial statements {continued) For the year ended 31 March 2025 20. Operating lease receipts The total of rents receivable from investment properties expected in the next financial year is £1,748,371 {2024: £1,837,757). Leases on farm land are a mixture of Farm Business Tenancies and Agricultural Holding Act (AHAS) 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. FR5 102 s20.30 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. 21. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net movement in funds Add back depreciation Less profit on disposal of fixed asset5 Less gain on revaluation of properties Less interest income, dividends and rents from investments Losses/{gains) on investments Decrease/(Increasel in stock {Increase)/Decrease in debtors {Decreasel/lncrease in creditors 448,809 11,506 {5,500) 15,126,894 14,739 113.949,7551 12,207,488) (454,7261 245 (166,3801 41,406 (2,016,977) 224,590 (359) (27,382) (14,538) 11,379,851) {1,595,065) 22. Analysls of changes in net debt At l April 2024 Cash flows Other non cash changes At 31 March 2025 Cash Overdraft Cash and cash equivalents Loans falling due within one year Loans falling due after one year 231,991 103,835 335,826 231,991 (270,078) 103,835 234,945 335,826 (161,094) (125,961} 1711,392) 125,961 1585,4311 {749,479} 338,780 1410,6991 Page 30
Gerald Palmer Eling Trust Company Notes to the flnancial statements {continued) For the year ended 31 March 2025 23. Taxable benefits The charitable company 15 a registered charity and therefore generally 15 not liable to corporation tax on its net income for the year, or on its capital gains. 24. Trading activitie5 Gerald Palmer Eling Trust Company is the sole shareholder of Eling Developments Ltd (company number 91724461, a company incorporated in 2014. The following results of Eling Developments Ltd have been included in the group results. 2025 2024 Turnover Property Costs 123,175 144,5941 120,200 (40,823) 78,581 79,377 Overheads {484) {3,2731 Profit before tax Taxation Profit after tax 78,097 76,104 78,097 76,104 Share capital Profit and1055 reserves loo loo 116,231 116,331 114,238 114,338 Capltal and reserves 25. Ultimate controlling party The company is limited by guarantee and, as such, is effectively controlled by its director5. Page 31
Gerald Palmer Eling Trust Company Notes to the financial statements (continued) For the year ended 31 March 2025 26. Group statement of financlal artivities- comparative year 2024 2024 2024 2024 Unrestricted Endowment Restrirted Total Fund5 Funds- Funds Funds Income Investment income 2,015.280 2,015.280 Charitable Activitie5 70,726 121,482 192.208 Total income 2.086,006 121,482 2.207.488 Expenditure Charitable artivltles Estate maintenance Grant making 1,092,656 347,138 45,281 1.137,937 347,138 Total expenditure 1,439,794 45,281 1,485,075 Net gain/llossl on investments 454,726 454,726 Net income in the year 646,212 454,726 76,201 1.177,139 Transfer between funds Tax paid Net galn on revaluation of property 1626,6551 626.655 13,949,755 13,949,755 Net movements In funds 19,557 15,031,136 76,201 15,126,894 Reconciliation of funds Total funds brought 332.417 89.414,897 89,747,314 fOard Total funds carried 351,974 104,446.033 76,201 104,874,208 forward Page 32