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 CoMpan￿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 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 a￿uranCe, 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
fO￿ard
Total funds carried
351,974
104,446.033
76,201
104,874,208
forward
Page 32