Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE Annual Report and Unaudited Financial Statements For the year ended 31 December 2023 Company Registered Number 5397969 Charity Commission Registered Reference Number 1109073 Titan Private Wealth LTD 2 Cardale Park Harrogate HG3 IRY Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE Annual Report and Unaudited Financial Statements For the year ended 31 December 2023 Contents: Page General Information Report of the Trustees and Directors Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-13 Independent Examiners Report 14-15 Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE General Information The company is established as a company limited by guarantee and is registered as a charity with the Charity Commission. The affairs of the company are governed by its Memorandum and Articles of Association. The liability of the Members in the event of the company being wound up is limited to a sum not exceeding £1. Date of Commencement 18 March 2005 Miss J O Ritchie Mrj P W Ritchie Mr R Whiteley Miss E Varley Trustees Secretary Miss E Varley Registered Office 2 Cardale Park Harrogate HG3 IRY Law of Trust England and Wales Advisers.. Investment Managers Titan Private Wealth Ltd 2 Cardale Park Harrogate HG3 IRY Independent Examiner TC Group 6 Queen Street Leeds West Yorkshire LSI 2TW Solicitors Browne Jacobson LLP Castle Meadow Road Nottingham NG2 IBF Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE Report of the Trustees and Directors For the year ended 31 December 2023 The Trustees present the report and unaudited financial statements of The Elm House Trust for the year ended 31 December 2023. The company has no share capital and is a registered charity. The guarantee of each member is limited to £1. Members are the Trustees of the company. The general information on page I constitutes part of the Report of the Trustees. Structure, Governance and Management Governing Document The charity is controlled by its governing document. a deed of trust. and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Registered number 5397969. The Elm House Trust is constituted under a trust deed dated 18 March 2005 and 15 a registered charity. number 1109073. Recruitment and appointment of new Trustees The Trustees who served during the year and since the year end are set out on page l. The Charity is a company limited by guarantee therefore the Trustees are also the Directors of the charity. Trustees are appointed by the board of Trustees. Induction and training of Trustees New trustees are given the appropriate induction to allow them to perform their duties effectively. The Trustees meet on a regular basis to discuss donations to be made to other organisations and the repair of the four properties owned by the Trust. During the year the Trustees read relevant Charity publications and also attended charity seminars in order to keep updated on any Charities Act changes and gain a wider understanding of Charity Law. Organisation A board of Trustees of up to three members administers the charity. The company secretary manages the day-to-day financial and administrative operations of the charity. Risk management The Trustees have examined the major strategic, business and operational risks which the charity faces and confirms that the systems have been established to enable regular reports to be produced, so that the necessary steps can be taken to manage these risks. Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE Report of the Trustees and Directors (Continued) For the year ended 31 December 2023 Objects and Principal Activities The objects for which the company is established are for exclusively charitable purposes in North Yorkshire and the North East of England in such amounts, as the Trustees in their absolute discretion think fit. The current objectives of the Trustees are- To make grants to benefit people living in North Yorkshire, particularly initially in Wensleydale and its side valleys and in Coverdale. To maintain and when appropriate modernise four houses transferred to the charity by the Founding Trustee. Two of these properties currently have local tenants and a third is occupied by a local woman and her husband who will be given a protected tenancy for life. The fourth property is currently let on a monthly basis to a young couple wanting to live locally at an affordable rent. This fulfils the Trustees wish to provide housing for local people with financial hardship who cannot afford to buy their own property. The Trustees want to encourage key workers to the area to support the community and will provide housing on this basis. Achievements and Performance The public benefit requirement has continued to be met by this yearfs donations to Askrigg church, for the St Oswald's Church Tower appeal and the donation to Leyburn United junior football teams to help renovate their pavilion. Statement about public benefit In the furtherance of these aims. the Charivs Trustees. have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act. The Elm House Trust met its public benefit requirement through the donations mentioned above. Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE Report of the Trustees and Directors (Continued) For the year ended 31 December 2023 Investment powers Under the Memorandum and Articles of Association, the charity has the power to make any investment which the Trustees see fit. Review of charitable artivities During the year, the Trustees made various donationstotalling £27.500 (2022: £30,000) as set out in note 5. Financial review At the Balance Sheet date the major assets were the rented properties and the quoted investment portfolio. The results for the year and the Balance Sheet at 31 December 2023 represents a satisfactory position. Reserves policy To hold investments for long-term capital and income growth with a view to primarily donating annual income generated. The reserves policy will be reviewed on a regular basis. Plans for future periods St Oswald's Church Tower appeal in Askrigg continues to be supported during 2024. There is some scope to support other local requests should they arise. Investment policy The Trustees consider it prudent to invest funds in stocks and shares, which are designed for a balanced return from income and capital growth. Their policy is to invest cash in medium risk stocks and shares as part of the overall investment strategy. Tangible fixed assets The movements in the company's tangible fixed assets are set out in note 6. Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE Report of the Trustees and Directors {ContinuedJ For the year ended 31 December 2023 Statement of Trustees, responsibilities The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charitable company for that year. In preparing those financial statements. the Trustees are required to: select suitable accounting policies and apply them consistently: make judgments and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. ON BEHALF OF THE TRUSTEES Docuslgned by. 616/2024 Jane Ritchie Date Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE Unaudited Statement of Financial Activities (Incorporating an Income & Expenditure Account) for the year ended 31 December 2023 Total Funds Total Funds Year Ended Year Ended 3111212023 3111212022 Notes Incoming from Investment Charitable activities 10,283 18,511 11,756 17,5(X) Total income 28,794 29,256 Expenditure: Costs of generating funds: Investment management costs Charitable activities: Grant making Provision of accommodation 14,450 14,592 27,500 11,291 30,000 4,956 Total expenditure 53,241 49,548 Net expenditure before gains on investments (24,4471 120,2921 Net gain/lloss} on investments 81,220 {92,027) Net income/(expenditure) 56,773 {112,3191 Net movement in funds 56,773 {112,3191 Funds brought forward 1,569,030 1,681,349 Funds carried forward 1,625,803 1,569,030 All of the chariws activities are derived from continuing operations. These unaudited financial statements have been subjected to Independent examination. See report on pages 14-15. Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE Company Registered Number 5397969 UNAUDITED BALANCE SHE AS AT 31 DECEMBER 2023 2023 2022 Note Fixed Assets Tangible assets Investments 907,500 682 382 907,500 633 389 Total fixed assets 1589 882 1540 889 Current Assets Cash at bank 38,825 31,045 Liabilities Creditors: amounts falling due within one year Net Current Assets Net Assets 1 625 803 1569 030 FUNDS Unrestricted funds Revaluation reseNe li 13 1,463,729 162.074 1,406,956 162,074 Total funds 1,625,803 1,569,030 For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companie5 Act 2006 relating to small companies and its members have not required the company to obtain an audit of tts financial statements for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with FRS102 SORP. 6/6/2024 •thlw'.the Trustees on ...................................and Signed on their behalf by- P4rrte*￿eP4¢?ryr.:' ""'""" Jane Ritchie The notes on pages 8 to 13 form an integral part of these financial statements These unaudited financial statements have been subjected to Independent examination. See report on pages 14-15. Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE Unaudited Notes to the Financial Statements for the year ended 31 December 2022 I. ACCOUNTING POLICIES Statement of Compliance The financial statements have been prepared in accordance wtth Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Repu blic or Ireland IFRS 1021 (effective l January 20151- (Charities SORP (FRS 1021}, Section IA of the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of Preparation The Elm House Trust meets the definition of a public beneftt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless Otherwise stated in the relevant accounting policy notes. Going Concern The financial statements have been prepared on a going concern basis. Having carried out a detailed review of the companrfs resources and the challenges presented bythe current economic climate, the directors/trustees are confident that the Charity has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of the approval of the financial statements. Taxation As a registered charity. the company is generally exempt from income tax and capital gains tax. but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates. Income All incoming resources are included in the Statement of Financial Activities ISOFAI when the charity is legally entitled to the income and the amount can be quantrfied with reasonable accuracy. Assets given for use by the charity are recognised as incoming resources when receivable. Resources Expended All expenditure is accounted for on an accruals basis. and has been classrfied under the headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities, on a basis consistent with the use of resources. Administration costs are borne by the general fund. Investments Listed investments are stated at market value in accordance with SORP 2015 IFRS 102}. Any realised or unrealised gains or losses are recognised in the SOFA. Investment income 15 recognised on a receivable basis. These unaudited financial statements have been subjected to Independent examination. See report on pages 14-15. Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE Unaudited Notes to the Financial Statements for the year ended 31 December 2023 Funds The funds held by the Charity are unrestricted funds. These are funds that can be used in accordance with the charitable objects at the discretion of the Trustees. Property- Affordable Housing Freehold property is carried at fair value fixed as deemed cost at the date of transition to FRS102. As a result, the property will not be subject to annual valuations. The Trustees will however review for impairment at each balance sheet date. Financial instruments Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. Equity instruments are those that entitle the holder to a residual interest in the Charity's assets after deducting all of its liabilities. Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference or non-puttable ordinary shares which are measured at fair value, with changes recognised in the SOFA. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the SOFA. 2. INVESTMENT INCOME 2023 2022 Income from listed investments 10,283 11,756 10,283 11,756 3. INCOMING FROM CHARITABLE AcfiviTIES 2023 2022 Rental income 18,511 17,500 18,511 17.500 These unaudited financial statements have been subjected to Independent examination. See report on pages 14-15. Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE Unaudited Notes to the Financial Statements for the year ended 31 December 2023 4. EXPENDITURE ON CHARITABLE AcfiviTIES Grant making Accommodation Governance 2023 2022 Direct costs- Grant funding Insurance ICO registration Property repairs 27,500 27,5CKJ 2,234 40 30,000 2,052 2,234 40 27,500 8.387 35,887 32,052 Support costs: Independent examination All of the above expenditure in both years was attributable to unrestricted funds. 5. GRANT-MAKING 2023 2022 Donations made: Askrigg PCC for St Oswald's Church Tower appeal Leburn United for pavilion renovation 22,500 30,000 These unaudited financial statements have been subjected to Independent examination. See report on pages 14-15. 10 Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY UMITED BY GUARANTEE Unaudited Notes to the Financial Statements for the year ended 31 December 2023 6. TANGIBLE FIXED ASSErs Freehold Pro erties Cost at l January 2023 and 31 December 2023 907,500 Net book value at 31 December 2023 907,500 On transition to FRS 102 the Company took the fair value as deemed cost exemption to state its freehold property at its 31 December 2014 valuation of £907.500. On the historic cost basis the property would have been carried at £745,426 {2022: £745,426). 7. FIXED Ass￿ INVESTMENTS 2023 2022 Valuation of listed investments 682,382 633,389 Movement in investments: Carrying {market) value at beginning of year Add: additions to investments at cost Less: disposals proceeds Add/{Lessl: net gain/{lossl on disposals Add/{Lessl: net gain/{lossl on revaluation 633,389 182,763 (214,9901 135,0061 116,226 762,594 349,253 (386,4491 11,733 (103,742) Carrying {market) value at end of year 682,382 633,389 The listed investments are represented by: Overseas funds Direct equities UK funds Alternatives Fixed Interest 18,744 525,918 16,698 65,786 55,236 71,269 445,220 16,517 22,451 77,932 682,382 633,389 The historic cost of investments at 31 December 2023 was E556,80112022: £624,034). These unaudited financial statements have been subjected to Independent examination. See report on pages 14-15. Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY UMITED BY GUARANTEE Unaudited Notes to the Financial Statements for the year ended 31 December 2023 8. CREDITORS: Amounts falling due within one year 2023 2022 Accruals 2,904 2,904 2,904 2,904 9. EMPLOYEE INFORMATION There were no staff costs during the year12022: £nil}. In accordance with the company's Memorandum of Association. the Trustees are precluded from receiving any emoluments in respect of their seNices to the company. The company has no higher paid employees12022: £nil) 10. RELATED PARTY TRANSAcfioNS AND TRusfEES REMUNERATION EXPENSES Trustees Remuneration and Expenses No remuneration out of the funds of the charity was paid or payable for the year to any Trustee, or any persons known to be connected with any of them. No reimbursement of expenses has been made or is due to be made to any of the Trustees in respect of the period 12022: £nill. Related parties Emma Varley is an associate director of Titan Private Wealth Ltd which manages the Trust's investment portfolio. During the year the Trust made payments of £14,45012022: £14,592} for investment management services to Titan Private Wealth Ltd and these transactions were made on an arms-length basis. These unaudited financial statements have been subjected to Independent examination. See report on pages 14-15. 12 Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE Unaudited Notes to the Financial Statements for the year ended 31 December 2023 11. MOVEMENTS IN UNRESTRicfED FUNDS l January 2023 Gain on investments 31 December 2023 Income Expenditure Unrestricted funds Revaluation reserve 1,406.956 162 074 28,794 {53,2411 81,220 1,463,729 162 074 1,569,030 28,794 {53,241) 81,220 1,625,803 12. STATEMENT OF CHANGES IN RESOURCES APPLIED FOR FIXED ASSETS FOR CHARITY USE Unrestricted Total Funds as at l January 2023 1,569,030 1,569,030 Net movement in funds for the 56,773 56,773 year Funds as at 31 December 2023 1,625,803 1,625,803 13. REVALUATION RESERVE As at l January 2023 and 31 December 2023 162 074 These unaudited financial statements have been subjected to Independent examination. See report on pages 14-15. 13 Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ELM HOUSE TRUST CHARITY LTD I report on the financial statements of The Elm House Trust for the year ended 31 December 2023, which are set out on pages 6 to 13. Respective responsibilities of trustees and examiner The trustees (who are also directors of the company for the purposes of company law} are responsible for the preparation of the financial statements, in accordance of the Companies Act 2006 {"the 2006 ACV,). The trustees consider that an audit is not required for this year under Part 16 of the 2006 Act and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under Part 16 of the 2006 Act and is eligible for independent examination, it is my responsibility to: examine the accounts under section 145 of the Charities Act 20111"the 2011 Act"); to follow the procedures laid down in the general directions given by the Charity Commission under section 145{5)(b) of the 2011 Act; and to state whether particular matters have come to my attention. Basis of independent examinerfs report My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a "true and fair view" and the report is limited to those matters set out in the statement below. 14 Docusign Envelope ID.. 769F842f￿FE62469&BE3r￿3DE3A7AA440 THE ELM HOUSE TRUST COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ELM HOUSE TRUST CHARITY LTD Independent examinerfs statements In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect- accounting records were not kept in accordance with section 386 of the Companies Act 2006; or the accounts do not accord with such records: or the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of the independent examination; or the accounts have not been prepared in accordance with the Charities SORP {FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Docuslgned by.. 7FEEE79DD5El4B3" "-"""""""""" Mark Hunter, FCA ON BEHALF OFTC GROUP 6 Queen Street Leeds West Yorkshire LSI 2TW Date: 6/6/2024 15