**Charity number: 1129340**
## **THE D M F ELLIS CHARITABLE TRUST**
## **UNAUDITED**
**TRUSTEES’ REPORT AND FINANCIAL STATEMENTS**
## **31 DECEMBER 2021**
## **THE DMF ELLIS CHARITABLE TRUST**
## **Contents**
|**Page**||
|---|---|
|1|Reference and administrative information|
|2-4|Trustees’ report|
|5|Independent Examiner’s report|
|6|Statement of financial activities|
|7|Balance sheet|
|8-12|Notes to the financial statements|
## **THE DMF ELLIS CHARITABLE TRUST**
(created by a Declaration of Trust dated 20 April 2009 pursuant to the provisions of the Will of Doree Mary Fitzgerald Ellis who died on 30 October 2008)
## **REFERENCE AND ADMINISTRATION INFORMATION**
## **Registered Charity Number 1129340**
|**Trustees**|Peter Gary Barber|
|---|---|
||Louise Sarah Woodhead|
||Michael Wells|
|**Clerk**|Louise Ruane|
|**Address**|c/o Pear Tree Cottage|
||Yarrington Road|
||Alfrick|
||Worcs|
||WR6 5EX|
|**Bankers**|The Royal Bank of Scotland PLC|
||Birmingham Colmore Row Branch|
||79/83 Colmore Row|
||Birmingham|
||B3 2AP|
|**Solicitors**|Mills & Reeve LLP|
||78-84 Colmore Row|
||Birmingham|
||B3 2AB|
|**Independent Examiner**|Duffy Regan & Co|
||9 Malvern Road|
||St John’s|
||Worcester|
||WR2 4LE|
|**Investment Advisers**|Barratt and Cooke|
||5 Opie Street|
||Norwich|
||NR1 3DW|
Page | 1
## **THE DMF ELLIS CHARITABLE TRUST TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2021**
The Trustees present their report along with the financial statements of the Charity for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 and 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 Republic of Ireland (FRS 102).
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
The D M F Ellis Charitable Trust was created pursuant to the terms of clause 6 (3) of the Will dated 11 September 1992 of Doree Mary Fitzgerld Ellis who died on 30 October 2008.
The Trust was registered with the Charity Commission on 28 April 2009 and the governing document is the declaration of trust created on 20 April 2009.
The Trustees who have served during the period and since the year end are set out on page 1. The Trustees have the power of appointing new trustees. The Trustees meet at approximately six monthly intervals although applications for grants are considered all year round.
The day to day management of the Charity is carried out by the Clerk, who also deals with the day to day financial management of the Charity and provides the Trustees with up to date financial information at trustee meetings.
The Trustees have reviewed the major risks to which the Charity is exposed, in particular those relating to operations and finances, and are satisfied that systems are in place to mitigate exposure to those risks.
## **OBJECTIVES AND ACTIVITIES**
The objectives are to apply the income, and all or such parts of the capital as the trustees think fit (whether through donations to other charities or by any other charitable means) for or towards such charitable purposes as the trustees think fit.
The Charity has general grant-making charitable objects.
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aim and objectives and in planning future activities. In particular, the trustees have considered how planned activities will contribute to the aims and objectives set.
## **ACHIEVEMENTS AND PERFORMANCE**
During the period the Trustees made grants totalling £121,200 (2020 - £138,834) in furtherance of their grant-making objects.
Page | 2
## **FINANCIAL REVIEW**
The Trustees aim to spend all current income and do not consider it necessary to hold any level of income reserves.
The Trustees have wide investment powers subject only to the general duty of care set out in the Trustee Act 2000. The Charity’s investment strategy is to maintain a balance between income generation and capital growth.
The Trustees accept a moderate level of risk as defined in the agreement with the Charity’s investment managers through a managed and diversified portfolio of investments.
The main risk to the Charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Liquidity risk is anticipated to be low as all assets are traded. The Charity’s investments are mainly traded in markets with good liquidity and high trading volumes. The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions.
The Charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment classes that are quoted on recognised stock exchanges. The Charity does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield total return, and historic studies of quoted financial instruments have shown that volatility in any particular 5 year period will normally be corrected.
The Charity’s Financial Statements are set out in pages 6-12.
The Trustees are satisfied that the Charity’s financial position as shown on the Balance Sheet on page 7 is adequate for the purpose of fulfilling the Charity’s obligations for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
## **TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS**
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales required the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity 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.
Page | 3
The Trustees are responslble for keeping proper accounting records which dlsclose with reasonable
accuracy at any time the flnancial position of the Charity and enable them to ensure that the
financial statement comply wlth the Charlties Act 2011, the appllcable Charity IAccounts and
Report51 Regulations and the provision of the trust deed. They are also responsible for safeguarding
the asset5 of the Charty and hence for tsking reasonable step5 for the prevention and detectlon of
fraud and other Irregularltles.
FUNDS HELD AS CUSTODIAN
The Charlty does not hold funds as custodlan.
Approved by the Trustees on 3014fr
2022
L-CJJ
INDEPENDEfiT EXAMINER'S REPORT
THE D M F ELLIS CHARITABLE TRUST
FOR THE YEAR ENDED 31 DECEMBER 2020
I report to the trustees on my examlnatlon of the accounts of The DMF Ellls Charltable Trust Ithe
Trust) for the year ended 31 December 2021.
nslbllltles an
As the charity trustee5 of the Trust you are responslble ftjr the preparatlon of the accounts In
accordance wlth the Charities Act 2011 Ithe Act).
I report in respect of my examlnatlon of the Trust's accounts carrled out under section 145 of the
2011 Act and in carryin8 Out my examination I have followed all the appllcable Dlrectlons glven by
the Charltls Commlsslon under section 14515llbl of the Act.
nd
I have Completed my examlnatlon. l ¢onflrm that no mater581 matters have come to my attentlon In
connectlon wlth my examlnatlon Blvln8 me cause to belleve that In any material respect:
l. accountlnB records were not kept In respect of the Trust as requlred by sertlon 130 of the ACL. or
2. the accounts do not accord wlth those records,. or
3. the accounts do not comply wlth the appllcable requlrements concernlng the form and content of
accounts set out In the Charltles (Accounts and Reports) Regulatlons 2(K)8 other than any
requirement that the accounts give a 'true and fairf vlew whlch Is not a matter considered as part
of an Independent examlnatlon.
I have no concerns and have come across no other matters In connectlon wlth the examlnatlon to
which attention should be drawn in this report in ordèr to enable a proper understandlng of the
accounts to be reached.
James Wrl8ht-Anderson FCCA
Chartered Certlfled Accountant
Duffy Regan & Co.
9 Malvern Road
Worcester WR2 4LE
## **THE D M F ELLIS CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021**
|**Unrestricted**
**Funds**
**2021**
**Note**
**Income and endowments from:**
Investments
4
49,061
**Total Income**
49,061
**Expenditure on:**
Charitable activities
Grants
5
121,200
Support costs
6
2,171
**Total Expenditure**
123,371
**Net expenditure before investment gains/**
**(losses)**
(74,310)
Net gains / (losses) on investments
8
260,615
**Net income / (expenditure) before other**
**recognised gains and losses**
186,305
**Net Movement in Funds**
186,305
**Reconciliation of Funds:**
Total Funds brought forward at 1 January 2021
1,811,560
**Total Funds carried forward at 31 December**
**2021**
**1,997,865**|**Total**
**Funds**
**2021**
**Total Funds**
**2020**
49,061
43,518
49,061
43,518
121,200
138,834
2,171
2,143
123,371
140,977
(74,310)
(97,459)
260,615
75,453
186,305
(22,006)
186,305
(22,006)
1,811,560
1,833,566
**1,997,865**
**1,811,560**|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All incoming resources expended derive from continuing activities.
Page | 6
THE D M F ELLIS CHARITABLE TrUST
BALANCE SHEEf AS AT 31 DECEMBER 2021
Note
2021
2020
Flxed Assets
Investments
1,948,614
1.769,891
Current Assets
Cash at bank
51.352
42,271
Current IlabllltSe$
Amounts fallln8 due wlthln one year
Net Current Assets
25
67
Total Current Assets
Representsd bv:
Unrestrlcted Funds
The notes on pa8es 8- 12 form part of the flnanclal ststements.
The flnanclal statements on pa8es 6- 12 were approved and slgned by the Trustees
on So14 J 2022.
## **THE D M F ELLIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **1. ACCOUNTING POLICIES**
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
The particular accounting policies adopted are:
## **a) Accounting Convention**
The accounts are prepared on the historical cost basis of accounting modified to include listed investments at market value. Incoming resources and the application of those resources have been accounted for on the accruals basis of accounting.
## **b) Investments**
Investments are initially recognised at their transaction value and subsequently measured at their market values as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
## **c) Investment Gains and Losses**
Realised and unrealised gains and losses on investments are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and the values transferred in from the estate or purchase date if later. Unrealised gains and losses are calculated as the difference between the market value at the end of the period and the transferred in value or purchase date if later.
## **d) Income**
Income from investments is accounted for in the year in which it is receivable. Interest on bank and stockbroker deposits is accounted for in the year in which it is received.
## **e) Expenditure**
Expenditure is accounted for on an accruals basis. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Grants payable are charged in the year when the offer is made.
All resources expended are inclusive of irrecoverable VAT
## **f) Fund Accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund.
Page | 8
## **THE D M F ELLIS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **2. TAXATION**
The Trust is a registered charity, number 1129340, and is exempt from Income Tax, Corporation Tax and Capital Gains Tax provided its income and gains are applied for charitable purposes.
## **3. TRUSTEES AND EMPLOYEES**
No remuneration was paid or payable in respect of the year out of the funds of the Trust either directly or indirectly to any Trustee or to any person known to be connected with them.
There were no full or part time employees during the year.
## **4. INVESTMENT INCOME**
|**Unrestricted**
**Funds**
**2021**
**£**
Investment income from listed investments
49,058
Investment income from cash deposits
3
**49,061**
|**Total**
**Funds**
**2021**
**£**
49,058
3
**49,061**|**Total**
**Funds**
**2020**
**£**
43,475
43
**43,518**|
|---|---|---|
## **5. GRANTS TO INSTITUTIONS**
|**Unrestricted**
**Funds**
**2021**
**£**
Grants paid during the year
**121,200**
(see notes 11 and 12)|**Total**
**Funds**
**2021**
**£**
**121,200**|**Total**
**Funds**
**2020**
**£**
**138,834**|
|---|---|---|
## **6. SUPPORT COSTS**
||**Unrestricted**|**Total**|**Total**|
|---|---|---|---|
||**Funds**|**Funds**|**Funds**|
||**2021**|**2021**|**2020**|
||**£**|**£**|**£**|
|Bank charges / interest|71|71|43|
|Management and administration charges|1,050|1,050|1,050|
|Governance Costs (note 7)|1,050|1,050|1,050|
||**2,171**|**2,171**|**2,143**|
Page | 9
## **THE D M F ELLIS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **7. GOVERNANCE COSTS**
|||**Unrestricted**|**Total**|**Total**|
|---|---|---|---|---|
|||**Funds**|**Funds**|**Funds**|
|||**2021**|**2021**|**2020**|
|||**£**|**£**|**£**|
|Independent|Examiner’s Fee|600|600|600|
|Accountancy|charges|450|450|450|
|||**1,050**|**1,050**|**1,050**|
## **8. INVESTMENTS**
|Market value at 31 December 2020
Additions
Disposals
Gains/(losses) during the period
Market value at 31 December 2021
Book value at 31 December 2021|**2021**
**£**
1,769,891
201,352
(283,244)
260,615
**1,948,614**
**1,268,198**|**2020**
**£**
1,774,826
298,985
(379,373)
75,453
**1,769,891**
**1,251,603**|
|---|---|---|
All investments were held within the UK and were listed on a recognised stock exchange.
## **9. CREDITORS – amounts falling due within one year:**
|Administration fee
Independent examiner’s fee|**2021**
**£**
1,500
600
**2,100**|**2020**
**£**
-
600
**600**|
|---|---|---|
## **10. STATEMENT OF FUNDS**
|**Unrestricted funds**|**Brought**
**forward**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
1,811,560
49,061
(123,371)|**Gains /**
**(losses)**
**£**
260,615|**Carried**
**forward**
**£**
1,997,865|
|---|---|---|---|
Page | 10
## **THE D M F ELLIS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **11. Grants paid during the year ended 31 December 2021**
|Autistica
Bethel New Life Apostolic Church and Community Hall
Dogs for Good
Family Fund Trust
Flatpack Projects
Kenelm Youth Trust
Kingswood Trust
Macmillan Cancer Support
Maggs Day Centre
Malvern Welcomes
Martineau Gardens
NICE - Centre for Movement Disorders
Omega - The National Association for End of Life Care
PCC of the Ecclesiastical Parish of Malvern Link with Cowleigh
Read for Good
Services for Education
The Royal Society for Blind Children
The Shakespeare Hospice
St Mary's Hospice (Roof Appeal)
Whizz Kids|**£**
3,000
1,400
3,000
2,000
2,500
2,800
3,500
3,000
2,000
2,000
2,000
5,000
5,000
10,000
5,000
4,000
5,000
5,000
50,000
5,000
**121,200**|
|---|---|
## **12. Grants paid during the year ended 31 December 2020**
|**ts paid during the year ended 31 December 2020**||
|---|---|
||**£**|
|Better Understanding for Dementia for Sandwell
|5,000|
|Birmingham Community Healthcare NHS Foundation Trust General||
|Charity
|3,000|
|Birmingham St Mary's Hospice
|5,000|
|Breast Cancer Haven
|5,000|
|British Blind Sport
|1,000|
|British Wireless for the Blind Fund
|948|
|Carers Trust Heart of England
|3,000|
|Compton Care
|5,000|
|Cotteridge Church Day Centre
|5,000|
|Douglas MacMillan Hospice
|3,000|
|EDT
|2,000|
|Ex Cathedra
|3,000|
|Handicapped Children's Action Group
|1,000|
|Home from Hospital (Birmingham)
|5,000|
|John Taylor Hospice
|5,000|
Page | 11
|KEMP Hospice
KIDS
Kingsland PCC
Marie Curie
Martineau Gardens
MHA West Worcester Live at Home Scheme
Motor Neurone Disease Association
Narthex Sparkhill
New College Worcester
Newlife the Charity for Disabled Children
Newstarts
NICE Centre for Movement Disorders
Redthread
Roy Castle Lung Cancer Foundation
Sport 4 Life UK
The Donna Louise Trust
The Haven Wolverhampton
The Mary Stevens Hospice
The OHMI Trust
The Royal National College for the Blind
Walsall Society for the Blind
Whizz-Kidz
WyePlay|3,000
5,000
2,000
5,000
2,000
2,000
3,000
3,500
2,000
5,000
5,000
4,886
5,000
2,000
5,000
4,000
5,000
5,000
5,000
2,500
5,000
3,000
3,000|
|---|---|
||**138,834**|
## **13. RELATED PARTY TRANSACTIONS**
There were no related party transactions during either the current or previous year.
Page | 12