REGISTERED CHARrrY NUMBER: 1149600 Report of the Trustees and Flnanclal Statements for the Year Ended 5th Aprll 2024 for Elgar Family Charltable Trust The Rlchards Sandy Partnership Thomeloe House 25 Barboume Road Worcester Worcesiershire WR1 1RU
Elgar Famlly Charitable Trust Conlents of the Flnancial Statements for the Year Ended 5th April 2024 Page Reference and Administrallve Detalls Report of tho Trustees 2 to 3 Independent Examlnerfs Report Statoment of Financial Acllvltles Balance Sheet Notes to the Financlal Stslements 7 to 12
Elgar Famity Charitable Trust Reference and Admlnistrallve Detalls for the Year Ended 5th April 2024 TRUSTEES Miss H F Elgar Mr M F Messenger Mr D A Watson lappoinled 4.7.23) Mr M W Trott (appointed 4.7.23) PRINCIPAL ADDRESS clo Hallmark Wh81Jey Hulme 3.4 and 5 Sansome Place Worcester Worcestershire WR1 1UQ REGISTERED CHARITY NUMBER 1149600 INDEPENDENT EXAMINER The Richards Sandy Partnership ThcKneloe House 25 Barbourne Rozd Worcester Worcestetshire WR1 1RU SOLICITORS Hallmark Whatley Hulme 3,4 and S Sansome Place Worcester WR1 1UQ BANKERS Brown Shipley 2 Moorgate London EC2R 6AG Page 1
Elgar Famlly Charftsble Tfust Report of thè Trustees for the Year Ended 5th April 2024 The trustees present their report vrith the financial statements of the charity for the year ended 5th April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporfing Standard applicable in the UK and Republic of Ireland IFRS 102) (effedive 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The main object of Elgar Family Charitable Trust is to support any charity or fijrther any tharitable purpose chosen by the trustees. Since the Nabonal Twst tix)k on a fivtryear lease of The Firs in December 2016, the charity is also committed to lunding any shortfall requirements at The Firs. Public benefit The trustees confimi that they have complied with the duty in section 17(51 of the 2011 Charitie5 Act lo have due regard to the guidance on public benefft published by the Charity Commission when deciding on the charity's activities. ACHIEVEMENT AND PERFORMANCE Total incoming resources during the year amounted to £46.801 (2023: £40,157) which was made up of income frorn investments and royalty incorne. Grants awarded by the charity in the year totalled £nil12023.' £nil). FINANCIAL REVIEW Flnan¢lal position The principal fvnding source is income from the ¢hariVs investments. Dividend and Royalties Income for the year was £46.801 12023: £40,157). The Trust had Investment Management costs of £23,520 12023.. £24,000) and other expenditure of £20.129 {2023'. £16,862). This gave a surplus for the year of £3,152 prior to gains on inveslments (2023.. deficit £705). Gains on investments were £94,033 (2023: losses £138,961), leaving a nel in¢rease in funds of £97,185 12023: net decrease £139,666). Investment policy The Elgar Family Charitable Trust has no restricted funds and a total return approach is used for the management of its investment portfolio. Brown ShipEey act as Investment Manager to the Trustees. l income is genetated from assets which are unrestfÉCted. Reserves policy Tolal unreslricted general reserves at 5 April 2024 amounted to £2.483.316 {2023: £2.386.1311 all of which relate to unrestricled funds. Of this. £504.176 12023: £504,176) relates lo freehold property and £1.729,938 12023: £1,659.203} relales to investment assels held to pr(yJuce inix)tne io enable the charity to fvlfil its objecttves. This teaves free reserves of £249.202 (2023.. £222.7521. It is the Iruslees, pdicy to retain sufficient free reseNes lo cover any urrforeseen fvlure expenditure, bul otherwise distribute as much of its free reserves incorne as possible to oth8r charities. STRUCTURE. GOVERNANce AND MANAGEMENT Governing document The Elgar Family Charilablg Trust is constituted under a trust deed dated 24 August 2012 and registered as a charity on 2 November 2012 (Charity number 1149600}. Récruitment and appolnlJnent of new trustses The recruitment and appointment of new trustees is carried out at the discretion of the current trustees. Page 2
Elgar Family Charitable Trnst Roport of the Trustees for the Year Ended 5th Aprll 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Decision making The Founder. at present the settler Hilary Frances Elgar {a trustee). has the followlng poweTS under the trust deed.. The power to appoint new trustees {proMding the total number of tNstees shall at no time exceed four).. The power to direct the bustee5 to make donations to such charitae institutions at such time or times and in such manner as the Founder directs. Where Ihe Founder has not by 5 April in the income tax year following that in which the income arises, given a direction which fully, disposes of the income, then such income shall be distributed as Ihe Irustees, in their discretion. think fit, The power of appointing a person or persons to succeed the Founder is vested in the Founder for the time being. Apart from decisions made by the founder, deo5ions are made by majority vote. Holdlng TNstees The following trustees are holding trustees of all propety included within tsngible fixed assets: Miss H F Elgar Mr M F Messenger Risk management The trustees have a duty to identity and review the risks to which the charity is exposed and to ensure approprlate controls are in place to pri)vide reasonable assuranc8 against fraud and error. EVENTS SINCE THE END OF THE YEAR Inforfflation relating lo events since the end of the year is given in the notes to the financial sialements. nd signed on its behalf by-. Approv8d by order ofthe board of truslees on ...... Miss H F Elqar- slee Page 3
Independent Examinerfs Report to thé Trustees of Elgar Famlly Charitable Trust Independent examiner's report to the trustees of Elgar Famlly Charftable Trust I report to the charlly twslees on my examination of the accounts of Elgar Family Charitable Trust (the Trust) for the year ended 5th April 2D24. Responsibilities and basis of report As the charity Injstees of the Trust YOLJ are responsible for the pparatIon of the accounts in accordance with the requirements of the Chari118s Act 20111'the Act'l. I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and In carrying oul my examination I have followed all applicable Directions given by the Charty Commission under Section 14515llb} of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attention In connection wth the examination giving me cause lo believe that in any material respect= accounling record5 were not kept in respect of the Trust as required by Section 130 of the Act., or the accounts do not accord with those records,. or the accounts do not Comp Tmth the applicable requirements conceming the fom and conlenl of accounts set i)ut in the Charitie5 {Accounls and Reports} Regulations 2008 other than any requirement that the aGGounls give a true and fair view which is not a matter considered as part of an indepèndent examination. I have no concems and hav9 corne across no olher matters in connection with the examination to whh attention should be drawn in this report In order to en8ble a proper understanding of the acenunls to be reached. Melissa Godwn ACA ACCA The Richards Sandy Partnership Thomeloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU Dale: !.?:.,L)z.: z.s......... Page 4
Elgar Famlty Charltable Trust Statement ol Finanelal Actlvltles for the Year Ended 5th April 2024 2024 Unrestrictfrd funds 2023 Totsl funds Notes INCOME AND ENDOWMENTS FROM Investrnent income 46.801 40,157 EXPENDITURE ON Raising funds 23,580 24,078 Charltabl8 activitie$ Charitable activities 20.069 16,784 Total 43,649 40,862 Net gainslllosses) on Investments 94,033 1138,961) NEf INCOMEI(EXPENDITURE) 97,185 1139,666) RECONCILiATION OF FUNDS Total funds brought forward 2.386.131 2,525,797 TOTAL FUNDS CARRIED FORWARD 2,483,316 2,386,131 The notes form part of these financial statements Page 5
Elgar Farnlty Charitsblo Trust Balance Sheet 5th April 2024 2024 Unrestricted funds 2023 Total funds Notes FIXED ASSETS Tangible assels Investments 11 12 504.176 1,729,938 504,176 1,659.203 2,234,114 2.163,379 CURRENT ASss Debtors Cash al bank 13 4,621 248,634 3,848 221,904 253,255 225,752 CREDtfoRS Amounts falling due within one year 14 (4,053) 13,0001 NET CURRENT ASSErs 249,202 222,752 TOTAL ASSETS LESS CURRENT LIABILITIES 2,483.316 2.386.131 NET ASSETS 2,483,316 2,386,131 FUNDS Unrestricted funds 15 2.483,316 2.386,131 TOTAL FUNDS 2,483,316 2,386,131 The financial ststem8ntS Ware approved by the Board of Trustees and authorised for issue and were signed on its behalf by.. on Miss H F Elgar- rus The notes form part of these finanual statements Page 6
Elgar Famity Charftable Trust Notes to the Flnanclal Statements for the Year Ended 51h Aprfl 2024 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial statements of the charity, whlch Is a public benefit entlty under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Aonting and Reporting by Charilies: Statement of Recommended Practice applicable to ¢harilies preparing their accounts in accordance wth Ihe Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021 {effective 1 January 2019),. Financial Reporting Standard 102 The Finaneial Reporting Standard applicable in the UK and Republi¢ of Ireland, and the Charitles Act 2011. The financial ststemenls have been prepared under the historical cost convention, with the exception of inveslmenls which are included at market value, as modified by the revaluation of certain assels. The charity is exempt from preparing a cashtlow stslement because it is not a larger chanty. The a¢rA)unls are prepared in sterfing, which is the functional currency of the charity. Monetsry amounts in these financial statements are rounded to the nearest £. INCOME Income, induding legacies and donations, is recognlsed in the perlod in which the charity is entitled to reIpl and the amounl be me?sured with reasonable rtainty. Income is deferred onty when the charity has to fuffil conditlons before becoming entitled to il or Whe Ihe donor has spectfied that the income is to be expended in a future period. Income from investments is recognlsed when the relating investments issue notice of distribution lo ils investors. EXPENDITURE Expenditure is included on an accruals basis. Liabilities are included in the a¢¢ounts as soon as recognised. Charitsble advlties costs include grant funding and support costs which are all allocaled to charitable activities and this is the predominant activity. Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is condiiional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Granls offered subject lo conditions which have not been met at the year end are noted as a commitment but not accrued as expenditure. Govemance Costs comprise the costs of wnning Ihe charity, including strategic planning for its fvlure development, also inlemal and extemal audit. and legal advi¢e for the Trustees. and all the Costs of complying th constitutional and statutory requirements, such as Ihe cosis of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability. TANGIBLE FIXED ASSETS Freehold propety is held under the historical cost model and is not depreciated as residual value is not considered likely to be less than historlcal >S1. The trustees review for impaimient annually. TAXATION The ¢harily is exempt from tax on its charitable activitses. FUND ACCOUNTING UnrestriGted funds can be used in accordance with the Chanble objectives at the discretion of the trustees. INVESTMENTS Investments quoted on a recognised stock exchange are valued at market value at the year end. Both realised and unrealised gains are shown under'net gains I (losses) on investments, on the face of the SOFA. Page 7 contSnued...
Elgar Famlty Charltablo Trust Notes to the Financial Statements - contlnued for the Year Ended 5th April 2024 INVESTMENT INCOME 2024 2023 Royalties Dimdends reiVed Interest ceivable- trading 4,125 40,770 1,906 3,039 36,982 136 46,801 40,157 RAISING FUNDS INVESTMENT MANAGEMENT COSTS 2024 2023 Stockbrokerfs fees Adminislrative expenses 23,520 60 24,000 78 23.580 24.078 CHARITABLE ACTivrriES COSTS Direct Costs (see note 51 Support costs (see note 6) Totals Charitable activities 9,475 10.594 20.069 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Rates and water Light and heat Repairs and maintenan 2.930 4.151 2,394 2,701 1.472 6,41)0 9.475 10,573 SUPPORT COSTS Govemance cosis Management Totals Charitable actimties 10,548 10,594 Support cost5, included in the above. are as follows: 2024 Charitsble ac*vibes 2023 Total acti)rities Sundries Legal fees Independent examiner 9.618 930 5,323 10.594 6,211 Page 8 continued...
Elgar Family Charftable Trust Notes to the Financial Ststements . continued for the Year Ended 5th April 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no Iruslees, remuneration or other benefits for the year ended 5th April 2024 nor for the year ended 5th April 2023. TRUSTEES. EXPENSES There were no Iruslees, expenses paid for the year ended 5ih April 2024 nor for the year ended 5th April 2023. STAFF COSTS The charity had no employees during the year ended 5 April 2024 nor during the year ended 5 April 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcTlEs Unrestricted funds INCOME AND ENDOWMENTS FROM Investmenl incom6 40,157 EXPENDITURE ON Raising lunds 24,078 Charitablo actlvltles Charitsble activities 16.784 Total 40,862 Net gainsl{losses) on Investments 1138,961) NET INCOMEI{EXPENDITURE) 1139,666) RECONCILIATION OF FUNDS Total funds brought forward 2.525.797 TOTAL FUNDS CARRIED FORWARD 2,386.131 10. FINANCIAL INSTRUMENTS The charity has elected to appty the provision of Section 11 'Basic Financial Instruments, and Section 12 '0ther Flnancial Instrumenl Issues. of FRS 102 to all of its financ¢al instruments. Financial instrumenls are recognised when the charity beGomes party to contractual provisions of the instrumenL Financial assets are offse( with the net amounts presented in the accounts where Ihere is a legalty enforceable rlght to set off the recognlsed amounts and there is an intentlon lo settle on a net basis or to realise the asset and settl8 the liability simultsneously. Baslc Financial Assets Basic financial a55els. which include trade and other receivablas and cash and bank balances, are initially measured at transaction price induding transaction costs and are subsequently carried at amortised cosl using the effeclive interest method unless the arrangement constitutes a financing transaclion. where Ihe transaction 15 measured at the present value o* the (uiure receipts discounted at a market rate of interest Baslc Financial Liabilities Basic finarbLial liabilities. including trade and other payables, are initially recogni5ed at trdnsaction prices unless the aThangement constitutes a financing transaction. where the debt instrument is measured at the present value of ftjlure receipls. discounted at a market rate of interest. Debt instruments are subsequenlw carried at amortlsed cost, using the effective interest rate method. Page 9 continued...
Elgar Famlly Charitsble Trust Notes to the Financial Statements - continued for the Year Ended 5th April 2024 10. FINANCIAL INSTRUMENTS - continued Trade payables are obligations to Pay for goods or services that have been acquired in the ordinary coutse of the operations from supplies. Accounts payable are dassified as ojrrent liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade payables are recognised initially at transaction cost.. 11. TANGIBLE FIXED ASSETS FhOld property COST At 6th April 2023 and 5th April 2024 504,176 NET BOOK VALUE At 5th April 2024 504,176 At 5th April 2023 504.176 The propety, adjacent to Elgar's birthplace, was initl8lly purchased to ensure the surrounding area was nol developed upon. The trustees had yet to make a final decision on Ihe best way lo use the propety. FIXEO ASSET INVESTMENTS 12. Listed investments MARKET VALUE At 6th April 2023 Additions Disposals Revaluations 1,659.203 207.469 1230,767 94.033 At 5th April 2024 1,729.938 NET BOOK VALUE At 5th April 2024 1.729,938 Al 5th April 2023 1,659,203 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Prepayments and accrued incom8 4,621 3.848 Page 10 continued...
Elgar Famlly Charltsble Trust Notes to the Flnan¢lal Statements - continued for the Year Ended 5th Aprll 2024 14. CREDrroRS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2024 2023 Aecrued expens8$ 4,053 3.000 15. MOVEMENT IN FUNDS Net movement In furbds At 5.4.24 At 6.4.23 Unrestrlcted funds General fund 2.386,131 97,185 2,483,316 TOTAL FUNDS 2,386,131 97,185 2,483,316 Net movement in funds, included in the above 8re as follows.. Incoming resourr£s Resources expended Gains and losses Movement in funds Unrestricted funds General fund 46,801 {43,649} 94.033 97,185 TOTAL FUNDS 46.801 143,649} 94.033 97,185 Comparatlves for movement In funds Net movement in funds Al 5.4.23 At 6.4.22 Unrestrlcted funds General fund 2,525,797 (139,666) 2.386,131 TOTAL FUNDS 2,525.797 1139.666) 2,386,131 Comparative net movement in funds. included in the above are as fdlows.. Incoming re59urces Resources expended Gains and losses Movemenl in funds Unrestrlcted fund$ General fund 40,157 (40,8621 1138,961) {139.6661 TOTAL FUNDS 40,157 (40,8621 1138,961) 1139,6661 Page 11 continued...
Elgar Famlty Charltablg Trust Notes to the Financial Statements - contlnued for the Year Ended 5th April 2024 16. CONTINGENT LIABILITIES Since the year end, the charity has committed to contributing £1.2mil towards the endowment for The Firs, which would be a grant payable to the Natlonal TrusL However, this is contingent on the National Trust formally agreeing to take on The Firs operations in perpeluity. which has not yel been confirmed. RELATED PARTY DISCLOSURES Travel expenses have been reimbursed to trustee D Watson. totalling £46, for the year ended 51h April 2024. 17. There were no related party trarbsactions for the year ended 5th April 2023. POST BALANCE SHEET EVENTS Since the year end, the trustees Intend to apply ft)r plannlng permission to demolish the property held and develop the sile. 18. Page 12