REGISTERED CHARITY NUMBER: 1149600 Report of the Trustees and Financial Statements for the Year Ended 5th Aprll 2025 for Elgar Family Charitable Trust The Richards Sandy Partnership Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU
Elgar Family Charitable Trust contents of the Financial Statement for the Year Ended 5th April 202 Reference and Administrative Details Report of the Trustees Independent Examiner's Report Statement of Financial Activitles Balance Sheet Notes to the Financial Statements Page 1 2 to 3 4 6 7 to 13
• Elgar Family Charitable Trust eference and Administrative Detail or the Year Ended 5th April 202 TRUSTEES PRINCIPAL ADDRESS REGISTERED CHARITY NUMBER INDEPENDENT EXAMINER SOLICITORS BANKERS INVESTMENT MANAGERS Miss H F Elgar Mr M F Messenger Mr D A Watson Mr MW Trott c/o Hallmark Whatley Hulme 3,4 and 5 Sansome Place Worcester Worcestershire WR1 1UQ 1149600 The Richards Sandy Partnershi Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU Hallmark Whatley Hulme 3,4 and 5 Sansome Place Worcester WR1 1UQ Brown Shipley 2 Moorgate London EC2R 6AG Brown Shipley 2 Moorgate London EC2R 6AG Page 1
Elgar Family Charitable Trust Report of the Trustees for the Year Ended 5th April 2025 OBJECTIVES AND ACTIVITIES Objectives and aims The main object of Elgar Family Charitable Trust is to support any charity or further any charitable purpose chosen by the trustees. nce the National Trust took over the running of The Firs from The Elgar Foundation (a separate charity) in Decemb 16, the charity is also committed to funding any shortfall requirements at The F Public benefit The trustees confirm that they have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to the guidance on public benefit published by the Charity Commission when deciding on the charity's activities. ACHIEVEMENTS AND PERFORMANCE Total incoming resources during the year amounted to £55,260(2024; £46,801) which was made up of income from investments and royalty income. Grants awarded by the charity in the year totalled £1,000 (2024: Enil). FINANCIAL REVIEW Financial position The principal funding source is income from the charity's investments, Dividend, Royalties and Interest Receivable were £36,769 (2024: gain of £94,033), leaving a net decrease in funds of £397,687 (2024: net increase of E97,185). Investment policy le Elgar Family Charitable Trust has no restricted funds and a total return approach is used for the management of it vestment portfolio. Brown Shipley act as Investment Manager to the Trustee: All income is generated from assets which are unrestricted. Reserves policy Total unrestricted general reserves at 5 April 2025 amounted to £2, 160,629 (2024: £2,483,316), all of which relate to unrestricted funds. Of this, Enil (2024: £504, 176) relates to freehold property and £1,671,569 (2024: £1,729,938) relates to investment assets held to produce income to enable the charity to fulfil its objectives. This leaves free reserves of £489,060 (2024: £249,202). STRUCTURE, GOVERNANCE AND MANAGEMENT o Egin Family Charitable Trust is constituted under a trust deed dated 24 August 2012 and registered as a charity e November 2012 (Charity number 114960( The recutien an appointment new truste is carried out at the discretion of the current trustees. Page 2
Elgar Family Charitable Trust Report of the Trustees for the Year Ended 5th April 202! STRUCTURE, GOVERNANCE AND MANAGEMENT Decision making The Founder, at present the settler Hilary Frances Elgar (a trustee), has the following powers under the trust deed: - The power to appoint new trustees (providing the total number of trustees shall at no time exceed four); The power to direct the trustees to make donations to such charitable institutions at such time or times and in such manner as the Founder directs. Where the 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 the trustees, 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, decisions are made by majority vote. Holding Trustees The following trustees are holding trustees of all property included within tangible fixed assets: - Miss H F Elgar - Mr MF Messenger Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. EVENTS SINCE THE END OF THE YEAR Information relating to events since the end of the year is given in the notes to the financial statements. Approved by order of the board of trustees on 21/03/2026 and signed on its behall by: AWa MFDA Watson - Trustee Page 3
Independent Examiner's Report to the Trustees of Elgar Family Charitable Trust dependent examiner's report to the trustees of Elgar Family Charitable Trus report to the charity trustees on my examination of the accounts of Elgar Family Charitable Trust (the Trust) for the ye ended 5th April 2025. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act). eport in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying c / examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b)| Independent examiner's statement 1 have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. 2. 3. accounting records 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 a true and fair view which is not a matter considered as part of an independent examination. 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. el- Melissa Godwin ACA ACCA The Richards Sandy Partnership Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU Date: 27-03:16. Page 4
Elgar Family Charitable Trust Statement of Financial Activities for the Year Ended 5th April 2026 2025 Unrestricted funds 2024 Total funds INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Charitable activities Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD Notes 3 55,260 46,801 4 5 9 24,339 12,663 304,176 341,178 (36,769) (322,687) 23,580 20,069 - 43,649 94,033 97,185 2,483,316 2,160,629 2,386,131 2,483,316 The notes form part of these financial statements Page 5
Elgar Family Charitable Trust Balance Sheet 5th April 2025 Notes FIXED ASSETS Tangible assets Investments CURRENT ASSETS Stocks Debtors Cash at bank CREDITORS Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS 15 16 18 2025 Unrestricted funds 2024 Total funds 1,671,569 1,671,569 200,000 13,337 276,729 490,066 (1,006) 489,060 2,160,629 2,160,629 2,160,629 2,160,629 504,176 1,729,938 2,234,114 4,621 248,634 253,255 (4,053) 249,202 2,483,316 2,483,316 2,483,316 2,483,316 The dinars or were are on is behal by:. approved by the Board of Trustees and authorised for issue on The notes form part of these financial statements Page 6
Elgar Family Charitable Trust Notes to the Financial Statements for the Year Ended 5th Aprif 2025 1. ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Charites Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The charity is exempt from preparing a cashflow statement because it is not a larger charity. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. INCOME Income, including legacies and donations, is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period. Income from investments is recognised when the relating investments issue notice of distribution to its investors. EXPENDITURE Expenditure is included on an accruals basis. Liabilities are included in the accounts as soon as recognised. Charitable activities costs include grant funding and support costs which are all allocated to charitable activities and this is the predominant activity. Governance costs comprise the costs of running the charity, including strategic planning for its futur levelopment, also internal and external audit, and legal advice for the Trustees, and all the costs of complyin! vith constitutional and statutory requirements, such as the costs of Board and Committee meetings and o reparing statutory accounts and satisfying public accountability Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. TANGIBLE FIXED ASSETS Freehold property is held under the historical cost model and is not depreciated as residual value is not considered likely to be less than historical cost. The trustees review for impairment annually. STOCKS Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. TAXATION The charity is exempt from tax on its charitable activities. -UND ACCOUNTIN Inrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustee INVESTMENTS vestments quoted on a recognised stock exchange are valued at market value at the year end. Both realise nd unrealised gains are shown under 'net gains / (losses) on investments' on the face of the SoF Page 7 continued...
2. 3. 4. Elgar Family Charitable Trust Notes to the Financial Statements - continued for the Year Ended 5th April 2025 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of these financial statements requires management to make judgements, estimates anc assumptions that affect the application of account policies and the reported amounts of assets and liabilities Actual outcomes may differ form these estimates. The area involving the highest degree of judgement and estimation uncertainty is set out below. Valuation of stock transferred from freehold property Juring the year, freehold property was transferred to stock following a change to the intended use of the roberty. This meant management were required to determine the appropriate carrying value of the property a a balance sheet date and to assess whether any impairment was required to ensure stock is stated at t wer of cost and estimated selling price less costs to complete and se The estimated selling price of the property is subject to significant estimation uncertainty. At the balance sheet date planning permission for redevelopment has been applied for but not yet granted. As a result the ultimate selling price will depend on the outcomes of the planning process, market conditions at the time of sale, and the nature and scale of approved development. INVESTMENT INCOME Royalties Dividends received Bank interest 2025 9,296 42,494 3,470 55,260 2024 € 4,125 40,770 1,906 46,801 RAISING FUNDS INVESTMENT MANAGEMENT COSTS Stockbroker's fees Administrative expenses 2025 24,279 60 24,339 2024 23,520 60 23,580 Page 8 continued...
5. 7. 8. Elgar Family Charitable Trust Notes to the Financial Statements - continued for the Year Ended 5th April 2025 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 6) 8,123 Grant funding of activities (see note 7) € 1,000 Charitable activities DIRECT COSTS OF CHARITABLE ACTIVITIES Rates and water Light and heat Repairs and maintenance GRANTS PAYABLE Charitable activities The total grants paid to institutions during the year was as follows: The Elgar Festival Support costs (see note 8) € 3,540 2025 € 2,033 4,128 1,962 8,123 2025 1,000 2025 1,000 Totals E 12,663 2024 uring the year the charity made a conditional grant offer of £1.2m towards the endowment for The Firs, subjec • The National Trust taking on operations of the property. Further details are provided in note 1 SUPPORT COSTS Charitable activities Support costs, included in the above, are as follows: Sundries Legal fees Independent examiner 2026 Charitable activities 2,568 3,540 Governance costs 3,540 2024 Total activities 9,618 10,594 Page 9 continued...
Elgar Family Charltable Trust Notes to the Financial Statements - continued for the Year Ended 5th April 2025 9. OTHER Following the 0a1 2 i are agile xed assets to stock (see note 13), an impaiment of stock 10. TRUSTEES' REMUNERATION AND BENEFITS St Apie ro no trustees remuneration or other benefits for the year ended 5tnh April 2025 nor for the year ended TRUSTEES' EXPENSES There were no trustees' expenses paid for the year ended 5th April 2025 (2024: E46) 11. STAFF COSTS The charity had no employees during the year ended 5 April 2025 nor during the year ended 5 April 2024. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds INCOME AND ENDOWMENTS FROM Investment income 46,801 EXPENDITURE ON Raising funds Charitable activities Charitable activities Total 23,580 20,069 43,649 Net gains on investments 94,033 NET INCOME 97,185 RECONCILIATION OF FUNDS Total funds brought forward 2,386,131 TOTAL FUNDS CARRIED FORWARD 2,483,316 13. TANGIBLE FIXED ASSETS Freehold property 504,176 (504,176) COST At 6th April 2024 Transfer to stock At 5th April 2025 NET BOOK VALUE At 5th April 2025 At 5th April 2024 504,176 Page 10 continued...
13. Elgar Family Charitable Trust otes to the Financial Statements - continue or the Year Ended 5th April 20: TANGIBLE FIXED ASSETS - continued 14. Shing preyes file lo is of 20, 0o.tock at is carying value and then writen down to is estimated net FIXED ASSET INVESTMENTS MARKET VALUE At 6th April 2024 Additions Disposals Revaluations At 5th April 2025 NET BOOK VALUE At 5th April 2025 At 5th April 2024 Listed investments 1,729,938 119,340 (140,940) (36,769) 1,671,569 1,671,569 1,729,938 15. STOCKS Stocks 2025 € 200,000 2024 During the year a freehold property was transferred from tangible fixed assets to stock following a change o ntended use. Further details are provided in note 1: 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 2025 13,337 2024 € 4,621 Page 11 continued...
Elgar Family Charitable Trust Notes to the Financial Statements - continued for the Year Ended 5th April 202: 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 18. MOVEMENT IN FUNdS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources Unrestricted funds General fund 55,260 TOTAL FUNDS 55,260 Comparatives for movement in funds Al 6.4.24 2,483,316 2,483,316 Resources expended (341,178) (341,178) At 6.4.23 Unrestricted funds General fund 2,386,131 TOTAL FUNDS 2,386,131 Comparative net movement in funds, included in the above are as follows: Resources expended Unrestricted funds General fund 46,801 (43,649) TOTAL FUNDS 46,801 (43,649) Page 12 2025 € 1,006 Net movement in funds (322,687) (322,687) Gains and losses (36,769) (36,769) Net movement in funds 97,185 97,185 Gains and losses 94,033 94,033 4,053 At 5.4.25 2,160,629 2,160,629 Movement in funds € (322,687) (322,687) At 5.4.24 2,483,316 2,483,316 Movement in funds 97,185 97,185 continued...
19. 20. 21. Elgar Family Charitable Trust otes to the Financial Statements - continue or the Year Ended 5th April 202 CONTINGENT LIABILITIES rant payable to the ly tonal Trust. However, his 18 contingeri on the National trust formaly dire out bake on The Firs operations in perpetuity, which has not yet been confirmec RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 5th April 2025 nor for the year ended 5th April 2024. POST BALANCE SHEET EVENTS sie th single rendential proper yave applied for planning permission to demolish the property held and replace Page 13