THE OLD ELTHAMIANS, CHARITABLE TRUST IA Company Llmft•d by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 Charlty No: 1149911 Company No: 08305478
THE OLD ELTHAMIANS, CHARrrABLE TRUST {A company Llmlt•d by Guarantee) CONTENTS Laga and Administrntive Infixm Report of the Directors IndepeNlent Audltofs Report Statement of Flnanclal Activit BalarK8 Sheel 10
THE OLD ELTHAMIANS, CHARITABLE TRUST (A company Umlted by Guarantee) LEGAL AND ADMINISTRATIVE INFORMATION DIRECTORS R Dellar T Haden-scott M Holcombe N Houlden CHARITY REGISTRATION NUMBER 1149911 COMPANY REGISTRATION NUMBER 08305478 REGISTERED OFFICE 4 Tower Place Warflngham Surrey CR6 9PW INDEPENDEKf AUDrroRS Azets Audit Ser¥ic8S First Floor River House 1 Maidslone Road Sidcup Kent OA14 SRH BANKERS National Westrnlnstér Bank 143 High Str88t Bromley Kent BR1 1JH
THE OLD ELTHAMIANS, CHARITABLE TRUST (A company Llmlted by Guarantee) DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Directors pr8sent their Annual Report and the Audit8d Finanaal Statements for the year ended 31 August 2024. The Directors have adopted the provisions of the Statement of Recommended Practice ISORP) 'Accounting and ReportiTr3 by Charities, (FRS1 102) in preparing the annual report and financial statemènts of charitable company. The financial statements have been prèpared in accordance wilh Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their acLounts in aCrdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Chanties Act 2011. the Companies Act 2006 and UK Generally Accepted Accounts'ng Practi. OBJECTIVES AND ACTInEs The Oblts of Ihe charity are restrrcted to the following: to advance th8 education of persons anywhere in the world. with a preference for. but not h'mited to the pupils and f0mr pupils of Eltham College (the Sch1 for Ihe Sons of Miswnaiies). andlor to or th8 said sclmjol. or for any of its underlakings. wherever they may be situated" and {a} To promote fA)mfflunily participation in healthy recreation in such ways as the Directors think fit, and in particular by the provision and Maintenan of factlities for the advancement of amateur sport. STATEMENT OF PUBLIC BENEF The oty'eclNes and aclivities, and achievemenl and perf0mnCe sections of this port clearly sel out the actNities which the charity undertakes for the public benefjt. The Directors confimi that they have complied with Ihe duty in section 4 of the Chariknes Act 2006 to have due regard to public benefit guidance published by the Commission in determining the activits'es undertaken by the charity. STRATEGIC REPORT Review of Activitses Achievement and Perforniance Continuing its policy of provKJing annual Bursaries at Eltham College Senior School l°School-) to parents of an applicant to Ihe Sch(x)I who ha5 reached the required academic standard but who. on a Tigorous means test, would otherwise be unable to supp(1 the appltcant, the Charity supported in the year seven pupils. The total cost to the Charity the year lo 31 August 2024 of these Bursaries was £80.855 {2023'. £63.090). Financial revlew During the year ended 31 August 2024 the Gharitys gross income was £84.735 (2023.. £72.652} made up of donations. rent. investment Irome and interest ceivable. Tolal expendire was £87,416 (2023: £79.6581. This resulled in a loss of £2,681 before gains on inveslments (2023: loss £7,¢XI6). The increase in expendibjrè this year was mainty due to provision of the extra bursary for a seventh student. and a Dne-off donation of £5,000 to fund renovation of the war memorial at the h0O1. Detai15 of incCe and expenditure are as set out in the financial statements. The valuation of investment funds retumed a loss on revaluats'on of £4.077 (2023.. bss £48,852).
THE OLD ELTHAMIANS, CHARITABLE TRUST {A company Llmlted by Guarantee DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Reserves policy This remains consistent with its previously dedared policy of reserving sufficient furxls to enable it to continue direct fundraising activity for one year in the event of an unforeseen drop in income and reserving sufficient funds to enable the Charity to support all pupils to whom a Bursary had been awarded until the end of their respective attendances at the School. The Charity, as at 31 August 2024. hekf total unrestricted reserves amounting to £952.246 (2023.. £959,004). These reserves included freehotd property to a value of £634.324 {2023: £634.324) and Investmenl funds valued at £226,362 (2023: £230.439). Investment policy Under its Memorandum and Articles of Association the Charity has power to invest funds nol immediately required for its own purposes in any way the directors see fit. Consistent with that power and its Reserves Policy the Directors undertook a review of their investment strategy. Investmenl fvnds are spk't between a Unit Tnjst investing in UK propety (managed by Mayfair Capital) and a Growth & Income fijnd investing in global equities & ffixed income securities (managed by BNY Mellon). Both vehicles are availaNe to all charities that qualify for tax exemption, and they pemiit qualrfying investors (of which the Charity is one) to invest in a tax efficient manner, both as lo capilal and income. For the year ended 31 August 2024 the investments yielded income of £11.256 (2023.. £11,659). Plans for the future The Charity wll continue its poh'cy of pry)viding Bur5arie5 UP to a sensible limit in relalion to rts inCne. In keeping with the School's Christian Missionary foundations and lis present fX)mmitrnent to supportiThJ the provision of education for the benefit of deprived children overseas. the Directors have indicated their readiness to consider making grants in further8 of that policy for suitable projects. Next academic year the charity will continue provision of bursaries for 7 pupils, afterwhich the position wll be reviewed On VAT treatmenl of school fees becomes clearer. STRUCTURE, GOVERNANCE AND MANAGEMENT Constltution The Charty. registered number 08305478, is also a company limited by guarantee and is 9)vemed by its Memorandum and Articles of AssLKiation dated 23 November 2012. Charity registration was gaine(l on 26 November 2012. The guarantee of individual members is limited to £1. Directors The Directors. who are also Directors for the purposes of the Charities Act 2011, wh) Seed during the year to the date of this report were: . R Dellar T H8denwScott M Holcombe N Houlden
THE OLD ELTHAMIANS, CHARITABLE TRUST (A company Limlted by Guarantee> DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Recruitment and Appointment of Directors The number of Direc*ors shall not be less than three arKI no more than seven. Any person who a former pupd of Eltham College, who is willing to act as a director, and is pemiitted by law to do so, may appointed to be a Director.. (i) By Ordinary Resolution, or (li) By a simple majority of all the Directors ents'tted to attend and vote at any meetirvJ of the Directors. No app(Mntment of a Director. whether by Ihe Charity in general meets'ng or by the other Directors, may be made which would cause the number of Director5 to exceed any number fixed as the maximum number of Direct(Jrs. The fit Directors shall hokl Offi fr)r a maximum of or three years at the end of whKh each shall retire. Any olh8r Director shall be appointed for a tetrn of Ihree year5 and shall rets're at the fi'rst rneeting of the Directors fotEowing the third anniversary of their most recent appointment. All Directors shall be ebgible for re-election. No Director shall serve for a cumulative period of more than three tsrms of office. Risk management The Directors are in the prrxess of examining the nwjor risks that the charity faces and ensuring that systems have been established so that the necessary steps can be taken to manage those risks. Statsment of Dlrectors. Responslblllt The charity Directors are responsible for preparing a D1ck(S. annual port and financial statements in accordance with apkluble law and United Kirodom Accountmg Siandards (United Kingdom Generally Accepted AcoJunting Practice). Company law requires the DirectOTS to prepare financial statements for each financial year, which give a true and fair view of the slate of affairs of Ihe charitable company and of the incoming Tesources a1 application of resources, including the income and expenditure, of Ihe chatitable cx)mpany for thal peritjl. In rxeparing these financial staternents. the Directors are required to. select suitatAe accounting policies and then apply them consistenlty; observe the meth(Kls and principles in the Charities SORP 2015 (FRS 102). make judgements and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed. subject to any material departures disdosed and explained in the financial statemenls: prepare the finan(ial stslements on the going concem basis unless it is inappropriate to assume that the charitable crmpany wll continue in operation. The Directors are responsible for keeping proper accounting records which disdose with reasonable ac¢)Jracy at any lime the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguardirvJ the assets of the company and hence for takir¥J reasonable steps for the prevention and delecb'on of fraud ot other iwregularilies. Statement of Disclosure of Information to Audito So far as the Directors are aware.. there is no relevant audit infomiation of which the charitable Company's auditor is unaware: and the D1ctO have taken all steps that they ought io have taken to make themselves aware of any relevant audil inf0mli0n and to eslatlish that the auditor is aware of Ihat infonnation. Auditors Azets Audit Servios will be proposed for reappointment at the Directors, meets'ng. By Order of the Board of Diredors -TknL4- T Haden4cott- Director N Houlden - Dlrector Dale . 25 f.JA .2Q25"
THE OLD ELTHAMIANS, CHARITABLE TRUST (A company Limited by Guarantee) REPORTOF THE INDEPENDENT AUDITORS TO THE MEMBERS Opinion We have audiled the finarKial slalements of The Old Elthamian's Charitable Trust (the 'charilable company,) for the year ended 31 August 2024 which comprise Statement of Financial Activates, Balance Sheet and mtes to the finan(aal statements, including a summary of significant aCUnting policies. The fi'nancial reporting frarnework that has been applied in their preparation is applicable law and United Kiwdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practs'ce} and the Charities SORP 2019. In our opinion, the financial statements= give a true and fair view of the state of the charitable company's affarrs as at 31 August 2024 and of Its incoming resources and appli¢tiOn of resources. for the year then ended" have been properfy prepared in accordance with United "ngdoM Generally Apted A)Unting Practice: and have been prepared in accordance wilh the reQuirnents of the Companies Act 2006., and. Have been prepared in 8ccx)rdance with the requirements of the Charilies SORP 2019. Basis for opinion We conducted our audit in accordance with IntematlaI Stsndards on Auditing (UKI (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's reswnsibiliiies for the audit of the financial statements section of our report. We are independent of the charitat4e 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 resp¢N7sibilities in aOrdanCe with these requirements. We believe that the audit eviden we have obtained is sufficient and approprtate io provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the Trustee's use of the going (x)ncern basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have perfom)ed, we have not identified any material uncertaints'es relating to events or conditions that. indivua1ty or collectivety. may cast doubt on the charity's ability to continue as a going concem for a period of at least e1ve months from when the financial statements are authorised for issue. (r responsibilitEs and the responsibdities of the Tnjstees with SpeCt to going cOnM a described in the relevant sections of Ihis report. Other informalion The Trustees are resnsIble for the other infomiation. The other information comprises the infomiation included in the annua rerM)rt, other than the financial stalements and our auditor's report thereon. Our opinirjn on the ffinancial staternents does not cover the other information and, except to the extent otherwise explicitty stated in our report, we do not express any forni of assurance conclusw)n thereon. In connection with c)ur audit of the financial ststernents, our responsibility is to read the other infonnation and, in doing so, csider whether Ihe other infomiation is materialty inconsistent with Ihe financial statements. or our knowledge obtained in the aLJdit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a nHterial misstatement of the other information. If. based on the work we have rformed, we c¢Mclude that there is a material misstatement of Ihis other irrformalion, we are required to report thal fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the ccurse of the audit: the informalion given in the trustees. report. whic*t includes the directors. report and strategic rew)rt prepared for the purposes of company law. for the financial year for which the financaal ststements are prepared is consistent with the financial statements. and the strategic report and the directors, report induded wilhin the trustees. report have been prepared in accordance with applicable legal requirements.
THE OLD ELTHAMIANS, CHARITABLE TRUST (A company Llmlted by Guarantee) REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Matters on which we are required to report by exception In the tight of Ihe kr¥)wledge and understanding of the charitabl8 company and its &nvironment obtained in the course of the audit. V have not identwfied malerial misstatements in Ihe straiegtc report or the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation io which the Companies Aci 2006 requires us to report to you if, in our opinion= adequate accounting records have not been kept, or retums adequate for our audit have not been received from brdnches not visited by us; or the finarnal slatements are not in agreement wilh the aLwunb'ng records and retum5". or rtain disclosures of trustees, remunerats.on specified by law are not made; or we have not received all the infom)ation and explanations we requiro for our audit., or the trustees wefo not ented to prepare the financial statements in aC0)rdan with kne smau companies regime and take a(Ivantage of the small MpanIeS. exemptions in preparing the tnjslees, report and from the requiremenl to prepare a strategic report. Responsibilities of Trustees As explained tnore fulty in tTUStees' responsibilrties statement. the trustees (who are also the directors of the charitable company for the puOseS of company law) are responsible for the preparation of the financial statements and for being satisfi&J that they we a true and fair view. and for such intemal contrcl as the INstees detetmine is necessary lo enable the preparation of financial statements that are free from material rnisstat8ment. whether due to fraud error. In preparirwJ the financial statements, the Irustees a responsible for assessing the charitsble company's abilty lo continue as a going concern, disdosing. as applicable, matters related to 90ing concem and usirNJ the going concem basis of accountirrfJ unless the trustees either intend to liquidate the charitai lpanY or to cease operations, or have no realistic altemative but to (k) so. Auditor's responsibilities for the audit of the financial statennts Our oty'ecbves are to obtain reasonable assuran about whether Ihe finanoal statements as a Who a free from matebial mtsststement, whether due to fraud or error, al to issue an auditorfs report that incIleS our opinion. Reasonable assurance is a high level of assuran but is not a guarantee that an audit conducted in accordancE with ISAS (UK) will always detect a material misstatement when il exists. Misstatements can arise fr(xn fraud or em)r and are COnSKlered material if, individually or in the aggregate, they cxjuld asOnablY be expected to influence the econornic decisions of Use taken on the basis of these financialstatements. Extent to whlch the audlt was consldered capable of detectlng Irregularltles, Including fraud IegUlaTies. induding fraud, are instan(%s of n-cOMpliance with laws and regulattons. We design procedures in line with our resrK)nsibilrties. ouuined above and on Ihe Financial Reporb'ng Crwncil's websiie, to detect material misslatements in respect of irregularities, induding fraud. We obtain and update our underslanding of the entity. its activities. its control environmenL and likely future devekjpments. incknding in relation to the legal and regulatory framework applicable arvj how the entity is complying with that framework. Based on this understanding, we identrfy and assess the risks of material misstatement of the financba statements, whether due to fraud or error. deswn and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basts for our opinion. This includes CSIderation of the risk of acts by the entity that were contrary to applicable laws and regLAations, induding fraud. In reSpse to the risk of itregularities and non-compliance with laws and regulations. including fraud, we designed procedures which included.. Enquiry of management and those charged with governan ar(nd actual and potential 1ltb3ati and claims as well as actual. suspected and alleged fraud,. Revrewing minutes of n*ingS of those tharged with govemance; Assessing the extenl of compliance with the laws and regulations considered to have a direct material effect on the finala1 statements or the operations of the charitsble company through enquiry and inspection.,
THE OLD ELTHAMIANS, CHARITABLE TRUST (A company Limited by Guarantee> REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS Reviewing financial statement disdosures and testing to supporting dctumentation tr) assess cnmpliance with applicable laws and regulations; Performing audit work over the risk of management bias and override of controls, InCding testing of joumal entries ar)d other adjustments for appropriateness. evaluakng the business rats"onale of Signifint transadions outside the nonnal course of business and reviewng accounting ests'mates for indicators of potenb.al bias. Because of the inherent limitations of an audit. there is a risk that we will rM)t detect all irregulanb"es, including those leading to a material misstatement in the financial statements or non-compliance wrth regulation. This risk increases the more that Complian with a law or regulation is removed from the events and transactions reflected in the financial stalernents. as we will be less likely to becx)me aware of instances of non-(X)MrAian. The risk of not detecting a material misstatement resulbng from fraLKI is hoher Ihan for one resultirvJ from error. as fraud may invo*rfe collusion. forgery. intentional omissicms. misrepresentations. or the override of intemal control. A further d8SCriPtion of our responsibilities for the audit of the financial staternents is located on th8 Finanaal Reporting Council's website at WV4w.frc.org.ukJauditorsresponsibilities. This descriptNJn fomis part of our audttor's report. Use of our report This report is made solety to Ihe charitsble (x)mpanrfs members, as a bcty, in acts)rdance with Chapter 3 of Part 16 of the Companies Act 2006. Oui audit work has been undertaken so that we might state to the chartlable company's members those matters we are Tequired to state to them in an auditorfs report and for no other purpose. To the fullesl extent pem7itied by law. we do not accept or assume responsibih'ty to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have fomied. Mlchelle Vvllkes FCA (Senior Statutory Audrlor) for and on behaEf of Azets Audit ServIs Chartered Accountants ststutory Auditor First Floor River House 1 Maidstone Road Sidcup Kent DA14 5RH Date -
THE OLD ELTHAMIANS. CHARITABLE TRUST (A company Umlted by Guarant••) STATEMENT OF FINANCIAL ACTivrriES FCHi THE YEAR ENDED 31 AUGUST 2024 Ineoffl• and Expndlture Account UnMstrlct•d Funds 2024 Unrgstrlcted Funds 2023 Income from: 31.0(K) 20,000 40.000 12,652 Other irM)Jn Inveskn8nt 13.735 TOTAL INCOME 84.735 72,652 Expondlturn from: Chariiable aclvlilies 87.416 79,658 TOTAL EXPENDtruRE 87,416 79,658 NET INCOMEI(EXPENDrniRE) BEFORE GAINS ON INVESTMEpirs {2,681) (7.006) N¢t (loM•sygalns on Inv•$tmonl assets {4.077) (48.852) NET IKIVEMENT IN FUNDS (6,758} (55,8581 Funds brought forward at 1 Septsmber 2023 1.014.862 FUNDS CARRIED FORWARD AT 31 AUGUST 2024 952.246 959.(K14 All tran&iclions a derived from continulng activitles. All reccyjnised gains and k>sses a included in the Statement of Flnanci81 ActiNities.
THE OLD ELTHAMIANS, CHARITABLE TRUST (A company Llmlted by Guarantee) Company number: 08305478 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 FIXED ASSErs Investments 860,686 864,763 Cash at bank and in hand 106.(KO 106.057 106.060 106,057 CREDITORS Amounts falling due within one year - Ac(xuals (14,500) (11,816) NET CURRENT ASSETS 91,560 94,241 NEf ASSETS 952.246 959.004 FUNDS Unrestricted funds 952.246 959.004 TOTAL FUNDS 952,246 959.(W)4 Approvad by the Board of Dir8Ctors on 85 FJ 191¥ and &gn8d on their behalf by.. .-fkn.L(tr T Haden4cott Dlrector N Houlden Dlrector 10
THE OLD ELTHAMIANS, CHARITABLE TRUST (A company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Basis of preparalion of financial statements The Old Etthamians, Charitable Trust is a company limited by guarantse in the United Kingdom. In th8 8vent of the charitable company being wound up, the liability in respect to the guarantee is limited to £1 per member of the charilable rA)mpany. The address of the registered office is given in the chartty InfoatiOn on page 1 of these financial stalements. nature of the Ghaiitable c&Mnpany's operations and principal activities are as sel out on pwJe 2. The charity cntuteS a public benefi't entity as defined by FRS 102. The financial statements have begn prepared in accordance with Accounting and Reporting by Charities". Statement of Re(x)Tnmended Practice applicable to chanb.es prepanng their acrunts in accordance wtth the Financial Rerx)rting Standard applicable in the UK and Republic of Ireland issued in October 2019. the Financial Reportiftg Standard applicable in the United Kingdom and Reputlic of Ireland {FRS 102}, the CharitEs Act 2011. the Conpanies Act 2c6 and UK Generally Aepted A¢untIng Practi. The financial stalements are prepared on a going cncern basis under the historical cost convention, modified to indude certain items al fair valu8. The financial statements are prepared in sterling which is the functional cuThency of the charrty. The significant accountirvJ p*ies aptAied in the pparation of these financial statements are set bek)w. These pdi(>es have been consistently applied to all years presented unbess otherwise stated. Funds accounting Unrestricted general fijnds are voluntary income and other income re1vable OT generdted for the objects of the charity WItht further specified purpose and are availaLle as generdl funds. The funds (an b8 used in accordance wilh the charitable objects at the discrelion of the Directo[5. Incon All income is included in the Statement of Financial Activitres (SOFA) when the charity is legally enti#ed to the income, the receipt ts probable and the amounl can be measured reliably. Voluntary income is received by way of donations and is included in full in the SOFA in Ihe year in which they are receivable. where the receipt is probaNe and the amount can be reabty measured. Other income is recognised in full in the SOFA in the year in which it is ceivable, ere rlpl is probable and il can be measured reliably. Investment income is recognised on a receivable basis. Expenditure Expenditure is accounted for on arl accruals basis. and is recognised once there is a legal or constructive obligation to transfer economic benefi't to a third party, it is probable that the setdement will be required and the amount of the obligation can be measured reliably. The iThecoveratAe element of VAT is included with the item of expense to wlich it relates. Charitable exFendi1U comprises tr#)se costs incurrgj by the chaiity in Ihe delivery of its activities arKI services for its beneficiaries. It includes both ctsts alk)cated dirth to such acliwties and those (x)sts of an indirect nature necessary trj support them. 11
THE OLD ELTHAMIA14S' CHARrrABLE TRUST (A company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 1.6 Support costs allocation Support costs are those that assist the work of Ihe ¢harity but do not directly represent charitable aclivities and indude office costs and governan costs. They are incurred direcuy in support of expenditure on the objects of the charity. Where support costs cannol be directy attributed to partiCLAar headin9S they have been allocated to expenditure on charitable acb'vities on a basis consislent with use of the resources. Thè analysis of these costs is indudèd in note 5. 1.7 Taxation The company is a regtered d)arity and is ther8fore 8nts'tl8d to th8 ex8mptsons from corporation tax afforded by section 505 of the In(Lime and Corporation Taxes Act 1988. Accordingly. there is no corporation tax charge in these financial statements. 1.8 Investments Investrnent assets are inCdj in the financial statements al their market value. Where hekj as an ongoing investsnent they are included as fixed assets. ff the investment is to be tealised within tsvelve months it is categorised as a current asset AJI realised and unrealised gains and losse5 are recognised in the Statement of Financial Activib'es. Golng concern The financ81 ststements have been prepared on a going concern basis as the Directors bdieve that no mateiial un(%rtainties exisL The DIrECtO have considered the level of fitnds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with level of reserves for the charity to be able to continue as a going cancem. INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Rent 40,000 40,000 40.000 INVESTMENT INCOME 2024 2023 Bank interest Propety Investment Trust Newton Growth and Income Fund for Charities 2,479 9,967 1,289 993 10,348 1.311 13,735 12,652 12
THE OLD ELTHAMIANS, CHARITABLE TRUST (A company Llmlt•d by Guarantee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2024 ANALYSIS OF EXPENDrruRE Dlrect Costs Support Costs Total 2024 Total 2023 Charltablo actlvltles.. Grants & tKJrsaries payable 85.855 85.855 78,090 Govemance costs 1.561 1.561 1,588 Total expendliurn 78,090 1.561 87,416 79,658 Grants and twrsaries payable were mwje to Ellham College. Grants and burnar1 payalAe 2024 2023 Eltham College- BuTraries Eltham Col898- Donation 80.855 5.000 63.090 15,000 85,855 78.090 SUPPORT COSTS 2024 2023 Auttht and arAnIancY fees Bank tharges 1.5 1,506 13 49 13 48 1,561 1.568 STAFF COSTS AND DIRECTORS, REIMBURSED EXPENSES No Directors were reimburs8d for expenses during the period (2023.. None). The ¢h81ity has no empknyees. 13
THE OLD ELTHAMIANS, CHARITABLE TRUST (A company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 INVESTMEiirs Newton Growth & Incomo Fund for Charilie• Property Investment Trust Land & Buildings Total Market Valu• At 1 September 2023 Unrealised (lossygain in year 54,604 5.578 175,835 (9,655) 634.324 864,763 (4,077> At 31 August 2024 60.182 166,180 634.324 860.686 Cost At 31 Aust 2024 50.000 200.000 634.324 884,324 At 31 August 2023 50.000 200,000 634.324 884,324 SHARE CAPITAL Thè ¢onpany is limited by guarant88 and has no share capllal. The liability of ts members Is limited to £1 per member. 14