The Elton Trust Charity Number 1161524 ## The Elton Trust ## Unaudited Trustees Report and Financial Statements ## For the Year Ended 5" April 2021 The Elton Trust ## Contents ||Page| |---|---| |Reference and administration details ofthe charity, its trustees and advisers|1| |Trustees’ report|2-3| |Statement offinancial activities|4| |Balance sheet|5| |Statement of cashflows|6| |Notestothefinancialstatements|7-11| The Elton Trust Reference and Administration Details of the Charity, its Trustees and Advisers for the Year Ended 5" April 2021. ## Trustees JP Fairweather Prof SG Upex Sir WH Proby ## Charity Registered Number 1161524 ## Principal Office 22 Duck Street, Elton, Peterborough, PE8 6RQ ## Bankers Yorkshire Bank Plc, 10 Church Street, Peterborough, PE1 1XB ## The Elton Trust ## Trustees’ Report for the Year Ending 5‘ April 2021 The Trustees present their annual report together with the financial statements of the charity for the year 6" April 2020 to 5" April 2021. ## Objectives and Activities ## a. Objectives and Activities for the Public Benefit The objects of the Charitable Incorporated Organisation (“the ClO”) are:- The prevention or relief of poverty by the provision of housing in Elton, Peterborough, at a reduced rate of rent to the following categories of people: - e people born of families living in Elton, Peterborough - ® people born of families who previously lived in Elton, Peterborough - @ people who have lived in Elton, Peterborough, for at least 5 years ## b. Public Benefit The Trustees of The Elton Trust accept the need to have regard to the Charity Commission’s guidance on public benefit. They recognise that it is their responsibility to ensure the benefits offered by the charity are realised by promoting the charity within the county. The aim is set out in the Report of the Trustees. The organisation believes in being fair, open and inclusive. ## Achievements and Performance ## a. Review of Activities The CIO was registered on 5 May 2015. During the periods ended 5" April 2016 and 2017 the ClO did not carry out any activities and it did not have any assets. During the year ended 5" April 2018 the CIO assets were legally transferred to it. The Trustees confirm that they have referred to the guidance contained in the Charities Commissions general guidance on public benefit when reviewing the ClO’s aims and objectives. New Trustees are appointed in accordance with the constitution based on the skills and knowledge required. ## b. Investment Policy and Performance The Trustees will endeavour, to build up reserves which will be required in the long term to meet the cost of major enhancement works. The Trust has little investment income and the only real source of income, to build up reserves, is from the rental income received. ## Financial Review ## a. Going Concern After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operationa! existence for the foreseeable future. For this ## The Elton Trust reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. ## Structure, Governance and Management - a. Constitution The charity is constituted as a Charitable Incorporated Organisation by a constitution dated 5" May 2015. - b. Method of Appointment or Election of Trustees The management of the CiO is the responsibility of the Trustees who are elected and co-opted under the terms of the constitution. - c. Risk Management The Trustees have assessed the major risks to which the CIO is exposed, in particular those related to the operations and finances of the CIO, and are satisfied that the systems and procedures are in place to mitigate any exposure to major risks. ## Trustees’ Responsibilities Statement The trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with application law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the ClO and of the CIO and of the incoming resources and application of resources of the ClO for that period. in preparing these financial statements, the Trustees are required to: - e Select suitable accounting policies and apply them consistently; - e Observe the methods and principles in the Charities SORP; e Make judgements and accounting estimates that are reasonable and prudent; - e Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the ClO will continue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the ClO’s transactions and disclose with reasonable accuracy at any time the financial position of the ClO and enable them to ensure that the financial statements comply with the Charities Act 2011, The Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assts of the CIO and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the Trustees on 18" November 2021 and signed on their behalf by: J P Fairweather Trustee The Elton Trust ## Statement of Financial Activities for the Year Ended 5" April 2021 **----- Start of picture text -----**
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Total|Total| |Funds|2021|Funds|Funds| |2021|2020| |£|£|£| |Income|From:| |Charitable|activities|10,668|10,668|10,668| |Total|Income|10,668|10,668|10,668| |Expenditure|On:| |Other|charitable|activities|5,110|5,110|4,172| |Total|Expenditure|5,110|5,110|4,172| |Net|Income|Before|Other|Recognised|Gains|and| |Losses| |Net|Movement|in|Funds|5,558|5,558|6,496| |Reconciliation|of| |Funds| |Totals|funds|Brought|Forward|650,051|650,051|643,555| |Total|Funds|Carried|Forward|655,609|655,609|650,051| |The|notes|on|pages|7|to|11|form|part|of these|financial|statements.| **----- End of picture text -----**
The Elton Trust ## Balance Sheet as at 5" April 2021 |||||2021||2020| |---|---|---|---|---|---|---| ||Note||£|£|£|£| |Fixed Assets||||||| |Investments||5||640,000||640,000| |Current Assets||||||| |Debtors||||||| |Cash at bank and in hand|||24,749||17,957|| ||||24,749||17,957|| |Creditors: amounts falling due within one||||||| |year||6|(9,140)||(7,906)|| |Net Current Assets||||15,609||10,051| |Net Assets||||655,609||650,051| |Charity Funds||||||| |Unrestricted funds||7||655,609||650,051| |TotalFunds||||655,609||650,051| The financial statements were approved by the trustees on 18th November 2021 and signed on their behalf by: ## J P Fairweather The notes on pages 7 to 11 form part of these financial statements. The Elton Trust ## Statement of Cash flows for the Year Ending 5* April 2021 |||2021|2020| |---|---|---|---| ||Note|£|£| |Cash flowsfrom operating activities|||| |Net cash provided by operating activities|9|6,792|6,496| |Change in cash and cash equivalents in the|||| |year||6,792|6,496| |Cash and cash equivalents brought forward||17,957|8,297| |Cashandcashequivalentscarriedforward|10|24,749|14,793| The notes on pages 7 to 11 form part of these financial statements. The Elton Trust ## Notes to the Financial Statements for the Year Ending 5" April 2021 ## 1. Accounting Policies ## 1.1 Basis of Preparation of Financial Statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing the accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of treland (FRS102) (effective from 1% January 2015) — (charities SORP) (FRS 102), the Financial Reporting Standard applicable in the UK and Republic Ireland (FRS102). Under FRS 102 the assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## 1.2 Income All income is recognised once the CIO has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. ## 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer the economic benefit to a third party, it is probable that the transfer of the economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent and depreciation charges allocated on the portion of asset’s use. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Charity activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities. ## 1.4 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading Gains/(losses) on investments in the financial activities. The Elton Trust ## 1. Accounting Policies (Continued) ## 1.5 Interest Receivable interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid and payable by the Bank. ## 1.6 Debtors Trade and other debtors are recognised at the settlement amount after trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## 1.7 Cash at Bank and in hand Cash at Bank and in hand includes cash and short term highly liquid investments with a short maturity of three month or less from the date of acquisition or opening of the deposit or similar account. ## 1.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. ## 1.9 Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## 1.10 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 ClO and which have been designated for other purposes. The Elton Trust ## Notes to the Financial Statements for the Year Ending 5" April 2021 ## 2. Income From Charitable Activities ||Unrestricted|Total Funds|Total| |---|---|---|---| ||Funds 2021|2021|Funds| ||||2020| ||£|£|£| |Rental|||| |Income|10,668|10,668|10,668| 3. Support Costs ||||Total| |---|---|---|---| ||Activities|Total 2021|2020| ||£|£|£| |Insurance|2,063|2,063|2,017| |Property|||| |Maintenance|1,213|1,213|1,127| |Water|606|606|589| ||3,882|3,882|3,733| 4. Governance Costs ||Unrestricted|Unrestricted|Total Funds|Total| |---|---|---|---|---| ||Funds|2021|2021|Funds| |||||2020| ||£||£|£| |Accountancy||||| |Fees||1,228|1,228|440| 5. Fixed Asset Investments **----- Start of picture text -----**
Other
Investments
£
Market
Value
At 6th April 2020 and 5th April 2021 640,000
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The Elton Trust ## Notes to the Financial Statements for the Year Ending 5* April 2021 6. Creditors: Amounts due within one year **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |2021|2020| |£|£| |Loans|From|Trustees|5,000|5,000| |Accruals|and|deferred|income|4,141|2,906| |9,141|7,906| |7.|Statement|of|Funds| |Statement|of|Funds —|Current|Year| **----- End of picture text -----**
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||||||||| |---|---|---|---|---|---|---|---| |Balance|at|Income|Expenditure|Balance|at| |6th|April|5th|April| |2020|2020| |Unrestricted|Funds|£|£|£|£| |General|Funds-|all|funds|650,051|10,668|(5,110)|655,609| |Statement|of|Funds —|Prior Year| |Balance|at|Income|Expenditure|Balance|at| |6th|April|5th|April| |2019|2020| |Unrestricted|Funds|£|£|£|£| |General|Funds-|all|funds|643,555|10,668|(4,172)|650,051| **----- End of picture text -----**
## 8. Analysis of Net Assets Between Funds Analysis of Net Assets Between Funds — Current Year **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Total|Funds| |Funds|2021|2021| |£|£| |Fixed|asset|investments|640,000|640,000| |Current| |assets|24,749|24,749| |Creditors|due|within|one|year|(9,141)|(9,141)| |655,609|655,609| **----- End of picture text -----**
The Elton Trust ## Notes to the Financial Statements for the Year Ending 5" April 2021 Analysis of Net Assets Between Funds — Prior Year **----- Start of picture text -----**
|||||| |---|---|---|---|---| |Unrestricted|Total|Funds| |Funds|2020|2020| |£|£| |Fixed|asset|investments|640,000|640,000| |Current| |assets|17,957|17,957| |Creditors due|within|one year|(7,906)|(7,906)| **----- End of picture text -----**
9. Reconciliation of Net Movement in Funds to Net Cash Flow from Operating Activities **----- Start of picture text -----**
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Net|income|for|the|year|(as|per|Statement|of|Financial| |Activities)|5,558|6,496| |Adjustment|for:| |Decrease/Increase|in|Debtors|-|2,627| |Increase|in|Creditors|1,235|537| |Net|Cash|Provided|by|Operating|Activities|6,792|9,660| **----- End of picture text -----**
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||||||| |---|---|---|---|---|---| |10.|Analysis|of Cash|and|Cash|Equivalents| |2021|2020| |Cash|In|hand|£|£| |24,749|17,957| **----- End of picture text -----**
## 11. Transactions With Trustees None of the Trustees received any renumeration or expenses for the Trust during the year. The Trustees confirm, in accordance with the Charitable Incorporated Organisation (General) Regulations 2012, that at the year end the CIO did not have any outstanding guarantees to third parties nor any debts secured on the assts of the CIO.