The Elton Trust Charity Number 1161524 The Elton Trust Unaudited Trustees Report and Financial Statements For the th Year Ended 5 April 2024 The Elton Trust Contents Page Reference and administration details of the charity, its trustees, and advisers Trustees, report Statement of financial activities Balance sheet Statement of cashflows Notes to the financial statements 7-11 The Elton Trust Reference and Administration Details of the Charity, its Trustees and Advisers th for the Year Ended 5 April 2024 Trustees JP Fairweather Prof SG Upex Sir WH Proby A Holman Charity Registered Number 1161524 Principal Office 22 Duck Street, Elton, Peterborough, PE8 6RQ Bankers Yorkshire Bank Plc, 10 Church Street, Peterborough, PEI IXB The Elton Trust Trustees, Report for the Year Ending 5th April 2024 The Trustees present their annual report together with the financial statements of the charity for the year 6, April 2023 to 5 April 2024. Objectives and Activities a. Objectives and Activities for the Publlc Benefit The objects of the Charitable Incorporated Organisation ("the CIO") are:_ The prevention or relief of poverty by the provision of housing in Elton, Peterborough. at reduced rate of rent to the following categories of people: 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. Publlc Beneflt 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 organSsation believes in being fair, open, and inclusive. Achlevements and Performance Revlew of Activltles th The CIO was registered on 5th May 2015. During the periods ended 5 April 2016 and 2017, the CIO 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 CIO'S aims and objectives. New Trustees are appointed in accordance with the constitution based on the skills and knowledge required. th b. Investment Pollcy 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 inquiries, the trustees have a reasonable expectation that the charity ha5 adequate resources to continue in operational 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 Constitutlon The charity is constituted as a Charitable Incorporated Organisation by a constitution dated 5 May 2015. b. Method of Appolntment or Electlon 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. Rlsk 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 miti8ate any exposure to major risks. Trustees, Responslbllltles 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 Kin8dom 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 CIO and of the CIO and of the incoming resources and application of resources of the CIO for that period. In preparlng these financial statements, the Trustees are required to.. Select suitable accounting policies and apply them consistently; Observe the methods and principles in the Charities SORP,. Make judgments and accounting estimates that are reasonable and prudent,. Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the CIO will continue in operation. The Trustees are responsible for keepin8 proper accounting records that are sufficient to show and explain the CIO'S transactions and disclose with reasonable accuracy at any time the financial POSltion of the CIO 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 assets of the CIO and henco takin8 reasonable Steps for the prevention and detection of fraud and other irregularitie5. This report was approved by the Trustees on 3rd May 2024 and signed on their behalf by: 'J F f ￿ J-*vWI J P Fairweather Trustee The Elton Trust th Statement of Financial Activities for the Year Ended 5 April 2024 Unrestricted Total Funds 20Z4 Funds 2024 Total Funds 2023 Income From: Charitable activities 11,268 11,268 10,908 Total Income 11,268 11.268 10,908 Expendlture On.. Other charitable activities 3,695 3,695 7,660 Total Expenditure 3,695 3,695 7,660 Net Income Before Other Recognlsed Galns and Losse5 Net Movement In Funds 7,573 7,573 3.248 Reconciliatlon of Funds Totals funds Brought Forward 664,651 664,651 661,403 Total Funds Carried FonAfard 672,224 672,224 664,651 The note5 on pages 7 to 11 form part of these financial statements. The Elton Trust th Balance Sheet as of 5 April 2024 2024 2023 Note Flxed Assets Investments 640,000 640,000 Current Assets Debtors Cash at bank and in hand 33,822 33.822 26,907 26,907 Credltors: amounts fallln8 due wlthln one vear 11,600) 12,2561 Net Current Assets 32,222 24,651 Net Assets 672,222 664.651 Charlty Funds Unrestricted funds 672,222 664,651 Total Funds 672,222 664,651 The financial statements were approved by the trustees on 3 May 2024 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 th Statement of Cashflows for the Year Ending 5 April 2024 2024 2023 Note Cash flows from operating actlvlties Net cash provided by operating activitie5 6,915 17,416) Change In cash and cash equivalents in the year Cash and cash equivalents brought foNard Cash and cash equivalents carrled fonvard 6,915 {7,416) 26,907 34,323 33,822 26,907 io The notes on pages 7 to 11 form part of these financial statements. The Elton Trust th Notes to the Financial Statements for the Year Ending 5 April 2024 l. Accounting Policles 1.1 Basis of Preparation of Flnanclal 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 Ireland IFRS1021 {effective from I" January 20151- Icharities SORP} IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic Ireland IFRS1021. U nder 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 an 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 Expendlture 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 a re made up of the total 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 that contribute to more than one activity and support costs that 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 the 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 the administration of the charity and compliance with constitutional and statutory requirements. Charity activities and Governance costs are costs incurred on the charity's educational operation5, 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 gain5 and losses, whether realised or unrealised, are combined and shown in the heading Gains/llossesl on investments in financial activities. The Elton Trust Notes to the Financial Statements for the Year Ending 5th April 2024 l. Accountln8 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 the trade discount offered. Prepayment5 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 wlth a short maturity of three months or less from the date of acquisitlon or opening of the dep051t or similar account, 1.8 Llabllltles and Provislons 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, Llabilities 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 Flnancial 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. i.io Fund Accountlng General funds are unrestricted funds that are available for use at the discretion of the Trustees in furtherance of the general objectives of the CIO and which have been designated for other purposes. The Elton Trust th Notes to the Flnancial Statements for the Year Ending 5 April 2024 2. Income From Charitable Activities Unrestricted Total Funds Funds 2024 2024 Totsl Funds 2023 Rental Income 11,268 11,268 10,908 3. Support Costs Total Actlvltles Total 2023 2023 Insurance Property Maintenance Water 2,086 2,086 2,523 684 600 684 4000 600 737 3.370 7,260 3,370 4. Governance Costs Unrestricted Total Funds Funds 2024 2024 Total Funds 2023 Accountancy Fees 325 325 400 5. Flxed Asset Investments Other Investments Market Value At 6th April 2023 and 5th April 2024 640.000 The Elton Trust th Notes to the Financial Ststements for the Year Ending 5 April 2024 6. Creditors: Amounts due wlthin one year 2024 2023 Accruals and deferred income 1,600 2,256 7. Statement of Funds Statement of Funds- Current Year Balance at Income Expenditure 6th April 2023 Balance at 5th Aprll 2024 Unrestrlcted Funds General Funds- all funds 664,651 11,268 13,695) 672,224 Statement of Funds- Prlor Year Balance at Income Expendlture Balance at 6th Aprll 5th Aprll 2022 2023 Unrestricted Funds General Funds- all funds 661,403 10.908 {7,660) 664,651 8. Analysis of Net Assets Between Funds Analysls of Net Assets Between Funds- Current Year Unrestrlcted Total Funds Funds 2024 2024 Fixed asset investments Current assets Creditors due within one year 640,000 640,000 33,822 11,6001 672,222 33,822 {1,6001 672,222 The Elton Trust Notes to the Financial Statements for the Year Ending 5th April 2024 Analysis of Net Assets Between Funds- Prior Year Unrestricted Total Funds Funds 2023 2023 Fixed asset investments Current assets 640,000 640,000 26,907 26,907 Creditors due within one year 12,256) 664,651 12,2561 664,651 9. Reconclllation of Net Movement In Funds to Net Cash Flow from Operatlng Actlvltles Net income for the year las per Statement of Financial Activities) 7,573 3,248 Adjustment for.. Decrease/lncrea5e in Debtors Decrease/lncrease in Creditors 16561 (10,6641 Net Cash Provlded by Operatlng Actlvltles 6,917 17,416) 10. Analysis of Cash and Cash Equlvalents 2024 2023 Cash In hand 33,822 26,907 11. Transactions With Trustees None of the Trustee5 received any remuneration or expenses for the Trust durin8 the year. The Trustees confirm, in accordance with the Charitable Incorporated Organisation (Generall Regulations 2012, that at the year end the CIO did not have any outstanding guarantees to Ihlrd partles nor any debts secured on the assts of the CIO.