The Elton Trust Charity Number 1161524 The Elton Trust Unaudited Trustees Report and Financial Statements For the Year Ended 5 April 2024
The Elton Trust Contents Page Reference and administration details of the charity, its trustees, and advi*rs 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 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 Trustee Report for the Year Endlng S April 2024 The Trustees present their annual report together with the finanaal statements of the charity for the year 6 April 2023 to 5 April 2024. Objectives and Activities Objectives and Activities for the Public Benefit The object5 of the Charitable Incorporated Organisation (-the Cl(r) are:. The prevention or relief of poverty by the provision of housing in Elton. Peterborough, at a reduced rate of rent to the followin8 categorles of people: people l)orn of families living in Elton, Peterborough people l)orn 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 TTUSt accept the need to have regard to the Charity Commission's guidance on public benefrt. 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 Revlew of Artivities The CIO was registered on 5 May 2015. During the pertods 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. 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 work5. The Trust has little investment income and the only real source of income, to build up Te5erves, is from the rental inconie received. Flnanclal Review a. Golng Concern After making appropriate inquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this
The Elton Trust rea50n. they continue to adopt the going concern basis in prep3rin8 the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Structure, Governance and Management Constltutlon The charity is constituted as a Charitable Incorporated Organisation by a constitution dated 5 May 2015. b. Method of Appointmerrt or Electlon of Trustees The management of the CIO is the SponsIbl11ty 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 mitigate any exposure to major risks. Trusteeg Responsibilities Staternent The trustees are responsible for preparin8 the Trustees, report and the financial statements in accordance with application law and United Kingdom Accountin8 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 CIO and of the CIO and of the incomin8 resources and application of resour5 of the CIO for that period. In preparing 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 estlmates that are reasonable and prudent" Prepare the financial statements on a going concern basis unless it is inappropriate to presume thatthe CIO will continue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the CIO'S transactions and disclose with reasonable accuracy at any time the financial P051tion of the CIO and enable them to ensure that the financial statements comply with the Charities Act 2011. The Charity {Accounts and Rewrts) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assets of the CIO and hence taking reasonable steps for the prevention and detection of fraud and other irregularitie This report was approved by the Trustees on 3 May 2024 and signed on their behalf by: J P Fairweather Trustee
The Elton Trust Statement of Financial Activities for the Year Ended 5 April 2024 Unrestrlrted Funds 2024 Total Funds 2024 Total Funds 2023 Income From.. Charitable activities 11,268 11.268 10,908 Totsl Income 11.268 11,268 10,908 Expendfture 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 Losses Net Movement in Funds 7.573 7573 3.248 Reconciliatlon of Funds Totals funds Brought Forward 664.651 664,651 661,403 Total Funds Carrfed Forward 672,224 672,224 664,651 The notes on pages 7 to 11 form part of these financial Statements.
The Elton Trust Balance Sheet as of 5 April 2024 2024 2023 Note Fixed Assets Investments 640,1)00 640.000 Current Assets Debtors Cash at bank and in hand 33.822 33.822 26,907 26,907 Creditors: amounts falling due wlthln one year 11,600) (2,256) Net Current Assets 32.222 24,651 hlet Assets 672,222 664,651 Charity Fund5 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 sned 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 activities Net cash provided by operating activities 6,915 (7,4161 Change in cash and cash equlvalents In the vear Cash and cash equivalents brought fOard Cash and cash equivalents carried 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 Notes to the Flnancial Statements for the Year Ending 5 April 2024 l. Accountlng Policies 1.1 Basis of Preparation of Flnancial 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 IFR5102) (effective from I"January 2015)- (charities SORP) {FRS 102). the Financial Reportin8 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 recogni5ed 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 Coverable 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. Expendtture is classified by activity. The costs of each activity are made up of the total direct costs and shared costs includin8 SUPPOrt Costs involved in undertaking each actlvity. 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 artivities 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 asseys use. Support costs are those costs incurred directly in support of expendtture 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 statLrtory requirements. Charity activities and Governance costs are costs incurred on the charitvs educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities. 1.4 Investment5 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 reliabty in which case it is measured at cost less impairment. Investment gains and losses. whether realised or unreali5ed. are combined and shown in the heading Gains/(losses) on investments in ftnancial activities.
The Elton Trust Notes to the Financial Statements for the Year Ending 5 April 2024 l. Accountlng Policies (Contlnued) 1.5 Interest Receivable Interest on funds held on dep051t 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 bythe Bank 1.6 Debtors Trade and other debtors are recognised at the settlement amount after the 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 months 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 lIablY. Liabilities a recognised at the amount that the charity anticipates it will pay to settle the debtorthe amount it ha5 received as adVand 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 effert of the time value of money As 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 liabilwty. The unwinding of the discount is recognised within interest payable and similar charges. 1.9 Flnanclal 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 Accounting General funds are unrestricted funds that are available for use at the discretion of the Trustees in fvrtherance of the general objectives of the CIO and whKh have been designated for other purposes.
The Elton Trust Notes to the Financial Statements for the Year Ending 5th April 2024 2. Income From Charitable Activitses Unrestricted Total Fund5 Funds 2024 2024 Total Funds 2023 Rental Income 11,268 11,268 10,908 3. Support Costs Total Activities Total 2023 2023 Insurance Property Maintenan Water 2.086 2,086 2,523 684 600 684 600 4COO 737 3.370 3.370 7.260 4. Governance Costs Unrestricted Total Funds Fund$ 2024 2024 Total Fund5 2023 Accountancy Fees 325 325 41)0 5. Ftxed Asset Investments Other Investments Market Value At 6th April 2023 and 5th April 2024 640,000
The Elton Trust Note5 to the Financial Statements for the Year Ending 5 April 2024 6. Cfeditors: Amounts due wlthln one year 2024 2023 Accruals and deferred income 2,256 7. Statement of Funds Statement of Funds- Current Year Balance at Income Expenditure 6th Aprll 2023 Balance at 5th April 2024 Unrestricted Funds General Funds- all funds 664,651 11.268 13.695) 672.224 Statement of Funds- Prior Year Balance at Income Expenditure 6th April 2022 Balance at 5th Aprll 2023 Unrestricted Fund5 General Funds- all funds 661,403 10.908 (7.660) 664,651 8. Analysis of Net Assets Between Funds Analysis of Net Assets Between Funds- CUrnt Year Unrestrlrted Total Fund5 Funds 2024 2024 Fixed asset investments Current assets Creditors due within one year 640,(XX) 640.0 33,822 [1.600) 672.222 33,822 {1,600) 672,222
The Elton Trust Note5 to the Financial Statements forthe Year Ending 5 April 2024 Analysis of Net Assets Between Funds- Prfor Year Unrestricted Total Funds Funds 2023 2023 Fixed a55et investments Current assets 640,000 640.000 26,907 26,907 Creditors due within one year {2,256) 664,651 (2.256) 664,651 9. Reconcillation of Net Movement In Funds to Net Cash Flow from Operating Artivities Net income for the year (as per Statement of Financial Activities) 7.573 3,248 Adjustment for: Decrease/lncrease in Debtors Decrease/lncrease in Creditors 1656) (10,664) Net Cash Provided by Operating Activities 6,917 (7A16) 10. Analy51s of Cash and Cash Equivalents 20Z4 2023 Cash In hand 33.822 26,907 11. Transartlons Wlth Trustees None of the Trustees received any remuneration 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 a55ts of theCIO.