2020-10-31-accounts

The Eldon Foundation (charity no. 1176361)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

For the year ended 31 October 2020

The Eldon Foundation (charity no. 1176361)

CHARITY DETAILS:

ADDRESS:

Grandpont House, Folly Bridge, Oxford OX1 4LD

TRUSTEES: Spiro Youakim Jack Valero Xavier Bosch SECRETARY: Bruce Bower BANKERS: Lloyds Bank

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The Eldon Foundation (charity no. 1176361)

TRUSTEES’ REPORT

The trustees submit their report and the financial statements of The Eldon Foundation for the year ended 31 October 2020. The Eldon Foundation is a charitable incorporated organisation.

The Charity’s principal objects

The Eldon Foundation has as it object the advancement of education, especially of the young and disadvantaged.

Organisation

The day to day organisation is looked after principally by two of the Trustees who monitor the running of the Charity in accordance with the agreed aims and needs. The annual accounts, reports and policy are agreed by the Trustees. The work is carried out on a voluntary basis and no salaries are paid. The Charity owns no property and its assets are only the bank balance, and it has no further reserves.

Reseves Policy

There is no petty cash account. The Charity allocates the income received from donors to support different ventures in keeping with its principal objects, the amount depending on the level of donations obtained in any one year. Each year the income received is expended in furthering the Charity’s objectives and it has no investments. Its ability to support different ventures relies on the level of donations obtained in any one year, but it has no specific forward commitments or contractual requirements to fulfil financial obligations, and as such there are no risks involved. The Charity does not expend more than it has available and thus does not go into deficit.

Risk Management

The trustees have examined the major strategic and operational risks which the Charity faces and confirm that systems are in place to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.

Current Year

Regular donations went up from £5,500 last year to £10,500 this year. A grant of £10,000 was awarded to PACT Educational Trust Ltd.

There are no commitments outstanding, and no fixed assets.

Public Benefit

The Trustees confirm that in accordance with section 4 of the Charities Act 2006 they have due regard to public benefit guidance published by the Charity Commission. They confirm that the activities of the Charity are for the benefit of the public in general. All the work for the Charity is done on a pro bono basis, and no one receives any remuneration, nor are any fees levied anywhere.

Trustees’ responsibilities in the preparation of financial statements

The Trustees acknowledge that it is their responsibility to:

1. Account on their stewardship of the Trust assets.

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The Eldon Foundation (charity no. 1176361)

1. Keep proper accounts and records showing all receipts and payments and containing all such information as may be appropriate to the administration as amended from time to time.

The Trustees believe the Financial Statements for the year ended 31 October 2020 have been prepared in accordance with the above responsibilities.

Signed on behalf of the Trustees:

Trustee

Date: 28/8/21

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The Eldon Foundation (charity no. 1176361)

Statement of Financial Activities for the year ended 31 October 2020

Recommended categories by activity Income Income and endowments from: Donations and legacies Total Expenditure Grants awarded Bank Charges Total Surplus of Income over Expenditure Total funds brought forward Total funds carried forward	2020 2019 £ £ 10,500 5,500
	10,500 5,500 10,000 - 71 -
	10,071 - 429 5,500 5,933 433
	6,3625,933

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The Eldon Foundation (charity no. 1176361)

Statement of Financial Position as at 31 October 2020

Current assets Cash at bank and in hand Total current assets	2020 2019 £ £ 6,362 5,933 6,362 5,933

Accumulated Fund

Unrestricted fund Total funds	6,362 5,933
	6,362 5,933

Approved by the Trustees on 28/8/21

Trustee

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The Eldon Foundation (charity no. 1176361)

NOTES TO THE FINANCIAL STATEMENTS

ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the financial statements.

1. BASIS OF ACCOUNTING

These financial statements are prepared under the historical cost convention.

1. INCOME

General donations are brought into account when received and are grossed up to include the tax recoverable.

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