The Elwyn Thomas Memorial Fund Annual Report and Financial Statements Year Ended 30 April 2024 Charity reglstration number. 1187142 The Elwyn Thomas Memorial Fund Contents Reference Ond Administrative Detsils Trustees, Report 2to4 sktement of Trustees, ResFonsibilities IrKlependenl Examinerfs Report ststement of Finantial Activities 7108 Balance Sheet Cash Flow Ststsmenl 10 Notes to the Financial Stslements 11to17 The Elwyn Thomas Memorial Fund Reference and Administrative Detsils Trustees Mr G l Mur(l¢)ch MrAEBody Stephens Swwn Osprey House Malpas Road Truro Cornwall TR1 1UT Prlnclpal Offlce Charity Reglstratlon Numbgr 1187142 Sollcitors Stephens Scovm Osprey House Malpas Road Truro Cornwall TR1 1UT Independent Examiner PKF Francis Clark Melwlle Building East Unil 18 23 Royal Will￿M Yard PIyTnouth Devon PL1 3GW The Elwyn Thomas Memorial Fund Trustees, Report The trustees present the annual report together wth Ihe finanaal statements of the charity for the year ended 30 April 2024. Objects and alm$ To hoKI the nel reskluary estate of Ihe late Mr Thomas El￿ Thomas and the income thereof upon the trust to pay, transfer or appty the same to or for the benefit of such of the listed charities rf more than one in such shares and in su¢* manner generally as the trustees shall in their absoslute discretion think fit. Publlc Benellt The Charities Act 2006 intrLwJut*d the requirement for charities 10 Show they provided public benefrt. The Iruslees have reviewed the objects, go￿$, services and objectives of the ch8rity in the light of this requirement and can ¢onfim) that The &wyn Thomas Memorial Fund serves the public benefit. This trustees, annual report continues lo e￿der￿e h(yw the charity strNes lo meet need. The trustees confimi that Ihey have complied with the requirements of section 17 of the Charities Act 2011 to have due reyard to the public t)enefft guKlance published by the Charity Commission for England and Wales. Fundralsing disclosures The charity raises fvnds from donatTrons aThJ legacies and has ￿t engaged a professional fundraiser or commercial partlaPat￿ during the year. Achlevements and porfomiance The charily was sel up lo administer the nel re5iduary estate of Thomas. During the year the charity re￿Ived Income of £85.133 (2023= £61.9571. of thls £nil (2023.. £42.7481 was paid to charities listed in the Ewn Thomas Mll. Flnanclal review Nel income for the year was £133,781 12023: nel expenditu￿ £86,721). The balance held in unrestricted funds as at 30 April 2024 was £3.401.05412023= £3.267.2731. Investment and perfomiance During the ycar Ihc charitrfs inv061ment8 shrN￿l a not increaso of £70,534 12023: £81,041 nel decrease}. The trusloes have agreed that the investment porW(4K) for the tharity be managed on a discetionay basis by Brewin Dolphin ￿rn[ted. Poll¢y on reseffts The charitys polKy is to have sufficienl cash reseNes to meets its expenses and thstributions to K)tenlial beneficiaries wtthin a ￿1ve month period. Page 2 The Elwyn Thomas Memorial Fund Trustees, Report (continued) Investment poli¢y and objectiyes In previous years the portfolio was managed on a total retum basis. this allowed the trustees lo use both incorne and cap(tal from the py)rtfolKI even though the investments were pem)anenUy endowed. The investment obj'ective of the portfolio was lo grow the capTtal over the investment period to protect the value of the invested capital against inflation and maintain the real value of the asset while funding annual expenditure. During the year all investments were disposed and the proceeds held in cash at bank al the year end wll be distributed to varrous benefioaries. Plans for future ￿riodS Aims and key objectives for futuropwiods The charills future plan is to distribule funds to variws potenlk81 beneficiaries. Stru¢fvre. govemance and management Nature of govoming documont The trust is a registered charity (number 11871421. and is govemed by a Will proved on 11 June 2018. If the charity is wound up. the trustees have ￿ liablllty to contrlbule lo ￿$ assets and no personal responsibility for seiuing its debts and liabilities. Officers and key managemenl personnel The day lo day management of the charity is carried oul by Hannah Pratt frc¥n Stephen5 Scovm Sollcitors. who re￿IVeS no remuneration from the tharity for thts seryice. Recruitment and appolntmwrt of tmstees The Current trustees apwnted under the Wll aNI have ts rrnr to appoint new trustees. Alajor ri$k$ and ma￿a￿ment of those rfsks Risk Management The wincipal risks facing the charity lie in Ihe perfornian￿ of investments. The Iruslees ¢onsidor variability of investment reiums constitute the charitys major financial risk. This is mitigated by retaining expert investment managws and havlng a drversified inveslment portfolio. Trustees and officers The Iruslees and offi￿rS serving duriThJ the year and sin¢% the year end were as follows: Trustees= Mr G l Murdoth MrAEBody Golng concorn The charity is inlending to disKX)se of all Its assets and distribute funds lo various benefiuaries by the end of 2025, in light of this th8 accounts have not been prepared on a goiro concem basis. The Elwyn Thomas Memorial Fund Trustees, Report (continued) The annual rep)rt was approved by the trustees of the tharity on behalf by.. and sNJned on its Mr G l Murdoch Twstee Page 4 The Elwyn Thomas Memorial Fund Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees. report and the finanryal statements in accordance with the United Kingdom Acccmjnting Slandards (United Kingd(￿ Generally Accepted Accounting Prathce) and applicable W and regulations. The law applicable lo charities requires the trustees to p￿pare finanual statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charity for Ihat period. In preparing these finanoal slalements, the tnjslees are required to". select suitable accounting poFiaes and Ihen appty them consislendy, observe the methods and prinaples in the Charikn'es SORP.. make judgements and estimates that are reasonable and prudent slate whether applicable a￿nting standards have been followed. subjocl to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the goiThJ conwi ba￿$ unless it Is inappmpriate to presume that the charily wll conlinue in business. The Iruslees are responsible for keeping proper accounting records that disclose reasonable accuracy at any time the financaal position of the tharity and enable them lo ensure that the financial statements compty with the Charities Acl 2011, the Charities (A￿O￿nts arvj Reports) Regulations 2008, and the provisions of the (x)rbstilulion. The trustees are also responsible for safeguarding the assets of the charity and hence for tsknng reasonable steps for the prevenbon and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and finan¢ial infomialion induded on the charitls web￿le. Legislation governing the preparation and dissemination of financial stalem8nts may differ from legislai￿n in otherjurisdictions. . and signed ￿ its behalf by. Mr G l Murdoch Trustee P&ge 5 The Elwyn Thomas Memorial Fund Independent Examinerfs Report to the trustees of The Elwyn Thomas Memorial Fund I report lo the charity trusteas on my examination ot the acc4Junts of the L*arity for the wiod ended 30 April 2024 which are Sel out on p*Jes 7 to 17. Rèsponsibilities and basls of rnport As the charity ITUStees of The EW Thomas Memorial Fund YDU are responsible for the preparation of the accounts in accordance with the requirements of th8 Charitses Acl 2011 11he Acl'l. I report in respect of my examination of tho The Elw Thomas Memorial Fund's accounts Carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions gwen by the Charity Commission under sedion 14515Hb) of the Act. Emphasls of matter- flnancial statements prepared on a ba515 other than going concern I draw your attention to note 1 of the financial statements which explains that the charity is planning lo distribute all the funds hdd as soon as 11 is able, therefore the trustees do not consider it is appropriate to adopt the going concem basis of accounting in preparing the financial statements. Accordingly, the financial stslements have been prepared on a basis other than going concem as described in note 1. Our report is not m(*1rf￿d in respect of Ihe matter. Independent examiner's statemont I have completed my examinab"on. I confirm that no material matters have come to My attention in ¢onne¢bon wilh the examination gi¥irwJ me cause to believe thal in any material respect.. accxTrunting recortls were not kept in respect of The EWI Thomas Memorial Fund as required by section 130 of the Acl. or 2. the a¢counl$ do not accord wilh those rectsrds. c 3. the accounts do not comply wih the a(minbng requiremonts conceming the fomi and content of accounts sel in the Charitie5 IAccounts and Reports} Regulations 2008 other than any requiTemenl that the accounts give a 'true and fair which 15 not a matter considered as part of an indepe[￿onI examination. I have no cijncerns and have come across no other matters in wth the examinatH)n to which allention should be dravm in this rewl in order to enable a proper understanding of the 8¢¢ounts to be reached. Louis8 Bridgett FCA PKF Francis Clark, Independent Examiner Melville Building East Unit 18 23 Royal William Yard Plymouth Dèvon PLI 3GW Dale-. 04 Jynp.2Ql5.......... The Elwyn Thomas Memorial Fund Statement of Financial Activities Year Ended 30 April 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrlctèd funds Total 2024 Note Income and Endowments from". Donations and legaaes Investment income 16.300 68.833 16.300 68.833 Total income 85.133 85,133 Expgndlture on: Raising funds Charitsble aCtiV￿e$ 117,068 14.818 117,068} 4.818) Total expen¢Jiture Gains on investment assets 121,886} 70,534 121,886} 70,534 Nel incorne 133,781 133,781 Net movement in funds 133,781 133,781 Reconclllatlon of funds Total funds brought forward Totsl funds carried forward 3.267.273 3.267.273 13 3.401,054 3,401,054 The rK&tes on pages 11 to 17 fomi an u)tegral part of these finanL?al statements. Pag8 7 The Elwyn Thomas Memorial Fund statement of Financial Activities Year Ended 30 April 2024 (continued) (Including Income and Expenditure Account and Ststement of Total Recognised Gains and Losses) Unre$trf¢t¢d funds Total 2023 Note Incom• and Endowmonts from: Donations and legacies Investment income 7W 61.257 700 61,257 Total income 61.957 61.957 Expenditure on: Raising funds Charitable activities 19,9221 (47,715} 119,9221 (47,7151 Total expenditure Losses on investment assets {67,637) 81,041 (67,6371 81,041 Net expenditure 86,7211 86,7211 Nel movement in funds {86.721) 186,721) Reconclllatlon of funds Total funds brought forward 3,353.994 3.353.994 Total furKls carried forward 13 3,267,273 3,267.273 AJI of the charity's activities derive from continuing operdtv)ns during the above two periods. The funds breakdown for 2024 and 2023 are shown in note 13. Th8 rM)tes on p¥Jos 11 to 17 fom an integral parf ofthese finanual slatements. Page 8 The Elwyn Thomas Memorial Fund Balance Sheet 30 April 2024 2024 2023 Flxed assets Investments 10 2.752.790 Current assets Debtors Cash at bank and in hand 49,700 481.083 3.405,674 3,405,674 530,783 Credftors: Amounts falllng due wlthln one year Net Current assets 12 14.620 16.3001 3.401.054 514,483 Net assets 3.401.054 3.267,273 Funds of thè charity: Unrestricted income funds Unreslrlcted funds 3.401.054 3.267,273 Total funds 13 3.401.054 3.267,273 n¢ial slalements on pages 7 to 17 were approved by the trustees. and authorised for issue on . and signed on their behaff by. Mr G l Murdoch Trustee The notes ¢J) pages 11 to 17 fom an integral part of thesè finanLaal statements. Page 9 The Elwyn Thomas Memorial Fund Cash Flow Statement Year Ended 30 April 2024 2024 2023 Notè Nel income I (eX￿ndIt￿re) for the reporting period 133,781 186.721} Adjustments to cash flows from nongnltlon andmeasurement Financial assets and financial liabilit￿ are recC¥3n￿ when the charity becomes a party lo thè ntraclual provisions of the instrument and derecognised when in the Case of assgts, the conlra¢tual I￿h1$ to cash Ilows from the assets expire or substantially all Ihe risk5 and rewards of ownership are transferred to another paty, or in Ihe case of liabil￿.e$. when the charivs obligations are dischargod, expire C￿ are cancelled. Such instrurnenls are initially measured al transaclion price 11ndL￿lng transaction costs). and are subsequenuy carried at the undiso)unled amount of cash or other consideration expected to be paid received, after taking ac￿U￿t of impairment adjustments. 2 Incom• from residual estat• Unrostrlctsd funds General Total 2024 Total 2023 Donations and legaaes- Donations from companies, trusts and simiLqr proceeds LwJacies 16.300 16,300 700 16.300 16,300 700 3 Invastment income Vnrestrl¢ted General funds Total 2024 Total 2023 Income from dividends., Diwdends re￿1vable from other listed investments 68.833 68,833 61,257 4 Expendlture on ralslng funds a) InvoStm•nt management costs Totsl 2024 Total 2023 Dir•ct costs Investment managemenl costs 17.068 17.068 19,922 P•Je 13 The Elwyn Thomas Memorial Fund Notes to the Financial Statements Year Ended 30 April 2024 (continued) 5 Ex￿ndItUr• on charltable actlvltles Activity support costs Total 2Q24 Total 2023 Payments lo charilable organisations Govemance costs 42.748 4,967 47.715 4.818 4.818 4.818 4,818 Charitable activity expenditure indudes payThents made to (*aritable organisations as detailed in the Will Trust. DuriThJ the ￿ar ended 30 April 2024 the following payThents were made.. Peninsula Medical Foundation £nil12023'. £42.748) 6 Analysls of governance and support costs Governance costs Unrestricted funds General Totsl 2024 Total 2023 Audll fees Audit of the finanual ststements Independent examinerfs fees ExaTninalion of the financial statements Allocated support costs 4.800 4,620 4.620 167 4.818 4,818 4,967 7 Net outgolng rosources Nel outgoing resources for the year Include.. 2024 2023 AutJf( fees Independent Ex8mln8rfs fees 4.800 4.620 8 Trustees. remuneratlon and expenses No tnjstees have received any reimbursed expenses or any other benefits from tha charity during the period. 9 Taxation The charity is a registered charity and is Iherefore exempt from taxation. Page 14 The Elwyn Thomas Memorial Fund Notes to the Financial Statements Year Ended 30 April 2024 (continued) 10 Flxed asset investments Other Investments Listed Investments Total Co$t or Valuatlon Al 1 May 2023 Additions Disposals 2,752,790 2.752,790 778,042 778.042 13.530,8321 {3.530,832 At 30 Wil 2024 Net bo¢k value At 30 April 2024 AI 30 April 2023 2.752,790 2,752,790 Under historical costs prinaples. the historical cost of investments at 30 April 2024 was £nil (2023: £2,704.3181. Al of the above investments were listed on a recognised stock exthange. 11 Debtors 2024 2023 Other debtors 49.700 12 Credltors: amounts falling duè within one y 2024 2023 Accruals 4.620 16.300 Pwje 15 The Elwyn Thomas Memorial Fund Notes to the Financial Ststements Year Ended 30 April 2024 (continued) 13 Funds Othèr Balanca at In¢omlng Resou￿0$ rgcognisgd 30 April resources expended galns 2024 Balance at 1 May 2023 unrestrict￿ fvnds General Unreslricled fLsnd 3.267.273 21,886 85.133 ￿ 70.534 3.401.054 Balanc• at 30 April 2023 Balance at 1 May 2022 In¢omlng Resources othgr resourcos expended re¢ognis¢d losses Unrg$trlcted funds General Unrestricted fund 3.353.994 61.957 3.267.273 67,637 81,041 14 Analysls of net assets betW￿n funds Unrestricted funds General Total fund$ at 30 April 2024 Current assets Current liabilities 3.405,674 4,620 3.405.674 14,620 Total net assets 3.401,054 3,401,054 Unrestricted funds General Total funds at 30 Aprll 2023 Fixed asset investments Current assets Current liabilities 2.752.790 530.783 16.300 2.752.790 530,783 16,300 Total nel assets 3,267,273 3.267,273 Page 16 The Elwyn Thomas Memorial Fund Notes to the Financial Statements Year Ended 30 April 2024 (continued) 15 Analysls of net funds A11May 2023 Financing cash flows At 30 April 2024 Cash al bank and in hand 481,083 2,924,591 3,405,674 Not funds 481,083 2.924.591 3.405.674 16 Related party transactions There were no related party transaclions in tha wr. 17 Control The charity is controlled by the boar(l of trustees. 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