Charlty reglstration number 206624 THE CARR-ELLISON FAMILY CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE CARR-ELLISON FAMILY CHARITABLE TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr J M Cair-Ellison Mr R A Dickinson Mrs R A Shaw Mr5 C Cair-Ellison Charity number 206624 Princlpal address Hedgeley Hall Powburn Alnwid Northumberfand NE66 4HZ Independent examiner Roseanne Bennett FCA 17 Walkergale Berwick-upon-Tw88d Northumbèrtand TD15 10J Banker¥ Lloyds Bank plc Investment advisors CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET
THE CARR-ELLISON FAMILY CHARITABLE TRUST CONTENTS Page Trustees report Independent examinerfs report Statement of financial 8(*ivilie8 Balance sheet Statement ol cAsh flows Notes lo the financial statements 8-17
THE CARR-ELLISON FAMILY CHARITABLE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and finand81 slalemenls for the year ended 31 March 2024. The finanrial statements have been prepared in accordance with tre aecounting policies sel out in note 1 to the financial statements and Comply with The Carr-Ellison Family Charitable Trust's (Trust) Trust Deed. the Charities Act 2011 and 'Accounlin9 and Reporting by Charities.. Statement of Recomrnended PractiTr applicable to charities preparing their accounts in 8cwrd8nce with the Financial Reporting Standard applicablè in the UK and Republic of Iland IFRS 1021" leffeclive 1 January 20191. Objeetiv8s and actlvities The Trust's funds cornprise an expendable endowment fund and an unrestricted fund. The income arising from the funds, together with such part, if any, of tha capital of the fund is held to make grants or wrklributions for such charitable purposes as the Trustees may from lirne to time detemine. A complete list of grants and Ctsnlribulions made in the year is shown in note 6 of the financjal st8lernenls. During the year ended 31 December 2016. the Trustees 8pplied cash of £35,036 from the Trust's funds to 8cquire Branton Lake which will be developed and managed as a nalLtre reservè. The Trust's Trust Deed has been altered to accommodate this acquisition. The Truslees have paid duè règard to guidan issued by the Charity Commission in deciding what activities the Ttust should undertake. Achiev8mènts and performance During the year the Trust ha5 continued to support and make grant awards or contributions for charitable purposes to both local and national organisations and indNiduals. The Trustees have considered the effect the ongoing cost of living crisis. coupled with high inflatw)n has had on the Trust and a further in¢re8sè in applications for grant support is anticipated for the foreseeable future. The performance of the investrnent fund has improved, with the value of li51ed investments Increasing by £229,381 12023.. £82,249 decrease) and broadly reflects the global stock market perforrnancÈ over the period. Therefore. the Trustees believe this will allow the Trust to continue to meet the current calls on the fund. Publlc benefit In considering the operation. achievements and perfomance and finances of the Trust, the Trustees are satisfied Ihal public benefit has been piovided in accordance with the Charits'es Act 2011 and the guidan provided by the Charity Commission. Financial revièw During the year the Trust made giants of £34.348 {2023.' £42,373) resulting in nel income bèftsre investment gains and losses of £32,94312023' £3,877) within the unrestricted fund. The Twsl's investment fund achieved an overall eslirnated gross income yield, based on the offer pr of the units held as 31 March 2024 of 2.67% {2023.. 2.49Yol and an unrealised gain of 9.05 /¢12023.' unrealised loss of 4.41Wo Th8 revaluation of the Trusl's quoted investrnÈnt at the year ended resulted in an unrealised gain of £229,361 12023.. Unalised loss of £82,249). The balance of free lunds of the Tru51 as at 31 March 2024 was £161,268 12023.. £128,326). The èxpendable endowment fund balance represents the value of the Tcust's tangible fixed assets and inveslrnentS tolalling £2,799,873 {2023'. £2.570,5121.
THE CARR-ELLISON FAMILY CHARITABLE TRUST TRUSTEES REPORT (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 Grant making policy Grants are made in accordance with the Trust's objectives, as sel out above. Each application is considerect on 118 meril$. Reserves policy The Trust operates wsth no re$eNes as the Trustees, policy is to distribute the unrestricted fund incom8. Frorn year lo year the Trustees rn8y vnder or over distribute nel incorne depending on the timing of the receipt of a suitable grant application. Additionally. il is the Trustees policy lo preserve the expendable endowmanl fund lo maintain the Trust's income flow. Al the year end there is a balance on reserves as follows.. Unrestricted lund £161.268 Expendable endowment fund £2,599,873 Risk review The Trustees have examined the risks which the Trust faS and consider that syslerns have been establish8d to monitor and control such risks. The principal risk faced by the Trust lies in the performance of the quoted investments. Foi this rea50n the Trust's quoted investments are managed by CCLA Fund Managors Limited within their COIF Charities Investment Fund Income Units. This is an "all in one" diversified long-tetrn fund designed for charities which provides a suitable long- lemi fund for most charities and which provides a highly diversified and well-balanced spread of inveslrnents with a focu5 on delivering attractive growing income and protecting capital from inflation. structure, governanca and management The Trust is a registered charity, numbei 206624, and is constituted under 8 Trust Deed. dated 15 May 1962. The Trust was established by an inrtial gift from Sir Ralph Carr-Ellison in 1962 and on 18 February 1993 certain Investments were appointed by the Trustees of The Ronald Carr-Ellison Trust to the Trust. to be added lo the Trust's expendable endowment. The Trustees who served during the year and up to the dale of signature ofthe finandal statements were.. Mr J M Carr-Ellison Mr R A Dickinson Mrs RA Shaw Mrs C Carr-Ellison Undtrr clause 8 of the Trust Deed. the power of appointing a new or additional Trustee was vested in Ralph Harry Carr-Ellison during his lifetime. Following his death on 28 Augusl 2014, the slalulory power of appointment applies lo the Trust and is exercisable by the ¢onlinuing Trustees. The retirernent 2nd appointment ol Trustees ale dealt with by way of deed of retirem&nt and 8ppoinlmenL The Trust is overseen by John Mcmorrough Carr-Ellison.
THE CARR-ELLISON FAMILY CHARITABLE TRUST TRUSTEES REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees re$pon$ibllltl8s The Trustees are responsible for preparing the Trustees Report and the financial staternents in accordan with applicable law and United Kingdom Accounting Siandards (United Kingdom Generally Accepted Accounting Piacticel. Tha law applicable lo charities in England and Wales requires Ihe Trustees lo prepare finan(ial statements for each financial year which give a true and fair view of the stale of affair8 of the Trust and of the InmIng resources and applic81ion of resources of the Trust for that year. In pieparing these financial statements. the Trustèes are required to.. select suitable accounting policies and then apply them ¢onsistently'. observe the methods and principles in the Charities SORP-, make judgements and estirnal8s that are reasonable and prudent.. state whether applicable accounting $18ndards have been followed, subject lo any matèrial departures disdosed and explained in the financial stat8fflents'. and prepare the financial statements on the going ¢oncèrn basis untess it is inappropriate lo presume that the charity will continue in operation. The Trusteès are responsible for keeping sufficient 8r£ounting records that disdose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Ad 2011, the Charity (Accounts and Reports} Régulations 2008 and the provisions of the trust deed. They are 8150 ie5ponsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevttnlion and detection of fraLNJ and other irre9ularthes. MrJMCa TrLtgtees Date..
THE CARR-ELLISON FAMILY CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CARR-ELLISON FAMILY CHARITABLE TRUST I report to the Trustees on my examination of the financial statements of The Carr.Ellison Family Charitable Trust (the Trust) foi the year ended 31 March 2024. R•sponsibilities and basis of report As the Ttustees of the Trust you are responsible for the preparation of the financjal statements in acthance with the requirements of the Charities Act 2011 Ilhe 2011 Acll. I r6PQrt in respect of my exatnination of the Trust's financial slalements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Direclioris given by the Charity Commission under section 14515)Ib} of the 2011 Ad. Independent examine$ ststement I have completed my examination. I confim that no matters have come lo my attenlion in connection with the exarninalion giving me cause to believe that in any material respect". a¢counling records were not kept in respect of the Trust as required by section 130 of the 2011 Act,. or the financial statements do not accord with those records.. or the financial statements do not comply with the applicable requirements eoneérning the forni and content of accounts set out in the Charities {Acctsunt5 8rFd Reports) Regulations 2008 other than any requirement that tha accounts give a trué and fair view which Is not 8 matter conSided as part of an independent examination. I have no other concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the financial statements to be leached. Roseanne Bennett FCA 17 Walkergale Beick-up0-Twéèd Northumbertand TD15 IDJ Dated..
THE CARR-ELLISON FAMILY CHARITABLE TRUST STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unreslricted Endowment ftjnds funds 2024 2024 Totsl Unrestrlcted Endowment funds funds 2023 2023 Total 2024 2023 Notès Income and Èndowments from.. Donations and legaae3 Investments Other incornè 74,347 9,680 74,347 9,680 64,591 100 64,591 100 Total Income 84.027 84,027 64.741 64,741 Expèndlture on: Charitable actNitie5 51.085 51,085 60,884 60,864 Total expenditure 51,085 51,085 60.864 60.864 Nel gainslllossesl on investments 10 229,361 229.361 182.2491 182.249) Net Incomellexpenditurel 32,942 229.361 262,303 3,877 182,249) 178,3721 Transfers between funds 10.465 110,465) Net movèment In funds 32.942 229,361 262,303 14.342 192,7141 {78,372) Reconciliation of funds: Fund balances at 1 April 2023 128.326 2,570.512 2,698,838 113,984 2.663,226 2,777,210 Fund balances at 31 March 2024 161,268 2,799,873 2,961,141 128.326 2,570.512 2,698.838 The statement of financial actNlties include5 all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE CARR-ELLISON FAMILY CHARITABLE TRUST BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets Investments 12 13 36,646 2,763,227 36,646 2,533,866 2,799.873 2.S70,512 Current assets Cash at bank and in hand 163,785 133,854 Creditors.. amounts fallSng du* within one year 14 (2,5171 15.528} Net curr•nt aS58ts 161,288 128,326 Total asset8 less Current liabllltles 2,961,141 2,698,838 The fund5 of the Trust Endowrnent funds Uniestricted funds 15 2,799.873 181.268 2,570,512 128.326 2,961.141 2,698,838 The financial statements approved by the Trustees on . MrJMC Trustees
THE CARR-ELLISON FAMILY CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash (absorbed byllgeneraled from operations 19 {44,4161 703,115 Investing activities Purchase of investments Investment income received 1750,0001 64,591 74.347 Net cash generated fromllused inl investing activities 74,347 {685,409} Net cash used in financlny activities Net incraase In cash and cash equÈvalentB 29.931 17,7L Cash and cash equlvalents al beginning of year 133,854 116,148 Cash and cash ¢qulvalents at end of year 163,785 133,854
THE CARR-ELLISON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policles Charity information The C8rr-Ellison Family Charitable Trust (Trust) is an unincorporated charity established by a Trust Deed and registered with the Charity Commission. nurnber 206824. 1.1 Accountlng convention The financial statements have been prepared in accordance with the Trust's Trust Deed. the Charities Act 2011. FRS 102 The Finanaal Reporting Standard applicable in the UK and Republic of Ireland. l°FRS 102.1 and the Charities SORP 'Accounting and Reporting by Charities.. Slaternent of Recommended Practic8 applicable to charities pieparing their accounts in accoidance wilh the FinancAal Reporting St8ndard applicable in the UK and Republic of Ireland IFRS 1021" leffeclive 1 January 20191. The Trusl is a Public Benefit Enlily as defined by FRS 102. The finana815tatements are prepared in sterling, which is the functional CLtrtrency of the Trust. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investment5 8nd ¢ertain financial instruments al fair value. The principal acLosJnling policies adopted are set out below. 1.2 Going ¢oncem At the time of approving ihe financial stat&mèn15, the Trustees have a reasonable expectation that the Trust has adequ81e resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis ol accounting in pieparing the finanaal statements. 1.3 Charitable funds Unrestricted fund$ 8re available for use at the distrelion of the Trustees in furtherance of their charitable objectives. The Trust has an expendable endowment fund created by a gift from Sir Ralph Carr-Elli50n and other family rTternbers. The terms of the expendable endowment fund allow the income arising trom it and the capital to be applièd as the Trustees determine. 1.4 Income Income is fecognised when the Trust is legally entitled to It after performance conditions have been met. the amounts can be measured reliably, and il is probable that income will be leIved. Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Investment Incorne comprises diwdends 1vable during the year on listed investments held within the investtllent portfolio as well as interest receivable.
THE CARR-ELLISON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expenditure Liabilities are recognis8d 88 exp8nditure 8s soon as there is a legal or constructive obligation commllling thé Trust to the expenditure. All expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all costs related lo the category. Grants payablè are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when the recipient has a reasonable expectation that they will receNe a grant and the Trustees have agreed to pay the grant wilhoul condition. Governan costs Gomprise all ¢osts inVolg the public accountability of the Trust and Its compliance wlh regulation and good practice. 1.6 Tangible fixed a$set$ Dunston Hill House and surrounding land Branlon Lake Nature Reserve No depreciation No depreciation Land and property is capi¢8li$ed and valued al hlsloric cost. No depreualion 15 chargèd tsn thèsè assets. 1.7 Fixed asset investments Fixed asset investments are initially measured 8t transaction price exduding transaction costs, and are subsequently measured al fair value al each reporting dale. Changes in fair value are recognised in nel Incomellexpenditurel for the year. Trans8cIKTrn cost5 are expensed as incurred. 1.8 Impaimient of fixed assets At ea¢h rèporting end date, the Trust reviews the carrying amounts of ils tanglble assets to detemiine whether there is any indication that those assets have suftered an impairtnent loss. If any such indication exis15, the recoverable amount of the asset is estimated in order to delerrnine the extent of the impairment loss {if any). 1.9 Cash and cash equivalents Cash and cash equivalenls indude cash in hand, deposits held at call with banks. other short-temi liquid investments with original maturities of three months or less. and bank oveidiafts. Bank overdrafts are shown within borrowings in ¢urrent liabilities. Bas1¢ financial assets Basic fina181 assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amort15ed cost using the effective interesl method unless the arrangement conslilules a financsng transaction. where the transaction is measured at the present value of the future receipts discounted at a market rale of interest. Flnandal assets classified as receivable within one year are not amortised. Basie financial liabilities Basic financial liabilities, induding creditors and bank loans are initially reco9nised al transactSon price unless Ihe arrangement constitutes a financing transaction, where the debt Instrument is measured al Ihe present value of the future payments discounted at a market rate of interest. Financial liabilities d8SStfied as payable wlhin one year ale not amtsrtised. Debt instruments artr subsequendy carrfed at amortised cost, using the effective inlerèsl rala method. Trade creditor5 are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment Is due within one year or less. If not, they are presented as nOn-(rrent liabilities. Trade creditors are recognised inib'ally at transaction price and sUbseqUenY measured al am¢rtised ctsst using the effective intere51 method.
THE CARR-ELLISON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policie8 IContinued} D8recognition of financial liabilities Financial liabilities are derecognised when the TnJst's contra¢tval obligations expire or are discharged or cancelled. 1.10 R8alis•d gains and losses All gains and losses are taken lo the Statement of Finan¢i81 A¢tivities as they arise. Realised gains and losses on inve5tmÈnts are calculated as the difference between sale proceeds and opening market value (purch8S¢ date if later}. Unrealised gains and losses are calculated as the difference between the carrying value at the period ènd and opening markel value lor pui¢ha$e dale if later). Critical accounting estlmates and judgements In the application of the Trust's a¢counling policS. the Trustees are rUired lo nake judgements. eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimate5 and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying 835umptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fLSture periods whère the revision affects both current and future periods. Income from donatlons and legacies Unrestri¢ted funds 2024 Un$t¢ted fund8 2023 Donations and gifts 50 Income from Investments Unrestrlcted Unrestricted funds funds 2024 2023 Income trom listed Investments Rents and wayleaves Interest receivable 73,677 194 476 63,021 1,394 176 74,347 84,591 10-
THE CARR-ELLISON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other income Unrestri¢ted Unrestricted funds funds 2024 2023 Compensation Dunston Hill- Pond works reirnbursemenl 100 9,680 9.680 100 11
THE CARR-ELLISON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable Grants payable 2024 Total 2024 Grants payable 2023 Gr8nts to Inslilulions.. Action Medical Research AlMl¢k Garden Trust Alwinton Show Amy Benevolent Fund Bailiffgale Museum & Gallery Berwick Civic Society Berwick Barracks Heritage Trust Blind Veterans UK Blues & Royals Association Brain Tumoui Researth British Heart Foundation Biilish Limble55 EK-ServiTr Men's AssoGialion British Lithuanian So¢iely Butterfiy Trust Canine Partnèrs Caritas Westminster Cenlrepoinl Chillingham Wild Catue Asso¢ialion Chronicle Sunshine Fund Combat Stress Community Foundaiion Community Foundation High Sheriff Awards Country Trust Iln Memory of Jonathan Compton) Cure Parkinson's Tntsl Cy$li¢ Fibrosis Care Dementia UK Diocese in Europe (Palmal Eglingharn and Old Bewick Church Heritag8 Fund Ehlers-Danlos Support UK Equal Arts Friends of Morstw Church Fusiliers Museum of Northumbeiland Game & Wildlife Conservation Twst Glendale Agricultural Society Ghildren's Countryside Day Great North AirAmbulance (ln Memory of Liz Nicholl Hands Up Foundation Ire.. Earthquakel Headway High Ground Household Cavalry Museum Trust Hunt Sl8ff Benefit Society Ingram Church (ln Memory of Bob Telferl King Edward Vll Hospital Lifeliles Lilhgow Charitable Trust (Ukraine Stsldier8' Clothes) Macmillan Caneer Support Mallorca Presetvalion Fund Marie Curiè 3CX) 400 25 100 50 300 400 25 100 300 25 100 50 100 500 soo 200 200 500 200 200 200 300 250 100 3CMJ 250 1CX) 100 200 200 2CX) 1,000 400 250 200 19,000 400 500 300 100 400 200 400 4CLI 200 20.000 1,000 200 20.000 1.000 300 300 300 200 50 20D 300 200 50 200 100 300 400 200 500 200 soo 300 300 400 300 400 500 500 300 500 100 30 500 100 100 200 300 200 300 500 900 300 300 Grants payable carried fotward 27,975 27.975 29.525 12-
THE CARR-ELLISON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable Icontinuèdl 2023 2024 Grants payable brought forward Marine Conservation Society Morpelh Mental Health Group Neighbourhood Watch Youth Programme Newcastle Gang Show Newcastle Hospitals (Ethmard Benson Run) Newlife North of England Cadet For Trust Northumberland Archives Trust Northumberl8nd Hussars Northumberland Log Bank NRAS (Rheumatoid Arthritis) Opera North Pellon Youth Project Porcy Hedley Foundation Powburn Show Prickles Hedgehog Rescue Prospect Burma RAF Benevolent Fund Rare Breeds Survival Trust Rare Breeds Survival Trust 50th Anniversary Red Squirrel Survival Trust Rothbury Traditional Music Festivat Royal AgricAJltural Benevolent Institution Roy81 British Legion Royal Humane Society Royal Voluntary Sere Rusne Tuslaite Sandhursl Foundation Trust Shepherds Law Hermitage Fund Shine Spinal Injuries Association St Andrew's Church (ln Memory of Charlie de BunnI St Luke's Hospi {In Memory olAnlhony John} Support Through Court Supporting Lives Targeting Ovarian Canr Taylor Ashe Antivenom Foundation Teenage Cancer Trusl The County Trvst Torn'5 Tiusl Tyne & WearArchives Walking with the Wounded Wel Medical hitlingham Church of England Primary School WildfowS and Wetlands Trust Yorkshire Sport Horse Written back 27,975 300 27,975 300 29,525 300 200 200 250 2C>O 250 200 200 200 300 1,000 100 250 200 250 100 250 250 100 250 200 250 200 500 100 100 250 200 250 200 500 100 100 500 200 45 100 432 200 250 300 200 250 500 100 45 45 250 250 200 250 200 250 100 100 100 200 100 100 100 200 1(X) 2(X) 100 300 200 300 200 300 100 521 200 1,000 300 2.500 500 2CX) 200 200 1,OOCI 30Q 200 1,000 300 228 300 300 250 18501 228 300 300 250 18501 200 250 34,348 34,348 42,373 13-
THE CARR-ELLISON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Governance costs Governance Governance costs costs 2024 2023 Legal and profes5i0n81 574 Independent examination Administration Branlon Lake- Nature Reserve operational costs Dunslon Hill- Pond wo$ 2,610 6,203 63 7,861 3,120 3,197 100 11,500 16.737 18.491 Analysed betweèn Charitable actiwties 16.737 18,491 Govemance costs includes payments to the independent examiner of £2.e10 {2023'. £3.1201 for accountancy and independent examination service$. Trustees None of the Trustees l¢x any persons connected with them) receivtd any remuneration 12023.. £NIII or benefits {2023- £Nil} from the Trust during the year. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Thera were no employees whose annual remunerah'on was more than £60,OLX). 10 Net gainsl{lo¥¥esl on investments Expgndable Expendable endowment endowment funds funds 2024 2023 Revaluation of investments 229,361 (82.2491 11 Taxation The charity is exempt from taxation on ils activities because all its in¢ome is applied for charitable purposes. 14.
THE CARR-ELLISON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Tangible fixed ass8ts Dunston Hill Branton Lake House and Natur¥ urroundlng Reserve laftd Total Cost At 1 April 2023 1,610 35.036 36,646 At 31 March 2024 1.610 35,036 36,646 Carrying amount At 31 March 2024 1.610 35,036 36,646 At 31 March 2023 1.610 35.036 36,646 13 Fixad asset investments Listed investments Cost or ValUaOn At 1 April 2023 Valuation changes 2,533,866 229,361 Al 31 Mard) 2024 2,763,227 CarryÈng amount At 31 March 2024 2.763,227 At 31 March 2023 2.533,866 14 Creditors= amounts falllng due within one year 2024 2023 Trade creditors Accfuals and deferred income 3.0 2.528 2.517 2,517 5,528
THE CARR-ELLISON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Endowment funds Endowment funds psent assets which must be held permanenlty by the Trust. Income on the endowment funds ran be used in accordan with the objects of the Trust and Is induded as unrestricted income. Any Ggpilal gains or103ses arising on the 85sets form part of the fund. At 1 April 2023 Transfèrs Gains and At 31 March losses 2024 Permanent endowments 2,570,512 229.361 2,799.873 PvIOuS year.. At 1 April 2022 Transfers Galns and At 31 March lo¥¥es 2023 Expendable endowmènts 2,663,226 110,4651 182.2491 2,570.512 Transfers belween funds are discussed and approved by the Trustees. The £10,485 transfer Carried OLJI last year from the expendablè endowrnenl fund to the unrestricted fund was required in order to re-align the endowment fund with the actual present value of the assets that it iepresents. 16 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which ale not subject to specifie eonditions by donors and grantors as lo how they may be used. These include designated funds which havè been set aside out of unrestricted funds by the trustees for specific purpos6S. At 1 April 2023 Incomlng resoure•s Resources expended Transfers At 31 Mareh 2024 Ganèral fund5 128.326 84,027 151,0851 161,268 Prevlous yèar= At 1 April 2022 In¢oming resources Resources expended Transfers At 31 March 2023 General fund$ 113,984 64,741 160.8641 10,465 128.326 16-
THE CARR-ELLISON FAMILY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Analysis of n•t assets beeen funds Un$trICted Endowmènt funds funds 2024 2024 Total Unrestricted Endowm8nt funds funds 2023 2023 Total 2024 2023 Fund balances at 31 March 2024 are represented by.. Tangible assets Investments Current ass8tsllliabilities) 36.646 36,646 2,763,227 2,763,227 161,268 36,646 36,648 2,533,866 2,533,866 128,326 161,268 128,326 161,268 2,799,873 2,961,141 128.326 2,570,512 2,698,838 18 Related party trans&ctlons During the year, the Trust was recharged £98112023.. £1,315) for ils share of office costs which were incurred by Carr-Ellison Faims. Mr J M C2rr-Ellison and Mrs C Carr-Ellison are diieclors of Carr-Ellison Farms as well as Trustees of the Trusl. Al Ihe yèar end, £Nil12023.' £3381 remained outstanding. During the ye8r. the Trust in¢urred legal seNlces totalling £Nil12023'. £4201 from Womble Bond Did(inson. Mr R A Dickinson is a partner in Vvomble Bond Dickinson as well as a Trustee of the Tmsl. At the year end, £Nil 12023= £Nill rernained oulsl8nding. 19 Cash generated from operations 2024 2023 Surpluslldefidll for the year 262,303 178,372} Adjustments for.. Investment income recognised in statement of finandal aCtltIeS Fair value gains and losse5 on investments 174.3471 1229.361) {64,5911 82.249 Movements in working capital.. {Increasel/decrease in debtors IDecreas&ifincrease in creditors 760.465 3.364 13,0111 Cash labsorbgd byllgenèratèd from operations 144,4161 703.115 17-