DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 THE EMMOTT FOUNDATION LIMITED ANNUALACCOUNTSAND TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 REGISTERED CHARITY NO: 209033 REGISTERED COMPANY NO: 00710369
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 THE EMMOTT FOUNDATION LIMITED CONTENTS Page Council's Report Auditorfs Report ststement of Financial Activities Balance sheet Cash Flow Statement 10 Notes to the Financial Statements 11- 15 Investment Schedule 16-25
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 THE EMMOTT FOUNDATION LIMITED REPORT OFCOUNCILOF MANAGEMENT FOR THE YEAR ENDED 31 AUGUST 2024 Reference and administrative inforrnation The Council MrCRDick Mrs S J Ainsworth MrE DABames Mrs E E A Mckendrick Ms D Coggan The Articles ofAssocialion dated 12 December 1961 established a Council of Management. All the members of Counal are Trustees of the Gharily and are also Directors of the Company. Web Address www.emmottfoundalion.org Registered Office 10 Queen Street Place, London, EC4R 1AG Charity Number: 209033 Company Number- 00710369 Education Officers Mr & Mrs P Spillane Auditors Moore Kingston Smith LLP, 4 Beaconsfield Road, St Abans, HertfordshireAL1 3RD Bankers Child & Co, 1 Fleet Street, London, EC4Y 1 BD Administration & Accountancy Haysmac LLP, 10 Queen Street Place, London, EC4R 1AG Investment Managers Cazenove Capital. 1 London Wall Place, London EC2Y SAU Brown Shipley, 2 Moorgate, London EC2R 8AG Report of tha Council for the year ended 31 August 2024 The Council present their report and accounts for the year ended 31 August 2024. The accounts have been ppared in accordance wi(h the accounting policies sel out in note 110 the accounts and comply with the Charity's goveming document (The Memorandum and Articles ofAssociation dated 12 December 19611, the Companies Act 2006 and Accounting and Reporting by Charities.. Slalement of Recommended Practi applicable to Charities preparing their a¢Unts in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (Second Edition). The report of the Council also serves as a Directors. Report as required by S417 of the Companies Act 2006. Structure. governance and management The Charty is a Company limited by guarantee and is governed by Its Memorandum and Arb"cles ofAssocialion dated 12 December 1961. New Council members are appointed by the Council of Management based on recommendations made by the existing Council members. Imien new members join the Council they are provided with further information regarding finan8 govemance and charitable objectives. The Memorandum and Artides of Associats'on provides for a rninirnum of 3 and a maximum of 11 members of Council. The Charity is governed by the Council of Management who meet hice a year in Spring and again in Summer. The Council agrees the broad strategy and areas of activity for the Foundation, including consideratlDn of grants, investment, reserves and risk management polices and performan. There is a further 'paper' meeting In November when residual grant items for the current academic year are reviewed and determined.
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 THE EMMOTT FOUNDATION LIMITED REPORT OFCOUNCILOF MANAGEMENT FOR THE YEAR ENDED 31 AUGUST 2024 structure, governance and management Iconll The day to day business of the Charity is in the hands of the Education Officers. Their functions indude handling all grant enquires, visiting families where there is a prima facie case for a grant, liaising With other charities and presenting applications falling within the grant criteria to the trustees for their consideration. The Education Officers also run the low-key appeal which currently largels fomier grant holders. Rlsk Management The Council have assessed the major risks lo which the Charity Is exposed, in particular those related to the operation and finances of the Charity, and are satisfied that systems are In place lo mitigate exposure lo the major risks. The Council consider that the key risk5 ielate lo the Charity's banking and investment operations both of which are carried out on behalf of the Charity by independent regulated enlilies. In addition, the Trustees perform their own checks in these areas. Objective and Activities The objective of the Charity is to make grants for educational purposes. The Council has had due regard lo the guidance from the Charity Commission on public benefit in deciding what activities the Charity should undertake. Accordingly grants are primarily intended for ¢hildren whose parents or guardians can no longer meet their considered financial commitments for education in either state or independent sixth forms as a result of a family crisis such as death. severe illness, accident. divorce. desertion, loss of employment. domestic violence and bullying. Consequently support is often given to children of families where the household income is very low. Consideration will also be given to cases where there is a major educational or pastoral problem, including the impact of parental drug andlor alcohol abuse. The present policy of thè Council is lo make grants direct to schools lo assist towards sixth fomi fees for students, normally with high academic standards, capable of qualifying for entry lo University. Grants are normally only considered if the school is also willing lo make a significant ¢onlribulion towards the ¢osl of the school fees. The Council also award grants lo educational trusts, The sam1lpe1 Trust (Arkwright Engineering Scholarships) and Tutoring to Thrive. Grant making policy The Charity reiVeS a number of enquires for grants which are dealt with by the Education Officers who then send out standard application forms lo those enquiries which fall within the Charity's objectives. The Education Officers or their equivalent from similar charities then may visit the applicant once the application form Is re1Ve and the case is then prepared lo the Council member5 for their considerabon. Achievements and Perfomiance The Charty each year receives more grant applications than it is able to fund, but the Counal is pleased lo assist as many students falling wlhin its grant criteria as is possible. The Education Officers receive progress reports from schools after grants have been in place for five months and final reports are obtained once A level results are known. In both cases a summary, In tsbular form, is presented lo Council. In the academic year 2023-2024, the Foundation assisted 61 pupils. Of these, 30 were in the Upper Sixth. In theirA levels, 86 % were grade C or above, and 550A were A. or A. Financial Review Grants made during the year amounted lo £290,74512023.' £297,950). The nel increase in resources for the year amounted to £43.79512023'. £57.3041. Gains on investments for the year amounted lo £872.14312023'. losses £697.3701- The wunryl is satisfied with the net financial position at 31 August 2024 of £10,667,92212022.' £9,751,984). The Charty received donations of £95.64012023'. £96.6401 as set out in note 5 to the accounts. Plans for the future The Charty is managed with a view to it being able to continue its activities for the future.
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 THE EMMOTT FOUNDATION LIMITED REPORT OFCOUNCILOF MANAGEMENT FOR THE YEAR ENDED 31 AUGUST 2024 Key Managemgnl Pgrsonngl The Council consider the board of council and the senior management team cornprise the key management personnel of the Charity in charge of directing and controlling. running and operating the Charity on a day to day basis. 1 trustees give of their time freely and no trustee received remuneration in the year. Details of trustees expenses and related party transactions are disdosed in note 9 to the accounts. Public Benefit The Council confirrn that they have complied with the duty in section 4 of the ChariliesAct 2011 to have due regard to public benefit guidence published by the commsion in determining the acliviles undertaken by the Charity. Investment Pollcy and performance The Council has appointed Cazenove Capital and Brown Shipley lo manage the Charity's investments and has given it discretionary powers. The Council aept$ a medium degree of investment risk and has appointed an investment sub- Commilee to meet with the investment managers once a year lo review the investment performance. Reserves Pollcy The Charty is mainly reliant on ils return from investments to fund ils charitable aims, and therefore has a reserves policy which aims to provide sustsinable funding for the future. The Council seeks to expend at least its annual income to ftjlfil its charitsble aims, and to maintain the real value of its funds. Fundral$lng Actlvlty The charity's income is from ils investment portfolio. No fundraising activity is undertaken. Going Concarn The Council is of the opinion that the Charity has adequate resources lo continue in operational existence for the fOSee&ble future and there are no material uncertainties regarding the Charity's ability lo do so. ststement of Coun¢ll Members, Re$ponslbllltle$ Company Law requires the Council members lo prepare financial stslements for each financial year which give a true and fair view of the slate of the affairs of the company and of the profil and loss of the company for that period. In preparing those financial statements, the Counal members are required to.. select suitable accounting policies and then apply them with consistency., observe the methods and principles in the Charities SORP make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless il is inappropriate lo presume that the company will continue in business. The Council members are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Information to Auditots As far as the Council members are aware, there is no relevant audit information of which the Charity's auditors are unaware. The Council members have taken all the steps that they ought lo have taken as a Council members in order to make themselves aware of any relevant audit information and to establish that the Charity's auditors are aware of that infomiation. This report has been prepared in accordance with part 15 of CA2006 relating lo Small Companies.
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 THE EMMOTT FOUNDATION LIMITED REPORT OFCOUNCILOF MANAGEMENT FOR THE YEAR ENDED 31 AUGUST 2024 AUDITORS With Section 485 of the CompaniesAcl 2006, a resolution proposing the reappoinlmenl of Moore Kingston Smith LLP as auditors to the Company will be put to the annual general meeting. Approved by the Council at the Meeting on 31 March 2025 and signed on ils behalf by.. 8PJn•dtsy.' gic Chairman of the Council 231612025
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OFTHE EMMOTT FOUNDATION LIMITED Opinion We have audited the financial statements of The Emmott Foundation Limited Ilhe 'charitsble company'l for the year ended 31 August 2024 which comprise the Slalemenl of Financial Activities (including the income and expenditure accounll, the Balance Sheet, the Statement of Cashflows and notes to the financial slalemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom AccoLJnting Stsndards. including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Pracb'cel. In our opinion, the financial slatemenls.. give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, induding ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our re5ponsibililies under those standards are further described In the Auditor's Responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fUilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concgrn In auditing the financial statements, we have conduded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubl on the charitable company's ability lo continue as a going concern lor a period of at least bNelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Infomiation The other information comprises the information induded in the annual report other than the financial statements and our auditor's report IhThe other infoimalion comprises the information Induded in the Report of Council of Management, other than the financial statements and our auditor's report Ihereon. The trustees are responsible for the other information contained within the Report of Council of Management. Our opinion on the financial statements does not cover the other information and, except lo the exlenl olhetwise expliciuy stsled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially in¢onsislenl with the financial slalements or our knowledge obtained in the course of the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we condude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Report of Council of Management for the financial year for which the finanaal statements are prepared is consistent with the financial stalemenls, and The Report of Council of Management has been prepared in accordance wth applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the Company and its environment obtsined in the course of the audit, we have not identified material misstatements in the Report of Council of Management
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OFTHE EMMOTT FOUNDATION LIMITED Matters on whlch we are requlred to report by exceptlon Icon'tl We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial slalements are not in agreement with the 8ccounling records and returns", OT rtain disclosures of Iruslees, remuneration specified by law are not made., we have not received all the information and explanations we require for our audit. the trustees were not enlilled lo prepare the financial slalements in accordance with the small companies regime and lake advantage of the small companies exemption in preparing the Report of Council of Management and from preparing a strategic report. Re$ponslbllltles of trustees As explained more fully in the Statement of Council Members, Responsibilities set out on page 3, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is neSSary lo enable the preparation of financial stslemenls that are free from material misststemenl, whether due to fraud or error. In preparing the financial slalementS, the Iruslees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo Iiquidale the charitable company or to cease operations, or have no aliStIC alternative bul lo do so. Audltofs responslbllltles for the audlt of the flnan¢lal ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that indudes our opinion. Reasonable assurance Is a high level of assurance, but is not a guarantee that an audit conducted In accordan wth ISAS IUKI will abayS detect a material misslalement when il exists. Misslalements can arise trom fraud or error and are considered material if, Individually or In aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional sceplicism throughout the audit. We also.. Identify and assess the risks of material misslalemenl of the financial slatemenls, whether due lo fraud or error, design and perfotm audit procedures responsive lo those risks, and obtain audit evidence that Is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misslalemenl resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenlalions, or the override of internal control. Obtain an understanding of internal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubl on the charitable company's ability to continue as a going concern. If we con¢lud& that a maleiial uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and conlenl of the financial slatemenls, including the disclosures, and whether the financial stslements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned tspe 8nd liming of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
DoGusign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OFTHE EMMOTT FOUNDATION LIMITED Explanation as to what extsnt the audit was considered capabl8 of detecting irregularities, including fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design pro¢edures in line ¥Mth our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedLJres are capable of detecting irregularities, induding fraud is detailed below. The objectives of our audit in respect of fraud. are", lo identify and assess the risks of material misstslemenl of the financial statements due to fraud.. lo obtain suffiryenl appropriate audrt evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks., and lo respond appropriately to instances of fraud or SLJspecled fraud identified during the audit. However. the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governan of the charitable company. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011. the Charity SORP, UK financial reporting standards as issued by the Financial Reporting Council and tsx and Pensions legislation. We obtained an understanding of how the charitable company complies with these requirements by discussions wth management and those charged ¥Mth govemance. We assessed the risk of material misslatemenl of the financial stalemenls, including the risk of material misstalemenl due lo fraud and how It might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as lo any known instsnces of non-compliance or suspected non-complian with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This induded.. making enquiries of management and those charged wth govemance,. obtaining additional corroborative evidence as required, review of board minutes., testing the appropriateness of journal entries,. and the performance of analytical review to Identify unexpected movements in account balances which may be indicative of fraud. There are inherent limitations in the audit prOdureS described above. We are less likely lo become aware of instances of non-compliance with laws and regulations that are not dosely related to events and transactions reflected in the financial slatemenls. Also, the risk of not detecting a material misslalement due to fraud is higher than the risk of not detecting one resulting from error, as fiaud may Involve deliberate concealment by, for example, forgery or intentional misrepresenlalions, or through collusion. Use of our Report This report is made solely lo the charitsble company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. or n £ Elizabeth Vlicks (Senior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP, Statutory Auditor statutory Auditor 4 Beaconsfield Road stAlbans Hertfordshire AL1 3RD 23 June . 2025
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 THE EMMOTT FOUNDATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Inforne and Expenditure account) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Funds 2024 Unrestricted Funds 2023 Nots INCOME FROM Investments Donations and legaaes 355,274 95,640 376,192 96,640 Total Income 450,914 472,832 EXPENDITURE ON Raising Funds- Investment Manager Costs 135.2761 136,7301 Charitsble activities 8&9 1371,8431 1378,7981 Total Expenditure {407,1191 1415,5281 Nel income before gains and losses on Investments 43,795 57,304 Nel Ilossesl on investments 872,143 1697,3701 Net IncomellExpendlturo1 915,938 1640,0661 Fund Balance as at 1 September 2023 9,751,984 10,392,050 Fund Balance as at 31 August 2024 10,667,922 9,751,984 All activities relate to continuing activib'es.
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 THE EMMOTT FOUNDATION LIMITED BALANCE SHEET AS AT 31 AUGUST 2024 Note 2024 2023 FIXED ASSETS Investments Tangible Assets 10,449,914 39 9,350,547 49 10,449,953 9,350,596 CURRENT ASSETS Child & Co Bank Accounts Stockbrokers accounts Debtors 278,250 71,839 316,054 207,656 148 11 350.089 523,858 CREDITORS: Amounts falling due Within one Year 10 132,120 122,470 NET CURRENT ASSETS 217,969 401,388 TOTAL NET ASSETS 10,867,922 9,751,984 Represented by- UNRESTRICTED FUNDS 10,667,922 9,751,984 10,667,922 9,751,984 The financial statements have been prepared in accordance with the special provisions applicable to companies subject lo the small companies, regime. Under $454 of the Companies Act 2006. on a voluntary basis the Council can amend these financial stslemenls if they subsequently prove defective. The financial stslemenls We approved and authorised for issue by the council on 31 March 2025 and were signed below on its behalf by 8PJn•dby.' Richard Dick 231612025 The notes on pages 1110 15 form part of these financial statements. The Registered Charity No. is 209033. The Registered Company No. is 00710369
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 THE EMMOTT FOUNDATION LIMITED STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2024 2024 2023 Note Cash used In operatlng actlvltles 1301,6711 1306,7451 Cashflows from investing activities Purchase of investments Proceeds from sale of investments Investment income 12,614,459) 110.861,9861 2,387,235 10,406,891 355,274 376,192 128,050 178,9031 Increase in cash at bank and on deposit 1173,8211 1385,6471 Cash at bank and on doposit at beginning of year 523,710 909,358 Cash at bank and on deposit carried fonNard 350,089 523,710 Note to Statement of cash flows 2024 2023 a Re¢onclllatlon of Net expendlture lo Net Cash outflow from Operating Activities Net lexpendilurel Increase in creditors IlncreasellDecrease in Debtors Investment income Losses on investments Depreciation 915,938 9,650 148 1355,2741 1872,1431 10 1640,0661 12,279 11481 1376,1921 697,370 12 1301,6711 1306,7451 b Cash and cash equivalents Child & Co bank accounts Stockbroker income a¢counl 278,250 71,839 316,054 207,656 350,089 523,710 c Changes In net debt At 1 September Cash Flows Al 31 August Cash at bank and in hand 523,710 1173,6211 350,089 10-
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 THE EMMOTT FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS The Financial Statements have been prepared in accordance wth applicable accounting standards. The particular accounting policies are described below". ACCOUNTING POLICIES The principal accounting policies of the Charity are as follows Basis of accounting The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporb'ng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20151- (Charities SORP IFRS 10211 Isecond edilionl, the financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the CompaniesAcl 2006. The Emmott Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise stsled in the relevant accounting policy notes. The functional and presentational currency is sterling. The Charity is a Company limited by guarantee and is govemed by ils Memorandum and Articles ofAssocialion dated 12 December 1961. The registered address is 10 Queen Street Pla, London, EC4R 1AG. Ib Investments Investments are slated al the middle-markel values ruling al the balan sheet dale. Income arising from these investments is accounted for when il is receivable. Realised gains and loses are calculated on proceeds less opening market value. Tangible assets Depreciation is provided lo write off tangible assets over their estimated useful lives al 200/0 on the written down value. Expenditure Support and Overhead costs have been allocated between Governance and Charitsble activities on the basis of time spent and are accounted for on an accruals basis. Taxatlon The Foundation is not liable to U.K. Taxation ifj School Fees School fees are accounted for in the Statement of Finanaal Activities when they are due. Investment Management Fees Investment Management fees are payable when the broker commissions fall short of the guaranteed minuimum management sums due to the broker. Donations Received Donations received are accounted for in the Statement of Financial Activities on a receivable basis, with grants subject to donor imposed conditions specifying the tirne period in which the expenditure of resources can take place treated as deferred income. Going Concern The Council is of the opinion that the Charty has adequate resources lo continue in operational existence for the foreseeable future and there are no material uncertainties regarding the Charity's ability lo do so. ui Cash at bank and In hand Cash at bank and cash 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 similar account.
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 THE EMMOTT FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS Creditors and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due lo setue the obligation Can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Debtors Trade and other debtors are recognised al the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Im) Financial Instruments The trust only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial Instruments are Inilally recognised al transaction value and subsequently measured al their settlement value wi(h the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Fund Accounting Unrestricted funds are available to spend on artivrties that further any of the purposes of the charity. Material judgements and uncertainties The preparation of the financial stslemenls requires management to make judgments, eslimales and assumptions that affect the amoLJnts reported for assets and liabilities as at the balance sheet date and the amoLJnts reported for revenues and expenses during the year. The nalure of estimation means the actual outcomes could differ from those estimates. There are no judgements made that have a significant effect on the amounts recognised in the financial stalemenls. TANGIBLE ASSETS (Office equipment) Cost at 1 September 2023 Additions 2024 2023 11,598 11,598 At 31 August 2024 11,598 11,598 Depreciation at 1 September 2023 Depreciation for the year 11,549 11,537 12 At 31 August 2024 11,559 11,549 Net Book Value 31 August 2024 39 49 LISTED INVESTMENTS 2024 2023 Listed Securities on U.K. Stock Exchange Market Value as at 1 September 2023 9,350,547 9,592,822 Less.. Disposals at opening market value (proceeds £2,387,235) 12,280,480) 111,092,8321 Add.. Acquislions at cost 2,614,459 10,861,986 Unrealised Ilossesllgains during the year to 31 August 2024 785,388 111,4291 Market Value as at 31 August 2024 10,449,914 9,350.547 Historical cost as al 31 August 2024 9,891.944 9.230.227 12-
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 THE EMMOTT FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS LISTED INVESTMENTS ICONYI Historical Unrealised Ilossllgain as at 31 August 2024 757,970 120,320 INCOME 2024 2023 Investment Income Brown Shipley Casenove's DepositAccount Interest Stockbroker Interest 135,550 208,189 10,758 797 202,682 142,746 8,580 22,184 355,274 376,192 DONATIONS RECEIVED 2024 2023 Appeal Worshipful Co of G&S W O Street Foundation Eleanor Hamilton 640 640 1,000 40,000 55.000 40,000 55,000 95,640 96,640 EDUCATION HIGHER EDUCATION 2024 2023 Direct individual fee assistance Sixth Form Scholarship 269,745 21,000 276,950 21,000 290,745 297,950 Allocation of Support cost 2024 Support Costs 2024 Governance Costs 2024 Totsl Costs Allocated 2023 Total Costs Allocated staff Costs Adminislralion Depreciation 23,932 38,058 2,557 16,541 26,489 54,599 30,497 50,339 12 61,999 19,099 81,098 80,848 13-
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 THE EMMOTT FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS Analysis of Charitable expenditure Grant Funded Activity Support & Governance Costs Total 2024 Total 2023 Education 290,745 81,098 371,843 378,798 290,745 81.098 371.843 378.798 Analysis of governance costs 2024 2023 Audit fees Expenses reimbursed Gross Wages Employers Nl Administration Depreciation 12,312 1,170 2,332 224 3,060 9,600 1,014 2,826 224 3,060 19,099 15,486 During the year the Council had hNo administrative employees12023- 21. No employees earned in excess of £60,000. The Counal consider that there are no employees that qualify as key management personnel. Neither the Council nor persons connected with them ceiVed any remuneration or other benefits from the Foundation. The aggregate amount of reimbursed expenses paid to the Council members was £012023.. £01. The Foundation operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Foundation in an independently administered fund. The pension cost charge represents contributions payable by the Foundation to the fund and amounted to £Nil12022 . £01. Contributions totalling £Nil 12022 £0) were payable to the ftjnd at the balance sheet date. CREDITORS. amounts falling due within one year 10 2024 2023 Accountancy fees Audit fees Deferred Income School Fees stockbrokers fees 5,100 10,500 95,000 15,500 6,020 5,100 9,900 95,000 7,000 5,470 132,120 122,470 Deferred income was from donation's that were received in advance of the 202412025 acadernic year. The prior year defered income was released in the current year. Debtors 11 2024 2023 Dividend's 148 148 14-
DoGUSign Envelope ID". C8B32C62.26BE.4621.B7C5-79D225706882 THE EMMOTT FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS 12 Flnanclal Instruments 2024 2023 Financial Assets Financial assets measured at fair value Financial assets measured at amortised cost 10,449,914 9,350,546 148 10,449,914 9,350,694 Financial liabilities Financial liabilities measured al amortised cost 15,600 15,000 Financial assets measured at fair value through profil or loss comprise listed shares. 13 CONTROLLING PARTY No single party has ultimate control over the Foundation. 14 Relaled Party Transactlon$ No Trustee or other person related lo the charity had any personal interest in any contract or transaction entered into by the charity during the year. 15 Commltments During the years ended 31 August 2023 and 31 August 2024 the Counryl approved grants for school fees in respect of the academic years 2024125 and 2025126 subjed to various conditions including the academic and general performance of students and their parental financial sitLJation. These grants will be funded from the charity's cash reserves. Total amounts approved in respect of 2024125 were £267,780 and for 2025126 were £144,350. As there are performance related conditions attached to these grants, they will not be recognised in the financial statements until these conditions are satisfied and the fees fall due. 15-