/y-p' VERNON N. ELY CHARITABLE TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED APRIL 2024 CONTENTS 1-2 Report of the Trustees. Independent Examine¢s ReporL Statement of Financial Activities. Balan￿ Sheel. 6-7 Notes to the Accounts. Charitable Donations. . This page does not fom part of the ststutory ac£ounts Charity Registration Number. 230033 Page I VERNON N. ELY CHARITABLE TRU REPORT OF THE TRUSfEES FOR THE YEAR ENDED 5TH APRIL 2024 The trustees present their annual report and the accounts of the charrty forthe year ended 5th April 2024. The financial statements have been prepared in accordan￿ with the accounting policies set out in note I to the accounts and comply with the charity's trust deed. the Charities Art 2011 and the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" IFR5102}. CONSTITUTION The charity was established by trust deed dated 30th October 1962 and was subsequently registered with the Chartty Commission (registered no. 231X)331 OBJEcrs The charity was set up by Mr Vernon Ely when he donated shares in Elys {Wimbledon) plc. These shores initialty Constit￿ed the trust fvnd and the trust deed directs the trustees 'to pay the income thereof to such chartty or charities as the settlor during his life shall from time to time in writing direct and after the death of the settlor or in default of such direction as the trustees in their discretion think fit. Mr Ely died in 1999. The trustees confirm they have referred to the guidance contained in the Chartty Commission's general guidance on public benefft when reviewing the charl￿S aim5 and objectives and in planning future activities. ORGANISATION The registered address of the charity is= Copseham Rise. Lynx Hill. East Horsley. Leatherhead Surrey. Kr24 SAX. All administration is carried out by the trustees. TRUSTEES The trustees who served during the yearwere:J S Moyle. D P Howorth and S Burdett FollowinE the death of the settlor the power of appointment of new trustees vests in the trustees for the time being. TRUStEES REVIEW The trustee5 continue to follow the policy adopted in earlier years of making donations of a reasonable size to a limited number of charities. The majority of these donations were made to charities based in the London Borough of Merton where the late Vernon Ely spent virtually all hi5 working life. Other donations have been made to 5POrt5 charities where there has been a long-stsnding personal connection. In addttion the trustees decided in 2021 to start distributing capital WFth a view to running the trust down over four or five year5. To continue this process £310.(X)O has been transferred from the restricted fund to the unrestricted fund. VERNON N. ELY CHARITABLE TRUST Page 2 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2024 (continued) FINANCIAL REVIEW AND RESERVES POLICY The majority of funds have been invested in stocks listed on the UK Stock Exchange. Gross income in the unrestricted fund for the year 15 £30.960 compared to £43.094 in the previous year. Administrative expense5 amounted to £6,79612023- £6.8001 leaving a surplus available for distribution of £24,164 2023- £36,2941- In addttion the trustees transferred £310,IXKI from the restricted fund and made it available for distribution. Distributions to charities totalled £360,CKX). It is the current intention of the trustees to make a similar transfer in future years and distribute this together with current income until the trust's assets are fully distributed.The restricted fund showed showed total realised investment losses of £16,362 and unrealised profits of E25.963 with expenses of £2,406. TRUSTEES RESPONSIBIUTIES IN REIATION TO THE FINANaAL STATEMEKrs The charity's trustees are responsible for preparing a tru5tees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Pratticel. The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and the incoming ￿sOurceS and application of resources, of the charity for that period. In preparing the financial statements. the trustees are required to= 1. select suttable accounting policies and then apply them consirtently," 2. observe the methods and principles in the applicable Charities SORP: make judgements and estimates that are reasonable and prudent- 4. state whether applicable accounting standards have been followed subjert to any material departures disclosed and explained in the financial statements. 5. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose wtth reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply WTth the Charities Act 2011, the applicable Charities IAccounts and Reports) Regulations, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularitie& The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity'5 website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. BY ORDER OFTHE TRUSTEES D P Howorth Trustee 9 July 2024 P3ge3 Independent Examinerf5 Report totheTrusteesVenKw E1yCharltableSettle￿rt (the charity) I reportttithe CharitytrU5t￿ on my examination ofthe accourtsofthe charityforthe year ended Sth Aprtl 2024. This report is rrtade 501etyto the charivs trustees asa in aCcOrda￿e with Part4 of the Charr Accounts and RerKJrtsl Regvlatitins 2(K)8. Mywork has undertsken $0 that I might state to the chartty's tr¢J5tees those rnatters l am requiredto state to them in an Independent Examinerfs reportand for no other purpose. To the fullest extent permitted by law, l ¢*J rK)t accept orasgjme resgx)nsibilityto anyone otherthan the charity and the charity'sTrusteesas a b)dy. for myworkorforthi5 repotL Respon5ibilitiesand basis of report As the charitys trustees you a￿ responsible foTthÈ prepaTrtion of the accounts in accordar￿e wtth the requireFnÈftts ol the charit￿SAct20ll lthe'Art'I. I report in respettof my examination of the Owrity's accourts canied oui under5ection 145 ofthe Act and in tsrrying out myÈxamination I have followed 311 ttEapplKaNe Diredw)ns gNen bythe Charity Comrni55ion under section 14515llbl cf the Att Independent Examiner's St*ement Your attention is drawn to thefatt that the Chartty has prepared accounts in acCOrda￿e with Accounting and Reporting by Charfftes= Staternent of Recommended Prallice applicable to charities preparing t￿1r accounts in accordance with the Financral Rery)rting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preferente to the Accounting 3nd Reporbng by CharitEs- Stratement of Recommended Practi issued on l April 2(M)5 which ts referred to in extrnt reguL3tiOn5 but has been withdrawn. l underst&nd thatthis has been done in orderforthe accounts to provKde a true andfairview in accordance with Ge1￿rallY Accepted Accounting Prattice effectNe for re]xJrting Feriods beginning on orafter l January 2015. I have completed myexarninatyjn. l (onfirrn Ilb3t no material matter5 have come to rny attention In connection with the examination giving me cause to believethat in any material rÈspect= l. accounting records were not kept in respectof ￿ charity as w￿[red by sectitin I300f￿ Act: or 2. the accounts do not accord withtl*)se records- or 3. the accounts do not Comp￿ with the applicable requirements concerning tl* forrn atHI content of accounts set out in the Charilie5 IActounts and Reports) Regulation5 2(M)8 otherthan any ￿QuIreMent that the accounts gwe a'true and faifvieW wh￿h is matterconsidered as part of an Independent examinatK)n. I have no mncerns and have come auDs5 no other matters in connection wtth the eyamInat￿n to which attention Should ae drawn in this report in tsrdÈrto enable a worerUnderstandi￿0fthe accountsto be ached. Signed WMA Chartered Accountant anil lTrdependert Exami Fo.Gr￿L 16 Ormonde Place Old Avenue Weybrit*e 130P Page 4 VERNON N. ELY CHARrrABLE TRUST STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 5TH APRIL 2024 Unrestricled Funds Restric Funds Total Funds 2024 2023 Notes INCOME AND EXPENDITURE INCOMING RESOURCES Incoming Resources from Genwated Funds Investment Income 30.%0 43.094 Other Income Total Incotning Resour 30.960 30,960 43,094 RESOURCES EXPENDED Charitable Activities Grants and Donations 360.000 360.000 380,OLK) Govemance Costs 6.796 9,202 10,514 Total Resour￿ Expended 366,796 2.406 369,202 390,514 Net in¢oming resources 1335.836) 12.406) (338,242} {347,420) Transfer of Resour(Es 310.orKJ {310.OLN)) Gains {Los5esl on Disposats of Investments (16.362) (16,3621 {46,614} Gains (Losses) on Revaluation of Investsnents 25.963 25.963 174.5631 Net Movement in Funds (25.8361 1302.8051 {328.641) 1468,5971 Total Funds Brought Forward 29.126 8C6,325 835,451 1,304,048 Total Funds Carried For￿rd 3.290 503,520 506,810 835.451 The notes on pages 6 to 7 form a part of these accounts. Page 5 VERNON N. ELY CHARITABLE TRUST BALANCE SHEET AT 5TH APRIL 2024 2024 2023 FIXED ASSErs Investments at Market Value (Original cost- £304,3481202& £520.061 } 545,692 892,877 CURRENT ASSErs Debtors Cash at Bank 403 334,760 335,163 502 326,435 326.937 CREDITORS.. Amounts Falling Due Wrthin One Year Sundry Creditors 374,045 384,363 NET CURRENT ASSETS {38.882) 157.426) NET ASSETS 506.810 835,451 FUNDS Restricted Fund5 Unrestricted Funds 503,520 3.290 806,325 29,126 506,810 835,451 Approved by the Board of TNstees on 9 July 2024 D P Howorth, J S Moyle . S Burdett- Trustees The notes on pages 6 to 7 fomi a part of these accounts. Page 6 VERNON N. ELY CHARffABLE TRUST NOTES TO THE AccouTrirs FOR THE YEAR ENDED 5TH APRIL 2024 1. ACCOUNTING POLICIES al Accounting Conventton The accounts (financial statements) have been prepared in a(x0[dan￿ ￿th Accounting and Reporbng by Charities.. Statement of Recommended Pracbce applicab￿ to charib'es preparing their accounts in ac(x)rdance wtth the Financial ReFXJrting Standard applicab￿ in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011 and applicable regulations. bl Fund Accounting The unrestricted funds comptEe income generated from investment and available for distribution. The reslricted fvnds consist of funds for investrnent c} Invesknents Investments listed on the UK Stock Exchange are stated at their open market value at the year end. dl Accnjals basis Both income and expendlture a￿ alxounted for on an accnjals basis. 2. GOVERNANCE COSTS Unrestricted Restricted Funds Funds Total Funds 2024 2023 Trustee Fees Independent Examiners Fees Insurance Management Charges 5,500 550 746 5,500 550 746 2.406 5,500 550 750 3.714 2.4 6.7 2.4C 9.202 10.514 3. TOTAL RESOURCES EXPENDED TOTAL 2024 TOTAL 2023 DONATIONS COSTS Charitable Activities- Grants and Donations Govemance Costs 360,000 360.000 9,202 380,000 10.514 9.202 360,000 9,202 369,202 390.514 Page 7 VERNON N. ELY CHARITABLE TRUST NOTES TO THE Accoup¥rs FOR THE YEAR ENDED 5TH APRIL 2024 (Continued) 4. FIXED Ass￿ INVESTMENTS Openirvj Balance Addfaor Closing Balance Disposals Revaluation UK listed 892,877 24.145 {397.293) 25, 545,692 Total 892,877 24.145 {397.2931 25,963 545,692 5. TOTAL FUNDS Unrestricted Restricted funds Funds Totsl Funds Balance Brought Forward Transfer of fvnds Movement in Funds for the Finwal Year 29.126 310,000 (335.836) 8(￿,325 (310.0001 7.195 835,451 (328.641} 3,290 503.520 506,810 6. TRANSACTIONS WITH TRUSTEES D P Howorth, a trustee and chartered accourrtant. was paid fees of £5.500 during the year.