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2024-12-31-accounts

REGISTERED CHARITY NUMBER: 244823

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

THE EARLEY CHARITY

THE EARLEY CHARITY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page
Reference and Administrative Details 1 to 2
Report of the Trustees 3 to 13
Report of the Independent Auditors 14 to 17
Statement of Financial Activities 18
Balance Sheet 19
Cash Flow Statement 20
Notes to the Cash Flow Statement 21
Notes to the Financial Statements 22 to 36
Detailed Statement of Financial Activities 37

THE EARLEY CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024

TRUSTEES R E Ames - Chairman
Dr D C Sutton - Vice Chairman
P R Hooper
Dr D G Jenkins
T Maher
E A Terry
M C Waite
PRINCIPAL ADDRESS Earley CResCent Resource Centre
Warbler Drive
Earley
Reading
Berkshire
RG6 4HB
REGISTERED CHARITY 244823
NUMBER
INDEPENDENT AUDITORS Vale & West Accountancy Services Limited
Chartered Accountants
Statutory Auditors
Victoria House
26 Queen Victoria Street
Reading
Berkshire
RG1 1TG
BANKERS HSBC
26 Broad Street
Reading
Berkshire
RG1 2BU
SOLICITORS Field Seymour Parkes LLP
1 London Street
Reading
Berkshire
RG1 4PN

Page 1

THE EARLEY CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024

OTHER BANKERS & CAF Bank Limited ADVISERS 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Rathbones Incorporating Investec Wealth & Investment (UK) 30 Gresham Street London EC2V 7QN

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THE EARLEY CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Earley Charity is a grant making trust with an area of benefit local to Reading described as the Ancient Liberty of Earley and the neighbourhood thereof. This provides a population of benefit potentially in excess of 150,000.

The object of the Charity shall be to further all or any of the following charitable purposes:

  1. the relief of the aged, disabled or poor inhabitants of the area of benefit;

  2. the relief of distress and sickness among the inhabitants;

  3. the provision and support (with the object of improving the condition of life for the inhabitants in the interests

of social welfare) of facilities for recreation and other leisure time occupations;

  1. the provision and support of educational facilities for the inhabitants;

  2. any other charitable purpose for the benefit of the inhabitants.

Significant activities

The objects are achieved by making grants to local charitable, voluntary and community groups, especially where the beneficiaries are likely to be aged, disabled or poor, as well as grants to individuals living within the area of benefit.

Grant making activities are broken down into the following categories:

Public benefit

In following the charity's aims and objectives, the trustees have had regard to the Charity Commission's published guidance in complying with their duty in section 17(5) of the Charities Act 2011 on Public Benefit.

All the charitable aims and all the charitable activities of The Earley Charity are for the public benefit as defined and described in the Charity Commission's guidance Charities and Public Benefit.

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THE EARLEY CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES

Grant making

The Trustees have a grant making policy to achieve the Charity's aims for the public benefit. The public benefit of The Earley Charity's charitable aims can be described under 3 headings: general aim, current priorities, and occasional benefits. In the terminology of the Charities Act, the general aim of The Earley Charity is relief of need. This is explicit in all the Charity's governance documents, and the widest possible interpretation of "need" is allowed for. The Charity's current priorities include the relief of need by reason of age and the advancement of the arts, culture and heritage. Other charitable purposes as defined by the Charities Act which are occasionally met by The Earley Charity include the relief of poverty; the advancement of education; the advancement of health; the advancement of community development; the advancement of amateur sport; the advancement of environmental protection or improvement; and the relief of need by reason of ill-health or disability.

Grant applications for a specified purpose are welcomed from individuals living permanently in the area of benefit who are experiencing need. Grants to individuals are determined by the Grants Panel and are generally up to a value of £500 but in exceptional cases, grants of up to £1,000 may be made if it is considered that there is a greater need for support, for example, setting up home. Separately, through the Care Leavers Independent Living Programme, grants of up to £1,000 are made to young people leaving care and setting up their first home. In all other cases applications from individuals for over £500 are reviewed by the Grants Panel and determined at a Trustee Meeting.

Local charitable, voluntary and community groups, especially where the beneficiaries are likely to be aged, disabled or poor, are able to make grant applications for funding for specific projects. Applications from organisations are currently considered quarterly.

All applications need to comply with the objects of the Charity for a grant to be approved.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

This year saw an increase in grant making both in terms of the number of applications received and amount awarded. 107 applications were considered up from 71 in 2023 (an increase of 50%) of which 91 were awarded a grant. Overall 98 grants were approved (2023: 70) totalling £1,042,617, up by over 60% on the previous year (2023: £644,126). Of these 41 (2023: 30) were grants to individuals and 57 (2023: 40) were awarded to organisations. The increase in the value of grants approved was partly due to the addition of a capital grants programme but was also as a result of an increase in applications to the general organisation and individual grants programmes.

The Charity relocated its office to Earley CResCent Resource Centre as planned when the lease on the office at St Nicolas Centre came to an end in February 2024. The move to CResCent gives The Earley Charity permanency into the future.

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THE EARLEY CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENT AND PERFORMANCE

Grants to individuals

A total of 41 grants (2023: 30) were awarded to individuals across 2 grant programmes as follows:

Relief in Need

Number of grants awarded: 34 (2023: 26) Amount awarded: £14,542 (2023: £9,747)

The Relief in Need programme supports families and individuals in financial hardship to enable them to buy essential household items and appliances that they would otherwise be unable to obtain. During the year 34 grants were awarded totalling £14,542. Of these 4 grants with a combined value of £1,348 were later withdrawn. The grants to individuals were mainly to purchase kitchen appliances and beds. Other awards included an iPad for a severely disabled child with complex needs and 4 setting up home grants of up to £1,000.

Care Leavers Independent Living Programme

Number of grants awarded: 7 (2023: 3) Amount awarded: £6,288 (2023: £2,650)

Application to this programme, which launched in August 2023, was lower than expected. The scheme is open to referrals from both local councils with grants up to £1,000 available to support young care leavers set up their first home. 7 awards with a total value of £6,288 were made.

Grants to organisations

Number of grants awarded: 57 (2023: 40) Amount awarded: £1,021,788 (2023: £626,799)

This year the Charity awarded over £1,000,000 in organisation grants, up 63% on the 2023 total. A full list of the awards made to organisations in 2024 can be found in the notes to the Financial Statements.

Community Centres

The trustees’ commitment to the advancement of community development continues to be a significant priority. Support to 2 local community centres – Earley CResCent Resource Centre in Earley and Weller Centre in Lower Caversham – continued with each receiving funding for a post through the Earley Charity Worker Scheme and grant support for community learning and activity programmes. Funding to the 2 centres in 2024 totalled £242,000 (2023: £220,000) of which £71,874 was for the Earley Charity Worker posts and £170,126 for community learning and activity programmes. Trustees agreed to extend this funding until December 2026. This continued support recognises the valuable contribution community centres make to their local communities and the importance of free and low cost community learning and activity opportunities.

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THE EARLEY CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENT AND PERFORMANCE

Earley Charity Worker Grants

Established in 2000, the Charity’s innovative and much-praised ‘Earley Charity Workers’ scheme funds one worker in each of a number of key voluntary sector organisations in the area of benefit and provides job security by guaranteeing the funding into the future over a rolling 3-year period. The purpose of the scheme is to provide local voluntary sector organisations with key personnel who can work to create an equal and fair society by directing activity as much as possible towards those experiencing distress and hardship, support professionals working with the dispossessed and those in need while making best use of resources by encouraging partnership working and creating opportunities for people to share knowledge, experience and resources. Creation of Earley Charity Worker posts is undertaken proactively by the trustees following extensive research and applications for this purpose are not accepted. Five posts are funded through the scheme, 4 of which have been supported for over 20 years. These are with Earley CResCent Centre, Weller Centre, Berkshire Women’s Aid (BWA), Reading International Solidarity Centre (RISC) and Reading Voluntary Action. The total approved for 2024 was £229,469 (2023: £204,543). In recognising the impact the cost of living crisis was having on salary costs, the trustees included a one-off 10% uplift to be used at the organisation’s discretion on salary costs. All 5 grants were extended for a further year to the end of 2026.

On-going Partnership Funding

Trustees continued the expansion of this programme with the addition of an eighth partnership grant. Partnership funding of up to £15,000 a year is awarded to organisations which run projects that are closely aligned with the trustees’ priorities. One of their key priorities for 2023-25 is the provision of musical activities, especially community and child-focused work. The new partnership grant was awarded to Readipop to run community music performance events at community centres and hubs in the area of benefit that are accessible to all age ranges and have a particular focus on people who are not usually confident to perform in public. Readipop was awarded an initial grant of £20,000 for September 2024 to December 2025.

The 7 existing partnership grants were all renewed for 2024. These grants supported:

The Ready Friends Development Worker at Reading Voluntary Action. The project supports local people, communities and voluntary sector groups to reduce loneliness and social isolation in Reading. In particular the funding supports a regular Befriending Forum.

Graft Thames Valley Ltd to support vulnerable and disadvantaged jobseekers to improve their employability or gain and retain meaningful employment, training and other work-related opportunities. In the 9 years this project has been funded, Graft has provided intensive support to 69 individuals to stabilise their lifestyles and progress towards meaningful and paid employment, volunteering, training and other work-related opportunities, helping them to move away from state dependency and towards self-supporting independence.

A community basketball programme in local primary and secondary schools and at the Weller Centre run by Rockets Sport & Educational Foundation. The project provides a safe, fun and positive environment and engages youngsters with professional players who are great role models for them.

Internships in the local charitable sector through the University of Reading Internship Scheme. The 2024 grant supported 7 internships of 140 hours at 7 local charities. The Internship Scheme offers valuable experiences for both students and organisations through meaningful work experience for the students and gives charities access to talented undergraduates who can make a real impact to the organisation.

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THE EARLEY CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENT AND PERFORMANCE

Aspire2 to provide opportunities for children in Whitley to participate in a range of extracurricular activities that increase confidence, improve behaviour for learning, widen horizons and give them the chance to experience new opportunities.

Reading Rep Theatre’s ENGAGE outreach and education programme of skills development workshops, projects, and performances. The funding supports delivery of year-round work which ensures that everyone in Reading, particularly those from disadvantaged backgrounds and communities, can access theatre throughout their lives.

Free Climate Education training and resources to schools, teachers and community groups in the area of benefit delivered by the education team at RISC. With this support the RISC education team aims to embed climate action into school curriculums and alternative programmes of study as educators become more confident in the principles and possibilities of climate education and action. This in turn inspires young people and families to take action in their own lives to minimise their effects on climate.

A total of £124,231 (2023: £114,772) was approved in support of the 8 projects.

Trustee-Led Grants

Each year a trustee or group of trustees may propose organisation grants based on their own knowledge of local voluntary, community, sporting or cultural organisations. Five projects were supported this year. These included a grant of £2,000 to the Dialogue Society for their annual Iftar dinner bringing people together during Ramadan, and a grant of £2,000 towards musical elements of a promotional event organised by Friends of Reading Abbey. Two trustees pooled their allowance for a grant of £20,760 awarded to the Pakistan Community Centre for the refurbishment and redecoration of the Centre’s halls, fixtures and fittings, and 3 trustees committed £4,000 each to award a grant of £12,000 to Reading Refugee Support Group for the set up costs of a new Sanctuary Café at RISC. A total of £43,600 (2023: £46,345.60) was awarded via this programme.

Douglas Chilvers Bursary

This year the Douglas Chilvers Memorial Bursary was awarded to an organisation. Parenthesis received the £5,000 bursary grant to support the continued development of Weller Voices, a Caversham based community choir. The grant will fund weekly choir sessions as well as concerts and regular opportunities to perform in public both at the Weller Centre, and elsewhere in Caversham and Reading. Subject to satisfactory reporting this grant may be renewed for 2025-26 and 2026-27.

Capital Projects Grants

In a major new addition for 2024 trustees ran a capital grants programme. Seven grants totalling £365,334 were approved as follows:

£100,000 to Loddon District Scouts towards the cost of building a new District Headquarters building at Paddick Patch to be used to support all people in Scouting within the district

£75,000 to CultureMix Arts towards the refurbishment costs to relocate their Arts & Music Centre to new premises and thereby establishing a permanent arts and music centre in Reading celebrating Black culture, art and music

£50,000 to The Engine Shed towards the purchase of their current premises to create a permanent Reading-based resource for this special interest group for autistic children, young people and adults

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THE EARLEY CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

ACHIEVEMENT AND PERFORMANCE

£50,000 to Launchpad Reading for the refurbishment of their drop-in centre to provide a safe, comfortable working space for staff and clients

£40,334 to YMCA Reading for a replacement roof on the sports and community centre

£30,000 to Progress Theatre to replace the auditorium roof

£20,000 to Junction Arch Heritage & Arts CIC to provide match funding for their project to restore the Cemetery Junction Arch and repurpose it as a heritage and arts community venue

In addition to the specific programmes above, 44 (2023: 28) applications seeking funding for a variety of projects were received. Of these 29 (2023: 22) grants were awarded totalling £84,027 (2023: £109,708). Grants ranged in value from £360 to £6,000 and funded projects supporting children and young people, adults with disabilities and activities to improve health and wellbeing. A number of grants supported organisations to replace outdated IT equipment and carry out repairs and maintenance to premises.

Monitoring grant performance

Organisational grants

The performance of organisational grant making is monitored using a mix of presentations and written reports from grantees. It is a condition of a grant award that organisations complete a progress report where a grant is paid in instalments and/or a final report at the end of the grant. As well as telling what the grant helped to achieve and the difference it made, this information also helps trustees ensure their grant making has been carried out in accordance with the charitable objects and informs future programmes. Where an on-going funding relationship exists renewal of funding is conditional on a satisfactory report being received.

During the year 2 Progress Reports and 38 Completion Reports were received. In addition, trustees received annual presentations on the Earley Charity Worker posts and from both Community Centres. They also received presentations from 3 of the organisations in receipt of on-going partnership funding as well as a written report from all 7 of the grantees in this programme. Renewal of these grants is contingent upon satisfactory reporting.

Individual grants

Individual grant making is monitored by carrying out follow-up calls on a selection of grant awards. Monitoring makes sure funds have been used for the purpose they were awarded and assesses the recipient’s experience of the grant process. Seven follow-up calls were made on grants awarded in 2024. A disabled child awarded an iPad uses this for communication and educational purposes, but it also provided a means of accessing entertainment whilst in hospital. The child’s carer said it has been a great help. A child with autism, who had outgrown their toddler bed, was awarded a single bed, mattress and bedding. The mother said that the grant award has made a big difference and her child loves the new bed. A single man who had been without means to cook for several months, was awarded an electric cooker. He is happy to be able to prepare a hot meal again.

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THE EARLEY CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

Financial position

The Charity is funded by income and investment returns generated by its permanent endowment. The trustees received authorisation from the Charity Commission to adopt total return accounting in an Order dated 15 January 2007. In 2010 the trustees agreed to have income generated reinvested and to draw down sufficient funds each year to cover expenditure. These withdrawals are in the form of a regular monthly transfer and occasional annual lump sum. The amount of the lump sum is determined by the trustees following consultation with their fund manager when setting their budget for the coming year.

At the start of the year the Charity was holding just over £2,000,000 in local funds. As a result trustees agreed they would keep the draw down from the unapplied total return this year to £480,000 in regular transfers of £40,000 a month. With strong local funds, trustees felt comfortable to extend their grant making programmes, with the addition of the capital grants stream, and were in a good position to respond to the increase in the number of applications received.

The Charity's income from listed investments and bank interest is in line with last year. Direct charitable expenditure on grants increased from £636,747 in 2023 to £994,040 in 2024.

The Charity's net incoming resources before investment gains and losses showed a deficit this year of £903,928 (2023: £109,582 surplus).

Investment policy and objectives

The Charity operates a total return approach to the investment of the permanent endowment. In accordance with the terms of the Order made by the Charity Commission, the trustees confirm that:

The investment objective of the fund is to invest for maximum return whilst taking into account the protection of the underlying capital of the fund.

During the year the investment portfolio transferred to Rathbones Investment Management Limited following Investec Wealth & Investment UK becoming part of Rathbones Group plc.

The fund growth seen in the last quarter of 2023 continued into 2024. This positive start saw the portfolio making gains helped by strong equity markets. By mid-year the value had risen to £10,416,443, up from £9,917,137 at the start of the year. The continued strength of equity markets helped deliver this positive return. The value dropped slightly in the third quarter and remained steady finishing the year at £10,251,187. Overall the portfolio saw a return of 8.4% gross.

The trustees regularly review their strategy for withdrawing money from the fund with their Investment Manager and are comfortable with the current practice.

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THE EARLEY CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

Reserves policy

Having carefully considered expenditure obligations and the general needs of the Charity, trustees have decided on an agreed level of unrestricted free reserves of £500,000, equating to around six months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that there are sufficient funds available to cover support and governance costs. The trustees consider that a level of six months is sufficient given the flexibility afforded by the total return approach towards the investment of the permanent endowment which allows trustees to transfer amounts from the unapplied total element of the endowment fund in the case of urgent need.

The balance held as unrestricted funds at 31 December 2024 was £1,077,248, which are regarded as free reserves. The current level of reserves is therefore higher than is needed and this will be adjusted by reducing the amount released from the unapplied total return fund in 2025.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

FUTURE PLANS

Following the success of the Capital Grants Programme trustees intend to continue with the programme in 2025 and have agreed to allocate a budget of £250,000 for new bids. Again they intend to support a number of projects through this programme.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is controlled by its governing document, a deed of trust (sealed 10 May 1990, replacing that of 14 November 1933) and constitutes an unincorporated charity.

Recruitment, appointment, induction and training of new trustees

New co-opted trustees may be sought by advertisement or through nomination. Any potential new trustee may have an informal meeting with a trustee or the Clerk to the Trustees before being invited for interview with the Trustees. Once appointed they are given copies of the minutes from the previous 3 meetings and the Charity Commission booklet The Essential Trustee: What You Need To Know.

New and existing trustees are provided with details of appropriate training opportunities as they occur.

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THE EARLEY CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The body of trustees consists of 4 nominated trustees and 4 co-opted trustees. There is currently one vacancy for a co-opted trustee. Nominated trustees are appointed, 2 by Reading Borough Council and 2 by Earley Town Council. Each appointment is made for a term of 4 years at a meeting convened and held according to the ordinary practice of the appointing council. Co-opted trustees are appointed for a term of 5 years by a resolution of the trustees passed at a meeting of which not less than 21 days' notice has been given. Appointments may not be made more than one month before the term of an existing co-opted trustee expires with effect from the date of expiry. In accordance with the Charity's trust deed, where a trustee is co-opted to the board to replace another trustee, he or she will continue to serve the outgoing trustee's term of office.

The full body of trustees meets 4 times a year. The first meeting of each year includes the Annual Meeting. At each of these meetings the trustees consider the operations of the Charity and take decisions on recommendations made by the sub-committees. Grant applications received from individuals for over £500 and those received from organisations for over £3,000 are determined at these meetings.

The Grants Panel has been delegated the power to take decisions on grant applications from individuals. Power to approve organisational grants to a value of £3,000 is delegated to the Community Development Sub-Committee. It is felt that the delegation of power to sub-committees to take minor decisions is an appropriate way to ensure that the increasing workload of the Charity is handled in an efficient and effective manner.

The trustees periodically arrange special whole day meetings to dedicate time to discussing policy and planning issues. They would also use these occasions for training and team building.

Sub-committee structure

There are currently 3 sub-committees (detailed below). Additional sub-committees will be set up from time to time to deal with issues as appropriate.

Grants Panel Sub-Committee

Determines applications from individuals to the Relief in Need and Care Leavers Independent Living programmes with authority to approve grants of up to £1,000.

Finance and Planning Sub-Committee

Deals with finance and strategic planning for the Charity. It has delegated authority to take straightforward financial decisions in line with existing Charity policy or precedents and exceptionally, major financial decisions in situations of urgency.

Community Development Sub-Committee

Determines applications from organisations for amounts of £3,000 and under; previews larger applications which fall within its remit and receives presentations from the Earley Charity Workers and other partner organisations.

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THE EARLEY CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Trustees

The following trustees served during the year:

R E Ames - Chairman Earley Town Council
D C Sutton - Vice
Chairman Reading Borough Council
P Hooper Co-opted
D G Jenkins Co-opted
T Maher Earley Town Council
L Terry Reading Borough Council
M Waite Co-opted

Clerk to the trustees

Miss J Wittig

Decision making

The trustees are responsible for directing and controlling the Charity and all give of their time freely. Details of any payments made to trustees are shown in the notes to the Financial Statements.

Trustees and key management are required to disclose all relevant related party information. Details of transactions with related parties are shown in the notes to the Financial Statements. At the start of every meeting trustees are asked to declare any conflicts of interest and conflicts of loyalty on the business of the meeting. Where a conflict arises they are required to withdraw from the meeting and take no part in the discussion or decision.

The day-to-day running of the Charity is delegated to the Clerk to the Trustees.

Key management remuneration

The pay of senior staff members is reviewed annually by trustees and is normally increased in line with average earnings and inflation. The salary of senior managers are set and reviewed to ensure that they are commensurate with similar roles in other organisations of the same nature. This ensures that the trustees are able to recruit senior managers at the required level and with the required skills to meet the needs of the job role.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

The trustees consider poor investment performance to be the Charity's principal financial risk. To mitigate this risk they employ the services of a reputable investment manager to manage the permanent endowment. Funds are invested in a diversified investment portfolio which is measured against a customised benchmark. The trustees have also decided to inflation-adjust the original investment by £100,000 per annum to safeguard the endowment for future beneficiaries. Operating on a total return basis helps to stabilise the financial resources available for the grant making programmes while giving the flexibility to make substantial grants for desirable projects.

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THE EARLEY CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

The operational risk of awarding grants that are ineffective is managed by ensuring as much information as possible is available to the trustees when making their decisions. This is collected by way of an application form and is backed up by the trustees' extensive knowledge of the area of benefit. All individual applications have to be sponsored by a professional to whom the applicant is known and who can verify the need. The credibility of applications is further checked by the Charity's officers. The trustees operate systems to monitor and evaluate the benefit of their grant making from which they learn what aspects work and where risks might lie. They accept that on occasions they will be taking risks by supporting new organisation or those that are not well known to them but consider these risks to be worthwhile in the pursuit of the achievement of the Charity's objects and their strategic priorities.

The trustees employ the services of a firm to provide HR advice to manage risks associated with employment.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on. 21 May 2025 and signed on its behalf by:

R E Ames - Trustee

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE EARLEY CHARITY

Opinion

We have audited the financial statements of The Earley Charity (the 'charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 21 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded 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 doubt on the charity's ability to continue as a going concern for a period of at least twelve 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 information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE EARLEY CHARITY

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 15

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE EARLEY CHARITY

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Page 16

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE EARLEY CHARITY

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Vale & West Accountancy Services Limited Chartered Accountants Statutory Auditors Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG

Date: 24 June 2025

Page 17

THE EARLEY CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
INCOME AND ENDOWMENTS FROM
Investment income
3
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Grant making activities
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
16
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.12.24
Unrestricted
Endowment
Total
fund
funds
funds
£
£
£
35,357
231,228
266,585
-
45,501
45,501
1,125,012
-
1,125,012
1,125,012
45,501
1,170,513
-
585,051
585,051
(1,089,655)
770,778
(318,877)
434,642
(434,642)
-
(655,013)
336,136
(318,877)
1,732,261
10,151,521
11,883,782
1,077,248
10,487,657
11,564,905		 31.12.23
Total
funds
£
246,567
43,949
93,036
136,985
549,160
658,742
-
658,742
11,225,040
11,883,782

The notes form part of these financial statements

Page 18

THE EARLEY CHARITY

BALANCE SHEET 31 DECEMBER 2024

Notes
FIXED ASSETS
Tangible assets
12
Investments
13
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
16
Unrestricted funds
Endowment funds
TOTAL FUNDS		 31.12.24
Unrestricted
Endowment
Total
fund
funds
funds
£
£
£
-
-
-
-
10,499,081
10,499,081
-
10,499,081
10,499,081
1,069
-
1,069
1,430,000
-
1,430,000
1,431,069
-
1,431,069
(353,821)
(11,424)
(365,245)
1,077,248
(11,424)
1,065,824
1,077,248
10,487,657
11,564,905
1,077,248
10,487,657
11,564,905
1,077,248
10,487,657
11,564,905		 31.12.23
Total
funds
£
22
10,162,801
10,162,823
1,118
1,846,484
1,847,602
(126,643)
1,720,959
11,883,782
11,883,782
1,732,261
10,151,521
11,883,782

The financial statements were approved by the Board of Trustees and authorised for issue on 21 May 2025.. and were signed on its behalf by:

R E Ames - Trustee

D C Sutton - Trustee

The notes form part of these financial statements

Page 19

THE EARLEY CHARITY

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Finance costs paid
Net cash used in operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments
Investment management costs
Interest received
Dividends received
Net cash provided by investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 31.12.24
£
(883,643)
(185)
(883,828)
(2,208,294)
2,454,554
(45,501)
38,569
228,016
467,344
(416,484)
1,846,484
1,430,000		 31.12.23
£
(733,857)
(260)
(734,117)
(7,758,572)
8,313,131
(43,949)
30,463
216,104
757,177
23,060
1,823,424
1,846,484

The notes form part of these financial statements

Page 20

THE EARLEY CHARITY

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gain on investments
Interest received
Finance costs
Dividends received
Accrued interest included in investments
Investment management costs
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash used in operations		 31.12.24
£
(318,877)
22
(585,051)
(38,569)
185
(228,016)
2,511
45,501
49
238,602
(883,643)		 31.12.23
£
658,742
463
(549,160)
(30,463)
260
(216,104)
5,640
43,949
(721)
(646,463)
(733,857)

2.

ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 1.1.24
£
1,846,484
1,846,484
1,846,484		 Cash flow
£
(416,484)
(416,484)
(416,484)		 At 31.12.24
£
1,430,000
1,430,000
1,430,000

The notes form part of these financial statements

Page 21

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Raising funds

The costs of generating funds consist of investment management fees.

Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees.

Tangible fixed assets

Tangible fixed assets are capitalised and recognised at cost when future economic benefits are probable and the cost or value of the asset can be measured reliably.

continued...

Page 22

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office furniture and equipment 10% on cost Computer equipment 20% on cost

Fixed asset investments

Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

The charity has a single permanent endowment. The proceeds from the sale of of the initial founding gift (the Earley Poor's Land) in April 1988 provides for the trustees to invest the capital in perpetuity and is managed on a total return basis. The trustees at their discretion may allocate any part of the unapplied total return to the general purposes of the charity, namely to the relief of the needy, sick and elderly residents of the area of benefit through making grants to appropriate institutions and individuals.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Contingent liabilities and provisions

In accordance with the SORP, a contingent liability is disclosed for those grants, which do not represent liabilities, where the possible obligation, which arises from past events, will only be confirmed by the occurrence of one or more uncertain future events not wholly within the trustees’ control. Provisions are recognised for those grants where there is uncertainty as to the timing or amount, and any uncertainty regarding the amount is more than one of determining a basis for reasonable estimation of the liability arising from that constructive obligation.

continued...

Page 23

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Financial instruments

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument, and are offset only when the charity has a legal enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise and settle the liability simultaneously.

Financial assets:

Trade and other debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Cash and cash equivalents comprise cash at bank and in hand and deposits held at call with banks.

Listed investments are initially recorded at their transaction value and subsequently valued at measured at fair value. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

Financial liabilities:

Financial instruments are classified as liabilities according to the substance of the contractual arrangements entered into. Trade and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the charity's accounting policies, trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that may not be readily apparent from other sources. The estimation and underlying 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 assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects the current and future periods.

The critical judgement that has the most significant effect on amounts recognised in the financial statements is the market value of listed fixed asset investments. Listed investments are revalued at each balance sheet date and the market movement is recognised as a gain or loss in the statement of financial activities for the period, The trustees engage professional investment fund managers who value the investments at each accounting date by reference to stock market indices. The listed investments are therefore subject to market volatility and any changes in value may significantly affect results of the period and future periods.

continued...

Page 24

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

3.
INVESTMENT INCOME
Quoted securities
Deposit account interest
4.
RAISING FUNDS
Investment management costs
Investment management fees
5.
CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
6)
£
Grant making activities
1,012,981
6.
GRANTS PAYABLE
Grant making activities
The total grants paid to institutions during the year was as
follows:
Community Learning and Activity Programmes (2, 2023: 2)
Earley Charity Workers (5, 2023: 5)
Ongoing Partnership Funding (8, 2023: 7)
Trustee Led Grants (4, 2023: 4)
Applications (30, 2023: 21)
CResCent Legal & Repair Costs (1, 2023: 1)
Capital Projects Grants (3, 2023: nil)
Douglas Chilvers Memorial Bursary (1, 2023: 0)

Page 25

continued...

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

6. GRANTS PAYABLE - continued

The following grants were paid by the charity to organisations:
2024 2023
£ £
Community Learning and Activity Programmes
Earley CResCent Community Association 80,008 70,822
The Weller Centre 90,118 80,608
Earley Charity Workers
Berkshire Women's Aid 54,989 47,609
Earley CResCent Community Association 40,992 39,178
Reading International Solidarity Centre 53,476 48,014
Reading Voluntary Action 49,130 40,350
The Weller Centre 30,882 29,392
Ongoing Partnership Funding
Aspire2 15,000 15,000
Graft Thames Valley Ltd 15,000 15,000
Reading International Solidarity Centre 14,979 19,772
Reading Rep Theatre 15,000 20,000
Reading Voluntary Action 15,000 15,000
Readipop 20,000 -
Rockets Sport and Educational Foundation 14,838 15,000
University of Reading - Internships (4,360) 16,974
Trustee Led Grants
Citizens Advice Wokingham 6,840 -
Dialogue Society 2,000 -
Friends of Reading Abbey 2,000 -
INSAAN - 1,070
Lower Earley Scout Group - 1,476
Pakistan Community Centre 20,760 -
Reading Int. Development Forum - 3,500
Reading Refugee Support Group 12,000 40,300
Capital Grants Programme
CultureMix Arts 75,000 -
Junction Arch Heritage and Arts CIC 20,000 -
Launchpad Reading 50,000 -
Loddon District Scouts 100,000 -
Reading YMCA 40,334 -
The Engine Shed 50,000 -
Douglas Chilvers Memorial Bursary - Parenthesis 5,000 -
Applications
Alfred Sutton Primary School 1,000 -
All Yours Period Box CIC (underspend returned 2023) - (151)
Alliance for Cohesion & Racial Equality 4,200 -

Page 26

continued...

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

6. GRANTS PAYABLE - continued

Assisting Berkshire Children to Read 2,000 -
Berkshire MS Therapy Centre 7,124 -
Berkshire Music Trust 5,535 -
British Red Cross - 3,702
Chattertots 5,022 -
CLASP 900 -
Coffee and Craft (underspend returned 2023) - (122)
Connect Reading 4,500 -
Daisy's Dream 4,784 -
East Reading Festival - 2,000
Greater Reading Nepalese Community Association 3,000 -
Green Health Thames Valley 800 -
Green Ways - 2,830
Headway Thames Valley (HTV) 4,982 -
Home-Start Reading 936 -
Hope & Vision Communities 2,000 -
Huntley & Palmers Allotment Association - 755
Junction Arch 4,990 -
Keep Mobile - 20,000
Launchpad Reading - 7,440
Link Visiting Scheme - 4,953
Make/Sense Theatre CIC - 5,444
Mostly G&S - 1,500
New Beginnings Reading - 3,955
Parents and Children Together (PACT) 3,000 -
Parenting Special Children - 3,000
Park United Reformed Church 5,000 -
RABBLE Theatre CIO - 6,000
Rainbow Trust Children's Charity 360 -
Reading Abbey Division (R.S. Achilles) Ranger Guide Unit 655 -
Reading Civic Society 3,000 -
Reading Gateway Church 1,500 -
Reading Hospital Broadcasting Service 6,000 -
Reading Refugee Support Group - 3,000
Redlands Primary School 1,000 -
Rockets Sport & Educational Foundation - 7,918
Royal Philharmonic Orchestra - 6,401
Ruth Ascher Piano Masterclass 1,000 -
Smart Works Reading - 4,000
Starting Point (The Mustard Tree) 3,466 -
Swings & Smiles 750 -
The Way Ministry (underspend returned 2024) (4,173) 5,597
Ufton Court - 2,000
Utulivu Women's Group - 5,000
WhitArts Community Group 1,200 -
Whiteknights Indoor Bowls Club 5,000 -
Whitley CDA - 2,000
Wokingham Citizens Advice 4,950 -
Wokingham In Need 2,497 -

continued...

Page 27

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

6. GRANTS PAYABLE - continued

Wokingham Volunteer Centre
-
975,964
CResCent Repairs
18,076
Movement in future commitments creditor:
Community Learning and Activity Programmes
-
Earley Charity Workers
-
Applications - Loddon District Scouts (withdrawn 2023)
-
-
994,040
The total grants paid to individuals during the year was as
follows:
31.12.24
£
Relief in Need (30, 2023: 26)
13,187
Care Leavers Independent Living (7, 2023: 3)
5,754
Douglas Chilvers Memorial Bursary (0, 2023: 1)
-
18,941
7.
SUPPORT COSTS
Governance
Management
costs
£
£
Grant making activities
98,743
13,288
8.
AUDITORS' REMUNERATION
31.12.24
£
Fees payable to the charity's auditors for the audit of the charity's
financial statements
8,940
Auditors' remuneration for non audit work
2,112		 - 5,000
975,964 621,287
18,076 15,460
- (265,226)
- (392,444)
- (1,170)
- (658,840)
994,040 (22,093)
31.12.23
£
7,822
3,344
4,930
16,096
Totals
£
112,031
31.12.23
£
8,640
2,040

continued...

Page 28

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

10. STAFF COSTS

31.12.24
31.12.23
£
£
Wages and salaries
68,018
64,126
Social security costs
1,718
1,260
Other pension costs
3,401
3,206
73,137
68,592
The average monthly number of employees during the year was as follows:
31.12.24
31.12.23
Administration and welfare
2
2
No employees received emoluments in excess of £60,000.
11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Endowment
Total
fund
funds
funds
£
£
£
INCOME AND ENDOWMENTS FROM
Investment income
26,766
219,801
246,567
EXPENDITURE ON
Raising funds
-
43,949
43,949
Charitable activities
Grant making activities
93,036
-
93,036
Total
93,036
43,949
136,985
Net gains on investments
-
549,160
549,160
NET INCOME/(EXPENDITURE)
(66,270)
725,012
658,742
Transfers between funds
707,737
(707,737)
-		 31.12.24
31.12.23
£
£
Wages and salaries
68,018
64,126
Social security costs
1,718
1,260
Other pension costs
3,401
3,206
73,137
68,592
The average monthly number of employees during the year was as follows:
31.12.24
31.12.23
Administration and welfare
2
2
No employees received emoluments in excess of £60,000.
11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Endowment
Total
fund
funds
funds
£
£
£
INCOME AND ENDOWMENTS FROM
Investment income
26,766
219,801
246,567
EXPENDITURE ON
Raising funds
-
43,949
43,949
Charitable activities
Grant making activities
93,036
-
93,036
Total
93,036
43,949
136,985
Net gains on investments
-
549,160
549,160
NET INCOME/(EXPENDITURE)
(66,270)
725,012
658,742
Transfers between funds
707,737
(707,737)
-		 31.12.24
31.12.23
£
£
Wages and salaries
68,018
64,126
Social security costs
1,718
1,260
Other pension costs
3,401
3,206
73,137
68,592
The average monthly number of employees during the year was as follows:
31.12.24
31.12.23
Administration and welfare
2
2
No employees received emoluments in excess of £60,000.
11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Endowment
Total
fund
funds
funds
£
£
£
INCOME AND ENDOWMENTS FROM
Investment income
26,766
219,801
246,567
EXPENDITURE ON
Raising funds
-
43,949
43,949
Charitable activities
Grant making activities
93,036
-
93,036
Total
93,036
43,949
136,985
Net gains on investments
-
549,160
549,160
NET INCOME/(EXPENDITURE)
(66,270)
725,012
658,742
Transfers between funds
707,737
(707,737)
-
43,949
93,036
136,985
549,160
658,742
-

continued...

Page 29

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Endowment
Total
fund
funds
funds
£
£
£
Net movement in funds
641,467
17,275
658,742
RECONCILIATION OF FUNDS
Total funds brought forward
1,090,794
10,134,246
11,225,040
TOTAL FUNDS CARRIED
FORWARD
1,732,261
10,151,521
11,883,782
12.
TANGIBLE FIXED ASSETS
Computer
equipment
£
COST
At 1 January 2024
13,141
Disposals
(1,693)
At 31 December 2024
11,448
DEPRECIATION
At 1 January 2024
13,119
Charge for year
22
Eliminated on disposal
(1,693)
At 31 December 2024
11,448
NET BOOK VALUE
At 31 December 2024
-
At 31 December 2023
22
13.
FIXED ASSET INVESTMENTS
31.12.24
31.12.23
£
£
Shares
10,260,984
10,038,915
Cash held by investment funds
238,097
123,886
10,499,081
10,162,801		 11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Endowment
Total
fund
funds
funds
£
£
£
Net movement in funds
641,467
17,275
658,742
RECONCILIATION OF FUNDS
Total funds brought forward
1,090,794
10,134,246
11,225,040
TOTAL FUNDS CARRIED
FORWARD
1,732,261
10,151,521
11,883,782
12.
TANGIBLE FIXED ASSETS
Computer
equipment
£
COST
At 1 January 2024
13,141
Disposals
(1,693)
At 31 December 2024
11,448
DEPRECIATION
At 1 January 2024
13,119
Charge for year
22
Eliminated on disposal
(1,693)
At 31 December 2024
11,448
NET BOOK VALUE
At 31 December 2024
-
At 31 December 2023
22
13.
FIXED ASSET INVESTMENTS
31.12.24
31.12.23
£
£
Shares
10,260,984
10,038,915
Cash held by investment funds
238,097
123,886
10,499,081
10,162,801		 11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Endowment
Total
fund
funds
funds
£
£
£
Net movement in funds
641,467
17,275
658,742
RECONCILIATION OF FUNDS
Total funds brought forward
1,090,794
10,134,246
11,225,040
TOTAL FUNDS CARRIED
FORWARD
1,732,261
10,151,521
11,883,782
12.
TANGIBLE FIXED ASSETS
Computer
equipment
£
COST
At 1 January 2024
13,141
Disposals
(1,693)
At 31 December 2024
11,448
DEPRECIATION
At 1 January 2024
13,119
Charge for year
22
Eliminated on disposal
(1,693)
At 31 December 2024
11,448
NET BOOK VALUE
At 31 December 2024
-
At 31 December 2023
22
13.
FIXED ASSET INVESTMENTS
31.12.24
31.12.23
£
£
Shares
10,260,984
10,038,915
Cash held by investment funds
238,097
123,886
10,499,081
10,162,801
11,883,782
Computer
equipment
£
13,141
(1,693)
11,448
13,119
22
(1,693)
11,448
-
22
31.12.23
£
10,038,915
123,886
10,162,801

continued...

Page 30

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

13. FIXED ASSET INVESTMENTS - continued

Additional information as follows:

MARKET VALUE
At 1 January 2024
Additions
Disposals
Unrealised investment gains
Accrued interest movement
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023
Analysis of listed investments:		 Listed
investments
£
10,038,915
2,094,083
(2,454,554)
585,051
(2,511)
10,260,984
10,260,984
10,038,915
31.12.23
£
1,009,411
252,227
1,296,018
1,352,294
3,442,796
355,490
451,730
396,569
416,981
369,446
515,501
173,759
6,693
10,038,915
31.12.24
£
UK Fixed Income 895,571
Overseas Fixed Income 247,642
UK Equities 1,109,265
European Equities 1,270,629
North American Equities 4,566,288
Japanese Equities 384,371
Far East & Australasian Equities 336,654
Overseas Equities 26,771
Emerging Economies 287,040
Commercial Property 274,758
Alternatives 435,164
Other Alternatives 422,649
Accrued interest 4,182
10,260,984

No investment forms more than 5% of the total portfolio value.

Investments (neither listed nor unlisted) were as follows:

31.12.24 31.12.23
£ £
Cash held by investment managers 238,097 123,886

continued...

Page 31

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Grants
Pension
Accruals
16.
MOVEMENT IN FUNDS
Net
movement
At 1.1.24
in funds
£
£
Unrestricted funds
General fund
1,732,261
(1,089,655)
Endowment funds
Permanent Endowment
10,151,521
770,778
TOTAL FUNDS
11,883,782
(318,877)
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
35,357
(1,125,012)
Endowment funds
Permanent Endowment
231,228
(45,501)
TOTAL FUNDS
266,585
(1,170,513)		 31.12.24
£
1,069
31.12.24
£
2,501
339,199
1,069
22,476
365,245
Transfers
between
funds
£
434,642
(434,642)
-
Gains and
losses
£
-
585,051
585,051		 31.12.23
£
1,118
31.12.23
£
3,198
100,614
871
21,960
126,643
At
31.12.24
£
1,077,248
10,487,657
11,564,905
Movement
in funds
£
(1,089,655)
770,778
(318,877)

continued...

Page 32

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

16. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1.1.23
in funds
£
£
Unrestricted funds
General fund
1,090,794
(66,270)
Endowment funds
Permanent Endowment
10,134,246
725,012
TOTAL FUNDS
11,225,040
658,742
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
26,766
(93,036)
Endowment funds
Permanent Endowment
219,801
(43,949)
TOTAL FUNDS
246,567
(136,985)		 Transfers
between
funds
£
707,737
(707,737)
-
Gains and
losses
£
-
549,160
549,160		 At
31.12.23
£
1,732,261
10,151,521
11,883,782
Movement
in funds
£
(66,270)
725,012
658,742

General funds

General Funds are available for the furtherance of the charity's objectives.

Endowment funds

The Permanent Endowment Fund was established following the sale in April 1988 of the land originally given to the Charity as the initial founding gift. These funds are held as permanent endowment, the income from which is freely available to fund the activities of the charity.

Transfers between funds

The investment power of total return was granted by a Charity Commission Order on 15 January 2007. This power permits the trustees to invest permanently endowed funds to maximise total return and to apply an appropriate portion of the unapplied total return to income each year. Until the power is exercised to transfer a portion of unapplied total return to income (as disclosed below), the unapplied total return remains invested as part of the Permanent Endowment.

continued...

Page 33

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

16. MOVEMENT IN FUNDS - continued

Transfers between funds - continued

The power allows the trustees to decide in each year how much of the unapplied total return is transferred to income funds and so available for expenditure. Having considered their obligations under the duty of even handedness, the trustees made a transfer of £434,642 unapplied total return to unrestricted income funds. In making this decision the trustees have taken account of an abnormal investment climate, the return on investment for the year and the income needs of the charity.

The investment fund and application of total return to permanent endowment funds:


2024
£
Opening value of permanent endowment 10,151,521
Less: Original value of the gift (6,100,000)
Opening value of unapplied total return 4,051,521
Add: Investment return: dividends and interest 231,228
Add: Investment return: (losses) 585,051
Less: Investment management costs (45,501)
Unapplied total return before transfer to income 4,822,299
Less: Unapplied total return applied (434,642)
Unapplied total return at year end 4,387,657
Add: Original value of the gift 6,100,000
Permanent endowment including unapplied total return, constituting
the investment fund		 10,487,657

17. CONTINGENT LIABILITIES

As at 31 December 2024, the charity had authorised grants for payment in the next financial period subject to satisfactory completion of grant acceptance procedure, as follows:

£
University of Reading - Internships 14,414
Progress Theatre 30,000
44,414

continued...

Page 34

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

18. RELATED PARTY DISCLOSURES

The charity purchased indemnity insurance for the trustees totalling £2,236 (2023: £1,955).

Earley CResCent Community Association

The Earley Charity appoints two of the trustees of the Earley CResCent Community Association, R Ames and P Hooper. These appointments were made following a major grant award and as a condition of that grant award.

During the year, The Earley Charity gave £121,000 (2023: £125,460) to the Earley CResCent Community Association. A further £7,045 (2023 £nil) was paid to Earley CResCent Community Association in respect of rent and meeting room costs.

Weller Centre

Trustees D Jenkins and D Sutton are on the Weller Centre management board. They are also members of the Weller Centre Advisory Board, along with trustee P Hooper. These appointments were made following a major grant award and as a condition of that award.

During the year, The Earley Charity gave £121,000 (2023: £110,000) to the Weller Centre.

Aspire2

Trustee M Waite is a partner of Aspire2.

During the year, The Earley Charity gave £15,000 (2023: £15,000) to Aspire2. At the balance sheet date £15,000 (2023: £15,000) was approved but unpaid.

Reading International Solidarity Centre (RISC)

Trustee D Sutton is a member of the Reading International Solidarity Centre.

During the year, The Earley Charity gave £68,455 (2023: £67,786) to RISC. At the balance sheet date £14,979 (2023: £14,829) was approved but unpaid.

Rockets Sport and Educational Foundation

Trustee E Terry has a spouse who is a trustee of the Rockets Sport and Educational Foundation.

During the year, The Earley Charity gave £14,838 (2023: £22,918) to Rockets Sport and Educational Foundation.

At the balance sheet date £14,838 (2023: £15,000) was approved but unpaid.

Page 35

continued...

THE EARLEY CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

19. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.

Page 36

THE EARLEY CHARITY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

INCOME AND ENDOWMENTS
Investment income
Quoted securities
Deposit account interest
Total incoming resources
EXPENDITURE
Investment management costs
Investment management fees
Charitable activities
Grants to institutions
Grants to individuals
Support costs
Management
Wages
Social security
Pensions
Professional fees
Office costs
Depreciation
Bank charges
Governance costs
Auditors' remuneration
Auditors' remuneration for non audit work
Indemnity insurance
Total resources expended
Net (expenditure)/income		 31.12.24
£
228,016
38,569
266,585
266,585
45,501
994,040
18,941
1,012,981
68,018
1,718
3,401
2,048
23,351
22
185
98,743
8,940
2,112
2,236
13,288
1,170,513
(903,928)		 31.12.23
£
216,104
30,463
246,567
246,567
43,949
(22,093)
16,096
(5,997)
64,126
1,260
3,206
1,983
15,100
463
260
86,398
8,640
2,040
1,955
12,635
136,985
109,582

This page does not form part of the statutory financial statements

Page 37