Charity registration number 246410 (England and Wales) ELMLEY LOVETT CHURCH. SCHOOLAND COMMUNITY TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr R Cartwright Mr J Goodwin Mrs J Goss Mrs B Needham Mr N Wright Charity number 246410 Principal address clo Ryelands Fami Elmley Lovett Nr Dro1ICh Worcestershire WR9 OPT Independent examiner CKCA Limited No 4 Castle Court 2 Castlegate Way Dudley West Midlands DY14RH Solicitors MFG Solicitors Tyihe House 20-21 The Tything Worcester WR1 1HD
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST CONTENTS Page Trustees, report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial statemenls 6-14
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial statements for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's deed, the Charities Aci 2011 and -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)" (as amended for accounting periods commenGing from 1 January 2016) Objectives and activities The funds of the charity are for the benefit and support of the school at Cutnall Green, the maintenance of the Parish Church of Elmley Lovett and for the poor of that Parish as set out in the Trust's Goveming Documents. The Trustees have paid due regard to guidan issued by the Charity Commission in deciding what activities the Trust should undertake. The Trust's properties were maintained. The funds held in an investment portfolio managed by Rathbone Investment Management Limited are used to generate both income and capital growth. During the year distributions were made in accordance with the terms of the Trust deed. Achievements and performance Financial review Net incoming resources before movement in market value of investments amounted to £23,00712023.' Net outgoing resour £22,936). The increase in market value of investments amounted to £104,178 {2023: decrease of £184,702) resulting in total funds of £2,809,766 (2023- £2,682,581). In the opinion of the Trustees the need for a designated repairs reserve that is maintained to allow for major unforeseen circumstances continues to remain at £10,000. It was also considered that maintaining a £5.000 level of reserve in the general purposes reserve is sufficient to meet the administrative expenditure of the Trust and is sufficient for 1 yearfs administration expenses. The Trust operates a total retum approach to the investment of the permanent endowment. In accordance with the terms of the Order made by the Charity Commission. the trustees confimi that: in identifying the value of the portion of the pemianent endowment that represented unapplied total retum, the trustees first identified the value of the initial founding gift at July 2007. when determining the amount of unapplied total retum to transfer to income the trustees have considered the amount of income required to maintain the current level of charitable activity., when reaching their decision as to the unapplied total retum to transfer to income, the trustees have taken professional advice from their investment advisers regarding the market outlook, investment trends and yield and the prospect for future capital growth. Our investment advisors (Rathbones) are instructed to invest to maximise the total retum on permanent endowment funds within the constraints of a medium to low risk investment portfolio. The expendable endowment since 2007 has been managed as low to medium risk portfolio . The trustees reviewed the policy for withdrawal of funds from the unapplied total retum fund in 2016. The revised policy aims to maintain the real value of the pemianent endowment in the medium term. The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management The Trust was estsblished by a charitsble trust deed on 3rd January 1871 subsequently amended by charitable deeds on 15th November 1907, 25 November 2008 and 21 December 2015. The Trustees who served during the year and up to the date of signature of the financial statements were: Mr R Cartwright Mr J Goodwin Mrs J Goss Mr J Homer Mrs B Needham Mr N Wright Rev S Winter (Resigned 15 January 2025) (Resigned 31 August 2024) The Trustees appointed to the board are members of the Parish or Parishes nearby who are involved in the Church and have the best interest of the community at heart. The day-to4ay running of the charity is carried out by the board. The Trust is run by the board of Trustees. MFG Solicitors attend meetings where relevant to ensure that the expenditure and distributions are in accordance with the trust deed. The Trustees, report was approved by the Board of Trustees. Mrs B Needham Trustee 3 February 2026
ELMLEY LOVErr CHURCH, SCHOOL AND COMMUNITY TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ELMLEY LOVETT CHURCH. SCHOOLAND COMMUNITY TRUST I report to the Trustees on my examination of the financial statements of Elmley Lovett Church, School and Community Trust (the Trust) for the year ended 31 March 2024. Responsibilities and basls of report As th6 Trustees of the Trusl you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. I report in respect of my examination of th8 Trust's financial statements carried OLrt under section 145 of the Charities Act 2011. In carryin9 Out my examination I have followed the Dir8Ctions given by the Charity Commission under section 145(5){b) of the Charities Act 2011. Independent examlnor's statemént I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material resped.. accounling records were not kept in respect of the Tnjst as required by section 130 of the Charities Act 2011. the financial statements do not accord with those records: or the financial statements do not comply with the applicable requirements conceming the fonn and content of financial statements set oul in Ihe Charities (Accounts and Reports) Regulations 2008 other than any requirement thal the financial statements give a true and fair view. which is not a matter considered as part of an indepèndent examination. I have no concerns and have com8 across no other matter5 in conneclion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financlal statements to be reached. Blake Morris (FCA) CKCA Limited No 4 Casue Court 2 Castlegate Way Dudley Wesl Midlands DY14RH 3 February 2026
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Endowment funds funds funds Total 2024 Total 2023 Notes Income from: Investments 91.214 208 91,422 81,500 enditure on". Charitable activities 31,965 36,450 68,415 58,564 Net (losses)Igains on investments 104,178 104,178 {184,702} Net incomingl{outgoing) resources before transfers 59.249 (36.242) 104.178 127,185 {161.766} Gross transfers between funds 10 (40,249) 40,249 Net movement in funds 19.000 4,007 104,178 127,185 {161,766} Fund balances at 1 April 2023 14,718 89,602 2,578,261 2,682,581 2,844,347 Fund balances at 31 March 2024 33,718 93,609 2,682,439 2,809,766 2,682,581 The statement of financial activities includes all gains and losses recognised in the year.
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Investmenl properties Investments 11 12 517,000 2,167,264 517,000 2,063,086 2,684.264 2.580,086 Current assets Debtors Cash at bank and in hand 14 10,427 99,223 137,805 137.805 109,650 Creditors: amounts falling due within one year 15 (12.303) (7,1551 Net current assets 125.502 102.495 Total assets less current liabilities 2,809,766 2,682,581 Capital funds Endowment funds including UTR Fund Income funds Restricted funds Unrestricted funds 16 2,682.439 2,578,261 17 93,609 33,718 89,602 14,718 2,809.766 2,682.581 The accounts were approved by the Trustees on 3 February 2026 Mrs B Needham Trustee
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Elmley Lovett Church, School and Community Trust is a charitable trust govemed by a trust deed approved by the Charity Commission merging the Elmley Lovett Church School Poor Estate charity and Elmley Lovett Educational Foundation, and came into force on 21 December 2015. 1.1 Basis of preparation The accounts have been prepared in accordan with the above goveming sGheme, the Charities Act 2011 and "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 IFRS 1021- (as amended for accounting periods commenGing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS 102. The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practi for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterfing. which is the functional GUenCY of the Trust. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention. modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal aGGounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements. the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going cOnM basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the accounts. Endowment funds are subjecl to specific conditions by donors that the capital must be mainlained by the Trust. 1.4 Income Income is recognised when the Trust is legally entitled to it after any performance conditions have been met. the amounts can be measured reliably. and it is probable that income will be reived. Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on reIpt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expenditure Charitable activity costs includes the direct costs of the activities of the Charity. 1.6 Investment property Investment property, which is property held to eam rentals andlor for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in net incomel(expenditure) for the year. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction Pri excluding transaclion cosls, and are subsequently measured at fair value at each reporting dale. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposils held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Trust's balan sheel when the Trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the fvture receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Trust transfers the financial asset and substantially all the risks and rewards of ownership to another entity. or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another paty that is able to sell the asset in its entirety to an unrelated third paty. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Derecognition of financial liabilities Financial liabilities are derecognised when the Trust's contractual obligations expire or are discharged or cancelled.
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from investments Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Rental income Other income Interest receivable 21.178 70.036 21,178 70,036 208 14.294 67,117 14.294 67,117 89 208 89 91,214 208 91,422 81,411 89 81,500 Expenditure on Gharitable activities Governance Governance costs costs 2024 2023 Direct costs Insurance Repairs & Maintenance Elmley Lovett PCC Educational Foundation & Relief in Need Grants 1,202 4,036 22,571 36,450 948 5,474 19,722 28,925 64,259 55,069 Share of support and governance costs (see note 4) Governance 4,156 3,495 68,415 58,564 Analysis by fund Unrestricted funds Restricted funds 31,965 36,450 29,639 28,925 68,415 58,564 Support costs allocated to activities Governance costs 2024 Total 2023 Governan 4,156 3,495
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to activities (Continued) 2024 2023 Governance costs comprise: Legal and professional Agents fees 1,738 2,418 1,530 1,965 4,156 3,495 Included in governance costs above is £1,738 (2023= £1,530) for Independent Examiners fees. Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(crediting)'. Fees payable for the independent examinalion of the charity's financial statements 1,738 1,530 Trustees None of the Trustees (or any persons connected with them) reiVed any remuneration during the year. Employees There were no employees during the year. Gains and losses on investments Endowment Endowment funds funds 2024 2023 Gainsl{losses) arising on= Revaluation of investments 104,178 {184,7021 Taxation The Gharity is exempt from taxation on its aclivilies because all its income is applied for Gharitable purposes. 10 Transfers There has been a transfer of £40.249from unrestricted funds to restricted funds during the year. This represents the distribution of the monies due to the Poor Fund (£750) and the Educational Foundation {£39,4991 and is held as a restricted fund.
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Investment property 2024 Fair value At 1 April 2023 and 31 March 2024 517,000 Investment property comprises Bearcroft Field and Church Cottage. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 January 2016 by John Andrews of Dolittle and Dalley FRICS. who is not connected with the Trust. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The Trustees are of the opinion that the valuation of investment property has not materially changed during the year. 12 Fixed asset investments Listed investments Cost or valuation At 1 April 2023 Valuation changes 2,063,086 104,178 At 31 March 2024 2,167,264 Carrying amount At 31 March 2024 2.167.264 At 31 March 2023 2,063,086 2024 2023 Investments at fair value Gomprise.. Fixed Interest UK Equities Overseas Altemative Markets Cash 223,176 716,748 1.015.243 138.815 73.282 174,078 974,107 716,619 173.235 25.077 2,167,264 2,063,116 13 Financial instruments 2024 2023 Carrying amount of financial assets Instruments measured at fair value through profil or loss 2,167,264 2,063,086 10-
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Debtors 2024 2023 Amounts falling due within one year: Other debtors 10,427 15 Creditors: amounts falling due within one year 2024 2023 Other creditors Accruals and deferred income 8,340 3,963 4,929 2,226 12,303 7,155 16 Endowment funds Endowment funds represent assets which must be held pennanently by the Trust. Income arising on the endowment funds can be used in accordance with the objects of the Trust and is included as unrestricted income. Any capital gains or losses arising on the assets fomi part of the fund. At 1 April 2023 Gains and At 31 March losses 2024 Pemianent endowments 2,578.261 104,178 2.682,439 Previous year: At 1 April 2022 Gains and At 31 March losses 2023 Pemianent endowments 2,762.963 {184.7021 2.578.261 17 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Incoming resources Resources expended Transfers At 31 March 2024 2023 Poor Fund Educational Foundation 2.826 86.776 (1,000) (35.450) 750 39.499 2,576 91,033 208 89.602 208 (36.4501 40.249 93.609 11
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Restricted funds (Continued) Previous year: At 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 Poor Fund Educational Foundation 14,478 52,188 15 74 (28,925) 17,258 34,514 2,826 86,776 66,666 89 (28,925) 51,772 89,602 18 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. Incoming resources Resources expended Transfers At 31 March 2024 2023 General funds 14.718 91.214 (31.965) (40.2491 33.718 Previous year: At 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 General funds 14,718 81,411 (29,639) (51,7721 14,718 12-
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Unapplied Total Return The charity ha5 been granted the investment power of total return by the Charity lexerci5ed its rights bv the Trustee5 under 5ertion 104IA) of the Charities A£t 2011 on 30January 2016.Thi5 power permits the trustees to invest permanently endowed funds to maxim45e total return and therefore to apply an appropriate portion of the unapplied totsl rern to income.The unapplied total return remains invested a5 part of the permanent endowment until that pOtr is exercised. When exercised it allow5 the trustees to apply an appropriate portion of the unapplied totsl return to incorne each year. Endowment for vPpd Total investment Return Total Endowment At l Aprll 2022 Movements Gains I11055esl 2023 L724,128 LO386 2,762,964 1184.702) 1184.7021 Totd 31 Marth 2023 1,724,128 854,134 2,578,262 At l Apnl 2023 Movements Gains I Ilosses12024 L724,128 854,134 2,578,262 104.178 104.178 Totd 31 March 2024 1,724.128 958,312 2,682,440 20 Analysis of net assets between funds Unrestricted funds 2024 Restricted Endowment funds funds 2024 2024 Total 2024 At 31 March 2024: Investment properties Investments Current assetsl{liabilities) 517,000 2,125,316 40,123 517,000 2,167,264 125,502 41,948 (8,230) 93,609 33.718 93,609 2,682,439 2.809,766 Unrestricted funds 2023 Restricted Endowment funds funds 2023 2023 Totsl 2023 At 31 March 2023: Investment properties Investments Current assetsl(liabilities) 517.000 2.021.138 40,123 517.000 2.063,086 102,495 41.948 (27,230) 89,602 14,718 89,602 2,578,261 2,682,581 13-
ELMLEY LOVETT CHURCH, SCHOOLAND COMMUNITY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Related party transactions There were no disclosable related party transactions during the year (2023 - none). 14-