2024-12-31-accounts

THE EVELYN MAY TRUST

ACCOUNTS FOR THE YEAR ENDED

31 DECEMBER 2024

Registered Charity No. 261038

THE EVELYN MAY TRUST

TRUSTEES ANNUAL REPORT Year ended 31 December 2024

The Trustees present their annual report together with accounts for the year ended 31 December 2024. The accounts have been prepared in accordance with the Trust Deed and the Charities Act 2011.

Trustees

Ms Kim Gray Mrs J McDermid Mrs L Webb

Principal address

Nockold’s Solicitors Ltd

6 Market Square Bishop’s Stortford Hertfordshire CM23 3UZ

Investment managers

Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB

Solicitors

Nockold’s Solicitors Ltd 6 Market Square Bishop’s Stortford Hertfordshire CM23 3UZ

Independent Examiner

The MHH Partnership High Street Cottenham Cambs CB24 8RX

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Structure, governance and management

The Evelyn May Trust was established by a trust deed dated 20 January 1970, having been settled by Evelyn May Riddoch during her lifetime and was the residuary beneficiary of her estate. The purpose of the charity is to provide grants to causes of interest to the settlor namely the advancement of education; relief of poverty and sickness; supporting conservation and heritage; relief of the aged and disabled; supporting social welfare and the Christian religion.

New Trustees are nominated by the serving Trustees and appointed by a deed. Trustees are inducted by receiving a copy of the Trust Deed, the most recent annual accounts, and a copy of guidance from the Charity Commission on the role of a Trustee.

Risk management

The Trustees have reviewed the risks to which the Trust may be subject and resolved that there are no significant risks that need to be provided for.

Objectives and Activities

The Trust awards grants to charities selected by the Trustees at their annual meeting. Applications received during the course of the year are retained and considered. In identifying charitable activities that the Trustees will support and in deciding the aims of the trust and its grant making objectives, the Trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit. The Trustees’ main areas of interests are education; heritage; social welfare; relief of sickness and poverty; relief of aged and disabled persons and Christian religion. The Trustees only make grants to other registered charities as they consider that such charities, established as they are for public benefit, are best placed to further their charitable objectives. The main focus for charitable giving in the year ending 31 December 2024 was charities supporting children who had fallen behind or suffered as a result of the COVID lock downs. The only additional criteria set was that the applicant charities should have income of less than £1m and be UK based. The Trustees received in excess of 200 applications during the year of which 15 were shortlisted for consideration. Of these, 11 applications were approved for funding. The Trustees made one exception to the requirement for income of less than £1m, as is their prerogative, as the recipient charity had been known to the Settlor and was a cause she had been keen to support in her lifetime.

Achievements and performance

The Trust received a total income of £30,053. The Trustees held one meeting during the year and authorised grants totalling £29,000. The Trustees considered applications under the following categories with an emphasis in the year on charities that were working with children who had fallen behind or suffered as a result of the COVID lock downs.

Education Heritage Social welfare Relief of sickness and poverty Relief of the aged and disabled persons Christian Religion

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Flnancial Revlow ReseNes Pollcy The Trust's funds are vtholly unrestricted. with a capital fund of £979.066 (2023 £954,709), which the Truslees have resofved will primarily be maintained to provide income for grant making until the trustees resolve otheThvise, and an unrestricted income fund of £14,681 {2023 £7,548). The income fund had a surplus of income over expenditure in the year of £7,133 {2023 deficit £15,039). It is the Trustees, present policy lo distribute all income by way of grants. Where ne￿$sary the Trustees will transfei funds from capital to meet the payment of giants. 11 is the policy of the Trustees lo pay all support costs from the capital fund. During the year a transfer was made from the caprtal fund lo the income fund in the sum of £6,080. This transfer was a correcb'on to sums incorTe¢tty transferred or paid from the income fund in the previous year. Invesbnent Pollcy The Trust's fvnds are wholly invested in the Quitter Investors Limited Global Income & Grovrth Fund (GIG Fund). Fees relating lo the management of this fund are built into the valuation. The investment portfolio is managed by Quirter Cheviol, who act in accoidance with the investment policy whKh has been agreed by the Trustees and which is reviewed on regular basis. Future Plans The Trustees intend to continLJe providing grants to regislered charities in line with their objeclives. The Truslees have also considered the future of Ihe Trust and have recognised a need to plan for fvlure retirements. Enquiries had been made during the year to identify possible new Trustees. Unfortunately, this had not been successful. The Trustees consKlered the orKJinal aim of the Settlor in setting up the charity and determined that there had nol been a particular desire lo keep the charity running in perpetuty. Wrth this in mind the Truslees considered the possibility of making a few substantial grants to fund projects close lo the Settlor with the intention of eventually winding up the Trust. This appTo8ch would be considered further over the next few years. For the coming year the Trustees resolved that they would continue to support UK bas8d charrtEs with an income of up to £1.5 million. The focus of the support would be for charities aiming to relieve or prevent sickness with an emphasis on beneficiaries betsveen the age of 18 and 70 year. ustee S 20&8 Date

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF

THE EVELYN MAY TRUST

We report on the accounts of the Trust for the year ended 31 December 2024, which are set out on pages 5 to 10.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.

It is my responsibility to:

• Examine the accounts (under section 145 of the 2011 Act)

• To follow the procedures laid down in the General Directions given by the Charity Commissioners (under s145(5)(b) of the 2011 Act); and

to state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, I do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

• 1) which gives me reasonable cause to believe that, in any material respect, the requirements:

• to keep accounting records in accordance with s130 of the 2011 Act; and

• to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act

• have not been met; or

• 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

DATE …29 July 2025……….

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THE EVELYN MAY TRUST

STATEMENT OF FINANCIAL ACTIVIITES (Receipts and Payments Basis) Year ending 31 December 2024

Unrestricted Income Fund 2024 Note Receipts Investment income 3 30,053 30,053 Payments Charitable donations 4 29,000 Management and Administration 5 - 29,000 Net Incoming/(outgoing) resources before transfers 1,053 Transfers between funds 6,080 Net Incoming/(outgoing) resources 7,133 before revaluations and investment asset disposals Net gain/(loss) on revaluation of investments 7 - Other investment gains/(losses) - Net movement in funds 7,133 Fund balances as at 31 December 2023 7,548 Fund balances as at 31 December 2024 14,681	Unrestricted Capital Fund 2024 - - - 24,711 24,711 (24,711) (6,080) (30,791) 55,148 - 24,357 954,709 979,066	Total Funds 2024 2023 30,053 29,571 30,053 29,571 29,000 38,530 24,711 23,505 53,711 62,035 (23,658) (32,464) - - (23,658) (32,464) 55,148 63,323 - - 31,490 30,859 962,257 931,398 993,747 962,257

• 5 -

THE EVELYN MAY TRUST STATEME1￿ OF ASSETS AND LIABILITES a¥ at 31 Do¢•mb•r 2024 Unr•strl¢¢ed Unmtrict•d InGomo Fund Capltal Fund 2024 2024 Total Fund• 2024 Total Funds 2023 MONETARY ASSE Nole CURRENT ASSETS C•sh at Bank and In Hand Quitter Chemot Income A￿U￿t Sollcilors Cliènl A¢wunl 14,681 14,681 1301 Cuff•nt As•t Inv••kn•nts Ouittr Cheviol Capllal Account Mon•t•ry as•ets a• at 31 D￿rnber 2023 14,681 FIXED ASSETS Investment Portfol 979,066 979.066 954.739 TOTAL ASSEfs *• at 31 D•¢omber 2023 14.681 993,747 962 257 T LIABILITIE Professional fges 30.00 30.00 Approv•d by th• Trustsm on and iloned on th•li behalf by 25 July 2025 rusiee

THE EVELYN MAY TRUST

NOTES TO THE ACCOUNTS

1 TRUSTEES’ RESPONSIBILITIES

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees are required to:

• Select suitable accounting policies and then apply them consistently;

• Make judgements and estimates that are reasonable and prudent;

• State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. 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.

2 ACCOUNTING POLICIES

Accounting convention and standards

The accounts are prepared on the receipts and payments basis with a Schedule of Investments prepared under the historical cost convention to include the revaluation of fixed asset investments and in accordance with the Charities Act 2011 and the Trust Deed.

Investment income

Income from investments is taken into account by reference to the date on which the income is received by the Trust.

Resources expended

Expenditure is included as it arises.

Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and raising investment income. The Trusts funds are now fully invested in UK authorised unit trusts. The cost of managing the fund is incorporated within the year end revaluation of investments and is taken as an ongoing percentage by the fund managers.

Management and administration comprises the costs of running the charity.

Listed investments

Listed investments are stated at closing mid-market value at the balance sheet date.

Realised gains and losses arising during the year and any unrealised gains or losses at the year end are recognised within the statement of financial activities. Realised gains on the disposal of investments are calculated as the surplus of sale proceeds over the carrying value of those investments at the beginning of the year.

Taxation

The Trust, being a charity, is not liable for income tax or corporation tax. Value Added Tax is not recoverable and is included in the relevant charges for administration expenses.

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THE EVELYN MAY TRUST

3 INVESTMENT INCOME

4 CHARITABLE DONATIONS Grants were authorised to the following charities: Child Autism UK Clear Sky Kingswood Trust Open Road Parenting Mental Health Prison Me No Way! Quest for Learning Restore Richard House Space 4 Autism St Helena Hospice 5 MANAGEMENT AND ADMINISTRATION OF THE CHARITY Investment portfolio Support Costs: Administration charges Governance Costs: Investment Management Cost Independent Examination Fee Accountancy Fee Trustee expenses Other			£ 2,600 1,000 3,000 3,000 3,000 3,000 3,000 1,000 5,000 2,000 2,400 29,000 2024 £ 30,053 30,053 2024 £ 22,806 - 900 1,000 5 - 1,905 24,711		2023 £ 29,571
					29,571
					2023 £ 21,600 5 870 1,000 - 30
					1,905
					23,505

There were Trustee expenses in the year of £5 (2023 - £0).

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THE EVELYN MAY TRUST

6 FIXED ASSET INVESTMENTS

Listed investments are made up as follows: UK Authorised unit trusts and OEICs Market value as at 31 December 2023 Additions Disposals Net realised and unrealised investment losses Market value as at 31 December 2024 Historical cost as at 31 December 2024		979,066 __ 979,066 2024 £ 954,739 0 (30,821) 55,148 979,066 849,681	2023 £ 908,811 2,746 (20,141) 63,323
			954,739
			954,739 __ 954,739 876,415

7 FUNDS

The Trust Fund is wholly unrestricted. For management purposes, the Trustees have designated that the Trust’s capital and capital profit, after deduction of cost of generating funds and the management and administration of the charity, will be retained and carried forward in a Capital Fund. The Trustees have resolved that all costs of administering the Trust should be paid from the capital fund. The Income Fund and income profits are utilised for awarding annual grants.

8 CONNECTED PARTY TRANSACTIONS

During the year the administration of the Trust was carried out by Nockolds Solicitors, a firm in which Trustee, Ms K Gray, is employed as a solicitor. Administration and management fees of £22,806 (including VAT) (2023 - £21,600 inc VAT) were paid to Nockolds Solicitors during the year.

All the above transactions were at arms length and on a normal commercial basis.

No Trustee received any remuneration. Trustees’ expenses are shown under 5 above.

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