**REGISTERED COMPANY NUMBER: 01147282 (England and Wales) REGISTERED CHARITY NUMBER: 266849** ## **Report of the Trustees and** **Financial Statements for the Year Ended 31st December 2023** **for** **The Elgar Foundation** The Richards Sandy Partnership Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU **The Elgar Foundation** ## **Contents of the Financial Statements for the Year Ended 31st December 2023** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|3| |**Independent Examiner's Report**||4|| |**Statement of Financial Activities**||5|| |**Balance Sheet**||6|| |**Notes to the Financial Statements**|7|to|13| |**Detailed Statement of Financial Activities**||14|| **The Elgar Foundation** ## **Report of the Trustees for the Year Ended 31st December 2023** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2023. 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). The Elgar Foundation, which was incorporated in 1973 as a company limited by guarantee without a share capital (company number 01147282) is also a registered charity (charity no. 266849). In accordance with Section 61 of the Companies Act 2006, the company is exempt from the requirements of that Act to include "Limited" as part of its name. It operates in conjunction with its sister charity, The Elgar Birthplace Trust (charity no. 202688), of which The Elgar Foundation is the sole trustee. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objectives for which the Foundation was established are: - 1 To promote in every part of the world public education in, and appreciation of, the life and works of the late Sir Edward Elgar; - 2 To promote in every part of the world the publication of any kind of work on or about the late Sir Edward Elgar; - 3 To maintain and preserve or assist in the maintenance and preservation of the Birthplace of the late Sir Edward Elgar, the Elgar Centre and neighbouring buildings at Lower Broadheath Worcestershire (hereinafter called 'the Birthplace') and any other property used or connected with the Birthplace or otherwise of national interest connected with the late Sir Edward Elgar; - 4 To provide and maintain for the benefit of the nation a public museum, archive and library of musical scores, instruments, books, manuscripts, pictures, photographs, letters, records and objects of national or historic importance with particular reference to the late Sir Edward Elgar, his life, works, contemporaries and times. The trustees confirm that they have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance on public benefit published by the Charity Commission when reviewing the charity's aims and objectives. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The Firs continued to be open to the public for part of each week and at Christmas during 2023. The National Trust's Site Manager continued to develop activities there, and a report to the Governing body on these, and particularly on the involvement of young people, was received with approval and admiration. Although visitor numbers to The Firs continued to grow, the National Trust reported a deficit on income for the period. As contracted in the Foundation's agreement with the Trust, the Foundation covered the losses for this period; a payment to the Trust is included as expenditure in the 2023 accounts. Among matters discussed at meetings with the National Trust and Elgar Family Trust was the level of endowment that would be required to ensure that the National Trust could take over full ownership of The Firs at the end of 2024. While the Foundation's agreement with the National Trust does not require the latter to provide a clear indication of the level of endowment it will require until June 2024, ongoing discussions suggest a figure likely to be beyond the financial resources of the Foundation alone. The Elgar Family Trust has however indicated a willingness to cover the anticipated shortfall from its own resources and it is therefore anticipated that the National Trust will assume full ownership of The Firs at the end of 2024. While this will relieve the Foundation of its prime charitable responsibility for the Birthplace, it will also leave the Foundation insolvent. It is therefore expected that the Foundation will be voluntarily wound up during 2025. In preparation for this, the Trustees are in discussion with creditors and are pursuing outstanding debts so as to minimise the financial liabilities of the charity at the point of closure. The governing body would like to thank regular donors to the Foundation's funds. Their contribution is highly valued. ## **Elgar Foundation Enterprises Limited** Elgar Foundation Enterprises Limited (company no. 04128862), the charity's trading subsidiary, remains dormant. ## **Other activities** The Elgar Foundation continues to work with the National Trust and The British Library to promote Elgar's music. Page 1 **The Elgar Foundation** ## **Report of the Trustees for the Year Ended 31st December 2023** ## **FINANCIAL REVIEW** ## **Financial position** Total income in respect of unrestricted funds was £106,280 compared to £17,629 last year, with the increase due to legacy income of £100,000 (2022 - £17,000) and grant income of £5,000 (2022 - £nil). Total expenditure for the year was £79,524 compared to £70,789 last year. Total unrestricted funds at the year end was £301,896 (2022 - £259,061), of which £102,336 (2022 - £106,226) relates to fixed assets, leaving free reserves of £199,560 (2022 - £152,835). Total restricted funds held at the year end amounted to £978 (2022 - £1,566). Further details can be found in note 19 of the financial statements. The Restricted Endowment Fund relates to the Elgar Visitor Centre (held within tangible fixed assets), which was constructed using funds specifically raised for the purpose of constructing this asset. At the year end funds held within the Restricted Endowment Fund amounted to £493,436 (2022 - £508,927), following a depreciation charge in the year of £15,491 (2022 - £15,491). ## **Reserves policy** The charity is responsible for the maintenance and preservation of Birthplace of the late Sir Edward Elgar, the Elgar Centre and related buildings. However the charity at present does not have regular source of income and the trustees are unable to predict if and when the charity will benefit from future legacies and other large one-off donations. The charity therefore does not have a formal reserves policy and the current free reserves held by the charity are to be used to fund future building maintenance work and other costs incurred as landlords to The National Trust. At the year end the charity held unrestricted funds excluding fixed assets of £199,560 (2022 - £152,835), which will be sufficient to fund the activities of the charity through to the end of its agreement with The National Trust in December 2024 based on current year's unrestricted fund net deficit excluding depreciation. The trustees will review the reserves policy in future years in line with its lease and funding agreement with The National Trust and the Elgar Family Trust, which is now to be extended to December 2024. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **Recruitment and appointment of new trustees** The appointment of directors is via interview and with the approval of the Chairman. ## **Trustee retirements** The governing body received with regret the resignation through ill health of two of its longest serving trustees, Lord Howard Flight and Mr Mark Grafton. ## **Decision making** The governing body met in person and by Zoom on 19 October and, by Zoom, on 30 November 2023, when the Annual General Meeting also took place. The Management Committee also met in person with representatives of the National Trust and the Elgar Family Trust at The Firs on 21 July, 14 August and 6 November 2023 to receive reports on activities at The Firs and to discuss the future of the Birthplace and museum. ## **Training of new trustees** New trustees undergo training to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making process, the business plan and recent financial performance of the charity. Trustees are encouraged to attend appropriate training where this will facilitate the undertaking of their role. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** 01147282 (England and Wales) ## **Registered Charity number** 266849 Page 2 ## ## ## ## ## ## ## ## ## ## **The Elgar Foundation** ## **Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31st December 2023** |**2023**
Unrestricted
Restricted
Endowment
**Total**
funds
funds
fund
**funds**
Notes
£
£
£
**£**
**INCOME AND ENDOWMENTS**
**FROM**
Donations and legacies
4
**105,624**
**-**
**-**
**105,624**
Investment income
5
**656**
**-**
**-**
**656**
**Total**
**106,280**
**-**
**-**
**106,280**
**EXPENDITURE ON**
**Charitable activities**
6
Charitable Activities
**63,445**
**588**
**15,491**
**79,524**
**NET INCOME/(EXPENDITURE)**
**42,835**
**(588)**
**(15,491)**
**26,756**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**259,061**
**1,566**
**508,927**
**769,554**
**TOTAL FUNDS CARRIED**
**FORWARD**
**301,896**
**978**
**493,436**
**796,310**|2022
Total
funds
£
17,494
135
17,629
70,789
(53,160)
822,714
769,554| |---|---| The notes form part of these financial statements Page 5 ## ||||||`2023`|`2022`| |---|---|---|---|---|---|---| |||`Unrestricted`|`Restricted`|`Endowment`|`Total`|`Total`| |||`funds`|`funds`|`fund`|`funds`|`funds`| ||`Notes`|`£`|`£`|`£`|`£`|`£`| |**`FIXED ASSETS`**||||||| |`Tangible assets`|`15`|**`102,336`**|**`978`**|**`493,436`**|**`596,749`**|**`616,718`**| |`Investments`|`16`|`1`|`-`||`1`|`1`| |||**`102,336`**|**`978`**|**`493,436`**|**`696,750`**|**`616,719`**| |**`CURRENT ASSETS`**||||||| |`Debtors`|`17`|`103,841`|||`103,841`|`2`**`,`**`607`| |`Cash at bank`||`129,172`|||`129,172`|`156,633`| |||`233,013`|||`233,013`|`159,240`| |**`CREDITORS`**||||||| |`Amounts falling due within one`||||||| |`year`|`18`|`(33,453)`|||`(33,453)`|`(6,405)`| |`NET`**`CURRENT ASSETS`**||`199,560`|||`199,560`|`152,835`| |**`TOTAL ASSETS LESS`**||||||| |**`CURRENT LIABILITIES`**||**`301,896`**|**`978`**|**`493,436`**|**`796,310`**|`769,554`| |**`NET ASSETS`**||**`301,896`**|**`978`**|**`493,436`**|**`796,310`**|`769,554`| |**`FUNDS`**|`19`|||||| |`Unrestricted funds`|||||**`301,896`**|**`259,061`**| |`Restricted funds`|||||`978`|`1,566`| |`Endowment funds`|||||**`493,436`**|`508,927`| |**`TOTAL FUNDS`**|||||**`796,310`**|`769,554`| **The Elgar Foundation** ## **Notes to the Financial Statements for the Year Ended 31st December 2023** ## **1. COMPANY INFORMATION** The charity is a company limited by guarantee without share capital. The members of the company are the trustees named in the report of the trustees. The charitable company was incorporated in the UK, the resgistered office is Thorneloe House, 25 Barbourne Road, Worcester, WR1 1RU. ## **2. ACCOUNTING POLICIES** ## **BASIS OF PREPARING THE FINANCIAL STATEMENTS** The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention. The accounts are prepared in sterling, which is the functional currency. Monetary amounts in these financial statements are rounded to the nearest £. ## **EXEMPTION FROM REQUIREMENT TO PREPARE A STATEMENT OF CASH FLOWS** The charity is exempt from the requirement to prepare a statement of cash flows on the basis that it qualifies as a small entity under FRS 102 and is not a larger charity under Charities SORP (FRS 102). ## **EXEMPTION FROM PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS** The financial statements contain information about The Elgar Foundation as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. ## **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. Legacy income is recognised when the Charity has confirmed entitlement of the legacy, when the amount can be accurately measured and when it is probable that they will receive the income. Donations are recorded upon receipt. ## **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 offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **TANGIBLE FIXED ASSETS** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property - 2% on cost Fixtures and fittings - 10% on cost Additions costing less than £500 are not capitalised. ## **FIXED ASSET INVESTMENTS** Shares in subsidiaries are measured at cost less any provisions for impairment. ## **TAXATION** The charity is exempt from corporation tax on its charitable activities. Page 7 continued... **The Elgar Foundation** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **2. ACCOUNTING POLICIES - continued** ## **FUND ACCOUNTING** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. The Endowment fund represents funds raised specifically for the construction of the Elgar Foundation. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **FINANCIAL INSTRUMENTS** Financial instruments are recognised when the charity becomes party to contractual provisions of the instrument. Financial assets are offset, with the net amounts presented in the accounts where 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 trade and other receivables 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 future receipts discounted at a market rate of interest. ## **Basic financial liabilities** Basic financial Liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. ## **3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY** In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The setting of depreciation policies for tangible fixed assets (which are stated in the accounting policies) are considered a significant judgement. In addition significant judgement is considered to be applied in the review for impairment of tangible fixed assets. The net book value and movements in the year of tangible fixed assets are disclosed in note 15 of the financial statements. The charity has been made aware of their entitlement to a legacy. The value of the charity's share of this legacy is dependent on a number of factors outside of the control of the charity, including the current estimated net realisable value of property held within the estate that this legacy is to be paid out of. The value of accrued income included within the accounts based on the solicitor's best current estimate of the charity's share of the estate is £100,000. ## **4. DONATIONS AND LEGACIES** |Donations
Legacies
Grants
Grants received, included in the above, are as follows:
The Street Foundation|**2023**
**£**
**624**
**100,000**
**5,000**
**105,624**
**2023**
**£**
**5,000**|2022
£
494
17,000
-| |---|---|---| |||17,494| |||2022
£
-| Page 8 continued... **The Elgar Foundation** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **5. INVESTMENT INCOME** |**5.**|**INVESTMENT INCOME**||||| |---|---|---|---|---|---| |||||**2023**|2022| |||||**£**|£| ||Bank interest|||**656**|135| |**6.**|**CHARITABLE ACTIVITIES COSTS**||||| ||||Grant||| ||||funding of||| |||Direct|activities|Support|| |||Costs (see|(see note|costs (see|| |||note 7)|8)|note 9)|Totals| |||£|£|£|£| ||Charitable Activities|**69,644**|**1,000**|**8,880**|**79,524**| |**7.**|**DIRECT COSTS OF CHARITABLE ACTIVITIES**||||| |||||**2023**|2022| |||||**£**|£| ||Property costs|||**9,381**|8,619| ||National Trust funding agreement payments|||**31,785**|29,392| ||Insurance|||**7,952**|7,393| ||Subscriptions|||**387**|357| ||Bank charges|||**12**|11| ||Travel expenses|||**132**|-| ||Depreciation|||**19,969**|20,439| ||Sundries|||**26**|13| |||||**69,644**|66,224| |**8.**|**GRANTS PAYABLE**||||| |||||**2023**|2022| |||||**£**|£| ||Charitable Activities|||**1,000**|1,000| ||The total grants paid to institutions during the year|was as follows:|||| |||||**2023**|2022| |||||**£**|£| ||Worcester Cathedral - chorister scholarship|||**1,000**|1,000| |**9.**|**SUPPORT COSTS**||||| ||||||Governance| ||||||costs| ||||||£| ||Charitable Activities||||**8,880**| Page 9 continued... **The Elgar Foundation** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **9. SUPPORT COSTS - continued** Support costs, included in the above, are as follows: ||**2023**|2022| |---|---|---| ||Charitable|Total| ||Activities|activities| ||**£**|£| |Intercompany loan waived|**-**|**150**| |Independent examiner's fee|**1,884**|**1,675**| |Legal and professional fees|**6,996**|**1,740**| ||**8,880**|**3,565**| ## **10. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): ||**2023**|2022| |---|---|---| ||**£**|£| |Independent examiner's fee|**1,884**|1,675| |Depreciation - owned assets|**19,969**|20,439| ## **11. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31st December 2023 nor for the year ended 31st December 2022. ## **TRUSTEES' EXPENSES** There were no trustees' expenses paid for the year ended 31st December 2023 nor for the year ended 31st December 2022. During the year 1 trustee was reimbursed travel expenses totalling £132 (2022 - no trustees were reimbursed any expenses). ## **12. STAFF COSTS** There were no staff costs in either the current or comparative years. ## **13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
17,494
Investment income
135
**Total**
17,629
**EXPENDITURE ON**
**Charitable activities**
Charitable Activities
51,950
**NET INCOME/(EXPENDITURE)**
(34,321)
**RECONCILIATION OF FUNDS**
Total funds brought forward
293,382
**TOTAL FUNDS CARRIED FORWARD**
259,061|Restricted
Endowment
funds
fund
£
£
-
-
-
-
-
-
3,348
15,491
(3,348)
(15,491)
4,914
524,418
1,566
508,927|Total
funds
£
17,494
135
17,629
70,789
(53,160)
822,714
769,554| |---|---|---| Page 10 continued... **The Elgar Foundation** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **14. FINANCIAL COMMITMENTS** The Elgar Foundation agreed to underwrite The National Trust's operational losses incurred in running the Elgar's birthplace and museum until 8th December 2024. ## **15. TANGIBLE FIXED ASSETS** |**COST**
At 1st January 2023 and
31st December 2023
**DEPRECIATION**
At 1st January 2023
Charge for year
At 31st December 2023
**NET BOOK VALUE**
At 31st December 2023
At 31st December 2022|Freehold
property
£
**1,046,198**
**431,706**
**18,935**
**450,641**
**595,557**
614,492|Fixtures
and
fittings
£
**106,200**
**103,974**
**1,034**
**105,008**
**1,192**
2,226|Totals
£
**1,152,398**| |---|---|---|---| ||||**535,680**
**19,969**| ||||**555,649**| ||||**596,749**| ||||616,718| Freehold land and buildings includes a cost of £99,447 (2022 - £99,447) in respect of land. ## **16. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**|| |---|---| ||Share in| ||subsidiaries| ||£| |**MARKET VALUE**|| |At 1st January 2023 and|| |31st December 2023|**1**| |**NET BOOK VALUE**|| |At 31st December 2023|**1**| |At 31st December 2022|1| The company's investments at the balance sheet date in the share capital of companies include the following: ## **Elgar Foundation Enterprises Limited (company no. 04128862)** Registered office: Thorneloe House, 25 Barbourne Road, Worcester, Worcestershire, England, WR1 1RU Nature of business: Dormant ||**2023**|2022| |---|---|---| ||**£**|£| |Aggregate capital reserves at the year end|-|-| |Profit/(loss) for the year|-|150| |||| The Elgar Foundation holds 100% of the issued share capital of Elgar Foundation Enterprises Limited. The Elgar Foundation's profit for 2022 relates only to the waiving of the intercompany loan payable to The Elgar Foundation. ## **The Elgar Birthplace Trust (charity no. 202688)** Registered office: Thorneloe House, 25 Barbourne Road, Worcester, Worcestershire, England, WR1 1RU Nature of business: Dormant charity Page 11 continued... **The Elgar Foundation** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **16. FIXED ASSET INVESTMENTS - continued** |**2023**
**£**
Aggregate reserves at the year end
**-**
Surplus/(deficit) for the year
**-**
The Elgar Foundation is the sole trustee of The Elgar Birthplace Trust.
**17.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2023**
**£**
Accrued income
**100,000**
Prepayments
**3,841**
**103,841**
**18.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2023**
**£**
Accrued expenses
**33,453**
**19.**
**MOVEMENT IN FUNDS**
Net
movement
At 1.1.23
in funds
£
£
**Unrestricted funds**
General fund
**259,061**
**42,835**
**Restricted funds**
Elgar Birthplace Development Fund
**1,566**
**(588)**
**Endowment funds**
Elgar Centre Endowment Fund
**508,927**
**(15,491)**
**TOTAL FUNDS**
**769,554**
**26,756**
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
**106,280**
**(63,445)**
**Restricted funds**
Elgar Birthplace Development Fund
**-**
**(588)**
**Endowment funds**
Elgar Centre Endowment Fund
**-**
**(15,491)**
**TOTAL FUNDS**
**106,280**
**(79,524)**|**2023**|**2023**|||2022| |---|---|---|---|---|---| ||**£**||||£| |||**-**|||-| |||**-**|||-| ||||||| |||**2023**
**£**
**100,000**
**3,841**
**103,841**
**2023**
**£**
**33,453**
Net
movement
in funds
£
**42,835**
**(588)**
**(15,491)**
**26,756**
Resources
expended
£
**(63,445)**
**(588)**
**(15,491)**
**(79,524)**|2022
£
-
2,607
2,607
2022
£
6,405
At
31.12.23
£
**301,896**
**978**
**493,436**
**796,310**
Movement
in funds
£
**42,835**
**(588)**
**(15,491)**
**26,756**||| ||||||| Page 12 continued... **The Elgar Foundation** ## **Notes to the Financial Statements - continued for the Year Ended 31st December 2023** ## **19. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |At 1.1.22
£
**Unrestricted funds**
General fund
293,382
**Restricted funds**
Elgar Birthplace Development Fund
4,914
**Endowment funds**
Elgar Centre Endowment Fund
524,418
**TOTAL FUNDS**
822,714
Comparative net movement in funds, included in the above are as follows:|Net
movement
in funds
£
(34,321)
(3,348)
(15,491)
(53,160)|At
31.12.22
£
259,061
1,566
508,927| |---|---|---| |||769,554| |||| ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|17,629|(51,950)|(34,321)| |**Restricted funds**|||| |Elgar Birthplace Development Fund|-|(3,348)|(3,348)| |**Endowment funds**|||| |Elgar Centre Endowment Fund|-|(15,491)|(15,491)| |**TOTAL FUNDS**|17,629|(70,789)|(53,160)| The Unrestricted General Fund has arisen from accumulated surpluses and can be used for any charitable purpose approved by the trustees. The Restricted Elgar Birthplace Development Fund relates to donations received to meet the cost of enhancements to the visitors’ facilities and other projects.The remaining balance of these funds is held as tangible fixed assets that are being depreciated over time. The Elgar Centre Endowment Fund represents funds raised specifically for the construction of the Elgar Visitor Centre. The depreciation of the Elgar Visitor Centre is charged against this fund. ## **20. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31st December 2023. Page 13 **The Elgar Foundation** ## **Detailed Statement of Financial Activities for the Year Ended 31st December 2023** ||2023|2022| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donations|**624**|494| |Legacies|**100,000**|17,000| |Grants|**5,000**|-| ||**105,624**|17,494| |**Investment income**||| |Bank interest|**656**|135| |**Total incoming resources**|**106,280**|17,629| |**EXPENDITURE**||| |**Charitable activities**||| |Property costs|**9,381**|8,619| |National Trust funding agreement payments|**31,785**|29,392| |Insurance|**7,952**|7,393| |Subscriptions|**387**|357| |Bank charges|**12**|11| |Travel expenses|**132**|-| |Depreciation|**19,969**|20,439| |Sundries|**26**|13| |Grants to institutions|**1,000**|1,000| ||**70,644**|67,224| |**Support costs**||| |**Finance**||| |Intercompany loan waived|**-**|150| |**Governance costs**||| |Independent examiner's fee|**1,884**|1,675| |Legal and professional fees|**6,996**|1,740| ||**8,880**|3,415| |Total resources expended|**79,524**|70,789| |**Net income/(expenditure)**|**26,756**|(53,160)| This page does not form part of the statutory financial statements Page 14