Charity registration number 278183 THE ESHER HOUSE CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 THE ESHER HOUSE CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr M Conn Mrs H Conn Mr DG Conn Charlty numb&r 276183 Prlnclpal address 845 Finchley Road London NW11 8NA Independent examiner Blinkhoms 27 Mortimer Street London W1T38L THE ESHER HOUSE CHARITABLE TRUST CONTENTS Page Trustees, report Independent examinerfs report statement of financial activities Balance sheet Notes lo the financial ststemenls 6-10 THE ESHER HOUSE CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 The trustees present their annual report and financial statements for the year ended 30 June 2024. The financial slalements have been prepared in accordance with the accounting policies sel out in note 1 to the financial slalemenls and comply with the trust's deed, the Charities Act 2011 and °Accounling and Reporting by Charities." Stslemenl of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021° las amended for accounting periods commencing from 1 January 20161 Objectives and activities The principal activity of the charity is lo donate money lo other registered charities selected by the trustees. In shaping our objectives for the year and planning our activities. the trustees have considered the Charity Commission's guidance on public benefit including the guidance 'public benefit.. running a charity IPB21'. The trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the trust should undertake. Grants are made at the discretion of the Trustees. Achievements and performance This year the charity has donated £211.64712023.' £104,520) to 46 charities. Flnanclal revlew Income is received by way of rents re￿iVed from investment properties and income from other listed investments. Al the end of the year, the charity had nel assets of £2,302,39712023.' £2,609,996). The investment strategy is lo ensure growth of the asset base and provide enough income per annum lo satisfy the charitsble needs of the charity each year. The majority of the charity's inwme Continued lo be from commercial rents and inueased In￿Me from listed investments. There has been a significant fall in Ihe value of the charity's investments in the year. 11 is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent lo between three and six month's expenditure. The Iruslees consider that reserves at this level will ensure that, in the event of a significant drop in funding. they will be able lo continue the trust's Current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the major risks lo which the trust is exposed, and are satisfied that systems are in place to mitigate exposure lo the major risks. The charities future strategy is lo at least maintsin ils annual donations at the current levels and lo ensure the assets acquired are prudent and likely lo give long term value to the Charity. Structure. govemance and management The Esher House Charitable Trust is registered with the Charity Commissioners (No 2761831. The governing document of the charity is a settlement deed dated 22 March 1978. The charity's address is 845 Finchley Road, London, NW11 8NA. THE ESHER HOUSE CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 The trustees who served during the year were.. Mr M Conn Mrs H Conn Mr DG Conn The power of appointing new trustees is vested on the settlor (Mr M Conn) and after his death in the Patron lappointed by him). Each new Trustee will be offered guidance as lo their responsibilities from the other Trustees and referred lo the official guidelines on the Charities Commission website. The charity held shares in Stewart & Wight Limited, a company in which Mr & Mrs M Conn ITrusteesl hold a material interest. The charity also held shares in Cosmi¢ Securities Limited a company in which Mr D G Conn (Trusteel holds a material interest. The trustees, report was approved by the Board of Trustees. Mr M Conn Trustee Dated.. 16 September 2024 THE ESHER HOUSE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ESHER HOUSE CHARITABLE TRUST I report to the Iruslees on my examination of the financial statements of The Esher House Charitable Trust (the trust) for the year ended 30 June 2024. Responsibilities and basis of report As the Iruslees of the trust you are responsible for the preparation of the financial slalements in accordance with the requirements of the Charities Act 2011 Ilhe 2011 Act). I report in respect of my examination of the trust's financial stslemenls carried out under section 145 of the 2011 Act. In Carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 A¢1. Independent examlnerfs statement Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities". Statement of Recommended Pradice issued on 1 April 2005 which is referred lo In the extant regulations bul has now been withdrawn. l understand that this has been done in order for financial stslemenls lo provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act., or the financial slalements do not accord with those records., or the financial statements do not comply wth the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no COn￿mS and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements lo be reached. D M Cramer FCA Blinkhorn$ 27 Mortimer Street London W1T3BL Dated.. 16 September 2024 THE ESHER HOUSE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestrlcted Unrestrlcted funds funds 2024 2023 Notes Income and endowments from- Donations and legacies Investments Other income 38,000 158,243 35,600 154,127 431 Total income 194,243 190,158 Expenditure on- Charitable activities 211,899 101,655 Total expenditure 211,899 101,655 Net gainslllossesl on investments 10 1289,9431 1218,8541 Net expenditure {307,5991 1130,3511 Oth9r rocognl$&d galns and loss8s'. Revaluation of tangible fixed assets 150,0001 Net movemgnt In funds 1307,5991 1180,3511 Re¢onclllatlon of fund$: Fund balances al 1 July 2023 2,609,996 2,790,347 Fund balances at 30 June 2024 2,302,397 2,609,996 The statement of financial activities includes all gains and losses recognised in the year. Al income and expenditure derive from continuing aclivilies. THE ESHER HOUSE CHARITABLE TRUST BALANCE SHEET ASAT30JUNE 2024 2024 2023 Notes Fixed assets Tangible assets Investments 11 12 300,000 1,673,451 300,000 1,927.394 1,973,451 2,227,394 Currgnt assets Cash at bank and in hand 334,6 388,352 CreditoTr: amounts falling due within one year 13 15,7501 15,7501 Net current assets 328,946 382,602 Total assets less current liabilitios 2,302,397 2,609,996 Income funds General Unrestricted funds Revaluation reserve 2,402,397 1100,0001 2,709,996 1100,0001 2,302,397 2,609,996 The financial stslements were approved by the trustees on 16 September 2024 Mr M Conn M B Conn Trustee THE ESHER HOUSE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies Charlty Infomiatlon The Esher House Charitable Trust is a charity governed by a Declaration of Trust. It is registered in England and Wales. 1.1 Accounting convention The accounts have been prepared in accordance wlh the Irusl's settlement deed, the Charities Act 2011 and 'Accounling 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 RepLJblic of Ireland IFRS 1021. las amended for accounting periods commencing from 1 January 20181. 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. 1.2 Going concern Al the lime of approving thè financial slatemenls, the Iruslees have a reasonable expèctslion that the trust has adequate resourtss lo continue in operational existen￿ for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial stslemenls. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. The Revaluation Reserve forms part of the Unrestricted funds. 1.4 In¢omlng resources Income is recognised when the trust is legally entrtled lo il after any perf0rrnan￿ conditions have been met, the amounts can be measured reliably, and il is probable that income will be received. 1.$ ResoU￿e5 expended Resources expended are included in the Statement of Finanaal Activities on an accrual basis, indusive of any VAT which cannot be recovered. 1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.7 Cash an(1 cash equlvalents Cash and cash equivalents indude cash in hand, deposits held at call wth banks. other short-term liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowngs in current liabilities. 1.8 Financial instruments Basic financial assgts Basic financial assets, which include debtors and cash and bank balances, are inits.ally measured al Iran5aclion price Including transaction costs and are subsequently catried al amorb.sed cost using the effective interest method unless the arrangement conslilules a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. THE ESHER HOUSE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 JUNE 2024 Accountlng pollcles Icontlnuedl Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constilules a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rate of Interest. Financial Iiabililies classified as payable thin one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as CLJrrent liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequenuy measured al amortised cost using the effective interest method. Crltlcal accountlng g$tlmat9s and Judggm9nts In the application of the trust's accounting policies, the trustees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other SoUr￿s. The estimates and associated assumptions are based on historical experien￿ and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revi510nS to accounting eslimales arè recognised in the period in which the estimate is revisèd 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. Donatlons and legacles Unrestricted Unrestricted funds funds general general 2024 2023 Donations and grfts 36,000 35,600 Investments Unrestricted funds general 2024 Unrestricted funds general 2023 Rentsl income Income from listed investments Income from unlisted investments REIT Income Royalty Income 40,500 3,149 17,715 87,916 8,983 45,502 2,975 17,393 78,689 9,568 158,243 154,127 THE ESHER HOUSE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 JUNE 2024 Other income Unrestricted Unrestricted funds funds general general 2024 2023 Nel gain on disposal of tangible fixed assets 431 THE ESHER HOUSE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 JUNE 2024 Grants payable 2024 2023 Grants lo institutions.. Arts and Culture Children and Young people Communty Education Health and Welfare 205 2,150 10,840 10,625 80,700 10,200 24.950 20,500 155,997 211,647 104.520 Trustees None of the trustees lor any persons connected wth them) received any remuneration or benefits from the trust during the year. Employees There were no employees during the year. Taxatlon The charity is exempt from laxalion on its activities because all ils income is applied for charitable purposès. 10 Net gainsl{losse51 on investments Unrestricted Unrestricted funds funds general general 2024 2023 Revaluation of investments 1289,9431 1218,8541 11 Tanglblg flxgd assets Freehold Building Cost Al 1 July 2023 300,000 AI 30 June 2024 300,000 Carrying amount AI 30 June 2024 300,000 AI 30 June 2023 300,000 THE ESHER HOUSE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 JUNE 2024 11 Tanglble flxed assets Icontlnuedl The cost of these properties is £581,99512023 .' £581,995). 12 Fixed asset investments Llsled Unllsted investments investments Totsl Cost or valuatlon At 1 July 2023 Additions Valuation changes 1,436,837 36,000 1304,2791 490,557 1,927,394 36,000 1289,9431 14,336 AI 30 June 2024 1,168,558 504,893 1,673,451 Carrying amount AI 30 June 2024 1,168,558 504,893 1,673,451 AI 30 June 2023 1,436,837 490,557 1,927,394 13 Crodltors: amounts falllng du9 wllhln one year 2024 2023 Deferred income 5,750 5,750 14 Related party transactlons The charity holds 22 ordinary £150 sha￿$ in Stewart & Wight Limited a company in which Mr & Mrs M Conn Ilrusleesl hold a material interest. The charity also holds 100 ordinary £1 shares in Cosmic Securities Limited, a company in which Mr D Conn Ilrusteel holds a material interest. 10-