Charjt%' rerAi5tration ntmiber. ?808?4 The Florence Ellison Trust Annual Report and Fi￿￿tiaL Ststemen for the Year Ended J l De¢ember 20?3 The Florence Ellison Trust Contents (continued) Reterence and Adminisrrauve fktsils Trustees, Report Ststement of Tnjstees. Rtsponsibilities Independenr Examillevs Report StateTnent of Finallcial AciiN'ities Ejalance Sheet Notes to the Financial StaterncT 1010 18 The Florenee Ellison Trusl Reference and Administrati￿¢ Details Trustees Mrs B Skilton Mr5 P Richards Mr5 P BlaFu) Mr ￿, Gander Mr G Geal Charit>. Registration ni'urnber Principal Offite 40 Half Moon Lane Sal*"ington Worthinq West Su5se BN132EN Indepelldent ETaminer Hodson & Co Wiston House l ￿lIst0￿ Atrenue Worthin Wcst Sll55ex BN14 7QL Green WriJv i Chalton Annis l London Road Arllndel West Su55ex BN18 9AS Solieitots Bankers CAF Bank ?) kin£s Flill Avenue West fvlallitL ME194"fA Page I The Florenee Ellison Trust Trustees, Report The trustees present the annual report iogether iviih the f￿ancIal ￿￿￿elIts of the thatitj. for rhe Jear ¢nded 31 December ?0?" Objectives &od aetivities Objects wid iuTri.f The TrU￿eeS resolved Ihai the inleni vf Miss Ellisoll be carried inio efteci b}, provision of homes tor old persons ol'small meatLS iyho had need of such facilicies by reason ol aoe or hnfimjity. The Trnstees have bought knih freehold and leasehold residential &commtsdation ￿1¢￿ ts lei at taTrouTable rnies 10 eldeilv aDd infirni persons. 'fh¢ I n￿1 tked require5 that ￿￿tri¢laneS finattcial tnealls be considered Ivhen rents and other financial mallers are assessed. In cOnf￿l￿g Ihe CharitV'5 objectives and it5 activiiies the T￿￿tt$ ￿1Ve given carefijl consideration io the Charity Commi5sion'8 general guidance on public benefit and in particular to ils 5uppleTnentary public benefit 4uiddnce on f¢¢ Charg￿ll. The Charity's propetti, wrtfolio, which durin. the )Yar under retriew comprised founeen residential units, is conctlltrated in a small area iu Worthino, li'est Su55ex. During 202) one additional property ii?s purchased and lei out. The other units iTrer¢ ]et and ivere occupied throughout the v¢ar. ApplicaiioTrs for accommodation are %Yelcome frorn pr05P¢Ctive residents itherever they mav be locaied at the litne bui for reasotLS of e(Iicient tnana¥emtnt 11 15 noi proposed io expand signilicantly the oeotsJaphical area within w'hich the CharitY"'s propenv is Loc￿¢￿ The Charity conducts no part ofiis activity through grnni-making. I'he Charity hold5 no or (Kher property as cust￿￿la1 on khalf ofanv other entily. Public b¥nefit The Charity" ￿ a Public Benefit eniitv ivhich has continued to provide housing of good strndard ai reasonable cost rts enable elderly and infm persons of tnoderaÈe tnealls lo live independeni liwes UJ coinlorL digniiy and secuiity" while rcducing rhe Call on publiclv funded facilitie The ￿￿Slee$ confirm that they have complied ivith the requiremenis of sectitsT] 17 tsf the Charities Act ?01 I to hi¢ ve due reoard to the public Ernllii guidance published by the Charity Comtlli55ion for bnqland and Wales. The Florence EIIisoD Trust Trustees, Report (continued) Achicvement5 and ptrformanet "I'rustees recoJo ise rhai its invesimeni proplny porrfolio mwsi ￿ mainrained to current shindards bo(b to sJfe¥uard thè ￿feW and %i"elFart ol-ils residents and EO preseTh'e the viability of its housints siock. Support is given io local r(adesmen who wjdertake ￿paIr and refitrbishmeni of CharTty propeTtv on a commercial basis. Rents are set at valu¢s inr¢rhded i￿th to rneei the e.xpense ol insurance. maintenance, regular [c￿[bIshMent and oiher charges payable by the Charity and io pertnit xce55 to accomm(da(ion by persons of small Tneans. In considering the Chariry Commission s suppletnentary public be￿rIt guidance on fee charuintr I'rust¥x% monitor the local housino markei io ensure that rents charged lo the Charit) s residents are not in excess ot open market renial values and ivhtre applicable a5SiSt thetn ill obiainin? Lo¢al Authoriry housing allowances. The Chariry ulldertook no fundraising a¢tiTrity Tn 2023. The CharitV'5 only investmenrs are in Pr0￿mme-re1a￿d freehold and leasehold ie5idential propertj. The propen} Ivas acquired and is h¢ld in accordance iiith investmeni pol￿e￿ sei olli in the 'ltust tked to meer the objects of th¢ Charity.. surp]￿ is held in in*r¢st-bearin" vithoui ￿nalty. deTK)S1￿ any or all ol wbich mav be w4thdrdivn withoui notice and Financial revi¢w The Tru51ees are pleased 10 report anott*r successfvl year. Results 10 31 December ?0?3 shoiy a surplus of £ IOi,16? 1?0?7 £1682801. Total incoming resources tor the year were £13i.?01 (?0?? £7?:09?) %viih expenditwe of £?8.Oi9 1?(P? E? j,9661. Unrestricted ￿ndS at i I December ivere £1,3i6,778 1?0?? £1,)73:770k The charity ha5 arnple finance for its reoular expenses payable out of revalue. The charity's poliry, which has noi chan(Tred since incepuon, is thaE surplus income shall be accurnlliated in inlerest-bearing7 deposi15 until there ￿ sutlkcieni, having reuard ￿ the tunding requiteffients Ot retsular operating ¢xpenses and in ci)ftjunaion with e.xiernal loall (UThdin£ it. appropriwe, io aC9￿1T¢, adapt and iebjrbish an ddditional letiinv unil. Capital expendilure is not collunitted until adequa* fw)ding is ossured. Policj ￿11 Tefenref The Irusie¢s hdwe e.xamined ihe Chari￿5 requiretnents for reserves in light of ih¢ main Tisk5 to the orijanisaiion. The trusiee5 activelv review the major risks that the charity faces vn a regular basis aniL isiih the annual TeTriew of the contro15 over key tmancial sJ's*llis: iiill provide sutyicieni resouTces in the ¢veni of adverse condiiions. The trusiees have also e.%arnined other 0￿ra[lonal aDd business risks faLed by the charity and confwm ihar the>, have esthblished systems to miti¥aLe the Si￿lf1¢an( risks. Page 3 The Florence Ellison Trust Trustees, Report (continued Going concern chariw reviewed ivs fiDan¢ial perfi)rn]ance and oenerai rt5er%ts position. The charity has adequaie an¢ial resources and is able to manaoe it's busine&s risk5. The Lh3riThls planntn¥ process taken into ctjnsideration the curr¢nt economic climate and its potential impact on the various sources of income and planned expendilure. Takinu llito accouni all faciors the charity ha5 rety)nable e￿￿¢tall0￿ li has adequa* resources io continue in operational e_xisl¢n¢e lor the t"oregeeable future and belie*e there are no marerial uncer(ainties that call into Ihe charity's abiliry to COt]tinue in operalion. Structurei go%'erDanee and m3ThagemeDt vfguvernlng documeni By her Il'ill dated 8th March 1977 Miss Flor¢nce Ruth Elli50n. who died on 4th April 1978. gave the residue of her Esthie to The Durrington Free Church io help that cburth in it5 work amon¥ old people. The Du￿ington Free Church is now The Ntw Life Church. DuttiTrolon. To administcr that qift the I"rusi established by a TrusL Deed daied 14th July 1980. It was registered in Enoland and Il'ales as a ChariN, number ?808?4: on Joth September 1980. The Trusi Deed ￿ested power 10 iippoint Trustees in the Elders for the time being of the Durrington Free Church. The Durrinryton Free Church 15 E]oi* The Neil" Life Church, t)urringion. Neiv Trn5tee5 are recruited from local persons who haye releyanr technical skills and busine55 exFtrience. us￿l1Y i¥iihin thL peTSonal acquaintance of servino Trustees and tnLmbeTS of The Nei¥ Life Church COn￿e￿allOn. A Board of Trustees of not frwer than three nor rn0￿ than seven rnects at least twice a ycar and ai oth¢r times as ntcessary to adminigier the Clwiry. The TNstees continue ro moniror ihe local housints maTkei for 5Uitabl¢ addiiions to ihe Charity's housÉnts stock. Th¢re have been no significant chanuts in ihe Charity's organis￿10￿ or policies. The Charifv'5 social invesment prot*rty is insured Luainsi lo&$ under norn￿1 r<%ideniial policies. Lharity Trustee Indemnity insutance is tnaintained. "rhe TTU5tees ￿eltred neither rernuntration rK>r. ¢.¥cepi as rewrted in Nore 7 on paoe li of the Fin4llLcial Siaternents, retmbursetllent ol'e.xpenses incurred in conn¢¢(ion ￿'Ith theit i¥Otk" t<￿ the Charii),. No 'frustte nor any p¢r5011 connected iiich a received attN' disc105able setviet or any other disclosable benetit trom th¢ Cknity. ReLniiiipi£nt und appviniinenl of inistees If a position on the Board ot TTusiees becomes available. tandidatcs are invited to apply for rhe posiiion w4th an apFoinimenl being made followints a vole by the eiistin¥ Trustees. A majority i'ote is accepiable 10 appoin( a new "Iru5tee. Pa¥e 4 The Florence Ellison Trusl Trustees, Report (eontinued) Inducliull andtruiiiiiifj ofiTUSiees t￿￿[eL.5 are made fatniliar with rhe charity vision. opemion and goa15 by d]"alooue with ¢xisiing personnel and PTOViSiOU of minute5 and other literdiure ￿naInIng ￿ charity ￿tivIty. All truste¢s already tamiliai with the praciical work. of the chariiy. Nei* tru5rees are encouraged to attend all manag¢ment comrnittee tneelin¥5. Short rrainin¥ sessions lil required) are proTrided to lamiliarise new trus(e¢s with rhe charity. Organisulional.slruclure The ch￿lty is uiuanised so that the ttusiees meei regularly ￿ manage its affaits. The chariry is oVe￿een by the tNstees, 5upponed bv volun￿[$. Key 51rai¢gic and adminisifdLive decisions are made bv agreen)eni of ihe ty5tees, and delets￿ed as appropriaie. Th¢ dnn Irep Iv&q approved by the ￿￿te¢S of the chariry on 9 August 20?4 and signed on its behalt by: I"D￿te¢ Page 5 The Florence Ellison Trust Statement of Trustees, Responsibilities The trusiees are r¢spx)nsible loi preparin¥ the trusiees, report and Ih¢ financial srdtenients in accordanc¢ with Ihe linited Kingdom Accout]finz Standards (United Kingdom Generally Acc¢pied Accounting Pra¢ri¢¢) and applicable laiv and retsulaiiorys. The law applicabl¢ io chariiies requtres the tsustees to prepare financial 5taternents for trdth financial ycar which give a true ovemino the prepardrion ￿ld dissemination of linat]cial statetllents may differ trom le¥isl4ilion in oth¢r jutisdiciions. Awroied Ih trustees of the chartty on 9 Augusi ?014 and signed on lis behalf by: Mr (i (ieaj T￿￿tte Pa2e 6 The Florenee F.Ilison Trust Independent Eiaminer's Report to the trustees of The Florence Ellison Trust I repon io the trusiees on my examinaiioo of the xcounts of The Florence Elli50n Trusi tor the Jear ended 31 December ?0?" Responsibilitie5 and basis of report the charitj. trustees of The Florence Ellison Trllsi jou are restx)nsible for the prepaTation of the accounis in accordance wilh the requiremenis of the Chariiies A¢t ?01 I i-the Act'}. I report in re5peci of my examinaiion of the The Florence Ellison Trull'5 accounts caTried oui under seclioll 14) ol the ?0 I l Act and in can)'in(T oui m!, examinaiion I ha¥e followed all the applicable Directions given by the Chariry CornJnissivn under 14i{iMb) of the Act. lrtdependent examiller's statemeni I have completed my e.xaminaiion. I confimi ihat no maierial matters have cotne to m)1 atteniion in connection with the e.xamination (pivÈncy me cause to believe thai in dn!" material resF¢Ct'. a￿Ounting recortts were nor kepE in re5￿cl ot"The Florence Elli50ll Trust as required by section 130 of the Acr: OT 2. the accoullts do not ¥cord Mith those rt£ords- or 3. rhe accounts do not comply ii'ith the accounting requiretnents co[K¢￿￿ the fomi and content of accounts sei out in th¢ Choriiies (Accounrs and RetM)rtsl Regul￿lOn5 ?008 oiher than an!. rcquiTement that the accounis ¥i¥e a 'rrue and lair vieW which is not a matter coTrsideTed as parn of an independent examination. I have no concerns and have cotne acrvss no oiher matters ID LonneLtion wilh the ¢xamination to which attention should be drawn- ¢port in order to enable a propLY UtMler5tanding of ihe accounis 10 be reached. i atihew Hodson FCA Independeni Exa￿lner Wiston IIou5e I Wiston Avenue Wotthin West Sussey BN14 7QL 9 August ?0?4 P4e7 The Florence Ellison Trust Statement of Financial Actii-ities for the Year Ended 31 December 2023 Unrestricted funds Tora ?0?3 Income and Endowrnents from: Donations and leg￿lleS Charitable activities Investmeftt income 50.(H)O 79,6$ j i.)46 $0,iJoo 79.654 3.746 13 j.101 Totsl income 13i.:O I Expenditure on: Chatitable acEjvilies {28.039) {28,039) Total expendirnre (?8:039) (28,Oi91 Nei incom¢ IOi.162 IO),162 Net movetnenI iTr fvnds 105.16? IO).16? Reconciliation of fwiits 'I'otal fund5 brou£>hi fonvard 1.251,616 l ?jl,616 Total funds carried foNard 14 l.ii6.778 L"Jnrestri¢ted fund5 1,3i6,778 Total 2022 Income and ENdowment5 from: Charitable a¢liviries lTrvestmeni income 71.430 71.4iQ Toial income 7!,iJ9? EypeRditurt on- Chaiiiable aLtiviiies (2i,966) {2i,966 Toral expettditure Gainsllosses on investment &85ets (? j,966) l?? l j4 (27,966) 12? l j4 Net income 168.?80 168.?80 Net movement 168,)80 168280 Reconciliaiion of fund5 Total funds brolltht ffor4￿ard 1 ?03.490 l ?Oi,490 Total funds carried for%%'ard 14 l.i7i.770 l i7i.770 All ol-rhe charitv's activitie5 dtrive from continuing opeNions durtnu the above Nwo periods. "I"he tune ID valu¢. Pa2¢ 11 Tbe Florence Ellison Trust 'ot¢s to the Financial Statements for the l'ear Ended 31 December 2023 (continued) Trade creditors Are obli?aiions lo pay lor g(XKls or seThices that have been acquired in the wdinary course of business from 5uppIiLrs. Account5 paTrable are classilied ￿ current liabilities if the do￿ hatre an unconditional riLhL ai (he end of ihe ieponina period, io defer settlemen( of the creditor for ai least tH'elve months atter ihe reportino date. If there is an uncondirioDal right 10 defer 5ettlemeni for at leasi twelie months after the reportints date, the}. are presenied non-CUTrent liabililieg. Trdde Creditors are recogttised illilially at the transaciion price and subsequenily measured ￿ atn¢)rt15ed cost usin¥ the effective ititerest meih(ML Borrowing5 IDieresl-￿￿rin￿ ￿Tro￿.]ngS are tniiially recorded at (air value, nei of ¢ransaction costs. Inceresi-bearing borroivintss are subsequenily carried ai arnorrised cosr: wilh the difference bets¥een (he procee(ts, net of ansaLiioll ¢05ts. and Ihe amoullr due on redempiion beino recoJo ised &$ a charue to the Stat¢Jneni of F"inancial Activities over the perityj of the relevani borrowino Inierest exF¢llse is reCO￿lSed on the basis of th¢ effectii'e inieresi metk*d and is inclLMled iti lljieregt payable attd sin]ilar charues. Borroivin£JS are classified as Curreni liabiliiies L￿lesS the charity has an wicondirional righr ro defer seitlement of Ihc lic?bility for ai kast Thvelve mollth5 after the reportkn£ dai¢. Fund $tru¢ture UnrestrietLd incowne funds are genernl fimds that are available ftir use & the trustees di5cretson in fithheranc¢ of rhe obj¢ccives of rhe charity. FiDaneial instruments The charity only has finartcial assets and liabiliies ol- a kind that qwalifj. 35 basic financial instruments. Basic IinanLial instrunients art sniiially reCO￿lsed ai ttansaction and 5llbscqllenily rn¢asured ar Iheir sertlcmeni value iyiih the eiception of bank loans which Subseq￿e￿il* n￿asured ￿ amonised cost usints the ettective interest rnethod. Pase 12 Tke Florence Ellison Trust Notes to the Financial Statements for Ihe Year Ended 31 December 2023 (continued) 2 Income from donation5 and kgxeies Unrestricted rullds Geueral Totkl runits Donations and legacics- Le￿acleS lo.￿1> iO.(M Total lor 2023 o.¢JJo iO.000 3 Income from charitablt activities Total funds Ullreslricted funds GcD¢ral To￿1 2023 Gross rents 79.6)) Unrestrieted funds General Total 2022 Gross renis 71.4iO 4 1tt%'estment income nresiricted lunds Geller41 Total lund5 Interest reL¢ivabl¢ and similar in¢ome-, Inicrest reccswable on bank. deposi 3.)46 Total for 20?3 i.)46 Tot21 for 2022 66) 66• Pag¢ 13 The Florence Ellison Trust P4otes to the Financial Statements Cor th¢ Year Ended 31 December 2023 (continued) 5 Expenditure on eharitable activities Acti% it undertaken directli, 2023 Rent Rates Light and heat Insurance Repairs and mainrenance Priniinl, postsige and staiionery Cleanin Independent Examiners fees Bank" char¥es 160 160 498 498 2.IDO 70.314 ji 1,267 7?9 1.500 60 1.500 6Q ?8,039 Aetii it undertak'en directl). 2022 Reni Rates Li&7ht and heat Insurallc¢ RcpaiTS and mainrenance Printing, posiatse and stationery Cleaning Ac£ounlano' fees Independent EKamineTS fees B￿Ink ch different from the Val￿ included in the accounts. I I l)ebtor5 J)23 2022 Prepawents Other debrors i.Jo? 4.144 4,li4 6.992 12 Cash and cash ¢quiYalents ?023 2022 Cash at bank Short-tem) deposits I,iO(I 171.3)¥ l.ioo 16J.642 1778)8 166.14? The Florence Ellison TThst Notes to the Financial Slatements for the Year Ended 31 December 2023 {continued) 13 Creditors: fallillg due *"ithin one year 2023 2022 Trade creditor5 Other CTeditor5 Accruals 3.773 3,774 8,?16 14 Funds Balance at 31 Ik¢ember 2023 BalaNce at I Incoming resources Re50ur¢es expendtd 2023 UnresÉricted funds Generul Unre51ricted Funds l ?il 616 IJJ ?01 I,ii6.778 Balance at 31 December 2022 Bal#nce #t I January 2022 Incoming resources Resollrees expended Unr¢51ri¢¢ed Geii¥rul Unrestricted Funds l ?Oi.4 ? j,9661 1 ?51.616 li Analysis of net a55ets betsTr¢en funds u4r￿lriCl£d fuods Geu¢rnl Total fund5 ai 31 ikeember 20?3 FI￿￿ a55et iDvesttnenrs Curreni assets Curteni liabilities ? 8j6,292 178.J94 ?,836,•9? 178,i94 18,4181 Total net a85cts i.006,?68 Paue 17 The Florence Ellison Trusl INotes to the Finanei21 Statemenls for the Year Ended 31 Deeember 2023 (continued) restricted futbds General Total lunds at 31 December ?0?? Filed assei investnaents Curreni ￿￿e Current liabilities ? 736.188 17i.li4 ? 736.18¥ 173.134 Total n¢t ass¢15 ?901.106 ?901,106 16 An*ly5is of net funds At31 December At l JaNuarv 20?3 Financing ca5b nows 2023 Cash at bank and in hand 166 14? 6,696 172 8)8 17? 838 17 Related party trnNsactions There i¥ere no r¢1411ed part}. tranwlions durin¥ the year. The Trust Wds esiablished as a re5uII of Miss Ellison's bequest to The DU￿1￿￿ton Free Church, Ivhich is known noiv as the Neii LEfe Church, DurriniTton. The Elders for che time beinv of Ihe church have the poi%'er its appoini Trnslees. Whilsi several Elders were initially I rusiees folloiving ihe creation ot. the Trus1 as a separaie mosr I n￿1￿$ subsequently apEMiinied are noi Elders and there is now a niinority of TNst¢es whu are Elders. The Eldet5hip does not seek to influence or set the poli¢v of the Tmsi.