THE EDITH MAUD ELLIS 1985 CHARITABLE TRUST
Registered Charity No: 292835
Report of the Trustees and Financial Statements
Year ended 5 April 2023
PART ONE
| Contents | Page |
|---|---|
| Report of the Trustees | 2 to 6 |
| Independent Examiner’s report and Financial Statements | 7 to 19 |
Part One contains the Report of the Trustees, including a Financial Summary.
Part Two , which is available separately, contains in full the Independent Examiner’s Report, the Statement of Financial Activities, the Balance Sheet, and the Notes to the Financial Statements.
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THE EDITH MAUD ELLIS 1985 CHARITABLE TRUST
Report of the Trustees
The Trustees present their report in Part One, together with the Financial Statements in Part Two, for the year ended 5 April 2023.
Charity registration number: 292835
The Trustees who served during the year were:
Elizabeth A Cave, joint Clerk/Chair Wendy Sender, joint Clerk/Chair Marigold Bentley (appointed 18.1.23) Rosie Carnall Roger Chapman (appointed 21.2.23) Jonathan Lingham Catherine Longstaff (appointed 29.6.22) Nicholas A Sims (stood down on 21.2.23).
Bankers Triodos Bank Deanery Road Bristol BS1 5AS
Independent Financial Accountant
Tattersall Bailey 14A Main Street Cockermouth Cumbria CA13 9LQ
Independent Examiner Luke Tattersall FCA Tattersall Bailey 14A Main Street Cockermouth Cumbria CA13 9LQ
Legal Advisers Heather Fuff Tees Solicitors Titan House Castle Park Castle Street Cambridge CB3 0AY
Administrator and address for correspondence Jackie Baily Virtuosity Executive Support Prospect House, 6 Westgate Thirsk YO7 1QS
Investment Managers
King & Shaxson Asset Management 155 Fenchurch Street London EC3M 6AL Rathbone Greenbank Investments 8 Finsbury Circus London EC2M 7AZ
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THE EDITH MAUD ELLIS 1985 CHARITABLE TRUST
Governing Instrument
The Charity is governed by a Deed of Trust dated 12 September 1985, as amended on 10 October 2018.
Statement of Practice
A Statement of Practice, lodged with the Charity’s legal advisers, is subordinate to the Deed of Trust. It is both prescriptive and descriptive.
The prescriptive part consists of broad principles of governance which the Trustees expect to be maintained over the longer term. Accordingly, it represents the considered judgement of the Trustees as to how the Charity is best governed in conformity with its Deed of Trust. It is open to amendment at a general policy meeting after the Trustees have received due notice of the amendment proposed. A minor amendment to the Statement was made during the year.
The descriptive part consists of detailed operational arrangements within which the Trustees intend to work in the shorter term. Accordingly, it represents current practice and may be changed from time to time without notice at any meeting of the Trustees. Operational arrangements shall, in any case, be reviewed at a general policy meeting each year.
Object of the Charity
Edith Maud Ellis (1878-1963) was a Quaker who worked tirelessly for international peace and reconciliation. The Edith Maud Ellis 1985 Charitable Trust was established for general charitable purposes in 1985. The object of the Charity is to apply funds for the benefit of charities or for such charitable purposes as the Trustees may determine from time to time. The Trust makes grants to a range of charities and for charitable activities in accordance both with Edith Ellis's known interests and with the Trust's grant-making policies, as set out below.
Public Benefit
The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives, and when setting its grant-making policies. The Trust's aims and objectives fall within the various descriptions of charitable purposes in the Charities Act 2011. These purposes include: the advancement of religion; the prevention or relief of poverty; the relief of those in need; the advancement of human rights, conflict resolution or reconciliation, including the promotion of religious or racial harmony, equality, and diversity; and environmental protection or improvement, including climate change mitigation.
Public benefit is demonstrated in the delivery of the intended outcomes of the Trust's charitable purposes listed above, and in the financial and other support with which these outcomes can be achieved, among the public at large or among significant sections of the public without unreasonable restriction. The organisations supported during the year are listed on page 6 of this report.
Public benefit has also been demonstrated by the Charity having elected to invest a small proportion of its endowment (currently around 7%) in organisations whose activities are closely aligned with the charitable purposes of the Trust.
In accordance with its wish for transparency in its work, the Trust’s website sets out information about the Trust and its Trustees, the online application process for grants, and the criteria for their award:
www.theedithmellischaritabletrust.org
Meetings of Trustees
Trustees met four times in the financial year 2022-23. In person meetings have been resumed, as trustees took the view that the risk from Covid was now much reduced, and the quality of discernment on policy matters or on
THE EDITH MAUD ELLIS 1985 CHARITABLE TRUST
grant applications is better when Trustees can meet face-to-face. Each meeting was held in the manner of Quakers, guided by the spirit as much as by economic and financial imperative.
At these meetings, Trustees reviewed the financial position of the Charity in terms of portfolio valuation and projected income. Trustees also agreed any actions needed to secure the Charity’s future in the light of the volatility of global financial markets.
During the year Trustees also met to review the continued appropriateness of its policies, Trustees’ compliance with these, and to consider and approve grant applications.
Appointment of Trustees
Trustees are appointed in accordance with provisions set out in the Charity's Deed of Trust. Current policy is to appoint Trustees for six years, with the possibility of reappointment for one further six-year term. Trustees' possible reappointments are reviewed two years before the expiry of their six-year term. Detailed arrangements are described in the Statement of Practice. During the year one Trustee stood down, having served two terms of six years. Three new Trustees were appointed.
cover running costs, protect the capital from a volatile market, and cover any unanticipated expenses or fluctuations in cash flow.
Fees for other professional services (audit, independent examiner, and administration) continue to be met from income, as are any expenses incurred by Trustees on Trust business.
Investment Policy
During the year, the Trustees reviewed and readopted their positive ethical investment policy. The practice remains to hold investments which are firmly aligned with the Trust’s ethical principles.
The bulk of the investment portfolio is administered by two established investment management companies, in order to spread risk. Trustees meet with the managers of these funds annually to review the portfolio, obtain an assessment of likely income, jointly assess risk, and ensure that portfolio investments remain in accordance with stated policy. The Trustees continue to look for opportunities to divest from holdings that contravene the Charity’s ethical principles and move into funds and enterprises that mirror its values.
Remuneration of Trustees
The Trustees receive no remuneration, save in the case of professional or other charges for work done as permitted by Clause 7 of the Deed of Trust. No such payments were made in the reporting year. Trustees may be reimbursed for expenses necessarily incurred on Trust business.
A relatively small proportion of total investments (less than £75,000) is in the form of transferrable shares and bonds in the secondary market. These are managed directly by the Trustees, in accordance with the Charity’s stated policies on investment and risk. These investments are used to fund small-scale sustainable projects in sectors closely aligned with the Trust’s charitable purposes, such as in renewable energy and social housing.
Income and Reserves Policy
The Charity pursues a total return approach, deriving income from capital gains on fixed asset investments (shares and bonds) sold from its Capital Fund, as well as from dividends generated from these investments, and from interest on cash holdings. Trustees aim to spend the majority of investment income on grants, leaving a smaller margin of income to
Financial Oversight
The Trust’s current and projected financial positions are reviewed at each of the meetings of Trustees, and in greater detail at their annual finance meeting, to enable them to plan future allocation of grants. One Trustee is designated to lead on financial matters, monitoring income
4
THE EDITH MAUD ELLIS 1985 CHARITABLE TRUST
and expenditure on a regular basis to ensure that sufficient liquidity is maintained in the current account, and staying in touch with the Trust’s investment managers to ascertain likely investment income over the coming year, to help determine the likely level of grant giving that will be affordable.
Financial Summary
Historically Trustees have sought to maintain the real-terms value of the Charity’s investment portfolio while providing a regular income (from dividends, interest, and sale of investments) of around £40,000 a year. The disruption to financial markets - particularly rising inflation and interest rates - caused in large part by external global shocks over the last two years has necessitated a reassessment of this practice. Trustees have continued to pursue a relatively cautious approach to the management of the Charity’s investments, while doing what they can to maintain a reasonable level of grant making.
Full financial statements for the year ended 5 April 2023 form Part Two of this report: these have been independently examined and are available separately on request. Incoming resources for the year ended 5 April 2023 totalled £32,569 (2022 = £27,657), derived from dividends and interest. Total resources expended came to £54,551 (2022 = £70,238), of which net charitable grants amounted to £38,025 (2022 = £53,623), support costs (advertising, expenses, and accountancy, legal and administrator’s fees) £7,740 (2022 = £6,907), and investment management fees £8,786 (2022 = £9,708).
Net expenditure (incoming resources minus total resources expended, but before investment net gains/losses) came to minus £21,982 (2022 = minus £42,581). Net losses in the value of the Charity’s listed investments[1] amounted to £185,158 (2022 = £10,783 gain) due to continued turbulence in global financial markets resulting from economic weakness in many of the major economies, and worries caused by the situation in Ukraine. Total book value of the Charity’s investments at year-end stood at £1,136,589 (2022 = £1,393,110). Net current assets (cash at bank, and cash held by investment managers, less amounts falling due to creditors within one year) stood at £105,015 (2022 = £55,634). Total net assets of the Charity as at 5 April 2023 were £1,241,604 (2021 = £1,448,744).
Grants
During the year Trustees met on two occasions to consider grant applications, in June 2022 and February 2023. Twelve new grants totalling £35,275 were awarded, and final tranches totalling £2,750 were confirmed in respect of two multi-year grants that had been approved in previous years. In total, grant awards for the year came to £38,025 (2022 = £54,873).
The grants awarded are summarised in the table on the following page.
1 Net gains/losses on the small number of unlisted investments cannot be determined until the assets are sold.
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THE EDITH MAUD ELLIS 1985 CHARITABLE TRUST
Grants awarded:
Recipient Categories/criteria Amount, £
| Wycombe Refugee Partnership A, C, E | 5,000 |
|---|---|
| The Blackley Centre A, B | 2,500 |
| The Lorna Young Foundation D |
2,500 |
| Mission International SCIO B |
2,000 |
| Handpicked Productions CIC D | 1,500 |
| Development Education Centre, S Yorks B |
4,850 |
| Temwa UK D |
1,000 |
| Documentary Film Makers Cooperative Ltd A, B |
2,740 |
| Freedom Kit Bags* F |
1,500 |
| Bees Abroad** F |
1,250 |
| Amera International Ltd E | 5,000 |
| The Separated Child Foundation E |
2,000 |
| Ice and Fire Theatre Company B, E | 2,000 |
| Croydon Community Against Trafficking E |
4,185 |
| Total | 38,025 |
-
Final tranche of a three-year grant of £4,500 agreed in July 2019
-
** Final tranche of a two-year grant of £2,500 agreed in July 2021
Key to criteria:
A - Quaker work and witness; B - Peace-building and conflict resolution; C - Interfaith and ecumenical understanding; D - Climate change mitigation work in the UK and overseas; E - Work with forced migrants and refugees, including displaced people; F – Sustainable development[2] .
Approved by the Board of Trustees and signed on its behalf by:
Elizabeth Cave - Trustee Date: 14/11/2023
2 Sustainable development is no longer one of the criteria against which the Charity awards new grants.
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REGISTERED CHARITY NUMBER: 292835
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
FOR
EDITH MAUD ELLIS 1985 CHARITABLE TRUST
Tattersall Bailey Chartered Accountants 14A Main Street Cockermouth Cumbria CA13 9LQ
EDITH MAUD ELLIS 1985 CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
| Page | |
|---|---|
| Report of the Trustees | 1 |
| Independent Examiner's Report | 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 to 10 |
| Detailed Statement of Financial Activities | 11 |
EDITH MAUD ELLIS 1985 CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023
The trustees present their report with the financial statements of the charity for the year ended 5 April 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).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 292835
Principal address
C/O Mrs J Baily 6 Westgate Thirsk North Yorkshire YO7 1QS
Trustees
E Cave N Sims (resigned 21.2.23) W Sender J Lingham R Carnall R A Chapman (appointed 21.2.23) C Longstaff (appointed 29.6.22) M S Bentley (appointed 18.1.23)
Independent Examiner
Luke Tattersall FCA Tattersall Bailey Chartered Accountants 14A Main Street Cockermouth Cumbria CA13 9LQ Approved by order of the board of trustees on ........................................... and signed on its behalf by:
.......................................................................... J Lingham - Trustee
Page 1
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EDITH MAUD ELLIS 1985 CHARITABLE TRUST
Independent examiner's report to the trustees of Edith Maud Ellis 1985 Charitable Trust
I report to the charity trustees on my examination of the accounts of Edith Maud Ellis 1985 Charitable Trust (the Trust) for the year ended 5 April 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to 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 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with 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 concerns 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 accounts to be reached.
Luke Tattersall FCA Tattersall Bailey Chartered Accountants 14A Main Street Cockermouth Cumbria CA13 9LQ
Date: .............................................
Page 2
EDITH MAUD ELLIS 1985 CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Grants paid Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
5.4.23 Unrestricted funds £ 32,569 8,786 38,025 7,740 54,551 (185,158 ) (207,140 ) 1,448,744 1,241,604 |
5.4.22 Total funds £ 27,657 9,708 53,623 6,907 70,238 10,783 (31,798 ) 1,480,542 1,448,744 |
|---|---|---|
The notes form part of these financial statements
Page 3
EDITH MAUD ELLIS 1985 CHARITABLE TRUST
BALANCE SHEET
5 APRIL 2023
| Notes FIXED ASSETS Investments 6 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds 8 TOTAL FUNDS |
5.4.23 Unrestricted funds £ 1,136,589 107,535 (2,520 ) 105,015 1,241,604 1,241,604 1,241,604 1,241,604 |
5.4.22 Total funds £ 1,393,110 58,034 (2,400 ) 55,634 1,448,744 1,448,744 1,448,744 1,448,744 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J Lingham - Trustee
The notes form part of these financial statements
Page 4
EDITH MAUD ELLIS 1985 CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
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.
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.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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.
2. INVESTMENT INCOME
| Deposit account interest Curr asset inv income |
5.4.23 £ 52 32,517 32,569 |
5.4.22 £ 7 27,650 27,657 |
|---|---|---|
Page 5
continued...
EDITH MAUD ELLIS 1985 CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
3. RAISING FUNDS
Investment management costs
| 5.4.23 | 5.4.22 | |
|---|---|---|
| £ | £ | |
| Portfolio management | 8,786 | 9,708 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022.
| Trustees' expenses 5.4.23 £ Trustees' expenses 1,104 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Grants paid Other Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
5.4.22 £ 194 Unrestricted funds £ 27,657 9,708 53,623 6,907 70,238 10,783 (31,798 ) 1,480,542 1,448,744 |
|---|---|
Page 6
continued...
EDITH MAUD ELLIS 1985 CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
6. FIXED ASSET INVESTMENTS
| MARKET VALUE At 6 April 2022 Additions Disposals Revaluations At 5 April 2023 NET BOOK VALUE At 5 April 2023 At 5 April 2022 There were £349,431 investment assets outside the UK. Cost or valuation at 5 April 2023 is represented by: Valuation in 2023 Valuation in 2022 Valuation in 2021 Valuation in 2020 Cost |
Listed investments £ 1,320,526 301,682 (267,637 ) (280,666 ) 1,073,905 1,073,905 1,320,526 Listed investments £ (246,621 ) (37,661 ) 232,666 123,453 1,002,068 1,073,905 |
Unlisted investments £ 72,584 - (9,900 ) - 62,684 62,684 72,584 Unlisted investments £ (9,900 ) - (7,640 ) 37 80,187 62,684 |
Totals £ 1,393,110 301,682 (277,537 ) (280,666 ) 1,136,589 1,136,589 1,393,110 Totals £ (256,521 ) (37,661 ) 225,026 123,490 1,082,255 1,136,589 |
|---|---|---|---|
If Fixed asset investments had not been revalued they would have been included at the following historical cost:
| Cost Aggregate provisions |
5.4.23 £ 1,106,399 (30,189 ) |
5.4.22 £ 1,082,255 (310,855 ) |
|---|---|---|
Fixed asset investments were valued on an open market basis on 5 April 2023 by Rathbone and King Shaxson..
continued...
Page 7
EDITH MAUD ELLIS 1985 CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 8. MOVEMENT IN FUNDS Unrestricted funds General fund Designated capital fund TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General fund Designated capital fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Designated capital fund TOTAL FUNDS |
At 6.4.22 £ 3,134 1,445,610 1,448,744 1,448,744 follows: Incoming resources £ 32,569 - 32,569 32,569 At 6.4.21 £ 3,007 1,477,535 1,480,542 1,480,542 |
Net movement in funds £ (13,197 ) (193,943 ) (207,140 ) (207,140 ) Resources expended £ (45,766 ) (8,785 ) (54,551 ) (54,551 ) Net movement in funds £ (32,873 ) 1,075 (31,798 ) (31,798 ) |
5.4.23 5.4.22 £ £ 2,520 2,400 Transfers between At funds 5.4.23 £ £ 20,000 9,937 (20,000 ) 1,231,667 - 1,241,604 - 1,241,604 Gains and losses £ Movement in funds £ - (13,197 ) (185,158 ) (193,943 ) (185,158 ) (207,140 ) (185,158 ) (207,140 ) Transfers between At funds £ 5.4.22 £ 33,000 3,134 (33,000 ) 1,445,610 - 1,448,744 - 1,448,744 |
||
|---|---|---|---|---|---|
continued...
Page 8
EDITH MAUD ELLIS 1985 CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 27,657 | (60,530 ) | - | (32,873 ) |
| Designated capital fund | - | (9,708 ) | 10,783 | 1,075 |
| 27,657 | (70,238 ) | 10,783 | (31,798 ) | |
| TOTAL FUNDS | 27,657 | (70,238 ) | 10,783 | (31,798 ) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Designated capital fund TOTAL FUNDS |
At 6.4.21 £ 3,007 1,477,535 1,480,542 1,480,542 |
Net movement Transfers between At in funds £ funds £ 5.4.23 £ (46,070 ) 53,000 9,937 (192,868 ) (53,000 ) 1,231,667 (238,938 ) - 1,241,604 (238,938 ) - 1,241,604 |
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Designated capital fund TOTAL FUNDS |
Incoming resources £ 60,226 - 60,226 60,226 |
Resources expended £ (106,296 ) (18,493 ) (124,789 ) (124,789 ) |
Gains and losses £ Movement in funds £ - (46,070 ) (174,375 ) (192,868 ) (174,375 ) (238,938 ) (174,375 ) (238,938 ) |
|---|---|---|---|
continued...
Page 9
EDITH MAUD ELLIS 1985 CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2023.
Page 10
| 5.4.23 | 5.4.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Deposit account interest | 52 | 7 |
| Curr asset inv income | 32,517 | 27,650 |
| 32,569 | 27,657 | |
| Total incoming resources | 32,569 | 27,657 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 8,786 | 9,708 |
| Charitable activities | ||
| Grants to institutions | 38,025 | 53,623 |
| Support costs | ||
| Management | ||
| Advertising | 547 | 1,325 |
| Finance | ||
| Trustees' expenses | 1,104 | 194 |
| Governance costs | ||
| Sundries | 816 | 255 |
| Accountancy and legal fees | 2,520 | 2,390 |
| Administrator's fees | 2,753 | 2,743 |
| 6,089 | 5,388 | |
| Total resources expended | 54,551 | 70,238 |
| Net expenditure before gains and losses | (21,982 ) | (42,581 ) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | (185,158 ) | 10,783 |
| Net expenditure | (207,140 ) | (31,798 ) |
This page does not form part of the statutory financial statements