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2020-12-31-accounts

Charity Registration No. 296966

TED ELLIS TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

TED ELLIS TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

A R Meadows R W Ellis S Wilson D J Hoare J N Wilson

Charity number 296966 Independent examiner Argents Accountants Limited 15 Palace Street NORWICH Norfolk United Kingdom NR3 1RT

TED ELLIS TRUST

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 15

TED ELLIS TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees present their report and financial statements for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "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)".

Objectives and activities

The Trust was set up to conserve and protect for the benefit of the public the environment as a whole in its animal and plant life and in particular to conserve, protect and maintain Wheatfen Broad. In addition,to establish a nature area and centre to house natural history specimens, and to organise or conduct lectures with a view to advancing the education of the public, including pupils of schools, in natural history.

The Trust is only a small one and has concentrated its activities on the conservation of Wheatfen and some educational aspects (see below). The financial results for the year under review are set out in this report.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

2020 was a challenging year at Wheatfen, as it was for all sections of the community because of the Covid 19 pandemic. Volunteers had to be stood down for long periods of the year and the Study Centre closed. However the Reserve remained open under the strict supervision of the Warden Will Fitch and adhering to all legal protocols. As a result, visitor numbers increased and more than 50 people joined the Friends of the Ted Ellis Trust, the largest number of new Friends for several years.

Will, therefore, faced the arduous task of managing the 140 acres of wetland, broads and woodland without the assistance of his volunteer force for most of the year. However, when restrictions were lifted for a period in the Autumn and early Winter, Will and a small group of volunteers were able to install 170 metres of new specially recycled plastic boardwalk from the Reserve entrance to the Thatch information building. Benefits included improved disability access to the Reserve. The cost of the new boardwalk was met by a combination of grants and donations.

Financial review

Reserves policy

Cash has been retained in the COIF Charities Deposit Fund to be available to offset any deficiencies in income needed to meet regular monthly expenditure and to fund large scale conservation projects if grant aid is not available.

It remains the Trustees' aim to cover annual expenditure on the reserve with annual income including investment income, taking one year with another, rather than to fund expenditure deficits by realisation of liquid assets, and so diminish a source of regular income.

Investment

The investment policy of the Trustees has been to buy and retain Government Stocks when the rate of interest was relatively high, to provide a regular monthly income to cover regular monthly expenditure.

Additional bequest funding has benefited the Trust's reserves. Trustees gave detailed thought and sought advice prior to increasing the proportion of ethical investment in line with the Trust's objectives and activities. Thanks to this the market value of the investments held by the Trust at 31 December 20 20 stands at £ 764,333 (201 9 : £ 756,672 )

There has been a net unrealised gain of £ 20,303 (201 9 : gain £ 70,675 ) and a realised loss on sale of £ 8,481 (201 9: loss £ 288 ).

TED ELLIS TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Risk Management

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The trustees who served during the year and up to the date of signature of the financial statements were: A R Meadows

R W Ellis

S Wilson

D J Hoare

J N Wilson

The Trustees hold their appointment under Clause 11 of the Declaration of Trust .

The trustees' r eport was approved by the Board of Trustees.

A R Meadows

Trustee Dated: 27 October 2021

TED ELLIS TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TED ELLIS TRUST

I report to the trustees on my examination of the financial statements of Ted Ellis Trust (the charity) for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements 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 145(5)(b) of the 2011 Act.

Independent examiner's 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to 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 to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

Mark Johnstone FCA Argents Accountants Limited 15 Palace Street NORWICH Norfolk NR3 1RT United Kingdom

Dated: 27 October 2021

TED ELLIS TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Unrestricted
funds funds
2020 2019
Notes
£		 £
Income from:
Donations and legacies 3 112,634 31,088
Charitable activities 4 - 320
Other trading activities 5 1,058 1,074
Investments 6 16,331 17,489
Total income 130,023 49,971
Expenditure on:
Raising funds 7 1,629 1,633
Charitable activities
Conservation 8 110,752 83,255
Education 8 6,293 7,951
Total charitable expenditure 117,045 91,206
Total resources expended 118,674 92,839
Net gains/(losses) on investments 12 11,822 70,387
Net movement in funds 23,171 27,519
Fund balances at 1 January 2020 969,798 942,279
Fund balances at 31 December 2020 992,969 969,798

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

TED ELLIS TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2020

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2020
£
3,495
6,818
112,056
122,369
(1,310)		 £
107,577
764,333
871,910
121,059
992,969
992,969
992,969		 2019
£
3,537
7,381
94,010
104,928
(2,197)		 £
110,395
756,672
867,067
102,731
969,798
969,798
969,798

The financial statements were approved by the Trustees on 27 October 2021

A R Meadows Trustee

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

Ted Ellis Trust is a an unincorporated charity.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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 charity is a Public Benefit Entity as defined by FRS 102.

The charity 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.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.5 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. Expenditur e 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.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings n/a Study Centre 2% reducing balance Sheds, Bridges, Boadwalks and Jetty 15-25% reducing balance Plant and equipment 25% reducing balance Fixtures and fittings 15% reducing balance Office equipment and computers 25% reducing balance Boats 25% reducing balance

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 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 income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when 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 debtors 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate 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 current 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 subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Taxation

The charity is exempt form tax on its charitable activities

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The 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.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2020 2019
£ £
Donations and gifts 33,051 8,473
Legacies receivable 1,000 11,922
Grants 73,061 5,763
Friends Subscriptions 5,522 4,930
112,634 31,088
Grants receivable for core activities
Rural Payment Agency - Environmental Stewardship 72,991 5,763
Other 70 -
73,061 5,763

4 Charitable activities

Education Education
2020 2019
£ £
Talks, walks and visitors - 260
Use of study centre - 60
- 320

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

5 Other trading activities

Unrestricted Unrestricted
funds funds
2020 2019
£ £
Fundraising events 1,000 894
Merchandise sales 58 180
Other trading activities 1,058 1,074
Investments
Unrestricted Unrestricted
funds funds
2020 2019
£ £
Dividends 16,319 14,198
Interest on investments - 3,213
Interest receivable 12 78
16,331 17,489
Raising funds
Unrestricted Unrestricted
funds funds
2020 2019
£ £
Fundraising and publicity
Fundraising events costs - 66
Investment management 1,629 1,567
1,629 1,633

6 Investments

7 Raising funds

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

8 Charitable activities

Conservation Education
2020
2020
£
£
Staff costs
21,445
5,361
Maintenance work
3,791
-
Dredging/Dyke re-
profiling
33,000
-
Broadwalks
37,913
-
Conservation
advisory work
525
-
96,674
5,361
Share of support
costs (see note 9)
13,387
759
Share of
governance costs
(see note 9)
691
173
110,752
6,293
Support costs
Support
costs
Governance
costs
£
£
Depreciation
2,931
-
Rent, insurance and
utilities
7,301
-
Administration costs
3,091
-
Bank charges
119
-
Other
704
-
Audit fees
-
864
14,146
864
Analysed between
Charitable activities
14,146
864		 Total
2020
Conservation Education
2019
2019
£
£
£
26,806
20,056
5,014
3,791
2,361
-
33,000
43,816
-
37,913
-
-
525
600
-
102,035
66,833
5,014
14,146
15,894
2,805
864
528
132
117,045
83,255
7,951
2020
Support
costs
Governance
costs
£
£
£
2,931
3,495
-
7,301
7,056
-
3,091
6,215
-
119
275
-
704
1,658
-
864
-
660
15,010
18,699
660
15,010
18,699
660		 Total
2019
£
25,070
2,361
43,816
-
600
71,847
18,699
660
91,206
2019
£
3,495
7,056
6,215
275
1,658
660
19,359
19,359

9 Support costs

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

11 Employees

The average monthly number of employees during the year was:

2020 2019
Number Number
Warden 1 1
Employment costs 2020 2019
£ £
Wages and salaries 26,806 25,070

There were no employees whose annual remuneration was £60,000 or more.

12 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
2020 2019
£ £
Revaluation of investments 20,303 70,675
Gain/(loss) on sale of investments (8,481)
(288)
11,822 70,387

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

13 Tangible fixed assets

Freehold land
and buildings
Study Centre
Sheds,
Bridges,
Boadwalks
and Jetty
Plant and
equipment
Fixtures and
fittings
Office
equipment and
computers
£
£
£
£
£
£
Cost
At 1 January 2020
43,330
75,023
30,629
35,576
1,336
955
Additions
-
-
-
113
-
-
At 31 December 2020
43,330
75,023
30,629
35,689
1,336
955
Depreciation and impairment
At 1 January 2020
-
14,749
30,624
28,790
1,336
955
Depreciation charged in the year
-
1,205
1
1,725
-
-
At 31 December 2020
-
15,954
30,625
30,515
1,336
955
Carrying amount
At 31 December 2020
43,330
59,069
4
5,174
-
-
At 31 December 2019
43,330
60,274
5
6,786
-
-		 Boats
£
3,929
-
3,929
3,929
-
3,929
-
-		 Total
£
190,778
113
190,891
80,383
2,931
83,314
107,577
110,395

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

14 Fixed asset investments

Cost or valuation
At 1 January 2020
Additions
Valuation changes
Disposals
At 31 December 2020
Carrying amount
At 31 December 2020
At 31 December 2019
15
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
16
Stocks
Finished goods and goods for resale
17
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 Listed
investments
£
756,672
71,717
20,303
(84,359)
764,333
764,333
756,672
2020
2019
£
£
764,333
756,672
2020
2019
£
£
3,495
3,537
2020
2019
£
£
1,566
1,666
5,252
5,715
6,818
7,381

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

18
Creditors: amounts falling due within one year
Other taxation and social security
Accruals and deferred income		 2020
£
489
821
1,310		 2019
£
497
1,700
2,197

19 Related party transactions

There were no disclosable related party transactions during the year (2019 - none).