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2022-12-31-accounts

Charity registration number 296966

TED ELLIS TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

TED ELLIS TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

A R Meadows R W Ellis S Meadows D J Hoare J N Wilson Mr R Hobbs (Appointed 6 April 2023)

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 - 16

TED ELLIS TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

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

2022 was a year of strong recovery after two challenging years of maintaining the Reserve during the Covid 19 pandemic during which time Wheatfen remained open under the strict supervision of the Warden Will Fitch and adhering to all legal protocols. Visitor numbers have continued to hold up well. In the Summer we said goodbye to our Trainee Assistant Warden Jordan Bowler, whose placement was made possible thanks to the generous support of the John and Pamela Salter Charitable Trust who wished to give a young person the opportunity to explore a career in conservation. Their continuing support enabled us to appoint Felix Dawson as his replacement on a year’s contract. Both Jordan and Felix were able to assist Will and the volunteers in the latest stage of the Trust’s programme to replace boardwalks and bridges throughout the Reserve using specially recycled plastic following the granting of planning permission by the Broads Authority. Work on all the Reserve’s new signage, information boards and leaflets was also completed. The Study Centre had its busiest year so far and was used extensively by various conservation and student groups. There was a full programme of events organised by the Warden. The Trust welcomed a new Trustee Richard Hobbs, a former director of the Norfolk Wildlife Trust.

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 2022 stands at £847,486(2021 : £974,213)

There has been a net unrealised loss of £117,951(2021: gain £58,468) and a realised loss on sale of £2,416(2021: gain £6,975).

TED ELLIS TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

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 Meadows D J Hoare J N Wilson Dr R Bulmer (Resigned 6 April 2023) Mr R Hobbs (Appointed 6 April 2023)

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

The trustees' report was approved by the Board of Trustees.

A R Meadows

Trustee

20 October 2023

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 2022.

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 2023

TED ELLIS TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestrict
ed
Restricted
funds
funds
2022
2022
Note
s
£
£
Income from:
Donations and
legacies
3
70,860
27,037
Other trading
activities
4
529
-
Investments
5
20,189
-
Total income
91,578
27,037
Expenditure on:
Raising funds
6
3,074
-
Charitable activities
Conservation
7
45,314
22,254
Education
7
8,663
2,555
Total charitable
expenditure
53,977
24,809
Total expenditure
57,051
24,809
Net gains/(losses) on
investments
11
(125,058)
-
Gross transfers
between funds
-
-
Net movement in
funds
(90,531)
2,228
Fund balances at 1 January
2022
1,243,291
2,772
Fund balances at 31
December 2022
1,152,760
5,000		 Total
Unrestrict
ed
Restricted
funds
funds
2022
2021
2021
£
£
£
97,897
224,520
35,000
529
915
-
20,189
15,172
-
118,615
240,607
35,000
3,074
3,833
-
67,568
41,808
32,815
11,218
7,053
2,446
78,786
48,861
35,261
81,860
52,694
35,261
(125,058)
65,442
-
-
(3,033)
3,033
(88,303)
250,322
2,772
1,246,063
992,969
-
1,157,760
1,243,291
2,772		 Total
2021
£
259,520
915
15,172
275,607
3,833
74,623
9,499
84,122
87,955
65,442
-
253,094
992,969
1,246,063

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 2022

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due
within one year
17
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
18
Unrestricted funds		 2022
£
£
171,475
847,485
1,018,960
-
9,996
130,866
140,862
(2,062)
138,800
1,157,760
5,000
1,152,760
1,157,760		 2021
£
£
107,863
974,213
1,082,076
3,495
8,835
153,920
166,250
(2,263)
163,987
1,246,063
2,772
1,243,291
1,246,063		 2021
£
£
107,863
974,213
1,082,076
3,495
8,835
153,920
166,250
(2,263)
163,987
1,246,063
2,772
1,243,291
1,246,063
1,082,076
163,987
1,246,063
2,772
1,243,291
1,246,063

The financial statements were approved by the Trustees on 20 October 2023

A R Meadows Trustee

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 amounts 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 2022

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. 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.

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, Boardwalks 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 the statement of financial activities.

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.

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.

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

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 payments 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 from 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.

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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.

Total 2021 £ 53,462 199,500 1,855 4,703 259,520 1,855 - 1,855
Restricted funds 2021 £ 35,000 - - - 35,000 - - -
Unrestrict ed funds 2021 £ 18,462 199,500 1,855 4,703 224,520 1,855 - 1,855
Total 2022 £ 51,489 30,000 12,037 4,371 97,897 5,917 6,120 12,037
Restricted funds 2022 £ 15,000 - 12,037 - 27,037 5,917 6,120 12,037
Unrestrict ed funds 2022 £ 36,489 30,000 - 4,371 70,860 - - -
Donations and legacies Donations and gifts Legacies receivable Grants Friends Subscriptions Grants receivable for core activities Rural Payment Agency - Environmental Stewardship Broads Authority
3

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

4
5
6		 Other trading activities
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Fundraising events
529
915
Investments
Unrestrict
ed
Unrestricted
funds
funds
2022
2021
£
£
Dividends
20,135
15,136
Interest receivable
54
36
20,189
15,172
Raising funds
Unrestrict
ed
Unrestrict
ed
funds
funds
2022
2021
£
£
Fundraising and publicity
Fundraising events costs
418
-
Investment management
2,656
3,833
3,074
3,833		 Other trading activities
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Fundraising events
529
915
Investments
Unrestrict
ed
Unrestricted
funds
funds
2022
2021
£
£
Dividends
20,135
15,136
Interest receivable
54
36
20,189
15,172
Raising funds
Unrestrict
ed
Unrestrict
ed
funds
funds
2022
2021
£
£
Fundraising and publicity
Fundraising events costs
418
-
Investment management
2,656
3,833
3,074
3,833
3,833
3,833

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

7 Charitable activities

7
Charitable activities
Conservation
Education
2022
2022
£
£
Staff costs
36,139
8,235
Maintenance work
4,824
-
Dredging/Dyke re-
profiling
6,120
-
Broadwalks
2,180
-
49,263
8,235
Share of support
costs (see note 8)
17,407
2,759
Share of
governance costs
(see note 8)
898
224
67,568
11,218
Analysis by
fund
Unrestricted funds
45,314
8,663
Restricted funds
22,254
2,555
67,568
11,218
8
Support costs
Support
costs
Governanc
e costs
£
£
Depreciation
3,036
-
Rent, insurance and
utilities
6,050
-
Administration costs
6,525
-
Bank charges
323
-
Other
4,232
-
Audit fees
-
720
Legal and professional
-
402
20,166
1,122
Analysed between
Charitable activities
20,166
1,122		 Total
2022
Conservation
Education
2021
2021
£
£
£
44,374
30,301
7,576
4,824
1,771
-
6,120
4,468
-
2,180
23,033
-
57,498
59,573
7,576
20,166
14,023
1,666
1,122
1,027
257
78,786
74,623
9,499
53,977
41,808
7,053
24,809
32,815
2,446
78,786
74,623
9,499
2022
Support
costs
Governanc
e costs
£
£
£
3,036
3,116
-
6,050
7,072
-
6,525
2,868
-
323
289
-
4,232
2,344
-
720
-
720
402
-
564
21,288
15,689
1,284
21,288
15,689
1,284		 Total
2021
£
37,877
1,771
4,468
23,033
67,149
15,689
1,284
84,122
48,861
35,261
84,122
2021
£
3,116
7,072
2,868
289
2,344
720
564
16,973
16,973

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

9 Trustees

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

10 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Warden 2 2
Employment costs 2022 2021
£ £
Wages and salaries 44,374 37,877

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

11 Net gains/(losses) on investments

Unrestrict Unrestrict
ed ed
funds funds
2022 2021
£ £
Revaluation of investments (117,953) 58,467
Gain/(loss) on sale of investments (7,105) 6,975
(125,058) 65,442

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

Total £ 194,293 66,648 260,941 86,430 3,036 89,466 171,475 107,863
Boats £ 3,929 - 3,929 3,929 - 3,929 - -
Office equipment and computers £ 955 544 1,499 955 136 1,091 408 -
Fixtures and fittings £ 1,336 - 1,336 1,336 - 1,336 - -
Plant and equipment £ 38,251 1,164 39,415 32,449 1,741 34,190 5,225 5,802
Sheds, Bridges, Boardwalks and Jetty £ 30,629 - 30,629 30,626 1 30,627 2 3
Freehold
Study Centre		 land and buildings £
£		 44,170
75,023		 64,940
-		 109,110
75,023		 -
17,135		 -
1,158		 -
18,293		 109,110
56,730		 44,170
57,888
Tangible fixed assets Cost At 1 January 2022 Additions At 31 December 2022 Depreciation and impairment At 1 January 2022 Depreciation charged in the year At 31 December 2022 Carrying amount At 31 December 2022 At 31 December 2021
13

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

14 Fixed asset investments

Cost or valuation
At 1 January 2022
Additions
Valuation changes
Disposals
At 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021
15
Stocks
Finished goods and goods for resale
16
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
17
Creditors: amounts falling due within one year
Other taxation and social security
Accruals and deferred income		 Listed
investments
£
974,213
49,467
(117,951)
(58,244)
847,485
847,485
974,213
2022
2021
£
£
-
3,495
2022
2021
£
£
3,007
3,007
6,989
5,828
9,996
8,835
2022
2021
£
£
621
722
1,441
1,541
2,062
2,263

TED ELLIS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds
Incoming
resources
Resources
expended
Transfers
£
£
£
Trainee
warden
funding
15,000
(12,228)
-
Boardwalk
funding
20,000
(23,033)
3,033
Scrub
Clearance
-
-
-
Dredging/
Dyke
-
-
-
35,000
(35,261)
3,033
Analysis of net assets between funds
Unrestrict
ed funds
Restricted
funds
2022
2022
£
£
Fund balances at 31
December 2022 are
represented by:
Tangible assets
171,475
-
Investments
847,485
-
Current assets/(liabilities)
133,800
5,000
1,152,760
5,000		 Movement in funds
Balance at
1 January
2022
Incoming
resources
Resources
expended
Balance at
31
December
2022
£
£
£
£
2,772
15,000
(12,772)
5,000
-
-
-
-
-
5,917
(5,917)
-
-
6,120
(6,120)
-
2,772
27,037
(24,809)
5,000
Total Unrestrict
ed funds
Restricted
funds
Total
2022
2021
2021
2021
£
£
£
£
171,475
107,863
-
107,863
847,485
974,213
-
974,213
138,800
163,987
-
163,987
1,157,760
1,246,063
-
1,246,063

19 Analysis of net assets between funds

20 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).