CHARITY REGISTrATION NUh18ER: 313398 The Elmgrant Trust Unaudited Financial Statements 31 March 2024 CHARLTON BAKER Chartered Accountants 61 Macrae Road, Ham Green, Bristol BS20 2DD The Elmgrant Trust Financial Statsments Yaar ended 31 March 2024 Pages 1to4 Trustees, annual report Independent examinerfs report to the trustees Statement of financial actlvities Statement of financial position Notes to the finanu.al statements 8t017 Page 1 The Elmgrant Trust Trustses. Annual Report Year ended 31 March 2024 The trustees wesent thelr report aThl th6 una￿alted financhql ststements of the TnJ8t for the yoar ended 31 March 2024. Roferenca and admlnlstrdtlv• d•tai18 Reglsterod charlty nam• The Elmgrant Trust Charfty reglstratlon number 313398 Princlpal offlce Elmhlrst Centre Dartington Hall Tolnes Devon TQ9 8EL Tho tru•tee$ M.B. Ash S. Young P.B. Elmhir8t M.R.W. Shaman - Chalrparson Commltto• of managomert A. Daftarl T. Lane Company seGr•tary Ms. P. Hodgkins Ind•p•ndont examingr Paul Crldland FCA 61 Macra8 Road, Ham Grean, Brfslol 8S20 2DD 8ank•rn Lloyds TSB Bank PIC 41 Courtenay Stre8t Newton Abbot Devon TQ12 2QW CAF Bank Ltmi18d PO Box 289 West MallSng Kent ME19 4JQ Inve8tsMent nmnagerd Investec 30 Gresham Street London EC2V 7QP Pag8 2 The Elmgrant Trust Trustses, Annual Report (¢ondDu6d) Y•ar énded 31 March 2024 51ructur•tr gov•mance and management The Elmgrant Trust was set up In 1936 by Dorothy Elmhirst, her husband Leonard and daughter Beatrice Stralght. Dorothy and Leonard were the founders of Dartington Hall In D8von, which was an experiment in rurdl regeneration and edu(%fjon. The Elmgrant Trust is (mtituted under a Trust Deed dated 17 November 1936. The Board of Trustees of up to seven individuals administers th8 Trust. New trustees and the Chalrperson are appointed by the Board of Tnjstees. Naw truste8s are found from the contacis and nelworks of exlstlng trustees. When recruiting new trustees the board I￿kS for Indtviduals wlth $kll￿ and experfence which are of value to the Trust 8niJ whlch 8re not repres8nted by existlng trustees. New trustee8 are provided with a pack of information Indudlng recent accounts, a copy of the TDJ8t Deed and vknation regardlng finances, govem8nce and charitable objèctiV88 IncludSng minut88 of the prevlous trustees. m88tlng. Most trust885 are highly experfenced Indlvkluals and have a good understanding of what18 Involved in belrvJ a trustee of a charlty. Where appropriate, the Tntst supi)orts the trainlng of trustees. The trustees meet Ihree timos a year to consAder recommendations for, and make final declslon8 on, the aw8rdlng of grants. The day to day adminlstraticn of gf8nts and the processing of appllcatbns prior to consideration by the trustees is delegated to the Chairperson who is supported by the Secretsry. Thg tDJstees wtho served the charlty dU(ll￿ the year wer8 as follows: M.B. Ash- Chairperson S. Young P.B. Etmhirst M.R.W. Shamian Under thè Tntst D*1 the number of tTUSteès 18 Ilmited to beiwoèn two and four. Objectlves and actfvttles The main objectives of thé Tnjst ar8 that its furKls are to b8 used for géneral charitable purposes wlth sp6cific 8mphasis on eduialonal actNilti88.The trusteas confimi that they have referred to the guidance contalned in the Charlty Commission s general guidance on public benefft w￿n revlowing lh8 Trusvs alms and Obj￿Ilve$ and In setting the grant maklng policy for th8 year. The Twst 16 fvnded by a capltal erKlowment b¥hKh is Invested In a variety of Investrnents porniitted under the Trust Deed and the tncome produced the￿froM Is utlllsed In furtherancA of the Trusys activiti88. Th8 Trust Is also permitted under Its Trust Dead to utlllse ts capital for furthering the Trusfs obiedives but, as a mattér of prathce, thls Is generally mlnimisad by the trusiees. Page J The Elmgrant Trust Trustees. Annual Roport (¢onttnu Y•ar ended 31 March 2024 Achl•vom8nts and prfornmnce The Trust makes grants to individuals resldlng wlthin the Southwest of England and to ¢xganisations within the Unlted Kingdom, wlth pref9rence being given to projects wlthln the South West. During the year 84 grants were made (2023 - 81). Further detalls of grants paid can bg obtslned from lh8 Trusfs secretary. Grant￿nakIng policy The Tn￿t has established Its grant maklng poficy to achieve its objects for the public l)enefL The Twst alms to make grants so that its total r&8ources expended are broadly in line with ts Incomlng resources. We revlew the grant making policy annualty to ensure that it reflects the chaiity'8 objeclive8 and thereby advances publlc banefit. Flnanolal revlew During the year, the Trust made grants. totalling £63,911 (2023: £55.415). Nots 10 to the accounts detslls Ihe type of grants paid. The Statement of financial artlvitles shows a net Invastrnent gaSn of £178,508 (2023 loss: £236,723) which has resulted in an overall funds gain for tho year of £146.540 (2023 Iosg: £265,417). At the year-end the funds totslled £2,827,134 (2023: £2.680,594). R•8eTve pollcy The charltys fre8 r888rv6s are represented by the unrestricted funds not ¢ommltted or Invested in tanglble fLxed assets. In addition, as noted above. the tnjstees of th& Trust do not regard the charltys Inveslments as availabl6 for spending but rather they aro held for the purpos88 of eamlng incom8 {Expend8ble Endowment Fund). Consequenty, investrnents are a180 not regarded as part of Ihe free reserves of ts TN8L Glven th8 nature of the Trusvs funding by investrnent income. the tru8tee8 balleve that th8 Trusfs free reserves should be betwefjn three and slx months, of the resources expended, which equales to £25.000 to £SO.IX)O. At the year-8nd the Tfusfs free reserves (nel Current assets) were wlthln thls rdnge. Inv•stThnts 8•1oction pollcy The Trust has wide powers of Investment wlth the Investments b8lng managed by professional Investment managers. The investments selecllon poKcy of the Trust is the responslbillty of the frusteos, acting with the advice of the investmeni managers. The trustees, prasent polÉcy is to maintain, in Ihe long-term, at least the Trusfs ￿ffent 18vel of Income whllst, to the extent Kwlble, achlevlng growth In tts capltal base. Rovl•w of major rt8k8 Thè trustees have reviewed the major rfsks of th8 Trusl and conduded that the prfm8ry rlsk Is that It8 income is dependent on the performarth of its stock n￿rket investments. This risk is managed by reg￿r monltoring of the In￿Me agai[￿t grant (x)mmitments and is twlew8d at 88ch meeting of the trustees. Other rlsks are mthgated as appropriats. Pay4 The Elmgrant Trust Trustses. Annual Report (¢onlbwodJ Year ended 31 March 2024 Plans for futur• perlod8 The Trust WIM contlnue to make grants from Its Income arKI Investrnwts In a(wnlance wlth Its Trust The trustees. annual report was approved ￿ 26h October 2024 and signed on bthll of the board of trustees M.B. Ash Trusts8 - Ch8irp8rson .Ji Page S The Elmgrant Trust Independent Examlnofs Roport to th• Trustees of The Elmgrant Trust Y•ar endèd 31 March 2024 I report to the trustees on my examlnation of th8 finarKial ststements of The Elmgrant Trust Cthe Trust,) for the year ended 31 K1rGh 2024. R•$ponslblllttes and basls of rewt As the truslees of the Trust Y￿ a￿ responsible for the prèparatlon of Ihe financlal statements In acconlance with the requlrements of the Charittes Act 2011 ('the Acr). I report in respect of ry examinalion of Ihe Tn￿tS finand81 ststements carried out under section 145 of the 2011 Act and In carrying ¢xrt my examination I have followed all the appllcable. DIrecti￿S given by the Charity Commissk)n under seclK)n 145(5Xb) of the Act. Jndgpondont •xamln•rf8 statom I have completed my examination. I confirni that no matoiial matters have come to my attention'in connection wlth the examinatk)n gfvlng me ￿u60 to believe that in arty mat8rk?t respecL' accounfjng records were not kept in respecl of Trust as required by section 130 of the the financial statements do not accord with those r8¢ords; or the financial statements do not compty with tha applicable requkements concaming the fomi and content of ac4J)unts set out in the Charities {Ac Recon¢lllath>n of funds Total funds brought fo￿rd Total fvnds carrled fonward. 41.693 2.638,901 2.6BO,594 2.946.011 2,827.134 2.680,594 41,774 2.785,360 Tha statement of financial aclivilies indudes all gains and losses recognlsed In the year. All Income and oxpendlture derfve from contlnuing athltlès. All of the al)ove resulis are derived from cNrtinuifVJ activilies. All galns and losses recognlsed in the year are induded above. The Sufplus for th8 year comptsing the I￿t expendiiure plus reallsad gair on Investments of £178.508 (2023 h)sses: £236,723). Th• not•s on pagm 8 to 17 forni port dth08• Ilnanclal stat•m•nts. Page 7 The Elmgrant Trust Statsmont of Flnanclal Position 31 March 2024 2024 21Y23 Flxed assets Tangible fixed assets Invesbnents 17 150 18 2.781,979 2.782.129 200 2,632.596 2,632.796 Current as80ts Debtors Cash at bank and in hand 19 12,118 39,276 51.394 15,042 38,946 53,988 Crndltorn: amounts falllng duo wEthin on• y•ar Not curTont asgots 6.389 6.190 45,005 47.798 Total amets less current Ilabllltl•s 2,827,134 1827.134 2,680,594 2,680,594 Funds of th• charlty Endowment ￿ndS Unresblcted funds 2.785.360 2,638,901 41.774 41,693 2,827.134 2,680,594 T¢)tal Charlty fund8 These financial statements were approved ty the board of tntste8s and aUth￿lsed for issue on 26th October 2024. and are slgned on behalf of the board by: .Ash Trustse - Chairperson Th• nokn on p•gg0 8 to 17 fonm part of th￿0 flnanclal st4t•m•n Page B The Elmgrant Trust Notss to tho Financlal Statements Year •ndod 31 March 2024 Genwal InfornMtlon The Trust is a public benéfit enoty and a registered Charity In England and Wales arKI is uninCo￿K)￿at￿fj. The address of the principal Offi￿ is EIMhi￿t Centr8. Dartwigton Ham. Totnès. Devon. TQ9 GEL. Statement of compllanc• These financial statements have been prepared in compliance with FRS 102, The Financl81 Reportuw Star￿ard app￿cable in the UK and the Republic of Irelanrf. the Statement of Recommended Practic8 applk£ble to chafitles prep￿ing their a(zounts In aC(￿rdar￿e wilh the FlnancEal Reportlng Standard applicable In the UK and Republic of Ifeland (FRS 102) (Charltias SORP (FRS 102)) and the CharIti￿ Act 2011. Basls of proparatlon The finatthl slatements have been prepared on the hlstorical cost basts, as modlfied by the revaluation of certain firrancial assets and liabilities and inveslment properties Measured at tdir value through Income or expenditure. The financial stat8m8nt8 ar6 prepared In sterllng, which Is the functional CUTrency of th8 antty. Golng concern There are no materlal uncertaintses abwt Ihe charltys ablllty to conlinue. Judgemonts and key Sour￿ of •￿mallOn un￿rtaInty Accounting estlmates and assumptions are made conceming the future and, by their nature, WHI rarety equal the related actual oulcome. The key assumptlons and other sources of estlmation uncertainty that tr￿¥0 a signifKant rfsk of causing a matsrial adjustment to Ihe carrying amounts of assets and liabilities within the next financial year are as follows: Useful o￿n0M￿ life of fixed assets. Fund aceounllng Unrestricted funds are available for use at discretion of the trustees to further any of the chafitys purposes. The erxlowmert fund is an expendable fund that shows the Income from. and change in valué of, the trusfs Inveslments. Investment management fees relating to lh6 fund are charged against the ftmd. Althwgh the endo%*ment fvnd Is unrestricted, the tnjstees alm to mainlain the ffijnd In order to generats firtU￿ Incoming re80urces. That part of the fvnd which the trustees use for other purposes is transferred to the unrestrlcted fun Pap9 The Elmgrant Trust Notes to the Financlal Statements (conthu Year ended 31 March 2024 Accounllng polklos Incomlng resources All income Is induded in the statement of financial actsvitses when antillement has passed to the charity, it Is probable that the economic benefrts associated wlth the transaction will Ilow to the charity and the amount can be rellabty measured. The following specific p￿￿leS are applied to particular categories of income: - invesknent income Is dlvklends and Interest C)n 8ecurili8s and are accounted for when the securfues are quoted ex-divfflend. Interest re(8ivable is accounted for on an accruals basls. - Income frcrfn donations is recognlsed when there Is evldence of entittement to the gift, rec*ipt is probable and its amount can be measured reliabty. Rosources oxpondod Expendlture Is recognlsed on an accruals basis as a liability is incurred. Expenditure Includes any VAT whi¢h cannol bo fully recovered. and is dasslfied under headings of the ststsment of financial adivitses to which it relates.. - expenditure on raising funds represents Ihose c08ts attfibulabl& to managlng the investmont rM)rtfolio and raising investment income, primarily investsnent management fe88 and 8UPPOrt - expendlture on charltablo acllviti8s Includes all costs incurred by the thaTity In undertaking activitles that further its charitable aims for the benefft of Its beneficiafles, hthding those suppNt costs and costs relating lo the govemance of fhe charity apporlioned to charitable aclivit*s.Grants are Included in Ihls category when they have been uncondlttonamy approved by Ihe trustses and th8 beneficiaries have been infomwd. The value of any suth grdnts unpald at Ihe ye8f•id are a(wed in Ihe balan¢e sheet. Jy•J AII ¢08ts aro allocated to expenditure catsgories reflecllng the use of resource. Direct costs attributabl8 io a single aGtswty are allocated direclly lo that activty. Shared costs are apprortion beiween the a(livities they contribute to on a reasonabl&, Ju8tsllable consistent basis. Tanglbh ass•ts All fixed assets are Initially recorded at cosL Dèproclatlon Depreciation 18 calculated so as to write off the cost or valuation of an assec less its residu81 value, over the useful economic Ilfe of that asset 8s follows: Computers 25% 8tralght lin6 Investhwnts Unlisted equty invesiments are inltialty recorded at cost, and subsequenty measured at fair value. If fair value cannot be reliably mea8ured, a&8ets are measured at cx)st18ss impairrn8nL Listed investrnerts are measured at fair value wlth changes in fair value being rec4)gni8ed in in(xxno or expenditure. Pag• 10 The Elmgrant Trust Notss to the Financial Statsmonts (¢onom￿ Year ended 31 March 2024 Flnanclal Instrumènts A financial asset or a financial liabilty is recognised only when the enllty becomes a paty to the contradual provislons of the instrumenL Basic finandal Instruments are Inltialty ￿COgniS8d at the amount recelvabte or payable including any re￿ted transactti)n costs. unless the arrang￿n￿rt constlbjtes a financing transadlon, wtsre It Is reo)gnlsed at the prèsent value of the future payments dlscounled at a marf(et rate of interest for a slmllar debt InstrumenL Current assets and current liabililles are subsequenlly mpasurnd at the cash or other conslderaiion expected to be paid or received and not discounted. Debt instrum6nL8 ar8 sutwuenty measured at amortlsed o)st. Dafimd contrlbullon planj Contslbutions to defir￿d coniribution plans are recogni88d as an 6XP8nse in the peri(xl in which the related service is provid￿1. Prepald contribulions are recognised as an a&set to Ihe extent that the prepayment will lead to a reduction in fuiure payments or a cash refiJn(L Oth¢r tradlng acdvlUe$ Unrestriciéd Total Funds Unrestrlcted Total Funds Funds 2024 Funds 2023 Rentel Income 1.396 1,396 & fnvthnt In¢ome Unrestr1￿ Endoiyment Total Funds Funds Fun(ts 2024 Incomg Ilsted invesknents Bank interest r8celvable 74,084 74,084 673 673 673 74.084 74.757 Unrestrlcted Endowment Totsl Funds Funds Funds 2023 Income from ftsted knvesknents Bank interest recefvabL8 68,843 175 175 175 69.018 Pago11 The Elmgrant Trust Notes to the Flnanclal Statements {wrtkn Year ended 31 Mar¢h 2024 In￿stmOnt management costs Endowment Tolal Funds Endowment Totsl Funds Funds 2024 Funds 2023 Portlollo management 19,133 19,133 20,068 Expendllur• on charftabh actlvltles by fund typ• Unrestricted Totsl Funds Unrestrlcted Totsl Funds Funds 2024 Funds 2023 Education and educational research Arts and arts research Social sciences and s¢len¢e Pensbns and compassionate Support costs 11.166 17,242 17,150 18.353 25,077 88,988 11,166 17,242 17.150 18.353 25.077 12,388 3,440 13,593 25,994 22.229 12.388 3.440 13,593 25,994 22,229 88.988 Expondlture on charltabla a¢tivlllo8 by actlvlty type Activilies undertaken dlrecty Support costs Total fvnds 2024 Totsl fund 2023 Educatlon and edu(xUonal research Arts and arts research Sodal sctences 2nd sclence Pensions and Compa￿Onate Governance costs 11.166 17,242 17,150 18,353 2,757 4,255 4.234 13,923 21,497 21,384 22,883 9,301 15.183 6,214 16,951 31,880 7,416 9.301 63,911 25,077 88.988 *al Cost At 1 Aprfl 2023 and 31 March 2024 DepreCts￿on At 1 April 2023 Charge for Ihe year At 31 March 2024 2,195 2,195 1.995 1,995 2,045 Carrylng amount At 31 Mar¢h 2024 150 150 At 31 March 2023 200 The fixed assets are u$8d for management and adminislration puws. Page 15 The Elmgrant Trust Notes to the Financial Statsments Icon¢ Year ended 31 March 2024 18. Inveslments Cash or cash Llsted 8quivalents Investmonts Total Cost or valuatlon At 1 Aprll 2023 Additions Disposals Fair value movements Other movements 35,226 2,597.370 2,632,596 2,084,548 2.084.546 (2,125,720) {2,12&720) 178,508 178,508 12,049 1781,979 12,049 47,275 At 31 March 2024 2,734,704 Impalrnient .11 At l Aprll 2023 and 31 March 2024 Carrylng amount At 31 March 2024 47,275 35.226 2,734,704 2,597,370 2.781,979 2,632,596 At 31 March 2023 All investments shown above are held at Va￿￿tiOn. Flnanclal as0•ts held at falr value The fair value of Ilsted investrnents is determined by rèferen￿ to the quoted price for identiral assets in an aclive market at the balan￿ sh88t dat8. 19. Debtors 2024 2023 Prepayments and accrued Income 12.118 15.042 20. Cr￿lt0￿. amounts lalllng du• wlthln ono y•ar 2024 2023 Accruals and deferred income Social security aryj other taxes Oiher credltors 6.060 139 130 6.190 21. Penslons and ¢)th•r posl4•tlr•m?nt bonefits Defined contrlbutlon plan8 The arnount reujgnised in Inco￿ or exp￿KIlLur8 as an expense Tn relation to defined contslbulion plans was £432 <2023: £395). Page16 The Elmgrant Trust Not•s to the Flnanclal Statements (¢onthu•d) ff.ryi-Il', r4.T 'fl£T¥P9-h,. Year endéd 31 March 2024 22. Analysls of ¢harltablo lunds Unroslrlctsd funds Galns and At losses 31 Mar 2024 1 Apr 2023 Income Expendfture Tfansfers General funds 41,693 2.069 (88,988) 87.000 41.774 Galns and losses 31 Mar 2023 l Apr 2022 Inwme Expendlture Transfers General funds 32.162 175 (77.644) 87,000 41,693 Gains and At losses 31 Mar 2024 1 Aw 2023 Incom& Expendlture Transfe EX￿ndable Endowment FuThl - Capital Fund 2.638,901 74.084 {19,133) (87,000) 178,508 2.785,360 Gains and losses 31 Mar 2023 1 Apr 2022 Income Expenditure Trnnsfef8 ' Expendable Endowmant Fund - Capital Fund 2,913,849 (20.068) (87,000) (236,723) 2.638,￿1 er.i) Pay17 The Elmgrant Trust Notss to the Flnanclal Statements l¢Mthu•d) Year ended 31 March 2024 23. Anaty818 of not assets betwe•n fvnds Unrestricte(l EndLwnnent Totsl Funds Funds Funds 2024 Tangibl8 fixed assets Investments Current assets Creditors less than 1 year Net assets 150 2,365 45,648 (6,389) 41,774 150 1781.979 51.394 16,389) 2.827.134 2,779.614 5,746 2,785.360 Unrestricted Endowment Total Funds FurKIs Funds 2023 Tangible fixed assets Investments Current assets Credltors lass than 1 year N•t as•0ts 21)0 2,365 45,318 (6,190) 41.693 2,630,231 8,670 2,632,596 53,988 (6,190) 2,680.594 2,638,901 24. Flnanclal instruments The carrying amount for each category of financlal instrnmenl Is as follows: 2024 2023 Flnanclal assets m•a8ur•d at falr value through In¢ome and oxpondiiure Flxed assets inv8stments 2.781,979 2,632,596 ri .)i.tJkti'. s¥r.•