CHARITY REGISTRATION NUMBER: 313398 

## The Elmgrant Trust 

Unaudited Financial Statements 31 March 2025 

CHARLTON BAKER (BRISTOL) LTD Chartered Accountants 

61 Macrae Road, Ham Green, Bristol BS20 ODD 

## The Elmgrant Trust 

## Financial Statements 

## Year ended 31 March 2025 

||Pages|
|---|---|
|Trustees’ annual report|1to4|
|Independentexaminer's reporttothetrustees|5|
|Statementoffinancial activities|6|
|Statementoffinancial position|7|
|Notestothefinancialstatements|8to17|



Page 1 

## The Elmgrant Trust 

## Trustees’ Annual Report 

## Year ended 31 March 2025 

## ee 

The trustees present their report and the unaudited financial statements of the Trust for the year ended 31 March 2025. 

## Reference and administrative details 

|Registered charity name|The ElmgrantTrust|The ElmgrantTrust|
|---|---|---|
|Charity registration number|313398||
|Principal office|Elmhirst Centre||
||Dartington Hall||
||Totnes||
||Devon||
||TQ9 6EL||
|The trustees|M.B. Ash|- Chairperson|
||S. Young||
||P.B. Elmhirst||
||M.R.W. Sharman||
|Committee ofmanagement|A. Daftari||
||T. Lane||
|Companysecretary|Ms. Pam Hodgkins||
|Independent examiner|Paul Cridland FCA||
||61 Macrae Road, Ham Green, Bristol||
||BS20 ODD||
|Bankers|LloydsTSB Bank Plc||
||41 Courtenay Street||
||Newton Abbot||
||Devon||
||TQ12 2QW||
||CAF Bank Limited||
||PO Box 289||
||West Malling||
||Kent||
||ME19 4JQ||
|Investmentmanagers|Investec||
||30 Gresham Street||
||London||
||EC2V7QP||



Page 2 

## The Elmgrant Trust 

## Trustees’ Annual Report (continued) 

## Year ended 31 March 2025 

## Structure, governance and management 

The Elmgrant Trust was set up in 1936 by Dorothy Elmhirst, her husband Leonard and Dorothy's daughter Beatrice Straight. Dorothy and Leonard were the founders of Dartington Hall in Devon, which was an experiment in rural regeneration and education. 

The Elmgrant Trust is constituted under a Trust Deed dated 17 November 1936. 

The Board of Trustees of up to seven individuals administers the Trust. New trustees and the Chairperson are appointed by the Board of Trustees. New trustees are found from the contacts and networks of existing trustees. When recruiting new trustees the board looks for individuals with skills and experience which are of value to the Trust and which are not represented by existing trustees. New trustees are provided with a pack of information including recent accounts, a copy of the Trust Deed and information regarding finances, governance and charitable objectives including minutes of the previous trustees’ meeting. 

Most trustees are highly experienced individuals and have a good understanding of what is involved in being a trustee of a charity. Where appropriate, the Trust supports the training of trustees. 

The trustees meet three times a year to consider recommendations for, and make final decisions on, the awarding of grants. The day to day administration of grants and the processing of applications prior to consideration by the trustees is delegated to the Chairperson who is supported by the Secretary. 

The trustees who served the charity during the year were as follows: 

M.B. Ash - Chairperson S. Young P.B. Elmhirst M.R.W. Sharman 

Under the Trust Deed the number of trustees is limited to between two and four. 

## Objectives and activities 

The main objectives of the Trust are that its funds are to be used for general charitable purposes with specific emphasis on educational activities. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in setting the grant making policy for the year. 

The Trust is funded by a capital endowment which is invested in a variety of investments permitted under the Trust Deed and the income produced therefrom is utilised in furtherance of the Trust's activities. The Trust is also permitted under its Trust Deed to utilise its capital for furthering the Trust's objectives but, as a matter of practice, this is generally minimised by the trustees. 

Page 3 

## The Elmgrant Trust 

## Trustees’ Annual Report (continued) 

## Year ended 31 March 2025 a 

## Achievements and performance 

The Trust makes grants to individuals residing within the South West of England and to organisations within the United Kingdom, with preference being given to projects within the South West. 

During the year 103 grants were made (2024 - 84). Further details of grants paid can be obtained from the Trust's secretary. 

## Grant-making policy 

The Trust has established its grant making policy to achieve its objects for the public benefit. The Trust aims to make grants so that its total resources expended are broadly in line with its incoming resources. We review the grant making policy annually to ensure that it reflects the charity's objectives and thereby advances public benefit. 

## Financial review 

During the year, the Trust made grants, totalling £85,375 (2024: £63,911). Note 10 to the accounts details the type of grants paid. 

The statement of financial activities shows a net investment loss of £7,561 (2024 gain : £178,508) which has resulted in an overall funds gain for the year of £39,339 (2024 : £146,540). At the year-end the funds totalled £2,866,473 (2024 : £2,827,134). 

## Reserve policy 

The charity's free reserves are represented by the unrestricted funds not committed or invested in tangible fixed assets. In addition, as noted above, the trustees of the Trust do not regard the charity's investments as available for spending but rather they are held for the purposes of earning income (Expendable Endowment Fund). Consequently, investments are also not regarded as part of the free reserves of the Trust. 

Given the nature of the Trust's funding by investment income, the trustees believe that the Trust's free reserves should be between three and six months of the resources expended, which equates to £25,000 to £50,000. At the year-end the Trust's free reserves (net current assets less restricted fund balance) were broadly in line with this range. 

## Investments selection policy 

The Trust has wide powers of investment with the investments being managed by professional investment managers. The investments selection policy of the Trust is the responsibility of the trustees, acting with the advice of the investment managers. The trustees' present policy is to maintain, in the long-term, at least the Trust's current level of income whilst, to the extent possible, achieving growth in its capital base. 

## Review of major risks 

The trustees have reviewed the major risks of the Trust and concluded that the primary risk is that its income is dependent on the performance of its stock market investments. This risk is managed by regular monitoring of the income against grant commitments and is reviewed at each meeting of the trustees. Other risks are mitigated as appropriate. 

Page 4 

## The Elmgrant Trust 

Trustees’ Annual Report (continued) 

## Year ended 31 March 2025 

## Plans for future periods 

The Trust will continue to make grants from its income and investments in accordance with its Trust Deed. 

The trustees’ annual report was approved on 25" October 2025 and signed on behalf of the board of trustees by: 


**----- Start of picture text -----**<br>
QnKOA<br>eae - Chairperson NH “ois<br>**----- End of picture text -----**<br>


Page 5 

## The Elmgrant Trust 

## Independent Examiner's Report to the Trustees of The Elmgrant Trust 

## Year ended 31 March 2025 

| report to the trustees on my examination of the financial statements of The Elmgrant Trust (‘the Trust’) for the year ended 31 March 2025. 

Responsibilities and basis of report 

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

| report in respect of my examination of the Trust's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## Independent examiner's statement 

| have completed my examination. | 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: 

   1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 

2. the financial statements do not accord with those records; or 3. the financial statements 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. 

| 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. 

Paul Cridland FCA Independent Examiner 

61 Macrae Road, Ham Green, Bristol BS20 ODD 

29" October 2025 

Page 6 

## The Elmgrant Trust 

## Statement of Financial Activities 

## Year ended 31 March 2025 nett era TE aN 

||||2025|2025||2024|
|---|---|---|---|---|---|---|
|||Unrestricted<br>funds|Restricted<br>funds|Endowment<br>funds|Totalfunds|Total funds|
|Note||£|£|£|£|£|
|Income and endowments<br>Donationsand legacies<br>Othertrading activities<br>Investment income|4<br>5<br>6|-<br>1,395<br>723|100,000<br>=<br>1,822|-<br>-<br>74,493|100,000<br>1,395<br>77,037|-<br>1,396<br>74,757|
|Total income||2,118|101,822|74,493|178,432|76,153|
|Expenditure|||||||
|Expenditure on raising funds:|||||||
|Investment<br>management costs|7|-|—|19,763|19,763|19,133|
|Expenditure on<br>charitable activities|8,9|98,747|13,023|-|111,769|88,988|
|Total expenditure||98,747|13,023|19,763|131,532|108,121|
|Net (losses)/gains on<br>investments|12|-|-|(7,561)|(7,561)|178,508|
|Net income||(96,629)|88,799|47,169|39,339|146,540|
|Transfers between funds||102,000|-|(102,000)|-|-|
|Netmovement infunds||5,371|88,799|(54,831)|39,339|146,540|
|Reconciliation offunds<br>Total funds broughtforward||41,774|-|2,785,360|2,827,134|2,680,594|
|Totalfundscarriedforward||47,145|88,799|2,730,529|2,866,473|2,827,134|



The statement of financial activities includes all gains and losses recognised in the year. Allincome and expenditure derive from continuing activities. 

All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above. The surplus for the year comprising the net income less realised losses on investments of £7,561 (2024 gains: £178,508). 

The notes on pages8 to 17 form part of these financial statements. 

Page 7 

## The Elmgrant Trust 

## Statement of Financial Position 

## 31 March 2025 


**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|2025|2024|
|Note|£|Ei:|
|TangibleFixed|assets fixed assets|18|100|150|
|Investments|19|2,726,295|2,781,979|
|2,726,395|2,782,129|
|CurrentDebtors|assets|20|12,971|12,118|
|Cash|at bank and|in hand|133,580|39,276|
|146,551|51,394|
|Creditors:|amounts falling due within one year|21|6,473|6,389|
|Net current assets|140,078|45,005|
|Total assets|less current|liabilities|2,866,473|2,827,134|
|Net assets|2,866,473|2,827,134|
|FundsEndowmentof|the fundscharity|2,730,529|2,785,360|
|Restricted funds|88,799|-|
|Unrestricted funds|47,145|41,774|
|Total charity funds|23|2,866,473|2,827,134|

**----- End of picture text -----**<br>


These financial statements were approved by the board of trustees and authorised for issue on 25th October 2025, and are signed on behalf of the board by: 


**----- Start of picture text -----**<br>
M.B. Ash - Chairperson<br>Trustee<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
—<br>**----- End of picture text -----**<br>


The notes on pages 8 to 17 form part of these financial statements. 

Page 8 

## The Elmgrant Trust Notes to the Financial Statements Year ended 31 March 2025 

## 4. General information 

The Trust is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Elmhirst Centre, Dartington Hall, Totnes, Devon, TQ9 6EL. 

## 2. Statement of compliance 

These financial statements have been prepared in compliance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102)) and the Charities Act 2011. 

## 3. Accounting policies 

## Basis of preparation 

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. 

The financial statements are prepared in sterling, which is the functional currency of the entity. 

## Going concern 

There are no material uncertainties about the charity's ability to continue. 

## Judgements and key sources of estimation uncertainty 

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: 

Useful economic life of fixed assets. 

## Fund accounting 

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. 

The endowment fund is an expendable fund that shows the income from, and change in value of, the trust's investments. Investment management fees relating to the fund are charged against the fund. Although the endowment fund is unrestricted, the trustees aim to maintain the fund in order to generate future incoming resources. 

That part of the fund which the trustees use for other purposes is transferred to the unrestricted fund. 

Page 9 

## The Elmgrant Trust Notes to the Financial Statements (continued) Year ended 31 March 2025 

## 3. Accounting policies (continued) 

## Incoming resources 

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: 

- investment income is dividends and interest on securities and are accounted for when the securities are quoted ex-dividend. Interest receivable is accounted for on an accruals basis. 

- income from donations is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. 

## Resources expended 

Expenditure is recognised on an accruals basis asa liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: 

- expenditure on raising funds represents those costs attributable to managing the investment portfolio and raising investment income, primarily investment management fees and support costs. 

- expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.Grants are included in this category when they have been unconditionally approved by the trustees and the beneficiaries have been informed. The value of any such grants unpaid at the year-end are accrued in the balance sheet. 

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apprortioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 

## Tangible assets 

All fixed assets are initially recorded at cost. 

## Depreciation 

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: 

## Computers 

- 25% straight line 

## Investments 

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. 

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. 

Page 10 

## The Elmgrant Trust 

## Notes to the Financial Statements (continued) 

## Year ended 31 March 2025 

## 3. Accounting policies (continued) 

## Financial instruments 

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. 

Debt instruments are subsequently measured at amortised cost. 

## Defined contribution plans 

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. 

## 4. Donations and legacies 

|4.|Donations and legacies|||||
|---|---|---|---|---|---|
|||Restricted <br>Funds<br>£|Total Funds<br>2025<br>£|Restricted<br>Funds<br>£|Total Funds<br>2024<br>£|
||Grants<br>HoweGreenTrust|100,000|100,000|-|-|
|5.|Othertrading activities|||||
||Rentalincome|Unrestricted <br>Funds<br>£<br>1,395|Total Funds<br>2025<br>£<br>1,395|Unrestricted<br>Funds<br>E<br>1,396|Total Funds<br>2024<br>£<br>1,396|
|6.|Investment income|||||
||Incomefrom listedinvestments<br>Bank interestreceivable|Unrestricted<br>Funds<br>£<br>-<br>723<br>723|Restricted<br>Funds<br>£;<br>-<br>1,822<br>1,822|Endowment <br>Funds<br>£<br>74,493<br>-<br>74,493|Total Funds<br>2025<br>£<br>74,493<br>2,544<br>77,037|



Page 11 

The Elmgrant Trust 

## Notes to the Financial Statements (continued) 

## Year ended 31 March 2025 

## reett 6. Investment income (continued) 

|||Unrestricted|Restricted|Endowment|Total Funds|Total Funds|
|---|---|---|---|---|---|---|
|||Funds|Funds|Funds||2024|
||Income<br>from listed investments<br>Bank interest receivable|£<br>-<br>673|£<br>-<br>-|£<br>74,084<br>=||£<br>74,084<br>673|
|||673|-|74,084||74,757|
|7.|Investment management costs||||||
|||Endowment|Total Funds|Endowment|Total Funds||
|||Funds|2025|Funds||2024|
||Portfolio management|£<br>19,763|£<br>19,763|£<br>19,133||£<br>19,133|
|8.|Expenditure on charitable activities byfund type||||||
||||Unrestricted|Restricted|Total|Funds|
||||Funds|Funds||2025|
||||£|£||£|
||Education and educational research<br>Artsand arts research<br>Social sciences and science<br>Pensions and compassionate<br>Support costs||7,405<br>23,081<br>27,091<br>14,775<br>26,395|13,023<br>-<br>~<br>~<br>-||20,428<br>23,081<br>27,091<br>14,775<br>26,394|
||||98,747|13,023|111,769||
||||Unrestricted|Restricted|Total Funds||
||||Funds|Funds||2024|
||||£|£||£|
||Education and educational research||11,166|-||11,166|
||Arts and arts research||17,242|_||17,242|
||Social sciences and science||17,150|-||17,150|
||Pensions and compassionate||18,353|-||18,353|
||Support costs||25,077|-||25,077|
||||88,988|=||88,988|
|9.|Expenditure on charitable activities by activitytype||||||
|||Activities|||||
|||undertaken||Total funds|Total fund||
|||directly Support costs||2025||2024|
|||£|£|£||£|
||Education and educational research<br>Arts and arts research<br>Social sciences and science<br>Pensionsand compassionate<br>Governance costs|20,428<br>23,081<br>27,091<br>14,775<br>-|3,996<br>4,515<br>5,299<br>2,890<br>9,694|24,424<br>27,596<br>32,390<br>17,665<br>9,694||13,923<br>21,497<br>21,384<br>22,883<br>9,301|
|||85,375|26,394|111,769||88,988|



8. Expenditure on charitable activities by fund type 

## 9. Expenditure on charitable activities by activity type 

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a e a = = 

Page 13 

## The Elmgrant Trust 

## Notes to the Financial Statements (continued) 

## Year ended 31 March 2025 

## eee 

## 11. Analysis of grants 


**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|2025|2024|
|£|£|
|Grants|to|institutions|
|Grants|to|institutions|75,069|61,654|
|Grants|to|individuals|
|Grants|to|individuals|10,306|2,257|
|Total|grants|85,375|63,911|

**----- End of picture text -----**<br>


During the year 93 (2024:78) grants were paid to institutions. 10 grants were paid to individuals (2024: 6). The major grants paid to institutions of £2,000 and over in the year were: 


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|Betonica|Herbal|Medicine|CIC|for Jemma Adams|£3,000|
|Stephen|Hailes|(Training|Solomon|Uzoegbu)|£2,600|
|Southwest|Heritage|Trust|for archive|of DHT|£2,000|
|Totnes|with|Bridgetown|PCC|with|St|Mary's|Church|£2,000|
|Arts|Dept|Dartington|Hall|Trust|£2,500|

**----- End of picture text -----**<br>


A breakdown of grants payable to institutions can be obtained from the Trust's secretary. 

## 12. Net (losses)/gains on investments 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|Endowment|Total|Funds|Endowment|Total|Funds|
|Funds|2025|Funds|2024|
|E|£|£|£|
|Gains/(losses)|on|other|investment|
|assets|(7,561)|(7,561)|178,508|178,508|
|13.|Net|income|
|Net|income|is|stated|after|charging/(crediting):|
|2025|2024|
|£|£|
|Depreciation|of tangible|fixed|assets|50|50|
|14.|Independent examination|fees|
|2025|2024|
|£|&|
|Fees|payable|to|the|independent|examiner|for:|
|Independent|examination|of the|financial|statements|1,560|1,500|

**----- End of picture text -----**<br>


Page 14 

## The Elmgrant Trust 

## Notes to the Financial Statements (continued) 

## Year ended 31 March 2025 

## 15. Staff costs 

|Staff costs|Staff costs|Staff costs|
|---|---|---|
|Thetotalstaffcostsandemployee benefits forthe reporting period areanalysed asfollows:<br>2025<br>2024|||
||£|£|
|Wagesand salaries<br>Employercontributions topension plans|15,145<br>227|14,399<br>432|
||15,372|14,831|
|The average head count ofemployees during the yearwas 1 (2024: 1). The average numberof<br>full-timeequivalentemployees during theyear isanalysed asfollows:<br>2025<br>2024|||
|Administrativestaff|No.<br>1|No.<br>1|



No employee received employee benefits of more than £60,000 during the year (2024: Nil). 

## 46. Trustee remuneration and expenses 

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 

During the year 1 (2024 - 1) trustees received £124 (2024 - £137) for travel and subsistence expenses. 

## 17. Transfers between funds 

Funds transferred is the sum drawn down from the investment portfolio during the year. 

## 18. Tangible fixed assets 

|Tangible fixed assets|||
|---|---|---|
||Equipment<br>£|Total<br>£|
|Cost<br>At 1 April 2024and 31 March2025|2,195|2,195<br>7|
|Depreciation<br>At 1 April 2024<br>Charge fortheyear|2,045<br>50|2,045<br>50|
|At 31 March 2025|2,095|2,095|
|Carrying amount<br>At 31 March 2025|100|100|
|At31March2024|150|150|



The fixed assets are used for management and administration purposes. 

Page 15 

## The Elmgrant Trust 

## Notes to the Financial Statements (continued) 

## Year ended 31 March 2025 

## 19. Investments 

|||Cash or cash|Cash or cash|Listed||
|---|---|---|---|---|---|
|||equivalents||investments|Total|
|||£||£:|z|
||Cost or valuation|||||
||At 1 April 2024|47,275||2,734,704|2,781,979|
||Additions<br>Disposals||-<br>-|725,441<br>(763,535)|725,441<br>(763,535)|
||Fair value movements||-|(7,561)|(7,561)|
||Other movements|(10,029)||-|(10,029)|
||At 31 March 2025|37,246||2,689,049|2,726,295|
||Impairment|||||
||At 1 April 2024 and 31 March 2025||||-|
||Carrying amount|||||
||At 31 March 2025|37,246||2,689,049|2,726,295|
||At 31 March 2024|47,275||2,734,704|2,781,979|
||All investments shown above are held at valuation.|||||
||Financial assets held at fair value|||||
||The fair value of listed investments is determined by|reference|to the quoted price||for identical|
||assets in an active market at the balance sheet date.|||||
|20.|Debtors|||||
|||||2025|2024|
|||||£|£|
||Prepayments and accrued income|||12,971|12,118|
|21.|Creditors: amounts falling due within one year|||||
|||||2025|2024|
|||||£|£|
||Accruals and deferred income|||6,473|6,060|
||Social security and othertaxes<br>Other creditors|||-<br>-|190<br>139|
|||||6,473|6,389|



The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date. 

## 20. Debtors 

## 22. Pensions and other post retirement benefits 

## Defined contribution plans 

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £227 (2024: £432). 

Page 16 

## The Elmgrant Trust 

## Notes to the Financial Statements (continued) 

## Year ended 31 March 2025 a 

## 23. Analysis of charitable funds 

|Unrestricted funds|At||||Gains and|At|
|---|---|---|---|---|---|---|
|1 <br>General funds|Apr2024<br>£<br>41,774|Income Expenditure<br>£<br>£<br>2,118<br>(98,747)||Transfers<br>£<br>102,000|losses31 <br>£<br>-|Mar2025<br>£<br>47,145|
||At||||Gains and|At|
|1 Apr2023<br>£<br>General funds<br>41,693||Income Expenditure<br>£<br>£<br>2,069<br>(88,988)||Transfers<br>£<br>87,000|losses 31 <br>£<br>-|Mar2024<br>£<br>41,774|
|Restricted funds|At||||Gains and|At|
|1 Apr2024<br>£:||Income <br>£|Expenditure<br>£|Transfers<br>£|losses 31 <br>£|Mar2025<br>£|
|The Howe Green<br>Trust|-|101,822|(13,023)|-|-|88,799|
||At<br>1 Apr2023<br>£|Income <br>£|Expenditure<br>£|Transfers<br>£|Gains and<br>losses 31 <br>£|At<br> Mar2024<br>£|
|The Howe Green<br>Trust|_|_|ms|7|a|=|
|The purpose ofthe|grant is provide funding||for grant awards that will be made by the charity in||||
|the furtherance of it's charitable||purposes.|||||
|Endowment funds|At<br>4 Apr2024<br>£|Income <br>£|Expenditure<br>£|Transfers<br>£|Gains and<br>At<br>losses31 Mar2025<br>£<br>£||
|Expendable|||||||
|Endowment Fund<br>-CapitalFund|2,785,360|74,493|(19,763)|(102,000)|(7,561)|2,730,529|
||At<br>1 Apr2023<br>£|Income <br>£|Expenditure<br>£|Transfers<br>£:|Gainsand<br>At<br>losses 31 Mar2024<br>£<br>£||
|Expendable|||||||
|Endowment Fund<br>-CapitalFund|2,638,901|74,084<br>(19,133)||(87,000)|178,508|2,785,360|



Page 17 

## The Elmgrant Trust 

## Notes to the Financial Statements (continued) 

## Year ended 31 March 2025 

## 24. Analysis of net assets between funds 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Endowment|Total|Funds|
|Funds|Funds|Funds|2025|
|Ee|£|£|£|
|Tangible fixed|assets|100|_|-|100|
|Investments|2,365|-|2,723,930|2,726,295|
|Current assets|51;153|88,799|6,599|146,551|
|Creditors|less than|1|year|(6,473)|-|-|(6,473)|
|Net assets|47,145|88,799|2,730,529|2,866,473|
|Unrestricted|Restricted|Endowment|Total|Funds|
|Funds|Funds|Funds|2024|
|£|£|£|£|
|Tangible fixed|assets|150|-|-|150|
|Investments|2,365|-|2,779,614|2,781,979|
|Current assets|45,648|-|5,746|51,394|
|Creditors|less than|1|year|(6,389)|-|-|(6,389)|
|Net assets|41,774|-|2,785,360|2,827,134|

**----- End of picture text -----**<br>


## 25. Financial instruments 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|The carrying amount for each|category of financial instrument|is as follows:|2025|2024|
|3|£|
|Financial|assets|measured|at fair value through|income|and|expenditure|
|Fixed assets|investments|2,726,295|2,781,979|

**----- End of picture text -----**<br>


## 26. Related parties 

During the year a grant of £100,000 was received from The Howe Green Trust. MR W Sharman is a trustee in both The Elmgrant Trust and The Howe Green Trust.