Charity Registration No. 701510
THE GEORGE ERNEST ELLIS FOUNDATION
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE GEORGE ERNEST ELLIS FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr M R Ellis (Chair) Miss C K Cockburn Mr E H Ellis Miss S E Jee Mr C J W Jee Honorary Trustee Mr J K McLauchlan Charity number 701510 Operating name The George Ernest Ellis Foundation Principal address PO Box 6272 Market Harborough Leicestershire LE16 8YN Independent examiner John Griffin Newby Castleman LLP West Walk Building 110 Regent Road Leicester LE1 7LT Bankers CAF Bank 25 Kings Hill Avenue West Malling Kent ME19 4JQ Investment advisor Evelyn Partners 103 Colmore Row Birmingham B3 3AG
THE GEORGE ERNEST ELLIS FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees’ report | 1 - 2 |
| Independent examiner’s report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 - 12 |
THE GEORGE ERNEST ELLIS FOUNDATION
TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2025
The Trustees of The George Ernest Ellis Foundation are pleased to present their annual report and accounts for the year ended 5 April 2025.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts 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 2015)”.
The accounts have been prepared to give a true and fair view and 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the version of the Statement of Recommended Practice which is referred to in the regulations but which has since been withdrawn.
Objective and activities
The objectives of the Foundation per the Trust Deed are to make grants to such “Charitable Institution or Institutions, purpose or purposes, in particular in the County of Leicestershire, in such shares between them if more than one, as the Trustees having regard to the wishes of the Patron shall from time to time think fit”.
The Trustees’ policy is to have particular regard to the smaller low key Charitable Organisations operating within the County of Leicestershire who are unlikely to be considered by the wider general public or the major grant awarding Charitable Foundations, or which do not receive significant funding from Central or Local Government. However consideration would be given to small local environmental projects that are being carried out through local branches of major national charities.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. The activities undertaken for public benefit by the charity comprise the awarding of grants to beneficiaries.
Procedures and policy for grant making
Nominations for grants are elicited by formal grant applications where organisations are invited to say how the funds will be used and what purpose will be achieved. The Trustees have a policy, which is communicated to all beneficiaries, that the Foundation will make only one-off grants with no guarantees of future funding.
The processing of grant applications is initially carried out by Matthew Ellis and Edward Howard Ellis, who are both Trustees. The Board of Trustees subsequently meet on an annual basis to consider what grants they will award and to review any feedback received.
Achievements and performance
The Foundation has continued to award grants of an amount to absorb the current income of the Foundation after making provision for administration expenses. By and large this has been achieved year on year.
This year charitable grants in the sum of £23,198 (2024 - £20,830) were awarded to 16 (2024 - 21) beneficiaries as detailed in note 6 of the accounts.
Financial review
The results for the year ended 5 April 2025 are set out in the Statement of Financial Activities on page 4.
The Foundation’s work is reliant on investment returns from its Permanent Endowment.
Investment income has continued at much the same level as last year. Given the prevailing economic conditions and the low levels of interest rates, the Trustees consider the level of returns on the investments to be satisfactory.
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THE GEORGE ERNEST ELLIS FOUNDATION
TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)
Reserves policy
The Trustees aim to maintain the charity’s free reserves in unrestricted funds at a level sufficient to ensure the on-going development of the Foundation’s activities. Unrestricted free reserves at 5 April 2025 are £24,768, being approximately one year’s expenditure.
Investment policy
The Foundation uses the services of specialist investment advisors to manage the charity’s investments. For convenience and ease of administration the Foundation’s investments are held by the investment advisors in a nominee facility.
Future developments
It is the wish of the Trustees that the existence of the Foundation might become known among a wider community in Leicester and Leicestershire. The Trustees are pursuing initiatives to achieve this.
Structure, governance and management
The George Ernest Ellis Foundation is governed by a Deed of Declaration of Trust dated the 14th April 1989.
The Trustees who served during the year were:
Mr M R Ellis (Chair) Miss C K Cockburn Mr E H Ellis Miss S E Jee Mr C J W Jee
The Honorary Trustee who served during the year was:
Mr J K McLauchlan
The power to appoint new Trustees is vested in the Chairman.
The Foundation has no paid employees and the Trustees carry out the administration of the Foundation.
The address of the principal office of the Foundation is PO Box 6272, Market Harborough, Leicestershire, LE16 8YN.
The accounts have been independently examined by John Griffin, Newby Castleman LLP, West Walk Building, 110 Regent Road, Leicester, LE1 7LT.
The Foundations’ bankers and investment advisors are Evelyn Partners, 103 Colmore Row, Birmingham, B3 3AG.
This report was approved by the Board of Trustees on 28 June 2025
M R Ellis
Trustee
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THE GEORGE ERNEST ELLIS FOUNDATION
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE GEORGE ERNEST ELLIS FOUNDATION
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2025 which are set out on pages 4 to 12.
Responsibilities and basis of report
As the charity’s Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
J B Griffin FCCA
Date: 28 June 2025
Newby Castleman LLP Chartered Accountants West Walk Building 110 Regent Road Leicester LE1 7LT
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THE GEORGE ERNEST ELLIS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Unrestricted | Unrestricted | Endowment | Total | Total | |
|---|---|---|---|---|---|
| Note | Funds | Funds | 2025 | 2024 | |
| £ | £ | £ | £ | ||
| Income from: | |||||
| Investments |
3 | 24,560 | 4,190 | 28,750 | 25,170 |
| ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | ||
| Total income | 24,560 | 4,190 | 28,750 | 25,170 | |
| ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | ||
| Expenditure on: | |||||
| Raising funds |
4 | - | 4,957 | 4,957 | 4,682 |
| Charitable activities |
5 | 24,870 | - | 24,870 | 22,582 |
| ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | ||
| Total expenditure | 24,870 | 4,957 | 29,827 | 27,264 | |
| ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | ||
| Net gains / (losses) on investment | 8 | - | (18,832) | (18,832) | 7,443 |
| ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄÄ | ||
| Net movement in funds | (310) | (19,599) | (19,909) | 5,349 | |
| Reconciliation of funds: | |||||
| Total funds brought forward | 25,078 | 672,687 | 697,765 | 692,416 | |
| ÄÄÄÄÄÄ | ÄÄÄÄÄÄ | ÄÄÄÄÄÄ | ÄÄÄÄÄÄ | ||
| Total funds carried forward | 24,768 | 653,088 | 677,856 | 697,765 | |
| ÍÍÍÍÍÍ | ÍÍÍÍÍÍ | ÍÍÍÍÍÍ | ÍÍÍÍÍÍ |
The notes on pages 6 to 12 form part of these accounts.
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THE GEORGE ERNEST ELLIS FOUNDATION
BALANCE SHEET AS AT 5 APRIL 2025
| Unrestricted | Unrestricted | Endowment | Total | Total | |
|---|---|---|---|---|---|
| Note | Funds | Funds | 2025 | 2024 | |
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Investments |
8 | - | 654,310 | 654,310 | 673,825 |
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||
| - | 654,310 |
654,310 | 673,825 | ||
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| Current assets | |||||
| Cash at bank and in hand | 25,956 | - |
25,956 | 26,266 | |
| Liabilities | |||||
| Creditors: Amounts falling due within one year | 9 | (1,188) | (1,222) |
(2,410) | (2,326) |
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||
| Net current assets/ (liabilities) | 24,768 | (1,222) |
23,546 | 23,940 | |
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||
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| Net assets | 24,768 | 653,088 |
677,856 | 697,765 | |
| ÍÍÍÍÍÍ | ÍÍÍÍÍÍ | ÍÍÍÍÍÍ | ÍÍÍÍÍÍ | ||
| Funds of the charity: | |||||
| Funds | 11 | 24,768 | 653,088 |
677,856 | 697,765 |
| ÍÍÍÍÍÍ | ÍÍÍÍÍÍ | ÍÍÍÍÍÍ | ÍÍÍÍÍÍ |
The notes on pages 6 to 12 form part of these accounts.
The accounts were approved and authorised for issue by the Board of Trustees on 28 June 2025
M R Ellis Trustee
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THE GEORGE ERNEST ELLIS FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
Charity information
The George Ernest Ellis Foundation is governed by its Trust Deed.
1.1
Basis of accounting
The charity constitutes a public benefit entity as defined by FRS 102. These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011, and UK Generally Accepted Accounting Practice.
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 as modified by the revaluation of investments. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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 the charitable objectives unless the funds have been designated for other purposes.
Endowment funds comprise Permanent Endowment funds where the Trustees do not have the power to convert the capital into income. The Endowment Funds were received from the estate of the late Mr Shirley Russell Ellis and from the estate of the late Mr Howard Russell Ellis. The fund may be increased from time to time by donations or legacies. The Foundation’s Deed of Trust allows that only the income of the fund to be spent as income or retained as capital at the Trustees discretion. The income arising from the Endowment is unrestricted.
1.4
Income recognition
All 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.
Donations are recognised when the charity has received the income. Investment income is earned through holding assets for investment purposes. It comprises dividends and bank interest and is recognised on an accruals basis.
1.5 Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category. Expenditure is recognised when there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably. It is recognised under the following headings:
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Costs of raising funds - includes the fees paid to investment managers in connection with the management of the charity’s listed investments.
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Expenditure on charitable activities - includes grants payable and associated support costs.
-
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THE GEORGE ERNEST ELLIS FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)
1.6 Support costs
Support costs are those that assist the work of the charity but do not directly represent charitable activities and costs of raising funds and include office costs and governance costs. They are incurred directly in support of expenditure in line with the objectives of the charity. Support costs are allocated to expenditure on charitable activities and have been split between governance costs and other support costs.
Governance costs comprise all costs attributable to legal procedures necessary for compliance with statutory requirements which includes the independent examiner’s fees.
The analysis of these costs is included in note 7.
1.7 Fixed asset investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/ (losses) on investments’ in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other shortterm liquid investments with original maturities of three months or less.
1.9 Financial instruments
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
Creditors with no stated interest rate and payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the SOFA.
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.
The Trustees do not consider there to be any key sources of estimates or uncertainty that have significant effect on the amount recognised in the financial statements.
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THE GEORGE ERNEST ELLIS FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)
3 Income from investments
| Income from investments | ||||
|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | |
| Funds | Funds | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Dividends – equities | 18,957 | - | 18,957 | 20,576 |
| Interest | 5,603 | - | 5,603 | 4,594 |
| Return on capital | - | 4,190 | 4,190 | - |
| ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | |
| 24,560 | 4,190 | 28,750 | 25,170 | |
| ÍÍÍÍÍ | ÍÍÍÍÍ | ÍÍÍÍÍ | ÍÍÍÍÍ |
In 2024, dividend and interest income related to unrestricted funds.
4 Raising funds
| Raising funds | ||||||
|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | |||
| Funds | Funds | 2025 | 2024 | |||
| £ | £ | £ | £ | |||
| Investment management fees | - | 4,957 | 4,957 | 4,682 | ||
| ÍÍÍÍÍ | ÍÍÍÍÍ |
ÍÍÍÍÍ | ÍÍÍÍÍ |
In 2024, all the expenditure related to endowment funds.
5 Charitable activities
| 5 Charitable activities |
|||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | ||
| Note | Funds | Funds | 2025 | 2024 | |
| £ | £ | £ | £ | ||
| Grants | 6 | 23,198 | - | 23,198 | 20,830 |
| Support costs | 7 | 1,672 | - | 1,672 | 1,752 |
| ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | ||
| 24,870 | - | 24,870 | 22,582 | ||
| ÍÍÍÍÍ | ÍÍÍÍÍ | ÍÍÍÍÍ | ÍÍÍÍÍ |
In 2024, all the expenditure related to unrestricted funds.
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THE GEORGE ERNEST ELLIS FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)
6 Grants payable
The Foundation undertakes its charitable activities through grant making and awarded grants to the following institutions in furtherance of its charitable activities:
| £ | |
|---|---|
| Bright Sparks | 1,320 |
| Happy Days | 1,078 |
| Leicester Charity Link | 1,000 |
| Leicester Musical Memory Box | 2,000 |
| LOROS | 1,000 |
| Love 4 Life | 750 |
| Mark Carr’s Leicester Legacy | 1,000 |
| New Future Project | 2,000 |
| Proton Foundation | 1,300 |
| Rainbows | 1,000 |
| Simaritans | 1,000 |
| Sound Cafe | 1,800 |
| STEPS | 1,200 |
| The Centre | 3,000 |
| Warning Zone | 750 |
| Woodgate Adventure Playground | 3,000 |
────── |
|
| 23,198 | |
| ÍÍÍÍÍÍ |
In 2025 the expenditure on grants was £23,198 (2024 - £20,830). During both years the expenditure was from unrestricted funds.
7 Support costs
| 7 Support costs | ||||
|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | |
| Funds | Funds |
2025 | 2024 | |
| £ | £ | £ | £ | |
| Printing, postage and stationery | 424 | - |
424 | 396 |
| Account fees | 60 | 60 | 60 | |
| Independent examiner’s fee | 1,188 | - |
1,188 | 1,296 |
| ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | ÄÄÄÄÄ | |
| 1,672 | - |
1,672 | 1,752 | |
| ÍÍÍÍÍ | ÍÍÍÍÍ | ÍÍÍÍÍ | ÍÍÍÍÍ |
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THE GEORGE ERNEST ELLIS FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)
8 Fixed asset investments
----- Start of picture text -----
|||
|---|---|
|Listed|
|Investments|
|£|
|Valuation|
|Fair value as at 6 April 2024|673,825|
|Additions|28,925|
|Disposals|(31,321)|
|Revaluation – unrealised losses|(20,918)|
|Realised gains on disposals|2,084|
|Cash movement|1,715|
|──────|
|Fair value as at 5 April 2025|654,310|
|ÍÍÍÍÍÍ|
|Carrying amount|
|At 6 April 2024|673,825|
|ÍÍÍÍÍÍ|
|At 5 April 2025|654,310|
|ÍÍÍÍÍÍ|
|Investments at fair value comprise:|
|2025 2024|
|£ £|
|Bonds|138,400 120,339|
|Alternative investments|76,460 82,120|
|Multi Asset|5,060 7,832|
|UK equities|90,175 121,095|
|European equities|23,458 23,923|
|Asian Pacific equities|65,374 68,599|
|Global & American equities|253,185 249,434|
|Cash within investment portfolio|2,198 483|
|──────|──────|
|654,310 673,825|
|──────|──────|
----- End of picture text -----
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.
The carrying value of the investments if held at historical cost would be as follows:
----- Start of picture text -----
|||
|---|---|
|2025 2024|
|£ £|
|Cost|601,881 635,762|
|ÍÍÍÍÍÍ|ÍÍÍÍÍÍ|
----- End of picture text -----
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THE GEORGE ERNEST ELLIS FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)
9 Creditors: amounts falling due within one year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Accruals and deferred income | 2,410 | 2,326 | |
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||
| 2,410 | 2,326 | ||
| ÍÍÍÍÍÍ | ÍÍÍÍÍÍ | ||
| 10 | Financial instruments | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Carrying amount of financial assets | |||
| Measured at fair value through net income/expenditure | 678,202 | 697,837 | |
| ÍÍÍÍÍÍ | ÍÍÍÍÍÍ | ||
| Carrying amount of financial liabilities | |||
| Measured at amortised cost | 2,410 | 2,326 |
|
| ÍÍÍÍÍÍ | ÍÍÍÍÍÍ | ||
| Income and expenditure | |||
| Financial assets measured at fair value through | |||
| net income/expenditure | 28,750 | 25,170 | |
| ÍÍÍÍÍÍ | ÍÍÍÍÍÍ | ||
| Net gains and losses (including changes in fair value) | |||
| Financial assets measured at fair value through | |||
| net income/expenditure | (18,832) | 7,443 | |
| ÍÍÍÍÍÍ | ÍÍÍÍÍÍ |
Financial assets measured at fair value comprise listed investments.
Financial liabilities measured at amortised cost comprise accruals.
The basis of fair value for quoted investments is equivalent to the market value, using the bid price.
11 Funds analysis
| unds analysis | |||||
|---|---|---|---|---|---|
| Balance at | Gains/ | Balance at | |||
| 6 April 2024 | Income | Expenditure | (losses) | 5 April 2025 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | 25,078 |
.24,560 | (24,870) |
- | 24,768 |
| Endowment funds | 672,687 |
4,190 | (4,957) | (18,832) | 653,088 |
| ÄÄÄÄÄÄ | ÄÄÄÄÄÄ | ÄÄÄÄÄÄ | ÄÄÄÄÄÄ | ÄÄÄÄÄÄ | |
| Total funds | 697,765 |
.28,750 | (29,827) |
(18,832) | 677,856 |
| ÍÍÍÍÍÍ | ÍÍÍÍÍÍ | ÍÍÍÍÍÍ | ÍÍÍÍÍÍ | ÍÍÍÍÍÍ |
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THE GEORGE ERNEST ELLIS FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)
12 Controlling party
The charity is controlled by the Trustees.
13 Trustees
None of the Trustees (or any persons connected with them) received any remuneration, benefits or reimbursed expenses during the year or the preceding year.
14 Related party transactions
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