## **THE ELLIS CAMPBELL FOUNDATION** ## **ANNUAL REPORT FOR THE YEAR ENDING 31[st] DECEMBER 2024** |||**Other**
**(ad hoc)**|**Youth Led**
**System Change**|**Totals**| |---|---|---|---|---| |**Hampshire**|No of
grants|1 (3)|6 (6)|7 (9)| ||£k|£ 7,000.00|£ 35,140.00|£ 42,140.00| |**Rest of U.K.**|No of
grants|3 (3)|12 (16)|15 (19)| ||£k|£ 2,300.00|£ 286,487.00|£ 288,787.00| |**Perthshire and**
**Scotland**|No of
grants|1 (0)|NIL (NIL)|1 (1)| ||£k|£500.00|£0.00|£500.00| |**London**|No. of
grants|NIL (NIL)|NIL (NIL)|NIL (NIL)| ||£k|£ -|£ -|£ -| |**Totals**|**No of**
**grants**|**5 (6)**|**18 (22)**|**23 (28)**| ||**£k**|**£ 9,800.00**|**£ 321,627.00**|**£ 331,427.00**| ## Notes: 2023 figures in brackets for comparison There were 23 (28) recipients of a grant this year with a total sum of £331,427.00 ( £335,401.00) donated. REGISTERED CHAlitrY NUMBER: 802717 REPORT OF THE TRUSTEES AF4D AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR ELLIS CAMPBELL FOUNDATION ELLIS CAMPBELL FOUNDATION CONTENfs OF THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2024 P￿t Report of the Tru5t¢e8 I to 4 Report of the IDdepeDdenl Auditors 5 to 8 Statemenl of Finan¢ial Activities Balanee Sheet io Cash Flow Statement Notes to the Cash Flow Statement 12 Notes to the Financial Statements 13 to 20 ELLIS CAMPBELL FOUNDATION REPORT OF TllE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The tn￿tC¢s present their report with the fu￿1¢181 statements of the charity for the year ended 31 De£embei 2024. The trustecs have adopted the provisions of Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). ORJECTIVES AND AcfiviTIES Objectives and aims Under the tern]s of the settlem¢n¢ the trustees ¢au apply the funds to any clwitable FAwe and in such rnaDner as the lrnstees may from time to time in their absolute discretion thi[& fiL without detracting from the general nature of the clwiiabl¢ trust broadly focus5ing on the education and assislance of persons undcr the age of 25. including fu]an¢ial aid and support into work. The settlemeni also refers to Sup￿)rtio8 young people's spiritual. m¢ntal and physical capacities to enable them lo grow to full n18￿rity &q individuals and membets of society and so that their life conditions may be improved or "otherwise ￿ fiwtlw the eth￿tiOn of suth persons.. Our funding criteria is io build youth power and leadership systemically through youth led learning 8nd development opportunities. with a focus on suptM)rtiDg young leaders from minorilized aod marginalised communities outside Greater London. We are also supporting collaknration between our new partnets. so that they can learn from and support each other in the ground breaking youth led work that they do. The trwtees m¢¢t iwic¢ a year kn disc￿S and agree grant making policy and 8ran¢ decisi¢)w and arc led by the CEO Laurd Montgomery. who is al&) a trustee and took on the CEO role in January 2023. In 2024 the trustees decided to commit the bulk of our grant fimding to what they believc has the poteDtiai to have an outsized system changing IM￿1. We are 5UPPOrting the launch of Ashoka'5 Generntion Chang¢n]aker, building an elected network of young changctnakers aged 13-18 years wbo will benefit fiDm an Ashoka led support programme as well as mentorship from adult fellows ￿ Create a new community of intergcnerational Changemakers. ACHIEVEMENT AND PERFORMANCE How our actiiryties #chieve public benefit As stat¢d above, the trustecs recellily undertook & dew div¢ into how best to build youth power and leadersbip and continu¢ to learn from the young people thewelv&8 and the Wid￿ 8ecior to ensure they are having tbe grEa*sl impact. The trnstees are CODfLdenl that their grdnts and other activities are not only baving a direct benefit to the itidividuals and organi5etion$ they support but also to the wider communiues ill which they are base(L The trnstees regularly monitor progress and impact to ensure they are tnaking decisions and supporting young people in the best possible way. The trustees feel the obJ"e£tives of the C￿￿lty have beca met alld the public have benefited from 115 activities during the year. FINANCIAL REVJEW Financial positioll Total iDcome from donations alld investments for the year amounted to £272,099 (2023.. £525296). The charity paid out 23 donatiow during the year totslling £331.427 (2023.. 28 donatiOD5 totaIlitig £335.093). The average donation was £14,410 (2023: £11968). Of tbe doDatiODS paid in the year, £226,487 were committed in prior periods. Investment pollcy and objecdves The charity has DQ restrictions on its powers to invuL The ￿lIcY of the trwstees is to seek to m￿lMIse total rettm, whilst maintaiDing the real value of the wrtfolio and not sUbj￿ting it to undue risk. Tnths review investment perfomaoce at each meeting, and theAry)]icy at least atllm￿1y. At 31 [k¢e￿ber 2024 the ¢I￿lty held fLxed a&8et investM￿ts with a vah]c of £4.554.404 (2023: £4,516.774). At thls date the investment portfolio wmE>riscd UK social inwact equities. propew teversions aThl Cou]n￿l￿1 propoty. The cbarity manages its inveslments on a kntal return basis so that investrry¢nt inconic 15 simply one component of tbe totsl investment rebjr Page I ELLIS CAMPBELL FOUNDATION BEPORT OF THE TRusfEF FOR'fHE YEAR ENDED 31 DECEMBER 2024 Af$c￿ RE￿Ew Reserve5 policy The charity holds ody unrestricted funds. The resc￿eS tK)licy of the is to retain at least otK yeavs expenditure on charitable activities & cash and liquid investment& The ChaTity othenvise invests its Omd5 in investment propety to generdle long term income. At the yegr end reserves totslled £4.6m of which £1. Im is consid¢red liqui¢l lkn tr￿teeS include this liquidity Position hs part of thcir Gollsideration of potenlial donations. FirruRE PLANS The charity intends to conliaue to fijlfd its obj¢Gts thtough its donatioo rnaking ￿l1¢y. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The chwity is controlled by its governing documen¢ a de￿ of trust and constitutes an wilD￿￿K)rated charity. Ellis Campbell Foundation is governed by the DeeAI of Settlement dated 12 December 1989. Trustees n)eei twice a year 10 cofLsidcr gtant applications. review In￿￿llent Fttf0nl￿lCC and di￿￿ matters of strdteBiC and adrniDiStrdtiVC nature. The power to apwinl ncw trustees is vested in the existlng In￿te¢s. IDductlon and traiDIDg of ntw trustees Each of the trustees brings with them specific relevant areas of expertise. including fu)ancial. organisational. policy development and legal. Updating on new rclevant issues relating to the Ellis Campbell Fowidalion orxurg as part of the agenda of tsuslees, meetings. Following the str&tegiG review in 2020 and the (X*n]mitmeot kn building youth power and leadership. the tsustces agreed to appoint 3 new young trustees to the Board. They hAd been sitting in trus￿¢ me¢tings for a number of years before bcing appointed and had taken part in the strategic Tevicw and through this Ihid learnl about the Foundation and gained a good understanding of bow charitie5 work. On being ap￿inted as ITUSteu. Ihe CEO made clear to theEn the duties and obligations they were tsking OD and contiDues to cnsurc thai all trusteu arc ￿lfilling their duti&8 and &re Sufficiently well infonned to do so. Key maD&gemeDt remuneration IAura Montgomery is both a tsustee and part time CEO and until Ckiober 2024 received a salary fi￿rn ECF equating lo £15,800 per azmum for thc CEO role. ECF does not have a reMU￿￿oll committee given Laurd wxg the gole and ftrst ever e￿ploy￿, bul the In￿le¢S will continue lo monitor WI￿th¢r a salary is appropriat¢ for th¢ role and the contribution Laurd is nuking to meet the objectives of ECF. Risk management The tswstees are reswisible for s¥tablishmg aod mrnitOTing the ititernal control systems of the clwity. The major risks which lllay impact on its activities have Ixen reviewed during th¢ year. The key tisk is Fjnancial risK' operational risk is Considered low. The trustees are satisfied Ibat the system of internal controls currently in place is adequate, whilst ognising that they are d￿18n￿ to manage rdther than eliminate Tisk Intcrnal controls ar¢ reviewed on an ongotng basis as part of the day-today risk management pr(Kw. Registered Charity number 802717 Principal 2ddre SILalden Pa￿ Sicading Sh￿den Alton Hampshire GU34 4DS Page 2 ELLIS CAMPBELL FOUNDATION REPORT OF TUE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees M D C C Campbell MBE DL L F Campbell J L C Campbell A J Andrew L G Montgomery I G R Andrew W J C Andrew H R A Andrcw Auditor8 Champion Accountants LLP I Worsley Court High Street Worsley Manchester M28 3NJ Solicitors Stevens & Bolton LLP Wey House Farnham Road Guildford, Suffey GUI 4YD Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ STATEMENT OF TRUSTEES, RESPONSIBILrrtES The lrnstees are re5poosible for Pre￿ing the Report of Ibe Trustees and the fitwi¢iaI statements in accordance with applicable law and UDited Kingdom Accounting StaDdarth (UtiiteAJ K￿gdOM Genttally Awepted Accounting Practice). The law applicable to chariti&8 in England and Wales, the Cljarities Act 2011, Charity (Accounts aod Reports) Regulations 2008 and the provi5iODS of the trust deed rp4llires the tr￿lee5 lo prepare fmancial statements for eaoh fll]ancial year which give a true and fair view of the state of affair5 of the charity and of the iD¢oming resources and application of resources. iDcluding the income and expeDdittue, of the charity for tbat period. In Preparing those fmao¢ial stateme[￿, the tn￿te&S are required to select suitsble ftccA)unting ￿11¢1¢$ and then apply theo) consistently, observe the metbods and principles in the Charity SORF; make judgements and estimates that are reasonable and t*udenL stste whether applicable accounting standards have beell follow￿ subject to any tnatcrial departures di￿lOSed and explained in the financial statements: prepare the fllW]cial statements on the going concem b&8is unl￿8 it is to presume that the charity will continue in business. The trustees 2re Tesponsible for keeping prw accounting records which disc[(￿ with ￿asOn￿le accuracy at any time the F￿￿￿claI position of the chatity and to enable th¢m to ensLwe that the financial statements comply with the Charities Act 2011, the Charity (AccounLs aud Reports) Regulatio￿$ 2C()8 and the provisiong of the trust dccd. They are also responsible for safeguardi￿ the assets of the clwity and hen¢e for taking rea50Dable steps for the prevention and detectLon of fraud and other iThegularities. Page 3 ELLIS CAMPBELL FOI]NDATION REPORT OF THE TRUSTEES FOR TltE YEAR ENDED 31 DEcE￿BER 2024 Approved by order of the board of trustees on... . 2nd sign&J oll its bebalf by: L G Montoomcry- Trustee Pag¢ 4 REPORT OF THE INDEPENDENT AUDTTOILS TO THE TRUSTEES OF ELLIS CAMPBELL FOUNDATION Opinion Wc have alldiied the fiDancial stat￿￿ents of Ellis Campbell Foundaiion (the 'cb3ritY) for the year ended 31 December 2024 wbich comprise the Stalement of Financial Activities, the Balance Shee¢ the Cash Flow Statement aud notes to the fllmicial statements, including a summary of significant accounting policies. The fuwicial reporting framework that has been applied in their prcpardtion is applicabk law aod United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accoullting Prdctice). In our opinion th¢ fmancial 8tstemenls: give a twe aod fair view of the state of the clwityg affaiTS at 31 2024 aud of its incoming ￿soUrceS and application of tesources, for the year then ended. bave been properly prepared in accordance with ulli￿d Kmgdom ￿e[allY Accepted Acwunting Practice. and have been prepared in acCOrd￿￿e with the requiretnents of the Charities Act 2011. Basis for opinion We conducted our audit in accorda1￿C with Inlemational Standards OD AuditiDg (UK) (ISAS (UK)) and applicable law. Our Tesponsibilities under those 5taDdards are fiffther descriixd in the AuditOES' responsil)ililics for thc audit of the fmancial staletllents seclion of our report. We are iDdepcndent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial slatcments in the UK, including the FRC'5 Ethical Standard, and we havc fulfilled our other ethical responsibilities in accordaoce witb these requir¢1)￿￿. W¢ bclicve that the audit cvid¢nc¢ we have oErtained is suff￿le￿I and appropriate to provide a basis for our opinio Concliisions relating to going concern In auditing the fuwlcial stalelljents. we have concluded that the trustee¥ use of the going concern basi8 of accounting in the preparation of the fmallcial statemellts 1$ aroropriate. B&8ed on the work we have perfomied, we bave no( identified 8ny material uncertainties relating to events or conditions that. individually or collectively. may c&st significant doubt on the ¢E￿illS ability to continue &8 8 going con¢¢rn for a period of at least twelv¢ months from when tbc fwancial statements are authorised for issu¢. Our responsibilities and tbe responsibiliti¢s of th¢ tsustees with resp￿1 to going concem are de￿rib￿ in the relevant sectt0￿9 of tliis report. Other Inforrnatlon The tn￿(eeS are responsible for the other inforn)ation. The other iDfotmation comprises the infortnation included in tbe ATmual Report. other than the Iman¢ial statements and our Re￿￿ of the Iniweat AuditOTS thereo Our opinion on the financial statemenls does not cover the other infonnation an4 exwt to the extent otherwise explicitly ststed in ¢)ur repoo we do not expr￿ any fortn of &8SUtancc c4)nch￿10n thereon. In connection with our audit of the fitjancial statements, our respoDsiI)ility 18 to read the other itiformation and, in doillg so, collsider whether thc other itiformation is materially jow￿lstent with the fllMllcial statements or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identify such material inconSL5ten¢ies or apparent material misstatements, we arc rwired to determine whether this gives rise to a material misstatement in the fuwiciaI ststements themselve5. If, based on the work we have tttform¢(L w¢ wnclude that tbere is a n]aterial misstatement of this other infornatio￿ we are T￿￿1[ed ts) rwi that facL We have notbiog to report in this regard. Matters on which Ive are required to report by exceptton Wc b&ve nothing to rewTrrt in respect of the following mattcrs where thc Clwities (AceK)unts and Reports) Regulations 2008 requires us to report to you if. in our opinion: the infonnation given ill the Report of the TnL8tees i8 incoL8i8te]rt itl ally material tewt witb the fmancial statements. or sufficient accounting re£ords have nol E*eD kepl or the f]nancial statements are not in agreement with the a¢counting re¢otds and rtutlls", or we bave not received all the infortnation atd explanation5 we require for our audit Page 5 REPOR'f OF THE IM)EPENDENT AiJDrroRS TO THE TRUSTEES OF ELLIS CAMPBELL FOUNDATION Responsibilities of trustees As explailled more fully in the Ststement of Ttustees, Restx)nsibiliiies, the tnlstees are respoDsible for the preparntion uf the financial statements which give a and fair vicw. and for such internal control as thc trustees detcm]ine is necessary lo enable the preparnlioll of fmaacial statements that are free from material rnisstatemen( whether due to fi7ud or error. In prep&ing the fllwi¢ial statements, tbe tn￿lee5 are responsible for Is￿81￿g tbe cbaritls ability to continue as a going Conce￿ disclosillg, as applicable. matt￿3 related to going collceTn and using tbe going Concern basis of accounting uuless tbe tn]stees either iatrnd to liquidate the ckwity or to cease ot*rntio￿s. or have no realistic alternative but to do so. Page 6 REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF ELLIS CAMPBELL FOUNDATION Our responsibilities for thÈ audit of the financial statements We have becD appointed as auditors under Section 144 of the Charitics Act 2011 and report iu accordan¢c with the Act and relevant regulations made or having effect therelmder. Our objectives 3Te to obiain reasonable ass[￿anCe about whether the financial statements as a whole ate free from ttEattrial rnisslaiement. wbeiher due w fraud or eTtor. and to i&sue a Re￿rt of the Inde￿ndent Auditors that includes our opinion. Reasonable as5ufdnce ts a high level of &ssurance. bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a m&eTiftI tuisstatemeDt when it exists. Missta￿ttL¢nts can arise from fraud or eLTor and are Gonsidered material if, individually OT in the aggregaie. they could rthsoDably be eXp￿ted to Influence the economic decisions of users taken on the basis of these fmancial staicmcnts. The extent lo which our procedurcs arc capable of detecting itregularities, including fraud is detailed below: As part of our pIar￿l￿g procw.. - We enquired of management the systemq and controls the charity has in place. the are&q of the financial statements that are mostly susceptible to the risk of irregul￿]ticS and fiaud. and whether there was any know[4 sUspec￿d or all¢ged fraud. The clwity did not infom] us of any kno￿ suspecled or alleged fraud. - We obtained an understanding of the legal and regulatory fraTnework8 applicable to the ¢harity. We detem]ined that the following were most relevant to the fuwicial stalemellls: CharitiG5 AGt 2011, FRS 102 & guidance given by the Charily Commission for England & Wales. - We considered the incentives and opportunities Ihat exist in th¢ Ch￿lty, including the extent of management bias, which present a p)tential for irregularities and fraud to b¢ Perpe￿￿ted, and tailored our risk assessmenl accordingly. - Using our knowledge of the charity. together with the disw8sions held with the charity at the planning 8tage, we fomjed a Conclusion on the iisk of mi&8tstement due to I￿egular1tlcS including fraud and tailored our procedu according to this risk asses8metst. In TC5ponse to the risk of irregulaTxti&8 and non-cooipliallce with laws and regulations. tncluding fraud, we deslgned pro¢ethTes which includeAL' - Enquiry of managejnent and those charged with governance around ac0￿7 and potcnlial litigatioo and claims as well as actual. SU$￿ted and alleged fraud: . Reviewing minutes of meetings of those ctMr8ed with governan Assessing the extent of compliance with the laws and regulations consi&red to have a direct material cffect on the fllwicial statements OT the operations of the ents.ty tbrou8h enquiry and inspxiion" Reviewtng fu)ancial Stateme￿ di8¢105ures and testing to supy)rting do¢umeDtatioll to asstss compliance with applicable laws and regulatio￿8. - Perfomiing audit work over the risk of management bi&8 and override of controls, including ie5t7ng of journal entries and other adjustments for appropriateness. evaluating the busines5 rationale of significant transactions outside the nonnal course of business and reviewing aC￿u￿ting estimat¢s for ityjicatots oIFK)tential bias. There are inherent limitations in the audit proce4kn descriEed th)v& The more removed that laws and regulatiow are from fmaucial transaciions, the Iw likely it is that we would become aware of non-compliance. Auditillg standards also limit the auth'l procedures required to identify non-compliance with laws and re￿atiOnS to enquiry of the dircctor5 and other managem¢nt and the inspection of regulat¢)ry and legal cOrres￿denCe, if any. The risk of not detrcting a material misslatement resulting from fraud 15 bigher than one resulting from e￿l)r, as fraud may iDvolve collusio forgery￿tentIonal otnisgions, mIsrq)r￿ntatiOns. or the override of internal controL A further description of our responsiTrJiliti&s for the audlt of thc financial statements is located on the Financial Reporting Council's website at www.fr¢.org.uldauditOTwwwibilitie& This a￿iption forn￿ part of our Report of the Tndependent Auditors. Page7 REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEFS OF ELLIS CAMPBELL TrOUNDATION Us¢ of our report This rewrt 15 made solely ¢0 the clwitys trustee4 a8 a b(Kly, in accordan￿ with Part 4 of the Cbarities (Accounts and Reports) Regulations 2￿8. Our audit woth has been undertaken so that we miEbt state to Ibe charitys trustees those matters we are required lo slate to them in aTk auditors, rqN)rt and for no other purpose. To the fijllest extent permitted by law. we do uoi accept or assume responsibility lo anyone other than the charity and the chariws tr￿Stee8 as a body. for our audkt worK for tbis ieporL OT for the opinions we bave fonn¢d. Champion Accountants Ll I Worsley Court High Strc¢l Worsley Manchester M28 3NJ Dale.. MaTkTurner FCA (Senior Ststutory Auditor) Page 8 ELLIS CAMPBELL FOtrNDATION STATEMENT OF FINAF4CIAL AcrivrriES FOR THE YEAR ENDED 31 DEcE]￿BER 2024 2024 2023 Total Unreslricted fimd Notes INCOME AND ENDOWMENTS FROM Donations and legacies 300,000 Tnvesttnent income 272,099 225,296 Total 272,099 525,296 EXPENDITURE OIY Charitable activities Charitable donations Gov¢rtwic¢ costs 354.940 78.609 494,642 68.412 Total 433,549 563,054 Net Eainsl(losses) on investments (26,258) (80,287) NET llYCOMEJ(EXPENDITURE) (187,708) (118,045) RECONCILIATION OF FLfNDS Total ￿llds brought fonvard 4.781,487 4,899,532 TOTAL FUNDS CAIUUED FORWARD 4,593,779 4,781,487 The not￿ f¢)rm paTt of tbese fiDallcial statements Page 9 ELLIS CAMPBELL FOUNDATtON BALAP4CE SHEET 31 DECEMBF.R 2024 2024 Total fimds 2023 Total funds Noles FtXED ASSETS Investments Investments Investsnent property 12 13 1.599,41Y) 2900,000 1,643,726 2,900,000 4.499.400 4.543,726 CURRENT ASSETS Debtors Casb in hand 14 424.322 179,813 82,812 602.132 604,135 684,944 CRED￿oRs Amounts falling du¢ within oll¢ y¢ar 15 (509,756) (447.183) NET CURRENT ASSETS 94.379 237,761 TOT AL ASSETS LESS CURRENT LIABtLITtKS 4.593,779 4,781,487 NET ASSETS 4,593,779 4,781,487 FUNDS Unrestticted fimds 16 4.593.779 4.781,487 TOTAL FUNDS 4.593,779 4.781,487 The fula ial 51atcmcnts wcrc approved by the Board of Tn￿le¢S and autboriged for i88ue on .. and wert signed on ils bebalf by. L G Montgow- TnL8tee The llotes fortn part of these financial statemeots Page 10 ELLIS CAMPBELL FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activsties Casll generated froD] operation5 (521.429) 57,694 Net C&5h (used inyprovided by opcratiDg activities (521.429) 57.694 Cash flows from investing activities Purchase of f￿ed asset investments Sale of fixed asset investments Sale of iovestmenl property Interest received Dividends received (448.074) 468.062 (1.920) 15.836 65.2( (1.009,773) 939.537 151,l33 51,123 Net cash provided by investing activities 99.110 132,020 ChAnge in cash and cash equivAlents in the reporting period Cash and ca8h equivalents llt the beginning of the reporting period {422?19) 189,714 602,132 412.418 C95h and cash equivalen¢5 It the end of the reporting poriod 179.813 602,132 The nOtr￿ forni part of these financial statements Pagell ELLIS CAMPBELL FOUNDATION NOTES TO THE CASH FLOW STATE￿￿NT . FOR THE YEAR ENDED 31 DECEMBER ?024 RECONCILIATION OF NET ExPEND￿URE TO NET CASH FLOW FROM OPERATllYG ACTivrriLS 2024 2023 Net expenditure for the reporting period (as per the StatemeDt of FinAntial Activitlu) Adjustments for: Losses oa investment5 Interest received Dividends received Increase iti debior8 Increase in creditors (187.708 } (118.045) 26258 {15,836) (65,206) (341.510) 62.573 80,287 (51,123) {14.106) 160,681 Net cash {u5ed inyprovided by operatioDS (52l,429) 57.694 ANALYSIS OF CHANGFts IN NET FUNDS At IiJr24 Cash flow Al 31112124 Net cash C&sb at bank and in band 602,132 {422J19) 179,813 602.132 (422J19) 179.813 Total 602,132 (422,319) 179,8 13 The not&s fotm part of th￿e fllwKial statements Page 12 ELLIS CAMPBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2024 CHAIUTY INFORMATION The Ellis Campbell Foundation is a charity registered in England and Wales. the clwitys registered numbei is 802717 and registered office addres5 is Shalden Pa￿ Steading. Shaldcn, Allo￿ Hampshiic. GU34 4DS. ACCOUNfiNG POLICIES Basis of preparing the f￿ancIAl statements The fll]ancial statements of tlle charity, whicFA is a public be￿rit entity under FRS 102, bave been prepared in accordance with the Cbarilies SORP (FRS 102) 'Accounting and Reporting by Charities". Ststement of Recorlltnellded Practice applicable to charities prepaTing their accowits in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial ReportiDg Standard 102 The Financial Reporting Stalldard applicable in the UK and Republic of Ireland, aod the Charities Act 2011. The finaDcial 5tatcmcnts have been Prepared under the bistr)rical cost Onventio￿ with the excq)tion of inveslm¢nts whicb included at markel value. as ￿QdIfied by the revaluation of ¢ertain assets. The trust constitutes a Public Bellefit Entity ￿lld￿ FRS 102. The charity presents its results as a single entity only. The pr&sentational curteocy is £ Si¢rliu8. Income Ail incornc is iecogniscd in the Statement of FiTwy¢ial Athivities once the charity hAs entitlement to the ￿nds. il is probablc thal the income WAII k reccivcd and lh¢ amount cao be measwed reliably. Expenditure Li&bilities are recognised as expcnditure as 5wn as tbere is a legal or con5twclive obligaiion committing the harity to that expenditure, it is probable thal a transfer of economic benefits will be required in settlement and the amount of the obli8ation can bc measured reliably. Expenditure is account¢d for on an accnjals basis and ha5 been classified under beadings tbat aggregate all cost related to the catcgory. Wbcrc costs canno¢ be directly attributed to particular beadings they have t￿e￿ allocated tr) activities on a basis consistcnt with the use of Donations payable arc payinents made ￿ third parties in the furtberance of the charitable objectives of the charity. Single or multi-year donations are accounted for when either the recipient Iw a reasonable expectslion that they will receive tbc donation and the tn￿tee8 bave agrred to pay the donation without conditioo or the recipient has a rcasonable exp¢ctstion that thcy will receive a donation and aDy condition attaching to the dollation is outsid¢ tb¢ control of the charity. DonatioD5 offcred Slthj￿t to conditions wbich bave not been met at the year end date are noted as a conimitment but not acctued as cxpenditure. Charitable attivities Costs of charitable activities are iticutred on the chwitys educational otTh¢ioDS, including support ¢osts and costs relating to the governance of the CTr￿1ty. Governanee tosts Governance costs wowrise all costs involving the public accounlability of the charity and its con)pliance with gulation and good practice. These costs include costs related to the independent eXami￿On and legal fees together with an apportionment of ov¢thead and support cosL Fixed asset investmeuts Investments are stated at market Value a5 at the balance sheet date other than investtuents noi listed on a recognised st￿k excbangc. which are included at the ttwsttts, valuation. The stateme￿ of Financial Activitie5 includes the nel gaitL8 and losses atiSiDg on ￿valUatiOn and disposals throughout the year. TAxation The charity is exempt from tax on its Charitsble activitie Page 13 continue(L.. ELLIS CAMPBELL FOtrNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 AccoU￿rING POLICIES - continued F￿lld aecountillg Unrestricted funds can be use41 in accorda￿ with tbc chatitable objectives at thc discretion of the trustees. Restrtcled fimds can only be used for partiwlar restricted pur￿￿eS withiu the objects of the charity. Restrictions arise wlLen specified by the donor or whcn are raised for particular rcstricted Purposes. Unreajised and realised gains aDd I0￿e5 AU gains alld losse5 are tAken to the Statrtnent of Financi3] Activities as they arise. Realised gains and losses Oll investhienls are calculated as the difference be￿Cell sal&s proceth and opening Market value (purc1￿Se date if later). Unrealised Eains and 1055es are calculated as the difference between th¢ market value al thc year-¢[￿ and opening market value (or PUTchase date if latcr). Realised and unrealised gains not separdted in th¢ Stsicm¢nl of Financial Activities. Flll8ncial in5trwnents Th¢ charily has elected to apply the provisions of Seclioll I l Basic Financial Inslnllnents, of FRS 102 to all of ILS fllwiGial instnJm¢a¢s. Financial instnllnents are ￿OgniSed whea the chaTity beem&8 party ￿ the cOntrac￿al provisions of the instrumenL Financial assets and Liabilities arc offset, with the net amounts Prtsented in the fllwicial statement4 when there is a legally enforceable right to set off the rwiscd amounts aod there is an intention kn s¢llle on & net basis or to realise the asset and sellle the liability simultanewsly. B&8ic fmancial assets. whicb include trade debtots. other debtOT5 and c&8h and bank balances, are initially measured at transaolion price inGluding transaction costs and are subsequently carried at amortiscd cost using thc eff¢Gtive interest meth(ML Financial asyts classified as receivable within one aff not amortis FiDancial liabiltties and equity inslrnm¢nts are classified a￿rdIng to the substance of the contractual arrangement8 entered into. An equity instrument is any contract thai eviden¢¢s a residual inte￿t in the &8sets of the ch3rity after (kductiog all of its liabilities. Basic financial liabilities, including trade r￿ditOrS and other creditor4 Ihat arc classified as deb( initially recognised al traosactioa price unless the #rrnngeD]ent ￿nStin5teS a fiDaDcill8 traL8action, where the debt illstnunent is measured at the present valu¢ of the futtwe payinenL3 discounted 8¢ a markel raie of interest. Financial liabilities are dere¢ognised whe44 and only wbet4 tbe ckntys contractual obligations are dis¢harge cancell4 or they expire. Going coThcern Based on current trading and ￿N[C expectations, in spite of the loss ill the current year, the trustees 8re confident the charity will continue to trade profitably in fillure puiods and genvrate Sufficient cash flows to mcct its obligations as they fau due for paymenL Page 14 ELLIS CAMPBELL FOUNDATION NOTES TO TIIE FINANCIAL STATEMEiYfS . continued FOR TUE YEAR ENDED 31 DECEMBER 2024 CRITICAL ACCOUNTING JUDGEMEM AND KEY SOURCLS OF ESrI￿￿TIoN UNCERTAINrY Significant judgements and estimates Ill the application of the charitys accounting polici4 the tswtees are required to make judgetuellts, esiinmtes and assumpLions about the carrying amount of assets and liabilitie5 that are not readily apparent from other sources. The estimates and ass(Kiated assumptions are based on hislorical experience and other factors that a considered lu be relevallt. Actual resulls may differ from these estillwles. The estimatcs alld underlying assumplioos are reviewed on an ongoing basis. Revisions to ac£ounting estimates are recognised in the period in which the cstiTnatc is revised whcre the revision affects only Ihat period. or in the period of the revision and future F¢riods where thc rcvi5ion affe£ts both cutrellt and fUts￿e periods. A key sour¢e of estitnation uncertainty relates to th¢ valuation of investment propertics. wbere a valuation is underthken annually as at 31 De£emb¢r by th¢ ln￿￿e Invesiment pro￿tses were valued at £2.9(KI,(￿ at 31 Dexember 2024 {2023'. £2,9￿,(￿) and are showll in note 13 of thesc fuwicial statements. DONATIONS AND LEGACIF 2024 2023 Donations 3￿.￿0 INVESTMENT llYCOME 2024 2023 Rental income Dividcnds - UK quoted equities Deposit account interest Other income 186,890 65.206 15,836 4.167 174,173 51,123 271099 225.296 CHARITABLE EXPENDTfuRE Grant activities (see note Support Costs (see note 8) Totals Charitable donations Govemance costs 354,940 354.940 78.609 78,609 354.940 78,609 433.549 Page 15 continue¢l.. ELLIS CAMPBELL FOUNDATION IYOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER Z024 GRANTS PAYABLE 2024 2023 Charitable donatioTrs 354.940 494,642 SUPPORT COSTS Governance osts Gov¢rnance costs 78,609 AUDITORS, REMUNERATION 2024 2023 Fetts payable to the ¢harity's audiloTS fffi the audit of the f￿ancIal ststemellls 5,600 io. TRUSTEES, REMUNERATION AND BENEFrrs Trustees arc CODsidered lo Ix key n]JDagemcnt kXTSonnel. One of the In￿tees, L G Montgomery, has been paid remuTherdiion during the year frotD an employment with the clwity. Total remuneration paid lo trustecs w&8 £13,134. No ￿lon contriiwtions were made on behalf of tswtees. Trustees, eypen%es V￿re no tn￿te& expenses paid for the year eoded 31 Dxember 2024 nor for the y¢ar eDded 31 December 2023. ii. STAFF COS'fS The only en￿lOyeeS of the clwity in the year were the tsustees, of whicb one Teceived emohllnents. The averdge monthly number of employ¢es during the year was as ftillows: 2024 2023 TtU8tee No ¢mployees tcceived emohllncnts io excess of £60,(KX). Page 16 continued... ELLIS CAMPBELL FOUNDATION NOTES TO THE F￿ANCIAL sTATE￿£￿IS- continued FOR THE YEAR ENDED 31 DECWBER 2024 12. FtXED ASSET UYvE￿mEl￿Is Listed investmenL MARKET VALUE At l January 2024 Additions Disposals Revaluations 1,643.726 448,074 (469.27 l ) (23,129 } At 31 December 2024 1599,400 NET BOOK VALUE At 31 Decembcr 2024 1.599.400 At 31 December 2023 1.643.726 There were no illvestment assets outside the UK. 13. INVESTMEN'f PROPERTY FAIR VALUE Ai l January 2024 and 31 December 2024 2.900,000 Y4ET BOOK VALUE At 31 December 2024 2.900,000 At 31 De¢¢rnber 2023 2,900,000 Investsnent properties were revalued at 31 D￿ernber 2024 by the tntstees at open maJl(et value. To oomplete thts pnJ¢ess the trnsiees ￿ extetnal prof￿1onal valuers to help them deterniine the relevant amounts. Thc prin]ary yA)urce of evi(knce for tbe Commercial prO[￿ty valuations is tecen( comparable market transactioDS on an arms-length basis. If inv￿tMent propttti<% had not iw rcvalue4 their historic cost would have l)eco £1,632,192 (2023: £1.632.192). Fair value at 31 Dec¢mber 2024 is represented by. Valuation in 2022 Valuation in 2023 3,090,383 (190.383) 2.900,000 Page 17 continueiL.. ELLIS CAMPBELL FOUNDATION NOTES TO TItE FINANCIAL ￿￿TEMEN[S- eoDtinued FOR THE YEAR ENDED 31 DECEMBER 2024 14. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepayments Rnd a¢cwed income 9,608 339.605 75,109 9.608 63,558 9.646 4?4.322 82,812 Is. CREDITORS: AMOUNTS FALLtNG DUE wrrHIN ONE YEAR 2024 2023 Trade creditor5 Taxation and W￿la1 security Other creditors 4,120 6.730 498,906 4,355 6,442 436,386 509,756 447,E83 Within other creditor5 is £39.425 (2023.. £39,462) relating lo defe￿ed income in re4)ect of tenlal income and £4I5,06? (2023.. £391,549) relating lo comrnitted donations. 16. MOVEMLNT IN FUNDS Net movemeot in fundy At Iiir24 31112124 Unrestrlcted funds Geueral fvnd 4.781,487 (187,708) 4,593,779 TOTAL FUNDS 4,781.487 (187.708) 4,593,779 Net movemeot in funds. i￿luded in the aE4)v¢ are as follows: Resourcts Gains and losses Movement in fiwds Unrestrieted fuDd5 General fund 272,099 {433,549) (26.258) (187,708) TOTAL FUNDS 272,099 (433.549) (26258) (187,708) Page 18 contltiu￿.. ELLIS CAMPBELL FOUNDATION NOTES TO THE FINANCIAL STATEMENfs. Colli￿nUed FOR THE YEAR ENDED 31 DECEMBER 2024 16. MOVEMENT IN FUNDS - continued Comparatives for movement in fullds Net niovement in At 111123 31112123 Unrestricted fund$ GelleTal fimd 4,899,532 (118,045) 4,78 I,487 TOTAL FUNDS 4,899,532 (118.045) 4,781,487 Comparative net movemeol in funds. included in the ai¥)vc ate as lollows: Incoming Resource5 Gain5 and losses Movement in fi]nds Unre$trlcted funds General fi￿d 525,296 (563,054> {80,287) (118,045) TOTAL FUNDS 525,296 {563,054) (80.287) (118,045) A current year 12 months and prior year 12 months combined position is as follows: Net movement At 3111Y24 At 111123 Unrestri¢ted fuDds Gener81 fi]nd 4,899,532 (305.753) 4,593,779 TOTAL FUNDS 4,899,532 (305,753) 4,593,779 A current year 12 months and prior year 12 month3 combined net movement in fimds, included in the above ue as follows: Incolning R¢sourc&s expended Gains and losse5 Movement in fund5 Unrestricted funds GeneTal fund 7Y7J95 (996,603) (106,545) (305,753) TOTAL FUIYDS 797.395 {996.603) (106545) (305,753) Page 19 continuc(L.. ELLIS CAMPBELL FOUNDATIOVI NOTKS TO THE FINANCIAL sfATEMENfs . continued FOR THE YEAR ENDED 31 DECE￿￿ER 2024 17. RELATED PARTY DISCLOSURES The following donations have been re￿]ved from companies Colltrolledby the trttsttts. 2024 2023 ECG Propety thveslments Liffjited Farragoll InveS￿ellts Limit¢d Ellis & Sons Antslgamated ProFKrties Limited 125.000 50.000 125,000 No coodilions wcre attadjed to ally of the atM)vc doDatioTh Page 20 REPORT OF THE INDEPENDENT AUDTTOILS TO THE TRUSTEES OF ELLIS CAMPBELL FOUNDATION Opinion Wc have alldiied the fiDancial stat￿￿ents of Ellis Campbell Foundaiion (the 'cb3ritY) for the year ended 31 December 2024 wbich comprise the Stalement of Financial Activities, the Balance Shee¢ the Cash Flow Statement aud notes to the fllmicial statements, including a summary of significant accounting policies. The fuwicial reporting framework that has been applied in their prcpardtion is applicabk law aod United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accoullting Prdctice). In our opinion th¢ fmancial 8tstemenls: give a twe aod fair view of the state of the clwityg affaiTS at 31 2024 aud of its incoming ￿soUrceS and application of tesources, for the year then ended. bave been properly prepared in accordance with ulli￿d Kmgdom ￿e[allY Accepted Acwunting Practice. and have been prepared in acCOrd￿￿e with the requiretnents of the Charities Act 2011. Basis for opinion We conducted our audit in accorda1￿C with Inlemational Standards OD AuditiDg (UK) (ISAS (UK)) and applicable law. Our Tesponsibilities under those 5taDdards are fiffther descriixd in the AuditOES' responsil)ililics for thc audit of the fmancial staletllents seclion of our report. We are iDdepcndent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial slatcments in the UK, including the FRC'5 Ethical Standard, and we havc fulfilled our other ethical responsibilities in accordaoce witb these requir¢1)￿￿. W¢ bclicve that the audit cvid¢nc¢ we have oErtained is suff￿le￿I and appropriate to provide a basis for our opinio Concliisions relating to going concern In auditing the fuwlcial stalelljents. we have concluded that the trustee¥ use of the going concern basi8 of accounting in the preparation of the fmallcial statemellts 1$ aroropriate. B&8ed on the work we have perfomied, we bave no( identified 8ny material uncertainties relating to events or conditions that. individually or collectively. may c&st significant doubt on the ¢E￿illS ability to continue &8 8 going con¢¢rn for a period of at least twelv¢ months from when tbc fwancial statements are authorised for issu¢. Our responsibilities and tbe responsibiliti¢s of th¢ tsustees with resp￿1 to going concem are de￿rib￿ in the relevant sectt0￿9 of tliis report. Other Inforrnatlon The tn￿(eeS are responsible for the other inforn)ation. The other iDfotmation comprises the infortnation included in tbe ATmual Report. other than the Iman¢ial statements and our Re￿￿ of the Iniweat AuditOTS thereo Our opinion on the financial statemenls does not cover the other infonnation an4 exwt to the extent otherwise explicitly ststed in ¢)ur repoo we do not expr￿ any fortn of &8SUtancc c4)nch￿10n thereon. In connection with our audit of the fitjancial statements, our respoDsiI)ility 18 to read the other itiformation and, in doillg so, collsider whether thc other itiformation is materially jow￿lstent with the fllMllcial statements or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identify such material inconSL5ten¢ies or apparent material misstatements, we arc rwired to determine whether this gives rise to a material misstatement in the fuwiciaI ststements themselve5. If, based on the work we have tttform¢(L w¢ wnclude that tbere is a n]aterial misstatement of this other infornatio￿ we are T￿￿1[ed ts) rwi that facL We have notbiog to report in this regard. Matters on which Ive are required to report by exceptton Wc b&ve nothing to rewTrrt in respect of the following mattcrs where thc Clwities (AceK)unts and Reports) Regulations 2008 requires us to report to you if. in our opinion: the infonnation given ill the Report of the TnL8tees i8 incoL8i8te]rt itl ally material tewt witb the fmancial statements. or sufficient accounting re£ords have nol E*eD kepl or the f]nancial statements are not in agreement with the a¢counting re¢otds and rtutlls", or we bave not received all the infortnation atd explanation5 we require for our audit Page 5 REPOR'f OF THE IM)EPENDENT AiJDrroRS TO THE TRUSTEES OF ELLIS CAMPBELL FOUNDATION Responsibilities of trustees As explailled more fully in the Ststement of Ttustees, Restx)nsibiliiies, the tnlstees are respoDsible for the preparntion uf the financial statements which give a and fair vicw. and for such internal control as thc trustees detcm]ine is necessary lo enable the preparnlioll of fmaacial statements that are free from material rnisstatemen( whether due to fi7ud or error. In prep&ing the fllwi¢ial statements, tbe tn￿lee5 are responsible for Is￿81￿g tbe cbaritls ability to continue as a going Conce￿ disclosillg, as applicable. matt￿3 related to going collceTn and using tbe going Concern basis of accounting uuless tbe tn]stees either iatrnd to liquidate the ckwity or to cease ot*rntio￿s. or have no realistic alternative but to do so. Page 6 REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF ELLIS CAMPBELL FOUNDATION Our responsibilities for thÈ audit of the financial statements We have becD appointed as auditors under Section 144 of the Charitics Act 2011 and report iu accordan¢c with the Act and relevant regulations made or having effect therelmder. Our objectives 3Te to obiain reasonable ass[￿anCe about whether the financial statements as a whole ate free from ttEattrial rnisslaiement. wbeiher due w fraud or eTtor. and to i&sue a Re￿rt of the Inde￿ndent Auditors that includes our opinion. Reasonable as5ufdnce ts a high level of &ssurance. bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a m&eTiftI tuisstatemeDt when it exists. Missta￿ttL¢nts can arise from fraud or eLTor and are Gonsidered material if, individually OT in the aggregaie. they could rthsoDably be eXp￿ted to Influence the economic decisions of users taken on the basis of these fmancial staicmcnts. The extent lo which our procedurcs arc capable of detecting itregularities, including fraud is detailed below: As part of our pIar￿l￿g procw.. - We enquired of management the systemq and controls the charity has in place. the are&q of the financial statements that are mostly susceptible to the risk of irregul￿]ticS and fiaud. and whether there was any know[4 sUspec￿d or all¢ged fraud. The clwity did not infom] us of any kno￿ suspecled or alleged fraud. - We obtained an understanding of the legal and regulatory fraTnework8 applicable to the ¢harity. We detem]ined that the following were most relevant to the fuwicial stalemellls: CharitiG5 AGt 2011, FRS 102 & guidance given by the Charily Commission for England & Wales. - We considered the incentives and opportunities Ihat exist in th¢ Ch￿lty, including the extent of management bias, which present a p)tential for irregularities and fraud to b¢ Perpe￿￿ted, and tailored our risk assessmenl accordingly. - Using our knowledge of the charity. together with the disw8sions held with the charity at the planning 8tage, we fomjed a Conclusion on the iisk of mi&8tstement due to I￿egular1tlcS including fraud and tailored our procedu according to this risk asses8metst. In TC5ponse to the risk of irregulaTxti&8 and non-cooipliallce with laws and regulations. tncluding fraud, we deslgned pro¢ethTes which includeAL' - Enquiry of managejnent and those charged with governance around ac0￿7 and potcnlial litigatioo and claims as well as actual. SU$￿ted and alleged fraud: . Reviewing minutes of meetings of those ctMr8ed with governan Assessing the extent of compliance with the laws and regulations consi&red to have a direct material cffect on the fllwicial statements OT the operations of the ents.ty tbrou8h enquiry and inspxiion" Reviewtng fu)ancial Stateme￿ di8¢105ures and testing to supy)rting do¢umeDtatioll to asstss compliance with applicable laws and regulatio￿8. - Perfomiing audit work over the risk of management bi&8 and override of controls, including ie5t7ng of journal entries and other adjustments for appropriateness. evaluating the busines5 rationale of significant transactions outside the nonnal course of business and reviewing aC￿u￿ting estimat¢s for ityjicatots oIFK)tential bias. There are inherent limitations in the audit proce4kn descriEed th)v& The more removed that laws and regulatiow are from fmaucial transaciions, the Iw likely it is that we would become aware of non-compliance. Auditillg standards also limit the auth'l procedures required to identify non-compliance with laws and re￿atiOnS to enquiry of the dircctor5 and other managem¢nt and the inspection of regulat¢)ry and legal cOrres￿denCe, if any. The risk of not detrcting a material misslatement resulting from fraud 15 bigher than one resulting from e￿l)r, as fraud may iDvolve collusio forgery￿tentIonal otnisgions, mIsrq)r￿ntatiOns. or the override of internal controL A further description of our responsiTrJiliti&s for the audlt of thc financial statements is located on the Financial Reporting Council's website at www.fr¢.org.uldauditOTwwwibilitie& This a￿iption forn￿ part of our Report of the Tndependent Auditors. Page7 REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEFS OF ELLIS CAMPBELL TrOUNDATION Us¢ of our report This rewrt 15 made solely ¢0 the clwitys trustee4 a8 a b(Kly, in accordan￿ with Part 4 of the Cbarities (Accounts and Reports) Regulations 2￿8. Our audit woth has been undertaken so that we miEbt state to Ibe charitys trustees those matters we are required lo slate to them in aTk auditors, rqN)rt and for no other purpose. To the fijllest extent permitted by law. we do uoi accept or assume responsibility lo anyone other than the charity and the chariws tr￿Stee8 as a body. for our audkt worK for tbis ieporL OT for the opinions we bave fonn¢d. Champion Accountants Ll I Worsley Court High Strc¢l Worsley Manchester M28 3NJ Dale.. MaTkTurner FCA (Senior Ststutory Auditor) Page 8