| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 |
| FOR |
| THE ELMET TRUST LTD |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 |
| FOR |
| THE ELMET TRUST LTD |
| THE ELMET TRUST LTD |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| Page |
| Report of the Trustees | 1 | to | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 | to | 11 |
| THE ELMET TRUST LTD (REGISTERED NUMBER: 05789457) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| To advance the education of the public in the life and works of the former poet Laureate, Ted Hughes in particular but not exclusively by: |
| - Means of events, exhibitions, festivals and other artistic media. |
| - The purchase, development and management of suitable premises to accommodate the "Ted Hughes Centre" as a developing resource and archive of the poet's life and work. |
| We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. |
| THE ELMET TRUST LTD (REGISTERED NUMBER: 05789457) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| OBJECTIVES AND ACTIVITIES |
| Significant activities |
| As a very small charity our objectives are necessarily limited by what we are able to resource. |
| Our priorities have been to: |
| - Secure the future of 1, Aspinall Street, Mytholmroyd, the former home of Ted Hughes. |
| - Run a small programme of Ted Hughes related events. |
| In pursuit of these objectives we: |
| - continued to operate 1, Aspinall Street as short-term self-catering holiday accommodation. |
| - opened 1, Aspinall Street to the public as part of the Heritage Open Days. |
| - commemorated the 25th Anniversary of Ted Hughes's death with an evening of shared reading of his work via Zoom, jointly hosted with the Ted Hughes Society. The event was co-chaired by David Rudrum of the Elmet Trust and Mark Wormald of the Ted Hughes Society and it was both a popular and enjoyable evening, and a very fitting celebration of Hughes. |
| - held a guided walk around Mytholmroyd as part of the 'Culturedale' celebrations across Calderdale. The walk was well attended and concluded with a guided tour of 1 Aspinall Street. |
| - welcomed the American poet, Jodie Hollander, as our first poet-in-residence for the Elmet Trust, thanks to the generosity of the American artist and poet, Nancy Gifford. Jodie spent just under two weeks living and working in the childhood home of Ted Hughes, and, whilst there, hosted four events: A Virtual Reading of her own work streamed live from Number 1, an in-person nature writing poetry workshop at Number 1, a Poetry Workshop at Heptonstall Museum and a Poetry Reading with other Hebden Bridge Poets, also at Heptonstall Museum. During her stay at the house, Jodie began writing poems that responded to and engaged with the Hughesian landscape. |
| - invited members of the Elmet Trust and the Ted Hughes Society to a rare special event: a private tour and curator's talk about a new exhibition on the life and work of Ted Hughes, on show at Heritage Quay, Huddersfield. The exhibition - Ted Hughes: The Making of a Poet Laureate - was put together by third year undergraduates at the University of Huddersfield and featured some of Hughes's never-before-seen personal effects, recently donated to the University of Huddersfield by Carol Hughes, as well as a range of rare books and papers. It covered many aspects of Hughes's career, from his childhood in Yorkshire to his legacy as poet laureate. |
| - hosted a mini-festival of events in August 2024, in partnership with local poet, Sarah Corbett. The first event 'Walking Through Elmet' took place on 17th August in Heptonstall. Participants joined the poet and novelist, Michael Stewart, on a walk through Heptonstall to gain inspiration from the same landscape that inspired both Ted Hughes and Sylvia Plath. This was followed by a workshop in Heptonstall Museum. On the evening of 17th August, The Ted Hughes Birthday Reading was held at the The Stubbing Wharf in Hebden Bridge, where we were thoroughly entertained by readings from both Zaffar Kunial and Steve Ely. On Sunday 18th some of the Calder Valley's finest poets gathered at the Book Case in Hebden Bridge. The poets were Sarah Corbett, Michael Haslam, Ian Humphries, Carola Luther, Michael Stewart, Judith Willson and Elmet Trust member David Mullin. |
| - continued engagement with the Ted Hughes Society, Alliance of Literary Societies and the LitHouses Group. |
| In January 2024, we sadly received the news of the death of our former Elmet Trust Chair, Sheila Wild. Sheila's contribution to the work of the Trust was enormous, particularly playing a key role in the Community Asset Transfer of Number 1 Aspinall Street, and the registration of the Elmet Trust as a charity, along with her work on festival events over several years. She was a fine poet in her own right and is remembered extremely fondly by all at the Elmet Trust. |
| THE ELMET TRUST LTD (REGISTERED NUMBER: 05789457) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| OBJECTIVES AND ACTIVITIES |
| Public benefit |
| All our charitable activities focus on the promotion of the life and works of Ted Hughes and are undertaken to further our charitable purposes for the public benefit. |
| The public are defined as the public in general, and while our current range of events is largely confined to people resident in the Calder Valley, the Trustees are committed to expanding the Trust's activities out into the country as a whole. |
| 1 Aspinall Street contains a collection of books by or about Ted Hughes donated by his widow, Carol Hughes, which includes books from Hughes's own personal library. Staying in the house for a short period enables visitors to peruse these carefully. Certain rooms in, or views from, the house are the subject of a number of Hughes's poems, and staying in the house offers more opportunity to take these in than does a brief visit. |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable activities |
| Our principal activities are the management of 1 Aspinall Street, Mytholmroyd, birthplace of Ted Hughes, and the organising of a bi-annual Ted Hughes festival. The establishment of a Ted Hughes Centre in Mytholmroyd is a long-term aim |
| FINANCIAL REVIEW |
| Principal funding sources |
| The principal funding source for the charity is the rental income for letting out 1 Aspinall Street as a holiday let and writer's retreat. |
| Reserves policy |
| The Trustees have looked at the charity's requirements for reserves in the light of the main risks to the organisation. The Trust has agreed a policy whereby the reserves should be between 2 and 3 years income, or £21,000. The reserves are needed to meet the working capital requirements to maintain 1 Aspinall Street and also to provide the charity with matched funding to support grant applications. The Trust has made progress during the year to establishing a level of reserves which is close to meeting the requirements of the Trust's reserves policy.. |
| FUTURE PLANS |
| The Trust plans continuing the activities outlined above, subject to funding being available. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
| THE ELMET TRUST LTD (REGISTERED NUMBER: 05789457) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Recruitment and appointment of new trustees |
| The directors of the company are also charity trustees for the purposes of charity law. Under the Memorandum and Articles of Association the members of the Board are elected to serve for a period of one year after which they must be re-elected to serve at the next Annual General Meeting. |
| The Trustees seek to ensure that the charity's needs are appropriately met through the skill-set of the Board. The Trustees include people with an in-depth knowledge both of Ted Hughes's work and of the time Hughes spent in the Calder Valley. Corporate governance and educational skills are also represented. |
| Trustees are familiar with the work of the Trust through having been long-term supporters of the Trust. On election Trustees receive a copy of the Trustee Induction pack. This includes: |
| - The Memorandum and agreement; |
| - Trustee role descriptions; |
| - Copies of all Elmet Trust policies, including those on safeguarding, health and safety - for trustees, volunteers and visitors to 1 Aspinall Street - equal opportunities and data protection; |
| - Copies of the past three year's accounts |
| All Trustees give their time voluntarily and receive no benefits from the charity. |
| Organisational structure |
| The Elmet Trust has a board of trustees which currently comprises 6 members, who meet monthly and are responsible for the strategic direction and policy of the charity. |
| The Elmet Trust has contracted the renting out of 1 Aspinall Street to a holiday lettings agency. The Trust also contracts out the cleaning and maintenance of 1 Aspinall Street, and uses a broker to supply insurance services, but otherwise, all activities are resourced by volunteers. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| Approved by order of the board of trustees on |
| THE ELMET TRUST LTD (REGISTERED NUMBER: 05789457) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| THE ELMET TRUST LTD |
| STATEMENT OF FINANCIAL ACTIVITIES |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 2024 | 2023 |
| Unrestricted | Total |
| funds | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Charitable activities |
| Investment income | 2 |
| Total |
| EXPENDITURE ON |
| Raising funds | 3 |
| Charitable activities |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 17,046 |
| THE ELMET TRUST LTD (REGISTERED NUMBER: 05789457) |
| BALANCE SHEET |
| 31ST AUGUST 2024 |
| 2024 | 2023 |
| Unrestricted | Total |
| funds | funds |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 8 |
| Unrestricted funds | 17,046 |
| TOTAL FUNDS | 17,046 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2024 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| THE ELMET TRUST LTD |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| 2. | INVESTMENT INCOME |
| 2024 | 2023 |
| £ | £ |
| Deposit account interest |
| THE ELMET TRUST LTD |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 3. | RAISING FUNDS |
| Investment management costs |
| 2024 | 2023 |
| £ | £ |
| Property repairs |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31st August 2024 nor for the year ended 31st August 2023. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31st August 2024 nor for the year ended 31st August 2023. |
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted |
| funds |
| £ |
| INCOME AND ENDOWMENTS FROM |
| Charitable activities |
| Investment income |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 17,046 |
| THE ELMET TRUST LTD |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Accrued expenses |
| 8. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.9.23 | in funds | 31.8.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 17,046 | 331 | 17,377 |
| TOTAL FUNDS | 331 | 17,377 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 6,552 | (6,221 | ) | 331 |
| TOTAL FUNDS | ( |
) | 331 |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.9.22 | in funds | 31.8.23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 17,581 | (535 | ) | 17,046 |
| TOTAL FUNDS | 17,581 | (535 | ) | 17,046 |
| THE ELMET TRUST LTD |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST AUGUST 2024 |
| 8. | MOVEMENT IN FUNDS - continued |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 6,634 | (7,169 | ) | (535 | ) |
| TOTAL FUNDS | 6,634 | (7,169 | ) | (535 | ) |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| movement | At |
| At 1.9.22 | in funds | 31.8.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 17,581 | (204 | ) | 17,377 |
| TOTAL FUNDS | 17,581 | (204 | ) | 17,377 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 13,186 | (13,390 | ) | (204 | ) |
| TOTAL FUNDS | 13,186 | (13,390 | ) | (204 | ) |
| 9. | RELATED PARTY DISCLOSURES |