REGISTERED COMPANY NUMBER: 01147282 (England and Wales)

REGISTERED CHARITY NUMBER: 266849

Report of the Trustees and

Financial Statements for the Year Ended 31st December 2025

for

The Elgar Foundation

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Notes to the Financial Statements

8

to

15

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 December 2025. 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).

The Elgar Foundation, which was incorporated in 1973 as a company limited by guarantee without a share capital (company number 01147282) is also a registered charity (charity no. 266849). In accordance with Section 61 of the Companies Act 2006, the company is exempt from the requirements of that Act to include "Limited" as part of its name. It operates in conjunction with its sister charity, The Elgar Birthplace Trust (charity no. 202688), of which The Elgar Foundation is the sole trustee.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives for which the Foundation was established are:

1

To promote in every part of the world public education in, and appreciation of, the life and works of the late Sir Edward Elgar;

2

To promote in every part of the world the publication of any kind of work on or about the late Sir Edward Elgar;

3

To maintain and preserve or assist in the maintenance and preservation of the Birthplace of the late Sir Edward Elgar, the Elgar Centre and neighbouring buildings at Lower Broadheath Worcestershire (hereinafter called 'the Birthplace') and any other property used or connected with the Birthplace or otherwise of national interest connected with the late Sir Edward Elgar;

4

To provide and maintain for the benefit of the nation a public museum, archive and library of musical scores, instruments, books, manuscripts, pictures, photographs, letters, records and objects of national or historic importance with particular reference to the late Sir Edward Elgar, his life, works, contemporaries and times.

The trustees confirm that they have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance on public benefit published by the Charity Commission when reviewing the charity's aims and objectives.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The Birthplace (now known as The Firs) continued to open to the public for part of each week throughout most of the year and at Christmas during 2025. The National Trust's Site Manager continued to develop activities there, including concerts.

Visitor numbers to The Firs have continue to grow to the extent that the National Trust reported a deficit on income for the period only one-third of that for 2024, with an expectation of breaking even in 2026. As contracted in the Foundation's agreement with the Trust, the Foundation covered the losses for this period; a payment to the Trust is included as expenditure in the 2025 accounts. Shortly before the end of the reporting period, the National Trust’s central investment board finally agreed to transfer of ownership of the Birthplace to The National Trust, and we are now optimistic that the remaining technical and legal processes needed for The National Trust to take over full control of The Firs will be completed within the period of the current lease expiring in December 2026.

The governing body would like to thank regular donors to the Foundation's funds. Their contribution continues to be highly valued.

Elgar Foundation Enterprises Limited

Elgar Foundation Enterprises Limited (company no. 04128862), the charity's trading subsidiary, remains dormant. With the transfer of full ownership of the Birthplace operation to the National Trust now seemingly assured, there is no foreseen purpose in retaining the subsidiary as a dormant company and steps are now being taken to have the company struck off.

Other activities

The Elgar Foundation continues to work with the National Trust and The British Library to promote Elgar's music. Through one of its directors, the Foundation is also working with the British Library and Oxford University to ensure that the maximum public benefit is gained through the transfer of the Birthplace Archive to the British Library in 2019 and to establish collaboration between the National Trust and the British Library.

FINANCIAL REVIEW

Financial position

Total income was £207,556 compared to £54,982 last year, which includes legacy income of £205,724 (2024 - £53,992).

Total expenditure for the year was £43,222 compared to £59,194 last year.

Total unrestricted funds at the year end was £257,111 (2024 - £277,182), of which £95,234 (2024 - £98,678) relates to fixed assets, and £32,000 (2024 - £nil) relates to designated funds, leaving free reserves of £129,877 (2024 - £178,504).

Total restricted funds held at the year end amounted to £236,867 (2024 - £36,971). Further details can be found in note 19 of the financial statements.

The Restricted Endowment Fund relates to the Elgar Visitor Centre (held within tangible fixed assets), which was constructed using funds specifically raised for the purpose of constructing this asset. At the year end funds held within the Restricted Endowment Fund amounted to £462,454 (2024 - £477,945), following a depreciation charge in the year of £15,491 (2024 - £15,491).

Reserves policy

At the year end the charity held unrestricted funds excluding fixed assets and designated funds of £129,877 (2024 - £178,504), which, based on current year's unrestricted fund net deficit excluding depreciation, will be sufficient to fund the activities of the charity through to the anticipated end of its agreement with The National Trust in December 2026.

The trustees will continue to review the reserves policy in future years in line with its lease and funding agreement with The National Trust and the Elgar Family Trust, which has been extended to December 2026.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

The appointment of directors is via interview and with the approval of the Chairman.

Decision making

The Management Committee met in person and on-line video with representatives of the National Trust and the Elgar Family Trust on 7 March and 30 April 2025, to discuss the transfer of The Firs to The National Trust.

Training of new trustees

New trustees undergo training to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making process, the business plan and recent financial performance of the charity. Trustees are encouraged to attend appropriate training where this will facilitate the undertaking of their role.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01147282 (England and Wales)

Registered Charity number

266849

Registered office

Thorneloe House

25 Barbourne Road

Worcester

Worcestershire

WR1 1RU

Trustees

Mr W H Carslake

Mr A J Jowett OBE *

The Rt Hon D J Mellor KC Chairman

Mr M Messenger OBE *

Mr A H A Neill

Mr J F Norris *

Professor E J Whenham *

Mrs J Grafton Knight *

*Members of the Management Committee

Independent Examiner

The Richards Sandy Partnership

Thorneloe House

25 Barbourne Road

Worcester

Worcestershire

WR1 1RU

Legal Advisers

Hallmark Whatley Hulme Solicitors,

3-5, Sansome Place,

Worcester,

WR1 1UQ

Bankers

Triodos Bank

Deanery Road

Bristol

BS1 5AS

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 16th July 2026 and signed on its behalf by:

Mr J F Norris - Trustee

Independent examiner's report to the trustees of The Elgar Foundation ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

Melissa Jean Godwin ACA ACCA

The Richards Sandy Partnership

Thorneloe House

25 Barbourne Road

Worcester

Worcestershire

WR1 1RU

24th July 2026

2025

2024

Unrestricted

Restricted

Endowment

Total

Total

funds

funds

fund

funds

funds

Notes

£

£

£

£

£

INCOME AND ENDOWMENTS

FROM

Donations and legacies

4

5,858

200,386

-

206,244

54,513

Investment income

5

1,312

-

-

1,312

469

Total

7,170

200,386

-

207,556

54,982

EXPENDITURE ON

Charitable activities

6

Charitable Activities

27,241

490

15,491

43,222

59,194

NET INCOME/(EXPENDITURE)

(20,071

)

199,896

(15,491

)

164,334

(4,212

)

RECONCILIATION OF FUNDS

Total funds brought forward

277,182

36,971

477,945

792,098

796,310

TOTAL FUNDS CARRIED FORWARD

257,111

236,867

462,454

956,432

792,098

2025

2024

Unrestricted

Restricted

Endowment

Total

Total

funds

funds

fund

funds

funds

Notes

£

£

£

£

£

FIXED ASSETS

Tangible assets

15

95,233

-

462,454

557,687

577,112

Investments

16

1

-

-

1

1

95,234

-

462,454

557,688

577,113

CURRENT ASSETS

Debtors

17

4,953

-

-

4,953

121,345

Cash at bank

161,483

236,867

-

398,350

95,379

166,436

236,867

-

403,303

216,724

CREDITORS

Amounts falling due within one year

18

(4,559

)

-

-

(4,559

)

(1,739

)

NET CURRENT ASSETS

161,877

236,867

-

398,744

214,985

TOTAL ASSETS LESS CURRENT LIABILITIES

257,111

236,867

462,454

956,432

792,098

NET ASSETS

257,111

236,867

462,454

956,432

792,098

FUNDS

19

Unrestricted funds

257,111

277,182

Restricted funds

236,867

36,971

Endowment funds

462,454

477,945

TOTAL FUNDS

956,432

792,098

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2025 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 16th July 2026 and were signed on its behalf by:

Mr J F Norris - Trustee

1.	COMPANY INFORMATION

The charity is a company limited by guarantee without share capital. The members of the company are the trustees named in the report of the trustees.

The charitable company was incorporated in the UK, the registered office is Thorneloe House, 25 Barbourne Road, Worcester, WR1 1RU.

2.	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.

The accounts are prepared in sterling, which is the functional currency. Monetary amounts in these financial statements are rounded to the nearest £.

EXEMPTION FROM REQUIREMENT TO PREPARE A STATEMENT OF CASH FLOWS

The charity is exempt from the requirement to prepare a statement of cash flows on the basis that it qualifies as a small entity under FRS 102 and is not a larger charity under Charities SORP (FRS 102).

EXEMPTION FROM PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about The Elgar Foundation as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

Legacy income is recognised when the Charity has confirmed entitlement of the legacy, when the amount can be accurately measured and when it is probable that they will receive the income.

Donations are recorded upon receipt.

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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

10% on cost

Additions costing less than £500 are not capitalised.

FIXED ASSET INVESTMENTS

Shares in subsidiaries are measured at cost less any provisions for impairment.

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.

The Endowment fund represents funds raised specifically for the construction of the Elgar Foundation.

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.

FINANCIAL INSTRUMENTS

Financial instruments are recognised when the charity becomes party to contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially

measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial Liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. These 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 setting of depreciation policies for tangible fixed assets (which are stated in the accounting policies) are considered a significant judgement. In addition significant judgement is considered to be applied in the review for impairment of tangible fixed assets. The net book value and movements in the year of tangible fixed assets are disclosed in note 15 of the financial statements.

4.	DONATIONS AND LEGACIES

2025

2024

£

£

Donations

520

521

Legacies

205,724

53,992

206,244

54,513

5.	INVESTMENT INCOME

2025

2024

£

£

Bank interest

1,312

469

6.	CHARITABLE ACTIVITIES COSTS

Direct

Support

Costs (see

costs (see

note 7)

note 9)

Totals

£

£

£

Charitable Activities

41,176

2,046

43,222

7.	DIRECT COSTS OF CHARITABLE ACTIVITIES

2025

2024

£

£

Property costs

7,168

9,749

National Trust funding agreement payments

6,157

18,323

Insurance

7,897

8,025

Subscriptions

450

423

Bank charges

11

13

Depreciation

19,425

19,637

Sundries

68

68

41,176

56,238

8.	GRANTS PAYABLE

2025

2024

£

£

Charitable Activities

-

1,000

The total grants paid to institutions during the year was as follows:

2025

2024

£

£

Worcester Cathedral - chorister scholarship

-

1,000

9.	SUPPORT COSTS

Governance

costs

£

Charitable Activities

2,046

Support costs, included in the above, are as follows:

2025

2024

Charitable

Total

Activities

activities

£

£

Independent examiner's fee

2,046

1,956

10.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

£

£

Independent examiner's fee

2,046

1,956

Depreciation - owned assets

19,425

19,637

11.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2025 nor for the year ended 31st December 2024.

TRUSTEES' EXPENSES

During the year no trustees were reimbursed any expenses (2024 - £nil).

12.	STAFF COSTS

There were no staff costs in either the current or comparative years.

13.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Endowment

Total

funds

funds

fund

funds

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

18,032

36,481

-

54,513

Investment income

469

-

-

469

Total

18,501

36,481

-

54,982

EXPENDITURE ON

Charitable activities

Charitable Activities

43,215

488

15,491

59,194

NET INCOME/(EXPENDITURE)

(24,714

)

35,993

(15,491

)

(4,212

)

RECONCILIATION OF FUNDS

Total funds brought forward

301,896

978

493,436

796,310

TOTAL FUNDS CARRIED FORWARD

277,182

36,971

477,945

792,098

14.	FINANCIAL COMMITMENTS

The Elgar Foundation agreed to underwrite The National Trust's operational losses incurred in running the Elgar's birthplace and museum until 8th December 2024, this has been extended to 8th December 2026.

15.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1st January 2025 and 31st December 2025

1,046,198

106,200

1,152,398

DEPRECIATION

At 1st January 2025

469,576

105,710

575,286

Charge for year

18,935

490

19,425

At 31st December 2025

488,511

106,200

594,711

NET BOOK VALUE

At 31st December 2025

557,687

-

557,687

At 31st December 2024

576,622

490

577,112

Freehold land and buildings includes a cost of £99,447 (2024 - £99,447) in respect of land.

16.	FIXED ASSET INVESTMENTS

Share in

subsidiaries

£

MARKET VALUE

At 1st January 2025 and 31st December 2025

1

NET BOOK VALUE

At 31st December 2025

1

At 31st December 2024

1

The company's investments at the balance sheet date in the share capital of companies include the following:

Elgar Foundation Enterprises Limited (company no. 04128862)

Registered office: Thorneloe House, 25 Barbourne Road, Worcester, Worcestershire, England, WR1 1RU

Nature of business: Dormant

2025

2024

£

£

Aggregate capital reserves at the year end

-

-

Profit/(loss) for the year

-

-

The Elgar Foundation holds 100% of the issued share capital of Elgar Foundation Enterprises Limited.

The Elgar Birthplace Trust (charity no. 202688)

Registered office: Thorneloe House, 25 Barbourne Road, Worcester, Worcestershire, England, WR1 1RU

Nature of business: Dormant charity

2025

2024

£

£

Aggregate reserves at the year end

-

-

Surplus/(deficit) for the year

-

-

The Elgar Foundation is the sole trustee of The Elgar Birthplace Trust.

17.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Accrued income

-

116,511

Prepayments

4,953

4,834

4,953

121,345

18.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

2,734

-

Accrued expenses

1,825

1,739

4,559

1,739

19.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.1.25

in funds

funds

31.12.25

£

£

£

£

Unrestricted funds

General fund

277,182

(20,071

)

(32,000

)

225,111

Designated Elgar Centre Building Repair Fund

-

-

32,000

32,000

277,182

(20,071

)

-

257,111

Restricted funds

Elgar Birthplace Development Fund

490

(490

)

-

-

Lady M Wraight Legacy - Bursary Fund

36,481

386

-

36,867

P M Hugill Legacy - Music & Tuition Fund

-

200,000

-

200,000

36,971

199,896

-

236,867

Endowment funds

Elgar Centre Endowment Fund

477,945

(15,491

)

-

462,454

TOTAL FUNDS

792,098

164,334

-

956,432

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

7,170

(27,241

)

(20,071

)

Restricted funds

Elgar Birthplace Development Fund

-

(490

)

(490

)

Lady M Wraight Legacy - Bursary Fund

386

-

386

P M Hugill Legacy - Music & Tuition Fund

200,000

-

200,000

200,386

(490

)

199,896

Endowment funds

Elgar Centre Endowment Fund

-

(15,491

)

(15,491

)

TOTAL FUNDS

207,556

(43,222

)

164,334