Charity number: 1053956
THE DROMINTEE TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
THE DROMINTEE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent auditors' report on the financial statements | 6 - 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 - 19 |
THE DROMINTEE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
| Trustees | Hugh Patrick Murphy |
|---|---|
| Margaret Ann Murphy | |
| Robert Henry Smith | |
| Paul Tiernan | |
| Mary Agnes Middleton | |
| Patrick Hugh Murphy | |
| Joseph John Murphy | |
| Charity registered number 1053956 Principal office 1 Westmoreland Avenue Thurmaston Leicester LE4 8PH Independent auditors Magma Audit LLP Chartered Accountants Unit 2 Charnwood Edge Business Park Syston Road Leicester LE7 4UZ Bankers Barclays Bank Plc 1-3 Haymarket Towers Humberstone Gate Leicester LE1 1WA Allied Irish Bank Direct Banking PO Box 73306 London W5 9PB Solicitors Crane & Walton 24 De Monfort Street Leicester LE1 7GB |
Page 1
THE DROMINTEE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report together with the audited financial statements of the Charity for the 1 April 2020 to 31 March 2021.
Objectives and activities
Policies and objectives
The objectives of the Trust are such exclusively charitable purposes as the trustees may determine and in particular but without prejudice to that general statement:
-
To provide relief for those who by reason of their age, youth, infirmity, disablement, poverty or social and economic circumstances are suffering hardship or distress or are otherwise in need.
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To provide relief for charitable purposes connected with children's welfare in the United Kingdom or elsewhere, in particular (but without limitation to the trustees' powers) the relief of need, hardship, suffering, distress of underprivileged, deprived and abused children.
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To advance the education about and the enhancement of health in general and to provide, maintain and replace (where not readily available from statutory resources) medical equipment to be used in the care and treatment of the sick and for the relief of poverty amongst the sick.
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To promote research into the causes of and a cure for those suffering from rare diseases or disorders and in particular metabolic disorders.
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To make donations to any charitable institution or foundation for the purposes of such institution's or foundation's charitable objects of such amount or amounts and in such manner generally as the trustees shall in their absolute discretion determine.
There have been no changes to these objectives and policies since the Trust was established.
It is not the intention of the Trustees to raise funds for the charity from the public.
The Trustees confirm 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 and setting the grant making policy for the year.
Grant making policies
The Trustees consider all written applications for grants at Trustees' meetings. Applications are considered on merit based on how closely the activities of the applicant fit with the objectives of the charity.
The Trustees have sought to benefit the public through a range of grants to charitable causes within the conditions of the trust deed.
Page 2
THE DROMINTEE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance
Review of activities
The Trust received donations which, with the tax recovered, amounted to £471,375 (2020 - £425,000), dividends on unlisted investments of £60,000 (2020 - £60,000) and bank interest of £2,147 (2020 - £2,566).
15 donations were made totalling £417,000 (2020 – 16 donations of £417,000). The donations were spread over the causes that the Trustees felt were worthy of supporting and which fulfilled the objectives of the Trust. They were spread between local charities, the UK and Third World countries and included donations for medical charities, health, education, children's charities and caring for the sick and their families.
The income exceeded the expenditure by £20,259 (2020 - £87,260) which has been added to the accumulated fund. At 31 March 2020 the total assets of the Trust were £3,331,665 (2020 - £3,311,406).
Investment policy and performance
Whilst the Trust has funds awaiting distribution, these are maintained to give rise to the best rate of return.
Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Principal funding
The Trustees are satisfied that the Trust's assets are available and adequate to fulfil its obligations.
Structure, governance and management
Constitution
The Dromintee Trust is an unincorporated charity established under a Deed of Settlement by Hugh Patrick Murphy dated 11 October 1995.
The Trustees during the year and at 31 March 2021 were as follows:
Hugh Patrick Murphy Margaret Ann Murphy Robert Henry Smith Paul Tiernan Mary Agnes Middleton Patrick Hugh Murphy Joseph John Murphy
Page 3
THE DROMINTEE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management (continued)
Methods of appointment or election of Trustees
The settlor has the power to appoint new or additional trustees during his lifetime. Individual Trustees are able to resign at any time by notice in writing.
The current practice is to appoint new Trustees who are known to the settlor and no formal checks are therefore considered to be necessary.
Organisational structure and decision-making policies
The Trustees have the same full and unrestricted powers of investing and transposing investments as if they are beneficially entitled to the Trust Fund.
Policies adopted for the induction and training of Trustees
Appointees are invited to a Trustee meeting prior to appointment. New trustees receive a copy of the governing document, financial statements and Charity Commission Publication CC3 "The Essential Trustee".
Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
THE DROMINTEE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Margaret Ann Murphy Trustee
Date: 11 November 2021
Page 5
THE DROMINTEE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE DROMINTEE TRUST
Opinion
We have audited the financial statements of The Dromintee Trust (the 'charity') for the year ended 31 March 2021 which comprise the Statement of financial activities, the Balance sheet, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2021 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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THE DROMINTEE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE DROMINTEE TRUST (CONTINUED)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity and the sector, we have identified that the principal risks of noncompliance with laws and regulations related to UK Tax and legislation and breaches of the Charities Act, and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and provisions of the Charities SORP (FRS 102). We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates. Audit procedures performed included
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Enquiries with management for consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, journal entries crediting revenue, journal entries crediting cash and journal entries with specific defined descriptions.
There are inherent limitations in the audit procedures described above. The more removed non-compliance with
Page 7
THE DROMINTEE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE DROMINTEE TRUST (CONTINUED)
laws and regulations is, from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by forgery or intentional misrepresentation, for example, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Magma Audit LLP
Chartered Accountants Statutory Auditor Unit 2 Charnwood Edge Business Park Syston Road Leicester LE7 4UZ 12 November 2021
Magma Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 8
THE DROMINTEE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities Total expenditure Net income before net (losses)/gains on investments Net (losses)/gains on investments 9 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 471,375 62,147 533,522 499,775 499,775 33,747 (13,488) 20,259 3,311,406 20,259 3,331,665 |
Total funds 2021 £ 471,375 62,147 533,522 499,775 499,775 33,747 (13,488) 20,259 3,311,406 20,259 3,331,665 |
Total funds 2020 £ 425,000 62,566 |
|---|---|---|---|
| 487,566 | |||
| 419,611 | |||
| 419,611 | |||
| 67,955 19,305 |
|||
| 87,260 | |||
| 3,224,146 87,260 |
|||
| 3,311,406 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 19 form part of these financial statements.
Page 9
THE DROMINTEE TRUST
BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Creditors: amounts falling due after more than one year 12 Net assets excluding pension asset Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
94,275 1,187,479 1,281,754 (16,248) |
2021 £ 2,132,282 2,132,282 1,265,506 (66,123) 3,331,665 3,331,665 - 3,331,665 3,331,665 |
724 1,167,012 1,167,736 (2,100) |
2020 £ 2,145,770 |
|---|---|---|---|---|
| 2,145,770 1,165,636 - |
||||
| 3,311,406 | ||||
| 3,311,406 | ||||
| - 3,311,406 |
||||
| 3,311,406 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Hugh Patrick Murphy Trustee
Margaret Ann Murphy Trustee
Date: 11 November 2021
The notes on pages 12 to 19 form part of these financial statements.
Page 10
THE DROMINTEE TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Net cash provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 12 to 19 form part of these financial statements |
2021 £ (41,680) 62,147 62,147 - 20,467 1,167,012 1,187,479 |
2020 £ 7,666 |
|---|---|---|
| 62,566 | ||
| 62,566 | ||
| - | ||
| 70,232 1,096,780 |
||
| 1,167,012 | ||
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THE DROMINTEE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements 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 Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Dromintee Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
1.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
1.5 Going concern
The Trustees have prepared the financial statements on the basis that the Trust is a going concern.
Page 12
THE DROMINTEE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting policies (continued)
1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.
1.8 Debtors
Debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 Cash at bank and in hand
Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt.
2. Judgements in applying accounting policies and key sources of estimation uncertainty
Certain of the amounts included in the financial statements involve the use of judgement and/or estimation. The judgements and estimates are based on the Trustees' best knowledge of the relevant facts and circumstances and have regard to prior experience, but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimation uncertainty is contained in the accounting policies and/or notes to the financial statements and the key area are summarised below:
Critical accounting estimates and assumptions:
The Charity carries its fixed asset investments at fair value as set out in note 1.6 above and note 9 on page 15.
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THE DROMINTEE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
3. Income from donations and legacies
| Donations (including income tax recovered) Total 2020 |
Unrestricted funds 2021 £ 471,375 425,000 |
Total funds 2021 £ 471,375 425,000 |
Total funds 2020 £ 425,000 |
|---|---|---|---|
4. Investment income
| Dividends receivable on unlisted investments Bank interest receivable Total 2020 Grants payable Grants (see note 6) Total 2020 |
Unrestricted funds 2021 £ 60,000 2,147 62,147 62,566 Grants to Institutions 2021 £ 497,211 417,000 |
Total funds 2021 £ 60,000 2,147 62,147 62,566 Total funds 2021 £ 497,211 417,000 |
Total funds 2020 £ 60,000 2,566 |
|---|---|---|---|
| 62,566 | |||
| Total funds 2020 £ 417,000 |
|||
5. Grants payable
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THE DROMINTEE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
6. Grants to institutions
| An analysis of the payments made in the year is as follows: Leicester Hospitals Charity Ratcliffe College Catholic Bursary Fr Pius George Don Bosco Sri Lanka The Good Counsel Network Fellowship and Aid to the Christians of the East The National Brain Appeal (support of immunotherapy clinical trial) March for Life The Anscombe Bioethics Centre Don Bosco, Sri Lanka (Junior Seminary) Consolata Fathers (Makiunga Hospital, Tanzania) Marie Curie Don Bosco Hyderabad, India (Scholarship project) St Joseph's Parish Intercare (ongoing support to supply healthcare in African countries) Holy Cross Priory (renovation of lighting system) Arthur McCluskey Precious Life (prevent abortion being legalised in Northern Ireland) Let The Children Live Ratcliffe College Foundation Consolata Fathers (school fees in Nairobi, Kenya) The Little Sisters of the Poor at St. Anne's Home Missio (completion of a perimeter wall for the Parish Church of Our Lady of the Holy Rosary, Juba, South Sudan) Leicester Samaritans Leicester Outdoor Pursuits Centre |
2021 £ - 80,211 - 50,000 50,000 36,000 35,000 - 30,000 30,000 30,000 30,000 25,000 20,000 20,000 20,000 - 20,000 - 11,000 - 10,000 - - 497,211 |
2020 £ 100,000 - 55,000 50,000 - - - 27,000 - 30,000 19,000 20,000 - 20,000 - - 20,000 20,000 20,000 11,000 10,000 5,000 5,000 5,000 |
|---|---|---|
| 417,000 |
| 7. Support costs Governance costs Accountancy fees Audit fees Sundry |
2021 £ 1,230 930 404 2,564 |
2020 £ 1,200 900 511 |
|---|---|---|
| 2,611 |
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THE DROMINTEE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
8. Auditors' remuneration
| 2021 | |
|---|---|
| £ | |
| Fees payable to the Charity's auditor for the audit of the Charity's annual accounts | 930 |
| Fees payable to the Charity's auditor in respect of: | |
| All non-audit services not included above | 1,230 |
9. Fixed asset investments
| Cost or valuation At 1 April 2020 Revaluations At 31 March 2021 |
Unlisted investments £ 2,145,770 (13,488) 2,132,282 |
|---|---|
The investment comprises shares in Charles Street Buildings (Leicester) Limited.
During the year ended 31 March 2007 Hugh Patrick Murphy, a trustee of the charity, gifted 6,000 £1 ordinary shares in Charles Street Buildings (Leicester) Limited to the charity. The value of the gift was £889,740. The value was based on other share transactions that occurred on a commercial basis at a similar time to the gift being made and was the trustees' reasonable estimate as to the value of the gift.
During the year ended 31 March 2021 the shares have been revalued to £2,132,282 based on a formula in the Articles of Association of Charles Street Buildings (Leicester) Limited. The formula applies a percentage discount from the net asset value of Charles Street Buildings (Leicester) Limited (based on either its most recent year end accounts or an updated valuation) multiplied by the number of shares held
10. Debtors
| Accrued income Tax recoverable |
2021 £ - 94,275 94,275 |
2020 £ 724 - |
|---|---|---|
| 724 |
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THE DROMINTEE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
11. Creditors: Amounts falling due within one year
| Other creditors Accruals |
2021 £ 14,088 2,160 16,248 |
2020 £ - 2,100 |
|---|---|---|
| 2,100 |
Other creditors above includes £14,088 (2020: £Nil) of grants committed to at the year end.
12. Creditors: Amounts falling due after more than one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Other creditors | 66,123 | - |
Other creditors above includes £66,123 (2020: £Nil) of grants committed to at the year end.
13. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 31 March | |||
| April 2020 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 3,311,406 | 533,522 | (499,775) | (13,488) | 3,331,665 |
Statement of funds - prior year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at | Gains/ | 31 March | |||
| 1 April 2019 | Income | Expenditure | (Losses) | 2020 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 3,224,146 | 487,566 | (419,611) | 19,305 | 3,311,406 |
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THE DROMINTEE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Fixed asset investments 2,132,282 Current assets 1,281,754 Creditors due within one year (16,248) Creditors due in more than one year (66,123) Total 3,331,665 |
Total funds 2021 £ 2,132,282 1,281,754 (16,248) (66,123) 3,331,665 |
|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 2,145,770 1,167,736 (2,100) 3,311,406 |
Total funds 2020 £ 2,145,770 1,167,736 (2,100) 3,311,406 |
|---|---|---|
15. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the year (as per Statement of Financial Activities) Adjustments for: (Gains)/losses on investments Dividends, interests and rents from investments Decrease/(increase) in debtors Increase in creditors Net cash provided by/(used in) operating activities |
2021 £ 20,259 13,488 (62,147) (13,340) 60 (41,680) |
2020 £ 87,260 (19,305) (62,566) 1,167 1,110 7,666 |
|---|---|---|
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THE DROMINTEE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
16. Analysis of cash and cash equivalents
| Cash at bank and in hand Total cash and cash equivalents |
2021 £ 1,187,479 1,187,479 |
2020 £ 1,167,012 |
|---|---|---|
| 1,167,012 |
17. Analysis of changes in net debt
| Cash at bank and in hand | At 1 April 2020 £ 1,167,012 1,167,012 |
Cash flows £ 20,467 20,467 |
At 31 March 2021 £ 1,187,479 |
|---|---|---|---|
| 1,187,479 |
18. Related party transactions
No Trustees, who are the key personnel, or person with a family or business connection with a Trustee, received remuneration in the year, directly or indirectly, from the Trust (2020 - £Nil).
No expenses were reimbursed to the Trustees during the year (2020 - £Nil).
There were no employees of the Charity during the year (2020 - None)
During the year donations were received from Hugh Patrick Murphy £100,000 (2020 - £100,000), Margaret Ann Murphy £102,100 (2020 - £100,000), Patrick Hugh Murphy £125,000 (2020 - £50,000) and Mary Agnes Middleton £50,000 (2020 - £50,000).
The Charity has an investment in and receives dividends from Charles Street Buildings (Leicester) Limited, a company in which Hugh Patrick Murphy, Margaret Ann Murphy, Mary Agnes Middleton, Patrick Hugh Murphy and Joseph John Murphy are directors and shareholders.
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