Charity number: 1053956 THE DROMINTEE TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE DROMINTEE TRUST CONTENTS Page Reference and admlnistrative details of the Charity, its Trustees and advisers Trustees, report Independent auditors. report on the financial statem6nls Statement of financial actlvlties 10 Balance sheet Statement of cash flows 12 Notes to the financial statements 13-20
THE DROMINTEE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Hugh Patrick Murphy Margaret Ann Murphy Robert Henry Smith Paul Tiernan Mary Agnes Middleton Patrick Hugh Murphy Joseph John Murphy Charity reglstered number 1053956 Prlnclpal office 1 Westmoreland Avenue Thurmaston Leicester LE4 8PH Independent auditors Magma Audit LLP Part of the Dains Group Chartered Accountants Unit 2 Charnwood Edge Business Park Syston Road Leicester LE7 4UZ 8ankers Barclays Bank PIC 1-3 Haymarket Towers Humberstone Gate Leicester LE11WA Brown, Shipley & Co. Limited 2 Moorgate London EC2R 6AG Solicltors Crane & Walton LLP 24 De Montfort Street Leicester LE17GB Page 1
THE DROMINTEE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the audited financial statements of the Chartly for the 1 April 2023 1 to 31 March 2024. Objectives and activitles • Policies and objectives The objectives of the Trust are such exclusively charitable purposes as the Truslees may determine and in particular but without prejudice to that general statement- To provide relief for thos8 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. To provide relief for charitable purposes connected with children's welfare in the United Kingdom or elsewhere, in particular Ibul without limitation to the trustees, powers) Ihe relief of need, hardship. suffering. distress of underprivileged. deprived and abused children. To advance the education about and the enhancement of health in general and lo provide, maintain and replace {where nol readily available from statutory resources) medical equipment lo be used in the care and treatment of the sick and for the relief of povety amongst the sick. To promote research into the causes of and a cure for those suffering from rare diseases or disorders and in particular metabolic disorders. To make donations to any charitable institution or foundation for the purposes of such inslitution'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 fund8 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 maklng pollcles 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 frt with the objectives of the charity. The Trustees have sought to benefit the public through a range of granls lo charitable causes within the conditions of the trust deed. Page 2
THE DROMINTEE TRUST TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance Revlew of actlvltles The Trust received donations which, with the tax recovered, amounted to £1,050,556 (2023 - £706,250), dividends on unlisted investments of £108,750 (2023- £180,000) and bank interest of £9,152 (2023 - £2,951). 23 donations were made totalling £1,123,015 (2023 - 17 donalions totalling £844,964). 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 Wortd countries and included donations for medical charities, health, education, children's charilies and caring for the sick and their families. The income exceeded the expenditure by £109,235 (2023 £151,785) which has been added to the accumulated fund. At 31 March 2024 the total assets of the Trust were £3,653,735 (2023 - £3,544,500). • Investment pollcy and performance Whilst the Trust has funds awaiting distribution, these are maintained to give rise to the best rate of return. Flnanclal revlew 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 concem basis in preparing the financial statements. Further delails regarding the adoplion of the going concern basis can be found in the accounting policies. Prlnclpal fundlng The Trustees are satisfied that the Trust's assets are available and adequate to fulfil its obligations. Structure, governance and management Constltutlon The Dromintee Trust is an unincorporated charily established under a Deed of Settlement by Hugh Patrick Murphy dated 11 October 1995. The Trustees during the year and at 31 March 2024 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 2024 Structure, governance and manag8ment (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 Truslees who are known to the settlor and no formal checks are therefore onsidered to be necessary, • Organlsatlonal structure and docision-making policles The Trustees have the same full and unrestricted powers of investing and transposing investments as if they are beneficially entitled to the Trust Fund. Pollcles adopted for th6 inductlon and tralning of Trustees Appointees are invited to a Trustee meeting prior to appointment. New Trustees receive a copy of the governing document, financial slatements 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 syslems and procedures are in place to mitigate exposure lo the major risks. Statement of Trustees, responsibilities The Trustees ar8 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 year which give a true and fair view of the slate of affairs of the Charily 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.. select suitable accounting policies and then apply them consistently,. obseNe Ihe methods and principles of the Charities SORP {FRS 102)., make judgments and accounting estimates thal are reasonable and prudent., stale whelher applicable UK Accounting Standards IFRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., 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 Iransactions 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 TRU5TEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Dlsclosure of Infomiatlon to auditors Each ol the persons who are Trustees at the time when this Trustees, report Is approved has confirmed that.. 80 far as that Trustee is aware, the is no relevant audit information of which the chaTrtS auditors are unawa, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audil infomia*ion and to establish that Ihe 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. A We_4¥ Margaret Ann Murphy Trustee Dale.. 8 October 2024 Page 5
THE DROMINTEE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE DROMINTEE TRUST Oplnlon We have audited the financial statements of The Dromintee Trust {the 'charily') for the year ended 31 March 2024 which comprise the Stalemenl of financial activities, the Balance sheet, the Stalemenl of cash flows 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 Stanclards, including Financial Reporting Slandard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). financial statements In our opinion the financial statements- give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Acl 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing {UK) IISAS {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 Ihe audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng 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 stalements is appropriate. Based on the work we have performed, we have nol identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl 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 concem are described in the relevant sections of this report. Other informatlon The other infomiation comprises the information included in the Annual report other than the financial statements and our Auditors, report Ihereon. 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 detemiine 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. Page 6
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 lo 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.. Ihe information given in the Trustees. report is inconsistent in any material respect with the financial statements,. or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns.. or we have not received all the information and explanations we require for our audit. Responslbllltles 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 misstalemenl, 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 Ihe going concern basis of accounting unless the Trustees either intend to liquidate the charity or lo cease operations, or have no realistic alternative bul lo do so. Page 7
THE DROMINTEE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE DROMINTEE TRUST {CONTINUED) Auditors. responsibilities for the audit of the financlal 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 effecl thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and lo 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. Misslatemenls 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 instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibililies, 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 the principal risks of non- compliance with laws and regulations related to UK Tax legislation and breaches of the Charities Act. and we have considered Ihe extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direcl impact on the preparation of the financial statements such as the Charities Act 2011 and provisions of the Charities SORP (FRS 102). We evaluated managemenl'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.. Enquiries with management for consideration of known or suspected instances of non-compliance with laws and regulations and fraud. 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 laws and regulations is, from the events and transaclions 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.or .uk]auditorsres onsibilities. This description forms part of our Auditors, report. Page 8
THE DROMINTEE TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE DROMINTEE TRUST {CONTINUEDI Use of our report This report is made solely to the charity's truslees, 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 charily's Irustees those matters we are required to slate to Ihem 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 Audlt LLP Chartered Accountants Slatulory Auditor Unit 2 Charnwood Edge Business Park Syston Road Leicester LE7 4UZ Date.. Magma Audit LLP are part of the Dains Group. Magma Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006, Page 9
THE DROMINTEE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted funds 2024 Total funds 2024 Tot81 funds 2023 Note Income from: Donations and legacies Investments 1,050,556 117,902 1,050,556 117,902 706, 250 182.951 Total Income 1,168,458 1,168,458 889,201 Expendlture on.. Charitable activities 1.125,683 1,126,683 847, 556 Total expendlture 1,125,683 1,125.683 847,556 Net Income before net galns on Investments Net gains on investments 42,775 66,460 42,775 66,460 41,645 110, 140 Net movement In funds 109,236 109,235 151, 785 Reconciliatlon of funds.. Total funds brought forward Net movement in funds 3,544,500 109,235 3,544,500 109.235 3,392, 715 151, 785 Total funds carrled forward 3,653,735 3,653,735 3, 544, 500 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 13 to 20 form part of these financial statements. Page 10
THE DROMINTEE TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Investments 2,339.080 2.272, 620 2,339,080 2,272, 620 Current assets Cash at bank and in hand 1.410.757 1.333,467 1,410,757 1,333,467 Creditors.. amounts falling due within one year 10 (58,056) (22,209) Net Current assets 1,352,701 1,311,258 Credltors.. amounts falling due after more than one year 11 (38,046) (39,378) Total net assets 3,853,735 3,544, 5QO Charlty funds Re8tricted funds Unrestricted funds 12 12 3.653,736 3,544.500 Total funds 3,6S3.736 3,544,5C The financial statements were approved and authoriged for Issue by the Tfustees and signed on thelf behalf by. H,4 91-4 Hugh Patrlck Murphy Trustee Margaret Ann Murphy Trustee Date.. 8 October 2024 The notes on pages 13 to 20 fomi part of these financial Statements. Page11
THE DROMINTEE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operatlng actlvltles Net cash used in operating activities 140,6121 (152, 094) Cash flows from investing activities Dividends, interests and rents from investments 117,902 182,951 Net cash provided by investing activities 117,902 182,951 Cash flows from financlng actlvltles Net cash provlded by flnanclng actlvltles Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning ofthe year 77,290 30,857 1,333,467 1,302,610 Cash and cash equivalents at the end of the year 1,410,757 1,333,467 The notes on pages 13 to 20 form part of these financial statements Page 12
THE DROMINTEE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 IFRS 102} {effective 1 January 20191, the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 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 OtheISe slated in the relevant accounting policy. 1.2 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for olher purposes. 1.3 Income All income is recognised once the Charity has entitlement to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation lo investment income is recognised at the time the investment income is receivable. 1.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to Iransfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amounl 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 aclivities 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 lo conditions which have nol been met at the year end are noted as a commitment, but not accrued as expenditure. 1.5 Going concern After making appropriate enquiries, the truslees 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 slalements. Further details regarding the adoptiors of the going concern basis can be found in the accounting policies. Page 13
THE DROMINTEE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {¢ontinued) 1.6 Investments Fixed asset investments consist of shares gifted to the Charity by Hugh Patrick Murphy, a Trustee. The initial value of the gift was based on other share transactions that occurred on a commercial basis at a similar time to the gift being made and was the Trustee's reasonable estimate as to the value of the gift. The shares are revalued annually based on a formula which applies a percentage discount from the net asset value of either the most recent year end accounts or an updated valuation, multiplied by the number of shares. 1.7 Interest recelvable 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 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 Ihe deposit or similar account. 1.9 Liabilities and provlslons 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. Judgements In applylng accounting policies and key sources of estlmatlon uncertalnty Certain of the amounts included in the financial statements involve the use of judgement andlor 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. Infomalion about such judgements and estimation uncertainty is contained in the accounting policies andlor 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. Page 14
THE DROMINTEE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donatlons and legacies Unrestricted funds 2024 Total funds 2024 Tolal funds 2023 Donations (including income tax recovered) 1,050,556 1,050,556 706, 250 Total 2023 706, 250 706, 25Q Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Dividends receivable on unlisted investments Bank interest receivable 108,750 9,152 108,7SO 9,152 180, 000 2,95t 117,902 117,902 182,951 Total 2023 182,951 182,951 Grants payable Grants to Institutions 2024 Total funds 2024 Tolal funds 2023 Grants (see note 6) 1.123,015 1,123,015 844, 964 Total 2023 844,964 844, 964 Page 15
THE DROMINTEE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Grants to institutions 2024 2023 An analysis of the payments made in the year is as follows: Conferencia Epsicopal de Cosla Rica Don Bosco, Sri Lanka (Junior Seminary) Fellowship and Aid to the Christians of the East {FACE) The Secunderabad Don Bosco, Navajeeban Society March For Life UK Little Sisters of the Poor Leicester Hospitals Charily Mary's Meals Loughborough Schools Foundation Don Bosco, The Hydrabad (Muniguda Hostel) Intercare Let The Children Live! Marie Curie steps Conductive Education Centre Holy Cross Priory {Frassati Centre) Consolata Fathers Rainbows African Mission The Air Ambulance Service Ratcliffe College Catholic Bursary Don Bosco Visakhapalnam Faughart Parish st John the Baptist RC Church in Rodoc Mostar The Good Counsel Network 304,882 30,000 89,000 305, 920 80,000 80. 000 65, 000 50,000 35,000 30, 000 30,000 29,640 25, 000 20, 000 50,000 10,000 20,000 46,806 125,000 20,000 10,000 20,000 20,000 15,000 10,000 10,000 10,000 10,000 12,000 5,000 39,378 60,000 35,035 155,914 50,000 5, 000 4,404 50,000 1,123,015 844. 964 Support costs 2024 2023 Governance costs Accountancy fees Audit fees Sundry 1,475 1,105 88 1,440 1,080 72 2,668 2, 592 Page 16
THE DROMINTEE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Auditors, remuneration 2024 2023 Fees payable to the Charty's auditor for the audit of the Charity's annual accounts 1,105 1,089 Fees payable to the Charity's auditor in respect of: All non-audit sefyices not included above 1,475 1,440 Flxed asset inv8stm8nts Unllsted Investments Cost or valuation At 1 April 2023 Revaluations 2,272,620 66,460 At 31 March 2024 2,339,080 The Charity's investments comprise shareholdings in Charles Street Buildings Group Limited and Charles street Buildings Properties Limited. Page 17
THE DROMINTEE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Creditors: Amounts falling due within one year 2024 2023 Other creditors Accruals 55,476 2,580 19.689 2,520 58,056 22, 209 Other creditors above includes £55,476 (2023.. £19,689) of grants committed to at the year end. 11. Creditors: Amounts falling due after more than one year 2024 2023 other creditors 38,046 39,378 Other creditors above includes £38,04612023'. £39,378) of grants committed to at the year end. 12. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Galnsl (Losses) Income Expenditure Unrestricted funds General Funds 3,544,500 1,168,458 (1,125,683) 66,480 3,653,735 Statement of funds - prlor year Balance al 31 March 2023 Balance at 1 Apnl 2022 Gains/ (Losses) Income Expenditure Unrestricted funds General Funds 3,392, 715 889, 201 (847,556) 110, 140 3, 544,500 Page 18
THE DROMINTEE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Analysis of net assets betweèn funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year Creditors due in moro than one year 2,339,080 1,410,757 (58,056) (38,046) 2,339,080 1,410,757 {58,056) (38,046) Total 3.653.735 3,653,735 Analysls of net assets between funds - prlor period Unrestricted funds 2023 Tolal funds 2023 Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 2, 272, 620 1,333,467 (22, 209) (39,378) 2, 272, 620 1,333,467 (22,209) (39, 378) Total 3,544, 500 3, 544, 500 14. Reconclllation of net movement In funds to net cash flow from operatlng actlvities 2024 2023 Net income for the period (as per Statement of Financial Aclivities) 109,235 151,785 Adjustments for: (Gains)Ilosses on investments Dividends, interests and rents from investments Increasel{decrease) in creditors (66,4601 (110, 140) (117,902) (182,951) 34,515 (10, 788) Net cash used in operating activities 140,612) (152, 094) Page 19
THE DROMINTEE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Analysis of cash and cash equlvalents 2024 2023 Cash at bank and in hand 1,410,757 1,333,467 Total cash and cash equlvalents 1,410,757 1,333,467 16. Analysis of changes In net debt At 1 Aprll 2023 Cash flows At 31 March 2024 Cash at bank and in hand 1,333,467 77,290 1,410,757 1,333,467 77,290 1,410,757 17. 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 Trust12023 £Nill, No expenses were reimbursed to the Trustees during the year (2023- £Nil). There were no employees of the Charity during the year {2023 - None}. During the year donations were received from Hugh Palrick Murphy £300,000 (2023 £200,000), Margaret Ann Murphy £375,000 (2023 - £300.000), Patrick Hugh Murphy £15,000 12023 - £50,000), Joseph John Murphy £15,000 (2023 - £15,000} and Mary Agnes Middleton £125,000 (2023 - £Nil}. During the year a donation was received from Melton No.1 Limited of £13,056 (2023 - £Nil). Joseph John Murphy is a director and shareholder of the company. The Charily has investments in and receives dividends from Charles Street Buildings Group Limited, and Charles Street Buildings Properties Limited, companies in which Hugh Patrick Murphy, Margaret Ann Murphy, Mary Agnes Middleton, Patrick Hugh Murphy and Joseph John Murphy are directors and shareholders. Page 20