Dover College Trust Reports and Financial Statements 5th April 2024 Dover College Trust Trustees J. Gatehouse N. Harris J. Hodge J. Ryeland Independent examiners Riches & C¢Jmp8ny 34 Anyards Road Cobham Surrey KT112LA Reglstered charSty number 1057184 Contents Page Trustees, report Synopses of principal documents Independent examinef s report io the Trustees Statement of financial activities Slalemenl of changes in funds B81an¢e sheet 10 Notes lo Ihe accounts Dover College Trust Trustees, annual report for the year ended 5th April 2024 Trustees J Gatehouse N. H8rris J. Hodge J. Ryeland Reglstered charity number 1057184 Independent examlner8 Riches & Company 34 Anyards Road Cobham Surrey i(r112LA Investment managars Ralhbone Investment Management Limited 159 New Bond Street London W1S 2UD Objectives of the Charity The powers of the Trustees are derived from the Tru81 Deed dated 17th Mardi 1944, as modified by the terms of the bequesls from Mrs. Elhelwyn Duckworth. Brigadier H. N. Grylls Walson, DSO., OBE., Mr. A. M. Ross-smilh, Mr. G. L. Eames. Mr C. M. Hunt. and Mr G L Eccleshall, and Ihe gift of Mr, A, C. Fleury, which fomi the Trust Funds. A synopsis of the Trust Oeed can be found on page 3. The Trustees are directed lo apply the income from the Trusl Funds for the purpose of furthering the provision of educalion at Dover College by financing improvements of a pemianenl natu￿ to College Property or by scholarships for the pupils. In Ihe case of the Grylls Walson. Duckworth and Fleury gifts there is a direclion lo apply the income in accordance with the decisions of the Council of Governors of Dover College or after consullation with such governing body. In the event of the College being dissolved the Grylls Watson bequest direcls the Trustees to hold the endowment funds and any accumulation of income for Sl. Luke's Nursing Home (now Hospital) for the clergy of the Church of England, and the Eccleshall bequest makes a similar provision for Corpus Chrisli College, Cambridge. as does the Fleury gift for Oriel College. Oxford. The trustees consider Ihat the investment return made duriro the year was salisfactory and there were 8vb81antial donations made to Dover College. The trustees confirm thal they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objeclives and in planning future activities. Dover College Trust Trustees, an nual report (continued) for the year ended 5th April 2024 Distribution of Incomo by the Trustees During Ihe year income and distributions were as follows.. Income funds al 6th April 2023 Net income for the year 250,g40 103,062 354,002 (150,000) Distribution to Dover College Income funds at Aprll 2024 204,002 Trustees All the Trustees are Old Dovorians. In the event of a vacancy arising, new Truslees are appointed by the exisling Trustees. Foundatlon Fund The Foundation Fund was created in 2007 by a Iransfer of funds from income. These funds were Invesled independently of the main funds and were regarded as designated funds. The purpose of the Foundation Fund was lo provide funds for subslanlial capital projects at Dov8r College in the future. During the prior years, the Foundation funds were transferred to the College and used lo renovate the Kent Block classrooms and for the design and build of th6 new Leo Wright building. The balance of the Fund at Ihe year end was (£10,813). Investment policy The investment policy is set out in note 10 to Ihe accounts. Roserveg poIIcy It Is the policy of the Trust to make regular payments of unrestricted funds lo Dover College as funds become available, after retaining sufficient funds to COV6r management and adminislralion Costs. The endowmenl funds are restricted funds under Ihe terms of the trust deed. These funds musl be held permanently and are represented by a portfolio of inveslmenls, which are managed by inveslrnent managers who have been given discretionary power lo acquire and dispose of investrnents within the policy sel by the Trustees. Zi11¥1i(f J Gatehouse Oover College Effingham Crescent. Dover Kent CT17 9RH On behalfoflhe Trustees Dover College Trust Synopses of Principal Documents The Synopses below are nol intended to be comprehensive slatemenls of the lerms of the respective documents, to which reference sl)ould be made as ￿quIred. Synopsi8 of the Dover Collège frust Deed dated 17th March 1944 The Dover College Tru51 was set up on 17th March 1944 by the Hon. John Jacob Astor MP.. Henry Thomas Hawksfield JP., Rowland Healhcole Hacker and Brig. Henry Neville Grylls Watson, DSO., OBE., who constituted themselves Trustees. All have since died and new Trustees have been appoinled from lime to time. The presenl Trustees are James Gatehouse, Nathan Harris, Jonathan Hodge and James Ryeland. The charitable slalus of the Trust was confirmed on 11th April 1980 as a subsidiary charily lo Dover College under number 307856. In 19￿ the Trust was registered as a separate charity number 1057184. The Trustees have power to accept and collecl money, investments or other property, and stand possessed of 811 gifts so received {subjecl lo any special conditions attached by the donors) with powfjr to inv8sI in authorised trust securities or to accumulate monies on bank deposil. At present all the capital administered by the Trustees derives from six bequests, the Duckworth, Grylls Watson, Ross-smilh, Eames. Eccleshall and Hunt bequests, logelher with a gift from A. C. Fleury. The Trustees have a discretionary power to apply the c8pilal or income of the Trust fund: In assisting parents. who in the opinion of Ihe Trustees could not otherwise afford to do so, lo have their Ghildren edu¢aled at Dover College, or, In furthering the provision of education and especially of religious leaching al th8 College whether by providing or conlribuling towards the provision of s¢ho5arships or exhibilions or in any other manner which Ihe Trustees may from time to time consider to be conducivè lo the provision of education at Dover College. In the event of the winding up of the College the Trustees have power to provide scholarships or exhibitions at any other independent school in England with preference for the children of Old Dovorians, or, if they do not consider Ihat to be practicable, lo transfer so much of the Trust fund as remains to such other institution or inslilulion5 as they may determine having objects similar to the objects of Dover College or in default Ihereof as may be decided by a High Court Judge. In the opinion of the Trustees the capital of the Duckworth, Ross-smith, E8mes. and Hunt bequests (see below) would be govemed by Clause 4 above, but not the Grylls Walson bequest, the Ecdeshall bequest. or the Fleury gift. The Trustees have power to prescribe and alter rules as lo meetings and administration of the Trust and in p8rticular may fix a quorum of not less than two and provide for the decision of a majorily of the Trustees to be as effeclive and binding as a unanimous decision of all the Trustees. Dover College Trust Synopses of Principal Documents {continued) Synopsis of tho Will {so far as it ¢oncerns Dover Collegè Trust) of Mrs. Ethelwyn Duckworth, who died on 20th November 1971 Mr. Richard Hugh Morse, Miss Ruth Elaine Marshall and Mr. John Temple Finni8 were appointed Executors and Trustees. Subject to various legacies free of duly Ihe residue of the Estate was bequeathed lo Dover College Trust unless in the opinion of the Trustees Dover College was not an independent school or was subjecl to Slate control, in which case the bequest should be devoted lo other charilable purposes for which recommendations were made. The Eslale was wound up on or about 14th November 1975, and Ihe tolal sum paid lo the Dover College Trusl was £26,139.31 of ￿lch £25,000 has been Irealed as capital and £1,139.31 as income arising in the administration period. On 24th September 2020, a further £5,738.21 was received as capital. In the opinion of Dover College Trustees the gift lo other charitable purposes has lapsed. and in the event of Dover College being wound up, they would be obligéd lo deal with the Capital in terms of Clause 4 to the Synopsis of the Trust Deed of171h March 1944. The Trustees of Dover College Trust are given full powers of inveslment in any securit18s or other investments whatsoever. with absolute discretion on changing investments. The Trustees have power lo apply the income for improvements of a permanent nalure for advancement of education al Dover College or for provision of Scholarships at Oxford and Carrbridge Universities. Any income nol so used in any year may be a¢cumulated and applied for similar purposes in any subsequent year. The Trustees shall in applying the income act upon the declsion of the Councll or governing body for the time being of Dover College. Synopsls of the Will of Brigadier Henry Neville Grylls Watson, DSO., OB& who died on 30th May 1976 B8rc18ys Bank Trust Company Limited were appointed Executors. Subject to minor legacies his whole estate was bequeathed lo the Dover College Trust. The Trustees received £181,305.81. The Trustees have absolute powers of investment in any building society or security quoted on Ihe London Stock Exchange, whether a Iruslee security or not. The Trustees are empowered and instTUCted to appty the income for improvemenls of a permanent nature at Dover College or for the provision of scholarships and bursaries lo children al Dover College. Any income not so used may be accumulated and applied for similar PUTposes in any subsequent year. If Dover College is dissolved or ils Royal Charter is resclnded the Trustees are instructed lo hold the capital and any accumulations of income not so expended for Sl. Luke's Nursing Home for the Clergy of Ihe Church of England. The Trustees in applying the income shall act on the decision of Ihe Council or governing body for the time being of Dover College. which Council shall decide any question which may arise regarding the application of such income or any part thereof for any of the purposes aforesaid. Dover College Trust Synopses of Principal Documents (continued) The bequest of Mr. Alban Millar Ros6-Smith who died on 4th August 1993 Mr. Ross-smilh's bequest to the Trustees was of ordinary 25p sharas in the Shell Transport and Trading Company plc., to the value of twenty thousand pounds, for such purposas as Ihe Trustees may in their absolute discrelion think best for the needs or upkeep of Ihe College and in particular the Chapel. On 28th October 1993, 2,812 such shares, being Ihe nearest whole number of shares to the value of £20,000, were transferred to the Trustees. On 261n June 2013. a gift of £40,000, being substantially the whole of the Ross-smith capilal. was made to Dover College for repairs lo the chapel roof, in accordan￿ wilh a specific request in the will. The gift of Mr. Amoret Clear Fleury made on 18th April 2000 Mr, Fleury made a gift of Ihe sum of £200,000 lo the Twstees in wnsideration of their agreement to hold Ihe capital and income of such sum upon trust for Ihe payment for improvemenls of a permanent nature at Dover College or for Ihe provision of scholarships for pupils. A further £300.000 was received on 27th January 2005. The Trustees have absolut8 power of investment in any bank or building sociely or in any se¢urily quoled on the London Stock Exchange or in any other securily whatsoever, whether 8 trustee security or not. The Trustees shall consull wilh the Council or other governing body for the lime being of Dover College regarding the application of the fund for the aforesaid purposes. If Dover College is dissolved or its Royal Charter resanded the Trustees sh811 tr8nsfer the remaining capi181 and income of such fijnd lo Oriel College, Oxford. The bequest of Mr. Geoffrey Leonard Eame9, who dled on 7th February 2000 Mr. Eames bequeathed the sum of £500,000 to the Trust and this was duly paid to Ihe Trustees on 7th February 2001. There are no specific directions to the Trustees, and accordingty the bequesl falls lo be administered under the terms of the Trust Deed dated 17th March 1944. A further donalion of £5.OlJJ was received from Ihe estate of Robart E8mes on 19th September 2006. The bequest of Mr. Charles Manning Hunt, who dled on 21 December 2008 Mr. Hunt bequealhed 500A of the residue of his estate lo Ihe Trust. The Tru5tee5 raceived £18,329.10 on 171h December 2009. There aro no specific directions to the Trustees. and accordingly the bequest falls to be administered under the terms of the Trust Deed dated 171h March 1944. Dover College Trust Synopses of Principal Documents {continued) Synopsis of the Wlll (so far as It concerns Dover College Trust) of Mr George Linney Eccleshall, who died on 18th September 2012 Mr Edmund Michael Wood and Mr James Alexander Scott were appoinled Executors and Trustees. Subject to various legacies free of duty one half of the residue of the Estale was bequeathed to Dover College Trust. To dale the Trust has received invostmenls lotalling £1,045.516 and a further £503,574 in cash. The Trustees have absolute power of investment. There were no directions as to the use of the income from the bequest save Ihal in the case that Dover College shall close or lose its identity as an independent school, Ihe Trustees shall hold the capital and any remaining income for Corpus Chrisli College Cambridge absolulely. Unlil that lime the income falls lo be used in accordance with the Trust Deed. Independent examiners, report to the Trustees of Dover College Trust We report lo the charity trustees on our examination of the actL)unts of the charity for the year ended 51h April 2024, which are set oul on pages 8 to 14. Re8pon81bilities and basis of report As the charity's truslees you are Tesponsible for the preparalion of the accounts in accordance with the requirements of the Charities Act 2011 Clhe Act,). We report in respeGt of our examination of the charity's accounts carried out under section 145 of the Act and in carrying oul our examination we have followed all the applicable directions given by the Charity Commission under section 145(5)