**Charity Registration No. 1068948** # **THE DICKINSON FAMILY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 5 APRIL 2021** ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Mr J H Townson| |---|---| ||Mr D J Weston| ||Mr A G Martin| ||Mr C E J Jerram| |**Charity number**|1068948| |**Auditor**|Warner Wilde Limited| ||4 Marigold Drive| ||Bisley| ||Surrey| ||United Kingdom| ||GU24 9SF| |**Land Agents**|Carter Jonas| ||Quad| ||4000 Blackbrook Park Ave| ||Taunton| ||Somerset| ||TA1 2PX| |**Solicitors**|Mercers| ||50 New Street| ||Henley-on-Thames| ||RG9 2BX| |**Investment advisors**|Smith & Williamson Investment Management| ||25 Moorgate| ||London| ||EC2R 6AY| ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Statement of trustees' responsibilities|3| |Independent auditor's report|4 - 6| |Statement of financial activities|7| |Balance sheet|8| |Statement of cash flows|9| |Notes to the financial statements|10 - 20| ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 5 APRIL 2021**_ The trustees present their report and financial statements for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". ## **Objectives and activities** The charity's objects are to support the charitable purpose the trustees deem appropriate. The policy adopted in furtherance of these objects is to make grants to other charitable institutions. There has been no change in this activity during the year. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Achievements and performance** The trust continues with its schedule of refurbishment to maintain the property portfolio at an appropriate standard for maximizing rental income. Careful management of the charity's investment assets and the property portfolio has enabled it to continue to make grants in support of its charitable objectives ( N ote 8 ). ## **Financial review** The trustees regard the investment assets and property portfolio as continuing to perform satisfactorily and in doing so provide an appropriate level of income from which the trust's charitable objectives can be met. It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to at least three to six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The Trustees have engaged Smith & Williamson Investment Management LLP to manage the charity’s investment portfolio, on a discretionary management basis. The core objective established by the Trustees is to achieve a balance between income and capital growth. The risk mandate is that the Trustees are willing to accept a medium degree of risk to try to increase the value of the portfolio over the longer term. Smith & Williamson report to the Trustees on a quarterly basis. The property portfolio is managed by a leading firm of Chartered Surveyors whose instructions are to the effect that the properties are to be managed in accordance with the accepted norms of good Estate Management and with a view to achieving a consistent and reliable income stream to support and enable the charitable activities and a stream capable of growth in accordance with usual market forces. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The main risks identified are the performance of the share portfolio and the risk inherent with managing a portfolio of property. Professional investment managers have been appointed to mitigate the risk of holding investments, similarly a professional property management firm has been engaged to monitor the condition of property, oversee repairs, work with the Board to oversee renovation projects and to manage the letting of the properties. The trustees intend to continue to manage their assets as at present and to make grants towards their charitable objectives as they do at present. ## **Structure, governance and management** The charity was established by a charitable trust deed on 13 March 1998. - 1 - THE DICKINSON FAMILY CHARITABLE TRUST TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 The trustees 41tho served durrng the year and up lo the date of *gnaknre of the financial statements were: Mr J H Townson Mr D J W&slon MrAG Martin Mrc E J Jerram Trustees are recruited by personal approach and then formal￿ appointed after inteNiew by the Board of TrLfStee3. The Board of Trustees will provide trainiTrJ as and ￿en needs identified Ythich might be for 8xamFA8 on appointment of a new trustee: or due lo olher changes such as witrin tho logislalory en*ironmenl In which the Trust operates. Training can be ￿)th peerto peer. utli8ing skils wthin the existiThJ Board. or extem￿lY sourced where rdevanL The oryanisalion has a simple structure, fwslees delegate Ihe day lo day managemenl ofdifferenl aspects of the trust to variws professionals such as Carter Jonas for I￿Ope￿ management and Smith and wI￿aM50n Inv&%tment Management for Portfol￿ managernenL The Imst s. report iYa8 approved by the Board of Trustee& Mr D J WKton Truste Date(l.' ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** ## _**FOR THE YEAR ENDED 5 APRIL 2021**_ The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these accounts, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and - prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts 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. - 3 - ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **INDEPENDENT AUDITOR'S REPORT** ## **TO THE TRUSTEES OF THE DICKINSON FAMILY CHARITABLE TRUST** ## **Opinion** We have audited the financial statements of The Dickinson Family Charitable Trust (the ‘charity’) for the year ended 5 April 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, 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: - give a true and fair view of the state of the charity’s affairs as at 5 April 2021 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 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 Auditor's 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 UK, including the FRC’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** We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the trustees' r eport; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. - 4 - ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE DICKINSON FAMILY CHARITABLE TRUST** ## **Responsibilities of trustees** As explained more fully in the s tatement of trustees' r esponsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 cease operations, or have no realistic alternative but to do so. ## **Auditor's 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 auditor’s 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: .A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **The Extent to which the audit was considered capable of detecting irregularities including fraud** Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge and experience of the charity and sector; we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, the Charities Act 2011, taxation legislation, data protection, employment, environmental and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. - 5 - THE DICKINSON FAMILY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT IcoKfiNUED) TO THE TRUSTEES OF THE DICKINSON FAMILY CHARITABLE TRUST We as8e8sed the su$¢eptibilty of the charity's financial statements to material mi8Statemont, induding obtalning 8n understanding of how fraud might i>ccur. ty.. Ma￿n9 enquirio$ of managem•nt as to ￿re they rx>nsideTed Ihere was suxeptibilty to fraud, thelr kno¥￿edge ol actual, suspect811 and alleged fraud.. c¢nsid8ring tha intfjmal wrtrols in place to mibgate risks of fraud and non40mplian￿ with lav•3 and re9ulations', and ts8ting ¢ontrol8 wlth wa* Ihrough procedurn8 and subslandv• transxtion te5tln9' To addr•85 the rlsk of fraud through manapmwrt bla¥ •vJ ovwrlde of controls. p•rfomied analytiGal proc8dur89 to identify any unusual or un￿￿Cted relatlon8hlps; tssted Journal entrie8 to identify urMAual tran¥actlon$', 8$ses8ed %thelher judgèments and assL#nptiMs made In detemilnlng any accounllng e￿mateS vAryre Inthcdve of polenllal bias., Investlgaled the ratknale behind 959nffl￿t or un￿￿￿1 tMsacUon8,' and In re$pon$e to the risk of irregularibes and non**funds**
**funds**
**2021**
**2021**
**Notes**
**£**
**£**
**Income and endowments from:**
Sale of timber
**3**
6,802
-
Investments
**4**
344,879
-
Other income
**5**
65,612
-
**Total income**
417,293
-
**Expenditure on:**
Raising funds
**6**
217,022
9,652
Charitable activities
Other Charitable
Purposes
**7**
19,823
-
Advancement of
Religion
**7**
124,407
-
The Relief of Those in
Need
**7**
74,507
-
**Total charitable expenditure**
218,737
-
**Total resources**
**expended**
435,759
9,652
Net gains/(losses) on
investments
**12**
-
631,921
**Net movement in funds**
(18,466)
622,269
Fund balances at 6
April 2020
385,011 19,704,969
**Fund balances at 5**
**April 2021**
366,545 20,327,238|**Total**Unrestricted Endowment
funds
funds
**2021**
2020
2020
**£**
**£**
**£**
6,802
7,011
-
344,879
351,383
-
65,612
-
-
417,293
358,394
-
226,674
127,189
10,204
19,823
18,694
-
124,407
95,856
-
74,507
65,631
-
218,737
180,181
-
445,411
307,370
10,204
631,921
-
(297,707)
603,803
51,024
(307,911)
20,089,980
333,987 20,012,880
20,693,783
385,011 19,704,969|Total
2020
**£**
7,011
351,383
-
358,394
137,393
18,694
95,856
65,631
180,181
317,574
(297,707)
(256,887)
20,346,867
20,089,980| |---|---|---| |Sale of timber
**3**
Investments
**4**
Other income
**5**
**Total income**
**Expenditure on:**
Raising funds
**6**
Charitable activities
Other Charitable
Purposes
**7**
Advancement of
Religion
**7**
The Relief of Those in
Need
**7**
**Total charitable expenditure**
**Total resources**
**expended**
Net gains/(losses) on
investments
**12**
**Net movement in funds**
Fund balances at 6
April 2020
**Fund balances at 5**
**April 2021**||| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 7 - THE DICKINSON FAMILY CHARITABLE TRUST BALANCE SHEET ASAT5APRIL 2021 2021 2020 Flxod assots Investment propertles Inveslments 13 14 17,478,893 3,084,609 17,478,893 2.516,128 20.563.502 19,995,021 Currgnt as90ts Debtors Cash at bank and in hand 15 40,439 210.147 85,747 70,178 250.586 155,925 Creditors: amounts falllng dug wlthln on& y￿r 1120.305) 160,966} Nel current assets 130.281 94,959 Total assots less Current Uabllltles 20.693.783 20.Q89,980 Capital funds nds- General endowment funds Revaluation reSe￿e ener 12.020,262 8.306.976 11,758.981 7.945,988 20.327,238 19,704,969 Expendable endowrnent 20,327,238 19.704,969 17 20.327,238 19,704,969 Income funds Unrèstrtcted fijnds 366.545 385,011 20.693.783 20,089,980 Thea nts were approved by the Trustees on... .... Mr D J Weston Truytse ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 5 APRIL 2021**_ |||**2021**||**2020**|| |---|---|---|---|---|---| ||**Notes**|**£**|**£**|**£**|**£**| |**Cash flows from operating activities**|||||| |Cash absorbed by operations|**20**||(333,962)||(304,378)| |**Investing activities**|||||| |Proceeds on disposal of tangible fixed|||||| |assets||65,612||-|| |Purchase of investment property||-||(65,848)|| |Purchase of other investments||(722,552)||(656,206)|| |Proceeds on disposal of other investments||785,992||673,522|| |Interest received||344,879||351,383|| |**Net cash generated from investing**|||||| |**activities**|||473,931||302,851| |**Net cash used in financing activities**|||-||-| |**Net increase/(decrease) in cash and cash**|||||| |**equivalents**|||139,969||(1,527)| |Cash and cash equivalents at beginning of year|||70,178||71,705| |**Cash and cash equivalents at end of year**|||210,147||70,178| - 9 - **THE DICKINSON FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2021**_ ## **1 Accounting policies** ## **Charity information** The Dickinson Family Charitable Trust is an unincorporated association. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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 charity is a Public Benefit Entity as defined by FRS 102. The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the accounts, the trustees have considered that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. The endowment funds held by the charity comprise expendable endowments, in that there is a right but not an obligation to expend the funds. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised when there is reasonable certainty that the amount will be received and it can be measured with reasonable accuracy. - 10 - ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ ## **1 Accounting policies** ## **(Continued)** ## **1.5 Expenditure** Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Overheads are apportioned to activities on the basis of grants made to each activity. ## **1.6 Investment properties** Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. ## **1.7 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred. ## **1.8 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.9 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when 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 debtors 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. Financial assets classified as receivable within one year are not amortised. - 11 - **THE DICKINSON FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ ## **1 Accounting policies** ## **(Continued)** ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.10 Leases** Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The 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. ## **3 Sale of timber** ||**2021**|**2020**| |---|---|---| ||**£**|**£**| |Sale of timber|6,802|7,011| - 12 - ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ ## **4 Investments** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Rental income|281,264|271,952| |Income from listed investments|63,600|79,332| |Interest receivable|15|99| ||344,879|351,383| ## **5 Other income** |Net gain on disposal of land
**Raising funds**
**Unrestricted Endowment**
**funds**
**funds**
**general**
**2021**
**2021**
**£**
**£**
Property running and
maintenance costs
Property costs
206,535
-
Trading costs
Forestry costs
10,487
-
Investment management
-
9,652
217,022
9,652|**Unrestricted**
**funds**
**2021**
**£**
65,612
**Total**Unrestricted Endowment
funds
funds
general
**2021**
2020
2020
**£**
£
£
206,535
109,971
-
10,487
17,218
-
9,652
-
10,204
226,674
127,189
10,204|Total
2020
£
-
Total
2020
£
109,971
17,218
10,204
137,393| |---|---|---| ## **6 Raising funds** - 13 - ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ ## **7 Charitable activities** |**Other**
**Charitable**
**Purposes**
**Advancement**
**of Religion**
**The Relief**
**of Those**
**in Need**
**2021**
**2021**
**2021**
**£**
**£**
**£**
Grant funding of activities (see note 8)
14,500
91,000
54,500
Share of support costs (see note 9)
4,951
31,069
18,607
Share of governance costs (see note 9)
372
2,338
1,400
19,823
124,407
74,507|**Total**
**2021**
**Other**
**Charitable**
**Purposes**
**Advancement**
**of Religion**
**The Relief**
**of Those**
**in Need**
**2020**
**2020**
**2020**
**£**
**£**
**£**
**£**
160,000
14,500
66,500
44,000
54,627
3,899
27,289
20,108
4,110
295
2,067
1,523
218,737
18,694
95,856
65,631|**Total**
**2020**
**£**
125,000
51,296
3,885
180,181| |---|---|---| - 14 - ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ ## **8 Grants payable** |**Other**
**Charitable**
**Purposes**
**Advancement**
**of Religion**
**The Relief of**
**Those in**
**Need**
**£**
**£**
**£**
Grants to institutions:
Promise Works
-
-
-
Parkinson's UK
-
-
3,000
The Holfords of Westonbirt Trust
-
-
-
Dorothy House
-
-
6,000
Somerset Community Foundation
7,500
-
-
Wells Cathedral
-
85,000
-
Keinton Mandeville, Kingweston and
other PCC's in the Benefice
-
6,000
-
The Royal British Legion
-
-
7,000
Plum Layton Charitable Trust
-
-
6,000
Royal Star & Garter Homes
-
-
7,000
British Red Cross Society
-
-
7,500
St Monica Trust
-
-
5,000
Wells Cathedral Voluntary choir
-
-
-
St Margaret's Somerset Hospice
-
-
6,000
MacMillan Cancer Support
-
-
3,000
Teenage Cancer Trust
-
-
4,000
Listening Books
1,000
-
-
The Prince's Countryside Fund
3,000
-
-
Dorset and Somerset Air Ambuance
2,000
-
-
Farmlink Education
1,000
-
-
14,500
91,000
54,500|**Total**
**2020**
**£**
**£**
-
2,000
3,000
3,000
-
2,000
6,000
5,000
7,500
5,000
85,000 60,000
6,000
5,500
7,000
5,000
6,000
6,000
7,000
5,000
7,500
5,000
5,000
5,000
-
1,000
6,000
4,000
3,000
2,000
4,000
4,000
1,000
500
3,000
3,000
2,000
2,000
1,000
-
160,000 125,000| |---|---| - 15 - **THE DICKINSON FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ ## **9 Support costs** |**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Mercer's Solicitors fees
12,169
-
Carter Jonas
Management Fees
42,458
-
Audit fees
-
3,702
Legal and professional
-
144
Travel costs
-
264
54,627
4,110
Analysed between
Charitable activities
54,627
4,110|**2021**
**£**
12,169
42,458
3,702
144
264
58,737
58,737|Support
costs
Governance
costs
£
£
13,674
-
37,622
-
-
3,594
-
72
-
219
51,296
3,885
51,296
3,885|2020
£
13,674
37,622
3,594
72
219
55,181
55,181| |---|---|---|---| Depreciation relates to property held in connection with the relief of those in need. Governance costs includes provision for auditor's fees of £ 3 , 702 (including VAT) (2020- £ 3 , 504 ) . ## **10 Trustees** None of the trustees (or any persons connected with them) received any remuneration during the year, but three (2020: two) of them were reimbursed a total of £264 (2020: £219) travelling and other expenses. ## **11 Employees** There were no employees during the year. ## **12 Net gains/(losses) on investments** ||**Endowment**|Endowment| |---|---|---| ||**funds**|funds| ||**general**|general| ||**2021**|2020| ||**£**|£| |Revaluation of investments|522,575|(669,475)| |Gain/(loss) on sale of investments|109,346|371,768| ||631,921|(297,707)| - 16 - ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ ## **13 Investment property** |**Investment property**|| |---|---| ||**2021**| ||**£**| |**Fair value**|| |At 6 April 2020 and 5 April 2021|17,478,893| Investment property comprises The Kingweston Estate, Somerton, Somerset. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Mr T Ireland MSc MRICS of Carter Jonas LLP Chartered Surveyors at 5 April 2017. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The investment properties are reviewed for impairment annually with a formal revaluation every 5 years. The next formal revaluation will be 5 April 2022. ## **14 Fixed asset investments** ||**Listed**| |---|---| ||**investments**| ||**£**| |**Cost or valuation**|| |At 6 April 2020|2,516,128| |Additions|722,552| |Valuation changes|522,575| |Disposals|(676,646)| |At 5 April 2021|3,084,609| |**Carrying amount**|| |At 05 April 2021|3,084,609| |At 05 April 2020|2,516,128| ## **Fixed asset investments revalued** Investments are included at market value, the historic cost as at 5 April 2020 is £2,019,016 (2019: £1,664,564). ## **15 Debtors** |**Amounts falling due within one year:**
Trade debtors
Other debtors|**2021**
**£**
15,755
24,684
40,439|**2020**
**£**
53,804
31,943
85,747| |---|---|---| - 17 - ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ ## **16 Creditors: amounts falling due within one year** |**Notes**
Other taxation and social security
Deferred income
Trade creditors
Accruals|**2021**
**£**
4,741
12,318
11,093
92,153
120,305|**2020**
**£**
5,458
9,432
22,220
23,856
60,966| |---|---|---| - 18 - ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 5 APRIL 2021**_ ## **17 Endowment funds** Endowment funds are non-income funds which are not expected to be expended in the accounting period . Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. |**Balance at**
**6 April 2019**
**£**
**Expendable endowments**
Mrs E J Burden
Est. and Mrs E J
Burden 1949
S'ment
20,012,880
20,012,880|**Incoming**
**resources**
**£**
-
-|**Movement in funds**
**Resources**
**expended**
**Transfers**
**£**
**£**
(10,204)
-
(10,204)
-|**Investments**
**gains/losses**
**£**
(297,707)
(297,707)|**Balance at**
**6 April 2020**
**£**
19,704,969
19,704,969|**Incoming**
**resources**
**£**
-
-|**Movement in funds**
**Resources**
**expended**
**Transfers**
**£**
**£**
(9,652)
-
(9,652)
-|**Investments**
**gains/losses**
**£**
631,921
631,921|**Balance at**
**5 April 2021**
**£**
20,327,238
20,327,238| |---|---|---|---|---|---|---|---|---| The estate of Mrs E J Burden and the assets comprised in the Mrs E J Burden 1949 Settlement were transferred into the trust in accordance with her will to provide in perpetuity for such charitable purposes as the trustees see fit. The fund is expendible in that although Mrs Burden's intention was to provide in perpetuity, there is no actual restriction placed on the expenditure of the endowment. - 19 - ## **THE DICKINSON FAMILY CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2021**_ ## **18 Analysis of net assets between funds** |**Unrestricted**
**funds**
**Endowment**
**funds**
**2021**
**2021**
**£**
**£**
Fund balances at 5
April 2021 are
represented by:
Investment properties
- 17,478,893
Investments
236,264
2,848,345
Current assets/
(liabilities)
130,281
-
366,545 20,327,238|**Total**Unrestricted
funds
Endowment
funds
**2021**
2020
2020
**£**
£
£
17,478,893
- 17,478,893
3,084,609
290,052
2,226,076
130,281
94,959
-
20,693,783
385,011 19,704,969|Total
2020
£
17,478,893
2,516,128
94,959
20,089,980| |---|---|---| ## **19 Related party transactions** There were no disclosable related party transactions during the year (2020 - none). ## **20 Cash generated from operations** |**Cash generated from operations**
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of tangible fixed assets
Gain on disposal of investments
Fair value gains and losses on investments
Movements in working capital:
Decrease/(increase) in debtors
Increase in creditors
Increase in deferred income
**Cash absorbed by operations**|**2021**
**£**
603,803
(344,879)
(65,612)
(109,346)
(522,575)
45,308
56,453
2,886
(333,962)|**2020**
**£**
(256,887)
(351,383)
-
(371,768)
669,475
(18,796)
23,869
1,112
(304,378)| |---|---|---| ## 21 **Analysis of changes in net funds** The charity had no debt during the year. - 20 -