**Charity registration number 1068948**
# **THE DICKINSON FAMILY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2022**
## **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** Evelyn Partners Investment Services Limited (Formerly known as Smith & Williamson) 45 Gresham Street London EC2V 7BG
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Statement of trustees' responsibilities|3|
|Independent auditor's report|4 - 7|
|Statement of financial activities|8|
|Balance sheet|9|
|Statement of cash flows|10|
|Notes to the financial statements|11 - 21|
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 5 APRIL 2022**_
The trustees present their annual report and financial statements for the year ended 5 April 2022.
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 Evelyn Partners Investment Services Limited 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. Evelyn Partners 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.
## **Plans for future periods**
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.
- 1 -
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **Structure, governance and management**
The charity was established by a charitable trust deed on 13 March 1998.
The trustees who served during the year and up to the date of signature of the financial statements were: Mr J H Townson
Mr D J Weston Mr A G Martin Mr C E J Jerram
Trustees are recruited by personal approach and then formally appointed after interview by the Board of Trustees. The Board of Trustees will provide training as and when needs are identified which might be for example on appointment of a new trustee, or due to other changes such as within the legislatory environment in which the Trust operates. Training can be both peer to peer, utilising skills within the existing Board, or externally sourced where relevant.
The organisation has a simple structure, trustees delegate the day to day management of different aspects of the trust to various professionals such as Carter Jonas for property management and Smith and Williamson Investment Management for portfolio management.
The trustees' report was approved by the Board of Trustees.
.............................. Mr D J Weston **Trustee** Date: .............................................
- 2 -
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
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 2022 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 2022 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**
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 auditor's 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 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.
- 4 -
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE DICKINSON FAMILY CHARITABLE TRUST**
## **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.
## **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:
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .
- 5 -
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE DICKINSON FAMILY CHARITABLE TRUST**
.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.
We assessed the susceptibility of the c harity ’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
testing controls with walk through procedures and substantive transaction testing;
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias;
investigated the rationale behind significant or unusual transactions; and
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims;
reviewing correspondence with HMRC and relevant regulators such as the Charity Commisson
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
- 6 -
THE DICKINSON FAMILY CHARITABLE TRUST
INDEPENDENT AUDrroR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE DICKINSON FAMILY CHARITABLE TRUST
Your attenllon 19 drawn to the fad that the charity has prepared finandal statements In accordance wlth
'Aocounling and Reporting by Charibes: Statem6nt of R8Mmanded Practice applicab18 to charities preparing
their accounts in accordance the Finanaal Reporting Standard applicable in the UK and Republlc of Ireland
(FRS 102)" (as amended) in preferanc8 to the Accounling and Repong by Charlues: Statement of
Recommended Practice issued on 1 April 2005 which is referred to in thg extant regulations but has rW boon
withdrawn.
This has been done In order for the finanaal statements to provid8 a twe and falr view in accordance wtth
currant Genernlly Accept•J Accounting Practice.
Thls report Is made solety to the charitys trustees, as a body, in accordance wth part 4 of the Charits'85
(AUnts and Reports) Regulations 21)08. Our audit th hgs been undertaken so that wa mlght stste to tha
charivs trustees those matters we are required to stsle to them in 8n auditors, report and for no other purpose.
To the fullgst extent p8rmlttgd by law. we do not accept or assume responslblllty to anyone other than th8 charlty
and the charfty's Iru8le8s as a bcrtjy, for our audlt Wofk, for thls report, or for the opinlons we have fomed.
FJ Wllde FCCA DChA {Senlor Ststutory Audltor)
for ènd on b•half ol Wam•r Wlld• Llmh•d
Stotutory Audltor
4 Marfgokl Drfv
Bisley
Surrey
United Kingdom
GU24 98F
Warner Wllde Limited is eligible for appointmgnt as 3jitor of the tharity by rtu8 of Its 011blI1ty for appointment
a8 audltor of a company under Sectlon 1212 of Ihe Compan188 Act 2006.
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 5 APRIL 2022**_
|**Unrestricted Endowment**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income and endowments from:**
Sale of timber
**3**
16,104
-
Investments
**4**
367,799
-
Other income
**5**
-
-
**Total income**
383,903
-
**Expenditure on:**
Raising funds
**6**
153,591
11,288
Charitable activities
Other Charitable
Purposes
**7**
17,987
-
Advancement of
Religion
**7**
112,764
-
The Relief of Those in
Need
**7**
76,791
-
**Total charitable expenditure**
207,542
-
**Total expenditure**
361,133
11,288
Net gains/(losses) on
investments
**11**
-
4,110,150
**Net movement in funds**
22,770
4,098,862
Fund balances at 6 April 2021
366,545 20,327,238
**Fund balances at 5 April**
**2022**
389,315 24,426,100|**Total Unrestricted Endowment**
**funds**
**funds**
**2022**
**2021**
**2021**
**£**
**£**
**£**
16,104
6,802
-
367,799
344,879
-
-
65,612
-
383,903
417,293
-
164,879
217,022
9,652
17,987
19,823
-
112,764
124,407
-
76,791
74,507
-
207,542
218,737
-
372,421
435,759
9,652
4,110,150
-
631,921
4,121,632
(18,466)
622,269
20,693,783
385,011 19,704,969
24,815,415
366,545 20,327,238|**Total**
**2021**
**£**
6,802
344,879
65,612
417,293
226,674
19,823
124,407
74,507
218,737
445,411
631,921
603,803
20,089,980
20,693,783|
|---|---|---|
|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 expenditure**
Net gains/(losses) on
investments
**11**
**Net movement in funds**
Fund balances at 6 April 2021
**Fund balances at 5 April**
**2022**|||
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 8 -
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 5 APRIL 2022**_
||**Notes**
**Fixed assets**
Investment properties
**12**
Investments
**13**
**Current assets**
Debtors
**14**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**15**
Net current assets
**Total assets less current liabilities**
**Capital funds**
Endowment funds-general
General endowment funds
Revaluation reserve
Expendable endowment
**16**
**Income funds**
Unrestricted funds
The accounts were approved by the Trustees on ..........
..............................
Mr D J Weston
**Trustee**|**2022**
**£**
**£**
21,400,000
3,272,167
24,672,167
55,755
134,327
190,082
(46,834)
143,248
24,815,415
12,010,356
12,415,744
24,426,100
24,426,100
24,426,100
389,315
24,815,415
. ..............|**2021**
**£**
**£**
17,478,893
3,084,609
20,563,502
40,439
210,147
250,586
(120,305)
130,281
20,693,783
12,020,262
8,306,976
20,327,238
20,327,238
20,327,238
366,545
20,693,783|**2021**
**£**
**£**
17,478,893
3,084,609
20,563,502
40,439
210,147
250,586
(120,305)
130,281
20,693,783
12,020,262
8,306,976
20,327,238
20,327,238
20,327,238
366,545
20,693,783|
|---|---|---|---|---|
|||||20,563,502
130,281|
|||190,082
(46,834)|250,586
(120,305)||
|||12,010,356
12,415,744|12,020,262
8,306,976||
|||||20,693,783|
|||||20,327,238
366,545|
|||24,426,100|20,327,238||
|||24,426,100|20,327,238||
|||. ..............|||
|||||20,693,783|
||||||
- 9 -
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 5 APRIL 2022**_
|||**2022**||**2021**||
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**|**£**|
|**Cash flows from operating activities**||||||
|Cash absorbed by operations|**19**||(445,103)||(333,962)|
|**Investing activities**||||||
|Proceeds on disposal of tangible fixed||||||
|assets||-||65,612||
|Purchase of investments||(326,241)||(722,552)||
|Proceeds on disposal of investments||327,725||785,992||
|Investment income received||367,799||344,879||
|**Net cash generated from investing**||||||
|**activities**|||369,283||473,931|
|**Net cash used in financing activities**|||-||-|
|**Net (decrease)/increase in cash and cash**||||||
|**equivalents**|||(75,820)||139,969|
|Cash and cash equivalents at beginning of year|||210,147||70,178|
|**Cash and cash equivalents at end of year**|||134,327||210,147|
- 10 -
**THE DICKINSON FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **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.
- 11 -
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **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.
- 12 -
**THE DICKINSON FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **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 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **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**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Sale of timber|16,104|6,802|
- 13 -
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **4 Investments**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2022**|2021|
||**£**|£|
|Rental income|284,038|281,264|
|Income from listed investments|83,740|63,600|
|Interest receivable|21|15|
||367,799|344,879|
## **5 Other income**
|Net gain on disposal of land
**Raising funds**
**Unrestricted Endowment**
**funds**
**funds**
**general**
**2022**
**2022**
**£**
**£**
Property running and
maintenance costs
Property costs
139,970
-
Trading costs
Forestry costs
13,621
-
Investment management
-
11,288
153,591
11,288|**Total**Unrestricted
funds
**2022**
2021
**£**
£
-
65,612
**Total**Unrestricted Endowment
Total
funds
funds
general
**2022**
2021
2021
2021
**£**
£
£
£
139,970
206,535
-
206,535
13,621
10,487
-
10,487
11,288
-
9,652
9,652
164,879
217,022
9,652
226,674|
|---|---|
## **6 Raising funds**
- 14 -
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **7 Charitable activities**
|**Other**
**Charitable**
**Purposes**
**Advancement**
**of Religion**
**The Relief**
**of Those**
**in Need**
**2022**
**2022**
**2022**
**£**
**£**
**£**
Grant funding of activities (see note 8)
13,000
81,500
55,500
Share of support costs (see note 9)
4,595
28,808
19,618
Share of governance costs (see note 9)
392
2,456
1,673
17,987
112,764
76,791|**Total**
**2022**
**Other**
**Charitable**
**Purposes**
**Advancement**
**of Religion**
**The Relief**
**of Those**
**in Need**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**£**
150,000
14,500
91,000
54,500
53,021
4,951
31,069
18,607
4,521
372
2,338
1,400
207,542
19,823
124,407
74,507|**Total**
**2021**
**£**
160,000
54,627
4,110
218,737|
|---|---|---|
- 15 -
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **8 Grants payable**
|**Other**
**Charitable**
**Purposes**
**Advancement**
**of Religion**
**The Relief of**
**Those in**
**Need**
**£**
**£**
**£**
Grants to institutions:
Prostate Cancer UK
-
-
2,500
Parkinson's UK
-
-
3,000
The Holfords of Westonbirt Trust
1,000
-
-
Dorothy House
-
-
6,000
Somerset Community Foundation
-
-
7,500
Wells Cathedral
-
75,000
-
Keinton Mandeville, Kingweston and
other PCC's in the Benefice
-
6,500
-
South West Heritage Trust
1,000
-
-
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
St Margaret's Somerset Hospice
-
-
5,000
MacMillan Cancer Support
-
-
3,000
Teenage Cancer Trust
-
-
-
Listening Books
1,000
-
-
The Prince's Countryside Fund
4,000
-
-
Dorset and Somerset Air Ambulance
-
-
2,000
Farmlink Education
-
-
-
13,000
81,500
55,500|**Total**
**2021**
**£**
**£**
2,500
-
3,000
3,000
1,000
-
6,000
6,000
7,500
7,500
75,000 85,000
6,500
6,000
1,000
-
7,000
7,000
6,000
6,000
7,000
7,000
7,500
7,500
5,000
5,000
5,000
6,000
3,000
3,000
-
4,000
1,000
1,000
4,000
3,000
2,000
2,000
-
1,000
150,000 160,000|
|---|---|
- 16 -
**THE DICKINSON FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **9 Support costs**
|Mercer's Solicitors fees
Carter Jonas
Management Fees
Audit fees
Legal and professional
Travel costs
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
14,407
-
38,614
-
-
4,020
-
168
-
333
53,021
4,521
53,021
4,521|**2022**
**£**
14,407
38,614
4,020
168
333
57,542
57,542|Support
costs
Governance
costs
£
£
12,169
-
42,458
-
-
3,702
-
144
-
264
54,627
4,110
54,627
4,110|2021
£
12,169
42,458
3,702
144
264
58,737
58,737|
|---|---|---|---|---|
Depreciation relates to property held in connection with the relief of those in need.
Governance costs includes provision for auditor's fees of £ 4 , 020 (including VAT) (2021- £ 3 , 702 ) .
## **10 Trustees**
None of the trustees (or any persons connected with them) received any remuneration during the year, but two (2021: three) of them were reimbursed a total of £222 (2021: £264) travelling and other expenses.
## **11 Net gains/(losses) on investments**
||**Endowment**|Endowment|
|---|---|---|
||**funds**|funds|
||**general**|general|
||**2022**|2021|
||**£**|£|
|Revaluation of investments|182,628|522,575|
|Gain/(loss) on sale of investments|6,415|109,346|
|Revaluation of investment properties|3,921,107|-|
||4,110,150|631,921|
- 17 -
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **12 Investment property**
|**Fair value**
At 6 April 2021
Net gains or losses through fair value adjustments
At 5 April 2022|**2022**
**£**
17,478,893
3,921,107
21,400,000|
|---|---|
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 2022 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 2027.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
|Cost
Accumulated depreciation
Carrying amount|**2022**
**£**
10,030,017
(1,098,033)
8,931,984|**2021**
**£**
10,030,017
(997,733)
9,032,284|
|---|---|---|
## **13 Fixed asset investments**
||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 6 April 2021|3,084,609|
|Additions|326,241|
|Valuation changes|182,627|
|Disposals|(321,310)|
|At 5 April 2022|3,272,167|
|**Carrying amount**||
|At 05 April 2022|3,272,167|
|At 05 April 2021|3,084,609|
## **Fixed asset investments revalued**
Investments are included at market value, the historic cost as at 5 April 2022 is £2,226,406 (2021: £2,226,509).
- 18 -
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
|**14**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
**15**
**Creditors: amounts falling due within one year**
**Notes**
Other taxation and social security
Deferred income
Trade creditors
Accruals|**2022**
**£**
30,879
24,876
55,755
**2022**
**£**
5,270
12,586
2,649
26,329
46,834|**2021**
**£**
15,755
24,684
40,439
**2021**
**£**
4,741
12,318
11,093
92,153
120,305|
|---|---|---|
- 19 -
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **16 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 2020**
**£**
**Expendable endowments**
Mrs E J Burden
Est. and Mrs E J
Burden 1949
S'ment
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**
**6 April 2021**
**£**
20,327,238
20,327,238|**Incoming**
**resources**
**£**
-
-|**Movement in funds**
**Resources**
**expended**
**Transfers**
**£**
**£**
(11,288)
-
(11,288)
-|**Investments**
**gains/losses**
**£**
4,110,150
4,110,150|**Balance at**
**5 April 2022**
**£**
24,426,100
24,426,100|
|---|---|---|---|---|---|---|---|---|
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.
- 20 -
## **THE DICKINSON FAMILY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2022**_
## **17 Analysis of net assets between funds**
|**Unrestricted**
**funds**
**Endowment**
**funds**
**2022**
**2022**
**£**
**£**
Fund balances at 5
April 2022 are
represented by:
Investment properties
- 21,400,000
Investments
246,067
3,026,100
Current assets/
(liabilities)
143,248
-
389,315 24,426,100|**Total**Unrestricted
funds
Endowment
funds
**2022**
2021
2021
**£**
£
£
21,400,000
- 17,478,893
3,272,167
236,264
2,848,345
143,248
130,281
-
24,815,415
366,545 20,327,238|Total
2021
£
17,478,893
3,084,609
130,281
20,693,783|
|---|---|---|
## **18 Related party transactions**
There were no disclosable related party transactions during the year (2021 - none) .
## **19 Cash generated from operations**
|**Cash generated from operations**
Surplus 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 investment properties
Fair value gains and losses on investments
Movements in working capital:
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Increase in deferred income
**Cash absorbed by operations**|**2022**
**£**
4,121,632
(367,799)
-
(6,415)
(3,921,107)
(182,628)
(15,315)
(73,739)
268
(445,103)|**2021**
**£**
603,803
(344,879)
(65,612)
(109,346)
-
(522,575)
45,308
56,453
2,886
(333,962)|
|---|---|---|
## **20 Analysis of changes in net funds**
The charity had no debt during the year.
- 21 -