2024-04-05-accounts

Charity registration number 1068948

THE DICKINSON FAMILY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

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
Principal address	50 New Street
	Henley-on-Thames
	RG9 2BX
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 2024

The trustees present their annual report and financial statements for the year ended 5 April 2024.

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 (Note 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 reserves at the balance sheet date are £24,895,644, made up of £407,745 unrestricted funds and £24,487,899 endowment funds.

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 2024

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.

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The trustees' report was approved by the Board of Trustees.
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Mr D J Weston Trustee TrusteeMr D J West° 0 __
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Date: ............................................. Date:...... 20...Deunnoy,.2424

• 2 -

THE DICKINSON FAMILY CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2024

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 2024 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 2024 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities 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.

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' report; 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 statement of trustees' responsibilities, 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.

.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 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 (CONTINUED) TO THE TRUSTEES OF THE DICKINSON FAMILY CHARITABLE TRUST

We assessed the susceptibility of the charity’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.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current

Generally Accepted Accounting Practice.

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

• 6 -

THE DICKINSON FAMILY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE DICKINSON FAMILY CHARITABLE TRUST F J Wilde FCCA DChA (Senior Statutory Auditor) for and on behalf of Warner Wilde Limited Chartered Certified Accountants ststutory Audltor 4 Marigold Drive Bisley Surrey United Kingdom GU24 9SF Warner Wilde Limited Is eligible for appointment as auditor of the charity by virtue of its eliglbllity for appointment as aLJditor of a company under section 1212 of the Companies Act 2006.

THE DICKINSON FAMILY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2024

Unrestricted Endowment funds funds 2024 2024 Notes £ £ Income from: Other trading activities 3 6,290 - Investments 4 394,180 - Other material income 13,495 - Total income 413,965 - Expenditure on: Raising funds 5 231,121 10,450 Charitable activities Other Charitable Purposes 6 30,236 - Advancement of Religion 6 118,883 - The Relief of those in Need 6 68,032 - Total charitable expenditure 217,151 - Total expenditure 448,272 10,450 Net gains/(losses) on investments 11 - 136,885 Net income/(expenditure) and movement in funds (34,307) 126,435 Reconciliation of funds: Fund balances at 6 April 2023 442,052 24,361,464 Fund balances at 5 April 2024 407,745 24,487,899	Total Unrestricted Endowment funds funds 2024 2023 2023 £ £ £ 6,290 10,045 - 394,180 394,780 - 13,495 - - 413,965 404,825 - 241,571 147,263 10,391 30,236 17,410 - 118,883 116,254 - 68,032 71,161 - 217,151 204,825 - 458,722 352,088 10,391 136,885 - (54,245) 92,128 52,737 (64,636) 24,803,516 389,315 24,426,100 24,895,644 442,052 24,361,464	Total 2023 £ 10,045 394,780 - 404,825 157,654 17,410 116,254 71,161 204,825 362,479 (54,245) (11,899) 24,815,415 24,803,516

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 2024

		2024	2024	2023	2023
	Notes	£	£	£	£
Fixed assets
Investment property	13		21,550,000		21,550,000
Investments	14		3,182,190		3,054,241
			24,732,190		24,604,241
Current assets
Debtors	15	61,205		60,539
Cash at bank and in hand		179,430		196,620
		240,635		257,159
Creditors: amounts falling due within	16
one year		(77,181)		(57,884)
Net current assets			163,454		199,275
Total assets less current liabilities			24,895,644		24,803,516
The funds of the charity
Endowment funds	18		24,487,899		24,361,464
Unrestricted funds	19		407,745		442,052
			24,895,644		24,803,516

The financial statements were approved by the trustees on ......................... ) inancial ave were approved by the trustees on ...24..OsanlzY 2024 y , MrDJWeston ..............................Mr D J Weston ——————— Trustee Trustee*

• 9 -

THE DICKINSON FAMILY CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024

2024 Notes £ £ Cash flows from operating activities Cash absorbed by operations 22 (420,306) Investing activities Purchase of investment property - Purchase of other investments (233,641) Proceeds on disposal of other investments 242,577 Investment income received 394,180 Net cash generated from investing activities 403,116 Net cash used in financing activities - Net (decrease)/increase in cash and cash equivalents (17,190) Cash and cash equivalents at beginning of year 196,620 Cash and cash equivalents at end of year 179,430

2023 £ £ (346,168) (2,660) (75,817) 92,158 394,780 408,461 - 62,293 134,327 196,620

• 10 -

THE DICKINSON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

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 amounts 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.

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.

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 payments 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.

• 11 -

THE DICKINSON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

(Continued)

1.6 Investment property

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.

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 payments 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.

• 12 -

THE DICKINSON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

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 Income from other trading activities

	Unrestricted	Unrestricted
	funds	funds
	2024	2023
	£	£
Sales of timber	6,290	10,045

4 Income from investments

	Unrestricted	Unrestricted
	funds	funds
	2024	2023
	£	£
Rental income	293,417	302,171
Income from listed investments	97,394	91,542
Interest receivable	3,369	1,067
	394,180	394,780

• 13 -

THE DICKINSON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

5 Expenditure on raising funds

Unrestricted Endowment funds funds 2024 2024 £ £ Property running and maintenance costs Other fundraising costs 196,030 - Trading costs Other trading activities 35,091 - Investment management - 10,450 Total costs 231,121 10,450	Total Unrestricted Endowment funds funds 2024 2023 2023 £ £ £ 196,030 137,158 - 35,091 10,105 - 10,450 - 10,391 241,571 147,263 10,391	Total 2023 £ 137,158
		10,105
		10,391
		157,654

• 14 -

THE DICKINSON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

6 Expenditure on charitable activities

Other Charitable Purposes Advanceme nt of Religion The Relief of those in Need 2024 2024 2024 £ £ £ Direct costs Grant funding of activities (see note 7) 22,000 86,500 49,500 Share of support and governance costs (see note 8) Support 7,447 29,282 16,757 Governance 789 3,101 1,775 30,236 118,883 68,032 Analysis by fund Unrestricted funds 30,236 118,883 68,032	Total Other Charitable Purposes Advanceme nt of Religion The Relief of those in Need 2024 2023 2023 2023 £ £ £ £ 158,000 14,000 82,500 50,500 53,486 2,931 30,930 18,933 5,665 479 2,824 1,728 217,151 17,410 116,254 71,161 217,151 17,410 116,254 71,161	Total 2023 £ 147,000 52,794 5,031
		204,825
		204,825

• 15 -

THE DICKINSON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

7 Grants payable

Other Charitable Purposes Advancement of Religion The Relief of Those in Need £ £ £ Grants to institutions: Prostate Cancer UK - - 2,000 Parkinson's UK - - 2,000 The Holfords of Westonbirt Trust - - 1,000 Dorothy House - - 6,000 Somerset Community Foundation 7,500 - - Wells Cathedral - 70,000 - Keinton Mandeville, Kingweston and other PCC's in the Benefice - 11,500 - South West Heritage Trust 2,000 - - The Royal British Legion - - 5,000 Plum Layton Charitable Trust - - 6,000 Royal Star & Garter Homes - - 5,000 Not Forgotten 1,500 - - British Red Cross Society - - 7,500 St Monica Trust - - 4,000 Wells Cathedral Chorister Trust - 5,000 - St Margaret's Somerset Hospice - - 5,000 MacMillan Cancer Support - - 1,000 Teenage Cancer Trust - - 3,000 RAF Benevolent Fund - - 2,000 We Are Farming Minds 1,500 - - The Royal Countryside Fund 3,000 - - Dorset and Somerset Air Ambulance 3,000 - - Farming Community Network 2,000 - - Farmlink Education 1,500 - - 22,000 86,500 49,500	Total £ 2,000 2,000 1,000 6,000 7,500 70,000 11,500 2,000 5,000 6,000 5,000 1,500 7,500 4,000 5,000 5,000 1,000 3,000 2,000 1,500 3,000 3,000 2,000 1,500 158,000	2023 £ 2,000 2,000 1,000 5,000 7,500 75,000 6,500 1,000 6,000 6,000 6,000 1,000 7,500 4,000 1,000 5,000 2,000 - - - 3,000 3,000 1,000 1,500
		147,000

• 16 -

THE DICKINSON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

8 Support costs allocated to activities Mercer's Solicitors fees Management fees Governance costs Analysed between: Other Charitable Purposes Advancement of Religion The Relief of those in Need 9 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the audit of the charity's financial statements	2024 £ 8,791 44,695 5,665 59,151 8,236 32,383 18,532 59,151 2024 £ 5,040	2023 £ 9,277 43,517 5,031
		57,825
		3,410 33,754 20,661
		57,825
		2023 £ 4,800

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but two (2023: two) of them were reimbursed a total of £625 (2023: £231) travelling and other expenses.

11 Gains and losses on investments

	Endowment	Endowment
	funds	funds
	2024	2023
Gains/(losses) arising on:	£	£
Revaluation of investments	130,787	(196,188)
Sale of investments	6,098	(5,397)
Revaluation of investment properties	-	147,340
	136,885	(54,245)

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

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THE DICKINSON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

13 Investment property

Investment property
	2024
	£
Fair value
At 6 April 2023 and 5 April 2024	21,550,000

Investment property comprises The Kingweston Estate, Somerton, Somerset. The fair value of the investment property brought forward was 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.

The trustees carried out an impairment review at 5 April 2024 and considered that there was no change to the valuation.

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	2024 2023 £ £ 10,032,677 10,032,677 (1,298,687) (1,198,360) 8,733,990 8,834,317	2024 2023 £ £ 10,032,677 10,032,677 (1,298,687) (1,198,360) 8,733,990 8,834,317
	8,733,990	8,834,317

14 Fixed asset investments

	Listed
	investments
	£
Cost or valuation
At 6 April 2023	3,054,241
Additions	233,641
Valuation changes	136,864
Disposals	(242,556)
At 5 April 2024	3,182,190
Carrying amount
At 05 April 2024	3,182,190
At 05 April 2023	3,054,241

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THE DICKINSON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

14 Fixed asset investments

(Continued)

Fixed asset investments revalued

Investments are included at market value, the historic cost as at 5 April 2024 is £2,384,746 (2023: £2,406,629).

15 Debtors

Amounts falling due within one year: Trade debtors Other debtors	2024 £ 33,265 27,940 61,205	2023 £ 35,048 25,491
		60,539

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
		2024	2023
	Notes	£	£
Other taxation and social security		-	8,510
Deferred income	17	10,677	17,163
Trade creditors		35,669	2,794
Accruals		30,835	29,417
		77,181	57,884
Deferred income
		2024	2023
		£	£
Other deferred income		10,677	17,163
Deferred income is included in the financial statements as follows:
		2024	2023
		£	£
Deferred income is included within:
Current liabilities		10,677	17,163
Movements in the year:
Deferred income at 6 April 2023		17,163	12,586
Released from previous periods		(17,163)	(12,586)
Resources deferred in the year		10,677	17,163
Deferred income at 5 April 2024		10,677	17,163

17 Deferred income

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THE DICKINSON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

18 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.

Expendable endowments Mrs E J Burden Est. and Mrs E J Burden 1949 S'ment Previous year: Expendable endowments Mrs E J Burden Est. and Mrs E J Burden 1949 S'ment	At 6 April 2023 £ 24,361,464 At 6 April 2022 £ 24,426,100	Resources expended £ (10,450) Resources expended £ (10,391)	Gains and losses £ 136,885 Gains and losses £ (54,245)	At 5 April 2024 £ 24,487,899 At 5 April 2023 £ 24,361,464

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 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General funds Previous year: General funds	At 6 April 2023 £ 442,052 At 6 April 2022 £ 389,315	Incoming resources £ 413,965 Incoming resources £ 404,825	Resources expended £ (448,272) Resources expended £ (352,088)	At 5 April 2024 £ 407,745 At 5 April 2023 £ 442,052

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THE DICKINSON FAMILY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

20 Analysis of net assets between funds

Unrestricted Endowment funds funds 2024 2024 £ £ At 5 April 2024: Investment properties - 21,550,000 Investments 244,291 2,937,899 Current assets/(liabilities) 163,454 - 407,745 24,487,899 Unrestricted Endowment funds funds 2023 2023 £ £ At 5 April 2023: Investment properties - 21,550,000 Investments 242,777 2,811,464 Current assets/(liabilities) 199,275 - 442,052 24,361,464 21 Related party transactions There were no disclosable related party transactions during the year (2023 - none). 22 Cash generated from operations 2024 £ Surplus/(deficit) for the year 92,128 Adjustments for: Investment income recognised in statement of financial activities (394,180) (Gain)/loss on disposal of investments (6,098) Fair value gains and losses on investment properties - Fair value gains and losses on investments (130,787) Movements in working capital: (Increase) in debtors (666) Increase in creditors 25,783 (Decrease)/increase in deferred income (6,486) Cash absorbed by operations (420,306)

Total 2024 £ 21,550,000 3,182,190 163,454 24,895,644 Total 2023 £ 21,550,000 3,054,241 199,275 24,803,516 2023 £ (11,899) (394,780) 5,397 (147,340) 196,188 (4,784) 6,473 4,577 (346,168)

23 Analysis of changes in net funds

The charity had no material debt during the year.

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