Charity registration number 1068948 (England and Wales)
THE DICKINSON FAMILY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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 | Frances Wilde FCCA DChA |
| Warner Wilde Limited | |
| Chartered Certified Accountants | |
| 4 Marigold Drive | |
| Bisley | |
| Surrey | |
| 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 - 23 |
THE DICKINSON FAMILY CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their annual report and financial statements for the year ended 5 April 2025.
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 £24,524,587, made up of £219,501 unrestricted funds and £24,305,086 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.
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THE DICKINSON FAMILY CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
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 Evelyn Partners Investment Services for portfolio management.
The trustees' report was approved by the Board of Trustees.
.............................. Mr D J Weston Trustee
Date: ....................................... ......
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THE DICKINSON FAMILY CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2025
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements 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 financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements 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 financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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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 2025 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:
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give a true and fair view of the state of the charity’s affairs as at 5 April 2025 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
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have been prepared in accordance with 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 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
-
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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.
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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:
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•performed analytical procedures to identify any unusual or unexpected relationships;
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•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;
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•reading the minutes of meetings of those charged with governance;
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•enquiring of management as to actual and potential litigation and claims;
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•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 charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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THE DICKINSON FAMILY CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE DICKINSON FAMILY CHARITABLE TRUST
Frances Wilde FCCA DChA
21[st] January 2026
Chartered Certified Accountants Statutory Auditor
Warner Wilde Limited Chartered Certified Accountants 4 Marigold Drive Bisley Surrey GU24 9SF
Frances Wilde FCCA DChA is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THE DICKINSON FAMILY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2025
| Unrestricted Endowment funds funds 2025 2025 Notes £ £ Income from: Other trading activities 3 16,070 - Investments 4 418,654 - Other material income 5 - - Total income 434,724 - Expenditure on: Raising funds 6 400,251 11,282 Charitable activities Other Charitable Purposes 7 32,318 - Advancement of Religion 7 119,229 - Relief of those in Need 7 71,170 - Total charitable expenditure 222,717 - Total expenditure 622,968 11,282 Net gains/(losses) on investments 12 - (171,531) Net income/(expenditure) and movement in funds (188,244) (182,813) Reconciliation of funds: Fund balances at 6 April 2024 407,745 24,487,899 Fund balances at 5 April 2025 219,501 24,305,086 |
Total Unrestricted Endowment funds funds 2025 2024 2024 £ £ £ 16,070 6,290 - 418,654 394,180 - - 13,495 - 434,724 413,965 - 411,533 231,121 10,450 32,318 30,236 - 119,229 118,883 - 71,170 68,032 - 222,717 217,151 - 634,250 448,272 10,450 (171,531) - 136,885 (371,057) (34,307) 126,435 24,895,644 442,052 24,361,464 24,524,587 407,745 24,487,899 |
Total 2024 £ 6,290 394,180 13,495 |
|---|---|---|
| 413,965 | ||
| 241,571 30,236 118,883 68,032 |
||
| 217,151 | ||
| 458,722 | ||
| 136,885 | ||
| 92,128 24,803,516 |
||
| 24,895,644 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE DICKINSON FAMILY CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
| 2025 | 2025 | 2024 | 2024 | ||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investment property | 14 | 21,550,000 | 21,550,000 | ||
| Investments | 15 | 2,884,852 | 3,182,190 | ||
| 24,434,852 | 24,732,190 | ||||
| Current assets | |||||
| Debtors | 16 | 31,629 | 61,205 | ||
| Cash at bank and in hand | 150,956 | 179,430 | |||
| 182,585 | 240,635 | ||||
| Creditors: amounts falling due within | 17 | ||||
| one year | (92,850) | (77,181) | |||
| Net current assets | 89,735 | 163,454 | |||
| Total assets less current liabilities | 24,524,587 | 24,895,644 | |||
| The funds of the charity | |||||
| Endowment funds | 19 | 24,305,086 | 24,487,899 | ||
| Unrestricted funds | 20 | 219,501 | 407,745 | ||
| 24,524,587 | 24,895,644 |
PON The financial statements were approved by the trustees on ......................... The financial statements were approved by the trustees on ALA Nag f WL6
..............................
Mr D J Weston MrD J Weston Trustee Trustee
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THE DICKINSON FAMILY CHARITABLE TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Cash flows from operating activities | |||||
| Cash absorbed by operations | 23 | (572,936) | (420,306) | ||
| Investing activities | |||||
| Purchase of investments | (583,447) | (233,641) | |||
| Proceeds from disposal of investments | 709,255 | 242,577 | |||
| Investment income received | 418,654 | 394,180 | |||
| Net cash generated from investing activities | 544,462 | 403,116 | |||
| Net cash generated from financing activities | - | - | |||
| Net decrease in cash and cash equivalents | (28,474) | (17,190) | |||
| Cash and cash equivalents at beginning of year | 179,430 | 196,620 | |||
| Cash and cash equivalents at end of year | 150,956 | 179,430 |
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THE DICKINSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
Charity information
The Dickinson Family Charitable Trust is an unincorporated association, registered with the Charity Commission in England & Wales.
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.
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THE DICKINSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
Overheads are apportioned to activities on the basis of grants made to each activity.
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.
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THE DICKINSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
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 | |
| 2025 | 2024 | |
| £ | £ | |
| Sales of timber | 16,070 | 6,290 |
4 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Rental income | 309,658 | 293,417 |
| Income from listed investments | 107,214 | 97,394 |
| Interest receivable | 1,782 | 3,369 |
| 418,654 | 394,180 |
5 Other material income
There was no material other income in the financial year (2024: an insurance payout was received of £13,495).
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THE DICKINSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
6 Expenditure on raising funds
| Unrestricted Endowment funds funds 2025 2025 £ £ Property running and maintenance costs Other fundraising costs 399,363 - Trading costs Other trading activities 888 - Investment management - 11,282 Total costs 400,251 11,282 |
Total Unrestricted Endowment funds funds 2025 2024 2024 £ £ £ 399,363 196,030 - 888 35,091 - 11,282 - 10,450 411,533 231,121 10,450 |
Total 2024 £ 196,030 |
|---|---|---|
| 35,091 | ||
| 10,450 | ||
| 241,571 |
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THE DICKINSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
7 Charitable activities
| Other Charitable Purposes Advancement of Religion Relief of Those in Need 2025 2025 2025 £ £ £ Grant funding of activities (see note 8) 22,500 83,000 49,500 Share of support costs (see note 9) 8,927 32,939 19,702 Share of governance costs (see note 9) 891 3,290 1,968 32,318 119,229 71,170 |
Total 2025 Other Charitable Purposes Advancement of Religion Relief of Those in Need 2024 2024 2024 £ £ £ £ 155,000 22,000 86,500 49,500 61,568 7,447 29,282 16,757 6,149 789 3,101 1,775 222,717 30,236 118,883 68,032 |
Total 2024 £ 158,000 53,486 5,665 |
|---|---|---|
| 217,151 |
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THE DICKINSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
8 Grants payable
| Grants payable | ||||||||
|---|---|---|---|---|---|---|---|---|
| Other | Advancement |
Relief of | Total | Other | Advancement |
Relief of | Total | |
| Charitable | of Religion |
those in | Charitable | of Religion |
those in | |||
| Purposes | Need | Purposes | Need | |||||
| 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | |
| £ | £ | £ | £ | £ | £ | £ | £ | |
| Grants to institutions: | ||||||||
| Prostate Cancer UK | - | - | 2,000 | 2,000 | - | - | 2,000 | 2,000 |
| Parkinson's UK | - | - | 2,000 | 2,000 | - | - | 2,000 | 2,000 |
| The Holfords of Westonbirt Trust | - | - | 1,000 | 1,000 | - | - | 1,000 | 1,000 |
| Dorothy House | - | - | 6,000 | 6,000 | - | - | 6,000 | 6,000 |
| Somerset Community Foundation | 7,500 | - | - | 7,500 | 7,500 | - | - | 7,500 |
| Wells Cathedral | - | 70,000 | - | 70,000 | - | 70,000 | - | 70,000 |
| Keinton Mandeville, Kingweston and other PCC's in | ||||||||
| the Benefice | - | 8,000 | - | 8,000 | - | 11,500 | - | 11,500 |
| South West Heritage Trust | 2,000 | - | - | 2,000 | 2,000 | - | - | 2,000 |
| The Royal British Legion | - | - | 5,000 | 5,000 | - | - | 5,000 | 5,000 |
| Plum Layton Charitable Trust | - | - | 6,000 | 6,000 | - | - | 6,000 | 6,000 |
| Royal Star & Garter Homes | - | - | 5,000 | 5,000 | - | - | 5,000 | 5,000 |
| Not Forgotten | 2,000 | - | - | 2,000 | 1,500 | - | - | 1,500 |
| British Red Cross Society | - | - | 7,500 | 7,500 | - | - | 7,500 | 7,500 |
| St Monica Trust | - | - | 4,000 | 4,000 | - | - | 4,000 | 4,000 |
| Wells Cathedral Chorister Trust | - | 5,000 | - | 5,000 | - | 5,000 | - | 5,000 |
| St Margaret's Somerset Hospice | - | - | 5,000 | 5,000 | - | - | 5,000 | 5,000 |
| MacMillan Cancer Support | - | - | 1,000 | 1,000 | - | - | 1,000 | 1,000 |
| Teenage Cancer Trust | - | - | 3,000 | 3,000 | - | - | 3,000 | 3,000 |
| RAF Benevolent Fund | - | - | 2,000 | 2,000 | - | - | 2,000 | 2,000 |
| We Are Farming Minds | 1,500 | - | - | 1,500 | 1,500 | - | - | 1,500 |
| The Royal Countryside Fund | 3,000 | - | - | 3,000 | 3,000 | - | - | 3,000 |
- 16 -
THE DICKINSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
- 8 Grants payable
| Grants payable Dorset and Somerset Air Ambulance Farming Community Network Farmlink Education |
3,000 2,000 1,500 22500 |
- - - 83000 |
- - - 49500 |
3,000 2,000 1,500 155000 |
3,000 2,000 1,500 22000 |
- - - 86500 |
(Continued) - 3,000 - 2,000 - 1,500 49500 158000 |
(Continued) - 3,000 - 2,000 - 1,500 49500 158000 |
|---|---|---|---|---|---|---|---|---|
| 158000 |
- 17 -
THE DICKINSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
| 8 Grants payable - 9 Support costs allocated to activities Mercer's Solicitors fees Management fees Governance costs Analysed between: Other Charitable Purposes Advancement of Religion Relief of those in Need 10 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 |
(Continued) 2025 2024 £ £ 17,293 8,791 44,275 44,695 6,149 5,665 67,717 59,151 9,818 8,236 36,229 32,383 21,670 18,532 67,717 59,151 2025 2024 £ £ 6,000 5,040 |
(Continued) 2025 2024 £ £ 17,293 8,791 44,275 44,695 6,149 5,665 67,717 59,151 9,818 8,236 36,229 32,383 21,670 18,532 67,717 59,151 2025 2024 £ £ 6,000 5,040 |
|---|---|---|
| 59,151 | ||
| 8,236 32,383 18,532 |
||
| 59,151 | ||
| 2024 £ 5,040 |
11 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year, but two trustees (2024: two) were reimbursed a total of £343 (2024: £625) in travelling and other expenses.
12 Gains and losses on investments
| Endowment | Endowment | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | (83,892) | 130,787 |
| Sale of investments | (87,639) | 6,098 |
| (171,531) | 136,885 |
13 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 18 -
THE DICKINSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
14 Investment property
| Investment property | |
|---|---|
| 2025 | |
| £ | |
| Fair value | |
| At 6 April 2024 and 5 April 2025 | 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 2025 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 |
2025 2024 £ £ 10,032,677 10,032,677 (1,298,687) (1,198,360) 8,834,317 8,934,644 |
2025 2024 £ £ 10,032,677 10,032,677 (1,298,687) (1,198,360) 8,834,317 8,934,644 |
|---|---|---|
| 8,834,317 | 8,934,644 |
15 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 6 April 2024 | 3,182,190 |
| Additions | 583,447 |
| Valuation changes | (171,530) |
| Disposals | (709,255) |
| At 5 April 2025 | 2,884,852 |
| Carrying amount | |
| At 05 April 2025 | 2,884,852 |
| At 05 April 2024 | 3,182,190 |
- 19 -
THE DICKINSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
15 Fixed asset investments
(Continued)
Fixed asset investments revalued
Investments are included at market value, the historic cost as at 5 April 2025 is £2,371,188 (2024: £2,384,746).
16 Debtors
| Amounts falling due within one year: Trade debtors Other debtors |
2025 £ 28,249 3,380 31,629 |
2024 £ 33,265 27,940 |
|---|---|---|
| 61,205 |
17 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | |||
|---|---|---|---|
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Other taxation and social security | 5,202 | - | |
| Deferred income | 18 | 13,921 | 10,677 |
| Trade creditors | 4,167 | 35,669 | |
| Accruals | 69,560 | 30,835 | |
| 92,850 | 77,181 | ||
| Deferred income | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Other deferred income | 13,921 | 10,677 | |
| Deferred income is included in the financial statements as follows: | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Deferred income is included within: | |||
| Current liabilities | 13,921 | 10,677 | |
| Movements in the year: | |||
| Deferred income at 6 April 2024 | 10,677 | 17,163 | |
| Released from previous periods | (10,677) | (17,163) | |
| Resources deferred in the year | 13,921 | 10,677 | |
| Deferred income at 5 April 2025 | 13,921 | 10,677 |
18 Deferred income
- 20 -
THE DICKINSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
19 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 2024 £ 24,487,899 At 6 April 2023 £ 24,361,464 |
Resources expended £ (11,282) Resources expended £ (10,450) |
Gains and losses £ (171,531) Gains and losses £ 136,885 |
At 5 April 2025 £ 24,305,086 At 5 April 2024 £ 24,487,899 |
|---|---|---|---|---|
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 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 2024 £ 407,745 At 6 April 2023 £ 442,052 |
Incoming resources £ 434,724 Incoming resources £ 413,965 |
Resources expended £ (622,968) Resources expended £ (448,272) |
At 5 April 2025 £ 219,501 At 5 April 2024 £ 407,745 |
|---|---|---|---|---|
- 21 -
THE DICKINSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
21 Analysis of net assets between funds
| Unrestricted Endowment funds funds 2025 2025 £ £ At 5 April 2025: Investment properties - 21,550,000 Investments 129,766 2,755,086 Current assets/(liabilities) 89,735 - 219,501 24,305,086 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 |
Total 2025 £ 21,550,000 2,884,852 89,735 |
|---|---|
| 24,524,587 | |
| Total 2024 £ 21,550,000 3,182,190 163,454 |
|
| 24,895,644 |
22 Related party transactions
During the year the charity entered into a lease with Kingsdon and Kingweston Shoot Limited, a trustee of the charity has subsequently become a director of this company.
23 Cash absorbed by operations
| Cash absorbed by operations (Deficit)/surplus for the year Adjustments for: Investment income recognised in statement of financial activities Loss/(gain) on disposal of investments Fair value gains and losses on investments Movements in working capital: Decrease/(increase) in debtors Increase in creditors Increase/(decrease) in deferred income Cash absorbed by operations |
2025 £ (371,057) (418,654) 87,639 83,892 29,575 12,425 3,244 (572,936) |
2024 £ 92,128 (394,180) (6,098) (130,787) (666) 25,783 (6,486) |
|---|---|---|
| (420,306) |
- 22 -
THE DICKINSON FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
24 Analysis of changes in net funds
The charity had no material debt during the year.
- 23 -