Charity RegIstr￿an No. 1085955 THE CHARLES DUNSTONE CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 THE CHARLES DUNSTONE CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Deriis Dunstone Adrian Bott John fjordo RobÈrt Clarkson Charlty number 1085955 Re8i5tEred office Atre House 11-15 William Road London NWI 3ER Unlted Kingdom Indep￿dent e¥wniner Andrew Rich clo HW Fisher LLP Chartered Accountant Acre House 11-15 Williarn Ro London NWI 3ER Bankers HSBC Private Bank IUKI Umlted 8Cork Street London WIS 3U THE CHARLES DUNSTONE CHARITABLE TRUST CONTENTS Page Trustees, report Independent examinerfs report ststement of financlal èthvlties Bèlance sheet Statement of cash flows Notes to the financial staternents 7-12 THE CHARLES DUNSTONE CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2021 The Trustees present thelr report arwj financial staternents for the year ended 5 April 2021. The h"nancial ststements have been p￿pared in accordance with the Four￿8￿¢n,9 governin8 dtxumenL the Charitrs Act 2011 and'Accounttng and ReportinE by Charl￿e$. Statement of ftecornrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporbng Stsndard appllcable in the UK and Republic of Irdand FRS 102" leffecDve from I January 20191. Obje£tives and actlvltles The Trust's objects are to benefit charitsble causes for all purposes which are charit4ble atcordingto Enlish14w. The Trust is currently supporting a small number of charities with whom It has an existin8 relatiM5hip. The trustees continue to respond to solicited applicèfjons only arid strongly advise a8ainst submithn8 unsolicited applications. Achievements and performance Ffjnan¢ial reviEw The net asset5 of the Trust as at S April 2021 arnounted to E495,84512020'. net liabilifjÈs £327.3831. The net increase in funds for the yearwas £823.22812020.' net decrease of £442,9531. Durin8 the year, the Trust recewed donètions of £925.34012020. . £653,260) and tnade grènts of £169,10012020.. £916,852). The Trust received dividend and interest income of £6,3D212020.. 10.5031. It is the policy of the Trust to maintsin unre5trirted funds Ifree reserve51, at è leve1 whlch Mll ènable the Trust to meet grant comrnitments over the long rerm. Grants paid during the year are disclosed in note 6 of the accounts and in the appendix. The Trust have consldered the efFect of the Cavid-19 pèndemic on the Trust's artwitie5. The Trustees are of theview thatthe pandemic will have little impact on the ability of the Trust to continue its work. Therefore at thettme of approwngthÈ accounts, the trustees have a reasonable expectation thèt the Foundation ha5 adequate resources to conrnue in operètional existence for the foreseeable future. Thu5 the tru5tee5 conttrtues to adopt the going cancern basis of accounting in preparing the account5. Stwciuret goweTTrance and management The Trust is registered wth the Charity Commission (No. 10859551 and established by a charitsble trust deed dated IQ November 20W. The Trustees who served duringthe year and up to the dats of slgnature ofthe financial ststements were.. Oenis Dun5tone Adrian Bott John Gordon Robert Clarkson Key management personnel compr15e only the trustees. The Trust dces not employ any stsff but take5 External advice a5 necessary. All decisions are taken by the trustees collectively. The powerof appointin8 new Dr additional trustees is vested withthe exisinE trustees. The trustee5 meet regularty to remewand approve grant 3pplication. Detsils of related party transacbons a￿ included in note 13 to the3ccounts. The trustees maintain a risk registerwhich is reviewed annually in orderto assess the major r15￿ to which the Charity Isexposed. They are satisfied that Systems are in place to manège exposure to risks. The main risk is considered to be the exposure to fluctuations in investment values. THE CHARLES DUNSTONE CHARITABLE TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2021 IrNe#ment pollcy and Investment performance During the year. the gairi on revaluaknon cf investments was £56,92912020..1055 of £145.1581 and the gain on sale of itwestments was £22,04612020..10$5 of £21.7261 resulting in a goin shown in the SOFA of £78,97512020.. loss of £166,884). In accordan￿ with the trust deed, thetrustses have the powerto irhvest in St￿ks, shares, invesknents and property35they see fit. The tru5tees' objethve is to achieve returns above both inflation and those obtsinable on bank dep05it5. Irwestment retums are to be achieved atan acceptance level af risk in order to fulfill the Trust's objertS. Th2 Investments should be sufficiently Ilquid to meet any expenditure as determined bythe trustees from tlme to ￿Me. The Trustees rneet regularly duringthe yearto review Investments. The Trustees, report wa5 èpproved bythe Board of Trustees. Robert Oarkson Trustee Dated.. ## **THE CHARLES DUNSTONE CHARITABLE TRUST** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF THE CHARLES DUNSTONE CHARITABLE TRUST** I report to the Trustees on my examination of the financial statements of The Charles Dunstone Charitable Trust (the Trust) for the year ended 5 April 2021. ## **Responsibilities and basis of report** As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies. Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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. I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Andrew Rich c/o HW Fisher LLP Chartered Accountant Acre House 11-15 William Road London NW1 3ER Dated: ......................... - 3 - THE CHARLES DUNSTONE CHARITABLE TRUST STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021 2021 2020 Notes Donation5 Investment Incomè 925,340 6,302 653.2E 10,503 Total income 931,642 663.763 Charitsble activifjes 187,389 939,832 Net 8ains/llosse51 on investments 78,975 1166,8841 Net movement in fvnds 823,228 1442.9531 Fund balances at 6 April 2020 1327.3831 115.570 Fund balance5 at S April 2021 495,845 1327,3831 The ststernent of linantial athvifjes indudes all gains and losses reco8nised Sn the year. All intome and expendlture derive frorn continuin6 ath¥ittes. THE CHARLES DUNSTONE CHARITABLE TRUST BALANCE SHEET AS AT5 APRIL 2021 2021 2020 Notes Fixed assets Investments io 407,535 350,606 Current assets Cash at bank and in hand 793,630 22,011 editors.. amounts lalllnE vAthin oneyear 12 1705,3201 17W,0001 Net turrent asset511liabiiitiesl 88.310 1677,9891 Total assets le55 current liabilities 495,845 1327,3831 Incorne funds Unrestrlcted funds 495.845 1327.3831 49S,845 1327,3831 The lin3ncial statementswere approved bythE Trustees on bert Tru$tee larkson THE CHARLES DUNSTONE CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2021 2021 Note$ Cash flows from operntyng athvilles Cash generated fromllabsorbed by) operations 743,271 1286.5721 Investing ￿￿vitieS Acquisi￿on of irivestments by donalion Proceeds on disposal of Investrnents Interest recebved 1925,3401 947,386 6,302 1653,2601 768,942 10,503 Nettash gener￿ed from Investln8 a¢b¥lliES 28,348 126.185 Net C85h used in flnancing •thvlttes Netln(reaselldecreastl in ush and cash e4uivalents 771,619 1160.3871 Cash and cash e4uivalents at beginrmng of year 22,011 182,398 Cash and ￿5h equlvalents* ersd ofyear 793.630 22,011 THE CHARLES DUNSTONE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Accourrtbng policies Charfty inlormado The Charles Oun5torie Charltable Trustls 3 grant making trust with the objective of providing supkDrt to a range of charitrble auses. 1.1 Accounyni tM¥entlon The linancial statements have been prepared In accordance with the Trust's Trust Deed, the Charit*s Act 2011 and "ACCoun￿nE and Reporting by Charities". Ststement of Recofflmended Practice applicable to charities preparing their actounts in accordance with the Financial ReporDng Standard applicable in the UK and Republic of Ireland IF￿ 1021" leffecnve frorn I January 20191- The Trust Is a Public Beneht Entity as defined by FRS 102. The finantial statements departed frthm the Charities (Account5 and Report51 Regulations 2LX)8 only to the extent reouired to provide a true and fair view. This departure ha5 invofved followlng the Statement of Re(nmmended Practice for charities applying FRS 102 rather thèn the verslon of the Statement of Recommended Prathce which is referred to In the Regulations but which ha5 since been withdrawn. The financlal statements have been prepared under the historical cost corwenfjon, modified to Incbjde the revaluation of investments at fairvalue. The principal accoun#ng pclicies adopted are set out below. 1.2 Golng cwcern The Trustees have considered the effett of the Covid-19 pandemK on the Trust's ècfjvities. The Trustees Ire of the view that the pandemic will have little impact on the abllityof the Trust to condnue Its work. The Trust has net assets as at 5th April 2021 and has no oijtStsndin8 commltrnents. The Trustees continue to adopt the going concem basis of accounfjn8 In preparin8 the accounts. 1.3 Charitable lunds Unrestrlcted funds are available for use at the discretion of the Trustee5 in furtheranie of theircharitable oblectiwe5. 1.4 Incornin8 rtsources Income Is recognised when thE Trust is legally enbtled to it after any performance Condi￿On$ ha¥e been rnet, the amounts can be measured reliably, and it is probable that Sncome wi11 be retrived. Cash and share donations are recognised Dn re￿IPt. Other doriations are recognlsed once the Trust has been nO￿fied of the don8tion, unless perfermance conditions require deferral of the amount. Incorne tax recoverable in relation to donations ceived underGift Aid or deeds cf covenènt 15 recognised at the fjme of the donation. Dwidend income from Investrnents 15 retO8nised when the charltvs rightto rE￿1Ve payment is estsblished. 1.5 ReSou￿e5 expended Resources expended a￿ reco8ni5ed in the perlod to whlch they ￿late. All cost5 which cèn be directly attributed to tharitable acrvities are allocated tD the relevant athvity. ￿abilItIeS are recognised as expenditure as soon ès there Is a1egal or cOnstruc￿¥t obli8afjon cornrnittirig the charlty to that expenditure, it is probable that settlementwill be required and the amount of the obligation can be rneasvred reliab￿. Costs of choritable activitie5 include grants made, governance cost5 and support costs. Gv4ernance costs include those cosrs associated with rneeting the constitutional and statutory requirements of the charity and include the independent examinabon fee5 and costs linked to the strategic rnanagement of the charity. THE CHARLES DUNSTONE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Attounting pDllde5 Iconttnuedl 1.6 Fix¢d asset lrt¥e5tmer Fixed asset investments are IDiDally measured at transaction price exduding tra￿action costs. and a￿ subsequently measured t fèir value at each ￿pOrhng date. Changes in fair value are reco8nised in net Incornellexpenditurel forthe year. Transaction C05t5 are expensed as Incurred. 1.7 Cash and ush egul¥alents Cash and cash equivalents include cash in hand, dep05itS hdd at call with bank5 and other 5hort-term liquid imiestmÈnts with ori8inal maturities of three months or le55. Qltlul accountlng es¢imatÈS 8nd judgern￿ts In the application of the Trust's accoun￿ryg policie5. the Trustee5 are required to make judgements. Èstimate5 and assumptions 3bout the carryin8 amount of assets ènd liabilities that are not readily apparent from other 50Urte& The estimates and associated a5sumpfjons ère based on historical experience a[￿ other factors that ère consid2red to te relevant. Actual results may differfrom these esttmates. The esttmates and underlyin8 assumptrons are rewewed on an ongoin8 ba%s. Revision5to accounting esfjmate5 are reco8nised in the period in which the estirnate 15 revised where the revision affects only that period. er in period of the revision and future periods where the rewsion 3ffect5 both current and future periods. There were no crltical accounfjng estrm3tes and jud8ements in the accounttN8 perlod. Donatlon5 Vnrestrfrted funds Unrestricted funds 2021 2020 Donatrons and 8ifts 925,340 653,260 Inve5tmemt income UThrestylctgd Unrestricted fuThd5 funds 2021 2020 Dividends received 6.302 10,503 THE CHARLES DUNSTONE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Charlt*le athvities Grants ptyableGr•mts payable 2021 2020 Art5 and Culture ChlLdren and youth Cornmunity care bnd ethnic organi5ations Educabon and irainin Medital and disability Social welfare Heritsge and Restoratton Other loo,000 251.750 3,50D 36,602 160,0 loo 8.WO 25,000 5QO,000 I,(￿)0 169.IrM) 916.852 Share of 5UPPOrt costslsee note 61 Share of governance costs (see note 61 5,280 13,009 8,580 14,400 187.389 939.832 Grants payable includes £1S0,OOOto the PrirKes Trustfor OnÈ Mllllon Uves" and £8.OOOto The M￿1 YouthNet UK. Support C05t$ Support tosts Governance costs 2021 Support costs Govemance costs 2020 Support costs 5.280 5,280 8.580 8,580 Accountancv Legal and professional Bank charges 12,960 12,960 10.680 3,620 Ic 10,680 3,620 loo 49 49 5.280 13.009 18,289 8,580 14,4 22,980 Analysed between Charltable 3cti¥iknes 5.280 13,009 18,289 8,580 J4,400 22,980 Acc¢uhtsncy fees Includes payrnents to the Independent Exar))iner of £12,960 12Q2Q. £10.6801 for Indeperoent evminatiDn fees, the preparation of the ststutory accounts and general advice. SuprKrt and 8overnance costs are allocbted to grant making actSvifjes. (See note 61. Tru51ees None of the Trustees ler any persons connerted with thernl reCen￿d ary remunera￿On or benefits from the Trust during the year. THE CHARLES DUNSTONE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED S APRIL 2021 Employees There were no employees during the year. NetBairbslllossesl on investments Unrestrided Unrestricted funds funds 2021 2020 Revaluation of investments Gainlllossl on sale of investments 56,919 22,046 1145.1581 121,7261 78,975 1166,8841 10 THE CHARLES DUNSTONE CHARITABLE TRUST NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 io Hxed assetlnvt￿meTrts ki5ted Irwe51M￿ts Cost orvalualiiyii At 6 April 2020 Addifjons Valuation changes Di5posèIs 350,606 925,340 56,929 1925.3401 At 5 Aprll 2021 407,535 Carrying amount At OS April 2021 407.535 At 05 April 2020 350,606 The investment5 comprise a holdlng of 420,139 5hare5 in TalkTalk Telecom Group plc valued at £0.97 per share. On 25th February 2021. the Trust received a donation of 2(KJ,000 shares in DixDns Carphone plcvalued at £247,140 and on Ilth March 2021, a d¢natron of 500.0(M) shares in Oixons Carphone plc valued at £678,200 from 51rCharles Dunstone. li Finanti*l irtstrnments 2021 2020 CarrylThg amount of Ilnanclal assets Instruments measured at fair Value through profit or It>ss 407.535 350,606 IZ thditors- Imounts falllng due wlthln oneyear 2021 2020 Other credito Attruèls and deferred income 700,000 5,320 700.000 705,320 7(Q,000 THE CHARLES DUNSTONE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 13 Related portytransathons The Founder of the Tru5L Sir Charles Dunstone CVO is a Director of the Dunstone Edueatknn TrusL a UK school funding Trust. whose lirst Academy is the Fuhvcod Atademywhlch wa5 grantsd £nil12020.. £ 2,1521 durinE the year The Founder of the Trust, Sir Charles Dunstone CVO, is the Chairman of the Board of Trustee5 of Royal Museums Greenwich. which wa5 granted £nll12020.. £100,OWI during the year. The Founder of the Trust. Sir Charles Dunstone CVD provided the Charity Wlth 4 loan of £7LKI,000 durlng the period ended 5 Aprll 2017. The loan is norrinterest bearinÉ and is repayable on demand. At the bèlance sheet date the arnount due to Sir Charles Dunstone CVO was £700,OW1202D.. £700,000). 2021 2020 14 Cash generatedfrom operatiixis Surplu511deticitl forthe year 823,228 1442.9531 Adjustrnents for.. Investment incorne recognised in ststement of financial èthvittes IGainllloss on disposal of imfestments Fairvalue gains and105ses on investments 16,3021 122.0461 156,9291 110,5031 21,726 145,158 Movements in working capltsl.. Incre35e in creditors 5,320 Cash genevated fromllabwrbed byl oper*ttons 743,271 1286.5721 15 Analysls of chanzes in net fund5 The Trust had no debt durinE the veèr. 12-