Charity registration number: 1092347
Dorfred Charitable Trust
Annual Report and Financial Statements
for the Year Ended 5 April 2024
Dorfred Charitable Trust
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 11 |
Dorfred Charitable Trust
Reference and Administrative Details
Trustees Mr Philip Geoffrey Gardam Mr Roger Edward Dean Mr Jon Morley Charity Registration Number 1092347 Principal Address 32 Beacon Rise 160 Newmarket Road Cambridge Cambridgeshire CB5 8AX Independent Examiner J W Smith & Co Ltd Chartered Accountants Eaglehurst 12 Quay Road Bridlington YO15 2AD
Page 1
Dorfred Charitable Trust
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 5 April 2024.
Structure, governance and management
The charity was established by a charitable trust deed dated 30th October 2001.
The trustees who served during the year were: Mr Philip Geoffrey Gardam Mr Roger Edward Dean Mr Jon Morley
The power to appoint or replace trustees is vested to Philip Gardam (Trustee). The Trust Deed states that there should be a minimum of three trustees and a maximum of five.
The decisions of the charity are made by the Trustees. All decisions are taken by a majority vote with the casting vote if relevant made by Philip Gardam.
Professional Fees of £1,200 (2023 - £1,200) are paid to to JWS Accountants, a firm of which Jon Morley a trustee of the charity is a Director.
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Objectives and activities
The charity's objects are to provide assistance by giving donations to UK registered charities working in the 3rd World. The policies adopted in furtherance of these objects are to consider requests for assistance and support under these objectives and there has been no changes in these during the year.
The objective is to utilise the capital assets of the Trust to derive a healthy income stream. Requests for assistance are met from the income source.
The funds of the Trust are invested in short and medium term cash deposits to maximise exposure to interest rates plus income orientated unit trusts which are aimed at achieving higher levels of annual income as well as long term capital growth.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Achievements and performance
During the year the income of the charity totalled £32,022 ( 2023 - £10,011) with a total of £37,110 (2023 - £25,240) paid out in direct charitable expenditure. The charity's funds are invested in short and medium term deposits (@19% ) with the balance held in various unit trust based investment funds. The return from these are subject to economic conditions over which the trustess have no control. The investments of the funds are managed by an independent financial advisor and changes are made when necessary to achieve the best results for the charity.
The investments of the charity have shown realised and unrealised gains of £5,240. (2023 - Losses of £15,555 )
Page 2
Dorfred Charitable Trust
Trustees' Report
Financial review
During the year the income of the charity has totalled £ 32,022 ((2023 - £10,011) . It is the policy of the trust that unrestricted funds which have not been designated for specific use should be maintained at a level equivalent to between three and six months 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 consider the trust's current activities whilst consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The annual report was approved by the trustees of the charity on 17 October 2024 and signed on its behalf by:
......................................... Mr Philip Geoffrey Gardam Trustee
Page 3
Dorfred Charitable Trust
Independent Examiner's Report to the trustees of Dorfred Charitable Trust
I report to the trustees on my examination of the accounts of Dorfred Charitable Trust for the year ended 5 April 2024 which are set out on pages 5 to 10.
Responsibilities and basis of report
As the charity trustees of Dorfred Charitable Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Dorfred Charitable Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of Dorfred Charitable Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting 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 accounts to be reached.
...................................... J W Smith & Co Ltd Chartered Accountants
Eaglehurst 12 Quay Road Bridlington YO15 2AD
17 October 2024
Page 4
Dorfred Charitable Trust
Statement of Financial Activities for the Year Ended 5 April 2024
| Note Income and Endowments from: Donations and legacies Investment income 3 Total Income Expenditure on: Charitable activities Total Expenditure Net expenditure Gross transfers between funds Other recognised gains and losses Gains/losses on investment assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 10 Note Income and Endowments from: Investment income 3 Expenditure on: Charitable activities Total Expenditure Net expenditure Gross transfers between funds Other recognised gains and losses Gains/losses on investment assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 10 |
Unrestricted funds £ 20,000 12,022 32,022 (38,311) (38,311) (6,289) 18,030 - 11,741 24,888 36,629 Unrestricted funds £ 10,011 (26,140) (26,140) (16,129) 19,430 - 3,301 21,587 24,888 |
Endowment funds £ - - - - - - (18,030) 5,240 (12,790) 159,306 146,516 Endowment funds £ - - - - (19,430) (15,555) (34,985) 194,291 159,306 |
Total 2024 £ 20,000 12,022 |
|---|---|---|---|
| 32,022 | |||
| (38,311) | |||
| (38,311) | |||
| (6,289) - 5,240 |
|||
| (1,049) 184,194 |
|||
| 183,145 | |||
| Total 2023 £ 10,011 (26,140) |
|||
| (26,140) | |||
| (16,129) - (15,555) |
|||
| (31,684) 215,878 |
|||
| 184,194 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 10.
The notes on pages 7 to 11 form an integral part of these financial statements. Page 5
Dorfred Charitable Trust
(Registration number: 1092347) Balance Sheet as at 5 April 2024
| Note Investments 5 Cash at bank and in hand 8 Creditors: Amounts falling due within one year 9 Net current assets Net assets Funds of the charity: Endowment funds Unrestricted income funds Unrestricted funds Total funds 10 |
2024 £ 151,144 33,201 (33,201) (1,200) 32,001 183,145 146,516 36,629 183,145 |
2023 £ 145,904 39,490 |
|---|---|---|
| (39,490) (1,200) |
||
| 38,290 | ||
| 184,194 | ||
| 159,306 24,888 |
||
| 184,194 |
The financial statements on pages 5 to 11 were approved by the trustees, and authorised for issue on 17 October 2024 and signed on their behalf by:
......................................... Mr Philip Geoffrey Gardam Trustee
......................................... Mr Roger Edward Dean Trustee
The notes on pages 7 to 11 form an integral part of these financial statements. Page 6
Dorfred Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Dorfred Charitable Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Incoming resources
All income is recognised when earned. Any income earned but not received at the period end is taken as accrued income for the year.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Investment income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Resources expended
All expenditure is recognised when incurred. Any expenditure incurred but not spent at the period end is taken as accrued expenditure for the year.
Investments
Fixed asset investments are stated at market value.
Gains or losses within the investment portfolio are recognised on an annual basis with the profits or losses attributed to the Endowment Fund.
2 Income from donations and legacies
| Donations and legacies; Donations |
Unrestricted funds General £ 20,000 20,000 |
Total 2024 £ 20,000 |
|---|---|---|
| 20,000 |
Page 7
Dorfred Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024
3 Investment income
| Income from listed investments Interest receivable 4 Total resources expended Donations made Governance costs 5 Fixed asset investments Market value at 6 April 2022 Change in market value in the year Market value at 5 April 2023 |
Total 2024 £ 11,257 765 12,022 Total 2024 £ 37,110 1,200 38,310 2024 £ 145,904 5,240 151,144 |
Total 2023 £ 9,414 597 |
|---|---|---|
| 10,011 | ||
| Total 2023 £ 25,240 900 |
||
| 26,140 | ||
| 2023 £ 161,459 (15,555) |
||
| 145,904 |
6 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
7 Staff costs
There were no employees during the year.
8 Cash and cash equivalents
| 8 Cash and cash equivalents |
||
|---|---|---|
| Cash at bank Short-term deposits |
2024 £ 3,042 30,159 33,201 |
2023 £ 2,211 37,279 |
| 39,490 |
Page 8
Dorfred Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024
9 Creditors: amounts falling due within one year
| Trade creditors | 2024 £ 1,200 |
2023 £ 1,200 |
|---|---|---|
Page 9
Dorfred Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024
10 Funds
| Unrestricted funds General Unrestricted Funds Endowment funds Permanent Permanent Endowment Expendable Expendable Endowment Total endowment funds Total funds Unrestricted funds General Unrestricted Funds Endowment funds Permanent Permanent Endowment Expendable Expendable Endowment Total endowment funds Total funds |
Balance at 6 April 2023 £ 24,888 143,374 15,931 15,931 159,305 184,193 Balance at 6 April 2022 £ 21,587 174,860 19,430 19,430 194,290 215,877 |
Incoming resources £ 32,022 - - - - 32,022 Incoming resources £ 10,011 - - - - 10,011 |
Resources expended £ (38,311) 5,240 - - 5,240 (33,071) Resources expended £ (26,140) (15,555) - - (15,555) (41,695) |
Transfers £ 18,029 (16,959) (1,070) (1,070) (18,029) - Transfers £ 19,430 (15,931) (3,499) (3,499) (19,430) - |
Balance at 5 April 2024 £ 36,628 131,655 14,861 |
|---|---|---|---|---|---|
| 14,861 | |||||
| 146,516 | |||||
| 183,144 | |||||
| Balance at 5 April 2023 £ 24,888 143,374 15,931 |
|||||
| 15,931 | |||||
| 159,305 | |||||
| 184,193 |
Page 10
Dorfred Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2024
11 Analysis of net assets between funds
| 11 Analysis of net assets between funds | ||
|---|---|---|
| Fixed asset investments Current assets Creditors over 1 year Total net assets |
Unrestricted funds £ 151,144 33,201 (1,200) 183,145 |
Total funds £ 151,144 33,201 (1,200) |
| 183,145 |
12 Related party transactions
During the year the charity made the following related party transactions:
JWS Accountants
Professional Fees amounting to £1,200 have been paid by the charity to JWS a firm of Accountants which Mr J Morley is an Accountant. At the balance sheet date the amount due to/from JWS Accountants was £Nil (2023 - £Nil).
Page 11