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Charity Registration No. 1094362
THE GILLIAN DICKINSON TRUST
TRUSTEES' REPORT AND UNAUDITED ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024
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THE GILLIAN DICKINSON TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 14 |
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THE GILLIAN DICKINSON TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their 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 memorandum and articles of association, 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).
Reference and administrative information
| Settlor | Gillian Dickinson |
|---|---|
| Charity number | 1094362 |
| Principal address | c/o Womble Bond Dickinson (UK) LLP |
| The Spark | |
| Draymans Way | |
| Newcastle Helix | |
| Newcastle upon Tyne | |
| NE4 5DE | |
| Independent examiner | Philip Holt FCA FCIE |
| High Park Farm | |
| Kirkbymoorside | |
| York | |
| YO62 7HS | |
| Bankers | Lloyds Bank Plc |
| 102 Grey Street | |
| Newcastle Upon Tyne | |
| NE99 1SL | |
| Solicitors | Womble Bond Dickinson (UK) LLP |
| The Spark | |
| Draymans Way | |
| Newcastle Helix | |
| Newcastle upon Tyne | |
| NE4 5DE | |
| Investment advisors | Investec Wealth & Investment Limited |
| Quayside House, Canal Wharf, | |
| Leeds | |
| Yorkshire | |
| LS11 5PU | |
| CCLA | |
| Senator House | |
| 85 Queen Victoria Street | |
| London | |
| EC4V 4ET |
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THE GILLIAN DICKINSON TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Structure, Governance and Management
The Charity was created by Gillian Dickinson and established by a charitable trust deed dated 15 May 2002. Gillian Dickinson died on 25 June 2002 and by her Will bequeathed her residuary estate to be held on the trusts as declared in the deed.
The Trustees must hold at least two meetings a year to review applications received, decide the amount to be donated, and to review the policies they have adopted in furtherance of the objects. In practice the Trustees meet three times a year.
Trustees
The Trustees who served during the year were: James Ramsbotham Piers Robert Dickinson Adrian Clive Gifford Alexander Dickinson
The power of appointing new Trustees vests in the existing Trustees under clause 7 of the charitable trust deed and each new Trustee must sign a declaration of willingness to act before he is eligible to vote at any meeting of the Trustees. At any time there shall be a minimum of three and a maximum of six Trustees in office.
An induction booklet is given to all Trustees which gives the necessary information about the Charity, its strategic objectives and history. It explains the Charity and principles of good governance.
A chapter is dedicated in explaining the Trustee's role, the skills and qualities required, and the role of the Trustees in strategic planning. A further chapter gives guidance from the Charities Commission to Trustees on their responsibilities.
Objectives and Activities
The Charity's objects are to support for the public benefit charitable organisations which are based in either Northumberland, County Durham or Tyne and Wear, which largely carry out their work within this region and which promote creativity amongst young people and those who have been deprived of the opportunity to enjoy the arts whether by disability or circumstance.
The Charity also supports organisations which enable a richer life to be lived by those who live a rather deprived life either because of physical disability, confinement to hospital or an institution or lack of opportunity to enjoy the wildlife of the countryside and the arts.
Financial Review
During the year under review the Charity had net expenditure of £140,531 (2023: £179,054) and made net gains on investments totalling £554 (2023: net losses of £134,996) as shown on page 6 of the accounts.
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THE GILLIAN DICKINSON TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Achievements and Performance
During the year the Trustees made grants totalling £169,056 to 4 organisations (2023: 9 organisations £206,000).
The Charity's website (www.gilliandickinsontrust.org.uk) gives further details on the activities of the Charity.
Public Benefit
The Trustees pay due regard to the Charity Commission guidance on public benefit and all grants which are made are to further the Charity's purposes for public benefit.
Investment Policy
The Trustees have wide powers of investment which includes the power to invest funds as if they were absolutely entitled to them. The Trustees completed a review of the Charities investment portfolio and has concluded that the investment portfolio should be moved from Investec Wealth & Investment Limited to CCLA. The process of moving the investment portfolio commenced in February 2024, and is now complete. At CCLA, the capital is invested entirely in a pooled multi-asset collective fund, which is actively managed by CCLA. Reviews of the portfolio performance and suitability will be undertaken by the Trustees no less than on an annual basis.
Reserves policy and going concern
The deficit on the unrestricted general reserve of £138,599 arose as grant commitments exceeded the net assets available at 5 April 2024. The Trustees are satisfied with this, as the Charity will receive further income in the next year and fund any deficit from the investment portfolio.
The Trustees have not formulated a Reserves Policy but are of the opinion that sufficient cash should be held to meet twelve months governance costs, any known liabilities and approved but unpaid donations.
The Trustees have decided that holding reserves is unnecessary because they have power to distribute all unrestricted funds and to distribute the capital included in the investment fund.
Risk Factors
The Trustees have examined the major strategic, business and operational risks to which the Charity is exposed and are satisfied that systems are in place to mitigate the exposure of the Charity to major risks.
Plans for Future Periods
The Trustees are continuing to look for opportunities to make grants in line with their objectives but within an overall budget governed by their annual income and the desire to expend the investment funds over a thirty year time frame.
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THE GILLIAN DICKINSON TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Statement of Trustees' Responsibilities
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).
Company 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 proper accounting records which 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.
29-01-2025
The report was approved by the Trustees, on .................................. and signed on their behalf by:
...................................... B3B950CA96CD49B... Alexander Dickinson
Trustee
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THE GILLIAN DICKINSON TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE GILLIAN DICKINSON TRUST
I report on the accounts of the Charity for the year ended 5 April 2024, which are set out on pages 6 to 14.
Respective responsibilities of Trustees and examiner
As the Charity's Trustee 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 Charity's accounts carried out under section 145 of the 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:
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(i) accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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(ii) the accounts do not accord with those records; or
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(iii) the accounts 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 accounts to be reached.
Philip Holt FCA FCIE Harrison Holt Chartered Accountants High Park Farm Kirkbymoorside York YO62 7HS
29-01-2025
Dated: .........................
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THE GILLIAN DICKINSON TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Notes Income from: Income and endowments from: Investments income 2 Total income Expenditure on: Raising funds Investment management costs Charitable activities Grants payable 3 Other Governance costs 4 Total charitable expenditure Net income /(expenditure) for the year Other recognised gains and (losses): Net gains/(losses) on investment assets Net movement in funds Fund balances at 6 April 2023 Fund balances at 5 April 2024 |
2024 2023 £ £ 50,077 54,297 50,077 54,297 7,159 12,091 169,056 206,000 14,393 15,260 190,608 233,351 (140,531) (179,054) 554 (134,996) (139,977) (314,050) 1,193,650 1,507,700 1,053,673 1,193,650 |
|---|---|
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THE GILLIAN DICKINSON TRUST
BALANCE SHEET AS AT 5 APRIL 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 6 | 1,192,272 | 1,365,682 | ||
| Current assets | |||||
| Debtors | 7 | 7,985 | 3,317 | ||
| Cash at bank and in hand | 50,496 | 25,087 | |||
| 58,481 | 28,404 | ||||
| Creditors: amounts falling due within | |||||
| one year | 8 | (127,080) | (118,436) | ||
| Net current liabilities | (68,599) | (90,032) | |||
| Total assets less current liabilities | 1,123,673 | 1,275,650 | |||
| Creditors: amounts falling due after | |||||
| more than one year | 9 | (70,000) | (82,000) | ||
| Net assets | 1,053,673 | 1,193,650 | |||
| Funds of the Charity | |||||
| Designated fund - investment fund | 10 | 1,192,272 | 1,365,682 | ||
| Unrestricted general funds | 10 | (138,599) | (172,032) | ||
| 1,053,673 | 1,193,650 |
29-01-2025 The financial statements were approved by the Trustees, on ............................... and signed on their behalf by:
.................................... B3B950CAQ6CD49B... Alexander Dickinson Trustee
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THE GILLIAN DICKINSON TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
The principal accounting policies are set out below.
1.1 Basis of preparation
These financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and 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 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Charity is a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in sterling which is the functional and presentation currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £1.
1.2 Going concern
At the time of approving the financial statements, the Trustees have reasonable expectation 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 financial statements.
1.3 Incoming resources
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
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. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
1.4 Resources expended
The Trustees have changed their accounting policy in relation to capital cash held by Investec Wealth & Investment Limited. The capital cash movements previously included within additions and disposals of fixed assets investments are now shown separately for clarity. The associated note has been restated accordingly.
Expenditure and liabilities are recognised on an accruals basis as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Where the Charity gives a grant with performance conditions for its payment, being a specific level of service or output to be provided, such grants are only recognised in the Statement of Financial Assets once the recipient of the grant has provided the specified service or output.
Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the Charity.
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THE GILLIAN DICKINSON TRUST
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
(Continued)
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the independent examiners fees and costs linked to the strategic management of the Charity.
All costs are allocated between the expenditure categories of the Statement of Financial Assets on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. floor areas, per capita or estimated usage as determined by the Trustees.
Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled.
1.5 Investments
Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end. Any gains or losses on revaluation are taken to the Statement of Financial Activities.
Investment gains and losses includes any realise gains and losses on the sale of investments and any gains or losses resulting from revaluing to market value at the end of the year.
1.6 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 Balance Sheet once the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the accounts, 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.
1.7 Debtors and provisions
Basic financial assets, which include debtors and cash bank balances, are initially measured at transaction price including transaction costs and 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 receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
1.8 Creditors and provisions
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 receipts 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 the 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.
Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled.
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THE GILLIAN DICKINSON TRUST
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
(Continued)
1.9 Funds
The designated fund represents the cost of investments as modified for realised and unrealised investment gains. The Trustees have the power to distribute the capital included in the designated fund and use this to pay costs in respect of the investments and make some grants to charities.
The unrestricted general fund handles all investment and other income, pays some grants to charities and covers all management and administration costs.
2 Investments income
| Income from listed investments Interest receivable Grants payable Grants to institutions - 4 grants (2023: 9 grants) Grants to institutions from unrestricted funds comprise: Birkheads Wild Berwick Educational Association Durham Sixth Form Hexham Book Festival Hullabaloo Seven Stories (grant withdrawn) Sunderland Music Art & Culture Trust Live Theatre Enter CIC Durham Music Trust Customs House Orchestras Live Artichoke Northumberland National Park |
2024 £ 48,116 1,961 50,077 2024 £ 169,056 2024 £ - - 75,000 30,000 33,200 (14,144) 45,000 - - - - - - - 169,056 |
2023 £ 53,928 369 |
|---|---|---|
| 54,297 | ||
| 2023 £ 206,000 |
||
| 2023 £ 45,000 3,500 - - - - - 60,000 4,000 30,000 7,500 10,000 10,000 36,000 |
||
| 206,000 |
3 Grants payable
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THE GILLIAN DICKINSON TRUST
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
3 Grants payable
(Continued)
| Reconciliation of grants payable: | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Commitments at 6 April 2023 | 193,144 | 163,144 |
| Commitments made in the year | 169,056 | 206,000 |
| Grants paid during the year | (168,600) | (176,000) |
| Commitments at 5 April 2024 | 193,600 | 193,144 |
| Commitments at 5 April 2024 are payable as follows: | £ | £ |
| Within one year | 123,600 | 111,144 |
| After more than one year | 70,000 | 82,000 |
| 193,600 | 193,144 | |
| Governance costs | ||
| 2024 | 2023 | |
| £ | £ | |
| Other governance costs comprise: | ||
| Administration fees | 11,300 | 11,520 |
| Independent Examination fee | 1,044 | 840 |
| Website redesign and running costs | 2,049 | 2,900 |
| 14,393 | 15,260 |
4 Governance costs
5 Employees
There were no employees during the year.
None of the Trustees (or any persons connected with them) received any remuneration or reimbursed expenses during the current year or the previous year.
Alexander Dickinson is a partner in Womble Bond Dickinson (UK) LLP ("WBD (UK) LLP") who acts as legal advisor to the Trustees and carries out the administration of the Charity. Total administration fees charged by WBD (UK) LLP to the charity during the year amounted to £11,300 (2023: £11,520) and are included in note 4 above. The accrued balance due to WBD (UK) LLP was £2,520 (2023: £1,000). Included in Creditors were fee notes due to WBD (UK) LLP amounting to £nil (2023: £3,120).
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THE GILLIAN DICKINSON TRUST
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
6 Fixed asset investments
| Cash or cash Listed Total equivalents investments 2024 £ £ £ Market value at 6 April 2023 28,108 1,337,574 1,365,682 Acquisitions at cost 1,303,633 1,302,280 2,605,913 Disposal at market value (1,331,741) (1,292,251) (2,623,992) Net gains /(losses) on revaluation of investment assets - (155,331) (155,331) Market value at 5 April 2024 - 1,192,272 1,192,272 Historical cost: At 5 April 1,208,902 |
Total 2023 £ 1,649,966 136,015 (204,340) (215,959) |
|---|---|
| 1,365,682 | |
| 1,226,982 |
The valuation of investments prepared by CCLA and Investec Wealth & Investment as at 5 April 2024 gives the following allocation of investments by market value which are held:
| Fixed Interest Equities Hedge Funds Property Collectives Cash These investments have the following geographical spread: United Kingdom Asia/Pacific North America Central and South America Europe International Other |
2024 £ - - - 51,586 1,140,686 - 1,192,272 2024 £ 156,415 45,399 761,636 - 195,057 14,031 19,734 1,192,272 |
2023 £ 312,798 778,675 191,007 55,094 - 28,108 |
|---|---|---|
| 1,365,682 | ||
| 2023 £ 616,707 162,024 400,052 30,302 150,157 - 6,440 |
||
| 1,365,682 |
Financial assets held at fair value
All listed investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). CCLA investment management costs are charged directly to the fund. There are no CCLA investment management costs therefore shown in the financial statements.
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THE GILLIAN DICKINSON TRUST
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
| 7 Debtors Prepayments and accrued income 8 Creditors: amounts falling due within one year Creditors Grants payable Independent Examination fee Accruals 9 Creditors: amounts falling due after more than one year Grants payable 10 Analysis of net assets between funds Fund balances at 5 April 2024 are represented by: Investments Net current liabilities £ £ Unrestricted Income Funds Designated funds - investment fund 1,192,272 - Unrestricted general funds - (68,599) 1,192,272 (68,599) Fund balances at 5 April 2023 are represented by: Investments Net current liabilities £ £ Unrestricted Income Funds Designated funds - investment fund 1,365,682 - Unrestricted general funds - (90,032) 1,365,682 (90,032) |
2024 £ 7,985 7,985 2024 £ - 123,600 960 2,520 127,080 2024 £ 70,000 70,000 Long term liabilities £ - (70,000) (70,000) Long term liabilities £ - (82,000) (82,000) |
2023 £ 3,317 3,317 2023 £ 4,320 111,144 840 2,132 118,436 2023 £ 82,000 82,000 Total £ 1,192,272 (138,599) 1,053,673 Total £ 1,365,682 (172,032) 1,193,650 |
|---|---|---|
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THE GILLIAN DICKINSON TRUST
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
11 Analysis of charitable funds - current year
Unrestricted funds
| Balance at 6 April 2023 £ General fund (172,032) Designated fund - Investment fund 1,365,682 1,193,650 |
Income Expenditure Gains and losses £ £ £ 50,077 (190,608) 155,884 - - (155,330) 50,077 (190,608) 554 |
Transfers Balance at 5 April 2024 £ £ 18,080 (138,599) (18,080) 1,192,272 - 1,053,673 |
|---|---|---|
Analysis of charitable funds - prior year
Unrestricted funds
| Balance at 6 April 2022 £ General fund (142,266) Designated fund - Investment fund 1,649,966 1,507,700 |
Income Expenditure Gains and losses £ £ £ 54,297 (233,351) 80,963 - - (215,959) 54,297 (233,351) (134,996) |
Transfers Balance at 5 April 2023 £ £ 68,325 (172,032) (68,325) 1,365,682 - 1,193,650 |
|---|---|---|
Investment Fund
The trustees have designated the market valuate of the fixed asset investments as a separate fund to represent the reserves which are used to generate funds for the charity. During the year, the Trustees transferred £18,080 to the General Funds to represent the net realised gains and other cash withdrawals to maintain the designated fund at the market value of the investment portfolio.
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