Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E Charity number.. 1098540 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 THE ALBERT DAWSON EDUCATIONAL TRUST MENZIES BRIGHT HINKI
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST CONTENTS Page Rofor•ne8 and Admlnlstratlve Details of the charity, Its Trustees and AdviseT8 Tru5ts05' Report Independent Auditors. Report on the Financial Statements statement of Flnancial Activltles Balance Shèot 10 Statemènt of Cash Flows 11 Notes to the Financlal Statements 12-17
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2022 Trustees Peter Miall Robert Wtlson Lesley Scott Mark Eastment lappoinled 11 May 20221 Judith Rudoe lappointed 11 May 20221 David Beevers lappointed 11 October 20221 Charity reglstered number 1098540 Principal offl¢e 23 Clifton Terrac4 Bri9hton BN13HA Independent auditors Menaes LLP Chartered Accountants Centrum House 36 Ststion Road Egham Surrey TW20 9LF Bankers Barclays Bank UK PLC 1391142 North set Brtghton BN1 1RU CCLA Investment Management Limited One Angel Lane London EC4R 3A8 Page 1
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2022 The tru$lÈes present their annu81 report and financial statements of the charrty for the year ended S Aprfl. 2022. The financial staternents have been prepared in accordance with the accounting policies set out in note 1 to the awounts and mply with the charity's trust deed. the Charikn'es Act 1993 and the Statement of Recommended Practice.. Accounting and Reporting by Charities published in 2005. Structure. govemance and rnanagement Tho Trust 15 a registered charity. number 1098540, and is constituted und8r a trust deed dated 18 Juna. 2003. The Twst was established by an initial gift from Mr Pètei Dawson Rose in June 2003. On hi8 death in November, 2020. the bulk of his estate was given by his Will to the Trustees to hold on the existing terms of the Trust Deed. The Trust does not acts.vely fun¢Jraise, and seeks to continue the charitable work dssirèd by the donor tlyough caroful u88 of ts existing resources. The Trust does not own any real propèrty. New Iruslees are appointad by the existing trustèes, there is no time limit to the rEriod a tDJstee may serve. The Trust Deed provMYes for a mlnSmum of three trustees. Until thi5 year when the trustees reeeiv8d the large bequest under the Will of Mr Rose. the trustees onty had a small amount of capital and a vanishingly slnall income frorn that capital, so they were $tricted in th8 scale of their grant makltvJ activity. and therefr>re did not need more than one. or sometim85 tyvo meetings a year. In fvjture four mèeting5 will be held every year unless It becomes clear th8t more frequent meetings are needed. The Trust has no employees, and no ongoing activity that requires management. It is solely ConMed with con5id8ring the suitabilbty of applicatlOn5 for grants. If in future a sub-cornmittee shoukl be required to oversee the progress of any project funded by the Trus( that could be arranged when necessary, but the need forthis is not enw5aged at present. In 2022 three new trustees were appointed, all wlth 5peryalist knowledge in relevant fields and also bvith wid8-rangir contacts in the museurn and arts worlds. Thi5 adds welcome expertise to the exisbn9 trustees, and enables the Trust to become more widèly known among a Largèr PLX)l of prospective benefici&rie5. All trustees give their time frsely and no trustee Muneration was paid irs the year, or in th8 past. No trustee expenses have ever been claimed. All tnjstees are reqUId to disclose all levant interests prior to being appointed, and withdraw from decisions when a conflict of interest arisas. Rlsk Management Th¢ trustses are ConMed to protect as far as possible the financial security of tha Trust lund. The fund is not $LtfficntIY large lo warrant a specific rnanaged portfolio ol Inv8Stments. Funds are invested in suitsble vehicles specifically designed for charities, with thé airn of spreading the fund over different provider5. The Trust Deed does not require a permanent endowment to be set up. and the trustees prefer to keep the flexibilty of access to both capital and inctsme, though the aim Is to invest half the fund for long terni appreciation. There are no on-going prograrnme5 that requi luture budget protection. and funds can be applied for any worthwhile application within the constraints of what money thè trustees nsider is sensibly available al the time. Objèctives and actlvltles for the publ[¢ beneflt The objects of the Trust are to prornote and advance the education ol the public in the appreciation of 19th century English decorative arts and artefacts. The trustees confirm that they have referied to the guidance contained in the Charity Commission'5 general guidan on pubtic benefrt and apply St ¥vhen considering the relevan ol applSc8tions for grants to the aims and objects ol the Trust. The Trust carrS outthè5? objects by.. Funding the publication of b¢)oks about artists. craftsmen and de$uners of the period. Funcling costs of public eXhibon8 of art and decorative objectives of the pericKI, to as5i5t publication costs of exhibition tatalogue5 and costs in support ol physical requiretn6nts of mounting exhibititsns., Furthermore. Ihe Trust is empowered lo support stu¢Yents with educational grants and to support centres ol te8¢hing Induding the provision ol scholarships and bursaries, and research into the perii)d. With the incraas8d funding recendy available to the Trust the trustees hope to be able to do this if they receive a suitable applic81ion. Pagè 2
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 Grant rnaklng policy The Trust has established its grant rnaking policy to support 8pplicatDns thatwill expand public apprerAation and knowledge of the artists and craftsmen of the period and bring thelr work and achievements better public recognition. The period was a rich one, when design was in the forefront ol daily and comrnercial life, and many talented designers and artists a in danger ol bein9 overfooked today by the widèr public. The trustees hope to do what they can to preserve thi5 rith legacy. A¢tlvitle$ and Achievements Following on the death of Mr Peter Rose, the foundèi of the Trust, and thè n8ce5sity of handling the large bequest it reIVed under his Will, the past year has been an actwe one lor the trustees. His large and valuable collection of decorative obj'ects, fumiture and fine art had to be valued and consignèd for sale. Various aucb.on houses were involved In this pro$$. The major items were sold by Christ18's at a dedicated one-day sale. with the ex¢ess items gang to another one-day sale by Lyon & Turnbull. Subsequenlly, mainIng object5 were consigned to more Ioc81 auction houses to be entered into specialist sales. The funds realised have been invested with COIF Charities Investment Fund for incorne and capital growth. Finally, his house wa5 marketed, and the proceeds of sale await investment. Thre& new Trustees were recruited and appointed, all wth valuable experience in the museum and art worfd to assist in th6 expansion of the Trust now that funds pemii( a whler range of activity. During the year grants have been given to the Decorative Art5 Society lo support the publication of their Journal, and to thg Leamington Spa Art Gallery and Museurn to assist their ¢xpense5 in putting on the exhibition 'Pre-Raphaelite Visionaries.. Another Iwo grants have been given. one to The Furniture History Society to support BIFMO'S work putting on-lin8 their paper records ol furniture rnakers for wider student Use, and another to Unicorn Press to assist publishing costs ol a biography ol Frederick Sandys. Flnan¢lal R•vlow It has been a busy year financi8lly for the c*arfty. The large Inheritan of a eollection and house from Mr Peter Rose has transformed the financial health of the charity. Total income for the year was £4,255,63412021'. £971. Total expenditure lor the year was £366,42012021. £1.0001, including audion costs an¢J commission on the sale ol the property. The surplus for the year is £3.852,94012021.'1£90311 and total unrestricted funds carried forward a £3,969,52412021.. £116,584). R•serv8s Policy The charrty does not have any commitment to ongoing expenses for employment of staff or upkeep ol buildings. and the Trustees do not ènvisage at present entering into any Commitment for regular rnajor financial support that will need to be ringfenced for fvture se¢urity. Their only concern is to keep the Trust's annual grant giwng In sensible propO"0n to the available fur3 so as to protect the future actiwty ol the Trust. The Trustees consider the capital of the Trust as the reserve against future requests for grants, and aim to maintain a yearty balance between giving and retaining fvnds for future use. At presant the capital of the Trust is £3,955,104 after making payment of all grants that have been agregj to date. It is only in the cuffent year that the Trust has contain8d such a stzeable amount of capital, and it does not seem pradical to set a minim¢Jm resèrvè amount at present The need for this is no doubt something that will become dèar in futu as actiwty increas8S. Principal risks and uncertainties The charity operate5 very simply with no fund-raising organisalion or paid stsff to rnanage and plan for. The Trustees, only responsibility 15 to safeguard the capital and ensure that support is given to worthwhlle eau$95 that fall within the aims of the Tru$t Deed. The Trust income comes from investsnent, and until recently the capital was just over £100.000, and in rent years yielded a very low rate of return, invested rn a COIF deposit account. The few small grants came out of accurnulated Ineome from previous years of highet returns. Follon9 the sale of the collection of Mr Peter Rose. the major proceeds ol sale amounkn.ng to £1.500,000 were invested in b0 COIF holdings, half for income and half for capital growth. This provi¢Jes 8 safe horne for the capital of the Trust and gives a reasonable retum. The future aim is to spread the Trust investfflents among diverse investrnent managers, in order to spread the ri5k$ involved. Page 3
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 Future Plang In the coming year the Trustees plan to set up a simple wabsite for the Charity, explaining tPE purpose of the charity. and gimng details of how applications may be made. There is no Intention to advertise Wklely, bLrt to let it be known through personal channels that the Trust 15 now in a position to give a greater level of support than has pvIouslY been possible. The Trustees consider that thi5 will be sufficignt to attra a level of sustainable applications for this tharity wth its comparatively modest resource5. and limited field of actiwly. There are no outstanding applicati'ons waiting for consideration, bul there are indicab"on5 of some suitable fuiurè requests that the TnJstee5 expect to re1ve in the cryning year. The is further capital to invest, and in the new year it is intended to decid8 on new and differènt investrnent managers to vary th& holdings of the Trust and spread the financial ris Goin9 Concern At the present time the Trustees have no conrn lor tha financial securlty of th8 Trust. The Trust has a substantial capital reserve and no commiknent to regular outgoings. Therefore. the Trustee5 are confident that the charty has adequate sources to continue operation81 existen for the foreseeable fjJtur8. For these aSOnS the Trustses adopt a golng concern basis of accounting in prepariNJ tha annual financial statements. Statement of Tru5tees' SPOnsIbl11t18s The Trustee5 are responsible for preparing the Trustèès. Report and the ffnancial statements in accordan¢8 with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generalty Accepted Accounting Practi1. The law applicable to eharities in England & Wales requires the Trustees to prepa financial statements for each financial year which give a tr and fair view of the stste of affairs of the Charity and ol its incoming resour$ and applicabon of resources, includin9 its income and expenditure, for that period. In preparing tt)ese financial statements, the Trustees are required to". S81ect suitsble accounting policies and then apply thern consistently", obseNe the methods and principles of the Chaiities SORP IFRS 1021., makejudgments and aceoLrnting estimates that are reasonable and prudent", state whether applicable UK Accounting Standard5 IFRS 1021 have been followed, subject to any material departures disclosed and explain6d in Ihe finanaal statements.. prepare the financial statements on the going concem basis unless it is inappropriate to presurlle that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting record5 that are sufflelènt to 8how and explain the Charitys transactions and disclose with reasonable accuracy at any time the financial p051tion of the Charity and enable them to ensure that the financial statements comply with the CharitEs Acl 2011, the Charity (Accounts and R6POrtsl 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 lorthe prevents'on and detection of traud and other irregularities. Dlselosure of Infomiatitsn to auditors Each of the peison5 who are Trustees at the time when this Tru5tees' Report is approved has confirmed that.. so far as that Trustee is awaE, there is no relevant audit inforrnation olwhich the chaiity's auditors are unaware, and that Trustsè has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant aJIt infonllatyon and to establish that the charity's auditor5 are aware of that infomth"on. Audltors The auditors, Menzies LLP, havg indicated their wS11ingnass to ¢ontinue in offi. Th8 designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Page 4
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022 Approved by order of thg rHembers of the board of Trustees and signed on their behalf by". Robert Wilson Tru$léè D81e'. 2¢ 2023
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST MENZIES INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THEALBERT DAWSON EDUCATIONAL TRUST Oplnlon We have audited the financial staternenls of The Abart Dawson Educational Trust Ithe 'tharity'} for the year ended 5 April 2022 vthich comprise the Statement of Financial Activities, the Balan Sheet. the Statement ol Cash Flows and thè rolated note5, includir¥J a summary of significant accounting poliues. Th8 financial reporting framework that has been applied in their preparation is applicable18w and United ngdorn Accounting Standards. including FInancal Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Irèland, (United ngdoM Generally A¢¢epted AcLount'ng Piacticel. The financial staternents have b6•n prepared in accordan with Accounting and Reporting by CharitN?s preparing their accounts in accordan with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in Preferen to the Accounting and Reports"ng by Charities.. Statement of Recommended Practice i%sued on 1 April 2005 whi¢h is referred to In the extant regulation5 but has been withdrawn. This has been done in order for the accounts lo prowde a truè and fair view in acctsrdaneg With the Generally ACpted Accounting Practiea effeeive lor reporting periods beginnlng on or after 1 January 2015. In our opinion the financial statements.. give a true and lair view of the state of the charity's affairs as al S April 2022 and of its incoming r&source5 and application of resour$ for the year then ended.. have been propedy prepared in accordan with United ngdOM Generally A¢pted Accounting Pw11,. and have been ppared in aOrdan with tha requirements ofth8 Charities Act 2011. Basls for oplnlon We conducied our audit in accordance with International Standards on Auditing (UM IISAS IUKII and applicable law. Our responsibilities uThYer those Standards are further describ8d in the Audilors, responsibilit$ for the audit of the financial statetnents section of our rèport. We are independent of the charity in accordan wth the ethical requirements that are relevant lo our au¢Jit of the financial stalernents in the United Kingdom, including the Financi81 R8POrting CoUn1,S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ¢oncluslon$ relating to going concern In auditing the financial ststernents, we have concluded that the Trustees, use of the going conrn basis ol accounting in the preparation of the financial ststements is appropriate. Based on the work we have perfomed, we have not Klentified any rnaterial nrtaintieS relating to events or ¢onditions that, indimdually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least iwelve months trom when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with r85P8Ct lo going conrn aro d88cribed in the relevant Sections of this report. Pag8 6
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THEALBERT DAWSON EDUCATIONAL TRUST (CONTINUED) Othèr Informatlon The othèr information comprtses the infornialion indude¢J in the Annual Report other than the financial statements ard our Auditors, Report thereon. The Trustees are responsible for th8 Other infomation contained within the Annual Report. Our opinion on the financial statements does not coverthe other information aThJ, except to the extent otherwise explicitly stated in our report. we do not express any fonn ol assurance condusion thereon. Our responsibility is to read th8 Other information an¢J, in doing $0. consider whethsr the other information is materially inconsistent with the financial statements or our knowledge obtained in the eour5e of the audit, or otherwise appears ¢0 be materially misstated. If identify such material incon5iStencies or apparonl material misstatements, we are reqUid to detemine whether this gNes Te to a matsrial misstatement In the financial statements thern5elves. If, based on the work we have perfomied. we concludè that there is a material misstatement of this other infomats"on, w8 are required to port that facL We have nothing to raport in this regard. Matters on whleh we requlred to report by ex¢eptk)n We have nothing to report in respect ol the followng matters where the Charthe5 IAccounts and Reports) Regulations 2008 reqUIS us to report to you il, in our opinion.. the information given in the Trustees, Rewrt inconsistent in any material re5PgCt with the financial statements., or sufficient accounting records have not been kep(. or the linanaal statements are not in agreernent with the acwunting records and returns., or we have not receiv8d all the information and explanations we qUIre for our audit. Responsibiltties of trustee¥ As explained more fully in the Trustees, Responsibilibes Statement, the Trustees are reswnsibje lor the prèparation of the financial statements which give a true and fair view, and for such intern81 control as the Trustees deterffline is necessary to enab the preparation of financial statements that ara flèè from material misstatemen( whethor due to fr8ud or error. In preparing the financial statements. the Trustees are responsible for assessiNJ the eharty's ability lo conl'nue as a going COnrn, disclosSng. a5 applicable, matter5 related to going conrn and using the going conrn basis ol acctyjnting unless the Trustees either intend to liquidate th8 charity or lo cease operations. or havo no realistic altemative to do so. Avditors. responslbllltles forthe audlt of the financlal stat•m•nt$ We have been appointed 8s auditor under section 144 of the Charitie5 Act 2011 and report in accordance wth the Act and relevant regulations rnade or having effect ther8und8r. Our objectives are to obtain reasonable assurance about whether the financial st8tsment$ as a whole are free from material mis5tat8fflent. whether ¢Yue to fraud or error. and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level ol assurance, bul is not a guaiant88 that an audit conducted in accordance with ISAS IUKI will a¢ways detect a material misstatement when it exist5. Misstatements can arise from fraud or error and are considered material if, indivKlually or in the aggregate. they could re850nably be expected to influence the economic decisSon$ cif users taken on the b85is ol these financial 5tatem8nts. Irregularities. including fraud, are instances of non-complian wth law5 and regulations. We design proc$duffj$ in line th our responsibilities. outlined above. to detect material mi55taternents in respect of irregularities. including fraud. The extent to which our prOdreS 8re capable ol detecting irregularities, indLKling fraud is detailed below. The charty is subject to laws and regulation5 that diiectly affect the financial statements including financial repon9 legislation. We detemiined that the following law5 and regulations were most significant including Charit$ Act 2011. We assessed thè extent of Complian with these laws and regulations as part ol our piocedures on the related financial statement ilerns. Pa99 7
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ALBERT DAWSON EDUCATIONAL TRUST (CONTINUED) We understood how the charity is complying with those Jegal and regulatory framewotks by, making inquiries to managernent, those responsible for legal and compllanee proeedures and the company Sectary. We corroborated our inquiries through our remew of board minutes. Th8 engagement partner assessed whether the engagement tearn co118dively had the appropriate competene6 and capabilities to identify or cOgnize non-complian with laws artd regulations. The assessment did not idents.fy any iSSU8s in this area. We assessed the suse8Ptibility of the charity financial stalemgnts to material misstatement, Including how traud might 0¢r. We con5ider8d the opportunities and nntiVeS that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas,. authorisation, pro$$Ing. and payrn8nt of fraudulent expenses and payments. and timing ol revenue recognition. Audit procedures perfonned by the engagement kam in¢lude'. Identifying and assessing the design effects'veness of controls management ha5 in place to prevent and detect fraud," Understanding how those charged with governance considered and addre55ed the potential for override of controls or other inappropriate influence over the financial reporting process., Challenging 8ssumplions and judgmonts made by rnanagernent in its significant accounting 8stirnates', Identifying and te$ling journal entr¥es, in particular 8nyjoumal entries posted ¥th unusual account combination6. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregUlare$, including those leading to a material misstaternent in the financial statements or non-cornpliance with regulation. This risk increases the rnore that Complian with a law or regulation is MOVed frorn the events and transa¢tions refle¢ted in the financial 5taternents, as we will be les5 likely to become aware of instance5 of non-cornpliance. The risk is also greater regaidit¥J iiregularities occurring dua to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, ornission or rnisrepresentation. A fijrther descripts'on ol our responsibilities for the audit of the financial ststernents is located on the Financial Reporting Council's website at". kn4.frc.o .uklau res nsibilits"es. Thls description forrns part of our Auditors, Report U$¢ of our rèport This report Is madè $018ly to the charity's trustees, as a body, in accordance with Part 4 of the cha[tIeS (Accounts and Reports) Regulats'ons 2008. Our audit work has been undertaken so that we might stste to the charity's trustees those matter5 we are reqUId to state to thom in Sn Auditors, Report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and its trustees. as a br*ly. for our audit work, for this report, or for the opinion5 have loimed. Do¢uSlgned by.. 634F24DE92A¥71 Menzles LLP Chartered Accountants statutory Auditor Centrum House 36 Station Road Egham Surrey TW20 9LF 03-Feb-2023 Date.. Menzies LLP are eligible to act as auditors in terms of section 1212 of the Cornpanies Act 2006. Page 8
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022 Unrestrlcted funds 2022 Total funds 2022 Total funds 2021 Not¢ In¢ome from.. Donations and legacies Investments 4250,481 5,153 4,250,481 5,163 97 Total in¢ome 4.255,634 4.255.634 97 ExpendSture on.. Charitable activities 366.420 366,420 Total expenditure 366,420 366,420 7,0( Net movement In funds before other re¢ognls•d galn$llloss•sl 3.889.214 3,889,214 (9Q3) Other recogn1s galnslllos$esl'. Losses on revaluation of fixed assèts 136,2741 136,2741 N8t movemgnt In funds 3,852,940 3.852,940 (903) Re¢oncllSatlon of funds= Total funds brought fomard Net movèm&nt in fvnds 116,584 3.852.940 116,584 3,852,940 117,487 f903) Total funds carrled fonvard 3,969,524 3.969.$24 116,584 The StaterrEnt of Finarrial Actiwties indudes all gains aThJ losses rècognised in the year. The note5 on pages 12 to 17 form part ol these financial statsrnents. P8g8 9
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST BALANCE SHEET AS AT 5 APRIL 2022 2022 2021 Note Flxed assèts Invèstmant5 1,463.726 1.463.726 Curr•nt a$$•ts Stocks 127,874 1,827,$44 637,446 Debtois Cash at bank and in hand 10 116.584 2.592.864 116,584 Creditor5". amounts falling due wthin one year 187.0661 Net current assets 2.505,798 116.584 Total a$sèts1855 currgnt Ilabllltle$ 3,969.524 116,584 Total net a$$¢ts 3,969,524 116,584 charlty funds Restricted funds Unrestricted fvnd5 3.989.524 116.584 Totsl funds 3.969,524 116.584 The financial statements were approved and authorised for issuè by thè Twstee5 and si9ned on their behalf by.. Jhf( Robert Wilson Trustee Date.. 26 £G13 The note5 on pages 12 to 17 fom part of these finanrA81 statements. Page 10
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2022 2022 2021 Note Cash flo from operating activitle$ Nel cash used in operating activilE$ 13 2,020,862 (903) Cash flows from investing actlvltles Purehase of investments 11,500,000) Net cash lused invprovided by Investlng aetiyities {1.500.0001 Cash 0w8 from flnan¢ln9 actlvitlès Change In cash and cash •quivalent$ In the yoar Cash and cash equNalents at the beginning of th6 y&ar 620,862 19031 116,$84 117,487 Cash and cash equlvalents at thè •nd of the year 14 637,446 116.584 Tho notes on pages 12 to 17 forrn part ol these finandal statements Page11
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2022 Genernl Information The Albert Dawson Educational Trust is an unineorporaled tharity registered In England and Wales. The addres5 Qf Ihe registered Offi is dSse105ed on the administiative and reference details page pag8. A¢countlng policie$ 2.1 Basls of preparation of flnanelal statements The financial statements h8Ve teen pparert in accordan with the Charities SORP IFRS 1021- Accounting and Reporting by Charit18s'. Statement of Recommended Practice applicable to Charities preparing their accounts in accoidance with the Finaricial Reportsng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectwe 1 January 20191, the Financ1 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Th8 financial ststements have been ppad to give a'true and fairf view and hav8 departed from the Chariti85 {Accounts and Report51 Regulabons 2008 only to the extent required to provide a 'true and fair view. This departu has involved following the Charities SORP IFRS 1021 published in (ktober 2019 lather than the Accounting and Reporting by Charities.. Statement of Recommended practi effective from 1 April 2005 which has sinc8 been withdrawn. The Albert Dawson Educational Trust meets the definition of a public benefit ents'ty under FRS 102. Assets and liabilitps are initially recognised at historical c05t or transaction value unless otherwise stated in the relevant aoUnting policy. 2.2 Incomè All incorne is recognised once the Charity has entit1?rrnt to the income, it Is probablè that the income wlll L received and the amount of income receivab ean b8 m8asured reliably. The recogrsitlon tsf incorne from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount recelvable. EvKlence of entitlement to a legacy exists whan the Charity has sufficiènt evidence that a gift has been left to them lthrough knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the prop8rty in question will not be requi to satisfy claims in the estate. Roeeipt of a legacy must be recogni%ed when it is probable that it will be reiVed and the fair value ol the amount receivable, which 11 generally be the expected cash amount to be distributed to the Charity, can be reliably rneasUd. Income tax recoverable in latiOn to investsnent incorne is cOgnised at the time the investment incomè is receivable. 2.3 Expenditure Expenditu is recognised On the is a legal or constructive obligation to tian5fei economic benefit to a third paty, it is probable that a transfer of economic benefits will be qUired in selllernenl and the amount of the oblioakn.on can be meaSUd reliably. Expenditure is dassified by aeb"vity. The costs of each activity are made up of the total of dIt cost5 and shared costs, including support costs involved In undertaking each activty. Direct costs attributable to a single actiwty are allocatèd directly to th8t activity. Shared costs which contribute to more than one activity and support Costs which are not attributable to a single a¢tNity are apportioned between those activities on a basis consistent with ihe use of re50uices. Central staff costs are allocated on th6 basis of time spent. and depre¢iatron charges allocated on the portK)n ol the assefs vsè. Expenditure on charitable actiwties 15 incurred on d1ctlY undertaking th6 activities whth fvrthar tho Charitys objectlV85, as well as any associated support costs. Page 12
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Accounting policle$ Icontlnuadl 2.3 Expendlture l¢ontlnuèdl Grants payable are Charged in the year when the offer is made except in those cases where thè offgr is conditional, such grants being recognised as expenditure kvhen the conditions attaching are luffilled. Grants offered subj&ct to wnditions which have not been met at the year end are noted as a comfflitm8nt, but not accrued as expenditure. All expenditure is inclu$tr of irrecoverable VAT. 2.4 Interest r•¢$ivable Interest on funds held on deposit Is included when receivable and the amount can be mèasured reliably by the Charity.. this is nomially upon notifiratiors of the Intèrèst paid or payable by the insututs'on with whom the funds are deposited. 2.5 Investments Fixed as58t invesbnents are a forrn of financial instrument and are initially Teco9nised at thelr tranSalon cost and subsequently measured 8t fair value at the Bslance Sheet date, unless the value cannot be measured reliably in which ease rt is rneasured at cost lèss impairmenL Investment gains and Ioss88, whether reISed or unrealised, a etsmbined and presented ss 'GainsllL05sesl on investments, in the Ststement of Financial Activities. 2.6 Stocks stock5 are valued at the lower of cost and net reallsablè value after making due allowan for obsolete and slow-mowng Stock5. Cost includes all d1ct CO5 and an appropriate proportion of fLKed and Vaable overheads. 2.7 Flnanclal In$truments The Charity only has financial assets and financial liabilities of a kind that qualify as basic finan¢tal instrumants. Basic financial instruments are initially recLwJnised at transaction value and sub58quenlly measured at their settlement value with the eXpt)n of bank loans which a Subsequently measured at amortised cost Using the effective interest method. 2.8 Fund a¢¢ountlng General funds are unrestricted fvnds which are available for use at the discretion of the Trusteès in furtherance of the general objectives of th& Charity and which have not been designated for oiher purpos&s. Investment income, gains and losses are allocated to the appropriate fund. Income from donatlons and legaci98 Unrestricted fund$ 2022 Total funds 2022 Total funds 2021 Leg8eio 4,250,481 4,250.4B1 Page 13
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Investment Income Unre5trictsd funds 2022 Total funtls 2022 Tolal funds 2021 Dividends from invtrsttnents Interest 5,064 89 S,084 89 97 5,153 5,153 97 Total 2021 97 97 Analysls of grants Grants to Institutions Total funds 2022 Total funds 2021 2022 Grants 2,000 2,000 Total 2021 1,000 Analysis of expendlture by a¢tivitlO5 Grant fundlng of activities Support costs Totsl funds 2022 Total lunds 2021 2022 2022 Charitable activities 2.000 364.420 386,420 7.000 Total 2021 1,000 I,0(10 Pa98 14
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Analysls of 8xp8ndlture by actlvltles leontlnuedl Analysis of ¥upport costs Total fund8 2022 funds 2021 Bank charges Audit and accountancy fe8S Auction costs Property comrnission 50 7,800 320.660 35,910 364,420 Auditors. remuneratlr>n The auditors. remuneration amounts to an auditor fee of £5.400 (2021- £ -), and accountancy fee of £2,400 {2021- Trustres. rèmuneration and expenses During Ihg year. no Trustees reiVed any rernuneratson or other benefits (2021- £NIL). During the year èndad 5 April 2022. no Trustee expenses have been incurred (2021- £NIL}. Fixed asset Investments Unlisted investments Cost or valuation Additions Revaluab"ons 1,500,000 {36,2741 At S April 2022 1.463,726 Net book value At S April 2022 1A63.726 Pagè15
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2022 10. Debtors 2022 2Q21 Due withln one year Trade debtors Prepayments and accrued income 1,822.480 6.064 1,827,544 11. Credltors: Amounts falling due wlthln one year 2022 2Q21 Trade creditors A¢cruals and deferred 79,266 7,800 87,08 12. Summary oflunds Summary tsf funds- current year Balance at 6 April 2021 GalTrsl Balanee at 6 ILo$$e$l April 2022 Ineome Expenditure General funds 116,584 4,255,634 1366,4201 136,2741 3,969.524 Summary of fund$- prlor year 8alanc8 01 l Apnl 2Q20 B318nGe at 5 April 2021 Incomo Exp&nditurè General funds 117.487 97 (1.000? 116,584 Psg8 16
Docusign En¥ÈlopÈ ID." 768D40E9-01F7414&B1C8-20DD466A084E THE ALBERT DAWSON EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 13. Reeonciliation of nel movernent Èn funds to net Cash Ilow from operallng aetlvltlès 2022 2021 Net incomelexpenditure for the y8ar las per Statemènt of Financial Actiwtiesl 3,889,214 (903J Adlustments lor.. Decreasellincreasel in stocks DecreasellTncreasel debtors Increase in creditors 1127,8741 11,827,544) 87.066 Net ca$h provld•d byllused Inl operatlng actlvlli88 2.020,862 {903J 14. Analysi8 of cash and ¢a$h equivalents 2022 2021 Cash in hand 637,446 176.584 Total cash and cash •quivalents 637.446 176,584 15. Analysls of change8 In net debt At 6 April 2021 At S Aprll 2022 Cash flows Cash at bank and in hand 116,684 520.862 637,446 116.584 520,862 637,446 16. Related party transactlon$ Thè Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 5 April 2022. Poge 17