Charity Registration No. 1100514
LORD DACRE OF GLANTON CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
LORD DACRE OF GLANTON CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Alastair Blair Worden | |
|---|---|---|
| Hugh Charles Stanley Buchanan | ||
| James Douglas Howard Johnston | ||
| Sir Noel Robert Malcolm | ||
| Dr Brian Walter Young | ||
| Peter James Thonemann | (Appointed 20 May 2022) | |
| Charity number | 1100514 | |
| Principal address | St. John's House | |
| St John's Street | ||
| Lechlade | ||
| Glos | ||
| GL7 3AS | ||
| Independent examiner | Shaw Gibbs Limited | |
| 264 Banbury Road | ||
| Oxford | ||
| OX2 7DY | ||
| Investment advisors | Sarasin & Partners | |
| Juxon House | ||
| 100 St Paul’s Churchyard | ||
| London | ||
| EC4M 8BU |
LORD DACRE OF GLANTON CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 10 |
LORD DACRE OF GLANTON CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2023.
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 Declaration of Trust dated 6 December 2002, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The Lord Dacre of Glanton Charitable Trust was set up in his will by Lord Dacre of Glanton, formerly Hugh Trevor-Roper, the historian and former Regius Professor of History at the University of Oxford. He wished to provide for the 'Furtherance of Education', with particular reference to the Universities of Oxford and Cambridge.
He invited the Trustees to interpret his guidance flexibly, but wished them in the first instance to concentrate on support for the tutorial system in the subjects of History and Classics in those Oxford Colleges with which he had been associated: Christ Church, Merton, and Oriel. He also requested his Trustees not to overlook Peterhouse, the Cambridge college where he had been Master. The Trustees have accordingly supplied funding to those four colleges.
They have also, in the light of changes of financial need, widened the initial scope of their support in two respects: to assist other Oxford colleges and the Oxford Faculties of History and Classics; and to provide scholarships for graduate students.
In its activities during the year, the Trustees have paid due regard to these Objectives.
In setting these objectives and planning our activities the Trustees have paid due regard to the public benefit guidance issues by the Charity Commission.
Achievements and performance
During the year the trust funds remained suitable invested in accordance with Lord Dacre's wishes. The Trustees, have, when appropriate built up reserves against future anticipated spending.
The trustees met twice during the year - on 20th May and 21st October 2022. The annual Dacre Lecture was given by Dr Anne Applebaum. The funding for the two Trevor Roper Scholarships continued. No awards were made in the year to either Peterhouse Cambridge or Merton College Oxford.
Financial review
A summary of the results for the year is given on page 4. The overall surplus for the year is carried forward as permanent endowments.
The Trust will continue to hold its investment assets in order to transfer monies into the endowment fund to further its objectives.
Structure, governance and management
The charity was established by a charitable trust deed on 6 December 2002.
The trustees who served the charity during the year were: Alastair Blair Worden Hugh Charles Stanley Buchanan James Douglas Howard Johnston Sir Noel Robert Malcolm Dr Brian Walter Young Peter James Thonemann (Appointed 20 May 2022)
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LORD DACRE OF GLANTON CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts 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 accounts, 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 accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts 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.
The trustees' report was approved by the Board of Trustees.
Hugh Charles Stanley Buchanan
Trustee Dated: 22 January 2024
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LORD DACRE OF GLANTON CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF LORD DACRE OF GLANTON CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of Lord Dacre of Glanton Charitable Trust (the charity) for the year ended 5 April 2023.
Responsibilities and basis of report
As the trustees of the charity 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 charity’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
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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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.
Samantha Daniels FCA for and on behalf of Shaw Gibbs Limited 264 Banbury Road Oxford OX2 7DY
Dated: 23 January 2024
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LORD DACRE OF GLANTON CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2023
| Endowment | Endowment | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 2 | 37,063 | 36,762 |
| Expenditure on: | |||
| Raising funds | 6 | 179 | 197 |
| Charitable activities | 4 | 37,309 | 33,886 |
| Other resources expended | 2,286 | 1,760 | |
| Investment management costs | 3 | 244 | - |
| Total expenditure | 40,018 | 35,843 | |
| Net gains/(losses) on investments | 8 | (93,819) | 33,518 |
| Net income/(expenditure) and movement in funds | (96,774) | 34,437 | |
| Reconciliation of funds: | |||
| Fund balances at 6 April 2022 | 1,380,073 | 1,345,636 | |
| Fund balances at 5 April 2023 | 1,283,299 | 1,380,073 |
All income and expenditure derive from continuing activities.
All income and expenditure is of an unrestricted nature.
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LORD DACRE OF GLANTON CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2023
| Notes Fixed assets Investments 11 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current (liabilities)/assets Total assets less current liabilities The funds of the charity Endowment funds 14 |
2023 £ £ 1,285,257 262 2,220 (1,958) 1,283,299 1,283,299 1,283,299 |
2022 £ £ 1,379,600 3,673 3,200 473 1,380,073 1,380,073 1,380,073 |
2022 £ £ 1,379,600 3,673 3,200 473 1,380,073 1,380,073 1,380,073 |
|---|---|---|---|
| 1,380,073 | |||
| 1,380,073 | |||
| 1,380,073 |
The financial statements were approved by the trustees on 22 January 2024
Hugh Charles Stanley Buchanan Trustee
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LORD DACRE OF GLANTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
Charity information
Lord Dacre of Glanton Charitable Trust is a an unincorporated charity established under a trust deed dated 6 December 2002.
The registered address is Home Farm, Pusey, Faringdon, SN7 8QB.
1.1 Accounting convention
The accounts have been prepared in accordance with 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)” (as amended for accounting periods commencing from 1 January 2016).
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
These financial statements for the year ended 5 April 2023 are the first financial statements of Lord Dacre of Glanton Charitable Trust prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 6 April 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts are prepared under the historical cost convention with the exception of investments, which are stated at fair value.
1.2 Going concern
At the time of approving the financial statements, the trustees have a 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 Charitable funds
Endowment funds represent those assets which must be held permanently by the charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
Investment income and gains are allocated to the revaluation reserve.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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LORD DACRE OF GLANTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Investments
| Dividends Interest receivable |
2023 £ 36,746 317 37,063 |
2022 £ 36,748 14 |
|---|---|---|
| 36,762 |
3 Other resources expended
| Endowment funds general 2023 Refreshments 244 244 |
Total £ 2022 - |
|---|---|
| - |
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LORD DACRE OF GLANTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
4 Expenditure on charitable activities
| Furtherance | Furtherance | |
|---|---|---|
| of education | of education | |
| 2023 | 2022 | |
| £ | £ | |
| Direct costs | ||
| Grant funding of activities (see note 5) | 37,309 | 33,886 |
| Analysis by fund | ||
| Endowment funds | 37,309 | 33,886 |
5 Grants payable
| Furtherance | Furtherance | |
|---|---|---|
| of education | of education | |
| 2023 | 2023 | |
| £ | £ | |
| Grants to institutions: | ||
| New College | 15,500 | 12,000 |
| Wadham College | 12,000 | 15,000 |
| Christ Church College | 5,000 | 1,012 |
| University of Oxford for Language | 2,000 | - |
| Peter House Development Fund | 1,176 | - |
| Carnst Charity Oxford | 960 | - |
| University of Oxford Intellectual History | - | 2,000 |
| University of Oxford Non European Languages | - | 2,000 |
| Other | - | 500 |
| 36,636 | 32,512 | |
| Grants to individuals | 673 | 1,374 |
| 37,309 | 33,886 |
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6 Expenditure on raising funds
| Endowment | Endowment | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Investment management | 179 | 197 |
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LORD DACRE OF GLANTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
7 Support costs allocated to activities
| Bank charges Governance costs Analysed between: Other resources expended Governance costs comprise: Independent examination fees |
2023 £ 26 2,260 2,286 2,286 2023 £ 2,260 2,260 |
2022 £ - 1,760 |
|---|---|---|
| 1,760 | ||
| 1,760 | ||
| 2022 £ 1,760 |
||
| 1,760 |
8 Gains and losses on investments
| Endowment | Endowment | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | (93,819) | 33,518 |
9 Trustees
None of the trustees were paid any remuneration by the Charity during the year (2022 - none).
10 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
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LORD DACRE OF GLANTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
11 Fixed asset investments
| Listed investments Other investments £ £ Cost or valuation At 6 April 2022 1,361,490 18,110 Valuation changes (93,819) (524) At 5 April 2023 1,267,671 17,586 Carrying amount At 05 April 2023 1,267,671 17,586 At 05 April 2022 1,361,490 18,110 |
Total £ 1,379,600 (94,343) |
|---|---|
| 1,285,257 | |
| 1,285,257 | |
| 1,379,600 |
12 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
13 Creditors: amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals | 2,220 | 3,200 |
14 Endowment funds
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity. Any capital gains or losses arising on the assets form part of the fund.
| Permanent endowments Endowment Previous year: Permanent endowments |
At 6 April 2022 Incoming resources Resources expended Gains and losses £ £ £ £ 1,380,073 37,063 (40,018) (93,819) At 6 April 2021 Incoming resources Resources expended Gains and losses £ £ £ £ 1,345,636 36,762 (35,843) 33,518 |
At 5 April 2023 £ 1,283,299 |
|---|---|---|
| At 5 April 2022 £ 1,380,073 |
These funds were set up from certain bequests made to the charity by Hugh Redwald Trevor Roper Lord Dacre of Glanton, on 6 December 2002.
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