REGISTERED CHARITY NUMBER: 1118835
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
FOR
THE DULLATUR FOUNDATION
ECL Howard Watson Smith LLP Chartered Accountants ECL House Lake Street Leighton Buzzard Bedfordshire LU7 1RT
THE DULLATUR FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 5 April 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
THE DULLATUR FOUNDATION
REPORT OF THE TRUSTEES for the Year Ended 5 April 2021
The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. The trustees have adopted the provisions of 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
Objectives and aims
The Trust is a general purpose charity and the intention of the Trustees is to develop main areas of benefit over the course of time. The Trustees meet annually to agree the grants payable in the year and research the appropriate charities as required before making any payment.
The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Grants paid during the year have been made to other charities to provide funds for their ongoing expenses and assist them in meeting their own charitable objectives. Further donations were received by the Trust during the year and grants of £327,000 were paid mainly to other charitable institutions, as disclosed in note 4 to the accounts. A transfer of £336,601 was made from the Endowment Fund to the Income Fund. The Trustees have a policy of releasing funds from the Endowment Fund, as required, to meet the operating needs of the Trust.
FINANCIAL REVIEW
Principal funding sources
The attached accounts show the current state of the Trust's finances to be sound.
The Trust was established by an initial grant from Mr Massey and has continued to be supported with further funding from him. It is envisaged that he will make further contributions in the future.
Investment policy and objectives
The investment policy has been to to invest in a diversified portfolio of global securities. The investment returns for the period have been satisfactory. The Trustees continue to keep the values of investments under regular review, particularly given the current global circumstances. For further details regarding the valuation of the investments please see note 9 to the accounts.
Reserves policy
In view of the fact that the Trustees are able to apply capital of the Fund as well as income, the Trustees consider they have sufficient resources to respond to applications for grants and ensure that there are adequate funds available to cover support and governance costs. The Income Fund reserve at 5 April 2021 was £Nil and the Endowment Fund reserve was £1,076,874.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Dullatur Foundation was established by a Trust Deed dated 16 March 2007.
Recruitment and appointment of new trustees
The power of appointing new or additional Trustees is vested in the Trustees. The Trustees keep the skill requirements of Trustees under review and any new Trustee is provided with guidance on the requirements of Trustees' roles from the Charity Commission website.
Organisational structure
The Trustees meet at least once a year to discuss and consider the potential areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing are delegated to the trustee, David Othick. The Trustees decide on the grants to be paid after careful review of the applications received. This strategy will continue to be implemented for as long as the number of applications remains relatively small.
The Trustees have wider powers of investment vested in them by the Trust Deed.
Page 1
THE DULLATUR FOUNDATION
REPORT OF THE TRUSTEES for the Year Ended 5 April 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The Trustees have reviewed the areas where potential and major risks may arise to the Foundation in accordance with the statement of recommended practice and have established systems and procedures to manage those risks. The principal risk faced by the Foundation lies in the performance of investments and the variability of investment returns. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1118835
Principal address
The Old Coach House Bergh Apton Norwich Norfolk NR15 1DD
Trustees
A Massey H Mock M D Willcox J Mock Mrs S Mock D M Othick J Allman (appointed 5.5.2021)
Independent Examiner
M J Wright FCA MAE ECL Howard Watson Smith LLP Chartered Accountants ECL House Lake Street Leighton Buzzard Bedfordshire LU7 1RT
Accountants
ECL Howard Watson Smith LLP Chartered Accountants ECL House Lake Street Leighton Buzzard Bedfordshire LU7 1RT
Bankers
The Trust's bankers are Lloyds Bank PLC. The Trust also has funds in a client account held with City Asset Management PLC.
Approved by order of the board of trustees on 14 October 2021 and signed on its behalf by:
M D Willcox - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DULLATUR FOUNDATION
Independent examiner's report to the trustees of The Dullatur Foundation
I report to the charity trustees on my examination of the accounts of The Dullatur Foundation (the Trust) for the year ended 5 April 2021.
Responsibilities and basis of report
As the charity trustees of the 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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 the 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 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.
M J Wright FCA MAE ECL Howard Watson Smith LLP Chartered Accountants ECL House Lake Street Leighton Buzzard Bedfordshire LU7 1RT
29 October 2021
Page 3
THE DULLATUR FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 5 April 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Grants paid Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 12 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ - 15,111 15,111 327,000 24,712 351,712 - (336,601) 336,601 - - - |
Endowment fund £ - - - - - - 478,138 478,138 (336,601) 141,537 935,337 1,076,874 |
5.4.21 Total funds £ - 15,111 15,111 327,000 24,712 351,712 478,138 141,537 - 141,537 935,337 1,076,874 |
5.4.20 Total funds £ 96,238 18,793 115,031 295,500 42,324 337,824 (104,172) (326,965) - (326,965) 1,262,302 935,337 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 4
THE DULLATUR FOUNDATION
BALANCE SHEET 5 April 2021
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Endowment funds: Endowment Fund TOTAL FUNDS |
5.4.21 £ 1,079,527 38,304 (40,957) (2,653) 1,076,874 1,076,874 1,076,874 1,076,874 |
5.4.20 £ 884,233 69,063 (17,959) 51,104 935,337 935,337 935,337 935,337 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 14 October 2021 and were signed on its behalf by:
M D Willcox - Trustee
The notes form part of these financial statements
Page 5
THE DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 5 April 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The charity is registered in the United Kingdom and the principal address is The Old Coach House, Bergh Apton, Norwich, Norfolk, NR15 1DD.
The presentation currency is GBP sterling.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Allocation and apportionment of costs
Resources are allocated to the particular Fund where the costs relate directly to that Fund. The cost of general direction and administration is borne by the Income Fund.
Taxation
The Trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
Fund accounting
The Trust maintains two funds, as follows:
Endowment Fund
The expendable Endowment Fund represents donations received which form part of the capital fund of the Trust. The Fund is expendable endowment insofar as the Trustees have discretion to expend the Fund in the furtherance of the objects of the Trust.
Income Fund
The Income Fund represents the income arising on the Endowment Fund and is expendable at the discretion of the Trustees in furtherance of the objects of the trust. The Fund is a general unrestricted fund.
Foreign currencies
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.
Investments
Investments are included in the balance sheet at market value. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
Page 6
continued...
THE DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 5 April 2021
1. ACCOUNTING POLICIES - continued
Investments
Liabilities and provisions
Liabilities and provisions are recognised where the charity has a present obligation resulting from a past event, that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Grants payable
Grants payable are included in the Statement of Financial Activities in the period in which the conditions attached to the award have been met. Any grants where conditions have been met but the grant has not yet been paid are accounted for as creditors on the Balance Sheet. Where grants have been approved in principle but conditions attached to the award have not yet been met, these are included in the notes to the accounts as a commitment.
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Dividends from investments Deposit account interest |
5.4.21 £ - 5.4.21 £ 15,111 - 15,111 |
5.4.20 £ 96,238 |
|---|---|---|
| 5.4.20 £ 18,577 216 |
||
| 18,793 |
4. CHARITABLE ACTIVITIES COSTS
| Grants paid 5. GRANTS PAYABLE Grants paid The total grants paid to institutions during the year were as follows: Abergele Community Action College Artlink Edinburgh and the Lothians Benedetti Foundation, The Canterbury Imagine Centrepoint Charlie Waller Memorial Trust |
Grant funding of activities (see note 5) £ 327,000 5.4.21 5.4.20 £ £ 327,000 295,500 |
Grant funding of activities (see note 5) £ 327,000 5.4.21 5.4.20 £ £ 327,000 295,500 |
|---|---|---|
| 5.4.21 | 5.4.20 | |
| £ | £ | |
| - | 5,000 | |
| 20,000 | - | |
| 10,000 | - | |
| 2,500 | - | |
| 4,500 | - | |
| 7,000 | - |
continued...
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THE DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 5 April 2021
5. GRANTS PAYABLE - continued
| Childhood Trust | 5,000 | - |
|---|---|---|
| Children's Hospice Association | 5,000 | - |
| Children's Hospice Association Scotland | - | 4,500 |
| DENS Limited | 5,000 | 5,000 |
| Didsbury Good Neighbours | 7,500 | 4,000 |
| Dimbleby Cancer Care | - | 8,500 |
| Dollywood Foundation UK | 2,000 | 5,500 |
| Esher College Africa Trust | - | 2,000 |
| Families Outside | - | 10,000 |
| Francis House Children's Hospice | 2,500 | - |
| Friends of Didsbury Park | 5,000 | - |
| Glasgow Children's Hospital Charity | 10,000 | 4,500 |
| Gorton Imagination Library | 5,000 | - |
| Home-Start Trafford & Salford | 5,000 | - |
| Integrate UK | 15,000 | 8,000 |
| Leap Confronting Conflict | - | 4,500 |
| Liberty Tea Rooms and Community Hub | - | 3,000 |
| Maggie Keswick Jencks Cancer Caring Centres Trust | - | 13,000 |
| Manchester Waconians Lacrosse Club | - | 2,000 |
| Medecins sans Frontieres | 8,000 | - |
| Nagajuna Trust | 15,000 | 20,000 |
| Norfolk & Norwich University Hospital | 5,000 | |
| Pilton Youth & Childrens Project | - | 10,000 |
| Plan International UK | 5,000 | |
| Portico Library and Newsroom | 30,000 | 30,000 |
| Prince's Trust | 15,000 | 14,000 |
| Prisoners Abroad | 15,000 | 20,000 |
| Prostate Cancer UK | 5,000 | - |
| Raise Your Hands | 5,000 | |
| Refuge | 5,000 | |
| RNIB Scotland | - | 3,000 |
| Royal National Theatre | 5,000 | 23,000 |
| Royal Northern College of Music | 25,000 | 12,500 |
| Salford Community Leisure Limited | - | 5,000 |
| Scottish Centre for Children with Motor Impairments | 15,000 | 20,000 |
| Scottish Chamber Orchestra Limited | 10,000 | 10,000 |
| Scottish Spina Bifida Association | - | 7,000 |
| Separated Child Foundation | 500 | |
| Shakespeare Globe Trust | - | 10,000 |
| Soft Power Education | 2,500 | 2,000 |
| Trussell Trust | 15,000 | |
| Victoria's Promise | - | 10,000 |
| Vine Project | - | 2,000 |
| Water Aid | 5,000 | - |
| Waters Edge Arts Ltd | 15,000 | 17,500 |
| Women's Aid | 5,000 | - |
| Wood Street Mission | 5,000 | - |
| Worsley Rotary Club Charitable Trust | 5,000 | - |
| 327,000 | 295,500 | |
The grants were made for health and welfare and educational purposes.
continued...
Page 8
THE DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 5 April 2021
6. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Other resources expended | 24,712 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Grants paid Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 96,238 18,793 115,031 295,500 42,324 337,824 - (222,793) 222,793 - - - |
Endowment fund £ - - - - - - (104,172) (104,172) (222,793) (326,965) 1,262,302 935,337 |
Total funds £ 96,238 18,793 |
|---|---|---|---|
| 115,031 295,500 42,324 |
|||
| 337,824 (104,172) |
|||
| (326,965) - |
|||
| (326,965) 1,262,302 |
|||
| 935,337 |
continued...
Page 9
THE DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 5 April 2021
9. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |||||
|---|---|---|---|---|---|
| MARKET VALUE At 6 April 2020 Additions Disposals Revaluations At 5 April 2021 NET BOOK VALUE At 5 April 2021 At 5 April 2020 Investments include the following: |
Listed investments £ 884,233 98,706 (339,622) 436,210 1,079,527 1,079,527 884,233 |
||||
| 5.4.21 | 5.4.20 | ||||
| £ | £ | ||||
| Investment assets in the UK | 1,057,464 | 884,233 | |||
| 1,079,527 | 884,233 | ||||
| Investments exceeding 5% of the portfolio are as follows: | |||||
| 5.4.21 | 5.4.20 | ||||
| Aviva Investment Bond | 22.72% | 25.24% | |||
| Findlay Park Funds PLC | 13.47% | - | |||
| Schroder Investment Management | 7.33% | - | |||
| Premier Portfolio Managers | 5.57% | - | |||
| Ennismore Global Equity Fund | - | 5.01% | |||
| Cost or valuation at 5 April 2021 is represented by: Valuation in 2021 Cost |
Listed investments £ 288,636 790,891 1,079,527 |
continued...
Page 10
THE DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 5 April 2021
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors Grants payable ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted fund £ Investments - Current assets - Current liabilities - - MOVEMENT IN FUNDS At 6.4.20 £ Unrestricted funds Income fund - Endowment funds Endowment Fund 935,337 TOTAL FUNDS 935,337 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Income fund 15,111 Endowment funds Endowment Fund - TOTAL FUNDS 15,111 |
Endowment fund £ 1,079,527 38,304 (40,957) 1,076,874 Net movement in funds £ (336,601) 478,138 141,537 Resources expended £ (351,712) - (351,712) |
5.4.21 £ 5,960 34,997 40,957 5.4.21 Total funds £ 1,079,527 38,304 (40,957) 1,076,874 Transfers between funds £ 336,601 (336,601) - Gains and losses £ - 478,138 478,138 |
5.4.20 £ 17,959 - 17,959 5.4.20 Total funds £ 884,233 69,063 (17,959) 935,337 At 5.4.21 £ - 1,076,874 1,076,874 Movement in funds £ (336,601) 478,138 141,537 |
|---|---|---|---|
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
12. MOVEMENT IN FUNDS
continued...
Page 11
THE DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 5 April 2021
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 6.4.19 in funds £ £ Unrestricted funds Income fund - (222,793) Endowment funds Endowment Fund 1,262,302 (104,172) TOTAL FUNDS 1,262,302 (326,965) Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds Income fund 115,031 (337,824) Endowment funds Endowment Fund - - TOTAL FUNDS 115,031 (337,824) A current year 12 months and prior year 12 months combined position is as follows: Net movement At 6.4.19 in funds £ £ Unrestricted funds Income fund - (559,394) Endowment funds Endowment Fund 1,262,302 373,966 TOTAL FUNDS 1,262,302 (185,428) |
Transfers between funds £ 222,793 (222,793) - Gains and losses £ - (104,172) (104,172) Transfers between funds £ 559,394 (559,394) - |
At 5.4.20 £ - 935,337 935,337 Movement in funds £ (222,793) (104,172) (326,965) At 5.4.21 £ - 1,076,874 1,076,874 |
|
|---|---|---|---|
continued...
Page 12
THE DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 5 April 2021
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds Income fund Endowment funds Endowment Fund TOTAL FUNDS |
Incoming resources £ 130,142 - 130,142 |
Resources expended £ (689,536) - (689,536) |
Gains and Movement losses in funds £ £ - (559,394) 373,966 373,966 373,966 (185,428) |
|---|---|---|---|
13. RELATED PARTY DISCLOSURES
During the year, a grant of £7,500 was made to Didsbury Good Neighbours of which Hans Mock is a trustee. There were no other related party transactions during the year.
Page 13
THE DULLATUR FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 5 April 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Dividends from investments Deposit account interest Total incoming resources EXPENDITURE Charitable activities Grants to institutions Support costs Governance costs Independent Examiner's fee Professional costs Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income/(expenditure) |
5.4.21 £ - 15,111 - 15,111 15,111 327,000 910 23,802 24,712 351,712 (336,601) 478,138 141,537 |
5.4.20 £ 96,238 18,577 216 18,793 115,031 295,500 730 41,594 42,324 337,824 (222,793) (104,172) (326,965) |
|---|---|---|
This page does not form part of the statutory financial statements
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