REGISTERED CHARITY NUMBER: 1118835 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 FOR THE DULLATUR FOUNDATION Charity Commission 12 FEB 2025 Received Ad Valorem Accountancy Services Limited Chartered Certified Accountants 2 Manor Fami Court Old Wolverton Road Old Wolverton Buckinghamshire MK12 5NN
THE DULLATUR FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their r8POrt with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Ststement of Recommended Practice appliGable to charities preparing their accounts in accordanc8 wtth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January2019). 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 hav8 due regard to public benefit guidance published by the Charity Commission in detemiining the activities undertaken by the charity. ACHIEVEMENT AND PERFORMANCE Charltable actlvities Grants paid during the year have been made to other charitses to provide funds for their ongoing 8xpenses and assist them in meeting their own charitable objecttves. Further donations were received by the Trust during the year and grants of £172,500 were paid mainly to other charitable instttutions, as disclosed in note 6 to the accounts. A transfer of £139,203 was made from the Endovmient Fund to th8 Incom8 Fund. The Trustees have a policy of releasing funds from the Endowment Fund. as required. to meet the oparating needs of th8 Trust. FINANCIAL REVIEW Principal funding sources The attached accounts show the current state of the Trusys finances to be sound. The Trust was estsblished by an initial grant from Mr Massey and has Gontinued to be supported with further funding from him. It is envisaged that he will make further contributions in the future. Investment pollcy and objectlves The investment policy has been to to invest in a diversffied portfolio of global securities. The investment raturns for the period have been satisfactory. The Trustees continue to keep the value5 of investments under regular review, parttcularly given the current global circumstances. For further details regarding the valuation of the investments please see note 10 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 applICanS for grants and ensure that there are adequate funds available to cover support and govemance costs. The In(J)me Fund reserve at 5 April 2024 was £Nil and the Endowment Fund reserve was £613.866.. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The Dullatur Foundation was estsblished by a Trust Deed dated 16 March 2007. Recruitm8nt and appolntment of new trustees The power of appointing new or addib'onal 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. Page 1
THE DULLATUR FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT 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, SeNeS and risk management policies and performance. The day to day administration of grants and the processing are delegated to the trustee, David Othick. Th8 Trustees decide on the grants to be paid after careful review of the applications receiv8d. This strategy will continue to be implemented for as long as the number of applications remains relatively small. The Trustees have wider powers of investrnent vested in them by the Trust Deed. Risk management The Trustees have reviewed the areas vthere 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 investrnent portfolio. REFERENCE AND ADMINISTRATIVE DEfAILS Registered Chartty 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 J Allman Mrs A E Othick (appointed 1811012023) Independent Examiner Zubair Arshad FCCA Ad Valorem Accountancy ServIs Ltmited Chartered Certified Accountants 2 Manor Farm Court Old Wolverton Road Old Wolverton Buckinghamshire MK12 5NN Page 2
THE DULLATUR FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Accountants Ad Valorem Accountancy SeNices Limited Chartered Certified Accountants 2 Manor Farm Court Old Wolverton Road Old Wolverton Milton Keynes Buckinghamshire MK12 5NN Bankers The Trust's bankers are Lloyds Bank PLC. The Trust also has funds in a dient account held with Cty Asset Management PLC. Approved by order of the board of trustees on ........-.........-........-................. and signed on tts b8half by: D M Othick- Trust88 Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DULLATUR FOUNDATION Independent examiner's report to the trustees of The Dullatur Foundation I raport to the charity trustees on my examination of the accounts of Th8 Dullatur Foundation (the Trust) for the year ended 5 April 2024. Responslbllltles and basls of report As the charity Irustees of th8 Trust you are pOnSIble for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (Ihe ACV). I report in resp8Ct of my examination of the Trusfs accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charty Commission under Section 145{5)(b) of the Act. Independent examinerfs statement I hav8 completed my examination. I confimi that no material matters have come to my attention in connection with the examination gtving 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 conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 othar than any requirement that th8 accounts give a tNe and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no oth8r 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. YJJ, Zubair Arsh FCCA Ad Valorem Accountancy Services Limited Chart8r8d Certified Accountants 2 Manor Fami Court Old Wolverton Road Old Wolverton Buckinghamshire MK12 5NN Page 4
THE DULLATUR FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Totsl funds Unr•strictsd fund Endowm•nt fund Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 30.000 30,001 35.000 Investment income 20,745 20.745 20,132 Total 50.745 50.746 55.132 EXPENDITURE ON Raising funds 7.094 7,094 14.165 Charltable activities Grants paid 172.500 172.500 582,500 Other 11.074 11,074 3,988 Total 190.668 190.668 600.653 Net gains on investments 3.129 3.129 210,132 NET INCOMEI(EXPENDITURE) Transfers between funds (139,923) 139,923 3.130 (139,923) (136.793) (335,389) 14 Net movement in funds (136,793) (136,793) {335,389) RECONCILIATION OF FUNDS Total funds brought forward 750,659 750.659 1,086,048 TOTAL FUNDS CARRIED FORWARD 613.866 613.866 750,659 The notes fonn part of these financial ststements Page 5
THE DULLATUR FOUNDATION BALANCE SHEET 5 APRIL 2024 2024 2023 Notes FIXED ASSETS Investments 10 559.788 617.126 CURRENT ASSErs Debtors Cash at bank 11 656 60,101 139,493 60.757 139,493 CREDITORS Amounts falling due within one year 12 (6,679) (5,960) NET CURRENT ASSETS 54,078 133,533 TOTAL ASSEfs LESS CURRENT LIABILITIES 613.866 750,659 NET ASSETS 613,866 750.659 FUNDS Endowment funds: Endowment Fund 14 613,866 750,659 TOTAL FUNDS 613,866 750,659 The financial ststements were approved by the Board of Trustees and authorised for issue on . and were signed on its kehalf by: D M Othick - Trustee The notes form part of these financial statements Page 6
THE DULLATUR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL sTATEMErs The financial ststements of the charity, which is a public Iknefft entity under FRS 102, have been prepared in accordance wtth 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 be8n prepared under the historical cost convention, with the exception of investments which are includ8d 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, B8rgh Apton. Norwich. Norfolk. NR15 1 DD. Tha presentation currency is GBP sterling. INCOME All income is recognised in the Statement of Financial Activiti8s On the charty has entitlem8nt to the funds. it is probab18 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. Expenditur8 IS accounted for on an accruals basis and has been classlfied under headings that aggregate all cost related to the category. Where cosls cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resouros. Grants offered subject to conditions which have not been met at the year end date are noted as a Commitrnent 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 Th8 Trust maintains funds. as follows: Endowment Fund The exp8ndable Endowment Fund represents donations recewed 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 g8neral unrestricted fund. FOREIGN CURRENCIES Transactions in foreign currencies are translated into sterfing at th8 rate of exchange ruling at the date of transaction. Page 7 continued...
THE DULLATUR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POLICIES - contlnued Investments Investments are included in the balance sheet at market valu8. The Statèment of Financial Activities includ8s th8 net gains and losses arising on revaluations and disposals throughout the year. Llabilities and provisions Liabilities and provisions are recognised where the chartty has a present obligation reSu1ng from a past event. that will probably resutt in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated lIablY. Creditors and provisions are normally recognised at their settlement amount after allowng 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 condtbons 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 commitmenL DONATIONS AND LEGACIES 2024 2023 Donations 30,001 35,000 INVESTMENT INCOME 2024 2023 Dividends from investments Deposit account interest 19,337 1.408 20,132 20,745 20,132 RAISING FUNDS RAISING DONATIONS AND LEGACIES 2024 2023 Support costs 4,950 Page 8 continued...
THE DULLATUR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024 RAISING FUNDS - continued INVESTMENT MANAGEMENT COSTS 2024 2023 Support costs 7.094 9,215 Aggregate amounts 7,094 14,165 CHARITABLE ACTIVITIES COSTS Grant funding of a¢tivJtles {s¢e note 61 Grants paid 172,500 GRANTS PAYABLE 2024 2023 Grants paid 172.500 582,500 The total grants paid to institutions during the year w8r8 as follows: 5.4.24 5.4.23 Acid Survivors Trust Cardiac Risk Charlie House Chorlton High School Craigalbert 5,000 5,000 10,000 5,000 5.000 Crosshouse Children 2,000 Dollywood Foundation UK Dimbleby Cancercare, Richard Evelina Childrens Fortalice Limited Glasgow Children's Hospital Charty Henry Van Strauben Integrate UK Maggie's Manchester Nagajuna Trust (The) Norfolk & Norwich University Hospital Olympias Music Foundation Perrvs Pantry Foodbank Plan International UK Portico Library Prisoners Abroad Pioneer House School - Sensory Room Project Roald Dahl's Marvellous Children's Charity RHS Bridgewater- Outreach Programme 10,000 5.000 50,000 2,000 15,000 3,000 5,000 50,000 2.000 10,000 5.000 10.000 50.000 5,000 2.000 25,000 65,000 50,000 15,000 10.000 6.000 5,000 9,000 Page 9 continued...
THE DULLATUR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 5 APRIL 2024 GRANTS PAYABLE - continued Royal National Theatre RNCM Scottish Centre for Children with Motor Impaimients Scottish Chamber Orchestra Limited Seashell Trust Shakespeare Globe Trust Stockport East The Joshua Tree Unicef - Ukraine Unicef - Turkey I Syria Earthquake Appeal War Child Waters Edge Arts Ltd Rotary Club of Worsley Charitsble Trust - Salford Care Leavars 8.000 62,500 50.000 12.500 5,000 5,000 50,000 5,000 5.000 10,000 17,500 17,500 5,000 10,000 1.000 50,000 172.500 582.500 The grants were made for health and w81fare and educational purposes. SUPPORT COSTS Govemane costs Finance Totals Investment management costs Other resources expended 7,094 10.922 7,094 11,074 152 152 18,016 18,168 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remUneratn or other benefts for the year ended 5 April 2024 nor for the year ended 5 April 2023. TRUSTEES, EXPENSES There were no trustees, expenses paid for the y8ar ended 5 April 2024 nor for the year ended 5 April 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslrlcted fund Endowment fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 35,000 35,000 Investrnent income 20,132 20,132 Total 55,132 55.132 EXPENDITURE ON Raising funds 14,165 14.165 Page 10 continued...
THE DULLATUR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted lund Endowment fund Totsl fvnd$ Charitable activities Grants paid 582.500 582,500 Other 3.988 3.988 Total 600,653 600,653 Net gains on investments 210,132 210,132 NET INCOMEI(EXPENDITURE) Transfers between funds (545.521) 545,521 210.132 (545,521) (335,389) Net movement in funds (335.389) (335.389) RECONCILIATION OF FUNDS Total funds brought fOard 1,086.048 1,086.048 TOTAL FUNDS CARRIED FORWARD 750,659 750,659 10. FIXED ASSEf INVESTMENTS Ll$ted Inv•stments MARKEf VALUE At 6 April 2023 Additions Disposals Revaluations 617.126 134,972 (195,439) 3,129 At 5 April 2024 559.788 NEf BOOK VALUE At 5 April 2024 559,788 At 5 April 2023 617,126 Investsnents includ8 the following". 5.4.24 5.4.23 Investment assets in the UK 559,788 617,126 559.788 617.126 Page 11 continued...
THE DULLATUR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024 10. FIXED ASSET INVESTMENTS - contlnued Cost or valuation at 5 April 2024 is represented b Listed investments Valuation in 2024 559,788 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors 656 12. CREDrroRS". AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Oth&r creditors 6,679 5,960 13. ANALYSIS OF NET ASSETS BEfwEEN FUNDS 2024 2023 Unrnstricted fund Endowment fund Total funds Total funds Investments Current assets Current liabilities 559.788 60,757 {6,679) 559,788 60,757 {6,679) 617,126 139,493 (5,960) 613.866 613,866 750,659 14. MOVEMENT IN FUNDS Net movom•nt In lund5 Transfers belween funds At 614123 At 514124 Unrestricted funds Income fund (139.923) 139.923 Endowment funds Endowment Fund 750.659 3.130 {139,923) 613,866 TOTAL FUNDS 750,659 (136,793) 613,866 Page 12 continued...
THE DULLATUR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024 14. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above a as follows: Incoming resources Gains and losses Movemènt In funds expended Unrestrlcted funds Income fund 50.745 (190.668) (139,923) Endowment funds Endowment Fund 3.129 3.130 TOTAL FUNDS 50.746 (190.668) 3,129 (136,793> Comparatives for movement in funds Net movement Transfers bètwèèn funds At W4tt2 in funds At 514123 Unrestricted funds Income fund (545.521) 545.521 Endowment funds Endowment Fund 1.086.048 210.132 (545.521) 750,659 TOTAL FUNDS 1,086.048 (335.389) 750,659 Comparative net movement in funds. included in the above are as follows". Ineomlng rnsources Rgsources expended Gains and losses Movèment In funds Unrestricted funds Income fund 55,132 {600,653) (545,521) Endowment funds Endowment Fund 210,132 210,132 TOTAL FUNDS 55.132 (600.653) 210,132 (335.389) Page 13 continued...
THE DULLATUR FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2024 14. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows: Nèt movement In fund$ Trnnsf•rs between funds At At Unrestricted funds Income fund (685.444) 685.444 Endowment funds Endowm8nt Fund 1.086,048 213.262 (685,444) 613,866 TOTAL FUNDS 1,086,048 {472,182) 613,886 A current year 12 months and prior year 12 months combined net movement in funds, included in the abov8 are as follows: In¢omlng Resources •xp•nd¢d Gains and losses Mavoment In fvnd$ Unrestrlcted funds Income fund 105.877 (791.321) (685.444) Endowment funds Endowm8nt Fund 213.261 213,262 TOTAL FUNDS 105.878 (791.321) 213.261 (472.182) 15. OTHER FINANCIAL COMMrrMENTS Included in Unrestricted Funds is £Nil (2023 - £Nil } which has been designated by the Trustees for use in supporting the aims of the Dolly Parton Imagination Library. a registered charity which supports early years learning. 16. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 5 April 2024 (2023 - None). Page 14
THE DULLATUR FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacles Donations 30.001 35,000 Investment income Dividends from inv&stments Deposit account interest 19,337 1.408 20,132 20,745 20,132 Totsl incomlng resources 50,746 55,132 EXPENDITURE Charitable activities Grants to institutions 172,500 582,500 Support costs Finance Bank charges 152 199 Governance costs Independent Examinefs fee Professional costs 720 17.296 720 17,234 18,016 17,954 Total resources expended 190,668 600,653 Net expenditure before galns and losses (139.922) (545.521) Reallsed recognised gains and losses Realised gainsl(losses) on fLxed asset investments 3.129 210,132 Net expenditure (136,793) (335,389) This page does not form part of the statutory financial statements Page 15