REGISTERED CHARITY NUMBER: 1118835
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
FOR
DULLATUR FOUNDATION
Ad Valorem Accountancy Services Limited Chartered Certified Accountants 2 Manor Farm Court Old Wolverton Road Old Wolverton Milton Keynes Buckinghamshire MK12 5NN
DULLATUR FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. 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 bi-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.
ACHIEVEMENTS 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 £137,500 were paid mainly to other charitable institutions, as disclosed in note 6 to the accounts. A transfer of £101,557 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 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 applications for grants and ensure that there are adequate funds available to cover support and governance costs. The Income Fund reserve at 5 April 2025 was £Nil and the Endowment Fund reserve was £475,691.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
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.
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DULLATUR FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
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, 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.
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
H Mock M D Willcox J Mock Mrs S Mock D M Othick J J Allman Mrs A E Othick
Independent Examiner
Zubair Arshad FCCA Ad Valorem Accountancy Services Limited Chartered Certified Accountants 2 Manor Farm Court Old Wolverton Road Old Wolverton Milton Keynes Buckinghamshire MK12 5NN
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DULLATUR FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Accountants
Ad Valorem Accountancy Services 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 client account held with City Asset Management PLC.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
....................................................................
D M Othick - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DULLATUR FOUNDATION
Independent examiner's report to the trustees of Dullatur Foundation
I report to the charity trustees on my examination of the accounts of Dullatur Foundation (the Trust) for the year ended 5 April 2025.
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 2. 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.
Zubair Arshad
FCCA
Ad Valorem Accountancy Services Limited Chartered Certified Accountants 2 Manor Farm Court Old Wolverton Road Old Wolverton Milton Keynes Buckinghamshire MK12 5NN
Date: .............................................
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DULLATUR FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
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2025 2024
Unrestricted Endowment Total Total
fund fund funds funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 45,001 - 45,001 30,001
Investment income 3 14,187 - 14,187 20,745
Total 59,188 - 59,188 50,746
EXPENDITURE ON
Raising funds 4 18,714 - 18,714 7,094
Charitable activities 5
-
Grants paid 137,500 137,500 172,500
Other 4,531 - 4,531 11,074
Total 160,745 - 160,745 190,668
-
Net gains/(losses) on investments (36,618) (36,618) 3,129
NET INCOME/(EXPENDITURE) (101,557) (36,618) (138,175) (136,793)
Transfers between funds 14 101,557 (101,557) - -
Net movement in funds - (138,175) (138,175) (136,793)
RECONCILIATION OF FUNDS
-
Total funds brought forward 613,866 613,866 750,659
TOTAL FUNDS CARRIED FORWARD - 475,691 475,691 613,866
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The notes form part of these financial statements
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DULLATUR FOUNDATION
BALANCE SHEET
5 APRIL 2025
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2025 2024
Notes £ £
FIXED ASSETS
Investments 10 392,295 559,788
CURRENT ASSETS
Debtors 11 - 656
Cash at bank 89,932 60,101
89,932 60,757
CREDITORS
Amounts falling due within one year 12 (6,536) (6,679)
NET CURRENT ASSETS 83,396 54,078
TOTAL ASSETS LESS CURRENT
LIABILITIES 475,691 613,866
NET ASSETS 475,691 613,866
FUNDS 14
Endowment funds:
Endowment Fund 475,691 613,866
TOTAL FUNDS 475,691 613,866
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The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. D M Othick - Trustee
The notes form part of these financial statements
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DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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.
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DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
1. ACCOUNTING POLICIES - continued
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.
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 |
2025 £ 45,001 2025 £ 13,242 945 14,187 |
2024 £ 30,001 2024 £ 19,337 1,408 20,745 |
|---|---|---|
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DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
| 4. RAISING FUNDS RAISING DONATIONS AND LEGACIES Support costs INVESTMENT MANAGEMENT COSTS Support costs Aggregate amounts 5. CHARITABLE ACTIVITIES COSTS Grants paid 6. GRANTS PAYABLE Grants paid The total grants paid to institutions during the year were as follows: Beat Routes Dollywood Foundation UK Dimbleby Cancercare, Richard Family Lives Glasgow Children's Hospital Charity Integrate UK Maggie's Manchester Nagajuna Trust (The) ParentSkills2Go Perry's Pantry Foodbank Portico Library Prisoners Abroad Pioneer House School - Sensory Room Project Roald Dahl's Marvellous Children's Charity RHS Bridgewater - Outreach Programme |
2025 £ 12,559 2025 £ 6,155 18,714 2025 £ 137,500 |
2024 £ - 2024 £ 7,094 7,094 Grant funding of activities (see note 6) £ 137,500 2024 £ 172,500 5.4.24 £ - 10,000 5,000 - 2,000 10,000 5,000 10.000 - 2,000 15,000 10,000 6,000 5,000 9,000 |
|---|---|---|
| 5.4.25 | ||
| £ | ||
| 1,250 | ||
| 15,000 | ||
| - | ||
| 1,250 | ||
| - | ||
| 10,000 | ||
| 5,000 | ||
| 10,000 | ||
| 1,250 - |
||
| 15,000 | ||
| 10,000 | ||
| - | ||
| - | ||
| - |
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DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
6. GRANTS PAYABLE - continued
| Royal National Theatre | 5,000 | - |
|---|---|---|
| RNCM | 12,500 | 12,500 |
| Scottish Centre for Children with Motor Impairments | 10,000 | 10,000 |
| Sickle Cell Society | 1,250 | - |
| Shakespeare Globe Trust | 20,000 | 10,000 |
| University of Manchester | 5,000 | - |
| Unicef - Ukraine Unicef - Turkey / Syria Earthquake Appeal |
- - |
17,500 17,500 |
| War Child | 5,000 | 5,000 |
| Waters Edge Arts Ltd | 10,000 | 10,000 |
| Rotary Club of Worsley Charitable Trust - Salford Care Leavers | - | 1,000 |
| 137,500 | 172,500 | |
The grants were made for health and welfare and educational purposes.
7. SUPPORT COSTS
| Raising donations and legacies Investment management costs Other resources expended |
Governance Finance costs £ £ - 12,559 - 6,155 232 4,299 232 23,013 |
Totals £ 12,559 6,155 4,531 23,245 |
|---|---|---|
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
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DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
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9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Endowment Total
fund fund funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 30,000 1 30,001
Investment income 20,745 - 20,745
Total 50,745 1 50,746
EXPENDITURE ON
-
Raising funds 7,094 7,094
Charitable activities
-
Grants paid 172,500 172,500
Other 11,074 - 11,074
Total 190,668 - 190,668
-
Net gains on investments 3,129 3,129
NET INCOME/(EXPENDITURE) (139,923) 3,130 (136,793)
Transfers between funds 139,923 (139,923) -
Net movement in funds - (136,793) (136,793)
RECONCILIATION OF FUNDS
-
Total funds brought forward 750,659 750,659
TOTAL FUNDS CARRIED FORWARD - 613,866 613,866
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DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
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10. FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 6 April 2024 559,788
Additions 162,525
Disposals (293,400)
Revaluations (36,618)
At 5 April 2025 392,295
NET BOOK VALUE
At 5 April 2025 392,295
At 5 April 2024 559,788
Investments include the following:
5.4.25 5.4.24
£ £
Investment assets in the UK 392,295 559,788
392,295 559,788
Cost or valuation at 5 April 2025 is represented by:
Listed
investments
£
Valuation in 2025 392,295
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Other debtors - 656
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DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
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12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Other creditors 6,536 6,679
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
2025 2024
Unrestricted Endowment Total Total
fund fund funds funds
£ £ £ £
Investments - 392,295 392,295 559,788
Current assets - 89,932 89,932 60,757
Current liabilities - (6,536) (6,536) (6,679)
-
475,691 475,691 613,866
14. MOVEMENT IN FUNDS
Net Transfers
movement between
At 6/4/24 in funds funds At 5/4/25
£ £ £ £
Unrestricted funds
Income fund - (101,557) 101,557 -
Endowment funds
Endowment Fund 613,866 (36,618) (101,557) 475,691
TOTAL FUNDS 613,866 (138,175) - 475,691
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
Income fund 59,188 (160,745) - (101,557)
Endowment funds
Endowment Fund - - (36,618) (36,618)
TOTAL FUNDS 59,188 (160,745) (36,618) (138,175)
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DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net Transfers movement between At 6/4/23 in funds funds £ £ £ Unrestricted funds Income fund - (139,923) 139,923 Endowment funds Endowment Fund 750,659 3,130 (139,923) TOTAL FUNDS 750,659 (136,793) - Comparative net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds Income fund 50,745 (190,668) - Endowment funds Endowment Fund 1 - 3,129 TOTAL FUNDS 50,746 (190,668) 3,129 A current year 12 months and prior year 12 months combined position is as follows: Net Transfers movement between At 6/4/23 in funds funds £ £ £ Unrestricted funds Income fund - (241,480) 241,480 Endowment funds Endowment Fund 750,659 (33,488) (241,480) TOTAL FUNDS 750,659 (274,968) - |
At 5/4/24 £ - 613,866 613,866 Movement in funds £ (139,923) 3,130 (136,793) At 5/4/25 £ - 475,691 475,691 |
|---|---|
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DULLATUR FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
14. 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 resources expended £ £ 109,933 (351,413) 1 - 109,934 (351,413) |
Gains and losses £ - (33,489) (33,489) |
Movement in funds £ (241,480) (33,488) (274,968) |
|---|---|---|---|
15. OTHER FINANCIAL COMMITMENTS
Included in Unrestricted Funds is £Nil (2024 - £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 2025 (2024 - None).
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DULLATUR FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
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2025 2024
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 45,001 30,001
Investment income
Dividends from investments 13,242 19,337
Deposit account interest 945 1,408
14,187 20,745
Total incoming resources 59,188 50,746
EXPENDITURE
Charitable activities
Grants to institutions 137,500 172,500
Support costs
Finance
Bank charges 232 152
Governance costs
Independent Examiner's fee 756 720
Professional costs 22,257 17,296
23,013 18,016
Total resources expended 160,745 190,668
Net expenditure before gains and losses (101,557) (139,922)
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments (36,618) 3,129
Net expenditure (138,175) (136,793)
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This page does not form part of the statutory financial statements
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CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
DULLATUR FOUNDATION
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Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 15
Detailed Statement of Financial Activities 16
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