The Derek Wilton Dogs Trust Charity Registration No: 1120692 Trustees' report and fi nancial statements For the year ended 31 March 2022
The Derek Wilton Dogs Trust
Legal and administrative information
| Trustees | C Carr Briggs |
|---|---|
| B Wilton | |
| S Johnstone | |
| P Gorbing | |
| H Stimpson | |
| Charity registered number | 1120692 |
| Principal ofce | 45 Gresham Street |
| London | |
| EC2V 7BG | |
| Independent examiner | Susan Kumar ACA |
| Holden Granat LLP | |
| Springfeld House | |
| 23 Oatlands Drive | |
| Weybridge | |
| KT13 9LZ | |
| Accountants | Smith & Williamson LLP |
| 45 Gresham Street | |
| London | |
| EC2V 7BG |
The Derek Wilton Dogs Trust
Contents
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent examiner's report | 5 |
| Statement offnancial activities | 6 |
| Balance sheet | 7 |
| Notes to thefnancial statements | 8 - 12 |
The Derek Wilton Dogs Trust
Trustees' report for the year ended 31 March 2022
The Trustees present their annual report together with the fi nancial statements for the year to 31 March 2022.
The Trustees con fi rm that the annual report and fi nancial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their fi nancial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) e ff ective from 1 January 2019.
Objectives and Activities
a. Policies and objectives
The objects of the Trust, as speci fi ed in its Trust Deed, are:
-
To relieve persons who are sick, disabled or otherwise in fi rm by promoting or assisting in the provision of appropriately trained dogs.
-
To promote or support academic and medical research and training projects involving dogs for the public bene fi t, where that research and training does not bring any harm to dogs involved and to disseminate the useful results thereof.
-
To relieve the su ff ering of dogs who are in need of care and attention and in particular to provide or maintain or assist in the provision of kennels, rescue homes or other facilities for the reception and care of dogs and the treatment of sick, injured, neglected or ill-treated dogs.
b. Governance
The Trustees meet regularly twice a year and have additional meetings if required. The Trustees undertake the following on a regular basis:
-
Grant making decisions are followed up at regular intervals. All grants are made formally and grantees are required to commit to regular feedback.
-
Review of investment performance with investment managers takes place twice a year and a review of the investment policy is undertaken annually.
-
Risks are reviewed at least annually and more often if triggered by a new event.
c. Activities for achieving objectives
The Trustees' focus is on making grants to provide assistance dogs and other appropriately trained dogs, to support research and training in the use of dogs for the public bene fi t, and to relieve the su ff ering of dogs in need.
In planning grants the Trustees have regard to the Charity Commission guidance on public bene fi t.
The charity has no employees.
d. Grant making policies
The Trustees have a policy of making grants only to other UK registered charities. Grants are not solicited and are made at the discretion of the trustees. Prior to making grants the trustees exercise due diligence with the aim of achieving maximum bene fi t in terms of charitable outcomes from the trust's grant making.
- 1 -
The Derek Wilton Dogs Trust
Trustees' report for the year ended 31 March 2022
Achievements and performance
a. Key fi nancial performance indicators
The Trustees consider that the fi nancial performance of the Trust this year has been satisfactory given the e ff ects of the COVID-19 epidemic and recent geopolitical uncertainties. The Trust has su ffi cient cash at bank to allow all committed grants and sundry accrued expenditure to be paid.
b. Review of activities
During the year the Trust approved grants to fi ve charities totalling £160,834 (2021: six charities totalling £1,525,400) as follows:
-
A grant of £20,000 was approved and paid to Canine Partners towards aftercare provision for established partnerships. In addition, a payment was made in respect of the fourth of fi ve annual donations of £20,000 towards Canine Partners' breeding programme.
-
A grant to Dogs for Good for £17,000 to fund the training and partnering of an assistance dog and the provision of aftercare to a partnership has been made. Also a payment of £60,000 in respect of the third of four annual donations was made to fund lifetime partnership costs, and a payment of £71,232 in respect of the second of three donations totalling £189,096, to fund the development of the Dog Supply Project with a fi nal payment of £51,232 becoming due in 2022.
-
A grant to Dogs Trust of £20,000 has been made towards the Hope Project for veterinary treatments, and a grant of £30,000 was approved and paid towards the Freedom project, for veterinary costs.
-
A grant of £24,000 to Support Dogs for sourcing and training a support dog.
-
A grant to Hearing Dogs for Deaf People of £50,000 for the cost of running one puppy training area. In addition, a payment of £91,834 in respect of the commitment to their Breeding and Genetics Centre Project which closes this commitment and releases £166 to general funds. See disclosure in note 11.
c. Investment policy and performance
The Trust Deed authorises the Trustees to make and hold investments using general funds of the charity. The trust has a portfolio of listed investments that had a market value of £7,669,500 at 31 March 2022 (2021: £7,825,399 ). The trustees receive advice from Smith & Williamson Investment Management LLP. The investment criteria are regularly discussed by the trustees with the investment advisors. Their objective is to maximise total return through a diversi fi ed portfolio.
- 2 -
The Derek Wilton Dogs Trust
Trustees' report for the year ended 31 March 2022
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have considered the position of the charity in light of current circumstances and are able to con fi rm its ability to fund all its committed grants and projects and to continue operating for at least twelve months from the date of signing these fi nancial statements. For this reason they continue to adopt the going concern basis in preparing the fi nancial statements.
b. Reserves policy
The Trustees' policy is to retain su ffi cient funds on which income is earned to allow it to make continued grants to charities carrying out work which accords with the Trust's objectives. The reserves as at the year end were £7,880,857 (2021: £7,834,635).
Structure, governance and management
a. Constitution
The charity is constituted as a Trust, governed by Trust Deed dated 9 August 2007 and is a registered charity, number 1120692.
b. Method of appointment or election of Trustees
The trustees who served during the year were:
C Carr Briggs B Wilton S Johnstone P Gorbing H Stimpson - appointed 9 October 2021
Appointment of trustees is governed by the Trust Deed of the charity. The Board of Trustees is authorised to appoint new trustees to fi ll vacancies arising through resignation or death of an existing trustee.
c. Risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and fi nances of the charity and are satis fi ed that systems and procedures are in place to mitigate exposure to the major risks.
d. Con fl icts of interest
The Trust has good governance procedures in place to ensure transparency and to manage any con fl icts of interest or loyalty. At trustee meetings any con fl icts of interest or loyalty are declared at the start and logged in a Register of Interests; where a con fl ict of interest is acute or serious, the trustee absents him/ herself from that part of the meeting.
- 3 -
The Derek Wilton Dogs Trust
Trustees' report for the year ended 31 March 2022
Trustees' responsibilities statement
The Trustees are responsible for preparing the Trustees' Report and the fi nancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare fi nancial statements for each fi nancial year which give a true and fair view of the state of a ff airs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these fi nancial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
prepare the fi nancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that are su ffi cient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the fi nancial position of the charity and enable them to ensure that the fi nancial statements 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.
This report was approved by the Trustees and signed on their behalf by:
Barbara Wilton
................................................. Trustee
Date: 26 July 2022
- 4 -
The Derek Wilton Dogs Trust
Independent examiner's report for the year ended 31 March 2022
Independent Examiner's Report to the Trustees of The Derek Wilton Dogs Trust
I report on the fi nancial statements of the charity for the year ended 31 March 2022 which are set out on pages 6 to 12.
Respective Responsibilities of Trustees and Examiner
The charity's Trustees are responsible for the preparation of the fi nancial statements in accordance with the requirements of the Charities Act 2011 (“the Act”). The charity's trustees consider that an audit is not required for this year under section 144(2) of the Act and that an independent examination is needed.
It is my responsibility to:
-
examine the nancial statements under section 145 of the Act;
-
follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Act); and
-
state whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An independent examination includes a review of the accounting records kept by the charity and a comparison of the fi nancial statements presented with those records. It also includes consideration of any unusual items or disclosures in the fi nancial statements, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the fi nancial statements present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
In connection with my examination, no material matters have come to my attention which gives me reasonable cause to believe that in any material respect:
-
accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the fi nancial statements do not accord with the accounting records; or
-
the fi nancial statements did not comply with the applicable requirements concerning the form and content of fi nancial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the fi nancial statements 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 fi nancial statements to be reached.
Susan Kumar
Susan Kumar ACA
Holden Granat LLP Spring fi eld House 23 Oatlands Drive Weybridge KT13 9LZ
Date: 9 August 2022
- 5 -
The Derek Wilton Dogs Trust
Statement of fi nancial activities for the year ended 31 March 2022
| Notes Income Donations and legacies 2 Investments 3 Total income Expenditure Raising funds Charitable activities 4,5 Total expenditure Net expenditure before investment gains Net gains on investments 6 Net movement in funds Reconciliation of funds: Total funds brought forward at 31 March 2021 Total funds carried forward at 31 March 2022 The notes on pages 8 to 12 form part of thesefnancial statements. All funds are unrestricted. |
Total funds 2022 £ - 138,943 138,943 (47,195) (170,328) (217,523) (78,580) 124,802 46,222 7,834,635 7,880,857 |
Total funds 2021 £ 5,461 183,797 |
|---|---|---|
| 189,258 | ||
| (46,405) (1,537,486) |
||
| (1,583,891) | ||
| (1,394,633) 1,553,352 |
||
| 158,719 7,675,916 |
||
| 7,834,635 | ||
- 6 -
The Derek Wilton Dogs Trust
Balance sheet as at 31 March 2022
| Notes Fixed assets Investments 6 Current assets Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Creditors: amounts falling due after more than one year 9 Net assets Charity funds Unrestricted funds Total funds |
£ 5,003 354,007 359,010 (147,653) |
2022 £ 7,669,500 211,357 - |
£ 6,633 393,437 400,070 (259,602) |
2021 £ 7,825,399 140,468 (131,232) 7,834,635 7,834,635 7,834,635 |
|---|---|---|---|---|
| 7,880,857 | ||||
| 7,880,857 | ||||
| 7,880,857 |
The fi nancial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Barbara Wilton
................................................
Trustee
26 July 2022 ................................................ Date
The notes on pages 8 to 12 form part of these fi nancial statements.
- 7 -
The Derek Wilton Dogs Trust
Notes to the fi nancial statements for the year ended 31 March 2022
1 Accounting policies
1.1 Basis of preparation of fi nancial statements
The fi nancial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these fi nancial statements. The trustees con fi rm that the annual report and fi nancial statements of the charity comply with current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their fi nancial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) e ff ective from 1 January 2019.
The Derek Wilton Dogs Trust is constituted as a trust and registered in England and Wales as a charity, number 1120692.
The Derek Wilton Dogs Trust constitutes a public bene fi t entity as de fi ned by FRS 102.
The functional currency is sterling and the fi nancial statements are rounded to the nearest £.
The Trust has no employees.
1.2 Going concern
The fi nancial statements have been prepared on a going concern basis. The Trustees have carefully reviewed the future cash fl ows of the charity and have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, being at least the next 12 months from signing of these fi nancial statements. The Trust has cash at bank of £354,007 and net current assets of £211,357 as at 31 March 2022. For this reason the trustees continue to adopt the going concern basis for the preparation of the fi nancial statements.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been fi nalised and noti fi cation has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been noti fi ed of the executor's intention to make a distribution. Where legacies have been noti fi ed to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
- 8 -
The Derek Wilton Dogs Trust
Notes to the fi nancial statements for the year ended 31 March 2022
1 Accounting policies
(Continued)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic bene fi t to a third party, it is probable that a transfer of economic bene fi ts will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classi fi ed by activity.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Expenditure on raising funds are costs incurred in managing the charity's investment portfolio.
Grants payable are charged in the year when the o ff er is made except in those cases where the o ff er is conditional, such grants being recognised as expenditure when the conditions attaching are ful fi lled. Grants o ff ered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
1.5 Investments
Fixed asset investments are a form of fi nancial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/ (losses) on investments’ in the Statement of Financial Activities.
1.6 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
2 Income from donations and legacies
| Income from donations and legacies | ||
|---|---|---|
| Total | Total | |
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Legacies | - | 5,461 |
- 9 -
The Derek Wilton Dogs Trust
Notes to the fi nancial statements for the year ended 31 March 2022
| 3 Investment Income Investment income - listed investments Investment income - bank interest 4 Analysis of grants Grants to Institutions 2022 £ Training / care of dogs 160,834 Grants by recipient Canine Partners Dogs for Good Hearing Dogs for Deaf People Support Dogs Dogs Trust Mayhew Hearing Dogs for Deaf People (to reverse an over-provision) Total Reconciliation of grants payable Commitments charged to the statement offnancial activities in the year Grants paid during the year Commitments at 1 April 2021 Commitments at 31 March 2022 Commitments at 31 March 2022 are payable as follows: Within one year After more than one year |
Total Total funds funds 2022 2021 £ £ 138,943 183,638 - 159 138,943 183,797 Total Total 2022 2021 £ £ 160,834 1,525,400 2022 2021 £ £ 20,000 186,400 17,000 189,096 50,000 523,614 24,000 23,328 50,000 572,962 - 30,000 (166) - 160,834 1,525,400 160,834 1,525,400 (404,066) (1,390,936) 374,464 240,000 131,232 374,464 131,232 243,232 - 131,232 131,232 374,464 |
|---|---|
- 10 -
The Derek Wilton Dogs Trust
Notes to the fi nancial statements for the year ended 31 March 2022
| 5 Support Costs Accountancy fees Independent examination fee Legal and professional fees Trustees' indemnity insurance Bank fees 6 Fixed asset investments Market value At 1 April 2021 Additions Disposals Revaluations At 31 March 2022 |
Total funds 2022 £ 5,712 1,200 2,278 269 35 9,494 Listed securities 2022 £ 7,825,399 1,218,282 (1,516,211) 142,030 7,669,500 |
Total funds 2021 £ 6,890 1,200 3,732 225 40 |
|---|---|---|
| 12,087 | ||
| Listed securities 2021 £ 7,397,816 2,000,952 (2,863,905) 1,290,536 |
||
| 7,825,399 |
For the year ended 31 March 2022, total realised losses on investments of £17,228 (2021: gains of £262,816) together with the total revaluation gains on investments of £142,030 (2021: gains of £1,290,536) equal the total of gains on investments of £124,802 (2021: gains of £1,553,352) as disclosed in the Statement of Financial Activities.
| Investments at market value | ||||
|---|---|---|---|---|
| comprise: | ||||
| UK | Overseas | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Listed investments | 4,339,985 | 3,329,515 | 7,669,500 | 7,825,399 |
- 11 -
The Derek Wilton Dogs Trust
Notes to the fi nancial statements for the year ended 31 March 2022
| 7 Debtors Prepayments and accrued income 8 Creditors: amounts falling due within one year Grant commitments Accruals and deferred income 9 Creditors: amounts falling due after more than one year Grant commitments |
2022 £ 5,003 2022 £ 131,232 16,421 147,653 2022 £ - |
2021 £ 6,633 |
|---|---|---|
| 2021 £ 243,232 16,370 |
||
| 259,602 | ||
| 2021 £ 131,232 |
10 Transactions with trustees
During the year, no Trustees received any remuneration (2021: £nil).
During the year, no Trustees received any bene fi ts in kind (2021: £nil).
During the year, no Trustees received any travel expenses (2021: £nil).
11 Related party transactions
Compass Dogs Trust is a related party by virtue of having an identical board of trustees. During the prior year, the trustees of Compass Dogs Trust decided to transfer the Hearing Dogs for Deaf People grant commitment of £92,000 to The Derek Wilton Dogs Trust. The recipient charity was informed and the liability was removed from the Compass Dogs Trust balance sheet.
Peter Gorbing, a trustee, is also Chief Executive of Dogs for Good. As shown in note 4, Dogs for Good was awarded a grant of £17,000 in the year (2021: £189,096). This award was made at the July 2021 trustees' meeting. During the grant proposal discussion, Peter Gorbing absented himself.
- 12 -