The Derek Wilton Dogs Trust Charity Registration No: 1120692 Trustees' report and fi nancial statements For the year ended 31 March 2024
The Derek Wilton Dogs Trust
Legal and administrative information
| Trustees | C Carr Briggs |
|---|---|
| P Gorbing | |
| H Stimpson | |
| N Martin | |
| 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 | Evelyn Partners 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 2024
The Trustees present their annual report together with the fi nancial statements for the year to 31 March 2024.
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:
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To relieve persons who are sick, disabled or otherwise in fi rm by promoting or assisting in the provision of appropriately trained dogs.
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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.
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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:
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Grant making decisions are followed up at regular intervals. All grants are made formally and grantees are required to commit to regular feedback.
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Review of investment performance with investment managers takes place twice a year and a review of the investment policy is undertaken annually.
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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.
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The Derek Wilton Dogs Trust
Trustees' report for the year ended 31 March 2024
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 continuing geopolitical uncertainties and the lingering e ff ects of the Covid-19 epidemic. 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 new grants to two charities totalling £142,000 (2023: four charities totalling £166,000) as follows:
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A grant of £47,000 was approved and paid to Assistance Dogs UK towards their common outcomes framework, as well as a commitment to a further £50,000 during the year ended 31 March 2025; and
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A grant to Dogs for Good for £45,000 towards health and welfare costs was approved and reallocated from a grant paid in 2022, originally to fund a puppy assessment room, as well as a commitment to a further £45,000 during the year ended 31 March 2025 to fund the construction of a new puppy block. Also, in respect of the fi nal instalment, a payment of £35,000 was made to fund their Working in the Community project as included in the prior year.
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 £7,636,115 at 31 March 2024 (2023: £6,980,636). The trustees receive advice from Evelyn Partners 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.
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The Derek Wilton Dogs Trust
Trustees' report for the year ended 31 March 2024
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 received to allow the Trust to cover annual overheads and to continue to make grants to charities carrying out work which accords with the Trust’s objects. The reserves position is reviewed annually prior to making grants. The reserves as at the year end were £7,832,398 (2023: £7,342,697).
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 P Gorbing H Stimpson N Martin B Wilton (resigned 15 August 2023) S Johnstone (resigned 15 August 2023)
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.
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The Derek Wilton Dogs Trust
Trustees' report for the year ended 31 March 2024
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:
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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 accounting estimates that are reasonable and prudent;
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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:
Nicola Martin
................................................. Trustee
Date: 15 August 2024
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The Derek Wilton Dogs Trust
Independent examiner's report for the year ended 31 March 2024
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 2024 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:
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examine the nancial statements under section 145 of the Act;
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follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Act); and
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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:
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accounting records were not kept in accordance with section 130 of the Charities Act; or
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the fi nancial statements do not accord with the accounting records; or
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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: 15 August 2024
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The Derek Wilton Dogs Trust
Statement of fi nancial activities for the year ended 31 March 2024
| Notes Income Investments 2 Total income Expenditure Raising funds Charitable activities 3,4 Total expenditure Net expenditure before investment gains Net gains/(losses) on investments 5 Net movement in funds Reconciliation of funds: Total funds brought forward at 31 March 2023 Total funds carried forward at 31 March 2024 The notes on pages 8 to 12 form part of thesefnancial statements. All funds are unrestricted. |
Total funds 2024 £ 168,005 168,005 (41,690) (154,665) (196,355) (28,350) 518,051 489,701 7,342,697 7,832,398 |
Total funds 2023 £ 152,422 |
|---|---|---|
| 152,422 | ||
| (42,008) (175,198) |
||
| (217,206) | ||
| (64,784) (473,376) |
||
| (538,160) 7,880,857 |
||
| 7,342,697 | ||
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The Derek Wilton Dogs Trust
Balance sheet as at 31 March 2024
| Notes Fixed assets Investments 5 Current assets Debtors 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Net assets Charity funds Unrestricted funds Total funds |
£ 4,328 304,801 309,129 (112,846) |
2024 £ 7,636,115 196,283 |
£ 4,000 409,760 413,760 (51,699) |
2023 £ 6,980,636 362,061 |
|---|---|---|---|---|
| 7,832,398 | 7,342,697 | |||
| 7,832,398 | 7,342,697 | |||
| 7,832,398 | 7,342,697 |
The fi nancial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Nicola Martin
................................................
Trustee
15 August 2024
................................................
Date
The notes on pages 8 to 12 form part of these fi nancial statements.
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The Derek Wilton Dogs Trust
Notes to the fi nancial statements for the year ended 31 March 2024
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 £304,801 and net current assets of £196,283 as at 31 March 2024. 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.
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The Derek Wilton Dogs Trust
Notes to the fi nancial statements for the year ended 31 March 2024
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 Investment Income
| Investment Income | ||
|---|---|---|
| Investment income - listed investments Investment income - bank interest |
Total funds 2024 £ 167,383 622 168,005 |
Total funds 2023 £ 151,986 436 |
| 152,422 |
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The Derek Wilton Dogs Trust
Notes to the fi nancial statements for the year ended 31 March 2024
| 3 Analysis of grants Grants to Institutions 2024 £ Training / care of dogs 142,000 Grants by recipient Canine Partners Dogs for Good Hearing Dogs for Deaf People Dogs Trust Assistance Dogs UK Total Reconciliation of grants payable Commitments charged to the statement offnancial activities in the year Grants paid during the year Commitments at 1 April 2023 Commitments at 31 March 2024 Commitments at 31 March 2024 are payable as follows: Within one year |
Total 2024 £ 142,000 2024 £ - 45,000 - - 97,000 142,000 142,000 (82,000) 35,000 95,000 95,000 95,000 |
Total 2023 £ 166,000 2023 £ 10,000 70,000 46,000 40,000 - 166,000 166,000 (262,232) 131,232 35,000 35,000 35,000 |
|---|---|---|
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The Derek Wilton Dogs Trust
Notes to the fi nancial statements for the year ended 31 March 2024
| 4 Support costs Total funds 2024 £ Accountancy fees 6,660 Independent examination fee 1,584 Legal and professional fees - Trustees' indemnity insurance 349 Bank fees 374 Trustees' expenses reimbursed 1,323 Sundry expenses 2,375 12,665 5 Fixed asset investments Listed securities 2024 £ Market value At 1 April 2023 6,980,636 Additions 1,420,990 Disposals (1,262,025) Book cost adjustment 770 Revaluations 495,744 At 31 March 2024 7,636,115 |
Total funds 2023 £ 6,955 1,440 72 297 311 123 - |
|---|---|
| 9,198 | |
| Listed securities 2023 £ 7,669,500 1,728,058 (2,090,257) 183 (326,848) |
|
| 6,980,636 |
For the year ended 31 March 2024, total realised gains on investments of £22,307 (2023: losses of £146,528) together with the total revaluation gains on investments of £495,744 (2023: losses of £326,848) equal the total gains on investments of £518,051 (2023: losses of £473,376) as disclosed in the Statement of Financial Activities.
| Investments at market value | ||||
|---|---|---|---|---|
| comprise: | ||||
| UK | Overseas | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Listed investments | 3,443,177 | 4,192,938 | 7,636,115 | 6,980,636 |
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The Derek Wilton Dogs Trust
Notes to the fi nancial statements for the year ended 31 March 2024
| 6 Debtors Prepayments and accrued income 7 Creditors: amounts falling due within one year Grant commitments Accruals and deferred income |
2024 £ 4,328 2024 £ 95,000 17,846 112,846 |
2023 £ 4,000 |
|---|---|---|
| 2023 £ 35,000 16,699 |
||
| 51,699 |
8 Transactions with trustees
During the year, no Trustees received any remuneration (2023: £nil).
During the year, no Trustees received any bene fi ts in kind (2023: £nil).
During the year, Trustees received a total of £1,323 towards travel expenses (2023: £123).
9 Related party transactions
Compass Dogs Trust is a related party by virtue of having an identical board of trustees. There were no transactions in the year but the two charities work closely together.
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