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2023-06-30-accounts

Charity Registration No. 1142951

THE DAWES TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

THE DAWES TRUST

CONTENTS

Page
Legal and administrative information 1
Trustees' report 2 - 5
Statement of Trustees' responsibilities 6
Independent examiner's report 7
Statement of financial activities 8
Statement of financial position 9
Statement of cash flows 10
Notes to the accounts 11 - 19
Investment schedule 20 - 29

THE DAWES TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr Alexander Cuppage
Mr Graeme Kleiner
Sir Stephen Lander
Professor Michael Hough
Charity number 1142951
Registered office / address for appeals 30 Gresham Street
London
EC2V 7QN
Independent examiner Kerry Roberts TEP FMAAT MCSI
C/o Rathbones Trust Company Limited
Port of Liverpool Building
Pier Head
Liverpool
L3 1NW
Solicitors Charles Russell Speechlys LLP
5 Fleet Place
London
EC4M 7RD
Investment advisors Rathbones Investment Management Limited
30 Gresham Street
London
EC2V 7QN
Stonehage Fleming
15 Suffolk Street
London
SW1Y 4HG

THE DAWES TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2023

The Trustees present their annual report and financial statements for the year ended 30 June 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity's deed, the Charities Act 2011 and “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

The Dawes Trust was created under the Will of the late Christopher John Dawes, who died on 21 March 1999. The object of the Trust, stated in clause 4.1 of the Charitable Trust Deed, is "the fighting of crime including organised crime by the protection of people and property, the preservation of public order and the prevention and detection of crime for the public benefit".

Public Benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting donations to be made in the following year.

The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission.

Organisation and decision-making structure

The Trustees review applications for funding, investment performance, income levels and the financial statements.

No fund raising is undertaken to support the work of the Charity, but it has the right to accept donations.

Grant-making policies

Currently the Trustees' policy is to consider written appeals for funds received on their merits, either at Trustee meetings or by electronic communications between them.

Achievements and performance

Total incoming resources were £134,851 (£86,308 in 2022), with £2,325,968 (£962,778 in 2022) being committed to charitable activities of which £97,292 (£87,615 in 2022) relates to support and governance costs. There was an unrealised loss of £33,747 (loss of £415,984 in 2022) on investments and in addition a realised gain of £114,763 (loss of £54,566 in 2022) resulting in net outflow of funds of £2,110,101 (outflow of £1,347,020 in 2022).

Financial review

During the year, the Charity continued to support some of its main beneficiaries, including Anglia Ruskin University which this year concerned Optimising Technology, PRIMO, the UCL Dawes Centre with regard to Online Fraud, the Police Foundation and the Sentencing Academy.

The Trustees also agreed to support a number of other organisations in the year including:

  1. Bournemouth University, to support Dr Kari Davies in respect of a project titled ' A likelihood approach to case linkage analysis: Understanding behavioural consistency and coincidence;

  2. Spark Inside in relation to the Big Christmas 2022 campaign;

  3. Crest Advisory for a joint online fraud project with the Police Foundation and the Institute of Crime & Justice Policy Research at Birkbeck, University of London;

  4. The Woolf Institute for a study of terrorism;

  5. Justice Project for its continuing work in relation to the implementing of the recommendations in its report, including prosecuting sexual offences, conviction decision making, tackling racial injustice in the youth justice system, decision making in magistrates courts and research into ethnic women's experience in the judicial system; and

  6. Prison Reform Trust which aims to understand parole success after release from Prison.

  7. 2 -

THE DAWES TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Financial review (continued)

Overall, during the year, the Charity committed to make donations of £2,419,506 (which has decreased to £2,228,676 after adjusting for the movement in the present value of the creditor due after more than one year and the overprovision of donations in the previous year) and paid £2,511,995 in furtherance of its objects. A detailed list of organisations and individuals supported are included in note 20 of the financial statements.

The Trustees have also committed as at 30 June 2023 to pay the following instalments by 30 June 2024 to the following organisations:

Anglia Ruskin University - £195,000 Anglia Ruskin University (Optimising Technology) - £380,000 Birmingham University - £23,000 Justice Project - £25,000 UCL Dawes Centre - Online Fraud - £42,000 Sentencing Academy - £210,180 Prison Reform Trust - £100,000

In addition, the Trustees have also committed as at 30 June 2023 to pay the following instalments after 30 June 2024 to the following organisations:

Anglia Ruskin University (Optimising Technology) - £390,000 PRIMO - £957,344 Sentencing Academy - £210,177

Reserves

At present, the Trustees have a balanced investment policy and distribute both income generated and reserves brought forward for their grant making program. The Trustees, based on funds committed and the anticipated strategy of offering greater levels of funding to one or two projects rather than funding a number of smaller projects, are of the opinion that the current level of reserves will support the Trust for a further 2 to 3 years. The balance held as unrestricted reserves at 30 June 2023 was £2,590,041.

Investment policy and performance

The Charity has two portfolios, one managed by Rathbones Investment Management Limited and the other managed by Stonehage Fleming.

The aim of both portfolios is to generate a return above inflation and to provide an income return. Diversified portfolios are required and the risk level has been set at medium/low.

Rathbones Investment Management Limited

As at 30 June 2023, the value was £1,269,172. The yield is 3.21%, providing income of £19,560.

In the investment manager's meeting with the Trustees on 27 January 2023 it was confirmed that the Dawes Charitable Trust will be wound up in 2026. Therefore, it was agreed to liquidate the account and invest in a combination of cash, held on deposit, and short-term government bonds given the attractive and low risk returns now available.

The portfolio is managed inline with investment strategy 1 given the trust is being wound up.

Therefore, the current asset allocation is 100% in liquid assets to fund the upcoming withdrawals.

Over the year to 30 June 2023, the portfolio total return, net of fees, is 5.6%. The Rathbones Strategy 1 Benchmark has declined 5.13%.

THE DAWES TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Stonehage Fleming

During the 12 month period ending June 2023 the risk profile of the portfolio was reduced from “Balanced” to “Cautious”, with the transition completing in October 2022. Over the period the portfolio returned +2.0%, this was ahead of the benchmark (ARC Sterling Cautious PCI) that returned -0.2%.

Financial markets were volatile during the 12 months under review, as investor’s closely monitored global inflation and central bank policy. The Bank of England increased rates from 1.25% to 5% over the period as they attempted to bring inflation under control. The investment manager saw a continuation of the conflict in Ukraine and Russian sanctions, impacting European and global energy prices. Additionally, in September 2022 the UK mini budget was announced sending GBP Sterling to all-time lows against USD and rapid spikes in UK Gilt yields. The first half of 2023 saw the global economy holding up better than it was widely expected to, led by the US despite turbulence in the banking sector and a spluttering Chinese economic reopening.

Equity market leadership was narrow in the first half of 2023 with mega cap US technology companies accounting for the lion’s share of market gains. Their strength was underpinned by resilient earnings, enthusiasm and the prospect of rate cuts later this year.

There were a number of changes to the portfolio during the period. The investment manager has been gradually increasing exposure to fixed income and duration within the portfolio with a preference to UK and US government debt. Within equities the investment manager increased diversification, taking profits from high growth technology stocks in favour of a more globally diversified exposure. On the expectation that all of the capital in the portfolio will shortly be committed, the Trustees have moved the portfolio to an execution only mandate. The Trustees have retained the government bond holdings, with the remainder of the assets held in a liquidity fund.

Performance for the 12 months to 30 June 2023 in GBP

THE DAWES TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Plans for the future

The Trustees do not envisage any further significant changes to their aims and objectives, they intend to continue supporting a similar number of charities.

Structure, governance and management

The Trustees who served during the year and were also in office at the date of signing the financial statements were:

Mr Alexander Cuppage

Mr Graeme Kleiner Sir Stephen Lander Professor Mike Hough

Recruitment of new or additional Trustees

The present Trustees have the power of appointing new or additional Trustees.

Training of Trustees

There are no formal polices or procedures adopted for the induction or training of Trustees, however, the current Trustees keep abreast of changes in legislation.

The Trustees' report was approved by the Board of Trustees

Graeme Kleiner Trustee

Dated: 16 July 2024

THE DAWES TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2023

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial 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.

THE DAWES TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DAWES TRUST

I report on my examination of the accounts of The Dawes Trust (charity registration number 1142951) for the year ended 30 June 2023, which are set out on pages 9 to 29.

This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity's Trustees 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. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the Act.

Independent examiner's statement

I am a member of an approved accounting body and give due consideration to the provisions of the Revised Ethical Standard 2019 issued by the Financial Reporting Council (FRC) at all times. Rathbones Trust Company has provided accountancy services in accordance with the terms of engagement agreed by the Trustees. I do not report to the bookkeeper or accounts preparer in any respect.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect:

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.

Kerry Roberts TEP FMAAT MCSI

C/o Rathbones Trust Company Limited Port of Liverpool Building Pier Head Liverpool L3 1NW

Dated: 18 July 2024

THE DAWES TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £ £
Income
Returned donations 3 - 17,182
Investment income 4 114,543 68,491
Bank interest 5 20,308 635
Total income 134,851 86,308
Expenditure
Charitable activities 6 2,325,968 962,778
Net (expenditure) before investment gains / (losses) (2,191,117) (876,470)
Net gains / (losses) on investments 10 81,016 (470,550)
Net movement in funds (2,110,101) (1,347,020)
Fund balances at 1 July 2022 4,700,142 6,047,162
Fund balances at 30 June 2023 2,590,041 4,700,142

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE DAWES TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2023

2023 2023 2022 2022
Notes £ £ £ £
Fixed assets
Investments 11 4,868,946 7,224,072
Current assets
Debtors 12 328 -
Cash at bank and in hand 18 120,139 11,049
120,467 11,049
Creditors: amounts falling due within 13
one year (1,063,464) (1,129,319)
Net current liabilities (942,997) (1,118,270)
Total assets less current liabilities 3,925,949 6,105,802
Creditors: amounts falling due after 16
more than one year (1,335,908) (1,405,660)
Net assets 2,590,041 4,700,142
Income funds
Unrestricted funds 2,590,041 4,700,142
2,590,041 4,700,142

The notes on pages 11 to 19 form part of these financial statements.

The accounts were approved by the Trustees on 16 July 2024

Graeme Kleiner Trustee

THE DAWES TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023

2023 2023 2022 2022
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 17 (2,461,575) (1,296,415)
Investing activities
Purchase of investments (4,924,164) (1,052,711)
Proceeds on disposal of investments 7,800,538 1,542,881
Accrued interest (328) -
Dividends and interest received from investments 134,851 70,039
Net cash generated from investing
activities 3,010,897 560,209
Net increase/(decrease) in cash and cash
equivalents 549,322 (736,206)
Cash and cash equivalents at beginning of year 578,191 1,314,397
Cash and cash equivalents at end of year 18 1,127,513 578,191

THE DAWES TRUST

STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2 Accounting policies

2.1 Accounting convention

The financial statements have been prepared in accordance with 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) (Second Edition) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

2.2 Going concern

The Trustees consider there are no material uncertainties about the Trust’s ability to continue as a going concern. A review of the financial position, reserves levels and future plans gives the Trustees confidence the Charity remains a going concern for the foreseeable future.

2.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

2.4 Incoming resources

Investment income is accounted for on an accruals basis in the period to which it relates.

Donations received by the Trust include the related gift aid credit where applicable. Donations are accounted for when any conditions for receipt have been met and there is reasonable assurance of receipt.

2.5 Accrued income

Accrued income is recognised as an asset to the extent that it has been earned on a daily basis between the day that interest was last paid on a debt security and the balance sheet date.

2.6 Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

THE DAWES TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

2 Accounting policies

(Continued)

2.7 Creditors

Creditors 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 are normally recognised at their settlement amount after allowing for any discounts due.

See note 2.11 for Creditors due after more than one year.

2.8 Resources expended

Management and administration costs comprise those costs incurred in running the Charity. They have been apportioned on the basis of time spent between charitable activities, cost of raising funds and governance costs.

Governance costs consist of those costs associated with the overall running of the Charity and meeting statutory and regulatory requirements.

Cash donations are recognised once the Charity has paid the donation, unless performance conditions require deferral of the amount.

Grants are included in the financial statements when approved by the Trustees and notified to recipients. The value of committed grants unpaid at the year end is accrued. Grants offered that are subject to conditions that have not been met at the year end are noted as a commitment but not accrued as expenditure.

2.9 Financial instruments

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except those investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

The Trustees do not invest in any complex financial instruments.

2.10 Investments

Fixed assets investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities.

2.11 Discounting of long term grants

Grant commitments falling due over one year have been discounted to reflect the present value of the grant commitment as at the balance sheet date.

THE DAWES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

3 Returned donations

Returned donations - SOAS University of London / PADS
4
Investment income
Rathbones
Stonehage
Fleming
£
£
UK dividends
12,141
15,904
Foreign interest
972
70,960
UK interest
1,814
2,562
Foreign dividends
4,633
5,229
Accrued interest
-
328
19,560
94,983
5
Bank interest
Rathbones
Stonehage Fleming
Charles Russell Speechlys
6
Charitable activities
Grant funding of activities (see note 7)

Support costs (see note 8)
Governance costs (see note 8)
 Returned donations - SOAS University of London / PADS
4
Investment income
Rathbones
Stonehage
Fleming
£
£
UK dividends
12,141
15,904
Foreign interest
972
70,960
UK interest
1,814
2,562
Foreign dividends
4,633
5,229
Accrued interest
-
328
19,560
94,983
5
Bank interest
Rathbones
Stonehage Fleming
Charles Russell Speechlys
6
Charitable activities
Grant funding of activities (see note 7)

Support costs (see note 8)
Governance costs (see note 8)
 Returned donations - SOAS University of London / PADS
4
Investment income
Rathbones
Stonehage
Fleming
£
£
UK dividends
12,141
15,904
Foreign interest
972
70,960
UK interest
1,814
2,562
Foreign dividends
4,633
5,229
Accrued interest
-
328
19,560
94,983
5
Bank interest
Rathbones
Stonehage Fleming
Charles Russell Speechlys
6
Charitable activities
Grant funding of activities (see note 7)

Support costs (see note 8)
Governance costs (see note 8)
 2023
£
-		 2022
£
17,182
Total
2022
£
36,534
28,140
-
3,817
-
Total
2023
£
28,045
71,932
1,236
10,440
328
114,543
68,491
2022
£
547
79
9
2023
£
10,072
10,037
199
20,308
2023
£
2,228,676
93,692
3,600
2,325,968
635
2022
£
875,163
83,439
4,176
962,778

THE DAWES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

7 Grants payable

2023 2022
£ £
Donations to institutions 2,228,676 875,163

All grants paid towards the Charity objective of fighting crime including organised crime by the protection of people and property, the preservation of public order and the prevention and detection of crime for the public benefit.

8 Support and governance costs

Rathbones investment management fees
Stonehage Fleming investment management fees
Charity administration and accountancy fees
Charles Russell Speechlys professional fees
Buss Murton Law professional fees
Trustees expenses (note 15)
Bank charges
Independent examiners fees		 Support
costs
Governance
costs
£
£
6,080
-
20,657
-
21,000
-
45,748
-
-
-
167
-
40
-
-
3,600
93,692
3,600		 2023
£
6,080
20,657
21,000
45,748
-
167
40
3,600
97,292		 2022
£
8,500
17,973
10,560
44,626
1,674
98
8
4,176
87,615

9 Employees

There were no employees during the year, or the previous year.

10 Net gains / (losses) on investments

Unrealised (loss) on investments
Realised gains / (loss) on investments		 2023
£
(33,747)
114,763
81,016		 2022
£
(415,984
(54,566
(470,550)

THE DAWES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

11 Fixed asset investments

12 Cost or valuation
At 30 June 2022
Additions
Unrealised (loss)
Realised gains
Cash available to invest
Disposals
At 30 June 2023		 Rathbones
Listed
investments
£
1,691,982
1,535,643
(2,383)
84,085
-
(3,013,935)
295,392		 Cash in
portfolio
£
338,011
-
-
-
635,769
-
973,780		 Stonehage Fleming
Listed
investments
Cash in
portfolio
Total
£
£
£
4,964,948
229,131
7,224,072
3,388,521
-
4,924,164
(31,364)
-
(33,747)
30,678
-
114,763
-
(195,537)
440,232
(4,786,603)
-
(7,800,538)
3,566,180
33,594
4,868,946		 Stonehage Fleming
Listed
investments
Cash in
portfolio
Total
£
£
£
4,964,948
229,131
7,224,072
3,388,521
-
4,924,164
(31,364)
-
(33,747)
30,678
-
114,763
-
(195,537)
440,232
(4,786,603)
-
(7,800,538)
3,566,180
33,594
4,868,946		 Stonehage Fleming
Listed
investments
Cash in
portfolio
Total
£
£
£
4,964,948
229,131
7,224,072
3,388,521
-
4,924,164
(31,364)
-
(33,747)
30,678
-
114,763
-
(195,537)
440,232
(4,786,603)
-
(7,800,538)
3,566,180
33,594
4,868,946

Listed
investments
£
4,964,948
3,388,521
(31,364)
30,678
-
(4,786,603)
3,566,180
Investments representing more than 5% of each
Investment
Stonehage Fleming
Blackrock Institutional Sterling Liquidity Fund
Blackrock Liquidity Heritage Fund
Rathbones
UK Treasury 0.25% 31.01.2025		 portfolios total market value (excluding cash):
Units
Market Value % of Total Market
£
Value
1,221,199
1,221,199
34.24%
1,851,368
1,851,368
51.91%
320,000
295,392
100.00%
Listed investments
Cash in investment portfolio
Debtors: amounts falling due within one year
Dividends due and accrued income		 2023
£
3,861,572
1,007,374
4,868,946
2023
£
328		 2022
£
6,656,930
567,142
7,224,072
2022
£
-

THE DAWES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Accruals and deferred income
Other creditors		 2023
£
88,284
975,180
1,063,464		 2022
£
52,133
1,077,186
1,129,319

14 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

15 Related party transactions

a) Transactions with Trustees

The Trustees took no salary from the Charity, though their expenses wholly expended on Charity business were covered, as were the legal expenses incurred on Charity business by Charles Russell Speechlys LLP and Buss Murton Law LLP.

The amounts charged as legal fees by the firms noted above who are a Trustee/partner were as follows:

Buss Murton Law LLP - Mr Alexander Cuppage
Charles Russell Speechlys LLP - Mr Graeme Kleiner		 2023
£
-
45,748
45,748		 2022
£
1,674
44,626
46,300

Of the fees payable to Charles Russell Speechlys LLP, £30,060 was outstanding at the year end (£12,000 in 2022).

Of the fees payable to Buss Murton Law LLP, £Nil was outstanding at the year end (£1,674 in 2022).

Total travel expenses paid to Sir Stephen Lander were £111 (£43 in 2022) and paid to Michael Hough £56 (£55 in 2022).

b) Other

During the year the charity supported Birkbeck, University of London and Sentencing Academy. Michael Hough, a Trustee of the Dawes Trust, has connections with both of these charitable organisations and both have received grants from the Dawes Trust.

Michael Hough's interest was declared and acknowledged during the determination of the grant application and he did not participate in any decisions other than to clarify facts.

THE DAWES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

16
Creditors: amounts falling due after more than one year
Donations agreed but payable after more than one year
Effects of discount
17
Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
(Gain)/loss on disposal of investments
Fair value gains and losses on investments
Movements in working capital:
(Decrease) in creditors
Cash absorbed by operations
18
Cash and cash equivalents
Cash at bank and in hand
Cash available to invest		 2023
2022
£
£
1,557,521
1,548,004
(221,613)
(142,344)
1,335,908
1,405,660
2023
2022
£
£
(2,110,101)
(1,347,020)
(134,851)
(69,126)
(114,763)
54,566
33,747
415,984
(135,607)
(350,819)
(2,461,575)
(1,296,415)
2023
2022
£
£
120,139
11,049
1,007,374
567,142
1,127,513
578,191

THE DAWES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

19 Reconciliation of grant creditor

Reconciliation of grant creditor
2023 2022
£ £
Opening grant creditor 2,482,846 2,845,298
Grants authorised in the year 2,419,506 838,576
Grants paid in the year (2,511,995) (1,237,615)
Long term grants discounted to net present value (221,613) (142,344)
Reverse opening net present value discount 142,344 178,931
2,311,088 2,482,846
Due within one year 975,180 1,077,186
Due after one year 1,335,908 1,405,660
2,311,088 2,482,846
Donations approved during the year
2023 2022
£ £
Anglia Ruskin University 235,000 195,000
Anglia Ruskin University - Optimising Technology 1,150,000 -
Birkbeck, University of London - Digital forensics in rape and serious sexual
assault - 96,000
Crest Advisory 116,582 -
Justice Project 50,000 -
Lucy Faithful Foundation - 50,000
Police Foundation - Disrupting serious and organised crime - 130,000
Police Foundation - Strategic review & impact project - 135,000
Police Foundation - Joint online Fraud project 87,184 -
Police Foundation - Policing 21st Century 100,000 -
PRIMO - Birkbeck, University of London - 220,385
PRIMO - Salford University (over provision) - 9,987
Prison Reform Trust 100,000 -
Sentencing Academy 420,357 -
Spark Inside 7,500 -
The Woolf Institute 32,650 -
Carried forward 2,299,273 836,372

20 Donations approved during the year

THE DAWES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Donations approved during the year
Brought forward
University College London - Dawes Centre - Online Fraud
University of Bournemouth
University of California
Donations approved in the year
Net present value adjustment
Adjustments:
Just for Kids Law (over provision in previous years)
Understanding Islam (over provision in previous years)
PRIMO - Birkbeck (over provision in previous year) *
PRIMO - Salford University (over provision in previous year)		 (Continued)
2023
2022
£
£
2,299,273
836,372
78,233
-
42,000
-
-
6,153
2,419,506
842,525
(79,269)
36,587
2,340,237
879,112
-
(369)
-
(3,580)
(101,574)
(9,987)
-
2,228,676
875,163

20 Donations approved during the year

21 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes.

At 1
General funds
Previous year:
At 1
General funds		 July 2022
Incoming
resources
Resources
expended
Gains and
losses
At 30 June
2023
£
£
£
£
£
4,700,142
134,851
(2,325,968)
81,016
2,590,041
July 2021
Incoming
resources
Resources
expended
Gains and
losses
At 30 June
2022
£
£
£
£
£
6,047,162
86,308
(962,778)
(470,550)
4,700,142

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