DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 Company Registration Number- 08391977 (Llmlted by guarantee) For the ear ended 31st March 2022 Itwin Mitchell LLP Thorna5 Eggar House Frlary Lane Chichestsr P019 1UF
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 Ch rl N 11 11 Fln 22 1-6 Annual report 7-9 Independent Audiloffs Report 10 B81ance Sheet Statement of Fin8nci81 Activities 12-17 Notes to Financial Statements 1&27 Schedule of Investments
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 DINWOODIE CHARITABLE COMPANY Registered Charity No 1151139 DIRECTORS. REPORT For the year ended 31. March 2022 Full name of Charity: Dinwoodie Charitable Company Nature of governing document: Memorandum and Artides of Association dated 7 February 2013 Company Number: Directors: 08391977 lan Michael Goalen FCA (Chairman) Richard Manning Arkle FCA (retired 23 September 20221 Dr Patrick Cadigan FRCP, FRCPI, FRCEM, FFLFM (retired 23 September 20221 Elizabeth Ann Hughes MBE FRCP John Pears FRICS, FIMMM, CEng, FIQ Richard John Miner FCA {appointed 6 April 2022) Christine Hall MB ChB, FRCS, Chm (appointed 23 September 20221 Registered Office: Belmont House, Station Way, Crawley, West Sussex RHIO IJA Banker: Bardays Bank Plc, 74175 East Street Chichester, West Sussex, P019 IHR Solicitors: Irwin Mitchell LLP, Thomas Eggar House, Friary Lane, Chichester, West Sussex, P019 IUF Auditors: Jones Avens Limited, Piper House, 4 Dukes Court, Bognor Road, Chichester, West Sussex P019 8 PA Investment Managers: Sanlam Private Investments (UK) Ltd, St Johns Street, Chichester, West Sussex, P019 IUP Mineral Agent: John D Pears, Mineral Consultant, Brelades, Peacock Lane, Hanchurch, Stoke on Trent, ST4 8ZR Operating Restrictions: Charitable objects according to the Law of England Specific investment powers: Wide unrestricted powers are given to the Directors Dinwoodie Charitable Company {"DCC") is a company limited by guarantee. It commenced charitable activities on 5 April 2013, taking over the activities from the Dinwoodie 1968 Settlement, a registered charitable Trust (number 255495). None of the Directors has any beneficial interest in the company. All directors are members of the company and guarantee to contribute £1 in the event of a winding up. Charity Governance Code The directors are mindful of the seven principles of the Charity Governance Code and set out in the following paragraphs the approach adopted by the Directors in running the Charity. Further information relating to the Charity may be found on the website www. Inw Grant rnaking policy: The Directors endeavour to be pro-active in pursuing the principal objective of the Charity which is to improve the provision of medical and healthcare education and training. GA.. 5134938 1
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 DINWOODIE CHARITABLE COMPANY Registered Charity No 1151139 More specifically the Directors have looked to encourage the further education of doctors and their teams and by funding research into novel education techniques and strategies. While many of our successful collaborations have involved the provision of educational infrastrurture, we are keen to interpret our aims flexibly and to support innovative projerts that address gaps in education or approaches to patient care that do not yet attrart mainstream funding and that we identify as potential best prartice for the future. Projects should be seen as potentially scaleable at regional, national or international level, with patient benefit as a likely outcome. Funding will normally be on a matched basis to demonstrate commitment from the organisation applying. Our contributions are typically in the range of £50,000 to £lm. Our current priorities and interests include.. Innovation in educational technology and processes. It is likely that this will be at the level of "proof of concept- All aspects of medical professionalism and leadership Patient and Clinician education and communication, including in the area of shared decision making Projects related to new models of care Fartors which will help to attract funding include.. Sustainability, both in terms of the project itself li.e. the ability to provide for future operating costs etc} and the organisation backing it (i.e. that standards of care, finance and the backing of leadership are appropriate) A positive "business case- where benefits or savings will exceed the investment of the project costs A planned pathway from 'proof of concept- to implementation in collaboration with and participation of potential users,. this may require the actual or possible future alignment with the strategy of the NHS or other umbrella organisation Measurable benefits to patients and a commitment to provide this information to the Charity after implementation The charity is less likely to fund.. Basic scientific research unless related to medical education The -on-costs" of infrastructure projects {maintenance, refurbishment, replacement, and salaries other than for directly relating to project management) Undergraduate education (although consideration might be given to innovative proposals from new medical schools) Projects in vulnerable institutions unless these are part of an agreed turn-around process The board of Directors have paid due regards to guidance issued by the Charity Cotnmission on public benefit. The impact of the Covid 19 Pandemic on the health sector has been widely reported. A consequence of this has been a delay in implementation of projects already approved, and a decline in grant applications, resulting in an increase in the cash holding by the charity. Despite this the Charity has received a number of applications and have made the following awards. The Charity has paid out two significant awards during the year in excess of £lOO,000, these being to- The Royal College of Obstetricians and Gynaecologists for the construction of a modern audio visual system lor digital studio) to enhance the learning experience. The Faculty of Medical Leadership and Management to develop a best practice guide. The Charity made a number of offers during the year induding to Walsall Healthcare Trust for an emergency and acute care simulation facility for £250,000 and to Kings College London for £83,000 for a study into GA.. 5134938 1
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 DINWOODIE CHARITABLE COMPANY Registered Charity No 1151139 why postgraduate GP training prartises provide better care than non-training practises. Subsequent to the year end a further award was made to The Royal College of Paediatrics and Child Health for £151,000 for their-Thrive" project, looking at wellbeing. Financial review and investment policy: The Charity has the benefit of income from its existing assets and the Directors are seeking additional sources of income that would enable them to extend the level of grants made. This review is based on figures for the year ended 31" March 2022 with comparisons with the year to 31, March 2021. The Charity's existing assets fall into three main categories:" Investment Properties freehold land in Staffordshire with major mineral rights from a bequest made by the Dinwoodie family A managed portfolio of investments Cash The Directors. responsibilities with regard to each are outlined below. The Directors meet annually in Staffordshire with their mineral agents and their tenants as appropriate. i) Property Information DCC'S freehold land is tenanted by Tarmac Ltd- a CRH company ("TM") under terms of a 40 year lease expiring 30 June 2030. The quarry extracts in the Sherwood Sandstone group which is part of one of the largest sand and gravel mineral deposits in Europe. TM excavates the minerals under a permission from Staffordshire County Council ("SCC-l. The current permission, which expires on 30 November 2023, covers an area of Croxden Quarry comprising DCC land {excluding Coneydale Farm) and adjoining land owned by TM. DCC is party to the Section 106 Agreement of 2014, a conditional part of the SCC permit, which sets out the restoration obligations of TM within the Quarry. An application submitted by TM in 2020 will allow the extraction of additional Charity mineral when permitted but will not extend the expiry date of 30 November 2023. Tarmac has confirmed that its application to work the Northern Extension will also seek to amend the expiry date. The lease provides for an extension to the 40 year term should TM determine that mineral reserves still remain. The freehold land is formally valued every 5 years, based principally on potential royalty entitlements from the remaining reserves as estimated by TM. The latest valuation was as at 31, March 2022, when the DCC'S mineral agents valued the Croxden Quarry freehold at £3,900,000. This has resulted in a large uplift in the balance sheet value. Coneydale Farm's valuation has been left at £610,000. The Croxden valuation took into account the expected remaining life of the quarry including the various extensions, planning permissions and the Mineral Local Plan. ii) Croxden Quarry Rent and Royalties Under the terms of the Croxden Lease, royalties are payable on mineral tonnes sold during each year to 30 June. Minerals are currently being extracted from land owned by TM and DCC. Royalties on minerals extracted from the Charity's freehold land are higher than those payable on extractions from the TM land. There is provision for an annual guaranteed rent payment based on sales of 500k tonnes and for royalty payments on sales above that level. Certain Rent, the name given to the annual guaranteed rent payment, 15 payable in advance on I, Julyi and is subject to annual indexation based on the Retail Price Index 'RPI"l. The tenant has to provide details of its sales at the end of each calendar quarter. Payment of any royalties on accumulated sales in excess of the Certain Rent are due in the following month. GA.. 5134938 1
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 DINWOODIE CHARITABLE COMPANY Registered Charity No 1151139 The Certain Rent effertive I, July 2021 was £299,000 (2020 - £289,421). Despite the Covid 19 Pandemic, Tarmac have continued to operate from the quarry and sales in the year ended 30, June 2022 remained above 500K tonnes albeit a reduction from last year. Shortfalls can be recovered from any royalties due over and above the Certain Rent in the 3 years following their occurrence. DLJe to the tonnage being in excess of 500k tonnes in each of the past three years and that some DCC material has been extracted during the year the notional royalties attributable to shortfalls was eliminated in 2017118 and additional royalties above the Certain Rent have been received. The Croxden Quarry has been depreciated as a wasting asset by reference to sales in the financial year and the last formal valuation. However, following the recent external valuation, the value has now been written back up. iii) Coneydale Farm Lease Coneydale Farm has potential reserves for future gravel extraction. It is currently occupied by a tenant who manages it as a 100 acre mixed livestock and cereal farm. The Charity pays insurance and any landlord repair costs. The current annual rent of £8,000 is payable in half yeady instalments in arrears in March and September. Rents may be subject to a review every three years- subject to one year's prior notice. The last review was effective from March 2017. No rent review has occurred in the current year as The Charity and tenants are in the progress of negotiating a revised lease. There are no restrictions on the Charity's power to invest. The portfolio is managed on a discretionary basis by Atomos (formerly Sanlam Private Investments {UKI Ltd) for a monthly fee based on the value of the portfolio. Under the management agreement no commissions are charged on purchases and sales of investments. The portfolio is almost exclusively invested in equities, directly or indirectly via collective fund vehicles. The investment policy agreed by the Directors, which is reviewed annually¢ is one of capital growth with a moderate level of risk. The Charity accepts a 5 year investment horizon in keeping with the medium to long term nature of equity investment. An appropriate benchmark has been agreed with the investment managers for measuring the performance of the portfolio. Direttors determine an annual budget for income from the portfolio at their autumn meeting following consultation with the investment manager. In addition to a valuation at the end of the financial year, the investment manager provides the Directors with a valuation and formal review every six months as at the end of June and December, with three month summary reports in the intervening periods. The half yearfy reports are considered at the half yearly Directors, meetings. At 31. March 2022 the portfolio of investments based on middle market had a value of £2,328k (2021 £2,286kl. The capital value of the portfolio thus increased in the financial year by £42k12021- £484kl. The portfolio produced investment income, net of tax, for the year to 31, March 2022 of £36k 12021- £36k). This represented an overall yield of 1.54D/o 12021_ 1.76010) based on the mean value of investments at the beginning and end of the financial year. Changes in cash levels are largely dictated by the incidence of charitable grant payments. The cash balance at 31, March 2022 was £1,588,742 compared with £1,217, 178 a year earfier, a rise of £371,564. The cash funds are under the supervision of the Charity's administrator5, the Trust Department of its solicitors. They advise on the placement of the cash at appropriate interest rates. Organisation The Directors also act as Trustees of the Charity. Since the activation of the Trust in 1971, the Trustees have been drawn from qualified professional and medical backgrounds. When a vacancy occurs individuals are approached to offer thetnselves for election. The composition of the Board is diverse and set to mirror GA.. 5134938 1
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 DINWOODIE CHARITABLE COMPANY Registered Charity No 1151139 the needs of the Charity and consists of individuals with skills in either the medical, financial, or mineral extraction sectors. Prospective Directors are given an induction and taken on a tour of the Charity's property assets, Croxden Quarry and Coneydale Farm, meet informally some or all of the Directors and attend at least one Board Meeting before election. Formal Dirertors, meetings take place regularfy twice a year, in the Spring and Autumn, and otherwise as appropriate to review grant applications. The Directors maintain contact with each other between meetings as necessary. The annual meeting, held before the Autumn Dirertors. meeting, takes place on site at Croxden Quarry, the principal source of the Charity's income. Active management of the Charity's affairs is delegated to a part time Managing Trustee who is remunerated on an houdy basis. The responsibilities include, inter alia, liaison with and review of the artivities of the professional advisors managing the Charity's assets, approval of expenditure, formalising the terms of charitable grants, and overseeing charitable and corporate governance. A sub-group composed of the Directors with medical qualifications initially evaluate grant applications made to the Charity. Visits are arranged to sites potentially qualifying for support and then, if appropriate, a written commitment made setting out the agreed conditions induding any time limits. Information with regard to Related Parties is disclosed in Note 115] to the Accounts for the year ended 31 March 2022. Reserves policy: It is the policy of the Charity to maintain sufficient cash funds to meet its anticipated expenditure on charitable grants. Operating expenditure is kept to a minimum to maximise our income being used for charitable activities. Risk management: The Directors have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The Charity has in place insurance cover up to £2million, through Hiscox Insurance Company Limited, in respect of Trustees and Individual Liability Professional Legal Liability Future Plans The Directors plan to continue to recycle cash funds, in excess of the Charity's requirements to meet charitable commitments and its reserves policy* into further Charitable Grants in accordance with its grant making policy. As noted previously the Directors would be open to receiving additional bequests from the public to enable it to expand the level of grants awarded. Directors. responsibilities in relation to the financial statements and audit disclosure: Law applicable to charities in England and Wales requires the Trustees, who are also Directors of DCC for the purposes of company law, to prepare financial statements for each financial period which give a true and fair view of the Charity's financial activities during the period and of its financial position at the end of the period. In preparing those financial statements, the Directors are required to.. select suitable accounting policies and then apply them consistentlyi make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disdosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in busine55- and observe the methods and principles in the Charities SORP. The Directors are responsible for ensuring that accounting records are kept which disclose with reasonable GA.. 5134938 1
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 DINWOODIE CHARITABLE COMPANY Registered Charity No 1151139 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 and the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the dirertors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the aLJditors are aware of such information. l.m. Goalen R.J.Miner 12 December 2022 Dated GA.. 5134938 1
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 Page 7 DINWOODIE CHARITABLE COMPANY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF DINWOODIE CHARITABLE COMPANY Opinion We have audited the financial statetllents of the Dinwoodie Charit8kle Company (the 'thaiity'l for the year ended 31 March 2022 which comprise the statement ol financial activities, the balance sheet and the notes to the financial statements, induding 8 summ8ry of significant accounting policies. The financial reporting fr8rnework th8t has be&n applied In their preparation is applicable law and United Kingdom Accounting Standaid5, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion, the finanaal statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resourtss and application of resources, for the ye8r then ended.. have been propedy prepared in accordance wlh United Kingdorn Generally Accepted Ac£ounting Practice,. and have been prepared in accordan with the requirements of the Companies Act 200S. Basis for opinion We conducted our 8udil in accordance with Intein8tion81 Stand8rds on Auditing {UKI IISAS IUKII 8nd 8pplicable 18W. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the accounts section of our report. We are independent of the charity In accoidants with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is SUffient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conduded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identrfied any material unrtaIntieS relating lo events or conditions that. individually or collectively, may cast significant doubt on the charity's ability lo continue as a going concern for a period of at least twelve months frorn when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going conrn are described in the relevant sections of this report. Other InfomiatSon The other infortnation cotnprises the infoitnation induded in the annual report other than the financi81 statements and our auditorfs port thereon. The Trustees are responsitAe for the other inlomation contained within the annual repotL OLJr opinion on the financia statements does not cover the othei information and we do not express any form of assurance condu510n thereon. Our responsibility 15 to read the other infoiThation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the couise ol the audit, or otherwise appears to be materially misstated. 11 we identify such material inconsistencies or apparent material misstatements, we are required to detemine whether this gives rise to a material misststement in the financial sktements themselves. If, based on the work we have performed, we condude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 Page 8 DINWOODIE CHARITABLE COMPANY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF DINWOODIE CHARITABLE COMPANY Matters on whieh we art required to report by exeèption We have nothing lo report in respect of the following matters in relation lo which the Charities (Accounts and Reports) Regulations 2008 require us to report to you il, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, ieport.. or SLrfficienl accounting record5 have not been kept.. or the financial slalernenls are not in agreement with the aocounting records.. or we have not reiVed all Ihe information and exFlanations we require for our audiL Re8ponsibilitie8 of trustees As explained more lully in the statement of trustees, responsibilities, the trustees are responsible for the preparation of the financial st8temenls and for being satisfied that they give a Iiue and fair view, and for such inlemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material mis5tatetnent, whether du8 to fraud or errol. In preparing the financial statemellts, the trustees are responsible for assessing the charity's ability tts continue as 8 going concern. disdosing, as appICale, matters related to going Conrn and using the going concem basis of accounting unless the trustees either intend to ase operations, or have no realistic alternative but to do so. Auditorfs SponSibl11t1eS for the audit of the financial statements We have been appointed as auditor5 under section 145 of the Chaiities Act 2011 and report in accordance with the Act and relevant regulations made under section 154 01 that Act. Our objectives are to obtain reasonable assurance about whether the financia statements as a whole are free from material misslalernenl. whether due lo fraud or error. and lo issue an auditor's report that indudes our opinion. Reasonable assurance is a high level ol assurance, but is not a guarantee that an audit conducted in accordance th ISAS IUKI will always detect a material misstatement when rft exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Identification and assessment of irregularitie5 including fraud Irregularities, induding fraud, are instances of n0ComplIance with laws and regLAations. We designed procedures in line with our responsibilities, oudined above, to detect material misstatements in respect of irregularities, induding fraud. The extent to which our procedures were capable of detecting irregularities, induding fraud is detailed below.. we focused on specific laws and regulations which we considered may have a direct rnaterial effect on the finanaal statements or the operations of the association. induding The Companie5 Act 2006. we obtained an understanding of the leg81 and regulatory framework applicable to the entity and how the enlily is cornplying with that framewoik by making appropriate enquiries of m8nagernenl 85 well as considering the inlemal controls In place lo mitigate risks of fr8ud and normlance with18WS and regulations.. we Tnade enquiiies of those charged with goveinance and managetnent concerning.. the risks ol fraud., instances ol n0cOMpliance with laws and regulations or knoedge of actual, suspected, or alleged fraud is documented during the period., we allocated an engagement team that we considered collectively had the appropriate competence and capabilities to identify or recognise nortrcompliance with laws and regLAations. Audit re8ponse to the risk of irregularitie8 including fraud Based on the resLAts of our risk assessment, our procedures induded. but were not limited to.. performing analyti procedures lo identify any unusual or unexpeded relationship5. evalu8ting whether the selection and application of accounting pdicies by the entity that may be indicative of fraudulent financial reporting resulting from rnanagement'5 efft>rt to manage earnings. assessing whether iudg8Tnents and as5LJmptions rnade in detertnining the accounting estirnate5 set out in not8 2 were indicative of potentia bias. agreeing financial statement disclosures to undedying supporting documentation. GA.. 6672023 1
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 Page 9 DINWOODIE CHARITABLE COMPANY INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF DINWOODIE CHARITABLE COMPANY reading the minutes of meetings of those charged with governance. reviewing the correspondence wth relevant regulatory bodies. testing of joumal entries lo address the risk of fr8ud through managernenl override. incorporating an element of unpredictability IN the selection of the nature, timing, and extent of our audit procedures. orroboraling the business rationale for transactions outside the noirnal course of business. Concluslons regardlng the rlsks of Irregularltles Includlng fraud There are Inherent limitations in our audit procedLJres described above. Th8 rnor8 rernoved that law5 and 18gul8b.ons ar from financial transaction5, the less likdy it is that we would become aware of non-compliance. Materisl misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. We considered our audit was capable of detecting itregLJlarities due to". the effectiveness of the entity's internal controls., the nature, timing and extent of audit procedures performed,. and the absence of contradictory evidenc& A further description of our responsibilities lor the audit of the finanual statements is located on the Financial Reporting Council's website al. hllp'.Ilwww.frc.oig.uklaudilorsresponsibililies. This description forms part of our auditorfs report. Use of our rèport This report is made solely to the charity's trustees, as a body, in accordance wth part 4 of the Charities IAccounts and Report51 RegLAations 2008. Our audit work ha5 been undertaken so that we Tnight state to the charity's trustees those m8tters we are required to slate to Iherll in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the chaiity and the charity'5 trustees as a body. for our audit work. for this report. or for the opinions we have forrned. Claire Norwood Bsc FCA ATII (Senior Statutory Auditor) for an Pn behalf of Jones Avens Limited 1311212022 Chartered Accountants Statutory Audltor Piper House 4 Dukes Court Bognor Road Chichester West Sussex P0198FX Jones Avens Limited is eligible for appointment as auditor of the charity by virtue of its eligibility lor appointment as auditor of a company undei of section 1212 of the Companie5 Act 2006 GA.. 6672023 1
112 fj"j l-
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 NW DIE CHAFaTABLE C MPA Includin Income and Ex enditure Account INCOME & EXPENUTLIRE In¢Dmlng Resources Inve$iment$ 627,934 906,984 Total Incoming Resource5 627,934 01,984 Re$ource$ oxpgnded Raising funds 116,3131 117.4341 CharitaL4e Activilres Total Resources Expended 121S,4171 1231,730 1230.0501 1247.4841 Net 9ainsllltresI on investments Reslised gainslO¢ssesl on disposal of flxed Sssel Investments GainsllLossesl on revaluation of fixed asset investments F8irV8lue adiusimenl on Investment Property GainsllL05sesl on revaluation of fixed asset property Foreign Exchange adiuslment Ngt incomgllexpgndiiurel 122,4161 38,759 303,258 153,330 1400.0001 2,890,000 524 715,564 3,302,547 B8lan¢è brou9ht forward Fund Balan¢8 5,032,439 8,334,986 4.316,875 5.032,439 The Charity h85 no recognised gains orlosses olher than those dealt with In the Slalemenl of Fin8nci4 Activities. The notes on pages 12 10 17 form part of these accounts. The slalemenl of financi4 actsvilEs Jso comtlies wlh the requirements for an income and expenditure aOUnts under the Companies Act 2006
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 DINWOODIE CHARITABLE COMPANY Registered Charity No 1151139 12 Notes to the Accounts for the ear ended 31 March 2022 1 ACCOUNTING POLICIES The Dinwoodie Charitable Company is an incorFX)rated charity, limited by guarantee, registered in England and Wales. company number 08391977 and charity number 1151139. The registered address is Belmont House, Station Way, Crawley, West Sussex, RH10 1JA. 1.1 ACCOUNTING CONVENTION These accounts have been prepared in accordance with "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, Companies Act 2006 and UK Generally Accepted Accounting Poctice as il applies from 1 January 2019. The charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial stslements are rounded lo the nearest £. The accounts have been prepared on the historical cost convention modified for the revaluation of investments. The principal accounting policies adopted are set out below. The charity has taken advantage of the provision in the SORP for charities applying FRS102 Update Bulletin 1 not lo prepare a Statement of Cashflows. 1.2 GOING CONCERN At the lime of approving the accounts, the Iruslees have reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Iruslees, continue lo adopt the going concern basis of accounting in preparation of the accounts. 1.3 CHARITABLE FUNDS & FUND ACCOUNTING Unrestricted funds are available for use al the discretion of the Iruslees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Incoming Resources Incoming resources includes investment income, which is recognised when the charity has a legal right to the income. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the fair value al the beginning of the reporting period of the asset, and is recognised in net incomellexpenditurel for the year. 1.4 INVESTMENTS AND INVESTMENT INCOME All investments are staled al fair value and the movement shown comprises both realised and unrealised gains and losses. Realised gains or losses arising on the disposal of investments Ilogether with provisions for diminution in value), are credited or debited to the Statement of Financial Activities, and subsequently transferred lo Unrestricted Funds. Investment properties are ststed at fair value al each balance sheet date with any change in fair value being reported through the income and expenditure account. Independent professional valuations are carried out as often as deemed appropriate by the directors lo ensure that the asset is recorded at fair value. The properties were last valued by independent professionals at 31 March 2022. The Directors carry out a calculation each year to reflect the wasting asset lo ensure that it is carried al fair value. 1.5 ROYALTY INCOME The investment land al Croxden Quarry is tenanted by Lafarge Tarmac Limited under an agreement dated 16 November 1990. The tenancy terms provide for a royally on every tonne of mineral extracted from within the GA.. 5134938 1
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 DINWOODIE CHARITABLE COMPANY Registered Charity No 1151139 13 Quarry but with a minimum annual prepayment, referred lo as 'certain rent" equal to the royalties due on the first 500,000 tonnes. The Certain Rent Is due on 1 July each year. Royalties are adjustsble upwards annually lo match any increase in the Retail Price Index. Royalties are computed on sale, that is minerals taken out of the Quarry. When the total of royalties earned exceed the Certain Rent, the additional royalties are determined quarterly and payable in the following month. If the total of royalties earned falls short of the Certain Rent. the shortfall is offset against additional royalties payable in the subsequent three years. In the year lo 30 June 2022, there was no shortfall. The amount carried forward in respect of shortfalls in the previous years tolalled nil. The Certain Rent is credited lo the Statement of Financial Activities when received. Any subsequent Royalty inslalments are treated on an accrual basis and are recognised in the accounts when they become receivable. 1.6 CHARITABLE ACTIVITIES The cost of charitable activities consists of grants made. A grant towards a poslgraduale medical centre project is charged fully lo expenditure in the accounting year of the project commencement A grant on a project which has not commenced before the accounting year end is included as a commitment. Grants in respect of research fellowships are charged in the accounting period in which they accrue. 1.7 COST OF GENERATING FUNDS The cost of generating funds consists of investment management fees and mineral agents, fees. 1.8 GOVERNANCE COSTS Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with other overhead and support costs. 1.9 CASH AND CASH EQUIVALENTS Cash and cash equivalents indude deposits held al call with banks. 1.10 FINANCIAL INSTRUMENTS The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments" and section 12 'Other Financial Instruments Issues" of FRS 102 to all of ils financial inslrumenls. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the conlraclual provisions of the instrument Financial assets and liabilities are offset, wth the nel amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simultsneously. Basic financial assets Basic financial assets, which includes debtors and cash and bank balances, are initially measured al transaction pri 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. Financial assets classified as receivable within one year are not amortised. Investments are values al fair value through income and expenditure. Impaimient of financial assets Financial assets, other than those held at fair value through income and expenditure, are assessed for Indicators of Impairment al each reporting date. Financial assets are impaired where there is objective GA.. 5134938 1
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 DINWOODIE CHARITABLE COMPANY Registered Charity No 1151139 14 evidence that, as a result one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted al the asset's original effective interest rate. The impairment loss is recognised in net incomellexpenditurel for the year. If there is a decrease in the impairment loss arising from an event occurring after the impairment was cognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment previously been recognised. The impairment revers81 is recognised in net incomellexpenditurel for the year. Basic financial liabilities Basic financial liabilities: including trade and other payables, are initially recognised st transaction price unless the arrangement conslitules a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted al a market rate of interest. Debt instruments are subsequendy carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classed as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade payables are recognised initially at transaction pri and subsequendy measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's conlraclual obligations expire or are discharged or cancelled. 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charity's accounting policies, the Iruslees 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 undedying 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 affects only that period, or in the period of the revision and futLJre periods where the revision affects both current and future periods. Key Sources of Estimation Uncertainty Fair value measurements Certain assets are measured al fair value with gains and losses being recognised in the statement of financial activity. In estimating the fair value of those assets, the charity uses third party qualified valuers and other valuation techniques. GA.. 5134938 1
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 15 DINWOODIE CHARITABLE COMPANY Re istered Chari No.1151139 un end st March 202 3 FIXED ASSET- INVESTMENT PROPERTIES The Croxden Qu8rry was valued 8t existing use value as at 31 March 2022 by H8lletec Environmental Ltd. Chartered Surveyors at £3.900,000. The directors are ol the opinion that this reflects the lair value ol the property al that dal& Coneydale Fann was not valued at that date but the d1CtOrS consider that the farm is still relelctive ol it's fair value at £610,000. The Quarry encompasses freehold land owned by the Charity and adjoining land owned by Tarmac, which benefit frorn a cuiient Oanning permission allowng mineral extraction. The Croxden Quarry valuation was based on potential royalty entidetnents from the miner81 reserves remaining In the Quairy as estimated by TaimaG Valuation As at 1 April 2021 U8 1,010,000 610,000 1,820,000 Fair Value Adjustment Unrealised Gain 2.890.000 2.890.000 Fair v8lue carried forward 3.900.000 610.000 4.510.000 4 FIXED ASSET- INVESTMENTS Isummary of page8 18 to 271 Quoted investments Market value 1 st April 2.286.146 1,802,019 Additions at cost IncreasellDecreasel on portfdio cash Disposals Net G8inllLoss1 unrealised 1,443,936 1112.6481 11.328.237) 38.759 2,327,956 £ 2,401,794 157,5641 12.013 4331 153,330 2,286,148 Investments Cash held in portf(Aio for reinvestment 2.292.504 35.452 2,327,956 £ 2.138.046 148.100 2,286, 148 Historic cost 2,188,790 £ 2,004,598 The lollowng investments represents greater than ol the portfolio by market value 500 Xtrackeis ple Russell 2000 UCITS 2,050 ishaies MSCI North Americ 113,830 112.063 S. FINANCIAL INSTRUMENTS Carr in amount ol financial assets Quoted investments measured at fair value £2,327.95612021.' £2.286.1461 Investment properties measured at fair value 24,510,00012021. £1,620,000) 6 DEBTORS other debtors Croxden Rentslcommission -WaOeave - H M Rev8nue & Custotns Prepaid Insurance Croxden Licern Fee Forestry land at Croxden Coneydale Farm Dividends due 66 165 318 87,452 267 142,076 350 4,000 4,000 937 92,938 £ 146,845
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 16 istered Chari No.115113 Notes to the Accounts for the ear ended 31$t March 2022 7 CASH Bank Accounts Interest bearing deposit accounts 1,588,742 1,217,178 8 CREDITORS Other creditors Trust Administration lees Managing Trustee Remuneration - Trustee Expenses Audit fees Leg81 Fees Mineral & Land Agent. Normal Valuationlother 4,000 7,362 183 1.980 8,995 2,115 4,000 8,288 1.900 1,000 1,410 2,350 Sanlam UK Limited Royal College ol Physicians Royal College of Surgeon5- Oxfoid Univer51ty - Wodd Cancer Research Fund Faculty of Medical Leadership & Management Sandwell & B'ham Roya College ol Paediatrics & Child Healthcare Royal Collecge of Obstetrics & Gynaecology Faculty of Ph8trnaceub"c31 Medicine 2,239 21.439 4.342 60,000 33,000 13,640 20,500 75,000 72.300 237,730 17,237 59.100 184,650 £ 9 INVESTMENT INCOME Dividend income from listed investments Ineti Net Cash received Recoverable Tax Gross bank and other interest Gross rents re Coneydale Farm (net ol expenses) Forestry land at Croxden Gros5 Royalty Income frotn land at Croxd8n Inote 1.51 Gross W8yleave incorne 35.939 79 1,834 35.914 138 7,103 700 582.213 66 627.934 £ 7,315 700 862.765 906,984 10 RAISING FUNDS Mineral Agents. fees - W8rdell Armstrong, Quarry and Farm management - John Pears Cresbmood Environmental Bagshaws Investment management fees S8nlatn UK Litnited 1.800 4,810 948 1,032 5,915 972 9.426 16,313 £ 8.844 17,434
DoGuSvJn Envelope ID". 52B7F154-E273497&9F89-9AA6052116B5 17 WOODIE CHARITABLE COMPANY 15tered Chari No.115113 Notes to the Accounts for the ear ended 31st March 2022 11 CHARITABLE ACTIVITIES Grants payable (note 131 181,218 196,998 Share ol Govemance Cost (note 121 34,199 215.417 33,052 230 050 12 GOVERNANCE COSTS IINCL VAT) L8gal and profes510nal fees Trust Administr8tion Legal Auditors charges Under lover) provided prior years Trustees Costs Directois Remuner8tion Directors Expenses Directors Insuran Information Commisioner 13,093 8,995 1,980 80 12.720 8,442 1,900 141 14 14 7.362 978 1,671 40 34.199 £ 8.288 519 1,147 40 33.052 An31y58d b8twe&n ch8ritatA& activities 34.199 33.052 All support and goverance costs are allocated to the charitale activity of grant making 13 GRANTS PAYABLE Research Fellowships Royal College of Surgeons- Oxford University 36,251 29,198 Post Graduate Medical Centres Faculty ol Medical Leadership & Managernent Sandwell & 8'ham Roy7J College of Paediatrics & Child Heavthcaie Roy81 College of Obstetric5 & Gyn8ecdogy Faculty ol Pharmaceutical Medicine 136,870 113.6401 13.2631 25.000 20.500 75.000 72,300 196,998 181.218 £ 14 DIRECTORS REMUNERATION AND EXPENSES The charges of £7.36212021 £8,288) for18n Goalen, as M8naging Trustee, are reviewed annu811y at Directors meetings. The total amount of Director expenses during the year was £97812021 £5191. Expenses are paid primarity to reimburse the 01CtOrS for their expenses lor attending Company meetings and the opening ol projects supported by DCC. Three12021'.21 D1CtorS were reimbursed. 15 TRANSACnONS VIITH RELATED PARTIES John Pe8rs Is the proprietor of J D Pear5 Mineral Consultants who have 8Cted 35 the Charity's miner4 8gents since June 2020. The fees payatle to J D Pears Miner81 Con5ultant5 amount to £5,91512021. £4.8101 16 EMPLOYEES There were no employees during the year12021 nill 17 FINANCIAL COMMITMENTS At the balanTr sheet date there were no grant commitments that haven't been acciued In the fin8ncial statetnents, ielating to projeGt5 that hadn't commentrd by the year end.
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