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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

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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

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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.
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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
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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.
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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
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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
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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
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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 SUffi￿ent 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 un￿rtaIntieS 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 con￿rn 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.

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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 re￿iVed 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 app￿ICal￿e, matters related to going Con￿rn 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 n0￿ComplIance 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 nor￿m￿lance with18WS and regulations..
we Tnade enquiiies of those charged with goveinance and managetnent concerning..
the risks ol fraud.,
instances ol n0￿cOMpliance with laws and regulations or kno￿edge 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.
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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
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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 9ainsllltr￿esI 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 a￿OUnts under the
Companies Act 2006

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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
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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
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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.
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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 d1￿CtOrS 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 charital￿e 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 01￿CtOrS for their expenses lor attending Company meetings and the opening ol projects
supported by DCC. Three12021'.21 D1￿CtorS 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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