DDcuSign EnvBlope ID.. 15183DDB-DBOC48B2-A217-FT32131F0257
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Docuslgn Envelope ID". 1s183DD8-D8L￿48B2-A217-F732131F02S7
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DocuSYJn Envelope ID= 15183DD&DBOC4882-A217-F732131F0257
DINWOODIE CHARITABLE COMPANY
Registered Charity No 1151139
DIRECTORS, REPORT
For the year ended 31# March 2023
Full name of Charity:
Dinwoodie Charitable Company
Nature of governlng document.
Memorandum and Articles of Association dated 7 February 2013
Company Number:
Directors:
08391977
lan Michael Goalen FCA (Chairman)
Richard Manning Arkle FCA (retired 23 September 2022)
Dr Patrick Cadigan FRCP, FRCPI, FRCEM, FFLFM (retired 23
September 2022}
Elizabeth Ann Hughes MBE FRCP
Jtshn Pears FRICS, FIMMM, CEngi FIQ
Rid)ard John Miner FCA (appointed S April 2022)
Christine Plall MB ChB, FRCS, Chm (appointed 23 September 2022)
Registered Office:
clo frwin Mitchell LLP, Rlverside East, 2 Millsands, Sheffield, South
YC>rkshi￿, S3 8DT
Banker:
Barclays Bank Plc, 74175 East Street Chichester, West Sussex, P019
IH
Solicitors..
Knights, The Brampton, Newcastle-Under-Lyme, Staffordshire, ST5
OQN
Irwln Mitchell LLP, Rlverslde East, 2 Millsands. Sheffield, South
Yorkshire, S3 8DT
Audltors:
Sumer Audlt, Piper House, 4 Dukes Court, Bognor Road, Chichester,
West Sussex P019 8 FX
Investment Managers:
Quilter Cheviot, Two Snowhill, 8irmingham, 84 6GA
Mineral Agent:
John D Pears, Mineral Consultant, Brelades, Peacock Lane,
Hanchurch, Stoke on Trent, ST4 8ZR
Operating Restrictions:
Charltable objects arording to the Law of England
Specific investmont powers:
Wide unrestricted power5 a￿ given to the Directors
Dinwoodie Charitable Cornpany ["DCC") is a company limited by guarantee. It commenced charitable
activities on 5th April 2013, tsking over the actlvlties from the Dinwoodie 1968 Settlement, a reglstered
charitable Trust (number 255495).
NDne of the DireLtor5 has any beneficial interest in the company. All dirertors are members of the company
and guarantee to contribute £1 in the event of a winding up.
Charity Govèrnance Code
The directors a￿ mindful of the seven principles of the Charity Governan￿ Code and set out In the
following paragraphs the approach adopted by the Dlrectors in running the Charity. Further informaknon
relatlng to the Charity may be found on the website www.dinw
odiechari
GA.. 5134928 1

Docusign En¥elope ID". 1S183DD8-DBOc4BB2￿17-F732131FQ?57
DINWOODIE CHARITABLE COMPANY
Registered Charity No 1151139
Grant maklng policv:
The Directors endeavour to be pro-active in pursuing the principal objective of the Charity whlch is to
improve the provision of medlcal and healthcare education and trainlng.
More specifically the Directors have looked to encourage the further education of doctors and thelr teams
and by funding ￿searCh into novel education technlques and strategles.
Whlle many of our suc￿Ssful collaborations have involved the provision of educatlonal
nfrastructure, we are keen to Interpret our alms flexibly and to SLJPPOrt innovatlve projects that
address gaps in edLJcatlon or approaches to patient care that do not yet Bttract mainstrearn funding
and that we identify as potential best practlce for the future. Project5 should be seen as potentially
scaleable at regional, national or Internatiorial level, wlth patient benefit as a likely outcome.
Funding wlll normally be on a matched basls to demonstrate commitment from the organisatlon
applylng. Our contributlons are typlcally in the range of E50,000 to £lm.
Our current prlorities 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 medlcal professlonallsm and leadershlp
Patient anif Clinician education and communication, includlng in the area of shared declsion making
Projects related to new models of care
Factors which wlll help to attract funding Include:
Sustainability, both in terrns of the project itself {l.e. the ablllty to provide for future operatlng costs
etcl and the organisation backing It11.e. that standards of care, flnance and the backlng of
leadership are approprlatel
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 potentlal users,. thi5 may requlre the actual or posslble future allgnment with the
strategy of the NHS or other umbrella organisation
Measurable beneffits to patients and a commitment to provide this information to the Charity after
mplementatlon
The charity is less likely to fund:
Baslc sclentific research unless related to medical educatlon
The "on~costs" of infrastructure projects (maintenance, refurblshment, replacement, and salarie5
other than for directly relating to project management)
Undergraduate educatlon lalthough consideration mlght be glven to innovative proposa15 from new
medical schools)
Projects In vulnerable institutions unless these are part of an agreed turn-around proce55
The board of Dlrectors have paid due regards to guidan￿ Issued by the Charity Commission on public
benefit.
nt G ant Awards
The impart of the Covld 19 Pandernic 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 appllcations,
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 followbng awards.
No award5 in exces5 of £IOO,000 were pald out durlng the year.
In January 2023, the Charlty reaffirmed an offer made durlng the previou5 year to Walsall Healthcare Trust
for an emergency and acute care simulation facility for £250,000, to The Royal College of Paedlatrits and
GA.. 5134938 1

DowSl9n Envelope ID.. 15183DD&D80C48B2-A217-F732131F0257
DINWOODIE CHARrrABLE COMPANY
Registered Charity No 1151159
Chlld Health for £151,000 for their"Thrive' project, looking at wellbeing and to East Lancashire NHS Trust
for equipment as part of a simulation facillty for £272,000.
Subsequent to the year end further awards were made to Cicely Saunders Internatlonal for £509,000 and
the University of Hertfordshire for £258,000.
Financial review and investment policy:
The Charity has the benefit of income from its existing assets and the Dlrectors are seeking additional
sources of income that would enable them to extend the level of grants made.
This review is based on flgures for the year ended 31st March 2023 with comparlsons with the year to 31st
March 2022.
The Charity's existing assets fall into three maln categories.'_
Investment Properties
fréehold land in Staffordshire with major mineral rights from
bequest made by the Dinwoodie family
A managed portfolio of investments
Cash
The Directors, responsibilities with ￿gard ¢0 each are outlined below.
Investment Pro
erties
The Dirertors meet annually in Stsffordshlre wlth thelr 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 dep051ts in Europe. TM excavates the minerals under a permission from
staffordshire County Cckuncil C'5CC'?. A consolidating Section 106 Agreement was signed on 23 August
2023 and which included work in the Northern Extension. The current permi55ion therefore ￿ver5 an erea
of Croxden Quarry comprising DCC land (excluding Coneydale Farml and adjoining land owned by TM. A
conditional part of the SCC permlt sets out the ￿stOr3bOn obllgatlons of TM wlthin the Quary.
The lease provides for an extension to the 40 year term should TM detemine that mineral reserves still
remain.
The f￿ehOld land is formally valued every 5 years, based princlpally on potentlal royalty entltlements from
the remaining re5errfes as estimated by TM. The latest formal valuation was as at 31SI March 2022, when
the Dcc's mineral agents valued the Croxden Quarry freehold at £3,900,000. This resulted in a large uplift
in the balancc sheet valuc. Howevcr, thcre has been an interim valuation of the Croxdon Quarry as at 31
tQarch 2023 done by Halletec Environmental Limited, which ￿Ulted in a large fall in the balance sheet
value. Coneydale Farm's valuation ha5 been left at £610,000.
The Croxden valuations took into acctsunt the expected remaining life of the quarry including the various
extenslons, plannlng permissions and the Mineral Local Plan.
ii) Croxden Quarry Rent and Royalties
Under the tems of the Cmxden Lease, royaltles are payable on minèral tonnes sold during each year to
30th June. Minerals are currently being extracted from land 0￿,ned by TM and DCC. Royalties on minerals
extract& from the Charity's freehold land are hlgher than those payable on extractions fr¢m the TM land.
There is provlsion 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,
is payable tn advan￿ on 151 July* and is subject to annual indexatlon based gn the Retail Price Index
(°RPI?- ThÈ tènant has to provide details of its sales at the end of each calendar quarter. Payment of any
GA.. 5134938 L

Docusign Envelope ID.. 15183DD&D8OC48B2-A217-F732131F0257
DINWOODIE CHARITABLE COMPANY
Registered Charity No 115 1139
royalties on accumulated sales in exc￿5 of the Certain Rent are due in the followlng month.
The Certain Rent effectlve 1st July 2022 was £333,895 (2021 £299,000).
Desplte the Covid 19 Pandemic, Tarmac have continued to operate from the quarry however sales In the
year ended 30th June 2023 reduced to 479k tonnes from 504k tonnes. Shortfa115 can be recovered from any
royalties due over and above the Certaln Rent in the 3 years following their occurren￿.
iii) Coneydale Farm Lease
Coneydale Farm has potential reserves for future gravel extraction. It 15 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 yearly instalments in arrears in March and
September. Rent5 may be subject to a review every three years- subject to one yearfs 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 negotiatlng a revised lease.
Mana
ed Por
D of Invest
There are no restrictions on the Charity's power to Invest. Since the beginnlng of January 2023, the
portfolio has been managed by Quilter Chevlot (who took over from Atomosl on a discretionary basis.
The portfolio is alm05t exclusively invested In equities, directly or indirettly vla collective fund vehicle5. The
Investment policy agreed by the Directors, which Is reviewed annually, is one of capital growth with 8
moderate level of risk. The Charity accepts a 5 year investment horizon in keeping wlth the medlum to long
term nature of equity investment. An appropriate benchmark has been agreed with the investment
managers for measuring the performance of the portfolio. Directors determlne an annual budget for income
from the portfolio at thelr autumn meeting followlng consultation with the investment manager.
In addition to a valuation at the end of the financlal year, the investment manager provldes the Directors
with a valuation and formal revlew every six moTrths as at the end of June and December, with three month
summary reports ill the inteNening period5. The half yearly reports are considered at the half yearly
Directors, meetings.
At 31st March 2023 the portfolio of Investments based on middle market had a value of £2,314k 12022
£2,328k). The capltal value of the portfolio thus decreased in the financial year by g14k {2022
increase
E42kl.
The portfolio prodLJced investment income, net of tax, for the year to 315t Narch 2023 of £51k 12022-
£36kl. This represented an overall yield of 2.210/0 (2022 _ 1.540/0) based on the mean value of investments
at the beginning and end of the financlal year.
Cash
Changes in cash levels are largely dictated by the Incidence of charitsble grant payments. The cash balance
at 315t March 2023 was £2,006,987 compared with £1,588,742 a year earlier, a rise of £418,245.
The cash fund5 are under the supervision of the Charlty's administrators, the Trust Department of its
sollcltors. They advise on the placement of the cash at appropriate interest rates.
Organisation
The Directors also act as Trustees of the Charity. Since the activatlon of the Trust In 1971, the Trustees
have been drawn from qualified profe551onal and medical background5. When a vacancy occurs individua15
are approached to offer themselves for election. The comp051tion of the Board is diverse and set to tnirror
the needs of the Charity and consists of individua15 wlth skllls in elther the medical, finanaal, or mineral
extraction sectors.
Prospective Directors are given an inductlon and taken on a tour of the Charity's property assets, Croxden
QLJarry and Coneydale Farm, meet informally some or all of the Directors 3nd attend at least one Board
Meetlng before electlon.
GA.. 5134938 1

Dowsign Envelope ID: 15183DD8-DBDC48B2-A217-F732131F0257
DINWOODIE CHARITABLE COMPANY
Registered Charity No 1151139
Formal Direttors, meetings take place regularly twi￿ 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 meèting, held before the Autumn Directors. meeting, takes place on site at
Croxden Quarry, the princtpal source of the Charity's income.
Active monagement of the Charltys affairs is delegated to a part tlme Managing Trustee who is
remunerated on an hourly basis. The responsibilities include, inter alia, liaison with and revlew of the
activities of the professional advisors managing the Charity's assets, approval of expenditure, form8lising
th@ terms of charitable grants, and overseeing charitable an￿ corporate governance.
A sub-group cotnposed of the Directors with medlcal qualifications Initially evaluate grant applications made
to the Charity. Visits are arranged to 51tes potentially quallfying for support and then, If appropriate, a
written commltment mède setting out the agreed conditions including any time limits.
Inftirmation with regard to Related Parties Is disclosed In Note 15 to the Accounts for the year ended 31
r¢h 2023.
Reserves policy.
It 15 the poliry of the Charity to maintèÈn sufficient C35h funds to meet Its antlcipated expendEttJ￿ on
charitable grants. Operating expenditure is kept to a minimurn to maximise our Income being used for
charitable activities.
Risk management:
The Direttors hève assessed the major risks to which the charity is exposed, and are satisfied that systems
are in place to rnitigate exposure to the major risks.
The Charity has in pl2¢e insurance Cover up to £2million, through Aviva Insurance Limited, in respect of
Trustees and Individual Liability
Professional Legal Liability
Future Plans
The Dirertors plan to continue to recycle cash funds, in excess of the Charity's requirements to meet
ch3ritablE 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 tD enable it to expand the level of grants awarded.
Directors, responsibilities in relation to the fÈnancial statements and audit disclosure:
Law applicable to charltles in England and WBles requires the Tnjstees, who are also Director5 of DCC for
the purposes of company law, to prepare financial statements for each financial period which give a true
and fair vièw of the Charity's financial artivities during the period and of its financial position at the end of
the period. In preparing those ff nancial statements, the Directors are required to:
select suitable accounting policies and then apply them consi5tentlyj
make judgements and estimates that are reasonable and prudent.
state whether appllcable accounting standards and statements of recommended practice have been
fDllowed subject to any departures disclosed 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 contynue in busines5; and
observe the Fnethods and p￿nCIpleS In the Charlties SORP.
The Directors are responsible for ensuring that accountlng records are kept which disclose with reasonable
accuracy at any time the financial position of the chartty and enable them to ensure that the financi81
statements comply with the Charitie5 Act 2011 and the Companies Act 2006. They are also responsible for
safeguarding the assets of the charity and for tsking rtasonable steps for the prevention and detettion of
fraud and other irregularltles.
Each of the director5 has confirmed that there Is no information of which they are aware whlch Is relevant to
the audit, but of which the auditor is unaware. They have further confirmed that they have taken
appropriate step5 to identify such relevant information and to establish that the auditors are aware of such
GA: 5134938 1

Docusign Envelope ID.. 15183DD8-DBDC48B2-A217-F732131F0257
DINWOODIE CHARITABLE COMPANY
Registered Charlty No 1151139
information.
I.M. Goalen
R.J.Mlner
20 December 2023
Dated
GA: 5134938 1

Dotusign Envelopt ID". 15183DWDBOC48B2-A217.V132131F0257
DINWOODIE CHARITABLE COMPANY
Page 7
INDEPENDENT AUDITORS, REPORT
TO THE TRUSTEES OF DINWOODIE CHARITABLE COMPANY
Opinion
We have audited the finanoal Statements of the Dinwocdie Charitable Company lthe 'charitll for the year ended 31
March 2023 which cornprise the statetTrent of finanu81 8clivib"es, the balance sheet, the ¢ashlow statement and the
note5 to the finan¢ial statetnents, illcluding a summary of significant accounting policie& The finan¢ial reporbng
framework that has been applied in thpir preparation is applicable law snd United ￿ngdoM Accounting Standards,
indudin9 Financial Rèporting Standard 102 The Financial Rèpothng Slandard 8pplic8hle in th8 UK 8nfl Republ￿ of
I￿raIRd (United Kingdom Generally Accepted Accounting Praclicel.
In our opinion. the finan¢ial st*t¢ments'.
give a true fair Mevi of the slate ol the eharity's affsirs 8$ at 31 March 2023 and of its incoming ￿Our￿$
and application of resources, for the year then ended.,
have been properfy pEp3red in sccoidan￿ with United Kingdom Generally Accepted Accounting pract[￿-,
and
have been prepared in accord8nce with the requiremÈnis of the Companies A¢t 2006.
B951s for opinion
Vts condu¢t&d our audit in accordance with Intsrn8tional Standards on Aud((ing IUK) IISAS IUKII applic2blÈ law.
Our responsibilities under those standards are further described in the Auoicorfs rèsponsibilities for the audit of the
8ccounts setlion of Qui report. WE ar8 independent of the charily in auord8nts with the ethic81 tequirements
that are rglovant to our audit Of the ac¢ttunts in the UK. induding the FRC'S Ethl(xl Standard. and we have fuEfiII
our other eth..￿1 responsibilities in awordance w(th these requir&m8nts. We believe that fhe audit ewdence we have
obtained is sufficient and 8pproprlate lo provSde a basis for our opinioll.
Conclusions relating to golng concern
In auditing the fin2ncial statements, we have eoneluded that thé Tru$t8Ès' use of the going COn￿n basis of accounting Tll
the prepsRtion of the fin8nual ststsmenis is appropriate.
Based on the wDrk w8 have performed, we have not identified any material uncertainties relating to wèftts or cnndilions
that, individu211y or collectively, may cast slgnlficantdoubt on the charity's ability to ccntinue a5 a gDing concgm for a period
ef at least iwelve months from when the financi21 statements are authorisÈd for issue.
Our re5ponsTbilities and tre responsibtJiti8s of Trustees respert to going Concern are des(aited In the relevant
se¢tion$ olthis report.
OfhÈr informatits
The olher informalion compristt the infomaticfft included in the annual report other than ts finan￿81 statements and our
auditols report thereon. The Trustees are ￿sponsible lor th& other infonnation Gonlalned within the annual report. Our
opinion on the financial 81atèmènt8 d08s not cover the other information and w8 do not express any form of 28sur8nce
Condusion thereon. Our responsibility ts to read the other Snformation and, in doing so. ¢onsider whether the other
infoimabon is materi811y inconsistent with the financial statements or our knowledge obtsined in the course of the audit. or
oifErwise appears to be mateiialw misstated. If we idents.fy such material irjconsistencres or apparent material
rnisstatements, we are required to determine whether this gN8s rise to 8 m8teri81 misstat&m&nt in the financigl st*Enents
theTnselYes. If, based on the work we have performed. we conclude that there 15 a material mk45tatement of this Other
informatDn, we are required to report that12rt
We have nothing to report in this reg8Td.

Docusign Envelope ID". 15183DD8-DBOC48B2-A217-F732131F0257
Page 8
DINWOODIE CHARITABLE COMPANY
INDEPENDENT AUDITORS, REPORT
TO THE TRUSTEES OF DINWOODIE CHARITABLE COMPANY
Matters on which we are requlred to report by ex¢eptlon
We hav8 nothing to report iespeGt of th8 following mattsrs in telation lo which the Charlties (Accounts and
Reports) Regulations 2008 require us to report to you il, in our opinion..
th8 informatlon giv8n in the financial statements is incon51Stent In any matsrial ￿Spect with the trustees,
report." or
suffici&nt aceounting r8cords have not b8en kept, or
the financial 518tetnenls are not in agreement with the accounting record5', or
we have not received all the information and &xpl8nations we require for our audit.
Respon8lbllltl85 of iru$tees
As explained more fully in the statement of tru51ees' respon5ibilitks. tho trustees are responsible for th8 pieparalion
of the financial statements for b8ing sati51iEd that Ih&y give a true 2nd fair view, and for such intemal control as
the trustees d8termine ￿ ne¢essary to Ellable the preparatiDn of financial 5tatetnents ihal are free from material
misstatement, whether due lo fraud or error.
In pr8paring th& financial stat8rnents, the truste8s are re5ponsibl8 for as5e55ing thg charity8 ability to Gontinue as 8
going conTrrn, disdosing, as appli¢able, matters ￿lated to going con￿rn and using th8 going ¢on¢8rn basis of
accounting unless the trustee5 either intsnd to cease operations, or have no realistic alternative but to do so,
Auditorf5 respon$lbllltle8 for the audlt of the financlal statsmonts
W8 have been appointed as auditDrs under sectson 145 of the Charitl8s Act 2011 and ￿port in accordan￿ wth the
Act and r&levant regulations rnade und8r section 154 01 thalAcL
Our objectives ar& to Obtain reasonable assuranc& about whether th8 financial 51alements as a whole ar6 free from
material misstatement. whether duB ID fraud or airor, and to issue an auditols report that includ88 our opinion.
Reasonable assuran￿ is a high level ol a$$urance, but is not a ouarantee that an audit ¢ondu¢ted in accoidan
with ISAS IUKI will always detect a materi21 mis8tstement when il exists. Mi55tatements Can arise frorn fraud or error
and are wnsidered materi81 if, individually or in the aggregate, th8y could rea50nably be gXP8Ct8d to influence the
economic decisions of users taken on th& basis of these fin2ncial statements.
Identlflcation and a5$9$$mènt of Irr8gularttlo$ Includlng fraud
IrEgularilies. Including fraud, ats Inslan¢e8 of non-compliance with laws and iegulatlons. We designed procedures in line
with our respon5ibilibes. outlined above, lo deieel m818rial misstatements in respect of Ir￿gUIar1IieS, In¢luding fr8ud. Th8
extent to which Dur Pro￿dureS were capable of dete¢llng irr8gularilie5, Including fraud is delaile(S below..
we focused on specific laws and fftgulalions which we considered may hav8 a direct tnaterMI effect on the financial
slatem8nts or the operations ofthe associab"on, induding Th6 Companios Act 2006.
we obtained an understanding of th8 legal and regulatory fram8work appliGable to the 8nlity and how th8 onlity 15
complying with that fram8work by making appropriate 8nquirie5 of manag8m8nt as w811 as considering the inlemal
¢ontroL% in placg to mitigate risks ol fraud and non-compliance with laws and regulations,.
we made enquiries ofthosE chgrged with governan￿ and managem8nt COnC8rning'.
the risks of fraud",
instances of non-cotnpliance with laws and iegulalSon$ or knowl&dg8 of actual, suspected. or alleged fraud
15 documentsd during the period".
we allocated an engag8m&nt team that W8 con8ideied colleGtively had the 8ppropriaie competence and capabili1188
to identify or iecognise non-compliance wlth laws and regulation5.
Audit response to the risk of Irregularltles including fraud
B88ed on the results of our risk 8ssessmenl, our procedures included, bul were not limited to..
p8rforming analytical proGedures to identify any uDu$ual or unexp8cled ielationships.
èvaluating whether the selection and application ol accounting policies by the entity Ihal may b8 indicative ol
fraudulent financial reporting resutting from management's effort to manage earniros.
a55e5sing whether judgement5 and assumpbons made in detemiining th8 accounting estimates Set out In note 2
We￿ indicative of potential bios.
#g￿e1n9 financial statement dis¢lo$ur8S to underlying SUPPOrting docum8ntstion.
GA.. 6672023 1

D(￿&9￿ EnvdDpe ID.. 15183D08-DBOC48U2-A217-F732131F0257
Page 9
DINWOODIE CHARITABLE CODJlPANY
INDEPENDENT AUDITORS, REPORT
TO THE TRUSTEES OF DINWOODIE CHARITABLE COMPANY
reeding the minutes of meetings oftho$e chaTged with goVernaTr￿.
r8vi8wing th8 1x)rreSponden￿ with rèlèvant rejulatory bodies.
tgstina gf journal entries tts address risk of fraud through managèmènt override.
incorporating an element of unpredi¢tabiYity in thè sèlection of the nature. timing, and extent ol our audit
prtse8dures.
corroborating the business r8tionale for Iisnsac￿ons outside normal course of bu8ines3.
Conclusions regarding the risks of Irregularitl8$ ineludlng fraud
There atp inherent limitations in ouraudil procedures described above. The more removed that laws and regulations 8rÈ
from financial transadions, thÈ lÈss likely it 15 thatwe would beC￿le aware of non-complian￿. Material Mlsststemènts
that arise due to fraud can be harder to delect than those that arise from error a$ thtry may involve deliberats
Con￿alment or ¢ollusion.
We consid*red our auditwas cap8ble of dètecting irregularlti¥ due to..
the effed.iveness of the entity's internal eontrols",
the natuE, titnirvj and extent of audit procedures perfomied-, and
the absenc8 of contradictory @￿den¢￿.
A further des¢riptSon of our ￿sponSibl11t1e5 for the sudlt of th& financial staternents is located on the Fin8nci81
Reporting CounGil'5 website str. http."Ilwww.frc.org.ukfauditorsresponsibilities. This description forrns part of our
audito¢s ￿port,
Usc of our report
Trks report is msde 501èly to th• Gharity's trustees. as a btyjy, in a￿rdaftfft with part 4 of the Charibes
IA¢counts and Reports) Regulations 2008. Our audit work has t*en undertgken so th2t we mvJht state to the
chaitys tru5tEes those matters we are required to State to Ihem in an auditor5. report 3nd for llD DthEr purpose. Tu the
fullest exEent permitted by law, wo do not accept or assume responsibility to anyone other than the charity and the
d)arty's trustees as a body, for our audit work, for thi$ report, or for th& opinions we hav8 formed.
Claire Notwood Bsc FCA ATII Isenior Statutory Auditor)
for and
of Sume
2111212023
Chartered Accountants
statutory Auditor
Piper House
4 Duke8 Court
Bogncr Road
Chichester
West Sus88X
poig 8FX
SumarAudil i% a trading name of Surner Auditco Limrted and is digible for appoinlmellt as aurfiloi of the Gharity by
virtue of its 81igibility for appointment as a￿￿[tor of a company under of sethon 1212 of the Companies Act 2006
GA.. 6672023 1

Do¢uSign Envelo￿ ID.. 15183DD8-DBOC48B2-A217-F732131F0257
1Q
D1NWOOOI
CHARITAtsLE COMP
ChAril
sIM4rch
202
F￿dA￿lI1$
InvoÈlmonl Propertles
Land alCrDxden Qua
a.IGO,QOO
31QD,￿O
610,￿Q
Inw•thqrhtsalvduè
2 313 724
2x7.958
BQ73 724
,Q13,724
È.&37.856
e.837.950
Deb￿[5
Caah41
82.W8
1.688.742
2JJ95,066
164.550
Net Gytt&nlASS&
YotalAs%•M l•u CurrpntUAbillll
1,407,030
8.334.98
8334.988
ThecQmp4nyl¥gf￿1u￿￿lo th••x•ryUonfrornlhpÉuffil NthrwMnlcoTh14ln￿ 5TrBecU0rn47F DlthèCllmp4nlq5Ad 2ao6.forthe￿gf￿o?l3l Maich20Yd. aNhDu
uthlhBgbÈan rard•doirtundpr¥Erl[(￿ 1440fin•C￿rf￿es AG12011. nlé1ii￿Q1￿￿Co￿v8￿yh￿5￿epDS1teS￿nDknc¥.FUWriIoS￿4￿47e.wL￿th9
slatemEnlB ￿•r￿Q￿r￿m￿1% rrflhpConWÈ$M12ao
Tho th￿ie￿acknoVAedgV￿eirW¢ftÉ1b14I￿D5tol2n9Urffigth￿ttt*￿#1tytr￿•plllCto￿￿nD ¢0Mpty￿lh oflheAct4nd
￿￿8￿*51&1e￿tn￿vth1th IN?arttt*ltrV￿￿o1I￿Q gthlpofBffarsotlh4c¢Mpa￿￿ai1hee￿ttO[1hvfinB￿Gi￿y￿wdllslffLtornIfftll resourcqsund
a￿ka￿￿¢[rIsol¥u￿.1￿d￿Inll ltslnc4m8a￿ ev￿dIlUre.fCi1hBrInD￿d￿Y10rjn8cc0rdBn￿￿￿ ￿ere9￿￿eM*￿tSOII*ctson 394 gnd 3D58ndwhkh
0￿￿¢0mPlY￿￿ thÈwU1r￿elllI 10accoL￿.1OF￿￿AP￿1￿￿￿10 lothè￿fflp9￿Y
Th¢$¢fvandg1 iLit￿o￿$￿ve b¢gnprvrtdln￿ld￿L*ws￿thop￿]￿lo￿￿¥￿ltÈbl￿ towa￿•s$ubl0￿l0thO Kwipsni¢&'(É*m
20 Decernb.eJ..2.Q2.3....ar￿ B*npdonii#bthlfty
SL9￿ents￿￿t8pploV1d tyth• BD￿d0rDI￿￿￿￿(￿.................
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FO¢h￿d Mir
The NtesonpuBgB13to f8lvmipartoftr￿•aCcD￿rkn.

Docusign Envelope ID.. 15183DD8-DBOC4882-A217-F732131F0257
RfASLEC
PA
1st?￿ Chtrl No.11S113
ar￿d
202J
2022
INCOME
xptNDITURE
Ino4miny Rès0￿1Ges
In¥e5kn￿1k
64401#
£YP34
Toi41 Inco￿ngRats￿￿*$
6Z7,WJ4
Re¥DU￿tXpPll￿
s1n9fu￿#
P2,8261
IÉSO,8
I£83￿13)
1SA17
I231.7￿>
Tot￿ R8sourcosExpwrf¢
LgaIn￿lI￿$&S)Q￿ IDve5trn&DIs
ReMljs¢dg¥ir@fj¢¥S¥¥lon&i¥pM1 offrxeda55etkn¥e¥knerfs
fJsUiossÈs', wrtts¥uabtsTr?lfixeda55EliTw¥irnwI8
GansllLowsl ¢h¥¢v¥lu&titsfi¢fnX￿ *SSElproperty
Ex¢bBngpad.v5kn￿nt
2.416)
.759
1750.DUOI
IB45.#TI
3JD2.547
B*n¢ebrOughllo￿Wd
S.W2.439
B.3S.9B6
7.489 449
Yh•nQlci￿ p￿r£s t3te f8fDTrpzrtofthC$¢￿MUnI￿
Thes[5￿￿￿¢ Dfnnanda a￿l*tIll£31s?t￿￿pl1s&*5th lh&wthrgM￿1$f0r￿ In¢thxo4nd¢xpBnthitaw￿tt￿￿tr8rfft9

Do¢uSign Enve5ope ID". 15183DD8-DBOC4882-A217-F732131FO257
OODIÉ CHARI
BLECOMPAN
$9
tat
dads
Tolily•llr0nthd Towi y•ar•ndFd
9B,278
7.9
537,792
66
37.652
7.803
582.213
Rents
puthaw0fiThV￿1j
pr¢￿e051￿￿￿
wdtca&a provld¥d byin¥ÉsUno aGti￿tle0
1.
6,804
651,39T
0.443.wJei
48è.819
ChEwpln ra5hand¢•$h ￿u￿￿19￿￿1tsYtsIr
4e8.Q42
258,915
Cagh btoughl lthward lal be￿and0￿PortNO1
CAsh lorwllrd
2.090.238 t
1.621 194

Docuslyn Envd)pe ID.. 15183DD8-DBOC4882-A217-F732131F0251
DINWOODIE CHAFUTABLE COMPANY
Registered Charity No 1151139
13
Notes to the Accounts for the
ear ended 31 March 2023
I ACCOUNTING POLICIES
The Dinwoodie Charitable Company is an incorporated charlty, limited by guarantee, registered in England and
Wales, company number 08391977 and charty number 1151139. The regrstered address is clo Irwin Mitchell
LLP, RN¢rside East, 2 Millsands, Sheffièld, South Yorkshire. S3 8DT
1.1 ACCOUNnNG CONVENTION
These accounts have been pr&parèd in accordan￿ with 'k¢ounllng and Reporting by Charititts. the
Slalement of Recommended Practice for charities applying thE Financial Reporting Standard applicable in the
UK and Republic of Ireland IFRS 1021, Companies Ad 2008 and UK Generally Accepted Attcounling Practice
as Il applies Irom 1 January 2019. The charity is a Public Benefit Entty as d?fin¢d by FRS 102.
The accounts afft p￿pared in sterfing, which is the functional currency of the charity. Monetary amounts in
thes¢ fi'rianci81 statements are rounded to the nè8rÈsl L
The accounts have been prepared on the historical cost convèntion modifi'ed for the revaluation of investments.
The principal accounting policies adopt@d are set out below.
1.2 GOING CONCERN
At the time of approving the aeceunts, thè Iruslees have reasonable expectation that the charity has adequate
resourcès to Continue irt opèrational existence for the foreseeable future. Thus the trustees, ¢¢ntinu¢ to adopt
the going concern basis of accounting in preparation of the accounts.
1.3 CHARtTABLE FUNDS & FUND ACCOUNTING
Unreslricled funds are available for use at the discretion of the trustees in furtherance of their charitable
objeclnies unless the funds hav& been d&sign8ted 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 or10ss arising Dn the dtsposal of an asset is determined 85 the difference betwe&n the sale proceeds
and the fair value al the beginning of the reporting per(od of the asset, and is recOgn￿ed in net
incomellexpendilure) fortho year.
1.4 INVESTMENTS AND INVESTMENT INCOME
All investments are staled at fair v81ue and th$ mov¢m¢nt $hown comprises both realised and unrealised gains
and losses.
Realised gains or losses arising on the disposal of inveslmenl$ (together with promsions for diminution in
value), are credit&d or debited lo the Statement of Financial A¢livtiios, and 5ubsequehlly transfe￿e￿ lo
Unrèslri¢tecl Funds.
Investment properties are slated * fair value al each balance sheet date wf(h any change in fair value b8ing
rEported through the incoTlle alld exp&nditurè accounL Independent professional valualigns are carried out as
often as deemed appropriate by the direelors lo Ènsur& that the asset is recorded at fair value. The propert188
were last valuèd by independent professiona15 al 31 March 2023. The Directors carry out a calculation each
ye8r fo wflect the w8stin9 asset to ensure that it is carried * fair value.
1.$ ROYALTY INCOME
The investment land al Croxden Quarry is tenanted by Lafarge Tamiac Limlled undèr an agreernent dated 16
November 1990. The tenancy terms provide for a royalty on every tonne of mineral extraded from within the
Quarry but with 2 minimum annual prepayment, referred to as °¢ertain renl.. equal to the royalties due on the
first 500,000 tonnes. The Certain Rent is due on 1 July each year. Royalties are adjustable upw8rds annually
to match any incre35& in the Rotsil Pr1￿ Index.
GA.. 5134938 1

Do¢uSkJn Envelope ID.. 15183DD8-DB(C48B2A217-F732131F0257
DINWOODIE CHARITABLE COMPANY
Registered Charity No 1151139
14
Royalties are computed on sale. Ihal 15 mlnerals taken out ol the Quary. When the total of royalties earned
exceed Ihfy Certain Rent, the additional royalties are determined quarterly and p8yable in the following month.
If the total of royalties earned falls short of the Certain Rent, the shortfall is oftsel against additional royalties
payable in the subsequenl thre8 years. In the year lo 30 June 2023, there was no shortfall. The amount
carried forward in respect of shortfalls in the previous years totalled nil.
The Certain Rent is credited to the Statement of Financi81 Activities when received. Any subsequent Royalty
instslments are Irealed on an accrual basis and are recognised in the accounts when they become receivable.
1.6 CHARITABLE ACTIVITIES
The cost of charitable aclivili8s consists of grants made. A grant toward8 3 postgraduate medical centre
project is charged fully to expenditure in the accounting year of th$ project comm8ncement. 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 fLJnds consis18 of invèslrnenl management fees, min8ral agents. fee8 and quarry and
farm Management costs.
.8 GOVERNANCE GOSTS
Governance costs comprise all costs involving the public accounlabilily of the charily and ils compliance with
regulation snd good practice. These costs include ctssts related to statulory audit and legal fees together with
other overhead and support costs.
1.9 CASH AND CASH EQUIVALENTS
Cash and Cash equivalents include deposits held al call with banks.
1.10 FINANCIAL INSTRUMENTS
The charity has elected lo 8pply the provisions of Section 11 '888ie Financial Instruments, and section 12
"Other Financial Instruments Issues of FRS 102 to all of ils financial instruments.
Financial instruments are recognisgd in the charity's balance sheet when the charity becom8s party to the
conlraclual provisions of the instrument.
Fillancial assets and Iiabililies are offset. with the net amounts presenled in the financial slalements, when
there is a leg811y enforceable right to sel off the recognised amounts and thère is an intention lo sellle on a n81
basis or to realise the assel and sellle tha liability simultaneously.
Basic flnancial assets
Basic financial assets. which includes debtors and cash and bank balances, are Inili8lly measured al
transaction price including transaction costs and are subsequently carried al 8mortised cost using the effective
interest method unless the arrangement constitutes a financing transaction, where the transaction is measur8d
at the present value of the future reoeipls discounled al a maiket rale of interest. Financial assets classified as
receivable within one year are not amortisod.
Investments are values at fair valu8 through income and expendilure,
Impairment of flnanclal assets
Financial assets, other than those held at fair value through income and expenditure, are assessed for
indicator8 of impairnenl al each reporting dale. Financial assets are impaired where there is obje¢tlve
evidence that. as a resu51 one or mtsre events that occurred after the initial recognition of the financial a56el. the
estimated future cash flows have been affected.
GA.. 5134938 1

DocuSi9n Envelope ID.. 15183DD&DBfK48B2-A217.F732131F0257
DINWOODIE CHARITABLE COMPANY
Registered Charity No 1151139
15
If sn asset is impairgd, the impaimiant loss is the differen¢e btheen the carying amount and the present
value c>f the eslimaled cash flows discounted ?1 the assevs original èffective interest rate. The impairment loss
is reGognised in net incomellexpendilurel for the year.
If there is a decrease in the impaim6nl 1058 arising from 8n event occurring after the impairment ￿a5
recognised, the imp8irmenl is revèrsed. The reversal is such that the current carying amount does not exceed
what the carrying amount would have been. h8d the impairment previously been recognised. The imp8irmènl
reversal is recognisèd in nèt incomel{expendilure) for the year.
Baslc finanGial liabilities
Basic financial liabilitiès, includiftg trade and other payables, are initially recognisèd sl transaction pri￿ unless
the arrangement Gonslilules a financing transaction, wheTe the debt instrumènt is measured at the present
value of the futu￿ ￿ceIpts cliscounted al a market rale of inleresL Oebt Instruments are subsequently carriecl
at 8mort18ed cost. using the effective interest rate method.
Trade payables are obligations lo pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Acttounls payable are classed as current liabilities if payment is due within one year
or less. If ngl, they are presented as non-currellt liabilities. Trade payables are recognised initially at
transaction price and subsequently measurèd at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities aré d&recognisÈd when the charity's conlraclual obli9alions expire or are discharged or
can￿112￿.
2. CRITICAL ACCOUNTING ESTIMATES AND JUDG￿￿ENTs
In the application ol the charity's sceoLJnting policies. the trustees are required lo Make judgements, estimates
and assumptians tbout tho osrrying amount of assets and li2bilities ihat are not readily apparent from other
stsurGes. The eslimales and associated assumptions Srè based on historical experience and other factors that
are considered to be relevant. A¢tual rèsults may drffer from these estimates.
The estimates and underfying assumptions are reVi￿ed on an ongoing basis. Reiisions lo accounting
estimates are recognised in the pèriod in which the estimate is revised where the revision affects only that
period, or in the period of the revk%itsn 8nd future periods where the revision affects both currènt and future
periods.
Key Sources of EstiTnation Uncertainty
Fair value measurements
Certain assets are measured at fair value with galns and losses being recogniged in the statement of financial
acliwty. In eslimaling the fair value of those assets. the charity uses third party qualified valuers and other
valuation techniques.
GA.. 5134938J

Docusign Envelope ID". 15183DD8-DBOC48B2-A217.F732131F0257
16
OINWOODIE ¢HARITABLE COMPANY
Re
d Charl
S1139
to the
èd31
2023
3 FIXED ASSET- INVESTPAENT PROPERTIES
The Croxden Quarry wasvalu¢d a3 Gl 31 M$i¢h 2m by HallBtsC EnvIranm￿t￿ Lid. Chartgred
Surveyois a1£3,150.000. Th£ rfirectorssre of th& oplnlon Ihal this rBfiects the Pdirvalue of Ihe prop8rty al ihai dale.
Coneyda19 Fam was nolvalued 31 Ihal dats bul Ihe direciors wThsider the f8rm is S￿11 refelo*ive of Il's Iwrvalue at
£810,000. The Quarry erbmmpasseg freehold land Owned by the Charity and adioininu owned by Tarmac, whi
b&nefilffom a turrent planning permission allowing minBral extractson. The ¢ro¥dèn Quarry valuabonwas based on
potenw roydty enbuemenls fvom the ￿￿e[al reseFvesretnailling In the Quarry asestsmoled by Tattnac.
As al 1 Apnl 2022
3 900 000
610 000
4,510 000
FairValuÈ Adjuslfflenl
UnreBllsed Los5
1750,QODI
(750,0001
Fa￿ValUe ¢arrted fotward
3 150 000
610.QOO
3 760 000
4 FIXED ASSET- INVESTMENTS
(Summary of payès 18 to 271
Quoied investments
Marketvalue 151April
2023
2022
2,327,956
2.2B6.146
Addition5 al
In¢￿aSe￿IDeG[eaEe> ￿ p￿trOl0 cas
DI$p0$815
Nel GainllLoss1 unre￿iSed
941,506
47,797
1992,4941
1.443,936
11,328,23n
38,759
1327,95
2.313,724 E
Inv￿lMents
Cash hFld in ptsthllo for reifi¥gsimenl
2,230.475
85.249
2.313.724 £
2,292,$04
35.452
2,327,956
Histor5CCOSt
2,191,855 £
2,188,790
TheFeY4pffj n¢ Investments r8presentino greatsrlhall 5% of the portfolo ￿ tnarkeivalue
6. FINANCIAL INSTRUMENTS
Car
amount l financlal assets
Quoted inve5tsn&nLs mp$sured al lair ¥￿Ve £2.230.47512D22.. t2,292,￿4)
Invethenl prop8Ftie¥ measured alfaiT value In 2023.. £3,760,00012022.' £4,51Q,QQOI
6 DEBTORS
0￿erdeblOrS
- W2y1eave
- H M REvEnue & CusioFll6
- Prepaid Irtsuranc8
- Croxdèn Li￿nGe FeelRoyalUes
- Foie$ty18nd &1 Croxd&n
- CMeydale Fam)
- DwldÈnds due
- Bankiniefe81 r*¢eivsb
66
298
318
68.479
16S
318
87,452
12.000
4,000
937
6,908
88,069 £
92.936

DocJJSlgn Envelope ID.. 15183DD8-DSOC4882-A217-F732131F0257
17
OODIE e
ARITABLE COMPANY
Re
Ist2red Chari
0.11S1139
Note5 to thÈAteounts forth•
8r¥ndtrd 31stMarch 2023
2022
7 CASH
Bank Attounts
Interest be¥ring dÈF•)Sitactounts
1006.987
1,588,742
B CREDITORS
Othèr ueditors
-TruslAdministralloTr fees
- Managlng Tru$tee Remur&er8tion
-Trusiee Ewenses
-Audit fpes
- Legal Fees
- rvfintral & la￿ Agent.. Norma]
V¥luationlolher
- Sen￿A10M0$ UK LimitedlQullter Cheviot
Kin95 College
- Royal Col￿ge DISurgwns- D￿r0 un￿e￿ty
- Faujlty olMedic81 Le8dership &Managemenl
- wa&￿1 Healthcsre
- REJyal CDllege of Paediatrics & Chlld HesEthra
- E*t ￿nC￿s￿lre Ho5￿tal NHS Trust
- Facully of Phsnn¥¢eub¢al ME0￿￿8
1826
e.5S8
4.000
183
1.980
8.￿5
2,115
2,250
1,480
2,q18
E3,OQQ
2,239
21,439
60,000
250,000
17,237
272,000
59.100
678,331 £
59.100
184.SS0
9 INVESTMENTINCQME
Driidend irLci>rne from Iksted itt¢tstmenislnet)
- Nel Cash recelved
Recover3ble fax
Dividends due
Gr¢ss b8nk Uther￿tereSt
Gicss tenis re
- Coieydale Farm {netofÈxpensesl
- Foreslryland al CroxdÈn
Gross Roydty Incomofrorn 8tCroxden Inoie f.$1
Gros5Wayk¥ve income
46,967
133
4.08
47,097
35.g39
1,834
7,263
700
537,792
66
644,09
7,%03
700
58a213
627.934
10 RAISING FUNDS
MinetalAgnnts'fees
- John Pears
Qvarry and F)ftM Managemenl',-
- crestsyood Environmental
- Hal￿1￿¢ Envitonment41
- KTyghts Profe55v)n91 servi￿ Lld
Inveslmeni managementfees
- ￿n￿AtOMo5 UK LimitedlQuiller CFEWOI
7.A90
5.915
872
6,635
7,256
11,355
32,È36 £
9.426
t6.313

Dotuslgn Envelope ID". 15183DD8-DBOC48B24217-F732131F0257
18
OOD
R•
E COMPA
AEC
rch
D2
11 CYARITABLEACMVIIIES
Gr*n* poyabIo{ll￿￿ 131
612,D13
she￿01 Gov￿a￿￿C0s1 I￿1¢ 121
JB.054
34,1
12 OOVERNANCE COSTSIINCLVA
LEuEl8nd pr019$È￿n9l fees
TNs1Adrnllliyir￿Iun
Legal
Audll)rs ¢h9tgas
- Underloverl piu*d¢l plory￿S
TNÈieÉs Cosls
- ￿lE￿al3 Re￿uMe[BIlQn￿ThI MaDaying
5,740
2,250
B,995
1.9
14&1S
13,187
7.362
97
DIr0rAr￿ In8ur8[￿e
Inlu[m*I￿n CommlEi
1,780
40
38.884 £
34,199
bet￿eenchéthal1v y￿4Vi￿&S
28,884
l Jupwrt 9ov¢rAnt•cosL8are4toc￿¢dl￿th•￿*dth￿0 aGli¥iI¥dg￿TrI mawng
13 GK4NTS PAYABLE
R•s￿r¢h F¢llos¥6hlp$
Roya1 Coll•g¢o15uigEDn$-OAlord
35.25fj
PostGraduate C•ntN•
BJ.000
7,012
Facully Df Lgodwehlp &M8nagpmp
Sandw9118 ￿harn
Royal CD11ege4fpaethalrfcs & Chdd He￿th¢￿e
Royd Colleg• olObEldfflu&GynapwIow
WI￿11 HealhGÈte
E&$iL4ncaslSM NHS
113.6401
25.OOQ
260.000
272,OQD
61101J E
%4 DIRECTORS REMUNERATON APIDEXPENSES
ThD char9e4 ul£O120L £F,352llorlaffl GDslen, as ManèllngT￿19s.WoIB ￿￿ewed￿nn￿81lY
Dlreuus me￿I￿9s. FramApnl 2022 F4¢h3rd Minei bEB&TnEthp M￿s91ng Trusla•lsio ￿te 151.
Tho ￿#1 8m¢uDiolDlrecwrexppnue5 duOn9 Inèy8arwd&È2.111 12022 £9761. E%pÉn£asare pald p￿m￿flYt¢
r&Th￿r5ethe ￿re¢l01$fo1 th￿r￿%pa￿Ses TarallEndsfvJ companym￿lInES IhEQPEnirtg ol wol@￿S
SUPPQMd byDCC. ￿VE[2￿22..3? Dlie¢iOrswarai8lmbu￿ed
15 TRAN5ACnONS MTH RELATED PARnES
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Jun¢ 2Q2Q. Thefees payable*oJ D P¢ws ¢Dn$￿tsnl¥ Bmounti¢E7,41012022. £5.9151
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