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Cornpany Registration Number- 08391977
DINWOODIE CHARITABLE COMPANY
(Limited by guarantee)
istered Chari
No.1151139
FINANCIAL STATEMENTS
Forthe
ear ended 31st March 2025
Irwin Mitchell LLP
Thornas Eggar House
Friary Lane
Chichester
P019 1UF

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DINWOODIE CHARITABLE COMPANY
istered Chari
No.1151139
Index to the Financial Statements for the
ear ended 31st March 2025
Annual report
&8
Independent Auditorfs Report
Balance Sheet
10
Statement of Financial Activikn'es
Statement of Cash Flows
12-17
Notes to Financial Statements

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DINWOODIE CHARITABLE COMPANY
Registered Charity No 1151139
DIRECTORS. REPORT
For the year ended 31st March 2025
Full name of Charity:
Dinwoodie Charitable Company
Nature of governing document:
Memorandum and Articles of Association dated 7 February 2013
Company Number:
08391977
Directors (and Charity Trustees): Ian Michael Goalen FCA (Chairman)
Elizabeth Ann Hughes MBE FRCP
John Pears FRICS, FIMMM, CEng, FIQ (retired 8 April 2025)
Richard John Miner FCA
Christine Hall MB ChB, FRCS, Chm
Registered Office and Charity
Administration:
clo Irwin Mitchell LLP, Riverside East, 2 Millsands, Sheffield, South
Yorkshire, 53 8DT and Thomas Eggar House, Friary Lane, Chichester,
P019 IUF.
Principle address:
10 Ashfern Drive, Sutton Coldfield, B76 IJD
Banker:
Barclays Bank Plc, Universal Banking 2. Leicester LE87 2BB.
Solicitors:
Knight5, The Brampton, Newcastle-Under-Lyme, Staffordshire, ST5
OQN
Higgs LLP, 3 Waterfront Business park, Brierley Hill, West Midlands,
DY5 ILX
Auditors:
Sumer Audit, Piper House, 4 Dukes Court, Bognor Road, Chichester,
West Sussex P019 8 FX
Investment Managers:
Quilter Cheviot, Floor 6, One Centenary Wayi Birmingham, B3 3AY
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 5th April 2013, taking over the artivities 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 Dirertors in running the Charity. Further information relating to the
Charity may be found on the website www.dinwoodiecharit
.com
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DINWOODIE CHARITABLE COMPANY
Registered Charity No 1151139
Grant making 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.
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
infrastructure, we are keen to interpret our aims flexibly and to support innovative projects that
address gaps in education or approaches to patient care that do not yet attract mainstream funding
and that we identify as potential best practice 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.
Ou r 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
Factors which will help to attract funding include..
Sustainability, both in terms of the project itself (i.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 artual or possible future alignment with the
strategy of the NHS or other umbrella organisations
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 Commission on public benefit.
Recent Grant Awards
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 paid out £272,000 to East Lancashire Hospitals NHS Trust during the year, a sum it had previously
accrued, No other awards in excess of £IOO,000 were paid out during the year.
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DINWOODIE CHARITABLE COMPANY
Registered Charity No 1151139
At the year end a number of previously significant awards remain outstanding or are awaiting completion.
These projects haven't commenced and therefore the charity is not committed. These include Cicely Saunders
International for £509,000, the University of Hertfordshire for £258,000, the Brain and Spine Foundation for
£473,000 and a commitment to Walsall Healthcare NHS Trusvstaffordshire University for £250,000 was also
recognised. Subsequent to the year end, the Charity approved an award to the Charles Hastings Education
Centre, located on the Royal Worcester Hospital site, for £509,000.
Financial review and investment policy:
The Charity has the benefit of income from its existing investment 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 31st March 2025 with comparisons with the year to 31st
March 2024.
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. This asset was sold to the tenant company, Tarmac
Trading Limited during the year.
A managed portfolio of investments
Cash
The Directors, responsibilities with regard to each are outlined below.
Inv
Prior to the sale of freehold land, the Directors met annually in Staffordshire with their mineral agents and
their tenants as appropriate.
i) Property Information
DCC'S freehold land was tenanted by Tarmac Ltd- a CRH company ("TM"} under terms of a 40 year lease
expiring 30 June 2030. The quarry extracted in the Sherwood Sandstone group which is part of one of the
largest sand and gravel mineral deposits in Europe. TM excavated the minerals under a permission from
Staffordshire County Council ("SCC").
The Croxden Quarry was sold during the year. The surplus on the disposal was calculated using the
revaluation by Halletec Environmental Ltd, Chartered Surveyors at £3,950,000 (2023.. £3,150,000). This
took into account of the values of the quarry's projected outputs and reserves for the foreseeable future
from freehold land owned by the charity as well as additional royalty payments due on the extraction of
minerals from adjoining land owned by Tarmac, together with planning permissions either obtained or
pending. At the same time, Coneydale Farm was revalued by Bagshaws, Chartered Surveyors at a market
value of £275,000 (2023: historical agricultural land value of £610,000) absent any value attributable to its
mines and minerals, due to a lease, and therefore which are already included within the value of the
quarry. In both cases, in the opinion of the directors, the valuations reflect the fair value of the investment
properties.
ii) Croxden Quarry Rent and Royalties
Under the terms of the Croxden Lease, royalties were payable on mineral tonnes sold during each year to
30th June.
There was 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,
was payable in advance on 1st July, and is subject to annual indexation based on the Retail Price Index ("RPI").
The Certain Rent effective 1st July 2024 is £382,736 (year ended 31 March 2024 - £371,731).
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DINWOODIE CHARITABLE COMPANY
Registered Charity No 1151139
iii) Coneydale Farm Lease
Coneydale Farm had potential reserves for future gravel extrartion and was occupied by a tenant who
managed it as a 100 acre mixed livestock and cereal farm.
There are no restrictions on the Charity's power to invest. Since the beginning of January 2023, the portfolio
has been managed by Quilter Cheviot on a discretionary basis.
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. Directors 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 March and December, with on-line summary
reports in the intervening periods. The half yearly reports are considered at the half yearly Directors,
meetings.
At 31st March 2025 the portfolio of investments based on middle market had a value of £2,626k (2024
£2,669k). The capital value of the portfolio thus decreased in the financial year by £43k (2024
increase
£354k).
The portfolio produced investment income, net of tax, for the year to 31st March 2025 of £50k (2024 - £48k).
This represented an overall yield of 1.900/0 (2024 _ 1.800/0) based on the mean value of investments at the
beginning and end of the financial year.
Changes in cash levels were dittated by the sale of the investment property. The cash balance at 315t March
2025, prior to its investment, was £7,979,025 compared with £2,493,704 a year earlier, a rise of £5,485,321.
The cash funds are under the supervision of the Charity's administrators, the Trust Department at Irwin
Mitchell. They advise on the placement of the cash at appropriate interest rates. Some of the Charity's cash
holdings have been placed on deposit with the Flagstone "platform" a facility that offers higher rates of
interest.
Organisation
The Directors also att 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 themselves for election. The composition of the Board is diverse and set to mirror 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 induttion and usually attend at least one Board Meeting before election.
Formal Directors, meetings take place regularly twice a year, in the Spring and Autumn, and otherwise as
appropriate to review grant applications. The Direttors maintain contact with each other between meetings
as necessary.
Active management of the Charity's affairs is delegated to a part time Managing Trustee who is remunerated
on an hourly basis. The responsibilities include, inter alia, liaison with and review of the activities 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
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DINWOODIE CHARITABLE COMPANY
Registered Charity No 1151139
commitment made setting out the agreed conditions including any time limits.
Information with regard to Related Parties is disclosed in Note 15 to the Accounts for the year ended 31 March
2025.
Reserves policy:
The trustees regularly assesses its likely expenditure, including the minimal levels of operating expenditure
requ ired, for the foreseeable future being at least 12 months, noting that the majority of this is discretionary.
Therefore, it is always sighted on what is available within its current and foreseeable resources. The trustees
have paid due regard to the Charities Commission public benefit guidance.
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 Q Underwriting, 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 consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards and statements of recommended practice have been
followed subjett to any departures disclosed and explained in the financial statements;
prepare the financial statements on the going concem basis unless it is inappropriate to presume that
the charity will continue in business; 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
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 directors 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 auditors are aware of such information.
I.M. Goalen
R.J.Miner
22 December 2025
Dated
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DINWOODIE CHARITABLE COMPANY
INDEPENDENT AUDITORS. REPORT
TO THE TRUSTEES OF DINWOODIE CHARITABLE COMPANY
Opinion
We have audited the financial statements of the Dinwoodie CharitaNe Company (the 'charity') for the year ended 31
March 2025 which comprise the statement of finan￿al activities. the balan￿ sheet, the cashflow statement, and the
notes lo Ihe financial slalements, including a summary of significant accounling policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Ret)orting Standard 102 The Financial Reporting Standanl applicable in the UK and Republic of
Ireland {United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements=
give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources
and application of resour￿S, for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally A￿pted Accounting Practice;
and
have been prepared in accordance viith the requirements of the Companies Act 20CE.
Basis for opinion
We conducted our audit in accordan￿ wth Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. 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 accordance 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
sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees. use of the going cOn￿M basis of accounting in the
preparation of the financial statements is appropriate.
Based on the work we have performed. we have not identified any material uncertainties relaling to events or conditions Ihat,
individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at
least Iwelve months from when Ihe financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections
of this report.
Other inforniation
The other information comprises the infomiation induded in the annual report other than Ihe financial statements and our
auditor's report thereon. The Trustees are responsiLle for the other information contained within the annual report. Our opinion
on the financial ststements does nol cover the other information and we do not express any fomi of assurance condusion
thereon. Our responsibility is to read the other infomiation and. in doing so. considerwhether the other information is materially
inconsislent with Ihe financial stalements or our knowledge obtained in the course of the audit, or otherwise appears to be
materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to
detemine whether Ihis gives rise to a material misstalement in the finanaal statements Ihemselves. If, based on Ihe work we
have perfomied, we conclude that there is a malerial misstatement of this other information, we are required to report that
fact.
We have nothing to report in this regard.
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DINWOODIE CHARITABLE COMPANY
INDEPENDENT AUDITORS. REPORT
TO THE TRUSTEES OF DINWOODIE CHARITABLE COMPANY
Matters on which we are required to report by exception
We have nothing to report in respecl of the following matters in relation to which the Charities (Accounts and
Reports} Regulations 2008 require us to report to you if. in our opinion..
the information given in the financial statements is inconsistent in any material respect with the trustees,
report., or
sufficient accounting records have nol been kept; or
the financial stalemenls are nol in agreement with the accounting records,- or
we have not re￿iVed all the information and ex ￿anationS we require for our audit.
Responsibilities of trustees
As explained more fully in the statement of trustees. responsibilities, Ihe trustees are responsible for the preparation
of the financial statements and for being satisfied that they give a Irue and fair view, and for such internal control as
Ihe Irustees determine is necessary io enable the preparation of financial statements that are tree from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a
going concern, disdosing, as applicable. matters related to going concem and using the going concern basis of
accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditors under secb'on 144 of the Charities Act 2011 and report in accordan￿ with the Act
and relevanl regulations made under section 154 of that ACL
Our objectives are to obtain reasonable assurance about whether the finanryal ststements as a whole are free from
material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will
always deted a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregale, they could reasonably be expected to Influen￿ the economic decisions of users
taken on the basis of these financial statements.
Identification and assessment of irregularities including fraud
Irregularities, including fraud, are instances of n0￿Complian￿ wilh laws and regulations. We design procedures in line
with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The
extent to which our prO￿dureS are capable of detecting irregulartlies. induding fraud. is detailed below.
In identifying and assessing risks of material misstatement in respect of irregulartties. including fraud and non-compliance
with laws and regulations, our procedures induded the following=
Obtaining an understanding of the legal and regulatory framework that Ihe company operates in. focusing on Ihose
laws and regulations that had a direct effect on the finanaal statements and operations.,
Obtaining an understanding of the company's policies and prO￿dureS on fraud risks, induding knowledge of any
actual, suspected or alleged fraud- and
Discussing among the engagement team how and where fraud might occur in the financial stslemenls and any
potential Indi￿lOrS of fraud through our knowledge and understanding of the company and our sector-specific
experience.
As a resull of Ihese procedures, we considered Ihe opportuntties and in￿ntiveS that may exisl wilhin the company for
fraud. We are also required to perform speafic procedures to respond to the risk of management override. As a result of
performing the above, we identified the following areas as those most likely to have an impact on the financial statements..
health & safety, employment law and compliance with the UK Companies Act and Charities Act.
In addition to the above, our procedures to respond to risks identified induded the following=
Making enquiries of management about any known or suspected instan￿$ of non-compliance wilh laws and
regulations and fraud.,
Challenging assumptions and judgements made by managemenl in their significanl accounting estimates., and
Auditing the risk of management override of controls, induding through testing journal enlries and other
adjustments for appropriateness.
GA.. 6672023 1
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DINWOODIE CHARITABLE COMPANY
INDEPENDENT AUDITORS. REPORT
TO THE TRUSTEES OF DINWOODIE CHARITABLE COMPANY
Due to the inherent limitations of an audit. there is an unavoidable risk that some material misstatements in the financial
slatements may nol be detected, even though the audit is properly planned and perfom)ed in accordance with the ISAS
(UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial
statements, the less likely the auditor is to become aware of it or to recognise the nOn-comFlian￿.
A further description of our responsibilities for the audit of the finanaal statement5 15 located on the Financial
Reporting Council's website at.. http=IlwvAv.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's
report.
Use of our report
This report is made solelylo the charity's Irustees. as a body, in accordan￿ with part 4 of the Charilies (Accounts
and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees
those matters we are required to state to them 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 charity and the charity's trustees as
a body, for our audit work, for this report, or for the opinions we have fomied.
2311212025
Jordan Abbott Bsc ACA
for and on behalf of SumerAudit
Chartered Accountants
ststutory Auditor
Dated
Piper House
4 Dukes Court
Bognor Road
Chichester
West Sussex
P019 8FX
Sumer Audit is a trading name of Sumer Auditco Limited a nd is eligible for appointment a5 auditor of the charity by
virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006
GA.. 6672023 1
10400972.1

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DIE CHAR￿ABLE
MPANY
istered Chari
Nth1151139
Baance
heeta5 at31st March 2025
Note
2025
2024
Fixed Assets
Inveslmenl Properbes al vaue
Land at Croxden Quarry
C(￿eY￿￿ Farm
3.950.otx)
275.0(X)
4.225.0(X)
Investments al va￿e
2.798.706
2.668.663
2,798.706
2,798.706
6.893.663
6.893.663
Current Assets
Debtors
Cash al bank and in hand
7.979.025
7.979.025
2.493.703
2.500.651
Liabilities falling due within one year
Creditors
Net Current Asset5
Total Assets less Current Liabilities
259.000
535.904
7,720,025
10,518,731
1.964.747
8,858.410
Fund Balan¢e
Unrestricted
10,518.731
8.858.410
The company i5 entit￿ to the exempb.on from Ihp aL#Iit requremart contained in se£kn 4T7 of the comp￿￿5 Act 2006, for the ￿ ended 31 March 2025. ￿th￿gh
an audit has been catried out ur￿r seCt￿n 144 of the Chaibe5Act 2011.
The directors acknowledge I￿￿r reS[X)n￿bI￿esf0r (xjfflth the reqwrements of the CoMpan￿S Ad 2{￿ *ith respedto accA)unting re(ths
and the preparat￿n of finanicd slalefflents.
The members have not required the companylo (*)taYi ￿ amlit ol its statements uxler the requiremerrts of the CoMpan￿S Ad 2006.
for the year in quesknon in accordan￿ Ivi￿ secknon 476.
Thesefinanod statements ha￿ been wepared in accOrdar￿e the I￿0*751￿ al￿zIle lo ￿mPan￿S sut4.ed lolhe smal cofflpanies, regime
22 De￿mber 2025
Thefinanoal statements were apwoved by the Bo¥d DireCt￿S on...............................................................
Company Registration No. 08391977
lan Goakn
Direc
RK*ard Mner
Dwe(kn
The notes on pages 13 to 18 form part of these

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10
DINWOODIE CHARITABLE COMPANY
istered Cha
No.1151139
ststement of Financial A¢tyvities for the
Includit)
Income and Ex
ear ended 31st March 2025
ndlture Account
2025
2024
INCOME & EXPENDITURE
Incoming Re60ur¢es
Investments
505,179
663,014
Totsl Incoming Resou￿e￿
505.179
663.014
ReBour¢es expended
Raising funds
10
145.9311
126,8581
charitab￿ Activities
Totsl Resources Expended
165,375
1211,3061
45,645
172.5031
Net gainslllossesl on investments
Realised gains on disposal of fixed asset investments
Gains on revaluation of fixe(l asset investrnents
Gains on salelrevaluation of fixed asset prorety
Foreign Exthange adjustment
Net Incomellexpendtturel
27,786
292.689
465,000
7.025
1,368,961
85.233
1.275,000
3.690
1.660,321
Balance brought forward
Fund Balance
8,858,410
10,518,731
7,489,449
8,858,410
The Charity has no recognised gains or losses ¢)therthan those dealtvKth in the Statemenl of Financial Aclivrfies.
The notes on pages 12 10 17 ft>rrn part oflhese accwnt&
The statement Offinan￿81 acti¥￿e5 also complies the iequirements for an incorne and extwdtiure acwunts undei the
Companies Act 2006

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DINWOODIE CHAR￿ABLE COMPANY
Re
istered Char
No.1151139
Staten*nt of Cash Flows for the
ear ended 31st March 2025
Total year ended
2025
Totsl year ended
2024
Net cash used In opera￿ng actlvltles
18
493,873
134,808
Cash flows from investing activities.'-
Interest
Rents
Royalties
Wayleaves
Purchase of inve51tnenls
Prtteeds from sale of invesbnent properties
Pr￿eedS from Sale of inve5ttnentS
Net cash provlded by Investlng a￿vItIeS
115.675
6,779
382.726
127.862
8,700
520.630
1271.0171
5,500,000
245.031
5,979,193
11.123.915)
1.088,182
621,525
Change In cash and cash equlvalents In year
5,485,321
486,717
Cash brought forward
Cash carrled forniard
2,493,704
7,979,025 £
2,006,987
2,493,704

Docusign Envelope ID.. 4D543EF1>5ED346DE-87EE-9A137316BF3E
DINWOODIE CHARITABLE COMPANY
Registered Charity No 1151139
12
Notes to the Accounts for the
ear ended 31 March 2025
1 ACCOUNTING POLICIES
The Dinwoodie Charitable Company is an incorporated charity. limited by guarantee, registered in England and
Wales, company number 08391977 and charity number 1151139. The registered address is clo Irwin Mitchell
LLP, Riverside East, 2 Millsands, Sheffield, South Yorkshire. S3 8DT
1.1 ACCOUNTING CONVENTION
These accounts have been prepared in accordance with "Accounting and Reporting by Charities" the Statement
of Recommended Practi￿ for charities applying the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102), Companies Act 2006 and UK Generally Accepted Accounb'ng Practice as it 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 statements are rounded to 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.
1.2 GOING CONCERN
At the time of approving the accounts, the trustees have reasonable expectstion that the charity has adequate
resources to continue in operational existen￿ for the foreseeable future. Thus the trustees, continue to adopt
the going concern basis of accounting in preparation of the accounts.
1.3 CHARITABLE FUNDS & FUND ACCOUNTING
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives
unless the funds have been designated for other purposes.
1.4 INVESTMENTS AND INVESTMENT INCOME
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 detemined as the difference between the sale proceeds
and the fair value at the beginning of the reporting period of the asset, and is recognised in net
incomel(expenditure) for the year.
All investments are ststed at fair value and the movement shown comprises both realised and unrealised gains
and losses.
Realised gains or losses arising on the disposal of investments (together with provisions for diminution in value),
are credited or debited to the Statement of Financial Activities, and subsequently transferred to Unrestricted
Funds.
Investment properties are stated at fair value at 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 to ensure that the asset is recorded at fair value. The properties
were last valued by independent professionals in 2024. The Directors carry out a calculation each year to reflect
the wasting asset to ensure that it is carried at fair value.
1.5 ROYALTY INCOME
The investment land at Croxden Quarry is tenanted by Lafarge Tarmac Limited under an agreement dated 16
November 1990. The tenancy terms provide for a royalty on every tonne of mineral extracted from within the
Quarry but with a minimum annual prepayment, referred to 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 adjustable upwards annually to
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DINWOODIE CHARITABLE COMPANY
Registered Charity No 1151139
13
match any increase in the Retail Price Index.
Royalties are computed on sale, that is minerals taken out of the Quarry. Vlffien the total of royalties earned
ex￿ed the Certain Rent, the additional royalties are determined quarterty 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 to 30 June 2024, 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 Financial Activities when received. Any subsequent Royalty
instalments 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 postgraduate medical centre project
is charged fully to 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. In accordance with the SORP, this best
reflects the timing of the obligations created by the charity to provide grant payments.
1.7 COST OF GENERATING FUNDS
The cost of generating funds consists of investment management fees, mineral agents, fees and quarry and farm
management costs.
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 include deposits held at call with banks.
1.10 FINANCIAL INSTRUMENTS
The charity has elected to apply the provisions of Section 11 "Basic Financial Instruments" and section 12 "Other
Financial Instruments Issues" of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balan￿ sheet when the charity becomes party to the
contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial ststements, when there
is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis
or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction
price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the
present value of the future receipts discounted at a market rate of interest. Financial assets classified as
receivable within one year are not amortised.
Investments are valued at fair value through income and expenditure.
Impairment of financial assets
Financial assets are assessed for indicators of impaiment at each reporting date. Financial assets are impaired
where there is objective evidence that, as a result one or more events that occurred after the initial recognition of
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DINWOODIE CHARITABLE COMPANY
Registered Charity No 1151139
14
the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference be￿een the carrying amount and the present value
of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is
recognised in net incomel(expenditure) for the year.
If there is a decrease in the impaimient loss arising from an event occurring after the impairment was recognised,
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 reversal is
recognised in net incomel(expenditure) for the year.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless
the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value
of the future receipts discounted at a market rate of interest. Debt instruments are subsequently 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-current liabilities. Trade payables are recognised initially at transaction
pri￿ and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or
cancelled.
2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that
are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised where the revision affects only that period, or in the
period of the revision and future periods where the revision affects both current and future periods.
Key Sources of Estimation Uncertainty
Fair value measurements
Certain assets are measured at 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
istered Chari
No.1151139
Notes to the Accounts for the
ear ended 31st March 2025
3 FIXED ASSET - INVESTMENT PROPERTIES
The Croxden quarry and farm was sold to the tenant company Tarmac Trading Limited for £5,5QO,000 in December 2024.
Halletec Environmental Ltd, Chartered Surveyors and Bagshaws were l)oth engaged to value the land to ensure Ihis was
not sold at an undervalue.
Valuation
As at 1 April 2024
Qua
3.950,000
Fami
Total
4,225,000
275,000
Less prO￿edS on sale
5.142,012
357,988
5,500,000
Surplus on disposal of Quary and Fam
1.192,012
82,988
1,275,000
Fair value carried forward
4 FIXED ASSET - INVESTMENTS
2025
2024
Quoted inveslments
Market value 1 st April
2.668.663
2,313,724
Additions at cost
IncreasellDecreasel on portfolio cash
Disposals
Net Gainl{Lossl unrealised
271,016
12,742
(238,948)
85,233
2.798,706 £
1,124,206
11,5621
11,060,395)
292,689
2,668,662
Investments
Cash held in portfolio for reinvestment
2.704,277
94,429
2,798,706 £
2,586,976
81,687
2,668,663
Historic cost
2,309,478 £
2,248,994
There were no investments representing greater than 5 % of the portfolio by market value
S. FINANCIAL INSTRUMENTS
Car
in
amount of financial assets
Quoted investments measured at fair value £2,704,27712024'. £2,586,976)
Investment properties measured at fair value in 2025.. £0 {2025'. £3,760.(K)O)
6 DEBTORS
Other debtors
- Wayleave
Prepaid Insurance
Coneydale Farm
Dividends due
66
318
4,000
2,563
6,947

Docusign Envelope ID.. 4D543EF1>5ED346DE-87EE-9A137316BF3E
16
DINWOODIE CHARITABLE COMPANY
istered Chari
No.1151139
Notes to the Accounts for the
ear ended 31st March 2025
2025
2024
7 CASH
Bank Accounts
Inlerest bearing deposit accounts
7.979,025
2,493,704
8 CREDITORS
Olher creditors
Trust Administration fees
Managing Trustee Remuneration
Audit fees
- HM Revenue & Customs
Mineral & Land Agent.. Normal
- Walsall Heatthcare
- East Lancashire Hospital NHS Trust
5,000
4.000
7,400
2,500
616
3,389
250,000
272,000
535,905
250.000
259,000 £
9 INVESTMENT INCOME
Dividend income from listed investments Inet}
Net Cash received
- Recoverable Tax
Gross bank and other interest
Gross rents re
Coneydale Farm (net of expenses)
Forestry land at Croxden
Gross Royalty Income from land at Croxden Inote 1.51
Gross Wayleave income
49,852
47,667
14
81,937
65,823
6,429
350
382,726
8,000
700
524,630
66
663,014
505,179 £
10 RAISING FUNDS
Mineral Agents, fees
- John D Pears Mineral Consultancy Limited
Quarry and Farm Management'.-
Halletec Environmental
Knights Professional Services Ltd
- JDM Property servI￿s
Council Tax for Coneydale Fami
- Bagshaws LLP
Higgs LLP
Investment management fees
QUi￿er Cheviot
7.210
7,864
1,800
7,710
1,430
1,543
7,284
2.640
2,280
5,960
16,314
45,931 £
10,754
26,858

Docusign Envelope ID.. 4D543EF1>5ED346DE-87EE-9A137316BF3E
17
LNNWOOLXE CHARftABLE COMPANY
i$1orotl Cha
No.1151139
ots¥ totho A¢¢ounts fortho
rondod 3181 Ma￿￿ 2025
2025
2024
11 CHARITABLE ACT11ll￿E5
Grants payaLlp (note 131
115.976
10.935
Share ofG0Wnan￿ Cost Inole 121
49,398
165,375
34.7(
12 GOVERNANCE COSTS IINCL VAT)
Leg4 and profes*￿41eeS
TtustAdministration
Auditor$ ¢h8rge$
- Under lover) wowded wryears
Tru$iee$ Co$1$
- Directors Remunerabon and Managing Diredors Ser¥￿e5
- Dire¢tor$ E¥pense$
Dire¢tors ￿tsUrance
1nfotmat￿n ComMis￿ner
19,138
13.664
144
14&15
14
20,731
617
3.172
15.
2.281
49,398 £
34.7(
Anatysed befvRen charitatrk athvthes
49.398
34.7(
PJI supportand wverance costs are akKated to the charitatle actmtyof gra&rrthvJ
13 GRANTS PAYABLE
Ro8oar¢h F8llowship¥
Royal col￿ge of sUrge￿5- Oxford Universty
Fellowship & Post Graduate Medical Centres
ngs Colleye
Facultyof Phatmaceubcal Medicine
Royal Colkge of Ane8lhekn81$
Royal col￿ge of Paedialric5 & Chikl Hea
Cith S8undets ￿teM￿lon81
28.177
117,3
13.8(X))
33.721
25,935
28.143
115.976 £
10.935
14 TRUSTEES REMUNERATION AND EXPENSES
Underthe ￿mS of the Memorandum and Articjes of￿￿￿ation direclors enter into forts
of Servi￿ In accordan￿ wlh seclions 185 and 186of the CharitiesAct 2011.
The charge5 of £20.731 12024 £17,451)for FOdHrd as Managing TTU51ee. Y￿re revIe￿d annu*at
Trustees meetings. Richard Miner inVo￿eS his lirne though Enter￿se FD Limited.
The lolal aTnounl of Tru51ee expen5e5 during the yearvR5 £617 {2024 £1991. Expenses ¥e pavj wrnartyto
reimburse the Trustees for th￿r expenses for attending Ccthpa)y meetirMJs and WYWJ rrfwfieds
SUPPOrted by DCC. Two12024.21 Tru51eeswere reimiMJtsed.
15 TRANSACTIONS WITH RELATED PARTIES
John Pe8rs is the proprietor of J D Pe¥rs Mineral Con$￿an1$y￿0 have *ed 8$ Ihe Chattys min¥4 ageNs sirte
June 2020. Thefees payable to J D Pears Minera Consuhants anwntto£7.210 (2024." £7.864}. Atlhe yearend
the b818n¢e Outsta￿1￿ was enl12024.e3,3891.
Richard Miner is a shareh￿dera￿l director of Enletprise FD Ltd andfees payatle to Ent￿￿lse FD Ltd frKmawYwJ
tru51ee 5erwce5 of RKhard Miner amounted to£20.731 {fKI VAT) {2024£15.880 VAD. Atlhe yearend the
balan* ouisianding was ￿.(M)0(2024." £7.4(N))
16 EMPLOYEES
There were no ernpkyees during theye¥{2024." nl}
17 FNANCiAL COMMITMENTS
Atthe balan￿ sheet date therewere 6yght{2024". 5ixI Cotnttlttn￿ that havenl been aX¥UEd ￿ thefv￿nLla Statements
relating lo rKopds that hadnlcOmmen￿ by the year eThl of£1.697.(XM) in tc4a12024'. £1.771.27n. There
obligation forthetru51ees lo make these paytnetrt5.
18 RECONCIUATKIN OF NET MOVEMENT IN FLINDS TO NETCASHFLOW FROM OPERATING ACTI￿Es
Totsl
le 2024
1.368,961
le 2025
1.660.321
Net movefflent in funds
DeduGt di¥￿end and interest incotne,
rent. royaty and way4eave income shovm in inveslirvJ &tivMes
Adjustment re foreign exdbangelichange in p[rfl4￿ cash
LossesllGainsl on disposal ol investments
Add bao* Ios5esldeduct (gains) on tixed asset inveslrrRn15
IGainsyLosses on fixed asset wopety
lkncrea5elldecrease in debtor5
I￿￿eaSe1(dec[easel in creditors
I￿5.179)
18.9191
I9.￿)
185.2331
11275.(XX))
6.947
{276.9)S
{493.873
1663,014)
7,032
127.788)
1292,689)
1465.IKX))
143 427
134802