**REGISTERED CHARITY NUMBER: 1152432**
## **REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 DECEMBER 2021**
## **FOR**
## **DIDYMUS CIO**
> Cresswells Accountants (UK) Limited Chartered Accountants and Statutory Auditors 12 Market Street Hebden Bridge West Yorkshire HX7 6AD
## **DIDYMUS CIO**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 DECEMBER 2021**
|||**Page**||
|---|---|---|---|
|**Chair's Report**||1||
|**Report of the Trustees**|2|to|6|
|**Report of the Independent Auditors**|7|to|9|
|**Statement of Financial Activities**||10||
|**Balance Sheet**||11||
|**Cash Flow Statement**||12||
|**Notes to the Cash Flow Statement**||13||
|**Notes to the Financial Statements**|14|to|19|
|**Detailed Statement of Financial Activities**||20||
## **DIDYMUS CIO**
## **CHAIR'S REPORT FOR THE YEAR ENDED 1 DECEMBER 2021**
Over the past year, Didymus has continued to support a number of UK-based charities working in the UK, Africa and Central and South America in the areas of social inclusion, education, the arts, equality and religious understanding. Whilst we have provided many smaller grants, Didymus is increasingly focusing on working with a few charities over a longer period so that we may build up relationships and assist these charities at a critical stage of their growth. This has been highly rewarding and it has been very encouraging to see the difference which our extended grant scheme has made to these organisations. At the same time, we have welcomed the feedback from our grant recipients through their audit reports which has helped us to see very clearly the impact which our grants have had.
The Trustees have met regularly throughout the year via Zoom. We have been very struck by the impact of Covid on many charities and we have sought to support those who have responded with resilience and imagination to the pandemic, which has required considerable versatility in their part.
Over the past year, Didymus has made total grant donations of £369,374.
I would like to thank the trustees of Didymus very warmly for their unfailing support, hard work and dedication and also to our administrator, Sheila Powell for all that she does to provide administrative support for Didymus as well as all those who provide other forms of help for us.
The Revd Dr Daphne Green
Page 1
## **DIDYMUS CIO**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 1 DECEMBER 2021**
The trustees present their report with the financial statements of the charity for the year ended 1 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objects of the CIO are such general charitable purposes for the benefit of the public as the charity trustees from time to time in their discretion think fit.
The Didymus Capital fund was established by donation of cash and shares in 2014. The trustees have the power to spend or retain both capital and income and so the fund is classed as expendable endowment. The fund's objects are to retain sufficient capital to provide an income for the CIO to make grants as they see fit.
## **Grantmaking**
Our full grant making policy and application process are available on our website www.didymus-charity.org.uk, our stated aims are:
- To encourage social inclusion
- To advance education
- To develop the arts
- To advance equality and diversity by creating opportunities for women
- To promote religious understanding
## **ACHIEVEMENT AND PERFORMANCE**
## **Fundraising activities**
During the year donations (net of gift aid) of £1,110,106 (2020 £200,000) have been received.
## **Grants given**
During the year grants of £369,374 (2020 £197,541) were given.
Page 2
## **DIDYMUS CIO**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 1 DECEMBER 2021**
## **ACHIEVEMENT AND PERFORMANCE Grant List 2021**
|**Charity**|**Amount**|**Date Awar**|
|---|---|---|
|Hope in Action|£ 9,200|22/01/2021|
|Our Moon Education|£ 3,152|22/03/2021|
|Village Water|£ 4,130|23/03/2021|
|Childs i Foundation|£ 5,000|24/03/2021|
|Kidogo Kids|£ 4,200|24/03/2021|
|Giakonda Solar Schools|£ 3,000|24/03/2021|
|Clapton Common Boys Club|£ 4,000|25/03/2021|
|Amantani UK|£ 5,000|26/03/2021|
|Blooming Blossoms Trust|£ 5,000|26/03/2021|
|SONshine Club|£ 4,950|29/03/2021|
|Women and Children First UK|£ 5,000|29/03/2021|
|Children of Rwanda|£ 2,500|31/03/2021|
|Create (Arts) Ltd|£ 5,000|31/03/2021|
|Inside Out for Children|£ 2,500|06/04/2021|
|Theatre Royal Haymarket Masterclass Trust|£ 1,500|06/04/2021|
|Across|£ 2,000|06/04/2021|
|Windle International|£ 5,000|06/04/2021|
|Wayward Productions|£ 4,000|06/04/2021|
|Pregnancy Options Centre, Chichester|£ 3,850|06/04/2021|
|Eastside Young Leaders Academy|£ 4,840|07/04/2021|
|Extra Mile|£ 3,120|08/04/2021|
|Rowan Humberstone|£ 5,000|08/04/2021|
|Action Ethiopia|£ 5,000|08/04/2021|
|Compass Childrens Charity|£ 4,000|08/04/2021|
|Tom Dale Company|£ 5,000|08/04/2021|
|Margaret Clitherow Trust|£ 5,000|08/04/2021|
|Tanyard Youth Project Ltd|£ 4,750|09/04/2021|
|Trust Links Ltd|£ 3,000|09/04/2021|
|Education Futures Trust|£ 5,000|09/04/2021|
|Raising Futures Kenya|£ 5,000|12/04/2021|
|Harmony Youth Project|£ 4,732|12/04/2021|
|Just Kidding|£ 5,000|12/04/2021|
|Nuneaton & North Warwickshire Riding for the|||
|Disabled|£ 4,479|13/04/2021|
|Making Music, Changing Lives|£ 4,140|13/04/2021|
|Free Legal Advice Group for Domestic|||
|Violence|£ 5,000|13/04/2021|
|St David's Diocesan Council for Social|||
|Responsibility|£ 2,500|14/04/2021|
|St Wilfred's Centre|£ 5,000|14/04/2021|
|Maggs Day Centre|£ 5,000|15/04/2021|
|Activity Club for Children with Special Needs|£ 2,000|15/04/2021|
|Prisoners Advice Service|£ 5,000|15/04/2021|
|Us in a Bus|£ 5,000|15/04/2021|
|Young Womens Trust|£ 5,000|16/04/2021|
|Chain Reaction|£ 4,998|19/04/2021|
|Teach2Teach International|£ 2,500|19/04/2021|
|Mahogany Opera Group|£ 5,000|20/04/2021|
|Chailey Heritage Enterprise Centre|£ 5,000|20/04/2021|
|Drunken Chorus|£10,000|23/04/2021|
|Embracing Arts|£ 4,560|15/07/2021|
|Little Gate Farm|£ 5,000|16/07/2021|
|RAISE Gambia|£ 4,000|19/07/2021|
## **Date Awarded**
Page 3
## **DIDYMUS CIO**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 1 DECEMBER 2021**
## **ACHIEVEMENT AND PERFORMANCE**
|**ACHIEVEMENT AND PERFORMANCE**|||
|---|---|---|
|Hello World|£ 5,000|21/07/2021|
|Dingley Family & Specialist Early Years|||
|Centres|£ 420|21/07/2021|
|Linking Lives UK|£ 4,000|21/07/2021|
|Umbrella Derby and Derbyshire|£ 5,000|22/07/2021|
|Tir Coed|£ 4,657|22/07/2021|
|balletLORENT|£ 5,000|23/07/2021|
|The Cowshed|£ 5,000|27/07/2021|
|Coach Core Foundation|£ 4,000|27/07/2021|
|Thomas Morley Trust|£ 5,000|27/07/2021|
|Deki Ltd|£ 3,000|29/07/2021|
|Exeter Ethiopia Link|£ 2,500|30/07/2021|
|Harpenden Spotlight on Africa|£ 5,000|03/08/2021|
|Autism Early Support Trust Ltd|£ 3,452|05/08/2021|
|Bees for Development|£10,000|06/08/2021|
|Cherwell Theatre Company|£ 3,000|11/08/2021|
|Iris Theatre|£ 2,000|07/09/2021|
|The Choir with No Name (CWNN)|£ 5,000|28/10/2021|
|Side by Side (School) Ltd|£ 5,000|01/11/2021|
|Friends of the Karen Street Children|£ 5,000|02/11/2021|
|Sixty-One|£ 3,000|02/11/2021|
|Daisies Kids Club|£ 4,500|03/11/2021|
|The Food Chain|£ 3,000|04/11/2021|
|Carmarthen Youth Project|£ 3,000|05/11/2021|
|The Principle Trust Childrens Charity|£ 5,000|05/11/2021|
|The Zink Project CIO|£ 5,000|05/11/2021|
|Christian Faith Ministries International|£ 3,000|08/11/2021|
|Friends of Amani UK|£ 5,000|09/11/2021|
|Regal Theatre Minehead|£ 3,500|09/11/2021|
|Priors Park Neighbourhood Project|£ 4,000|10/11/2021|
|Artizan International|£ 3,743|11/11/2021|
|Garage Art Group|£ 4,000|11/11/2021|
|Refugee Women Connect|£ 5,000|12/11/2021|
|Magic Lantern|£ 3,000|16/11/2021|
|Prodigal Bikes|£ 2,000|22/11/2021|
|Drama Express|£ 1,500|22/11/2021|
|Cecily's Fund|£ 2,000|22/11/2021|
|School Clubz|£ 2,000|22/11/2021|
|Golden Toad Theatre|£ 2,500|24/11/2021|
## **FINANCIAL REVIEW**
## **Reserves policy**
Reserves are held by the charity in order to be invested to provide income for grants and administration, and if required to be used to meet future grant obligations
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document , a constitution of a Charitable Incorporated Organisation.
Page 4
## **DIDYMUS CIO**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 1 DECEMBER 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Recruitment and appointment of new trustees**
Apart from the first charity trustees, every trustee shall be appointed by resolution of the trustees passed at a properly convened meeting of the charity trustees for the following terms
- 1 Any trustee who is a family member shall serve in office indefinitely 2 Any trustee who is not a family member shall serve in office for a term of three years.
In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1152432
## **Principal address**
47 Iverna Gardens London W8 6TW
## **Trustees**
The Rev Dr D M Green Mr A H Wall Mrs H N Wall Mrs O C J Houlihan (resigned 19.2.2022) Ms C E C Cummins Mr W D Fawkner-Corbett
## **Auditors**
Cresswells Accountants (UK) Limited Chartered Accountants and Statutory Auditors 12 Market Street Hebden Bridge West Yorkshire HX7 6AD
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material 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 continue in business.
Page 5
## **DIDYMUS CIO**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 1 DECEMBER 2021**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued**
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 4 August 2022 and signed on its behalf by:
The Rev Dr D M Green - Trustee
Page 6
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF DIDYMUS CIO**
## **Opinion**
We have audited the financial statements of Didymus CIO (the 'charity') for the year ended 1 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 1 December 2021 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 concern 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 relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude 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.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 7
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF DIDYMUS CIO**
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free 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, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 detect a material misstatement when it 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures include the following:
- we obtained an understanding of the legal and regulatory frameworks applicable to the Charity and the sector in which they operate. We determined the following laws and regulations were most significant: The Companies Act 2006 and FRS102.
- we assessed the susceptibility of the Charity's financial statements to material misstatement including how fraud might occur. Audit procedures performed by the audit team included:
- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud.
- understanding how those charged with governance considered and addressed the potential of override of controls or other inappropriate influence over the financial reporting process.
- challenging assumptions and judgements made by management in its significant accounting estimates.
- identifying and testing journal entries.
-
- assessing the extent of compliance with the relevant laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 8
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF DIDYMUS CIO**
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (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 formed.
Cresswells Accountants (UK) Limited Chartered Accountants and Statutory Auditors 12 Market Street Hebden Bridge West Yorkshire HX7 6AD
4 August 2022
Page 9
## **DIDYMUS CIO**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 1 DECEMBER 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
5
General
Other
**Total**
Net gains on investments
**NET INCOME**
**Transfers between funds**
13
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
1,110,106
-
1,110,106
-
560,358
3,234
563,592
-
546,514
(572,442)
(25,928)
46,077
20,149|Endowment
fund
£
-
87,316
87,316
5,460
-
-
5,460
1,752,575
1,834,431
572,442
2,406,873
2,721,833
5,128,706|2021
Total
funds
£
1,110,106
87,316
1,197,422
5,460
560,358
3,234
569,052
1,752,575
2,380,945
-
2,380,945
2,767,910
5,148,855|2020
Total
funds
£
250,000
66,323
316,323
3,793
201,260
383
205,436
176,628
287,515
-
287,515
2,480,395
2,767,910|
|---|---|---|---|---|
The notes form part of these financial statements
Page 10
## **DIDYMUS CIO**
## **BALANCE SHEET 1 DECEMBER 2021**
|Notes
**FIXED ASSETS**
Investments
10
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
12
**NET ASSETS**
**FUNDS**
13
Unrestricted funds
Endowment funds
**TOTAL FUNDS**|Unrestricted
fund
£
-
210,549
(52,800)
157,749
157,749
(137,600)
20,149|Endowment
fund
£
5,077,811
50,895
-
50,895
5,128,706
-
5,128,706|2021
Total
funds
£
5,077,811
261,444
(52,800)
208,644
5,286,455
(137,600)
5,148,855
20,149
5,128,706
5,148,855|2020
Total
funds
£
2,690,591
78,039
(720)
77,319
2,767,910
-
2,767,910
46,077
2,721,833
2,767,910|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 4 August 2022 and were signed on its behalf by:
The Rev Dr D M Green - Trustee
The notes form part of these financial statements
Page 11
## **DIDYMUS CIO**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 1 DECEMBER 2021**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash used in investing activities
**Change in cash and cash equivalents**
**in the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end**
**of the reporting period**|2021
£
730,760
(26)
730,734
(791,058)
156,413
-
87,316
(547,329)
183,405
78,039
261,444|2020
£
44,564
-
44,564
(253,761)
145,975
3
66,320
(41,463)
3,101
74,938
78,039|
|---|---|---|
The notes form part of these financial statements
Page 12
## **DIDYMUS CIO**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 1 DECEMBER 2021**
|**1.**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM**|**OPERATING ACTIVITIES**|**OPERATING ACTIVITIES**|**OPERATING ACTIVITIES**||
|---|---|---|---|---|---|---|
|||||2021||2020|
|||||£||£|
||**Net income for the reporting period (as per the**|**Statement of**|||||
||**Financial Activities)**|||2,380,945||287,515|
||**Adjustments for:**||||||
||Gain on investments|||(1,752,575)||(176,628)|
||Interest received|||-||(3)|
||Interest paid|||26||-|
||Dividends received|||(87,316)||(66,320)|
||Increase in creditors|||189,680||-|
||**Net cash provided by operations**|||730,760||44,564|
|2.|**ANALYSIS OF CHANGES IN NET FUNDS**||||||
||**Net cash**|At 2.12.20
£||Cash flow
£|At 1.12.21
£||
||Cash at bank|78,039||183,405||261,444|
|||78,039||183,405||261,444|
||**Total**|78,039||183,405||261,444|
||||||||
The notes form part of these financial statements
Page 13
**DIDYMUS CIO**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 DECEMBER 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2.**
## **DONATIONS AND LEGACIES**
|Donations
Gift aid|2021
£
1,110,106
-
1,110,106|2020
£
200,000
50,000
250,000|
|---|---|---|
continued...
Page 14
## **DIDYMUS CIO**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 1 DECEMBER 2021**
|**3.**
**INVESTMENT INCOME**
Dividend income
Deposit account interest
**4.**
**RAISING FUNDS**
**Other trading activities**
Interest payable and similar charges
**Investment management costs**
Portfolio management
Aggregate amounts
**5.**
**CHARITABLE ACTIVITIES COSTS**
Grant
funding of
activities
(see note
6)
£
General
556,174
**6.**
**GRANTS PAYABLE**
General
The total grants paid to institutions during the year was as follows:
Grants
Closing commitments|2021
£
87,316
-
87,316
2021
£
26
2021
£
5,434
5,460
Support
costs (see
note 7)
£
4,184
2021
£
556,174
2021
£
369,374
186,800
556,174|2020
£
66,320
3
66,323
2020
£
-
2020
£
3,793
3,793
Totals
£
560,358
2020
£
197,541
2020
£
197,541
-
197,541|
|---|---|---|
continued...
Page 15
## **DIDYMUS CIO**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 1 DECEMBER 2021**
## **7. SUPPORT COSTS**
|**SUPPORT COSTS**||
|---|---|
||Governance|
||costs|
||£|
|Other resources expended|3,234|
|General|4,184|
||7,418|
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 1 December 2021 nor for the year ended 1 December 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 1 December 2021 nor for the year ended 1 December 2020.
## **9.**
## **COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
General
Other
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
125,000
-
125,000
-
201,260
383
201,643
-
(76,643)
66,092
(10,551)
56,628
46,077|Endowment
fund
£
125,000
66,323
191,323
3,793
-
-
3,793
176,628
364,158
(66,092)
298,066
2,423,767
2,721,833|Total
funds
£
250,000
66,323
316,323
3,793
201,260
383
205,436
176,628
287,515
-
287,515
2,480,395
2,767,910|
|---|---|---|---|
continued...
Page 16
## **DIDYMUS CIO**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 1 DECEMBER 2021**
## **10. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 2 December 2020
Additions
Disposals
Revaluations
At 1 December 2021
**NET BOOK VALUE**
At 1 December 2021
At 1 December 2020
There were no investment assets outside the UK.
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**12.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
Other creditors
**13.**
**MOVEMENT IN FUNDS**
Net
At
movement
2.12.20
in funds
£
£
**Unrestricted funds**
General fund
46,077
546,514
**Endowment funds**
Capital fund
2,721,833
1,834,431
**TOTAL FUNDS**
2,767,910
2,380,945||2021
£
52,800
2021
£
137,600
Transfers
between
funds
£
(572,442)
572,442
-|Listed
investments
£
2,690,591
791,058
(127,063)
1,723,225
5,077,811
5,077,811
2,690,591
2020
£
720
2020
£
-
At
1.12.21
£
20,149
5,128,706
5,148,855|
|---|---|---|---|
continued...
Page 17
## **DIDYMUS CIO**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 1 DECEMBER 2021**
## **13. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Endowment funds**
Capital fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Endowment funds**
Capital fund
**TOTAL FUNDS**
Comparative net movement in funds, included
**Unrestricted funds**
General fund
**Endowment funds**
Capital fund
**TOTAL FUNDS**|Incoming
Resources
resources
expended
£
£
1,110,106
(563,592)
87,316
(5,460)
1,197,422
(569,052)
Net
At
movement
2.12.19
in funds
£
£
56,628
(76,643)
2,423,767
364,158
2,480,395
287,515
in the above are as follows:
Incoming
Resources
resources
expended
£
£
125,000
(201,643)
191,323
(3,793)
316,323
(205,436)|Gains and
losses
£
-
1,752,575
1,752,575
Transfers
between
funds
£
66,092
(66,092)
-
Gains and
losses
£
-
176,628
176,628|Movement
in funds
£
546,514
1,834,431
2,380,945
At
1.12.20
£
46,077
2,721,833
2,767,910
Movement
in funds
£
(76,643)
364,158
287,515|
|---|---|---|---|
continued...
Page 18
## **DIDYMUS CIO**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 1 DECEMBER 2021**
## **13. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Endowment funds**
Capital fund
**TOTAL FUNDS**|At
2.12.19
£
56,628
2,423,767
2,480,395|Net
movement
in funds
£
469,871
2,198,589
2,668,460|Transfers
between
funds
£
(506,350)
506,350
-|At
1.12.21
£
20,149
5,128,706
5,148,855|
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Endowment funds**
Capital fund
**TOTAL FUNDS**|Incoming
resources
£
1,235,106
278,639
1,513,745|Resources
expended
£
(765,235)
(9,253)
(774,488)|Gains and
losses
£
-
1,929,203
1,929,203|Movement
in funds
£
469,871
2,198,589
2,668,460|
|---|---|---|---|---|
The Didymus Capital fund was established by donation of cash and shares in 2014. The trustees have the power to spend or retain both capital and income and so the capital fund is classed as an expendable endowment. The fund's objects are to retain sufficient capital to provide an income for the CIO to make grants as they see fit.
## **14. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 1 December 2021.
Page 19
## **DIDYMUS CIO**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 1 DECEMBER 2021**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Gift aid
**Investment income**
Dividend income
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Other trading activities**
Bank interest
**Investment management costs**
Portfolio management
**Charitable activities**
Grants to institutions
**Support costs**
**Governance costs**
Accountancy and legal fees
Computer costs
Admin expenses
Total resources expended
**Net income before gains and losses**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
**Net income**|2021
£
1,110,106
-
1,110,106
87,316
-
87,316
1,197,422
26
5,434
556,174
2,880
354
4,184
7,418
569,052
628,370
1,752,575
2,380,945|2020
£
200,000
50,000
250,000
66,320
3
66,323
316,323
-
3,793
197,541
720
383
2,999
4,102
205,436
110,887
176,628
287,515|
|---|---|---|
This page does not form part of the statutory financial statements
Page 20