REGISTERED CHARITY NUMBER: 1152432
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 1ST DECEMBER 2024
FOR
DIDYMUS CIO
Cresswells 12 Market Street Hebden Bridge West Yorkshire HX7 6AD
DIDYMUS CIO
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1ST DECEMBER 2024
| Page | Page | Page | |
|---|---|---|---|
| Chair's Report | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
DIDYMUS CIO
CHAIR'S REPORT FOR THE YEAR ENDED 1ST DECEMBER 2024
Following our major strategic review in 2023, we have concentrated this year in starting to put our new grant giving strategy into effect. We are now focusing our grant-giving on arts projects, particularly those which encourage wider access and participation from those who have traditionally found it hard to get involved. We have also adopted a specific geographical focus, concentrating our support on charitable projects within the London boroughs and the County of Yorkshire.
We have been delighted to fund a range of projects this year including community arts events, children's theatre, initiatives that improve access for people with disabilities and projects to help vulnerable young people through participation in the arts.
In 2024, Didymus awarded a total of £92,000 in grants, with £162,000 of grant commitments being made over the next three years. Through our contact and site visits, we have witnessed the positive impact our funding has had on the organisations we support.
Our Trustees have held two trustee meetings during the year via Zoom and have also held an in-person meeting. I would like to thank them for their unfailing support and hard work during this time. We are also very grateful for the work of our Grants Officer, Kathryn Kendall who has started working with us this year.
The Revd Dr Daphne Green
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DIDYMUS CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 1ST DECEMBER 2024
The trustees present their report with the financial statements of the charity for the year ended 1st December 2024. 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 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.
Grantmaking
Didymus is a small charity which supports organisations delivering high quality, creative projects, which widen access to and participation in the arts in Greater London and Yorkshire.
ACHIEVEMENT AND PERFORMANCE
Fundraising activities
During the year no donations (net of gift aid) have been received (2023: £19,408)
Grants given
During the year grants of £92,000 (2023 £71,539) were awarded, with grant commitments of £162,000 being made over the next three years.
Grant List 2024
| Charity | Amount | Date Awarded |
|---|---|---|
| Tutti Frutti Productions | £ 10,000 | 01/03/2024 |
| Hope Into Action UK | £ 10,000 | 15/03/2024 |
| Northern Broadsides Theatre Co | £ 10,000 | 27/11/2024 |
| Twisting Ducks Theatre Company | £ 6,500 | 20/12/2023 |
| Operasonic | £ 10,000 | 15/01/2024 |
| Young Peoples Puppet Theatre | £ 10,000 | 20/12/2023 |
| Purple Patch Arts | £ 10,000 | 27/11/2024 |
| Drunken Chorus | £ 10,000 | 20/12/2023 |
| Ballet Lorent Ltd | £ 5,500 | 20/12/2023 |
| Bees for Development | £ 10,000 | 30/04/2024 |
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.
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.
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DIDYMUS CIO
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 1ST DECEMBER 2024
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 Ms C E C Cummins Mr B J G Weston-Conway (appointed 28.6.25) Mr A Ozornin (appointed 28.6.25)
Independent Examiner
Cresswells 12 Market Street Hebden Bridge West Yorkshire HX7 6AD
Approved by order of the board of trustees on 8th July 2025 and signed on its behalf by:
The Rev Dr D M Green - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DIDYMUS CIO
Independent examiner's report to the trustees of Didymus CIO
I report to the charity trustees on my examination of the accounts of Didymus CIO (the Trust) for the year ended 1st December 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr J Dakin
Cresswells 12 Market Street Hebden Bridge West Yorkshire HX7 6AD
8th July 2025
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DIDYMUS CIO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 1ST DECEMBER 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities General Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 9 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ - - - - 162,000 11,496 173,496 - (173,496) 173,496 - - - |
Endowment fund £ - 126,393 126,393 15,026 - - 15,026 (825,466) (714,099) (173,496) (887,595) 4,354,998 3,467,403 |
2024 Total funds £ - 126,393 126,393 15,026 162,000 11,496 188,522 (825,466) (887,595) - (887,595) 4,354,998 3,467,403 |
2023 Total funds £ 19,408 177,095 196,503 5,824 69,439 6,561 81,824 (800,037) (685,358) - (685,358) 5,040,356 4,354,998 |
|---|---|---|---|---|
The notes form part of these financial statements
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DIDYMUS CIO
BALANCE SHEET 1ST DECEMBER 2024
| Notes FIXED ASSETS Investments 6 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 8 NET ASSETS FUNDS 9 Endowment funds TOTAL FUNDS |
Unrestricted fund £ - 207,000 (107,000) 100,000 100,000 (100,000) - |
Endowment fund £ 3,308,593 158,810 - 158,810 3,467,403 - 3,467,403 |
2024 Total funds £ 3,308,593 365,810 (107,000) 258,810 3,567,403 (100,000) 3,467,403 3,467,403 3,467,403 |
2023 Total funds £ 4,140,990 354,428 (70,420) 284,008 4,424,998 (70,000) 4,354,998 4,354,998 4,354,998 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 8th July 2025 and were signed on its behalf by:
The Rev Dr D M Green - Trustee
The notes form part of these financial statements
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DIDYMUS CIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1ST DECEMBER 2024
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. INVESTMENT INCOME
| Dividend income Other investment income |
2024 £ 108,784 17,609 126,393 |
2023 £ 175,931 1,164 177,095 |
|---|---|---|
continued...
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DIDYMUS CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 1ST DECEMBER 2024
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Portfolio management | 15,026 | 5,824 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 1st December 2024 nor for the year ended 1st December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 1st December 2024 nor for the year ended 1st December 2023.
5.
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Endowment fund fund £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 19,408 - Investment income - 177,095 Total 19,408 177,095 EXPENDITURE ON Raising funds - 5,824 Charitable activities General 69,439 - Other 6,561 - Total 76,000 5,824 Net gains/(losses) on investments - (800,037) NET INCOME/(EXPENDITURE) (56,592) (628,766) Transfers between funds 56,592 (56,592) Net movement in funds - (685,358) RECONCILIATION OF FUNDS Total funds brought forward - 5,040,356 TOTAL FUNDS CARRIED FORWARD - 4,354,998 |
Total funds £ 19,408 177,095 196,503 5,824 69,439 6,561 81,824 (800,037) (685,358) - (685,358) 5,040,356 4,354,998 |
|---|---|
continued...
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DIDYMUS CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 1ST DECEMBER 2024
6. FIXED ASSET INVESTMENTS
| MARKET VALUE At 2nd December 2023 Additions Disposals Revaluations At 1st December 2024 NET BOOK VALUE At 1st December 2024 At 1st December 2023 |
Listed investment £ 4,140,990 2,101,113 (2,136,587) (796,923) 3,308,593 3,308,593 4,140,990 |
|---|---|
There were no investment assets outside the UK.
| 7. CREDITORS: AMOUNTS FALLING DUE Other creditors 8. CREDITORS: AMOUNTS FALLING DUE Other creditors 9. MOVEMENT IN FUNDS Unrestricted funds General fund Endowment funds Capital fund TOTAL FUNDS |
WITHIN ONE AFTER MORE At 2.12.23 £ - 4,354,998 4,354,998 |
YEAR 2024 £ 107,000 THAN ONE YEAR 2024 £ 100,000 Net Transfers movement between in funds funds £ £ (173,496) 173,496 (714,099) (173,496) (887,595) - |
2023 £ 70,420 2023 £ 70,000 At 1.12.24 £ - 3,467,403 3,467,403 |
|---|---|---|---|
continued...
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DIDYMUS CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 1ST DECEMBER 2024
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund - (173,496) - Endowment funds Capital fund 126,393 (15,026) (825,466) TOTAL FUNDS 126,393 (188,522) (825,466) Comparatives for movement in funds Net Transfers At movement between 2.12.22 in funds funds £ £ £ Unrestricted funds General fund - (56,592) 56,592 Endowment funds Capital fund 5,040,356 (628,766) (56,592) TOTAL FUNDS 5,040,356 (685,358) - Comparative net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 19,408 (76,000) - Endowment funds Capital fund 177,095 (5,824) (800,037) TOTAL FUNDS 196,503 (81,824) (800,037) |
Movement in funds £ (173,496) (714,099) (887,595) At 1.12.23 £ - 4,354,998 4,354,998 Movement in funds £ (56,592) (628,766) (685,358) |
|---|---|
continued...
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DIDYMUS CIO
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 1ST DECEMBER 2024
9. 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 2.12.22 £ - 5,040,356 5,040,356 |
Net movement in funds £ (230,088) (1,342,865) (1,572,953) |
Transfers between funds £ 230,088 (230,088) - |
At 1.12.24 £ - 3,467,403 3,467,403 |
|---|---|---|---|---|
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 £ 19,408 303,488 322,896 |
Resources Gains and Movement expended losses in funds £ £ £ (249,496) - (230,088) (20,850) (1,625,503) (1,342,865) (270,346) (1,625,503) (1,572,953) |
|---|---|---|
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.
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 1st December 2024.
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DIDYMUS CIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 1ST DECEMBER 2024
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Dividend income Other investment income Total incoming resources EXPENDITURE 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 (expenditure)/income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net expenditure |
2024 £ - 108,784 17,609 126,393 126,393 15,026 162,000 1,500 518 9,478 11,496 188,522 (62,129) (825,466) (887,595) |
2023 £ 19,408 175,931 1,164 177,095 196,503 5,824 69,439 1,320 386 4,855 6,561 81,824 114,679 (800,037) (685,358) |
|---|---|---|
This page does not form part of the statutory financial statements
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