REGISTERED CHARITY NUMBER: 1170157
Report of the Trustees and
Audited Financial Statements
for the Year Ended 31st December 2023
for Dovedale
Dovedale
Contents of the Financial Statements for the Year Ended 31st December 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 4 |
| Report of the Independent Auditors | 5 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| Cash Flow Statement | 10 | ||
| Notes to the Financial Statements | 11 | to | 19 |
| Detailed Statement of Financial Activities | 20 |
Dovedale
Reference and Administrative Details for the Year Ended 31st December 2023
TRUSTEES R A Lough J A Lough E V Lough O J Lough S M Watson J Speers PRINCIPAL ADDRESS 71 Queen Victoria Street London EC4V 4AY REGISTERED CHARITY 1170157 NUMBER INDEPENDENT AUDITORS Smartax Limited 7 Merlin Courtyard Gatehouse Close Aylesbury Buckinghamshire HP19 8DP
Page 1
Dovedale
Report of the Trustees for the Year Ended 31st December 2023
The trustees present their report with the financial statements of the charity for the year ended 31st December 2023. 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 purpose of the charity is to advance such charitable purposes (according to the law of England and Wales) as the charity trustees see fit from time to time by making grants to organisations and individuals.
In particular the charity aims include:
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The advancement of education;
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The advancement of the arts, culture, heritage and science.
Public benefit
The trustees confirm that they have referred to the Charity's Commission's guidance on public benefit when reviewing the charity's aims and objectives, in planning future activities, and setting the grant making policy for the period.
Grant-making
The charity furthers its charitable purposes for the public benefit through its grant-making policy which aims to provide grants to projects that seek to achieve its objects.
It also monitors the institutions that have been supported by requesting them to provide reports back to the charity on an annual basis, which would be reviewed before further grants are awarded.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the period, the charity continued to develop its internal management and grant-making policies as well as consolidating the donations received through investments in various funds.
The charity enhanced its grant-giving capabilities, providing more funding and to a wider range of entities to fulfil its objectives. Total grants awarded during the period were £164,000 compared to £118,500 in the previous period.
During the year, the charity awarded further grants totalling £8,000 to Apollo Music Projects and has committed to provide future funding. Apollo Music Projects is a music education charity that delivers a programme of live music to primary schools in deprived areas of London.
The charity also furthered its objectives by awarding significant grants to Music Action International, Partnership for Children, Aurora Orchestra, Friends for Columbia School, Learning Skills Research Foundation Ltd and The Benedetti Foundation and committed to provide future funding to these and other institutions.
FINANCIAL REVIEW
Financial position
The statement of financial activities shows net income of £609,880 (2022 - net expenditure £388,793) for the period. Total funds as at 31 December 2023 stood at £5,013,790 (2022 - £4,403,910). The trustees consider the state of the charity's affairs to be satisfactory.
During the year, the charity received unrestricted donations totalling £219,000 (2022 - £205,000) from trustees to advance the charity's purposes.
Investment policy and objectives
The charity's investment advisors are instructed to maximise the total return on funds within the constraints of a medium to low risk investment portfolio.
Page 2
Dovedale
Report of the Trustees for the Year Ended 31st December 2023
FINANCIAL REVIEW
Reserves policy
The charity continues to build up reserves which it intends to use for carrying out its charitable objectives over the next few years.
Principal risks and uncertainties
The trustees regularly consider key risks the charity is exposed to and ensure to take corrective action to implement measures to manage and mitigate identified risks to an acceptable level.
Foreign currency risk
The charity's investments overseas expose it to the financial risks of changes in foreign currency exchange rates. The charity holds investments in multiple currencies, mitigating the impact of changes in the foreign exchange rate.
Volatility of markets
The charity is also faced with the financial risk of volatility in equity and investment markets due to wider economic conditions, the attitude of investors to risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. The charity holds a portfolio of assets listed in different regions to mitigate this risk.
FUTURE PLANS
The charity intends to continue its commitment to provide funding to various other organisations and individuals that meets its aims.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a constitution, and constitutes a charitable incorporated organisation under the Charities Act 2011.
Recruitment and appointment of new trustees
Apart from the first charity trustees, every trustee is appointed by a resolution passed at a properly convened meeting of the charity trustees. 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 charity.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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Dovedale
Report of the Trustees for the Year Ended 31st December 2023
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.
AUDITORS
The auditors, Smartax Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 25th October 2024 and signed on its behalf by:
J A Lough - Trustee
Page 4
Report of the Independent Auditors to the Trustees of Dovedale
Opinion
We have audited the financial statements of Dovedale (the 'charity') for the year ended 31st December 2023 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31st December 2023 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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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:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Page 5
Report of the Independent Auditors to the Trustees of Dovedale
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:
Irregularities, including fraud, are instances of non-compliance with 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 procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the charity and the environment in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. Our audit procedures were designed to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, financial reporting legislation, the Charities Act 2011 and UK pensions and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management regarding correspondence with regulators and tax authorities.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it and therefore we have communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates. We addressed the risk of management override of internal controls through testing journals. We evaluated whether there was evidence of bias by the directors in accounting estimates that represented a risk of material misstatement due to fraud. We challenged assumptions and judgements made by management in any significant accounting estimates.
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.
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Report of the Independent Auditors to the Trustees of Dovedale
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.
Smartax Limited 7 Merlin Courtyard Gatehouse Close Aylesbury Buckinghamshire HP19 8DP
25th October 2024
Page 7
Dovedale
Statement of Financial Activities
for the Year Ended 31st December 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Other income Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Advancement of education through the arts Education and social care Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.12.23 Unrestricted fund £ 369,344 78,367 (3,534) 444,177 26,186 100,880 75,125 202,191 367,894 609,880 4,403,910 5,013,790 |
31.12.22 Total funds £ 205,000 62,167 29,421 296,588 24,173 75,624 56,162 155,959 (529,422) (388,793) 4,792,703 4,403,910 |
|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 8
Dovedale
Balance Sheet 31st December 2023
| Notes FIXED ASSETS Investments 11 CURRENT ASSETS Debtors 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS |
31.12.23 Unrestricted fund £ 4,774,202 - 273,939 273,939 (34,351) 239,588 5,013,790 5,013,790 5,013,790 5,013,790 |
31.12.22 Total funds £ 4,115,875 57,375 245,226 302,601 (14,566) 288,035 4,403,910 4,403,910 4,403,910 4,403,910 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 25th October 2024 and were signed on its behalf by:
J A Lough - Trustee
S M Watson - Trustee
The notes form part of these financial statements
Page 9
Dovedale
Cash Flow Statement for the Year Ended 31st December 2023
| Notes Cash flows from operating activities Cash generated from operations 17 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 |
31.12.23 £ 240,779 240,779 (2,030,027) 1,739,594 10,765 67,602 (212,066) 28,713 245,226 273,939 |
31.12.22 £ 76,836 76,836 (884,261) 478,455 978 61,189 (343,639) (266,803) 512,029 245,226 |
|---|---|---|
The notes form part of these financial statements
Page 10
Dovedale
Notes to the Financial Statements for the Year Ended 31st December 2023
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the accounting policies, trustees are required to make judgement, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.
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.
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio.
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.
Cost of raising funds relate to costs incurred in attracting voluntary income and the management of investments and those incurred in trading activities that raise funds.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grants payable are charged in the year when the offer is conveyed to the recipient. 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. Where a grant has been made for the benefit of an individual, or a group of individuals, through the means of an institution, this is recorded as a grant to the institution.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
continued...
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Dovedale
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
1. ACCOUNTING POLICIES - continued
Allocation and apportionment of costs
Support costs have been allocated between governance costs and other support 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 an apportionment of overhead and support costs.
Governance costs and support costs relating to charitable activities have been apportioned on a basis consistent with the use of resources. The allocation of support and governance costs is analysed in note 7.
Volunteers
The value of the services provided by volunteers is not incorporated into these financial statements.
Taxation
The charity is exempt from tax on its charitable activities.
Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the period.
The charity does not acquire put options, derivatives or other complex financial instruments.
The main forms of financial risk faced by the charity is that of foreign exchange risk and volatility in equity and investment markets due to wider economic conditions, the attitude of investors to risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discount due.
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.
continued...
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Dovedale
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
1. ACCOUNTING POLICIES - continued
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans, which are subsequently measured at amortised cost using the effective interest method, and investments which are held at fair value.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
2. DONATIONS AND LEGACIES
| General donations Gift aid |
31.12.23 £ 219,000 150,344 369,344 |
31.12.22 £ 205,000 - |
|---|---|---|
| 205,000 |
Included within general donations was the sum of £219,000 (2022 - £205,000) received during the year from trustees.
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| Fixed asset investment income | 67,602 | 61,189 |
| Deposit account interest | 10,765 | 978 |
| 78,367 | 62,167 |
continued...
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Dovedale
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
4. RAISING FUNDS
Investment management costs
| Support costs 5. CHARITABLE ACTIVITIES COSTS Advancement of education through the arts Education and social care 6. GRANTS PAYABLE Advancement of education through the arts Education and social care The total grants paid to institutions during the year was as follows: Apollo Music Projects Read Easy UK Learning Skills Research Foundation Ltd The Benedetti Foundation The Refugee & Migrant Centre Music Action International Partnership for Children Aurora Orchestra Friends for Columbia School Sub-Sahara Advisory Panel The Childhood Trust |
Grant funding of activities (see note 6) £ 94,000 70,000 164,000 |
31.12.23 £ 26,186 Support costs (see note 7) £ 6,880 5,125 12,005 31.12.23 £ 94,000 70,000 164,000 31.12.23 £ 8,000 - 10,000 40,000 - 18,000 20,000 25,000 20,000 20,000 3,000 164,000 |
31.12.22 £ 24,173 Totals £ 100,880 75,125 |
|---|---|---|---|
| 176,005 | |||
| 31.12.22 £ 68,000 50,500 |
|||
| 118,500 | |||
| 31.12.22 £ 22,500 25,000 10,000 25,000 18,000 18,000 - - - - - |
|||
| 118,500 |
As at 31 December 2023, the charity has provided grant funding commitments totalling £241,000 (2022 - £90,000) over the next three year period provided the grant terms are met. Included within this sum is a funding commitment of £15,000 (2022 - £15,000) to Apollo Music Projects.
The institutions have been made aware of the charity's intention to fund these awards. However the awards are contingent upon meeting certain annual conditions and as such have not been accrued in these financial statements.
continued...
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Dovedale
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
7. SUPPORT COSTS
| 7. | SUPPORT COSTS | ||||
|---|---|---|---|---|---|
| Governance | |||||
| Management | Finance | costs | Totals | ||
| £ | £ | £ | £ | ||
| Investment management costs | 26,186 | - | - | 26,186 | |
| Advancement of education through the arts | - | 218 | 6,662 | 6,880 | |
| Education and social care | - | 163 | 4,962 | 5,125 | |
| 26,186 | 381 | 11,624 | 38,191 | ||
| Support costs, included in the above, are as follows: | |||||
| Governance costs | |||||
| 31.12.23 | 31.12.22 | ||||
| Advancement | |||||
| of | Education | ||||
| education | and | ||||
| through | social | Total | Total | ||
| the arts | care | activities | activities | ||
| £ | £ | £ | £ | ||
| Auditors' remuneration | 2,682 | 1,998 | 4,680 | 4,440 | |
| Accountancy and legal fees | 3,034 | 2,260 | 5,294 | 3,770 | |
| Consultancy | 946 | 704 | 1,650 | 4,708 | |
| 6,662 | 4,962 | 11,624 | 12,918 | ||
| 8. | AUDITORS' REMUNERATION | ||||
| 31.12.23 | 31.12.22 | ||||
| £ | £ | ||||
| Fees payable to the charity's auditors for the audit of the charity's | financial | ||||
| statements | 4,680 | 4,440 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2023 nor for the year ended 31st December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2023 nor for the year ended 31st December 2022.
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continued...
Dovedale
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Other income Total EXPENDITURE ON Raising funds Charitable activities Advancement of education through the arts Education and social care Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 11. FIXED ASSET INVESTMENTS MARKET VALUE At 1st January 2023 Additions Disposals Revaluations At 31st December 2023 NET BOOK VALUE At 31st December 2023 At 31st December 2022 |
Unrestricted fund £ 205,000 62,167 29,421 296,588 24,173 75,624 56,162 155,959 (529,422) (388,793) 4,792,703 4,403,910 Listed investments £ 4,115,875 2,030,027 (1,761,464) 389,764 4,774,202 4,774,202 4,115,875 |
|---|---|
Investments within the UK amounted to £1,031,324 (2022 - £1,876,590) and outside the UK amounted to £ 3,742,878 (2022 - £2,239,285).
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continued...
Dovedale
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
11. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31st December 2023 is represented by:
| Valuation in 2021 Valuation in 2022 Valuation in 2023 |
Listed investments £ 4,239,491 (123,616) 658,327 4,774,202 |
|---|---|
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 14. MOVEMENT IN FUNDS At 1.1.23 £ Unrestricted funds General fund 4,403,910 TOTAL FUNDS 4,403,910 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 444,177 (202,191) TOTAL FUNDS 444,177 (202,191) |
31.12.23 £ - 31.12.23 £ - 34,351 34,351 Net movement in funds £ 609,880 609,880 Gains and losses £ 367,894 367,894 |
31.12.22 £ 57,375 31.12.22 £ 7,221 7,345 14,566 At 31.12.23 £ 5,013,790 5,013,790 Movement in funds £ 609,880 609,880 |
|
|---|---|---|---|
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Dovedale
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.22 £ 4,792,703 4,792,703 |
Net movement in funds £ (388,793) (388,793) |
At 31.12.22 £ 4,403,910 |
|---|---|---|---|
| 4,403,910 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 296,588 296,588 |
Resources expended £ (155,959) (155,959) |
Gains and Movement losses in funds £ £ (529,422) (388,793) (529,422) (388,793) |
Gains and Movement losses in funds £ £ (529,422) (388,793) (529,422) (388,793) |
|---|---|---|---|---|
| (388,793) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.22 £ 4,792,703 4,792,703 |
Net movement in funds £ 221,087 221,087 |
At 31.12.23 £ 5,013,790 |
|---|---|---|---|
| 5,013,790 |
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 TOTAL FUNDS |
Incoming resources £ 740,765 740,765 |
Resources expended £ (358,150) (358,150) |
Gains and Movement losses in funds £ £ (161,528) 221,087 (161,528) 221,087 |
Gains and Movement losses in funds £ £ (161,528) 221,087 (161,528) 221,087 |
|---|---|---|---|---|
| 221,087 |
continued...
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Dovedale
Notes to the Financial Statements - continued for the Year Ended 31st December 2023
15. CONTINGENT LIABILITIES
As disclosed in note 6, as at 31 December 2023 the charity has provided grant funding commitments to institutions totalling £241,000 (2022 - £90,000) over the next three year period. These awards are contingent upon meeting certain annual conditions and will be funded using the unrestricted funds of the charity.
16. RELATED PARTY DISCLOSURES
During the year, the charity awarded grants totalling £8,000 (2022 - £22,500) to Apollo Music Projects, a registered charity, in which the trustee, J A Lough, was a former trustee. As disclosed in note 6, further grants are intended to be provided. J A Lough resigned as a trustee of Apollo Music Projects on 18 January 2022.
As disclosed in note 2, during the period the charity received unrestricted donations totalling £219,000 (2022 - £205,000) from trustees to advance the charity's purposes.
17. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: (Gain)/losses on investments Interest received Dividends received Decrease in debtors Increase/(decrease) in creditors Net cash provided by operations |
31.12.23 £ 609,880 (367,894) (10,765) (67,602) 57,375 19,785 240,779 |
31.12.22 £ (388,793) 529,422 (978) (61,189) - (1,626) 76,836 |
|---|---|---|
18. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.1.23 | Cash flow | At 31.12.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 245,226 | 28,713 | 273,939 |
| 245,226 | 28,713 | 273,939 | |
| Total | 245,226 | 28,713 | 273,939 |
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