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← Dovedale

2024-12-31-accounts

REGISTERED CHARITY NUMBER: 1170157

Report of the Trustees and Audited Financial Statements

for the Year Ended 31 December 2024

for Dovedale

Dovedale

Contents of the Financial Statements for the Year Ended 31 December 2024

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 20
Detailed Statement of Financial Activities 21 to 22

Dovedale

Reference and Administrative Details for the Year Ended 31 December 2024

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
Chartered Certified Accountants and Statutory Auditors
38 Station Road
Harrow
Middlesex
HA2 7SE

Page 1

Dovedale

Report of the Trustees for the Year Ended 31 December 2024

The trustees present their report with the financial statements of the charity for the year ended 31 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 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:

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.

ACHIEVEMENTS 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 £139,000 compared to £164,000 in the previous period.

The charity 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 £558,202 (2023 - £609,880) for the period. Total funds as at 31 December 2024 stood at £5,571,992 (2023 - £5,013,790). The trustees consider the state of the charity's affairs to be satisfactory.

During the year, the charity received unrestricted donations totalling £147,250 (2023 - £219,000) 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

for the Year Ended 31 December 2024

Report of the Trustees

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".

Page 3

Dovedale

Report of the Trustees

for the Year Ended 31 December 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under charity law the trustees must not approve the financial statements unless they are satisfied that they 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

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 and The Charity (Accounts and Reports) Regulations 2008. 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 24 October 2025 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 31 December 2024 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:

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:

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.

Page 6

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 Chartered Certified Accountants and Statutory Auditors 38 Station Road Harrow Middlesex HA2 7SE

24 October 2025

Page 7

Dovedale

Statement of Financial Activities for the Year Ended 31 December 2024

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 on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.12.24
Unrestricted
fund
£
191,250
82,888
541
274,679
30,927
83,755
63,611
178,293
461,816
558,202
5,013,790
5,571,992		 31.12.23
Total
funds
£
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

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 8

Dovedale

Balance Sheet

31 December 2024

Notes
FIXED ASSETS
Investments
11
CURRENT ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
13
Unrestricted funds
TOTAL FUNDS		 31.12.24
31.12.23
Unrestricted
Total
fund
funds
£
£
5,456,827
4,774,202
125,673
273,939
(10,508)
(34,351)
115,165
239,588
5,571,992
5,013,790
5,571,992
5,013,790
5,571,992
5,013,790
5,571,992
5,013,790

The financial statements were approved by the Board of Trustees and authorised for issue on 24 October 2025 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 31 December 2024

Notes
Cash flows from operating activities
Cash generated from operations
16
Net cash (used in)/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		 31.12.24
£
(10,345)
(10,345)
(1,530,227)
1,309,418
732
82,156
(137,921)
(148,266)
273,939
125,673		 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

The notes form part of these financial statements

Page 10

Dovedale

Notes to the Financial Statements for the Year Ended 31 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.

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.

continued...

Page 11

Dovedale

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued

Expenditure

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.

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.

continued...

Page 12

Dovedale

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued

Fund accounting

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.

All current and prior year funds have been unrestricted.

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		 31.12.24
£
191,250
-
191,250		 31.12.23
£
219,000
150,344
369,344

Included within general donations was the sum of £147,250 (2023 - £219,000) received during the year from trustees.

continued...

Page 13

Dovedale

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

3.
INVESTMENT INCOME
Fixed asset investment income
Deposit account interest
4.
RAISING FUNDS
Investment management costs
Support costs
5.
CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
6)
£
Advancement of education through the
arts
79,000
Education and social care
60,000
139,000
6.
GRANTS PAYABLE
Advancement of education through the arts
Education and social care		 31.12.24
£
82,156
732
82,888
31.12.24
£
30,927
Support
costs (see
note 7)
£
4,755
3,611
8,366
31.12.24
£
79,000
60,000
139,000		 31.12.23
£
67,602
10,765
78,367
31.12.23
£
26,186
Totals
£
83,755
63,611		 31.12.23
£
67,602
10,765
78,367
31.12.23
£
26,186
Totals
£
83,755
63,611
Totals
£
83,755
63,611
147,366
31.12.23
£
94,000
70,000
164,000

continued...

Page 14

Dovedale

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

6. GRANTS PAYABLE - continued

The total grants paid to institutions during the year was as follows:

Read Easy UK
Aurora Orchestra
The Benedetti Foundation
Partnership for Children
Music Action International
Friends for Columbia School
Learning Skills Research Foundation Ltd
Sub-Sahara Advisory Panel
Apollo Music Projects
The Childhood Trust		 31.12.24
£
30,000
25,000
25,000
20,000
19,000
10,000
10,000
-
-
-
139,000		 31.12.23
£
-
25,000
40,000
20,000
18,000
20,000
10,000
20,000
8,000
3,000
164,000

As at 31 December 2024, the charity has provided grant funding commitments totalling £142,500 (2023 - £241,000) over the next three year period.

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.

7. SUPPORT COSTS

SUPPORT COSTS
Governance
Management Finance costs Totals
£ £ £ £
Investment management costs 30,927 - - 30,927
Advancement of education through the arts - 190 4,565 4,755
Education and social care - 145 3,466 3,611
30,927 335 8,031 39,293
Support costs, included in the above, are as follows:
Governance costs
31.12.24 31.12.23
Advancement
of Education
education and
through social Total Total
the arts care activities activities
£ £ £ £
Auditors' remuneration 3,092 2,348 5,440 4,680
Accountancy and legal fees 1,473 1,118 2,591 5,294
Consultancy - - - 1,650
4,565 3,466 8,031 11,624

Support costs, included in the above, are as follows:

Governance costs

Page 15

continued...

Dovedale

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

8. AUDITORS' REMUNERATION

31.12.24 31.12.23
£ £
Fees payable to the charity's auditors for the audit of the charity's financial
statements 5,440 4,680

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies 369,344
Investment income 78,367
Other income (3,534)
Total 444,177
EXPENDITURE ON
Raising funds 26,186
Charitable activities
Advancement of education through the arts 100,880
Education and social care 75,125
Total 202,191
Net gains on investments 367,894
NET INCOME 609,880
RECONCILIATION OF FUNDS
Total funds brought forward 4,403,910
TOTAL FUNDS CARRIED FORWARD 5,013,790

Page 16

continued...

Dovedale

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

11. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Listed
investments
£
4,774,202
1,530,227
(1,306,762)
459,160
5,456,827
5,456,827
4,774,202

Investments within the UK amounted to £1,473,084 (2023 - £1,031,324) and outside the UK amounted to £ 3,983,743 (2023 - £3,742,878).

Cost or valuation at 31 December 2024 is represented by:

Valuation in 2021
Valuation in 2022
Valuation in 2023
Valuation in 2024
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24
£
Other creditors
10,508		 Listed
investments
£
4,239,491
(123,616)
658,327
682,625
5,456,827
31.12.23
£
34,351

continued...

Page 17

Dovedale

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

13. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS		 follows:
Incoming
resources
£
274,679
274,679		 At 1.1.24
£
5,013,790
5,013,790
Resources
expended
£
(178,293)
(178,293)
At 1.1.23
£
4,403,910
4,403,910		 Net
movement
in funds
£
558,202
558,202
Gains and
losses
£
461,816
461,816
Net
movement
in funds
£
609,880
609,880		 At
31.12.24
£
5,571,992
5,571,992
Movement
in funds
£
558,202
558,202
At
31.12.23
£
5,013,790
5,013,790

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
444,177
444,177		 Resources
expended
£
(202,191)
(202,191)		 Gains and
Movement
losses
in funds
£
£
367,894
609,880
367,894
609,880

continued...

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Dovedale

Notes to the Financial Statements - continued for the Year Ended 31 December 2024

13. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.1.23
£
4,403,910
4,403,910		 Net
movement
in funds
£
1,168,082
1,168,082		 At
31.12.24
£
5,571,992
5,571,992

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
£
718,856
718,856		 Resources
expended
£
(380,484)
(380,484)		 Gains and
Movement
losses
in funds
£
£
829,710
1,168,082
829,710
1,168,082

14. CONTINGENT LIABILITIES

As disclosed in note 6, as at 31 December 2024 the charity has provided grant funding commitments to institutions totalling £142,500 (2023 - £241,000) 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.

15. RELATED PARTY DISCLOSURES

During the year, the charity awarded grants totalling £Nil (2023 - £8,000) to Apollo Music Projects. A trustee, J. A. Lough, was previously a trustee of Apollo Music Projects and resigned on 18 January 2022, although further grants had been committed under awards made in prior periods.

As disclosed in note 2, during the period the charity received unrestricted donations totalling £147,250 (2023 - £219,000) from trustees to advance the charity's purposes.

continued...

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Dovedale

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

16. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Gain on investments
Interest received
Dividends received
Decrease in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations		 31.12.24
£
558,202
(461,816)
(732)
(82,156)
-
(23,843)
(10,345)		 31.12.23
£
609,880
(367,894)
(10,765)
(67,602)
57,375
19,785
240,779

17. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£ £ £
Net cash
Cash at bank 273,939 (148,266) 125,673
273,939 (148,266) 125,673
Total 273,939 (148,266) 125,673

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Dovedale

Detailed Statement of Financial Activities
for the Year Ended 31 December 2024
31.12.24 31.12.23
£ £
INCOME AND ENDOWMENTS
Donations and legacies
General donations 191,250 219,000
Gift aid - 150,344
191,250 369,344
Investment income
Fixed asset investment income 82,156 67,602
Deposit account interest 732 10,765
82,888 78,367
Other income
Foreign exchange gains/(losses) 541 (3,534)
Total incoming resources 274,679 444,177
EXPENDITURE
Charitable activities
Grants to institutions 139,000 164,000
Support costs
Management
Management fees 30,927 26,186
Finance
Bank charges 335 340
Bank interest - 41
335 381
Governance costs
Auditors' remuneration 5,440 4,680
Accountancy and legal fees 2,591 5,294
Consultancy - 1,650
8,031 11,624
Total resources expended 178,293 202,191
Net income before gains and losses 96,386 241,986

This page does not form part of the statutory financial statements

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Dovedale

Detailed Statement of Financial Activities
for the Year Ended 31 December 2024
31.12.24 31.12.23
£ £
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments 2,656 (21,870)
Unrealised gains/(losses) on fixed asset investments 459,160 389,764
Net income 558,202 609,880

This page does not form part of the statutory financial statements

Page 22