REGISTERED CHARITY NUMBER: 1187598
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
THE DODGSON FOUNDATION
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
THE DODGSON FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Cash Flow Statement | 6 | ||
| Notes to the Cash Flow Statement | 7 | ||
| Notes to the Financial Statements | 8 | to | 13 |
THE DODGSON FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 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 terms of the CIO allow wide charitable objects. However, in order to operate within the resources available, the Trustees have a policy of considering applications which focus primarily on the diverse range of assistance required by the needy over 55s within the wider area of Brighton and Hove, plus working with any including financial support for agencies who provide services to those in need.
Public benefit
In shaping our objectives and planning our activities for the year, the Trustees have given consideration to the duties set out in section 17(5) of the Charities Act 2011 to have due regard to public benefit. In particular, the Trustees have considered how the planned activities will contribute to the overall aims and objectives that they have set.
The Trustees believe that the following paragraphs, relate in detail the benefit that the charity provides to the public.
Grantmaking
The Trustees who have served during the period and up to the date of this report are set out on page 2. The Trustees are responsible for the appointment of Trustees. The Trustees meet regularly. The day to day administration of the Foundation is the responsibility of the Chief Executive Officer, who has authority to approve applications up to £3,000 per annum with a maximum of £1,000 per application in accordance with a budget agreed by the Trustees. The Trustees monitor and receive reports of funds expended to test for accountability, efficiency and value for money. The Trustees are pleased to report that so many individuals directly and via agencies have been supported and that is increasing.
The Trustees continue their policy of partnership and assistance to other organisations involved in help/assistance. Regular networking meetings are held with our partners.
FINANCIAL REVIEW
Financial position
The assets of the charity now amount to £2,917,106 (2023: £2,830,934) which generated income of £122,792 (2023: £119,760) in the year to fund grants and related costs over the year totalling £142,342 (2023: £129,793).
The investment strategy is set by the Trustees, who may invest in such investments, property or securities as may bethought fit. The policy aim is that capital appreciation should exceed inflation and there is a balance of spread of risks in the investment strategy. This takes into account the need for income, the risk profile and the views of the Foundation's professional advisers. The Trustees do not feel that a professional valuation of property is required until, at the earliest, 2023. The Trustees having regard to all factors believe that the market value as stated in the accounts of 38C High Street, Wimbledon is not substantially inaccurate at 31 March 2024. A further property, 10 - 12 The Causeway, Teddington was purchased at the beginning of 2017.
Reserves policy
The Trust aims to maintain reserves of at least £2,000,000 in order to generate sufficient income to meet annual fixed costs and a minimum level of grants and donations.
At 31 March 2024, the trust held free reserves of £1,545,328 (2023: £1,459,156).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes a CIO.
CEO
G Wicks
Page 1
THE DODGSON FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The Trustees have reviewed any serious risks to which the Foundation is exposed and are confident that controls are in place to mitigate against those risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1187598
Principal address
16 Park Avenue Hove East Sussex BN3 5RF
Trustees
Mrs G Reed C Butler R Griffiths D Standing C Wellings (deceased 4/6/2023) R Overton-Hart (appointed 19/5/2023) Ms C Frazer (appointed 19/5/2023)
Independent Examiner
Dr Shona F Wardrop C.A. Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
Approved by order of the board of trustees on 31 October 2024 and signed on its behalf by:
Mrs G Reed - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DODGSON FOUNDATION
Independent examiner's report to the trustees of The Dodgson Foundation
I report to the charity trustees on my examination of the accounts of The Dodgson Foundation (the Trust) for the year ended 31 March 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
-
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.
Dr Shona F Wardrop C.A. The Institute of Chartered Accountants of Scotland
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
31 October 2024
Page 3
THE DODGSON FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Other trading activities 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Charitable Activities Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 Unrestricted fund £ 89,482 33,310 122,792 142,342 105,722 86,172 2,830,934 2,917,106 |
2023 Total funds £ 85,777 33,983 119,760 129,793 (225,823) (235,856) 3,066,790 2,830,934 |
|---|---|---|
The notes form part of these financial statements
Page 4
THE DODGSON FOUNDATION
BALANCE SHEET
31 MARCH 2024
| Notes FIXED ASSETS Investments Investments 9 Investment property 10 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds TOTAL FUNDS |
2024 Unrestricted fund £ 1,460,174 1,371,778 2,831,952 106,700 (21,546) 85,154 2,917,106 2,917,106 2,917,106 2,917,106 |
2023 Total funds £ 1,365,450 1,371,778 2,737,228 115,051 (21,345) 93,706 2,830,934 2,830,934 2,830,934 2,830,934 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 31 October 2024 and were signed on its behalf by:
G Reed - Trustee
The notes form part of these financial statements
Page 5
THE DODGSON FOUNDATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Purchase of fixed asset investments Sale of fixed asset investments Exchange movements Interest received Dividends received Net cash provided by 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 |
2024 £ (52,659) (52,659) (153,370) 270,090 (105,722) 178 33,132 44,308 (8,351) 115,051 106,700 |
2023 £ (43,917) (43,917) (229,244) 14,180 225,823 130 33,853 44,742 825 114,226 115,051 |
|---|---|---|
The notes form part of these financial statements
Page 6
THE DODGSON FOUNDATION
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 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 Increase in creditors Net cash used in operations |
2024 £ 86,172 (105,722) (178) (33,132) 201 (52,659) |
2023 £ (235,856) 225,823 (130) (33,853) 99 |
| (43,917) |
2.
ANALYSIS OF CHANGES IN NET FUNDS
| At 1/4/23 | Cash flow | At 31/3/24 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 115,051 | (8,351) | 106,700 |
| 115,051 | (8,351) | 106,700 | |
| Total | 115,051 | (8,351) | 106,700 |
The notes form part of these financial statements
Page 7
THE DODGSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
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.
continued...
Page 8
THE DODGSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
| 2. OTHER TRADING ACTIVITIES Property rent Ground rents 3. INVESTMENT INCOME Dividends Deposit account interest 4. CHARITABLE ACTIVITIES COSTS Charitable Activities 5. GRANTS PAYABLE Charitable Activities |
Direct Costs £ 34,322 |
2024 £ 88,047 1,435 89,482 2024 £ 33,132 178 33,310 Grant funding of activities (see note 5) £ 108,020 2024 £ 108,020 |
2023 £ 84,342 1,435 85,777 2023 £ 33,853 130 33,983 Totals £ 142,342 |
2023 £ 84,342 1,435 |
|---|---|---|---|---|
| 85,777 | ||||
| 2023 £ 33,853 130 |
||||
| 33,983 | ||||
| 2023 £ 95,477 |
continued...
Page 9
THE DODGSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
5. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| Freshstart Fareshare Impetus - Together Co Spiral City Mission Hangleton Knoll Project Somerset Day Centre Off The Fence Revitalise Brighton Oasis Project Martlets Hospice Friends of Brighton & Hove Hospitals St Lukes Advice Centre Guildcare (Worthing) Rise (Choir) Friends First One Church Time To Talk Probation AGE UK Brighton Kidz Klub Food & Friendship Old Boat Corner Community Association Ltd |
2024 £ 3,000 5,000 6,000 4,400 7,500 5,000 6,000 5,000 - 2,500 4,000 3,000 3,000 5,000 5,000 3,000 5,000 6,000 1,500 8,000 4,263 1,000 2,600 95,763 |
2023 £ 3,000 5,000 4,000 2,400 7,500 2,100 4,000 5,000 3,440 2,500 4,000 2,000 3,000 5,000 3,000 2,980 3,500 4,000 1,000 5,000 4,974 1,000 - |
|---|---|---|
| 78,394 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
7. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| Wages and salaries | 2024 £ 18,590 18,590 |
2023 £ 18,522 |
| 18,522 |
The average monthly number of employees during the year was as follows:
| 2024 | 2023 |
|---|---|
| 1 | 1 |
No employees received emoluments in excess of £60,000.
continued...
Page 10
THE DODGSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Other trading activities Investment income Total EXPENDITURE ON Charitable activities Charitable Activities Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 9. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2023 Additions Disposals Revaluations At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Listed investments £ 1,364,754 127,465 (164,368) 105,722 1,433,573 1,433,573 1,364,754 |
Cash and settlements pending £ 696 25,905 - - 26,601 26,601 696 |
Unrestricted fund £ 85,777 33,983 119,760 129,793 (225,823) (235,856) 3,066,790 2,830,934 Totals £ 1,365,450 153,370 (164,368) 105,722 1,460,174 1,460,174 1,365,450 |
|
|---|---|---|---|---|
There were no investment assets outside the UK.
continued...
Page 11
THE DODGSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
9. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31 March 2024 is represented by:
| Listed investments £ Valuation in 2022 1,592,578 Valuation in 2023 (227,824) Valuation in 2024 68,819 1,433,573 10. INVESTMENT PROPERTY FAIR VALUE At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Taxation and social security Other creditors 12. MOVEMENT IN FUNDS At 1/4/23 £ Unrestricted funds General fund 2,830,934 TOTAL FUNDS 2,830,934 |
Cash and settlements pending £ 9,454 (8,758) 25,905 26,601 2024 £ 278 21,268 21,546 Net movement in funds £ 86,172 86,172 |
Totals £ 1,602,032 (236,582) 94,724 1,460,174 £ 1,371,778 1,371,778 1,371,778 2023 £ 235 21,110 21,345 At 31/3/24 £ 2,917,106 2,917,106 |
|---|---|---|
continued...
Page 12
THE DODGSON FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 122,792 122,792 |
Resources expended £ (142,342) (142,342) |
Gains and Movement losses in funds £ £ 105,722 86,172 105,722 86,172 |
|---|---|---|---|
Comparatives for movement in funds
| At 1/4/22 £ Unrestricted funds General fund 3,066,790 TOTAL FUNDS 3,066,790 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 119,760 (129,793) TOTAL FUNDS 119,760 (129,793) |
Net movement in funds £ (235,856) (235,856) Gains and losses £ (225,823) (225,823) |
At 31/3/23 £ 2,830,934 2,830,934 Movement in funds £ (235,856) (235,856) |
|
|---|---|---|---|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 13