The Dixon Foundation (Charity Commission No 1189898, Company No 12572438)
Trustees’ Annual Report and Financial Statements for the year ended 31 December 2021
The Dixon Foundation
Trustees’ Annual Report and Financial statements for the year ended 31 December 2021
| Contents | Page |
|---|---|
| Trustees Annual Report and Statement of Directors’ and Trustees’ Responsibilities | 2 |
| Independent Auditor’s Report to the Trustees | 8 |
| Statement of Financial Activities including income and expenditure account | 12 |
| Balance Sheet | 13 |
| Cash Flow Statement | 14 |
| Notes to the Financial Statements | 15 |
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The Dixon Foundation
Trustees’ Annual Report for the year ended 31 December 2021
The Trustees present their report and the financial statements of the charity for the year ended 31 December 2021.
Objectives and activities
The objectives of the charity, as set out in the Memorandum and Articles of Association, are to further such charitable purposes recognised under the law of England and Wales.
The Dixon Foundation was formed in 2020 and has grown and evolved rapidly since then. It is a UK-based charity that uses its funds to support bold initiatives that help people and our natural world flourish together. During the year the Trustees set thematic areas of focus that serve to guide the impact the Foundation is seeking to achieve. These themes are summarised as:
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Restoring Nature
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Furthering Environment Education
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Scaling Sustainability
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Promoting Activity in Nature
The Trustees have deliberately set broad themes to acknowledge the complex and interconnected systems and processes at play in the natural world.
The Dixon Foundation undertakes two key activities to drive impact in these themes: 1) the provision of grant and other funding to impactful projects and 2) the acquisition of land for conservation.
Funding
The Foundation offers grants and social impact (regenerative) loans to projects which address issues within the thematic areas of interest. The Trustees set challenges to address issues within the themes, verifying the potential for impact with subject matter experts. The Trustees review applications for funding and make grants at their discretion.
The Challenges that have been approved by the Trustees in the current year for applications in 2022 are:
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Reaching Outside our Echo Chamber - How can we support key influencers to become role models for sustainable lifestyles?
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Eradicating Event Waste - How can we dispose of the ‘disposable mindset’ at festivals?
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Dynamic Food Procurement - How can we shorten and improve the transparency of supply chains from local sources?
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Seed Sovereignty - How can we support adaptation and resilience in our seed system?
Further details on the themes, challenges and grant making process are set out on the Foundations website www.thedixonfoundation.org.
Acquiring land for Conservation
During the year the Trustees considered and approved the use of Dixon Foundation funds to acquire and hold land for the purposes of progressing its themes and in particular Restoring Nature through conservation and regenerative use of land.
After seeking appropriate advice and noting that article 4.3 of the Dixon Foundation’s constitution provides the Trustees with the power to acquire land, the Trustees adopted a strategy of buying land for the purposes of conservation and land restoration. This strategy complements the existing grant making activity to deliver the themes. The Dixon Foundation received a donation of listed equities to the value of circa £6.7m to pursue this strategy.
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The Dixon Foundation
Trustees’ Annual Report for the year ended 31 December 2021
The Trustees anticipate that the ownership of land for conservation will:
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Deliver significant direct impact through a programme of conservation and regenerative agriculture that furthers the charitable aims and themes.
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Create a revenue stream to provide further funds for the grant making programme.
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Identify challenges for the Foundation to set in its grant making programme.
The Trustees land acquisition strategy involves outsourcing the identification of sites, as well as management and delivery of the conservation and land use strategy. This allows the Foundation to acquire land and deliver impact quickly and expertly, without having to recruit and manage a conservation team.
Public Benefit
As Trustees we have complied with our duty in S4 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission.
The Foundation furthers its charitable purposes for the public benefit through its grant making and other funding which aims to support charitable work in the advancement of:
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Environmental protection or improvement, including conservation and the promotion of sustainability.
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• Education relating to environmental issues.
The public benefit delivered through the acquisition of land for conservation is significant and include:
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Habitat Protection, Improvement and Creation to help wildlife adapt to climate change
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Carbon Storage & Sequestration to help mitigate climate change
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Landscape Connectivity for wildlife to thrive
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Species Reintroduction to reverse biodiversity loss
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Ecotourism & Environment Engagement to promote sustainability and improve health and wellbeing
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Improved Productivity through regenerative agriculture
Achievements and performance
Grant making and funding impact
In 2021 the Dixon Foundation’s grant making activity totalled £193,795 to 9 projects. The impact of delivered by our grantees from this funding includes the following:
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30,000 seeds saved from ancient woodland
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135 metres of paths repaired and new ramps installed in city parks to increase accessibility for visitors using wheels
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10 independent sustainable clothing brands onboarded to a brand-new children’s wear rental platform
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• Second hand surf store established with +1,000 items of clothing saved from landfill
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164 people trained in waste collection and recycling
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9 climate education books for kids created and translated into 9 languages
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600 volunteer hours donated to conservation efforts
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Over 100 schools globally gained access to new, compelling environmental educational materials, used by both teachers and students
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The Dixon Foundation
Trustees’ Annual Report for the year ended 31 December 2021
Impact Beyond Finance
The challenges set by the Foundation have generated impact above and beyond that generated from grant making. This impact has been observed and summarised as follows:
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Galvanizing Energy – an ecosystem of individuals, experts and organisations has congregated around each of our challenge areas, leading to new partnerships to tackle the challenges.
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Mapping the System – Setting the challenges in collaboration with subject matter experts and peer funders has allowed the Dixon Foundation to begin mapping systems within our thematic areas of interest, understand conflicts and issues, and identify positive tipping points for the biggest impact we can create with our philanthropic resources to hand.
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Aligning with Other Funders – By having a clear remit for funding through our challenges, we have been able to identify other funders working on similar issues and build strong relationships with them based on trust in order to reduce silos in philanthropy and begin identifying opportunities for collaboration.
Conservation and Land based impact
At the end of 2021 the Trustees approved its first land acquisition of the Leighon Estate in Devon. A 578acre site which includes a unique section of Atlantic Rainforest that will be conserved. The site also includes the potential to sequester 65,000 tonnes of Co2 and provide 200 acres of Biodiversity Net Gain.
The Trustees are pleased with the achievements in 2021 and believe they are well placed to run an innovative and impactful grant making programme as well as expanding land acquisitions for conservation.
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The Dixon Foundation
Trustees’ Annual Report for the year ended 31 December 2021
Financial review
The statement of financial activities shows net income for the year of £9,104,558 (2020: £1,966), reflecting donations of £7,965,995 (2020: £6,250) (including gift aid), charitable expenditure of £280,889 (2020: £4,284) and gains on investments of £1,419,452 (2020: £nil).
Total funds of the charity at the year end were £9,106,524. Of this, £33,028 were held as fixed assets, and a further £4,000,455 was a capital commitment for the purchase of land. This leaves £5,073,041 of free reserves.
The charity does not seek to raise funds from the public and its administrative expenses are kept to a minimum. The Trustees receive neither salary nor expenses.
The charity operates a policy of perpetual giving whereby grantees are asked to repay grants from the Dixon Foundation if they generate sufficient income from the project being supported. This reduces the risk of private benefit but also funding returned to be regranted to ensure the charity’s funds are as impactful as possible.
Post balance sheet events
As at the year end the charity had exchanged contracts for the purchase of land, the total cost of which was £4,000,455. Of this, £400,000 had been paid on exchange of contracts, and is within other debtors in note 11.
The balance of other debtors relates to amounts held by solicitors in relation to a separate land purchase, for which completion and exchange occurred on 4 January 2022.
Reserves Policy
It is the policy of the charity to maintain the level of its funds, which are unrestricted, at a level sufficient to cover its anticipated grant making activity and costs for the ensuing 12 months. For 2022 this is £400,000.
The free reserves are in excess of the reserves policy by £4,673,041. This balance is budgeted to be used for further acquisitions of land and the conservation activities thereon in 2022. At the end of 2021 two further sites had been identified for conservation.
Investment Policy
The Trustees’ policy is to invest surplus funds above annual grant making and land conservation activities to generate income for its ongoing grants and charitable expenditure. The trustees have retained Cazenove Capital as professional investment managers to advise them on their investments and to ensure they have a diversified portfolio. The Trustees have instructed Cazenove Capital to invest in a sustainability fund to ensure the impact of their investments is aligned with the ethos and environmental objectives of the Foundation.
Plans for future periods
Based on donations received in 2021 the Trustees future plans are to:
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provide up to £250,000 of grants per year based on applications to meet challenges;
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acquire further land for conservation; and
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consider how other forms of investment and funding could be aligned with the charitable objectives.
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The Dixon Foundation
Trustees’ Annual Report for the year ended 31 December 2021
Structure, governance and management
The Charity is constituted as a company limited by guarantee and is therefore governed by Articles of Association. The Trustees of the Charity are also the Directors for the purposes of Company Law. Eligibility for membership of the Charity and membership of the Board of Trustees is governed by the Articles of Association.
New Trustees are appointed from time to time by a resolution of the Members. The skills and experience of existing and proposed Trustees is considered before any such appointment.
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The Dixon Foundation
Trustees’ Annual Report for the year ended 31 December 2021
Reference and Administrative Details
| Registered charity name | The Dixon Foundation |
|---|---|
| Charity No. 1189898 | |
| Company No. 12572438 | |
| Principal office address | Oxygen House |
| Grenadier Road | |
| Exeter Business Park | |
| Exeter | |
| EX1 3LH | |
| Trustees | Dr Mark James Dixon |
| Dr Elizabeth Anne Dixon | |
| Matthew Owen Gingell | |
| David Barclay Willamson | |
| Michael Julian Jasper (appointed 13 August 2021) | |
| Bankers | Lloyds Bank plc |
| 234 High Street | |
| Exeter | |
| EX4 3NL | |
| Auditor | PKF Francis Clark |
| Statutory Auditor | |
| Centenary House | |
| Peninsula Park | |
| Rydon Lane | |
| Exeter | |
| EX2 7XE |
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The Dixon Foundation
Trustees’ Annual Report for the year ended 31 December 2021
Trustees’ Responsibilities Statement
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 of the charity for that period. In preparing these 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 Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK 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 operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
The trustees’ annual report was approved on 25 August 2022 and signed on behalf of the board of trustees by:
Matthew Owen Gingell Trustee
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The Dixon Foundation
Independent Auditor’s Report to the Trustees for the year ended 31 December 2021
Opinion
We have audited the financial statements of The Dixon Foundation (the ‘Charity’) for the year ended 31 December 2021 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, 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 group’s and charity’s affairs as at 31 December 2021 and of its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor’s 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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 auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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The Dixon Foundation
Independent Auditor’s Report to the Trustees for the year ended 31 December 2021
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees’ report, (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not obtained all the information and explanations necessary for the purposes of our audit.
Responsibilities of the trustees
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 6, the trustees (who are also the directors of the charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they 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
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 an auditor’s report 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.
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:
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the charity. The key laws and regulations we identified were Charities Act and regulations in relation to data protection (GDPR). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.
We discussed with management how the compliance with these laws and regulations in monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with laws and regulations and deals with reporting any issues if they arise.
As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Charity’s ability to continue operating and the risk of material misstatement to the accounts.
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The Dixon Foundation
Independent Auditor’s Report to the Trustees for the year ended 31 December 2021
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
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Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries, we also discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.
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Reviewing filings with the Charity Commission and whether there were any serious incident reports made during the year, of which there were none.
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Reviewing legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
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Reviewing Trustee meeting minutes.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. 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, collusion, omission or misrepresentation. 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 auditor’s report.
Other matters
The Charity was exempt from the requirements for audit for the year ended 31 December 2020 and consequently the comparative information, which is derived from those financial statements, is unaudited.
Use of our Report
This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state to them in an auditor’s 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’s members as a body, for our audit work, for this report, or for the opinions we have formed.
NEIL HITCHINGS (Senior Statutory Auditor) PKF FRANCIS CLARK Chartered Accountants & Statutory Auditor Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE
Date 30 August 2022
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The Dixon Foundation
Statement of Financial Activities (including the Income and Expenditure Account) for the year ended 31 December 2021
| Note Income and endowments: Donations and legacies 3 Total income Expenditure: Expenditure on charitable activities 5 Total expenditure Gains on investments 9 Net income and net movements in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2021 Total funds Unrestricted funds 2020 Total funds £ £ £ £ 7,965,995 7,965,995 6,250 6,250 |
|---|---|
| 7,965,995 7,965,995 6,250 6,250 |
|
| 280,889 280,889 4,284 4,284 |
|
| 280,889 280,889 4,284 4,284 |
|
| 1,419,452 1,419,452 - - |
|
| 9,104,558 9,104,558 1,966 1,966 |
|
| 1,966 1,966 - - |
|
| 9,106,524 9,106,524 1,966 1,966 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 15 to 20 form part of these financial statements.
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The Dixon Foundation
Balance Sheet at 31 December 2021 Company number 12572438
| Note Fixed assets Tangible fixed assets 8 Investments – other 9 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Net assets Funds of the charity Unrestricted funds 14 Total charity funds |
2021 2020 £ 33,028 - 1,750,213 - |
|---|---|
| 1,783,241 - |
|
| 2,272,480 1,250 5,072,438 4,359 |
|
| 7,344,918 5,609 21,635 3,643 |
|
| 7,323,283 1,966 |
|
| 9,106,524 1,966 |
|
| 9,106,524 1,966 |
|
| 9,106,524 1,966 |
The Trustees are satisfied that the Charity is entitled to exemption from the provisions of the Companies Act These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006 relating to small companies.
These financial statements were approved by the members of the Board on _ and are signed on their behalf by:
Matthew Owen Gingell Trustee
The notes on pages 15 to 20 form part of these financial statements
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The Dixon Foundation
Cash flow statement at 31 December 2021 Company number 12572438
| Year | Period | |
|---|---|---|
| Ended | Ended | |
| 31 Dec | 31 Dec | |
| 2021 | 2020 | |
| £ | £ | |
| Net movement in funds: | ||
| Net income for the period | 9,104,558 | 1,966 |
| Adjustments for: | ||
| Gains on investments | (1,419,452) | - |
| Non-cash donations (shares) | (6,711,433) | - |
| Working capital adjustments: | ||
| (Increase)/Decrease in debtors | (2,271,230) | (1,250) |
| Increase/(Decrease) in creditors | 17,992 | 3,643 |
| —––––—— | —––––—— | |
| Net cash used in operating activities | (1,279,565) | 4,359 |
| Cash flows from investing activities: | ||
| Purchase of fixed assets | (33,028) | - |
| Proceeds from sale of investments | 8,034,829 | - |
| Purchase of investments | (1,654,157) | - |
| —––––—— | —––––—— | |
| Net cash flows provided by investing activities | 6,347,644 | - |
| —––––—— | —––––—— | |
| Net increase in cash and cash equivalents | 5,068,079 | 4,359 |
| Cash and cash equivalents brought forward | 4,359 | - |
| —––––—— | —––––—— | |
| Cash and cash equivalents carried forward | 5,072,438 | 4,359 |
| ═══════ | ═══════ |
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The Dixon Foundation
Notes to the financial statements Year ended 31 December 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is incorporated as a company limited by guarantee. Members guarantee on winding up is limited to £2. The address of the principle office is Oxygen House, Grenadier Road, Exeter Business Park, Exeter, EX1 3LH.
2. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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)) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The charity has taken advantage of the exemption in FRS102 from the requirement to produce a cash flow statement because it is a small charity.
The charity meets the definition of a public benefit entity under FRS102.
The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the charity’s ability to continue as a going concern.
The accounts are prepared in Sterling, which is the functional currency.
The accounts have been prepared under the historical cost convention except for investments which are held at market value.
The comparative period shows results for the period from incorporation on 27 April 2020 to 31 December 2020
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
Under section 505 ICTA 1988 the charity is exempt from certain taxes. Full account is taken of tax credits attaching to gifts and qualifying donations.
Fund accounting
Unrestricted fund
The unrestricted fund comprises those funds which the Trustees are free to use in accordance with the charitable objects.
Income
All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
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The Dixon Foundation
Notes to the financial statements Year ended 31 December 2021
2. Accounting policies (continued)
Expenditure
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category. Resources expended include attributable VAT which cannot be recovered.
Charitable activities
Costs of charitable activities include an apportionment of support costs as shown in note 5.
Grants payable for the furtherance of charity objectives
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the charity. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the charity.
Governance costs
Governance costs comprise all costs incurred in running the charity itself as an organisation, and its compliance with regulation and good practice.
Tangible fixed assets
Tangible fixed assets are capitalised and included at cost including any incidental expenses of acquisition.
No depreciation is provided on freehold land.
Fixed asset investments
Investments are stated at market value (quoted prices) as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the period.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Fixed asset investments qualifying as basic financial instruments are measured at fair value through income and expenditure.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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The Dixon Foundation
Notes to the financial statements Year ended 31 December 2021
3. Donations and legacies
| Donations (including gift aid) Donation Shares |
Unrestricted Funds £ Total Funds 2021 £ Unrestricted Funds £ Total Funds 2020 £ 1,254,562 1,254,562 6,250 6,250 6,711,433 6,711,433 - - |
|---|---|
| 7,965,995 7,965,995 6,250 6,250 |
All income received was unrestricted in both the current year and comparative period.
4. Grants payable
Grants for the year were made to the following organisations:
Organisation
| Secondwave Climate Science Waste Aid Viridor Credits Environmental Company Little Sloth Grow Yourself CIC Albion in the Community Save The Children Crowd Funder (Seaton) Total |
£ 56,079 40,000 10,000 1,716 15,000 6,000 50,000 10,000 5,000 |
|---|---|
| 193,795 |
The Viridor Credits Environmental Company grant was to enable funds to be paid from The Landfill Communities Fund, administered by Viridor Credits, to the Devon Wildlife Trust.
5. Expenditure on charitable activities by activity type
| Grants payable Governance costs |
Grant funding of activities £ Support costs £ Total Funds 2021 £ Total Funds 2020 £ 193,795 - 193,795 864 - 87,094 87,094 3,420 |
|---|---|
| 193,795 87,094 280,889 4,284 |
All expenditure was made out of unrestricted funds in both the current year and comparative period.
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The Dixon Foundation
Notes to the financial statements Year ended 31 December 2021
6. Analysis of support costs
| Marketing Legal and professional Subscriptions Accountancy Audit fee Oxygen House service charge Travel & subsistence |
Support costs £ Total 2021 £ Total 2020 £ 1,800 1,800 615 8,856 8,856 2,255 4,309 4,309 214 - - 1,200 4,820 4,820 - 66,446 66,446 - 863 863 - |
|---|---|
| 87,094 87,094 4,284 |
7. Staff costs
The charity had no employees during the period, however the Oxygen House service charge includes the provision of a grants manager by way of a secondment cost.
8. Tangible fixed assets
| Land | Total | |
|---|---|---|
| £ | £ | |
| Cost | ||
| At 1 January 2021 | - | - |
| Additions | 33,028 | 33,028 |
| ––––—— | ––––—— | |
| At 31 December 2021 | 33,028 | 33,028 |
| ══════ | ══════ | |
| Depreciation | ||
| At 1 January and 31 December 2021 | - | - |
| ══════ | ══════ | |
| Net book value | ||
| At 31 December 2021 | 33,028 | 33,028 |
| ══════ | ══════ | |
| At 31 December 2020 | - | - |
| ══════ | ══════ |
Land costs relate to capitalised legal fees for the purchase of land. These fees were due on exchange of contracts, however completion took place post year end. Further details on the capital commitment can be seen in note 15.
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The Dixon Foundation
Notes to the financial statements Year ended 31 December 2021
9. Investments
£
| Market value at 1 January 2021 Additions to investments at cost Donated shares Disposal proceeds Net gain on revaluation Market value at 31 December 2021 Investments at market value on 31 December 2021 comprised: Cazenove Responsible Charity Multi-Asset Fund Liquidity fund |
- 1,654,157 6,711,433 (8,034,829) 1,419,452 |
|---|---|
| 1,750,213 | |
| 1,650,213 100,000 |
|
| 1,750,213 |
10. Trustee remuneration and expenses
No remuneration or expenses have been paid to the Trustees in the period.
11. Debtors
| Other debtors Prepayments Creditors: amounts falling due within one year Trade Creditors Accruals Grants payable |
2021 £ 2020 £ 2,266,040 1,250 6,440 - |
|---|---|
| 2,272,480 1,250 |
|
| 2021 £ 2020 £ 340 - 5,501 3,643 15,794 - |
|
| 21,635 3,643 |
12. Creditors: amounts falling due within one year
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The Dixon Foundation
Notes to the financial statements Year ended 31 December 2021
13. Analysis of charitable funds
| 2021 Unrestricted funds 1 January 2021 £ Income £ General funds 1,966 7,965,995 2020 Unrestricted funds 27 April 2020 £ Income £ General funds - 6,250 |
Expenditure £ (280,889) |
Gain & losses £ 31 December 2021 £ 1,419,452 9,106,524 |
|---|---|---|
| Expenditure £ (4,284) |
Gain & losses £ 31 December 2020 £ - 1,966 |
14. Analysis of net assets between funds
| Fixed assets Current assets Creditors less than one year Net assets |
Unrestricted Funds £ Total Funds 2021 £ Unrestricted Funds £ Total Funds 2020 £ 1,783,241 1,783,241 - - 7,344,918 7,344,918 5,609 5,609 (21,635) (21,635) (3,643) (3,643) |
|---|---|
| 9,106,524 9,106,524 1,966 1,966 |
15. Related party transactions
The aggregate donations from Trustees received during the period were £7,971,558 (2020: £6,250) (including gift aid reclaimed).
Dr Mark Dixon and David Williamson are directors of Oxygen House Limited. During the year £66,446 was paid to Oxygen House Limited as part of a service agreement, and a further £1,628 of other expenses were reimbursed. At the year end the Dixon Foundation owed Oxygen House Limited £340.
16. Capital commitments and post balance sheet events
As at the year end the charity had exchanged contracts for the purchase of land, the total cost of which was £4,000,455. Of this, £400,000 had been paid on exchange of contracts, and is within other debtors in note 11. Legal fees associated with this land purchase have been capitalised and can be seen in note 8.
The balance of other debtors relates to amounts held by solicitors in relation to a separate land purchase, for which completion and exchange occurred on 4 January 2022.
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