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2023-12-31-accounts

The Dixon Foundation (Charity Commission No 1189898, Company No 12572438)

for the year ended 31 December 2023

The Dixon Foundation

and Financial statements for the year ended 31 December 2023

Contents Page
Trustees Annual Report and Statement of 2
Independent 10
Consolidated Statement of Financial Activities including income and expenditure account
13
Consolidated Balance Sheet 14
Consolidated Cash Flow Statement 15
Notes to the Financial Statements 16

1

The Dixon Foundation

for the year ended 31 December 2023

The Trustees present their report and the financial statements of the charity for the year ended 31 December 2023.

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 is a UK-based charity that uses its funds to support bold initiatives that help people and our natural world flourish together. It focuses on four thematic areas:

The themes look across the Ocean/Marine environment as well as land-based sustainability initiatives. A combined strategy acknowledges the importance of the interconnected systems and processes at play in the natural world and the importance of water to all life.

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 in the UK for conservation.

The Trustees continue to progress a sustainable growth model aimed at creating income from investments that will enable it to further its charitable activities over multiple generations. This has involved further advisors to create income for grant giving. In doing so, the Trustees believe that they will be able to support more projects over a longer time, without being so dependent on individual doners to support its work.

Funding

The charity offers grants and social impact (regenerative) loans to projects which address issues within the thematic areas of interest and divided between land and ocean environments. 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.

Due to their momentum and impact in 2023, the Trustees have decided to continue with two of the same challenges set in 2023, in the current year for applications in 2024:

  1. Land-based challenge: How can we revive and embed a culture of repair and reuse? Many common household items are thrown away before any attempts to fix them, driving higher consumption rates and a higher demand for raw materials than our planet can generate sustainably. Repairs are often more expensive and complicated than buying new, and the modern mindset has been taught that purchasing new things raises our social status. How can we end that mentality and make repairs easier, cheaper and more accessible?

  2. Ocean-based challenge: How can we hack existing marine regulations to accelerate ocean conservation and restoration? Ocean conservation is not progressing fast enough, and policy changes to protect marine ecosystems are implemented at snail pace. Our actions have pushed species to the brink and impacted every ocean habitat - many are at risk of disappearing fully if we want to figure out how to hack existing marine regulations to speed up innovative conservation efforts that end harmful marine practices and restore critical habitats that support people, climate and biodiversity.

Further details on the themes, challenges and grant making process are www.thedixonfoundation.org.

2

The Dixon Foundation

for the year ended 31 December 2023

Acquiring land for Conservation

The following land was acquired by the Charity for conservation in previous years:

Land Location Size
(acres)		 Key Conservation Focus
Leighon
Estate		 Dartmoor 578 Atlantic Rainforest Preservation and biodiversity
Higher
Roadwater		 Exmoor 285 Regenerative Agriculture practices and tree planting
Tay Estuary Longforgen 524 Reed and Sediment Bed Conservation
Langa Farm Dartmoor 77 Tree planting and biodiversity. Nature education.
Hound Tor* Dartmoor 757 Preservation of public access
Total 2,221

*The Trustees hold 50% beneficial ownership of 757 acres of Hound Tor, Dartmoor because of acquiring the Leighon Estate and Langa Farm. Hound Tor remains open to the public to enjoy, promoting activity in nature.

The conservation land portfolio was valued at the end of 2023 on a Red Book basis. Since acquisition the financial value has increased on the Tay Estuary site but decreased across the other sites in line with market trends. However, the Red Book analysis does not consider the value of natural capital. The land portfolio is held at cost in the financial statements due to it being an asset held for charitable purposes.

conservation activities that have been undertaken on each of the sites during 2023. The general theme has been that 2023 has been a transition and planning year with further conservation surveys and submission of plans for tree planting. In addition, specific targets for 2024 and beyond have been set to improve ecosystems, biodiversity, soil and water quality, as well as a range of social-economic indicators.

Key milestones for the sites in 2023 include:

Leighon and Langa

Higher Roadwater

Tay Estuary

3

The Dixon Foundation

for the year ended 31 December 2023

During 2023 the Trustees reviewed their conservation strategy which involves outsourcing the identification of sites, as well as management and delivery of the conservation and land use strategy. They agreed to continue this strategy as it allows the charity to deliver impact quickly and expertly, without having to recruit and manage a conservation team.

The Trustees will continue to review the available funds but do not envisage any significant land acquisitions in 2024. This will allow the charity to invest in the conservation and tree planting activities on existing sites and ensure there is sufficient funding to cover their operation.

In 2024 the Trustees will undertake a review to establish whether there are opportunities to acquire small areas of land for communities to manage in order to create corridors . The aim would be to increase environmental education, community engagement and increase opportunities for nature to thrive by increasing habitat connectivity.

The Charity has maintained two subsidiaries for the purpose of trading from the land bought for conservation. The profits generated from these subsidiaries will be gifted to the charity to further its purposes. The trade will include produce from regenerative farming and the creation and sale of Voluntary Carbon Credits and Biodiversity Net Gain Units as a by-product of the conservation activities on the land.

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 charity 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:

The public benefit delivered through the acquisition of land for conservation is significant and includes:

Achievements and performance

Grant making and funding impact

598 to 7 projects (2022: £188,095 to 15

projects) building on the funding and impact from 2022, continued support to previous grant partners as well as new grantmaking in 2023 has enabled the following summary outcomes to be reported by our grantees

4

The Dixon Foundation

for the year ended 31 December 2023

These outcome reports from grantees are verified as part of our grant monitoring process undertaken by the

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:

  1. Knowledge Sharing By collaborating with experts to create the challenges we set, The Dixon Foundation are constantly learning, and have regularly been sharing this knowledge with others in our network, via meetings, interviews, and featuring on panel discussions.

  2. Resource and Skill Provision Support to our partners has extended beyond funding. The Dixon Foundation have also helped make valuable connections and have provided fundraising, comms and impact measurement advice where needed.

  3. Unlocking other philanthropic finance setting the challenges has allowed The Dixon Foundation to connect projects to other funders and create opportunities for match funding. In doing so we have leveraged further finance for impact.

The Trustees are pleased with the achievements in 2023 and believe they are well placed to run an innovative and impactful funding programme as well as expanding land acquisitions for conservation.

Financial review

The statement of financial activities shows net income for the year of £227,010 (2022: £3,312,219), reflecting income of £360,415 (2022: £4,031,821) (including gift aid), charitable expenditure of £399,353 (2022: £773,640) and gains on investments of £265,948 (2022: losses £125,962).

Total funds of the group at the year end were £12,465,753. Of this, £8,092,799 were held as tangible and intangible fixed assets, and £350,000 was held as designated funds. This leaves £4,022,954 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 do not receive a salary.

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

5

The Dixon Foundation

for the year ended 31 December 2023

Post balance sheet events

After the year end, the charity offered two social investment loans, totalling £200,000 (£100,000 to Sea Ranger Service UK Ltd and £100,000 to United Repair Centre London Ltd).

The loan to Sea Ranger Service will provide training and employment to young people as Sea Rangers to commence a maritime career which involves the management and restoration of ocean biodiversity for government agencies.

The loan to United Repair will help provide a solution against textile waste and unemployment. Its vision is to lead a transformative shift in the global clothing industry, fostering a sustainable and socially empowering sector. Where repairing garments is not only ethical but also a standard practice, contributing to a repaired, responsible world.

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 2024 this is £250,000.

The charity has designated funds which have been put aside for further conservation activities. For 2024 this is £350,000.

The free reserves are in excess of the reserves policy and designated funds by £3,772,954. This balance is budgeted to be used to create longer term endowment with the intention to build reserves to sustain future grant making activity, any surplus funds in working capital will be invested.

Investment Policy

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 charity.

investments to be able to provide grants and support projects over multiple generations. In doing so it will allow the charity to create impact and deliver its charitable objectives over a longer period but more importantly enable multi year support to projects that are enabling systemic change over many years.

This strategy will involve:

  1. Creating an endowment of circa £10,000,000 of equity investments in a sustainable linked fund The aim is to generate a good annual return to provide

for annual grant giving.

  1. Providing blended social impact and investment finance of circa £5,000,000 alongside grants to enable funds to be returned in the future for further project support and grant making.

Risk Management

The Trustees

6

The Dixon Foundation

for the year ended 31 December 2023

Uncertainty in natural capital markets

The Trustees acknowledge that the voluntary carbon credit and biodiversity net gain unit markets are nascent and might not generate forecast revenue.

This risk is managed using third party expert service providers and seeking grants for tree planting and other land stewardship. The sale of this natural capital is also secondary to the principle aim of conservation of the land acquired.

Climate change risk

The Trustees assess climate change risk on a continuous basis across, the challenges set, the grant applications received, and the land acquired for conservation which will help mitigate the effects of and adapt to climate change.

Investment Risk

The Trustees acknowledge that investment in equity funds carries a risk that the investment could go down. This risk is managed through professional investment managers.

Land Price Risk

The Trustees acknowledge that the purchase of land carries a capital and liquidity risk. The Trustees manage this risk by assessing land for conservation as a long-term appreciating asset that delivers significant programme related benefits. Land valuation risks at acquisition have been mitigated through third party professional advice.

Operational risks

Plans for future periods

Based on donations received in 2023 the Trustees future plans are to:

  1. provide grants and other forms of funding to projects that meet challenges set by Trustees.

  2. provide a social investment loan of £100,000 to Sea Rangers Service UK,

  3. invest in conservation projects on the land the Charity has acquired; and

  4. consider how other forms of investment and funding could be aligned with the charitable objectives.

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. There was one new Trustee appointed in 2023, Amy Whight.

7

The Dixon Foundation

for the year ended 31 December 2023

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
Amy Claire Whight (appointed 19 October 2023)
Bankers Lloyds Bank plc
234 High Street
Exeter
EX4 3NL
Solicitors Burgess Salmon
One Glass Wharf
Bristol
BS2 0ZX
Investment advisors Cazenove Capital
10 Victoria Street
Bristol
BS1 6BN
Auditor PKF Francis Clark
Statutory Auditor
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

8

The Dixon Foundation

for the year ended 31 December 2023

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:

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 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.

24 July 2024 and signed on behalf of the board of trustees by:

Matthew Owen Gingell Trustee

9

The Dixon Foundation

Members of The Dixon Foundation for the year ended 31 December 2023

Opinion

We have audited the financial statements of The Dixon Foundation December 2023 which comprise the Consolidated Statement of Financial Activities, Consolidated and Parent Balance Sheet, Consolidated 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and 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 ibilities 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:

Other information

The trustees are responsible for the other information. The other information comprises the information 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.

10

The Dixon Foundation

Members of The Dixon Foundation for the year ended 31 December 2023

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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

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:

Responsibilities of the trustees

on page 9, 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.

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 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 operating and the risk of material misstatement to the accounts.

11

The Dixon Foundation

Members of The Dixon Foundation for the year ended 31 December 2023

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

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

Use of our Report

those matters we 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: 25 July 2024

12

The Dixon Foundation

Consolidated Statement of Financial Activities (including the Income and Expenditure Account) for the year ended 31 December 2023

Unrestricted
funds
Note
£
Income and endowments from:
Donations and legacies
3
262,906
Charitable Activities
4
12,012
Investments
5
85,497
Total income
360,415
Expenditure on:
Charitable activities
6
399,353
Total expenditure
399,353
Gains/(losses) on investments
13
265,948
Net income and net movements in
funds
227,010
Reconciliation of funds:
17
Total funds brought forward
12,238,743
Total funds carried forward
12,465,753		 2023
Total
funds
Unrestricted
funds
£
£
262,906
4,003,033
12,012
9,384
85,497
19,404
360,415
4,031,821
399,353
773,640
399,353
773,640
265,948
(125,962)
227,010
3,132,219
12,238,743
9,106,524
12,465,753
12,238,743		 2022
Total funds
£
4,003,033
9,384
19,404
4,031,821
773,640
773,640
(125,962)
3,132,219
9,106,524
12,238,743

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

13

The Dixon Foundation

Consolidated and Parent Balance Sheet at 31 December 2023

Company number 12572438

Note
Fixed assets
Intangible assets
11
Tangible fixed assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Creditors: amounts falling due after more
than one year
16
Net assets
Funds of the charity
18
Unrestricted funds
Total charity funds		 2023
Group
£
10,769
8,082,030
3,616,291
11,709,090
37,230
993,773
1,031,003
(274,340)
756,663
-
12,465,753
12,465,753
12,465,753		 2023
Charity
£
10,769
8,060,267
3,616,293
11,687,329
531,173
582,219
1,113,392
(37,571)
1,075,821
-
12,763,150
12,763,150
12,763,150		 2022
Group
£
14,358
8,007,784
2,203,683
10,225,825
311,540
2,014,422
2,325,962
(308,044)
2,017,918
(5,000)
12,238,743
12,238,743
12,238,743		 2022
Charity
£
£
14,358
8,007,784
2,203,685
10,225,827
535,033
1,808,938
2,343,971
(60,659)
2,283,312
(5,000)
12,504,139
12,504,139
12,504,139

The charity has taken advantage of the exemption contained within S.408 of the Companies Act not to present its own Income and Expenditure Account. The net income for the parent charity for the year ended 31 December 2023 was £259,011 (2022: £3,397,615).

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 24 July 2024 and are signed on their behalf by:

Matthew Owen Gingell Trustee

14

The Dixon Foundation

Consolidated Cash flow statement for the year ended 31 December 2023

Year Ended Year Ended
31 December 31 December
2023 2022
£ £
Net movement in funds:
Net income for the period 227,010 3,132,219
Adjustments for:
Depreciation charges 50,757 45,438
Amortisation charges 3,589 3,589
(Gains)/losses on investments (265,948) 125,962
Non-cash donations (shares) (130,001) (798,139)
Income from investments (85,497) (19,404)
Working capital adjustments:
(Increase)/Decrease in debtors 274,310 1,960,940
Increase/(Decrease) in creditors (38,704) 291,409
Net cash provided by/(used in) operating activities 35,516 4,742,014
Cash flows from investing activities:
Dividends, interest and rents from investments 85,497 19,404
Purchase of tangible fixed assets (125,003) (8,020,194)
Purchase of intangible assets - (17,947)
Proceeds from sale of investments 436,203 527,988
Purchase of investments (1,452,862) (309,281)
Net cash flows provided by/(used in) investing activities (1,056,165) (7,800,030)
Change in cash and cash equivalents in the reporting period (1,020,649) (3,058,016)
Cash and cash equivalents brought forward 2,014,422 5,072,438
Cash and cash equivalents carried forward 993,773 2,014,422

15

The Dixon Foundation

Notes to the financial statements Year ended 31 December 2023

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 c

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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 December 2023.

A subsidiary is an entity controlled by the charity. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

No separate SOFA has been presented for the Charity alone as permitted by S.408 of the Companies Act 2006.

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 gift aid on qualifying donations.

16

The Dixon Foundation

Notes to the financial statements Year ended 31 December 2023

2. Accounting policies (continued)

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.

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 are shown in note 6, and apportionment of support costs are shown in note 7.

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.

Intangible assets

Basic Payment Scheme (BPS) Entitlements have been capitalised under the cost model and are stated at historical cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. A full year is charged in the year of acquisition.

Amortisation is provided on the following basis:

BPS Entitlements - 20% Straight line

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. A full year is charged in the year of acquisition.

Depreciation is provided on the following basis:

Freehold Property - 2% Straight line
Plant and machinery - 25% Straight line

No depreciation is provided on freehold land.

17

The Dixon Foundation

Notes to the financial statements Year ended 31 December 2023

2. Accounting policies (continued)

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.

18

The Dixon Foundation

Notes to the financial statements Year ended 31 December 2023

3. Donations and legacies

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Donations (including gift aid) 102,360 102,360 2,647,044 2,647,044
Gift aid 30,545 30,545 557,850 557,850
Donated Shares 130,001 130,001 798,139 798,139
262,906 262,906 4,003,033 4,003,033

All income received was unrestricted in both the current year and comparative period.

4. Income from charitable activities

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Grants 12,012 12,012 9,384 9,384

5. Investment income

Unrestricted Total funds Unrestricted Total funds
Funds 2023 Funds 2022
£ £ £ £
Rent 59,157 59,157 5,504 5,504
Wayleave 138 138 138 138
Dividends 4,409 4,409 7,761 7,761
Interest 21,793 21,793 6,001 6,001
85,497 85,497 19,404 19,404

19

The Dixon Foundation

Notes to the financial statements Year ended 31 December 2023

6. Expenditure on charitable activities

Note
Grants payable
8
Repairs and maintenance
Amortisation
11
Depreciation
12
Rates
Consultancy
Support costs
7		 Making
grants
Conservation
Total
expenditure
2023
Total
expenditure
2022
£
£
£
£
117,598
-
117,598
188,095
-
23,434
23,434
16,016
-
3,589
3,589
3,589
-
50,757
50,757
45,438
-
8,974
8,974
8,124
-
29,299
29,299
283,748
122,300
43,402
165,702
228,630
239,898
159,455
399,353
773,640

7. Analysis of support costs

Basis of
allocation
£
Marketing
Apportioned
Legal and professional
Direct
Subscriptions
Apportioned
Accountancy
Direct
Audit fee
Direct
Service charge
Direct
Insurance
Direct
Travel & subsistence
Direct
Sundries
Apportioned
Bank fees
Direct
Foreign exchange losses
Direct		 Making
Grants
Total
expenditure
2023
Total
expenditure
2022
£
£
£
£
14,964
-
14,964
24,792
-
32,786
32,786
65,271
3,333
-
3,333
7,235
1,800
-
1,800
1,650
8,850
-
8,850
6,000
82,609
-
82,609
98,284
2,239
10,139
12,378
11,679
1,307
-
1,307
5,368
374
392
766
2,884
6,824
85
6,909
4,553
-
-
-
914
122,300
43,402
165,702
228,630
Conservation

20

The Dixon Foundation

Notes to the financial statements Year ended 31 December 2023

8. Grants payable

Organisation
Ocean Conservation Trust
Re-Action Collective
Devon Wildlife Trust
Coral Maker
The Kelp Conservation Initiative CIC
Waste Aid
Julie's Bicycle
Secondwave
Gaia Foundation
Middlesbrough Environment City Trust Ltd
More Trees BANES
Football For Future
Argyll and Bute Council
Creatures United
Monmouthshire County Council
Riverside Valley Park Exeter
The Exeter Chiefs Foundation
Viridor Waste Management
Peter Jones Foundation
Acting for Others
Proper Job
Total		 2023
£
50,000
10,000
4,023
12,000
10,000
25,000
6,575
-
-
-
-
-
-
-
-
-
-
-
-
-
-
117,598		 2022
£
-
-
-
-
-
-
40,000
15,000
10,000
10,000
15,000
20,000
10,000
30,000
10,000
1,715
10,000
1,280
10,000
5,000
100
188,095

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.

9. Staff costs

The charity had no employees during the period.

10. Trustee remuneration and expenses

Amy Claire Whight incurred £827 of expenses in the period.

21

The Dixon Foundation

Notes to the financial statements Year ended 31 December 2023

11. Intangible assets

Group and Charity
Cost
Brought forward
Additions
Carried forward
Amortisation
Brought forward
Charge
Carried forward
Net book value
`
Carried forward
Brought forward		 Total
£
17,947
-
17,947
3,589
3,589
7,178
10,769
14,358

22

The Dixon Foundation

Notes to the financial statements Year ended 31 December 2023

12.
Tangible fixed assets
Group

Cost
Brought forward
Additions
Carried forward
Depreciation
Brought forward
Charge for the year
Carried forward
Net book value
Carried forward
Brought forward
Charity
Cost
Brought forward
Additions
Carried forward
Depreciation
Brought forward
Charge for the year
Carried forward
Net book value
Carried forward
Brought forward		 Land and
Buildings
Plant and
Machinery
£
£
8,053,222
-
99,917
25,086
8,153,139
25,086
45,438
-
50,757
-
96,195
-
8,056,944
25,086
8,007,784
-
8,053,222
-
99,917
-
45,438
-
47,434
-
92,872
-
8,060,267
-
8,007,784
-		 Total
£
8,053,222
125,003
8,178,225
45,438
50,757
96,195
8,082,030
8,007,784
8,053,222
99,917
45,438
47,434
92,872
8,060,267
8,007,784

23

The Dixon Foundation

Notes to the financial statements Year ended 31 December 2023

13. Investments

Group Listed Social
investments investment Total
£ £ £
Market value brought forward 2,153,683 50,000 2,203,683
Donated shares 130,001 - 130,001
Additions at cost 1,452,862 - 1,452,862
Disposal proceeds (436,203) - (436,203)
Net gain/(loss) on revaluation 265,948 - 265,948
Market value carried forward
Charity Investments in Listed Social
subsidiaries investments investment Total
£ £ £ £
Market value brought forward 2 2,153,683 50,000 2,203,685
Donated shares - 130,001 - 130,001
Additions at cost - 1,452,862 - 1,452,862
Disposal proceeds - (436,203) - (436,203)
Net gain/(loss) on revaluation - 265,948 - 265,948
Market value carried forward 2

Subsidiaries

The following were subsidiary undertakings of the charity:

Names Company number Included in consolidation Holding
Watchet Restoration Limited 13799161 Yes 100%
Leighon Restoration Limited 13793432 Yes 100%

Both subsidiaries are incorporated in the United Kingdom and the registered addresses are the same as the charity. The principal activity of both subsidiaries is to work with the charity to protect, improve and maintain land under its ownership. The long-term strategic plans for the land include the sequestration of carbon through growth of natural capital, providing space for nature, and delivering positive environmental and social impacts through sensitive environmental restoration and sustainable development.

Names Income Expenditure (Loss) for the year Net (liabilities)
£ £ £ £
Watchet Restoration Limited - 2,036 (2,036) (71,514)
Leighon Restoration Limited 71,208 101,173 (29,965) (225,881)

24

The Dixon Foundation

Notes to the financial statements Year ended 31 December 2023

14. Debtors

Prepayments
Other debtors
Amounts due from subsidiary		 Group
2023
2022
£
£
11,640
13,840
25,590
297,700
-
-
37,230
311,540		 Charity
2023
2022
£
£
10,536
11,367
39,781
297,700
480,856
225,966
531,173
535,033

15. Creditors: amounts falling due within one year

Trade Creditors
Accruals
Grants payable		 Group
Charity
2023
2022
2023
2022
£
£
£
£
25,706
64,004
20,498
40,155
243,634
239,040
12,073
15,504
5,000
5,000
5,000
5,000
274,340
308,044
37,571
60,659

16. Creditors: amounts falling due after more than one year

Grants payable
Analysis of charitable funds
2023 Unrestricted funds
Brought
forward
£
General funds
12,238,743
2022 Unrestricted funds
Brought
forward
£
General funds
9,106,524		 Group
Charity
2023
2022
2023
2022
£
£
£
£
-
5,000
-
5,000
Income
Expenditure
Gains & Losses
Carried forward
£
£
£
£
360,415
(399,353)
265,948
12,465,753
Income
Expenditure
Gains & Losses
Carried forward
£
£
£
£
4,031,821
(773,640)
(125,962)
12,238,743

17. Analysis of charitable funds

25

The Dixon Foundation

Notes to the financial statements Year ended 31 December 2023

18. Analysis of net assets between funds

Unrestricted
Funds
£
Fixed assets
11,709,090
Current assets
1,031,003
Creditors less than one year
(274,340)
Creditors more than one year
-
Net assets
12,465,753		 Total
Funds
2023
Unrestricted
Funds
£
£
11,709,090
10,225,825
1,031,003
2,325,962
(274,340)
(308,044)
-
(5,000)
12,465,753
12,238,743		 Total
Funds
2022
£
10,225,825
2,325,962
(308,044)
(5,000)
12,238,743

19. Analysis of changes in net funds/(debt)

2023

2023
Brought
forward Cashflows Carried forward
£ £ £
Cash and cash
equivalents 2,014,422 (1,020,649) 993,773
2022
Brought
forward Cashflows Carried forward
£ £ £
Cash and
cash
equivalents 5,072,438 (3,058,016) 2,014,422

20. Related party transactions

The aggregate donations from related parties received during the period were £262,905 (2022: £4,003,033) (including gift aid reclaimed).

Dr Mark Dixon is a director of Oxygen House Limited. During the year £82,609 (2022: £98,284) was paid to Oxygen House Limited as part of a service agreement, and a further £589 (2022: £4,596) of other expenses were reimbursed. At the year end the Dixon Foundation owed Oxygen House Limited £12,278 (2022: £9,699). The service charge fee from Oxygen House Limited provided financial, accounting, IT, grant management and other back-office services to the charity. The fee is being benchmarked in 2024.

Dr Mark Dixon and David Williamson are directors of Oxygen Conservation Limited. Watchet Restoration Limited and Leighon Restoration Limited also accrued £51,995 and £166,029 respectively for land management and consultancy fees provided by Oxygen Conservation Limited for the current and previous year. These accrued costs are unpaid at year end.

26

The Dixon Foundation

Notes to the financial statements Year ended 31 December 2023

21. Capital commitments and post balance sheet events

As at the year end the charity had no capital commitments.

As at year end the charity had communicated approval of a concessionary loan to an applicant for £100,000. After the year end the charity agreed another concessionary loan for £100,000.

26