Charity Registration No. 1204125 THE DOROTHY MARY TWIGGINS CHARITABLE TRUST TRUSTEES, REPORT AND UNAUDITED ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2024 Prepared by". BraGhers LLP Somerfield House 59 London Road Maid5tonè Kent ME16 8JH 571PHS0159 1
DOROTHY MARY TWIGGINS CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Settlor Dorothy Mary Twiggins Trustees Brachers Trust Corporation Limited (Christopher Eriksson-Lee representingl Susan Mcclintock Charity number 1204125 Principal address 59 London Road Maidslone Kent ME168JH Solicitors and accountants Brachers LLP Somerfield House 59 London Road Maidslone Kent ME16 8JH Inveslment advlsors Brewin Dolphin 12 Smilhlield Street London EC1A 9LA Independ•nt èxaminer James Francis Ensors Accountants LLP Incubalor 2 The 8oulevard Enterprise CampLJS AIGonbury Weald Huntingdon Cambridggshire PE28 4XA
DOROTHY MARY TWIGGINS CHARITABLE TRUST CONTENTS Page Trustees. report Independent examinerfs report Slaternenl ol financial activities Balance sheet Notes to the accounts 7-12
DOROTHY MARY TWIGGINS CHARITABLE TRUST TRUSTEES. REPORT FOR THE PERIOD ENDED 31 MARCH 2024 The Trustees prese7)t their report and the unaudited financial statements of the charity for the period ended 31 March 2024. The trustèes have adopted the provisions ol the Slalement ol Recommended practs. ISORPI 'Accounling and Rsporting by Charities" IFRS 1021 In preparing the annual report and financial slalements 01 the charity. The financial statements have been prepared in accordan¢8 Wlth the acoounting policies sgt out In the notes to the accounts and comply with the chaflty's governing document, the Charities Acl 2011 and Accounting and Reporting by Charities." Statement ol Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland pub115hed in October 2019. Objects and activities for the public btneflt The charitls objects are to rnake donations as tlle trustees in their discretion think fit to organisalions regarded a5 charitable by the laws ol England and Wales. in particular to charities that deal with the health and cafe of animals. The policies adopted in furtherance of these objects are in making donations lo charities involved in this are8. The trustees confirm that they have Eferred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trusl's aim5 and objectives and in planning future activities and in the planning of future donations and grants. Achievements and perfomian¢8 The charity was registered with Charity Commission on 27 July 2023. As this is the first sel of accoun(s there will be no comparatives included in the accounts. Revlew ot financial position and actlvities The results for the period are set out on page 5. Total income for the period amounted to £1,278,497, which inclLJded unrestrioted donations of £1.278,497. During the period the trust committed £250,000 bètween the 7 charities it supports in respect of the period ended 31 March 2024. Aftèr accounting for other costs, which amounted to £12,447 lor the period and portlolio management fe8s of £19,697. the funds nel surplus of £996,353 before investment portfolio gains and10sses is ac¢ept8ble to the truslees.There were realis6d gains and unr8alised gains on the Investment portfolio 01 £1,891 and 256,579 respectively. Page 1
DOROTHY MARY TWIGGINS CHARITABLE TRUST TRUSTEES. REPORT ICONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Rès8rv•s Ilncluding Res•rv•s Poli¢yl Al 31 March 2024, the charity's unrestricted reserves amounted lo £1,054,823. The unrestricted fund iepresents the aTnount available for general charitable purposes at the dIsCli0n of the trustees. The Iruslees, intention is to keep reserves at levels SLJllicient to continue to provide Income which will enable them to provide donations lo approved applications. having regard lo unfoieseen volatility in investment market values. They believe the reserves position at 31 March 2024 was satisfactory. It is the policy ol the charily to ultimately rnainlain'free, reserves (being that element of the unreslrided revenue reserve which is not funding inveslmenlsl ol approxirnately one yearfs running costs. As at 31 March the free reseNes of the Gharity amounted lo £4,387 . The Iruslees consider the Glosing level as sufficient lo support their anticipated grant making expendilure in the following twelve months. Including any unforeseen urgent charitable 8pplications. Designated funds al 31 March 2024 total £1,050,436- see note 10 for details. Investment policy The trustees have wide powers ol investment In accordance wlh the governin9 inslrumenl (the charitable trust deed) and the provisions ol the Charities Act5. In conjunction with the charity's investment advisors, the trustees approach the Investment of fund5 in a cautious manner with the intention ol maintaining the real value ol the capital of the fund where possible, thus producing a realistic income from the capital which can then be distributed. Where appropriate, the trustees may distribute capital in furtherance of the objects of the charity. Risk management The trustees have assessed the major risks to which the charity is exp05ed, and are satisfied Ihal systems are in place to mitigate exposure lo the major risks. The funds invested and those held on deposit are subject lo the compliance procedures ol both the chaTltls investment advisors and Brachers LLP. Going concern The Trustees have no reason lo believe that the charity will be unable to continue oper8ting as a going concern (able lo pay ils debts and grant coMmitentS as they fall duel lor a penod of at least 12 months Iiom the dat8 ol approving Ihe5e accounts. Page 2
DOROTHY MARY TWIGGINS CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Structure, governanc• and management The charitable settletnenl is a registered charity. number 1204125, and was established under the Will of Dorothy Mary Twi99ins who died 14 March 2022. It was iegistered as a Ghaiity with the Charity Commission on 27 July 2023. There is currently one corporate trustee. The trustee consider charitable donations on the basis of the objects ol the chaiity and laking into account appeals received during the period. The trustèes who served during the p8ri0d wère.. Brachers Trust Corporation Limited Susan Mcclintock The trLJStees include professionals with appropriate ski115 to pitsperly manage the trust assets and apply those assets in accordance with the trust deed. Brachers Trust Corporalion Limited was appointed trustee, with Christopher Erik5son-Lee taking an aclive role as assigned trustee representative in his capacity as director of Brachers Trust Corporation Limited. Additional or new truslees are appointed by the existing trustees. Th& trust deed provides lor a maximum of live Iruslees. Approved by the trustees and signed on their behalf.. Christopher Eriksson-Lee on behalf of Brachers Trust Corporation Llmlted Trustee Dated.. IS Page 3
DOROTHY MARY TWIGGINS CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DOROTHY MARY TWIGGINS CHARITABLE TRUST I rèport to the Irustees on my examination of the accounts ol the Dorothy Mary Twiggins Charitable Trust lor the period ended 31 March 2024, which are set out on page$ 5 10 12. Responsibilities and basis of report As the ChartY tiustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements ol the Charities Act 2011 Ilhe'Acl'l. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and In carrying out tny examinalion I have folltswed all the applicable Directions given by the Charity Commission ullder section 14515llbl of the Act. Indepèndent examinerfs statement I have completed my examination. I confirm that no mateiial matters have come lo my attenlitsn in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kepl in respect of the Tiusl as required by section 130 01 the Act,. or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the applicable requirements conceining the form and content ol accounts set o(Jt in the Charities (Accounts and Reports) Regulations 2008 other than any requirement Ihal Ihe accounts give a Irve and lair view, which is not a maller Considered as part ol 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 bè reached. James Francis Ensors Accountants LLP Incubalor 2 The Boulevard Enterprise Catnpus Alconbury Weald Hunlingdon Cambridgeshire PE28 4XA Dated. is Page 4
DOROTHY MARY TWIGGINS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2024 Unrestricted Fund5 Period ended 31 March 2024 Notes Ineome from Donations 1,267.642 10,855 Dividènds & inlerest Total income 1.278,497 Expenditurè on Charitable activities Costs of raising funds Other costs 250,000 19,697 12.447 Total èxpendlture 282.144 Net lexpendlturellincome 996,353 Other recognised gains and 105S•S Net gains on Investments 58,470 Net movèmènt in funds 1,054.823 Total funds brought forward Total funds ¢arrled forward 1,054,823 Page 5
DOROTHY MARY TWIGGINS CHARITABLE TRUST BALANCE SHEET AS A T31 MARCH 2024 31 March 2024 Notes Flxed assets InveslrHents 1,050.436 Current assèts Debtors Cash at bank and in hand 6.282 6,282 credltors: amounts falllng due wlthin one yèar 11,8951 Net current as$et5 4.387 Total assets less currènt 1.054,823 Represented by Unrestricted funds Oesignaled funds Gerieral funds 10 1,050.436 4,387 Total unrestricted funds 1.054,823 The accounts were approved by the Tiuslees on Christopher Eriksson-Lee on behall of Brachtrs Trust Corporation Llmited Trustee Page 6
DOROTHY MARY TWIGGINS CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2024 1 Aeeountlng policies 1.1 Basis of preparation The Dorothy Mary Twiggins Charitable Tru51 is a charity regislered with the Charity Commission in the United Kingdom (England & Wales) IN. 12041251. The addres5 Of the registered office is Somerfield House, 59 London Rtsad, Maidstone, Kenl, ME16 8JH. The charity Constitutes a public benelil enlily as defined by FRS 102. The financial statements have been prepared in accordance with Accounltng and Reporting by Charities. Statement of Recommended Pr8¢tice applicable to charities preparing their accounts in accordance with Ihe FinarFcial Reporting Standard applicable in the UK and Republic ol Ireland IFRS1021 issued in Octobei 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021, the Charities Act 2011 and UK Generally Accepted Practice. The charity constitutes a public benefit entity as defined by the SORP. The charity has opted not to prepare a ¢a5h flow statement for the financial period, as permitted by the 2019 Stalernent of Recommended Practice. The financial statements have been prepared lo give a 'lrLte and fair vieW and have departed from the Charities (Accounts and Reports) Regulalions 2008 only to the extent required lo provide a 'true and fair view,. This departure has involved following the Accountlff 9 and Reporting by Charities.. Statement of Recommended Piactice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic ol Ireland IFRS 1021 issued in October 2019 The financial statements are prepared on a going eoncern basis Ljnder the historical cost convention, rnodified to include certain Items at fair value. The lin8ncial statements are presented in sterling which is the functional currency ol Ihe charity and rounded lo the nearest £. The significant accounting policies applied in the preparation ol these finaricial statements are sel out belc>w. These policies have been consislentSy applied to all years presented unless otherwise stated. 1.2 Income recognition Donations. legacies and other forrms ol voluntary income are recognised as income when receivable. except insofar as they are Incapable of financial measurement. Incorne from Investments is reGognised when r8ceivable. 1.3 Expenditure rèeognltion All expenditu is accounted for on an accrua15 basis and has been classified under headings that aggregate all costs related lo the category. Grant expenditure is recognised when awarded to the recipient. The expense is included on an ac¢ruals basis in the year in which a legal or conslruclive obligation to pay the grant arises. Cosls of raising funds are those investment management fees for both income generation and capital maintenance. Charitable activitie5 inclu(Se expenditure associaled with the making of grants and donations and include both the direct costs and indirèct costs relating to these aclivities. on an accruals basis. Page 7
DOROTHY MARY TWIGGINS CHARITABLE TRUST NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE PERIOD ENDED 31 MARCH 2024 1.3 Expenditure recognition Icontlnuedl Irrecoverable VAT is charged against the category ol resource expènded for which it was incurred. 1.4 Investm•nts Investmenls are recognised at fair value which is normally the transaction price excluding transaction costs. Subsequently they are measured at lair value with chanyes recognised in 'nel gainslllossesl on investments, in the SOFA if Shares are publicly tr8ded or their fair value can otherwise be rneasured Realised oains or ltssses arising on disposal are recognised in the Statement of Financial Aclivities ISOFAI when the proceeds are reGgivable. 1.5 Fund aecountlng The funds held by the charity are unrèstricted funds which ean be used in accoidance with the charitable objeclives al the discretion ol the trusle8s. Designated funds comprise funds which have been set aside at the discrelion ol the trustee lor specific purposes. The purposes and uses of the dèsignated funds are set out in the nottrs tts the financial statements. 1.6 Debtors and credStors receivablelpayable within one year Debtors and creditors with no slated interest rate and receivable Or payable within one year are recorded at transaction price. Any losses arising Irorn impaiment are recognised in expenditure. 1.7 Taxatlon The charity is an exempt charity within the meaning of schedule 3 01 the Charities Act 2011 and is considered to pass the tests set out in Paragraph I Schedule 6 Finance Acl 2010. 1.8 Going Con¢ern The financial slalements have been pPared on 8 going concern ba515 as the trustees believe that no rnaterial uncertainties exist. The trustees have considered the level ol funds held and the expected level of income and expenditure for 12 months from 8Uthorising these financial statements. They believe the anlicipaled expenditvre will be adequately funded given the existing level of reserves lor the charity to be able lo continue as a going concern. 1.9 Judgemènts and key soureès of estimation uncertalnty Accounting estimates and judgernents are continually evaluated and are based on historical experience and other laelors, including expectations of fulLJre events that are believed to be reasonable undei Ihe ircumslances. Page 8
DOROTHY MARY TWIGGINS CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 2 Legacles and donations 2024 Unrestncted lunds.. Donations Ifiom the estale of Dorothy Mary Twigginsl 1,267,642 3 Dlvldend$ and Interest 2024 Income frofll listed investments Interest receivable 9,767 1.088 10.855 4 Expenditure 2024 Charitable activities Grants lo institutions.. Macmillan Cancer Support Prostale Cancer UK RSPCA Royal National Lifeboat Institution Team Tutsham Charitable Trusl The Donkey Sanctuary The Royal British Legion 45,OOQ 35.00(1 45.000 55,000 17.500 17,500 35,000 250,000 Page 9
DOROTHY MARY TWIGGINS CHARITABLE TRUST NOTES TO THE ACCOUNTS {CONTINUEDI FOR THE PERIOD ENDED 31 MARCH 2024 4 Expenditure Icontinuedl 2024 Reconciliation of grants payable Commitments Ljnpaid al 27 July 2023 Commitments made in the period labovel Grants paid during the period 250,000 1250,0001 Commitments unpaid al 31 March 2024 (Note 91 Costs of raising funds Investment rnanagers, lees 19,697 19,697 Othèr costs Management, adm4nistration and accountancy lees Independent examination.. Independent examination lees 10,552 1,895 12,447 S Trustees and related party tTan$actions None of the trustees Inor any persons connected with them) personally received any remuneration or expenses reimbursed during the period. in accordance with the Irust deed. In addition, the charity was charged mana9emenl, administration and accountancy by Brachers LLP amounting to £10.552. During the period an associated undertaking of Brachers LLP, Brachers Trust Corporation Limited, was appointed a trustee of the charily. Fees are charged al commercial iales by Brachers. During the pe0d the Charity received unconditional donations arnouriling to £1,267.642 from the estate ol Dorothy Mary Twiggins who died on 14 March 2022. 6 Employees There were no employees during the period. Page 10
DOROTHY MARY TWIGGINS CHARITABLE TRUST NOTES TO THE ACCOUNTS {CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 7 Fixed asset Investments 2024 Llstèd Investments= Market value at 27 July 2023 Additions at Cost Disposal proceeds Realised gain5 on disposals Unrealised g8inslllossesl on revaluation 1,414.541 1438.6401 1,891 56.579 58,470 1,034,371 16,065 Cash Market valuè at 31 March 2024 1,050.436 The portfolio was comprised as follows". UK Bonds Overseas Bonds UK Equities North Amèrican Equities European Equities Japanese Equities Develtsped Asia ex Japan Equities Emerging Market Equitiès Global Investments Absolute Return 131,344 190.605 149.793 234.728 32,404 23,032 36,267 17.141 69.980 65.970 25.985 33,956 23,167 16,065 Property Commc)dities Other investments Cash 1.050,436 Investments represenltng more than 5 /0 of the total market value tsf the listed investrnents portfolio were a5 follows.. Robeco Capital Growth Fund5 56.271 Page11
DOROTHY MARY TWIGGINS CHARITABLE TRUST NOTES TO THE ACCOUNTS {CONTINUED} FOR THE PERIOD EAIDED 31 MARCH 2024 8 Debtors 2024 Other debtors 9 Credltors= amounls falling due wlthln one year 2024 Other creditors 1,895 1,895 10 Designated funds The incorne funds ol the charily Include the following designated fund5 which have bgen set aside out of unrestricted lund5 by the trustees for specific purposes.. 27 July 2023 d•slgnations New D•slgnation$ released 31 March 2024 Investment fund 1,489,076 1438,6401 1,050,436 Investment fund these funds are Invested to maximise total relum and generate income. Page 12