Charity registration number.. 203399 Dartmouth United Charities Annual Report and Flnana81 Stslements forthe Year Ended 30 April 2024
Dartmouth Unlted Charities Contents (Continued) Reference and Administratwe Details Trustees. Report 2toS Statement of Trustees. Responsibilities Independent Auditors, Report 7t010 Slatement of Flnancial Actimties 11to12 Bdance Sheet 13 Cash Flow Stalament 14 Notes lo the Finanaal Statements 15to28
Dartmouth Unlted Charltles Reference and Admlnistrative Detalls Nominative Trusta88 Ms V de G811e8ni. relired 15104r2024 Mr M Rowley Publi¢ally Nominated Truste8s Mr R Springett Mrs J Cawtey, Chair Mrs B Fleet Mr B French Mr M Tremlett r G Hardy s L Osgotsd, Vice Chair 38 Victoria Road Dartmouth Devon TQ6 9SA Prlnclpal Offlce Charlty Reglstration Number 203399 Solicitors Foot Ansley LLP 2 Glass Wharf Bristol BS2 OFR Bankers National Westminster Bank pl¢ Paignlon 15 Victoria Sl Paignlon Devon TQ4 5DE Thompson J&nn8r LLP 1 Collgton Cr&snt Exeter Devon EX2 4DG Audltor Page 1
Dartmouth Unltsd Charftles Trustèes, Rèport The Trusleeg present their annual reporL together wrth the audrted financial slalements of the Dartmouth United Charities (the charity) for the year ended 30 April 2024. The Trustees confimi that th8 Annual Report and the financial statements comply with the Current slatulory requirernents, thg requirements of the charitls governing document and have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191 (Charities SORP (FRS 10211. the Financial Repotting Standard applicable in tho UK and Republic of Ireland (FRS 102) and the Charities Ad 2011. ECTI PUBLIC BENEFIT The chariws purpose8 and aclwities as defined in its governing document, and outlined above. are intended to serve the people of Dartmouth. The charity promdes almshouse accommodation lo poor peTsons of good character who have lived in Dartmouth for years prior lo their appointment. In exceptional circumstances persons can be appointed from outside the town if they hava strong links to the area. The charity also provides grants and donations to organisations or resident indMdu81s in Dartmouth who are in need, hardship or distress. The trustees confirm that they have complied with the raquiremenls of section 17 of the Charities Act 2011 to have due regard lo the public benefit guidance publlshed by the Charity Commission for England and Wales. ACTf4llTJES FOR ACHIEVING OWECNVES The prioiity of the charity is to continue tr) upgrade and malnlain Its existing almshouse propertie8 to a high stsndard for the benefit of the charity and its residents, all of whom are Ioc21 people who have met the criteria of the charty's scheme. The charity is increasing ils almshouse provision by acquisition of properties or land to build new almshouses if appropriale silas become available. AddOnS to the portfolio are brought up lo the charity's high standards of accommodation before they b8come available to new residents. GRANT MAEaNG POUCIES Granl requ8Sts are individually assessed lo ensure mplIan¢S w]th the scheme. REVIEW OF ACTIVITIES The charity had a surplus before revaluab.ons for the year of £267,194 12023-. £311,701) after charging residential propety repairs of £64.016 {2023.' £50,559). There was an increase in the valuation of its charity sector un¢t trusts of £19,71512023: decrease £4,679). Th8 general income reseNe was £150,DOO12023'. £2DO.0001. The Victoria Road properties were revalued for Insuran purposes in 2017, and given a valuation of £2.370,000 which represents the Ttuslees. best estimate of the market value. This, along with th? market value of 3 further family almshouses purchased in 2018, 2021 and 2022 have been incorporated into these accounts. Page 2
Dartmouth Unltod Charities Trustees, Report (continued) The properties owned by the charity are shown a8 freehold propety as these assets are being used forthe actnii(ies of the charty and are not held solely to generate a relum. During the past year the Charity has put its funds to use in 8everal ways.. In response to the cost of living crisis the Charity has locd(ed at ways it can help lower overheads for residents and reduce its carbon emissions. Solar panels were installed on e properties and double and secondary glazing added to some of the older properties lo draughls and improve Ihemial comfort for residents. It has carried Dui a number of refurbishments of its 1*edroom flats as they became vacant to bring them up to modem standards. Naw residents have been very impressed with the ready to move into finish which often includas new carpels. bathrooms and kitchens and full decoralton. The number of applications show that local demand remains high for this type of secure, supported, low cost accommodation. Towards the end of the yoar having reTrIed planning consent, DUC entered into a eonlracl wrth Coyde Construction to build a pair of semidetsched 2-bedroom houses with small gardens in Townstal. 11 is hoped that these wll be completed in Spring 2025. The grant gi)ring programme reached a new record of over £100,000 of grants for local residents and organisallons who support them wlh the objective of relieving hardship. need and distress. Grants induded fvnding children from the Dartmouth Academy Schcrtil to access the river through sailing and boBling activities delivered by the Royal Dart Youth Sailing Trust". funding DaTtrnouth Youth Group lo deliver ils popular range of activities including a Christmas outing, aqua float sessions and Duke of Edinburgh stheme, supporting the a¢tMties of the t)artmouth Swfts gids football team lo deliver free training sessions throughout the year.. and purchasing 8 sp&cialisl lifting chair for the BRNC First Responder unit Many individual grants were also gwen for purchasing es8enlial items such as cookers. fridges, beds and ftooring for individuals on a low income. As ever, the reupients are always extremely grateful for the support they r8ceivg. In April 2024 Trustees made the deasion lo incorporate and become a Charitsble Incorporated Organis81ion as allowed under the Charities Act 2011. The change wlll allow the Charity to enter into contracts, employ staff and hold propety in its own name rather than needing Trustees to do so on its behalf. 11 will also reduce the personal financial risks for Trustees. The transf(ion will take pla over the coming year or two. The objects of the charity wll remain the same and we will continu8 to report lo and be regulated by the Charity Commission. FINANCIAL REVIEW GOING CONCERN After making appropriats gnquiries, the Trustees have a reasonable expectation that the charity has 8dequale resources lo continue in operational existence for the foreseeable future. For this reason they continue to adopt the ooing concem basis in preparing the financial statements. PRINCIPAL RISKS AND UNCERTAINTIES The Trustees actively review the major risks which the charity faS on 8 regular basis and believe that maintaining reseNes al current levels. comF)ined with an annual rewew of the controls over key financial systems, will provide sufficient resources in the event of adverse cOndons. The Trustees have asso examined other operational and business risks faced by the charity and confimi that they have established systems lo mitigate the significant risks. Page 3
Dartmouth United Charities Trustees. Report (continued) Trustees have put in place insurance cov8r to minimise the risks arising from their ownership of land 8nd buildings. The cover is rewewed peri(l¢ally to ensure buildings 8re fully insur. RESERVES POUCY It is tho policy of the tharty to maintain funds al a level whith wauld equate to at least 6 months expendf(ure. being £5Q.000 to £150,000. The current free reseNes are £150,000. This provides sufficient funds lo covèr management, admlnlstratlon and support costs. MATERIAL INVESTMENTS POUCY The Trust Deed authorises the Trustees lo make and hold investments using the general funds of the charity. Tho Trustèes have considered the most 8ppropriate policy for investing funds is the ownership and management of residential properties and the provision of charitsble benefits lo the residents. ResaNe funds are invested in specialised investment funds. designed for the chattty sector to generate both in¢ome and Capital growth. Thg market value of the inveslmenls funds was £257,698 12023.. £281,538) al the year end. TRUCTU VERNANCE AND CONSTITUTION The chahty is an unincorporated Trust currenlty being adminsstered under a scheme of arrangement made by the Charity Commission on 28 April 1953 and as amended in 1980 and 1988, with the pcwer to use its income for the following purposas- To defray the e¢)sts of the administration and management of the charty. To administer and manaoe the property of the charty. To use the properties of the charity for the provision of accommodation for those in some forni of need. To make donations or grants of money or provide items, services or facilities to indNiduais resident in Dartmouth who are in conditions of need, hardship or distress or by way of donations to organSsation which undertaka to provide such rtems. services or f&ilrties for such persons. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the charty is the responsibilty of the Trustees who are co-opted through public advertisement or nominated under the terms of the Trust Deed. Appointment of Trustees Is prescribed by the goveming document of the charity. In 2023 the number of nominations from Dartrnovlh Town Council was reduced from 2 to 1. The Trustees are authorised to appoint Trustees to fill vacancies arising through resignation or the death of an existing Trustee. The current Trustees are shown on page 1 along wth others who have resigned since the 2024 accourits w8re approved. Mrs J Cawley was r&elected Chair of Trustees in January 2024. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES Existing Trustees are already familiar with the practical works of the charity. Newty appointed trustees participate in a pr(raMMe of induction and training lo become familiar wlh the charity and the context within which il operates. These cover the obligations of Trustees. both indniidually and as members of the Board, the framework of the charity, the current financial position as set out in the latest accounts and future plans and developments. Page 4
Dartmouth Unlted Charltles Trustees. Report {continued) PAY POLICY FOR SENIOR STAFF There is a sub-committee of Trustees which had delegated authlty from the Board to conduct an annual pay remew for all staff and agree the outcome ofthe review. ORGANISATIONAL STRUCUTRE AND DECISION MAKING Th8 Trustees meet quarterly and aTe responsible forthe strategic direction and policies of the charity. The Trustees delegate the day to day responsibility for the management to the manager. The manager, who is responsible for ensuring that the chartty delivers the services specified and tho day lo day operational management, also attends meetings but has no voting rights. All Trustees give Iheirtime voluntar(ly and rec6ive no r8muneration or other benefits. RISK MANAGEMENT The Trustees have assessed the major risks to whleh the charity is exposed. in pa)ticular those related to the operations and fInanS of the charity, and are satisfied that 8y8tems and procedures aft in pla to mitigate the charity8 exposure lo the major risks. The Trustees are responslble for keeping proper accounting records that are sufficient to show and explain the charitls transactions and disclose with Teasonable accuracy al any lime the financial position of the charty and enable them to ensure that the financial slaléments Comp wth Ihe Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding th8 assets of the charity and hence for taking reasonable steps forthe prevention and detection of frau¢J and other irregulaThties. NFORMATION ON FUNDRAISING P The DUC does not carry out any fundrsIng actmlies either dir• or through the use of a commercial participator or professional fijndraiser. Dlsclosure of Infomiation to audltor Each trustee has taken steps that they ought to have taken as a ITuslee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The Iruslees confimi that th@re is no relevant infomiation that they know of and of which they know the auditor is unaware. Page 5
Dartmouth Unlted Charities Statement of Trustees, Responslblllties The trustee8 are respon8ible for preparing the Iruslees, report and the ffn8nci81 slglements in accordance with the United Kingdom Accounting Standards (Untted Kingdom Generally Accepted Accounting Praclicel antj applicablo L8w and regulatlon8. The law applicable lo charities requires the tNslees lo prepare financial statements for each financial year which give a true and fair view of the slate of affeirs of the charity and of tha incoming resource8 8nd application of re80urce8 of the charity for that perlod. In prep8rfng these financial statements, the trustee¥ are requlred lo., select suitable accounting policies Énd then apply them eonslslenlty,. obseNe the m6lhcOs and princlples in the Charities SORP., makejudgements and estirnate8 that are re88on8ble and prudent.. stsle whether applicable accounting standards have baen followed, subject lo any maleri departures disclosed and explalned in the financial slat8menls'. and prepare the finan¢181 slalomenls on the going concern ba858 unless It18 Inapproprlale lo presume that the charity will conllnue in bu8lne$8. The Iru$lees are responsible for keeping proper accounting racords that di8cio8e with reasonable accuracy at any lime the financi81 posillon of the charity and enable them lo ensure that the fln8nclal 8talemenl8 comply with the Charfjties AGI 2011, the Chartties IAGcounls and Reports) Regulallons 2008. and the proviglon8 of the constitution. The trustee8 are also responsible for safeguarding the a88e18 of th8 charity and hence for tsking reasonablg Stops for the pwention #nd detecllon of fraud and other IrregularftS. Approved by the Irustegs of thè ¢harlty onTI.IL)/.z(*... and slgned on Ils behalf by.. J(Ai Cawley Ms L Osgood Trustee Page 6
Dartmouth Unlted Charltles Independent Auditor's Report to the Members of Dartmouth United Charities Oplnlon We have audited the financial statements of Dartmouth United Charrties {Ihe 'charily'l for the year ended 30 April 2024. which MpriSe the Slalemenl of Financial Actnrilies, Balance Sheet, Cash Flow Stslemenl. and Note8 to the Financial Slalemenls, inciuding a summary of significant accounting policies. The financial reporting framework that has been 8pplied in their preparation is United Kingdom AUnting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland, and appli¢8ble law {Untied Kingdom Gener811y ACpted Accounting Practice). In our opinion the financial slalements: give a true and fair view of the slate of the charitls affairs as al 30 April 2024 and of ils incoming resources and applicalk)n of resources, including its incA)me and expendlture, for the yèar then have been property prepared in accordance with Unrted Kingdom Generally Accepted Accounting PraCtI- and have been prepared in accordance wilh the requirements of the Charities Ad 2011. Basls for oplnlon We conducted our audit in accordan wth Intemalional Standards on AudTtlng {UKI IISA8 (UK)) and appllcable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audfc of the financial statements section of our raport. We are independent of the charity in accordan wlh the ethical requirements that are relevant to our audli of the financial statements in the UK, including the FRC'S Ethical Standard, and we have ftjifilled our other ethical responsibilities in accordanco wth these requirements. We believe that the audit evidence we have Ctained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatemenls. we have concluded that the trustees use of the going concem basis of accounting in the preparation of the financial statement8 is appropriata Based on the work we have performed, we have not identified any material UnrtaIntieS relating lo events or conditK)ns that, indmdualty or collectNely, may CASt significant doubt on the charity's ability lo continue as a going ¢oncom for a peiiod of at ieasl twefve months from when the original financial statements were aulhori8ed for issue. Our responsibiif(ies and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Othar information The trustees are responsible for the other inf0MtiOn. The other infomiation comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other infomiation and. except to the exlenl otheiS6 explicitIy stated in our report, we do not express any form of assuran conclusion Ihereon. P8ge 7
Dartmouth Unlted Charities Indep8nd8nt Auditor's Report to the Members of Dartmouth United Charities (contlnued) In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so. consider ether the other Infomialn is materially inconsistent wrth the financial statements or our knowledge obtained in the audit or othemse appears to be matsrially misststed. If we identify such material Inconsistenues or apparent material misstatements, we are required lo determine whether there is a material misstatement in the financial statements or a material misstatement of tha other information. If, ba$j on the work we have perfomied, we conclude that there is a material misstatement of this other information. we are required lo report that fact. We have nothing to report in this regard. Matt•rs on which we are requlred to rnport by exception In the light of our knowledge and understanding of the charity and its environment obtained In the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the foll¢)wing rnatlers where th8 Chaiities {A¢unts and Report) Regulation$ 2008 requires us to report lo you rf, in our opinion.. adequate accountlng records have not been kept. or retum8 adequate for our audit have not been recewed from branches not visited by us; or the financial statements are not in agreement with the aceounllng records and returns: or certain disclosures of Iruslees remunerion specIfd by law are not made.. or we have not reiVed all the Infom)8tion and explanations we requlre for our aud Respon8lbllltles of trust8as As explained more fully in the Slement of TNstees' Responslbilities (set out on page 6). the trustees 8re responsible for the preparation of the financial Ststemenls and for being satisfied that they give a twe and fair view, and for such intemal control as the trustees detemiine is necessary to enable the preparation of finanGial 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 abilty to continua as a going concem. disciosing, as applicable, matteTS related lo going concem and using th& going conrn basis of accounting unless the trustees either intend lo liquidate the charity or to cease operations, or have no realistic altemalwe but lo do so. Audltor Responslbllftlos for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether financial statements a8 a whole are free from material misstatement, whether lo fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted In aecordance with ISAS IUKI will athys detect a material misstatement when it esIs. Misstatements can arise from fraud or error and are considered material if. indiwdual or in the aggregala, they could T¥sonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregulariltes, indudlng fraud, are instances of non-compliance with laws and regulations. We design pro¢ureS in line with our responsibilities, outlin6d above, lo detect material misslalements in resp8ct of irregularities, including fraud. The ext&nt to which our procedures are capable of deteoting irregularittes, in¢luding fraud 18 detailed below. Page 8
Dartmouth United Charities Ind8pendent Audltor's Report to the Members of Dartmouth United Charltles {contlnu8d) The extent to whlch the audll was con$ldgred capable of detecting iegUlaritieS including fraud Our approach lo Identing and assessing the risks of material misslalemenl in respect of irregularities, including fraud and non-compliance wrth laws and regulation8, was as follows: the engagement partner ensured that the engagement team collgclwely had the appropriate competence. capabilities and skills to identlfy or recognise non&compliance wlh applicable laws and regulations,. we identified the law8 and regulations applicable lo the company through discusslons with directors and other managemont, and from our knowledge and experien of the charity and Property sectors". we focused on speGrfic laws and regulalions which we con8idered may have 8 diracl material effect on the financial slalements or the operations of the company, including the Companies Act 2006. Charities Act 2011, taxion legislation, data protection, atribery, emplownenl law and trieakh and safety legislation., we assessed the extent of complianc with the laws and regulations identified above through making enquiries of management. reMe¥Mng Ilcenses, certificates and relevant correspondence including the inspedion of legal correspondence.. and identrfied laws and regulations were communicated Iwthin the audit team regularly and the team remained alert to instanc85 of non-compliance throughout audit. We assessed the susceplibilty of the company's financial statements to materfal mlsstatemenl, including oblainlng an understanding of how fraud might ocwr, by.. making enquiries of management as lo where they considered there was SUSptIbIlity to fraud, their knovAedg6 of actual, suspected and alleged fraud", and considering the intgmal controls in place lo mitigate risks of frdud and nonacompliance with laws and regulations. To address the risk of fraud through management bias and oveIde of controls, we-. perfomied analytical procedures lo identify any unusual or unexpected relationships.. tssled journal entries lo identfy unusual transactions., assessed whether judgements and assumptions made in determining the accounling estimates were indicative of potential bias- and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited lo.. agreeing financlal statement disclosures to undedying supporting doGumentation- enquiring of management as to actual and polenlial lrtigalion and claims,. and rwewng correspondgnc8 With HMRC, relevant regulators and the cornpanls legal alvisors. There are inherent IiTnilations in our audit procedures desuibod above. The more removed that laws and regulations are from financial transactions, the less likety rt is that we would become aware of non-compliance. Audrting standards also limit the audit proCedUS required to idenlfy non-compliance wlh laws and regulations to enquiry of the directors and olher management and the inspection of raoulatory and legal correspondence, if any. Page 9
Dartmouth Unltsd Charftles Independent Auditorfs Report to the Members of Dartmouth United Charities (continued) Material mlsslalemnt8 that ari88 due lo fraud can be harder to delect than those that aris6 from error as they may involve deliberate GonGealment or Gollu5ion. A further description of our responsibilities Is available on the Financial Reporting Council's webstte aL' www.frGorg.uklauditorsresponsibili118s. This description fomis part of our auditorfs r8PQrt. Use of our report This report is made solely to the charity trustees. as a body, in accordan wf(h section 144 of the Charities Ad 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken 80 that we rnighl state to the trustees those matters we are required lo state to trustees in an auditors. Teport and for no olhor purpose. To th8 fullest ext8nl pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and ts trustees ag a body. for our audit work, for this report, orforthe oplnlons we have fomed. Mr David Tucker (Senior Statutory Auditor) For and on behalf of Thompson Jenner LLP, Statutory Auditor 1 Colleton Crescent Exeter EX2 4DG Page 10
Dartsnouth United Charities ststement of Flnancial Activities for the Year Ended 30 Aprll 2024 Total 2024 Unr8stricted Endowment Income and Endovd¥nents from: Donations and legacies Charitable actimties Investsnenl income Other income 297.948 172.012 47,177 1.627 297,948 172,012 47.177 1,627 Total income 518.764 518.764 Expenditure on: Ch8ritabIe adiMIigs 6,7.8,9 251.570 251.510 Tcrt81 ex4)endf(ure 251.570 1251,5701 Net income 267.194 267,194 Other recognlsed galns and losses Net gain8 on invaslments Net movement in fijnds 15 19.715 19,715 286.9 286,909 Reconciliaon of funds Total funds brght forvrard Tcrtal funds carried forard 3.642.115 1.680.000 5,322,115 20 3,¥29,024 1.680,000 5.609.024 The notes on pages 15 to 28 fonn an integral part of these financial statements. PaJe11
Dartmouth United Charities Statement of Financial Activities for the Year Ended 30 April 2024 (continued) Total 2023 Unrgstrlctod End0vont Noto Incom8 and Endowments from: t)onations and legacies Charitable activi(ies Investment income 359,916 156.055 21,689 359.916 156.055 21,689 Total Income 537,860 537,660 Expenditure on: Charitable actiwties 6,7.8.9 1225,959 1225,9591 Total expenditure Net income 225,959 225,959 311,701 311,701 Other recognlsed galn$ and losses Net galns on investments 15 (4.679 {4,6791 Nel movement in funds 307,022 307,022 Reconciliation of funds Total funds brought forward Total funds carried fonKard 3,335,093 1,680,000 5,015,093 20 3,642,115 1,880,000 5,322,115 Atl of the charivs aclivities derive from continuing operations during the above kn periods. The notes on pages 15 10 28 form an integral part of these financial statements. Page 12
Dartmouth United Charities (Reglstratlon numbèr: 203399> Balance Sheet as at 30 April 2024 2024 2023 Note Fixed assets Tangible assets Investments 14 15 4,370,132 257,698 4,232,859 261,538 4,627,830 4,494.397 Current assets DebtQTS Cash at bank and in hand 16 17 7,614 1,031,517 9.837 830,539 1,039,131 57.937 840,376 12.658 Creditors: Amourtts falling due wtthin one year Net current assets 18 981.194 827,718 Net assets 5 609 024 5,322,115 Funds of th8 charity: Endowment Unrestricted 1,680,000 3 929,024 5,609,024 1,680,000 3,642,115 5,322,115 Total funds 20 The financial Staternents on pages 11 to 28 were approved by the trustees. and aulhorised for issue on iIAQ.1.*... and signed on their behalf by.. Cawley Trustee Ms L Osgood Trustee The notes on pages 15 10 28 form an integral part of these financial statements. Page 13
Dartmouth Unlted Charftles Cash Flow Statement for the Year Ended 30 April 2024 2024 2023 Nots Cash flows from opernting actlvltl88 Net ¢gsh incoma 286,909 307,022 Adjustmants to cash flows from non-cash Itam8 Depreciation Inve$tmenl income Revaluation of investments 779 {47,1771 19,715 {21,6891 15 220.796 290,012 Worklng capltal adJustmant8 Decrease in debtors Incre88e creditors Increase In deferred income 16 18 2.223 25,012 20.267 644 2,720 3,191 Net cash flow8 from operating act1185 Ca8h flows from Investlng actlvltles Inler8sl receivable and similar Incom6 Purchase of tsngibl8 flxed as8ets Purchase of investments Sale of investments 268.298 47,177 1138,052) 11,4451 25.000 21,689 (332,0101 {1.4451 14 15 Net cash flowB from investlng acllvllle8 Net increayalldecrease) In cash and cash equlvalents Cash and cash equivalents 811 May C88h ané ca8h equivalents a130 April 67,320 311,76e 200,978 830.538 1031 517 115.1991 845,738 830.539 All of the cosh flcws are derived from contlnulng operations during the above periods. The notes on pages 15 to 28 fom 8n integral part of these financial statements. Page 14
Dartmouth United Charfties Notes to the Financial Statements for the Year Ended 30 Aprll 2024 1 Accounting policles Statement of compllance The financial statements have been prepared in accordan with Accounting and Reporting by Charities.. Slalement ol Recommended Practice applicable lo charities preparing their accounts in acCoanCe with the Financial Reporting Standard applicable in the UK and Republic of Ire18nd (FRS 1021 (effective 1 January 20191 (Charille8 SORP {FRS 102)), the FirnCIal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the chariti Act 2011. Basis of preparation Dartmouth United Charities meets the definitson of a public benefrt entity under FRS 102. The counts (financial statements) have been prepared under the historical cost convention wlh rf(ems recognised at cost or transaction value unless olheTMse slated in the relevant note{sl to these accounts. Golng concarn The trustees consider that there are no malerfal uncertainties about the charitys ability to continue as a going concem. Income and endowments Voluntsry income including donations, gffts, leg8cies and grants that provida core funding or are of a general nature is recognised when the charity has enlrtlemenl to the income, tt is probable that the income will be received and the amount can be measured with sufficient reliability. Donauons and legacies Donations and legacies are recogntsed on a receivable basis when receipt is probable and the amount can be reliably measured. Deferred incomo Deferred income represents amounts received for future periods and is released to incoming resource8 In the period for which, il has been received. Such income is only deferred when= - The donor specifi8s that the grdnt or donation musl only b& used in future accounting periods.. or The donor has imposad conditions which musl be met before the charity has uncondstional enlillement. Investment ITncome Dividends are recognised once the diwd8nd h88 been decLqred and notification has been received of th8 dividend due. otherincome Interest on funds held on deposit is in¢luded when receivable and the amount can be measured Teliably by the charity: this is nomally upon notification of the interest paid or payab by the bank. Rental income relates only to office space provided to The Dartmouth Tru8t. Rental income is recognised over the period for which the space is occupied by The Dartmouth Trust and on a lime apportionment basi8. Page 15
Dartmouth Unlted Charities Notes to the Flnancial Statoments for the Year Ended 30 April 2024 (continued) Expendlture All expenditure 18 recognised once there is a legal or construdive obligation to that expenditure, ti is probable 8ettlement 18 required and the amount can be measured reliably. All cost8 are allocated lo the applicable expenditure heading that aggregate similar costs to tha category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent wrth the use of resources. with central staff costs ailocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. All exFenditure is inclusNe of Irrecoverable VAT. Charitsble activities Charitablo expenditure comprises those Gosts incurred by the chaTity in the d81ivery of ils activities and seNices for its beneficiaries. It indudes both costs that can be allocated directiy to such actimties and those costs of an indirect nature necessary to support them. Grant 8xpendltur8 Grants payable are Charged in the yaar when the offer is mada exc£pt in those cases where the offer is conlOnal. such grants being recognised as expenditure when the conditions attaching are fu5filled. Grantprovislons Provisions for grdnts 8r8 made when the intention to make a grant has been communicated to the recipient but there is UnrtaInty about ther the timing of the grant or the amount of grant payable. Support costs Support costs are those costs incurred directly in support of expenditure on the objectives of the charty and indude project management CArried OLrt at head offi. Governan¢0 costs Thbse include the costs attributable to the ch8ri1Vs compliance wlh constitutional and statutory requirements. induding audit. strategic management and trustees meetings and reimbursed expenses. Taxation Thg Gharity ys nSIdered to pass the test5 set oui in Pardgraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the chartty is potentially exempt from taxation in respèct of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exctU8iveiy lo charitable purposes. Tangible flxed assets Tangible fixed assets are carried at cosl or valuation, net of depreciation and any provision for Impainnent. Page 16
Dartmouth Unlted Charities Notes to the Financial Statements for the Year Ended 30 April 2024 (contlnued DepreciaOn and aM098t10n Freehold property is considered by the Trustee5 to have a high residual value and hjng eenOmIC lrfe to render the annual depreciatson charge immatertal. Asset class Solar pane15 Depreciation method and rate 4% slraight line basis Impaimient of flxed assets The Trustees rewew the freehokl propwties for tmpairment at the end of each repoth'ng period. Fixed asset investments Fixed asset investments. other than programme re]ated invesknents. are induded * market walue at the balan sheet data. Realised gains and kisses on investments are calculated as Ihe difference batween sJes proceeds and their rnart(et value at the start of the year. or thr subwuent cost, and are charged or credited to the Statement of Finan(ial ActThi[ in the period of disposal. Unrealised gains and losses represent the movement in market UeS during the year and are credited or charged lo the Statement of Financial Activities basa on the market value at the year end. Trade debtors Trade debtors are aman1¥ dLre from custcners for mwthandk8e sold or se]vtces perfonned in the ordinary course of business. Trade debtors are recognised Inrt al the transadion Pri. They are subw]uentty moasuTed at amortised cost using the etfeth interest rneth¢)J. ths proMsKJn for impainient. A provision for the ImpalmnI of trade debtors is established when there is objth evidence that the d)arty wll not be able to collect all amourts due acrding to the original terms of the receivables. Cash and cash equlvalents Cash and cash equivalents comprise eash on hand arKI call deposits. and other short-tem) highly liqutd investmerrts that are readily Va[hI)le to a knLphn amount of cash and are subject to an InslgnrfanI risk of thange in vdue. Trade creditors Trade ¢redf(ors are oblpJations to pay for gtxts or services that have been acquired in the ordinary course of business from suppl1$. Accounts payable are classified as current liabiliti'es rf the Trade craditor not have an unconditional righ( at Ihe end of the rewrting period, to defer settlement of the ¢r8ditor for at kast months aftertt)e repOng dale. If there is an unconditional right to defer settlement for at least 1ve months after the reporting date. they are presented as non<uent liabilities. Trade creditor5 are receonised inallY at the transaction PTice and sUbseqUenY m&asur&l at amorts.sed Cost using th& effedNe interest method. Fund structuro General funds are unr8strthd funds that are available for use at the trustees's diwetion in furtherance of the objetxtves of the charrty. Page 17
Dartmouth Unlted Charltles Notes to the Financial Statements for the Year Ended 30 April 2024 (continued) Designat funds are unfeslricled funds set aside for specrfic purposes al the discretion of the Irustees. The aim and use of eath designated fund is set out in the notes to the financlal 8tatemenls. Financial instruments The charity only has fin8n(#al assets and financial liabilf(ies of a knd that qupjify as basi¢ financial instruments. Basic financial instruments are initially recogni8ed al transaction value and subsequantly measurod at their settlement value with the exception of bank loans which are Subsequently measured at amortised cost using the effeclwe interest melhc*d. 2 lrtcoma from donatlons and legacles Unrestrlcted Total 2024 Total 2023 Generaj Donations and legacies., Th8 Dartmouth Trust 297.948 297.948 359,916 297,948 297.948 359 916 3 Incomè from charitabla activities Unr85tricted funds General Total 2024 Total 2023 Contributions paid by residents Car parking Guest 8Ulte Laundry income 161,587 9,058 835 532 161.587 9,058 835 532 145.050 8,995 1,365 172,012 172,012 156,055 4 Investment Income Urtrestricted funds Gènaral Total 2024 Totsl 2023 Interest re1vable on bank deposits Other income from fixed asset. investments 38,876 8,301 38.876 8.301 13,685 47,177 47,17T 21,689 P8ge 18
Dartmouth Unlted Charltles Notes to the Financial Statements for the Year Ended 30 April 2024 (continued) 5 Other incomè Unrestrfcted funds General Total funds Rentd InMe 1,627 1,627 Total for 2024 1,627 1,627 6 Dlrect Costs Total Total 2024 2023 Call 24 1,276 600 1,134 413 Cleaning and removal costs Television licenGes Property and contents insuranc£ Health and safety Gas and electric 241 544 7.098 2,883 12,772 5,936 2,768 15.183 Water charges Depreciation 11 5,524 779 5.232 31,173 31,211 7 Support Costs Totsl Totsl 2023 2024 Legal and professional fees Advertising Sundry expenses staff training SubscTiptions to Almshouses Ass¢xiatlon Trustee Indemnity insurance Property repairs and reftjrbishments Wag8s and salaries 11.377 11.095 672 545 380 197 343 296 64,016 34,355 278 50.558 31,879 110,913 95.079 Page 19
Dartmouth Unlted Charltles Notes to the Financial Statements for the Year Ended 30 Aprll 2024 (continued) 8 Govemance Casts Unrestricted Endowment Total Totsl funds funds funds nds 2024 2024 2024 2023 Governan Auditors. remunerati 2,830 1.970 3.817 2.830 1.970 3,817 2,600 1.810 3,542 Govemance Auditors, non audrt costs Govemanco eypense- wages and salaries 8,617 8.617 7,952 9 Grant-maklng Analysls of grnnts 2024 2023 Analysls Indimduals donations Dartmouth Caring Citizens Advice Soltth Hams Rcwcroft Hospice D8rtmouth Youth Group First Responder Group Royal Dart Y¢Xrth Sailing Twst The Navel - youth drama bUrieS JUnr Water Safety Programme Dartmouth SvAfts 08rtmouth Academy St Johns School Friends and GovernS Dartmouth Preschool 4.640 50,000 18.648 10,000 50.000 14,768 4.000 2.319 2.160 2.100 1.CxJO 2.232 6.800 1,589 3.688 100,867 91.717 O Net incomingloutgoing vesources Net incoming resources forthe year indude: 2024 2023 AtKlit fees other non-audh seice$ Deprallon of red assets 2.600 1,810 1.970 779 Page 20
Darimouth United Charltles Notes to the Financlal Statements for the Year Ended 30 April 2024 (continued) 11 Trustees remuneratlon and expenses No trustees, nor any persons connerted with th. have e1j any remuneration from the charity during the year. No trustees have any reimbursed e>¥Jenses or any other beneffts from the charity during the year. 12 Staff costs The aggregate payroll costs wEre as fdlcAv&' 2024 2023 Staff costs during tha yearwere". Wages and salaries 38.172 35,421 The monlhty average number of persons (including senK)r management l dership team) employed by the charity durtng the year expressed a5 full time equw&nts was as follows.. 2024 No 2023 No Employees The charity Considers the Trustees to be the members of key rnanagemenl psonnel. During the year the key managem1 personnel eNed compensation of £nil. {2023: £niD. No employee receiv&J em01umts more than £60.CW during the year 13 Taxation The charity is a registered ch8tity and is therefore exemptfrom taxation. Page 21
Dartmouth Unlted Charities Notes to the Flnancial Statements for the Year Ended 30 Aprll 2024 (continued) 14 Tanglble flxed assets Properties under constructlon Land and bulldings Solar panels Total Cost At 1 May 2023 Additions 4,1,344 33,407 36.515 4.232,859 58,705 138,052 45,940 At 30 April 2024 Depreclation At 1 May 2023 Charge for the year 4,229,751 45,940 95,220 4.370.911 779 779 At 30 April 2024 779 779 Net book valua At 30 April 2024 4,229,751 45.161 95.220 4.370.132 At 30 April 2023 4,1%,344 36,515 4,232,859 Page 22
Dartmouth Unlted Charities Notes to the Financial Statements for the Year Ended 30 April 2024 (continued) 15 Fixed asset investments Olher investments Investments Totsl Cost or Valuatlon At 1 May 2023 Revaluation Additions Disposa]s At 30 April 2024 261.538 19,715 1,445 25,0 261.538 19,715 1,445 25.000 257,698 257,698 Net book value At 30 April 2024 At 30 April 2023 The investments are hehl in 8 mtxed portfotio. 257,698 257,698 261.538 261,538 16 Debtor 2024 2023 Trade debtors prepaentS and accrued inojme 1,432 8.405 7.418 7.614 9,837 17 Cash and cash equivalents 2024 2023 Cash on hand Cash 8t bank 70 1.031.447 101 830,438 830,539 1,031.517 Page 23
Dartmouth United Charities Notès to th8 Flnanclal Statements for tho Yoar Endod 30 April 2024 (continued) 18 Credltors: amounts fajllng due wlthln one year 2024 2023 Trade creditors Other creditor¥ Accruals 27,196 2,211 3,525 870 8.263 12,658 57,937 19 Commltm8nts Capltal commltments During the year the charity ent8r8d Into A conlraet for the development of kn fam51y alm8 hou8ts on land owned by the charity. Al the year end, development of the properties wa$ ongaing. The tot81 amount contracted for but not provided In the financial statements wa8 £425,273 12023 - £Nill. Pag8 24
Dartmouth United Charities Notes to the Financial Statements for the Year Endod 30 April 2024 (continued) 20 Funds Balance Other Balance at 1 May Incoming Rasources recognised at30 2023 resources expended Transfors gainslllosses) April 2024 Unre8trlctsd funds General Income Account 200,000 518,764 {251,5701 1336,9091 19,715 150.000 Extraordinary repalr Cydical maintenance fund New propety Realised capi reserve 98,494 17,192 115.686 12.890 777.872 12,890 960,316 182,444 100,227 100.227 Unrealised ravalualion reserve Propety reserve 300,112 2,152,520 3,442,115 300.112 2 289,793 3,T19,024 137,273 336,909 Total unregtrlcted funds 3,642,115 518.764 {251,570) 19,715 3,929,024 Endowment funds Permanent End0%nent funds 1,680,000 1,680,000 19.71S S,609,024 Total funds 5,322,115 518.764 1251.570) Page 2S
Dartmouth Unlted Charltles Nota8 to th8 Flnancial Statements for the Year Ended 30 Aprll 2024 (¢ontlnued) The extraordlnary repalr fund is for the purpose of providing for the exiraordinary repair, improvem8nl or rebuilding of the almshousfjs belonging to the charty. The now property reserve has bèen Set aside in order lo fund the purchase of properties lo be used by the charity to fvlfil its objectives. The Gharity ha3 Identified a new bulld opportunity for whlch the new propety reseNe has been alloGaled. Tha realised capllal resetve r8pres8nls the net proceeds of funds from the sale of properties. The unreallsed rev8luallon reserve represents the movement In value of the propertles that are not endowment, based on thalr open market v21ue compared to their net book value. The property reserve represents the historical cost of non-endowed properties. The income account represents thg excess of Incomlng funds over outgoing resources accumul8led by the charity. The endowment fund8 repr88enl the market valu8 of the properties held by the charity that were andowed lo them lo be used lo meet the objectives of the charity. Income and expenditure is disclosed wlhin unreslricled fund8 a8 any 8urplu8 18 available for general purp08e8. Page 26
Dartmouth United Charities Notes to the Financial Statements for the Year Ended 30 April 2024 (continued) Balance Oth8r Balance at 1 May Incomlng Resources recognlsed at30 2022 resources expended Trnnsf8rs gain81{108s88) Aprfl 2023 Unrestrlcted funds General Income Acwunt 200,000 537,660 {225,959) 1307,022} {4,6791 200,000 Other Extraordinary repair Cyclical maintenance fund New propety Realised caprtal reserve Unreallsed revaluation reserve 83,968 14,526 98,494 12,890 817.386 12,890 777,872 139,5141 100,227 100.227 30Q,112 1,820,510 3.135.093 300.112 2,152,520 3,442.115 Property reserve 332,010 307.022 Total unrestiicted funds 3.335.093 537,660 1225.959) 14,6791 3,642,115 Endowment funds Pèrmanent Endowment funds 1,680.000 5,015,093 1,680.000 Total funds 537.660 225,959 4,679 5,322,115 P2g8 27
Dartmouth Unlted Charitles Notes to the Flnanclal Ststements for the Year Ended 30 Aprll 2024 (contlnued) 21 Analysis of net assets between funds Endowment funds Pernianent Total funds at 30 Aprll 2024 Unrestrlcted funds General Other Tangible fixed assets Flxed asset investments Current assets Current liabileS 2.690.132 257,698 831,194 1.680.OC 4.370.132 257,698 1,039,131 157,9371 5,609,024 2Q7,937 57,937 150,000 Total nel a8sets 3,779,024 1,680,000 Endowment funds Pemianent Total fund8 at 30 April 2023 Unrestricted funds General Other Tangible frxed as5els Fixed asset investments Current assets Current liabilities 2,552,859 261,538 627,718 1.680.000 4,232,859 261,538 840,376 12.658 212,$58 12,658 200,000 Total net assets 3,442.115 1.680.0 5.322.115 22 Nonvadjusting events after the financial period The charity purchas6d an additional 3 bed alms house followlng the year end for £264,350. 23 Rolatgd party transactlons Dunng the year the charity made the foll¢)wing related paty Irans8Ction3'. Thfr Dartmouth Trust Ms L Osgood was also trustees of The Dartmouth Trust during the year. Dartmouth United Charities received income from The Dartmouth Trust that amounted lo £299,575 12023.. £359,917). The Dartmouth Trust a180 charged £38,172 (2023.. £35.4201 for wages and £3,19212023-. £1,082) for other exp8nses that were paid on behalf of Dartmouth Unrted Chariiies. At the balance sheet date the amount due tolfrom The Dartmouth Trust was £Nil (2023 - £Nill. 24 Controlllng party The charity is controlled by the Trustees. Page 28