Charity registration number.. 203399 Dartmouth United Charities Annual Report and Financial Statements for the Year Ended 30 April 2025
Dartmouth United Charities Contents (continued) Reference and Adminislralive Details Trustee, Report 2to5 Statement of Trustee, Responsibilities Independent Auditors, Report 71010 Slalemenl ol Financial Activities 11 to12 8alan¢e Sheet 13 Cash Flow Statement 14 Notes lo the Financial Slalemenls 151028
Dartmouth United Charities Reference and Administrative Details Nominative Trustee Mr M Rowley Publically Nominated Trustees Mr R Springett Mrs J Cawley, Chair Mrs B Fleet Mr B French Mr M Tremlett Mr G Hardy Ms L Osgood, Vice Chair Mr Thomas H Guy lappoinled 01 July 20241 Mr Keith Williams (appointed 01 July 20241 38 Victoria Road Dartmouth Devon Principal Office TQ6 9SA Charity Registration Number 203399 Solicitors Foot Ansley LLP 2 Glass Wharf Bristol BS2 OFR Bankers National Westminster Bank plc Pa1gnlon 15 Victoria St Paignlon Devon TQ4 5DE Auditor Thompson Jenner LLP 1 Collelon Crescent Exeter Devon EX2 4DG Page 1
Dartmouth United Charities Trustee, Report The Trustees present their annual report, together with the aLJdiled financial slalemenls of the Dartmouth United Charities Ilhe charilyl for the year ended 30 April 2025 The Trustees confirm that the Annual Report and the financial statements comply with the current slalulory requirements, the requirements of the charitys governing document and have been prepared in accordance with Accounting and Reporting by Charities. Slalemenl of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the LiK and Republic ol Ireland IFRS 1021 leffeclive 1 January 20191 (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Charities Act 2011. OBJECTIVES AND ACTIVITIES PUBLIC BENEFIT The charity's purposes and activities as defined in ils governing document, and outlined above. are intended lo serve the people of Dartmouth. The charity provides almshouse accommodation lo poor persons ol good character who have lived in Dartmouth lor years prior lo their appointment In exceptional c1rcumslances persons can be appointed from outside the town if they have strong links lo the area. The charity also provides grants and donations lo local organisalions or resident individuals in Dartmouth who are in need, hardship or dislfess. The Iruslees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission for England and Wales. ACTIVITIES FOR ACHIEVING OBJECTIVES The priority ol the charity is lo continue lo upgrade and maintain Ils exi$ting almshouse properties lo a high standard for the benefit ol the charity and Ils residents. all of whom are local people who have mel the criteria ol the charity s scheme. The charity is Increasing ils almshouse prov1510n by acqLJi511ion of properties or land lo build new almshouses as and when finances and appropriate siles become available. Additions lo the portfolio are brought up lo the charity's high standards of accommodation before they become available to new residents. GRANT MAKING POLICIES Grant reque51s are individually assessed lo ensure compliance with the scheme. ACHIEVEMENTS AND PERFORMANCE REVIEW OF ACTIVITIES The charity had nel inconTre before revaluation5 for the year of £280,058 12024." £267.1941 after charging residential property repairs of £37.653 12024". £64,016). There was a decrease in the valuation of ils charity sector unil trusts of £9,011 12024.. Increase £19.7151. The general income reserve was £150.00012024. £150.0001. The properties owned by the charity are shown as freehold property as these assets are being used for the activities of the charity and are not held solely lo generate a return. Page 2
Dartmouth United Charities Trustee. Report (continued) During the past year the Charity has pul its funds to use in several ways". Installation of secondary glazing al one of our listed buildings. lo improve thermal comfort and to help reduce the rather high heating bills. Grant giving lotalling £92.008 fof the year. This has benefitted both local fesidenls and organisations who support them. in order to felieve hardship, need and d15tress. Individuals received up to £500 per household for essential Items including white goods. carpels and beds Funding to organisalions Included Dartmouth Community Chest lo pay lor premises in the market place. equipment for a play calé al Sl Clements Church. a targeted mentsl well-being course al St Johns Primary School and up lo 15 places for disadvantaged pupils al the Academy lo participate in a 5 day sail training trip organised by the Royal Dart Youth Sailing Trust Dartmouth Caring and South Hams Citizens Advice have had further grants for providing advice workers who support many of Dartmouth's most vulnerable residents to aCsS benefrts and services. FUTURE DEVELOPMENTS In April 2024 Trustees made the decision to incorporate arbd become a Charitable Incorporated Organisalion as allowed under the Charities Act 2011. The change will allow the Charity lo enter Into contracts, employ stsff and hold propety in its own name rather than needing Trustees lo do so on its behalf. It will also reduce the personal financial risks for Trustees. The transition will lake place over the coming year. The objects of the charity will remain the same and we will continue to feport to and be regulated by the Charity Commission. FINANCIAL REVIEW GOING CONCERN As detailed above. the charity have commenced the process to convert lo a Charitable Incorporated Organisalion ICIOI. It 15 believed that the prOsS will be complete in the coming financial year. At the point of conversion, all assets and Iiabilitses of the exisbng char5ty will be transferred to the new CIO and the existing charity will cease. The Iruslees therefore no longer consider the going concern basis of accounting appropriate and these accoLÉnts have been prepared on the break up basis. In practice, assets and liabilities wi15 be transferred to the new CIO at book value and the operations of the charity will continue as before, albeit in a new legal entity. As such. there are no adjustments to the figures in the financial statements as a result of applying the break up basis. PRINCIPAL RISKS AND UNCERTAINTIES The Trustees actively review the majoi risks which the charity faces on a regular basis and believe that maintaining reserves al current levels, combined with an annual review of the controls over key financial systems. will provide sufficient resources In the event of adverse conditions The Trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems lo miligale the signrficant risks. Trustees have put in place insurance cover to minimise the risks allsing from their ownership of land and buildings. The cover is reviewed periodically to ensure buildings are fully insured. RESERVES POLICY 11 is the policy of the charity to maintain fltnds al a level which would equate to al least 6 months expend1ture. being £50,000 10 £150.000 The current free reserves are £150.000. This provides sufficient funds lo cover management, administration and support costs. Page 3
Dartmouth United Charities Trustee, Report (continued) MATERIAL INVESTMENTS POLICY The Trust Deed aulhorises the Trustees lo make and hold investments usirig the general funds of the charity The Trustees have considered the most appropriate policy for investing funds is the ownership and management of residential properties and the provision of charitable benefits lo the residents. Reserve funds are invested in specialised investment funds. designed for the charity sector lo generate both income and capital gr0h The market value of the Investments funds was £248,687 12024. £257,6981 al the year end. STRUCTURE. GOVERNANCE AND MANAGEMENT CONSTITUTION The charity is an unincorporated Trust currently being administered under a scheme of arrangement made by the Charity Commission on 28 April 1953 and as amended in 1980 and 1988, with the power lo use ils income lor the following purposes.. To defray the costs of the adminislralion and management of the charity. To administer and manage the property of the charity To use the properties ol the charity lor the provision of accommallOn lor those in some form ol need To make donations or grants ol money or provide items, services or facilities lo individuals resident In Dartmouth who are In conditions of need, hardship or distress or by way of donations lo organisalion which undertake lo provide such items, services or facilities for such persons. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the charity Is the responsibi5ity of the Trustees who are co-opted through public advertisement or nominated under the terms ol the Trust Deed. Appointment of Trustees is prescribed by the governing document of the ¢harily In 2023 the number of nominations from Dartmouth Town Council was reduced from 2 10 1 The Trustees are authorised lo appoint Trustees lo lill vacancies arising through resignation or the death of an existing Trustee. The current Trustees are shown on page 1 along with others who have resigned since the 2025 accounts were approved. Mrs J Cawley was re-elected Chair of Trustees in January 2025. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES Existing Trustees are already familiar with the practical works of the charity Newly appointed Iruslees participate In a programme of induction and training lo become familiar with the charity and the context within which il operates These cover the obligations ol Trustees, both individually and as members of the Board, the framework of the charity, the current financial position as sel out in the lalesl accounts and lulure plans and developments. Page 4
Dartmouth United Charities Trustee. Report (continued PAY POLICY FOR SENIOR STAFF There is a sub-committee of Trustees which had delegated authority from the Board to conduct an annual pay rev1ew for all staff and agree the outcome of the review. ORGANISATIONAL STRUCUTRE AND DECISION MAKING The Trustees meet quarterly and are responsible for the 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 ensvring that the charity delivers the services specified and the day lo day operational managemenl. also attends meebngs bul has no voting rights. All Trustees give their b.me voluntarily and r1ve no remuneration or other benefits. RISK MANAGEMENT The Trustees have assessed the maior risks lo which the charity is exposed. in particular those related to the operations and finances of the charity, and are satisfi'ed that systems and procedures are in place to mitigate the charity's exposure to the major risks. The Trustees are responsible for keeping proper accountir*g records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregulanties. INFORMATION ON FUNDRAISING PRACTICES The DUC does not cary out any fundraising activitie5 either directly or throLsgh the use of a commercial participator or pfofessional fundraiser. Disclosure of information to auditor Each member has taken steps that they ought lo have taken as a member in order to make themselves aware of any relevant audit information and lo establish that the charity's auditor is aware ol that information. The trustee confimi that there is no relevant informat that they know of and of which they know the auditor is unaware. Page 5
Dartmouth United Charities Statement of Trustee. Responsibilities The Iruslee are responsible for preparing the Iruslee, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable lo charities requires the Iruslee lo prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application ol resources of the charity for that period In preparing these financial slalemenls. the Iruslee are required lo. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP, make judgements and eslimales that are reasonable and prudent,. slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained In the financial slalemenls", and prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the charity will continue in business. The Iruslee are responsible lor keeping proper accounting records that disclose wth reasonable accuracy al any lime the financial position of the charity and enable them to ensure that the financial slalemenls comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions ol the conslilulion The Iruslee are also responsible lor $8leguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. Approved by the Iruslee of the charity on 61 io12F and signed on ils behalf by.. J Cawley Trustee sLAjs /YiAI Trustee Page 6
Dartmouth United Charities Independent Auditor's Report to the Members of Dartmouth United Charities Opinion We have audited the financial statements of Dartmouth United Charits"es (the 'charity'l for the year ended 30 April 2025. which comprise the Slalernent of Financial Activities. Balan Sheet. Cash Flow Statement, and Notes lo the Financial Staternenls. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is united Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United K1ngdom Generally Accepted Accounting Practice). In our opinion the financial stslements.. give a true and fair view of the slate of the charity's affairs as at 30 April 2025 and ol its incoming resources and application of reSoUrs, Including its Income and expenditure, for the year then ended", have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Stsndard. and we have fulfilled our other ethical respons1bilities 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. Emphasis of matter - non-going concern basis of preparation We draw attention to the dilOSure made in note 1 to the financial statements which explains that the financial statements are now not prepared on the going concern basis for the reason set out in that note. Our opinion is not mcKlified in respect of this matter. Other information The Iruslee ale iesptsnsible for the other infoTmation. The other infomialion comprises the information included In the annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on the financial slalemenls does not cover the other information and. eXp1 lo the exlenl otherwise explicitly staled in our report. we do not expre55 any form of assurance conclusion thereon. In connection with our audit of the financial stslements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the rinancial statements or our knowledge obtained in the audit or otherwise appeaTS lo be materially misstated. If we identify such matenal Inconslslencies or apparent material misstatements, we are required to determine whether there is a material misslalemenl in the financial statements or a material misslalement of the other infom)alion. If. based on the work we have performed, we conclude that there is a material misslalemenl of this other inforrnation. we are required to report that fact We have nothing lo report in this regard. Page 7
Dartmouth United Charities Independent Auditor's Report to the Members of Dartmouth United Charities (continued) Matters on which we are required to report by exception In the light ol our knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not Identified material misslalemenls in the Trustee, Report. We have nothing to report In respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us lo report lo you If, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us, or the financial slalemenls are not in agreement with the accounting records and returns.. or certain disclosures ol Iruslee remuneration specified by law are not made, or we have not received all the information and explanations we require lor our audit. Responsibilitigs of trust¢è As explained more lully in the Slalemenl of Trustee. Responsibilities Isel out on page 61, the Iruslee are fesponsible for the preparation of the financial slalemenls and for being satisfied that they give true and lair view. and for such inlernal control as the trustee determine Is necessary lo enable the preparation of financial slalements that are free from material misslalemenl. whether due lo fraud or error. In preparing the financial slalemenls, the Iruslee are responsible lor assessing the charity's ability lo continue as a gong concern, disclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustee either intend lo liquidate the charity or lo cease operations, or have no realislie allernalive bul lo do so. Audltor Responsibilities for the audlt of the financial statemgnt$ Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an auditor'5 report that includes our opinion. Reasonable assurance is a high level ol assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exists Misslalemenls can arise from fraud or error and are considered material if. individually or In the aggregate. they could reasonably be expected lo Influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are Instances ol non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. lo delecl material misslalemenls in respect ol Irregularities. including fraud. The exlenl lo which our procedures are capable of detecting irregularities, including fraud is detailed below. Page 8
Dartmouth United Charities Independent Auditor's Report to the Members of Dartmouth United Charities (continued) The extent to which the audit was considered capable of detecting irregularities including fraud Our approach lo identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. wa5 as follows. the engagement partner ensured that the engagement team collectively had the appropriate compelenTr, capabilib'es and skills to idenbfy or recognise nOn-complanCe with applicable laws and regulations". we Identified the laws and regulations applicable lo the company through discussions with directors and other management, and from our knowledge and experien of the chanty and property sectors". we focused on specific laws and regulatsons which we considered may have a direct material effect on the financial slalemenls or the operations of the company. Including the Charities Act 2011. laxalion legislation. data protection. anti-bribery. employfflenl law and health and safety legislation". we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing licenses, certificates and relevant Corresponden including the inspection of legal correspondence,. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to InStanS of non-complian throughout the audit. We assessed the su5PIlb1llty of the company s fir)ancial statements to material rni55tatement. including obtaining an understanding of how fraud might occur. by". making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., and considering the internal controls in pla to mits.gale risks of fraud and non-compliance with laws and regulations To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships- lesled journal entries lo identify unusual transactions.. assessed whether judgements and assumptions made In determining the accounting eslimales were indicative of potential bias. and investigated the rationale behind signrficant or unusual Iransaclions. In response lo the risk of irregularitie5 and non-compliance with laws and regulations, we designed procedures which included. but were not limited to. agreeing financial statement disclosures to undertylng supporting documentation-, enquiring of management as lo actual and potential litigation and claims". and reviewing correspondence with HMRC, relevant regulators and the company s legal advisors. There are inherent liniitabons in our audit procedures descrit)ed above. The more removed that laws and regulations are from financial Iransaclions, the less likely it is that we would become aware of non-compliance Auditing standards also limit the audit procedures required lo Identify non-compliance with laws and regulations lo enquiry of the directors and other rnanagemenl and the inspection of regulatory and legal correspondence. if any. Page 9
Dartmouth United Charities Independent Auditor's Report to the Members of Dartmouth United Charities (continued) Material misslalemenls that arise due lo fraud can be harder to deleel than those that arise from error as they may Involve deliberate concealment or eollusion. A further description of our responsibilities is available on the Financial Reporting Council's website at". ww.Irc.org.uklaudilorsresponsibilities. This description foms part ol our auditor's report. Use of our report This report is made solely lo the charity Iruslee, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we mighl stale lo the Iruslee those matters we are required lo slate lo Iruslee in an 8udilors' report and for no other purpose. To the lullesl exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the charity and its Iruslee as a body, for our audit work, for this report, or lor the opinions we have formed LLP Mr David Tucker (Senior Slalulory Audilorl For and on behalf of Thompson Jenner LLP, Statutory Auditor 1 Collelon Crescent Exeter Devon EX2 4DG Dale.. Page 10
Dartmouth United Charities Statement of Financial Activities for the Year Ended 30 April 2025 Totsl 2025 Unrestricted Endowment Note Income and Endowments from: Donation5 and legacies Charitable activities Investment Income 279.712 188.282 40.945 1.800 279.712 188,282 40,945 1,800 Other income Total income 510,739 510.739 Expenditure on: Charitable activities 6,7.8,9 230,681 230,681 Total expenditure 230,6811 230,681 Net income 280,058 280,058 Other recognised gains and losses Nel gains on inve51menls 15 9.011 9,011 Net movement in funds 271,047 271,047 Reconciliation of funds Total funds brought forward 3,929,024 1,680,000 5,609.024 Total funds carried forward 20 4,200.071 1,680,000 5,880,071 The notes on pages 15 10 28 form an integral part of these financial slalemenls. Page11
Dartmouth United Charities Statement of Financial Activities for the Year Ended 30 April 2025 (continued) Total 2024 Unrestricted Endowment Note Income and Endowments from: Donations and legacies Ch2rilable activities Investment 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- Charitable activities 6.7,8,9 1251,570 1251,570 Total expenditure 1251,570 1251,570 Nel income 267,194 267,194 Other recognised gains and losses Nel gains on Invèstments Nel movement In funds 15 19,715 19,715 286,909 286,9D9 Reconciliation of funds Total funds brought forward 3,642,115 1.680.000 5,322.115 Total funds carried forward 20 3,929,024 1,680,000 5,609,024 All of the chanty's activities derive from continuing operations during the above period5. The notes on pages 15 10 28 lom an integral part of these financial slalements. Page 12
Dartmouth United Charities (Registration number: 203399) Balance Sheet as at 30 April 2025 202S 2024 Note Fixed assets Tangible assets Investments 14 15 5,019,819 248,687 4,370.132 257,698 5.268.506 4,627,830 Current assets Debtors Cash al bank and in hand 16 17 9.277 666.060 7.614 1,031,517 675.337 1,039,131 Creditors-. Amounts falling due within one year 18 63,772 57.937 Net current assets 611.565 981.194 Net assets 5,880,071 5,609,024 Funds of the charity.. Endowment 1,680.000 4,200,071 1,680.000 3,929.024 Unreslricled Total funds 20 5,880,071 5,609.024 The financial statements on pages 11 to 28 were approved by the trustee, and authorised for issue on and signed on their behalf by. J Cawley Trustee The notes on pages 15 to 28 form an integral part of these financial statements. Page 13
Dartmouth United Charities Cash Flow Ststement for the Year Ended 30 April 2025 2025 2024 Note Cash flows from operating actlvitles Nel cash Income 271,047 286,909 Adlustments to cash flows from non-cash Items Depreciation Investment income Revaluation of investments 1,838 140,9451 9,011 779 147.1771 19.715 240.951 220,796 Working capital adjustments Ilncreaselldecrease in debtor$ Increase in creditors 16 18 11,6631 5,835 2.223 45,279 Nel cash flows from operating activities 245,123 268,298 Cash flows from investing activlties Interest receivable and similar income Purchase of tangible fixed assets Purchase of investments Sale ol Investments 40,945 1651.5251 47,177 1138.0521 11,4451 25.000 14 15 Nel cash flows from investing aclivilies Nel Idecreasellincrease in cash and cash equivalents 610.580 67.320 1365,4571 1,031.517 200,978 Cash and cash equivalents al 1 May Cash and cash equivalents al 30 April 830.539 666,060 1.031,517 All ol the cash flows are derived from continuing operations during the above periods. The notes on pages 15 to 28 form an integral part of these financial slalemenls. Page 14
Dartmouth United Charities Notes to the Financial Statements for the Year Ended 30 April 2025 1 Accounting policies Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities." Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191 (Charities SORP IFRS 10211. the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Basis of preparation Dartmouth United Charities meets the definition of a public benefit entity under FRS 102. The accounts Ifinancial stalemenlsl have been prepared under the historical cost convention with Items recognised at cost or Iiansa¢lion value unless otherwise slated in the relevant nolelsl to these accounts. Going concern The financial statements are prepared on the break up basis, due to the intended conversion of the charity into a Charitable Incorporated Organisation ICIOI in the next financial year. This will involve transferring all assets, liabilities and operations of the charity lo the new CIO, at which point the existing charity will cease. Assets and Iiabililies will be transferred al book value, hence there are no adiustmenls lo the figures in the financial statements as a result of applying the break up basis. Income and endowments Voluntary Income Including donations. gifts. legacies and grants that provide core funding or are of a general nature Is recognised when the charity has entillemenl lo the income, il is probable that the income will be received and the amount can be measured with sufficient reliability. Donations and legacies Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Deferred income Deferred income represents amounts received for future periods and is released lo incoming resources In the period for which. Il has been received. Such income is only deferred when.. The donor specifies that the grant or donation musl only be used in future accounting periods., or The donor has imposed cond11ions which must be mel before the charity has unconditional enlitlemenl. Investment incon7e Dividends are recognised once the dividend has been declared and nolilicalion has been received of the dividend due. Page 15
Dartmouth United Charities Notes to the Financial Statements for the Year Ended 30 April 2025 (continued) Other income Interest on funds held on deposit is Included when receivable and the amount can be measured reliably by the charity", this is normally upon nolificalion of the interest paid or payable by the bank. Rental income relates only lo office space provided lo The Dartmouth Trust Rental Income is recognised over the period lor which the space is occupied by The Dartmouth Trust and on a time apportionment basis Expenditure All expenditure is recognised once there is a legal or conslruclive obligation lo that expenditure, il is probable selllemenl is required and the amount can be measured reliably All costs are allocated lo the applicable expenditure heading that aggregate similar costs lo that category Where costs cannot be direclly attributed lo particular headings they have been allocated on a basis consislenl with the use of resources, with central stsff costs allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of s12ff costs. All expenditure is inclusive of irrecoverable VAT. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activitie5 and seryices for ils beneficiaries. 11 includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary lo support them. Grant expenditure Grants payable are charged in the year when the offer Is made except In those cases where the offer is conditional. such grants being recognised as expenditure when the conditions attaching are fulfilled. Grantprovisions Provisions lor grants are made when the intention lo make a grant has been communicated lo the recipient bul there Is uncertainty about either the liming ol 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 charity and Include project management carried out al head office. Governance costs These include the costs attributable lo the charity's compliance with conslilulional and stalulory requirements. Inclucling audit. strategic management and trustee meetings 2nd reimbursed experTrses. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the charity is potentially exempl from taxation in respect 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 exlenl that such income or gains are applied exclusively to charitable purposes. Page 16
Dartmouth United Charities Notes to the Financial Statements for the Year Ended 30 April 2025 (continued) Tanglble fixed assets Tangible fixed assets are carried at cost or valuation, net of depreciation and any provision for impairment. Depreciation and amortisation Freehold property Is considered by the Trustees lo have a high residual value and long economic life lo render the annual depreciation charge immaterial. Asset class Solar panels Depreciation method and rate 4 1 slraighl line basis Impaimient offixed assets The Trustees review the freehold properties for impairment al the end of each reporting period Fixed asset investments Fixed asset Investments, other than programme related inveslmenls. are included al market value at the balance sheet dale. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start ol the year, or their subsequent cost, and are charged or credited lo the Slalement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged lo the Slalemenl of Financial Activities based on the market value al the year end. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially al the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there Is obieclive evidence that the charity will not be able to coSlecl all amounts due according lo the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid Investments that are readily convertible lo a known amount of cash and are subject lo an Insignificant risk of change in value. Trade creditors Trade creditors are obligations lo pay lor goods or services that have been acquired in the ordinary course ol business from suppliers Accounts payable are classified as current liabilities if the Trade creditor does not have an unconditional right. al the end ol the reporting period, lo defer settlement of the creditor for al least twelve months after the reporting dale If there is an unconditional right lo defer settlement lor al least twelve months after the reporting date, they are presented as non-current Trade Creditors are recognised initially al the transaction price and subsequently measured at amortised cost using the effective interest method. Page 17
Dartmouth United Charities Notes to the Financial Statements for the Year Ended 30 April 2025 (continued) Fund structure General funds are unrestricted funds that are available for use at the Iruslees, discretion in furtherance ol the objectives of the charity Oesignaled funds are unreslricled funds sel aside for specific purposes al the discretion of the trustee5 The aim and use ol each designated fund is sel out In the note5 to the financial slalemenls. Financlal Instruments The charity only has financial assets and financial liabilities ol a kind that qualify as basic financial instruments Basic financial instruments are initially recognised al transaction value and subsequently measured al their 5elllemenl value with the exception of bank loans which are subsequently measured al amortised cost using the effective Interest method. 2 Income from donatlons and legacles Unrestrictgd funds Gengral Total 2025 Total 2024 Donations and legacies". Donations from companies, trusts and similar proceeds 279,712 279.712 297,948 279,712 279.712 297.948 The prior year's lolal income from donations and legacies of £297,948 was unreslricled. 3 Income from charitable activities Unrestricted funds General Total 2025 Total 2024 Contributions paid by residen15 Car parking Guest suite Laundry income 176.893 9,416 1.315 658 176,893 9,416 1.315 658 161.587 9.058 835 532 188.282 188,282 172,012 The prior year's total income from charitable activities of £172,012 was unreslricled. Page 18
Dartmouth United Charities Notes to the Financial Statements for the Year Ended 30 April 2025 (continued) 4 Investrnent income Unrestricted funds General Total 2025 Total 2024 Interest receivable on bank deposits Other income from fixed asset investments 33,369 7.576 33.369 7,576 38.876 8,301 40,945 40,945 47,177 The prior yearfs total investment income of £47.177 was unrestricted_ 5 Other income Unrestrieted funds General Total funds Rental income 1.800 1.800 Total for 2025 1.800 1.800 Total for 2024 1.627 1.627 6 Direct Costs Total Total 2025 2024 Call 24 470 1,276 600 C5eaning and removal costs Television licences 430 267 241 Property and contents insurance Health and safety Gas and electric 5.548 7,098 2.883 5.541 11.661 12,772 5,524 779 Water charges Depreciation 4.766 1.838 30.521 31,173 Of the total direct st$. £30,521 12024.. £31,173) was unrestricted. Page 19
Dartmouth United Charities Notes to the Financial Statements for the Year Ended 30 April 2025 Icontinuedl 7 Support Costs Total Total 2025 2024 Legal and professional fees Advertising Sundry expenses Stsff training Subscriptions lo Almshouses Association Trustee indemnity insurance Property repairs and refurbishments Wages and salarie5 18,651 11.377 721 672 599 197 304 296 37,653 38,722 64,016 34,355 96,650 110,913 Of the total support costs, £96,65012024.. £110,9131 was unreslricled. 8 Governance Costs Unrestrlcted Total Total funds funds funds 2025 2025 2024 Governance Auditors, remuneration 2,830 1,970 4,302 2,400 2,830 1,970 4,302 2,400 2,830 1.970 3,817 Governance Audilors, non audit costs Governance expense wages and salaries Governance expense - legal and professional 11,502 11,502 8.617 The prior year's lolal governance costs of £8.617 was unreslricled. Page 20
Dartmouth United Charities Notes to the Financial Statements for the Year Ended 30 April 2025 (continued) 9 Grant-making Analysis of grants 2025 2024 Analysis Individuals donations Dartmouth Caring Citizens Advice South Hams Royal Dart Youth Sailing Trust Dartmouth AFC Swifts Dartmouth Community Chest St John Baptist School Rowcroft Hospice Dartmouth Youth Group First Responder Group The Flavel - youth drama bursaries Junior Water Safety Programme 5,423 50,000 12,990 6,300 1,395 14,400 1,500 4.640 50.000 18.648 2,319 1,000 10,000 6.000 4,000 2,160 2.100 92,008 100.867 Of the total grant making aclivies, £92,00812024'. £100,867) were made from unreslricled funds. 10 Net incomingloulgoing resources Net incoming resources for the year include". 2025 2024 Audit fees Other non-audil serVIS Depreciation of fixed assets 2,830 1,970 1,838 2,830 1,970 779 Page 21
Dartmouth United Charities Notes to the Financial Statements for the Year Ended 30 April 2025 (continued) 11 Trustee remuneration and expenses No Iruslee. nor any persons connected with them. have received any remuneration from the charity during the year. No Iruslees have reiVed any reimbursed expenses or any other benefits from the charity during the year. 12 Staff costs The aggregate payroll costs were as follows.. 2025 2024 Staff costs during the year were: Wages and salaries 43,024 38.172 The monthly average number ol persons (including senior management I leadership team} employed by the charity during the year expressed as full lime equivalents was as follows. 2025 No 2024 No Employees The charity considers the Trustees lo be the members of key management personnel. During the year the key management personnel received compensation of £nil. 12024". £nill. No employee received emoluments of more than £60,000 during the year 13 Taxation The charity is a registered charity and Is therefore exempl from taxation. Page 22
Dartmouth United Charities Notes to the Financial Statements for the Year Ended 30 April 2025 (continued) 14 Tangible fixed assets Propertigs under construction Land and buildings Solar panels Total Cost Al 1 May 2024 Additions 4,229,751 281,072 45,940 95,220 4,370,911 370,453 651,525 AI 30 April 2025 4,510,823 45,940 465,673 5,022,436 Depreciation Al 1 May 2024 Charge for the year 779 1,838 779 1,838 AI 30 April 2025 2,617 2,617 Net book value AI 30 April 2025 4,510,823 43,323 465,673 5,019.819 At 30 April 2024 4.229,751 45,161 95,220 4,370.132 The Victoria Road properties were revalued on Irans11ion lo FRS102 at 1 May 2015 and given a valuation of £2.370.000, which represenled the Trustees. best estimate of the market value at that dale. This 11gure was used as deemed cost on transition. The historical cost of these buildings was £2.069,888 and no depreciation had been charged. Page 23
Dartmouth United Charities Notes to the Financial Statements for the Year Ended 30 April 2025 {¢ontinued) 15 Fixed asset investments Other Investments Listed investments Total Cost or Valuation At 1 May 2024 Revaluation 257.698 9,011 257,698 19,011 AI 30 April 2025 248,687 248,687 Net book value AI 30 April 2025 248,687 248.687 At 30 April 2024 The investments are held in a mixed portfolio. 257,698 257,698 16 Debtors 2025 2024 Trade debtors Prepayments and accrued income 196 7,418 9.277 9,277 7,614 17 Cash and cash equivalent5 2025 2024 Cash on hand Cash al bank 169 665,891 70 1,031,447 666,060 1,031,517 18 Creditors.. amounts falling due within one year 2025 2024 Trade creditors Other creditors Accruals 260 1.751 61,761 27.196 2,211 28,530 63,772 57,937 Page 24
Dartmouth United Charities Notes to the Financial Statements for the Year Ended 30 April 2025 (continued) 19 Commitments Capital commitments In the prior year the charity entered into a contract for the development of family alms houses on land owned by the charity Al the year end. development of the properties was ongoing. The charity look practical completion on 27 June 2025. The lotsl amount contracted for but not Provided in the fnancial statements was £58,429 12024 £425,273) 20 Funds Balance at1 May 2024 Other Balance Incoming Resources recognised at30 resources expended Transfers gainslllossesl April 2025 Unrestricted funds General Income Account 150,000 510,739 1230,6811 1271.0471 19,0111 150,000 Other Extraordinary repair Cyclical maintenance fund New propety Realised capital reserve 115,686 18,750 134,436 12,890 960,316 60,000 1457,3901 72,890 502,926 100,227 100.227 Unrealised revaluation reserve Propety reserve 300,112 2,289,793 300.112 2,939.480 4,050,071 649,687 3,779,024 271.047 Total unrestricted funds 3,929.024 510,739 1230.6811 19,0111 4,200,071 Endowment funds Permanent Endowment funds 1,680.000 1,680,000 Total funds 5,609.024 510.739 230,6811 9,011 5,880,071 Page 25
Dartmouth United Charities Notes to the Financial Ststements for the Year Ended 30 April 2025 (continued) The extraordinary repair fund is for the purpose of providing for the extraordinary repair, improvement or rebuilding ol the almshouses belonging lo the charity The new propety reserve has been set aside in order lo fund the purchase of properties to be used by the charity lo fulfil ils obieclives. The realised capital reserve represents the nel proceeds of funds from the sale of properties. The unrealised revaluation reserve represents the movement in value of the properties that are not endowment, based on their open market value compared lo their nel book value. The propety reserve fepresenls the historical cost of nonondowed properties. The income account represents the excess of incoming funds over outgoing resources accumulated by the charity. The endowment funds represent the market value of the properties held by the charity that were endowed to them lo be used lo meet the objectives of the charity Income and expenditure is disclosed within unreslricled funds as any surplus is available for general purposes. Page 26
Dartmouth United Charities Notes to the Financial Statements for the Year Ended 30 April 2025 Icontinued) Balance at1May 2023 Other Balance Incorning Resources recognised at30 resources expended Transfers gainsll1055e51 April 2024 Unrestricted funds General Income Account 200,000 518,764 1251.5701 1336,9091 19,715 150,000 Other Extraordinary repair Cyclical maintenance fund New property Realised capital reserve 98,494 17,192 115.686 12,890 777,872 12,890 960.316 182.444 100,227 100,227 Unrealised revaluation reserve 300,112 2,152,520 300,112 2.289.793 Property reserve 137,273 3,442,115 336.909 3.779.024 Total unrestricted funds 3,642, 115 518,764 1251,5701 19,715 3.929.024 Endowrnent funds Permanent Endowment fLJnds 1,680,000 1.680,000 Total funds 5,322,115 518.764 251.570 19,715 5,609.024 Page 27
Dartmouth United Charities Notes to the Financial Statements for the Year Ended 30 April 2025 (continued) 21 Analysis of net assets between funds Endowment funds Pemianent Total funds at 30 April 2025 Unrgstricted funds General Other Tangible fixed assets Fixed asset investments Current assets Current Iiabililies 3,339,819 248.687 461,565 1,680.000 5.019,819 248,687 675,337 63.772 213,772 S3,772 Total nel assets 150,000 4,050.071 1,680.000 5.880,071 Endowmont funds Permanent Total funds at 30 April 2024 Unrestricted funds General Other Tangible fixed assets Fixed asset investments Current assets Current Iiabililies 2,690, 132 257,698 831,194 1,880,000 4,370,132 257.698 1,039.131 57,937 207,937 57,937 Total nel assets 150,000 3,779,024 1,680,000 5,609.024 22 Non-adjusting evonts after thg financial period The charity purchased an additional family alms house following the year end for £242,660. 23 Related party transaetlons During the year the charity made the following related party Iransaclions.. The Dartmouth Trust Ms L Osgood was also a Iruslee of The Dartmouth Trust during the year. Dartmouth United Charities received income from The Dartmouth Trust that amounted lo £281,512 12024. £299,575). The Dartmouth Trust also charged £43.02412024. £38.1721 for wages and £3,80912024. £3.1921 for other expenses that were paid on behalf of Dartmouth United Charities Al the balance sheet dale the amount due lo The Dartmouth Trust was £51912024 £Nill. 24 Controlling party The charity is controlled by the TTuslees Page 28