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2021-09-30-accounts

Contents
Reference and Administrative Details
Trustees' Report 2to 5
Statement ofTrustees' Responsibilities
Independent
Auditors'		 Report 7to 10
Statement ofFinancial Activities 11to 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Financial Statements 15to 28

Reference and Administrative Reference and Administrative Reference and Administrative Reference and Administrative Reference and Administrative Reference and Administrative Details
Ex-Officio Trustees Reverend
Andrew		 Langley (appointed 21 July 2021)
Nominative Trustees Mr JH O'Keeffe
Ms Dawn Shepherd (appointed 1 April 2021)
Mr RSpringett (resigned 1March 2021)
Mrs BFleet (resigned 11January 2022)
Publically Advertised Mr DFlowerday (resigned 26 April 2021)
Mr JEllwood
Mr RGoodall
Mr A Jarrold
Mr JSutton-Scott-Tucker
Mr G Lucas (appointed 26 April 2021)
Charity Registration Number 203402
Principal Office First Floor
3 The Quay
Dartmouth
Devon
TQ6 9PS
Auditor Thompson
Jenner		 LLP
1 Colleton Crescent
Exeter
Devon
EX24DG
Solicitors Foot Anstey LLP
2 Glass Wharf
Bristol
BS2OFR
Bankers National
Westminster		 Bank pic
Paignton
15 Victoria St
Paignton
Devon
TQ4 5DE

2021 2020
f000 %,000
Gross property
income received		 520 561
Income fiom other investments 229 179
Benefit f'rom dilapidation
claim		 40
Grant income, other income
Expenditure on operational
overheads		 and governance (170) (169)
Transfers
and expenditure
funded by		 other reserves 25 37
Net income, payable to beneficiaries 609 654

Total
Unrestricted Endowment 2021
Note
Income and Endowments from:
Grant income 2,058 2,058
Rental income 520,387 520,387
Investment
income		 229,365 229,365
Other income 3,595 3,595
Total income 755,405 755,405
Expenditure
on:
Operational
overheads		 (166,738) (166,738)
Appropriation
to beneficiaries		 (608,792) (608,792)
Governance (4,875) (4,875)
Total expenditure (780,405) (780,405)
Gains/losses
on investment		 assets 57,688 1,103,622 1,161,310
Net movement
in funds		 32,688 1,103,622 1,136,310
Reconciliation
offunds
Total funds brought forward 407,262 11,122,205 11,529,467
Total funds carried forward 17 439,950 12,225,827 12,665,777

Total
Unrestricted Endowment 2020
Note
Income and Endowments from:
Donations
and legacies		 6,196 6,196
Rental income 560,581 560,581
Investment
income		 178,866 178,866
Other income 40,032 40,032
Total income 785,675 785,675
Expenditure
on:
Operational
overheads		 (164,404) (164,404)
Appropriation
to beneficiaries		 (653,645) (653,645)
Governance (4,575) (4,575)
Total expenditure (822,624) (822,624)
Gains/losses
on investment		 assets 11,460 (689,493) (678,033)
Net expenditure (25,489) (689,493) (714,982)
Gross transfers
between		 funds 16,099 (16,099)
Net movement
in funds		 (9,390) (705,592) (714,982)
Reconciliation
offunds
Total funds brought
forward		 416,652 11,827,797 12,244,449
Total funds carried forward 17 407,262 11,122,205 11,529,467

Balance Sheet as at 30 September 2 021
2021 2020
Note
Fixed assets
Tangible assets 12 57,199 57,199
Investments 13 12,741,448 11,531,288
12,798,647 11,588,487
Current
assets
Debtors 14 180,258 235,996
Cash at bank and in hand 422,000 317,997
602,258 553,993
Creditors: Amounts falling due within one year 15 (735,128) (613,013)
Net current liabilities (132,870) (59,020)
Net assets 12,665,777 11,529,467
Funds ofthe charity:
Endowment funds 12,225,827 11,122,205
Unrestricted income funds
Unrestricted funds 439,950 407,262
Total funds 17 12,665,777 11,529,467

2021 2020
Note
Cash flows from operating activities
Net cash income/(expenditure) 1,136,309 (714,982)
Adjustments
to cash flows
Investment
income		 (229,365) (178,866)
Profit on disposal ofinvestments (336,322) (212,470)
Revaluation
ofinvestments		 (824,987) 890,502
(254,365) (215,816)
Working capital adjustments
Decrease in debtors 14 55,738 29,555
Increase/(decrease)
in creditors		 15 122,115 (38,835)
Net cash flows from operating activities (76,512) (225,096)
Cash flows from investing
activities
Interest receivable
and similar		 income 4 229,365 178,866
Purchase ofinvestments 13 (2,056,595) (371,171)
Sale proceeds ofinvestments 2,007,745 437,270
Net cash flows from investing activities 180,515 244,965
Net increase in cash and cash equivalents 104,003 19,869
Cash and cash equivalents
at		 1 October 317,997 298,128
Cash and cash equivalents
at		 30 September 422,000 317,997

2 Income from grants, donat ions
and legacies
Unrestricted
funds Total Total
General 2021 2020
Grants, including capital grants;
Furlough grant income 2,058 2,058 6,196
2,058 2,058 6,196
3 Income from other trading activities
Unrestricted
funds Total Total
General 2021 2020
Property rental income 520,387 520,387 560,581
520,387 520,387 560,581
4 Investment income
Unrestricted
funds Total Total
General 2021 2020
Other income fi.om fixed asset investments 229,365 229,365 178,866

5
Operation		 al
overheads
Total Total
2021 2020
Office Costs 4,183 3,884
Professional fees 59,991 44,034
Insurance s 20,773 17,649
Irrecoverable VAT
Property repairs, maintenance and H&S 49,096 51,381
Bank charges 379
Wages and Salaries 22,950 26,944
Pension cost 2,688 2,503
Bad debts written offand provision movements 6,612 17,630
166,738 164,404

Total Total
2021 2020
Dartmouth United Charities 304,396 326,822
The Ecclesiastical Share ofThe Dartmouth Trust 202,931 217,882
The Public Purposes Share ofThe Dartmouth Trust 101,465 108,941
608,792 653,645

Governance costs
Unrestricted Endowment Total Total
funds funds funds funds
2021 2021 2021 2020
Governance Auditors' remuneration 3,000 3,000 3,000
Governance Auditors' non audit costs 1,875 1,875 1,575
4,875 4,875 4,575

2021 2020
Audit fees 3,000 3,000
Other non-audit services 1,875 1,575
Profit on disposal ofinvestments (229,365) (178,866)

10 Staff costs
The aggregate
payroll costs were as follows:
2021 2020
Staff costs during the year were:
Wages and salaries 22,950 26,944
Pension costs 2,688 2,503
25,638 29,447
2021 2020
No No

12 Tangible fixed assets
Land and Furniture
and
buildings equipment Total
Cost
At 1 October 2020 57,199 11,578 68,777
At 30 September 2021 57,199 11,578 68,777
Depreciation
At 1 October 2020 11,578 11,578
At 30 September 2021 11,578 11,578
Net book value
At 30September 2021 57,199 57,199
At 30September 2020 57,199 57,199

13 Fixed asset investments
2021 2020
Investment
properties		 5,740,001 7,160,671
Other investments 7,001,447 4,370,617
12,741,448 11,531,288
Investment
properties
Investment
properties
Cost or Valuation
At 1 October 2020 7,160,671
Revaluation 250,753
Disposals (1,671,423)
At 30 September 2021 5,740,001
Net book value
At 30 September 2021 5,740,001
At 30 September 2020 7,160,671

Other investments
Endowed Non endowed
investments investments Total
Cost or Valuation
At 1 October 2020 3,854,335 516,282 4,370,617
Revaluation 516,547 57,688 574,235
Additions 2,056,595 2,056,595
At 30September 2021 6,427,477 573,970 7,001,447
Net book value
At 30 September 2021 6,427,477 573,970 7,001,447
At 30 September 2020 3,854,335 516,282 4,370,617
14 Debtors
2021 2020
Trade debtors 101,146 173,855
Prepayments
and accrued income		 78,275 62,141
Other debtors 837
180,258 235,996
15 Creditors: amounts falling due within one year
2021 2020
Trade creditors 17,281 15,398
Other taxation and social security 2,367 8,969
Other creditors 623,928 468,565
Accruals and deferred income 91,552 120,081
735,128 613,013
2021 2020
Deferred income at 1 October 2020 115,849 125,874
Resources deferred in the period 87,321 115,849
Amounts
released fiom		 previous periods (115,849) (125,874)
Deferred income at 30 September 2021 87,321 115,849

17 Funds
Other Balance at 30
Balance at 1 Incoming Resources recognised September
October 2020 resources expended gains/(losses) 2021
Unrestricted funds
General
Reserve for admin expenses 30,000 755,405 (755,405) 30,000
Unrealised profit on non-endowed funds 103,112 57,688 160,800
133,112 755,405 (755,405) 57,688 190,800
Designated
Property repair reserve 274,150 (25,000) 249,150
Total unrestricted funds 407,262 755,405 (780,405) 57,688 439,950
Endowment funds
Permanent
Endowment funds 11,122,205 1,103,622 12,225,827
Total funds 11,529,467 755,405 (780,405) 1,161,310 12,665,777

Other Balance at 30
Balance at 1 Incoming Resources recognised September
October 2019 resources expended Transfers gains/(losses) 2020
Unrestricted funds
General
Reserve for admin expenses 30,000 785,675 (801,774) 16,099 30,000
Unrealised profit on non-endowed funds 91,652 11,460 103,112
121,652 785,675 (801,774) 16,099 11,460 133,112
Designated
Property repair reserve 295,000 (20,850) 274,150
Total unrestricted funds 416,652 785,675 (822,624) 16,099 11,460 407,262
Endowment funds
Permanent
Endowment funds 11,827,797 (16,099 (689,493) 11,122,205
Total funds 12,244,449 785,675 (822,624)

18 Analysis ofnet assets between
funds
Unrestricted Endowment 2021
General Permanent Total funds
Tangible fixed assets 57,199 57,199
Investment
property		 5,740,001 5,740,001
Fixed asset investments 573,970 6,427,477 7,001,447
Current assets 601,108 1,150 602,258
Current
liabilities		 (735,128) (735,128)
Total net assets 439,950 12,225,827 12,665,777
Unrestricted Endowment 2020
General Permanent Total funds
Tangible fixed assets 57,199 57,199
Investment
property		 7,160,671 7,160,671
Fixed asset investments 516,282 3,854,335 4,370,617
Current assets 503,993 50,000 553,993
Current liabilities (613,013 (613,013)
Total net assets 407,262 11,122,205 11,529,467

19 Analysis ofnet funds
At 30
At 1October September
2020 Cash flow 2021
Cash at bank and in hand 317,997 104,003 422,000
Net debt 317,997 104,003 422,000
At 30
At 1October September
2019 Cash flow 2020
Cash at bank and in hand 298,128 19,869 317,997
Net debt 298,128 19,869 317,997