Charty registration number.. 203402 The Dartmouth Trust Annual Report and Financi81 Statements the Year Ended 30 September 2024
The Dartmouth Trust Contents (continued) Reference and Administrative Details Trustees. Report 2104 Slsternenl of Trustees, Responsibilities Independent Audrtors. Report 109 Statement ol Financial Acttvthes 10t011 Balance Sheet 12 Cash Flow Statement 13 Noles to the Financial Statements 141027
The Dartrnouth Trust Reference and Adrninistrative Details Ex-offlclo Trustèès Revèrend A Langley Mr J H O'Keeffe (Resigned 21 April 20241 Ms D Shephgrd Ms L Osgood Mr C Rendell (Appointed 21 March 20241 Mr J Ellwood Nrminative Trustees Publically Advertised Mr R Goodall IR&signed 14 May 2024) Mr A Jarrold (Restqned 18 September 20241 Mr J Sutton-Scott-Tucker Mr G Lucas Mr M Croft (Appointed 24 June 2024) Mr M Gordon (Appointed 20 May 2024) Charity Rggistrauon Number 203402 Principal Office 38 Victona Road Dartmouth tkvon Ta6 9SA Auditor Thompson Jenner LLP 1 Cdleton Crescent Exeter Devon EX2 4DG Sollcltoys Fool Ansley LLP 2 Glass Wharf Bristol BS2 OFR Banker¥ Nabonal Westminster Bank plc Paionton 15 Victoria Sl Paignton Devon TQ4 50E Page I
The Dartmouth Trust Trustees, Report The Iruslee5 present the annual report together with the financial slatemenls of the charity for the year ended 30 Seplember 2024. Background and Overview Dartmouth Trust Is the ¢ustrxJian of an historic endowment, curren11y worth about £13.7rn. This endowment owes Ils origins lo a Trust established in 1559 to hold the wealth taken over from the Roman Catholic Church in the reformation. Dathiouth Trusl is govemed by a "scheme" sel out by the Charity Commission in 1988, being an evolution of arrangements first sel OLrt a century earlier. Under these arrangements Dartmouth Trust 1$ obliged to man8ge the endowment for the benefit of 3 other chari1ies, iwo of whh have sornewhat curious names.. . Dartmouth Uni(ed Charities, The Ecclesiastical Share of the Dartmouth Trust . The Public Purposes Share of The Dartmouth Trust Half of the net inCne is payabk each year to Dartmouth Unr¢ed Charities. a third lo 'The Ecclesiastical Share and a sixth to"The Public PurpDses Share.. These 3 charities support those In need in Dartmouth through almshousg provision and granls.. help maintsin the fabric of Sl SavK)tsrs ChLJrch', and apply charilab]e purpases for thé ggngral benefit of thg inhabitants of DartnK)Uth. The endowmenl is what is called a permanent endowment- this means that the beneficiaries are only enti(led 10 the income. The capital is thus maintained lo provide an enduring beneffi lo the town over the nturIeS ahead. The Dartmouth Trust's task is to manage the investment portfolio for the benefrt ol the 3 named charities. This requires the chanly to invest effiienlly and commercially, producing a stable income for the beneficiaries, if possible growing at least in line with irfation. The charEty invests the endowment in a mix of commercial property, residential propety and finanaal investments. Over the decades the propothons of these three drfferent investments has varied. The presenl value of the endowment is some £13.7 million. Over Ihe18sI few years this has given rLse lo an 8nnu81 income Stream for the three benefiGiaries of over ha a million pounds. This annual contribution lo sustaining Dartmouth is a major benefit lo the town. Chalmian's Statement The retail sector was under stress for the reporting period, uncertainly in UK and overseas economies ntinued, however wrth UK and US elections behind us and some stability is evidenl. Nolwilhstanding Ihe vacancy al Rwersea, which is under offer but in a protmcted conveyance, our commercial and sidential occupancy rale8 have been better than l anlicipaled this tr'me last year an(J new lenanls are 2fTiving in the Hh Street Ithich is polenllally good news. Distribution lo our Nef)ciar1e8 is down a lill from last year to £559K bul l expec* that lo increase this year following the sales and subsequent invgstmont of proceeds from 3 The Quay and Riversea. Page 2
The Dartrnoulh Trust Trustees, Roport (Gontinued) The Trust has made the decision lo become 8 Charity Incorporated 01ganisation ICIOI and the work to ini1iate thi8 move will be all encompassing for the team and Trustees, however it is an oppc)rtunity for us to review our Governance documentabon as wdl as the Trustees benef((in9 from Ihe protections offered., Flnanclal revlew l. The year's figurgs The lablo below simplifies the data in the accounts.. 2024 2023 £000 Gross property income received Income from other investments Expenditure on operational overheads and govemance Net income. payable lo beneficiaries 486 501 271 275 (1981 559 11801 596 Expenses are dominaled by sewice charges, property repairs And maintènance for the directly held portfolio. The nel income, expressed as a perntage of the endowment is similar lo that of olher Charit wf(h a mixture of property and other investments. The charity hoids reserves for potential expenditures. We have designated reserves for repairs to the Trust's properties of £150,000. We alw hokj a reserve of £30.000 lo cover three months, gener81 expenditure. At the year end thè charity held cash balances of £283.196. principally relating to amounts shortly to be paid lo beneficiaries. 2. Longèr térnl iSSUgS The charity's investments are intended lo be onty in those broad 8ssel categories that are generally expected lo sustsin their income in real terms over the long lemi. We aim lo generate from the endowment a 51able and growing income. Trustees have a duly to monitor and adjust the portfolio of investments in order lo achieve this. Our property portfolio has been Wdlugd by professional valuers in Dec 2024. This was previously done in 2016, with the Trustees estimating value chang&s in betweÈn thes8 dales. Allowing for changes. there has been a 23°h increase in the values. The charity sector investment funds are principally a mix of global equities and Gommercial property. As with our direct propety investment our objective Is to receive a satisfactory income that is al leasl sustained in real lemis over the long tem. The capital value ol these investments will fluctuate wlh market rnlI)n8. rising in some years. easing back in olhers. Page 3
The Dartmouth Trust Trustees. Report (continued) stNcture. Governance and Management Constitution The Dartmouth Trust is administered under a Scheme of the High Court made in 1890 and a5 amended in 1909, 1952, 1955, 1988, 2014 and 2019 In arrangement wi(h the Charity Commission. The charty's available nel income is applied lo the three beneficAaries, namely Dartmouth United Charities (Charity no. 20339911r2, The Public Purpose5 Share of the Dartmouth Trust (Charity no. 8002431116 and The EcclesiBsb'cal Share of the Dartmouth Trust {Charity no. 8002421113. The Trustees have fUilled thr obligation lo take account of the Charty Commi5siori's 9uid8n¢e on public benefrt. This qUIreS the activities of the charty to have Publ benefit, and to avoid providing benefit other than public benefit. Trustee appointment or eltiOn, and Tmst•a training The governing documents sel out the Trustee appointment regime. There are five publicly norninated Trustees, one ex-officio Trijstee, and three Tnjslees nominated by the beneficiaries. On apw)inlment all Truslees participate in an induction prc*Jramme. Oroanisational Structure and declslon maklng The Trustees meet quarterty and are responsibte for the StraI8g direction and policies of the chaTIty. The Trustees deale the day to day responslbilily for the manaoement to the Manager. The Manager, who is responsible for the day to day operational management, alsa allends meetings has no voting rights. The TnJslees a tnSidered the charty's key management personnel and do nol re1ve any remuneration for their roles as Trustees or otherwse. Risk Management The Trustees have assessed the risks to which the charty is exposed, thi¢h prin¢ip811y arise from the ownership of buildings. The charty maintains insurance cover for both full re-inslalerrEnl and for possible loss of income. Infonnation of Fundraising Practices The Dartmouth Trust does nol carry out any fundraising activi(ies The annu81 report was approv&d by the trustees of Ihe charity on behalf by. and signed on ils Mr J Sullon-Scott-Tucker Trustee Page 4
The Dartmouth Trust statement of Trustees. Responsibilities The Injstees are responsible for preparing the trustees, report and the financial statement$ in accordance with the United Kingdom Aceounling Standards IUn(ted Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable lo charilies rquires the Iru5tees lo prepare financial slalements lor each financial year which give a true and fair of the slate of affairs of Ihe charty and of the Incoming resources and application of resources af the charity for that period. In preparing these financial slalemenls, the truslees are required lo.. seled suitable accounting polici65 and then apply thern Consistent,. observe the methS and prinuples in the Charities SORP.. MakelLements and estimates that are reasonable and prudenl., stsle whether applicable accounting standards have been followed, subject lo any material departures discbsed and explained in the financial slalemenls.. and prepare the financial slalemenls on the going concern basis unless Il Is inappropriate to presume that the charity will continue in business. Thg Iruslees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial posth'on of the charity and enable them to ensure that the financial slatements comply with the Charities Act 2011, the Charities IAGGounts and Reports) Regulations 2008, and the provisions of the eonstitution. The trustees are 8130 responsible for safe9U8rding the assets of the charity and hence for takino re8s0n8ble steps for the prevention and detection of fraud and other Irregularit$. The Iru5tees are responsible for the maintenance and integrity of the corporate and financial Infom)ation included on the charitable company's website. Le9islab'on goveming the prepamlDn and dissemin81ion of financial sl*ements may éiffer from legisl3lwJn in other jurL8dictions. Approved by the tNstees of the charty on . and signed on ((s behalf by. Mr J Sutton-Scott-Tucker Tnjslee Pag9 5
The Dartmouth Trust Independent Auditor's Report to the Mombors of The Darlmouth Trust Oplnion We have audited the fin8nci81 statements ol The Dartmouth Tnjst (the '¢harity'l for the year ended 30 September 2024, which comprise the Slalement of Financial Activthes, Balance Sheet, Cash Flow Slalemenl. and Notes to the Financ4al Slalemenls, including a summary of significant accounting FoIici8s. The financial reporting framework th81 h88 been applied in their preparation is United Kingdom Accounting Standards, comprising Charilies SORP FRS 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland. and applicable law (United Kingdom Generally ACpIed Accounting PYBCticel. In our opinion Ihe financial slatemenls.. give a true 2nd fair Mew of the stale of the charity's affairs as at 30 September 2024 and of ils incoming sOUrceS and 8pplicatn of resc#Jrces, including ils income and expenditure, for the ye8r then ended., have been properfy prepared in accordance with Unf(ed lfjngdLYn Generally Accepted Accounting Prtice,. and have been prepared in accordan wf(h the requirements of the Charities Act 2011. Basis for opinion We ¢onduded our audit in accordance with Inlernalional Standards on Auditing IUKI IISAS (UK)) and appIable law. Our responsibilrties under those standards are further described in the auditor responsibilitS for the audit of the fin8nu81 statements section of our report. We are Independent of the charty in accordance wf(h the eihical requirements that are relevant to our 8udit of the financial slalemenls in the UK, including the FRC'S Elhul Standard, 8nd we have fulfill our other ethicBI responsibilities in accordance with these requirements. We believe that the audit ovidenc8 we have obtained is sufficient and appr(yriale to provide a basis for our opinion. Concluslons relating to going concern In audi(ing the financial slatemenls, we have con¢luded that the Iruslees tjse of the going concern basis of xcounting in the preparation of the fin8n¢ial staterrents is appropriate. Based on the work wg have performed. we have not identified any material uncert8intie¥ relating to events or condi1ions that, individually or collective, may cast significant doubt on Ihe charity's ability to Gontinue as a going concern for a period of at least 1ve months from when the original financial statements weie aulhotised foi issue. Our re$ponsibililie8 and the responsibili1ies of the trustees wilh respect to going concern are dèscribed in the relgvant S9ctions of this report. Other information The trustees are responsible for the other information. The other information comprises Ihe information included In the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial stslements does not cover the other informatson and, except to the extenl otheTh¥ise expl11 slated in our report, we do not exp% any form of assuran conclusion ther¢on. In connection wlh our audi( of the financial slalemenls. our responsibility is lo read the other information and, in doing 80, consider whelher the other infomiation is materially inconsistent with the financial statements or our knuwledge obtained in the audit or olherwse appears lo be material misstated. If we idenlify such material inconsistencies or apparent malenal misslalements, we are required to determine whether there is a material misslalemenl in the financial slalements or a material misst8tement of the other information. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other Information, we are required to report that fact. Page 6
The Dartmouth Trust IndependentAuditorfs Report to the Members of The Dartmouth Trust {contlnued) We have nothing to report in this regard. atters on which we are required to report by •xcaption In 1he light of our knOedge and underslanding of the charity and its enwronment obtained in the course of the audit, we have not KJentiFied material misstatements in the Tru51eeE' Report. We have nothing to rewrt in respect of the followng matters where the Charities {Accounls and Report) Regulations 2008 requires us to report lo you if, in our opinion. adequale accounling records have not been kepl, or returns adequate for our Judit have not been receNed from bonches rK)t visited by vs,. or the financial statements are not In agreement wf(h th& accounting recor(Js and relums.. or certain disclosures of trustees remuneration speafied by law are rK)t m8de', or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the Statement of Trustees, Responsibilities (set out on pag9 51. the trustees are responsible for the preparation ol the financi21 statements and for being satisfied Ihal they give a true and fair wew, and for SLJch Internal control as the trustees detemiine is necessary to enable the prep8r*ion of financial slalemenls that are free from material misslatemenl, whether due lo fraud or error. In preparing the financAal statements, the trustees are responsible for assessing the tharily's ability to continue as a going concern, disck)sing, as applicable, matter5 relaled to going concern and using the going concem basis ol accounting unless ihe Irustees either intend lo Iiquhjate the charily or to cease operatFons, or have no realislr allernative bul lo do so. Auditor Responsibilities for thè audit of the financial statements Our obje¢tive5 are lo obtain reasonable assurance aEx)ul whether the financral statements as a whole are free from material misslalemenl, whether due la fraud or error, and lo issue an auditor's report that indudes our opinion_ Reasonable assurance is 8 high level of assuran, bul L8 not a guarantee that an audit conducled in accordan with ISAS IUKI will always detect a material misslalement when il 8St$. Missla1emenls can arise from fraud or error and are considered material if, indiwdually or in Ihe aggmgale, they could reasonably be expgcled to influence the economic decisK)ns of users taken on the basis of these financial slalemenls. Irregularilies, including fraud, are instances of non-compliance wlh laws and regulallon8. INe design procedures in line with our responsibilities, outlined above, lo del8cl material misstalemenls in respecl ol irregul8r((ies, includin9 fraud. The extent to which our PredureS are capable of detecting irregularities. Including fraL is detail&l below. Page 7
The Dartmouth Trust Independent Auditor's Report to the Members of The Dartmouth Trust (contlnued) The extent to vthlch the audlt was consldered Capable of detecting irregulartiies includlng fraud Our approach lo idenlifysng and assessing the risks of material misstatsment in respect of Irregularit$, including fral and non¢ompliance wlh laws and regulations, was as folbws.. the engagement partner ensured that the engagement team collectivety had the appr¢wriale competence, capabiifties and skills lo identify or recognise non-compliance with 8pplieAble laws and gulatIOnS". we identified the laws and regulations 3ppIlble to the charity through discussions with directors and other management, and from our commereial knowledge and experience of the ¢h8rity and property sectors., we focus9d on specific laws and regulations which we consideral may have a dired material effect on the financial statements or the operations of the tharity, including the Companies Act 20tE, CharilEs Ad 2011, the Charilies SORP IFRS1021, laxation legBlation, data prolection, anti-bribery, employment law and health ané safety legislatn., we assessed the extent of compliance wilh the laws and regulalk?ns identified above through making enquiries of management. reviewing linSeS, certificates and rglèvanl correspondence including the inspection of al correspondence., and idenlifieij Lgws and regulations were communicated wlhin the aLklil team regulatqy and the team remained alert lo instances of non-compliance throughout the audtt. We assessed Ihe susceplibility of the Gharity's financial statements to ma1erial misslatemenl, including obtaining an underslanding of how fraud might occur, by.. making enquines of management as to where they considered there was susceptibility lo fraud, thèir knowledge of actual, suspected and alleged fraud,. and onsidering the intemal controls In place to miligale risks of fraud and non-complian with laws and re9uialions. To address the risk of fraud Ihrough rnanagemenl bias and override of controls, we.. perfom)ed analyllcal procedures lo idenlify any unusual or unexpected relatishIps'. tested joumal entries to identffti unusual transactions, assessed whether judgements and assumptions made in detemiining the 8ccounting estimates were indicalNe of potenlial bias.. and investigated the rationale behind signffic3nt or unusual tr8nsaBtions. In response lo the risk of irregularities and nonwcompliance Mqlh laws and regulations, we desisned prcrkdures which included, bul w&re not limited to.. agreeing financial st8temenl disdosures lo underlying supporting documenl8110n.' enquiring of management as lo actual and potenlial liligalion and claims,. and revEwing correspondence with HMRC. relevant regulator5 and the charilrfs legal adwsors. There are inherent limitats'ons in our audit predureS described above. The more removed th8118WS and regulations are from finanaal Iransaclions. the less likely it is that wè would become aware of non4ompliance. Audi1ing standards also limit the aLJdit procedures required lo identify non<ornplIan with laws and regulations to enquiry of the directors and other mana9ement and the inspection of regulatory and legal corre%ptsnden, rf any. Page 8
The Dartmouth Trust IndependentAuditor's Report to the Members of The Dartmouth Trust (continued) Material misslalemenls that arise due to fraud can be harder lo detect than those thal arise from error as they may invOe deliberale concealmént or collusion. A further description of our responsibilities is availeblo on Ihe Finanryal Reporting Coijncil's website al.. www.frc.org.uklauditoresponSlbIlas. This description forms part of our auditor's report. Use of our report This report is m3de solely to the charty SleeS, as a body, in accordance wf(h section 144 of the Charfties Act 2011 and regUlaon$ maL4e under section 154 of that Act. Our audit work has been undertaken so that we might slate lo the trustees those m8ller8 we are required lo stale to trustees in an auditors. report and for no other purpose. To the fullest extent permilled by law, we do nol acc8pI or assume responsibility to anyone other than the charity and ils trustees as a body, for our audit work, for thi5 report. or for the opinions we have fomied. MI Dawd Tucker jSenDr Statutory Audit) For and on behalf of Thompson Jenner LLP, Slalutory Aud(tor 1 Collelon Crescent Exeter Devon EX2 4DG Dale.. .%.*. ..... Page 9
The Dartmouth Trust statement of Financial Activities for the Year Ended 30 September 2024 Unrestrided Endowmgnt funds funds Total 2024 Note In¢om8 and Endowmonts from: Rental income Investment income other income 485,950 270,834 11,776 485,950 270,834 11,776 Totsl income 768.560 768,560 Expendlture on.. Operational ovetheads Appropriation to beneficiaries Governance costs 1203,3791 1559,4241 15.7571 {203.379> {559.4241 15,757 Total expenditure GainsAosses on investment assets 1768.5601 43.544 (168,5601 2,092.465 12, 14 2,048,921 Ne1 income 43.544 2,048,921 2,092,465 Nel movement in lunds 43,544 2,048,921 2,092,465 Reconciliation of funds Tctsl funds broughl forward Totsl funds carried fornvard 305,405 11.602,588 11,907,993 17 348,949 13.651,509 14,000,458 The notes an pBges 14 10 27 form an integral part Df these financial stslements. Page 10
The Dartmouth Trust Statement of Financial Activities for the Year Ended 30 September 2024 Icontlnued Comparative of the Statement of Financial Activities for the Year Ended 30 September 2023 Unrestricted Endowmgnt funds funds Total 2023 Notè Income and Endowments from: Rental income Investment Income Olher income 500,788 274,615 355 500,788 274,615 355 Total income 775,758 775,758 Expenditure on: Opwional overheads Appropriation lo beneficiaries Governance Costs 1175,1071 595,8961 14,7551 1175,1071 1595,8961 14,7551 Total expenditure Gainsjlosses on inveslmenl assets 1775,7581 15,451 1775,7581 739,640 724,189 Net expenditure 115,4511 1124,189) 1739,6401 Net movement in funds 115,4511 1724,189) 1739,6401 Reconciliation of lunds Total funds brought fOard Total funds canied fovard 320,856 12,326,777 12.647,633 17 305,405 11.602,588 11.907,993 All of the charity's acivilies derive from continuing operations during the above periods. The notes on pages 14 to 27 lom integral p3rt of these financial st8tementS. P8ge11
The Dartmouth Trust (Registration number: 203402) Balance Sheel as al 30 Septembèr 2024 2024 2023 Note Fixed assets Investments 12 13,107,279 11,052,056 Currant assots Debtors Investmonls Cash at bank and in harKI 13 14 204,161 1,125,199 283.196 208,832 1,087,957 294.310 1,612.556 1.5g1,099 Credltors: Amounts falling duè within one year Net current assets 15 719,3771 693,179 14.000,458 1735,162) 855,937 Net assets 11,907,993 Funds ofthg charfty: Endowment funds 13,651,509 11,602,588 Unrestricted incom• funds Unrestnctet¥ funds 348,949 305,405 Total funds 17 14,000,458 11,907,993 The fin ial slatem9nls on pages 10 10 27 were approved by the trustees, and athhorised for issue and signed on their behalf by.. Mr J SUttone0tt-TUCker ICh8irl Trustee The notes on pages 14 to 27 form an integral part of these financial slalemenls. Page 12
The Dartmouth Trust Cash Flow Ststement for the Year Ended 30 September 2024 2024 2023 Note Cash flows from opèr#ting activities Ngt cash incomellexpgnditur81 2,092,465 1739,6401 Adjustments to Ga5h flows from nonwrAsh items Inveslrrenl income Revaluation of investments (270,8341 2,092,465) 1270,8341 1274,6151 739,640 12, 14 1274.6151 Working capital adjustments Decreasellincreasel in debtors (Decreasellincrease in cdorS 13 15 4,671 15,785 111,9711 144,482 Nel cash flows from operating activities 281,948 142,104 Cash fltsws frt)m invèsting actlvltlès Interest receivable and similar income Purchase of investments Sale of investments 270.834 274.615 {1,1501 1,150 12 Nel cash flows from investing activf(ies Nel Idecrgasellincrease in cash and cash equivalenls 270.834 274,615 111,1141 294,310 283.198 132.511 Cash and cash equivalents at 1 October 161,799 294.310 Cash and cash equivalents at 30 September All of the cash flows are derived from continuing operations during the above periods. The notes on pages 14 10 27 form an integral part of these financial statements. Paoe 13
The Dartmouth Trust Notes to Ihe Financial Statèments for the Year Ended 30 September 2024 1 Accounting policies Statgmgnt of compliance Thg Iinanck21 slalemenls have been prepared in accordance w(th the second edition of the Charil statement of Recommended Practice issued in O¢tober 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Basls of prgparatlon The Dartmouth Tnjsl meets Ihe (Jefinition of a public benefrt entity under FRS 102. The accounts Ifinancial slalemenlsl have been prepared under th8 historical cost convention with items recoonised al cost or transaction value unless olherwise stat in the relevant notelsl lo Ihe6e accounts. Going concem The trustees consider that there are no material unCertaintS about the charty's ability to continue as going concern. Incorne and endowments All income Is recognised once the charity ha5 enb'tlement to the incorne. it is probable that the income will be received and the amount of income reIv5b1e can be measured rdiably. For legacies. enifilement i8 taken 81 the e8dier ol the date on which 8ith8r.' the charity is awar8 that probate ha5 been granted, the estate has been finalised and nolificalion has been made by the exocLrtor{s) lo the Tru51 that a (iisliibuts'on will be made, or when a distribulK)n is received from the estate. Receipt of a legacy in whole or in part, is only considered probable when Ihfj amount Can be measure reliably and the charrty has been nolifFed or the executor's intention to make a distribution. INhere legacies have been notrfied to the ch8ri1y, or the charity is aware of the granting of probate and the crileri8 for Income reIX)gnrtn h8ve not been mel, then the legacy is treated as a conlingenl asset and disclcssed rf material. Deferred Income Deferred income represents amounts received for future periods and is released to incoming re50urces in the period for which has been received. Other trading activllles Income comprises rental income from tenants of Ihe charills investment properties. Income is shown nel of saleslvalue added tax. returns, rebates and di5counls. Rental income from Investrnenl property leased oul under an operating 8$e is recognised in the statement of financkg18Ctivilies on 8 5traighl-line basis over the temi of the lease. Other income Interest on funds h8kl on deposit i8 included when reeeiv8ble 8nd the amount can be measured reliably by the charity.. this is normally upon notification of the inler9sI paid or payab by 1he bank. Page 14
The Dartmouth Trust Notes to the Flnanclal Statements for the Year Ended 30 September 2024 {¢ontlnuedl Expenditure All expenditure is recognised once there is a legal or conslruclive obligation lo 1hal expenditur8, il is probable SettMent is required and the amount can be measure¢J reliably. All Gosls are allocated to the applicable expend((ure he8din9 that aggregate simir costs to that category. Where costs cannot be directly attributed to particular headings they have been 811cted on a b8sis consistent with the use of resources, wlh central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support cos1s are 811oc8ted based on the spread of staff costs, Ralslng funds These are costs incurred in attrarting vdunlary income, the management of investments and those incurred in trading tIVitIeS that raise funds. Support costs Support costs Include cen1 functions and have been allocated lo adivity cost categories on a basis consistent with the use of sOurCes, for example, 811ocaling property Costs by floor areas, or per capita. staff costs by the time spent and other costs by their usage. Governance costs These indude thè cosls attributable to the charty's compliancE wlh constilulional and slallrtory quiremenls, inGluding audf(. Strateg managemenl and Iruslees's meetings and reimbursed expenses. Historically this has also inclu(J9d an element of wages costs, this has been restated to opeialional ovetheads in the Gurrent and prioi year to better reflect the roles undertaken by staff members. Taxation The charity is conSided lo pass the tests S81 out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporalion tax purposes. Accordingly, the charity is potential exempl from taxab'on in resped of inGorne or capital gains reIVed within categories covered by Chapter 3 Part 11 of the CorporalDn Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent 1hat such income or gains are applied exclusively to chaTit8ble Purposes. Tangible fixed assets Individual fix assets costing £2,000.00 or more are ini(ially recorded al cosl, less any subsequent accumulated depreciation and subsequent accumulated impaimenl105595. Tangible fixed assets are carried at cost or valUatN. net of depreciation and any provision for impairment. Page 15
The Dartrnouth Trust Notes to the Financial Statements for the Year Endgd 30 September 2024 (contlnued) DeprKiation and amortisation Depreciation is promded on tangible fixed assets $0 88 to wri1e off the cogt or v81ualion, less any estimated residual value, over their expected useful gconomic life as follow8.' Asset class Freehold property Fixtures and rIng8 DèprKiation method and rate not depreciated depreciated equally over the estimated useful life of 2 years Depreciation is not provided on freehold buildings as the Injstees are ol the opinion that the resKlual V81ues of such properties are not less than cost or valuation, and therefore any depreciation would be immalerk81. Impaimiont of fixed assets The Trustees review the freehold properties for impairmenl at Ihe end of each reporting period. Investment properties Investment property is carried 8t f8ir value, derived from the current market prices for cornparable Teal estate determined by external valuers and updated annually by the trustees. The valuers use observable mark81 prices, adjusted rf necessary for any difference in the nature, location or condilKJn of the specrfic assel. Change5 in fair walue are recognised in profil or loss. Flxed asset Investments Fixed 8sset inve$trDents, other than programme related investments, are included al market value at the balance sheet date. Realised gains and k)sses investments are calculated as the dffterencè betsveen sales proceeds and their mark8t value at the slart of the year, or 1heir subsequenl cost, and are charged or credited to the Statement of Financial Aclivf(ies in th8 period of disposal. Unrealised g81ns and losses represent the movement in market values during the year and are credf(ed or charged to the Statement of Financial Aclwities based on the market value at Ihe ye3r end. Current asset investments Current asset inveslrnents reprosfjnt propeity held for sale and are included at cost where relating to a fixed asset held lor sale or fair value, where relating lo an investment propety hekl for sale. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course Df business. Trade debtors are recognised inrtialty at the transaction price. They are subsequently measured at amortised cosl using the effective interest method, less provision lor impairment. A provisKJn for the impairment of trade debtors is established when Ihere is oblectThie ewdence that the ch8rty UAII not be able lo collect all amounts due according lo the original terms of the recewables. Page 16
The Dartmouth Trust Notes to the Financial Statements for tho Yaar Ended 30 September 2024 (continued) Cash and cash equivalents Cash and cash equivalents comprise ¢ash on hand and c811 deposits, and other short-temi highly liquid InvestrrEnls that are readily convertible to a known amount of cash and are subject 10 an insignificant risk of change value. Trade credltors Trade creditors are c)ligalions to pay for goods or servi$ that have been acquired in the ordinary course of business from suppliers. Accounts payable are cla8srfied as curren1 liabilities If the does not have an unconditional righ[ al the end of Ihe reporting period, to defèr settlement of the creditor for al least twelve months after the reporting dale. If there is an unconditional right lo defer settlement for at least twelve months after the rerrt)rtin9 date, they are presented as noTrcurrenl liabili(ies. Tiade creditors are recognNsed inilially at the tr8nsaclvJn price and subsequently measured at amortised cost using the effective interest method. Fund structure Unrestricted income funds are general funds that are available for use at the Irustees discrelion in furtheranc£ of the objectives of the charity. Designated funds are unrestricted fvnds sel aside for specific purposes al Ihe discrelion of the trustees. Pensions and other post retlrement obllgatlons The charity opeoles a defined ntributiOn pension scheme which is a pension plan under which fixed contributions are paKI into a pension fund and tho charity has no legal or conslmclive obligation lo pay lurther GonlribulioRs even if the fund does not hold sufficient assets lo pay all empbyees the benefits rel8b.ng ta employee SerVe in the Current and prK)r p8riDYs. Contr1bthns lo defined contribution plans are recognised in the Slalemenl of Financial AclYwtEs when they are due. If contribu1ion payments exceed the conlribulitsn due for service, the excess retognised a5 a prepayynenl. Flnanctal Instruments The charity onty has finanaal assets and financial liabilthes of a kind lh qualify as basic financial instruments. Basic financial instruments 8re inilialty recognised at transaction value and subsequenUy measure at their settlement value. 2 Income from oth•r trading activities Unrestricted funds Genaral Total 2024 Total 2023 Propety rental income 485,950 485,950 500,788 485.950 485,950 500,788 Page 17
The Dartmouth Trust Notes to the Financial Statements for the Year Endod 30 September 2024 (continued) 3 Investment income Unr&strfct&d funds General Total 2024 Totsl 2023 Other income from fixed asset Inveslments 270,834 270,834 274,615 4 Operdtlonal overheads Total Total 2024 2023 Office costs 3,406 65,470 34,951 10,527 5,027 47,893 33,358 4,767 Professional fees InSUranS VOKI costs Praperty repairs, Maintenan and H&S Bank charges Wages and Salaries Pension cosl li 60,048 420 52,529 313 21,214 7,343 19,698 7.355 4,167 Bad debts written off and provi&on movements 203,379 175,107 5 Appropriation to bgneficiaries Total Total 2024 2023 Dartmouth Uniled Charities 279,712 186,475 93,237 297,948 198,S32 99,316 The Ecclesiastical Share of The Dartmouth Trust The PubliE Purposes Share of The Dartmouth Trust 559,424 595,896 Page 18
Tho Dartmouth Trust Notes to the Financial Statements for the Year Ended 30 September 2024 (continued) 6 Analysis of govemance costs Governance costs Unrestricted Endowment Total Total funds funds funds funds 2024 2024 2024 2023 Governance Auditors, remuneration 3,330 2,427 3.330 2,427 3,000 1,755 Governance Audito. non audit costs 5,757 5,757 4,755 7 Net Incomlngloutgolng resources Nel incomingloutgoing resources for the year indude.. 2024 2023 Audit fees Other non-audit seNices 3,330 2,427 3,000 1,755 8 Trustees remuneratlon and expenses No trustees, nor any persons coned with them, have received any remuneration fr the charity during Ihe year. No trustees have ¢¢IVed any reimbursed expenses or any olher benefils from the charity durin9 the year. Page 19
The Dartmouth Trust Notes to the Financial Statements for thg Yoar Ended 30 Sepiember 2024 {eontinued) 9 Slaff costs The aggregate payroll costs were as follows.. 2024 2023 Staff costs during thè year were.. Wages 8nd salaiies Pension costs 21,214 7,343 19,698 7,355 27,053 28,557 The monthly average number of persons linduding senior management l dership team) employed by the charty during the year expressed as full lime equivalents was as fallows.. 20Z4 No 2023 No Employees No employee recsived emtsluments of moTe than £60.000 during the year The charity ctsnsider5 the Truslees lo be the members of key management personnel. Durin9 the year the key management personnel receivd compensation of £nil12023.' £nill. 10 Taxation The charity is a registered charity 8nd is therefore exemp1 from tsxatian. 11 Tanglble flxed assets Furnlture and equipment Total Cost Al 1 October 2023 11,578 11,578 AI 30 September 2024 11,578 11,578 Depreciation Al 1 October 2023 11,578 11,578 At 30 September 2024 Net book value 11,578 11,578 At 30 September 2024 AI 30 September 2023 Page 20
The Dartmouth Trust Notes to thè Financial Statemènts for the Yèar Endèd 30 September 2024 (continued 12 Fixed asset investments 2024 2023 Investment properties Other investrnenls 6,410,220 6,697,059 4,608,016 6,444,040 13,107,279 11,052,056 Investment propertie5 Investment properties Cost or Valuation At 1 October 2022 Rewdlualion 4.608,016 1,802.204 At 30 September 2024 6,410,220 Nèt book value At 30 September 2024 6,410,220 At 30 September 2023 4,608,016 The investmenl properties valuali¢)n as at 30 September 2024 reflects the extemal valuation performed by Vickery Holman. qualified valuers, on 31 December 2024. Thls valuation was pèrformed on an open market basis and 15 also considered a reasonable reflection of the property values as at 30 September 2024. Page 21
The Dartmouth Trust Notes to tho FinanGial Slatements for the Year Ended 30 September 2024 (contlnued) Other Investments Non endowed investments Endowed investments Total Cost or Valuation At 1 October 2023 Revaluation 5,9(K8,615 209,475 537,425 6,444,040 43,544 253,019 At 30 September 2024 6,116,090 580,%9 6,697,059 Net book value At 30 September 2024 6,116,090 580,969 6.697,059 At 30 September 2023 5.906,615 537,425 6,444,040 13 Débtors 2024 2023 Tr8de debtors PrepaentS and arUed income Other debtors 116,025 80.722 7,414 204,161 120,521 87,931 380 208,832 14 Current assel Snvestments 2024 2023 Property held for sale 1,125,199 1,087,957 Pago 22
The DartmoLrth Trust Notes to the Financial Statements for the Year Ended 30 September 2024 {contlnued) IS Creditors.. amounts falling due wlthln onè ygar 2024 2023 Trade Creditors Other taxation and social security Other creditors Accruals and deferred incomp 8,137 36.633 563,849 110,758 17.483 18,135 598,840 100,704 735,162 719,377 2024 2023 Deferred income at 1 October 2023 Resources deferred in the perv)d Amounts released Irom previous periods Deferred income al 30 September 2024 ,294 102,118 96.294 93,709 96,294 193,7091 96,294 102,118 Deferred income relates to rental income invoiced in advance. 16 P$n$ion and other Schemes Defined contribution pension scheme The charity operates a defined wnlribution pension scheme The pen8ion c08t charge for the year iepresenls contribulions payable by the charily to the scheme and amounted lo £7,343 12023 £7,355). Conlributions totalling £501 12023 £1.5411 were payable to the scheme al the end of the year and are included in creditots. Page 23
Th8 D3rtTnouth Trust Notes to the FÈnan¢ial Slotements for the Year En(led 30 Septwnber 2024 lcontinuedl 17 FundE Oth•r r•¢o9nlB• gJln•l{lo3sI b¥Jan¢• at 30 S•pt4rnb•r 2024 ai 1 OctrJber2023 Incomkng rn¥¢)Vfj3 R•ioure •xp•n(d Unrekncled lund¥ Re8e[VeloradM exwses UDreali5ed profil on non4nduJ fLwds 30.QDO 125.4U5 768.960 17fj9.56QI 30.000 188,949 43.544 155,405 768.S60 17£8.5601 43.544 191949 DeiynOled Propety ryir 150000 150,0 Totsl unm•tr¥tsd lynd 305.405 76b.590 1760.5001 43.544 348,949 EndDwm8ntfunds 11,602,5 2.048.521 13,1 509 Totslfunds 11907,993 788.560 68.560 2.092.4SS 14.000.458 P4924
Tho Dartrnouth Trust Notes tothe Financial Ststements for the Year Ended 30 SeptembEr 2024 Icontinuedl Oth81 reGuBnlsed qpinJKIo8•51 Balants ai 30 September 2023 Inwrning reaourc ROue$ expend¢d Octsts•r 2022 UnreBtrctod fvnd• foradmln ay¥ansé$ pmlit on nanndawod funds 30,000 140.856 775,75 1775.7581 30.000 125.405 170.856 775.75B 1775,7581 155.405 O•slsM•tod PpertY pArres9 1S0.(XIO I50.0 Toigl unrnbf6tsd fu 320.856 775.758 75.7581 3D5.40£ I2.32777 11.602,58B Tat•lfun 12.647,633 739 £40 775,75e 11.907913 Thgmwfjre no tranifets bltfft funds duMI the year. Do$nated fundy irè tOw4Td$ luture coll8 fortho of 4 The Quay and emergeDw r•poirs forctharthatity lIdl5 Gene1 fvnd¥ •th9¥C hr4¢ l0VIryy51llé)Un DrsIn¢t)n them. Endowm1 Ivnds are proples •nd Invè5trnents that bèen gn to bylhe chsritytharg held a$end(wrnent& Pige 25
The Dartmouth Trust Notes to the Financial Statements for the Year Ended 30 September 2024 (continued 18 Analy$l$ of nèt assets botsveen funds Unrestrlctgd General Endowmgnt Permangnt 2024 Total funds Investrnenl property Fixed asset InveslrrEnts Current assets Current liabil((ies 6.410,220 6,116.090 1,125,199 6,410,220 6,697,059 1,612,556 719,3771 14,000.458 580.969 487,357 1719,3771 Totsl nel 8s8els 346,949 13,651.509 Unrestrlcted General Endowment Pèrmanènt 2023 Total fund6 Investment property Fixed asset Investments Current asse15 Current liabilitlgs 4,608,016 5,906,615 1,087.957 4,608,016 6,444,040 1,591,099 1735.1621 11,907,993 537.425 503,142 1735,1621 305,405 Total nel assets 11,602,588 19 Analysls of net funds At30 September 2024 At I OGtober 2023 Cash flow Cash a bank and in hand 294,310 294.310 {11.1141 {11.1141 283,196 283,196 Net debt At30 Soptember 2023 At 1 October 2022 Financing cash flow5 Cash at bank and in hand 161,799 132,511 294,310 Net debt 161,799 132.511 294,310 Page 26
The Dartmouth Trust Notes to the Financial Statements for the Year Ended 30 September 2024 Icontinuedl 20 Ralatèd paty transadions Oartmouth United Charities Ms Lara Osgood 15 a Trustee of Dartmouth United Charities during Ihe year. Dartmoulh United Charities recen[% 8ppropria1ion income from The Dartmouth Trust that amounted to £279,71212023.. £297,948). of whid) £279,71212023.' £297,948) is induded in other crediltsrs. The Dartmouth Trust also charged Dartmouth United Charities £43.166 12023.. £38.1731 for wages and other expenses that were incurred on ils behalf. At the year end the charity was owed £7.415 12023.. £2061 from Dartmouth United Charitie5 which 15 included in other debtors. Thè Ecclasiastical Share of The Dartmouth Trust Mr C Rendell Is a Twslee of The Ecdesiaslic41 Share of The Dartmouth Trust. The Ecclesiastical Share of The Dartmouth Trust received 8ppropriallon income frt)n The Dartmouth Trust th81 amounted to £186,475 12023. £198,632) of which £186.475 12023.. £198.6321 is included in other creditors. The PubliG Purposes Share of The Dartmouth Trust Ms D Shopherd is a Trustee of The Public Pufposes Share of The Dartmouth Trust during the year. The Public Purposes Share of The Dartmouth Trust r8ceived appropriatn income from The Dartmouth Trusl Ihal amounted lo £93,237 12023. £99,316) of which £93,237 12023. £99,316) is includwj in other creditors. Page 27