Charity registration number: 203402
## The Dartmouth Trust
Annual Report and Financial Statements for the Year Ended 30 September 2025
## **The Dartmouth Trust**
## **Contents (continued)**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 4|
|Statement of Trustees' Responsibilities|5|
|Independent Auditors' Report|6 to 9|
|Statement of Financial Activities|10 to 11|
|Balance Sheet|12|
|Cash Flow Statement|13|
|Notes to the Financial Statements|14 to 27|
## **The Dartmouth Trust**
## **Reference and Administrative Details**
**Ex-Officio Trustees** Reverend A Langley **Nominative Trustees** Ms D Shepherd Ms L Osgood (resigned 28/10/2025) Mr C Rendell **Publically Advertised** Mr J Ellwood Mr J Sutton-Scott-Tucker Mr G Lucas (resigned 24/11/2025) Mr M Croft Mr M Gordon Mr R Springett (appointed 28/10/2025) Mr P Osborne (appointed 01/07/2025) Mr R Vuckovic (appointed 11/03/2025) **Charity Registration Number** 203402 **Principal Office** 38 Victoria Road Dartmouth Devon TQ6 9SA **Auditor** Thompson Jenner LLP 1 Colleton Crescent Exeter Devon EX2 4DG **Solicitors** Foot Anstey LLP 2 Glass Wharf Bristol BS2 0FR **Bankers** National Westminster Bank plc Paignton 15 Victoria St Paignton Devon TQ4 5DE
Page 1
## **The Dartmouth Trust**
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the charity for the year ended 30 September 2025.
## **Background and Overview**
Dartmouth Trust is the custodian of an historic endowment, currently worth about £13.5m. This endowment owes its origins to a Trust established in 1559 to hold the wealth taken over from the Roman Catholic Church in the reformation.
Dartmouth Trust is governed by a “scheme” set out by the Charity Commission in 1988, being an evolution of arrangements first set out a century earlier.
Under these arrangements Dartmouth Trust is obliged to manage the endowment for the benefit of 3 other charities, two of which have somewhat curious names:
- Dartmouth United Charities,
- The Ecclesiastical Share of the Dartmouth Trust
- The Public Purposes Share of The Dartmouth Trust
Half of the net income is payable each year to Dartmouth United Charities, a third to “The Ecclesiastical Share” and a sixth to “The Public Purposes Share”.
These 3 charities support those in need in Dartmouth through almshouse provision and grants; help maintain the fabric of St Saviours Church; and apply charitable purposes for the general benefit of the inhabitants of Dartmouth.
The endowment is what is called a permanent endowment – this means that the beneficiaries are only entitled to the income. The capital is thus maintained to provide an enduring benefit to the town over the centuries ahead.
The Dartmouth Trust’s task is to manage the investment portfolio for the benefit of the 3 named charities. This requires the charity to invest efficiently and commercially, producing a stable income for the beneficiaries, if possible growing at least in line with inflation.
The charity invests the endowment in a mix of commercial property, residential property and financial investments. Over the decades the proportions of these three different investments has varied. The present value of the endowment is some £13.5m. Over the last few years this has given rise to an annual income stream for the three beneficiaries of over half a million pounds. This annual contribution is a major benefit to Dartmouth.
## **Chairman’s Statement**
The retail sector was under stress for the reporting period, uncertainty in the UK over the cost of living and continued turbulence in Eastern Europe and the Middle East has contributed to a lack of confidence and downturn in spending in the high street.
Our commercial and residential occupancy rates have been better than I anticipated this time last year and new tenants are arriving in the High Street which is potentially good news. We have created a second sub committee to bring more focus to our financial assets and I am sure this will bear fruit in the medium term.
Distribution to our beneficiaries is up a little from last year at £579K (2024: £559K) and I expect that to increase this year following the sales and subsequent investment of proceeds from 3 The Quay and Riversea.
Page 2
## **The Dartmouth Trust**
## **Trustees' Report (continued)**
The Trust has made the decision to become a Charity Incorporated Organisation (CIO) and the work to initiate this move will be all encompassing for the team and Trustees, however it is an opportunity for us to review our Governance documentation as well as the Trustees benefiting from the protections offered.
## **Financial review**
## 1. **The year's figures**
The table below simplifies the data in the accounts:
|The table below simplifies the data in the accounts:|||
|---|---|---|
||**2025**|**2024**|
||**£000**|**£000**|
|Gross property income received|557|497|
|Income from other investments|271|271|
|Expenditure on operational overheads and governance|(249)|(209)|
|Net income, payable to beneficiaries|579|559|
Expenses are dominated by service charges, property repairs and maintenance for the directly held portfolio.
The net income, expressed as a percentage of the endowment is similar to that of other charities with a mixture of property and other investments.
The charity holds reserves for potential expenditures. We have designated reserves for repairs to the Trust's properties of £150,000. We also hold a reserve of £30,000 to cover three months’ general expenditure.
At the year end the charity held cash balances of £248,150 (2024: £283,196,) principally relating to amounts shortly to be paid to beneficiaries.
## **2. Longer term issues**
The charity’s investments are intended to be only in those broad asset categories that are generally expected to sustain their income in real terms over the long term. We aim to generate from the endowment a stable and growing income. Trustees have a duty to monitor and adjust the portfolio of investments in order to achieve this.
Our property portfolio has been valued by professional valuers in Dec 2024. This was previously done in 2016, with the Trustees estimating value changes in between these dates. Allowing for changes, there has been a 23% increase in the values.
The charity sector investment funds are principally a mix of global equities and commercial property. As with our direct property investment our objective is to receive a satisfactory income that is at least sustained in real terms over the long term. The capital value of these investments will fluctuate with market conditions, rising in some years, easing back in others.
## **Structure, Governance and Management**
## **Constitution**
The Dartmouth Trust is administered under a Scheme of the High Court made in 1890 and as amended in 1909, 1952, 1955, 1988, 2014 and 2019 in arrangement with the Charity Commission.
Page 3
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## **The Dartmouth Trust**
## **Independent Auditor's Report to the Members of The Dartmouth Trust**
## **Opinion**
We have audited the financial statements of The Dartmouth Trust (the 'charity') for the year ended 30 September 2025, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and Notes to the Financial Statements, 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 Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 30 September 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly 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 (UK) (ISAs (UK)) 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 to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities 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**
We draw attention to note 1 to the financial statements which explains that the charity has submitted an application to form a Charitable Incorporated Organisation (CIO) and plans to transfer all assets and liabilities into this entity. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1. Our opinion is not modified in respect of this matter.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 6
## **The Dartmouth Trust**
## **Independent Auditor's Report to the Members of The Dartmouth Trust (continued)**
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to 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 statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 5), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor Responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Page 7
## **The Dartmouth Trust**
## **Independent Auditor's Report to the Members of The Dartmouth Trust (continued)**
## **The extent to which the audit was considered capable of detecting irregularities including fraud**
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate
- • competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charity through discussions with
- • directors and other management, and from our commercial knowledge and experience of the charity and property sectors;
- we focused on specific laws and regulations which we considered may have a direct material
- • effect on the financial statements or the operations of the charity, including the Companies Act 2006, Charities Act 2011, the Charities SORP (FRS102), taxation legislation, data protection, anti-bribery, employment 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 correspondence including the inspection of legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity’s financial statements to material misstatement, 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 place to mitigate 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;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the charity’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Page 8
The Darbnouth Trust
Independent Auditor's Report to the Members of The Dartmouth Trust
(continu•d)
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## **The Dartmouth Trust**
## **Statement of Financial Activities for the Year Ended 30 September 2025**
|**Note**
**Income and Endowments from:**
Rental income
2
Investment income
3
Other income
Total income
**Expenditure on:**
Operational overheads
4
Appropriation to beneficiaries
5
Governance costs
6
Total expenditure
Gains/losses on investment assets
12, 14
Net expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
17|**Unrestricted**
**funds**
**£**
513,309
271,296
44,140
828,745
(238,731)
(579,349)
(10,665)
(828,745)
(20,500)
(20,500)
(20,500)
348,949
328,449|**Endowment**
**funds**
**£**
-
-
-
-
-
-
-
-
(102,112)
(102,112)
(102,112)
13,651,509
13,549,397|**Total**
**2025**
**£**
513,309
271,296
44,140|
|---|---|---|---|
||||828,745|
||||(238,731)
(579,349)
(10,665)|
||||(828,745)
(122,612)|
||||(122,612)|
||||(122,612)
14,000,458|
||||13,877,846|
The notes on pages 14 to 27 form an integral part of these financial statements. Page 10
## **The Dartmouth Trust**
## **Statement of Financial Activities for the Year Ended 30 September 2025 (continued)**
## **Comparative of the Statement of Financial Activities for the Year Ended 30 September 2024**
|**Note**
**Income and Endowments from:**
Rental income
2
Investment income
3
Other income
Total income
**Expenditure on:**
Operational overheads
4
Appropriation to beneficiaries
5
Governance costs
6
Total expenditure
Gains/losses on investment assets
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
17|**Unrestricted**
**funds**
**£**
485,950
270,834
11,776
768,560
(203,379)
(559,424)
(5,757)
(768,560)
43,544
43,544
43,544
305,405
348,949|**Endowment**
**funds**
**£**
-
-
-
-
-
-
-
-
2,048,921
2,048,921
2,048,921
11,602,588
13,651,509|**Total**
**2024**
**£**
485,950
270,834
11,776|
|---|---|---|---|
||||768,560|
||||(203,379)
(559,424)
(5,757)|
||||(768,560)
2,092,465|
||||2,092,465|
||||2,092,465
11,907,993|
||||14,000,458|
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 14 to 27 form an integral part of these financial statements. Page 11
The Dartmuth Tnlst
(Registration number. 203402)
Balanc? Shè•t a6 at 30 Saptomber 2026
2025
2024
Nots
Fixed 4s5•ts
12
18.(Vl.818
13,107.279
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IJ4.354
873.0£8
"4.co)Ase
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1&549.397
1i.651.S
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Unrs*trydEd ndS
328849
13.911 8
Total
17
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## **The Dartmouth Trust**
## **Cash Flow Statement for the Year Ended 30 September 2025**
|**Note**
**Cash flows from operating activities**
Net cash (expenditure)/income
**Adjustments to cash flows from non-cash items**
Investment income
3
Revaluation of investments
12, 14
**Working capital adjustments**
(Increase)/decrease in debtors
13
Increase/(decrease) in creditors
15
Net cash flows from operating activities
**Cash flows from investing activities**
Interest receivable and similar income
3
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 October
Cash and cash equivalents at 30 September|**2025**
**£**
(122,612)
(271,296)
122,612
(271,296)
(50,033)
14,987
(306,342)
271,296
(35,046)
283,196
248,150|**2024**
**£**
2,092,465
(270,834)
(2,092,465)|
|---|---|---|
|||(270,834)
4,671
(15,785)|
|||(281,948)
270,834|
|||(11,114)
294,310|
|||283,196|
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 14 to 27 form an integral part of these financial statements. Page 13
## **The Dartmouth Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 2025**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
The Dartmouth Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## **Going concern**
The Charity has applied to convert to a Charitable Incorporated Organisation (CIO). It is the intention of the Trustees that, upon registration of the CIO, all assets and liabilities of the existing Charity will be transferred to the new incorporated entity. As a result of this planned transfer and the expected winding ‑ up of the current unincorporated structure, the financial statements have been prepared on a basis other than the going concern basis.
Although the accounts are prepared on a basis other than going concern, no adjustments have been deemed necessary to the carrying amounts of assets or liabilities. This is because the Trustees expect that all assets and liabilities will be transferred to the CIO at their existing book values and that operations will continue within the new entity without interruption.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken at the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy in whole or in part, is only considered probable when the amount can be measure reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
## _**Deferred income**_
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received.
## _**Other trading activities**_
Income comprises rental income from tenants of the charity's investment properties. Income is shown net of sales/value added tax, returns, rebates and discounts.
Rental income from investment property leased out under an operating lease is recognised in the statement of financial activities on a straight-line basis over the term of the lease.
Page 14
## **The Dartmouth Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 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 notification of the interest paid or payable by the bank.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses. Historically this has also included an element of wages costs, this has been restated to operational overheads in the current and prior year to better reflect the roles undertaken by staff members.
## **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 tax purposes. Accordingly, the charity is potentially exempt 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 extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets costing £2,000.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Tangible fixed assets are carried at cost or valuation, net of depreciation and any provision for impairment.
Page 15
## **The Dartmouth Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)**
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
**Asset class Depreciation method and rate** Freehold property not depreciated depreciated equally over the Fixtures and fittings estimated useful life of 2 years
Depreciation is not provided on freehold buildings as the trustees are of the opinion that the residual values of such properties are not less than cost or valuation, and therefore any depreciation would be immaterial.
## **Impairment of fixed assets**
The Trustees review the freehold properties for impairment at the end of each reporting period.
## **Investment properties**
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuers and updated annually by the trustees. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
## **Fixed asset investments**
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement 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 to the Statement of Financial Activities based on the market value at the year end.
## **Current asset investments**
Current asset investments represent property held for sale and are included at cost where relating to a fixed asset held for sale or fair value, where relating to an investment property held for sale.
## **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 at 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 objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Page 16
## **The Dartmouth Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)**
## **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 to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction 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 trustees discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
## **Pensions and other post retirement obligations**
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
## **Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measure at their settlement value.
## **2 Income from other trading activities**
|Property rental income|**Unrestricted**
**funds**
**General**
**£**
513,309
513,309|**Total**
**2025**
**£**
513,309
513,309|**Total**
**2024**
**£**
485,950|
|---|---|---|---|
||||485,950|
Page 17
## **The Dartmouth Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)**
## **3 Investment income**
|Other income from fixed asset investments
**4**
**Operational overheads**
Office costs
Professional fees
Insurances
Void costs
Property repairs, maintenance and H&S
Bank charges
Wages and Salaries
Pension cost
Bad debts written off and provision movements
**5**
**Appropriation to beneficiaries**
Dartmouth United Charities
The Ecclesiastical Share of The Dartmouth Trust
The Public Purposes Share of The Dartmouth Trust|**Unrestricted**
**funds**
**General**
**£**
271,296||**Total**
**2025**
**£**
271,296||**Total**
**2024**
**£**
270,834|
|---|---|---|---|---|---|
||||**Total**
**2025**
**£**
7,422
69,254
33,809
19,565
75,163
570
24,020
8,928
-
238,731
**Total**
**2025**
**£**
289,675
193,116
96,558
579,349||**Total**
**2024**
**£**
3,406
65,470
34,951
10,527
60,048
420
21,214
7,343
-
203,379
**Total**
**2024**
**£**
279,712
186,475
93,237
559,424|
|||||||
|||||||
|||||||
Page 18
## **The Dartmouth Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)**
## **6 Analysis of governance costs**
## **Governance costs**
|**Unrestricted **
**funds**
**2025**
**£**
Governance Auditors' remuneration
3,330
Governance Auditors' non audit costs
2,140
Legal and professional fees
5,195
10,665|**Endowment**
**funds**
**2025**
**£**
-
-
-|**Total**
**funds**
**2025**
**£**
3,330
2,140
5,195
10,665|**Total**
**funds**
**2024**
**£**
3,330
2,427
-|
|---|---|---|---|
||-||5,757|
## **7 Net incoming/outgoing resources**
Net incoming/outgoing resources for the year include:
||||**2025**|**2024**|
|---|---|---|---|---|
||||**£**|**£**|
|Audit|fees||3,330|3,330|
|Other|non-audit|services|2,140|2,427|
## **8 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
Page 19
## **The Dartmouth Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)**
## **9 Staff costs**
The aggregate payroll costs were as follows:
|**Staff costs during the year were:**
Wages and salaries
Pension costs|**2025**
**£**
24,020
8,928
32,948|**2024**
**£**
21,214
7,343|
|---|---|---|
|||28,557|
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
|Employees|**2025**
**No**
3|**2024**
**No**
3|
|---|---|---|
No employee received emoluments of more than £60,000 during the year
The charity considers the Trustees to be the members of key management personnel. During the year the key management personnel received compensation of £nil (2024: £nil).
## **10 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **11 Tangible fixed assets**
|**Cost**
At 1 October 2024
At 30 September 2025
**Depreciation**
At 1 October 2024
At 30 September 2025
**Net book value**
At 30 September 2025
At 30 September 2024|**Furniture and**
**equipment**
**£**
11,578
11,578
11,578
11,578
-
-|**Total**
**£**
11,578|
|---|---|---|
|||11,578|
|||11,578|
|||11,578|
|||-|
|||-|
Page 20
## **The Dartmouth Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)**
## **12 Fixed asset investments**
|**12 Fixed asset investments**|||
|---|---|---|
|Investment properties
Other investments|**2025**
**£**
6,415,220
6,589,598
13,004,818|**2024**
**£**
6,410,220
6,697,059|
|||13,107,279|
## **Investment properties**
|**Cost or Valuation**
At 1 October 2024
Revaluation
At 30 September 2025
**Net book value**
At 30 September 2025
At 30 September 2024|**Investment**
**properties**
**£**
6,410,220
5,000|
|---|---|
||6,415,220|
||6,415,220|
||6,410,220|
The investment properties valuation as at 30 September 2025 reflects the external valuation performed by Vickery Holman, qualified valuers, on 31 December 2024. This valuation was performed on an open market basis and is also considered a reasonable reflection of the property values as at 30 September 2025.
Page 21
## **The Dartmouth Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)**
## **Other investments**
|**Cost or Valuation**
At 1 October 2024
Revaluation
At 30 September 2025
**Net book value**
At 30 September 2025
At 30 September 2024
**13 Debtors**
Trade debtors
Prepayments and accrued income
Other debtors
**14 Current asset investments**
Property held for sale|**Endowed**
**investments**
**£**
6,116,090
(86,961)
6,029,129
6,029,129
6,116,090|**Endowed**
**investments**
**£**
6,116,090
(86,961)
6,029,129
6,029,129
6,116,090|**Non**
**endowed**
**investments**
**£**
580,969
(20,500)
560,469
560,469
580,969
**2025**
**£**
148,440
105,686
68
254,194
**2025**
**£**
1,105,048|**Non**
**endowed**
**investments**
**£**
580,969
(20,500)
560,469
560,469
580,969
**2025**
**£**
148,440
105,686
68
254,194
**2025**
**£**
1,105,048|**Total**
**£**
6,697,059
(107,461)
6,589,598
6,589,598
6,697,059
**2024**
**£**
116,025
80,722
7,414|
|---|---|---|---|---|---|
||6,029,129||560,469|||
||6,029,129||560,469|||
||6,116,090||580,969|||
||||**2025**
**£**
148,440
105,686
68
254,194
**2025**
**£**
1,105,048|||
||||||204,161|
||||||**2024**
**£**
1,125,199|
Page 22
## **The Dartmouth Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)**
## **15 Creditors: amounts falling due within one year**
|**15 Creditors: amounts falling due within one year**|||
|---|---|---|
|Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 October 2024
Resources deferred in the period
Amounts released from previous periods
Deferred income at 30 September 2025|**2025**
**£**
15,067
24,541
589,147
105,609
734,364
**2025**
**£**
102,118
99,025
(102,118)
99,025|**2024**
**£**
8,137
36,633
563,849
110,758|
|||719,377|
|||**2024**
**£**
96,294
102,118
(96,294)|
|||102,118|
Deferred income relates to rental income invoiced in advance.
## **16 Pension and other schemes**
## **Defined contribution pension scheme**
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £8,928 (2024 - £7,343).
Contributions totalling £1,660 (2024 - £501) were payable to the scheme at the end of the year and are included in creditors.
Page 23
## **The Dartmouth Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)**
## **17 Funds**
|**Unrestricted funds**
**_General_**
Reserve for admin expenses
Unrealised profit on non-endowed funds
**_Designated_**
Property repair reserve
**Total unrestricted funds**
**Endowment funds**
**_Permanent_**
Endowment funds
**Total funds**|**Balance at 1**
**October 2024**
**£**
30,000
168,949
198,949
150,000
348,949
13,651,509
14,000,458|**Incoming**
**resources**
**£**
828,745
-
828,745
-
828,745
-
828,745|**Resources**
**expended**
**£**
(828,745)
-
(828,745)
-
(828,745)
-
(828,745)|**Other**
**recognised**
**gains/(losses)**
**£**
-
(20,500)
(20,500)
-
(20,500)
(102,112)
(122,612)|**Balance at 30**
**September**
**2025**
**£**
30,000
148,449|
|---|---|---|---|---|---|
||||||178,449
150,000|
||||||328,449
13,549,397|
||||||13,877,846|
Page 24
## **The Dartmouth Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)**
|**Unrestricted funds**
**_General_**
Reserve for admin expenses
Unrealised profit on non-endowed funds
**_Designated_**
Property repair reserve
**Total unrestricted funds**
**Endowment funds**
**_Permanent_**
Endowment funds
**Total funds**|**Balance at 1**
**October 2023**
**£**
30,000
125,405
155,405
150,000
305,405
11,602,588
11,907,993|**Incoming**
**resources**
**£**
768,560
-
768,560
-
768,560
-
768,560|**Resources**
**expended**
**£**
(768,560)
-
(768,560)
-
(768,560)
-
(768,560)|**Other**
**recognised**
**gains/(losses)**
**£**
-
43,544
43,544
-
43,544
2,048,921
2,092,465|**Balance at 30**
**September**
**2024**
**£**
30,000
168,949|
|---|---|---|---|---|---|
||||||198,949
150,000|
||||||348,949
13,651,509|
||||||14,000,458|
There were no transfers between funds during the year.
Designated funds are towards future costs for the stabilisation of 4 The Quay and to fund emergency repairs for other charity buildings.
General funds are those held without any designation or restriction upon them.
Endowment funds are properties and investments that have been given to or purchased by the charity that are held as endowments.
Page 25
## **The Dartmouth Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)**
## **18 Analysis of net assets between funds**
|**18 Analysis of net assets between funds**|||||
|---|---|---|---|---|
|Investment property
Fixed asset investments
Current assets
Current liabilities
Total net assets
Investment property
Fixed asset investments
Current assets
Current liabilities
Total net assets
**19 Analysis of net funds**
Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt||**Unrestricted**
**General**
**£**
-
560,469
502,344
(734,364)
328,449
**Unrestricted**
**General**
**£**
-
580,969
487,357
(719,377)
348,949
**At 1 October**
**2024**
**£**
283,196
283,196
**At 1 October**
**2023**
**£**
294,310
294,310|**Endowment**
**Permanent**
**£**
6,415,220
6,029,129
1,105,048
-
13,549,397
**Endowment**
**Permanent**
**£**
6,410,220
6,116,090
1,125,199
-
13,651,509
**Cash flow**
**£**
(35,046)
(35,046)
**Financing**
**cash flows**
**£**
(11,114)
(11,114)|**2025**
**Total funds**
**£**
6,415,220
6,589,598
1,607,392
(734,364)|
|||||13,877,846|
|||||**2024**
**Total funds**
**£**
6,410,220
6,697,059
1,612,556
(719,377)|
|||||14,000,458|
|||||**At 30**
**September**
**2025**
**£**
248,150
248,150
**At 30**
**September**
**2024**
**£**
283,196
283,196|
Page 26
## **The Dartmouth Trust**
## **Notes to the Financial Statements for the Year Ended 30 September 2025 (continued)**
## **20 Related party transactions**
## **Dartmouth United Charities**
Ms Lara Osgood was a Trustee of Dartmouth United Charities during the year. Dartmouth United Charities received appropriation income from The Dartmouth Trust that amounted to £289,675 (2024: £279,712), of which £289,675 (2024: £279,712) is included in other creditors.
The Dartmouth Trust also charged Dartmouth United Charities £47,990 (2024: £43,166) for wages and other expenses that were incurred on its behalf. At the year end the charity was owed £68 (2024: £7,415) from Dartmouth United Charities which is included in other debtors.
## **The Ecclesiastical Share of The Dartmouth Trust**
Mr C Rendell is a Trustee of The Ecclesiastical Share of The Dartmouth Trust. The Ecclesiastical Share of The Dartmouth Trust received appropriation income from The Dartmouth Trust that amounted to £193,116 (2024: £186,475) of which £193,116 (2024: £186,475) is included in other creditors.
## **The Public Purposes Share of The Dartmouth Trust**
Ms D Shepherd is a Trustee of The Public Purposes Share of The Dartmouth Trust during the year. The Public Purposes Share of The Dartmouth Trust received appropriation income from The Dartmouth Trust that amounted to £96,558 (2024: £93,237) of which £96,558 (2024: £93,237) is included in other creditors.
Page 27