2021-12-31-accounts - Dickinson Massey Underwood Gill Trust

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Contents			~Pa e
Report ofthe Trustees			1-5
Report ofthe Independent	Examiner
Statement ofFinancial Activities
(including Income and	Expenditure	Account)
Balance Sheet
Notes to the Financial Statements			9-16

Charity Name:	Charity Name:	Charity Name:			Dickinson Massey	Underwood	Underwood	Underwood	Gill Trust
Charity Registration			Number:		213884
Principal	and Operational			Address:	Freeths LLP
					Cumberland Court
					80Mount Street
					Nottingham
					NG1 6HH
Trustees:					Mr RBullock
					Mr C N Cullen (appointed			4.2.2021)
					Mr BDunn
					Revd. C Ford
					Mr JC Foxon (Chairman)
					Mrs A Gregory
					Mrs JD Moore
					Ms A Perkins
					Mr C JPowell
					Dr P Sibly
					Mr D JTowers
					Mr JH Treece
					Mrs S Warzynska
Clerk to the		Trustees:			Mr C N Cullen (resigned 4.2.21)
					Ms A Chandler (appointed			4.2.21)
Bankers and Fund Holders:					National Westminster		Bank pic - Nottingham				NG1 2JX
					CCLA Fund Managers		Limited		- London	EC4V 4ET
					Virgin Money Plc	- Newcastle			upon Tyne	NE3 4PL
					Nationwide Building		Society -		Northampton		NN3 6NW
					Shawbrook Bank Limited			- Essex CM13 3BE
Independent		Examiner:			Mrs D J Lockwood, FCA,			FCCA, ATT(fellow)
					Haines Watts Nottingham			Limited
					Chartered Accountants
					Cliffe Hill House
					22-26 Nottingham	Road
					Stapleford
					Nottingham
					NG9 8AA
Investment		Advisors:			Brewin Dolphin Ltd
					35 Station Street
					Waterfront House
					Waterfront Plaza
					Nottingham
					NG2 3DQ
					Sarasin &Partners	LLP
					Juxon House
					100StPaul's Churchyard
					London
					EC4M 8BU

						Capital Endowment	Income Fund	Year 2021	Year 2020
					Note
INCOME
Investment Income							60,089	60,089	56,283
Bank Interest							109	109	256
Donations and Other Income							796	796	625
TOTAL INCOME							60,994	60,994	57,164
EXPENDITURE
Costs ofRaising Funds
Administration Charges						10,752	1,458	12,210	11,548
Expenditure on Charitable	Activities
Pensions							32,525	32,525	29,750
Christmas Bonuses and Heating
Grants to Pensioners							5,800	5,800	6,550
Other Grants							3,184	3,184	6,365
Visitors' Salaries, pensions	and	Expenses					5,156	5,156	5,430
Legal Fees
Clerks Fees (including bookkeeping				and
quarterly accounts)							14,411	14,411	14,250
Accountancy and Independent		Examiner's
Fee							2,772	2,772	2,640
TOTAL EXPENDITURE						10,752	65,306	76,058	76,533
						(10,752)	(4,312)	(15,064)	(19,369)
Net Gains/(Losses) in Investment			Assets			199,089		199,089	13,991
NET INCOME/EXPENDITURE
AND NET MOVEMENT	IN FUNDS					188,337	(4,312)	184,025	(5,378)
Transfer Between Funds					12	(60,290)	60,290
RECONCILIATION OF FUNDS:
Fund Balances brought forward
at I January 2021						1,962,812	75,427	2,038,239	2,043,617
FUND BALANCES CARRIED
FORWARD AT 31DECEMBER				2021		2,090,859	131,405	2,222,264	2,038,239

	Balance	Sheet as at	31December	2021
				2021		2020
		Note
TANGIBLE ASSETS
Investments at Valuation				2,131,641		1,905,037
Cash held by broker for re-investment				37,621		34,092
Total Tangible Assets				2,169,262		1,939,129
CURRENT ASSETS
Debtors and Prepayments			2,740		3,174
Cash at Bank			60,212		105,743
Total Current Assets			62,952		108,917
CREDITORS DUE WITHIN ONE YEAR:
Other Creditors			9,950		9,807
NET CURRENT ASSETS				53,002		99,110
NET ASSETS				2,222,264		2,038,239
THE FUNDS OF THE CHARITY:
CAPITAL ENDOWMENT	FUNDS	12		2,090,859		1,962,812
INCOME FUNDS
General Fund		12	131,405		75,427
				131,405		75,427
TOTAL CHARITY FUNDS				2,222,264		2,038,239

				Book	Value	Market	Value	Net	Income
		2021 No.	2020 No.	2021	2020f	2021 8	2020	2021 f	2020 g
3IInfrastructure		10,370	10,370	19,670	19,670	36,761	31,940	1,016	954
Aberdeen Standard Life-
European (formerly	Standard
Life)			19,500		16,212		19,486	555	605
A2D Funding		15,000	15,000	16,531	16,531	15,570	16,087	713	712
Apax Global Alpha Ord NPV		8,021	8,021	9,581	9,581	18,208	15,480	902	766
AstraZeneca 0.25 USD		375	375	5,473	5,473	32,542	27,465	758	810
Aviva 25p Ord									96
Blackrock Fund Managers
Ltd Income D Units	Inc	26,310	26,310	35,093	35,093	50,634	46,319	1,489	1,164
BP25 cents US Ord		6,150	6,150	35,769	35,769	20,326	15,670	956	1,504
BNY Mell		18,000	18,000	30,031	30,031	32,850	29,140	837	602
CF Miton UK Multi	Cap Inc
Instl BDis Nav			20,410		37,784		40,928	406	488
Coupland 4,Cardiff	Fund	3,150	3,150	20,704	20,704	51,685	50,170	1,420	1,726
CRODA		490	490	22,873	22,873	49,588	32,320	465
EI Group 6.875%A/BK D									220
Fidelity UC IT		10,750	10,750	56,425	56,425	73,839	59,233	1,657	762
First State Investment		19,700	19,700	37,482	37,482	44,687	40,155	1,100	1,180
GlaxoSmithKline Ords 25p		1,590	1,590	4,057	4,057	25 545	21,338	1,272	1,272
HSBC Holding Bond		25,000	25,000	30,087	30,087	29,540	31,663	1,438	1,438
Int Public Partner Ord Ip		12,500	12,500	14,990	14,990	21,250	21,275	932	909
Inditex		900	900	23,521	23,521	21,555	21,038	437	229
Intermediate Capital	Group
6.25%GTD NTS									938
Investec (Ninety-One)		45,000	45,000	44,880	44,880	44,613	45,626	1,808	1,719
Carried fortvard				407,167	461,163	569,193	565,333	18,162	18,535

					Book	Value	Market	Value		Net Income
			2021 No.	2020 No.	2021	2020f	2021 f	2020	2021		2020f
Brought Forward					407,167	461,163	569,193	565,333	18,162		18,535
IShares PLC			5,275	5,275	36,516	36,516	37,975	33,559	1,176		1,044
JP Morgan Global	Emerg Markets
GBP0.01			12,200	12,200	15,056	15,056	17,720	17,842		622	622
JP Morgan AM UK Ltd US
Equity Income C	Inv Nav		57,726	57,726	46,656	46,656	86,070	68,752	1,518		1,628
Jupiter Unit Trust			71,250	71,250	45,657	45,657	47,088	48,265	2,266		1,488
Legal &General			10,500	10,500	18,902	18,902	31,237	27,951	1,871
Kone			346		20,785		18,331
Link Fund Solutions Trojan			35,790	35,790	37,098	37,098	38,513	34,161		901	1,202
Lloyds Banking Group Ords 10p				20,000		19,551		7,288
London Stock Exchange			15,000	15,000		16,667		15,657		713	992
M &G Charibond			14,932	14,932	18,590	18,590	18,093	18,737		648	774
MDO Management
(RWC Funds)			141	180	15,261	15,261	14,542	12,509		650
Majedi Asset Management		UK
Income XInc Nav											621
Maitland Ml Select			42,500	42,500	52,184	52,184	87,474	74,912		621	554
National Grid 11.40p Ords			1,375	1,375	7 325	7,325	14,572	11,893		676	668
Merian GBL UK (Old Mutual)											733
Novartis			280		19,861		18,217			422
Pacific Assets Trust 12.5p ord			7,400	7,400	9,484	9,484	27,084	23,717		178	222
Polar Capital Fund	North
America			2,045	2,045	20,000	20,000	58,937	46,953
Pimco			5,000		51,720		50,350			930
Prudential Sp ord (M&G Pic)			3,000	3,000	10,529	10,529	22,109	23,174		174	375
Reckitt Benckiser	10p Ord		290	290	5,889	5,889	18,392	18,972		506	506
Rio Tinto 10p Ord			400	400	15,263	15,263	19,568	21,880	2,771		1,189
Rit Cap Partners Ord GBPI			1,850	1,850	26,946	26,946	50,875	38,203		652
Royal Dutch Shell	B0.07 Euro		1,434	1,434	24,832	24,832	23,265	18,060		854	1,056
Relx			400	400	7,388	7,388	9,608	7,170		191	183
Schroder Units Global				24,750		15,258		14,496
Schroder Oriental	Income
Fund Ip ord			13,500	13,500	27,042	27,042	36,247	35,303	1,417		1,549
Scottish Mortgage	Inv
Trust 25p Ord			7,835	7,835	9,999	9,999	104,794	95,117		273	259
Carried Forward					950,150	963,256	1,420,254	1,279,904	38,192		35,496

			Book	Value		Market	Value	Net	Income
	2021	2020	2021	2020		2021	2020	2021	2020
	No.	No.			f	f.
Brought Forward			950,150		963,256	1,420,254	1,279,904	38,192	35,496
Smith &Nephew	1,480	1,480	21,855		21,855	19,144	22,348	401
Standard Life Euro Ord
GBP 0.002	4,700	4,700	10,054		10,054	27,072	18,706	634	616
TBailey	34,025	9,000	51,266		19,905	60,760	20,141	1,101	239
UK 2.25%GILT		16,000			17,162		17,123	180	360
UK 2.75%GILT		16,000			17,777		17,810	220	440
UK 4.125%GILT									713
Temple Bar Inv Tr Ord
GBP0.25								3,431	627
Tesco 5p Ord	4,657	5,900	18,723		18,723	13,501	13,653		572
TR Property INV	10,600	10,600	41,585		41,585	52,417	43,778	1,505	1,484
Twenty Four AM	340	340	34,645		34,645	34,901	36,445	1,008	741
Unilever 31.11pOrd	825	825	15,072		15,072	32 550	36,234	1,220	1,199
TOTAL
BREWIN DOLPHIN			1,143,350	1,160,034		1,660,599	1,506,142	47,892	42,487
Alpha CIF for
Endowments			299,000		299,000	471,042	398,895	12,197	11,873
M dr G Investments									1,105
Schroder Unit Trusts									818
TOTAL INVESTMENTS			1,442,350	1,459,034		2,131,641	1,905,037	60,089	56,283

			Note	Brewin Dolphin	Sarasin & Partners f
Market Value brought	forward I ianuary	2021		1,506,]42	398,895
Additions at Cost			10	123,727	41,000
Disposal at Carrying	Transfer Value		9	(132,789)
Net Gains/(Losses) on Revaluation				163,518	31,147
Market Value carried	forward 31 December 2021			1,660,599	471,042
Historical Cost at 31	December 2021			1,138,350	299,000
Gain on Brewin Dolphin Investments				163,518
Gain on Sarasin k, Partners Investments				31,147
Net Gains on Investments Sold (note 9)				4,424
Gain on Investments	in the year			199,089

			Valuation	Market
			10/05/2007	Value at		Profit/(Loss)
			or Later	1/1/2021 or		on
			Cost	later cost	Proceeds	Disposal
		No.
Aberdeen Standard		19,500	15,167	19,486	21,254	1,768
Lloyds Banking	Group	20,000	19,550	7,288	7,200	(88)
London Stock Exchange		15,000	15,162	15,657	15,000	(657)
Premier Portfolio	Managers	20,410	37,671	40,928	42,669	1,741
Schroder Unit Trusts		24,750	15,177	14,496	16,834	2,338
UK Government	2.25%SNR Bond	16,000	16,999	17,123	16,853	(270)
UK Government	2.75 GLT Bond	16,000	17,618	17,811	17,403	(408)
			137,344	132,789	137,213	4,424

1. AN	ALYSIS OF NET AS	SETS BETWEEN FUNDS
		Tangible	Current	Current	Total
		Assets	Assets	Liabilities	2021
Funds	- 2021
Capital	Fund	2,169,262	(68,453)	(9,950)	2,090,859
Income	Fund		131,405		131,405
		2,169,262	62,952	9,950	2,222,264
		Tangible	Current	Current	Total
		Assets	Assets	Liabilities	2020
Funds	- 2020
Capital	Fund	1,939,129	33,490	(9,807)	1,962,812
Income	Fund		75,427		75,427
		1,939,129	108,917	(9,807)	2,038,239

		At I January 2021	Income	Expenditure	Expenditure	Net Profit/ (Loss) on Investments	Transfer	At 31December 2021
Funds - 2021
Income Funds		75,427	60,994		65,306		60,290	131,405
Endowment
Funds		1,962,812			10,752	199,089	~(60,290	2,090,859
Total Funds		2,038,239	60,994		76,058	199,089		2,222,264
		At					Net Profit/	At 31
		1 January		Income	Expenditure		(Loss) on	December
		2020					Investments	2020
Funds - 2020
Income Funds		85,111		57,164		66,848		75,427
Endowment	Funds	1,958,506				9,685	13,991	1,962,812
Total Funds		2,043,617		57,164		76,533	13,991	2,038,239