##
##
|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|
##