2022-12-31-accounts - Dickinson Massey Underwood Gill Trust

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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
					80 Mount Street
					Nottingham
					NG I 6HH
Trustees:					Mr RBullock
					Mr C N Cullen
					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:			Ms A Chandler
Bankers and Fund Holders:					National Westminster		Bank pic - Nottingham				NG I 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 DJLockwood, 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
					100St Paul's Churchyard
					London
					EC4M 8BU

						Capital Endowment	Income Fund	Income Fund	Year 2022	Year 2021
					Note				f.
INCOME
Investment Income							57,729		57,729	60,089
Bank Interest								78	78	109
Donations and Other Income										796
TOTAL INCOME							57	807	57807	60,994
EXPENDITURE
Costs ofRaising Funds
Administration Charges						10,662		661	11,323	12,210
Expenditure on Charitable	Activities
Pensions							37,999		37,999	32,525
Christmas Bonuses and Heating
Grants to Pensioners							11,200		11,200	5,800
Other Grants							7,633		7,633	3,184
Visitors' Salaries, pensions	and	Expenses					5,989		5,989	5,156
Legal Fees
Clerks Fees (including bookkeeping				and
quarterly accounts)							14,706		14,706	14,411
Accountancy and Independent		Examiner's
Fee							2	898	2 898	2 772
TOTAL EXPENDITURE						10662	81,086		91 748	76,058
						(10,662)	(23,279)		(33,941)	(15,064)
Net Gains/(Losses) in Investment			Assets		8	~223 476			~223 476	199089
NET INCOME/EXPENDITURE
AND NET MOVEMENT	IN FUNDS					(234,138)	(23,279)		(257,417)	184,025
Transfer Between Funds					12
RECONCILIATION OF FUNDS."
Fund Balances brought forward
at 1 January 2022						2,090 859	131,405		2,222,264	2038,239
FUND BALANCES CARRIED
FORWARD AT 31DECEMBER 2022					11	1 856 721	108	126	1,964847	2 222 264

		Balanc	e Sheet as at 3	1December 2	022
						2022		2021
			Note					f
TANGIBLE ASSETS
Investments at Valuation					1,884,624			2,131,641
Cash held by broker for re-investment						68498		37,621
Total Tangible Assets					1,953,122			2,169,262
CURRENT ASSETS
Debtors and Prepayments				3,857			2,740
Cash at Bank				18984			60 212
Total Current Assets				22,841			62,952
CREDITORS DUE WITHIN		ONE YEAR:
Other Creditors				11 116			9950
NET CURRENT ASSETS						11725		53 002
NET ASSETS					1	964,847		2,222 264
THE FUNDS OFTHE CHARITY:
CAPITAL ENDOWMENT	FUNDS		12		1,856,721			2,090,859
INCOME FUNDS
General Fund			12	108 126			131405
						108 126		131405
TOTAL CHARITY FUNDS					1	964 847		2,222,264
Approved by the Trustees on		. .. . ', .....'.............,..and signed on their behalf			by:

				Book	Value	Market	Value	Net	Income
		2022 No.	2021 No.	2022	2021f	2022	2021	2022 f	2021
31Infrastructure		10,370	10,370	19,670	19,670	34,636	36,761	542	1016
Aberdeen Standard Life—
European (formerly	Standard
Life)								507	555
A2D Funding			15,000		16,531		15,570	534	713
Apex Global Alpha Ord NPV		8,021	8,021	9,581	9,581	15,]12	1&,208	991	902
AstraZeneca 0.25 USD		300	375	4,378	5,473	33,654	32,542	774	758
Ashtead		350		15,963		16,520		200
Blackrock Fund Managers
Ltd Income D Units	Inc	10,000	26,310	13,338	35,093	17,242	50,634	1,653	1,489
BP25 cents US Ord		6,150	6,150	35,769	35,769	29,206	20,326	1,145	956
BNY Mell		11,500	18,000	19,186	30,031	22,065	32,850	&75	837
CF Miton UK Multi	Cap Inc
Instl BDis Nav									406
Coupland &Cardiff	Fund		3,150		20,704		51,685	770	1,420
CRODA		490	490	22,873	22,873	32,360	49,588	507	465
Dodge and Cox		1,150		33,841		33,062
Fidelity UCIT		13,000	10,750	71,844	56,425	87,311	73,839	1,702	1,657
First Sentier Investment		5,000	19,700	9,513	37,482	11,988	44,6&7	676	1,100
GSK ords 25p		1,272	1,590	4,057	4,057	18,2&6	25,545	1,097	1,272
Haleon PLC (demerger GSK)		1,590		3,883		5,205
HSBC Holding Bond		25,000	25,000	30,087	30,087	24,692	29,540	1,43&	1,438
Int Public Partner Ord Ip		12,500	12,500	14,990	14,990	18,950	21,250	955	932
Inditex		900	900	23,521	23,521	19,847	21,555	577	437
Investco		6,400		16,145		15,864		541
Investec (Ninety-One)		60,000	45,000	58,656	44,880	54,126	44,613	1,776	1,808
Carried fonvard				407,295	407,167	490,126	569,193	17,260	18,162

					Book	Value	Market	Value	Net Income
			2022	2021	2022	2021	2022	2021	2022	2021
			No.	No.	f	f	f	f	f	f.
Brought Fonvard					407,295	407,167	490,126	569,193	17,260	18,162
IShares PLC			5,275	5,25	36,516	36,516	38,328	37,975	1,429	1,176
Insight Inv			17,500		14,730		14,465
JP Morgan Global		Emerg Markets
GBP0.01			9,000	12,200	11,107	15,056	11,543	17,720	564	622
JP Morgan AM UK Ltd US
Equity Income C	Inv Nav		57,726	57,726	46,656	46,656	91,323	86,070	1,778	1,518
JP Morgan JPM	GBL		8,000		12,540		12,408
Jupiter Unit Trust			46,8&6	46,886	45,657	45,657	38,128	47,088	2,375	2,266
Jupiter Japan			45,000		49,344		47,691
Legal &General			10,500	10,500	18,902	18,902	26,198	31,237	1,964	1,871
Kone			346	346	20,785	20,785	14,844	18,331	396
Link Fund Solutions Trojan				35,790		37,098		3&,513	932	901
London Stock Exchange				15,000						713
M &G Charibond			14,932	14,932	18,590	18,590	16,173	18,093	482	648
Redtvheel Funds (RWC)			141	141	15,261	15,261	13,818	14,542	546	650
Maitland Inst SVC			25,000		26,377		22,730		278
Maitland M I Select			42,500	42,500	52,184	52,184	79,046	87,474	993	62!
National Grid 11.40p Ords			1,375	1,375	7,325	7,325	13,714	14,572	701	676
Muzinch			300		29,060		27,465
Novartis			280	280	19,861	19,861	21,035	18,217	463	422
Pacific Assets Trust 12.5p ord			7,400	7,400	9,484	9,484	26,085	27,084	141	178
Pimco			5,000	5,000	51,720	51,720	43,450	50,350	1,860	930
Prudential 5p ord (M&G Pic)			3,000	3,000	10,529	10,529	19,730	22,109	492	174
Reckitt Benckiser		10p Ord		290		5,889		18,392	506	506
Rio Tinto 10p Ord			400	400	15,263	15,263	23,192	19,568	2,298	2,771
Rit Cap Partners Ord GBPI			1,850	1,850	26,946	26,946	39,312	50,875	6&5	652
Royal Dutch Shell		B0.07 Euro	750	1,434	12,9&7	24,832	17,445	23,265	729	854
Relx			400	400	7,388	7,388	9,152	9,608	205	191
Schroder Oriental	Income
Fund Ip ord			13,500	13,500	27,042	27,042	34,762	36,247	1,539	1,417
Scottish Mortgage		Inv
Trust 25p Ord			7,835	7,835	9,999	9,999	56,631	104,794	287	273
Carried Forrvard					1,003,548	950,150	1,248,794	1,420,254	39,667	38,192

			Book	Value		Market	Value		Net	Income
	2022 No.	2021 No.	2022	2021f		2022 f	2021	2022 f		2021 f
Brought Forward			1,003,548		950,150	1,248,794	1,420,254	39,667		38,]92
Smith &Nephew	1,480	1,480	21,855		21,855	16,421	19,144		464	401
Standard Life Euro Ord
GBP0.002	4,700	4,700	10,054		10,054	21,244	27,072		160	634
T Bailey (TBEven Lodge)	25,025	34,025	37,706		51,266	34,620	60,760		855	1,101
UK 2.25%GILT										180
UK 2.75%GILT										220
UK Stock 0.125%	41,000		39,858			39,524
Temple Bar Inv Tr Ord
GBP0.25										3,431
Tcsco 5p Ord		4,657			18,723		13,501		359
TR Property INV	10,600	10,600	41,585		41,585	32,383	52,417	1,537		1,505
Twenty Four AM	340	340	34,645		34,645	27,802	34,901		994	1,008
Unilever 31.11pOrd	825	825	15,072		15,072	34,502	32,550	1,200		1,220
TOTAL
BREWIN DOLPHIN			I 204 323	I	143350	I 455 290	I 660599	45	236	47 892
Alpha CIF for
Endowments			317,000		299,000	429,334	471,042	12,493		12,197
TOTAL INVESTMENTS			317,000	1,442,350		1,884,624	2,131,641	57,729		60,089

7. NET INCOME
		2022		2021
Net income is stated after charging:
Independent Examiner's Fee			2,898	2,772
Independent Examiners Firm's Fees for Accountancy	and		288	432
Payroll
			3 186	3 204
8. INVESTMENT MOVEMENTS
	Note	Brewin Dolphin	Sarasin dk Partners
Market Value brought forward I January 2022		1,660,599		471,042
Additions at Cost	10	267,056		18,000
Disposal at Carrying Transfer Value Nct Gains/(Losses) on Revaluation	9	(318,108) ~354 257	~59700
Market Value carried forward 31 December 2022		1455 290		429 334
Historical Cost at 31 December 2022		1 204 323		317000
Losses on Brewin Dolphin Investments Losses on Sarasin 4 Partners Investments		154,257 59,708
Net Losses on Investments Sold (note 9)		9511
Loss on Investments in the year		223 476

9. INVESTMENT DISPOS	ALS
		Valuation	Market
		10/05/2007	Value at		Profit/(Loss)
		or Later	1/1/2022 or		on
	No.	Cost	later cost	Proceeds f	Disposal f.
TBailey	9,000	13,560	23,114	21,815	(1,299)
A20 Funding	15,000	16,531	15,570	15,127	(443)
Astra Zenecca	75	1,095	6,508	7,640	1,132
First Sentier Investment	14,500	27,970	32,892	35,790	2,898
13lackrock Fund Managers	16,310	21,755	31,389	26,937	(4,452)
Tesco 5p Ord	4,657	18,723	13,501	12,287	(1,214)
Reckitt Benckiser 10p Ord	290	5,889	18,392	19,277	885
Shell PLC	684	11,845	11,097	15,666	4,569
J P Morgan Global	3,200	3,949	4,648	3,910	(738)
BN YMell	6,500	10,845	11,863	12,195	332
Polar &Capital	2,045	20,000	58,937	54,847	(4,090)
Coupland Cardiff	3,150	20,704	51,685	50,175	(1,510)
Link Solutions	35,790	37 098	38513	32932	5 581
		209 964	318 109	308 598	9,511

					Tangible		Current	Current	Total
					Assets		Assets	Liabilities	2022
Funds - 2022
Capital Fund					1,953,122		(85,285)	(11,116)	1,856,721
Income Fund							108 126		108 126
					1,953	122	22,841	~11,116	1 964 847
					Tangible		Current	Current	Total
					Assets		Assets	Liabilities	2021
Funds - 2021
Capital Fund					2,169,262		(68,453)	(9,950)	2,090,859
Income Fund					2 169	262	131405 62 952	~9950	131405 2 222 264
12. MOVEMENT	IN FUNDS
			At					Net Profit/	At 31
		I January			Income		Expenditure	(Loss) on	December
			2022					Investments	2022
Funds - 2022
Income Funds			131,405		57,807		81,086		108,126
Endowment Funds		2	090 859				10662 ~223 476		1 856 721
Total Funds		2	222 264		57 807		91,748 ~223,476		1 964,847
	At I January 2021			Income	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				10752	199089	~60 290	2 090 859
Total Funds	2,038	239		60994		76,058	199089		2,222,264