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|Report ofthe Trustees|||1-5|
|---|---|---|---|
|Report ofthe Independent|Examiner|||
|Statement ofFinancial Activities||||
|(including<br>Income and|Expenditure|Account)||
|Balance Sheet||||
|Notes to the Financial Statements|||9-16|





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|Charity Name;|Charity Name;|Charity Name;|||Dickinson Massey|Underwood|Underwood|Underwood|Gill Trust|||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Charity Registration|||Number:||213884|||||||
|Principal|and Operational|||Address:|Freeths LLP|||||||
||||||Cumberland<br>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<br>Westminster||Bank pic - Nottingham||||NG I 2JX|
||||||CCLA Fund Managers||Limited||- London|EC4V 4ET||
||||||Virgin Money Plc|- Newcastle|||upon Tyne|NE3 4PL||
||||||Nationwide<br>Building||Society -||Northampton||NN3 6NW|
||||||Shawbrook<br>Bank Limited|||- Essex CM13 3BE||||
|Independent||Examiner:|||Mrs DJLockwood, FCA„FCCA,ATT(fellow)|||||||
||||||Haines Watts Nottingham|||Limited||||
||||||Chartered<br>Accountants|||||||
||||||Cliffe Hill House|||||||
||||||22-26 Nottingham|Road||||||
||||||Stapleford|||||||
||||||Nottingham|||||||
||||||NG9 8AA|||||||
|Investment||Advisors:|||Brewin Dolphin Ltd|||||||
||||||35 Station Street|||||||
||||||Waterfront<br>House|||||||
||||||Waterfront<br>Plaza|||||||
||||||Nottingham|||||||
||||||NG2 3DQ|||||||
||||||Sarasin &Partners|LLP||||||
||||||Juxon House|||||||
||||||100St Paul's Churchyard|||||||
||||||London|||||||
||||||EC4M 8BU|||||||





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|||||||Capital<br>Endowment|Income<br>Fund|Income<br>Fund|Year<br>2022|Year<br>2021|
|---|---|---|---|---|---|---|---|---|---|---|
||||||Note||||f.||
|INCOME|||||||||||
|Investment<br>Income|||||||57,729||57,729|60,089|
|Bank Interest||||||||78|78|109|
|Donations<br>and Other Income||||||||||796|
|TOTAL INCOME|||||||57|807|57807|60,994|
|EXPENDITURE|||||||||||
|Costs ofRaising Funds|||||||||||
|Administration<br>Charges||||||10,662||661|11,323|12,210|
|Expenditure<br>on Charitable|Activities||||||||||
|Pensions|||||||37,999||37,999|32,525|
|Christmas<br>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<br>bookkeeping||||and|||||||
|quarterly<br>accounts)|||||||14,706||14,706|14,411|
|Accountancy<br>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)<br>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<br>Between Funds|||||12||||||
|RECONCILIATION<br>OF FUNDS."|||||||||||
|Fund Balances brought<br>forward|||||||||||
|at<br>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|





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|||Balanc|e Sheet as at 3|1December 2|022||||
|---|---|---|---|---|---|---|---|---|
|||||||2022||2021|
||||Note|||||f|
|TANGIBLE ASSETS|||||||||
|Investments<br>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<br>Fund|||12|108 126|||131405||
|||||||108 126||131405|
|TOTAL CHARITY FUNDS|||||1|964 847||2,222,264|
|Approved<br>by the Trustees on||. .. . ', .....'.............,..and signed on their behalf|||by:||||






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|||||Book|Value|Market|Value|Net|Income|
|---|---|---|---|---|---|---|---|---|---|
|||2022<br>No.|2021<br>No.|2022|2021f|2022|2021|2022<br>f|2021|
|31Infrastructure||10,370|10,370|19,670|19,670|34,636|36,761|542|1016|
|Aberdeen<br>Standard Life—||||||||||
|European<br>(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<br>&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|





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||||||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<br>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<br>Funds (RWC)|||141|141|15,261|15,261|13,818|14,542|546|650|
|Maitland<br>Inst SVC|||25,000||26,377||22,730||278||
|Maitland<br>M I Select|||42,500|42,500|52,184|52,184|79,046|87,474|993|62!|
|National<br>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<br>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<br>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<br>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|





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||||Book|Value||Market|Value||Net|Income|
|---|---|---|---|---|---|---|---|---|---|---|
||2022<br>No.|2021<br>No.|2022|2021f||2022<br>f|2021|2022<br>f||2021<br>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<br>INVESTMENTS|||317,000|1,442,350||1,884,624|2,131,641|57,729||60,089|



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





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|9.<br>INVESTMENT DISPOS|ALS|||||
|---|---|---|---|---|---|
|||Valuation|Market|||
|||10/05/2007|Value at||Profit/(Loss)|
|||or Later|1/1/2022 or||on|
||No.|Cost|later cost|Proceeds<br>f|Disposal<br>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<br>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|



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||||||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<br>62 952|~9950|131405<br>2 222 264|
|12.<br>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<br>Funds||2|090 859||||10662<br>~223 476||1 856 721|
|Total Funds||2|222 264||57 807||91,748<br>~223,476||1 964,847|
||At<br>I January<br>2021|||Income|Expenditure||Net Profit/<br>(Loss) on<br>Investments|Transfer|At 31December<br>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|



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