Dickinson Massey Underwood Gill Trust
Trustees’ Report and Financial Statements for the Year Ended 31 December 2023
Registered Charity Number 213884
Dickinson Massey Underwood Gill Trust
Financial Statements for the Year Ended 31 December 2023
| 1. 2. 3. 4. 5. |
Contents Report of the Trustees Report of the Independent Examiner Statement of Financial Activities (including Income and Expenditure Account) Balance Sheet Notes to the Financial Statements |
Page 1 - 5 6 7 8 9 - 16 |
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Dickinson Massey Underwood Gill Trust
Report of the Trustees for the Year Ended 31 December 2023
The Trustees present their report and the financial statements for the year ended 31 December 2023.
The Financial Statements comply with the Charities Act 2011, the governing document and Accounting and Reporting by Charities’ Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.
Our Purposes and Activities
The purpose of the Charity is to relieve need, hardship or distress of persons residing or formerly resident within the City or County of Nottingham, Lincoln and Lincolnshire and Derby and Derbyshire. Exceptionally assistance may be given to persons who do not meet this residential qualification. Preference must be given to persons who are Christians.
This objective is achieved by the payment of quarterly payments to individuals and one-off grants to individuals or organisations who meet the above criteria.
Public Benefit
The Charity provides a regular quarterly payment of between £325 and £400 to beneficiaries who are regularly visited by the Lady Visitors of the Charity. Over the past few years an additional winter grant of between £100 and £200 has been paid to beneficiaries to help with rising fuel bills.
In addition to the regular payments, one-off grants are awarded where there is great hardship, e.g. the purchase of a new bed or fridge is required.
The Trustees confirm that they have complied with their duties under Section 17 of the 2011 Charities Act with regard to public benefit.
Achievements and Performance
During the year the Trustees paid regular payments to between 23 - 25 individuals on a quarterly basis. In addition, an additional payment was made to 26 individuals to assist with their rising heating costs.
A total of £1,989 other grants were also paid during the year.
Financial Review
The Charity’s work is almost entirely reliant on income and investment returns from its endowments.
Income for the year amounted to £61,199 of which £43,239 was expended in grants and donations, and £5,810 was expended on pastoral work.
In the reporting year there has been an increase in the value of investments in quoted shares. Net unrealised gains for the year are £77,211 and realisations have been made with profits of £1,356.
Cash deposits may be used for future strategic investment upon the advice of the investment brokers.
At 31 December 2023 the Charity’s total funds amounted to £2,028,310. This is made up of Endowment Funds of £1,926,252 and Income Funds of £102,058.
Principal Funding Sources
Income is generated from the Charity’s investments and bank deposits, which are held specifically to provide income to enable charitable payments to be made.
1
Dickinson Massey Underwood Gill Trust
Report of the Trustees for the Year Ended 31 December 2023 – continued
Investment and Reserves Policy
The Trustees have established a policy whereby the unrestricted general funds not committed should be invested in interest-bearing bank accounts or other income-generating form until required by the Charity. The Trustees ensure that enough funds are held in reserve to be able to continue the present level of activity for a period of between six months and one year, in the event of other sources ceasing, and to be able to pay all liabilities arising in the event of the Charity ceasing to exist.
Investments held are designated for the purposes of earning income, from which the annual grants and expenditure are to be met.
2
Dickinson Massey Underwood Gill Trust
Report of the Trustees for the Year Ended 31 December 2023 - continued
Reference and Administrative Information
Charity Name: Dickinson Massey Underwood Gill Trust Charity Registration Number: 213884 Principal and Operational Address: Charity Clerking PO Box 11228 Nottingham NG14 6YY Trustees: Mr R Bullock Mr C N Cullen Mr B Dunn Revd. C Ford Mr J C Foxon (Chairman) Mrs A Gregory Mrs J D Moore Ms A Perkins (Resigned 27.9.23) Mr C J Powell Dr P Sibly Mr D J Towers Mr J H Treece Mrs S Warzynska (Resigned 4.3.24) Clerk to the Trustees: Ms A Chandler Bankers and Fund Holders: National Westminster Bank plc - 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: Mr J Liptrott FCA BSc Haines Watts Nottingham Limited Chartered Accountants Cliffe Hill House 22-26 Nottingham Road Stapleford Nottingham NG9 8AA Investment Advisors: RBC Brewin Dolphin Ltd 35 Station Street Waterfront House Waterfront Plaza Nottingham NG2 3DQ Sarasin & Partners LLP Juxon House 100 St Paul’s Churchyard London EC4M 8BU
3
Dickinson Massey Underwood Gill Trust
Report of the Trustees for the Year Ended 31 December 2023 - Continued
Structure, Governance and Management
Governing document
The organisation is a charitable trust governed by a Scheme of Arrangement, approved by the Charity Commission effective from 11 May 2007 as amended on 20 October 2017. Overall the Scheme brought together the four former charities known as Mary Dickinson’s Charity, Dr Isaac Massey’s Charity, Thomas Underwood’s Charity and Francis Butcher Gill’s Charity, all of which had broadly similar objectives.
Recruitment and appointment of Trustees
There may be appointed up to twelve trustees, with a minimum of six trustees. Trustees are appointed for a term of four years. New trustees are made aware of their responsibilities by the other Trustees and various appropriate Charity Commission publications.
Organisational structure
The Trustees meet quarterly and are responsible for the strategic direction and policy of the Charity. They are from a variety of backgrounds relevant to the needs and work of the Charity.
Grant applications above £750 need to be considered by all Trustees. Anything urgent below this amount can be considered by the Chairman and one Trustee.
Management of the Charity’s investments is mostly delegated to their financial advisors, within a framework set by the Trustees, to provide both income for the current year and growth for the future.
The ongoing administration of the Charity is delegated to the Clerk to the Trustees, who is appointed by the Trustees.
Risk Management
The Trustees have conducted a review of the major risks to which the Charity is exposed. Risks are minimised by the delegation of management and administrative tasks to appropriate professionals.
Investments are managed by financial advisors; all individuals to whom quarterly payments are paid are seen by one of the visitors who report to the Trustees at the quarterly meetings. Decisions regarding grant payments are normally made at the quarterly trustee meetings. In urgent and exceptional cases decisions are made by a duly appointed sub-committee.
Trustees’ Responsibilities in relation to the Financial Statements
The Trustees are responsible for preparing the Report of the Trustees and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed require the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure of the Charity for that period. In preparing those Financial Statements, the Trustees are required to:
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Select suitable accounting policies and apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; and
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Prepare the Financial Statements in accordance with applicable law and UK Generally Accepted Accounting Practice.
4
Dickinson Massey Underwood Gill Trust Report of the Trustees for the Year Ended 31 December 2023 - Continued
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the Financial Statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities.
Approved by the Trustees on 17[th] September 2024 and signed on their behalf by:
.............................................................................. J C Foxon – Trustee
5
Independent Examiner’s Report To the Trustees of Dickinson Massey Underwood Gill Trust
I report to the Trustees on my examination of the accounts of Dickinson Massey Underwood Gill Trust for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
james liptrott james liptrott (Oct 8, 2024 10:05 GMT+1)
…………………………………………………..
Mr J Liptrott FCA Haines Watts Nottingham Limited Cliffe Hill House 22-26 Nottingham Road Stapleford Nottingham NG9 8AA
Dated: 08/10/2024
6
Dickinson Massey Underwood Gill Trust
Statement of Financial Activities (including Income and Expenditure Account) for the Year Ended 31 December 2023
| Note INCOME Investment Income 2 Bank Interest Donations and Other Income TOTAL INCOME EXPENDITURE Costs of Raising Funds Administration Charges 3 Expenditure on Charitable Activities Quarterly Payments Christmas Bonuses and Heating Grants to quarterly beneficiaries Other Grants Visitors’ Salaries, pensions and Expenses 4 Clerks Fees (including bookkeeping and quarterly accounts) Accountancy and Independent Examiner’s Fee TOTAL EXPENDITURE Net Gains/(Losses) in Investment Assets 8 NET INCOME/(EXPENDITURE) AND NET MOVEMENT IN FUNDS Transfer Between Funds 12 RECONCILIATION OF FUNDS: Fund Balances brought forward at 1 January 2023 FUND BALANCES CARRIED FORWARD AT 31 DECEMBER 2023 11 |
Capital Endowment £ 9,036 9,036 (9,036) 78,567 69,531 - 1,856,721 1,926,252 |
Income Fund £ 60,238 167 794 61,199 627 35,000 6,250 1,989 5,810 15,166 2,425 67,267 (6,068) - (6,068) - 108,126 102,058 |
Year 2023 £ 60,238 167 794 61,199 9,663 35,000 6,250 1,989 5,810 15,166 2,425 76,303 (15,104) 78,567 63,463 - 1,964,847 2,028,310 |
Year 2022 £ 57,729 78 - |
|---|---|---|---|---|
| 57,807 | ||||
| 11,323 37,999 11,200 7,633 5,989 14,706 2,898 |
||||
| 91,748 | ||||
| (33,941) (223,476) |
||||
| (257,417) - 2,222,264 |
||||
| 1,964,847 |
The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.
The notes on pages 9 to 16 form part of these accounts.
7
Dickinson Massey Underwood Gill Trust
Balance Sheet as at 31 December 2023
| Note TANGIBLE ASSETS Investments at Valuation 2 Cash held by broker for re-investment Total Tangible Assets CURRENT ASSETS Debtors and Prepayments Cash at Bank Total Current Assets CREDITORS DUE WITHIN ONE YEAR: Other Creditors NET CURRENT ASSETS NET ASSETS THE FUNDS OF THE CHARITY: CAPITAL ENDOWMENT FUNDS 12 INCOME FUNDS General Fund 12 TOTAL CHARITY FUNDS |
£ 6,253 7,991 14,244 8,094 102,058 |
2023 £ 2,005,134 17,026 2,022,160 6,150 2,028,310 1,926,252 102,058 2,028,310 |
£ 3,857 18,984 22,841 11,116 108,126 |
2022 £ 1,884,624 68,498 |
|---|---|---|---|---|
| 1,953,122 11,725 |
||||
| 1,964,847 | ||||
| 1,856,721 108,126 |
||||
| 1,964,847 |
Approved by the Trustees on 17[th] September 2024 and signed on their behalf by:
..................................................................................................
J C Foxon - Trustee
The notes on pages 9 to 16 form part of these accounts.
8
Dickinson Massey Underwood Gill Trust
Notes to the Financial Statements for the Year Ended 31 December 2023
1. Accounting Policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.
- a. Basis of Accounting
The Financial Statements have been prepared in accordance with the Accounting and Reporting by Charities; Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective on 1[st] January 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The Charity constitutes a public benefit entity as defined by FRS102.
The Trustees’ consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
The accounts are produced in Sterling (£).
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b. Fund Accounting
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Income Funds can be used in accordance with the Charitable Objectives at the discretion of the Trustees.
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- Capital Endowment Fund capital is retained. Income can be used in accordance with the Charitable Objectives.
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c. Income
All income is included in the Statement of Financial Activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
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Investment income including interest on funds held on deposit is recognised according to its due date of receipt.
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Monetary donations are recognised when the charity has received the relevant remittance.
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Donated services and facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt, where this can be quantified. No value is placed on the services provided without charge of the Trustees.
d. Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT which cannot be recovered and is reported as part of the expenditure to which it relates:
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Costs of raising funds comprise the costs associated with generating the investment income.
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Expenditure on charitable activities comprises those costs incurred by the Charity in the delivery of its activities and services to its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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Dickinson Massey Underwood Gill Trust
Notes to the Financial Statements for the Year Ended 31 December 2023 – continued
e. Investments
Investments are stated at their valuation on the Balance Sheet date provided by the Charity’s stockbrokers. Realised and unrealised gains on investments are reflected in the Statement of Financial Activities.
f. Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.
g. Pension Contributions
Employees of the Charity are entitled to join a defined contribution ‘money purchase’ scheme. The Charity contribution is restricted to the contributions disclosed in note 4. There were no outstanding contributions at the year end. The money purchase plan is managed by NEST and the plan invests the contributions made by the employee and employer in an investment fund to build up over the term of the plan.
h. Taxation
The Charity is exempt from tax on its charitable activities.
i. Debtors
Debtors are recognised at the settlement amount owed to the Charity or prepaid.
j. Creditors
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
k. Financial Instruments
The Charity 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 measured at their settlement value .
l. Donated Services, Good and Facilities
Donated services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
m. Judgement and Key Sources of Estimation Uncertainty
The preparation of accounts using generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporting period.
The key estimates and assumptions used in the Financial Statements are detailed in the accounting policies.
10
Dickinson Massey Underwood Gill Trust
Notes to the Financial Statements for the Year Ended 31 December 2023 - continued
2. INVESTMENTS AND INCOME
| 2023 No. 2022 No. 3I Infrastructure 10,370 10,370 Aberdeen Standard Life – European (formerly Standard Life) - - A2D Funding - - Apax Global Alpha Ord NPV - 8,021 AstraZeneca 0.25 USD 150 300 Ashtead 350 350 Blackrock Fund Managers Ltd Income D Units Inc 10,000 10,000 BP 25 cents US Ord 6,150 6,150 BNY Mell 73,500 11,500 Colchester Multistrat 4,000 - Coupland & Cardiff Fund - - CRODA 489 490 Dodge and Cox - 1,150 Fidelity UC1T 13,000 13,000 First Sentier Investment 5,000 5,000 GSK ords 25p 1,272 1,272 Haleon PLC (demerger GSK) 6,160 1,590 HKL Infrastructure 17,000 - HSBC Holding Bond 25,000 25,000 Int Public Partner Ord 1p 12,500 12,500 Inditex 900 900 Investco 6,400 6,400 Investec (Ninety-One) - 60,000 ICVC Sterling Corp Bond 50,000 - Carried forward |
Book Value Market Value Net Income 2023 £ 2022 £ 2023 £ 2022 £ 2023 £ 2022 £ 19,670 19,670 33,340 34,636 1,157 542 - - - - 375 507 - - - - - 534 - 9,581 - 15,112 - 991 2,189 4,378 15,900 33,654 596 774 15,964 15,963 19,117 16,520 278 200 13,140 13,338 18,520 17,242 897 1,653 35,769 35,769 28,668 29,206 1,373 1,145 97,818 19,186 106,060 22,065 1,868 875 35,096 - 36,036 - 880 - - - - - - 770 22,873 22,873 24,745 32,360 529 507 - 33,841 - 33,062 362 - 71,845 71,844 95,518 87,311 2,051 1,702 9,471 9,513 11,209 11,988 370 676 3,287 4,057 18,447 18,286 706 1,097 16,639 3,883 19,814 5,205 149 - 21,514 - 23,562 - 700 - 26,853 30,087 26,043 24,692 1,438 1,438 14,990 14,990 17,175 18,950 991 955 23,521 23,521 30,757 19,847 759 577 15,988 16,145 15,663 15,864 250 541 - 58,656 - 54,126 - 1,776 42,417 - 47,550 - 2,049 - |
|---|---|
| 489,044 407,295 588,124 490,126 17,778 17,260 |
11
Dickinson Massey Underwood Gill Trust
Notes to the Financial Statements for the Year Ended 31 December 2023 - continued
2. INVESTMENTS AND INCOME – CONTINUED
| 2023 No. 2022 No. Brought Forward IShares PLC 5,275 5,275 Insight Inv - 17,500 JP Morgan Global Emerg Markets GBP0.01 - 9,000 JP Morgan AM UK Ltd US Equity Income C Inv Nav 57,726 57,726 J P Morgan JPM GBL 9,000 8,000 Jupiter Unit Trust 60,000 46,886 Jupiter Japan 45,000 45,000 Legal & General 10,500 10,500 Kone 346 346 Link Fund Solutions Trojan - - London Stock Exchange - - M & G Charibond - 14,932 Redwheel Funds (RWC) - 141 Maitland Inst SVC - 25,000 Maitland M1 Select - 42,500 M1 Select Manager Bond 75,000 - National Grid 11.40p Ords 1,375 1,375 Nestle 140 - Muzinch 150 300 Ninety One 60,000 - Novartis 280 280 Pacific Assets Trust 12.5p ord - 7,400 Pimco - 5,000 Prudential 5p ord (M&G Plc) 1,500 3,000 Reckitt Benckiser 10p Ord - - Rio Tinto 10p Ord 400 400 Rit Cap Partners Ord GBP1 - 1,850 Royal Dutch Shell B 0.07 Euro - 750 Relx 400 400 Schroder Oriental Income Fund 1p ord 13,500 13,500 Scottish Mortgage Inv Trust 25p Ord 7,835 7,835 Carried Forward |
Book Value Market Value Net Income 2023 £ 2022 £ 2023 £ 2022 £ 2023 £ 2022 £ 489,044 407,295 588,124 490,126 17,778 17,260 36,518 36,516 39,726 38,328 1,795 1,429 - 14,730 - 14,465 151 - - 11,107 - 11,543 - 564 31,219 46,656 87,801 91,323 2,188 1,778 11,107 12,540 11,385 12,408 477 - 56,342 45,657 50,418 38,128 2,240 2,375 49,067 49,344 51,503 47,691 1,204 - 18,902 18,902 26,366 26,198 2,062 1,964 20,785 20,785 13,543 14,844 345 396 - - - - - 932 - - - - - - - 18,590 - 16,173 500 482 - 15,261 - 13,818 356 546 - 26,377 - 22,730 - 278 - 52,184 - 79,046 - 993 91,915 - 124,486 - 1,999 - 7,325 7,325 14,548 13,714 762 701 13,220 - 12,726 - - - 14,530 29,060 14,190 27,465 630 764 58,478 - 54,900 - 2,381 - 19,861 19,861 22,153 21,035 517 463 - 9,484 - 26,085 170 141 - 51,720 - 43,450 310 1,860 9,064 10,529 13,308 19,730 234 492 - - - - - 506 7,631 15,263 23,368 23,192 1,292 2,298 - 26,946 - 39,312 352 685 - 12,987 - 17,445 - 729 7,388 7,388 12,440 9,152 224 205 22,780 27,042 34,222 34,762 1,593 1,539 9,999 9,999 63,307 56,631 321 287 |
|---|---|
| 978,811 1,003,548 1,258,514 1,248,794 39,881 39,667 |
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Dickinson Massey Underwood Gill Trust
Notes to the Financial Statements for the
Year Ended 31 December 2023 – continued
2. INVESTMENTS AND INCOME – CONTINUED
| 2023 No. 2022 No. Brought Forward Smith & Nephew 1,480 1,480 Shell Plc - - Standard Life Euro Ord GBP 0.002 - 4,700 SSGA 1,250 - T Bailey (TB Even Lodge) - 25,025 UK 4.25% 80,000 - UK 4.5% 30,000 - UK Stock 0.125% - 41,000 Temple Bar Inv Tr Ord GBP 0.25 - - Tesco 5p Ord - - TR Property INV 10,600 10,600 Twenty Four AM - 340 Unilever 31.11p Ord 500 825 WD Evenlode 25,025 - TOTAL RBC BREWIN DOLPHIN Alpha CIF for Endowments TOTAL INVESTMENTS |
Book Value Market Value 2023 £ 2022 £ 2023 £ 2022 £ 978,811 1,003,548 1,258,518 1,248,794 21,855 21,855 15,962 16,421 - - - - - 10,054 - 21,244 67,933 - 67,900 - - 37,706 - 34,620 79,738 - 84,121 - 30,648 - 32,671 - - 39,858 - 39,524 - - - - - - - - 30,571 41,585 36,305 32,383 - 34,645 - 27,802 9,135 15,072 19,000 34,502 31,229 - 36,927 - |
Net Income 2023 £ 2022 £ 39,881 39,667 448 464 181 - - 160 782 - 571 855 1,275 - 675 - 26 - - - - 359 1,643 1,537 827 994 1,118 1,200 193 - |
|---|---|---|
| 1,249,920 1,204,323 1,551,396 1,455,290 |
47,619 45,236 |
|
| 358,000 317,000 453,738 429,334 |
12,619 12,493 |
|
| 1,607,920 1,521,323 2,005,134 1,884,624 |
60,238 57,729 |
3. OTHER ADMINISTRATION CHARGES
| Stockbroker fees Sundry Costs |
2023 £ 9,036 627 9,663 |
2022 £ 10,662 661 |
|---|---|---|
| 11,323 |
13
Dickinson Massey Underwood Gill Trust
Notes to the Financial Statements for the Year Ended 31 December 2023 - continued
4. STAFF COSTS AND NUMBERS
| 4. STAFF COSTS AND NUMBERS |
||
|---|---|---|
| Visitors’ Salaries Visitors’ Pensions Visitors’ Expenses Number of part time employees |
2023 £ 5,776 34 - 5,810 No. 2 |
2022 £ 5,417 135 437 |
| 5,989 | ||
| No. 2 |
No employee received remuneration of more than £60,000.
5. TRUSTEES’ REMUNERATION
No trustees’ remuneration or other benefits have been paid for the year ended 31 December 2023, nor for the year ended 31 December 2022.
Trustees’ Expenses
No trustees’ expenses have been paid for the year ended 31 December 2023, nor for the year ended 31 December 2022.
6. RELATED PARTIES
There are no related party transactions.
| 7. NET INCOME Net income is stated after charging: Independent Examiner’s Fee Independent Examiners Firm’s Fees for Accountancy and Payroll |
2023 £ 2,425 216 2,641 |
2022 £ 2,898 288 |
||
|---|---|---|---|---|
| 3,186 |
8. INVESTMENT MOVEMENTS
| Note Market Value brought forward 1 January 2023 Additions at Cost 10 Disposal at Carrying Transfer Value 9 Net Gains/(Losses) on Revaluation Market Value carried forward 31 December 2023 Historical Cost at 31 December 2023 Gain on RBC Brewin Dolphin Investments Gain on Sarasin & Partners Investments Net Gains on Investments Sold (note 9) Gain on Investments in the year |
RBC Brewin Dolphin £ 1,455,290 443,492 (400,193) 52,807 1,551,396 1,249,920 52,807 24,404 1,356 78,567 |
Sarasin & Partners £ 429,334 - - 24,404 |
|---|---|---|
| 453,738 | ||
| 358,000 | ||
14
Dickinson Massey Underwood Gill Trust
Notes to the Financial Statements for the Year Ended 31 December 2023 - continued
9. INVESTMENT DISPOSALS
| No. Pimco 5,000 Apax global alpha 8,021 Redwheel 141 RIT Capital Partners 1,850 Astrazeneca 150 Shell 750 BNFI UK Gov 41,000 Insight Inv UK 17,500 Pacific 7,400 JP Morgan 8,000 FDDI Muzinich 150 Twentyfour 340 Aberdeen Private 4,700 M&G 1,500 M&G Securities 14,392 Unilever 325 Sandoz 56 Dodge and Cox 2,300 |
Valuation 10/05/2007 or Later Cost £ 51,720 9,581 16,360 24,375 2,189 12,987 39,856 14,731 9,484 15,540 14,530 34,582 10,054 1,465 18,590 5,937 0 67,166 349,147 |
Market Value at 1/1/2023 or later cost £ 43,450 15,112 13,817 39,313 16,827 17,445 39,524 14,466 26,085 12,408 13,733 27,802 21,244 2,818 16,173 13,590 0 66,387 400,193 |
Proceeds £ 44,280 14,371 14,323 36,582 17,946 17,999 39,797 13.849 27,122 12,260 13,692 26,689 20,574 3,038 15,868 12,822 1.446 68,888 401,548 |
Profit/(Loss) on Disposal £ 830 (739) 506 (2,731) 1,119 554 273 (617) 1,037 (148) (41) (1,111) (670) 220 (305) (768) 1,446 2,501 |
|---|---|---|---|---|
| 1,356 |
The gain from original cost to disposal proceeds on the above investment disposals was £52,401
10. INVESTMENT ACQUISITIONS
| No. Dodge & Cox 1,150 FDBO Colchester 4,000 FDBO Man 31,600 BNY Mellon 13,500 Haleon 4,570 BNY Mellon 27,000 MI Sel 7,500 BNFI 60000 BNY Mellon 21,500 Man fixed interest 18,400 Jupiter 13,114 SPDR 1,250 BNFI UK 50,000 Nestle 140 SHVO Hicl 17,000 |
2023 Cost £ 33,324 35,096 27,029 14,982 15,869 39,432 13,549 60,941 24,560 15,537 10,431 67,933 50,022 13,276 21,514 |
|---|---|
| 443,495 |
15
Dickinson Massey Underwood Gill Trust
Notes to the Financial Statements for the Year Ended 31 December 2023 - continued
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 12.MOVEMENT IN FUNDS Funds- 2023 Capital Fund Income Fund Funds- 2022 Capital Fund Income Fund |
Tangible Assets £ 2,022,160 - 2,022,160 Tangible Assets £ 1,953,122 - 1,953,122 |
Current Assets £ (87,814) 102,058 14,244 Current Assets £ (85,285) 108,126 22,841 |
Current Liabilities £ (8,094) - (8,094) Current Liabilities £ (11,116) - (11,116) |
Total 2023 £ 1,926,252 102,058 |
|---|---|---|---|---|
| 2,028,310 | ||||
| Total 2022 £ 1,856,721 108,126 |
||||
| 1,964,847 | ||||
| Funds- 2023 Income Funds Endowment Funds Total Funds Funds- 2022 Income Funds Endowment Funds Total Funds |
At 1 January 2023 £ 108,126 1,856,721 1,964,847 At 1 January 2022 £ 131,405 2,090,859 2,222,264 |
Income £ 61,199 - 61,199 Income £ 57,807 - 57,807 |
Expenditure £ (67,267) (9,036) (76,303) Expenditure £ 81,086 10,662 91,748 |
Net Profit/ (Loss) on Investments £ - 78,567 78,567 Net Profit/ (Loss) on Investments £ - (223,476) (223,476) |
At 31 December 2023 £ 102,058 1,926,252 |
|---|---|---|---|---|---|
| 2,028,310 | |||||
| At 31 December 2022 £ 108,126 1,856,721 |
|||||
| 1,964,847 |
16