**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|
|---|---|---|
## **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:
- Select suitable accounting policies and apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; and
- 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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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 (£).
- b. **Fund Accounting**
- Income Funds can be used in accordance with the Charitable Objectives at the discretion of the Trustees.
- - Capital Endowment Fund capital is retained. Income can be used in accordance with the Charitable Objectives.
- 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:
- Investment income including interest on funds held on deposit is recognised according to its due date of receipt.
- Monetary donations are recognised when the charity has received the relevant remittance.
- 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:
- Costs of raising funds comprise the costs associated with generating the investment income.
- 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.
9
**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|
12
## **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