Dlcklnson Massey UrtderwDod Gill Trust
Trnstees, Report and Financial Stat¢ments
for the Year Ended
31 December 2024
Registered Charity Number 213884

Dkkfin$o￿ M45sey Underwood Glll Truit
Financial St&tements
ror the Year E￿ded 31 December 2024
Contents
Pa
Report of tht Trustees
Report of the Indep¢nd¢nt Examlner
Statenieut olFIAanelal ActiTAtle5
Iln¢luding Income and Expendltyre Account)
B#l#nce Sheet
Notes to the Flninclal Ststements
9-16

DickiR50n Ma$w Underwood Clll Trust
Report of the Trustees for the Ytar Ended 31 December 2024
The TNstees present their r¢port and the financiat $tat¢m¢mts for the year ended 31 D¢¢¢mber 2024.
The Fin￿}Cial Statem¢nts Ctstnply with the Charities Act 2011. the governing do¢ument and Accouiitin8 and Eieporting
by Charitie5' Statement of R¢¢ommended Prdctice applicable to charities preparing their&¢counts itl accordance with th¢
Financi81 Reporting Standard applicable it] the UK and Rcpublie of Ire18nd.
urPu
Th¢ pwpose of the Charity is to relieve need. hardship or distress of persons Tesiding OT fonn¢rly resident within the City
or County of Nottingham, Lincoln and Lincolnshire Derby and Derbyshire. Exceptionally assistance may be given
to per50n5 who do not meet thi5 residejjtial qualifi¢ation. Preference rDUSt be given io persons wbo are Christians.
This objective is &¢hieved by the payment of quarterly payments to individuals and One￿Off grattts to individuals or
OTgani5alions wlio meet the above crit¢ri8.
Publlc B neflt
The Charity provide$ 8 regular quarterly payment of £350 to be#eficiaFie5 who are regularly visited by the LJdy Visitors
of the Charity- Additional winter grant of £450 have been paid tts beneficiaries to help wsth risiiig fuel bills.
tn addition to the regular payments. one-off grants At¢ awarded wh￿¢ ther¢ is greai hardship, e.g. the purchase of a new
bed or fridge is required.
The Tnjstees etsnfirn) that rhey hdve complied with th¢ir duties wid¢r S¢ction 17 of the 2011 Charities Act with r¢8ard t(p
public benefit.
Achievement$ and PerfomAnce
During the year the Trustees paid regulBr p8)ryn¢nts to between 21- 24 (previous y¢ar 23_25) individuals L¥n a quarterly
basis. In addition, an additional payment was made 10 20 (previous year 261 individuals lo a5SiSt wid) their rising
heating ￿Sts. A total of £3.295 othw grwts w¢r¢ Also paid during the year.
lal Revlew
The Charity'5 work is almost entirely reliant on income and investment returns from its endowments. In¢ome foT the
year amtsunted to £68,251 of which £41,712 was expended in grants and donations, and £3,525 was expended on
pas¢oral work.
In contrast to re¢eni years. this Saw a sU￿1￿S of Income over Expenditure. The surplus was £2.184.
Jn the reportÉng year there has been an increase in th¢ valu¢ ofinve5tment5 in quo*d $har¢s. Nei unreali$cd gains for
the y¢ar are £81.982 and realisatiolls have been Jnade with losses of £1,717. Cash deposits may be used for futurc
strategic investrncnt upon the advice of the investment brokers. At 31 Deceinber 2024 th¢ Charity's total funds
amounted to £2.100.170. ThÉs is nude up of EndowmcDt Funds of £1,995.928 and lllcom¢ Funds of £104.242.
Pranci
al Fundl
Sources
Income Is generated from th¢ Charity'$ inv¢slment$ and bank d¢posit& which ar¢ held Sp￿[fICallY to provide in¢om¢ to
ettabl¢ charitable payments to be made.

Dl¢ki#$on Massey Underwood GIU Trust
Report ol the Trustees for the Yfgr Ended 31 December 2024- ¢ontlllued
Inv
tm
J)t and Reserves P li¢
The Twsiees have established a policy whereby the unrestri¢ted genera] funds not eommiited shtsuld be invested in
interesi-bearing bank accounts or other income-generaiing fomi until requircd by the Charity. The Trustces ensure that
enougb funds are held in resetve to be able to continue the present level of activity for a p¢riod of between six months
and one year, in the event of other sources ce4sing, to be able to pay all liabilities arising in the event of the Charity
¢easLn8 to exÉ$t.
Investrnents held are deSI￿ted for th¢ purposes of earning incom¢, from which the annual grants and expenditur¢ are to
be met.
As of 31 December 2024, £103,315 {2023.. £102,161) of the endowmellt filnd has been attributed to the income fund tt>
assisi irt covering ¢xpendinwe.

Dl¢klDson Ma55ey Underwood Glll Trust
Report •f tbe Trustees for the Yefir EDded 31 December 2024- continued
Reference and Admln
tr9tlve Informatlon
Charity Name:
Di¢kinson Massey Undenvood Gill Trnst
Charity Registration Nurnber:
213884
Principal and Operational Address:
POBOX 11228
Nottingham
NG14 6YY
Trnstees..
Mr R Bullock
Mr C N Cull¢n
Mr B Dunn
R¢vd. C Fotd
Mr J C Foxon (Chaiman)
Mrs A Gregory
Mr5 J D Moore
Mr C J Powell
Mr D J Towers (Resigned 25.1.251
Mr J H Treece
Dr P Sibly (Resigned 17.6.24)
liebe¢ca Cragg-Darroch (Appointeil 25.1.251
Harry Peter Townsend {Appoittted 25.1.25)
Clerk to the Trustees..
Ms A Chandl¢r
Bankers and Fund Holders:
Barclays Bank- London E14 5HP
CCLA Fund Managers Limited- London EC4R 3AB
Indq>¢ndeni Examxner..
Mr M Brady FCCA
TC Group
Cliffe Ilill Hotts¢
22-26 Nottingham Ro&d
Stapleford
Nottingham
NG9 8AA
Investment Advisors:
RBC Brewin Dolphin Ltd
35 Stauott Street
Waterfront House
Waterfront Plaza
Nottingham
NG2 3DQ
Sarasin & Partners LLP
Juxon House
100 St Paul'5 Churchyard
London
EC4M 8BU

Dickin50n Massey Underwood Gill Trust
Report of the Trn#te¢s for the Ye4r Ended 31 December 2024- Continued
str￿tthre Goyernanet and Man
¢ment
vernin
document
The organisation is a ¢haritable tlU5t governed by 8 Scheme of Arrangemeiit. approved by the Charity Commission
effwtive from I l May 2007 as atllended on 20 Ociober 2017. Ov¢Tall the Schcm¢ broiighi togeiher th¢ fovr foTmer
charities known a$ Mary Dickin501a'5 Charlty, Dr 1s2a¢ MAssey'5 ChaTity, Thoinas UndeLlV¢)od's Cha¥ity at)d Fran¢is
Butcher Gill's Charity. all of which had broadly Similar Obj￿1]V¢s.
itmeni and 8
ointment of
There may be appointed up to hv¢lve trnst¢e5, with 4 miDimum of six tNs*es. Trustees appointed for a tern) of four
years. New tn]ste¢s ar¢ made aware of their respon$ibiliti¢s by the other Trustee$ alld VaTiOU5 appropriate Charity
Commission publi¢ats"ons.
anisational struciure
The Trustees meet quartttly and #re responsible for the strategic dire¢tion and policy of the Charity. They are from a
variety of backgrounds relevanr lo the needs and work of the Charity. A number of tnJst¢¢s from a financial background
¢OTnPri5e a Finance Coinmittee to superyise the trust's fEnanckal matters.
Grant ￿plicationS above £750 ne¢d to be considered by all Trustee5. ATLythin8 urgent below this amount can b¢
con$id¢red by the Chairman and one TDJst¢e.
Mllnagement of the Chariry's investmellts is mostly delegated to their flnancial advisors, within a framework set by the
Trnstc¢s, to provide both income for the cuEr¢nt year and growth for the fU￿re.
The ongoing administration of the Charity is dele8ated to the Clerk to the TDJslees, wlw is app)inted by the Twslee5.
The Clerk, who was previously acung as aTE employee of FEeeths LLP, is now self-employ¢d.
Risk Man
tmeD¢
The Trustees have conducted a revi¢w of th¢ major risks to which the Charity is exposed. Risk5 are minimised by th¢
delegation of management and administrative tasks to approprifftte professitsnals.
Investments are managed by financial advisors. all individuals to whom quarterly payments are paid are seen by one of
the Visitor¥ who report to the T￿ste¢S at the quarterly meetings. Deci5ion5 regarding grant payments are nomially made
at the quarterly tr￿stCe meetings. In urgent and exceptional ca5e5 decisions 2re made by a duly appointed sub-committee.
Tru$te¢s' Res
oTrsibillties in rel ¢lon to the Flnanci41 St*tement$
The TNstees are responsible for preparing the Report of the Trustees and the Ftnart¢ial Stat¢m¢nts in accordance with
applicable law and Uniiea Kingdom Gcnerdlly Accepted Accounting Pracii¢e.
The law applicable to charÉties in England and Wales, the ChariiiesAci 2011. Charity (Accounts and Reports) Regulations
2008 and the provisions of the Trust Deed require the Ttwstees to prepare Fknallcial Staternents for each financial year
which 8iv¢ a tw¢ And fair view of the state of affairs of the Charity and of the incorning r¢sources 2nd appli¢aiion of
resources, including the income and expenditure of the Charity for that period. In pr¢paring those Financial Statements,
th¢ Trus¢¢es are required to..
Select suitable ac¢ouniing p)li¢ies and apply them consisi¢ntly'
Observe th¢ methods and principles in the Chariries SORP.
Make judgements alld estimates that are reasonable and PDJdent;
Slate whetberappli¢able UK accourtting 5tandard8 hav¢becn followed. subjectto any material dep2rtur¢sdis¢losed
and explain¢ii in the Financial Statemeuts: and
Prepare the FinaTJcial Statem¢nts in a¢¢ordance wÉih applic&ble law and UK Generally Accepted Accounting
Practice.

Dltklnson M*s5ey Underwood Gill Trust
Report of the TThstees for the Ye*r Ended 31 December 2024- Contlnyed
The Trustees are responsible for mairltaining proper accounting records which dI￿10$e with reasonable accuracy at any
lime the financial position of the Charily and to enable them lo ensure that the Financial Statements comply with th¢
ChaTLIic5 Act 2011. They are also responsible for s&fe8uardin8 the assets of the Charity &nd hence for taking Teasortabl¢
steps for the prcvention and d¢ieciion of fraud and other irregularities.
This report has b¢¢n prepared in aceordance with the Siatem¢nt of R￿OrnM¢Dd¢d Practi¢e'. Ac¢ounting and Reporting by
Charitie$.
Approved by ihe Tru5tee5 oR?110!2025 and signed ot) th¢ir behalf by:
J C Foxon- Tru$lee

lthdependent ExAmlner'$ R¢port
To the Trusteeg of Dlekinson M8$8ey Underwood Gill Trust
I report to the Truste￿ on my &utDination of the Accounts of Diekinson Mossey Underw(M)d Gill Trust for the year
ended 31 December 2024.
Responslbllltles and basis of Teport
As the charity tNstees of the Tn￿1 you are r¢5ponsLble for the preparation of the accounts in a￿ordance with th¢
requiremen15 of the Charities Act 2011 {"the Act").
I report in TCSP¢¢t of my examination of the Trust's ac¢owits ¢arr%cd out under section 145 of th¢ 2011 Aci and in
caIryiDg out my examination I hav¢ followed all the applicable Direct%ons given by the Charity CoinmissioTr under
Section 145{51(b) of the Act.
Indcpertdent Ex8mkner'$ stgtement
I have completed my ex&minatioii. I conflnn that no material matters have come to my attention in conne¢tion with the
examination giving me ¢ause to believe that in any mar¢rial respect..
a¢¢ouoting records were not kept tn r¢spect of th¢ TFUSt as required by section 130 of the Act., or
Ehc accounts do not accoiyl with thobe record5', or
3. th¢ accounts do not comply wkth the applicable requirenJ¢nts ¢on¢¢ming the fom and Content of accounts set
out ia the Charities (AC￿￿llts and Report5) Re8ulations 2008 0th¢i than any requiretnent that thc accounts
give e 'tThe and fair view. which is not a matt¢r ¢onsidered as part of independent examination.
I hav¢ no co￿emS and have come aeross no other matters in connection with th¢ exwnination to which airention should
b¢ drawn in this report in order to ¢nabl¢ a proper undthslandin8 of the accounL8 io be rea¢hed.
I,.J4
Mr M Brady FCCA
TC Group
Cliffe Hill House
22-26 Notiit)ghatn Road
Stapleford
Nottingham
NG9 8AA
Da¢ed.. 2 1

Dleklnson M4$5ey Underwood Glll Trust
Statement of Flnan¢l#l Aetivltles
(Including Income Ind ExpendÉture Account}
for tbe YeAr Ended 31 December 2024
C8pit81
EDdowmeDt
Year
Ytar
2023
Fund
2024
Nott
Inv¢slmenl Jneome
Bank Inieresl
Donations and Oiher Income
67,922
90
67,912
60239
239
239
794
TOTAL INCOME
61.199
EXPENDITURE
Co•ts of Ralslng Funda
Admittistr81iott Cha￿$
10.589
910
11,499
9,663
Exptndltsrt on Charltabl¢ A¢tlvltle$
Quarterly Paytnents
Christm&% Bonuses 4nd Heali1)8
Grav15 tQ guanerly beneficiories
Othcr Grants
Visitoys. Salaries, p¢nsions and Exp¢nsc5
Clerk% Fe¢s linclud2ng I￿o￿keeping and
quarterly accounts
Ac¢ountsncy attd Indq)ertdeot Examiner's
29.517
29.517
35,(X)O
8.900
3.295
6,550
8.900
3.295
6,550
6,250
1.989
5,810
13200
13,200
15.166
TOTAL EXPENDITURE
{10.5891
2,184
18,4051
(15,1041
Net Gain￿(￿SseS) irt knv¢stmcnt Ass¢¢s
80
65
r4ET INCoMEIIEXPEND￿uRE1
AND NKT 5MOVEMENT ITr4 FUNDS
69,676
2,1
71,860
63.463
TrxDsfer B¢twet* FuDds
RECONCILIATiof4 OF FUNDS:
FuDd Balan¢¢s broughi forward
al l Januory 2024
1926 252
102058
2,028310
FUND BALANCES CARRIED
FORWAiiD AT 3J DECEMBER 2024
1995 928
2 ILK)t70
2028310
Th¢ Statement of Financial Activities includes all gfftins and losses reeognised in tho y¢ar. All incomc and eKpenditure
deriv¢s from coAtinuin8 artiviti¢5.
The noteb OD pages 9 to 16 fomi part of these accounts.

Dicklnson M*5sey Underwood Glll Trust
BAlanee Shett 8$ 8t 31 Dccember 2024
2024
Réstatrd
2023
Note
TANGIBLE ASSETS
Investhjents al Valu¥iion
Cash htld by broker for re-irtVa5tment
2.081.316
10.758
2.005.134
Total TIMElblt Assets
2,092,074
2.022.160
CURRENT ASSETS
DebtOTS PrepayJn¢nts
Cash al Bank
7.169
6253
7,991
TotAI Curr¢nt A55ets
15,880
14.244
CREDITORS DUE WITHIN ONE YEAR..
Othercreditors
NXT CURRETff ASSETS
NKT ASSETS
2 100.170
2.028 310
THE FUNDS OF THE CHARITY:
CAPITAL ENDOWMENT FUNDS
1.995.928
.926,232
INCOME FUNDS
Genersl Fund
104,242
102 058
l(M.242
102058
TOTAL CHARITY FUNDS
2 100.170
2028310
2211012025
Approvedby¢h¢Tru5tees on.............................. aÉJdsiglledontheirbehaifby:
FoxoD- Trustee
The notes on pag¢s 9 to 16 fomi part of these accounts.

Dl¢klnson Massey Underwood Glll Trust
Note5 to the FlnAn¢l#l S¢atement5 for the
Year Ended 31 Deecmber 2024
AceDunthiE Pollcles
The prin¢ipal accounting policies ar¢ sumrnarised below. The accowi¢ing policies havt been applied con5isienily
throughout the year and in the preceding year.
B*s15 of Ac¢ouDtlng
The Financial Statements have been pr¢pared in a¢cordancc with the A¢counting and Reporting by CharitÈes'
stst¢m¢ni of Recommended Pra¥tiv¢ gpplicable to Charities preparing their aGoounts in accordance witb the
Financial Reporting Standard 8ppli¢able in the UK and Republsc of Ir¥land (FRS1021 effective on I" January
2019 attd the Financial Re￿rting Standard applicable in th¢ UK and Republic of Ireland (FRS102) and thc
Charitie5 Act 2011. Assets and Itabiltties are initially r¢cogEJised at historical cosi or transaction value unless
otherwise stated in the relevant accounting policy oote.
The Charity ¢on$iibJtes a public benefit entity as defAned by FRSIO2.
The Trustees. consider thai there we no ma*rial uncertainties about tli¢ Charity's ability to continue a5 a going
cort¢em.
The occounts are produ¢ed in Sterlin8 {£).
Fund Ac¢ountlng
Income Funds ¢an be used in Accordance with the Charit&bl¢ Obje¢ttves ai ihe discret￿oll of the Trustee5.
Capital Endowment Fund capital is retained. Income can b¢ used in accordance wilh the Charitable
Objectiv¢s.
Incom¢
All in¢ome is included in th¢ Statement of Financial Activities when the Charity i5 entitl¢d to the in¢ome and
the amountcan be quantÉfied wsthreasonabl¢A¢¢ura¢y. The followillg specific polici¢5 are applied to particular
categtsries of income..
Investment income including interest on fimds held on deposit is recognised according to its due date of
receipt.
Monetary donations are re¢ogtti5¢d when thc charity ha5 received the relevant remittan¢¢.
Dot)ated services and facilities are recogni5ed 85 kncoine when the Charity has coiitrol over the itein, any
conditions a￿£(￿1￿ted with th¢ donated item h8ve been met, the receipt ofe¢onomic benefit fTom the use
by the Charity of the item is probable snd that econom2¢ b¢nefit Can be mcasurcd rcliably. On receipt,
donated services and facilities are recognis¢d OD th¢ basis of the vHlue of the gift to the ChaTlty which is
the amount the ChaTity would have b¢en willing to pay to obtain services or fa¢iliiies of eqtsivalent
economic benefit on the open mark¢t' a corycsptsnding atnount is tb¢n reeognised io expenditure in the
period of receipt. where thi5 ¢&n b¢ quantified. No value Ès placed on the services provided without
charge of the Trustees.
EipeDdlture
Expenditiire is r¢cognised on an accruals basis as a liability is in¢urred. EKpenditure includes VAT which
cannot be r¢¢overed and is reportcd part of the expenditure to which it rclates..
Cost5 of raising funds comprise the Costs associated with generating th¢ inyestsnent sn¢ome.
Expenditure on charitable activities comprise5 those costs Illcu￿¢d by the Ch￿lty in the delivery of its
activities and services to its beneficiaries. It includes both ¢o$t$ that be allocated directly to such
activities aud those costs of an indireet natur¢ Th￿¢SSary io support them.

DlcklnsoD Massey Underwood Glll Tru$t
Notss to the FlThancl81 St8t¢meDt$ for tht
Year Ended 31 Dec¢mber 2024- eontlnued
IDvestmeMts
Investments are stated at their valu￿10￿ on the Balance She¢¢ date provided by the Chakity'5 Stockbrokers.
Realised and unrealised gains on investments are r¢fl¢cted in the Statemthjt of Financial Activities.
Realised galns and losses
All gaÈn5 and losses are takcn to the Statemcnt of Finan¢ial A¢tivities as they aT15¢. Rea15sed gains and losses
on inves£rn¢nts are calculated as the diffcr¢n¢¢ bctween sales PTOCEeds and theiropening carrying valu¢ orthcir
puwhas¢ value if acquired subs¢quent to the fiTSt day of the financial ycar.
Penslon ContrEbutloD$
Employee5 of the Charity are entitl￿ to join a defjned contribution 'money pur¢has¢' scheme. No
eontributions are ¢utt¢nlly due as no current employe¢ is in the scheme. The Charity contribution is restricted
to any [thcl contributions disclosed in note 4. There were no ouL8thnding contribuiions at the year end. Thc
Money purchasc plan is managed by NEST and the plan invests the contributions made by the employee 9￿d
employer in an investment fund w build up over the term of th¢ plan.
Txxation
The Charity is exempt from tax on its charitable activiti¢s.
D¢btors
Debtors are recognt$¢d at the settlement amount owed to the Charity orpr¢paid.
Credlto
Creditors dnd provisions are recognised where the Charity ha5 ¥4 present obligation resulting from a pasi event
tl)at will probably result in th¢ iransf¢r of funds to a third paty, and the amount due to setile ihe obligatiot)
Can be measured or estimated reliably. Creditot5 and provisions are norn)ally recognised at their settlement
amount.
k. FlTranelAI Instruments
The Charity has fjnancial 8$sets and fix)ancial liabilitie5 of a kind that qualify as basic fJn8n¢i81 in5trum¢nts.
Basic financial &￿￿trumentS ar¢ inilially re¢ognÈsed at transaction value and subS￿￿entlY measured Jt their
settlement value.
Donated Services, Cood And Facllltles
Donated seTvi¢es or facililies are recognised as in¢om¢ when the charity has control over the item, any
conditions asso¢iated with the donatcd ttem h&ve been meL the receipt of economi¢ b¢n¢fit from thc use by
tlie charity of the Elem is probable and that economie benefit can be Tncasur¢d reliably. On receipt, doTLated
serviec$ and facilities are recognisd on the basis of the value of th¢ gift io the charity which is the a￿Ount
the Ch￿lty would have been willing to pay to tsbtain services or facilities of equivalent e¢otJomic bellefit on
the open market. a corr¢5ponding amount is then recognised in expenditure in the period of receipi.
Judgement Key Sources of Estlm#tlon Uncert4lnty
The preparation of 0¢¢0unts usin8 senerally at¢¢pted a¢countÈng principles requi￿ mana¥¢m¢nl to mak¢
estimates and assurnptions that affect the r¢￿rt¢d amounts of assets and liabilitjes at the date of the aecounts
and the r¢ported amounts of r¢vo)u¢s and expenses during the reponing period.
The key cstimate$ and a&sumptions used in th¢ FIna￿la1 Stat¢m¢nts are detsiled in the accounting policies.
10

Dl¢klnson Massey Underwood Gill Trust
Notes to the Fin4n¢ial Statements for the
Year Ended 31 D¢ce]nbtr 2024- contlnued
2. INVESTMENTS AND INCOME
ook Vilue
M•rketVilue
P4tt
2024
2014
24
2023
Jlinfi7Ath
10.)70
IQ370
l9th70
19,670
925
33J40
1373
Ab¢tQccTr $MNdardLife-
F￿ropEan Ifomwrly Stthhthtd
375
IT*hrrKO.25 USD
189
15.702
l3.4YX)
330
Aihtc&d
3JO
15.961
15,904
350
278
Ltd Incorlle DUNiL%Tnt
10.oryi
32,874
13,140
36,885
DP25 cen1& Usord
15Q
35,769
24,170
28,668
1.459
BNYMcll
TJJ
120.126
97.818
lQ6.1kn)
3J75
1.868
CokaLesfyMvlli5bat
35,096
35x86
34J39
36.036
l)47
CRODA
490
.87J
21873
l6J87
24.745
529
DJ•geo
21,964
20)
Dodgc and Cox
302
24J94
529
FithliiyUCIT
15.1
3,0
71.84J
129.375
2J83
Fk%tSenh¢rknveStsJJaJt
IiJ09
3?0
QSK otd>Jp
1272
1.2r2
3,287
3287
18.447
776
fr14leon PLC(derr*r8exf￿K)
160
160
16.4539
I￿39
13248
149
HKL
i?,(
17,(
20,J96
23.562
1.403
700
HSBC HoWuJ¥BDnd
25JM U.(
20,855
260J3
,4Ai
26.Q43
Inl Partnerord Ip
12.J
14.wj
14.990
l.Q46
23J21
2] J21
3&,￿8
JQ757
928
759
Invt*r¢
15.988
17.549
15.66J
433
ICVCSicriingCorp Bond
42.417
42A17
51,1fy)
3A22
2.049
582343
489,tW4
69B,810
25.871

Dickinson M*ssey Undenvood Glll Trust
Notss to the Flnanclal Statements for the
Year Ended 31 December 2024- continued
2. INVESTMENTS AND INCOME- CONTINUED
MtyketVAlue
2913
Z024
2023
F4
2014
2•24
1423
r¢rytht FDrw4rd
582.243
489,044
588.124
Isbtrcs PLC
SJ75
70.0fy)
39.726
2,560
t.￿5
InsiBhTInv
JPMo4a# AM UK US
Fquiiylnconjec In¥￿¥
57.726
57.726
97.146
118
JPMw)PMGBL
11,107
11,915
4T7
Juprf¢rUnitTtust
(rfJ.Iw
36.342
56.342
47,596
45,IX¥J
45.(
49,067
49.067
53.685
ioJ
i¥,W2
24.IZ9
26J66
2,166
K￿¢
346
345
&G CknribDnd
Redwtrrtl Funds{KWCI
356
75,
75.(
24,486
Nalional fjrid I1.4r]pOrdi
IA877
14,548
970
762
Trleblle
13.2
9,233
Mwnch
14.545
14.5
14.l44
J4,190
630
Ninely (h
60.WO 6QI
5¥.47B
54,396
54.W)
1642
1381
2JQ
PjciricA￿d1TDjsl 12.5poTr1
PIDJ
Prudtrtltg15p IM&G Plc>
9,064
231
Rio Tini1> Iopord
41N)
23.368
1292
RiiC¥pPinncrnOtdCBPI
352
Rdx
7,388
?J88
12.44D
224
Ipord
13.XW)
13.5
22.780
22.780
3&1JS
34.222
Ih20
Scot115hMDrtyB¢ Inv
TtyitUp Old
7W5
9.999
63.3fi7
12

DickInso￿ Ma$sey Underwood GIU Trust
Nt)tes to the Financial Statement$ for the
YeAr Ended 31 December 21124- eontlnued
2. INVESTMENTS AND INCOME- CONTINUED
Bookvlllue
2023
Mllrktt
N¢t lo¢ome
2024
2DIJ
24
21J23
2024
io
2023
P4
Broug￿F¢T￿1rd
1.334.849
,2$8J14
39.881
&￿Eth￿NephEw
1,48
1S,962
448
g)tll Pl
SSGA
1250
1250
67.933
67.933
71&12
1.461
TBiiky£7B E¥thL￿)
UK4.25
BO.000
o,ooo
79,738
79.73
84,121
JJ94
1.27$
UK4.
30.00
30,618
JO.645
JO.346
lJ50
07$
UKStwkO.125%
26
TRPryettylNV
100
lQ600
30571
Jos71
36JOS
1.64J
AM
82?
Unileverjl llpot
500
JOD
37.740
19.iw
734
IVD
IOA
25.025
12.479
Jl,229
36.927
345
TOTAL
ItBC BREW]N
DOLPHIN
9.92
460
51.4
Awa CIFfor
ERdwm¢nLS
156,000
3J8.WO
492.856
TOTAL
IP41TsfMENTS
1.647.679
l.fW.92fl
2.081,Jl6
2.￿$.1)8
67.9Y2
339
OTHERADMINJSTRATION CHARGES
2024
Stockbroker fe
Sundry Costs
10,589
910
9.036
627

Di¢klrt$oR Mxssey Underwood Glll Trust
Note$ to the Flnancl*l St*tements for the
Ye¥r Ended 31 December 2024- eontlnued
STAFF COSTS AND NUMBERS
VisilOJS' Solaties
Visito￿. P¢nsions
Visitors. Expcnscs
6J(X)
5.776
34
250
No.
No.
Numberof parttime employee5
No e]nplayee received r¢mUn¢r￿1on of more than £60.0￿.
TRUSTEES. REMuf4ERATIof4
No tn￿tees. r¢muncraÈion or other bcnefits have been paid for the year ended 31 December 2024, nor for the year ended
Jl Dexernber 2023.
Trustees. Exp¢n$es
No trustee5' expenses hav¢ been pid for the year ended 31 December 2024. nor for the year endEd 31 Dtcember 2023.
RELATED PARTIES
There are no related party tr2nsa¢tions.
NET INCOME
Net income is stated after charging..
Independent Examin¢r's F¢¢
Independ¢nl Examin¢r$ Fimi's Fees for Accountancy and
Payroll
2,700
450
2,425
216
INVESTMENT MOVEMENTS
RBC Br¢wln
Dolphi
SarAsln &
Pa*tnEr
mÈrk￿ Vo]ur brou8ht fonvDrd l Januw 2024
Addiuons DI C051
Disp)5al ai CatryingTrnnsf¢rValuv
Nct OaiTr&llLos3¢51 OD Revhluaiio
Market V4lut ¢4rried forward 31 tknmber 2024
453.738
)0
133.437
1139,2371
1 588 460
492 856
Histori¢pl C4>5t al 31 DKember2024
1289 679
Gkinoo RBC BTEwin Dolphin IDveBJnenrs
Gain on SarHsin & Partners InvL%knltnL%
Nw GaiDs1{L4)ssc$}on Inwtyithttsts Soldlntrto91
42.864
Gaill on 7￿C￿tm￿lS in the yeÈr
80.265
14

DlcklDson Massey Underwood Glll Trust
Note5 to the Fln8n¢l8l Stotemtllts for the
Yur End¢d 31 December 2024- roBtiDued
INVESTMENT DISPOSALS
V*luAtits#
lo10512￿7
Trr LNt¢r
Msrk¢t
V•l4¢ it
Iiir21124or
Pr0flVO￿1s)
ProtÈÈd$
DL*pos5tl
Scouish Mott888¢
5.835
9,999
63J07
63,641
334
Firs1 S¢nli¢T
5,WO
9.471
11,209
IOJ97
W IkvcnW¢
15.025
18.750
21308
22.681
773
PEudenLial
1.500
13J08
I l J29
11,979)
Smith & Nephew
1,480
21.85S
15.962
14,579
Kon¢Dyi
346
20.785
14.693
IJ7
20
10. INVESTM£IYT ACQUISITIONS
2024
Cost
No.
800
5,350
13.000
10.000
2.000
425
SHVO Diago
FDDI Shares
FDEQ BNY Mellort
FDEQ Blackrock
FDDI Fidelity
SHVO Fastenal
National Grid
21.964
27.942
22,385
19.896
15.865
22,799
133 437
15

Dl¢kln$tsn Ma55ey Underwood Glll Tru8t
Notes to the Flnanclil St*lements for the
Ye4r Ended 31 December 2O24- torttltt￿ed
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
T&￿Elb1¢
A5*ts
C*Tr¢N¢
Ajsets
C*rrellt
LIAbllltle5
Tothl
21J24
Fund5- 2024
Capital Fund
Income Fund
1,988,759
103.315
2 092 074
7.169
1,995,928
2,100,170
Tk4lb]e
sets
CHrr￿￿t
Amtts
Current
LthbllltlES
21J23
Fund - 2112
Capit¥l Fund
lrtctsme Fund
1.919,999
102 161
2022 160
6,253
.926,252
102 058
14 244 ￿10
12. MOVEMENf IN FUNDS
At
l J•th￿ry 21124
Net Pr￿fiv
(Loss)
I￿Ve11￿ertts
Tra￿$[￿r5
At31
Deeomber
1014
xperLdiMre
Funds- 2024
Endowment
Funds
Income Funds
1.926,252
102,058
{10.589)
166.067)
80.265
1,995,928
104,242
68.251
Total Funds
2028 310
2 100 170
Net Prollu
(t￿5£)￿1
At31
D¢¢euLb¢r
l J*th*ary 2024
Ineome
2024
Funds- 20
Endowment
Funds
In¢ome Funds
1,856,721
108,126
(9,036)
(67,267)
7B,567
1,926,252
102,058
61,199
Total Funds
1.964.847
78,567
2,028.310
16

Dickinson Massey Underwood GIU Trust
Notes to the Fln#ntial Statements for the
Ye*r Ended 31 De¢ember 2024- contlnued
IJ. PRIOR YEAR ADJUSTMENT
CORRECTION OF AF4ALYSJS OF NET ASSETS BETWEEN FUNDS
During the preparation of the 2024 financial statements, i¢ was identified that the allocation olas5els and liabi]ities
between the c4pitsl and income funds had bcen incorrectly rccogni5ed for the year ¢t￿ed 31 Dcccmbcr 2023.
Although this emrhad llo effe¢t on totsl income, expenditure. it did impact the presentation of the analysis of net assets
between funds. The error has now been ¢orr¢¢ted through a prior year adjustment, and the compaTativ¢ figures for 2023
have been reststed &ccord&n81y.
l Restated An8lysis of Net Assets between Fund- As at 31 De¢ember 2023
Fund {Aft¢r)
Tanglble Assets Current Assets Current Liabillty Closing b91ance
(After)
(After)
(After)
(After)
Capit81 Fund
1.919,999
6,253
1.926.252
lllcome fjjnd
102,161
7,991
18094)
102,058
Tot&1 Funds
2,022.160
14244
180941
2.028,310
Fund (Before)
Tangible A$$e¢s Current Assets Current L5ablllty Closlng balAo¢e
(Before)
(Before)
(B¢for¢)
(Before)
Capital Fund
2.022.160
{87.814)
(8094}
1,926.252
Income furtd
102,058
102,058
Totsl Funds
2,022,160
14.244
{8094)
2.028.310
17