THE PB DUMBELL CHARITABLE TRUST Charlty reglstratlon numbèr 232no ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDEO S APRIL 2024 THE PB DUMBELL CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustoès Mrs C M Aarvold Ms J B Jarvis (Appointed 1 January 20241 Charlty numbèr 232770 Prlnelpal addr•ss Lower Hayion Grange Lower Hayton Ludlow Shropshire SY8 2AQ Independont examiner Dyke Y￿￿ey Limited 1 Brassey Road Old Potts W8y Shrewsbury Shrop$hire SY3 7FA THE PB DUMBELL CHARITABLE TRUST CONTENTS Page Tnjstees. feport Independent examiners report Statement of financjal activities Balance sheet Notes lo the fin8n¢ial stslemenls 6-11 THE PB DUMBELL CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report and financial ststements for the year ended 5 April 2024. The financial statements have been prepared in accordanc£ with the accountsng poliaes set out in note 1 to the financial 5tstements and comply with the Trusl's governing documenl. Ihe Charities Act 2011 and "Accounting and Reporting by Charities.. Staternent of Recommended Practice applicable to charities pieparing theii accounts in accordance with the Finan￿81 Reporting Standard appltsble in the UK and Republic of Iieland IFRS 1021" leffective 1 January 20191. Oblectlves and actlvltles The late Mr Philip Bums Dumbell, 8 Wolverhampton industri81isl, w8$ the Setllor of The P B Dumbo11 Chaiitable Trust. Under the temis ol the Trust Deed, income and capital a￿ to be applied for general charitable purposes at the discretion of the Trustees. Public benefjt The Trustees have paid due regard lo guidance issued by the Charity Commission in deciding ￿at activities the Trust should undertake. The trustees consider the obj'ectives and acb'vibes of the trust are of a public benefit. Grant making policy It is the Trustees. policy to make donabons to charitable organisalions, focussing on those in the Wolverhampton and Shropshire afea, in accordance with the wishes of the Settlor. The Tnjstees do not make grants for educational purposes. Achlevements and ￿rforManCe Signific&nt activities 8nd &chievements ag8insl objectives The Trustees are pleasetj to support 24 Ictsl organisalions and ontr inl¥malional OffJani$81ion. The overall reserves of the Trust decreased by £70.268 to £1,279,49812023.' decre&s8 of £121,829 to £1,349,766). Flnanclal r•vl•w Ch8ril3ble donations made for the year under review amounted 10 £47.001. 8n increase of £6.502 compared with the previous year12023". £40,499), whilst support and govemance costs were £92012023. £7,470). Th1$ year the chanty incurred £11,29312023". £10,674) in investment management charges. Reseryes Policy It 15 the general poliry of the Truslees to distribule all inc4Jffle after meeling support and govemance c05t5 and not lo build up re5erve5. Inv6Stment policy The Trust's investments are managed on an advisory basis ty EFG Harris Allday. a trading dNision of EFG Private Bank Limited. Investment income increasÈd on last year at £54.102 12023." £52,756). Addition8ty, thè rèvaluation ol thè investment portfolio resulted in a decrease of £71.24912023". deuease of £105,287). Majorrisks The Trustees hav8 considered the maitir wisks to whith the d)8rity ts exposed and have rèviewed thosè risks and have establishe¢J systems and procedures to manage Ihose risks. The Trust consi¢Jers the variabilty of investment retums to constitute the Trusfs major risk. Plans for futu￿ periods It is the intention of the Trustees to conb.nue making chariiable grants for as long as there are funds available. THE PB DUMBELL CHARITABLE TRUST TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Struetur•. gov•mane• and managèment The Trust was formed in 1964 and registered as a tharity with the Charity Commission for England and Wales undei registration nurnber 232770 on 13 June 1969. It was constrtuted by a Deed of Settlement dated 13 January 1964 and supplemental settlement dated 21 May 1969. The Trustees who served during Ihe year and up to the date of s￿natUre of the finanaal statements were.. Mrs C M Aarvold Ms J B Jarvis (Appointed 1 January 20241 Recruitment 8nd appointment oltrustees The power to appoint new Trustees is vested in Ihe existing Trustees. The Trustees meet forrnalty on an annual basis. but a150 meet infomwlty from tim￿t￿time lo review finances and investrnenl performance, as well as to discuss and assess granl applications. Thtr￿ are a number oflru$l&e$ that have been in place for MO￿ thon 9 years. The Trustees, report Was approved by the Board of Twstetrs. Gjrolwi knvold Mrs C M Aarvold Tru8i¢e Date.. THE PB DUMBELL CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PB DUMBELL CHARITABLE TRUST I report to the Trustees on my examinth.on of the finanaal statements of The PB Dumbell Charitable Trust (the Trust) for the year ended S April 2024. Responsibilities and basis of report As the Trustees ol the Trust you are responsible for the p￿Parat￿l of the finanaal statements in accordance the requirements of the Charities Act 2011 Ithe 2011 Acti. I report in respecl of my examinaknon of the Twsys financjal statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions gNen by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlnels statement I have compleled my examination. I confirm that no rnallers have Come lo my altenlion in connects'on with the ex8minalion giving me cause to believe th81 in any m8teri81 respect.. accounting records were nol kept in respect of the Trust as reqUI￿d by section 130 01 the 2011 Act., or the financial ststemènts do not a¢¢ord wrth those re¢ord$", or the financial staternents do not compty wth the applicable requ1￿Men13 conceming the fomi and content of accounts set out in the Charities IAccounls and Reports) Regulab'ons 2008 other than any reqU1￿ment that the 8¢¢0unts give a true and fair view which is not a maller ￿nSIdered as part of an independent exarninalitsn. I have no ¢on¢8ms an¢J have a¢ross no olhef matters ￿ conn¢¢tion wilh th¥ examination lo which attention should be drawn in this report in order lo enable a proper understanding of the financial statements to be reached. Mark Grfffiths FCA Oyke Yaxley Llmlted 1 8rassey Road Old Potts Way Shrèwsbury Shropshire SY3 7FA Dated.. THE PB DUMBELL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unrestrtcted fund# 2024 Unrestrlcted funds 2023 Not•s Income from: Investments 54,102 52,756 Total Ineom• 54,102 52,756 Expendlture on.. Raising fund5 Charitable activities 11,293 47,921 10,674 47,969 Total exp8ndltur• 59,214 58,643 Net gainslllossesl on investments 165,1 $61 1115,9421 Net •xp•ndltur• and mov•m•nt In fund• 170,2681 1121,8291 Reconclllatlon of lund8: Fund balan￿$ al 6 April 2023 1,349,766 1.471,595 Fund balanc•• at 3 Aprll 2024 1,279,498 1,349,766 The statement oi financial activibes indude$ •ll gains and h)sses re¢ognised in the year. All in¢om& and expenditur& derive from continuing activitiès. THE PB DUMBELL CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Notes Flxed assets Investments 11 1.233.197 1,223,519 Currnnt assèts Cash 81 bank 8nd in hand 49.422 131.418 Cr•dltors'. amounts falllng du• vAthln onè y•ar 12 {3,121) 15.1711 Net current assets 46,301 126,247 Totsl a88et8 le88 current IlabllStl•8 1.279.498 1.349,766 Th• fund8 of tho Trust Unreslrided funds 13 1,279.498 1,349,766 1,279,498 1.349,766 The financial stslemenls were approved by the Trustees on . G6ty0J￿ knvoJJ Mrs C M Aarvold Trustee THE PB DUMBELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Aecountlng pollel•s Charfty Snforniatlon The PB Dumbell Charitable Trust is an unincotporated chaity, constrtuted under a Trust Deed and is registered with the Charity Commission lor England and Wales, cegistration number 232770. The address of the principal office is Lower Hayton Grange, Lower Hayton. Ludlow. Shropshire, SY8 2AQ. 1.1 Accounting convention The financial statements have been prepared in accordance with the Tnjst's goveming document, the Charities Act 2011, FRS 102 "The Finanaal Reporting Standard applicable in the UK and Republic ol Ireland I'FRS 1021 and the Charities SORP "Accounting and Reporting by Charrties.. Statement ol Recornrnended Practice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" leffectsve 1 January 20191. The Trust is a Public enefil Entity as defined by FRS 102. The financial stalemenls are prepared in sterfing. which is Ihe lunth.onal currenq of the Trusl. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost ￿nVentson. The principal accounting policies adopted are set out below. 1.2 Ch?rltobl¥ fund¥ Unrestricted funds are available for use at the discretion of the Tru6tees in furtheran￿ of their charitable objectives unless the funds have been designated for oiher pU￿0$eS. 1.3 Incom• Income is re¢ognised when the Tw$1 is legalty enlilled lo rt after any perfoman¢& Conditions have been mel, th¥ amounts Can be mea$ufed r¥liabty, and it 1$ probabl¢ th81 in¢om& will be fe¢&ive4. IA Expendltur* Expenditure is recognised once Ihere is a legal or constructive obligation to transfer economic benefit to a third paty. it is probable thal a Iransfer ol economic benefils will be ￿qUired in setuement, and the arnount of the obligation can be rneasured reliabty. 1.S Flxed asset Investments Fixed asset investments are initialty measurèd at transact*)n pricè èxduding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpendrturel for the year. Transaction costs a￿ expensed as incurred. 1.6 Impaim•nt of fix￿ ass•ts At each reporting end date. the Trust reviews the carying affKJunts of rts tangible assets to determine whether there is any indication that Ih05e assets have suffered an impai￿ent loss. If any such indication exists. the recoverable amount of the asset is estsmated in older to determine the exlenl of the imp8irmenl10s5 lif 8nyl. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits hekl at call with banks. other short-temi liquid investments wrth original maturities of three monlhs or less, and bank overdrafts. Bank overdrafts are shown wrthin borrowings in curient Ila￿.1￿1es. 1.8 Fin8n¢ial Instruments The Trust onty has financial assets and finanaal liabilthes of a kind Ihat qualfy as basic financial instruments. Basic financial instruments are initialty recognised al transaction value and subsequently measured al their settlement value with the exception of bank loans whKh are subsequen¢ty measured at amortised cost using the effective interest method. THE PB DUMBELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (Continuedl 1.9 Crèdltors and ProvSslon8 Creditors and provisions are recognised where the charrty has a present obligation resurting from a past event that will probabty resutt in the transfer of funds 10 8 third p8ty and the amount due to settle the obligation can me8sured reliabty. Creditors and provisions 8re norTn81ty recognised 8t their settlement 8mounl 8fter allowin9 for any trade discounts due. Income from Investments Unre8tricted Unre8tricted funds funds 2024 2023 Dividends ￿Ceivable Interest receivable 42,746 11,356 48,814 3,942 54,102 52,756 EXp•ndllU￿ on ral$lng fund¥ Unrnstrfct•d Unr88trlct•d fund¥ funds 2024 2023 Investment management 11,293 10,674 Exp•ndltur• on charftsbl• actlvrtl•8 Unrestrtcted Unrestrlcted Funds Funds 2024 2023 Dlrect Cogts Donation5 47,W1 40,499 Share of 8UPPOrt and gov•mance eosts Is8• not• 5) Support Governance 2,080 11,1601 5,875 1,595 47,921 47,969 Analysis by ftjnd Unrestncted funds 47,921 47,969 THE PB DUMBELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Support eosts allocat•d to aetlvltS•s Unrestrlcted Funds 2024 Total 2023 Accountancy Governance 2.080 11.1601 5,875 1.595 2024 2023 Gov•mane• eosts eomprl8•: Audit fees M H Gilbert 1,040 12.2001 1,595 11.1601 1,595 Net rnovement In fund* 2024 2023 The nel movement in fvnds is $181¢d after ¢hargingll¢reditingl= Fees pgyabl¥ for the Indo￿n0•nI examination of lh& ¢harity$ finan¢191 statements 1,040 1,S95 Tru8t••8 Governance costs include a negative balance of £2,200 12023.. £nill to account for an overprovision of amounts payable to Mr M H Gilbert, a fomer truslee, who was a professional Trustee and a member of the Soriety of Trust and Estate Practilioners. He was responsible for the day-tTrday administration ol the Trust and liaison with the Investment Manager. Aci¥ual8 indudes 8 b818nce ol £nil12023'. £2,200) payable to Mr M H Gilbert al the year end. Employ•è• The average monthty number of employees during the yearwas-. 2024 Number 2023 Number Totsl There were no employees whose annual remuneTation was more than £60.000. THE PB DUMBELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Galns and lossès on Inv•stm•nts Unrestricted Unrestrlcted funds funds 2024 2023 Gainslllossesl arising on.. Revaluation of investments Sale of Investments 171,2491 6,093 1105.2871 110,6551 165,1561 1115,9421 10 Taxatlon The chanty is exempt from taxation on ils activittes because all its income is applted for charitable purposes. THE PB DUMBELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 Flx•d ass•t Inv•stm•nts Llstèd Inv•stments Cost or valuatlon Al 6 April 2023 Additions Valuation changès Disposa15 1.223,519 213.863 171,2491 1132.9361 AI 5April 2024 1.233.197 Corrylng amount At 05 April 2024 1.233.197 At 05 April 2023 1.223,519 Flx•d as8•t Inv•8tm•nts rnvalu•d Listed investment5 are included in the accounts at Iheir open market v8lue as a15 April 2024 12023.. 5 April) The book cost 81 this dale was £1.007,25812023= £933.0401 12 Credltor¥'. arnounts falllng due wlthln one year 2024 2023 Accruals and delerred Income 3,121 5,171 13 Unre¥trl¢ted fund¥ The unrestricted fun¢Js ol the tharrty comprise the unexpended balances of donatlons and grants whlch are not subject lo specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set a*de out ol unrestricted funds by ihe trustees for specific purposes. At 6 Aprll 2023 Incomlng resourc Resources expended Galns and I0￿e$ At S Aprfl 2024 General fvnds 1.349.786 54.102 159.2141 165.1561 1.279.498 Prevlous year: At 6 Aprfl 2022 Incomlng resources Resources expended Galns and losses At 5 Aprll 2023 General fvnds 1.471.595 52.756 158.6431 1115.9421 1.349.766 10- THE PB DUMBELL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 14 R•latod party transaetlons There were no disdosable related paty transactions during the year12023- none).