DUMBRECK CHARITY
ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021
DUMBRECK CHARITY
INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021
| REFERENCE AND ADMINISTRATIVE INFORMATION REPORT OF THE TRUSTEES INDEPENDENT EXAMINER’S REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET GRANTS PAYABLE NOTES TO THE ACCOUNTS |
Statement 1 2 3 4 |
|---|---|
DUMBRECK CHARITY
REFERENCE AND ADMINISTRATIVE INFORMATION
Trustees: ACS Hordern (retired 23 October 2020) HB Carslake Mrs JE Melling Mrs JE Uloth Accountants: PS Accounting 41 Sycamore Drive Hollywood Birmingham B47 5QX Independent examiner: Ian Bidmead FCA Stanley Yule Limited Chartered Accountants Waterside House 1649 Pershore Road Birmingham B30 3DR Bankers: Lloyds Bank plc Units 2&3 Caxton Gate 36/38 New Street Birmingham B2 4LP Solicitors: Shakespeare Martineau 1 Colmore Square Birmingham B4 6AA Investment manager: EFG Harris Allday 33 Great Charles Street Birmingham B3 3JN Registration number: 273070 Registered address: c/o PS Accounting 41 Sycamore Drive Hollywood Birmingham B47 5QX
DUMBRECK CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021
The Trustees present their annual report and financial statements of the charity for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting 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 1 January 2019).
Going concern
The accounts have been prepared on the basis of being a going concern. The Trustees confirm that they have taken into account all available information about the future for at least 12 months from the date the accounts were approved and conclude that there is no uncertainty relating to going concern.
Structure, governance and management
The Dumbreck Charity was created by the late Mrs B H Mellor by a Deed of Settlement dated 6 January 1976. Further gifts to the trustees were made by Miss BY Mellor on 31 January 1978 and by Mrs Mellor on 14 August 1979 and 22 October 1985. In addition, part of the estate of the late Mrs Mellor, who died on 9 April 1986, was given to the trust by virtue of a deed made by Miss BY Mellor on 7 November 1986. On 25 October 1991 Miss BY Mellor made a further gift of investments to the Settlement. Miss Mellor died on 29 July 2008 and left a quarter of the residue of her estate to the trustees.
The trustees hold the settled property upon trust to apply the income in payment of donations to such charitable institutions or for such charitable purposes as they or a majority of them shall determine. The trustees also have power to apply capital in the same manner.
The original trustees were appointed by Mrs B H Mellor. Since her death, the power to appoint new trustees is vested in the existing trustees. The trust deed provides that there should not be fewer than three trustees at any time.
Objectives and grant making policy
The objective is to support general worthy causes and donations are made to any charitable institution or for charitable purposes, provided there is majority agreement amongst the trustees. The trustees regularly consider applications for donations and meet every six months to approve expenditure.
In general, new applications are only considered from organisations in the Midlands counties.
The majority of the donations made fall within the following categories: animal welfare and conservation, children’s welfare, care of the elderly and physically or mentally handicapped, general medical and culture and the arts. However, applications for donations for other purposes are considered.
Achievements and performance
The charity has continued to be able to support charitable causes and has made grants totalling £123,250 during the year, as shown on Statement 3 (2020 - £153,250). The trustees are satisfied that this expenditure is ultimately for public benefit having regard to Charity Commission guidelines because the donations are to other charitable organisations, whose funds are generally utilised for the benefit of a wide population.
DUMBRECK CHARITY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)
Investment policy and returns
There are no restrictions on the charity’s power to invest and the trustees have power to delegate discretionary powers of investment to an investment manager. The charity has adopted a total return policy for its investment income and a strategy and risk profile is agreed annually with the investment manager. The investment performance is reviewed via the manager’s quarterly reports and the trustees meet with the manager annually to discuss this performance. The total return on the investments over the last year was 41%, which is regarded by the trustees as being satisfactory compared with relevant indices.
Reserves policy
The trustees have reviewed the reserves of the charity, which are wholly unrestricted. The majority of these reserves are represented by investments. The trustees do not actively fundraise and therefore rely on the income earned from these investments to enable them to continue their philanthropic work. The trustees consider that the current level of reserves is appropriate to enable them to continue to fund grants and governance costs without significantly reducing the investment capital of the charity.
Financial Review
Income for the year is similar to that of 2020 being £174,848 (2020 – £171,035). There are no costs of raising funds because the investment manager does not charge separate fees and their commission charges are included in the investment acquisition and disposal costs. Grants payable have reduced from £153,250 in 2020 to £123,250 this year, primarily because of the uncertainty of the income flow because of the market conditions during the year and also because some charities usually supported had closed due to COVID-19 restrictions. Other costs are similar to last year being £9,867 (2020 – £9,727). There have been net gains on investments this year of £1,325,959 (2020 – losses of £949,122), a significant increase due to the world markets recovering after the COVID-19 pandemic. The net result is net income of £1,367,690 (2020 – net expenses £941,064).
Investments under management total £5,114,661 (2020 - £3,788,115), an increase of 35%.
Risk Management
The trustees have examined the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate our exposure to the major risks.
Approved by the trustees on 30 June 2021
DUMBRECK CHARITY
Independent examiner’s report to the trustees of Dumbreck Charity
I report to the trustees on my examination of the accounts of Dumbreck Charity (the Trust) for the year ended 5 April 2021, which are set out in Statements 1 and 2, Statement 3 which comprises pages 1 to 5 and Statement 4 which comprises pages 1 to 3.
Respective responsibilities of trustees and examiner
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 Trustees’ 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 2011 Act.
Independent examiner’s statement
I have completed by 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
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(2) the accounts do not accord with those records; or
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(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.
Ian Bidmead FCA
Stanley Yule Limited, Chartered Accountants Waterside House, 1649 Pershore Road, Birmingham B30 3DR
Date: 6 August 2021
STATEMENT 1
DUMBRECK CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
| Statement INCOME Income and endowments Investment income (Note 2) 4 Gross bank interest TOTAL INCOME EXPENDITURE Costs of raising funds Charitable Activities Grants payable 3 Other expenditure Accountancy and administration charges Independent examination Meeting costs TOTAL EXPENDITURE Net gains/(losses) on investments (Note 3) 4 On Listed investments NET INCOME/(EXPENSES) AND NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2021 174,824 24 174,848 - 123,250 8,895 972 - 133,117 41,731 1,325,959 1,367,690 3,869,087 £5,236,777 |
2020 171,000 35 171,035 - 153,250 8,665 972 90 162,977 8,058 (949,122) |
|---|---|---|
| (941,064) 4,810,151 £3,869,087 |
STATEMENT 2
DUMBRECK CHARITY
| BALANCE SHEET - 5 APRIL 2021 Note Fixed Assets Investments under management 3 Total Fixed Assets Current Assets Investment income receivable Balances at bank 4 Total Current Assets Creditors: amounts falling due within one year 5 Net Current Assets Net Assets REPRESENTED BY FUNDS Unrestricted income funds Total Charity Funds |
93 126,295 126,388 (4,272) |
2021 5,114,661 5,114,661 122,116 £5,236,777 5,236,777 £5,236,777 |
2020 3,788,115 3,788,115 80,972 £3,869,087 3,869,087 £3,869,087 |
||
|---|---|---|---|---|---|
- 85,044 85,044 (4,072) |
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Approved by the trustees on 30 June 2021
STATEMENT 3 PAGE 1
DUMBRECK CHARITY
GRANTS PAYABLE FOR THE YEAR ENDED 5 APRIL 2021
REGULAR DONATIONS
| ANIMAL WELFARE/CONSERVATION The British Horse Society Brooke – Hospital for Animals Cairo Redwing Horse Sanctuary Spear CHILDREN’S WELFARE The Stars Appeal (Children’s Ward Salisbury Hospital) The Country Trust Young People First CARE OF THE ELDERLY AND PHYSICALLY/MENTALLY HANDICAPPED Dogs for Good Guide Dogs for the Blind Association The Injured Jockey’s Fund The Riding for the Disabled Association The Royal British Legion Poppy Appeal Warwickshire Vision Support MEDICAL Hannah’s Willberry Wonder Pony Charity Kissing It Better Salisbury Hospice Charity Shipston Home Nursing Wessex Children’s Hospice Trust (Naomi House and jacksplace) MISCELLANEOUS The Countryside Alliance Foundation Countryside Restoration Trust Hunt Staff Benefit Society SSAFA Forward |
2,000 2,000 1,000 2,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 3,000 1,000 1,000 1,000 1,000 1,000 |
7,000 3,000 6,000 7,000 4,000 27,000 |
|---|---|---|
DUMBRECK CHARITY
STATEMENT 3 PAGE 2
GRANTS PAYABLE FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)
Forward
27,000
SPECIAL DONATIONS
ANIMAL WELFARE/CONSERVATION
| The Barn Owl Trust Birmingham Dogs Home Bumblebee Conservation Trust The Donkey Sanctuary The Farm Animal Sanctuary Friends of the Dartmoor Pony Greatwood – Horse Power Programme Mare and Foal Sanctuary Prickles Hedgehog Rescue Warwickshire Hedgehog Rescue CHILDREN’S WELFARE Bentley Beginnings Birmingham Boys and Girls Union (BBGU) Clowns in the Sky Edward’s Trust Footsteps The Honeypot Children’s Charity Guy’s Gift St Mary & St Margaret's CE Primary School Fund Shirley & District Sea Cadets Zoe’s Place Trust |
500 1,000 500 500 500 500 500 500 500 500 5,500 1,000 1,000 1,000 1,000 500 1,000 500 500 500 500 7,500 |
|---|---|
CARE OF THE ELDERLY AND PHYSICALLY/MENTALLY HANDICAPPED
| ARCOS | 1,000 |
|---|---|
| ASPIE Ltd | 1,000 |
| BCAT | 500 |
| Birmingham PHAB camps | 1,000 |
| Blesma | 1,000 |
| Blind in Business | 1,000 |
| British Blind Sport | 500 |
| British Disabled Angling Association | 500 |
| British Wireless for the Blind Fund | 1,000 |
| Central England Lip Reading Support Trust | 500 |
| Deaf World | 500 |
| Ethos Group Oswestry (formerly Transhouse Ltd) | 500 |
| Independence at Home | 500 |
| Limbless Association | 1,000 |
| Multiple Sclerosis Society – Andover & Rural District | 500 |
| Music of Life Foundation | 500 |
| New College Worcester | 1,000 |
| Nuneaton & North Warwickshire Equestrian Centre | 500 |
| Forward | 13,000 |
40,000
STATEMENT 3 PAGE 3
DUMBRECK CHARITY
GRANTS PAYABLE FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)
| Forward 13,000 CARE OF THE ELDERLY AND PHYSICALLY/MENTALLY HANDICAPPED (CONTINUED) Perry RDA 500 Soundabout 500 Support Dogs 1,000 Teddington Equestrian (Horses for New Lives) 1,000 Victoria School (Friends of Victoria) 1,000 WheelPower 1,000 MEDICAL Acorns 2,000 British Council for the Prevention of Blindness 1,000 Help Harry Help Others 1,000 Katharine House Hospice 1,000 Mary Stevens Hospice 1,000 Motor Neurone Disease Association (MNDA) 1,000 National Kidney Federation 500 NICE 1,000 Oesophageal Patients Association 1,000 Omega 500 Parkinsons UK (for Research) 1,000 Primrose Hospice 500 The Shakespeare Hospice 1,000 Sightsavers 1,000 Spinal Muscular Atrophy UK 500 St Mary’s Hospice 1,000 St Richard’s Hospice 2,000 The Ambulance Staff Charity 500 University Hospitals Birmingham Charity 1,000 Walsall Rehabilitation and Healthy Living Trust 1,000 Warwickshire & Northamptonshire Air Ambulance (The Air Ambulance Service) 1,000 West Midlands CARE Team 500 |
40,000 18,000 21,000 |
|---|---|
Forward
79,000
STATEMENT 3 PAGE 4
79,000
DUMBRECK CHARITY
GRANTS PAYABLE FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)
Forward
| SOCIAL WELFARE Acacia Family Support Around Again Birmingham City Mission Dorridge & District Residents’ Association Gigal Birmingham Home Start South Warwickshire (2 donations) House of Bread Just Caring Kingswood Trust Maggs Day Centre Nicodemus Nissi Homes Limited Relate Worcestershire Samaritans Birmingham Samaritans Worcester Sniterfield Village Hall Spitfire Services St Basil’s VASA (Voluntary Action Stratford-upon-Avon) Worcester Street Pastors CULTURE AND THE ARTS Armonico Consort Birmingham Festival Choral Society Birmingham Royal Ballet City of Birmingham Choir MISCELLANEOUS Addington Fund Avon Navigation Trust ABF The Soldiers Charity British Red Cross (National Emergencies Trust Coronavirus Appeal) Baby Ava’s Support Foundation British Forces Foundation Cavell Nurses Trust Frank Water Inkberrow Millennium Green Trust Ombersley Spire and Church Appeal Pershore Civic Society Royal Artillery Saddle Club (Larkhill) Sail 4 Cancer Solihull Conservation Volunteers Warwickshire Young Carers Welcome to Our Future Wythall Community Association |
1,000 500 1,000 1,000 500 3,000 500 500 1,000 1,000 1,000 500 500 1,000 500 1,000 500 1,000 1,000 500 1,000 500 1,000 1,000 1,000 1,000 1,000 10,000 500 1,000 1,000 1,000 500 1,000 750 1,000 500 500 1,000 500 1,000 |
17,500 3,500 23,250 £123,250 |
|---|---|---|
All grants made represent one payment to institutions for general purposes unless otherwise stated.
STATEMENT 4 PAGE 1
DUMBRECK CHARITY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021
1 ACCOUNTING POLICIES
(1) Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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 (FRS 102) (effective 1 January 2019)’, and comply with the charity’s trust deed and the Charities Act 2011 .
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the trust’s ability to continue as a going concern.
– (2) Financial Reporting Standard 102 reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’:
- the requirements of section 7 Statement of Cash Flows
(3) Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Investment income is accounted for on the date the income becomes due and includes any recoverable tax. All other income is accounted for when received.
(4) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. Grants and donations are payments made to third parties in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award and is accounted for when paid over, or when awarded, if that award creates a constructively binding obligation on the Charity. Costs of raising funds comprise those costs directly attributable to managing the investment portfolio and raising investment income.
(5)
Investments
Investments are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing quoted market price as provided by the investment manager. Gains and losses, both realised and those arising on revaluation, are combined and included in the Statement of Financial Activities.
DUMBRECK CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)
STATEMENT 4 PAGE 2
(6) Current assets
Amounts owing to the Charity at the balance sheet date are shown as debtors less provision for amounts that may prove uncollectable.
(7) Fund accounting
General funds represent the funds of the Charity that are not subject to any restrictions regarding their use and are available for application on the general purposes of the Charity. Funds designated for a particular purpose by the Charity are also unrestricted.
Restricted funds are those funds that must be spent on restricted purposes. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund.
2 INVESTMENT INCOME
3
| Dividends – UK equities, including unit trusts & OEICS Interest – UK fixed interest securities, including unit trusts Property income payments FIXED ASSET INVESTMENTS Market value at 5 April 2020 Purchases Proceeds Equalisation/capital repayments Gain/(loss) Market value at 5 April 2021 Cash balances Total under management at 5 April 2021 Cost of listed investments at 5 April 2021 Investments at market value comprised: UK equities, including unit trusts & OEICS UK fixed interest securities including unit trusts Market value at 5 April 2021 |
|
|---|---|
STATEMENT 4 PAGE 3
DUMBRECK CHARITY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 (CONTINUED)
3 FIXED ASSET INVESTMENTS (CONTINUED)
All investment assets are held in the UK. There are no investments in individual entities held at 5 April 2021 which are considered by the Trustees to be material (over 5% of portfolio by value).
The trustees do not actively fundraise and therefore rely on the income earned from these investments to enable them to continue their philanthropic work. They are also able to distribute capital.
4 BANK ACCOUNTS
| Balances held at 5 April 2021 were as follows: Lloyds EFG Harris Allday account CREDITORS: Amounts falling due within one year PS Accounting Stanley Yule |
2021 119,520 6,775 £126,295 2021 3,300 972 £4,272 |
2020 73,858 11,186 £85,044 2020 3,100 972 £4,072 |
|---|---|---|
5 CREDITORS: Amounts falling due within one year
6 RELATED PARTY TRANSACTIONS
None of the trustees were paid any remuneration or reimbursed any expenses during the year.
During the year grants were made to a number of organisations with which one or more of the trustees of the Dumbreck Charity were associated as follows:
City of Birmingham Choir (HB Carslake) - £1,000 Pershore Civic Society (ACS Hordern) - £750