DUMBRECK CHARITY
ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
DUMBRECK CHARITY
INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
| 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: HB Carslake Mrs JE Melling Mrs JE Uloth Accountants: PS Accounting 41 Sycamore Drive Hollywood Birmingham B47 5QX Independent examiner: Leigh Dudley FCCA Prime Chartered Accountants 161 Newhall Street Birmingham B3 1SW 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 2023
The Trustees present their annual report and financial statements of the charity for the year ended 5 April 2023. 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 £128,500 during the year, as shown on Statement 3 (2022 - £150,500). 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 2023 (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 -7.34%, 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 has increased by just over 4% to £185,084 (2022 – £172,159), primarily due to an increase in dividend income. Costs of raising funds have increased significantly, from £3,684 in 2022 to £21,034. This is because 2022 only included a part year of charge, because the investment manager changed their charging structure from 1 January 2022. Prior to this, they did not charge separate fees and their commission charges were included in the investment acquisition and disposal costs. Grants payable have decreased from £150,500 in 2022 to £128,500 this year, due to a number of large one off donations not being repeated this year. Other costs have increased by £944, to £11,287 (2022 – £10,343). There have been net losses on investments this year of £535,076 (2022 – gains of £24,383), a significant reduction, primarily due to the impact of higher than expected inflation and interest rates on the stock market. However, the total investments and reserves values are deemed sufficient to enable the charity to continue operations in the normal way.
The net result is net expenditure of £510,813 (2022 – net income of £32,015).
Investments under management total £4,585,348 (2022 - £5,136,842), a decrease of 10.7%.
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 4 July 2023
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 2023, which are set out in Statements 1 and 2, Statement 3 which comprises pages 1 to 4 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
-
(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.
Leigh Dudley FCCA
Prime Chartered Accountants 161 Newhall Street Birmingham, B3 1SW
Date:
STATEMENT 1
DUMBRECK CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023
| Statement INCOME Income and endowments Investment income (Note 2) 4 Gross bank interest Other income TOTAL INCOME EXPENDITURE Costs of raising funds(Note 1(3)) 4 Charitable Activities Grants payable 3 Other expenditure Accountancy and administration charges Independent examination Trustees expenses TOTAL EXPENDITURE Net (losses)/gains on investments (Note 3) 4 On Listed investments NET (EXPENDITURE)/INCOME AND NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 184,884 200 - 185,084 21,034 128,500 9,941 1,200 146 160,821 24,263 (535,076) (510,813) 5,268,792 £4,757,979 |
2022 170,617 12 1,530 172,159 3,684 150,500 9,263 1,080 - 164,527 7,632 24,383 32,015 5,236,777 £5,268,792 |
|---|---|---|
STATEMENT 2
DUMBRECK CHARITY
| BALANCE SHEET - 5 APRIL 2023 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 |
- 178,631 178,631 (6,000) |
2023 4,585,348 4,585,348 172,631 £4,757,979 4,757,979 £4,757,979 |
2022 5,136,842 5,136,842 131,950 £5,268,792 5,268,792 £5,268,792 |
|||
|---|---|---|---|---|---|---|
- 137,280 137,280 (5,330) |
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Approved by the trustees on 4 July 2023
STATEMENT 3 PAGE 1
DUMBRECK CHARITY
GRANTS PAYABLE FOR THE YEAR ENDED 5 APRIL 2023
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 Royal British Legion Poppy Appeal Warwickshire Vision Support MEDICAL Hannah’s Willberry Wonder Pony Charity Kissing It Better Leamington Spa Macular Society Support Group 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 5,000 8,000 4,000 27,000 |
|---|---|---|
DUMBRECK CHARITY
STATEMENT 3 PAGE 2
GRANTS PAYABLE FOR THE YEAR ENDED 5 APRIL 2023 (CONTINUED)
Forward
27,000
SPECIAL DONATIONS
ANIMAL WELFARE/CONSERVATION
| The Barn Owl Trust | 500 | |
|---|---|---|
| Birmingham Dogs Home | 1,000 | |
| The Farm Animal Rescue Sanctuary | 500 | |
| Greatwood – Horse Power Programme | 500 | |
| Mare and Foal Sanctuary | 500 | |
| Prickles Hedgehog Rescue | 500 | |
| Warwickshire Hedgehog Rescue | 500 | |
| 4,000 |
CHILDREN’S WELFARE
| 126thBirmingham (1stHodge Hill) Scout Group Ackers Adventure The Arts of Change Trust Beyond the Horizon Charity Birmingham Boys and Girls Union (BBGU) Clowns in the Sky Crackerjacks Children’s Trust Footsteps The Honeypot Children’s Charity Kids on Track Marathan Kids UK National Police Community Trust Rising Stars Young People Service Tiny Tim’s Children’s Centre Zoe’s Place |
500 1,000 500 1,000 1,000 1,000 500 500 500 1,000 500 500 1,000 500 500 10,500 |
|---|---|
CARE OF THE ELDERLY AND PHYSICALLY/MENTALLY HANDICAPPED
| A&A Services West Midlands Birmingham PHAB camps Blesma Blind in Business Blueprint Training & Enterprise British Blind Sport British Disabled Angling Association Chris Westwood Charity COGS Prepares 4 Life Coventry Resource Centre for the Blind Dog Assistance in Disability Garage Art Group Independence at Home Limbless Association Listening Books The Myriad Centre Nuneaton & North Warwickshire Equestrian Centre Omega The Poppy Factory Forward |
500 1,000 1,000 1,000 500 500 500 500 500 500 500 1,000 500 500 500 500 500 500 1,000 12,000 |
|
|---|---|---|
| 41,500 |
DUMBRECK CHARITY
STATEMENT 3 PAGE 3
GRANTS PAYABLE FOR THE YEAR ENDED 5 APRIL 2023 (CONTINUED)
| Forward | 12,000 | 41,500 |
|---|---|---|
| CARE OF THE ELDERLY AND PHYSICALLY/MENTALLY HANDICAPPED (CONTINUED) | ||
| Support Dogs | 1,000 | |
| The Willow Trust | 500 | |
| Worcester Snoezelen | 500 | |
| Wildgoose Rural Training | 500 | |
| 14,500 | ||
| MEDICAL | ||
| Acorns | 1,000 | |
| Arrive Alive | 1,000 | |
| Crohn’s and Colitis Relief | 500 | |
| Home from Hospital Care | 1,000 | |
| The Hospice Charity Partnership (formerly St Mary’s Hospice) | 1,000 | |
| John Fawcett Foundation | 500 | |
| Katharine House Hospice | 1,000 | |
| Mary Stevens Hospice | 1,000 | |
| Medical Detection Dogs | 1,000 | |
| Motor Neurone Disease Association (MNDA) | 1,000 | |
| Muscular Dystrophy Support Centre | 500 | |
| NICE | 1,000 | |
| Parkinsons UK (for Research) | 1,000 | |
| Sensory People | 500 | |
| Shine a Light Support Service | 500 | |
| Sightsavers | 1,000 | |
| The Smile Train UK | 1,000 | |
| Spinal Muscular Atrophy UK | 500 | |
| Stratford-upon-Avon Stroke Support Group | 500 | |
| St Richard’s Hospice | 1,000 | |
| The Ambulance Staff Charity (TASC) | 500 | |
| Warwickshire & Northamptonshire Air Ambulance (The Air Ambulance Service)1,000 | ||
| 18,000 | ||
| SOCIAL WELFARE | ||
| All Saint’s Youth Project | 500 | |
| Andover Crisis Support Centre | 1,000 | |
| Birmingham City Mission | 1,000 | |
| Birmingham Settlement | 500 | |
| The Gap | 500 | |
| Gigal Birmingham | 500 | |
| Halford Village Hall | 5,000 | |
| Home Start South Warwickshire | 1,000 | |
| Insight CCSS | 500 | |
| Kairos Women Working Together | 500 | |
| Kingswood Trust | 1,000 | |
| Narthex Sparkhill | 500 | |
| Sandwell Asian Development Association | 500 | |
| Snitterfield Village Hall | 500 | |
| Spitfire Services | 500 | |
| St Basil’s | 1,000 |
15,000
74,000
Forward
DUMBRECK CHARITY
STATEMENT 3 PAGE 4
GRANTS PAYABLE FOR THE YEAR ENDED 5 APRIL 2023 (CONTINUED)
| Forward SOCIAL WELFARE (CONTINUED) Thomas White Cottage Homes Thrive Voluntary Action Stratford-upon-Avon (VASA) Wall Heath Evangelical Free Church Warwickshire Social Inclusion Partnership CULTURE AND THE ARTS Armonico Consort Birmingham Royal Ballet B:Music City of Birmingham Choir English Symphony Orchestra Mubu Music Projects CIC Orchestra of the Swan Stratford-upon-Avon Music Festival The Choir with No Name MISCELLANEOUS Addington Fund CASBA (Citizen’s Advocacy Scheme Birmingham Area) Cavell Nurses Trust Chase Africa Clean Rivers Trust Criminon UK DEC Pakistan Floods Appeal DEC Turkey-Syria Earthquake Appeal forRefugees (FORGE for Humanity) The Open University Parenting Mental Health Parish of Warwick St Mary's Capital Campaign Solihull Conservation Volunteers Support Our Military Veterans Welcome to Our Future Wythall Community Association Unpresented donations from year ended 5 April 2022: Maggs Day Centre Music of Life Foundation Warwickshire Young Carers |
15,000 1,000 1,000 1,000 500 500 1,000 1,000 500 1,000 500 500 1,000 500 1,000 1,000 500 1,000 1,000 500 500 10,000 10,000 1,000 1,000 500 2,000 500 500 500 500 500 1,000 1,000 |
74,000 19,000 7,000 31,000 131,000 (2,500) £128,500 |
|---|---|---|
All grants made represent one payment to institutions for general purposes unless otherwise stated.
DUMBRECK CHARITY
STATEMENT 4 PAGE 1
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023
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) 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.
(3) 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.
(4) 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.
(5) Current assets
Amounts owing to the Charity at the balance sheet date are shown as debtors less provision for amounts that may prove uncollectable.
DUMBRECK CHARITY
STATEMENT 4 PAGE 2
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023 (CONTINUED)
(6) 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 2022 Purchases Proceeds Equalisation/capital repayments Gain/(loss) Market value at 5 April 2023 Cash balances Total under management at 5 April 2023 Cost of listed investments at 5 April 2023 Investments at market value comprised: UK equities, including unit trusts & OEICS UK fixed interest securities including unit trusts Market value at 5 April 2023 |
|
|---|---|
| £4,582,776 |
All investment assets are held in the UK. There are no investments in individual entities held at 5 April 2023 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.
STATEMENT 4 PAGE 3
DUMBRECK CHARITY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023 (CONTINUED)
4 BANK ACCOUNTS
| Balances held at 5 April 2023 were as follows: Lloyds EFG Harris Allday account |
2023 2022 171,616 129,113 7,015 8,167 £178,631 £137,280 |
|---|---|
5 CREDITORS: Amounts falling due within one year
| PS Accounting Stanley Yule |
2023 4,800 1,200 £6,000 |
2022 4,250 1,080 £5,330 |
|---|---|---|
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 Halford Village Hall (Mrs JE Melling) - £5,000