THE DORCAS TRUST
TRUSTEES REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
CHARITY NUMBER: 275494
Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR Tel: 01509 214163
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THE DORCAS TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2021
The trustees are pleased to present their report together with the financial statements of the charity for the year ended 5 April 2021 .
OBJECTIVES AND ACTIVITIES
The Trustees hold Unrestricted Funds and so all funds are available to meet the charity’s objectives. The funds are donations and other incoming resources received or generated for expenditure on the general objectives of the charity. The stated intention is that the income, after operating expenses, should be used to provide help in the following charitable purposes:
To advance the Christian Religion, relieve poverty and advance education.
If the Trustees decide, capital can be distributed as well as income. The Trustees have a policy of supporting charitable causes throughout the United Kingdom as well as overseas. The Trustees also make loans to individuals and organisations as they see fit.
The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and policies.
ACHIEVEMENTS AND PERFORMANCE
During the year the charity made grants to about 30 beneficiaries. The beneficiaries included other charities (both Christian and secular organisations) as well as retired missionaries and clergy, who are going through difficult times.
FINANCIAL REVIEW
Income received in the year was £49715 (2020: £55,854) and total expenditure was £70,034 (2020: £68,690) resulting in a deficit for the year of £20,319 (2020: £12,836).
During the year grants totalling £58,296 (2020: £52,015) were made to various beneficiaries.
The SOFA includes the net gains and losses arising on revaluation and disposals throughout the year. For the year ended 5 April 2021 these gains totalled £316,483 (2020 losses: £267,127).
The value of the Trust’s investment portfolio as at 5 April 2021 totalled £1,852,889, an increase from £1,526,486 as at 5 April 2020. The Trustees have reviewed the performance, in accordance with their Policy Statement and do not propose to make any changes to their policies at this time. They will continue to review the position.
INVESTMENTS
The Trust’s capital is invested in marketable investments or held in cash. As there are no specific restrictions under the governing deed the Trustees have full discretion over the investments and so have delegated to Rathbone Investment Management full discretionary day to day control of the investments. They have agreed objectives with the Investment Manager to secure a reasonable growth in income consistent with the long-term preservation of capital in real terms. Investment decisions should be made based on the views of a prudent person in accordance with the standard of investment criteria relating to suitability and diversification. These objectives are reviewed annually.
The Trustees wish to ensure that the objectives outlined above are achieved with an acceptable risk. This implies the need for diversification of investment of the Trust to include a range of assets, including fixed interest stocks and UK and overseas shares.
Investments comprise holdings in UK, large overseas listed companies, unit and investment trusts, including those investing in major international markets and also fixed interest securities. The portfolio can therefore include a proportion of medium-sized or smaller UK companies and has exposure to international markets.
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THE DORCAS TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2021 (continued)
INVESTMENTS (CONTINUED)
The Investment Managers are required to operate within the constraints applying to trusts governed by the Trustees Act 2000. The performance of the fund is currently monitored against the benchmark of WM Unconstrained Funds. The Investment Managers provide regular reports to the Trustees who review the performance of the portfolio and of the Investment Managers at least twice a year. They consider that the performance during the year to 5 April 2021 was satisfactory.
RESERVES
The Trustees do not consider the underlying capital to be reserves since they form the sole source of income for the Trust. It is not the intention of the Trustees to build up or maintain income reserves, with any under expenditure of income being balanced by over expenditure in preceding or subsequent years.
PLANS FOR THE FUTURE
The Trustees have reviewed the income from the investments, and decided that in future they will instruct Rathbones Investment Management to increase the quarterly payments, and where necessary to sell shares in order to maintain a higher level of income.
| REFERENCE AND ADMINISTRATIVE | DETAILS |
|---|---|
| CHARITY NUMBER | 275494 |
| PRINCIPAL OFFICE | 14 Albert Crescent |
| Bury St Edmunds | |
| IP33 3DY | |
| ACCOUNTANTS |
Cound & Co LLP |
| 1 Princes Court | |
| Royal Way | |
| Loughborough | |
| Leics | |
| LE11 5XR | |
| INVESTMENT MANAGERS | Rathbone Investment Management Ltd |
| 8 Finsbury Circus | |
| London | |
| EC2M 7AZ |
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THE DORCAS TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2021 (continued)
BANKERS
Barclays Bank plc 100 Fenchurch St London EC3M 5JD
TRUSTEES
The trustees serving during the year and since the year end were as follows:
J C L Broad Mrs J D Broad P L Butler
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The charitable trust was created by a Deed dated 2 March 1978. Its governing body are the Board of Trustees.
Power to appoint new trustees is vested in the current trustees. They are elected by a majority of Trustees, in accordance with the expertise they can bring to the charity.
The trustees meet on a regular basis to review applications for funding, investment performance, the income levels and the financial statements.
Risk Management
All of the Trust’s capital is invested on stock markets or held in cash. As there are no restrictions relating to investment under the governing deed, the Trustees have resolved to delegate the management of the investments to Rathbone Investment Management Limited. They regularly review the performance from financial information provided to them by their investment manager.
On behalf of the board of trustees;
…………………………………
James C L Broad
19[th] July 2021
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
THE DORCAS TRUST
I report on the accounts of the Charity for the year ended 5 April 2021 which are set out on pages 5 to 12.
Respective Responsibilities of Trustees and Examiner
The Charity’s trustees are responsible for the preparation of the accounts. The Charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act;
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follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Charities Act; and
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state whether particular matters have come to our attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep proper accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
D R Gradon MA FCA Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR
19[th] July 2021
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THE DORCAS TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2021
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| Funds | Funds | Funds | ||
| INCOME | Note | 2021 | 2021 | 2020 |
| Investment | 2 | 39365 | 39365 | 55833 |
| Donation | 8925 | 8925 | 21 | |
| Gift Aid Refunds | 1425 | 1425 | - | |
| _____ | _____ | _____ | ||
| TOTAL INCOME | 49715 _____ |
£49715 _____ |
£55854 _____ |
|
| EXPENDITURE | ||||
| Expenditure on Charitable Activities | 3 | 57594 | 57594 | 55269 |
| Investment Management Costs | 5 | 12440 | 12440 | 13421 |
| _____ | _____ | _____ | ||
| TOTAL EXPENDITURE | 70034 _____ |
£70034 _____ |
£68690 _____ |
|
| NET (EXPENDITURE) AND NET MOVEMENT | (20319) | (20319) | (12836) | |
| IN | ||||
| FUNDS BEFORE GAINS AND LOSSES ON | ||||
| INVESTMENTS | ||||
| Gains / (Losses) on Investment | 65872 | 65872 | (1898) | |
| Gains / (Losses) on Revaluation of Investments | 270930 | 270930 | (252393) | |
| _ | _ | ______ | ||
| NET MOVEMENT IN FUNDS | 316483 | 316483 | (267127) | |
| RECONCILIATION OF FUNDS | ||||
| Total Funds Brought Forward | 1872616 | 1872616 | 2139743 | |
| _ | _ | _ | ||
| TOTAL FUNDS CARRIED FORWARD | 10 | 2189099 _ |
£2189099 _ |
£1872616 _ |
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THE DORCAS TRUST
STATEMENT OF FINANCIAL POSITION AS AT 5 APRIL 2021
FIXED ASSETS Investments at Market Value Programme Related Loans CURRENT ASSETS Debtors Cash at Bank CURRENT LIABILITIES – Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS CHARITY FUNDS UNRESTRICTED FUNDS |
Notes 7a 7b 8 9 10 10 |
2021 1881578 221641 __ 2103219 164 86916 87080 __ 1200 _ 85880 _ 2189099 _ £2189099 _ £2189099 ____ |
2020 1555175 220093 _ 1775268 60 98968 _ 99028 1680 _ 97348 _ 1872616 _ £1872616 _ £1872616 _ |
|---|---|---|---|
Approved by the Trustees on 19[th] July 2021 and signed on their behalf by;
.....................................
James C L Broad
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THE DORCAS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
1 ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and also have been consistently applied within the same accounts unless otherwise stated.
a) Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The charity constitutes a public benefit entity under FRS102.
Assets and liabilities are initially recognised at historical cost or transactional value unless otherwise stated in the relevant accounting policy note and the financial statements are prepared on a going concern basis. The financial statements are prepared in sterling, which is the financial currency of the charity and rounded to the nearest £1.
b) Fund Accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
c) Incoming Resources
All incoming resources are included in the Statement of Financial Resources (SOFA) when the charity is legally entitled to the income and can be quantified with reasonable accuracy, except as follows:
When donors specify that a donation or gift given to the charity must be used in future accounting periods, the income is deferred until those periods.
Dividend income is recorded net and includes tax only when it is repayable to the Charity.
d) Resources Expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of those resources.
e) Valuation of Investments
Investments held in the funds are included at their market value as follows:
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i) Listed securities are valued at the mid- market value ruling at the balance sheet date.
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ii) Listed securities held in foreign currencies have been valued at the mid market value and translated into their sterling equivalents at the rates ruling at the balance sheet date.
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iii) Gilts are valued at the mid market value ruling at the Balance Sheet date and include interest that has accrued up to that date.
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THE DORCAS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
f) Other recognised Gains and Losses
Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year or their subsequent cost and are charged or credited to the Statement of Financial Activities in the year of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
g) Judgement and Estimation Uncertainties
The trustees have given consideration to any judgements and uncertainties in these accounts. Given the level of reserves held by the Charity there are no going concern issues. The Charity receives all of its income from its investments which are expected to continue. However, any significant reduction in returns from investments may result in the curtailment of activities.
2 INVESTMENT INCOME
| INVESTMENT INCOME | |||
|---|---|---|---|
| Unrestricted | Total | Total | |
| Funds | Funds | Funds | |
| 2021 | 2021 | 2020 | |
| UK Equities Fixed Interest and Unit Trust Income | 39305 | 39305 | 55656 |
| Barclays Bank Interest | 60 | 60 | 177 |
| Interest on Tax Repayment | - | - | - |
| _____ | _____ | _____ | |
| 39365 _____ |
£39365 _____ |
£55833 _____ |
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THE DORCAS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
3 CHARITABLE ACTIVITIES
| CHARITABLE ACTIVITIES | |||
|---|---|---|---|
| Unrestricted | Total | Total | |
| Funds | Funds | Funds | |
| 2021 | 2021 | 2020 | |
| Charitable Donations: | |||
| ACET | 600 | 600 | - |
| Amnesty International | - | - | 250 |
| ARNI Institute | - | - | 250 |
| Azalea | - | - | 500 |
| Ben Webster | - | - | 1500 |
| Bible Society | 2500 | 2500 | - |
| Bentley Beginners | 500 | 500 | 500 |
| Bhopal Medical Appeal | 500 | 500 | 500 |
| Calderwood House | 1000 | 1000 | 1000 |
| Church Daylight | 500 | 500 | - |
| Christian Heritage | - | - | 2500 |
| Church Army | 1500 | 1500 | 1000 |
| CPAS | 1000 | 1000 | 500 |
| Donald Morrison | 250 | 250 | 250 |
| EA Air Ambulance | 250 | 250 | - |
| Gateway Church | - | - | 750 |
| Gavin Brown | - | - | 1000 |
| Holiday for Christian Workers | 1261 | 1261 | 1874 |
| Home on Corner Community | 500 | 500 | 500 |
| Hope Into Action | - | - | 1000 |
| Jubilee Centre | 506 | 506 | 500 |
| Lighthouse | - | - | 325 |
| Marylebone Project | 1000 | 1000 | - |
| Mildmay Mission Hospital | 500 | 500 | - |
| Navigators | 16649 | 16649 | 22728 |
| Peta McRedmond | - | - | 350 |
| Operation Mobilisation | 1000 | 1000 | - |
| Respite Association | 500 | 500 | 500 |
| Rev Anthony Bash | - | - | 1087 |
| Rev Gavin Calver | 1805 | 1805 | 1250 |
| Rev S Harvey | 10475 | 10475 | - |
| Salvation Army | 1500 | 1500 | 1250 |
| Scripture Union | 500 | 500 | - |
| Send a Cow Mission | - | - | 500 |
| Sisters of St. Louis | - | - | 200 |
| SJM UK | 1000 | 1000 | 1000 |
| Spencer Contact | 2000 | 2000 | 1000 |
| Sports World East Anglia | - | - | 336 |
| St Margaret’s Chippenham | 1250 | 1250 | 2615 |
| Tear Fund | 1500 | 1500 | 2500 |
| Tom Fox | - | - | 1000 |
| West Suffolk Vineyard Church | 7250 | 7250 | - |
| Winter Comfort Cambridge | 500 | 500 | 1000 |
| ______ | ______ | ______ | |
| 58296 | £58296 | £52015 | |
| ______ | ______ | ______ |
Continued…
.
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THE DORCAS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
3 CHARITABLE ACTIVITIES (continued)
Other Charitable Expenditure:
| Unrestricted Funds 2021 Holiday Property Bond – Admin fees 126 Exchange losses/(gains) (1548) Independent Examination Fee 1200 Professional Fees (480) Bank Charges - __ (702) _ 57594 ___ |
Total Funds 2021 126 (1548) 1200 (480) - __ (702) _ £57594 ___ |
Total Funds 2020 122 1622 1320 290 (100) __ 3254 _ £55269 ___ |
|---|---|---|
4 STAFF COSTS
There were no employees or payments to employees during the year (2020: £nil).
5 INVESTMENT MANAGEMENT COSTS
| INVESTMENT MANAGEMENT COSTS | |||
|---|---|---|---|
| Unrestricted | Total | Total | |
| Funds | Funds | Funds | |
| 2021 | 2021 | 2020 | |
| Rathbone Investment Management Ltd Fees | 12440 ____ |
£12440 _____ |
£13421 _____ |
6 TRUSTEE EXPENSES
There were no amounts paid to Trustees either as remuneration or reimbursed expenses during the year (2020: £nil).
7a) INVESTMENTS
| Equities (UK) Interest in Property: Holiday Property Bonds |
Value at Purchases 06/04/2020 at Cost 1526486 375756 28689 - _ _ £1555175 375756 _ _ |
Sales Realised Unrealised Proceeds Gain Gain (386155) 65872 270930 - - - __ (386155) 65872 270930 __ ______ |
Value at 05/04/2021 |
Value at 05/04/2021 |
|---|---|---|---|---|
| 1852889 28689 _ £1881578 _ |
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THE DORCAS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
7b) PROGRAMME RELATED LOANS
| 8 9 10 |
2021 2020 Mr & Mrs Baljeu (Navigators - Sweden) (625000 SEK:2020 625000 SEK) £51641 £50093 _ The loan to Mr & Mrs Baljeu is to enable them to buy their home from the Swedish Navigators. The loan is interest-free, but secured on their home and has been extended to be repayable on 31 August 2024. 2021 2020 Mr & Mrs Sims (Retired Navigator) £170000 £170000 _ The loan to Mr & Mrs Sims is interest free and is now repayable by October 2022. The loan is secured by a charge on their property. CASH AT BANK AND ON DEPOSIT 2021 2020 Rathbones Capital Account 31962 33441 Rathbones Income Account 1099 3273 Barclays Current Account 500 500 Barclays Instant Savings Account 53355 61754 __ _ £86916 £98968 CURRENT LIABILITIES 2021 2020 Accountancy and Examination Fees £1200 £1680 __ _ ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Total Funds Funds Funds balances at 5 April 2021 are represented by: Tangible Fixed Assets 2103219 2103219 Current Assets 87080 87080 Current Liabilities (1200) (1200) _ _ 2189099 £2189099 _ _____ |
|---|---|
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THE DORCAS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
| 10 | ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) Unrestricted Total Funds Funds Funds balances at 5 April 2020 are represented by: Tangible Fixed Assets 1775268 1775268 Current Assets 99028 99028 Current Liabilities (1680) (1680) _ _ 1872616 £1872616 _ _ |
|---|---|
11 RELATED PARTIES
Mr Broad, a Trustee, made a donation of £5000 to the Trust during the year (2020: £nil).