## **THE DORCAS TRUST** ## **TRUSTEES REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 5 APRIL 2023** **CHARITY NUMBER: 275494** **Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR Tel: 01509 214163** **- 1 -** ## **THE DORCAS TRUST** ## **TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023** The trustees are pleased to present their report together with the financial statements of the charity for the year ended 5 April 2023 **.** ## 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 45 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 £55,524 (2022: £55,814) and total expenditure was £107,160 (2022: £96,133) resulting in a deficit for the year of £51,636 (2022: £40,319). During the year grants totalling £89,766 (2022: £78,615) 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 2023 these losses totalled £109,674 (2022 £157,153). The value of the Trust’s investment portfolio as at 5 April 2023 totalled £1,796,878, a decrease from £2,103,132 as at 5 April 2022. 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. **- 2 -** ## **THE DORCAS TRUST** ## **TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023 (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 2022 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 instructed Rathbones Investment Management to increase the quarterly payments, and where necessary to sell shares in order to maintain a higher level of income. This system is now operating, and the trustees have been able to increase both the number of beneficiaries, and the amounts given. |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| |BANKERS|Barclays Bank plc| ||100 Fenchurch St| ||London| ||EC3M 5JD| **- 3 -** ## **THE DORCAS TRUST** ## **TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023 (continued)** REFERENCE AND ADMINISTRATIVE DETAILS (CONT’D) ## 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 P H Mangell ## 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 15 August 2023 **- 4 -** ## **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 2023 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: - examine the accounts under section 145 of the Charities Act; - follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Charities Act; and - 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: 1. which gives me reasonable cause to believe that, in any material respect, the requirements: - to keep proper accounting records in accordance with section 130 of the Charities Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or 2. 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 15 August 2023 **- 5 -** ## **THE DORCAS TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 5 APRIL 2023** |||Unrestricted|Total|Total| |---|---|---|---|---| |||Funds|Funds|Funds| |**INCOME**|Note|2023|2023|2022| |Investment|2|49274|49274|49564| |Donation||5000|5000|5000| |Gift Aid Refunds||1250|1250|1250| |||_____|_____|_____| |**TOTAL INCOME**||55524
_____|55524
_____|£55814
_____| |**EXPENDITURE**||||| |Expenditure on Charitable Activities|3|93801|93801|81822| |Investment Management Costs|5|13359|13359|14311| |||_____|_____|_____| |**TOTAL EXPENDITURE**||107160
_____|107160
_____|£96133
_____| |**NET (EXPENDITURE) AND NET MOVEMENT IN**||(51636)|(51636)|(40319)| |**FUNDS BEFORE GAINS AND LOSSES ON**||||| |**INVESTMENTS**||||| |Gains / (Losses) on Investment||(27591)|(27591)|(11409)| |Gains / (Losses) on Revaluation of Investments||(82083)|(82083)|168562| |||_______|_______|_______| |**NET MOVEMENT IN FUNDS**||(162310)|(162310)|116834| |**RECONCILIATION OF FUNDS**||||| |Total Funds Brought Forward||2305933|2305933|2189099| |||_______|_______|_______| |**TOTAL FUNDS CARRIED FORWARD**|10|2144623
_______|£2144623
_______|£2305933
_______| **- 6 -** ## **THE DORCAS TRUST** ## **STATEMENT OF FINANCIAL POSITION AS AT 5 APRIL 2023** |
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
2023
7a
1796878
7b
218259
______
2015137
-
8
130686
_____
130686
_____
9
1200
____
129486
2144623
_______
10
£2144623
_______
10
£2144623
_______|2022
2013132
220664
______
2233796
390
72947
_____
73337
_____
1200
____
72137
2305933
_______
£2305933
_______
£2305933
_______| |---|---|---| |||| Approved by the Trustees on 15 August 2023 and signed on their behalf by; ..................................... James C L Broad **- 7 -** ## **THE DORCAS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023** ## 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: - i) Listed securities are valued at the mid- market value ruling at the balance sheet date. - 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. - 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. **- 8 -** ## **THE DORCAS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023** ## 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 |Unrestricted
Funds
2023
UK Equities Fixed Interest and Unit Trust Income
49154
Bank Interest
120
_____
49274
_____|Total
Funds
Total
Funds
2023
2022
49154
49556
120
8
_____
_____
49274
£49564
_____
_____| |---|---| **- 9 -** ## **THE DORCAS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023** ## 3 CHARITABLE ACTIVITIES |Unrestricted
Funds
2023
Charitable Donations:
ACET
1500
Amnesty International
-
Azalea
2000
Bible Society
2500
Bentley Beginners
1000
AWM Pioneer
1000
Calderwood House
-
Central Eurasian Partners
2500
Christian Heritage
-
Church Army
2000
CPAS
1000
Dignity Freedom Network
1000
Fathers House Church
1000
Gateway Church
-
C3 Church Cambridge
2500
Holiday for Christian Workers
4220
Home on Corner Community
1500
Hope Into Action
-
Margaret Guy
1000
Make a Difference Maidstone
-
Mercy Ships
1000
Christians Against Poverty
2500
Navigators
19556
Proteam
-
Operation Mobilisation
1000
Respite Association
2000
Rev G Brown
-
Rev Gavin Calver
1000
Rev S Harvey
1000
Salvation Army
2500
Ripple Effect
1000
Rev Ian Cowley
-
SIM UK
4000
Spencer Contact
2500
World Vision
-
St Margaret’s Chippenham
2490
Tear Fund
4500
St Matthias Church, Brighton
-
West Suffolk Vineyard Church
2500
Winter Comfort Cambridge
500
Playschule
-
The Feast
-
New Hope Ministry
-
Rev Sue Potts
-
Terry Cross
-
St Georges Leeds
1000
Chippenham Plc
13000
Chippenham Cricket Club
500
Bury Drops In
2500
______
89766
______|Total
Funds
2023
1500
-
2000
2500
1000
1000
-
2500
-
2000
1000
1000
1000
-
2500
4220
1500
-
1000
-
1000
2500
19556
-
1000
2000
-
1000
1000
2500
1000
-
4000
2500
-
2490
4500
-
2500
500
-
-
-
-
-
1000
13000
500
2500
______
£89766
______|Total
Funds
2022
1000
500
1000
-
750
-
5000
-
2000
3000
-
-
-
2000
2500
1800
1000
500
-
2500
-
-
23040
2500
5000
1000
250
2250
-
4000
500
100
-
2500
2450
500
3500
2500
-
500
1000
1000
1500
100
875
-
-
-
-
______
£78615
______| |---|---|---| **- 10 -** ## **THE DORCAS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023** ## 3 CHARITABLE ACTIVITIES (continued) Other Charitable Expenditure: |Unrestricted
Funds
2023
Holiday Property Bond – Admin fees
130
Exchange losses/(gains)
2405
Independent Examination Fee
1500
Professional Fees
-
Bank Charges
-
______
4035
______
93801
______|Total
Funds
2023
130
2405
1500
-
-
______
4035
______
£93801
______|Total
Funds
2022
128
977
1380
747
(25)
______
3207
______
£81822
______| |---|---|---| ## 4 STAFF COSTS There were no employees or payments to employees during the year (2022: £nil). ## 5 INVESTMENT MANAGEMENT COSTS |INVESTMENT MANAGEMENT COSTS|||| |---|---|---|---| ||Unrestricted|Total|Total| ||Funds|Funds|Funds| ||2023|2023|2022| |Rathbone Investment Management Ltd Fees|13359
____|£13359
_____|£14311
_____| ## 6 TRUSTEE EXPENSES There were no amounts paid to Trustees either as remuneration or reimbursed expenses during the year (2022: £nil). ## 7a) INVESTMENTS |Equities (UK)
Interest in Property:
Holiday Property Bonds|Value at
Purchases
05/04/2022
at Cost
1984443
308994
28689
6761
________
_______
£2013132
315755
________
_______|Sales
Realised
Unrealised
Proceeds
(Loss)
(Loss)
(422335)
(27591)
(82083)
-
-
-
______
_____
______
(422335)
(27591)
(82083)
______
_____
______|Value at
05/04/2023|Value at
05/04/2023| |---|---|---|---|---| |||||1761428
35450
________
1796878
________| **- 11 -** ## **THE DORCAS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023** ## 7b) PROGRAMME RELATED LOANS |8
9
10|2023
2022
Mr & Mrs Baljeu (Navigators - Sweden) (625000 SEK:2020 625000 SEK)
£48259
£50664
_____
_____
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.
2023
2022
Mr & Mrs Sims (Retired Navigator)
£170000
£170000
______
____
The loan to Mr & Mrs Sims is interest free and is repayable when the property is sold. The loan is secured by a charge on
their property.
CASH AT BANK AND ON DEPOSIT
2023
2022
Rathbones Capital Account
54876
5909
Rathbones Income Account
2002
1443
Barclays Current Account
1000
1000
Barclays Instant Savings Account
72808
64595
______
______
£130686
£72947
______
______
CURRENT LIABILITIES
2023
2022
Accountancy and Examination Fees
£1200
£1200
_____
_____
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Total
Funds
Funds
Funds balances at 5 April 2023 are represented by:
Tangible Fixed Assets
2015137
2015137
Current Assets
130686
130686
Current Liabilities
(1200)
(1200)
_______
_______
2144623
2144623
_______
_______| |---|---| ||| **- 12 -** ## **THE DORCAS TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023** |10|ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)
Unrestricted
Total
Funds
Funds
Funds balances at 5 April 2022 are represented by:
Tangible Fixed Assets
2233796
2233796
Current Assets
73337
73337
Current Liabilities
(1200)
(1200)
_______
_______
2305933
£2305933
_______
_______| |---|---| ## 11 RELATED PARTIES Mr Broad, a Trustee, made a donation of £5000 to the Trust during the year (2022: £5000).