THE DORCAS TRUST
TRUSTEES REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
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 2024
The trustees are pleased to present their report together with the financial statements of the charity for the year ended 5 April 2024 .
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 40 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 £54,834 (2023: £55,524) and total expenditure was £111,302 (2023: £107,160) resulting in a deficit for the year of £56,468 (2023: £51,636). During the year grants totalling £94,768 (2023: £89,766) 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 2024 these net gains totalled £79,856 (2023 losses £109,674). The value of the Trust’s investment portfolio as at 5 April 2024 totalled £1,864,898, an increase from £1,796,878 as at 5 April 2023. 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 2024 (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 |
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THE DORCAS TRUST
TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 (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
29 July 2024
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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 2024 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 29 July 2024
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THE DORCAS TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2024
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| Funds | Funds | Funds | ||
| INCOME | Note | 2024 | 2024 | 2023 |
| Investment | 2 | 48584 | 48584 | 49274 |
| Donation | 5000 | 5000 | 5000 | |
| Gift Aid Refunds | 1250 | 1250 | 1250 | |
| _____ | _____ | _____ | ||
| TOTAL INCOME | 54834 _____ |
54834 _____ |
55524 _____ |
|
| EXPENDITURE | ||||
| Expenditure on Charitable Activities | 3 | 98347 | 98347 | 93801 |
| Investment Management Costs | 5 | 12955 | 12955 | 13359 |
| _____ | _____ | _____ | ||
| TOTAL EXPENDITURE | 111302 _____ |
111302 _____ |
107160 _____ |
|
| NET (EXPENDITURE) AND NET MOVEMENT IN | (56468) | (56468) | (51636) | |
| FUNDS BEFORE GAINS AND LOSSES ON | ||||
| INVESTMENTS | ||||
| Gains / (Losses) on Investment | (3210) | (3210) | (27591) | |
| Gains / (Losses) on Revaluation of Investments | 83066 | 83066 | (82083) | |
| _ | _ | _ | ||
| NET MOVEMENT IN FUNDS | 23388 | 23388 | (162310) | |
| RECONCILIATION OF FUNDS | ||||
| Total Funds Brought Forward | 2144623 | 2144623 | 2305933 | |
| _ | _ | _ | ||
| TOTAL FUNDS CARRIED FORWARD | 10 | £2168011 _ |
£2168011 _ |
£2144623 _ |
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THE DORCAS TRUST
STATEMENT OF FINANCIAL POSITION AS AT 5 APRIL 2024
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 |
2024 2023 1864898 1796878 216556 218259 __ _ 2081454 2015137 - - 87997 130686 _ 87997 130686 1440 1200 _ _ 86507 129486 _ _ 2168011 2144623 _ _ £2168011 £2144623 _ _ £2168011 £2144623 _ _ |
|---|---|---|
Approved by the Trustees on 29 July 2024 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 2024
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 2024
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 2024 UK Equities Fixed Interest and Unit Trust Income 47819 Bank Interest 765 _ 48584 ___ |
Total Funds 2024 47819 765 _ 48584 ___ |
Total Funds 2023 49154 120 _ 49274 ___ |
|---|---|---|
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THE DORCAS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
3 CHARITABLE ACTIVITIES
| Unrestricted Funds 2024 Charitable Donations: ACET 2000 Amnesty International 100 Amy Scott Robinson 50 AWM Pioneer - Azalea 2000 Bentley Beginners 1500 Bernie Dodd 6000 Bible Society 2500 Brockley CC 500 Bury Drop In - C3 Church Cambridge 2500 Central Eurasian Partners 5000 Chippenham Cricket Club 500 Chippenham PCC - Christians Against Poverty - Church Army - CPAS 1000 Diederik Evanson 1000 Dignity Freedom Network - Fathers House Church 1000 Finley Family 325 Foundation Trust 1000 Global Hopes in Action 7625 Holiday for Christian Workers 600 House on Corner Community 1500 Kings Cross Church Doncaster 2500 Margaret Guy - Mercy Ships 1500 Navigators 16104 Operation Mobilisation - Parish Nursing Ministries 1500 Ramsey Piggott 2364 Respite Association - Rev Dr A Bash 1500 Rev Gavin Calver 2600 Rev George Howard 6000 Rev Kenny Maculay 2000 Rev S Harvey 1000 Rev T Robinson 1000 Ripple Effect - Salvation Army 2500 SIM UK 2500 Spencer Contact 2500 St Georges Leeds - St Margaret’s Chippenham - St Mary’s Church Luton 1000 St Matthias Church, Brighton 2500 Tear Fund - The Feast 1000 Thomas Holton 500 West Suffolk Vineyard Church 7500 Winter Comfort Cambridge - __ £94768 ____ |
Total Funds 2024 2000 100 50 - 2000 1500 6000 2500 500 - 2500 5000 500 - - - 1000 1000 - 1000 325 1000 7625 600 1500 2500 - 1500 16104 - 1500 2364 - 1500 2600 6000 2000 1000 1000 - 2500 2500 2500 - - 1000 2500 - 1000 500 7500 - __ £94768 ____ |
Total Funds 2023 1500 - - 1000 2000 1000 - 2500 - 2500 2500 2500 500 13000 2500 2000 1000 - 1000 1000 - - - 4220 1500 - 1000 1000 19556 1000 - - 2000 - 1000 - - 1000 - 1000 2500 4000 2500 1000 2490 - - 4500 - - 2500 500 __ £89766 ____ |
|---|---|---|
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THE DORCAS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
3 CHARITABLE ACTIVITIES (continued)
Other Charitable Expenditure:
| Unrestricted Funds 2024 Holiday Property Bond – Admin fees 137 Exchange losses/(gains) 1702 Independent Examination Fee 1740 Professional Fees Bank Charges __ 3579 _ 98347 ___ |
Total Funds 2024 137 1702 1740 __ 3579 _ 98347 ___ |
Total Funds 2023 130 2405 1500 - - __ 4035 _ £93801 ___ |
|---|---|---|
4 STAFF COSTS
There were no employees or payments to employees during the year (2023: £nil).
5 INVESTMENT MANAGEMENT COSTS
| INVESTMENT MANAGEMENT COSTS | |||
|---|---|---|---|
| Unrestricted | Total | Total | |
| Funds | Funds | Funds | |
| 2024 | 2024 | 2023 | |
| Rathbone Investment Management Ltd Fees | £12955 ____ |
£12955 _____ |
£13359 _____ |
6 TRUSTEE EXPENSES
There were no amounts paid to Trustees either as remuneration or reimbursed expenses during the year (2023:£nil).
7a) INVESTMENTS
| Equities (UK) Interest in Property: Holiday Property Bonds |
Value at Purchases 05/04/2023 at Cost 1761428 198641 35450 2000 _ _ 1796878 200641 _ _ |
Sales Realised Unrealised Proceeds (Loss) Gain (212477) (3210) 83066 - - - __ (212477) (3210) 83066 __ ______ |
Value at 05/04/2024 |
Value at 05/04/2024 |
|---|---|---|---|---|
| 1827448 37450 _ 1864898 _ |
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THE DORCAS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
7b) PROGRAMME RELATED LOANS
| 8 9 10 |
2024 2023 Mr & Mrs Baljeu (Navigators - Sweden) (625000 SEK:2020 625000 SEK) £46556 £48259 _ 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. 2024 2023 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 2024 2023 Rathbones Capital Account 2576 54876 Rathbones Income Account 3002 2002 Barclays Current Account 1000 1000 Barclays Instant Savings Account 81419 72808 £87997 £130686 CURRENT LIABILITIES 2024 2023 Accountancy and Examination Fees £1440 £1200 __ _ ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Total Funds Funds Funds balances at 5 April 2024 are represented by: Tangible Fixed Assets 2081454 2081454 Current Assets 87997 87997 Current Liabilities (1440) (1440) _ _ 2168011 2168011 _ _____ |
|---|---|
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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 2023 are represented by: Tangible Fixed Assets 2015137 2015137 Current Assets 130686 130686 Current Liabilities (1200) (1200) _ _ 2144623 £2144623 _ _ |
|---|---|
11 RELATED PARTIES
Mr Broad, a Trustee, made a donation of £5000 to the Trust during the year (2023: £5000).