**REGISTERED CHARITY NUMBER: 278841** Report of the Trustees and Unaudited Financial Statements for the Year Ended 5 April 2022 for ## DW Mitchell Charitable Trust W R Frost & Co Chartered Accountants Riversdale Ashburton Road TOTNES Devon TQ9 5JU DW Mitchell Charitable Trust Contents of the Financial Statements for the Year Ended 5 April 2022 |||Page|| |---|---|---|---| |Report of the Trustees|1|to|2| |Independent Examiner's Report||3|| |Statement of Financial Activities||4|| |Balance Sheet||5|| |Notes to the Financial Statements|6|to|11| DW Mitchell Charitable Trust ## Report of the Trustees for the Year Ended 5 April 2022 The trustees present their report with the financial statements of the charity for the year ended 5 April 2022. The trustees have adopted the provisions of 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). The trustees have had due regard to guidance published by the Charities Commission on public benefit. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The Trust funds are held for such charitable objects or purposes in such amounts and at such times as the trustees from time to time think fit. In the main, the policy of the trustees is to respond to needs designed to advance the arts, culture, and heritage of Totnes and its surrounding area, which includes permitting use of part of the trust's property by local groups or charities. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** Bogan House, a grade 1 listed building owned by the Trust in the centre of Totnes, has continued to house the Devonshire Collection of Period Costume, which is available for viewing by the public during May to October annually . The Devonshire Collection of Period Costume tenure is secured by a fifteen year lease to give the collection sufficient security to enable long term planning and developments to the collection. Bogan House also continues to be used for small public meetings, classes and other small community and charity events, however towards the end of this financial period and beyond this has been interrupted by the Covid-19 pandemic. The trustees have taken professional advice on the condition of Bogan House and agreed a programme of repair in two phases. The first of these was carried out February to November 2017. Repair work has been completed to the highest standard using skilled craftsmen in close consultation and agreement with Historic England and the local planning authority. The results are of an extremely high standard preserving and presenting the historic building to its best advantage. One area on the west side of the building was uncovered during this first phase of the work and within it was identified a severely degraded supporting member and other structural issues requiring significant remedial work not covered in the original Listed Building Consent. Work, now referred to as phase 11/2, started in December 2017 to design a solution to these structural issues on the west side of the building. Consultations with the structural engineer, architect, Historic England and the local planning authority were protracted and problematic but in June 2021 consent to proceed with the work was granted. The work has been progressing since January 2022 and is expected to take 12 months to complete. Due to the location of the phase 1 1/2, it has not been possible to hire Bogan House as normal for small public meetings, classes and other small community and charity events. Once completed the trustees will turn their attention to Phase 2 of the restoration project, the front facade and the implementation of the fire strategy. ## **Investment performance** The trustees continue to monitor the management of their investment portfolio, and in partnership with their stockbrokers they manage the portfolio as Income and Growth return risk classification. As such the trustees want the portfolio to generate income and capital growth and accept the level of risk associated with investing in shares. The portfolio is managed with an aim to balance these three objectives: 1. The need to reduce investment risk through diversification 2. The need to take 'proper advice' 3. Maximise the returns for the benefit of the charity The investment portfolio is under discretionary management by RBC Brewin Dolphin the trust's fund manager allowing the execution of appropriate transactions in a timely fashion without prior reference to the trustees. ## **FINANCIAL REVIEW** ## **Reserves policy** Refurbishment and maintenance work to Bogan House continues to be reviewed by the trustees and they have retained the £100,000 designated reserve for its long-term maintenance. Page 1 DW Mitchell Charitable Trust ## Report of the Trustees ## for the Year Ended 5 April 2022 ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The Trust is constituted by a Declaration of Trust by D W Mitchell dated 3 September 1979. The Trust deed nominated Mary Priscilla Mitchell to exercise the statutory power of appointing new trustees. This responsibility has now passed to Dr Anne Brain. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 278841 ## **Principal address** C/o Dr J Severn The Coach House Station Road South Brent Devon TQ10 9BB ## **Trustees** M C Mitchell E M Mitchell T W Mitchell ## **Independent Examiner** R J Lewis ACA W R Frost & Co Chartered Accountants Riversdale Ashburton Road TOTNES Devon TQ9 5JU ## **The stockbrokers and investment advisors are:** RBC Brewin Dolphin Ltd ## **RELATIONSHIP WITH CONNECTED CHARITIES** The Trust has continued to co-operate with the Birdwood House Trust in achieving their charitable objectives with one trustee and the secretary being common to both Trusts. The Trust has a strong co-operative relationship with the Wakefield Trust with which it has two Trustees and the Secretary in common. Approved by order of the board of trustees on 26 January 2023 and signed on its behalf by: M C Mitchell - Trustee Page 2 Independent Examiner's Report to the Trustees of DW Mitchell Charitable Trust ## **Independent examiner's report to the trustees of DW Mitchell Charitable Trust** I report to the charity trustees on my examination of the accounts of DW Mitchell Charitable Trust (the Trust) for the year ended 5 April 2022. ## **Responsibilities and basis of report** 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my 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. R J Lewis ACA W R Frost & Co Chartered Accountants Riversdale Ashburton Road TOTNES Devon TQ9 5JU 30 January 2023 Page 3 DW Mitchell Charitable Trust ## Statement of Financial Activities for the Year Ended 5 April 2022 |Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
10,420
**Charitable activities**
Bogan House
9,325
Investment income
2
13,784
**Total**
33,529
**EXPENDITURE ON**
Raising funds
3
3,572
**Charitable activities**
Bogan House
73,902
Charitable project grants
4,500
**Total**
81,974
Net gains on investments
17,702
**NET INCOME/(EXPENDITURE)**
(30,743)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
876,148
**TOTAL FUNDS CARRIED FORWARD**
845,405|Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-|2022
Total
funds
£
10,420
9,325
13,784
33,529
3,572
73,902
4,500
81,974
17,702
(30,743)
876,148
845,405|2021
Total
funds
£
30,683
10,261
13,727| |---|---|---|---| ||||54,671| ||||3,491
12,324
4,500| ||||20,315| ||||136,117| ||||170,473
705,675| ||||876,148| The notes form part of these financial statements Page 4 DW Mitchell Charitable Trust ## Balance Sheet ## 5 April 2022 |Notes
**FIXED ASSETS**
Tangible assets
6
Investments
7
**CURRENT ASSETS**
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
**TOTAL FUNDS**|Unrestricted
funds
£
107,493
589,096
696,589
162,292
(13,476)
148,816
845,405
845,405|Restricted
fund
£
-
-
-
-
-
-
-
-|2022
Total
funds
£
107,493
589,096
696,589
162,292
(13,476)
148,816
845,405
845,405
845,405
845,405|2021
Total
funds
£
107,493
599,860
707,353
169,605
(810)
168,795
876,148
876,148
876,148
876,148| |---|---|---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 26 January 2023 and were signed on its behalf by: M C Mitchell - Trustee The notes form part of these financial statements Page 5 DW Mitchell Charitable Trust Notes to the Financial Statements for the Year Ended 5 April 2022 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** 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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Tangible fixed assets** There is no policy that requires the revaluation of the freehold property. No depreciation has been provided on the freehold property as it is the Trust's policy to maintain the building in such condition that any provision would be immaterial. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Investments** Investments quoted on the Stock Exchange are included at their market value at the balance sheet date. The property is at cost as a valuation is not considered justified as the cost of such a valuation would not be commensurate with the benefit derived from including this in the balance sheet. Page 6 continued... DW Mitchell Charitable Trust Notes to the Financial Statements - continued for the Year Ended 5 April 2022 ## **2. INVESTMENT INCOME** |Income from Investments
**3.**
**RAISING FUNDS**
**Investment management costs**
Portfolio management
**4.**
**GRANTS PAYABLE**
Charitable project grants
The total grants paid to institutions during the year was as follows:
DCPC|2022
£
13,784
2022
£
3,572
2022
£
4,500
2022
£
4,500|2021
£
13,727| |---|---|---| |||2021
£
3,491
2021
£
4,500
2021
£
4,500| The above grants were pledged as part of the Trustees' intention to support local community organisations. ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021. ## **6. TANGIBLE FIXED ASSETS** |**COST**
At 6 April 2021 and 5 April 2022
**NET BOOK VALUE**
At 5 April 2022
At 5 April 2021|Freehold
property
£
107,493| |---|---| ||107,493| ||107,493| continued... Page 7 DW Mitchell Charitable Trust Notes to the Financial Statements - continued for the Year Ended 5 April 2022 ## **7. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**|| |---|---| ||Listed| ||investments| ||£| |**MARKET VALUE**|| |At 6 April 2021|599,860| |Additions|72,919| |Disposals|(101,385)| |Revaluations|17,702| |At 5 April 2022|589,096| |**NET BOOK VALUE**|| |At 5 April 2022|589,096| |At 5 April 2021|599,860| |There were no investment assets outside the UK.|| |Cost or valuation at 5 April 2022 is represented by:|| ||Listed| ||investments| ||£| |Valuation in 2022|589,096| continued... Page 8 DW Mitchell Charitable Trust Notes to the Financial Statements - continued for the Year Ended 5 April 2022 ## **7. FIXED ASSET INVESTMENTS - continued** ||Cost|MarketValue|MarketValue| |---|---|---|---| ||5 April 2022|5 April 2022|5 April 2021| |725 Aberforth Smaller Cos Trust Ord 1p|7,405|10,078|10,817| |60 Apple Inc|6,486|6,666|-| |165 Applied Materials|8,252|15,294|23,048| |280 Ashtead Group Ord 10p|2,882|13,138|15,656| |50 Berkshire Hathaway|8,528|13,133|9,342| |490 Baillie Gifford Japanese|6,995|8,227|8,987| |136 Croda International Ord 10p|3,653|10,918|8,728| |220 CRH Ord Euro .32|3,459|6,556|7,359| |350 DB X-Trackers MSCI Japan Index|12,718|18,134|19,010| |500 Diageo Ord 28p|5,003|19,898|15,035| |40 Estee Lauder Companies Inc|9,448|8,311|-| |7,730 Fidelity European Values Ord 2.5p|10,882|23,770|21,528| |8,559 Fidelity Investment SVCS UK|-|-|8,705| |4,340 Fidelity Ucits Icav|26,875|29,696|-| |1,150 Glaxo Smithkline Ord 25p|8,423|19,594|14,692| |535 Henderson Global Investors|-|-|20,983| |2,525 HSBC Holdings USD0.50|16,469|13,324|10,686| |420 IMI Ord 28 4/7p|1,576|5,607|5,565| |975 I Shares|18,306|33,759|28,118| |2,870 I Shares II PLC|14,730|15,550|15,271| |270 I Shares V PLC|-|-|24,666| |24,750 Insight Inv FDS UK VT All Mat|26,013|24,832|26,317| |7,842 JP Morgan Asian IT Ord 25p|14,648|30,505|39,681| |100 JP Morgan Asset Management|8,954|8,587|8,931| |12,100 John Laing Environ|12,699|13,431|13,455| |5,979 Legg Mason Inv|4,972|7,049|5,782| |7,660 Maitland Institutional Services Ltd|8,180|7,991|-| |4,600 Mercantile Invest. Ord 25p|4,241|10,120|11,776| |140 Muzinich Funds|13,970|13,944|14,732| |480 Polar Capital Technology Trust|4,976|10,848|10,704| |10,150 Primary Health Properties Ord 50p|-|-|15,002| |900 Prudential Ord 5p|9,362|10,202|13,964| |250 Rio Tinto Ord 10p|1,771|15,300|13,700| |70 Reckitt Benckiser Ord 10p|5,165|4,171|4,548| |565 Royal Dutch Shell B Ord Euro 0.07|5,569|11,984|11,418| |255 Schroders VTG|6,973|8,328|9,045| |9,070 Schroder Unit TST Global Energy|4,939|4,734|-| |16,790 Schroder Unit Trust Global Cities|16,889|17,327|-| |3,630 Taylor Wimpey|4,241|4,861|6,634| |7,000 Templtn Emg Mkt In Ord 25p|6,423|10,850|14,308| |100 Twentyfour AM Corporate Bond|9,804|9,598|10,301| |235 Unilever PLC Ord .31p|4,853|8,311|9,452| |6,500 UK (Gov of) 4.125%|24,293|25,095|24,349| |590 Vanguard Funds PLC|15,123|39,068|44,760| |2,570 Vodafone Group Ord USD .21|5,520|3,225|3,435| |520 Worldwide Healthcare Ord 25p|6,130|17,082|19,370| ||||| ||397,798|589,096|599,860| ||||| continued... Page 9 DW Mitchell Charitable Trust Notes to the Financial Statements - continued for the Year Ended 5 April 2022 ## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ||2022|2021| |---|---|---| ||£|£| |Other creditors|13,476|810| **9. MOVEMENT IN FUNDS** |**Unrestricted funds**
General fund
Maintenance Fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
33,529
**TOTAL FUNDS**
33,529|At 6.4.21
£
776,148
100,000
876,148
876,148
Resources
expended
£
(81,974)
(81,974)|Net
movement
At
in funds
5.4.22
£
£
(30,743)
745,405
-
100,000
(30,743)
845,405
(30,743)
845,405
Gains and
Movement
losses
in funds
£
£
17,702
(30,743)
17,702
(30,743)|At
5.4.22
£
745,405
100,000|At
5.4.22
£
745,405
100,000| |---|---|---|---|---| ||||845,405|| ||||845,405|| |||||(30,743)| ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
Maintenance Fund
**TOTAL FUNDS**|At 6.4.20
£
605,675
100,000
705,675
705,675|Net
movement
in funds
£
170,473
-
170,473
170,473|At
5.4.21
£
776,148
100,000| |---|---|---|---| ||||876,148| ||||876,148| Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
54,671
54,671|Resources
expended
£
(20,315)
(20,315)|Gains and
Movement
losses
in funds
£
£
136,117
170,473
136,117
170,473|Gains and
Movement
losses
in funds
£
£
136,117
170,473
136,117
170,473| |---|---|---|---|---| |||||170,473| continued... Page 10 DW Mitchell Charitable Trust Notes to the Financial Statements - continued for the Year Ended 5 April 2022 ## **9. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
Maintenance Fund
**TOTAL FUNDS**|At 6.4.20
£
605,675
100,000
705,675
705,675|Net
movement
in funds
£
139,730
-
139,730
139,730|At
5.4.22
£
745,405
100,000| |---|---|---|---| ||||845,405| ||||845,405| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement| |---|---|---|---|---| ||resources|expended|losses|in funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|88,200|(102,289)|153,819|139,730| |**TOTAL FUNDS**|88,200|(102,289)|153,819|139,730| ## **10. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 5 April 2022. Page 11