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2024-04-05-accounts

REGISTERED CHARITY NUMBER: 278841

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 5 April 2024

for

DW Mitchell Charitable Trust

DW Mitchell Charitable Trust

Contents of the Financial Statements for the Year Ended 5 April 2024

Page
Report of the Trustees 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 12

1

DW Mitchell Charitable Trust Report of the Trustees for the Year Ended 5 April 2024

The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. 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

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

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 with an extension running from December 2017 to February 2023, due to unforeseen problems and compounding complex issues surrounding a severely degraded significant 16th Century structural beam. In April 2023 Phase 2 of the restoration project commenced comprising of the front facade, roof void and east chimney; this work was completed in May 2024 to the approval of the Totnes community. In preparation for the work the Devonshire Collection of Period Costume (DCPC) were required to rearrange and move much of their collection and then while the work was in progress the DCPC was unable to stage a summer exhibition in 2023. The trustees appreciate the cooperation and understanding shown by all those that run and volunteer for the DCPC especially their Board of Trustees .

Investment Activities

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 the trust's stockbroker 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.

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.

2

DW Mitchell Charitable Trust

Report of the Trustees

for the Year Ended 5 April 2024

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 28 January 2025 and signed on its behalf by:

M C Mitchell - Trustee

3

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 2024.

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:

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 The Institute of Chartered Accountants in England and Wales

W R Frost & Co Riversdale Ashburton Road TOTNES Devon TQ9 5JU

Date: 4 February 2025

4

DW Mitchell Charitable Trust

Statement of Financial Activities

for the Year Ended 5 April 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and Legacies
Charitable activities
Bogan House
Investment income
2
Total
EXPENDITURE ON
Raising funds
3
Charitable activities
Bogan House
Charitable project grants
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2024
2023
Unrestricted
Restricted
Total
Total
funds
fund
funds
funds
£
£
£
£
60,000
-
60,000
-
12,420
-
12,420
10,225
13,228
-
13,228
13,667
85,648
-
85,648
23,892
2,440
-
2,440
4,550
245,511
-
245,511
161,130
3,375
-
3,375
4,500
251,326
-
251,326
170,180
38,286
-
38,286
(35,281)
(127,392)
-
(127,392)
(181,569)
663,836
-
663,836
845,405
536,444
-
536,444
663,836

5

DW Mitchell Charitable Trust

Balance Sheet

5 April 2024
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
Restricted
funds
fund
£
£
107,493
-
387,476		 2024
2023
Total
Total
funds
funds
£
£
107,493
107,493
387,476
530,571
494,969
-
42,483
-
1,008
-		 494,969
638,064
42,483
26,733
1,008
(961)
41,475
-		 41,475
25,772
536,444
-		 536,444
663,836
536,444
-		 536,444
663,836
536,444
663,836
536,444
663,836

The financial statements were approved by the Board of Trustees and authorised for issue on 28 January 2025 and were signed on its behalf by:

............................................. M C Mitchell - Trustee

6

DW Mitchell Charitable Trust

Notes to the Financial Statements

for the Year Ended 5 April 2024

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 corporation 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.

7

DW Mitchell Charitable Trust

Notes to the Financial Statements - continued

for the Year Ended 5 April 2024

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		 2024
2023
£
£
13,228
13,667
2024
2023
£
£
2,440
4,550
2024
2023
£
£
3,375
4,500
2024
2023
£
£
3,375
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 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 5 April 2024 nor for the year ended 31 March 2023.

6 TANGIBLE FIXED ASSETS

COST
At 6 April 2023 and 5 April 2024
NET BOOK VALUE
At 5 April 2024
At 5 April 2023		 Freehold
property
£
107,493
107,493
107,493

8

DW Mitchell Charitable Trust

Notes to the Financial Statements - continued

for the Year Ended 5 April 2024

7 FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
MARKET VALUE
At 6 April 2023
Additions
Disposals
Revaluations
At 5 April 2024
NET BOOK VALUE
At 5 April 2024
At 5 April 2023
There were no investment assets outside the UK.
Cost or valuation at 5 April 2024 is represented by:
Valuation in 2023
Valuation in 2024		 Listed
investments
£
530,571
101,431
(282,812)
38,286
387,476
387,476
530,571
Listed
investments
£
(58,525)
446,001
387,476

9

DW Mitchell Charitable Trust

Notes to the Financial Statements - continued

for the Year Ended 5 April 2024

7 FIXED ASSET INVESTMENTS - continued

No. Cost MarketValue MarketValue
5 April 2024 5 April 2024 5 April 2023
Aberforth Smaller Cos Trust Ord 1p 725 7,405 9,846 8,831
Apple Inc 50 6,577
Applied Materials 38 1,901 6,261 15,550
Ashtead Group Ord 10p 153 1,575 8,724 12,510
Berkshire Hathaway 50 8,528 16,593 12,467
Baillie Gifford Japanese 288 4,111 4,680 7,575
DB X-Trackers MSCI Japan Index 153 5,696 9,807 14,194
Diageo Ord 28p 300 3,001 8,549 11,007
Estee Lauder Companies Inc 40 - - 7,693
Fastenal Com Stk 215 9,986 13,061 -
Fidelity European Values Ord 2.5p 5,865 8,257 22,815 25,896
Fidelity Investments 4,177 5,006 5,095 -
Fidelity Ucits Icav 4,340 26,875 34,020 29,105
Glaxo Smithkline Ord 25p 710 52,166 11,570 13,682
Haleon PLC 1,150 - - 3,917
Hipgnosis Songs Fund Ltd 8,800 - - 7,278
IMI Ord 28 4/7p 420 - - 6,157
I Shares 851 17,662 34,871 37,011
I Shares II PLC 1,224 6,282 5,894 14,423
Insight Inv FDS UK VT All Mat 16,400 17,237 13,114 20,733
Institutional Cash Series PLC 6,000 6,000 6,000 -
JP Morgan Asian IT Ord 25p 3,388 6,328 12,061 28,702
JP Morgan Asset Management 100 - - 8,783
John Laing Environ 7,790 8,176 6,886 14,617
Man Funds PLC 65 6,640 6,685 -
Mercantile Invest. Ord 25p 4,600 - - 8,887
MI Select Managers Bond 12,760 13,331 12,757 12,277
MI Select Managers Alt Dis 7,339 6,908 7,365
Muzinich Funds 140 - - 13,188
Nuveen Global Investors Fund 601 6357 6,411 -
Polar Capital Technology Trust 480 - - 9,379
Prudential Ord 5p 900 - - 9,927
Rio Tinto Ord 10p 199 1,410 9,899 13,208
Reckitt Benckiser Ord 10p 70 - - 4,435
Royal Dutch Shell B Ord Euro 0.07 410 4,041 11,398 9,688
Schroders PLC 1,500 - - 6,698
Schroder Unit TST Global Energy 9,070 4,939 3,935 4,923
Schroder Unit Trust Global Cities 16,790 - - 13,550
Schwab Corp 113 5,003 6,440 -
Segro PLC 720 6,188 6,242 -
Taylor Wimpey 3,630 4,241 4,804 4,118
Templtn Emg Mkt In Ord 25p 4,008 3,667 6,180 10,374
Twentyfour AM Corporate Bond 100 9,804 8,461 8,251
Unilever PLC Ord .31p 235 4,853 9,017 10,078
UK (Gov of) 4.125% 6,500 11,309 10,432 22,783
UK (Gov of) 4.125% 13,228 12,876 13,306 -
Vanguard Funds PLC 123 3,153 9,616 36,619
Vodafone Group Ord USD .21 2,570 - - 2,299
Worldwide Healthcare Ord 25p 430 - - 13,416
Winton Ucits Funds 56 7,956 4,638 -
Wisdomtree Metal Securities 39
10		 5,879 7,152 -

DW Mitchell Charitable Trust

Notes to the Financial Statements - continued

for the Year Ended 5 April 2024

Xtrackers PLC
203
3I Infrastructure Ord NPV
3,100		 12088
12,891
-
-
9,765
326,835
387,476
530,571

8 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024 2023
£ £
Other creditors 1,008 961

9 MOVEMENT IN FUNDS

Unrestricted funds
General fund
Maintenance Fund
TOTAL FUNDS		 Net
movement
At
At 6.4.23
in funds
5.4.24
£
£
£
563,836
(127,392)
436,444
100,000
-
100,000
663,836
(127,392)
536,444
663,836
(127,392)
536,444

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
85,648
251,326
38,286
(127,392)
85,648
251,326
38,286
(127,392)

Comparatives for movement in funds

Unrestricted funds
General fund
Maintenance Fund
TOTAL FUNDS		 Net
movement
At
At 6.4.22
in funds
5.4.23
£
£
£
745,405
(181,569)
563,836
100,000
-
100,000
845,405
(181,569)
663,836
845,405
(181,569)
663,836

11

DW Mitchell Charitable Trust

Notes to the Financial Statements - continued

for the Year Ended 5 April 2024

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
23,892
(170,180)
(35,281)
(181,569)
23,892
(170,180)
(35,281)
(181,569)

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		 Net
movement
At
At 6.4.23
in funds
5.4.24
£
£
£
745,405
(308,961)
436,444
100,000
-
100,000
845,405
(308,961)
536,444
845,405
(308,961)
536,444

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
109,540
(421,506)
3,005
(308,961)
109,540
(421,506)
3,005
(308,961)

10 RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5 April 2024.

12