**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: - 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 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