REGISTERED CHARITY NUMBER.. 278841 Re rt of theTrustee5 and Unaudited Financial Statements forthe Year Ended 5 A ril 2025 for DWMI h 11 Charitable Trust
DW Mitchell Charita ntents of the Financial Statement5 for the Year Ended S A ril 2025 Page Report of the Trustees to Independent ExamSner's Report Statement of FinancSal Activitie5 Balance She Notes to the Financial Ststements to 14
DW Mitchell rt of the Trustees rtheye rEnded5A ril 2025 The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. 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 appllcable Sn the UK and Republic of Ireland IFRS 1021 (effective l January 20151_ The trustee5 have had due regard to guidance published by the Charities Commi55ion on public benefit. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 278841 Principal address clo Dr J Severn The Coach House Station Road South Brent TQIO 9BB Trustees MC Mitchell EM Mitchell TW Mitchell Independent Examiner lan Webb A.C.M.A. l A W Accountancy Services Grosvenof House l New Road Brlxham Devon TQ5 8L2 The stockbrokers and investment advisors are- RBC Brewin Dolphin 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 appointln8 new trustees. This responsibility has now passed to the existing trustees. Risk management The trustees have a duty to identify and review the risks to which the charity 15 exposed and to ensure appropriate controls are in place to pfovide reasonable assurance against fraud and error. OBIECTIVES 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 Trustee5 from time to time think fit. In the main. the poliey of the Trustee5 15 to respond to needs designed to advance the arts, culture, and herita8e of Totne5 and its surrounding area. ACHIEVEMENT AND PERFORMANCE Charltable artbvlties The Trustees have taken Pfofessional advice on the condition of Bogan House and agreed a pro8ramme 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 compoundin8 complex issues suirounding a severely degraded significant 16th century structural beam. In April 2023 Phase 2 of the restoration project commenced comprising of the front faGade, roof void and east chimney.. this work was completed in May 2024 to the approval of the Totne5 cornmunity. The completion of the work allowed the Devonshire
it hell Charitable Trust Collection of Period Costume IDCPCI to hold a 5urnmer exhibition featuring the finest examples In the collection. DurTn8 the year the DCPC built on their relationship with the Institute of Fashion and Textile5 at the University of Falmouth and agreed to loan the whole Collection to the University. The Collection enables the University to design new courses in the history of costume and textile5 at undergraduate and post-graduate levels. The D W Mitehell Trust have provided grant funding to support the move of the costume Collection to Falmouth where facilities exist for the Collection to be properly stored and handled and made available to the public by physical and virtual means. The DCPC vacated 8ogan House 24th March 202S. The Trustees are now evaluatin8 the best future for 808an House. Investment performance The Trustee5 continue to monitor the rnana8ement of their investment portfollo, and in partnership with their stockbrokers they anage the portfolio a5 Income and Growth return risk classification. As such the Trustees want the portfolio to generate incorne and capital growth and accept the level of risk associated with tnvesting in shares. The portfolio is managed with an aim to balance these three objertives.. The need to reduce investment risk through diversification The need to take 'proper advice. Maximise the return5 for the bellefit of the charitv. The investment portfolio 15 under discretionary management by R8C 8rewin Dolphin the Trust's fund mana8er allowin8 the execution of appropriate transactions in a timely fashion without prlof referente to the Trustees. FINANCIAL REVIEW Reserve5 poIIcy Refurbishment and maintenance work to Bo8an House contlnues to be reviewed by the Trustees and they have retained the £IOO,1100 designated reserve for its long-term maintenance. RELATIONSHIP WITH CONNEED CHARITIES The Trust has continued to cLFoperate with the Birdwood House Trust in ach¢evin6 thelr charitable objective5 Wlth one Trustee and the Secretary being common to both Trusts. The Trust has a strong eo-operative relationship with the Wakefield Trust with which it has two Trustees and the Secretary in colnmon. Approved by order of the board of trustees on 21 October 2025 and signed on its behalf by.. M C Mitchell- Trustee
Inde endent Examiner's Re rust rt to the Trustee5 of Independent examinèr's report to the trustees of DW Mltchell Charltable Trust I report to the £harity trustees on my examination of the account5 of DW Mitchell Charitable Trust (the Trust) for the year ended 5 April 2025. Responslbllltles and basis of report As the charitytrustees of the Trust you are responsibleforthe preparation of the accounts in accordance with the requirements of the Charities Aet 20111'the Act'l. I report in respect of my examination of the Trust's accounts carried out under Sectlon 145 of the Act and in carrying out mv examination I have followed all applicable Diredions given by the Charity Commission under Section 14515llbl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matter5 have come to my attention in connectSon wlth the examination 8ivln8 me cause to believe that in any material respect.. accountln8 records were not kept in respect of the Trust as required bysection 130 of the Att., or the accounts do not accord with those records. or the accounts do not complywith the applicable requirements concerning the form and content of accounts set out in the Charities (Account5 and Reports) Regulation$ 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of ari independent examination. I have no concern5 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 reacheil. lan WebbA.C.M.A. IAW Accountancy Services Grosvenor House l New Road 8riKharn Devon TQ5 8LZ Date.. 29 October 2025
DW Mitchell Charitable TrLt Statement of Financial Artivities for the Year Ended 5 ril 2025 202S Total funds 2024 Total funds Unrestricted fund5 Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and Le8acie5 60.000 Charitable artivitles Bogan House 15,567 15.567 12.420 Investment income 11,757 11.757 13,228 Total 27.324 27.324 85,648 EXPENDMJRÉ ON Ralslng funds 2.575 2,575 Charltable attfvltles Bogan House Charitable project grants Other expenditure 27.606 8.772 11.220 27,606 8,772 11,220 245,511 3,375 Total 50.173 50.173 2SI.326 Net 8alns/llossesl on investments 116,6401 116,6401 38,286 Nrr INCOMEIIEXPENDITUREI 139,4891 139.4891 1127.3921 RECONCILIATION OF FUNDS Total funds brought fosward 536.444 536,444 663,836 TOTAL FUNDS CARRIED FORWARD 496,9SS 496,955 536.444
OW Mitchell Charitable Trust Balance Sheet 5 A ril 2025 2025 Total funds 2024 Total funds Unrestricted funds Restritted fund Notes FIXED A55ETS Tangible assets Investments 107,493 367,778 107.493 367.778 107,493 387.476 475,271 475.271 494,969 CURRENT A55Ef5 Cash at bank and in hand 22.570 22,570 42.483 CREDITORS Amounts falling due within one year 887 887 I,IK)8 NETCURRENT ASSETS 21.683 21,683 41,475 TOTALASSETS LESS CURRENT LIABILITIE5 496,955 496,955 536,444 NET ASSETS 496,95S 496,95S 536,444 FUND5 Unrestricted fund5 496.9S5 S36,444 TOTAL FUNDS The financial Statements were approved by the Board of Trustees and authorised for issue on 21 October 2025 and were signed on its behalf bv.. M C Mitchell- Trustee
DW Mitchell Charitable Tr(Jst Notes to the Financial Staternents for the Year Ended 5 A ACCOUNTING POLICIES Basis of preparlng the finan¢lal statements The financial statements of the charity, which is a public benefrt entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts in accordance Wth the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191., Financial Reporting Standard 102 'The Financial Reportin Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historlcal cost convention, with the exception of Investments which are included at market value, as modified by the revaluation of certain assets. Income All income 15 reco8nised in the Statement of Financial Activities once the charity has entitlementto the funds. it ts probable that the income will be received and the amount can be measured reliably. Empendlture Liabilities are recognised as expenditure a5 soon as there is a legal or construcrive obli8ation cornmittin8 the charity to that expenditure, it is probable that a transfer of economic benefi'ts 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 thai a88regate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a ba515 COnS15tent with the use of resources. Grants offered subject to condition5 which have not been met atthe year end date are noted as a commitment but not accrued a5 expenditure. T•nglble fixed assets There is no poli£ythat requlres the revaluation of the freehold property. No depreciation has been provided on the freehold property as it 15 the Trust's policy to maintain the buildin8 in such condition that any provision would be immaterial. Taxation The charity is exempt from corporatSon tax on its charitable artivities. Fund accounting Unrestricted funds can be used in accordance with the charitable objective5 atthe discretion of the trustees. Restricted lunds can only be used for particular restricted PUTposes within the objects olthe charity. Restrlctions arlse when specified by the donor or when funds are raised for particular restricted purpose5. Further explanation of the nature and purpose of each fund 15 included in the notes to the financial staternents. Investments Investments quoted on the Stock Exchan8e are included at theirrnarket value at the balance sheet date. The property is at cost a5 a valuation is not considered Justified 35 the cost of such a valuation would not be commensurate with the benefit derived from sncludins this in the balance sheet.
DW Mitchell Charitable Trust Notes to the Financial Statements- continued for the Year Ended 5 A ril 2025 INVESTMENT INCOME 2025 2024 Income from Investments 11,757 13,228 RAISING FUNOS Investment management ¢0sts 2025 2024 Portfolio management 2,575 2,440 GRANTS PAYABLE 2025 2024 Charitable projert grants 8,772 3,375 The total grants paid to Instiwtlons durSn8 theyearwas as follows.. 2024 2023 DCPC 8.772 3.375 The above grants were pledged as part of the Trustees, intention to support local community organisation5. TRU5TEES' REMUNERATION AND BENEFrrs There were no trustees, remuneration or other benefits forthe year ended 31 March 2025 nor for the year ended 31 March 2024. Tru5tee5' expenses There were no trustees, expenses paid for the year ended 5 April 2025 norfor the year ended 5 April 2024. TANGIBLE FIXED ET5 Freehold propertv COST At 6 April 2023 and 5 April 2025 107.493 NET BOOK VALUE At 5 April 2025 107 493 At 5 April 2024
DW Mitchell Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 5 April 2025
7 FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| MARKET VALUE At 6 April 2024 Additions Disposals Revaluations At 5 April 2025 NET BOOK VALUE At 5 April 2025 At 5 April 2024 There were no investment assets outside the UK. Cost or valuation at 5 April 2025 is represented by: Valuation in 2024 Movement in year to 5 April 2025 Valuation as at 5 April 2025 |
Listed investments £ 387,476 222,422 (225,479) (6,640) |
367,778 367 778 387 476 Listed investments £ 387,476 (19,698) 367 778 |
9
Mitchell Charitable Trust Notes to the Financial Statement5- continued forthe Year Ended 5 A ril 2025 FIXED ASSET INVESTMENTS- tontlnued No. Cost Market Value Market Value Name of share Aberforth Smaller Cos Trust Ord Ip 5 April 2025 7,405 5 April 2025 8.961 5 April 2024 9.846 725 Alphabet Inc 36 5,297 4,051 Applied Materia15 Ashtead Group Ord lop 38 6.261 8,724 153 1,575 5.797 A5traieneca PIC 51 6,088 5,512 Berkshire Hathaway Baillie Gifford Japanese 32 5,458 12,205 16.593 4.680 288 DB X-Trackers MSCI Japan Index Diageo Ord 28p Fa5ten31 Com Stk 91 3.388 5,221 9,807 8,549 13,061 22,815 300 215 Fidelity European Values Ord 2.5p 1,825 2.569 6,470 Fidelity Inve5trnents Fidelity Ljcits Icav Glaxo Srnithkline Ord 25p I Sha$ 4,177 4,340 710 io 5,095 34.020 11,570 34.871 5,894 13.114 6.000 12,061 6,886 26,875 32,355 851 17,662 6,282 33,897 6,045 I Shares11 PLC 1,224 16,400 155,000 3.388 7,790 Insi8ht Inv FDS LIK VT All Mat Institutional Cash 5erie5 PLC Is5,0 6.328 155.(K)O 11,790 JP Morgan Asian IT Ord 25p John Lain8 Environ Man Funds PLC 65 6,685 12.757 Ml Select Mana8er5 8on Ml Select Managers Boné Instl Acc Ml Select Managers Alt Dis 12,760 13.815 7,339 12,740 6.908 12,974 7,991 7,365 Micr050ft Corp 18 5,868 5,006 Nvidia Corp Nuveen Global Investors Fund Rio Tinto Ord lop Royal Dutch Shell 8 Ord Euro 0.07 Schroder Unit TST Global Ener8Y Schwab Corp Segro Plc Taylor Wimpey Templtn Emg Mkt In Ord 25p Twentyfour AM Corporate Bond Unilever PLC Ord .31p UK (Gov of) 4.125% 49 5,650 4,361 3,571 4,131 205 6,411 9,899 11,398 3,935 199 410 9,070 113 720 6.242 4,804 6,180 8,461 9,017 10,432 3,630 4,008 100 235 3,026 li
DW to the Fin ncial Statements- continued for the Year Ended 5 A ril 2025 UK (Gov of) 4.125% Vanguard Fund5 PLC Visa Inc 13.228 123 12,876 3.153 5.858 7,956 1,357 12,088 13,371 9.330 5,808 4,081 2,095 12,116 13,306 9,616 24 Winton Ucits Funds Wi5dorNtree Metal Securities 30 4,638 7,152 12.891 Xtrackers PLC 203 322,752 367,778 387,476 12
DW Mitchell Charit3ble Trust CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2025 2024 Other creditors 887 1,008 MOVEMENT IN FUND5 Net Movement in funds Al 5.4.25 At 6.4.24 Unrestritted fvnds General fund Maintenance Fund 436,444 100.000 139,4891 396,955 loo,000 536,444 139,4891 496,955 TOTAL FUNDS 536,444 139,4891 496,955 Net rnovement in fund5. included Tn the above are a5 follow5.. Incoming resource5 Resources expended Gains and losses Movement in fund5 Unrestrlcted fund5 General fund TOTAL FUNDS COmparate$ for movement in furbds Net movement in funds At 5.4.24 At 6.4.23 Unrestritted funds General fund Maintenance Fund 563.836 loo.000 1127.3921 436,444 loo.000 663,836 1127.3921 536.444 TOTAL FUNDS 663.836 1127.3921 536.444 Comparative net Movement in funds, included in the above are as follows.. Incoming resources Resources expended Galns and losses Movement in funds Unrestrirted fvnd$ General fund 251326 127 392 TOTAL FUNDS 13
DW Mitchell Charitable Trust MOVEMENT IN FUNDS. wntlnued A current year 12 months and prioryear 12 month5 combined position is as follows.. Net movement in funds At 5.4.25 At 6.4.23 Unrestrirted funds General fund Maintenance Fund 563,836 1166,8811 396,955 166 882 496 95S TOTAL FUNDS 845.836 166,882 496,95S A current year 12 months and prior year 12 months combined net movement In funds, included in the above are as follows.. Incoming resource5 Resources expended GaSfis arKI losses Movement in funds Unresrrlcted fvnds General fund 112,971 1301,4991 21.646 1166,8821 TOTAL FUNDS 112,971 1301,4991 21,646 1166.8821 io RELATED PARTY DISCLOSURES There were no related partytransactions forthe year ended 5 April 2025. 14