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