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2024-04-05-accounts

Charity Registration No. 282936

C H DIXON CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

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One Bell Lane
Lewes
East Sussex
BN7 1JU
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C H DIXON CHARITABLE TRUST

CONTENTS

Page
Company information 1
Trustees report 2 - 3
Independent examiner's report 4
Statement of financial activities 5 - 6
Balance sheet 7
Notes to the financial statements 8 - 16

C H DIXON CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr R Robinson
Ms C M Menon
Ms V M Dakin
F E Robinson
Mr C B Hunt
Charity number 282936
Principal address 22 Vicarage Drive
East Sheen
London
SW14 8RX
Independent examiner TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
Bankers CAF Bank Ltd
PO Box 289
25 Kings Hill Avenue
West Malling
Kent
ME19 4TA
Solicitors Dixon Ward
16 The Green
Richmond
Surrey
TW9 1QD

C H DIXON CHARITABLE TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 5 APRIL 2024

The trustees present their annual report and financial statements for the year ended 5 April 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charitable trust's governing document, the Charities Act 2011 and “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).

Objectives and activities

The principal object of the Charity is that monies received be held and used for such Charity or Charities or for such Charitable purposes and in such manner as the Charity's Trustees in their discretion select and determine. Monies are regularly distributed to deserving causes. The charity held a piece of land which it managed for the benefit of the local community. This was donated on 22[nd] December 2023 to Wiltshire Wildlife Trust Limited, which is a registered charity.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable trust should undertake.

Achievements and performance

Financial review

Declarations of trust were made on 31 March 2015 apportioning 6.37% of the A Dixon Estate and 28.44% of the A H Dixon Estate to the charitable trust. Available distributable funds at the year end together with expected income is considered to be sufficient to meet the Charity's planned donations for the forthcoming year.

It is the policy of the charitable trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to enable the trustees to continue to maintain, as far as possible, their established level of giving. This level of reserves has been maintained throughout the year.

The Charity received property and shares to be kept in perpetuity. However this capital can be used under certain conditions at the discretion of the trustees in line with the Deed of Variation. The trustees' policy is to maintain income whilst preserving the real value of the endowed assets.

The trustees have assessed the major risks to which the charitable trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charitable trust was established by the Will of C H Dixon dated 19 March 1977 and a Deed of Variation dated 16 June 1981.

The trustees who served during the year and up to the date of signature of the financial statements were: Mr R Robinson

Ms C M Menon Ms V M Dakin F E Robinson Mr C B Hunt

New or additional trustees can be appointed by the existing trustees.

C H DIXON CHARITABLE TRUST

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

The trustees report was approved by the Board of Trustees.

Mr R Robinson

Dated: 21 September 2024

Trustee

C H DIXON CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF C H DIXON CHARITABLE TRUST

I report to the trustees on my examination of the financial statements of C H Dixon Charitable Trust (the charitable trust) for the year ended 5 April 2024.

Responsibilities and basis of report

As the trustees of the charitable trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charitable trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no 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 financial statements to be reached.

N Rawson on behalf of TC Group Chartered Accountants

Dated: 23 September 2024

One Bell Lane Lewes East Sussex BN7 1JU

C H DIXON CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2024

Current financial year

Unrestricted
funds
2024
Notes
£
Income from:
Charitable activities
2
-
Investments
3
63,928
Total income
63,928
Expenditure on:
Charitable activities
4
75,667
Material other expenditure
8
-
Total resources expended
75,667
Net gains/(losses) on investments
9
-
Net (outgoing)/incoming resources
before transfers
(11,739)
Net movement in funds
(11,739)
Net (outgoing)/incoming resources
before transfers
(11,739)
Gross transfers between funds
-
Fund balances at 6 April 2023
172,855
Fund balances at 5 April 2024
161,116		 Restricted Endowment
funds
funds
2024
2024
£
£
4,326
-
-
-
4,326
-
-
-
-
46,923
-
46,923
-
137,166
4,326
90,243
(9,200)
103,769
4,326
90,243
(13,526)
13,526
9,200
1,932,385
-
2,036,154		 Total
2024
£
4,326
63,928
68,254
75,667
46,923
122,590
137,166
82,830
82,830
82,830
-
2,114,440
2,197,270		 Total
2023
£
226
63,622
63,848
64,348
-
64,348
(131,443)
(131,943)
(131,943)
(131,943)
-
2,246,383
2,114,440

C H DIXON CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

Prior financial year

Unrestricted
funds
2023
Notes
£
Income from:
Charitable activities
2
-
Investments
3
63,622
Total income
63,622
Expenditure on:
Charitable activities
4
64,348
Total resources expended
64,348
Net gains/(losses) on investments
9
-
Net (outgoing)/incoming resources before
transfers
(726)
Net movement in funds
(726)
Fund balances at 6 April 2022
173,581
Fund balances at 5 April 2023
172,855		 Restricted Endowment
funds
funds
2023
2023
£
£
226
-
-
-
226
-
-
-
-
-
-
(131,443)
226
(131,443)
226
(131,443)
8,974
2,063,828
9,200
1,932,385		 Total
2023
£
226
63,622
63,848
64,348
64,348
(131,443)
(131,943)
(131,943)
2,246,383
2,114,440

C H DIXON CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2024

Notes
Fixed assets
Tangible assets
11
Investments
12
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
The funds of the charitable trust
Endowment funds
14
Restricted income funds
15
Unrestricted funds		 2024
£
£
-
2,108,152
2,108,152
91,313
(2,195)
89,118
2,197,270
2,197,270
2,036,154
-
161,116
2,197,270		 2023
£
£
46,923
1,970,986
2,017,909
98,565
(2,034)
96,531
2,114,440
2,114,440
1,932,385
9,200
172,855
2,114,440		 2023
£
£
46,923
1,970,986
2,017,909
98,565
(2,034)
96,531
2,114,440
2,114,440
1,932,385
9,200
172,855
2,114,440
2,017,909
96,531
2,114,440
2,114,440
1,932,385
9,200
172,855
2,114,440

The financial statements were approved by the trustees on 21 September 2024

Mr R Robinson Trustee

FOR THE YEAR ENDED 5 APRIL 2024

C H DIXON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

Charity information

C H Dixon Charitable Trust is a Charity established by the will of C H Dixon dated 9 March 1977 and a Deed of Variation dated 16 June 1981.

1.1 Accounting convention

The accounts have been prepared in accordance with the charitable trust's governing document, the Charities Act 2011 and “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 charitable trust is a Public Benefit Entity as defined by FRS 102.

The charitable trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charitable trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are funds that can only be used for particular purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for restricted purposes.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charitable trust. However it can be used under certain conditions at the discretion of the trustees in line with the Deed of Variation.

1.3 Incoming resources

Income is recognised when the charitable trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

C H DIXON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

(Continued)

1.4 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. All costs have been directly attributed to a cost heading on the Statement of Financial Activities. The charity is not registered for VAT and accordingly expenditure is shown gross of VAT.

Governance costs include those incurred in the governance of its assets and are primarily associated with constitutional and statutory requirements.

1.5 Tangible fixed assets

The charity's fixed assets comprise only of land which is not depreciated.

1.6 Fixed asset investments

Fixed asset investments are stated at fair value.

1.7 Impairment of fixed assets

At each reporting end date, the charitable trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

C H DIXON CHARITABLE TRUST

FOR THE YEAR ENDED 5 APRIL 2024

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable trust’s contractual obligations expire or are discharged or cancelled.

1.9 Creditors

Accruals are recognised when the charity has a present obligation resulting from a past event and the amount can be measured or estimated reliably.

2 Charitable activities

Grants received
Other income		 2024
£
261
4,065
4,326		 2023
£
226
-
226

All income was attributable to restricted income funds.

C H DIXON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

3 Investments

Income from listed investments
Interest receivable		 2024
£
63,475
453
63,928		 2023
£
63,475
147
63,622

4 Charitable activities

Insurance
Independent examiners' fee
Bank charges
Professional fees
Charitable gifts (see note 5)
All of the expenditure was attributable to unrestricted income funds.
5
Grants payable
Grants to institutions:
Treloar Trust
Glyndebourne Arts Trust
St Margaret's Hospice
The Stars Appeal
Space2grieve
River Thames Boat Project
Royal Ballet School		 2024
£
-
2,196
65
406
2,667
73,000
75,667
2024
£
-
-
-
-
5,000
50,000
18,000
73,000		 2023
£
737
2,034
77
-
2,848
61,500
64,348
2023
£
8,000
1,500
5,000
5,000
4,000
30,000
8,000
61,500

C H DIXON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration or reimbursed expenses during the year.

7 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

8 Other material expenditure

During the year, the land at Hanging Langford (previously held in land and buildings) was donated to the Wiltshire Wildlife Trust. This has been donated at cost of £46,923.

9 Gains and losses on investments

Endowment Endowment
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 137,166 (131,443)

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

C H DIXON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

11 Tangible fixed assets
Land and
buildings
£
Cost
At 6 April 2023 46,923
Disposals (46,923)
At 5 April 2024 -
Carrying amount
At 5 April 2024 -
At 5 April 2023 46,923
12 Fixed asset investments
Listed
investments
£
Cost or valuation
At 06 April 2023 1,970,986
Valuation changes 137,166
At 5 April 2024 2,108,152
Carrying amount
At 05 April 2024 2,108,152
At 05 April 2023 1,970,986

Fixed asset investments revalued

Fixed asset investments are stated at fair value. The historical cost at the balance sheet date was £1,664,926 (2023 - £1,664,926).

C H DIXON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

13 Creditors: amounts falling due within one year

Accruals and deferred income
14
Endowment funds
At 6
Expendable endowments
Capital fund
Other fund
Previous year:
At 6
Expendable endowments
Capital fund		 April 2023
£
1,932,385
-
1,932,385
April 2022
£
2,063,828		 Resources
expended
£
(46,923)
-
(46,923)
Resources
expended
£
-		 Transfers
£
-
13,526
13,526
Transfers
£
-		 2024
£
2,195
Gains and
losses
At 5
£
137,166
-
137,166
Gains and
losses
At 5
£
(131,443)		 2023
£
2,034
April 2024
£
2,022,628
13,526
2,036,154
April 2023
£
1,932,385

The capital fund represents monies gifted to the Charity under a Deed of Variation of the Will of C H Dixon Deceased. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gain or loss arising on assets in the fund form part of the fund. The capital in the fund can be used for charitable purposes at the discretion of the trustees.

15 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 6 April 2023 Incoming TransfersAt 5 April 2024 TransfersAt 5 April 2024
resources
£ £ £ £
Maintenance of land at Hanging Langford 9,200 4,326 (13,526) -

C H DIXON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

15 Restricted funds (Continued)
Previous year: At 6 April 2022 Incoming TransfersAt 5 April 2023
resources
£ £ £ £
Maintenance of land at Hanging Langford 8,974 226 - 9,200

This represents monies received to be used in maintaining the land at Hanging Langford. Now that the land has been donated, this fund has been transferred to endowment funds to be used in accordance with the general charitable purposes of the trust.

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 6 April 2023
£
General funds
172,855
Previous year:
At 6 April 2022
£
General funds
173,581
17
Analysis of net assets between funds
Unrestricted
funds
2024
£
At 5 April 2024:
Investments
-
Current assets/(liabilities)
161,116
161,116		 Incoming
resources
Resources
expended
At 5
£
£
63,928
(75,667)
Incoming
resources
Resources
expended
At 5
£
£
63,622
(64,348)
Restricted
Endowment
funds
funds
2024
2024
£
£
-
2,108,152
-
(71,998)
-
2,036,154		 April 2024
£
161,116
April 2023
£
172,855
Total
2024
£
2,108,152
89,118
2,197,270

C H DIXON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

17
Analysis of net assets between funds
Unrestricted
funds
2023
£
At 5 April 2023:
Tangible assets
-
Investments
-
Current assets/(liabilities)
172,855
172,855		 (Continued)
Restricted
Endowment
Total
funds
funds
2023
2023
2023
£
£
£
-
46,923
46,923
-
1,970,986
1,970,986
9,200
(85,524)
96,531
9,200
1,932,385
2,114,440		 (Continued)
Restricted
Endowment
Total
funds
funds
2023
2023
2023
£
£
£
-
46,923
46,923
-
1,970,986
1,970,986
9,200
(85,524)
96,531
9,200
1,932,385
2,114,440
2,114,440

18 Related party transactions

Transactions with related parties

During the year there were no transactions with related parties.