2021-04-05-accounts

Registration Number 289474

Turner Dumbrell Foundation

Trustees' Report and Financial Statements

For the year ended 5 April 2021

Turner Dumbrell Foundation

Contents

	Pages
Administrative Details	1
Trustees’ Report	2 – 3
Independent Examiner’s Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the Financial Statements	7 – 11

Turner Dumbrell Foundation

Legal and administrative details

Governing Instrument	The charity was established by Trust Deed dated 30 December 1983 by
	Dr Richard Wainwright Duke Turner OBE MA MD FRCP FRCP (E)
	(Deceased), and is registered with the Charity Commission.
Trustees	Roger Vail (Chairman)
	The Revd David Wallis (Vice Chairman)
	Edwin John Wood (Secretary)
	Max Bolton (Hon. Treasurer)
	Janet Cragg
	Roma Leon
	Matthew Searle
	Dr Richard Duke Turner
	Thomas Henry Duke Turner
Charity Registered Number	289474
Registered Office	10 The Dymocks
	Ditchling
	Hassocks
	East Sussex BN6 8SU
Independent Examiner	Keymer Haslam & Co
	4/6 Church Road
	Burgess Hill
	West Sussex RH15 9AE
Bankers	Barclays Bank plc
	The Old Bank
	High Street
	Lewes
	East Sussex BN7 2JP
Investment Managers	Investec Wealth & Investments Ltd
	30 Gresham Street
	London, EC2V 7QN
Accountants	Keymer Haslam & Co
	Chartered Accountants
	4/6 Church Road
	Burgess Hill
	West Sussex RH15 9AE

Page 1

Turner Dumbrell Foundation

Trustees' Report

For the year ended 5 April 2021

The Trustees present this report and the financial statements for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the Foundation's trust deed and applicable law.

Objects, Organisation and Activities

The Turner Dumbrell Foundation is constituted under a Deed of Settlement dated 30 December 1983 and is a registered charity number 289474.

The Foundation was established to provide income to be paid to charitable institutions or for charitable purposes and in particular to:

• the Parish Church and for education and other purposes within the Parish of Ditchling and in the County of East Sussex.

• the practice of preventive cardiology carried out by the Royal Colleges of Physicians in the United Kingdom or elsewhere.

Since the death of the Settlor the Trustees have the power to distribute the income to charitable institutions and for charitable purposes at their absolute discretion.

The Foundation converted the buildings that it owns at North End, Ditchling into The Turner Dumbrell Workshops from which it receives most of its income. The Foundation also owns other land in the parish of Ditchling which is let and is in part available for public access. Grants are made to local charities and for charitable purposes out of the Foundation's income annually.

The Foundation is administered by the Trustees. The Workshops and other land are managed for the Trustees by Batchelor Monkhouse.

There were two Trustees meetings during the year, on 18 July 2020 and 11 February 2021.

Review of Progress and Achievements

The workshops made a net loss during the period of £2,979 compared with a profit of £26,459 last year. Dividend income decreased by 25%.

These figures reflect the effects of the COVID Pandemic. The Trustees made the decision to reduce the rents by circa 50% to enable the Workshop Tenants to survive the massive downturn in business, this was successful, we lost only one tenant and that unit was relet at the passing rent. The drop in investment income was contained at 25% .

Financial Review and Investment Policy

The attached financial statements show the current state of the finances, which the Trustees consider to be sound. There are no restrictions on the Foundation's power to invest. The investment policy is set by the trustees, who take advice from the Foundation's Investment Managers. Endowment and Accumulated Income Funds have been established and are maintained in accordance with the Trustees' decision reached at their meeting on 26th June 2004.

Reserves Policy

It has been the policy of the Trustees to invest some undistributed income as a reserve in respect of possible major repairs to and renewals at the Turner Dumbrell Workshops which are converted farm buildings dating from the 19th Century. The sum set aside for this, in a contingency fund, is £6,500. The income derived from this reserve is utilised for grant purposes.

Risk Management

The Trustees have examined the major strategic, business and operational risks which the Foundation faces and confirm that systems are being regularly reviewed so that the necessary steps can be taken to lessen these risks. A Health and Safety audit has been carried out and the recommendations have been implemented.

The Trustees take appropriate steps to fulfil their obligations under Safeguarding Regulations through the operation of relevant checks as part of their grant-making process.

Page 2

Turner Dumbrell Foundation

The Investment Managers submitted valuations and recommendations to the Trustees for their meetings.

Trustees' Responsibilities

These are set out in the Foundation's Policies and Procedures. Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation's financial activities and of its financial position at the end of the year. In preparing financial statements the Trustees are required to:

• select suitable accounting policies and apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the trustees on and signed on their behalf by

………...................................

Mr John Wood (Secretary)

Page 3

Turner Dumbrell Foundation

Independent Examiner's Report to the Trustees of Turner Dumbrell Foundation

I report on the accounts of the charity for the year ended 5 April 2021, which are set out on pages 5 to 11.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

• examine the accounts under section 145 of the 2011 Act;

• follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

• state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

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 charity 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][1] .

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.

Alec Burgess ACA for and on behalf of Keymer Haslam & Co 4/6 Church Road Burgess Hill West Sussex RH15 9AE

Page 4

Turner Dumbrell Foundation

Statement of Financial Activities for the Year Ended 5 April 2021

		Endowment	Unrestricted	Total	Total
Notes		Funds	Funds	2021	2020
		£	£	£	£
INCOMING RESOURCES
Investment income	2	-	5,551	5,551	7,358
Activities in furtherance of the charity’s objects:
Rents received		-	42,083	42,083	70,214
		_____	______	______	______
Total incoming resources		-	47,634	47,634	77,572
		_____	______	______	______
RESOURCES EXPENDED
Costs of generating funds	3	-	45,062	45,062	43,755
Direct charitable expenditure	4	-	13,200	13,200	16,500
		_____	______	______	______
		-	58,262	58,262	60,255
Management and administration of the charity
Administration costs	5	-	7,597	7,597	3,947
		_____	______	______	______
		-	7,597	7,597	3,947
		_____	______	______	______
Total resources expended		-	65,859	65,859	64,202
		_____	______	______	______
Net resources before transfers		-	(18,225)	(18,225)	13,370
Gains/(losses) on revaluation of investment assets	12
Realised		3,931	-	3,931	58
Unrealised		16,552	5,064	21,616	(22,224)
		_____	______	______	______
Net movement in funds		20,483	(13,161)	7,322	(8,796)
Total funds brought forward		1,094,388	65,261	1,159,649	1,168,445
		_	______	_	_
Total funds carried forward		£1,114,871	£52,100	£1,166,971	£1,159,649
		_	______	_	_

Page 5

Turner Dumbrell Foundation

Balance Sheet

As at 5 April 2021

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Endowment Unrestricted|Total|Total| |Notes|Funds|Funds|2021|2020| |£|£|£|£| |Fixed Assets| |Tangible assets|7|954,000|-|954,000|954,000| |Investments|12|152,065|26,310|178,375|144,044| |_|__ _|_| |1,106,065|26,310 1,132,375|1,098,044| |_|_ _|_| |Debtors|8|-|4,179|4,179|8,118| |Investec capital account|4,980|(3,033)|1,947|10,856| |Cash at bank and in hand|9|3,826|26,084|29,910|44,071| |_| _|_| |8,806|27,230|36,036|63,045| |Creditors: amounts falling due within one year|10|-|(1,440 )|(1,440 )|(1,440)| |_| _|_| |Net Current Assets|8,806|25,790|34,596|61,605| |_| _|_| |Total Assets Less Current Liabilities|£1,114,871|£52,100 £1,166,971 £1,159,649| |_| _|_| |Funds| |Endowment fund|11|1,114,871|- 1,114,871|1.094,388| |Unrestricted income fund|11|-|52,100|52,100|65,261| |_| _|_| |£1,114,871|£52,100 £1,166,971 £1,159,649| |_| _|____|

----- End of picture text -----

The financial statements were approved by the Trustees on and signed on its behalf by

…………………………………Mr Roger Vail (Chairman)

…………………………………Mr Max Bolton (Hon. Treasurer)

The notes on pages 7 to 11 form an integral part of these financial statements.

Page 6

Turner Dumbrell Foundation

Notes to the Financial Statements

For the year ended 5 April 2021

1. Accounting Policies

1.1.

Accounting convention

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.

The trust constitutes a public benefit entity as defined by FRS 102.

In common with many businesses and other Charities, the Foundation has encountered difficult operating conditions owing to the Covid 19 pandemic and, in addition, the issues regarding Brexit and how that will affect the Foundation’s operations, create uncertainty over the Foundation’s ability to realise its assets and meet its liabilities in the ordinary course of operations in the future. However, the Trustees have made operational changes to enable the Foundation to continue to operate and therefore have prepared the financial statements on the going concern basis.

1.2. Investment income

Investment income is accounted for in the period in which the charity is entitled to receipt.

1.3. Rents received

Rents received are accounted for when they become due.

• 1.4. Resources expended

Expenditure is included on an accruals basis. Donations are charged in the year when the payment is made to the recipient.

1.5. Tangible fixed assets

Land and properties are shown at valuation.

• 1.6. Investments Fixed asset investments are stated at market value. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

1.7. Fund accounting

Details of the nature and purpose of each fund is set out in note 11

2. Investment income

Investment income
	2021	2020
	£	£
Dividends	5,332	6,429
COIF interest	8	41
Wayleaves	-	888
Other income	211	-
Investment manager interest received	-	-
	_____	_____
	£5,551	£7,358
	_____	_____

Page 7

Turner Dumbrell Foundation

Notes to the Financial Statements

For the year to 5 April 2021

----- Start of picture text -----
|||| |---|---|---| |2021|2020| |£|£| |3|Costs of generating funds| |Workshop expenses| |Management charge|7,362|12,760| |Rates and water|186|356| |Refuse and cleaning|3,961|4,606| |Insurance|3,030|2,859| |Lighting|1,169|1,099| |Bank charges|-|-| |Repairs and renewals|29,355|22,075| |__|_| |£45,062|£43,755| ||| |4|Direct charitable expenditure| |Donations|made| |Beacon Parishes Fund|6,000|6,000| |Beacon Parish Help Group|700|-| |Jubilee Pathway|750|-| |Friends of Ditchling|1,500|-| |Ditchling Pavilion|2,000| |Ditchling school|-|2,000| |Oldland Mill Trust|1,000|1,000| |Monday Group|1,250|1,500| |Ditchling lawn tennis club|-|2,000| |Sussex clubs for young|-|1,000| |Willow school|-|500| |Ditchling Unitarian|-|1,500| |Ditchling, Streat & Westmeston Sports|-|1,000| ||| |£13,200|£16,500| ||| |5|Administration expenses| |Management charges (investments)|1,632|1,714| |Indemnity insurance|438|495| |Legal and professional|3,667|-| |Accountancy|1,440|1,470| |General expenses|420|268| ||| |£7,597|£3,947| ||___|

----- End of picture text -----

Page 8

Turner Dumbrell Foundation

Notes to the Financial Statements

For the year to 5 April 2021

6 Trustees' Remuneration

The trustees did not receive any remuneration or reimbursement of expenditure during the year 5 April 2020 or 5 April 2021.

7 Tangible fixed assets for use by the charity

----- Start of picture text -----
|||| |---|---|---| |2021|2020| |£|£| |Land at Lodge Hill|54,000|54,000| |Land south of Boddington’s Lane, Ditchling|35,000|35,000| |Land at Bowries, North End, Ditchling|140,000|140,000| |The Turner Dumbrell Workshops, North End, Ditchling|725,000|725,000| |_|_| |£954,000|£954,000| |_|_|

----- End of picture text -----

Land and property was valued by Batcheller Monkhouse, Chartered Surveyors and Estate Agents at open market valuation, on 21 November 2017. The valuer was Mr C. Tipping MRICS. The Trustees are not aware of any material changes since the last valuation.

----- Start of picture text -----
|||| |---|---|---| |2021|2020| |£|£| |8|Debtors| |Rent receivable|4,181|5,088| |Insurance prepayment|-|3,030| |_|| |£4,181|£8,118| |__|_| |9|Bank and cash| |Barclays|23,156|37,325| |COIF Deposit account – Contingency Reserve|6,500|6,500| |COIF Deposit account – Accumulated Income|254|246| |_|| |£29,910|£44,071| ||___|

----- End of picture text -----

Page 9

Notes to the Financial Statements

For the year to 5 April 2021

				2021	2020
				£	£
10	Creditors: amounts falling due within	one year
	Keymer Haslam & Co			1,440	1,380
				_____	_____
				£1,440	£1,440
				_____	_____
11	Funds
				Unrestricted
		Endowment		Income
			Fund	Fund	Total
			£	£	£
	At 5 April 2020	1,094,388		65,261	1,159,649
	Net movement in funds for the year		20,483	(13,161)	7,322
		_		______	_
	At 5 April 2021	£1,114,871		£52,100	£1,166,971
		_		______	_

The endowment fund is the trust fund established by Dr Richard Wainwright Duke Turner on 30 December 1983 and is represented by the assets as shown in note 7 and the endowment element of the investments shown in note 12. The Trustees are permitted to use the income from this fund for charitable purposes.

The unrestricted income fund includes unspent resources generated by the endowment fund.

Included in unrestricted funds is a Contingency Reserve Account of £6,500 held in a separate COIF account.

Page 10