**Charity registration number 293459**
## **DOLLOND CHARITABLE TRUST**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **DOLLOND CHARITABLE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|A Dollond|
|---|---|
||M Dollond|
||B Dollond|
||R Dollond|
||J Milston|
|**Secretary**|B Dollond|
|**Charity number**|293459|
|**Address**|3rd Floor Hathaway House|
||Popes Drive|
||Finchley|
||London|
||N3 1QF|
|**Auditor**|FMCB|
||3rd Floor Hathaway House|
||Popes Drive|
||Finchley|
||London|
||N3 1QF|
|**Bankers**|Barclays Bank plc|
||155 Bishopsgate|
||London|
||EC2M 3XA|
|**Solicitors**|Smyth Barkham LLP|
||1 Mitre Court Buildings|
||Inner Temple|
||London|
||EC4Y 7BS|
|**Investment advisors**|Canaccord Genuity Wealth Limited|
||88 Wood Street|
||London|
||EC2V 7QR|
||Credo Wealth Planning Limited|
||8-12 York Gate|
||London|
||NW1 5DX|
## **DOLLOND CHARITABLE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 3|
|Independent auditor's report|4 - 6|
|Statement of financial activities|7|
|Balance sheet|8|
|Statement of cash flows|9|
|Notes to the financial statements|10 - 17|
## **DOLLOND CHARITABLE TRUST**
## **TRUSTEES REPORT** _**FOR THE YEAR ENDED 31 MARCH 2024**_
The trustees present their annual report and financial statements for the year ended 31 March 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, 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)” (as amended for accounting periods commencing from 1 January 2019).
## **Objectives and activities**
The Dollond Charitable Trust is a grant making institution, making grants primarily to registered charities only. The charity is broad based in its objects. It is an independent charity.
The charity continues to fulfil its objects through its grant making policy having regard to the Charity Commission guidance on public benefits and has continued its charitable giving in the current year. It is the intention of the trustees to continue a broad grant making programme in the coming year.
## **Grant making policy**
Although the constitution of the charity is broadly based, the trustees have adopted a policy of principally assisting Jewish communities in Britain and Israel. The trustees aim to maximise the grants that it pays taking into account the return on its investments and likely infrastructure projects.
## **Public benefit**
The trustees have complied with their duty to have due regard to guidance on public benefit published by the Charity Commission in exercising their powers or duties.
The trustees carefully select the institutions receiving grants and review their activities to ensure as far as possible that the public benefit requirement is being fulfilled.
## **Achievements and performance**
The value of grants made to a number of institutions during the year totalled £2,057,250 (2023: £2,412,750). The number of grants made during the year totalled 180 (2023: 184). The charity will continue for the foreseeable future as far as practicable to ensure that selected institutions have the financial resources to meet their running costs.
## **Financial review**
The attached Statement of Financial Activities sets out the activities of the charity during the year.
Total income for the year amounted to £1,574,512 (2023: £2,077,904) and was comprised of the amounts below.
- Investment income £1,394,150 (2023: £1,481,022)
- Donations and legacies £180,000 (2023: £596,557)
- Other incoming resources £362 (2023: £325)
Total resources expended for the year amounted to £2,284,625 (2023: £2,641,940) which included grants payable of £2,057,250 (2023: £2,412,750).
Net gain on investments for the year were £5,391,962 (2023: loss of £3,808,101) and other losses were £96,563
(2023: £219,858).
After taking into account total income, total resources expended, movement on investments and other gains the net increase in funds for the year was £4,585,286 (2023: decrease of £4,591,995).
- 1 -
## **DOLLOND CHARITABLE TRUST**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Reserves**
The trustees currently aim to maximise expenditure on grants but at the same time preserving the assets of the charity so that they can maintain the objectives of the charity.
The reserves policy is reviewed on a regular basis.
Reserves at 31 March 2024 amounted to £53,023,456 (2023: £48,438,170) and was comprised of an endowment fund which is expendable because the trustees have the power to convert the property of the fund into income.
At 31 March 2024 there was a deficit of £890,113 (2023: £1,160,593) on the unrestricted funds and a transfer was made from the endowment fund to clear this deficit. The unrestricted funds are expected to have an annual deficit and the trustees are of the opinion that currently the charity will have more than enough reserves to cover any shortfall for years to come.
## **Investment policy**
There are no restrictions on the trustees’ powers to invest under clause 15 of the trust deed. Their policy is to seek the maximum total return, whilst maintaining the real value of the portfolio and not subjecting it to undue risk. The trustees regularly review investment performance.
Close liaison is maintained between the charity’s investment advisors and its trustees to monitor the performance of the investments.
## **Investment performance against policy**
In managing the charity’s investments the trustees have chosen to view the performance of their portfolio on a total return basis. They do not distinguish between investment income and capital growth but wish to maintain a good total return on invested funds. The charity’s fixed asset investments at 31 March 2024 were £52,399,474 (2023: £46,604,565). The year-end valuation includes unrealised gains of £7,763,054 (2023: £2,505,576).
## **Risk management**
The trustees have examined the major risks to which the charity is exposed and these are set out below.
- Ensuring that the charity's investments will generate sufficient returns in both income and capital appreciation to ensure the charity meets its objectives. Investments are managed by professional fund managers and are subject to regular review by the trustees in conjunction with the managers.
## **Future developments**
The trustees will remain focused on the main objectives outlined in the grant making policy. In addition, the trustees are considering support for a number of infrastructure (building) projects. Research is in progress and discussions are on-going with the relevant institutions.
## **Structure, governance and management**
The Dollond Charitable Trust is registered as a charity with the Charity Commission in England and Wales (registered number 293459). The governing document of the charity is the trust deed dated 19 December 1985 as amended by supplemental deeds. The charity was created by Arthur Leslie Dollond.
The trustees who served during the year were:
A Dollond M Dollond B Dollond R Dollond J Milston
## **Appointment of trustees**
Under the governing document the charity shall have at least three trustees but no more than nine. New trustees are appointed by existing trustees.
- 2 -
## **DOLLOND CHARITABLE TRUST**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Organisation**
The trustees are required to meet annually and at other times as they think fit. Decisions are decided by a majority vote with the chairman having a casting vote.
Details of relevant organisations are listed under the legal and administrative information page.
## **Induction and training of trustees**
Any new trustees will be chosen by the existing trustees for the skills and experience they can bring to the charity. Each trustee on appointment to the board is given a copy of the trust deed and a copy of the latest financial statements. Other training needs are assessed on an individual basis.
## **Statement of trustees responsibilities**
The trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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 sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees report was approved by the Board of Trustees.
## **A Dollond**
Trustee Dated: 26 January 2025
- 3 -
## **DOLLOND CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DOLLOND CHARITABLE TRUST**
## **Opinion**
We have audited the financial statements of Dollond Charitable Trust (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
- 4 -
## **DOLLOND CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DOLLOND CHARITABLE TRUST**
## **Responsibilities of trustees**
As explained more fully in the statement of trustees responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered information including the following:
- the nature of the charity and control environment;
- results of our enquiries of trustees regarding identification and assessment of the risks of irregularities;
- the internal controls and procedures established to detect and mitigate risks of fraud or non-compliance with laws and regulations;
- the legal and regulatory framework that the charity operates in which includes in this context the Charities Act;
- consideration of factors that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate.
As a result of considering the above we use audit procedures to respond to any potential risks. Procedures used include the following:
- reviewing the financial statement disclosures and testing supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- enquiring of trustees to obtain an understanding of the charities receiving their grants;
- evaluating the objectives of the charity to determine if any significant transactions are unusual or outside the normal scope of the charity.
In addition to the above procedures the engagement team remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
- 5 -
## **DOLLOND CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DOLLOND CHARITABLE TRUST**
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
**Suzanne Freeda BA FCA (Senior Statutory Auditor) for and on behalf of FMCB**
28 January 2025
**Chartered Accountants Statutory Auditor**
3rd Floor Hathaway House Popes Drive Finchley London N3 1QF
- 6 -
## **DOLLOND CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**Unrestricted Endowment**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**2**
-
180,000
Investments
**4**
1,394,150
-
Other income
**3**
362
-
**Total income and**
**endowments**
1,394,512
180,000
**Expenditure on:**
Raising funds
Investment
management
**6**
192,007
-
Charitable activities
**5**
2,092,618
-
Total expenditure
2,284,625
-
Net gains/(losses) on
investments
**11**
-
5,391,962
**Net income/(expenditure)**
(890,113)
5,571,962
Transfers between
funds
890,113
(890,113)
**Other recognised**
**gains and losses:**
Other losses
**13**
-
(96,563)
**Net movement in**
**funds**
**8**
-
4,585,286
**Reconciliation of funds:**
Fund balances at 1 April 2023
-
48,438,170
**Fund balances at 31 March**
**2024**
-
53,023,456|**Total**
**Unrestricted Endowment**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
180,000
-
596,557
1,394,150
1,481,022
-
362
325
-
1,574,512
1,481,347
596,557
192,007
184,018
-
2,092,618
2,457,922
-
2,284,625
2,641,940
-
5,391,962
-
(3,808,101)
4,681,849
(1,160,593)
(3,211,544)
-
1,160,593
(1,160,593)
(96,563)
-
(219,858)
4,585,286
-
(4,591,995)
48,438,170
-
53,030,165
53,023,456
-
48,438,170|**Total**
**2023**
**£**
596,557
1,481,022
325
2,077,904
184,018
2,457,922
2,641,940
(3,808,101)
(4,372,137)
-
(219,858)
(4,591,995)
53,030,165
48,438,170|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 7 -
## **DOLLOND CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2024**_
|**Notes**
**Fixed assets**
Investments
**14**
**Current assets**
Debtors
**15**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**16**
Net current assets
**Total assets less current liabilities**
**Capital funds**
Expendable endowment
**19**
**Income funds**
Unrestricted funds|**2024**
**£**
**£**
52,399,474
444,614
259,884
704,498
(80,516)
623,982
53,023,456
53,023,456
-
53,023,456|**2023**
**£**
**£**
46,604,565
430,696
1,481,863
1,912,559
(78,954)
1,833,605
48,438,170
48,438,170
-
48,438,170|**2023**
**£**
**£**
46,604,565
430,696
1,481,863
1,912,559
(78,954)
1,833,605
48,438,170
48,438,170
-
48,438,170|
|---|---|---|---|
||||48,438,170|
||||48,438,170
-|
||||48,438,170|
The financial statements were approved by the Trustees on 26 January 2025
A Dollond **Trustee**
- 8 -
## **DOLLOND CHARITABLE TRUST**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 MARCH 2024**_
||||**2024**||**2023**|
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**|**£**|
|**Cash flows from operating activities**||||||
|Cash absorbed by operations|**17**||(2,116,618)||(2,205,114)|
|**Investing activities**||||||
|Purchase of investments||(16,850,618)||(34,869,359)||
|Proceeds from disposal of investments||16,447,670||36,343,251||
|Investment income received||1,394,150||1,481,022||
|**Net cash generated from investing**||||||
|**activities**|||991,202||2,954,914|
|**Net cash used in financing activities**|||-||-|
|**Net (decrease)/increase in cash and cash**||||||
|**equivalents**|||(1,125,416)||749,800|
|Cash and cash equivalents at beginning of year|||1,481,863||951,921|
|Effect of foreign exchange rates|||(96,563)||(219,858)|
|**Cash and cash equivalents at end of year**|||259,884||1,481,863|
- 9 -
## **DOLLOND CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **Charity information**
Dollond Charitable Trust is registered as a charity with the Charity Commission in England and Wales. The principal office address is 3rd Floor, Hathaway House, Popes Drive, Finchley, London, N3 1QF.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's trust deed, 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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds
- Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general activities of the charity and which have not been designated for other purposes.
Endowment funds
- Endowments are funds for the purposes of the charity. Income is included in incoming resources as part of the general fund. The endowment funds are not permanent in accordance with the wishes of A L Dollond but are expendable. The trustees have the power to convert the property comprising the endowment funds into income.
## **1.4 Incoming resources**
Investment income is accounted for on an accruals basis and is unrestricted income.
## **1.5 Resources expended**
Expenditure is included on an accruals basis.
Costs of generating funds comprise those costs directly attributable to managing the investment portfolio.
Grants payable are charged in the year when an unconditional offer is communicated to the beneficiary or when any conditions attached to the grant are fulfilled.
Support and governance costs comprise the costs of complying with legal and constitutional requirements. They include the preparation of financial statements, appropriate legal costs, and the cost of audit and meetings of trustees.
- 10 -
## **DOLLOND CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.6 Fixed asset investments**
Fixed asset investments are a form of basic financial instrument. They are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date.The Statement of Financial Activities includes net gains and losses arising on revaluations and disposals throughout the year. Unquoted investments in which the company has a 100% interest in the issued share capital are stated at cost.
## **1.7 Cash and cash equivalents**
Cash at bank and in hand comprises cash at bank and cash balances held with the charity's investment advisors.
## **1.8 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
## _**Basic financial assets**_
Basic financial instruments, which include debtors and bank balances, are measured at transaction price and subsequently carried at cost less impairment losses for bad and doubtful debts as they are receivable within one year.
## _**Basic financial liabilities**_
Basic financial liabilities which include creditors are initially recognised at transaction price and are not amortised as they are payable within one year.
## **1.9 Group accounts**
These financial statements present information on the charity as an individual entity. Group accounts have not been prepared, as the results of the subsidiary are not considered to have a material effect on the results of the charity.
## **2 Income from donations and legacies**
|||**Endowment**|**Endowment**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Donations and legacies|180,000|596,557|
|**3**|**Other income**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Other income|362|325|
- 11 -
## **DOLLOND CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **4 Investment income**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2024**|2023|
||**£**|£|
|Dividend- equities|524,739|761,936|
|Fixed interest- securities|835,717|718,576|
|Interest receivable|33,694|510|
||1,394,150|1,481,022|
|**Charitable activities**|||
||**2024**|**2023**|
||**£**|**£**|
|Grant funding of activities (see note 7)|2,057,250|2,412,750|
|Share of support costs (see note 10)|16,168|25,972|
|Share of governance costs (see note 10)|19,200|19,200|
||2,092,618|2,457,922|
|**Costs of raising funds**|||
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2024**|2023|
||**£**|£|
|Investment management|192,007|184,018|
||192,007|184,018|
## **5 Charitable activities**
## **6 Costs of raising funds**
- 12 -
## **DOLLOND CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **7 Grants payable**
|Grants to institutions (180 grants):
Education and training
Religious education
Medical, health and sickness
Disability
Relief of poverty
Religious Activities|**Grants**
**funded**
**activity**
**2024**
**£**
450,250
523,500
453,500
207,500
277,500
145,000
2,057,250|Grants
funded
activity
2023
£
640,750
530,000
311,500
460,000
371,000
99,500|
|---|---|---|
|||2,412,750|
Grants payable are in accordance with the objectives and activities of the charity. A full list of grants is available upon request.
|**8**|**Net movement in funds**|**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Fees payable to the charity's auditor:|||
||- for the audit of the charity's financial statements|6,000|6,000|
||- for other financial services|24,000|24,000|
## **9 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year or in the previous year.
During the year out of pocket travelling expenses totalling £Nil (2023: £174) were reimbursed by the charity to one trustee. No expenses were directly paid by the charity in either this year or the previous year on behalf of the trustees.
- 13 -
## **DOLLOND CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**10**
**Support costs**
Legal and professional
Bookkeeping
Bank charges
Travelling expenses
Audit fees
Accountancy
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
5,050
-
10,800
-
318
-
-
-
-
6,000
-
13,200
16,168
19,200
16,168
19,200|**2024**Support costs Governance
costs
**£**
£
£
5,050
14,227
-
10,800
10,800
-
318
771
-
-
174
-
6,000
-
6,000
13,200
-
13,200
35,368
25,972
19,200
35,368
25,972
19,200|2023
£
14,227
10,800
771
174
6,000
13,200|
|---|---|---|---|
||||45,172|
||||45,172|
## **11 Gains and losses on investments**
||**Endowment**|**Endowment**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|5,257,478|(7,258,269)|
|Sale of investments|134,484|3,450,168|
||5,391,962|(3,808,101)|
## **12 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **13 Other gains or losses**
|**Other gains or losses**|||
|---|---|---|
||**Endowment**|Endowment|
||**funds**|funds|
||**general**|general|
||**2024**|2023|
||**£**|£|
|Foreign exchange losses|96,563|219,858|
- 14 -
## **DOLLOND CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **14 Fixed asset investments**
|||**Listed**|**Unlisted**|**Total**|
|---|---|---|---|---|
|||**investments**|**investments**||
|||**£**|**£**|**£**|
||**Cost or valuation**||||
||At 1 April 2023|46,604,465|100|46,604,565|
||Additions|16,850,618|-|16,850,618|
||Valuation changes|5,391,962|-|5,391,962|
||Disposals|(16,447,671)|-|(16,447,671)|
||At 31 March 2024|52,399,374|100|52,399,474|
||**Carrying amount**||||
||At 31 March 2024|52,399,374|100|52,399,474|
||At 31 March 2023|46,604,465|100|46,604,565|
||||**2024**|**2023**|
||Investments at fair value comprise:||**£**|**£**|
||Equity||14,013,337|13,249,658|
||Fixed income||15,908,819|13,001,748|
||Pooled investments - equities||15,677,710|12,786,780|
||Pooled investments - fixed income||5,251,968|3,816,607|
||Other investments||1,547,540|3,749,672|
||||52,399,374|46,604,465|
||||**2024**|**2023**|
||||**£**|**£**|
||Historic costs at the year-end||44,629,790|44,092,359|
|**15**|**Debtors**||||
||||**2024**|**2023**|
||**Amounts falling due within one year:**||**£**|**£**|
||Income tax recoverable||3,733|3,733|
||Other debtors||152,585|115,500|
||Prepayments and accrued income||288,296|311,463|
||||444,614|430,696|
- 15 -
## **DOLLOND CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**16**
**Creditors: amounts falling due within one year**
Accruals and deferred income
**17**
**Cash generated from operations**
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of investments
Fair value gains and losses on investments
Movements in working capital:
(Increase) in debtors
Increase/(decrease) in creditors
**Cash absorbed by operations**|**2024**
**£**
80,516
**2024**
**£**
4,681,850
(1,394,150)
(134,484)
(5,257,478)
(13,918)
1,562
(2,116,618)|**2023**
**£**
78,954|
|---|---|---|
|||**2023**
**£**
(4,372,137)
(1,481,022)
(3,450,168)
7,258,269
(153,779)
(6,277)|
|||(2,205,114)|
## **18 Analysis of net assets between funds**
||**Endowment**|
|---|---|
||**funds**|
||**2024**|
||**£**|
|**At 31 March 2024:**||
|Investments|52,399,474|
|Current assets/(liabilities)|623,982|
||53,023,456|
||**Endowment**|
||**funds**|
||**2023**|
||**£**|
|**At 31 March 2023:**||
|Investments|46,604,565|
|Current assets/(liabilities)|1,833,605|
||48,438,170|
- 16 -
## **DOLLOND CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **19 Endowment funds**
The endowment funds are not permanent and are expendable. The trustees have the power to convert the property comprising the endowment funds into income. Income arising from the endowment funds is included in incoming resources as part of the unrestricted funds. Capital gains and losses on the property comprising the endowment funds form part of those funds.
|Expendable
endowments
**Previous year:**
Expendable
endowments|**At 1 April**
**2023**
**£**
48,438,170
**At 1 April**
**2022**
**£**
53,030,165|**Incoming**
**resources**
**£**
180,000
**Incoming**
**resources**
**£**
596,557|**Resources**
**expended**
**£**
-
**Resources**
**expended**
**£**
-|**Transfers**
**£**
(890,113)
**Transfers**
**£**
(1,160,593)|**Gains and**
**losses**
**At 31 March**
**2024**
**£**
**£**
5,295,399
53,023,456
**Gains and**
**losses**
**At 31 March**
**2023**
**£**
**£**
(4,027,959)
48,438,170|
|---|---|---|---|---|---|
## **20 Subsidiaries**
Details of the charity's subsidiary at 31 March 2024 is as follows:
|**Name of undertaking**|**Registered**|**Nature of business**|**Class of**|**% Held**|
|---|---|---|---|---|
||**office**||**shares held**|**Direct Indirect**|
|Brisden Properties Limited|United Kingdom|Property investments and|Ordinary|100.00|
|||trading|||
The aggregate capital and reserves and the result for the year of subsidiary excluded from consolidation was as follows:
|**Name of undertaking**|**Profit/(Loss)**|**Capital and**|
|---|---|---|
|||**Reserves**|
||**£**|**£**|
|Brisden Properties Limited|1,128|100,437|
## **21 Related party transactions**
## **Transactions with related parties**
During the year the charity received a donation of £180,000 (2023: £596,557) from Brisden Properties Limited.
- 17 -