Docusign En¥ÈlopÈ ID". A07C443C-93EF4D4F-A45B-F230F9C48A9C DUNN FAMILY CHARITABLE TRUST FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021
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DUNN FAMILY CHARITABLE TRUST
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
Contents
| Page | |
|---|---|
| Trust particulars | 1 |
| Trustees report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes relating to the financial statements | 7 - 10 |
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DUNN FAMILY CHARITABLE TRUST
TRUST PARTICULARS
YEAR ENDED 31 MARCH 2021
| Trustees | Mrs J R Chester |
|---|---|
| Mrs L J Dunn | |
| Mr G R Dunn | |
| Mr N A Dunn | |
| Mr P M Dunn | |
| Mr R M Dunn | |
| Independent Examiner | Cooper Parry Group Limited |
| Chartered Accountants | |
| Sky View | |
| Argosy Road | |
| East Midlands Airport | |
| Castle Donington | |
| Derby | |
| DE74 2SA | |
| Bankers | National Westminster Bank plc |
| Smiths Bank Branch | |
| 16 South Parade | |
| Nottingham | |
| NG1 3DT | |
| Solicitors | Browne Jacobson LLP |
| 44 Castle Gate | |
| Nottingham | |
| NG1 7BJ | |
| Stockbrokers | Brewin Dolphin Securities Ltd |
| 1st Floor | |
| Waterfront House | |
| Waterfront Plaza | |
| 25 Station Street | |
| Nottingham | |
| NG2 3DQ | |
| Registered Charity Number | 297389 |
| Principal Address | Tudor House |
| 13 – 15 Rectory Road | |
| West Bridgford | |
| Nottingham | |
| NG2 6BE |
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DUNN FAMILY CHARITABLE TRUST
REPORT OF THE TRUSTEES
Financial Statements
The Trustees present their annual report and the financial statements of the trust for the year ended 31 March 2021. The Trustees confirm that the annual report and financial statements of the charity comply with the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP): 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) (effective 1 January 2015) (Charities SORP (FRS102)) and the Charities Act 2011.
Constitution and principal activity
The charity was established by deed on 16 March 1987 by A H Dunn. The deed directs that the charity's funds should be used for such charitable purposes as the trustees in their absolute discretion consider fit.
Statement of trustees' responsibilities
The Trustees are responsible for preparing the trustee’s report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing those financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2015 (FRS102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and 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 or other irregularities.
Appointment of Trustees
New Trustees are appointed by the existing Trustees.
Trustees' remuneration
There were no fees or charges paid to any Trustees in the year.
Trustees review
During the year the trustees awarded charitable donations amounting to £58,850 (2020: £57,250) as detailed in Note 3. The incoming resources of the charity amounted to £53,619 (2020: £75,996) and the excess of expenditure over income before accounting for changes to investments amounted to a deficit of £33,816 (2020: deficit £9,692).
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DUNN FAMILY CHARITABLE TRUST
REPORT OF THE TRUSTEES (continued)
Purpose and Aims
The objective of the Charity is for the funds to be used for such charitable purposes as the trustees in their absolute discretion consider fit.
Delivering Public Benefit
Our main aim is to make donations to registered charities. The Trustees review the work of the charities nominated to receive the donations to ensure a public benefit will be achieved.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities. In particular, the Trustees have considered how planned activities will contribute to the aims and objectives set.
Ensuring the aims are met
In the year under review the Trustees have considered and reviewed a wide range of applications for charitable donations. The Trustees have made 30 (2020: 29) donations to registered charities amounting to £58,850 (2020: £57,250).
Reserves policy
The Trustees reserve the ability to retain part of the trust’s income for any year as part of its reserves and not to distribute the whole of the unexpended income if in that year the Trustees do not identify sufficient recipients worthy of their support.
Investment policy
Investments are held which are considered by the Trustees to be appropriate in terms of both income generation and capital growth for the purpose of the Charity.
Risk assessment
The Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
The simplicity of the Charity and its structure leads the trustees to believe that there are no major risks to which the charity is exposed.
Signed by
J R Chester
Trustee
On behalf of the Trustees
�������������� Date: .…………………..
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DUNN FAMILY CHARITABLE TRUST INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
We report to the Charity Trustees on our examination of the accounts of the Charity for the year ended 31 March 2021 which are set out on pages 5 to 10.
Responsibilities and basis of report
As the Charity’s Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
We report in respect of our examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
We have completed our examination. We confirm that no material matters have come to my attention in connection with the examination giving us cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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].
We 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.
Cooper Parry Group Limited
Chartered Accountants Sky View Argosy Road East Midlands Airport Castle Donington Derby, DE74 2SA
11 August 2021
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DUNN FAMILY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31.3.2021
| Unrestricted Funds | Unrestricted Funds | Unrestricted Funds | Unrestricted Funds | ||
|---|---|---|---|---|---|
| Year Ended |
Year Ended | ||||
| 31 | March 2021 | 31 March | 2020 | ||
| Notes | £ | £ |
£ | £ | |
| Income | |||||
| Investment income | 2 | 53,599 | 75,785 | ||
| Interest | 2 | 20 | 211 | ||
| -------- | -------- | ||||
| Total income | 53,619 | 75,996 | |||
| Expenditure | |||||
| Direct charitable expenditure | 3 | 58,850 | 57,250 | ||
| Investment Management Fees | 4 | 15,560 | 15,517 | ||
| Management and administration | 4 | 13,025 | 12,922 | ||
| -------- | -------- | ||||
| Total expenditure | 87,435 | 85,689 | |||
| -------- | -------- | ||||
| Net expenditure before other recognised | |||||
| gains and losses for the period | (33,816) | ( 9,693) | |||
| Realised profit on disposal of | |||||
| investments | 5 | 40,040 | 17,739 | ||
| Unrealised profit/(loss) on revaluation of | |||||
| investments | 6 | 452,420 | (288,202) | ||
| ---------- | ---------- | ||||
| Net income / (expenditure) for the | |||||
| period being net movement in funds | 458,644 | (280,156) | |||
| Balance brought forward at beginning of period | 2,026,339 | 2,306,495 | |||
| ------------- | ----------- | ||||
| Balance carried forward at end of period | 8 | 2,484,983 | 2,026,339 | ||
| ====== | ===== |
All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above.
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DUNN FAMILY CHARITABLE TRUST
BALANCE SHEET AS AT 31[ST] MARCH 2021
| 31 | March 2021 | 31 | March 2020 | ||
|---|---|---|---|---|---|
| Notes | £ | £ |
£ | £ |
|
| FIXED ASSETS | |||||
| Investments | 6 | 2,474,676 | 2,013,351 | ||
| CURRENT ASSETS | |||||
| Cash at bank | 15,258 | 17,043 | |||
| --------- | -------- | ||||
| 15,258 | 17,043 | ||||
| CURRENT LIABILITIES | |||||
| Trade Creditors | - | - | |||
| Accruals | 7 | (4,951) | (4,055) | ||
| --------- | -------- | ||||
| (4,951) | (4,055) | ||||
| ---------- | --------- | ||||
| NET CURRENT ASSETS | 10,307 | 12,988 | |||
| ------------ | ------------ | ||||
| 2,484,983 | 2,026,339 | ||||
| ======= | ======= | ||||
| UNRESTRICTED FUNDS | |||||
| Capital Fund | 8 | 979,454 | 979,454 | ||
| Undistributed income | 8 | 1,505,529 | 1,046,885 | ||
| ------------ | ------------- | ||||
| 2,484,983 | 2,026,339 | ||||
| ======= | ======== |
The financial statements were approved by the trustees and signed on their behalf by:
……………………………………… JR Chester
……………………………………… LJ Dunn
Date: ��������������
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DUNN FAMILY CHARITABLE TRUST
NOTES RELATING TO THE FINANCIAL STATEMENTS
Year ended 31 March 2021
1. Accounting policies
Basis of Accounting
The Dunn Family Charitable Trust (the charity) is a registered unincorporated charity in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operation and principal activities is to generate income through its investments and distribute the income via the making of grants.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for any other purpose.
Incoming resources
All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Expenditure on management and administration costs comprises all costs incurred in running the charity and compliance with constitutional and statutory requirements which cannot be directly allocated to the charity's principal activity.
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DUNN FAMILY CHARITABLE TRUST
NOTES RELATING TO THE FINANCIAL STATEMENTS
Year ended 31 March 2021
1. Accounting policies (continued)
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the SoFA. Realised gains and losses are calculated as the difference between sale proceeds and original cost.
Quoted investments have been stated at market value at 31 March 2021.
The cost of investments at 31 March 2021 was £1,787,449 (2020: £1,787,449). The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
All investments are held in the UK. The total market value at 31 March 2021 amounting to £2,474,676 was made up as follows:
| Quoted Shares Investment & Unit Trust Government Stock Interest Bearing Deposit account |
£ % 2,340,636 94.6 83,927 3.4 17,673 0.7 32,440 1.3 2,474,676 100.0 |
|---|---|
2.
| Investment income Dividends on quoted shares unit trusts & investment funds Interest on deposits |
2021 £ 53,599 20 53,619 |
2020 £ 75,785 211 |
|---|---|---|
| 75,996 |
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DUNN FAMILY CHARITABLE TRUST NOTES RELATING TO THE FINANCIAL STATEMENTS Year ended 31 March 2021
3. Analysis of resources expended
Direct charitable expenditure
| Direct charitable expenditure | ||
|---|---|---|
| Year ended |
Year ended | |
| 31 March 2021 | 31 March 2020 | |
| £ | £ | |
| DONATIONS: | ||
| Oakes Trust | 4,500 | 4,500 |
| Nottingham Multiple Sclerosis Therapy Centre Ltd | 4,500 | 4,500 |
| Friends of Brancaster Church | 1,000 | 1,000 |
| St Luke’s Hospice | 3,500 | 3,500 |
| Support Dogs | 3,000 | 3,000 |
| CLIC Sargent | 2,500 | 2,500 |
| Macmillan Cancer Support | 2,000 | 2,000 |
| Nottinghamshire Hospice | 2,000 | 2,000 |
| Peter Le Marchant Trust | 2,500 | 2,500 |
| Friary Drop–in Limited | 2,000 | 2,000 |
| PASIC (Parents Assn for Seriously Ill Children) | 2,000 | 2,000 |
| RNLI (West Bridgford) | 1,000 | 1,000 |
| RSPB | 1,000 | 1,000 |
| Seafarers UK | 1,000 | 1,000 |
| West Bridgford Shopmobility | 2,000 | 2,000 |
| Rainbow Children’s Hospice | 1,500 | 1,500 |
| Nottinghamshire Wildlife Trust | 1,000 | 1,000 |
| RNLI (Wells-next-the-Sea) | 1,000 | 1,000 |
| Tearfund | 500 | 500 |
| UFM Worldwide | 500 | 500 |
| Christ Church Fulwood | 5,000 | 5,000 |
| Trent Bridge Rotary Club | 3,000 | 3,000 |
| Tuberous Sclerosis Association | 2,000 | 2,000 |
| Notts County Scout Council | 2,000 | 2,000 |
| SOS Animal Mallorca | 1,000 | 1,000 |
| Cathedral Archer Project | 2,500 | 2,500 |
| Notts Leukaemia Appeal | 1,000 | 1,000 |
| Fulwood Soup Kitchen | 1,000 | 1,000 |
| Crackerjacks Children’s Trust | 2,350 | 750 |
| --------- |
---------- | |
| TOTAL |
£58,850 |
£57,250 |
| ====== |
====== | |
| 4. Management and administration | ||
| Accountancy | 990 | 882 |
| Investment management fees | 15,560 | 15,517 |
| Management fees | 12,000 | 12,000 |
| Professional Fees | 35 | 40 |
| ---------- | ---------- | |
| £28,585 | £28,439 | |
| ====== | ====== |
The Independent Examiner’s remuneration constituted an examination fee of £900 (2020: £900)
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DUNN FAMILY CHARITABLE TRUST NOTES RELATING TO THE FINANCIAL STATEMENTS Year ended 31 March 2021
5. Realised profit on disposal of investments
| 5. Realised profit o | n disposal of | investmen | ts | ||||
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | ||||||
| £ | £ | ||||||
| Sale proceeds | 313,129 | 411,657 | |||||
| Market value | (273,089) | (393,918) | |||||
| ----------- | ---------- | ||||||
| Profit on disposal of | investments | 40,040 | 17,739 | ||||
| ======= | ====== | ||||||
| 6. Summary of investments | (Deficit)/ | ||||||
| Market | Market | Surplus | |||||
| Cost at | Cost at | Value at | Value at | on | |||
| 31.03.20 | Additions | Disposals | 31.03.21 | 31.03.20 | 31.03.21 revaluation | ||
| £ | £ | £ | £ | £ | £ | £ | |
| Quoted Shares | 1,678,674 | 309,850 | 351,871 | 1,636,653 | 1,866,598 | 2,340,636 | 437,278 |
| Investment & Unit Trust 31,201 | - |
- | 31,201 | 68,142 | 83,927 |
15,785 | |
| Government Stock | 17,279 |
- | 280 | 16,999 | 18,316 |
17,673 |
(643) |
| Interest Bearing Dep A/C 60,295 | - |
27,855 | 32,440 | 60,295 | 32,440 | - |
|
| ------------ | ----------- | ------------- | ------------ | ------------ | ------------ | ----------- | |
| Total Managed By | |||||||
| Brewin Dolphin | 1,787,449 | 309,850 | 380,006 | 1,717,293 | 2,013,351 | 2,474,676 | 452,420 |
| ======= | ======= | ====== | ======= | ======= | ======= | ====== | |
| 7. Creditors and accruals | 2021 | 2020 | |||||
| £ | £ | ||||||
| Trade Creditors | - | - | |||||
| Accruals | 4,951 | 4,055 | |||||
| -------- | ------- | ||||||
| 4,951 | 4,055 | ||||||
| ===== | ===== |
| 8. Unrestricted funds | Surplus | ||
|---|---|---|---|
| Capital | Income | Total | |
| £ | £ | £ | |
| Balance brought forward at 1 April 2020 | 979,454 | 1,046,885 | 2,026,339 |
| Net incoming/(outgoing) resources before gains on | |||
| Investment assets | - | (33,816) | (33,816) |
| Gains/(Losses) on investment assets: | |||
| Realised | - | 40,040 | 40,040 |
| Unrealised on revaluation | - | 452,420 | 452,420 |
| ------------ | ------------ | ------------ | |
| Balance carried forward at 31 March 2021 | 979,454 | 1,505,529 | 2,484,983 |
| ======= | ======= | ======= |
Original capital represents the original value of the shares when the Trust was established.
9. Related Party Transactions
In the year under review Rushcliffe Estates Limited raised a management charge of £12,000 (2020: £12,000) due for administrative work performed by them on behalf of the Trust. Mr N A Dunn and Mrs J R Chester are shareholders and directors of Rushcliffe Estates Limited and Trustees of the Dunn Family Charitable Trust.
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