Charity registration number 313108
THE DAIN FUND
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE DAIN FUND
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Dr G Ralston Dr B Jheeta Dr K Mehta Dr M J Platt Dr R Wijesuriya Dr R Barnett (Appointed 14 November 2023) DR A J Mowat (Retired 14 November 2023) Charity number 313108 Charity office BMA House and registered address Tavistock Square London WC1H 9JP Independent examiner Begbies Chartered Accountants 9 Bonhill Street London EC2A 4DJ Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling ME19 4TA Solicitors Wilsons Alexandra House St Johns Street Salisbury SP1 2SB Investment managers Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU
THE DAIN FUND
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 - 6 |
| Balance sheet | 7 |
| Notes to the accounts | 8 - 16 |
THE DAIN FUND
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees have pleasure in presenting their Annual Report, together with audited Financial Statements for the year ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements 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 objects of the Charity as set out in the Trust Deed are to make payments to assist in the education and support of the sons or daughters of any member or deceased member of the medical profession who may be in need of such assistance.
The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit. In February 2024 the GMC reported that there were 379,208 registered medical practitioners in the UK. Together with unregistered doctors and doctors’ dependents, this forms a substantial group within the UK population. The Trustees believe that there is no detriment or harm attaching to the Charity’s aims and activities.
The Fund’s main activity is to provide grants to help with the education and support of doctors children when there are financial problems in the family. These are usually caused by unemployment, the long-term illness of a parent or marital breakdown.
Achievements and performance
During the past year £22,194 in grants was awarded to benefit 14 children (2022: £21,797 to 23 children) and no medical students (2022: 1).
During the year the Fund continued to give grants to refugee doctors for nursery school and after-school club fees so that they could attend training courses to enable them to return to work while their children learn and are looked after. Other grants were made for children’s bedroom furniture, car seats and a pram. Grants can also be made for disability equipment particularly where this is an aid to communication or learning. The Trustees are particularly keen to receive applications for these types of help. Occasionally grants can be made for short term interventions in which school fees are paid for a few terms either until either the child finishes GCSEs or A-levels or the child is found a place in the state education system.
Structure, governance and management
The Dain Fund was set up by Trust Deed in honour of Sir Guy Dain in 1940. A large bequest in memory of Dr Hew Cordiner was received by the Fund in 1981. The Dain Fund is managed by seven Trustees. Most of the Trustees are appointed ex officio: The Chairman of Birmingham Local Medical Committee, Dr G Ralston, the Vice-Chairman (Chairman Designate) of the Birmingham Local Medical Committee, Dr B S Jheeta, and the Immediate Past Chairman of the Birmingham Local Medical Committee and the four Nominative Trustees of the BMA Charities Trust Fund.
Trustees can also be appointed by a resolution of the board. The Immediate Past Chairman resigned his trusteeship in 2022. The Nominative Trustees are nominated to trusteeship of the BMA Charities Trust Fund by the votes of the BMA’s membership at the Annual Representative Meeting and appointed by the board of that Fund. The Nominative Trustees serve in rotations of four years but may be re-nominated at the end of each term.
The members of the Board of Trustees between 1 January 2023 and 31 December 2023 were as follows :
Dr A Mowat (retired November 2023), Dr G Ralston, Dr B S Jheeta, Dr K Mehta, Dr M J Platt, Dr R Wijesuriya and Dr R Barnett (appointed November 2023).
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THE DAIN FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
When elected or appointed, Trustees are sent a letter of welcome and guidelines on the duties of Trustees. Trustees are given the opportunity to attend relevant training sessions. All of the Trustees are medically trained and therefore well equipped to sit on the board of a medical benevolent fund. Several have previous experience of being a Trustee. The current composition of the Board of Trustees reflects a diversity of gender, age and medical specialty which ensures a good mix of skills and works to the advantage of potential beneficiaries. All Trustees give their time voluntarily and receive no benefit from the charity. Reasonable expenses for attending face-to-face meetings are reimbursed.
The Trustees meet once a year to deal with administrative matters and to set policy. Most applications for assistance are circulated to Trustees between meetings so that applicants can be notified of the decision quickly.
The Dain Fund is one of the two charities administered as “BMA Charities” and, therefore, the Charity benefits from shared staffing arrangements and office accommodation. It is independent of the BMA and has its own Trustee structure.
Risk management
The Trustees have examined the major strategic business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that necessary steps can be taken to lessen these risks. The risk assessment is reviewed annually.
Financial review
The Charity’s income decreased by £49,132 from £108,645 to £59,513 in the year to 31 December 2023. The decrease is largely accounted for by the fact that substantial legacy was received in 2022.
The total value of fixed asset investments has risen, net of additions, by £98,931 in the year from £1,868,250 to £1,967,181.
Under the requirements of the Guidelines on Accounting and Reporting by Charities, the Board of Trustees has assessed the format of financial statements and is satisfied that the appropriate systems are in place. These procedures will be reviewed annually to ensure that they still meet the needs of the charity.
Reserves Policy
It is the policy of the Charity that it should hold unrestricted reserve cash funds at a level which equates to approximately one year’s operating expenditure. Unrestricted reserves at the year-end totalled £1,286,797 and funds held in cash £75,878. The Charity also has access to £135,263 of current asset investments.
Funding
The Charity’s main source of funding is investment income. Over the last twelve months this has allowed the Trustees to make an award to every applicant who was able to demonstrate appropriate financial need.
Investment Policy
The Charity continues to operate its ethical investment policy of not investing in companies which manufacture tobacco products or have greater than 10% of their turnover in alcohol manufacture, armaments, gambling or pornography and avoiding companies that generate significant revenues from thermal coal and oil from tar sands. All of the Charity’s investments are in the Sarasin & Partners Climate Active Endowment Fund which is a multi-asset portfolio managed to take into account companies’ commitment to managing their own climate risks with divestment available if necessary. The Trustees have taken the view that, if they chose a less ethic investment policy, prospective future donors might be discouraged from supporting the Charity.
Acknowledgements
The Trustees would like to acknowledge the service received from Sarasin & Partners, our investment advisors, Begbies, our accountants, and Wilsons, our solicitors.
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THE DAIN FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
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 trust and of the incoming resources and application of resources of the trust for that year.
In preparing these 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;
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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; and
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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 trust 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 trust 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.
Chair
BMA House Tavistock Square London WC1H 9JP
Vice Chair on behalf of the Trustees
Date:8 May 2024
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THE DAIN FUND
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE DAIN FUND
I report to the trustees on my examination of the financial statements of The Dain Fund (the trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the 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 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
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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: 1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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.
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.
Katherine Dee FCA Begbies Chartered Accountants
9 Bonhill Street London EC2A 4DJ
Dated: ....09/05/2024....
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THE DAIN FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
Current financial year
| Unrestricted Endowment funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 2 4,635 - Investments 3 54,878 - Total income 59,513 - Expenditure on: Raising funds 4 298 (1,015) Charitable activities Grants to provide financial assistance 5 45,775 - Total charitable expenditure 45,775 - Total expenditure 46,073 (1,015) Net gains/(losses) on investments 59,756 43,619 Net movement in funds 73,196 44,634 Fund balances at 1 January 2023 1,213,601 837,562 Fund balances at 31 December 2023 1,286,797 882,196 |
Total 2023 £ 4,635 54,878 59,513 (717) 45,775 45,775 45,058 103,375 117,830 2,051,163 2,168,993 |
Total 2022 £ 54,771 53,874 108,645 (797) 44,794 44,794 43,997 (283,695) (219,047) 2,270,210 2,051,163 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE DAIN FUND
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Prior financial year
| Unrestricted Endowment funds funds 2022 2022 Notes £ £ Income from: Donations and legacies 2 54,771 - Investments 3 53,874 - Total income 108,645 - Expenditure on: Raising funds 4 279 (1,076) Charitable activities Grants to provide financial assistance 5 44,794 - Total charitable expenditure 44,794 - Total expenditure 45,073 (1,076) Net gains/(losses) on investments (156,101) (127,594) Net incoming/(outgoing) resources before transfers (92,529) (126,518) Net movement in funds (92,529) (126,518) Fund balances at 1 January 2022 1,306,130 964,080 Fund balances at 31 December 2022 1,213,601 837,562 |
Total 2022 £ 54,771 53,874 108,645 (797) 44,794 44,794 43,997 (283,695) (219,047) (219,047) 2,270,210 2,051,163 |
|---|---|
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THE DAIN FUND
BALANCE SHEET
AS AT 31 DECEMBER 2023
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Investments | 12 | 1,967,181 | 1,868,250 | |||
| Current assets | ||||||
| Debtors | 13 | 171 | 50,331 | |||
| Investments | 14 | 135,263 | 129,173 | |||
| Cash at bank and in hand | 75,878 | 14,259 | ||||
| 211,312 | 193,763 | |||||
| Creditors: amounts falling due within | 15 | |||||
| one year | (9,500) | (10,850) | ||||
| Net current assets | 201,812 | 182,913 | ||||
| Total assets less current liabilities | 2,168,993 | 2,051,163 | ||||
| Capital funds | ||||||
| Endowment funds - Dain Fund | 16 | 882,196 | 837,562 | |||
| Income funds | ||||||
| Unrestricted funds | 17 | 1,286,797 | 1,213,601 | |||
| 2,168,993 | 2,051,163 |
The accounts were approved by the Trustees on 8 May 2024
.............................. Dr B Jheeta Trustee
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THE DAIN FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Charity information
The Dain Fund is a unincorporated charitable trust established by a trust deed in honour of Sir Guy Dain in 1940.
1.1 Accounting convention
These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102 including Bulletin 1A, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. The trust is a Public Benefit Entity as defined by FRS 102.
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 trust. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include certain financial instruments 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 trust 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 are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. In 1981 a large bequest in memory of Dr Hew Cordiner was incorporated into the fund. This bequest is unrestricted and accordingly income received from the investments is recorded in the unrestricted funds.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust. The Dain Endowment is a permanent endowment and was established at the inception of the charity. In accordance with the SORP changes in value of the investments held within the endowed fund are allocated to that fund. Income generated from the investments is allocated to unrestricted funds and can be spent in accordance with the general objects of the charity.
1.4 Incoming resources
Income is recognised when the trust is legally entitled to it, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
The Charity SORP requires that an estimate is included in the accounts for material gifts in kind of donated services and facilities except time donated by general volunteers and trustees. The gift is included at an estimate of what the charity would otherwise pay for the goods or services. An expense is recognised in the accounts to match the income received.
Income from investments is included in the SOFA in the year in which it is receivable and is allocated to the relevant restricted and unrestricted funds.
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THE DAIN FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.5 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.
The expenditure incurred with shared employment costs are included in the relevant charity at the net amount incurred.
Grants paid are shown in the accounts as direct charitable expenditure.
In accordance with the SORP provision is made for all grants authorised by the Board of Trustees in the year. Where grants are conditional, only those grants where all the conditions have been met at the year end are recognised in the accounts as provisions. The expense for the period is reduced by the cancellation of grants authorised but not subsequently required.
The charity has a single charitable programme of giving grants and accordingly all support expenditure is allocated to that charitable activity.
The grants may be given directly to the recipient or via another charity or body on their behalf. Grants shown in the accounts are divided between the two types of grant in accordance with the SORP, but represent one charitable activity.
Governance costs are the costs associated with the governance arrangements of the charity.
Support costs are the general costs incurred in support of meeting the charity's objectives including processing, administering and monitoring grant applications.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
The charity's long term investments are held in units in collective investment funds. In accordance with the SORP the charity does not estimate investment management fees which are charged to the collective investment fund to identify the notional cost attributable to its own holding in the scheme.
1.6 Fixed and current asset investments
Fixed and current asset investments are initially measured at transaction price, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/ (expenditure) for the year.
Due to the collective nature of the investments held, the investment charges are levied directly to the investment by the investment provider, rather than as a charge to the charity portfolio directly. Due to the size of the portfolio some management charges may be refunded directly to the charity. Where this is the case the income is reported within the investment income heading.
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THE DAIN FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.8 Financial instruments
The trust 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 trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.
The charity holds current assets in the form of listed investments. Those investments that are categorised as current assets are held in an investment fund containing short term money market instruments. Current asset investments are initially recorded at cost and are subsequently revalued to market value as at the balance sheet date.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
The Dain Fund and the BMA Charities Trust Fund share the cost of employees whose salaries are apportioned across the two charities at an agreed percentage based on the percentage of time spent on each charity's affairs.
1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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THE DAIN FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
2 Donations and legacies
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Donations and gifts | 2,135 | 2,271 | |
| Legacies receivable | - | 50,000 | |
| Donated goods and services | 2,500 | 2,500 | |
| 4,635 | 54,771 | ||
| 3 | Investment Income | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Income from listed investments | 53,150 | 53,185 | |
| Interest receivable | 1,728 | 689 | |
| 54,878 | 53,874 |
4 Raising funds
| Unrestricted Endowment funds funds general £ £ Advertising 298 - Investment management fee rebates - (1,015) 298 (1,015) For the year ended 31 December 2022 Advertising 279 - Investment management fee rebates - (1,076) 279 (1,076) |
Total 2023 £ 298 (1,015) (717) |
Total 2022 £ 279 (1,076) |
|---|---|---|
| (797) | ||
| 279 (1,076) |
||
| (797) |
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THE DAIN FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
5 Charitable activities
| Grant funding of activities (see note 7) Share of support costs (see note 8) Share of governance costs (see note 8) Analysis by fund Unrestricted funds For the year ended 31 December 2022 Unrestricted funds |
2023 £ 22,194 20,339 3,242 45,775 45,775 45,775 |
2022 £ 21,797 19,861 3,136 |
|---|---|---|
| 44,794 | ||
| 44,794 | ||
| 44,794 |
6 Description of charitable activities
Grants to provide financial assistance
Grants to assist in the education and support of the sons or daughters of any member or deceased member of the medical profession.
7 Grants payable
| Grants to institutions: BMA Charities Trust- Medical Education Fund Grants to 10 (2022:10) 9 individuals |
2023 £ - 22,194 22,194 |
2022 £ 2,500 19,297 |
|---|---|---|
| 21,797 |
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THE DAIN FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
8 Support costs
| Support costs Governance costs £ £ Staff costs 16,417 - Office accommodation 2,500 - Other expenses 551 - IT & computer costs 871 - Independent Examiner’s fees - examination - 1,080 Independent Examiner’s fees - accountancy and payroll - 1,668 Trustees' meeting and travel expenses - - Trustees' insurance - 494 20,339 3,242 Analysed between Charitable activities 20,339 3,242 |
2023 £ 16,417 2,500 551 871 1,080 1,668 - 494 23,581 23,581 |
2022 £ 15,076 2,500 771 1,514 1,080 1,668 208 180 |
|---|---|---|
| 22,997 | ||
| 22,997 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year. No trustee expenses have been incurred this year. Two trustees claimed a total of £208 travel expenses in 2022.
10 Employees
Number of employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Grant administration | 1.25 | 1 |
| Employment costs | 2023 | 2022 |
| £ | £ | |
| Wages and salaries | 14,848 | 13,481 |
| Social security costs | 336 | 382 |
| Other pension costs | 1,233 | 1,213 |
| 16,417 | 15,076 |
There were no employees whose annual remuneration was £60,000 or more before the costs were shared with BMA Charities Trust Fund. The share of total key management remuneration for the year incurred by The Dain Fund, including employer national insurance and pension, totalled £15,334 (£15,076).
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THE DAIN FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
11 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
12 Fixed asset investments
| Cordiner Fund Unrestricted Funds Dain Fund Permanent Endowment Cash in endowment portfolio £ £ Market valuation At 31 December 2022 1,030,688 837,562 - Additions 620 505 511 Valuation changes 53,677 43,618 - Net reinvestment - At 31 December 2023 1,084,985 881,685 511 Historic cost 31 December 2023 970,885 788,874 - Historic cost 31 December 2022 970,265 788,369 - |
Total £ 1,868,250 1,636 97,295 - |
|---|---|
| 1,967,181 | |
| 1,759,759 1,758,634 |
As at 31st December 2023 and 2022 the above portfolio was invested in Climate Active Endowment Class A Income units by Sarasin and Partners LLP.
The charity seeks to minimise the risks of holding investments, which comprise mainly market, yield and liquidity risks, through the appointment of an independent Investment Manager, who invests via common investment funds specifically tailored for charities of this nature. The trustees report contains further details of the charity's investment policy.
The holding of common investment units allows the charity to access increased diversification at a lower cost than would otherwise be available, and so decreases the risks of holding investments. At the balance sheet date the units held by the charity where invested in the following areas:
| Cordiner Fund | Dain Fund | |
|---|---|---|
| Unrestricted | Permanent | |
| Funds | Endowment | |
| % | % | |
| Fixed Income | 14.10% | 14.10% |
| Equities | 69.50% | 69.50% |
| Property | 3.70% | 3.70% |
| Alternative Assets | 9.50% | 9.50% |
| Liquid Assets | 3.20% | 3.20% |
| Total | 100.00% | 100.00% |
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THE DAIN FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
13 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Other debtors Prepayments and accrued income |
2023 £ - 171 171 |
2022 £ 50,008 323 |
| 50,331 |
2022 other debtors contains a £50,000 legacy due to the charity at the balance sheet date.
14 Current asset investments
| Current asset investments | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Listed investments | 135,263 | 129,173 |
Current asset investments are comprised of Blackrock Institutional Sterling Liquidity Heritage Accumulator units and are stated at market value. These investments are held to reduce liquidity risk whilst generating a higher return than cash holdings.
15 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Amounts due to The BMA Charities Trust Fund Grants payable Accruals |
2023 £ 467 7,536 1,497 9,500 |
2022 £ 4,387 4,966 1,497 |
| 10,850 |
16 Retirement benefit schemes
The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £1,233 (2022-£1,213).
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THE DAIN FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
17 Endowment funds
Endowment funds represent assets which must be held permanently by the trust. Income arising on the endowment funds can be used in accordance with the objects of the trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| Balance | Incoming | Incoming | Value | Value | Balance at |
Balance at |
Incoming | Value |
Balance at | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| at | resources | changes | 1 January | resources |
changes 31 |
December | ||||||
| 1 | January | 2023 | 2023 | |||||||||
| 2022 | ||||||||||||
| £ | £ | £ | £ | £ | £ £ |
|||||||
| The Dain Fund | 964,080 | 1,076 | (127,594) | 837,562 | 1,015 | 43,619 | 882,196 | |||||
| Analysis of net assets between funds | ||||||||||||
| Unrestricted | Endowment |
Total Unrestricted | Endowment |
Total |
||||||||
| Funds | Funds | Funds | Funds | |||||||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |||||||
| £ | £ | £ | £ | £ | £ | |||||||
| Fund balances at 31 December | ||||||||||||
| 2023 are represented by: | ||||||||||||
| Investments | 1,084,985 | 882,196 | 1,967,181 | 1,030,688 | 837,562 | 1,868,250 | ||||||
| Current assets/(liabilities) | 201,812 | - | 201,812 | 182,913 | - | 182,913 | ||||||
| 1,286,797 | 882,196 | 2,168,993 | 1,213,601 | 837,562 | 2,051,163 |
18 Analysis of net assets between funds
19 Related party transactions
The Dain Fund receives free use of office accommodation from the BMA. A gift in kind value has been placed on this donation of £2,500 as were the accommodation not provided the Charity would rent equivalent accommodation of this cost elsewhere.
The Dain Fund and the BMA Charities Trust Fund also share the cost of two employees whose salaries are apportioned across the two charities at an agreed percentage based on the percentage of time spent on each charity's affairs.
The BMA Charities Trust Fund had five trustees who are also trustees of the Dain Fund (2022 - 5).
No grants were given to the BMA Charities Trust Fund Medical Education Fund during the year (2022 - £2,500).
The charity is required to disclose key management salaries. There are two employees of the charity, as outlined above, and their remuneration is detailed in note 10. Details of payments to trustees are disclosed in note 9. There were no further transactions with trustees, but the charity does purchase insurance each year for their benefit at a cost of £245 (2022 - £180).
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