2022-04-05-accounts

Registered Charfty Number 313368 (England & Wales) DARTMOUTH STREET TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

RTMOUTH STREET TRUST CONTENTS Page Legal and Administratwe Infornalion Report ofthe Trustees and Stalem&nl of Trustees, Respongbilities Report ofthe Independent Examiner Statement of Financial A¢tivitigS statement of Financial Position Notes to the Finanaal Statements 8-12

DARTMOUTH STREET TRUST LEGAL AND ADMINISTRATIVE INFORMATION REGISTERED CHARITY NUMBER 313368 TRUSTEES G Marsden Ichair of Trusteesl J K L Beever N Budei SJGCrine Baroness Hayter of Kentish Town Rt Hon Lord Radice I￿￿gned 1 Aprtl 20221 MRae J Redmond-wtthey Asato Baroness Thomton S Malhotra MP lfrom 24 November 20211 G Wright P Mutero (from 24 November 20211 ADMINISTRATOR G Vvrighl ADDRESS 35 Ridgmounl Gardens London WC1E 7AS INDEPENDENT EXAMINER David Hadey FUNDS MANAGER CAF 25 Kings Hill Avenue West Mallin9 Kent ME194TA BANKERS National Weslminsler Bank plc PO Box 3038 57 Victoria Street London SW1H OHN

DARTMOUTH STREET TRUST REPORT OF THE TRUSTEES FOR YEAR ENDED S APRIL 2022 The tDJstees presenttheir report and finanaal statements of the Trustfor th8 year ended S April 2022. The finar￿la1 statements have been prepa￿d in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's ttust deed, the Charities Act 2011 and Accounting and Reportiw by Charilies.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance the Financial ReportirrfJ Standard appllcab16 in th& UK and Republk of Irèland publish6d on 16 July 2014. OBJECTS AND P LICIES The Twsl was C￿ated by Trust Deed dated 25 March 1942 for the promotion of studies In political, economic and social science and cognate educational subjects and forthe promotion of education and dissemination of knowleOJe in such science and subjects and is an unrestricted fvnd. In 1983 Dartmouth Street Trust received a bequest from Ihts late H T Bucklts, which is to be held on trust ft>rever thereafter to apply the income thereof for general purposes and is a Teslri¢l8d fund. Incorne is Conside￿d to be dividends and interest fro￿ investsnents. ORGANISATIONAL STRUCTURE Tha Trust is based in the United Kingdom al the registered address shown on page 1 under the control and jurisdiction of tha tnJstg98 whose d8tails ar8 also shown on page 1. FINANCIAL RESULTS DLJrlng the year. there was a nel increas8 in the total funds forthe year of £46,24812021.' £139,268}. The fund balances al S April 2022 were as follow8.' UnreStr￿ed Fund £252.661 12021.. £248,097> H T Buckle Restiicted Fund £557,839 12021.. £516.155} MOVEMENT IN PORTFOLIOS Th6 UK Stock rnarkel was adversely affected by economic and political condrf£ions during the first quartér of 2022. Rising interest rates and groth fears continued to worry investors. The war in Ukraine and resulting $anctions on Russia pressur8d thg UK equty markat. Thèsg ovents ¢oinci(1od with thg year end for the tharity. OBJECTIVES ANDACTIVITIES FOR THE PUBLIC BENEFIT The Trustees gav8 a grant of£28.000 to thè Fabian So(xèty .' Ic> support thè work of a ngw Commission on Poverty and Regional Inequality. The Commissioners are from London and the north, the $oulh and the s()uth west of England, as tnany of the policy areas are devolved lo the nations. However. there wll be inputs from Wales and Scotland. Two or more of the Commissioners have experience of poverty,. a virtual 'Lived experience reference group, will be involved throughout the Commission., at its eviden￿ sessions, it will hear from those with that experience of poverty. The Commlssion alms to develop and promote plans to redu¢e poverty in all re9ions, cities and towns in England. 11 will focus on ttte Gauses of variations in poverty beiween plaG8s with high and low povèty rates. rather than UK-wde issues such as tsx and social security- ie the national and local policies and conditions that lead lo concentrations of poorfy paid, low quality jobs,. insufficient hours of work,. and high housng and livi osts. 11 wll cover tayjbenefit issues where there is a clear spatial dimension leg housing costsl or where loGg1 action is possible THE TRUST'S PLANS FOR THE FUTURE ACTIVITIES INCLUDE. The Trust will cffiimission research into how to coneeplualis& and measure Inequalilles of power.

DARTMOUTH STREET TRUST REPORT OF THE TRUSTEES

FOR YEAR ENDED 5 APRIL 2022

STATEMENT OF PUBLIC BENEFIT

This research will continue our policy of promoting studies in political, economic and social science, with an emphasis on social prosperity and social justice.

NET INCOMING RESOURCES

There was a net deficit of £2,896 on operating activities. The trustees will continue to take account of the present market uncertainty when making grants in the year 2022/23. The policy continues to be, taking one year with another, to make grant payments not exceeding the trust's annual income. They will endeavour to maintain the present level of charitable activity.

INVESTMENT POLICY

The Trustees have the power to invest in such assets as they see fit. The trustees intend to keep the trust's investment policy with a portfolio of fixed interest and tracker funds under regular review.

RESERVES POLICY

The reserves are held in order to produce an investment income which is used by the Trust in undertaking its activities. The trustees consider that this level of reserve is necessary to generate an income to support the Trust's purpose and that it continues to be satisfactory given the present market conditions.

GRANT MAKING POLICY

The trust makes grants for the promotion of studies in political, economic and social science and cognate educational subjects, and for the promotion of education and dissemination of knowledge in such science and subjects. Decisions are made at meetings of trustees, generally held twice a year. Restrictions: The Trust does not fund students, undergraduate or postgraduate courses.

RISK MANAGEMENT

The principal risks faced by the Trust lie in the performance of investments. The trustees consider variability of investment returns on funds the charity's major financial risk. Investment policy is to accept a moderate level of risk for charitable holdings.

TRUSTEES

The trustees in office during the year and at the date of this report are set out on page 1.

The Trustees also wish to express their deep regret at the death in August 2022 of our former colleague, Giles, the Rt Hon Lord Radice, who resigned from the Trust earlier this year. Throughout his long association with the - Trust, Giles published and encouraged research based initiatives which made significant contributions to public policy in both the UK and internationally. For that, all his thoughts and advice to the Trust and the warmth with which it was given, we will miss him greatly.

The power of appointing any new trustee is exercised by the existing trustees.

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DARTMOUTH STrEEf TRUST RE RTO THE TRUSTEES FOR YEAR ENDED 5 APRIL 2022 TR TEE ESPONSIBILITIES IN RELATION TO THE FIKANCIAL STATEMENTS The trustees are reswnsible for preparing a truste8S' annual r8port and )Inancial statements in accordance with applicable law and United Kingdom Accountlng Standards (United Kingdom Generalty Accepted Accounting Practice). Th8 law applicable to charities in England and Wales requires tho charity trustees to preparè financial statements for each year which give a tnje and fair wew of the state of affairs of the charity and of the Kicoming resources and appllcallon ofre8our¢e8, of the charity forthal period. In preparing the financAal statements. the trustees are r8quired select sullable accounting poli¢i8s and then appty them consistently; observe the m8thod$ and principlgs in the applicable Charities SORP; make judgements and èstimatès that arg r8ason8blg and pnjdgnl., state whether applicable occountin9 Standards have been followed, Subject to any material departure8 that musl be disclosed and explained in th& financial $t8tsments- prepare the financial statements on the goin9 Concem bass unless it Is Inappropriate to prèsume that th8 charity wll continue in business. The trustees are responsible for keeping proper accounttng records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financsaS stsiements Comply wth th8 Charities Acl 2011 and the applicable Charities (Accounts and reports) R￿ulationS. They are glso responslblo for safeguarding thè assets ofthe charity and tawng reasonable steps forthe preventlon and detectlon offraud and other Irregularilies. The trustees are respon&ble for the MaIntenan￿ And intttgFity of the thArity and ￿nancIal inf0m￿li0n In accordance with leg¢siation In tha UnÉtsd Kingdom govgmirt9 thè preparation and di889mination of financial statements. DISCLOSURE OF INFORMATION TO INDEPENDENT EXAMINER So far &8 each trustee is awarg. thore is no rg18vant information. bèing Intr)M￿tIOn na￿ed by the independent examinerin connecbon with preparing their report, of which the independent examiner is unaware, and each trustee has taken all steps tral ￿h8 ought lo have 18k8n to rnake herlhimself aware of any relevant matters and to ensure thatthe company's independentexaminer is aware of such information. Su¢h steps inoltKle making inquiries of other trustses and the Independent examinerand othersteps requlred bythe trustees. duty to exercise due eare and skill. Approve(I by the trlthes on 19¥h OLtob&nd Sgned on their b8haKby.'

DARTMOUTH STREET TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DARTMOUTH STREET TRUST I report on the accounts of the Trust for the year ended 5 April 2022 which are s8t out on pag8s 6 to 12. Respective Responslbllities of Trustggs and Examiner The charity's Trustees are responsible for the preparation of th8 accounts. The charity'5 Trust885 cOnsi￿r that an audit is not required lor this Period under se¢lion 144121 of the Charities Act 2011 Ilhe 2011 Acll anij that an independent examination is nesdèd. It Is my responsibllty Its- examine the accounts under section 145 ofthe 2011 Act., to follow the procedur88 laid down in the generdl Directions given by the Charity Commission under Section 14515llbl of the 2011 Act,. and to state whether particular matters have come lo my attention. Basis of Independent Examinerfs Report My examination was carried out in accoTdanGe with the General DireGtions given by the Charity Commission. An examlnalion includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It alsc) includes Cc>n￿derat1on of any unusual items or disclosurés in thè accounts. and seeking explanations frotn you as Trustees conoeming 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 Iru¢ and fair view. and the report is limited to those matters set out in the statement below. Independent Examlnerfs Statement In connection with my examination. no matter has come to my attention.. 111 uthich gives me reasonable cause to believe that in any material respect the requirements-. to keep accounting records in accordance section 130 of the 2011 Act., and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met: or 121 to wh¢ch, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. yl-4 Dated.. IGld 4lzot

DARTMOUTH STREET TRUST STATEMENT OF NNANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022 Note Unrestrlcted Fund Total 2022 Total 2021 Buckle Fund INCOMING RESOURCES Donations 2.130 2,130 2,291 Investment Income 6,835 16,199 23,034 20,108 TOTAL INCOMING RESOURCES 8,964 16,199 25,163 23.399 RESOURCES EXPENDED Charitable Acliwti8S 28,000 28,000 25,000 Govem8rkce Costs 60 60 1,140 TOTAL RESOURCES EXPENDED 28,060 28,060 26,140 NET OUTGOING RESOURCES INCOMING 119,0951 16.199 12,8961 13,7411 Transfers Between Funds 16,199 {16,1991 Net incomel ex nditure and net movement in funds before alns and lo$$¢$ on investments {2,8961 12,8961 13,7411 OTHER RECOGNISED GAINS AND LOSSES Realised Ilossesygains on inv8stslltsnts Unrealised Ilossesygains on investrnents 7,460 41,684 49,144 143,009 NET MOVEMENT IN FUNDS 4,564 41,684 46,248 139,268 Total funds brought fO￿ard 248,097 516,155 764,252 624,984 TOTAL FUNDS AT S APRIL 2022 252,661 557,839 810.500 764,252 The notes on page 8 to 12 fomi part of these financial statements.

DARTMOUTH STREET TRUST STATEMENTS OF FINANCIAL POSITION AS AT S APRIL 2022 Not• Unr•strict•d Fun Total 2022 Total 2021 Buckle Fund FIXED ASSETS Investments 230.812 7.839 788,651 739,507 CURRENT ASSETS Debtors 366 366 392 Cash at Bank 24,723 24,723 27,593 25,089 25,089 27.985 CREDITORS Amounts falllng due w5thin on• year Creditors & 8ccru8ls 10 13,2401 13.2401 13,2401 NEf CURRENT ASSETS 21,849 21,849 24,745 TOTAL NET ASSETS 252,661 557,839 810,500 764,252 FUND 252,661 557,839 810,500 764,252 The financial slaternenls werB approved by thè Managlng Twstees and aulhorfsed f<￿ issue on If OcPèber and signed on their behalf by.. 102L The notes on paga 8 to 12 ft>rm p8rt of th8se financial stslements.

DARTMOUTH STREET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Accountin Poli Basis of ration and assessment of oin concem The Financial statements have been prepared tJndeT the hislollGal ¢osl ¢onvention with items recognised at co* or Iransacbon valt5e Un￿$5 otherwise ststed in the retevant notelsl to these accounis. The finan¢ial 818tem8nls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice appllcable to charities preparing their accounts in accordance wth the Finanaal Reporbng Standard applicable in the UK IFRS 102lleffECtive 1 January 2019FCharilies SORPIFRS1021 and the Financi81 Reporting Standard applicable in the UK. The trust constitut9$ a public benefit entity as defined by FRS 102. The financial statements are prepared in steding wh￿h is the functional currency of the charity- The trustees consider that there are no material uncertainties about the Trust's ability lo continue as a going concem. The most significant a￿aS of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the perfom)ance of investment marf(ets (see the investment policy and perfomiance and risk management sections of the tnjstees, annual ￿port for more infomiationl. omin Re80urces All incoming r8sources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable certainty. Donations are recognised on the receivable basis. Investments Investments are accounted for at market value, which gives rise to unrealised gainsAosses which are included in the Statamant of Finan¢i81 A¢tiviti8s. Roalised gainsllosses arising on the disposal of investments during the year are separately recorded in the Statement of Financial A¢livilie$. Resources Ex nded Expenditure is included on an 8￿ru81$ basis. 8bl Grants payable are rgcognised in the SOFA as charitable expenditure in the period in which the grant is auth0ri5ed and any preconditions have been mel. A list of grants payable can be found in Note 5.

DARTMOUTH STREET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2022 Fund A ounti Unrestiicted Fund - can be used in accordance ￿th the charltsble obje¢ts 8t the discretion of the trustees. H T Buckle Fund - income can be Ljsed for general purposes, the fund to be held in trust pèman&nUy. DONATIONS AND FUNDRAISING 2022 2021 Individuals InslilulK)ns 1.965 165 2,291 2,130 In 2021 and 2022 all of the income from donations w88 attributable lo the general fund. NVESTMENT INCOME 2022 2021 Unreslricled Fund 6.835 6.407 H T Buckle Fund 16.199 13.701 23,034 20,108 4. TAXATION As Dartmouth Street Trust is a registered charity il is therefore nol liable to corporation lax 8nd capital gains lax by wrtue of various exemptions available to registered chaflU&s.

DARTMOUTH STREET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 CHARITABLE ACTIVIMES The charity meets its charitsble purposes by ProV￿1r0 granis in accordance with the charitable objects of the tNsl. 2022 2021 Fabian Society- To be spent in followiro areas-. To support the wotlo ofa new commission on Poverty and R￿j10ft81 Inequality. 28.000 25,000 Total spend on Charitsblg activities 28,000 25,000 UPPORT COSTS 2022 Govemance 2021 Gov8man¢8 Charflabl& clivity Total Charitsbl8 acttvity Totsl Independent examination 1,080 1,080 Bank Charges 25 25 25 25 Sundry Expenses 35 35 35 35 60 60 1,140 1,140 7. TRUSTEES, REMUNERATION The trustees received no remuneration or expenses during the year12021.. £nlll- io

DARTMOUTH STREET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 FIXE ASSET INVESTMENTS Unrestrictéd Fund Total 2021 Total 2020 Bu¢kle Fund Market valu8 al 6 April 2021 223.352 516,155 739.￿)7 596.499 Acquisitions at cost Sale proceeds from disposals Realised Ilossllgain on disposal Unrealised Ilossygain8 41,684 49,142 143,(X)9 Market Value at S April 2(122 230,812 557,839 788,651 596,499 180,313 385,269 Histori¢al cost at 5 April 2021 565,582 5.582 DEBTORS 2022 2021 Gtft aid recov&rable 366 391 36 391 10. CREDITORS 2022 2021 Accruals 3,240 3,240 3,240 3,240 li

DARTMOUTH STREET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 11. FUNDS 2022 At 6 April 2021 Incoming sources Outgoing resources Net {lossl gain on Investments Tr8nsfer At 5 April 2022 Unrestricted Fund 248,097 8,965 128,0601 7,460 16.199 252,661 HT Buckle Fund 516,155 16,199 41.684 116.1991 557,839 764,252 25,164 28,060 49,144 810,500 FUNDS 2021 Al 6 April 2020 Incoming resources Outgoing resources N8t Iloss} gain on investments Transfor At 5 April 2021 Unrestricted Fund 216.￿4 8.698 126.140} 34,934 13.701 248,097 HT Buckle Fund 408,080 13,701 108.075 {13,7011 516.155 624,984 22,399 26,140 143,009 764,252 Investment income arising on the HT Buckle Fund is transferred lo the unrestricted fund in line wth the charity's accounting policy which permits the income to be used for general purposes. 12