Registered Charity Number 313368 (England & Wales) DARTMOUTh STREEf TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
DARTMOUTH STRE TRUST CONTENTS Page Legal and Administrative Infomation Report of the Trustees and Ststemenl of Trust88s' Responsibilities Report of the Independent Examiner ststement of Financial Activi Statement of Flnanclal Position Notes to the Financial Ststements 8-12
DARTMOUTH STREEf TRUST LEGAL AND ADMINISTRATIVE INFORMATION REGISTERED CHARITY NUMBER 313368 TRUSTEES G Marsden (Chair of Trustees) J K L Beever N Butler SJGCrine Baroness Hayter of Kentish Town M Rae (died 7 November2023) J Redmond-withey Asato (MP from 5 July 2024) Baroness Thomton S Malhotra MP G Wrigm ADMINISTRATOR G Wright ADDRESS 35 Ridgmount Gardens London WC1E 7AS INDEPENDENT EXAMINER Davld Harfey FUNDS MANAGER CAF 25 lfjngs Hill Avenue West Malling Kent ME19 4TA POBox1 Liverpool L69 3HU BANKERS National 14Vestminster Bank plc 169 vtoria Str London SW1 E SNA
DARTMOUTH STREET TRUST REPORT OF THE TRUSTEES FOR YEAR ENDED S APRIL 2024 The trustees present their rep(xt arKI finarKaal statements of the Tru for year erNJed 5 Awil 2024. The ffinancial statements have been prepared in ac(y3rdance with the ac(a)unting policies set out in note 1 to the awunts and comply with the tha115 trust deed. the Charities Ad 2011 and Accounting arml Reporting by Charities.. Statement of Recommended Pra1 applioble to charities preparing their a(xounts in accordance with the Financial Reporting Standard applicable in the UK and RebI of Ireland published on 16 July 2014. BJECT AND PO The Trust was created by Trust Deed dated 25 Mar¢h 1942 for the promotion of studies ift polrtil, economic and social Scien and cognate educationaf subjects and forthe F*omotion of edu(xtion and dissemination of krK)wledge in such Scien and Subjects and is an unrestricted fvnd. In 1983 DartmoLrth Street Trust received a bequest from the Sate H T Buckle. which is to be held on trust forever thereafter to apply the income thereof for general purposes and is a restri fund. In¢¢xne is {xsIdered to be dividends and interest from investments. OR ANI ATI NAL RE The Trust is based in the United lfjngdom at the 1stered address 81#7 on page 1 under the control and jurisdiction of the trustees whose detsils are also shown on page 1. FINAN Durfng the year, there was a nel incre&se in the total fvnds for the year of £50.078 (2023: -£18,46T). The fund balances at 5 April 2024 were as folk)ws: Unrestricted Fund £257,503 (2023: £243,818) H T 8uckle Restricted Fund £581.369 (2023:548.216) MOVEMENT IN P RTF Ll Foll¢)wing the closure of the TNs¥s two CAF investment funds. the transfer of funds to Rathbones Charity Acuve Income & Growth Fund was Mpleted on 15 May 2023. BJECTIVE AND ACTIVITIES FOR THE PU FIT Grant of£28,000 to the Fabian Society to provide part funding for a researth projed on'ending earfy years poverty. A finanoal comfflitment to support this project had already been secured from UNICEF UK. Over a million children under the age of frrfe were INing in poverty in 2021r22 and eviden suggests the problem has been growing. The (Xuses are both long terni and have been worsened by changes to beneffts and reduction5 to Sure Start and other public services. The project aimed to provide a plan to redu child deprivation dramati¢2lly and dose inequalities before children start school by enhanang payments to pregnant mothers and parents of under fives and also to reform and expand exisling services for children such as child re, health visiting and Family Hubs. THE TR PL4N R THE FLrruRE ACTIVITIES INC Research into social challenges f&ing the UK over the next ten years.
DARTMOUTH STREEf TRUST REPORT OF THE TRUSTEES FOR YEAR ENDED 5 APRIL 2024 TATEM NT F PUBLIC BENEFIT This research 711 continue our policy of promoting studies in politscal, economic and socaal s&en, with an emphasis on Paocial prospenty and socaal justice. INCOMING RE There was a net surplus of £3,613 (2023: £362) on opernling aclivilies. The Iwstees wtll continue lo take aoUnt of the present market un¢grtainty when making grants in the year 2024r25. The poliw continues to be, taking one year with another. to make grant payments not exceeding the trusf S annual income. They will endeavor to maintain the present level of charitable activty. INVE TMENT P The Trustees have the power to invest in such assets as they see fft. The aim of the Twstees is to produce a steady income stream. with a moderate degree of risk, and to keep its investments under regular review. RE LICY The reseNes are held In order lo prothj an inveStff1 inccne vA)Ich Is used by the Trust in undertaking tts activities. The trustees consider that this level of reseNe is necessary to generate an income lo support the Trust's purpose and that it continues to be satisfacw given the present market Gondilions. GRANT G POLI The trust makes grants for the promotion of studies in political, ecyjnomic and Sal Scien and cognate educational subjects. and for the promotion of educatron and dissemirkition of kn(Mledge in such science and subjects. Decisions are made at meetings of trustees, generally held tsyice a year. Restrictions: The Trust does not students. undergraduate or postgraduate courses. Rl K MANA The principal risks faced by the Trust Ile in Ihe perfomiance of investments. The trustees consider variability of investment retums on funds the chan$ major financial risL Investment poli is to accept a moderate level of risk for charitsble holdings. TRU TEE The trustees in offi during the year and at Ihe date of this report are set ¢xrt pJe 1. The power of appointing any new trustse is exerosed by the existing trustees. The Trustees express their deep regrd at the sudden death of Maggie Rae in November 2023. Her contribution to the work of the Twst over many year5 brougm inlellectual rigour. love of Fdeas and discussion. and careful attention to other people's views.
DARTMOLrrH STREEf TRUST REPORT OF THE TRUSTEES FOR YEAR ENDED 5 APRIL 2 TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENT The tharity trustees are responble for preparing a trustees. annual report and ffinancial statements in accordance with appli¢3ble law and United Kingdom knnting Stsndards (Untted Kingdom Generally Apted A(xounting Practice). The law applirable to ch8Tities in England and Wales requires the chafity trustees to prepare financiaf stat8m8nts for each year whith give a true and fair view of the state of affairs of the charity and of the inMIng resources and application of resources, of the charity for thal wiod. In preparing the finaniial statwnents, the trustees are required to- select suitable accounting wlicies and then appty them nSIStenIty. observe the methods and prinLiples in the applicable Charities SORP: make judgements and estimates that are reasonable and pwdent: stste whether applbcable accounttng standards have been followed. subject to any material departures that must be disdosed and explained in the financial statements; ppare the finanaal sLqtements on the going a)rtem un18SS it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting reccKds that disclose wtth reasonable accuracy at any tlme the financial position of the tharity and to enable them to ensure that the finan¢iJ statements comply with the Charities Act 2011 and the applicable Charities (ACUnts and reports) Regulations. They are also responsible for safeguarding the assets of the charity and tsking reasonable steps forthe prevention and detection offraud ar other irregularities. The trustees are responslble for the rna1ntenan and integrity of the charity and ffinancial infonnation in axordance with legislation in the Unrted Kingdom governing the preparation and dlssemination of financial statements. F INFORMATION T IND EXAMINER So far as each trustee is aware, there is no relevant irrformalion, being inforniation needed by the Independent examiner in connection wlth preparing their report. of which the independent examiner is unaware. and each trustee has taken all steps that snle ought to have taken to make herft)imself aware of any relevant matters and to ensure that the companrfs independent examiner is aware of such infomiation. Suth steps include making inquiries of other trustees and the independent examiner and other stsps required by the twstees, duty to exercise due care and skill. Approved by the trustees on ? o (hb¢zr 2o.248nd signed on their behalf by: Gordon Marsden Chair of Trustees
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 2024 which are set out on pages 6 to 12. Respective Responsibilities of Trustees and Examiner The charity's Trustees are responsible for the preparation of the accounts. The charitys Trustees consider that an audit is not required for this Period under section 144(2) of the Charities Act 2011 {the 2011 Act) and that an independent examinatson is needed. It is my responsibilty to: examine the accounts under section 145 of the 2011 Act: to follow the procedures laid down in the general Directions given by the Chaiity Commission under section 145{51{bl of the 2011 Act-, and to state whether particular matters have come to my attention. Basls of Independent Examlnerfs Report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees conceming 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 whelher the accounts present a Irue and fair view, and the report is limited to those matters set out in the statement below. Independent Examinèrfs SL*ement In connection with my examination, no matter has come to my attention: (1) which gives me reasonabl8 cause to believe that in any matenal respect the reqU1mentS. to keep accounting records in accordance with section 130 of the 2011 Act.. and to ppare accounts which accord wlh the accounting records and comply Wbth the accounting requirements oflhe 2011 Act have not been met; or {2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the account5 to be 8¢hed. Dated. 1g11?oL li
DARTMOUTH STREET TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Note Unrestricted Fund Total 2024 Total 2023 Buckle Fund INCOMING RESOURCES Donations 1.896 1,896 2,187 Inveslment Income 6.795 19.733 26.528 25,735. TOTAL INCOMING RESOURCES 8,690 19,733 28.424 27,922 RESOURCES EXPENDED Charitable Activities 28,000 28,000 27,500 Governance Costs (3,190) (3,190) 60 TOTAL RESOURCES EXPENDED 24,810 24,810 27,560 NET OUTGOING RESOURCES IINCOMING (16,1) 19,733 3.613 362 Transfers Beeen Funds 19.733 (19,733) Net incomel ex nditure and net movement in funds before ains and losses on Investments 3,613 3,613 362 OTHER RECOGNISED GAINS AND LOSSES Realised Ilossesygains on investrnents Unrealised (lossesygains on investrnents 13.312 33.153 46,465 (18,829) NET MOVEMENT IN FUNDS 16,925 33,153 50.078 (18,467) Total funds brought forward 243,818 548,216 792,034 810,500 TOTAL FUNDS AT 5 APRIL 2024 260,743 581,369 842.112 792,034 The notes on page 8 to 12 form part of these financial ststements.
DARThIOUTH STREEf TRUST STATEMENTS OF FINANCIAL POSITION AS AT 5 APRIL 2024 Unrnstrlcted Fund Total 2024 Total 2023 Buckle Fund FIXED ASSETS Investments 234.920 581,389 816.289 769,824 CURRE14T ASSErs Debtors 343 Cash at Bank 25.518 25.518 25,107 25.823 25,823 26,450 CREDITOR Amounts falling duo within one year ET CURRENT ASSETS 25.523 25,523 22,210 TOTAL NET ASSErs 0.743 581,369 842,112 NDS 11 260,743 581,369 842,112 792,034 The finanrial stslements were approved by Ihe Managing Twstees and authoriswj for is5 on and signed on their behalf by.. Gordon Marsden Chair of Trustees The notes npage8to fiKm part ese fmanoal statements.
DARTMOUTH STREET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountin Polioe The Financial ststements have been prepared under the historF(31 cost o)nvention with items recognised at cost or transaction value unless otherwise stated in the relevant note($} to these accounts. The financial statements have been prepared In accordan with Accounling and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in acLxJrdance with the Financial Reporting Standard applicable in the UK (FRS 102)(effective 1 January 2019harIt1eS SORP(FRS102) and Ihe Finar£ial Reporting Standard applicable in the UK. The trust ConstiaS a public benefft entity as defined by FRS 102. The financial statements are prepared in sterling whith is the functional ojrrency of the charity. The trustees consider that there are no material uncertaints about the Tnjsys ability to contlnue as a going ¢oncem. The most signffjKant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment retum and the perfonTran of investment markets (see the investment policy and performance and tisk manageThnt seclions of the trustees, annual report for more information). b. Incomi Reso All incoming resources are indud8d in the Statement of Fmanoal Adivities when the charity Is legally entitled to the income and the amounl can be quantified with reasonable certainty. Donations are recognised on the 1vable basis. Investments Investments are accounted for at mathet value, whith gives rise to unrealised gainsllosses whith are induded in the Statement of Financial Activities. Realrsed gainsllosses arising on the disposal of investments during the year are separatety recorded in the Statement of Finanoal Acilvitie$. Expenditure is iluded on an accruals basi5. Grants payable ate rec(N3nised in the SOFA as thariiable exp8ndiiure in the period in which the grant is authorised and any preconditK)ns have been met. A list of grants payable can be found in Note 5.
DARTMOUTh STREEf TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Fund Accountin Unrestricted Fund - can be used in acLX)rd8n ryth Ihe tharitable objects at the discretion of the trustees. H T Bui*le Fund- irwx)me ¢2n be used for general purposes, the fvnd to be held in trust permanently. NATIONS AND FUNDRAISING 2024 2023 Individuals Instrtlrtions 1.590 1,896 In 2022 and 2023 all of the income from donations was attritxjtable to the general fund. 3. INVESTMENT 2024 2023 Unrestricted FurKI 7.712 H T Buthle Fund 19,733 18.023 26,528 25,735 A8 Dartmoulh Street Trust is a registered charity it is therefore not liable to o)rporation tsx and faptsl gains tsx by virtue of various exemmims available to regISted d)arilies.
DARTMOUTh STREEf TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 5. CHARITABLE ACTIVITIES The tharity meets ts charitable purposes by providing grants in accordan with the dBritable obpds of the In. 2024 2023 Fabian Sooety- To be spent in following areas: To support a research project on ending eaty years povety ' 28,(X)O 27.500 Total 8pend on Charltable athitie8 27,500 SUPPORT COSTS 2024 Charitable Govemance 2023 Govemance Total CharTtable activity Total Independent examination (3,190) 13.190) Bank Charges 15 15 Sundry Expenses 35 24810 24.810 60 7. TRUSTEES. REMUNERATION The trustees received no remuneralyon or expenw during the year (2023: £nil}. io
DARTMOLrrH STREET TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 8. FIXED ASSET INVESTMENTS Total 2024 Total 2023 Fund Buckle Fund Market value at 6 A11 2023 221.608 548.216 769.824 788,653 Acquisitions at cost Sale proceeds frn disposals Realised {loss)Igain on disposal Unrealised {loss)Igains 13.312 33.153 (18,829) Market Value al 5 April 2024 234,920 581.369 816.289 769,824 180,313 385.269 565.582 565,582 Historical )st at 5 April 2024 9. DEBTORS 2023 2024 Gift aid recover8ble 343 343 10. CREDITORS 2024 2023 Accnmts 3,240 li
DARTMOUTH STREEf TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 11. FUNDS 2024 At 6 April 2023 IncomirKJ Outgoing Net Ooss) gain on investrnents Transfer At 5 Aprll 2024 Unrestrided Fund 243.818 124,810) 13.312 19,733 260,743 HT Buckle Fund $48,216 19.733 33,153 {19,733} 581.369 792.034 28.424 24,810 842,112 FUNDS 2023 At 6 April Incoming Outgoing Net 00&8) gain on investments Transfer At S Aprfl 2023 Unrestricted Fund 252,661 9,899 (27,560) (9,205) 18,023 243,818 HT BUce Fund 557,839 18,023 (9,624) {18,023) 548,216 810.500 27,922 27.560 18,829 792,034 Investrnent incorne arising on Ihe HT Buckle Fund is transferred to Ihe unrestricted fijnd in line w•th the haTTty's accounting polry which permits the income to be used for general purposes. 12