Registered Charity Number 313368 (England & Wales) 

DARTMOUTH STREET TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 

## DARTMOUTH STREET TRUST 


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CONTENTS<br>Page<br>Legal and Administrative Information 1<br>Report of the Trustees and Statement of Trustees’ Responsibilities 2-4<br>Report of the Independent Examiner 5<br>Statement of Financial Activities 6<br>Statement of Financial Position 7<br>Notes to the Financial Statements 8-12<br>**----- End of picture text -----**<br>


## DARTMOUTH STREET TRUST 

## LEGAL AND ADMINISTRATIVE INFORMATION 

## REGISTERED CHARITY NUMBER 

## 313368 

## TRUSTEES 

## G Marsden (Chair of Trustees) 

J KL Beever N Butler S JG Crine Baroness Hayter of Kentish Town 

## J Redmond-Withey Asato MP 

Baroness Thornton S Malhotra MP resigned 18 December 2024 G Wright 

## ADMINISTRATOR 

## G Wright 

## ADDRESS 

35 Ridgmount Gardens London WC1E 7AS 

## INDEPENDENT EXAMINER 

## David Harley 

## FUNDS MANAGER 

## CAF 

25 Kings Hill Avenue West Malling Kent ME19 4TA Rathbones PO Box 1965 Liverpool L69 3HU 

## BANKERS 

## National Westminster Bank plc 

169 Victoria Street London SWI1E 5NA 

1 

DARTMOUTH STREET TRUST REPORT OF THE TRUSTEES FOR YEAR ENDED 5 APRIL 2025 

‘ 

The trustees present their report and financial statements of the Trust for the year ended 5 April 2025. The financial statements 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 published on 16 July 2014. 

## OBJECTS AND POLICIES 

The Trust was created by Trust Deed dated 25 March 1942 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 and is an unrestricted fund. 

In 1983 Dartmouth Street Trust received a bequest from the late H T Buckle, which is to be held on trust forever thereafter to apply the income thereof for general purposes and is a restricted fund. Income is considered to be dividends and interest from investments. 

## ORGANISATIONAL STRUCTURE 

The Trust is based in the United Kingdom at the registered address shown on page 1 under the control and jurisdiction of the trustees whose details are also shown on page 1. 

## FINANCIAL RESULTS 

During the year, there was a net decrease in the total funds for the year of -£17,507 (2024: £50,078). 

The fund balances at 5 April 2025 were as follows: 

Unrestricted Fund £254,632 (2024: £260,743) 

H T Buckle Restricted Fund £569,973 (2024: £581,369) 

## MOVEMENT IN PORTFOLIOS 

There was no change in investments in the year to 5 April 2025. 

## OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT 

The Trustees gave a grant of £28,000 to part-fund a Fabian Society programme of research that would support, and build on, the Employment Rights Bill and the future of work. Additional elements may include: micro-simulation tax-benefit modelling; a public opinion survey; focus groups; policy roundtables and seminars. 

## THE TRUST’S PLANS FOR FUTURE ACTIVITIES INCLUDE: 

## Research for a project on Security and dignity: Building consensus on the future of the pension system 

This research will develop a coherent vision for how the future pensions system can provide dignity and security in retirement — in a way that is fair, sustainable and popular. The project will explore the future of the state pension, including the triple lock and the state pension age. The project will also examine the role of private pension savings in providing a decent income for all in retirement. 

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DARTMOUTH STREET TRUST REPORT OF THE TRUSTEES FOR YEAR ENDED 5 APRIL 2025 

## 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 -£1,394 (2024: £3,613) on operating activities. The trustees will continue to take account of the present market uncertainty when making grants in the year 2025/26. The policy continues to be, taking one year with another, to make grant payments not exceeding the trust’s annual income. They will endeavor 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 aim of the Trustees is to produce a steady income stream, with a moderate degree of risk, and to keep its investments 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 ofstudies 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. Seema Malhotra resigned in December 2024 for work reasons. 

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

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DARTMOUTH STREET TRUST REPORT OF THE TRUSTEES FOR YEAR ENDED 5 APRIL 2025 

## TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS 

The charity trustees are responsible for preparing a trustees’ annual report and 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 charity trustees to prepare financial statements for each 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 period. In preparing the financial statements, the trustees are required to: 

- e select suitable accounting policies and then apply them consistently; e observe the methods and principles in the applicable Charities SORP; e make judgements and estimates that are reasonable and prudent; e — state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; 

- e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

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 and the applicable Charities (Accounts and reports) Regulations. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The trustees are responsible for the maintenance and integrity of the charity and financial information in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. 

## DISCLOSURE OF INFORMATION TO INDEPENDENT EXAMINER 

So far as each trustee is aware, there is no relevant information, being information needed by the independent examiner in connection with preparing their report, of which the independent examiner is unaware, and each trustee has taken all steps that s/he ought to have taken to make her/himself aware of any relevant matters and to ensure that the company’s independent examiner is aware of such information. Such steps include making inquiries of other trustees and the independent examiner and other steps required by the trustees’ duty to exercise due care and skill. 


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Approved by the trustees on Ez i a 2 07.5<br>, Octeber<br>ordon Mgfsden —<br>Chair of Trustees<br>**----- End of picture text -----**<br>



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and signed on their behalf by:<br>**----- End of picture text -----**<br>


4 

DARTMOUTH STREET TRUST 

## INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DARTMOUTH STREET TRUST 

| report on the accounts of the Trust for the year ended 5 April 2025 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 charity's 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 examination is needed. 

It is my responsibility to: 

- examine the accounts under section 145 of the 2011 Act; 

- - to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and 

- - to state whether particular matters have come to my attention. 

## Basis of Independent Examiner's 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 concerning 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 'true and fair view' and the report is limited to those matters set out in the statement below. 

## independent Examiner's Statement 

In connection with my examination, no matter has come to my attention: 

- (1) which gives me reasonable cause to believe that in any material respect the requirements: 

   - to keep accounting records in accordance with 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 

- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 

a? David Harley oye ifpre. Dated: a2 I e [ O25 

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DARTMOUTH STREET TRUST 

## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 


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|||||||||
|---|---|---|---|---|---|---|---|
|Note|Unrestricted|HT|Total|Total|
|Fund|Buckle|2025|2024|
|Fund|
|£|£|£|£|
|INCOMING|RESOURCES|
|Donations|2|1,693|-|1,693|1,896|
|Investment|Income|3|7,009|17,939|24,948|26,528|
|TOTAL INCOMING|RESOURCES|8,702|17,939|26,641|28,424|
|RESOURCES|EXPENDED|
|Charitable|Activities|5|28,000|-|28,000|28,000|
|Governance|Costs|6|35|-|35|(3,190)|
|TOTAL RESOURCES|28,035|-|28,035|24,810|
|EXPENDED|
|NET (OUTGOING)/IINCOMING|(19,333)|17,939|(1,394)|3,613|
|RESOURCES|
|Transfers|Between|Funds|11|17,939|(17,939)|-|-|
|Net|income/(expenditure) and|
|net movement|in|funds|before|(1,394)|-|(1,394)|3,613|
|gains|and|losses|on|
|investments|
|OTHER|RECOGNISED|GAINS|
|AND|LOSSES|
|Realised|(losses)/gains|on|8|-|-|-|-|
|investments|
|Unrealised|(losses)/gains|on|8|(4,718)|(11,395)|(16,113)|46,465|
|investments|
|NET MOVEMENT|IN|FUNDS|(6,112)|(11,395)|(17,507)|50,078|
|Total|funds|brought|forward|260,743|581,369|842,112|792,034|
|TOTAL FUNDS AT 5 APRIL 2025|254,632|569,973|824,605|842,112|
|The|notes on|page 8|to|12 form|part of these|financial|statements.|

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## DARTMOUTH STREET TRUST 

## STATEMENTS OF FINANCIAL POSITION AS AT 5 APRIL 2025 


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Note Unrestricted HT Total Total<br>Fund Buckle 2025 2024<br>Fund<br>£ £ £ £<br>FIXED ASSETS<br>Investments 8 230,203 569,973 800,176 816,289<br>CURRENT ASSETS<br>Debtors 9 291 - 291 306<br>Cash at Bank 24,139 - 24,139 25,518<br>24,429 - 24,429 25,823<br>CREDITORS<br>Amounts falling due within one<br>year<br>NET CURRENT ASSETS 24,429 - 24,429 25,523<br>TOTAL NET ASSETS 254,632 569,973 824,605 842,112<br>FUNDS 11 254,632 569,973 824,605 842,112<br>Theand signedfinancial onstatements their behalf were by: approved by the Managing Trustees and authorised for issue on 24 © ZO2S.<br>Gordon Marsden<br>Chair of Trustees<br>**----- End of picture text -----**<br>


The notes on page 8 to 12 form part of these financial statements. 

7 

DARTMOUTH STREET TRUST 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 

## 1. Accounting Policies 

a. Basis of preparation and assessment of going concern 

The Financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. 

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 (FRS 102)(effective 1 January 2019)-Charities SORP(FRS102) and the Financial Reporting Standard applicable in the UK. 

The trust constitutes a public benefit entity as defined by FRS 102. 

The financial statements are prepared in sterling which is the functional currency of the charity. 

The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. 

The most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the trustees’ annual report for more information). 

b. Incoming Resources 

All incoming resources 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. 

## c. Investments 

Investments are accounted for at market value, which gives rise to unrealised gains/losses which are included in the Statement of Financial Activities. Realised gains/losses arising on the disposal of investments during the year are separately recorded in the Statement of Financial Activities. 

d. Resources Expended 

Expenditure is included on an accruals basis. 

## e. Grants Payable 

Grants payable are recognised in the SOFA as charitable expenditure in the period in which the grant is authorised and any preconditions have been met. A list of grants payable can be found in Note 5. 

8 

DARTMOUTH STREET TRUST 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 

## t: Fund Accounting 

Unrestricted Fund - can be used in accordance with the charitable objects at the discretion of the trustees. H T Buckle Fund - income can be used for general purposes, the fund to be held in trust permanently. 

|2.|DONATIONSAND|FUNDRAISING|2025|2024|
|---|---|---|---|---|
||||£|£|
||Individuals||1,402|1,590|
||Institutions||291|306|
||||1,693|1,896|



In 2022 and 2023 all of the income from donations was aitributable to the general fund. 

|3.|INVESTMENT INCOME|2025|2024|
|---|---|---|---|
|||£|£|
||Unrestricted Fund|7,009|6,795|
||HT Buckle Fund|17,939|19,733|
|||24,948|26,528|



## 4. TAXATION 

As Dartmouth Street Trust is a registered charity it is therefore not liable to corporation tax and capital gains tax by virtue of various exemptions available to registered charities. 

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DARTMOUTH STREET TRUST 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 

## 5. CHARITABLE ACTIVITIES 

The charity meets its charitable purposes by providing grants in accordance with the charitable objects of the trust. 

|||||||2025|2024||
|---|---|---|---|---|---|---|---|---|
|||||||£|£||
||Fabian Society—To|be spent in following||areas:|||||
||To support research|into thefuture ofwork|||||||
|||||||28,000|28,000||
||Total spend on Charitable activities|||||28,000|28,000||
|6.|SUPPORTCOSTS|||2025|||2024||
|||Charitable<br>activity|Governance||Total|Charitable<br>activity|Governance|Total|
|||£||£|£|£|£|£|
||Independent||||||||
||examination|7||||7|(3,240)|(3,240)|
||Bank Charges|7||||.|15|45|
||Sundry Expenses|-||35|35|-|35|35|
|||-||35|35|-|(3,190)|(3,190)|



## 7. TRUSTEES’ REMUNERATION 

The trustees received no remuneration or expenses during the year (2024: £nil). 

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DARTMOUTH STREET TRUST 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 

|8.||FIXEDASSET INVESTMENTS|||||
|---|---|---|---|---|---|---|
||||Unrestricted<br>Fund|HT<br>Buckle|Total<br>2025|Total<br>2024|
|||||Fund|||
||||£|£|£|£|
|||Marketvalue at6 April2024|234,920|581,369|816,289|769,824|
||||||,||
|||Acquisitions atcost|-|-|-|-|
|||Sale proceeds from disposals|-|-|-|-|
|||Realised (loss)/gain on disposal|-|-|-|-|
|||Unrealised (loss)/gains|(4,718)|(11,395)|(16,113)|46,465|
|||Market Value at5 April2025|230,203|569,973|800,176|816,289|
||||180,313|385,269|565,582|565,582|
|||Historical cost at 5 April 2025|||||
||9.|DEBTORS||2025||2024|
|||||£||£|
|||Gift aid recoverable||291||306|
|||||291||306|
||10. CREDITORS|||2025||2024|
|||||£||£|
|||Accruals||-|||



a Us | 

DARTMOUTH STREET TRUST 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 

|11.|FUNDS 2025|At6April<br>2024|Incoming<br>resources|Outgoing<br>resources|Net (loss)<br>gain on|Transfer|At5April<br>2025|
|---|---|---|---|---|---|---|---|
||||||investments|||
|||£:|£|£|£|&|£|
||Unrestricted<br>Fund|260,743|8,702|(28,035)|(4,718)|17,939|254,632|
||HT Buckle<br>Fund|581,369|17,939|-|(11,395)|(17,939)|569,973|
|||842,112|26,641|(28,035)|(16,113)|-|824,605|
||FUNDS 2024|At6April<br>2023|Incoming<br>resources|Outgoing<br>resources|Net (loss)<br>gain on|Transfer|At5April<br>2024|
||||||investments|||
|||2|£|£|£|£|£|
||cnrestricted<br>un|243,818|8,690|(24,810)|13,312|19,733|260,743|
||aauckie<br>un|548,216|19,733|-|33,153|(19,733)|581,369|
|||792,034|28,424|(24,810)|46,465|-|842,112|



Investment income arising on the HT Buckle Fund is transferred to the unrestricted fund in line with the charity's accounting policy which permits the income to be used for general purposes. 

12