Charity number: 326902
DIXON PITCHFORK CHARITABLE TRUST FUND
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
DIXON PITCHFORK CHARITABLE TRUST FUND
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 14 |
DIXON PITCHFORK CHARITABLE TRUST FUND
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021
| Trustees | C R Pitchfork |
|---|---|
| G R Pitchfork | |
| R Cattell | |
| A S Cull | |
| S R Pitchfork | |
| B Westaway | |
| Charity registered | |
| number | 326902 |
| Principal office | 33 Newfield Crescent |
| Dore | |
| Sheffield | |
| S17 3DE | |
| Bankers | Barclays Bank plc |
| 2-12 Pinstone Street | |
| Sheffield | |
| S1 2HN | |
| Investment managers | Investec Asset Management Limited |
| Beech House | |
| 61 Napier Street | |
| Sheffield | |
| S11 8HA | |
| Independent examiner | Andrew R P Brightmore ACA |
| ARP Brightmore Limited | |
| Chartered Accountants | |
| Fairholme Bungalow | |
| Hathersage Road | |
| Bamford | |
| Hope Valley | |
| S33 0EB |
Page 1
DIXON PITCHFORK CHARITABLE TRUST FUND
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their annual report together with the financial statements of Dixon Pitchfork Charitable Trust Fund ('the charity') for the year ended 31 December 2021. The trustees confirm that the trustees' report and financial statements of the charity comply with the current statutory requirements, the requirements of the governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
a. Policies and objectives
The objectives of the charity are its application for such charitable purposes as the trustees may decide.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
b. Main activities undertaken to further the charity's purposes for the public benefit
The charity's grant making policy is to support a limited number of causes known to the trustees which are mainly local to the Sheffield area. Unsolicited applications are not normally considered.
Achievements and performance
a. Review of activities
The attached financial statements give details of the financial transactions in the year and the financial position of the charity at the year end.
The 29 grants made during the year amounting to £24,000 (2020 - 29 grants amounting to £22,832) have continued to fulfil the charity's objectives.
There was net income, before realised and unrealised gains on investments, for the year amounting to £3,585 (2020 - net expenditure £2,314).
There were no fundraising activities in the year.
b. Investment policy
The trustees operate an investment policy designed to generate income to enable the trustees to make worthwhile payments for charitable purposes, whilst achieving a level of capital growth intended to ensure the maintenance of a fund which will be adequate to support such payments in the medium to long term.
The trustees have unrestricted investment powers.
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DIXON PITCHFORK CHARITABLE TRUST FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Other policies
a. Going concern
The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees have confirmed that the charity has adequate cash and investment resources for at least the next 12 months from the date of signing these accounts and for this reason they continue to adopt the going concern basis in preparing the financial statements.
a. Reserves policy
The trustees look to retain sufficient cash reserves as they consider necessary to respond to requests for grants. The trustees are keen to support the current level of grant aid being achieved by the charity and are looking to fund that principally from income generated from investments. The total reserves at 31 December 2021 amount to £1,138,428.
c. Principal funding
The trustees are satisfied that the charity's assets are available and adequate to fulfil its obligations.
Structure, governance and management
a. Constitution
Dixon Pitchfork Charitable Trust Fund is an unincorporated charity originally established under a Deed of Settlement dated 5 July 1985 under the name of Pitchfork Charitable Trust Fund.
On 1 September 2006 the assets of The Henry Dixon Trust Fund, a registered charity number 223027, were transferred to the Pitchfork Charitable Trust Fund after agreement with the Charity Commission.
On 10 May 2007 the charity changed its name from the Pitchfork Charitable Trust Fund to the Dixon Pitchfork Charitable Trust Fund.
The trustees who served during the year are as follows:
C R Pitchfork, Chairman G R Pitchfork R Cattell A S Cull S R Pitchfork B Westaway
b. Methods of appointment or election of trustees
The existing trustees have the power to appoint new or additional trustees.
c. Financial risk management
The principal risks to which the charity is exposed are the security and the performance of the investments and cash. The trustees are satisfied that they have arrangements in place to mitigate those risks.
Page 3
DIXON PITCHFORK CHARITABLE TRUST FUND
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and regulations.
The Charities Act 2011 requires the trustees to prepare financial statements for each financial year. The trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The trustees must not approve the financial statements unless they are satisfied that they 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 these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) 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 presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of trustees on 17 May 2022 and signed on their behalf by:
C R Pitchfork, Chairman Trustee
Page 4
DIXON PITCHFORK CHARITABLE TRUST FUND
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Independent Examiner's Report to the Trustees of Dixon Pitchfork Charitable Trust Fund ('the charity')
I report to the charity trustees on my examination of the accounts of Dixon Pitchfork Charitable Trust Fund for the year ended 31 December 2021, which are set out on pages 7 to 14.
Your attention is drawn to the fact that the charity's trustees have prepared the charity's accounts in accordance with the Statement of Recommended Practice '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) (effective 1 January 2019)’ issued in October 2019 in preference to the Statement of Recommended Practice 'Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005)' issued in April 2005 which is referred to in the Charities (Accounts and Reports) Regulations 2008 but has been withdrawn. I understand that the charity's trustees have done this in order for the charity's accounts to give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
This report is made solely to the charity's trustees, as a body, in accordance with the regulations made under section 154 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for the opinions I have formed.
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 year under section 144(2) of the Charities Act 2011 and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act 2011;
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follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011; and
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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 comparison of the accounts with the accounting records kept by the charity. 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.
Page 5
DIXON PITCHFORK CHARITABLE TRUST FUND
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
Independent Examiner's Statement
In connection with my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act 2011;
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to prepare accounts which accord with the accounting records; and
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to comply with the applicable requirements concerning the form and content of accounts set out in the Charities Act (Accounts and Reports) Regulations 2008
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed:
Dated: 17 May 2022
Andrew R P Brightmore ACA
ARP Brightmore Limited
Chartered Accountants
Page 6
DIXON PITCHFORK CHARITABLE TRUST FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted | Total | _Tota_l | ||
|---|---|---|---|---|
| Funds | funds | funds | ||
| 2021 | 2021 | 2020 | ||
| Note | £ | £ | £ | |
| Income from: | ||||
| Investments | 3 | 35,757 | 35,757 | 30,116 |
| Total income | 35,757 | 35,757 | 30,116 | |
| Expenditure on: | ||||
| Raising funds | 4 | 6,378 | 6,378 | 5,788 |
| Charitable activities: | ||||
| Other charitable activities | 5/6 | 24,000 |
24,000 | 22,832 |
| Support costs | 5/7 | 1,794 |
1,794 | 3,810 |
| Total expenditure | 32,172 | 32,172 | 32,430 | |
| Net (losses)/gains on investments | 100,875 | 100,875 | (32,873) | |
| Net movement in funds | 104,460 | 104,460 | (35,187) | |
| Reconciliation of funds: | ||||
| Total funds brought forward | 1,033,968 | 1,033,968 | 1,069,155 | |
| Net movement in funds | 104,460 | 104,460 | (35,187) | |
| Total funds carried forward | 1,138,428 | 1,138,428 | 1,033,968 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 14 form part of these financial statements.
Page 7
DIXON PITCHFORK CHARITABLE TRUST FUND
BALANCE SHEET AS AT 31 DECEMBER 2021
| Note Fixed assets Investments 9 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds Total funds |
29,536 29,536 (1,794) |
2021 £ 1,110,686 1,110,686 27,742 1,138,428 1,138,428 1,138,428 1,138,428 |
25,550 25,550 (3,810) |
2020 £ 1,012,228 1,012,228 21,740 1,033,968 1,033,968 1,033,968 1,033,968 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the trustees on 17 May 2022 and signed on their behalf by:
C R Pitchfork, Chairman
Trustee
S R Pitchfork Trustee
The notes on pages 9 to 14 form part of these financial statements.
Page 8
NOTES TO THE FINANCIAL STATEMENTS
DIXON PITCHFORK CHARITABLE TRUST FUND
FOR THE YEAR ENDED 31 DECEMBER 2021
1. General information
Dixon Pitchfork Charitable Trust Fund is a charity originally established under a Deed of Settlement dated 5 July 1985. It is registered in England and its principle office is 33 Newfield Crescent, Dore, Sheffield, S17 3DE.
The charity is principally engaged in grant making to local charities.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Dixon Pitchfork Charitable Trust Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are presented in Sterling (£).
2.2 Going concern
The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees have confirmed that the charity has adequate cash and investment resources for at least the next 12 months from the date of signing these accounts and for this reason they continue to adopt the going concern basis in preparing the financial statements.
2.3 Fund accounting
General funds are unrestricted funds which 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 other purposes
.
Unrestricted funds include capital investments and income investments. Capital investments are held to generate income for distribution by way of grants. If any of the capital investments are sold the proceeds are reinvested. Income investments are available for distribution by way of grants.
Page 9
NOTES TO THE FINANCIAL STATEMENTS
DIXON PITCHFORK CHARITABLE TRUST FUND
FOR THE YEAR ENDED 31 DECEMBER 2021
2. Accounting policies (continued
2.4 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.5 Expenditure
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.
All expenditure is accounted for on an accruals basis. All expenses including the support costs and governance costs are allocated to the applicable expenditure headings.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
2.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.7 Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt.
Page 10
NOTES TO THE FINANCIAL STATEMENTS
DIXON PITCHFORK CHARITABLE TRUST FUND
FOR THE YEAR ENDED 31 DECEMBER 2021
2. Accounting policies (continued)
2.10 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
3. Investment income
| Unrestricted funds 2021 £ Fund income 35,757 Bank interest - 35,757 |
Total Total funds funds 2021 2020 £ £ 35,757 30,114 - 2 35,757 30,116 |
|---|---|
4. Investment management costs
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Investment management costs | 6,378 | 6,378 | 5,788 |
5. Analysis of expenditure by activities
Grant making Total 2020 |
Grant funding of activities 2021 £ 24,000 22,832 |
Support Total Total costs funds funds 2021 2021 2020 £ £ £ 1,794 25,794 26,642 3,810 26,642 |
|---|---|---|
Page 11
NOTES TO THE FINANCIAL STATEMENTS
DIXON PITCHFORK CHARITABLE TRUST FUND
FOR THE YEAR ENDED 31 DECEMBER 2021
6. Analysis of grants
| Grants Total 2020 |
Grants to Institutions 2021 £ 24,000 22,832 |
Total funds 2021 £ 24,000 22,832 |
Total funds 2020 £ 22,832 |
|---|---|---|---|
The charity has made the following material grants to institutions during the year:
| Name of institution Croft House Settlement Sheffield Alzheimer's Society Work Ltd Cavendish Cancer Care Roundabout Yorkshire Air Ambulance Sheffield Mind Ltd St Luke's Hospice Bluebell Wood Children's Hospice MacMillan Cancer Support in Sheffield Sheffield Family Holiday Fund Spinal Injuries Association for Sheffield Sheffield Mencap & Gateway Central United Reform Church British Wireless for the Blind Support Dogs The Rotary Club of Abbeydale Sheffield Young Carers Snowdrop Project Sparkle Sheffield Sheffield Hospitals Charity Neonatal Bereavement Suite Grants of £500 or less |
2021 £ 3,550 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 750 - - 650 - 550 750 750 750 750 1,000 5,500 24,000 |
2020 £ 3,550 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 750 750 750 650 632 550 - - - - - 6,200 22,832 |
|---|---|---|
Page 12
NOTES TO THE FINANCIAL STATEMENTS
DIXON PITCHFORK CHARITABLE TRUST FUND
FOR THE YEAR ENDED 31 DECEMBER 2021
7. Independent examiner's remuneration
The independent examiner's remuneration totals £1,794 (2020 - £3,810) and comprises an independent examination fee £630 (2020 - £1,380) and accountancy fees £1,164 (2020 - £2,430).
8. Trustees' and employees' remuneration and expenses
There were no employees of the charity during the year (2020 - none).
During the year no trustees received any remuneration or other benefits (2020 - £NIL).
During the year no trustee expenses have been incurred (2020 - £NIL).
9. Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Market value | |
| At 1 January 2021 | 1,012,228 |
| Additions | 49,460 |
| Disposals | (22,722) |
| Revaluations | 71,720 |
| At 31 December 2021 | 1,110,686 |
All the fixed asset investments are held in the UK.
Total investments comprise Capital Fund £981,710 (2020 - £908,155) and Income Fund £128,976 (2020 - £104,073).
The historical cost of the investments amounts to £722,159 (2020 - £731,219). The difference between the historical cost and the market value of investments amounting to £388,527 (2020 - £281,009) is included within unrestricted funds.
10. Creditors: Amounts falling due within one year
| Accruals and deferred income | 2021 £ 1,794 |
2020 £ |
|---|---|---|
| 3,810 |
Page 13
NOTES TO THE FINANCIAL STATEMENTS
DIXON PITCHFORK CHARITABLE TRUST FUND
FOR THE YEAR ENDED 31 DECEMBER 2021
11. Financial instruments
| Financial assets Listed investments at market value Financial assets measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost |
2021 2020 £ £ 1,110,686 1,012,228 29,536 25,550 1,140,222 1,037,778 2021 2020 £ £ 1,794 3,810 |
|---|---|
Financial assets measured at amortised cost comprise cash at bank and in hand.
Financial liabilities measured at amortised cost comprise accruals.
12. Related party transactions
During the year the charity made a grant of £500 (2020 - £200) to The Rotary Club of Sheffield Vulcan. R Cattell and A S Cull, trustees of the charity, are members of the Rotary Club.
Page 14