THE DLM CHARITABLE TRU CCOUNT R ENDED H APRIL 2023 REGISTERED CHARITY NUMBER.. 328520 TRUSTEES.. P Sawyer Mr J A Cloke MrsJEPyp PRINCIPAL ADDRESS.. Stow House Colswdd Road Oxford OX2 9JG BANKERS.. CAF 8ank Limts 25 Kingg Hill Avenue West MallirvJ Xeni ME19 4JQ INVESTMENT ADVISORS.. LGT Wealth Management UK LLP 14 Comhill London EC3V 3NR INDEPENDENT EXAMINER.. h8rtotte Toemags Bsc FCA Ell8cotts LLP Chartered Attountants and Registered Audrtors CDJnirywidtr Hause 23 Vlest Bar Str Banbury OxFDrdshire OX16 9SA Paye 1
THE DLM CHARITABLE TRUST S ANNUAL REPORT OR THE YEAR ENDED 5TH APRIL The Iw51ees present I1r annual re tofftr wrth lor e year ended 5 WI 2023. STRUCTURE, GOVERNANCE AND MANAGEMENY Governlng document The Trustwas created on 30 January 19 by the will of the L%te R D A de la MafP The Trust Deed gives the trushes the power lo apply thtrfunds such a manner 351hey spe fil orforlhe beTrefil of anythantaU8 ubject or purpose snd lo make 8nd hdd Investments. Recruitment and appolntmoat of now trusto05 The trustees named on Page 1 have sBrved throughout the yesr. Appoinment ol Irustoes Is goveTned by the Trtl Deed. Th? Board Df Trustees Is aulhorised to appoint new tru$i£65 10 fill vaozncie5 arising through re$ignaknon or d?ath ol an existsng trustee. Induction and Iraining of npw trustee5 The IFusleE5wiII cA>nsiderthe appDinlment of new trustees as and needed far the efficEnt running of the Trust and Itify and Implement an appropriate Induthon proce53 to Sure 8ry new truste818 WOPErtyaware af their 81 obiig81ion8 as wtsll as thE operational prc¢edure80f thp Trust Organl$at4onal structure The affairs of the Trust a m8n8ged by the Board of Tfuslee5. The Board meets on at leasi oc¢¥yons durirwJ the yearwhere they dtscuss any8ppIaliOns fDrgrdnls, etc The pdi¢y of the TN81 Isto 8ss151 charities previously supported by Ihfr Setlof of tht Trustand suth organisatsons n the Oxtord aa where nom181 nd r815iw meth($ m8y not b8 successful. Rlsk managomert The trustees have a duty lo identify and review the risks to which the charity is expos&J and tOenSu appropriate (ntr£I$ are in ace to provide rea8onabk assuranrts agalmstfraL 3nd error The tsuslees ttave tsWed the [nai( riskswhich the chBrity faTr5 8nd these will be kept urthrcDn5tgnl review. As 8 Consequen of kne yze of t Tru818nd Ih8do88 invdvémentof the trustees. they considerth¥e are m majorrisksto whth Ihe ch8rity 18 exposed. OBJECTIVES A Tr4D ACTIVITIES QbS0¢1I¥0$ and alms The trust's objective5 areto WOVKle finaw81 grants prim8nlyto Ctt8rities supported ty the Seluor and Oxford ba6Ed Charit& The li51 of donatsons PagES 10 and 11 give 2n indirAb"w of the areas SUPPOrtÉd by the Trust. Page 2
THE DLM CHARITABLE TRUST TE AL REPORT THE YEAR ENDED 5TH APRIL 202 Signrficant activities Dunng the year under review a doTraban of £1.QOD.ODO was made lo thie tharity. Fk)uri5hing F8milies Leed& ACHIEVEME14T AND PERFORMANCE Howvur xtlvitlps deliver public beneflt The charity 15 detemiined In 115 Aim of providing gran1sf generdl charikble purposes lo as whye 8 r8no& 01 LYganisation&a5 possi6 whilst also having regard to me wishe5 01 the Settlor Thp year under rewew has been affected by falling financi4 markets 8xpètience& WDrklwide. ITh common Vth all bodies Inveslpd In the stock Tttatkel4 th Investsnenls have fallen In value but the tsustee5 gre Satisfied thai the 8iffl5 of the Inj51 achE¥ed whiL8tmatheis r8wver The IrLte85 pro¥ed grdn15aFnounbng lo £1.049.OW this year12022- £116.0001 lo vanous ¢e5erving caus includiw one danalh)n of £l,000,O(M). FINANCIAL REVIEW The In(xJffle from Inveslmenlsforlhe ye8r w¥$£f56,772 12021- £141.9851 and from propety £21.15312022- £0) Atthough the Iru51ee5 have the power to Spend the expendab18 end(ywmenl, the inveslmeni Income is principle sourGe of Income and so the fund is Invested With the obl61Ve of m2inlaining its real value In the medium t8rm The fall In stock matk21$ has r8sulled In 8n decrease In the ¥8lJe of the fund over th8 past ye8rWhh has also been affected by th& Substantial donation lo one chanty. The nel shortfall. afteroranl$ and oper8ih)nal expenses was £1.097.24712022- £174.193lresulling in a defi(il Df £1.428,252 12022- Surplu5 of £379.801. At the end of the financigl year unre51rthd reserves 8mounted lo £280,95812U22- £245,543) The Trust'spollcyon res8Na8 18 to SUre thai 5uffiaent cash reseNes a avallableto enable the TstIO meet 115 yogr8mme of grants. The adeqw eflh8 reserv88 poli is reviewed annualty. FINANCIAL REVIEW ReseFve5 policy 11 is the policy of the Trustto m8inlain ree¥ 80 that the Charity is in a position tOAbsorb 8eib8cks and lake advantaye of clwge and opportunibes Prlnclple fun(Jlny $our¢o8 The prirople sIca$affijnding are dVed ftum Ihe investment porfolk) hekJ by thg Trust Invostment pollcy and oblo¢tivo& The Trusys polity and objecbve 15 to achieve the rrnum return on the Chativs investment portfolio. FUTURE DEVELOPMENTS The Trustees plan to wntinu8 esting PDlrae5 01 careful and prlrtI inv£strnentta provide long lemi fvndlng lordonauonsand to irre3e the vel of donations made each year. when rircum$tance8 perrnit
THE DLM CHARITABLE TRUST TRUSTEE ANNUAL REPORT FOR THE YEAR PRIL 2 STATEMENT OF TRUSTEES RESPONSI8ILITIES The charity trusteesart responLltr for pr8paring the tfUSlees snnugl report and finan¢k¥l Siaiemenb In a{LOrdan with applicabl? law and United Kingdom Acctyunbng Standards Iufiiled Kirydom Gerer8lly Atswtsd knuntsFvJ PracbTrl The18w applicable la charitie5 in England afid Wales requires the chanly Iru$te6s 10 prèpare financial slalements for each year give a Irup and fairview DI the slate of affairs of the charity 8nd of the Incoming resour5 and applitsbon of resour$ of thè thanty fDrthal ppriod. In prepariw the fillanaal sleMents. trustÉes are requifed lo sele& suitable accounliry WIre5 and then appty them con*siefilly". ob5etve the meth(hls and principles In the Chaoiies SORP 2015 IFRS 1021, rnake judgements and estimates Ih8t are reasonable and piuoenl, state whether 8pplicable attouniing standards have èe8n folbwed. subj.ect toany matethl dep3riure5 disc105ed and explained prwsre th&fin8n¢kal statements on th8 gDirvJ concem bas unless il inapproprkHte ID Presume IhBI the ¢h8ntywill wniinue In business. The tWSl88S arè responsib for keeping proper atrAunting records th81 d18d08e reasDnable a(LurgCy 81 any time the financk81 Df thechtrily and to enable Ihern to ensure that the finsncial ¥tementS CDtnply with Chsfibes Act 2011, the Charities IAccounts and Reports) ReoulalK)ns 21H)8 Bnd the rwovisions of the Trust D8ed They are aLs0 resrM)n5ibk for s¥feguafdiny the as5els of the charity and he taking reasonatde steps for U7e prevantion and detection of and other iNaguigri1ie8. The treStOr1he PUTpase5 01 charity law seNed during the y8arand up to the dateoflhLY port 8r? aat out on pag8 1 INDEPENDENT EXAMINER The independent exBrnWr. ¢h8rtotteTomaes 8sc FCA of Ellacotts LLP, will b2 proposed tor re4ppoinbnenl. ON BEHALF OF THE TRUSTEES.. L- JACL Page4
DLM CHARITABLE TRUST INDEPENDE ER'S REPORT TO THE TRUSTEES OF THE DLM CHARI I report 10 the charity Irugtses on my èxaminatson al the financial slalemen15 of The DLM char1vde Ttust IIK the year endpd 5th Apnl 2023. Respon8lbSlltles and ba818 of report AB thecharrty's trusta88 YOU 8ra iespJngible for the paration of the acnts in 8ccord3rKe with the rBquremen15 of the ChsThlps Ath 20111'thp I report in iespecl of rny Examination of the chanty'sacun1s camed out under seGtIDn 145 of the Act and in carrying out my examinat S have followed all the agL4icable Direction5 aiven bv the Charity comm1880 under sectron 1451511bl af the PLt IndondSl èxamlngr's $tatom8nt I have completed ffly exaMinatsC I ffirffl that no material matt8ts have come to tny attention In ¢J)nrecth)n with the examination giving me causè to believe that In anv material re5Decl' 1. 8wounling rrS were not kept In re8pe¢toflhe tharhy 8& qUIred by section 130 ofthe Att. or 2 the accnunts do a)rd with thDSe rerA)rd5,' or 3. the accDun15 do not comply with the applicable requirements concerning the fotrn and conlentof accoun15 Sel out In the Ch8ritses IAcrAWnts and Report51 Regulation5 20Q8 otherlh8n any requirement thai tha 8ttount5 give a'true and fair view, whith is not 8 mattercondered as partof an 1nrfp.nrtnt p.yAminAtiAn I have m conceTns 3nd have come across no other matters In connethn witti examinatiun towhth aitentyon Should be dr8wn in this reprmt In order to enable a proper undelanding otthe accDun15 to be wched Charfolie Toem8es BSC FCA Ell8cotts LLP charttr Accountants & Regisl8red Audilot5 Countrysvide House 23 We51 Bar Street Banbury Oxfordshi OX16 9SA QaiL 31.07.23 Pagg 5
DLM CHARITA8LE TRUST TEMENT OF FINANCIAL ACTIVIT UDING INCOME AND ST ITURE ACCO NDED 5TH A NT Unrestr4¢ted fund Endowmènt lund Total lund 2023 Total fund 2022 Note$ Invesbneni Ints)m& Income from property Total incoming rosources 196.772 27.153 183 92S 156.772 27.153 183 925 141.985 141 965 Resource5 ex Raising funds Inve51rnent management fees endod 45.199 45,199 55 243 55,243 45,199 Grants and donation5 Payable Governance c))sts 1,049.000 3.247 1,052,247 1.049.DDO 116,000 2,950 118,950 1,052.247 Total r•SOurc expended 1,052,247 45,199 1,097,446 174.193 on Invostrno Realised inveslmentgains Unrealised Inve51menl gainlI059e$I Exthanot rdle differences 515.738 516.738 11,009.7771 11.009.7T71 5.461 1487,5Tal 261,731 147,723 2.555 412,OD9 5,461 1493.0391 Net incomin re8our¢es 1862.8611 1538,2381 11,401,099> 3ry,801 Transfgrs fund B11.290 rnert itTr fund5 161,5711 11.349,5281 11,401,099) 379.801 Tot81 funds broughtforward 359.682 8,786.550 ,146.232 8,766,431 Total funds ¢8rrf•d loryiard 10 308111 7 437 022 7745133 9 146 232 Page8
E DLM CHARITABLE TRUST BA AT NCE SHEET TH APRIL 202 2023 2023 2022 20220 Nots8 Investments Freehold18nd 7.372,777 8,836,444 7.437.022 6.900,689 Currollt assAts Debtors CBsh al b&nk with stockbroker5 28.231 293 830 322,061 625 282,118 262,743 CrédltOTS'. am wl hin otb un 10 17.200 Ngt current assets 245.543 7,745.133 9,146.232 Re Unre51ricted fund Endowment fund 7.437.D22 308,111 245.543 8,9(K).689 Total charf fund 7.74S,133 9,146,232 The finanri31 st8lernent50n pages 6 to 11 werespproved byth8 trustÉtrs on 2023 8nd sVjn on th•r bèhalf by". P SAWYE OKE Page 7
TH DLM CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2023 1. Ac¢ountlng pollcl6s Accounting convention These accounts have prepared in accordance wilh FRS 102 'The Finan¢i81 Rewrtino siandatd aW¢ablt Ihe UK and Republic DI Irel2nd' I'FRS 107'1."Acu)unbng 8nd Reporting by Chèritses. the Slalemenl ol Recommended Practi for charities applying FRS 102 8nd UK Generallv AcceDted Accouniino Practio as il aDDlies trDm 1 JaTruatv 2015. The DLM Charitable Tru811s 8 Publ B6n&fil Enlitv as defined bv The aLrounl& are preparej in sl8rfing, whith the furLtional currenGy of the DLM Chanlabk Trust. Mery amounts in Ihe5efinBnci81 statsmenis aw roundd to the nearest£. Fvnds Unrestncted funds are availAble for use al thediSCreb of the trustees in furtherance Df generd objectives c>f the charity and whith have not hApn rlp.AillnAtp.d fnr nfhpr nr1rnn_ Incomlng re8ovr¢o8 Investment Income Is earned thrwgh holdiw assets lorinveslm8ni purpoB88 SLth 8É shares propety. Itindudes dividends and Interest. Investment income k5 recorded when r1&bre. Resources èxpfrnded ExpendilJre on grants is ierA>rdeA aiKe Ihe TrLth5 have m8¢e an nditions1 commitmentto pay the grantand Ihis Is commJni¢atsd to the ben2fiuary or the grant has been paid, whichever 15 the earfier. The TfJSI has not made gny grdtrt commitments for more ihan one year. Othepexp8ndilure 18 inc4udad In th8 a¢wunts an ac¢tU818 basis. Irre(x)verableVAT Is charged to the Statementof Financial Actvibes ISOFAI as incutrèj. Th8 ¢OSts ol mtnaging iTrvegimtnts is th8rged to the SOFA Anyrrtsts aSSLiaaled with the Sale or purtha¥8of Invtrsbnents afe awunted for as part of the sale (Y purthase price DI the iTrvesbnents. Charhable attwities Charitabltr axpendilure compDses IPFOSe Costs Incu[r by the Charity in the performance of its 8CtNilkg& 11 nl18¥ both (yJ51s that¢sn be alloc21ed 10 such activ88 and those of 8n indirt¢t natufe npcessary to SUPPDrt them. Governonce Costs Governance costs comprise those wsl$ s$sw8ted with mbng the constiluknanal and slthtory reqv1fflernts of tho Chanty and include Aud fees and costs linked 10 the slraieor marnagemt oflh8 Charity. Fl¥8d A8s818 No depreck9tyon is c*8rged on the Freehold Land reo)rded on the bslartè sheet Investments Quoted Investmen15 are held al msrf(el value gnd revalued on an annual ba5. R8BIiEed gains and 105ses on InvestmlS dunrKJ ts wrare 1Èallwi In ine Statement of FinanrAa5 AVIlle$. 2. Taxation The Tru511$ 8 regislered dTBrity and arLordingly 15 exempt from t8x8ts.on on it& incomB and gain5 where they are apie for charitable purpD5es. 3. Related party tran5aCtlons None of the Iruslee$ were paid 8ny remuneration orexp8n$8s fDrthdr duties a5tru51e85dunng the yearby rhe thyrity12022- nDnel. The aLrcunls indude a provision foratxountanw fee5 af £1.75012022- £1.7501 payable to J A Clok8 for acwuniancy 6etVKXS. 4. Analysis of charitable expenditur& The charity dKI not undertake any actyvily direcyy bul mel ilsthariiaue purp85 by makKw gfants and natIOnS Adets11 anatysls 15 inLluded in note 11 to the 8ftounls Page B
THE DLM CHARITABLE TRUST NOTES TO THE ACCOUNTS THE YEAR ENDED 5TH APRIL 2023 S. Incoming rpsources have ari8pn as follows.. 2023 2022 our¢e of inum Income fiom property Listsd investment income 27,153 156,772 183,925 140.478 140,478 Income from Property income 18 the delayed dislribullon of rents and orantslrom 201710 2019 Inume trom both source8 was attnbutablt 10 th& unrèslncted fund. 6. Raising fund £45.19912022- É55.2431 of eKperndre on raising ndS was attritabl$ 10 thtr 8ndowml fund. 7. Anatysis of governance costs 2023 2022 AotanCY Independent exarninef5 fee5 Bank charges Stati(ery & office casts 1.750 1.200 56 241 3.247 1,750 1.200 2.950 All ofthe above costs were attribUb lo unrestricted fund5 8. Fixed asspt Investsnents Freehold Land FrEehohl land C05tat6th April 2D22 64,245 Additi5 tk8pog81s Cost al 5th April 2023 64 245 Unr•allsed profits Market valyo C05t Listed Invo8tm•n At Slh April 2022 4.597.211 4.X9.233 8.836.444 Additions 1.150.593 1.150.593 Disposals 11.604,4831 11,604.4831 11,009,77n 11,009.7771 Cttange In year At 5th A#ril 2023 4 143 321 3,229,456 7,372.777 9. Analysls ol debtor8 2023 2022 Incame trom propety Inrne tsx rverab 27.153 1.D78 625 28.231 625 Paoe 9
HE DLM CHARITABLE TRUST TES TO THE ACCOUNTS 5TH APRIL 10. Analysls of cr•dltors falllng du• wlthln one year 2023 2U22 Independenl examiners fees fees Invesbnent managers. fees 1.200 1.750 11.IK)O 1.200 1.750 14.250 13.950 17.200 tf. Analysi& trf net assets belwepn funds Unr8strf¢ted Fund Endowmerit Fund Total 2022 Fixed 858el investments Current assets 7.437,022 7,437,022 294.908 294,908 Tot 280 958 7.437,022 7,717.980 Unresthcted Fund Endowmènt Fund Total 2C21 Fixed a¥sel investments Current asse15 Current ligtslities 8.gDO.689 8.900.689 262.743 117.2001 262.743 117.2001 T¢t81 245.543 8,900.689 9.146.232 The lund$ of thtr chsnty may be apk4ied for anycharilable PUTpose at discretion of trustees. The expend8ble endowment 18 to be Invested 8nd the inCDme used for any charitable wrpose 81 the d18cretion of the tru$ie8s. Tl e¥pendable endowment may algo be ¥p6nt at the atwlLrte discretion of the Iru51ees 12. Grants and Oonaiions payablo 2023 2022 Artat Ohj Fire Station Aspire Oxtrd Barnado's Barton Community Church C81ibre Audio C3reT5 First CÉoly's Fund Chik1 Autism UK ¢rackeri8dÉs Childw5 Trust CS Iskyligttl Oxford) Ctuae B8reavem8nl Support DEMAND Dogs for Good Eath Trust ourishing Familles Leeds Ftsteps Foundation Home fDr Good Home Stsrt J3cari Jtnniè's Children'g Trust Listening Book5 for the Blind Mgggie's Oxford y Vision Oxyordshire One-Eighty Oxfardshire As¥titsab¢m forthe Blind OXRADS Prison phoen Tru51 2.000 2,000 2.DDa 2.000 3.000 2.ODO 2.000 3,000 3.000 2.000 3,000 2.000 5.000 2.000 4.000 2.ODO 3,000 3.000 2.WO 2.QtKI 2.(K)D 2.000 1,000.000 10,000 2.000 3.1)DO 2,000 5.(N)O 3.OOD 2,OC 4,000 5,01]0 2,000 2,000 5,000 3,000 3,000 5.000 3,000 5.000 3.ODO 3.000 2.DOO RABI Raw Workshop Okftyd Royal Nation81 Clege for the Blind RNIB 2.OOD Carried down 1,042.orJ) 97.000 Pay 10
LM CHARITAbLE TRUST NOTE TO THE ACCOUNTS FOR THE YEAR ENDED TH APRIL 2023 13. Grants and donation5 payablo Icontinuodl 2023 2022 Brought down 1,042,ODD 97,000 Sty1eA¢re Thames Val [Ambuln( The Ph Day Centre Thomley Activity Centr6 Whizz Ki(Iz Wolveicote Yr Peopfes Club 2.OOD 3.000 3,000 5,DOO 3,000 3,000 3.000 2,000 2,000 1.D49,000 118,000 All of tha atJvt trxpèndllure was attributable to unresthcW fvnO¥. Pap11