THE DLM CHARITABLE TRUST CCOUNTS FOR THE YEAR ENDED STH APRIL 2024 REGISTERED CHARITY NUMBER.. 328520 TRUSTEES: Mrs P S8wy&r Mr J A Cloke Mr5 J E Pyper PRINCIPAL ADDRESS.. Stow House Cotswold Road Oxford OX2 9JG BAKERs.. CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ INVESTMENT ADVISORS.. LGT Wealth M8nagement UK LLP 14 Cornhill London EC3V 3NR INDEPENDENT EXAMINER: Charlotte Toemaes Bsc FCA Ellacotts LLP Chartered Accountants and Registered ALJditor8 Countrywide House 23 West Bar Street Banbury Oxfordshire OX16 9SA Page 1
THE DLM CHARITABLE TRUST TRUSTEES ANNUAL REPORT FOR THE Y ENDED 5TH AP Significant activities ACHIEVEMENT AND PERFORMANCE How our activittes deltver public benellt The charrty is deterrninod in its aim ol providing grants for general charitable purrx)ses to 85 wide a range ot organisations as possib whi151 also having iey8rd tt> the wishes of the Settlor. The year under wiew ha5 bè8n affected by improving finanoal rnaikets experienced woddwide which has helped the w)rtfdio recover losses in recent years. The trustees provided gr8lltS 8rnounb.ng lo £80.000 this year12023 - £1,049.0001 tr) various deserving causes inGluding one donation of £1.000,000 in 2023. FINANCIAL REVIEW The Income frorn investrnents for the year was £167,og112023 - £156,772) and from property £7,72512023- £27,153) thuugh tte trustee5 have the power lo spend the expendable èndowment, the investment incoffle is the prirriple Sour ol ongoing income and so the ftjnd 15 invested with the objective of m8inlaining it5 real value In kne mediurn terrn. The nel surplus, after grants and operational expenses was £43,88012023- shortfall £931,521) slI1c in a surplu5 of £686,116 12023- Deficit of £1,401,099). At the end of the financial year unrestricted reserves amounted to £37,62112023- £308, 1111 The Trusvs policy tsn reserves is lo ensure that suffiaent cash serveS are available lo ¢n8blg the Trust to meet Ils prooramme of grants. The adequacy of the resee8 policy is reviewed 8nnLJally. FINANCIAL REVIEW Resèrves policy It is the policy of the Trust to maintain reserves so thal the Charity is in a position to absort) setb3cks and take advantage ol change and opportunities. Principle funding sourc The principle Sources of lundin9 are d8rived from the irtrvestment portfolio held by the Trust Investment pollcy and obloctlvès The Trust's policy and objective 15 lo athieve the maximum luM on the Charity's investment portfolio. FUTURE DEVELOPMENTS The Trustees plan to conunue Ihtr existing policies of careful and prudent investment to provide long term funding for donations and to increase the level of donab.ons made each year, when circumstances perrnit. Page 3
TFIE DLM CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DLM CHARITABLE TRUST I report to the ch8dty trustees on my examination of the finanGKal statements of The DLM Charitable Trust for the year ended 5th April 2024. Responsibilities and basis of report As the chanty's trustees you a iesponsiblo foi the pi8paration of the accounts in accordance with the requirernents of ihe Charitres Act 2011 I'the Act'i. I rewrt in respect of rny examination ol the charity's accounts r2rried out under section 145 of the Act and In carrying out my examinalit)n I have followed all the aoL)lic£ble Directions given bv the Charitv Comrni55ion under section 1451511bl of th¢ Act. Independent 8xamlner's stalèment I have completed my examination. I confirm that no material rnatters have come to my 8tteTrlion in rL)nnection with the examirnation giving me cause lo believe Ihgt In any material rest)ect. 1. 8cc<)unting records were not kept in respect of the charity as reouired by Section 130 01 the Act, or 2. accounts do not accord wf(h ihose records,. or 3. the accounts do not comply with the applicable requirem8n15 concerning the fom and content of accounts set out in the Charities IAccoun15 an¢J Reportsl Regulations 2008 other than any requirement that the accounts give 8 'true and frair view, which is not a matter considered as part of an indeDendent examin8tion. I have no CL)ncems and have o)me across no other mattèrs in wnnectioll with the examinabon to which attention should be drawn in th15 repi)rt in orcsef to enable 8 Proper understanding ol the accounts lo be reached. Charlotte Toetnaes Bsc FCA Ellacotts LLP Chartered Acmunt8nts & Registered Auditor3 Countrywide House 23 West Bar Street Banbury Oxfordshire OX16 9SA Page 5
THE DLM CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED TH APRIL 2024 UnTestricted fund Endowmont fund Total fund 2024 Total fund 2023 Incomin resources Notès Investmont incom8 Income from property Total incorntng resources 167.091 7.725 174.816 167,091 7,725 174,816 156,772 27.153 183925 sources ex Raising funds Investment management fees nde 47.868 47,888 45,199 45.199 47.868 Charitable activities Grants and donations payab Governan costs 12 80.000 3.068 83,068 BO,000 1,049.ODO 3.247 1.052,247 83.068 Total resources expended 83,068 47,868 130,936 1,097,446 Nèt surpluslldeficitl after grants & expenses 91.748 147,86BI 43,880 1931,5211 Net ainsl lossès ninv Realised Investment gains Unreali5ed investment g2inslllossesl Exchange rate differences en 5,152 637,084 5,152 637,084 516,738 11,009,777) 642.236 642,236 1487,57BI Net incomin ou oin res urces 91.748 594,368 686,116 11.401.0991 Transfers between funds 1362.2381 362,238 Net movemont in fund 1270,4901 958,806 686,116 11,401.0991 on Total funds brought forward 308.111 7,434,022 7.745,133 9.148,232 Total funds carrled forward 10 8,390,628 8,431.249 7.745 133 Page 6
THE DLM CHARITABLE TRUST BALANCE SHEET AS AT 5TH APRIL 2024 2024 2024 2023 2023 Notes Fix d assets Inveslrnents Freehold land 8,329,383 64.245 7.372.777 8,393,628 7,437,022 Currènt assèts DebtOTS Gash at bank and with stockbrokers 8,272 44 299 52,571 28.231 293,830 322,061 Creditors.. amount5 fallin within onè ear due 10 current asse 37.621 308,111 Net assets 8.431.249 7 745,133 Re resgnted b Endowm&nt funrj 11 11 8,393,628 37,621 7,437.022 308,111 Unrestricted fund Total char funds 431.249 7745 133 The financial statements on page5 6 to 11 were approved by the trustees on 111 PL6pFLy 2024 and Signed on their behalf by. P SAWYE J A CLOKE Pag8 7
THE DLM CHARITABLE TRU NOTES TO THE ACCOUNTS FOR THE YEAR ENDED TH APRIL 2024 1. Accountlng pollcies Accountlng conventlon These accounts have been prepared in accordance with FRS 102 The Financial Reporting StandariJ applicable in the UK and Republic Df 11813nd I'FRS 102,1, "Accounting and Reporting by Charities the Statement ol Recommended Practice foi charitie5 8pplying FRS 102 and UK Gener811v AcceDted Accountino Prarlice as it 8DDlies from 1 Januarv 2015. The DLM Charitable Trust IS 8 Public Benefit Enlitv as defined bv The account5 are prepared in sterling, which is the functional currency of the DLM Charitable TrLJSt. Monetary amounts in these finan¢ial statements are rounded to the nearest £. FuThds Unrestricted funds are available for use at the diKrets'on ol ihe trustees In furtherAnce of thé g8ner81 objectives of the charity and which h8ve nol been designated for other purwses. Incomlng resources Investment incDme Is eamed through holding assets for Investsnenl putPOStrS such as shaS an¢J property. 11 includes dividends and InleresL Investm8nt income is recorded when receivable. Resources expended Expen¢Jiture on grants Is recorded once ihe Trustees have made an un(x)ndilional cx)rnrnitmenl lo pay the grant and this is communited to ihe beTrefici8ry or the grarlt hss beerl paid, whichevsr is the earfier. The Trust has not made any grant commitments for rnore than one year. Other expenditure is induded in the accounts on an accruals b8Si8. Irrecoveiable VAT 15 Charg to the Statement of Finanoal Acknvib"es ISOFAI as incurrgd. The costs of managing investments Is d)arged lo the SOFA. Any costs asscKiated with the sale or purchase of investments are accLJunted lor as Part of thè sale or PUFthasg price of the illveslrnents. Charitable aclivities Chantable expenditure cornprises those costs incurred by the Charity in the perfomance ol Its activities. It includè5 both costs that can be allDc¥ted to such 8divitle5 and those of an indirect nature necessary to support them. Governance costs Governance costs comprise those costs 858W8led with meeting the constitutional and statutory requirements of the Ch3rity and include Audit fees and costs linked to the strategic rnanagement of the Charity. Fixed Assets No deprw8b.on 1$ th8rged on the Freehold Land recorded on the balan sheet. Investrnents Quoted Investments are held at m8rkel valuè 8nd valued on an annual basis. Realised gains and losses on investments during the year are dealt with in the Statement of Finanual Activities. 2. Taxation The Trust Is a regi$lere¢J Charity and accordingly is exempt from taxation on its income 2nd gains where they are applied for charitable purposes. 3. Related party transactÉon$ None of th8 ttusl8e5 w&r& paid any ramuneration or expenses for their duties as trustees during the year by the chBrity12022- none). The accounts include a prOViOn for a¢untanCY fees trf £1,75012023- £1,750) payable to J A Cloke for acLounlancy services. 4. Analysis of charitable èxpenditure The charity did not undertake any acknvity directty but mel its charitable purposes by making grants and donations. A detalled analysis is Inc1Led in note 12 to the ac£ounls. Page 8
THE DLM CHARITABLE TRUST NOTES TO THEACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024 5. Incoming resourcès have arisen as follows- 2024 2023 Source ol income Incorne from property Listed investrnent Income 7,725 167 091 174.816 27,153 156,772 183.925 Income from property income is the de13yed distribution of rents and grants frorn 2020 10 202212023 for 2017 to 20191. Income from both SoUrS was 8ttributsble lo the ullrestricled fund. 8. Ralslng funds £47,86812023- £45,199) of expenditure on raing f(Jnds was attributable tr) the endowment fund. 7. Analysis of governance costs 2024 2023 Accountancy Independent examinerfs fees Bank charoes Stationery & office costs 1,750 1.200 70 46 3.068 1,750 1.200 56 241 3,247 Al ol the above costs were attributable to unrestricted funds. 8. Fixed asset investrnents Freehold Land Freèhold land Cost at 6th April 2023 64,245 Addibon8 Disposals Cost at 5th April 2024 64.245 Unrealised profits Market value Cost Llsted Investments At 5th Ap1 2023 4, 143,321 3,229.456 7,372,777 Additions 1,232.361 1,232,381 Disposal8 1912,8391 1912,8391 637,084 Change in yts8r 637,084 At 5th April 2024 4 462,843 3 866 540 8,329,383 9. An81ysis of debtors 2024 2023 Incorne from property Inwrne tsx recoverable 7,725 547 27,153 625 8.272 27,778 Paoe 9
THE DLM CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024 10. Analysis of creditors falllng dug wlthln ono yoar 2024 2023 Independent examiner's fee5 Aco)unlant5 fee5 Investment managers, fees 1,200 1,750 12,000 1,200 1,750 11,000 14,950 13 950 11. An8lysi5 of net assets between funds unStrICted Fund Endowmgnt Fund Totsl 2024 Fixed asset investments Ctjrrerit asset8 8,393,628 8,393,628 52.571 114,9501 52,571 -14,950 Total 37,621 8 393,628 8,431.249 Unrestrlctod Fund Endowmont Fund Total 2023 Fixed asset investments Current assets Current liabilitFes 7,437,022 7,437,022 322,061 113,9501 322,061 -13,950 Total 308 111 7,437.022 7.745,133 The unrestricted funds tsl thE charity may be appliod for any charitable purpose at the dis¢relion DI tre ttustse5 The expendable endawment is to be invosted and the income used lor any charit8ble purpose al the dIrets'0n of the trustees. The expendable endowment may a150 be spent at the absolute discretion of the trustees 12. Grdnts and donations payable 2024 2023 Art at Old Fire Stalion Aspiie Oxford Barnado'5 Barton Community Church Brainwave Bridewell Organic Garrjens Calibre AL5dio Carers First Cecily's Fund Crackerjad(s Children5 Trust Crisis (Skylight Oxford) DEMAND Dog5 for Good Earth Tru51 FIouii5hlng Fatnilies Leetjs Footsteps Foundats'on Greif Fncounler Hoffte for Good Home Start Jennie's Children'5 Tru51 Katherine House Hospice Listening Books for the Blind My Vision Oxfordshire OXRADS Pri50n Phoenix Trust RNIB 2.000 2,000 2,000 2,DOD 3,000 4,000 4.000 4,000 3,000 3,000 2,000 2,000 2,000 2,000 2,000 3,000 4,000 3,000 3,000 2,000 2,000 1.000.000 3,000 3,000 2,000 2,000 2,000 4.000 3,000 4,000 4.000 4,000 2.000 3,000 2,000 2.000 3,000 4.000 Carried down 61,000 1.040,OQO Page 10
THE DLM CHARITABLE TRUST TES TO THE ACCOUNTS FOR THE YE DED 5TH APRIL 2024 13. Grants and donatlons payablè IcontinLEèdl 2024 2023 Brought down 61,000 1,040.000 Sl Mary's Church While Waltharn Style Acre Sue Ryrtei HOMES Tharnes Valley Air Ambulance The Porch Day Centre Thamley Activity Centre 4,000 2.000 4.000 5,000 3,000 2.000 3,000 2,000 80.000 1,047.000 l of the above expenditure was attributable lo unrestricted funds. Page11