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THE DLM CHARITABLE TRUST
ACCOUNTS FOR THE YEAR ENDED
5TH APRIL 2025
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REGISTERED CHARITY NUMBER:
TRUSTEES:
PRINCIPAL ADDRESS:
BANKERS:
INVESTMENT ADVISORS:
INDEPENDENT EXAMINER:
328520
Mrs P Sawyer Mr J A Cloke Mrs J E Pyper
Stow House Cotswold Road Oxford OX2 9JG CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
LGT Wealth Management UK LLP 14 Cornhill London EC3V 3NR
Charlotte Toemaes BSc FCA Ellacotts LLP Chartered Accountants and Registered Auditors Countrywide House 23 West Bar Street Banbury Oxfordshire OX16 9SA
Page 1
THE DLM CHARITABLE TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5TH APRIL 2025
The trustees present their annual report together with the accounts for the year ended 5 April 2025.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust was created on 30th January 1990 by the will of the late R D Ade la Mare. The Trust Deed gives the trustees the power to apply the funds in such a manner as they see fit or for the benefit of any charitable object or purpose and to make and hold investments.
Recruitment and appointment of new trustees
The trustees named on Page 1 have served throughout the year. Appointment of trustees is governed by the Trust Deed. The Board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee.
Induction and training of new trustees
The trustees will consider the appointment of new trustees as and when needed for the efficient running of the Trust and identify and implement an appropriate induction process to ensure any new trustee is properly aware of their legal obligations as well as the operational procedures of the Trust.
Organisational structure
The affairs of the Trust are managed by the Board of Trustees.
The Board meets on at least two occasions during the year in order to discuss any applications for grants, etc.
The policy of the Trust is to assist charities previously supported by the Settlor of the Trust and such organisations in the Oxford area where normal fund raising methods may not be successful.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees have reviewed the major risks which the charity faces and these will be kept under constant review. As a consequence of the size of the Trust and the close involvement of the trustees, they consider there are no major risks to which the charity is exposed.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The trust's objectives are to provide financial grants primarily to Charities supported by the Settlor and Oxford based Charities.
The list of donations on Pages 10 and 11 give an indication of the areas supported by the Trust.
Page 2
THE DLM CHARITABLE TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5TH APRIL 2025
Significant activities
ACHIEVEMENT AND PERFORMANCE
How our activities deliver public benefit The charity is determined in its aim of providing grants for general charitable purposes to as wide a range ot organisations as possible whilst also having regard to the wishes of the Settlor. The year under review has been affected by improving financial markets experienced worldwide which has helped the portfolio recover losses in recent years.
The trustees provided grants amounting to £128,000 this year (2024 - £80,000) to various deserving causes.
FINANCIAL REVIEW
The income from investments for the year was £189,453 (2024 - £167,091) and from property £8,475 (2024 - £7,725) Although the trustees have the power to spend the expendable endowment, the investment income is the principle source of ongoing income and so the fund is invested with the objective of maintaining its real value in the medium term.
The net surplus, after grants and operational expenses was £14,650 (2024 - £43,880) resulting in a deficit after net gains/(losses) on investments of £176,839 (2024 £686,116). At the end of the financial year unrestricted reserves amounted to £49,296 (2024 - £37,621)
The Trust's policy on reserves is to ensure that sufficient cash reserves are available to enable the Trust to meet its programme of grants.
The adequacy of the reserves policy is reviewed annually.
FINANCIAL REVIEW
Reserves policy
Itis the policy of the Trust to maintain reserves so that the Charity is in a position to absorb setbacks and take advantage of change and opportunities.
Principle funding sources
The principle sources of funding are derived from the investment portfolio held by the Trust.
Investment policy and objectives
The Trust's policy and objective is to achieve the maximum return on the Charity's investment portfolio.
FUTURE DEVELOPMENTS
The Trustees plan to continue the existing policies of careful and prudent investment to provide long term funding for donations and to increase the level of donations made each year, when circumstances permit.
Page 3
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THE DLM CHARITABLE TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 5TH APRIL 2025
STATEMENT OF TRUSTEES RESPONSIBILITIES
The charity trustees are responsible for preparing the 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 :
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° select suitable accounting policies and then apply them consistently; e observe the methods and principles in the Charities SORP 2015 (FRS 102); e make judgements and estimates that are reasonable and prudent; © state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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, the Charities (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 taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees for the purposes of charity law who served during the year and up to the date of this report are set out on page 1.
INDEPENDENT EXAMINER
The independent examiner, Charlotte Toemaes Bsc FCA of Ellacotts LLP, will be proposed for re-appointment.
ON BEHALF OF THE TRUSTEES:
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JA
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Date: .... WO. Aisi
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THE DLM CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DLM CHARITABLE TRUST
| report to the charity trustees on my examination of the financial statements of The DLM Charitable Trust for the year ended 5th April 2025.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act’).
| report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Charlotte Toemaes BSc FCA Ellacotts LLP Chartered Accountants & Registered Auditors Countrywide House 23 West Bar Street Banbury Oxfordshire OX16 9SA Date: 22 (7| im)
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THE DLM CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5TH APRIL 2025
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||||||||||
|---|---|---|---|---|---|---|---|---|
|Unrestricted|Endowment|Total|Total|
|fund|fund|fund|fund|
|2025|2024|
|£|£|£|£|
|Incoming|resources|Notes|
|Investment|income|189,453|-|189,453|167,091|
|Income|from|property|8,475|-|8,475|7,725|
|Total|incoming|resources|5|197,928|-|197,928|174,816|
|Resources|expended|
|Raising|funds|6|
|Investment management fees|-|52,457|52,457|47,868|
|-|52,457|52,457|47,868|
|Charitable|activities|
|Grants|and|donations|payable|12|128,000|-|128,000|80,000|
|Governance|costs|7|2,822|-|2,821|3,068|
|130,822|-|130,821|83,068|
|Total|resources|expended|130,822|52,457|183,278|130,936|
|Net|surplus/(deficit)|after grants & expenses|67,107|(52,457)|14,650|43,880|
|Net|gains/(losses)|on|investments:|
|Realised|investment|gains|-|505,707|505,707|5,152|
|Unrealised|investment|gains/(losses)|8|-|(697,196)|(697,196)|637,084|
|-|(191,489)|(191,489)|642,236|
|Net|incoming/(outgoing)|resources|67,106|(243,946)|(176,839)|686,116|
|Transfers|between|funds|(55,431)|55,431|-|-|
|Net movement|in|funds|11,675|(188,515)|(176,839)|686,116|
|Reconciliation|of funds:|
|Total|funds brought|forward|37,621|8,393,628|8,431,249|7,745,133|
|Total funds carried|forward|10|49,296|8,205,113|8,254,410|8,431 1249|
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THE DLM CHARITABLE TRUST BALANCE SHEET AS AT 5TH APRIL 2025
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|---|---|---|---|---|---|
|2025|2025|2024|2024|
|Notes|£|£|£|£|
|Fixed|assets|8|
|Investments|8,140,868|8,329,383|
|Freehold|land|64,245|64,245|
|8,205,113|8,393,628|
|Current|assets|
|Debtors|9|572|8,272|
|Cash|at bank|and with|stockbrokers|64,374|44,299|
|64,946|52,571|
|Creditors:|amounts|falling|due|
|within|one year|10|(15,650)|(14,950)|
|Net|current|assets|49,296|37,621|
|Net|assets|8,254,409|8,431,249|
|Represented|by:|
|Unrestricted|fund|11|8,205,113|8,393,628|
|Endowment fund|11|49,296|37,621|
|Total|charity funds|8,254,409|8,431,249|
|The financial statements financial statements statements|on pages 6 to 11 were approved by the trustees on pages 6 to 11 were approved by the trustees on 6 to 11 were approved by the trustees on to 11 were approved by the trustees on 11 were approved by the trustees on were approved by the trustees on approved by the trustees on by the trustees on the trustees on trustees on on|ww|Thy|2025 and signed on their behalf by|:|
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The financial statements financial statements statements on pages 6 to 11 were approved by the trustees on pages 6 to 11 were approved by the trustees on 6 to 11 were approved by the trustees on to 11 were approved by the trustees on 11 were approved by the trustees on were approved by the trustees on approved by the trustees on by the trustees on the trustees on trustees on on ww Thy
P SAWYER | | (
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THE DLM CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2025
1. Accounting policies
Accounting convention
These accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015, The DLM Charitable Trust is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the DLM Charitable Trust. Monetary amounts in these financial statements are rounded to the nearest £.
Funds
Unrestricted funds 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.
Incoming resources Investment income ts earned through holding assets for investment purposes such as shares and property. It includes dividends and interest. Investment income is recorded when receivable.
Resources expended Expenditure on grants is recorded once the Trustees have made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid, whichever is the earlier, The Trust has not made any grant commitments for more than one year.
Other expenditure is included in the accounts on an accruals basis. Irrecoverable VAT is charged to the Statement of Financial Activities (SOFA) as incurred. The costs of managing investments is charged to the SOFA. Any costs associated with the sale or purchase of investments are accounted for as part of the sale or purchase price of the investments.
Charitable activities Charitable expenditure comprises those costs incurred by the Charity in the performance of its activities. It includes both costs that can be allocated to such activities and those of an indirect nature necessary to support them.
Governance costs
Governance costs comprise those costs associated with meeting the constitutional and statutory requirements of the Charity and include Audit fees and costs linked to the strategic management of the Charity.
Fixed Assets
No depreciation is charged on the Freehold Land recorded on the balance sheet.
Investments Quoted investmenis are held at market value and revalued on an annual basis. Realised gains and losses on investments during the year are dealt with in the Statement of Financial Activities.
2. Taxation
The Trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
3. Related party transactions
None of the trustees were paid any remuneration or expenses for their duties as trustees during the year by the charity (2024 - none).
The accounts include a provision for accountancy fees of £1,400 (2024 - £1,750) payable to J A Cloke for accountancy services.
4. Analysis of charitable expenditure
The charity did not undertake any activity directly but met its charitable purposes by making grants and donations. A detailed analysis is included in note 12 to the accounts.
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THE DLM CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2025
5. Incoming resources have arisen as follows:
| 5. Incoming resources have arisen as follows:follows: | ||
|---|---|---|
| 2025 | 2024 | |
| Source ofincome | £ | £ |
| Income from property | 8,475 | 7,725 |
| Listed investment income | 189,453 | 167,091 |
| 197,928 | 174,816 |
Income from property income is the distribution of rents and grants from 2023 (2024 for 2020 to 2022). Income from both sources |s attributable to the unrestricted fund.
6. Raising funds
£52,457 (2024 - £47,868) of expenditure on raising funds was attributable to the endowment fund.
7. Analysis of governance costs
| 7. Analysis of governancegovernance costs | |||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Accountancy | 1,400 | 1,750 | |
| Independent examiner's fees | 1,250 | 1,200 | |
| Bank charges | 89 | 70 | |
| Stationery & office costs | 83 | 48 | |
| 2,822 | 3,068 |
All of the above costs were attributable to unrestricted funds.
8. Fixed asset investments
| 8. Fixed asset investments | |||
|---|---|---|---|
| Freehold | |||
| Land | |||
| Freehold land | £ | ||
| Cost at 6th April 2024 | 64,245 | ||
| Additions | - | ||
| Disposals | - | ||
| Cost at 5th April2025 | 64,245 | ||
| Unrealised | Market | ||
| Cost | profits | value | |
| Listed investments | £ | £ | £ |
| At 5th April2024 | 4,462,843 | 3,866,540 | 8,329,383 |
| Additions | 812,198 | - | 812,198 |
| Disposals | (303,517) | - | (303,517) |
| Change in year | - | (697,196) | (697,196) |
| At5thApril2025 | 4,971,524 | 3,169,344 | 8,140,868 |
9. Analysis of debtors
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Income | from property | - | 7,725 | |
| Income | tax recoverable | 572 | 547 | |
| 572 | 8,272 |
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THE DLM CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2025
10. Analysis of creditors falling due within one year
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2025 2024
£ £
Independent examiner's fees 1,250 1,200
Accountants fees 1,400 1,750
Investment managers' fees 13,000 12,000
15,650 14,950
11. Analysis of net assets between funds
Unrestricted Endowment Total
Fund Fund
£ £ £
2025
Fixed asset investments - 8,205,113 8,205,113
Current assets 64,946 - 64,946
Current liabilities -15,650 - (15,650)
Total 49,296 8,205,113 8,254,409
Unrestricted Endowment Total
Fund Fund
£ £ £
2024
Fixed asset investments - 8,393,628 8,393,628
Current assets §2,571 - 52,571
Current liabilities -14,950 - (14,950)
Total 37,621 8,393,628 8,431,249
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The unrestricted funds of the charity may be applied for any charitable purpose at the discretion of the trustees.
The expendable endowment is to be invested and the income used for any charitable purpose at the discretion of the trustees. The expendable endowment may also be spent at the absolute discretion of the trustees.
12. Grants and donations payable
| 12. Grants and donations payable | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Art at Old Fire Station | 3,000 | - |
| Aspire Oxford | 3,000 | 3,000 |
| Autism at Kingswood | 4,000 | - |
| Barnado's | 5,000 | 4,000 |
| Brainwave | 5,000 | 4,000 |
| Bridewell Organic Gardens | - | 4,000 |
| Calibre Audio | 4,000 | 3,000 |
| Cecily's Fund | 4,000 | 2,000 |
| Crackerjacks Childrens Trust | 5,000 | 3,000 |
| Crisis (Skylight Oxford) | 5,000 | - |
| DEMAND | 5,000 | 4,000 |
| Dogs forGood | 4,000 | 3,000 |
| Earth Trust | 4,000 | 3,000 |
| Flourishing Families Leeds | 2,000 | - |
| Footsteps Foundation | 4,000 | 3,000 |
| GriefEncounter | 4,000 | 3,000 |
| Headington Baptist Church | 2,000 | - |
| Home Start | 3,000 | 4,000 |
| Jennie's Children's Trust | 5,000 | 3,000 |
| Katherine House Hospice | 5,000 | 4,000 |
| Listening Books forthe Blind | 4,000 | 4,000 |
| Maggie's Oxford | 5,000 | - |
| My Vision Oxfordshire | 5,000 | - |
| OXRAD | 5,000 | - |
| Porch Day Centre | 3,000 | 3,000 |
| Prison Phoenix Trust | 5,000 | 3,000 |
| RAWCentre Oxford | 4,000 | - |
| RNIB | 4,000 | 4,000 |
| Carrieddown | 111,000 | 64,000 |
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THE DLM CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2025
12. Grants and donations payable (continued)
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Broughtdown | 111,000 | 64,000 |
| St Mary's Church WhiteWaltham | - | 4,000 |
| StyleAcre | 3,000 | 3,000 |
| Sue Ryder Homes | 5,000 | 4,000 |
| Thames Valley AirAmbulance | 5,000 | 5,000 |
| WhizzKidz | 4,000 | - |
| 128,000 | 80,000 |
All of the above expenditure was attributable to unrestricted funds.
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