The Dorus Trust Trustees, Annual Report and Financial Statements For the year ended 31 December 2023 Charity Registration No. 328724 Administrative Details Trustees CH Peacock Mrs B Bond Mrs SJ Peacock Address PO Box 79878 London SW19 9RQ Registered Number 328724 Bankers CAF Bank Ltd Kings Hill West Malling Kent ME19 4TA Inveslment Advisers Cazenove Capital 1 London Wall Place London EC2Y SAU Independent Examiner Marcus Cridland BA (Hon5) FCA Scott Vevers Ltd Chartered Accountants and Registered Audrtors 65 East Street Bridport Dorset DT6 3LB The Dorus Trust Trustees, report for the year ended 31 December 2023 The trustees present their annual report and financial statements of the charity for the year ended 31 De￿mber 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity's trust deed and the Charities Act 2011. The trustees have adopted the provisions of the Statement of Recommended Practi￿ {SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charty. The Dorus Trust is a registered charty established by trust deed on 23 Juty 1990. Its objects are to apply the income of the trust towards charitable purposes. This is achieved by making grants to other charities and voluntary bodies. The trustees who seNed during the year are listed on page 1. Trustees are elected and removed by the seNing board of trustees. The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or 'aims' that are for the public benefrt. The trustees confirm that they have paid due regard to the Charity Commission gusdance on public beneff( before deciding what activities the charity should undertake. Summary of main a¢tNities and achievements in the year Investment income during the year from investments and deposits totalled £71.602 (2022= £40,419). Grants made amounted to £78,000 (2022: £78.000)' a summary of the individual grants to charity is given in note 3 of the accounts. Administration costs and fees were £432 in 2023 (2022.. £435). As a result of grants exceeding investment income for the year, the def￿1t for the year on the income fund amounted to £6,830 {2022: £38,016). The Expendable Endowment Fund amounted to £4,175,794 on 31 December 2023, an increase of £193,548 after charitable expendrture on the opening balance of £3,982,247. The total return for the year was +6.8 % (2022 total retum -11.0 % I, as financial markets started to recover from the weakness in 2022. The trust has a total retum approach to investment wilh a view to achieving a more consistent level of grants, while maintaining the real value of the endowment over the medium temi. Other funds of the trust are held on deposit and spread be￿een deposit takers to minimise counterparty risk. Resepies policy The trustees have considered the level of reseNes they wish to retain, appropriate to the charity's needs. This is based on the charty's srze and the level of financial commitments held. The trustees aim to ensure the charity will be able to continue to fulfil its charitable objedives, even rf there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily and consider the current level of reserves adequate. Future plans and guidance on grant applications The trustees do not anticipate recewing further endowment capital into the trust in the foreseeable future and consequently the amount available for distribution is wholly dependent on investment perfomance over time. Having regard for the reserves policy above, the trustees will decide on the overall level of annual grants in the light of investment returns and the outlook. Despiiethe positive investrnent Performan￿ in 2023, the value of the endowment was still below its level at the end of 2020. The trustees are minded to maintain the overall level of grant distributions at least around historical levels in the short temi, recognising the ongoing challenging environment for charities. The trustees would note that application for a grant is by invitation onty and unsolicited applications will nonnally not be considered. Chariiies invited to apply for support may be required to submit a report on their activities and financial information in a pre￿ribed fomi to facilitate the trustees, review. Major risks The truslees have a policy of formally reviewing the risks to which the charty is exposed at least annually. The main risk identffied is that the charty's investment perfonnance will fall below the level required to make the level of grants the trustees would wish. This risk is mitigated by the application of the investment policy. The Dorus Trust Trustees. report for the year ended 31 December 2023 Trustees, responsibilities The truslees are required under Charity law to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the financial adivities of the charity for that period. In preparing those financial statements, the trustees are required to- Select suitable accounting policies and apply them consistently; 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; and Prepare financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in existence. The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with applicable laws and regulations. They are also responsible for ensuring that the charity maintains an adequate system of internal control designed to provide reasonable assurance that assels are safeguarded against loss or unauthorised use and to prevent and detect fraud and other irregularities. Signed on behalf of the trustees CH Peacock Date 8 August 2024 Independent Examiner's Report to the Trustees of The Dorus TTUSt I report to the Charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages S to 9. Responsibllities and basis of report As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of Ihe Charities Act 2011 ('the Act,). I 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 I have followed all the applicable Directions given by the Charity Commission under section 145{51(b) of the Act. Independent examiner's statement I have completed my examination. I 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: Accounting records were not kept in respect of the Trust as required by section 130 of the Act., or The accounts do not accord with those records., or The accounts do not comply with the applicable reouirements concerning the fomi 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. I 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. Signed.. Marcus Cridland BA (Hons) FCA Scott Vevers Ltd Chartered Accountant5 and Registered Auditors 65 East Street Bridport Dorset DT6 3LB Date.. The Dorus Trust Statement of Financial Activities Ilncorporating an Income and Expenditure Account) for the year ended 31 De¢ember 2023 Income Expendable Fund Endowment (Unrestrict￿1} {Unrestrictedl Total 2023 Total 2022 Income and expenditure Note Incornlng resources Investment income" Dividends Interest income 70,402 70,402 40,196 223 Total incomlng resources Resources expended Direct charrtable expenditure.. - Grants to charities Other expendf(ure: Bank fees and administration costs 78.000 78,000 78,000 432 432 435 Total resources expended 78 Net incominglloutgoing) resources for the year (6,830) (6,830) 138,016) Other recognised gains and losses Gainsl(losses) on investment assets.. Realised Unrealised Transfer from Expendable Endowment to Income Fund 12,889 200,377 (553,389) 200.377 Net movement in Funds 193,547 193.547 (578,516) Funds balances brought forward at 1 January 3982247 39822 7 4560763 Funds balances carried fonNard at 31 December 4 175 794 4 175 794 3 982 247 All amounts derwed from continuing acttvities. All gains and losses recognised in the period are included in the statement of financial activf(ies. The notes on pages 7 to 9 fomi part of these accounts The Dorus Trust Balance sheet as at 31 December 2023 2023 2022 Fixed assets Invesbnents (Note 5) 4,146,362 3,945,984 Current assets Debtors (Note 6) Cash and short-tenn deposits 8,513 29,804 36.617 Total assets 4,176,166 3,982.601 Creditors: Amounts due within one year {Note 7) 372 354 Totsl net assets 4 175 794 3 982 247 Represented by: Expendable Endowment 4,175,794 3,982,247 Income Fund Total funds 4 175 794 3 982 247 The financial statements were approved by the trustees on 8 August 2024. CH Peacock The notes on pages 7 to 9 fom part of these accounts. The Dorus Trust Notes to the accounts forthe year ended 31 December 2023 General information The Dorus Trust is a registered ¢harty in England established by trust deed on 23 July 1990. The address of the registered office is provided in Administrative DetaiL5 on page 1. Details of the charity's operations are provided in the Trustees Report. 2. Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: (a) Basis of preparation The charty constitutes a public benefrt entty as defined by FRS 102. The financial statements a prepared on a going concern basis under the hisloric21 cosl convention and in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} and the Charities Act 2011. The accounts include the resutts of the charity's operations which are described in the Trustees, Report, all of which are continuing. (b) Accounting convention The financial statements have been prepared on a going concem basis as the trustees believe that no material uncertainties exist. The twstees have considered the level offunds held and the expected level of income and expenditure for 12 months from authorising these financial ststements. The budgeted income and expenditure is sufficient with the level of reseTves for the charity to be able to continue as a going concern. (c) Investment income 15 recognised when receivable. (d) Expenses are recognised where it is more like￿ than not that there is a legal or constructive obligation ccfflmitiing the charty to the expenditure and the amount of the obligation can be measured with reasonable certainty. All expendrture is accounted for on an accruals basis and ha5 been classrfied under headings that aggregate all costs related to the category. (e) Unrestricted funds are those that are not subject to any special restridions and they can be used as the Trustees decide. (D Investments are a form of basic financial instrument and are initially re¢ognised 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 activitie5 includes the net gains and losses arising on revaluation and disposals throughout the year. (g) Debtors and credf(ors receivable I payable wthin one year Debtors and Creditors with no stated interest rate and re￿Ivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. (h) Financial instruments CIassff￿ati0n Financial assets and financial liabilities are recognised when the char-ty becomes a party to the contractual provisions of the instrL5menL Financial liabilities and equty instruments are Classrfied according to the Substan￿ of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the asset5 of the charity after deducting all of its liabilrties. Rec()Jnition and measurement All financial assets and liabilities are initially measured at transadion price (including transaction costs), except for those financial assets classrfied as at fair value through profit or loss, which are initially measured at fair value (which is normally the transadion price excluding transadion costs), unless the arrangement constitutes a financing transactions. sf an arrangement constitutes financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for similar debt instruments. Financial assets and liabilities are only offset in the statement of financial position when, and onty when there exists a legalty enforceable right to Set off the recognised amounts and the charrf(y intends either to settle on a net basis, or to realise the asset and settle the liabilty simultaneously. The Dorus Trust Notes to the accounts for the year ended 31 December 2023 {h) Financial instruments (continued) Financial assets are derecognised when and only when a) the contradual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantialw all of the risks and rewards of ownership of the financial asset. or c) the charity, despite having retained some, but not all, signfficant risks and rewards of ownership, has transfe￿ed control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged. can￿lled or expires. Grants to charities 2023 Chichester Festival Theatre- LEAP Debra Hom&Start Merton Just a Drop Polka Theatre Practical Action Scar Free Foundation stowe School St Mungo's st Raphael's Hospice Swf(chback Trussell Trust Wildfowl & Wetland Trust 5,000 8.000 10.000 2,000 2,QXJO 8,000 5,000 5.000 8,000 9,000 8,000 3,000 Total 4. Administration costs The administration costs incurred in 2023 represent independent examination fees of £372 (2022-. £354) and bank charges. The Trustees receive no remuneration or expenses. Investments comprise holdings in collective funds. Market value on 1 January 2023 Net additionsl(disposals) Unrealised gainl(loss) on revaluation Market value on 31 December 2023 3.945,984 200 378 4 146 362 Cost at 31 December 2023 The share portfolio was valued by Yealand Fund Services based on the market price at 31 December 2023. Debtors 2023 2022 Accrued income 7. Creditors". Amounts due wf(hin one year 2023 2022 Accruals 372 354 The Dorus Trust Notes to the accounts for the year ended 31 December 2023 Net assets by fund Unrestricted Funds Restricted Funds Total 2023 Total 2022 Fixed assets Current assets Creditors: Amounts due within one year 4,146,362 29,804 4,146,362 29,804 3,945,984 36,617 372 372 354 Net assets 4 175 794 4 175 794 3 982 247 Financial instnjments Categorisation of financial instruments 2023 2022 Financial assets measured at fair value through net income l expenditure 4,146.362 3,945,984 Financial assets that are debt instrument measured at amortised cost 29.804 36.617 Financial liabilities measured at amortised cost 372 354 The income, expenses, net gains and net losses attributable the charty's financial instruments are summarised as follows.. Income and expense Financial assets measured at fair value through net income l expenditure Financial assets, that are debt instruments, measured at amortised cost 70,402 1.200 40.196 223 Net gains l (losses) Financial assets measured at fair value through net income l expendf(ure 200,377 (553.389) 10. Related party transactions There were no related party transactions during the year. No remuneration or expenses were paid to trUSt￿S during the year (2022: £nil).