REGISTERED CHARITY NUMBER: 527837
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2023
for
The Dixie Educational Foundation
Vaughan Davies & Co (Accountants) Ltd Unit 1-3, Willow Park Upton Lane Stoke Golding Nuneaton Warwickshire CV13 6EU
The Dixie Educational Foundation
Contents of the Financial Statements for the Year Ended 31 March 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | ||
| Independent Examiner's Report | 2 | ||
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
The Dixie Educational Foundation
Report of the Trustees for the Year Ended 31 March 2023
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
527837
Principal address
Cool Hill Farm Sibson Road Sheepy Parva Atherstone Warwickshire CV9 3RE
Trustees
B Sutton Mrs C Dixie Rev M Hoskitt Mrs J Glennon Mrs M Brooke M Cook M Cartwright K Morrell B Crook B Marr Mrs M Nelson M Reed Mrs G Tallis Mrs J Mackey
Independent Examiner
Vaughan Davies & Co (Accountants) Ltd Unit 1-3, Willow Park Upton Lane Stoke Golding Nuneaton Warwickshire CV13 6EU
Approved by order of the board of trustees on 5 January 2024 and signed on its behalf by:
B Sutton - Trustee
Page 1
Independent Examiner's Report to the Trustees of The Dixie Educational Foundation
Independent examiner's report to the trustees of The Dixie Educational Foundation
I report to the charity trustees on my examination of the accounts of The Dixie Educational Foundation (the Trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(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 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.
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.
David Preston FCCA
Vaughan Davies & Co (Accountants) Ltd Unit 1-3, Willow Park Upton Lane Stoke Golding Nuneaton Warwickshire CV13 6EU
5 January 2024
Page 2
The Dixie Educational Foundation
Statement of Financial Activities for the Year Ended 31 March 2023
| 31.3.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 135,305 EXPENDITURE ON Raising funds 3 1,456 Charitable activities Grants 114,455 Other 6,602 Total 122,513 NET INCOME 12,792 RECONCILIATION OF FUNDS Total funds brought forward 715,580 TOTAL FUNDS CARRIED FORWARD 728,372 |
31.3.22 Total funds £ 130,179 |
|---|---|
| 2,254 | |
| 97,304 | |
| 11,547 | |
| 111,105 | |
| 19,074 | |
| 696,506 | |
| 715,580 |
The notes form part of these financial statements
Page 3
The Dixie Educational Foundation
Balance Sheet 31 March 2023
| Notes FIXED ASSETS Tangible assets 6 Investments Investments 7 Social investments 8 CURRENT ASSETS Cash at bank NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds TOTAL FUNDS |
31.3.23 Unrestricted fund £ 87,685 520,701 20,000 628,386 99,986 99,986 728,372 728,372 728,372 728,372 |
31.3.22 Total funds £ 87,685 520,701 20,000 |
|---|---|---|
| 628,386 | ||
| 87,194 87,194 715,580 |
||
| 715,580 | ||
| 715,580 715,580 |
The financial statements were approved by the Board of Trustees and authorised for issue on 5 January 2024 and were signed on its behalf by:
B Sutton - Trustee
The notes form part of these financial statements
Page 4
The Dixie Educational Foundation
Notes to the Financial Statements for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 5
continued...
The Dixie Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
2. INVESTMENT INCOME
| Rents received Deposit account interest Dividends received |
31.3.23 £ 76,905 1,859 56,541 135,305 |
31.3.22 |
|---|---|---|
| £ | ||
| 72,600 | ||
| 2,149 55,430 |
||
| 130,179 |
3. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 31.3.23 | 31.3.22 | |
| £ | £ | |
| Property repairs | 243 | 242 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Investment income | 130,179 |
| EXPENDITURE ON | |
| Raising funds | 2,254 |
| Charitable activities | |
| Grants | 97,304 |
| Other | 11,547 |
| Total | 111,105 |
| NET INCOME | 19,074 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 696,506 |
| TOTAL FUNDS CARRIED FORWARD | 715,580 |
Page 6
continued...
The Dixie Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
6. TANGIBLE FIXED ASSETS
| COST At 1 April 2022 and 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 7. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2022 and 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 There were no investment assets outside the UK. 8. SOCIAL INVESTMENTS MARKET VALUE At 1 April 2022 and 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 9. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS |
At 1.4.22 £ 715,580 715,580 |
Net movement in funds £ 12,792 12,792 |
Freehold property £ 87,685 87,685 |
Freehold property £ 87,685 87,685 |
Freehold property £ 87,685 87,685 |
|---|---|---|---|---|---|
| 87,685 | |||||
| Listed investments £ 520,701 520,701 |
|||||
| 520,701 | |||||
| Other investments £ 20,000 20,000 |
|||||
| 20,000 | |||||
| At 31.3.23 £ 728,372 728,372 |
continued...
Page 7
The Dixie Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 135,305 135,305 |
Resources Movement expended in funds £ £ (122,513) 12,792 (122,513) 12,792 |
Resources Movement expended in funds £ £ (122,513) 12,792 (122,513) 12,792 |
|---|---|---|---|
| 12,792 |
Comparatives for movement in funds
| At 1.4.21 £ Unrestricted funds General fund 696,506 TOTAL FUNDS 696,506 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 130,179 TOTAL FUNDS 130,179 |
Net movement At in funds 31.3.22 £ £ 19,074 715,580 19,074 715,580 Resources Movement expended in funds £ £ (111,105) 19,074 (111,105) 19,074 |
At 31.3.22 £ 715,580 |
|---|---|---|
| 715,580 | ||
| 19,074 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.21 £ 696,506 696,506 |
Net movement in funds £ 31,866 31,866 |
At 31.3.23 £ 728,372 |
|---|---|---|---|
| 728,372 |
continued...
Page 8
The Dixie Educational Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 265,484 265,484 |
Resources Movement expended in funds £ £ (233,618) 31,866 (233,618) 31,866 |
|---|---|---|
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
Page 9
The Dixie Educational Foundation
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| 31.3.23 | 31.3.22 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Rents received | 76,905 | 72,600 |
| Deposit account interest | 1,859 | 2,149 |
| Dividends received | 56,541 | 55,430 |
| 135,305 | 130,179 | |
| Total incoming resources | 135,305 | 130,179 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Insurance | 1,114 | 1,985 |
| Investment management costs | ||
| Property repairs | 243 | 242 |
| Charitable activities | ||
| Grants to institutions | 98,118 | 80,494 |
| Grants to individuals | 16,337 | 16,810 |
| 114,455 | 97,304 | |
| Other | ||
| Wages | 5,252 | 5,377 |
| Support costs | ||
| Finance | ||
| Bank charges | 99 | 27 |
| Governance costs | ||
| Accountancy and legal fees | 1,350 | 6,170 |
| Total resources expended | 122,513 | 111,105 |
| Net income | 12,792 | 19,074 |
This page does not form part of the statutory financial statements
Page 10