THE DAWSON AND FOWLER FOUNDATION
ACCOUNTS AND REPORT
FOR THE YEAR ENDED
31 DECEMBER 2023
A REGISTERED CHARITY NO: 527867
Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR Tel: 01509 214163
- 1 -
THE DAWSON AND FOWLER FOUNDATION
| Page | |
|---|---|
| Contents | 1 |
| Trustees’ Report | 2 - 6 |
| Independent Examiner’s Report | 7 |
| Receipts and Payments Account | 8 |
| Statement of Assets and Liabilities | 9 |
| Notes to the Accounts | 10 - 12 |
- 2 -
THE DAWSON & FOWLER FOUNDATION
TRUSTEES’ REPORT
1) REFERENCE AND ADMINISTRATIVE DETAILS
i) Trustees
- a) The Scheme stipulates that there should be twelve Trustees:
Five Representative Trustees serving three year terms appointed by Loughborough Borough Council (now Charnwood Borough Council) and
Seven Co-optative Trustees serving five year terms to be appointed by resolution of the Trustees.
- b) The Trustees during the year ending 31 December 2023 were:
Mrs Sam Biswas (Co-op until January 2029)
Mrs Joanne Blyth (Co-op until September 2028)
Cllr Leigh Harper-Davies (Rep until June 2023)
Elliot Stephen Harris Esq (Co-op until August 2027)
Mrs Ann Maddocks (Co-op until November 2027) (Chairman)
Cllr Pauline Ranson (Rep until June 2023)
Mrs Christine Scoggins (Co-op until September 2025)
Cllr Margaret Smidowicz (Rep until June 2023)
Mrs Laura-Jane Ryves (Co-op until November 2027)
- 3 -
THE DAWSON & FOWLER FOUNDATION
TRUSTEES’ REPORT
1) REFERENCE AND ADMINISTRATIVE DETAILS (continued)
i) Trustees
The Trustees give their services freely and do not claim expenses.
ii) The charity registration number is 527867
iii) Clerk to the Trustees:
The Clerk is responsible for the day to day administration of the Foundation and receives an honorarium for this service. This is listed in the accounts.
iv) Bankers
The Royal Bank of Scotland, Edinburgh
v) Reporting Accountant
D R Gradon, Esq, Cound & Co LLP, 1 Princes Court, Royal Way, Loughborough, LE11 5XR
vi) Other Professional Advisers to the Trustees.
Legal Adviser: Pattersons Commercial Law
Property Management: Mather Jamie Ltd, Chartered Surveyors and Huntley’s Estate Agents
Investments: Nathan Darby, Rathbones, Birmingham, Stockbroker
Insurance: David Brown, Esq, Independent Insurance Bureau Ltd
- 4 -
THE DAWSON & FOWLER FOUNDATION
TRUSTEES’ REPORT
2) STRUCTURE, GOVERNANCE AND MANAGEMENT
The Dawson & Fowler Foundation was formed by a scheme dated 23 August 1956 by the amalgamation of:
a) John and Joseph Dawson’s Apprenticing Foundation founded by Deed on 1 January 1678 and b) John Fowler’s Foundation, founded by Will dated 25 November 1680.
The founders bequeathed the properties in Churchgate to a ‘competent number of trustees, not less than twelve’ and charged them with the financial duty of supporting ‘an apprentice to learn some trade in the city of London or elsewhere.’ Since the original bequest made in the seventeenth century, and particularly since its revision in 1956, the aims of the Foundation have been extended to embrace all young people in Loughborough and Hathern from needy backgrounds with residential qualifications in their pursuit of higher education.
The Trustees endeavour to use the rents from the Churchgate properties according to the wishes of the founders. Any significant surplus is invested and, as a result, there is now a portfolio of shares producing dividends for distribution or further investment. Sums held at the bank also earn interest.
ii) Recruitment and Appointment of Trustees.
Of the twelve trustees, five are appointed by Charnwood Borough Council and are termed Representative Trustees. The others are Co-optative Trustees and these are chosen either because of their knowledge of the area’s schools and colleges or their general commercial expertise. A candidate for a vacancy is given an over-view of the Foundation together with copies of the Trust Deeds, minutes of recent meetings and the last annual report. An informal meeting is also arranged with the Clerk to answer any questions the candidate may have.
Decisions are made according to the majority vote on a resolution at a meeting of the trustees. Occasionally, where time is short, a decision will be delegated to a sub-committee appointed by the trustees. This is reported to the next meeting for approval.
iii) Organisation
Meetings of the Trustees: The Trustees have meetings quarterly. There is also an annual meeting in January to review the performance of the previous year and to decide on expenditure levels for the current year.
Sub-committees:
-
a) Investment and Financial matters are considered by the investment sub-committee (Ann Maddocks, Elliot Harris and the Clerk), decisions made are reported at the Trustees’ meetings.
-
b) School uniform applications are considered by the Clerk under the set guidelines or are referred to the subcommittee.
-
c) The Chairman, with the support of the Clerk, is empowered to make decisions on property matters when they are deemed urgent.
iv) Risk Identification and Management.
The Trustees confirm that the major risks to which the charity is exposed have been reviewed and systems have been established to mitigate those risks.
-
a) The properties are properly insured and well maintained. The last insurance valuation was dated 6 February 2020.
-
b) Any transactions involving the Charities investments or bank accounts have to be authorised by any one of the Trustees and the Clerk. No cash is handled by the Foundation.
-
c) Trustees’ Indemnity Insurance is now in place.
- 5 -
THE DAWSON & FOWLER FOUNDATION
TRUSTEES’ REPORT
3) OBJECTIVES AND ACTIVITIES
The Trustees believe their task is to distribute available funds according to the wishes of the original benefactors, albeit according to the current needs of young people and not those of 300 years ago when the charity was founded. However, distribution is always made within the rules of the charity. Indeed, recent requests have been received from individuals using the internet or who have researched directories of charities offering grant-aid. In practice, however, the bulk of the applications are received as a result of supportive members of staff in high schools and colleges approaching parents and/or pupils in confidence and pointing them in our direction.
The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and policies.
The Trustees carry out these objectives by: -
i) School Uniform Support.
Pupils in Years 7, 8, 9, 10 and 11 can apply once in every 12 months for assistance with the purchase of school uniform. Grants currently have a maximum value of £100. The number of applications for grants towards uniform costs increased this year, due to the cost-of-living crisis. The Foundation was able to offer a grant to all eligible applicants.
ii) Other School Grants
Amounts are allocated annually to the local Senior Schools and Academies, to be used to support students in need. Grants may be awarded for the cost of residential courses, educational visits, interview expenses, textbooks and equipment for sport, music and other activities. The Foundation has supported a number of students this year, with grants towards the cost of residential trips for their GCSE studies.
The maximum grant per individual should not exceed £200 without permission of the Trustees.
The sums allotted for 2023 were:
Loughborough Schools Foundation £8000 Charnwood College £2000 De Lisle College £1000 Limehurst Academy £2000 Rawlins Academy £1000 Woodbrook Vale School £2000 Ashmount School £750 Trinity College £500 Maplewell Hall School £750
iii) Scholarships to the Loughborough Schools Foundation.
The following grants for fees are committed:
a) £1200 per term. b) £1460 per term.
iv) Other Grants.
The Trustees consider applications from students in higher education, apprentices, young people involved in Scouting, Guiding, sports activities, the Duke of Edinburgh Award Scheme etc in the usual way and make awards as they deem appropriate. Where these are school based, they may be funded from the lump sum. Young people who join voluntary organisations that require a uniform may also be helped with its provision.
- 6 -
THE DAWSON & FOWLER FOUNDATION
TRUSTEES’ REPORT
4) ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW
i) Income and Distribution of Funds
The Trustees have been pleased to note that the local secondary schools have once again been able to run educational trips and residential courses. The Foundation has assisted with grants towards the costs when the schools have applied on behalf of student’s families.
The Foundation continued to support two students attending The Loughborough Schools Foundation with contributions towards their fees.
ii) Fund Raising
Income comes from the rental of the Church Gate properties, dividends from our quoted investments and bank interest. The properties’ income is reviewed periodically to ensure the rents are at the market rate.
iii) Reserves Policy, Designated Funds and the Foundation’s Future Plans.
The Trustees aims are:
-
to continue the good works of the Foundation
-
to keep the properties in good order
-
to hold designated funds for any future property maintenance or repair costs
-
to arrange the management of the investment portfolio by an investment company
The investment portfolio was transferred to Rathbones, Birmingham at the end of the year, as was agreed by the Trustees after their review in 2019.
As the Foundation’s main sources of income are their investments, the free reserves consist of the current bank balances, less the designated fund.
The Trustees believe that it is appropriate to have free reserves of not less than one year’s expenditure plus £15,000 as an additional reserve for emergency property repairs. Therefore, at current levels free reserves of not less than £50,000 are appropriate.
………………………………
Mrs Ann Maddocks 2024 Chairman
- 7 -
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
THE DAWSON AND FOWLER FOUNDATION
I report on the accounts of the Charity for the year ended 31 December 2023 which are set out on pages 8 to 12.
Respective Responsibilities of Trustees and Examiner
The Charity’s trustees are responsible for the preparation of the accounts. The Charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 Act; and
-
state whether particular matters have come to our attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
which gives me reasonable cause to believe that, in any material respect, the requirements:
-
to keep proper accounting records in accordance with section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
D R Gradon MCA FCA Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR
2024
- 8 -
THE DAWSON & FOWLER FOUNDATION
RECEIPTS AND PAYMENTS ACCOUNT - FOR THE YEAR ENDED 31 DECEMBER 2023
| RECEIPTS Rents 55,55a, 56 & 56a Churchgate Insurance Receipts Bank Interest Dividends Sales of Investments PAYMENTS Direct Charitable Expenditure: Grants Repairs & Building Insurance Purchase of Investments Other Expenditure: Management & Administration (Deficit)/Surplus of receipts over payments Bank balance b/fwd Bank balance c/fwd |
Notes 2 3 |
2023 40207.45 1000.06 1257.02 9134.65 32098.41 _ £83697.59 _ 31966.19 4051.59 46193.34 16699.17 _ £98910.29 _ (15212.70) 82429.76 _ £67217.06 _ |
2022 36550.08 - 269.58 9266.66 26511.31 _ £72597.63 _ |
2022 |
|---|---|---|---|---|
| 27575.56 4963.25 12444.11 14285.52 _ £59268.44 _ 13329.19 69100.57 _ £82429.76 _ |
Approved by the trustees on 2024 and signed on their behalf by:
………………………………
Mrs Ann Maddocks Chairman
- 9 -
THE DAWSON & FOWLER FOUNDATION
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 DECEMBER 2023
| FIXED ASSETS Investment Properties Investments in Quoted Shares CURRENT ASSETS Cash at Bank NET ASSETS FUNDS Unrestricted Funds General Funds Designated Fund |
Notes 2023 2022 6 395000.00 395000.00 4 221129.00 203733.00 _ _ 616129.00 598733.00 5 67217.06 82429.76 _ _ 683346.06 £681162.76 _ _ 7 683346.06 681162.76 7 - - _ _ £683346.06 £681162.76 _ _ |
2022 |
|---|---|---|
- 10 -
THE DAWSON & FOWLER FOUNDATION
NOTES TO THE ACCOUNTS - FOR THE YEAR ENDED 31 DECEMBER 2023
1) Accounting Policies
-
a) These accounts have been prepared on a cash basis and include income and expenditure as cash is received or paid.
-
b) The accounts have been prepared in accordance with:
-
i) The Charities SORP (2015) (Accounting and Reporting by Charities). However, since all income is considered ‘unrestricted’ and is available for distribution after the payment of necessary expenses, the columnar approach advocated in SORP (2015) has not been adopted.
-
ii) The Charities Act 2011
-
iii) The historic cost basis of accounting, except for quoted shares and investment properties, which have been included at their market value.
| Direct Charitable Expenditure | 2023 | 2022 |
|---|---|---|
| Grants: | ||
| Scholarships & Grants: Loughborough Schools Foundation | 7980.00 | 7980.00 |
| Grants to State Schools | 6344.40 | 3958.00 |
| Grants to Individuals | 343.50 | 259.18 |
| Grants for School Uniform | 17298.29 | 15378.38 |
| __ | __ | |
| £31966.19 __ |
£27575.56 __ |
2) Direct Charitable Expenditure
| Management and Administration of the Charity | 2023 | 2022 |
|---|---|---|
| Computer Repairs | - | 20.00 |
| Rent Collection | 2983.90 | 2823.00 |
| Clerk’s Honorarium | 5520.00 | 4980.00 |
| Postage, Stationery and Gifts | 198.47 | 256.40 |
| P O Box No | 300.00 | 283.50 |
| Accountancy Fee | 960.00 | 948.00 |
| Trustees’ Indemnity Insurance | 204.20 | 204.20 |
| Lease Renewal Fee | 300.00 | - |
| Website Cost | 48.00 | 48.00 |
| Investment Management Fees | 3000.00 | 3000.00 |
| Legal Fees | 3184.60 | 1722.42 |
| _ | _ | |
| £16699.17 _ |
£14285.52 _ |
3) Management and Administration of the Charity
- 11 -
THE DAWSON & FOWLER FOUNDATION
NOTES TO THE ACCOUNTS - FOR THE YEAR ENDED 31 DECEMBER 2023
| 4) a) |
Investments in Quoted Shares Portfolio schedule (Market Value) Prudential (500 Ord) HSBC Holdings (1600 Ord) Vodaphone (4359 Ord) GlaxoSmith Kline (560 Ord) BP (1500 Ord) Admiral Group Plc (160 Ord) 3i Group (5000 Ord) T Bailey Fund Mgs – Aptus Global (1300) SPDR Series Trust SMPUS (220) M&G Plc (2000 Ord) Unilever Plc (110 Ord) Haleon Plc (700 Ord) GCP Infrastructure (4000 Ord)) Supermarket Income (10000 Ord) Rio Tinto (225 Ord) Shell (405 Ord) Aberdeen Plc (1431 Ord) BB Healthcare Trust (9500 Ord) Aberdeen Standard Fund Mars bond (16000) Blackrock Fund Mgs – Corporate Bond (5000) Franklin Templeton Inv Mgmt Bond (440) Franklin Templeton GBL FDS (35) M&G Investment Mgmt (7300) Muzinch Funds (50) NB Global Monthly Income Fund (952) SPDR Series Trust (240) Treasury 2 ½% 17/07/24 (1350) Treasury 4 ¼% 07/12/27 (6600) Treasury 4 ¼% 07/03/36 (7000) Treasury 5% 07/03/25 (7000) Blackrock Fund Mars (2000) Findley Park Plc (60) Jupitar Unit Trust Mars (4600) Roche Holdings (10 shares) HICL Infrastructure (3600 Ord) Waystone Fund Services – Ruffer Total (2289) Waystone Fund Services – Trojan X (6000) M&G Securities Ltd – Global Macro (4677) Schroder Investment Mgmt (50) Wisdomtree Metal Secs Ltd (40) Schroder Investment Mant-Asian Inc. (6200) |
2023 Market Value 4436.00 10168.00 2989.00 8121.00 6991.00 4294.00 5403.00 3633.00 11955.00 4448.00 4180.00 - 2880.00 - 13145.00 10415.00 - - 8005.00 5164.00 4039.00 3297.00 7006.00 4582.00 664.00 5456.00 5203.00 6823.00 7441.00 7172.00 3704.00 9412.00 6746.00 2279.00 4990.00 8034.00 7618.00 3983.00 5778.00 6063.00 4612.00 _ £221129.00 _ |
2022 Market Value 5638.00 8251.00 3672.00 8051.00 7124.00 3419.00 - - - 3757.00 4600.00 2291.00 4080.00 10250.00 13046.00 9420.00 2708.00 14554.00 5606.00 - 4316.00 3190.00 4628.00 4432.00 3580.00 5830.00 5132.00 4015.00 - - 3448.00 7868.00 5245.00 2610.00 5918.00 8753.00 7434.00 4189.00 6353.00 5668.00 4657.00 _ £203733.00 _ |
|---|---|---|---|
- 12 -
THE DAWSON & FOWLER FOUNDATION
NOTES TO THE ACCOUNTS - FOR THE YEAR ENDED 31 DECEMBER 2023
| 4) Investments in Quoted Shares (Continued) b) Portfolio reconciliation Valuation b/fwd Sales in year at valuation Purchases in year at cost Unrealised profit/(loss) during the year Valuation c/fwd 5) Cash at Bank Royal Bank of Scotland - Business A/c Current A/c CCCA Investment Management – COIF Charities Deposit Fund Rathbones Client Account Mather Jamie Client Account 6) Investment Properties 55 & 55a Churchgate (at valuation) 56 & 56a Churchgate (at valuation) Land at rear of Churchgate (at cost) Total valuation |
2023 Market Value 203733.00 (32701.00) 46193.34 3903.66 _ £221129.00 _ 2023 28069.56 3510.33 22510.55 12394.62 732.00 _ £67217.06 _ 2023 - - - 395000.00 _ £395000.00 _ |
2022 Market Value 229792.00 (28537.08) 12444.00 (9966.00) _ £203733.00 _ 2022 27473.04 3561.52 21565.45 29329.75 500.00 _ £82429.76 _ 2022 - - - 395000.00 _ £395000.00 _ |
|---|---|---|
The properties were valued by Mather Jamie on 6 February 2020. The valuation is for all the properties.
| 7) Analysis of Net Assets Between Funds Unrestricted Unrestricted General Designated Funds Funds Investment Properties 395000.00 - Quoted Investments 221129.00 - Cash at Bank 67217.06 - _ _ £683346.06 - ______ __ |
Total Funds 395000.00 221129.00 67217.06 _ 683346.06 _ |
Total Funds |
|---|---|---|