THE SIMON DIGBY ISHERBORNE) MEMORIAL TRUST REGISTER CHARITY NUMBER: 801462 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 DARKIN MIILER LIMrrED CHARTERED ACCOUNTANTS 24E DEVEREL ROAD CHARLTON DOWN DORCHESTER DORSEr
THE 51MON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS PAGE Trustees, Report Independent Examiner's Report Statement of Fina ncial Activities Balance Sheet Notes to the Financial Statements 10-15
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial statements of the Trust for the year ended 31st March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the ch3ritWs trust deed. the Charities Act 2011 and Accounting and Reporting by Charitle5- 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 published on 16 July 2014. Objectlves and activltles for the public benefit The Trust was created for the purpose of promoting and supporting the work of local organisations for the general benefit of the inhabitants of Sherborne, Dorset and the surrounding neighbourhood. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guldance on public benefit when reviewing the Trust's aims and objectives and in planning future grant making policies for the year. Grant making pollcy The Trust ha5 continued to fund varlous grants as stated on note 4 of the accounts. Each application for financial as5i5tance is reviewed individually and funds are made available to the applicants rf they fulfil the criteria as stated in the trust deeds. Inductlon and trainlng of trustees An existing Trustee advises newly appointed trustees of their duties, powers and roles. Training is offered on a need basls. Achlevement and performance The Trust hopes to receive grant applications from a wide range of organlsations whlch provide sportlng, educational, cultural and health support as well as social actlvities to people of all ages in the Sherborne area. As a result of the Instability wlthln the markets and grants awarded during the course of thls year, the value of the unrestrlcted fund is lower than expected. There is hope that the market will stabilise and the value of investments will steadily increase to its prior level, however the trust must take care in the event such recovery is unachieveable. Flnanclal Revlew During the year the monies invested gave rise to income of £33,286 12022123: £32,577}. Grants totalling £4,800 were paid (2022/23: £68.3371. There are £5,682 of grants that are to be held over to future financial years 12022/23: £6,000). The net deficit for the year was £3,901 (2022123: net deficit of £153,196).
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Investment policy and performance The Trustees consider that the results for the year are unfortunate however not completely unexpected considering the economic climate. Following the advice of its former professional treasury advisor, Arlingclose, the Trust has invested funds in a secure property fund which routinely returns at a level which means that further active management is not currently required. It is expected that this investment will continue to meet the Trusys needs for the near fijture. The income generated from the Investments increased marginally year on year. There was an unrealised loss on the value of the CCLA investment of £32,02712022123: unrealised loss of £117,076). Risk management The major risks that the charlty is exposed to has been Identified and reviewed by the trustees and procedures establlshed to manage this risk. The main financial risk faced by the charity is that of volatility in equity markets and investment market5 due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and wSthin particular sectors or sub sectors. Procedures to rnanage these risks include the appointment of external treasury advisors and the regular review of investments. Priority is given to security of capital. Reserves pollcy The Trust holds a capital investment fund of £634,879.50 representing the initial investment by the late Simon Wingfield Digby Esq. together with the proceeds of land sold for the benefit of the Trust in accordance with his instructlon5. Unrestricted funds of £15,596 {2022123: £19,496) are also held. The Trustees review reserves on a regular basis and take the view that the level of reserves held are required in order to generate a satisf3Ctory level of Investment Income to distribute in future years after taking into account future grant commitment5. Strurturefft governance and management The Trust is an unlncorporated trust, constituted under a trust deed dated 23, March 1989 and is a reglstered charity number 801462. The Trust was established between Mr K S D Wingfield Digby (Mr Digbyl and the Sherborne Town Council. Following the death of Mr Digby a supplement trust was constituted between Mr J K Wingfield Digby, Mrs J Wingfield Digby and the Sherborne Town Council on 2. November 1999. The name of the charity was amended to its current name. There are two types of trustees: The Sherborne Town Councillors are known as ex officio trustees: and The Digby Trustee5
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The ex officio Trustees are Trustees by the fact that they have been elected as councillors of Sherborne Town, Dorset and they remain in place for a term of 5 years unless they retire. The next elertion is due in May 2024. The Digby Trustees are nominated by an existingl retiring Digby Trustee or by the personal representative of the deceased Digby trustee. Meetlngs of the Trust are to be held three times per year usually In January, May and September. The person presiding at a meeting, usually the Mayor or Deputy Mayor mav exercise all the powers and duties of the Chairman in relation to conducting the meeting. The Clerk to the Trustees, Mr S Shield, is responsible for the day-today management of the Trust. A quorum of four trustees Is requlred. Reference and admlnlstratlve Information Trustees: Mr J A Andrews lex officlol Mrs J Carling lex officiol Mr V Coleridge- Matthews (ex officiol Mrs M Crossman lex officio) Mrs J S Greene (ex officiol Mr S Jeganathan lex officiol Mr R A S Legg lex officiol Mrs J Pentolfe (ex officiol Mr W Taylor lex officio) Mrs J Warburton {forrnerly Hogbenl lex officio) Mr E Wingfield Digby (Digby Trustee) Mrs M Wingfield Digby {Digby Tru5teel Mr R Crabb lex officiol Mr C Kippax (ex officiol Clerk Mr Stephen Shield Prlnclpal Office Sherborne Town Council, The Manor House, Newland, Sherborne DT9 3JL Charity Number.. 801462 External Examlners Darkin Miller Limited, 24e Deverel Road, Charlton Down, DT2 9UD Bankers HSBC, l Middle Street, Yeovil, 5omerset, BA20 ILR Investment Managers CCLA, Senator House, 85 Queen Vlctoria Street, London, EC4V 4ET
THE SIMON DIGBY {SHERBORNE) MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trustees, responslbilities in relation to the financlal ststements The charity trustees are responsible for preparing a 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 tharity and of the incoming resources and application of resources, of the charity for that period. In preparing the financi31 statements, the trustees are required to., select suitable accou nting policies and then apply them conslstently,. obsenie the methods and princlples in the applicable Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accountlng standards have been followed, subject to any material departures that must be disclosed and explained In the financlal statements; prepare the financi315tatements on the going concern basis unless It is inappropriate to presume that the charity will continue in business. The trustee5 are responsible for keeping proper accounting records that dlsclose with reasonable accuracy at a ny time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charlties (Accounts and Reports} Regulations, and the provlsions of the Trust deed. They are also responsible for safeguard ing the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularlties. The trustees are responsible for the maintenance and integrity of the charlty and financlal Information included on the charity's website in accordance with legislation in the United Kingdom govern ing the preparation and dissemination of financial statements. Signed: Mr Robin Legg Signed.. Mr5J Warb rton
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST I report to the trustees on my examination of the accounts of the Simon Digby (Sherborne) Memorial Trust for the year ended 31 March 2024. 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'l. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and In carrying out my examination I have followed all the applicable Directions given by the Charity Commlssion under section 14515){bl of the Act. Independent examlnerfs statement I have completed my examination. I confirm that no materlal matters have come to mv attention in connection with the examination giving me cause to believe that in any material respect: l. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concernlng 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 onsidered 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. Slgned: Name: Rosie Darkin-miller LLB (Honsl BFP FCA Institute of the Chartered Accountants in England and Wales 24e Deverel Road, Charlton Down, Dorchester, Dorset DT2 9UD Address: Date:
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2024 Note Income and endowments from: Donations and legacies Investments 33,286 33,286 32,577 Total income 33,286 33,286 32,577 Expenditure on: Raising funds Charitable activities: Grants Bank Charges Examiner Fees Bad debt write off Charitable activities 4,800 60 300 4,800 60 300 68,337 60 300 5,160 5,160 68,697 Total expenditure 5,160 5,160 68,697 Net gainsl(losses) on investments (32,027) (32,027) (117,076) Net incomel{expendlture) 3,901) 3,901 153,196 Transfers between funds Other recognised gainsl(losses) Net movement in funds 3,901) 3,901) 153,196) Reconciliation of funds: Total Funds brought forward Total Funds carried forward 19,496 15,596 634 880 634,880 654 376 650,476 807,572 654,376
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST Balance Sheet as at 31st March 2024 Unrestrfcted Endowment Total funds Funds Funds 2024 Total funds 2023 Note Fixed assets Investments 588,846 588,846 620,873 Total fixed assets 588,846 588,846 620,873 Current assets Debtors and prepayments Cash at bank and in hand 15,896 46,034 61,929 33,803 Total Current assets 15.896 46,034 61,929 33,803 Liabilltles Creditors: Amounts falling due within one year 300 300 300 Net current assets or Ilabilitles 15,596 46,034 61,629 33,503 Total as8ets1985 current Ilabilites 15,596 634,880 650,476 654,376 The funds of the charlty: Endomnent funds Unrestricted funds Total charity funds 634,880 634,880 15,596 650,476 634,880 19,496 654,376 15,596 15,596 634,880 The notes at pages 10 to 15 form part of these accounts. Approved by the Trustees on ..si I, .lkn%s.................... and signed on their behalf by.. Mr Robln Leg8 Mrs J Warburton
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Accounting Policies a) Basis of preparation and assessment of going concern The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notels) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republlc of Ireland (FRS 102) and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the Trust's ability to continue as a goin8 concern. With respect to the next reporting period, 2024-25, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and rlsk management sections of the tru5tees' annual report for more information). b) Funds structure The charity has a single permanent endowment, the income of which is wholly unrestricted. The unrestricted funds are to be used for the general purpose of the Trust, namely to promote and support the work of local organisations for the general benefit of the inhabitants of Sherborne, Dorset and its surrounding neighbourhood. c) Income recognition All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Donations, are recognised when the Trust has been notified in wrlting of both the amount and settlement date. In the event that a donation Is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the ontrol of the charity and it is probable that those cond itions will be fulfilled in the reporting period. 10
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Legacy gifts are recognised on a case by case basi5 following the 8ranting of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charitv. Interest on funds held on deposlt Is Included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest pa id or p3V3 ble by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. d) Expenditure recognltlon 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 settlement will be required and the amount of the obligation can be measured reliably. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Grants awarded and paid out during the year are shown in note 5 to the financi31 statements. Grants are accounted for as they are awarded. e) Irrecoverable VAT Irrecoverable VAT Is charged against the expenditure heading for which it was incurred. f) Allocatlon of overhead and support costs Overhead and support costs have been allocated between charitable activities and governance. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulatlon and good practlce. These costs Include costs related to statutory audit and legal fees together with an apportlonment of overhead and support costs. g) Cost of generatin8 funds The cost of generating funds consists of investment management. h) Charltable activities Costs of charitable activities include grants made.
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS i) Governance costs Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to independent examination. j) Fixed assets investment Investments are stated at market value as at 31 March 2024. Investments are held in funds approved by the Charity Commission under s.24 of the Charities Act 1993. The Funds concerned are only available to charities within the meaning of s.96 or s.100 of the Charities Act 2011, Investments are a form of baslc financial instrument and are initially recognised at their transactlon value and Subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of financial activities Includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. k) Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sale5 proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financi31 year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Fina ncial Activities. l) Debtors Debtors are measured at their recoverable amounts. m) Cash at bank and In hand Cash at bank and in hand consists entirely of cash balances held wlth the Trust's bankers and with its Investment managers. n) Creditors Creditors are measured at the amount required to settle the liability. 2 Investment Income 2024 2023 UK dividends received Deposit interest received 31,857 1,429 31,857 26 33,286 31,883 All of the investment income is attributable to unrestricted funds. 12
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 3 Analysis of expenditure on charitable activities and support Costs Activity or programme Grant funded Support and actlvity governance costs 2024 2023 Total Total Grants promoting and supporting local organi5ations Independent examiner 4,800 4,800 68,337 300 300 4,800 300 5,100 300 68,637 4 Analysis of grants Analysls Dlgby Hall Authorlsed Grants to Instltutlons Total 4,800 S Emoluments 4,800 There were no emolument5 paid during the year. Trustees have not received any reimbursement of expenses incurred for services provided to the charity. 6 Investments Movement In flxed asset115ted Investments Market Value at 31/03/2023 Additions Di5P05als Net unreali5ed gain5/llosses) Market Value at 31/0312024 2024 2023 620,873 737,949 (32,027) 588,846 Historical Cost as at 31/03/2024 Historical Cost as at 31/03/2023 {117,0761 620,873 650,000 650,000 13
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 2024 2023 Investments at Market Value comprised: UK Property Fund 588,846 620,873 The Trust held the following material investments (over 5% of the portfolio by value): £ 588,846.00 COIF Charities property Fund Investment values are stated Inclusive of accrued interest. 7 Analysls of current liabllitles 2024 2023 300 300 300 300 other credltors 8 Analysis of charitable funds Fund name Fund balances brought forward Fund balanc85 carried forward InGom8 Expenditurn Gains and (losses) 634,880 Permanent endowment Unrestricted funds Total funds (a) The Permanent Endowment was established by an inltial gift from the late Simon Wingfield Digbv Esq, together with the proceeds of land sold for the benefit of the Trust in accordance with hls instructions. The gift was made to the charity on condition that it is held as a permanent endowment, the income from which is freely available to fund the activlties of the charity. 634,880 19,496 654,376 (5,160) 132,027) 32,027 15,596 650,476 If at any time distributions are considered from the capital sum invested, these will only be made with the approval of all the serving trustees. (b) The unrestricted funds are available to be spent for any purposes of the charity. Commitments At 31 March 2024 the Trust had the following grant commitments: 2024 2023 6,000 Expected to be paid within one year Expected to be paid within two to five years 5,682 5,682 6,000 14
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 10 Related Party Transactlons Trustees had the following non-pecuniary interest in the following grants authorised and paid in this year.. Digby Hall & Library Trusts (grant made: £4,800 towards revenue funding) all ex officio Trustee5, Mr E Wingfield Digby and Mrs M Wingfield Digby were Trustees during the year. At various times ex officio Trustees are appointed as official representatives of Sherborne Town Council to the committee5 of varlous organisation5 in the Town which may. from time to time, apply to the Trust for grant assistance. 11 Going Concern and Coronavlrus The Trust's income derives from its investments. During the preivous financial year, the market value of investments took a significant hit as a result of the September 2()22 Mini 8udget. Two years on the loss in market value is yet to be recovered and with the economic climate proving to be challenging, this recovery may not be swift, The Trust's only regular non-discretionary expenditure is the fee for the preparation and examlnation of its annual accounts. Grant expenditure is discretionary and, as such, can be varied in future years. Consequently, the Trustees are able to confirm that the Trust remains a going concern. 15
THE SIMON DIGBY ISHERBORNE) MEMORIAL TRUST REGISTER CHARITY NUMBER: 801462 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 DARKIN MIILER LIMrrED CHARTERED ACCOUNTANTS 24E DEVEREL ROAD CHARLTON DOWN DORCHESTER DORSEr
THE 51MON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS PAGE Trustees, Report Independent Examiner's Report Statement of Fina ncial Activities Balance Sheet Notes to the Financial Statements 10-15
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial statements of the Trust for the year ended 31st March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the ch3ritWs trust deed. the Charities Act 2011 and Accounting and Reporting by Charitle5- 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 published on 16 July 2014. Objectlves and activltles for the public benefit The Trust was created for the purpose of promoting and supporting the work of local organisations for the general benefit of the inhabitants of Sherborne, Dorset and the surrounding neighbourhood. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guldance on public benefit when reviewing the Trust's aims and objectives and in planning future grant making policies for the year. Grant making pollcy The Trust ha5 continued to fund varlous grants as stated on note 4 of the accounts. Each application for financial as5i5tance is reviewed individually and funds are made available to the applicants rf they fulfil the criteria as stated in the trust deeds. Inductlon and trainlng of trustees An existing Trustee advises newly appointed trustees of their duties, powers and roles. Training is offered on a need basls. Achlevement and performance The Trust hopes to receive grant applications from a wide range of organlsations whlch provide sportlng, educational, cultural and health support as well as social actlvities to people of all ages in the Sherborne area. As a result of the Instability wlthln the markets and grants awarded during the course of thls year, the value of the unrestrlcted fund is lower than expected. There is hope that the market will stabilise and the value of investments will steadily increase to its prior level, however the trust must take care in the event such recovery is unachieveable. Flnanclal Revlew During the year the monies invested gave rise to income of £33,286 12022123: £32,577}. Grants totalling £4,800 were paid (2022/23: £68.3371. There are £5,682 of grants that are to be held over to future financial years 12022/23: £6,000). The net deficit for the year was £3,901 (2022123: net deficit of £153,196).
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Investment policy and performance The Trustees consider that the results for the year are unfortunate however not completely unexpected considering the economic climate. Following the advice of its former professional treasury advisor, Arlingclose, the Trust has invested funds in a secure property fund which routinely returns at a level which means that further active management is not currently required. It is expected that this investment will continue to meet the Trusys needs for the near fijture. The income generated from the Investments increased marginally year on year. There was an unrealised loss on the value of the CCLA investment of £32,02712022123: unrealised loss of £117,076). Risk management The major risks that the charlty is exposed to has been Identified and reviewed by the trustees and procedures establlshed to manage this risk. The main financial risk faced by the charity is that of volatility in equity markets and investment market5 due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and wSthin particular sectors or sub sectors. Procedures to rnanage these risks include the appointment of external treasury advisors and the regular review of investments. Priority is given to security of capital. Reserves pollcy The Trust holds a capital investment fund of £634,879.50 representing the initial investment by the late Simon Wingfield Digby Esq. together with the proceeds of land sold for the benefit of the Trust in accordance with his instructlon5. Unrestricted funds of £15,596 {2022123: £19,496) are also held. The Trustees review reserves on a regular basis and take the view that the level of reserves held are required in order to generate a satisf3Ctory level of Investment Income to distribute in future years after taking into account future grant commitment5. Strurturefft governance and management The Trust is an unlncorporated trust, constituted under a trust deed dated 23, March 1989 and is a reglstered charity number 801462. The Trust was established between Mr K S D Wingfield Digby (Mr Digbyl and the Sherborne Town Council. Following the death of Mr Digby a supplement trust was constituted between Mr J K Wingfield Digby, Mrs J Wingfield Digby and the Sherborne Town Council on 2. November 1999. The name of the charity was amended to its current name. There are two types of trustees: The Sherborne Town Councillors are known as ex officio trustees: and The Digby Trustee5
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The ex officio Trustees are Trustees by the fact that they have been elected as councillors of Sherborne Town, Dorset and they remain in place for a term of 5 years unless they retire. The next elertion is due in May 2024. The Digby Trustees are nominated by an existingl retiring Digby Trustee or by the personal representative of the deceased Digby trustee. Meetlngs of the Trust are to be held three times per year usually In January, May and September. The person presiding at a meeting, usually the Mayor or Deputy Mayor mav exercise all the powers and duties of the Chairman in relation to conducting the meeting. The Clerk to the Trustees, Mr S Shield, is responsible for the day-today management of the Trust. A quorum of four trustees Is requlred. Reference and admlnlstratlve Information Trustees: Mr J A Andrews lex officlol Mrs J Carling lex officiol Mr V Coleridge- Matthews (ex officiol Mrs M Crossman lex officio) Mrs J S Greene (ex officiol Mr S Jeganathan lex officiol Mr R A S Legg lex officiol Mrs J Pentolfe (ex officiol Mr W Taylor lex officio) Mrs J Warburton {forrnerly Hogbenl lex officio) Mr E Wingfield Digby (Digby Trustee) Mrs M Wingfield Digby {Digby Tru5teel Mr R Crabb lex officiol Mr C Kippax (ex officiol Clerk Mr Stephen Shield Prlnclpal Office Sherborne Town Council, The Manor House, Newland, Sherborne DT9 3JL Charity Number.. 801462 External Examlners Darkin Miller Limited, 24e Deverel Road, Charlton Down, DT2 9UD Bankers HSBC, l Middle Street, Yeovil, 5omerset, BA20 ILR Investment Managers CCLA, Senator House, 85 Queen Vlctoria Street, London, EC4V 4ET
THE SIMON DIGBY {SHERBORNE) MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trustees, responslbilities in relation to the financlal ststements The charity trustees are responsible for preparing a 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 tharity and of the incoming resources and application of resources, of the charity for that period. In preparing the financi31 statements, the trustees are required to., select suitable accou nting policies and then apply them conslstently,. obsenie the methods and princlples in the applicable Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accountlng standards have been followed, subject to any material departures that must be disclosed and explained In the financlal statements; prepare the financi315tatements on the going concern basis unless It is inappropriate to presume that the charity will continue in business. The trustee5 are responsible for keeping proper accounting records that dlsclose with reasonable accuracy at a ny time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charlties (Accounts and Reports} Regulations, and the provlsions of the Trust deed. They are also responsible for safeguard ing the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularlties. The trustees are responsible for the maintenance and integrity of the charlty and financlal Information included on the charity's website in accordance with legislation in the United Kingdom govern ing the preparation and dissemination of financial statements. Signed: Mr Robin Legg Signed.. Mr5J Warb rton
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST I report to the trustees on my examination of the accounts of the Simon Digby (Sherborne) Memorial Trust for the year ended 31 March 2024. 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'l. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and In carrying out my examination I have followed all the applicable Directions given by the Charity Commlssion under section 14515){bl of the Act. Independent examlnerfs statement I have completed my examination. I confirm that no materlal matters have come to mv attention in connection with the examination giving me cause to believe that in any material respect: l. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concernlng 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 onsidered 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. Slgned: Name: Rosie Darkin-miller LLB (Honsl BFP FCA Institute of the Chartered Accountants in England and Wales 24e Deverel Road, Charlton Down, Dorchester, Dorset DT2 9UD Address: Date:
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2024 Note Income and endowments from: Donations and legacies Investments 33,286 33,286 32,577 Total income 33,286 33,286 32,577 Expenditure on: Raising funds Charitable activities: Grants Bank Charges Examiner Fees Bad debt write off Charitable activities 4,800 60 300 4,800 60 300 68,337 60 300 5,160 5,160 68,697 Total expenditure 5,160 5,160 68,697 Net gainsl(losses) on investments (32,027) (32,027) (117,076) Net incomel{expendlture) 3,901) 3,901 153,196 Transfers between funds Other recognised gainsl(losses) Net movement in funds 3,901) 3,901) 153,196) Reconciliation of funds: Total Funds brought forward Total Funds carried forward 19,496 15,596 634 880 634,880 654 376 650,476 807,572 654,376
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST Balance Sheet as at 31st March 2024 Unrestrfcted Endowment Total funds Funds Funds 2024 Total funds 2023 Note Fixed assets Investments 588,846 588,846 620,873 Total fixed assets 588,846 588,846 620,873 Current assets Debtors and prepayments Cash at bank and in hand 15,896 46,034 61,929 33,803 Total Current assets 15.896 46,034 61,929 33,803 Liabilltles Creditors: Amounts falling due within one year 300 300 300 Net current assets or Ilabilitles 15,596 46,034 61,629 33,503 Total as8ets1985 current Ilabilites 15,596 634,880 650,476 654,376 The funds of the charlty: Endomnent funds Unrestricted funds Total charity funds 634,880 634,880 15,596 650,476 634,880 19,496 654,376 15,596 15,596 634,880 The notes at pages 10 to 15 form part of these accounts. Approved by the Trustees on ..si I, .lkn%s.................... and signed on their behalf by.. Mr Robln Leg8 Mrs J Warburton
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Accounting Policies a) Basis of preparation and assessment of going concern The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notels) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republlc of Ireland (FRS 102) and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the Trust's ability to continue as a goin8 concern. With respect to the next reporting period, 2024-25, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and rlsk management sections of the tru5tees' annual report for more information). b) Funds structure The charity has a single permanent endowment, the income of which is wholly unrestricted. The unrestricted funds are to be used for the general purpose of the Trust, namely to promote and support the work of local organisations for the general benefit of the inhabitants of Sherborne, Dorset and its surrounding neighbourhood. c) Income recognition All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Donations, are recognised when the Trust has been notified in wrlting of both the amount and settlement date. In the event that a donation Is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the ontrol of the charity and it is probable that those cond itions will be fulfilled in the reporting period. 10
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Legacy gifts are recognised on a case by case basi5 following the 8ranting of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charitv. Interest on funds held on deposlt Is Included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest pa id or p3V3 ble by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. d) Expenditure recognltlon 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 settlement will be required and the amount of the obligation can be measured reliably. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Grants awarded and paid out during the year are shown in note 5 to the financi31 statements. Grants are accounted for as they are awarded. e) Irrecoverable VAT Irrecoverable VAT Is charged against the expenditure heading for which it was incurred. f) Allocatlon of overhead and support costs Overhead and support costs have been allocated between charitable activities and governance. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulatlon and good practlce. These costs Include costs related to statutory audit and legal fees together with an apportlonment of overhead and support costs. g) Cost of generatin8 funds The cost of generating funds consists of investment management. h) Charltable activities Costs of charitable activities include grants made.
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS i) Governance costs Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to independent examination. j) Fixed assets investment Investments are stated at market value as at 31 March 2024. Investments are held in funds approved by the Charity Commission under s.24 of the Charities Act 1993. The Funds concerned are only available to charities within the meaning of s.96 or s.100 of the Charities Act 2011, Investments are a form of baslc financial instrument and are initially recognised at their transactlon value and Subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of financial activities Includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. k) Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sale5 proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financi31 year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Fina ncial Activities. l) Debtors Debtors are measured at their recoverable amounts. m) Cash at bank and In hand Cash at bank and in hand consists entirely of cash balances held wlth the Trust's bankers and with its Investment managers. n) Creditors Creditors are measured at the amount required to settle the liability. 2 Investment Income 2024 2023 UK dividends received Deposit interest received 31,857 1,429 31,857 26 33,286 31,883 All of the investment income is attributable to unrestricted funds. 12
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 3 Analysis of expenditure on charitable activities and support Costs Activity or programme Grant funded Support and actlvity governance costs 2024 2023 Total Total Grants promoting and supporting local organi5ations Independent examiner 4,800 4,800 68,337 300 300 4,800 300 5,100 300 68,637 4 Analysis of grants Analysls Dlgby Hall Authorlsed Grants to Instltutlons Total 4,800 S Emoluments 4,800 There were no emolument5 paid during the year. Trustees have not received any reimbursement of expenses incurred for services provided to the charity. 6 Investments Movement In flxed asset115ted Investments Market Value at 31/03/2023 Additions Di5P05als Net unreali5ed gain5/llosses) Market Value at 31/0312024 2024 2023 620,873 737,949 (32,027) 588,846 Historical Cost as at 31/03/2024 Historical Cost as at 31/03/2023 {117,0761 620,873 650,000 650,000 13
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 2024 2023 Investments at Market Value comprised: UK Property Fund 588,846 620,873 The Trust held the following material investments (over 5% of the portfolio by value): £ 588,846.00 COIF Charities property Fund Investment values are stated Inclusive of accrued interest. 7 Analysls of current liabllitles 2024 2023 300 300 300 300 other credltors 8 Analysis of charitable funds Fund name Fund balances brought forward Fund balanc85 carried forward InGom8 Expenditurn Gains and (losses) 634,880 Permanent endowment Unrestricted funds Total funds (a) The Permanent Endowment was established by an inltial gift from the late Simon Wingfield Digbv Esq, together with the proceeds of land sold for the benefit of the Trust in accordance with hls instructions. The gift was made to the charity on condition that it is held as a permanent endowment, the income from which is freely available to fund the activlties of the charity. 634,880 19,496 654,376 (5,160) 132,027) 32,027 15,596 650,476 If at any time distributions are considered from the capital sum invested, these will only be made with the approval of all the serving trustees. (b) The unrestricted funds are available to be spent for any purposes of the charity. Commitments At 31 March 2024 the Trust had the following grant commitments: 2024 2023 6,000 Expected to be paid within one year Expected to be paid within two to five years 5,682 5,682 6,000 14
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 10 Related Party Transactlons Trustees had the following non-pecuniary interest in the following grants authorised and paid in this year.. Digby Hall & Library Trusts (grant made: £4,800 towards revenue funding) all ex officio Trustee5, Mr E Wingfield Digby and Mrs M Wingfield Digby were Trustees during the year. At various times ex officio Trustees are appointed as official representatives of Sherborne Town Council to the committee5 of varlous organisation5 in the Town which may. from time to time, apply to the Trust for grant assistance. 11 Going Concern and Coronavlrus The Trust's income derives from its investments. During the preivous financial year, the market value of investments took a significant hit as a result of the September 2()22 Mini 8udget. Two years on the loss in market value is yet to be recovered and with the economic climate proving to be challenging, this recovery may not be swift, The Trust's only regular non-discretionary expenditure is the fee for the preparation and examlnation of its annual accounts. Grant expenditure is discretionary and, as such, can be varied in future years. Consequently, the Trustees are able to confirm that the Trust remains a going concern. 15
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST I report to the trustees on my examination of the accounts of the Simon Digby Isherborne) Memorial Trust for the year ended 31 March 2024. Responsibilities and basls of report A5 the charity trustees of the Trust you are responsible for the preparatlon of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act,). I report in respect of my examinatlon of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145151{b} of the Act. Independent examlnerfs statement I have completed my examlnatlon. I conflrm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. l. accountlng records were not kept In respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord wlth those records,. or 3. the accounts do not comply with the applicable requlrements concernlng the form and content of accounts set out In the Charlties (Accounts and Reports) Regulations 2008 other than any requirement that the accounts 8ive 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 wlth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Slgned: Name: Rosle Darkin-miller LLB {Hons) BFP FCA Institute of the Chartered Accountants in England and Wales 24e Deverel Road, Charlton Down, Dorchester, Dorset DT2 9UD Address: Date: