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: