THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST REGISTER CHARITY NUMBER: 801462 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 DARKIN MILLER LIMITED CHARTERED ACCOUNTANTS 24E DEVEREL ROAD CHARLTON DOWN DORCHESTER DORSET
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS Trustees' Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements PAGE 3-6 7 8 9 10-15
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial statements of the Trust for the year ended 31st March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014. Objectives and activities 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 guidance on public benefit when reviewing the Trust's aims and objectives and in planning future grant making policies for the year. Grant making policy The Trust has continued to fund various grants as stated on note 4 of the accounts. Each application for financial assistance is reviewed individually and funds are made available to the applicants if they fulfil the criteria as stated in the trust deeds. Induction and training of trustees An existing Trustee advises newly appointed trustees of their duties, powers and roles. Training is offered on a need basis. Achievement and performance The Trust hopes to receive grant applications from a wide range of organisations which provide sporting, educational, cultural and health support as well as social activities to people of all ages in the Sherborne area. As a result of the instability within the markets and grants awarded during the course of this year, the value of the unrestricted 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. Financial Review During the year the monies invested gave rise to income of £35,537 (2023/24: £33,286). There were no Grants paid within the year (2023/24: £4,800) There are £5,682 of grants that are to be held over to future financial years (2023/24: £5,682). The net surplus for the year was £43,512 (2023/24: net deficit of £3,901). 3
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 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 Trust's needs for the near future. The income generated from the investments increased marginally year on year. There was an unrealised gain on the value of the CCLA investment of £8,305 (2023/24: unrealised loss of £32,027). Risk management The major risks that the charity is exposed to has been identified and reviewed by the trustees and procedures established to manage this risk. The main 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. Procedures to manage these risks include the appointment of external treasury advisors and the regular review of investments. Priority is given to security of capital. Reserves policy 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 instructions. Unrestricted funds of €59,108 (2023/24: £15,596) 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 satisfactory level of investment income to distribute in future years after taking into account future grant commitments. Structure, governance and management The Trust is an unincorporated trust, constituted under a trust deed dated 23'd March 1989 and is a registered charity number 801462. The Trust was established between Mr KS D Wingfield Digby (Mr Digby) 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"d 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 Trustees 4
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 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 election is due in May 2029. The Digby Trustees are nominated by an existing/ retiring Digby Trustee or by the personal representative of the deceased Digby trustee. Meetings 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 may 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 required. Reference and administrative information Trustees: Mr J A Andrews (ex officio) Mrs F M Crossman (ex officio) Mrs J S Greene (ex officio) Mr S Jeganathan (ex officio) Mr R A S Legg (ex officio) Mrs J Warburton (ex officio) Mr E Wingfield Digby (Digby Trustee) Mrs M Wingfield Digby (Digby Trustee) Mr R H G Crabb (ex officio) Mr CM W Kippax (ex officio) Dr G J Paterson (ex officio) Mr P K Jacobs (ex officio) Mr JR F Griffen (ex officio) Mr A K Martin (ex officio) Clerk Mr Stephen Shield Principal Office Sherborne Town Council, The Manor House, Newland, Sherborne DT9 3JL Charity Number: 801462 External Examiners Darkin Miller Limited, 24e Deverel Road, Charlton Down, DT2 9UD Bankers HSBC, 1 Middle Street, Yeovil, Somerset, BA20 1LR Investment Managers CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET 5
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Trustees' responsibilities in relation to the financial statements 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 charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any 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 Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. Approved by the trustees on 26 Januarynd signed on their behalf by: 2oza Signed: Mrs J Warburton Signed: MrS Jeganathan 6
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 (Sherborne) Memorial Trust for the year ended 31 March 2025. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. 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 concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Name: Rosie 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: 7
Income and endowments from: Jonations and legacies JK dividends received Overseas dividends received Deposit interest received Investments THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2025 Note Unrestricted MFunds Endowment Funds - - - Total funds 2025 2 Total income Expenditure on: Raising funds Charitable activities: Grants Bank Charges Examiner Fees Bad debt write off Charitable activities Total expenditure Net gains/(losses) on investments Net income/(expenditure) Transfers between funds Other recognised gains/(losses) Net movement in funds Reconciliation of funds: Total Funds brought forward Total Funds carried forward 3 6 3,054 35,537 - 30 300 330 330 8,305 43,512 - 43,512 15,596 59,108 35,537 35,537 - - - - : 34,88 34,88 300 330 8,305 43,512 : 43,512 650,476 693,988 8 Total funds 2024 31.857 1,429 33,286 33,286 4,800 60 300 5,160 5,160 (32,027) (3,901) : (3,901) 654,376 650,476
Fixed assets Investments Total fixed assets Current assets Debtors and prepayments Cash at bank and in hand Total current assets Liabilities Creditors: Amounts falling due within one year Net current assets or liabilities Total assets less current liabilites THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST Balance Sheet as at 31st March 2025 Unrestricted Endowment Note Funds Funds 6 597,151 597,151 = 37.729 37,729 Total funds 2025 597,151 597,151 Total funds 2024 588,846 588,846 7 59,408 59,408 300 59,108 59,108 37,729 634,880 97,136 97,136 300 96,836 693,988 61,929 61,929 300 61,629 650,476 The funds of the charity: Endowment funds Unrestricted funds Total charity funds 8 = The notes at pages 10 to 15 form part of these accounts. Approved by the Trustees on 26 Jankay. 202l 59,108 59,108 634,880 634,880 634,880 59,108 693,988 634,880 15,596 650,476 ... and signed on their behalf by: Itte sulçint Mr S Jeganathan 9
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 1. 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 note(s) 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 Republic 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 going 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 risk management sections of the trustees' 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 writing 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 control of the charity and it is probable that those conditions will be fulfilled in the reporting period. 10
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor 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 charity. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable 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 recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation Grants payable are payments made to third parties in the furtherance of the charitable objectives of Grants awarded and paid out during the year are shown in note 5 to the financial statements. Grants are accounted for as they are awarded. e) f) Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Allocation 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 regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. g) Cost of generating funds The cost of generating funds consists of investment management. h) Charitable activities Costs of charitable activities include grants made. 11
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 2025. 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 basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial 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 sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial 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 Financial Activities. 1) 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 with 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 2025 € 2024 UK dividends received Deposit interest received 32,483 3,054 31,857 1,429 35,537 33,286 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 2025 NOTES TO THE FINANCIAL STATEMENTS 3 Analysis of expenditure on charitable activities and support costs Grant funded Support and Activity or programme activity governance costs 2025 Total € 2024 Total € Grants promoting and supporting local organisations Independent examiner 300 300 300 300 Authorised 4,800 300 5,100 Grants to institutions € 4 Analysis of grants Analysis Total 5 Emoluments There were no emoluments paid during the year. Trustees have not received any reimbursement of expenses incurred for services provided to the charity. 6 Investments Movement in fixed asset listed investments 2025 2024 Market Value at 31/03/2024 Additions Disposals Net unrealised gains/(losses) Market Value at 31/03/2025 588,846 620,873 8,305 597,151 (32,027) 588,846 Historical Cost as at 31/03/2025 Historical Cost as at 31/03/2024 650,000 650,000 13
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 2025 2024 Investments at Market Value comprised: UK Property Fund 597,151 588,846 The Trust held the following material investments (over 5% of the portfolio by value): COIF Charities Property Fund £ 597,151.00 Investment values are stated inclusive of accrued interest. 7 Analysis of current liabilities 2025 2024 Other creditors 300 300 300 300 8 Analysis of charitable funds Fund name Fund balances brought forward Income Expenditure Permanent endowment Unrestricted funds Total funds € Gains and (losses) € Fund balances carried forward 634,880 - - 634,880 15,596 650,476 35,537 35,537 (330) (330) 8,305 8,305 59,108 693,988 (a) The Permanent Endowment was established by an initial gift from the late Simon Wingfield Digby Esq, together with the proceeds of land sold for the benefit of the Trust in accordance with his 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 activities of the charity. 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 2025 the Trust had the following grant commitments: 2025 2024 Expected to be paid within one year Expected to be paid within two to five years 5,682 5,682 5,682 5,682 14
THE SIMON DIGBY (SHERBORNE) MEMORIAL TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 10 Related Party Transactions Trustees had the following non-pecuniary interest in the following grants authorised and paid in this year: Digby Hall & Library Trusts (Enil grant made, 2023/24 £4,800 grant made towards revenue funding) all ex officio Trustees, 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 committees of various organisations in the Town which may, from time to time, apply to the Trust for grant assistance. 11 Going Concern The Trust's income derives from its investments. This year marks the first gain in investment value since the September 2022 Mini Budget, enabling the Trust to begin dicsussions on opening up grant monies. Consideration must still be taken as the economic climate is still proving to be challenging. The Trust's only regular non-discretionary expenditure is the fee for the preparation and examination 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 (Sherborne) Memorial Trust for the year ended 31 March 2025. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. 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 concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Name: Address: Date: Rosie Darkin-Miller LLB (Hons) BFP FCA Institute of the Chartered Accountants in England and Wales 24e Deverel Road, Charlton Down, Dorchester, Dorset DT2 9UD 30/01/26 7