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