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2022-03-31-accounts

Registered number: 03571924 Charity number: 1070864

THE DILL FAULKES EDUCATIONAL TRUST LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 9
Independent Examiner's Report 10
Statement of Financial Activities 11
Balance Sheet 12 - 13
Notes to the Financial Statements 14 - 20

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

Trustees Dr M C Faulkes
Dr E J Futcher
Ms A R Heward
Mr G A Innes
Company registered
number
03571924
Charity registered
number
1070864
Registered office
1st Floor Sackville House
143-149 Fenchurch Street
London
EC3M 6BN
Company secretary
MCS Formations Limited

Page 1

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees (who are also directors of the charity for the purpose of the Companies Act) present their Annual Report together with the financial statements of The Dill Faulkes Educational Trust Limited (the company) for the 1 April 2021 to 31 March 2022. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015).

The Trustees' Report also represents the Directors' Report under company law.

Since the company qualifies as small under section 383, the Strategic Report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and activities

a. POLICIES AND OBJECTIVES

The Trust promotes projects that will enhance the public understanding of a broad range of specific issues and disciplines by school and university students and others. Dr M C Faulkes endowed the Trust in 1998 by transfer of listed UK securities which have been sold to provide funds for various projects considered and approved by the Trust.

The key objectives of The Trust are:

a) To assist financially selected research institute, college, university, school or other educational establishment (hereinafter called "School"),

(b) To provide financial assistance or grants to any School,

(c) To establish a periodical medal or prize at any School,

(d) To endow any School with a lectureship, "chair" or similar position,

(e) To promote research and the publication of the useful results of such research,

(f) To provide scholarships, exhibitions, bursaries, maintenance allowances or financial assistance to any person or group of persons attending any School,

(g) To promote lectures, seminars, conferences, teaching or other means whereby the public may be educated or informed,

(h) To publish and disseminate any journal, books, writing or other information in any form and to commission any books or other disseminable information; and

(i) Otherwise to further the education of the public.

b. ACTIVITIES FOR ACHIEVING OBJECTIVES

Activities include the promotion of the study of mathematics, astronomy and geometry by grants to Universities and the endowment of PhD students. Education outreach is provided through the wholly owned subsidiary Faulkes Telescope Project Ltd (FTP).

Page 2

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Objectives and activities (continued)

c. ACTIVITIES DURING THE FINANCIAL YEAR

1 . EU Funded Projects

During the 2021-2022 Financial Year, the Dill Faulkes Educational Trust Ltd (DFET) has participated in three projects funded by the European Commission:

Note on the impact of Covid-19 on DFET involvement in EU projects: The pandemic has had a substantial impact on Europlanet 2024 RI, as the activities of the project are focused on enabling visits to sites and facilities and the organisation of workshops. A Grant Amendment request for a no-cost extension until 31 July 2024 was submitted to the European Commission in March 2022. This has been approved by the Project Officer, but has not yet been signed off by the Commission due to a delays in processing paperwork. The Grant Amendment also included a request for the transfer of additional funds to DFET (from overall project underspend) to cover communications and education staff costs for the final six months of the project.

The EXPLORE and LaSciL projects will not be extended. However, LaSciL’s meeting activities have been impacted and the final amount claimed by the project may be reduced.

2. Prizes and Grants

Since 2021, DFET has provided sponsorship for two Europlanet Society annual programmes to support public engagement with planetary science:

Page 3

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Objectives and activities (continued)

In March 2022, DFET agreed to provide €15,000 over three years to support the International Astronomical Youth Camp (IAYC), a three-week long summer camp aiming to promote knowledge of astronomy and related sciences. It is organised by an international team of students and young scientists through the International Workshop for Astronomy (IWA) e.V.

DFET has also supported training for Vix Southgate, an award-winning Children’s author and illustrator, who provides design, communications and administration services for DFET and the Europlanet and EXPLORE projects.

3. Faulkes Telescope Project

In the 2021-2022 Financial Year, DFET has continued an arrangement with the Las Cumbres Observatory (LCO) Global Telescope Network to sell 200 hours of its telescope time allocation and split the income with LCO. DFET’s share of the income has been used to support activities by its subsidiary company, Faulkes Telescope Project (FTP) Ltd to develop a business plan and run outreach activities.

4. FTP-Europlanet gUG

Lothar Kurtze, FTP Ltd and DFET are currently equal shareholders in the not-for-profit German company, FTPEuroplanet gemeinnützige Unternehmergesellschaft (haftungsbeschränkt) gUG, which was established in 2020 to enable the DFET/FTP/Europlanet team to participate in EU-funded projects after Brexit.

FTP-Europlanet gUG is now participating in its first project, CliC-PoLiT (Climate Action and Light Pollution Threat), an Erasmus+ project led by Blackrock Castle Observatory in Ireland.

d. PUBLIC BENEFIT

The Trustees confirm that they have, in the administration of the charity, paid due regard to the public benefit guidance published by the Charity Commission under section 4 of the Charities Act 2011.

Page 4

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Objectives and activities (continued)

e. MAIN ACHIEVEMENTS FOR THE FINANCIAL YEAR

1. Europlanet 2024 RI

o Twitter: 3456 (from 2205 at the start of the project in February 2020) o Facebook: 2548 (from 2015 in February 2020) o YouTube:1007 (from 650 in February 2020) o Instagram: 636 (from ~200 in February 2020)

2. EXPLORE Project

Main Activities in Financial Year 2020-2021

Page 5

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Objectives and activities (continued)

3. LaSciL

Activities in Financial Year 2021-2022

4. Prizes and Grants

Activities in Financial Year 2021-2022

4.1. Europlanet Prize and Funding Scheme for Public Engagement.

Three nominations for the Europlanet Prize and 14 applications for the Europlanet Funding Scheme were received in 2021. Applications and nominations were peer-reviewed by a panel comprised of members of the Europlanet Society’s Outreach Working Group and independent outreach experts. Results were announced at the Europlanet Science Congress (EPSC) 2021.

The Europlanet Prize for Public Engagement 2021 was awarded to Dr James O’Donoghue of Japan’s Aerospace Exploration Agency (JAXA) for his work in creating high-quality space science animations. With more than 80 animated visualisations of space topics, he has reached 200 million views on YouTube and social media channels.

Grants awarded through the 2021 round of the Europlanet Public Engagement Funding Scheme included:

4.2. International Astronomical Youth Camp (IAYC) 2022

IAYC 2022 took place at Eichsfelder Hütte in Germany from 17 July – 6 August 2022, with €5,000 support by DFET. A full report by the organisers will be provided in due course.

4.3. Training

Vix Southgate undertook a series of basic, intermediate and advanced training courses with Docklands Media to learn how to produce vector graphics with the Adobe Illustrator package. She has since applied the skills gained to produce a new logo for DFET, complete a branding review for Europlanet and develop a set of sub-brands for the EXPLORE project Scientific Data Applications.

5. Update on FTP Ltd

In August 2021,the operations of FTP Ltd were affected by a breakdown in relations between former director, Paul Roche, and other members of the project. Roche was asked to resign in March 2022. A project manager, Anna Hourihane, was recruited in November 2021 with the task of reviewing activities and working with the directors to develop a business plan for the company going forwards. Following this review, the directors

Page 6

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Objectives and activities (continued)

concluded that FTP Ltd was not sustainable in the long-term and did not have a clear role that could not be carried out by DFET Ltd or FTP Europlanet gUG.

The directors of FTP Ltd have approached the National Schools’ Observatory (NSO), hosted by Liverpool John Moores University, to investigate whether some form of arrangement could be made to integrate the DFET observing time-allocation within the NSO educational programme. The NSO Director, Andy Newsam, has expressed interest, particularly in using the DFET time for international education projects, and has agreed to put together a rough proposal for how this might be achieved.

FTP Ltd will be wound up before the end of the 2022-2023 financial year.

6. Update on FTP Europlanet gUG

The first General Assembly of FTP Europlanet gUG was held on 8 July 2022 during a visit by Lothar Kurtze to London. Lothar Kurtze was confirmed as the managing director and Stefan Vögele was confirmed as the tax consultant and accountant. The first annual financial statement of FTP Europlanet gUG (for 2021) is due in 2023. Provisionally, the share in FTP-Europlanet gUG owned by FTP Ltd will be sold to the new Europlanet AISBL notfor-profit association, which will be established under Belgian law before the end of 2022.

Page 7

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management

a. CONSTITUTION

The company is registered as a charitable company limited by guarantee, incorporated on 28th May 1998. The Trust was formed under a Memorandum of Association which established the objectives and powers of the charitable company and is governed under Articles of Association. In the event of the Trust being wound up members are required to contribute an amount not exceeding £10.

b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

The Trustees are appointed by resolution of the Members as set out in the Trust's Articles and are elected to serve and promote the Trust's objectives.

The Trustees throughout the year were:

Dr M C Faulkes Dr E J Futcher Ms A R Heward Mr G A Innes

c. ORGANISATIONAL STRUCTURE AND DECISION MAKING

Dr M C Faulkes presents the Trustees with his recommendations for projects to be considered and the Trustees meet when necessary to agree and/or amend the proposals. Furthermore, the Trustees meet annually to consider the annual statements and to authorise the appropriate filing with the Register of Companies and the Charity Commission. The Trustees usually speak by telephone conference following briefing notes by Dr M C Faulkes.

d. RISK MANAGEMENT

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Page 8

THE DILL FAULKES EDUCATIOMAL TRUST LIMITED (A Company Limltsd by Guarnntwl TRUSTEES. REPORT {COPrnNUED) FOR THE YEAR ENDED 31 MARCH 2022 TRUSTEES. RESPONSIBILMES STATEMENT The Trustees (who are also the directors of the Dil Foulkes Educational Tru81 Limrded for th8 PUfPO8es of compony13w} are responsiNe for preparing the Tru51e¢s' Report aThJ the financial 5tatemenls in a(mrdance wlth applicable law and United lQ"ngJom A(￿1n￿.ng Standards (United KJ'ThJdom Generally Accepted Accounling Practice). Company law rBquiros the Trustees to prepare firtanoyal statements for gach fiD8noa . Undgr o)mpany1gw, the Trustees must not approve the financial statements unless they are satisfied Ihal they give a trug and fair view of the stale of affairs ol the Charitab￿ o)mpany and ol its Incoming resources and applicats.on of ￿soUrCes, induding Ihe income arKI expendrtuwe. of teh charitsble cofflpany for that pgriod. In preparing thes& finanaal stslem&ntS, th6 Trustees 4r& required to.. select Suitab￿ accounting polic*s and then apply them constslenty: observe the fflelhcrfls and principles of Ihè Ch8nti8s SORP.. make judgments and a￿untIng estifflates th8t are reasth)able and prud&nl'. slate whether applicabl& UK Accounting Stsndards have l)8gn folkmed, Subject lo any fflal8ri91 departures dis¢kJ8ed and explained in Ihe financial 51alemonls'. and prepare the lknanryal stalem8nl$ on the going basis unbess it is inappropriate to presume Ihal the charrty will contKiue in bu51neg8. The Trust8e5 are ￿spOnSible for keeping adequate accounbng rg¢ords that are sufficient lo show and explain the charitys transa¢tl¢)ns and dl$clo$e wrth fgasonat4e 8c¢uracy 81 any tsme the firbancial position of the charity and onable Ihgm to ensure Ihal the finanaal 51alements Comply wrth the Compani8s Act 2LNJ6. They are also responsible for Safeguarding the ossels of t￿ d￿TrtY and hence for taking reasonable steps for th9 prev&nlSon and detection of Iraud and olher iTf8gularrfi&s. Th1¥ report Wos approved by the Trustees on ..... .. $wJned on thtrlr b8h811 by.. il C F•ulk•• Trustee Page 9

THE DILL FAULKES EDUCATIONAL TRUST UMftED {A Company Limited ty Guarantee) INDEPENDEvf EXAMINER'S REPORT FOR THE YEAR ENOED 31 MARCH 2022 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DILL FAULKES EDUCATIONAL TRUST LIMFfED {Ihe ¢harSty I report to the charity Trustees (wh> are also Directors for the Purpose of tonwany law} on my examination of the financial ststemen15 of Dill Faulkes Educational Trust Limited (the charitsble company) for the year ended 31 M8r¢h 2022 which wmprise of the Statement of FinancAI Activiltes. the Balance Sheet and related notes. This report is made solety lo the charity's Iruslees. as a body. in accordan￿ with section 145 of the Charities Act 2011. My work has been undertaken so that I might state lo the charity'5 trustees those matters l am required lo slate lo them in this report and for no other purpose. To the fvljesl extent pemiitted by law, I do not accept or assume responsibility to anyone other Ihan the charity and the ch8riVs trustees as a body, for my work, for thi$ report, or for the opinions I have fomied. RESPONSIBILITIES AND BASIS OF REPORT As the Tnjstees of the charitable company you are responsible for the pfeparats.on of the Financial Ststements in accordance with the requirernents of the Companies Act 2C(6 I'the 2006 ACYI. Having satIsf￿d myself that the financial statements ot the eharitable company are not fequired to be audited under Part 16 of the A¢X and are eligiL)le for independent examination. I report in respect of my examination of the Charity's financial statements carried out under section 145 of the Charities Act 2011 ('the 2011 ACYI and in carrying out my examinab'on I have folkjwed the directk)ns gwen by the Charty Commissw under section 14515llbl of the 2011 Act. INDEPENDENT EXAMINERE STATEMENT Since the charity's gross income ex￿eded £250.1￿0 youf examiner must be a member of a body lisled in section 145 of the 2011 Act. I confirm that l am qualified lo undert8ke the examination because l am a member of lenler body he￿), whieh is olle of the listed bodies. I have completed my examination. I confirm that rKJ matters have come to my attention in connection with the examination giving me rause to believe- aceountsng records were not kept in respect of the company as required by sect59n 386 of the 2006 Act, or the accounts do not accord with those records.. or the accounts do not comply wth the a￿UntIng requirements of section 396 ot the 20(￿ Act other than any requirement that the accounts give a Irue and fairf view whth is not a matter considered as part of an independent examination.. or the accounts have not been prepa￿ in accordance Mth the methods and principles of the Statement of Recommended pract￿ for ac¢wnb"ng and reporting by chanbes lapplicable lo charities preparing their accounts in accordance wth the Financial ReP)￿.￿g Standard applicable in the UK and Republic of Irdand IFRS 1021. I have no concerns and have come across no other matters in connection with the examinabon to which allenlion shoukl be drawn in this report in order to enable a Proper understandirKJ of Ihe 8ecounts to be re￿e{l. Dated". 23 August 2022 Robert Br&man BACA Wi￿er Coe Ltd 1 sl Floor Sackville House 143-149 Fenchurch Street London EC3M 6BL Page 10

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Note
INCOME FROM:
Donations, legacies and grants
3
Other trading activities
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
Other expenditure
TOTAL EXPENDITURE
NET EXPENDITURE/INCOME
BEFORE
INVESTMENT(LOSSES)/GAINS
Net (losses)/gains on investments
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2022
£
11,421
47,732
59,153
-
758
758
58,395
(161,282)
(102,887)
1,036,583
(102,887)
933,696		 Restricted
funds
2022
£
212,588
-
212,588
294,068
-
294,068
(81,480)
-
(81,480)
51,476
(81,480)
(30,004)		 Total
funds
2022
£
224,009
47,732
271,741
294,068
758
294,826
(23,085)
(161,282)
(184,367)
1,088,059
(184,367)
903,692		 Total
funds
2021
£
13,192
50,845
64,037
65,509
7,100
72,609
(8,572)
82,009
73,437
1,014,622
73,437
1,088,059

All activities relate to continuing operations.

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 14 to 20 form part of these financial statements.

Page 11

THE DILL FAULKES EDUCATIONAL TRUST LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 03571924

BALANCE SHEET AS AT 31 MARCH 2022

Note
FIXED ASSETS
Investments
7
CURRENT ASSETS
Debtors
8
Investments
9
Cash at bank and in hand
CREDITORS:amounts falling due within
one year
10
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Restricted funds
11
Unrestricted funds
11
TOTAL FUNDS		 207,058
814,132
138,913
1,160,103
(257,301)		 2022
£
890
890
902,802
903,692
(30,004)
933,696
903,692		 19,540
975,414
98,344
1,093,298
(6,129)		 2021
£
890
890
1,087,169
1,088,059
51,476
1,036,583
1,088,059

Page 12

THE DILL FAULKES EDUCATIONAL TRUST LIM￿ED (A Company Limitoql by Gu•rnnts•) BALANCE SHEEf ICONTINUEDI AS AT 31 MARCH 2022 The Tnjstses con8ider that the o)mpany is enthjed to exemption froffl the iequiremgnt to have an audit under thg provisions of section 477 of Companies Act 2(lJ6 I'lhe Act") and the mernbers have not required the company to oblain an audit for the year in quesb)n in accordarK% wth section 478 ol Comp8nie$ Act 2CX)6. The member5 have not r8quiTed the C{￿panY lo oblain an audit for the year in q4EStion in accordance with seciion 476 01 Companies Act 2C(fj. The Trustees th(NAedge ther respcffl%tH'lrties for ￿MPl￿n9 wth the requirements of thg Companles Act 20C6 wSth respecl lo a￿Unting re￿[d$ 8TrJ prep8r8tKJn of financial Stslemenls. The financlal 51alements have be&n prepared and delivgred in accordanc8 wth the provishjns applic8bl8 to entities subi8Ct lo the $m811 compgnigs rggimfj. The flnanclal stslem?nts wgre apwoved and 8uthoTised for issue by the Trustees 0 11: Zoll K CL Ikrf. I C F•ulk Tnjstee The Tr)t&$ on pages 14 to 20 fomi part ofthe8e finan¢j41 ststements. pa￿ 13

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. GENERAL INFORMATION

The Dill Faulkes Educational Trust Limited (company number: 03571924), having its registered office at 1st Floor, Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN, is a private limited company incorporated in England and Wales. The principal place of business is Eastwoods, The Chase, Oxshott, Surrey, KT22 0HR.

2. ACCOUNTING POLICIES

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with 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 (FRS 102) (effective 1 January 2015) and the Companies Act 2006.

The Dill Faulkes Educational Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Company status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.

2.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Page 14

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES (continued)

2.4 Expenditure (continued)

Charitable activities and Governance costs are costs incurred on the acadamy trust's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

2.5 Statement of Cash Flows

The company has taken advantage of the exemption in Financial Reporting Standard 102, paragraph 7.1B, from the requirement to produce a Statement of Cash Flows on the grounds that it is a small charitable company.

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of Financial Activities incorporating Income and Expenditure Account.

All investments are held primarily to provide an investment return for the charity.

2.7 Current asset investments

Current asset investments are recognised at fair value. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

2.8 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 15

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES (continued)

2.11 Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

2.12 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the Balance Sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.

2.13 Taxation

The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.14 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.15 Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restriction arises when specified by the donor or when funds are raised for particular restricted purposes.

Page 16

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

3. INCOME FROM DONATIONS, LEGACIES AND GRANTS

Unrestricted Restricted Total Total
funds funds funds funds
2022 2022 2022 2021
£ £ £ £
Grants 11,421 212,588 224,009 13,192

4. EXPENDITURE ON CHARITABLE ACTIVITIES

Grants - Europlanet
Grants - EXPLORE
Grants - Prizes and Awards
Grants - LaScil
Total 2022
Total 2021		 Unrestricted
funds
2022
£
-
-
-
-
-
23,000		 Restricted
funds
2022
£
182,358
60,654
10,123
40,933
294,068
42,509		 Total
funds
2022
£
182,358
60,654
10,123
40,933
294,068
65,509

5. OTHER EXPENDITURE

Professional fees
Bank charges
Printing and postage
Foreign exchange difference
Sundry expenses
Subscriptions
Training course
Total 2021		 Unrestricted
funds
2022
£
6,084
513
-
(7,512)
267
152
1,254
758
7,100		 Total
funds
2022
£
6,084
513
-
(7,512)
267
152
1,254
758
7,100		 Total
funds
2021
£
6,414
278
208
96
104
-
-
7,100

Page 17

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6. NET (OUTGOING)/INCOMING RESOURCES

During the year, 1 Trustee, Ms A R Heward, received remuneration or other benefits totalling £23,016 ( 2021 - £11,000 ). Remuneration was paid in respect of management services provided for Europlanet Media Centre. As agreed in a board meeting by the other trustees.

During the year ended 31 March 2022, expenses totalling £ 643 were reimbursed or paid directly to Ms A R Heward ( 2021 - £870 ). Expenses reimbursed related to subscription payments and general costs.

During the year ended 31 March 2022, donations were received totalling £10,250 ( 2021: £Nil ) from Ms A R Heward.

7. Fixed asset investments

Cost or valuation
At 1 April 2021
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Investments
in subsidiary
companies
£
890
890
890
890

Page 18

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8. DEBTORS

Due within one year
Other debtors
Prepayments and accrued income
Grants receivable
CURRENT ASSET INVESTMENTS
Listed investments		 2022
£
45,061
952
161,045
207,058
2022
£
814,132		 2021
£
18,569
971
-
19,540
2021
£
975,414

9. CURRENT ASSET INVESTMENTS

Listed investments

The market value of the listed investments at 31 March 2022 was £814,132 ( 2021: £975,414 ).

10. CREDITORS: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2022
£
1,199
77,412
178,690
257,301		 2021
£
3,609
-
2,520
6,129

Page 19

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

11. SUMMARY OF FUNDS - CURRENT YEAR

General funds - unrestricted
Restricted funds
Total		 Balance at 1
April 2021
£
1,036,583
51,476
1,088,059		 Income
£
59,153
212,588
271,741		 Expenditure
£
(758)
(294,068)
(294,826)		 Gains/
(Losses)
£
Balance at 31
March 2022
£
(161,282)
933,696
-
(30,004)
(161,282)
903,692

12. RELATED PARTY TRANSACTIONS

Included within other debtors are amounts due from a subsidiary of the company of £45,061 (2021: £18,569).

During the year, the company paid grants of £Nil to subsidiary ( 2021: £23,000 ).

13. ULTIMATE CONTROLLING PARTY

As of 31 March 2022 and 31 March 2021 there was no ultimate controlling party of the charity.

Page 20