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2023-03-31-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 2023

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 10
Independent Examiner's Report 11
Statement of Financial Activities 12
Balance Sheet 13 - 14
Notes to the Financial Statements 15 - 25

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

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 AND FINANCIAL STATEMENTS

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

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 2022 to 31 March 2023. 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).

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 AND FINANCIAL STATEMENTS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

c. ACTIVITIES DURING THE FINANCIAL YEAR

1 . EU Funded Projects

During the 2022-2023 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 all three projects. Grant Amendments and project extensions were requested and agreed in 2023 for both the Europlanet and EXPLORE projects, which have increased the budgets on both projects for DFET. The final approved settlement for the LaSciL project, due to budgets for face-to-face meetings during the pandemic not being used, is approximately €15K less than the original amount requested in the proposal.

2. RAS DART Grant

The Comet Chasers project has been working with schools, engaging them in observing comets since September 2021. In May 2022, a Royal Astronomical Society (RAS) grant of up to £3,985 was secured by the Comet Chasers PI, Helen Usher, to use the excitement of being part of the NASA-led DART Mission to extend the project to include more schools, a wider age range of students, Welsh-language engagement, and the wider public. DART tested a method of deflecting an asteroid using kinetic impact i.e. NASA deliberately set out to crash a spacecraft into a target asteroid, Dimorphos, to determine the change in its orbital period around its larger asteroid companion, Didymos.

3. Prizes and Grants

In the 2022-2023 Financial Year, 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 AND FINANCIAL STATEMENTS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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.

4 . Faulkes Telescope Project

DFET provides educational users with approximately 1000 hours per year of free access to the LCO (Las Cumbres Observatory) network of robotic telescopes via the Faulkes Telescope Project (FTP). This time is via both real-time (RTI) observations and queue-scheduled, with access to around 30 telescopes within the global network of 2-metre, 1-metre and 0.4-metre telescopes. Observations are scheduled with LCO over two semesters per year, which run from 1 August to 31 January and 1 February – 31 July.

FTP offers about 100 hours per semester on the RTI, which allows live observations allocated in 30 minute sessions. These slots are set up prior to the start of each semester and are accessed via rti.lco.global. Users are provided with a unique token to operate the telescope. If bad weather occurs, any time allocated to RTI is not recredited and, for minor technical issues, this is also the case. Where a telescope is experiencing a major technical issue or maintenance, there is the possibility to reallocate slots. Emails are sent to registered users approximately once per week and slots are allocated on a first-come, first-served basis. New users and those unsuccessful on recent attempts are prioritised.

FTP offers 10 RTI slots per week for each week of the school year (around 40 weeks per year) and these are split 50:50 between Haleakala (Hawai’i) and Siding Spring (Australia). Usually, eight slots per week are on the 2- metre telescopes and two slots per week are on the 0.4-metre telescopes at the same sites. Due to limited availability of the 2m FTS due to weather conditions caused by La Nina, an agreement was reached with LCO in January 2022 to shift the majority of southern hemisphere RTI slots to the 0.4m telescopes for a six-month period.

The remainder of FTP’s allocation is administered via the queue-scheduled mode. Queue-scheduled time is debited alongside overheads (the main one being slew time) but is weighted according to the size of the telescope. Thus, while an hour on a 2-metre telescope uses a full 60 minutes within FTP’s overall allocation of ~1000 hours, an ‘hour’ on the 1 metre or 0.4 metre telescopes only counts as 50% or 25% of an hour (30 minutes or 15 minutes) respectively. This weighting does not apply to RTI time, which is charged at full rate.

In the 2022-2023 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.

Discussions were opened in 2022 with Liverpool John Moores University for the National Schools Observatory to take over the management of the DFET/FTP telescope time allocation on LCO.

Meetings took place in January and July 2023, and a contract has been negotiated during the autumn. Legal support for the negotiations has been provided by the firm of Edwin Coe Ltd.

Page 4

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

5 . FTP-Europlanet gUG

The not-for-profit German company, FTP-Europlanet gemeinnützige Unternehmergesellschaft (haftungsbeschränkt) gUG, was established in 2020 to enable the DFET/FTP/Europlanet team to participate in EU-funded projects after Brexit. On establishment, Lothar Kurtze, FTP Ltd and DFET Ltd were equal shareholders, with each share having a value of 1000€. In preparation for the dissolution of FTP Ltd, the share in FTP-Europlanet gUG was transferred to DFET Ltd. Lothar Kurtze paid DFET 500€ for one half share, so that he and DFET could become equal shareholders. The transfer was documented and minuted internally, and Dill Faulkes, Anita Heward and Lothar Kurtze visited the notary in Weinheim on 1 December 2023 to update the company statutes. However, for the updated statutes to be published in the German company register, an apostille (a notorised authorisation by the DFET Ltd and FTP Ltd Directors and Company Secretary giving permission for Faulkes and Heward to act on behalf of all the Directors) is still required to be submitted to the German notary. This will be completed by early 2024.

FTP-Europlanet gUG is midway through its first project, CliC-PoLiT (Climate Action and Light Pollution Threat), an Erasmus+ project led by Blackrock Castle Observatory in Ireland. Participation in a second Erasmus+ project, StAnD, has also commenced.

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 5

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

e. MAIN ACHIEVEMENTS FOR THE FINANCIAL YEAR

1. Europlanet 2024 RI

2. EXPLORE Project

Main Activities in Financial Year 2022-202 3

Page 6

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

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

3. LaSciL

Activities in Financial Year 2021-2022

4. RAS DART Grant

The Comet Chasers Project worked with over 250 children, aged 7-18, in their school classes and delivered outreach engagement with over 750 people at public events. Overall, project participants made 928 observations (over 20 hours of Faulkes Telescope exposure time) of the Didymos system over 9 months, with the data being included in analysis by the DART project team. Schools were credited in publications, including the poster specifically on the project presented by Helen Usher at the Planetary Defence Conference (PDC) and a poster by Cai Stoddard-Jones at the Europlanet Science Congress (EPSC) 2022. Claims for consumables were made to DFET during the Financial Year 2022-2023.

5. Prizes and Grants

Activities in Financial Year 2022-2023

5.1. Europlanet Prize and Funding Scheme for Public Engagement.

Six nominations for the Europlanet Prize and six applications for the Europlanet Funding Scheme were received in 2022. 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) 2022.

The 2022 Europlanet Prize for Public Engagement was awarded to Dr Kosmas Gazeas and the team behind the ‘Planets In Your Hand’ tactile exhibition.

A grant of 5,000 Euros was awarded through the 2022 round of the Europlanet Public Engagement Funding Scheme to “A Journey to the Planets”, led by the IAGA-International Association of Geomagnetism and Aeronomy group at GFZ-Potsdam and Papa Vento. The project has produced a series of short movies aimed at young children (2-8 years) with stories about the planets told by Bimbim’s team, an original and funny puppet theatre.

Page 7

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

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

5.2. International Astronomical Youth Camp (IAYC) 2022

IAYC 2022 took place from 17th July - 6th August 2022 at Eichsfelder Hütte in central Germany, near the Harz National Park. It was attended by over 60 participants. Note that neither of the payments for IAYC 2022 (made in March 2022) and for IAYC 2023 (made in July 2023) fell in the 2022-2023 financial year.

6. Faulkes Telescope

During the 2022-2023 Financial Year, 366 sessions were booked using the Real Time Interface (RTI) for the telescopes, with 49% of observations successful (unsuccessful sessions due to weather or technical issues).

Table 1: Summary of RTI Time use during the 2022 - 2023 Financial Year

30-min Slots Available 450
2m slots 322
0.4m 128
Not booked 38
Off sky 46
Total number of observers 62
Sessions led by teachers >100
Average observers per month 11.5
Total value of time offered for observations
@$650 per hour		 $146,250.00

Table 2: Summary of queued observations by semester in 2022 and 2023

23A (1 February 2023 - 31
July 2023)- Hours		 23A (1 February 2023 - 31
July 2023)- Hours		 22B (1 August 2022 - 31
January 2023)- Hours		 22B (1 August 2022 - 31
January 2023)- Hours		 22A (1 February 2022 - 31
July 2022)- Hours		 22A (1 February 2022 - 31
July 2022)- Hours
Used Allocated Used Allocated Used Allocated
0.4 metre
(@$250)		 23 179 31 140 35 104
1 metre
(@ $450)		 85 110 100 140 55 100
2 metre
(@ $650)		 108 200 73 200 65 200
Total 216 489 204 480 155 404
Value $114,200 $224,250 $100,200 $228,000 $75,750 $201,000

108 new users registered, including:

20 of the new registrations resulted from the LaSciL project

Page 8

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

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Financial review

For the year ended 31 March 2023, income amounted to £59,106 (2022: £271,741) , expenditure amounted to £183,889 (2022: £118,783) , and there were net losses on investments of £264,181 (2022: £161,282) . The charitable activities undertaken during the year are detailed in note 5.

As a result of the above movements, a deficit of £388,964 (2022: £8,324) was reported for the year. Funds carried forward total £690,771 (2022: £1,079,735), of which £648,082 (2022: £933,696) are unrestricted funds and £42,689 (2022: £146,039) are restricted funds.

a. GOING CONCERN

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

b. PRINCIPAL RISKS AND UNCERTAINTIES

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

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

Page 9

TRUSTEES REPORT qCOIfflMUE FOR Trli YEAR EFiOtD 31 IAARiF6 2023 TRUSTEES. RESPON51BILtnES STATEIIEMT The Twstees (who ar8 also olrth of thg DLI Faulk8s EdLuUonal Twst Lk771ed for lpie purposes of company law) arn responsib￿ ft>r weparry the TnLStee8' Re￿)rt th8 Strategic Report and the finandal Gerwalty Atsxpted Accwnting Pra(ti¥). Company Iw r8qulr88 th8 TnAtee8 to wepare financaal statemerts for each firwiiial . Und•r company Iww, tr Trustees must not approve th6 finanoal temènts unless they ar8 salisfied that Ih&y grvg a true and fail viaw of the Stale of affairs of the chwilabl8 C•Mp￿Y and of its incomiig Mour￿ and applicab'cffl of r8$ources, induding Ihg irKx)me eXp￿d￿U￿. ol the d￿vIlable ojrnpany for that pwiod. In PTgpaMg these finandal staloments. the Trusts8$ are r•qwred to.. 8el8t# suitable a¢cl￿nting pJlide8 then appty tham oywthrty. ob88rve th methods and wincipl•s ofth8 Ch*s SORP.. mako ludgments 8nd a(xxJunllng eBtwnates that arg roas(Thbkn and wudert ststo whet￿r appllcable UK A￿1)unI￿r¥j StsrKl8rd$ hm beon folN8d. 8ubSèct to any Mat8￿#1 dgparturo8 dlBdoseil arKI exF4atned in fin￿¢￿1 statements.. prepare tha ffinanoal slatoThwrts ￿ th• gMg b#818 118 kn•ppToprbate to W88umo thal the Th8 Tnjstees ￿ resp￿81t48 lor keeprt adequate acca>unlirwJ re(yxds that 8uffici&nl to show and explgln tht charitys transactions aThJ wilh roa8onobl8 aci>Jrary at ￿Y tkn• tho finandal p081Uon of thè tharrty and enablè Ihem lo ensure that the finwKyal statements oJmFdy wilh ihe Companies Act 2CIX. Th&y are also rg¥ponslblg for safegu4rth.ng tho 8888ts of tm h•nca tor tskhvj f•aeonablo 8t•P8 for Ihty pr•vgntb)n and delectson of tra￿1 arKI other iTh•gularilies. This reportwaswo¥ed byth&TnMtwon... .................... . ............... •rMI ￿gnad onthwbehalFby. C Faulh Trust Page 10

THE DILL FAULKES EDUCATIONAL TRUST LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DILL FAULKES EDUCATIONAL TRUST LIMITED I'the charity'l I report lo the charity Trustees (who are also Directors for the purpose of company lawl on my examination ol the financial slalements ol Dill Faulkes Educational Trust Limited Ilhe charitable cornpanyl for the year ended 31 March 2023 which comprise ol Ihe Statemenl of Financial Activities: the Balan￿ Sheet and related notes. This report is made solely lo the cherity'5 Ituslees. as a body. In accordance with 5edion 145 of the Charities Act 2011. My work has been undertaken so that I might stale lo the charity s trustees Ih05e matters l am required to state to them in this report and for no other purpose. To the fullest extent pemiitled by law. I do nc>t a¢¢ept or a55L5me responsibility lo anyone other than the ¢harity and Ihe charity s Iruslees as a body, lor my work. for this report. or for the opinions I have formed. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charitable company you are responsible for the preparation of the Financial Statements in accordance with the requirements of the Companies Act 20[￿ I'the 2006 Acl'l. Hawng satisfied myself that the financial slaternents of the charitable company are not iequired lo be audited under Part 16 of Ihe Act and are eligible for Independent examination. I report in respect of my examination of the charity's financial slalements carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l and in carrying out rny examination I have followed Ihe di￿￿10nS given by the Charity Commission under section 14515llbl ol the 2011 A¢l. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. l Confim) that no matters have come to my attention in connection with the examination giving me Cause lo believe". accounting records were not kept in respect of the company as required by section 386 01 the 2006 Act,. or the accounts do not accord with those records," or the accounts do not compty wlh the accounting requirements of section 3% of the 2006 Act other than any requirement that the accounts give a and fairf view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accotdance with the methods and principles of the Slalemenl of Recommended Practice for accounting and reporting by charities lapplicable to charilies preparing their accounts in accordance wlh the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection wilh the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Dated". 29 January 2024 Daniel Proctor ACA Wilder Coe Ltd 1 sl Floor Sackville House 143-149 Fenchurch Street London EC3M 6BL Page 11

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
INCOME FROM:
Donations, legacies and grants
3
Other trading activities
4
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
5
Support costs
6
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE)
BEFORE
INVESTMENT(LOSSES)/GAINS
Net losses on investments
NET EXPENDITURE
Transfers between funds
14
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward as
previously stated
Prior year adjustment
13
Total funds brought forward as restated
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2023
£
-
59,106
59,106
5,864
64,466
70,330
(11,224)
(264,181)
(275,405)
(10,209)
(285,614)
933,696
-
933,696
(285,614)
648,082		 Restricted
funds
2023
£
-
-
-
113,559
-
113,559
(113,559)
-
(113,559)
10,209
(103,350)
(30,004)
176,043
146,039
(103,350)
42,689		 Total
funds
2023
£
-
59,106
59,106
119,423
64,466
183,889
(124,783)
(264,181)
(388,964)
-
(388,964)
903,692
176,043
1,079,735
(388,964)
690,771		 As restated
Total
funds
2022
£
224,009
47,732
271,741
118,025
758
118,783
152,958
(161,282)
(8,324)
-
(8,324)
1,088,059
-
1,088,059
(8,324)
1,079,735

All activities relate to continuing operations.

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

The notes on pages 15 to 25 form part of these financial statements.

Page 12

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS REGISTERED NUMBER: 03571924

BALANCE SHEET AS AT 31 MARCH 2023

Note
FIXED ASSETS
Investments
9
CURRENT ASSETS
Debtors
10
Investments
11
Cash at bank and in hand
CREDITORS:amounts falling due within
one year
12
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Restricted funds
14
Unrestricted funds
14
TOTAL FUNDS		 52,297
549,951
91,346
693,594
(4,155)		 2023
£
1,332
689,439
690,771
42,689
648,082
690,771		 207,058
814,132
138,913
1,160,103
(81,258)		 As restated
2022
£
890
1,078,845
1,079,735
146,039
933,696
1,079,735

Page 13

8ALAMCE SHEET (CONThIUED) AS AT 31 MARCH 2023 The Twstaes cfmsider that the (yJmwy15 8nlM8d to oxgmpllon from th8 requtremerf to Pth8 an aLKIII underlhe provisions of sedKyn 477 of the Clnp￿Ie5 Ad fth• Affj and mwnbeTS have not required the o)mpanyto otrta"n an •JJltforts in ￿￿stry¢ Wi Xtrfdan￿ 8etkn 476 of Companigs Act 2CQ6. set#t1￿ 476 ofC¢¥np￿￿S Acl 2C The TTUStees ac*n¢ythedg& their for COM￿ the requk•m•nl8 oftho Compani•s Act 2(X Mcaikrf. M C F•uik•• Trust8 Th• not88 on paws 15 to 25 ftxm part olthe8• fin•nd8I8tateM￿ Page 14

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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.

Page 15

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES (continued)

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.

Charitable activities and Governance costs are costs incurred on the academy 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.

Investments in associates are stated at the amount of the charity's share of net assets. The Statement of Financial Activities includes the charity's share of the associated companies' net income or expenditure using the equity accounting basis. As the associate is a charity, the investment is presented within restricted funds.

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.

Page 16

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES (continued)

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.

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 17

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. INCOME FROM DONATIONS, LEGACIES AND GRANTS

Unrestricted Restricted Total Total
funds funds funds funds
2023 2023 2023 2022
£ £ £ £
Grants - - - 224,009

Income from donations, legacies and grants totaled £Nil (2022: £224,009) , of which £Nil related to unrestricted funds (2022: £11,421) and £Nil related to restricted funds (2022: £212,588) .

4. INCOME FROM OTHER TRADING ACTIVITIES

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Telescope time 59,106 59,106 47,732

All income from other trading activities during the current and previous year was unrestricted.

5. EXPENDITURE ON CHARITABLE ACTIVITIES

Project - Europlanet
Project - EXPLORE
Other charitable activities
Project - LaScil
Total 2023
Total 2022 as restated		 Unrestricted
funds
2023
£
-
-
5,864
-
5,864
-		 Restricted
funds
2023
£
71,946
25,729
-
15,884
113,559
118,025		 Total
funds
2023
£
71,946
25,729
5,864
15,884
119,423
118,025		 As restated
Total
funds
2022
£
54,638
19,092
10,123
34,172
118,025

Page 18

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. OTHER EXPENDITURE

Legal & professional fees
Training course
Bank charges
Sundry expenses
Subscriptions
Foreign exchange difference
Bad debt expense
Total 2022		 Unrestricted
funds
2023
£
19,817
-
422
1
24
(137)
44,339
64,466
758		 Total
funds
2023
£
19,817
-
422
1
24
(137)
44,339
64,466
758		 Total
funds
2022
£
6,084
1,254
513
267
152
(7,512)
-
758

During the year ended 31 March 2023, the Board of Trustees' commissioned a study of the future viability of the charity's subsidiary, Faulkes Telescope Project Ltd. Based upon the results of this study, the Board of Trustees' decided to close the company, and subsequent to the year end, Faulkes Telescope Project Ltd was dissolved on 19 December 2023. Consequently, the Trustees' have determined that the £44,339 loan due from the company as at 31 March 2023, was no longer considered to be recoverable.

7. INDEPENDENT EXAMINER'S REMUNERATION

2023 2022
£ £
Fees payable to the charity's independent examiner for the independent
examination of the charity's annual accounts 1,086 1,086
Fees payable to the charity's independent examiner in respect of:
All accountancy services not included above 1,560 1,560

8. NET (OUTGOING)/INCOMING RESOURCES

During the year, 1 Trustee, Ms A R Heward, received remuneration or other benefits totalling £18,480 ( 2022 - £23,016 ). Remuneration was paid in respect of management services provided for Europlanet Media Centre, as agreed in a board meeting by the other trustees.

Page 19

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. NET (OUTGOING)/INCOMING RESOURCES (continued)

During the year ended 31 March 2023, expenses totalling £ 827 (2022: £Nil) were reimbursed to 1 ( 2022 - Nil ) trustees. Expenses reimbursed related to subscription payments and general costs.

During the year ended 31 March 2023, donations were received totalling £Nil ( 2022: £10,250 ) from Ms A R Heward.

9. FIXED ASSET INVESTMENTS

Cost or valuation
At 1 April 2022
Additions
Disposals
Transfers between classes
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Investments
in subsidiary
companies
£
890
883
(441)
(1,331)
1
1
890		 Investments
in joint
venture
companies
£
-
-
-
1,331
1,331
1,331
-		 Total
£
890
883
(441)
-
1,332
1,332
890

Page 20

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. DEBTORS

Due within one year
Other debtors
Prepayments and accrued income
Grants receivable		 2023
£
-
1,238
51,059
52,297		 2022
£
45,061
952
161,045
207,058

11. CURRENT ASSET INVESTMENTS

2023 2022
£ £
Listed investments 549,951 814,132

Listed investments

The market value of the listed investments at 31 March 2023 was £549,951 ( 2022: £814,132 ).

12. CREDITORS: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2023
£
1,509
-
2,646
4,155		 As restated
2022
£
1,199
77,412
2,647
81,258

Page 21

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. PRIOR YEAR ADJUSTMENT

It was identified that as at 31 March 2022, some future costs for grant funded projects, which were paid to the charity in advance, were accrued for by mistake. Consequently, a prior year adjustment has been recognised, in accordance with the Charities SORP, to reverse the relevant accruals. The impact of this adjustment is that brought forward restricted funds have increased by £176,043, and accruals and deferred income have decreased by £176,043.

Page 22

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. SUMMARY OF FUNDS - CURRENT YEAR

Unrestricted
funds
General Funds -
all funds
Europlanet
Explore
LaSciL
Restricted
funds
Total		 As restated
Balance at 1
April 2022
£
933,696
107,064
33,300
5,675
146,039
1,079,735		 Income
£
59,106
-
-
-
-
59,106		 Expenditure
£
(70,330)
(71,946)
(25,729)
(15,884)
(113,559)
(183,889)		 Transfers
in/out
£
(10,209)
-
-
10,209
10,209
-		 Gains/
(Losses)
£
Balance at 31
March 2023
£
(264,181)
648,082
-
35,118
-
7,571
-
-
-
42,689
(264,181)
690,771

Purpose of funds:

Unrestricted funds: These funds can be used in accordance with the Charity’s objectives, at the discretion of the Trustees.

Restricted funds:

Europlanet

The Europlanet 2024 Research Infrastructure (RI) provides free access to the world’s largest collection of planetary simulation and analysis facilities, data services and tools, a ground-based observational network and programme of community support activities. The project is funded through the European Commission’s Horizon 2020 programme and runs for four years from February 2020 until July 2024.

EXPLORE

EXPLORE is a 2 million Euro project funded by the European Commission through the Leadership in Enabling Industrial Technology (LEIT) and Space programme in Horizon 2020. The project is developing six novel applications that use artificial intelligence (AI) and visual analytics to exploit the vast datasets generated by astrophysics and planetary missions.

LaSciL

The National Agency has decided to award a grant for the project entitled Large Scientific Infrastructures Enriching Online and Digital Learning under the Erasmus+ Programme in order to support teachers to become literate and fluent with the use of high quality digital tools.

Page 23

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. SUMMARY OF FUNDS

Summary of funds - current year

General funds
Restricted funds		 As restated
Balance at 1
April 2022
£
933,696
146,039
1,079,735		 Income
£
59,106
-
59,106		 Expenditure
£
(70,330)
(113,559)
(183,889)		 Transfers
in/out
£
(10,209)
10,209
-		 Gains/
(Losses)
£
Balance at 31
March 2023
£
(264,181)
648,082
-
42,689
(264,181)
690,771

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Analysis of net assets between funds - current year

Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2023
£
1,332
650,905
(4,155)
648,082		 Restricted
funds
2023
£
-
42,689
-
42,689		 Total
funds
2023
£
1,332
693,594
(4,155)
690,771

Analysis of net assets between funds - prior year

Fixed asset investments
Current assets
Creditors due within one year
Total As restated		 Unrestricted
funds
2022
£
890
936,652
(3,846)
933,696		 As restated
Restricted
funds
2022
£
-
223,451
(77,412)
146,039		 As restated
Total
funds
2022
£
890
1,160,103
(81,258)
1,079,735

Page 24

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

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. RELATED PARTY TRANSACTIONS

Included within other debtors are amounts due from a subsidiary of the company of £Nil (2022: £45,061).

During the year, the charity recognised a bad debt provision in respect of a loan of £44,339 due from a subsidiary company, as the board considered it unlikely that this could be recovered.

18. ULTIMATE CONTROLLING PARTY

As of 31 March 2023 and 31 March 2022 there was no ultimate controlling party of the charity.

Page 25