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← The Dill Faulkes Educational Trust Limited

2025-03-31-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 2025

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 - 11
Statement of Financial Activities 12
Balance Sheet 13 - 14
Notes to the Financial Statements 15 - 24

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 2025

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 2025

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 2024 to 31 March 2025. 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:

b. ACTIVITIES FOR ACHIEVING OBJECTIVES

Activities include the promotion of the study of astronomy, planetary science, mathematics and geometry by offering telescope time to schools, participation in international projects, and the provision of grants to outreach organisations and researchers.

Page 2

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

c. ACTIVITIES DURING THE FINANCIAL YEAR

1 . EU Funded Projects

During the 2024-2025 Financial Year, the Dill Faulkes Educational Trust Ltd (DFET) had involvement in two projects funded by the European Commission:

2. Prizes and Grants

The International Astronomical Youth Camp (IAYC) is an annual three-week long summer camp that aims to promote knowledge of astronomy and related sciences, organised by an international team of students and young scientists through the International Workshop for Astronomy (IWA) e.V.

DFET funded the programme with a grant of €15,000 over three years from 2022-2024. Although funds available to DFET in 2025 were limited, the Trustees agreed to support the 2025 IAYC with €1,000 funding in recognition of the success of the collaboration and the reported impact of IAYC over the past three years.

3. Faulkes Telescope Project

DFET provides educational users with approximately 1000 hours per year of free access to the Las Cumbres Observatory (LCO) network of robotic telescopes via the Faulkes Telescope Project (FTP). This time is offered as both Real-Time Interface (RTI) observations and queue-scheduled observations, 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. DFET offers about 200 hours per year on the RTI, which allows live observations allocated in 30 minute sessions. 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.

The remainder of DFET's allocation is set up via the queue-scheduled mode. LCO debits DFET's queuescheduled time from the 1000-hour allocation alongside overheads (e.g. slew time), but weights the time debited according to the size of telescopes used. Thus, LCO debits DFET an hour per hour (1:1) for queued time on the 2-metre telescopes, but only 30 minutes per hour (1:2) for queued time on the 1-metre telescopes and 15 minutes per hour (1:4) for time on the 0.4-metre telescopes. All RTI time is debited by LCO at full rate.

Page 3

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

In late 2023, discussions were finalised with Liverpool John Moores University (LJMU) for The Schools' Observatory (TSO) to take over the management of the DFET telescope time allocation on LCO. A contract with LJMU was signed in January 2024 to support a new staff member at TSO to take on the responsibility of integrating the DFET time into TSO programmes and overseeing delivery of schools’ programmes with the time.

4. FTP-Europlanet gUG

The not-for-profit German company, FTP-Europlanet gemeinnotzige Unternehmergesellschaft (haftungsbeschrankt) gUG, was established in 2020 to enable the DFET/FTP/Europlanet team to participate in EU-funded projects after Brexit. DFET and Lothar Kurtze each hold 1.5 shares of FTP- Europlanet gUG.

In the 2024-2025 financial year, FTP-Europlanet gUG participated in three Erasmus+ EC-funded projects: CliCPolit (Climate Action and Light Pollution Threat) led by Blackrock Castle Observatory in Ireland, StAnD (Students As planetary Defenders) led by INAF in Italy and AstroJourneys (AI-assisted learning platform for educators and learners) led by CY Cergy Paris Université in France. In all three projects, the FTP-Europlanet-gUG team has delivered training and resources for teachers using DFET’s time allocation on the LCO network of robotic telescopes.

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.

e. MAIN ACHIEVEMENTS FOR THE FINANCIAL YEAR

1. EU Funded Projects

Europlanet 2024 RI - Main Activities in Financial Year 2024-2025

The Europlanet 2024 RI project ended on 31 July 2024, thus project-related activities in the 2024-2025 financial year were concentrated between April and July. The majority of activities were concerned with dissemination of results. These activities included:

Due to Covid, there were multiple changes to the overall Europlanet 2024 RI budget over the course of the project, with several budget increases awarded to DFET to carry out additional communication, evaluation and management tasks. In particular, due to internal issues at the University of Kent, which led to a temporary freeze in payments by the university’s finance department during Q1 and Q2 of 2024, DFET paid several costs in the very late stages of the Europlanet project and received an increased budget to compensate. In total, DFET’s budget increased by €90,512.90 from the start of the project in February 2020 to the final financial claim submitted in January 2025.

Page 4

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

Table 1: Changes to DFET’s budget in Europlanet 2024 RI from February 2020 to the final claim submission in January 2025

January 2025
Cost Category Original Budget Amended Budget
V4		 Amended Budget
V5		 Amended Budget
V6		 Final Budget
Feb-20 Aug-22 May-24 Jun-24 Jan-25
Personnel € 185,000.00 € 220,000.00 € 220,000.00 € 225,000.46 € 225,000.46
Other Direct
costs		 € 24,040.00 € 28,266.14 € 36,308.96 € 48,462.64 € 56,449.86
Subtotal € 209,040.00 € 248,266.14 € 256,308.96 € 273,463.10 € 281,450.32
25% Indirect
costs		 € 52,260.00 € 62,066.54 € 64,077.24 € 68,365.78 € 70,362.58
Total € 261,300.00 € 310,332.68 € 320,386.20 € 341,828.88 € 351,812.90

The activities of Europlanet 2024 RI are being continued through Europlanet AISBL, a non-profit international association established in Brussels in 2023. To support Europlanet AISBL during the transition from EC grants to a fully-sustainable membership-funded model, DFET continued to fund some Europlanet communications activities until the end of the 2024-2025 financial year. The funding for these activities were covered by donation of £10,000 from a DFET trustee (A Heward) and the associated £2,500 Gift Aid.

EXPLORE - Main Activities in Financial Year 2024-2025

The EXPLORE project finished on 31 December 2023. No project activities were undertaken during the financial year. However, due to a technical issue with submitting the report in the EC portal due to an error related to the withdrawal of a partner, there was a delay of six months in submitting the final report. A final payment of €14,695.96 was received from the project coordinator, ACRI-ST, on 3 March 2025. This payment reflected the claim for actual personnel and other direct costs submitted by DFET to the EC, and meant that DFET received a total of €78,526.83 for its participation in the EXPLORE project – €1,026.83 more than its €77,500 budget. This increase was granted by the EXPLORE Consortium in recognition for the quality of the work done by DFET.

2. Prizes and Grants

Activities in Financial Year 2024-2025

2.1. International Astronomical Youth Camp (IAYC) 202 4

The IAYC 2024 took place from 4-24th August 2024 at Youth Hostel Klingenthal – Aschberg in Germany. It was attended by over 60 participants from 28 countries. Participants carried out activities through eight thematic working groups, several of which covered topics on observing with telescopes, including the Faulkes Telescope and LCO network. For more details, see the IAYC website.

3. Faulkes Telescope Telescope Project (FTP) - DFET Partnership with The Schools’ Observatory (TSO)

The 2024-2025 financial year was a time of transition from the past operational model of the Faulkes Telescope Project (FTP) management of DFET’s time on the Las Cumbres Observatory (LCO) network to a new partnership with The Schools Observatory (TSO).

The first part of the financial year (April to November 2024) was a continuation of the old FTP systems administered from Cardiff. A total of 33 new educators registered to access the telescopes through FTP during the period. In parallel, several meetings were held with TSO's team to progress the handover.

Page 5

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

Under the new arrangements, TSO will expand its existing activities, which offer schools in the UK and Ireland access to observing time on the Liverpool Telescope, to enable schools worldwide to access DFET’s time on the LCO global network of over 25 robotic telescopes. The TSO 'Go Observing' platform is being updated to enable users to observe a wider range of celestial objects and also enhanced to allow schools to conduct the type of advanced research projects previously carried out by FTP users.

To reflect the associated increase in workload by the TSO team, DFET agreed to provide a grant to fund a fulltime staff member to support the management and use of the telescope time. An advertisement for the position received 40 applications. The successful candidate, Georgia Hurst, a former physics teacher, started work on the project on 1st September 2024.

In August 2024, FTP users were notified of upcoming changes and that they would need to register on TSO’s website to continue to access telescope time. In November 2024, the partnership website was launched and DFET’s LCO telescope time was fully integrated into the ‘Go Observing’ platform for queued observations. The Live Observing booking system was also moved onto the TSO website. Existing FTP users’ accounts with LCO remained active for the 2024B semester, which ended in January 2025. As of January, (almost) all observations are now requested and implemented through the ‘Go Observing’ platform. To allow continuation of more complex observations while the ‘Go Observing’ platform upgrade is in progress, TSO has invited proposals from the community (particularly FTP users) with a short description of the project and a request for a specified number of hours of telescope time.

Overall, the transition has gone smoothly, and feedback has been largely positive. The relationships between TSO and key FTP users, especially the FTP-Europlanet gUG team, are working well, enabling the continuation of the most successful research projects established under FTP (e.g. Comet Chasers).

In January 2025, webservers were set up to monitor traffic to the website. Website hits have surpassed 1 million every month since January 2025, with a peak of 4,561,044 site visits in March 2025. There were 2,964 registrations on the TSO site between November 2024 and June 2025, of which 942 were educators, 1,499 were students and 523 were ‘explorers’ (other users). A total of 8,483 observing requests were logged during the same time period, of which 2,174 were sent to the LCO network.

Nonetheless, despite the high user engagement reported above, unexpected efficiencies in scheduling observations, as well as telescope downtime due to poor weather, contributed to lower usage across the LCO network than anticipated, with less than 20% of the available telescope time actually used. Of the 2,174 requested observations, 1,082 were completed, 207 partially completed and 885 cancelled. Building on these initial experiences, TSO is revising its implementation plan and will aim to recruit new users and integrate new observing programmes into ‘Go Observing’. Full details can be found in the TSO 2024-2025 Annual Report for DFET.

The total value of queue time for the 2024-25 Financial Year (2 x months 24A + 6 x months 23B + 4 x months 23A) was $180,740.*

Page 6

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

Table 2: Summary of Queue Time use during the 2024 - 2025 Financial Year

25A (1February 2025 - 25A (1February 2025 - 25A (1February 2025 - 24B(1 August 2024- 31 August 2024- 31 August 2024- 31 24A(1 February 2024- 31 24A(1 February 2024- 31 24A(1 February 2024- 31
31Julv2025) - Hours Januarv 2025) – Hours* Julv 2024) - Hours
Used Allocated Used Allocated Used Allocated
0.4metre
20.9 127 24 120 27 130
{(ii) $600)
1metre
48.1 237 117 174 98 110
{(ii) $600)
2metre
((ii)$700)		 14.6 155 28 129 20 200
Total 83.6 519 169 423 145 440
Value
$51,620.00		 $326,900.00 $104,200.00 $266,700.00 $89,000.00 $284,000.00
Average per
month
$8,603.33		 $54,483.33 $17,366.67 $44,450.00 $14,833.33 $47,333.33
* 24B includes time being allocated by LCO. Due to the handover to TSO, and transition between systems, figures from 13
– 31 January 2025 are missing.
During the 2024-2025 Financial Year, 286 sessions were booked using the Real Time Interface
telescopes, with a total value of $191,100. §
Table 3: Summary of RTI Time During the 2024-2025 Financial Year
RTI Session Number of Sessions Available
30-min Slots Available 286
Allocated slots 273
Notbooked 13
Sessionsledbyteachers >150
Averaqe observers per month 9.5
Totalvalueof timeallocated for observations@ $700per hour $191,100

During the 2024-2025 Financial Year, 286 sessions were booked using the Real Time Interface (RTI) for the telescopes, with a total value of $191,100. §

§ Numbers to 13 December 2024. Due to the transition, figures from 13 December 2024 onwards are not available.

Thus, the total value of telescope time (i.e. queue time ($180,740) + RTI time ($191,100.00)) donated by DFET to schools and educators during the 2024-2025 Financial Year was at least $371,840.00.

Page 7

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

4. FTP-Europlanet gUG

Main Activities in Financial Year 2024-2025

During the 2024-2025 financial year, The FTP-Europlanet team produced educational resources and trained teachers in multiplier events and summer schools for the CliC-PoLiT and StAnD Erasmus+ projects.

Financial review

For the year ended 31 March 2025, income amounted to £48,068 (2024: £114,168) , expenditure amounted to £77,692 (2024: £135,297) , and there were net losses on investments of £58,341 ( 2024: £334,402 ). The charitable activities undertaken during the year are detailed in note 5.

As a reuslt in the above movements, a deficit of £87,965 (2024: £355,531) was reported for the year. Funds carried forward total £247,275 (2024: £335,240) , of which £240,235 (2024: £328,843) are unrestricted funds and £7,040 (2024: £6,397) 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 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.

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.

Page 8

THE DILL FAUL1￿ EDUCATIONAL TRUST UMftED (A Company Limited by Guarantso) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 PAARCH 2025 Structure. governance and management (continued) b. METHOD OF APPOINTIAENT OR ELECTION OF TRUSTEES The management of the company is the responsibility of the Twstees who are elected and Cl￿pIed under the temis of the Trust deed. The Trustees are appointed by resolution of the Members as sel (yjt in the T￿￿￿S Artides and are elected to sep4e and promote the Trusfs obiecbves. The Trustees throughout the year were". Dr M C Faulkes Dr E J Futcher Ms A R Heward Mr G A Innes statement of Trustees. respon$lbllttles The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees, Report induding the Strategic Report and the financial ststements in accordanc8 with applicable law and United Kingdom Accounb'ng Standards (Unrted Kingdom Generalty A¢¢epted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial ststements unless they are satisfied that they giv8 a true and fair view of the state of affairs of the charty and of rts incoming resources and application of resources, induding its income and expendiiure, for that period. In preparing these financial statements. the Trustees are required to: select suitable accounting policies and then appty them consistently: obseprfe the methods and principles of the Charities SORP (FRS 102).. mak8 judgments and aC￿Urtting estimates that are reasonable and prudent: state whether applirAble UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial sLqtements; and preparè the financial statements on Ihe goin9 concem basis unless it is inappropriate to presume that th8 charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitys transactions and disciose with reasonable atruracy al any time the financial position of the ¢harity and enable them to ensure that the financial statements COM￿ wrth the Companies Act 2006. They are a150 responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and deteckion of fraud and other irregulatities. 2110112026 This report was approved by the Trustees on ............................................... and signed on their behalf by: L a (kfrf. C Faulkes Trustee Page 9

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025

Independent Examiner's Report to the Trustees of The Dill Faulkes Educational Trust Limited ('the charitable Company')

I report to the charity Trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of Dill Faulkes Educational Trust Limited (the charitable company) for the year ended 31 March 2025 which comprise of the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for 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 2006 ('the 2006 Act').

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible 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 Act') and in carrying out my examination I have followed the directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Page 10

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charity's Trustees as a body, for my work or for this report.

Robert Bradman BA CA

Wilder Coe Ltd 1st Floor Sackville House 143-149 Fenchurch Street London EC3M 6BL

Dated: 22/01/2026-

Page 11

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 2025

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 (EXPENDITURE) BEFORE
INVESTMENT(LOSSES)
Net losses on investments
NET EXPENDITURE
Transfers between funds
14
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2025
£
19,614
-
19,614
5,740
33,629
39,369
(19,755)
(58,341)
(78,096)
(10,512)
(88,608)
328,843
(88,608)
240,235		 Restricted
funds
2025
£
28,454
-
28,454
38,323
-
38,323
(9,869)
-
(9,869)
10,512
643
6,397
643
7,040		 Total
funds
2025
£
48,068
-
48,068
44,063
33,629
77,692
(29,624)
(58,341)
(87,965)
-
(87,965)
335,240
(87,965)
247,275		 Total
funds
2024
£
61,284
52,884
114,168
102,166
33,131
135,297
(21,129)
(334,402)
(355,531)
-
(355,531)
690,771
(355,531)
335,240

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 24 form part of these financial statements.

Page 12

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

BALANCE SHEET AS AT 31 MARCH 2025

Note
FIXED ASSETS
Investments
10
CURRENT ASSETS
Debtors
12
Investments
11
Cash at bank and in hand
CREDITORS: amounts falling due within one
year
13
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Restricted funds
14
Unrestricted funds
14
TOTAL FUNDS		 51,556
157,208
39,980
248,744
(2,800)		 2025
£
1,331
245,944
247,275
7,040
240,235
247,275		 45,573
215,549
76,499
337,621
(3,712)		 2024
£
1,331
333,909
335,240
6,397
328,843
335,240

Page 13

THE DILL FAULKES EDUCATIONAL TRUST UMITED IA Company Limitad by Guarantee) BALANCE SHE￿ {CONTINUED) S AT 31 MARCH 2025 The Trustees consKler that the ￿)MpanY is entiued to exwnpIi￿ from Ihe requirement lo have an audit under the provisions of section 477 of the Companies Ad 20[￿ fthe Acr) and the members have not required the ompany to obtain an audrt for th8 year n questson in accordan￿ wilh section 476 of Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Acl 201￿. The Tnjstees acknowledge their responsibiblies for comth'ng with the r8quirements of the Act with respect to accounting re￿rdS and preparation of financial slatements. The financial statements have been prepared in a¢o)rdance with the provisions applicable to entities subject to the small companies regime. 2110112026 The financial statements were approved and authorised for issue by the Trustees on ........................................ and signed on their behalf by: M C Faulk Trustee The notes on pages 15 to 24 fomi part rrf these fU￿n(JaI statements. Page 14

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 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.

2.3 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.

2.4 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.

2.5 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 15

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES (continued)

2.6 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.

2.7 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.

2.8 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.

Page 16

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES (continued)

2.9 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 ‘(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.

2.10 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.

2.11 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.

2.12 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.

2.13 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.

2.14 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.

Page 17

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES (continued)

2.15 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.

3. INCOME FROM DONATIONS, LEGACIES AND GRANTS

Donations & Gift Aid
Grants		 Unrestricted
funds
2025
£
12,500
7,114
19,614		 Restricted
funds
2025
£
-
28,454
28,454		 Total
funds
2025
£
12,500
35,568
48,068		 Total
funds
2024
£
-
61,284
61,284

Income from donations, legacies and grants totalled £48,068 (2024: £61,284) , of which £19,614 related to unrestricted funds (2024: £11,304) and £28,454 related to restricted funds (2024: £49,980) .

4. INCOME FROM OTHER TRADING ACTIVITIES

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Telescope time - - 52,884

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

Page 18

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. EXPENDITURE ON CHARITABLE ACTIVITIES

6.

Project - Europlanet
Project - EXPLORE
Other charitable activities
Project - LaScil
Total 2025
Total 2024
OTHER EXPENDITURE		 Unrestricted
funds
2025
£
-
-
5,740
-
5,740
16,734		 Restricted
funds
2025
£
38,323
-
-
-
38,323
85,432		 Total
funds
2025
£
38,323
-
5,740
-
44,063
102,166		 Total
funds
2024
£
65,775
8,453
19,841
8,097
102,166
Legal & professional fees
Bank charges
Sundry expenses
Subscriptions
Foreign exchange difference
Administrative expenditure
Total 2024		 Unrestricted
funds
2025
£
27,446
412
564
389
3,058
1,760
33,629
33,130		 Total
funds
2025
£
27,446
412
564
389
3,058
1,760
33,629
33,130		 Total
funds
2024
£
26,149
479
(77)
293
6,286
-
33,130

Page 19

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. INDEPENDENT EXAMINER'S REMUNERATION

2025 2024
£ £
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 1,674 1,674

8. Staff costs

The average number of persons employed by the charity during the year was as follows:

2025 2024
No. No.
Trustee 4 4

9. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees (2024 - 1 trustee) received any remuneration or other benefits ( 2024: £17,380 ).

During the year ended 31 March 2025, expenses totalling £ Nil (2024: £5,460) were reimbursed to trustees ( 2024 - 1 trustee ). Expenses reimbursed related to subscription payments and general costs.

Page 20

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. FIXED ASSET INVESTMENTS

Cost or valuation
At 1 April 2024
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Investments
in joint
venture
companies
£
1,331
1,331
1,331
1,331
11. CURRENT ASSET INVESTMENTS
2025 2024
£ £
Listed investments 157,208 215,549
Listed investments
The market value of the listed investments at 31 March 2025 was £157,208_(2024: £215,549_).

12. DEBTORS

Due within one year
Prepayments and accrued income
Grants receivable		 2025
£
310
51,246
51,556		 2024
£
1,305
44,268
45,573

Page 21

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. CREDITORS: Amounts falling due within one year

Trade creditors
Accruals and deferred income		 2025
£
40
2,760
2,800		 2024
£
952
2,760
3,712

14. SUMMARY OF FUNDS - CURRENT YEAR

Unrestricted
funds
General Funds -
all funds
Europlanet
Explore
LaSciL
Restricted
funds
Total		 Balance at 1
April 2024
£
328,843
44
2,330
4,023
6,397
335,240		 Income
£
19,614
27,767
687
-
28,454
48,068		 Expenditure
£
(39,369)
(38,323)
-
-
(38,323)
(77,692)		 Transfers
in/(out)
£
(10,512)
10,512
-
-
10,512
-		 Gains/
(Losses)
£
Balance at 31
March 2025
£
(58,341)
240,235
-
-
-
3,017
-
4,023
-
7,040
(58,341)
247,275

Page 22

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. Statement of funds (continued)

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.

15. SUMMARY OF FUNDS

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
April 2024
£
328,843
6,397
335,240		 Income
£
19,614
28,454
48,068		 Expenditure
£
(39,369)
(38,323)
(77,692)		 Transfers
in/(out)
£
(10,512)
10,512
-		 Gains/
(Losses)
£
Balance at 31
March 2025
£
(58,341)
240,235
-
7,040
(58,341)
247,275

Page 23

THE DILL FAULKES EDUCATIONAL TRUST LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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
Difference
Total
Analysis of net assets between funds - prior year
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2025
£
1,331
241,747
(2,800)
(43)
240,235
Unrestricted
funds
2024
£
1,331
331,224
(3,712)
328,843		 Restricted
funds
2025
£
-
6,997
-
43
7,040
Restricted
funds
2024
£
-
6,397
-
6,397		 Total
funds
2025
£
1,331
248,744
(2,800)
-
247,275
Total
funds
2024
£
1,331
337,621
(3,712)
335,240

17. RELATED PARTY TRANSACTIONS

2025
£
Donations Received 10,000

During the year, £10,000 was received as an unrestricted donation from Ms A R Heward, a trustee of the charity.

18. ULTIMATE CONTROLLING PARTY

As of 31 March 2025 and 31 March 2024 there was no ultimate controlling party of the charity.

Page 24