Reglstered company number 04601338 Registered charity number 1099709 The James Dyson Foundation Annual report and financial statements for the year ended 31 December 2021 THE JAMES DYSON FOUNDATION The James Dyson Foundation Annual report and financial statements for the year ended 31 December 2021 Contents Trustees. directors. officers and advisors Trustees. rewJrt forthe year erKled 31 D￿ember 2021 Independent audilorfs report to the members ofThe James Foundati¢)n Statement of financial activitjes 13 Balance sheei 14 Stslement of cash fkjws 15 N¢Jtes to the financi￿ sL*n*nts for the year ended 31 December 2021 16 The James Dyson Foundation Trustees, directors, officers and advisors Reglstered charity name The James Dyson Foundation Charity numbèr 1099709 Company reglstration number 04601338 (England and Wales) Reglstered address Telbury Hin Malmesbury Willshi United Kingdom SN16 ORP Trustees and directors Sir J Dyson Lady D Dyson V Wesl Foundation manager Lydia Beaton Independent auditor Crowe U.K. LLP Slalulory Auditor 4th Floor Sl James House Sl James Square Chellenham GL50 3PR Bankers Lloyds Bank pk 55 Com Street Bristol BS1 1HT The James Dyson Foundation Trustees, report for the year ended 31 December 2021 The Trustees, who are also director5 for the purposes of company law. present their report and the audited financial slalements of The James DY￿ FoundatK)n fthe FourKlation" 'JDF. "the ChariWI for the year ended 31 December 2021. R8feren¢¢ and administrative details Refefence and administrative detsils are shown in the ￿hedUle of Trustee5. directors. officers and advisors on page 1. The financial slalements compty wrth the Meffmndum and ArtKles ofAsscKiation and are prepared in accordance with Ac¢ounling and Reporting by charit￿.. Stslemenl of Recommended Practice applicable to Charit￿$ preparing Iheir accounts in a¢¢ordance with the Financk81 Reporting Standard applicable in the UK and Republ￿ of Ireland IFRS 1021 leffectNe 1 January 20191- {Charitie5 SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. the Companies Act 20(h8 and the CharIt￿S Act 2011. The James Dyson FOundat￿n a charitable company limrted by guarantee (registration number 046013381 and a charity registered with the Charity Commissw)n (registration number 1099709). Structurei governance and management Goveming document The Foundation is goveme¢l by its PAemorandum and Arttdes ofAssocration dated 26 November 2002 and amended on 1 September 2003. Govgmance of the Foundation The year under review is the eighteenth operating and xcounting per￿￿ ofthe Foundation durirywhich the Trustees mel once to review the F¢)￿ndat￿n'$ potioes and prccedures. A$ the activiiies of the FOundat￿n have grown. the Tn￿leeS have decided on a schedule of meetings per year. supplemented by additional email updates and meetings as necessary. A financial expert is also in attendance at these meets'ngs to a￿v￿e the Trustee5 of the implicalK>ns of decisions under charity law. The Trustees have de*8ted the day to day running ofthe Foundation to the Global Head ofthe James Dyson Foundation. Lydia 8ealon. and her team. Financial and ￿OUntIng support is provided by Ihe Weyboume Limited leam l¢xaled in Malmesbury. Pay and remuneration of Key Managemenl Personnel is reviewed each year and goes through an inlemal and extemal benchmarking proce55. The salaries are then agreed through the budget process at Ihe Twstee's meeting. The Trustees have reviewed the Charity G¢)veman¢e Code and a￿ aware of their responsibilities. The Charty Governance Code wll be made available lo nthy Trustee* Recruitment and baining of Trnstees Members of the Board of Trustees are appoFnted by the whole Board to provide the skills identified as being necessary for the good govemance ofthe Foundation. The Trustees who seNed during the year are listed on page 1. The Trustees are fulty aware of their responsibililies under Chanty and company law having received information in the fonn of written documentation and through a p￿entatIOn on Trustee duties and obligations given by the Foundation's extemal advisers. It is intended that th15 will made available lo all nevAy appointed Trustees as well. Trustees are provided wilh the Foundation's goveming document and latest guidance frryn the Charty Commission. Rlsk management In light of the govem8nee guidance contsined wthNI the Charity Governar￿ Code, with the information available online. the Gbbal Head of Ihe James Dyson F(yJndalion (on behalf of the Trustees) Teviews the major slralegi¢. business and operational risks to which the FoundatK)n is exposed. A risk register is maintained using the plafform 'CGR Foundalton, and revivwed by the Head of Risk and Audit for Weyboume Ltd. on behatf of the James Dyson Foundattr?n. The James Dyson Foundation Trustees, report for the year ended 31 December 2021 (continued) Systems have been established lo milMJale Ihose risks and procedures implemented lo minimise any potential impact on the Foundation should any of those risks malerialise. The principal risks and mrtigalion aetions include.. Decllne In Income from donations." Dyson commits a charitable gift to the James Dyson Foundalion annually and builds this pledge on Iheir balance sheeL A budget and anticip*ed spend is submitted by the JDF to Dyson's finance team for Dyson Board approval in advance of spend. This is supported by a personal letter of support from Sir Jame5 Dyson to honour any obli9ations made by the charty if Dyson is unable to donate suffi¢ienlly. Loss of key staff- Business continuity documents are kept up lo dale. as well as a shared document drive. Appropriate notice periods are stipulated in employmenl contracts and there is su¢cessKJn planning worf( undertaken. Reputational damage; The James Dyson Foundation team works closety with Ihe Dyson ccvnmunicalK)ns team, Weyboume leadership and a charity lavryer who collectively provide guidance on ￿putatiOn. Charity Commission and govemance code guidanee is followed on all aclNilies lo ensure work is carried out lo a high standard and in complkance with the law and relevanl regulalton, in lum avoiding repulalional risk. Loss of confidential information. The James Dyson Foundation is fu51y supported by Ihe Weyboume IT leam. and therefore benefits from the same cyber security policies and procedures. Fraudulent activity: The James Dyson Foundation is fulty supported by the Weybourne finance team, and therefore benefits from the same financial controls and securities such as segmenlalion of duties and formal delegated aulhority prolLxoL%. Covid 19., Covid 19 continued lo disrupt operations in 2021. however much oflhis risk has been miligaled Ihrough the provision of online materials for schools. virtual workshop sessions and online fundraising activities. Key projects such as the James Dyson Award ￿ntInue to operate through our website as planned. Relatedparty transactions The Foundation's principal donor is Dyson James Group Limited. Sir James Dyson. a Trustee of the Foundation, is the controlling paty of Dyson James Group Limited (see note 15). Financlal rlsk management Price risk The Foundation recewes donations from Dyson James Group Limited based upon ils budgets lo finance the Foundation's aciivilies and incorporates this information into ils business plans. This prO￿sS is reviewed annually. Prices of materials purchased are subject lo contracts WTth suppliers. based on current market prices. Crndit risk Credit risk on amounts owed to the Foundation is ltrw, as ils principal source of funds is Dyson James Group Limited. Liquidity risk The Foundation matches commitments lo lis credttors with the expected liming of cash receipts in respect of donations from its principal benefaclor Dyson James Group Limited. Dyson James Group Limited has undertaken to prowde funds lo the Foundats"on to meet ils liquidty requirements. Interest rate and cash flow risk The Foundation pL8ces surplus funds on Sh(￿ lem deposit with Lloyds Bank. The James Dyson Foundation Trustees, report for the year ended 31 December 2021 (continued) Objgctives and activities The primary objects of the FourKlation. a5 Stated in its goveming document. are as follows: To advance education and training. pathularty in the r￿Id5 ol design, engineering and technology. This work can take a number of fomis including the free provision of support resources for teachers of design and technology in sdwls. the running of desi9n engineering workshops and lectures in schc*)Is and universities, as wdl as bursary schemes and collaborative projects. To support medKal and Soentir￿ research. To support charitable and educational proiects in the region in wthich The James Ltyson Foundation operates. The statement of finanual activittes for the year end￿ 31 December 2021 is sel oul on page 13 of the financk41 slalemenls. A summary ofthe fina￿la1 resulis and the work ofthe Foundation during the year are set out on pages 4 to 7. Grant making pollcy Grants are delemiined by the Trustees in a¢¢ordan¢e the objects ofthe Foundalion. Applications for grants are conSider￿j by the Foundatth team who make reccrfnmendations to the Tfuslee$ in line with Foundation objectives. Achlevements and perfomiance The Foundation's income was £1.112,￿27 {2020: £986.163). The Ftyjndalion thanks all ts supporters for Iheirwork and generosty. parttularly Dyson James Group Limited. its main benef￿Or. The Foundatlon's main adiviiies were as foll Ift 2021. the James Dyson Award ran in 28 countrles and regions. The a+V8rd is the James Oyson Foundation's international design competthon. It celebrntes. encourdges an¢J inspires the next generation of destgn engineers. To encourage entries into the c¢)mpelition 170 virtual and in-person presentations and workshops were run with universty students xross all the globe. Over 2,000 student entrtes were made. the most the competitw has ￿1Ved to date. The intemalional winner of the Award was HOPES. an at-h0￿ and non4nva5ive glaucoma testing devi￿. invented by a team from the National Univefsty of Singapore. The Suslainabilty winnerwas Plastic Scanner, a handheld and IowaCOSt device that idenlrfjes plastic for recycling. invented by Jery De Vos from TU Delft in the Nelherfands. An addi(ional onerf prize was introduced for the 2021 eompetition to reward medical technology. The winner was Joseph Bentky from Loughborough UnNersity in the UK who developed REACT. a rapid inflatsble lamponade demce used lo slop bleeding in stabbing inodents. Al three winners received £30.000 eash prizes to supm the further develq>ment of th￿r inventions. The competf(ion galhered g%)bal interest from the press. with coverage in major media outlets such as the BBC. The Straits Times. Independent and the Fast Company. In tolal, more than 2,000 pieces of overage were generated, reaching over 20 million on soctal media- a powerful way lo expand the positNe message of engl1￿ering. Since the start of the competthon. 70% of past inlemalional winners are now commercialising their inventKJns. an￿n9st a backdrop where 90% of slart-ups fail. The Foundation's now educational resource. Engineering solutions: Air pollution, was dellvered to schools. The resouree educales students on how engineerin9 can solve global The James Dyson Foundation Trustees, report for the year ended 31 December 2021 (continued) problems, focusing on air pollulh?n. The resour¢e wa$ downloaded over 1.500 times. accounting for nearly half of resource downloads in 2021. Furthermore, over 300 air pollution monitoring device5 which students build lo monitor air quality around their school. were donated lo schools across the UK, US and SEA. In 2021, almost 400,O¢JO sludenls acr05s the world were inspired about engineering through free educational resources based on Dyson's approach lo engineering. These resourees give an insight into the lrfe of a working engineer. The resources are free lo order and download from the James Dyson Foundation website. The Challenge card packs were downloaded over 50.000 times in 2021. They were a useful al-home learning tool during Covid-19 lockdowns. with children sharing their challenges on social media with the hashtsg #JDFchallenge. A mlx of onllne and in-person workshops were run. In 2021 worf(shops were run in So schools. Teaching 2.000 students. The workshop gNes sixth fomi sludenls an insighl into life as an engineer and inlroduces them lo the unique pathway into engineering offered by the Dyson Inslilule of Engineering and Technology. All sessions are run by a Dyson engineer, giving 51udenls an insight into what il is like lo wotk as an engineer. Dyson engineers also helped to deliver over 170 online talks for 11,000 universty students across the wodd about engineering at Dyson and to help promote the James Dy50n Award. Four Mary Dyson scholarshlps were awarded to students from Murray Edwards College at thè University of Cambridge. These scholarships provide financial support lo female engineering sludenls. The Foundalion also awarded six project bursarie5 10 Students studying engineering 81 the Dyson Centre for Engineering Desun at Cambridge UnNersity. A £1million donation to expand support for the Race Against Dementla Dyson Fellow was committed. Dyson fellow. Dr Claire Duirant. is invesligating Ihe role of Tau. a protein in the brain, in keeping the connections be￿een brain cells healthy, and how these change in ALzheimerfs disease. In 2021 the Foundation agreed 8 £1 m donation lo accelerate Dr Duffant's pioneering iesearch investigating the effect of drugs and other factors on dementia using waste human brain tissue samples obtained. wtth the pemiission of the pat￿nI, from brain tumour operations. Dr Durranl visited Dyson's campus in Malmesbury in 2021 where Dyson researchers helped her analyse brain samples on an atom￿ level. using induslry-leading microsc¢)pes and expertise from the company's chemical battery research labs, not otherwise shared wrth the medical world. This fLErthef funding will allow Dr Durranl lo hire support staff and advanced equipment lo increase her access lo human brain tissue samples and maximise her analysis of these samples over a th￿e-year period. Local charitable projects were supported. including Malmesbury Food Bank. for whom Dyson people donated supplies lo make up 70 boxes for local families ¢Juring the school summer holidays. Support with engineering education for local schools continued. including a donation of Solidworks sofNvare and Robotics equipment to Malmesbury School lo support their Design and Technology department. Oyson also donated over 1.000 refvrbished laptops lo local schcKJIs. In the US. nearly 2.000 sch¢)ol students were reached through in person and virtual engineering workshops. giving them a glimpse inlo the exciting wortd of engineering. Educational resources reached over 27,000 US students. including some piloting our newest iesouice. Engineering Solutions.. Air PollulDn. Over 475 Dyson people in the US raised money for our bcal charity partner. Project Exploration. totslling $36.000 including the Foundatson malch-funding. In Asia Paeific, over 150 engineering education tslks and workshops wefe held across Singapore, Malaysi8, Philippines and Japan, reachin9 over 10.000 students fiom primary lo university level. Th15 includes a rapid prolotyping workshop. Robotics workshop and promotion of the James Dyson Award lo univetsity sludenls. The new resource. Engineering Soluts"ons.' PJ"r Pollub"on. was shared with local schools. The James Dyson Foundation Trustees, report for the year ended 31 December 2021 (continued) Followng the creation of an educational resource for schooLs in Japan in 2017. bringing real life engineering and problem-soknn9 into the classrwm. the resource received reco3ntiion from Japan's Education Ministry in 2021 and became part of the curriculum for technolo9y classes in Junior High Sch(x)Is in Japan. Financial review and results for the year ended 310ecember 2021 Results forthe yearended31 Llecember2021 The stslemenl of finan¢k41 aclivf(ies for the y&qr is set out on page 13 of the financial slalements. Income for the year was £1,112,82712020- £986,163). The F￿fidat￿n'S main source of income is, and is eX￿ted to remain, donations from Dy50n James Group Limited. The income receNed was in line with the Foundation's 0ri9inal budgets. The Foundation made donations and grants totaling £1,154,943 (2020.. £575.8241 lo further its edU￿tiOnal oty'ecbves. of which the large51 donation was £648,279 to Malaysia I singapo￿ Educalton Programme. The Foundal¢on continued rts science and medvl research and social mandates with donations of £1,155,805 12020= £110.9131 and £32,253 12020.. £25,784) respecli¥ety. These don*ions {bolh fin8nci81 and in the form of vacuum cleaners for raffle prizes) were distributed following etther discussions wilh the relevant charities or having received and reviewed applications for supporL Overheads, which ccffjprised support costs lolaled £331,936 {2020: £260.469) or 29.8%12020.. 26.40A) of income for the year. Inveson¢ntpowers* pollcy & perfornmnee The Foundation has wide investment powers. Fund$ were held in cash, in interest-bearing accounts with Lloyds Bank to meet short temi requirements. Rewrves The Charity does not re¢eive ary donations, grants. and any otr*r sources of fundraising where restriclions are imposed. The Foundation's fixed costs are rKrt sNJnifKant and as a general policy signtficanl reserves are not maintained, since regular funding is pfovKled by ttyson James Group Limited and the Trustees prefer lo request donations onty when pL4nned expendf(ure within a ￿e1Ve-m0nlh peri¢xI is due to ex￿ed current reserves. The Trustees are o)nfKlent that the WO￿ of the Foundatp)n can continue and that they can rety on the conlinued funding from the Dyson group of compants for the foreseeable future. Total deficit at the year*nd was £11.374.382112020 surplus: £187,729). 811 of whi¢h was unrestricted. The Trustees are aware Ihatthe deficf( has arisen because of unfunded eommitrnents which were appioved in December 2021. This is due to the accounting treatrnent of recognising the lolal commitments in 2021 with the funding from the Dyson group being drawn during 2022 and 2023 in linewi(h the agreed payment profile of the commilmenls. The defLit includes obligattons for grant commitments lo Edinburgh University of £1.000.000 lo support a Ra￿ Against Demenlia Dyson fellow and the remainder of an existing commitment lo Race Against Dementia of £200.000. There is atso a commitment lo Sing8pore Universty ofTechnology and Design of £S47.525 to advance des¢gn engineering education and support the University's new Dyson- SUTD InnoVa￿n SIL￿10. The TnJslee$ have ¢onsidered the timing of when the commitments are due for payment and wll request funding from Dyson James Grc¥Jp Lllnrted. as required. from pledged funds. The commi(ments are fully supported by Dyson and £1.3m will be deared in the first quarter of 2022. Management of the charrty have Undertak￿ risk assessment. planning and for￿asting given current global challenges (in￿atIOn. energy priees. eovhd-191. A cashfl¢)w forecast has been prepared to 2026 and on this basis the Trustees believe the ¢harity's financpl resources and contingency planning is sUffic￿nI to ensure the ability of the charty to continue as a going con￿rn for the foreseeable fvlure. being al least Nvefve months frcm the dale of approv￿ of thesefinan¢ial staiements and therefore have prepared the financial statements on a going con￿rn l)asi& The James Dyson Foundation Trustees, report for the year ended 31 December 2021 (continued) Plans for future periods The Foundation's main objectNes for the next year are listed below. Grow the qualty and reach of the James Dyson Award: Successfully run the compelilKsn. including in new participating countries for 2022- Thailand and Turkey. Inciease the quality of entries lo the James Dyson Award. Conduct over 100 university QUIr￿h lalks globally engaging 100 James Dyson Foundation ambassadors. Increase social media followings through more informative and engaging content. Build a neNvork of past winners lo communieale and build connections with each other through events and online pLqtfoms. Become a leader in air science engineering education: Expand the delivery of the Engineering solutions.. Air pollution resource across seven countries (UK. US. Singapore. Malaysia, Philippines. Japan and China). including donating 250 air quality monitoring devices to schools. Dellver cuttlngthedge educational reSou￿e$ and events: Update the existing Engineering Box to feature the Dyson V15 vacuum and cyclonic separation technology lo inspiie young people about h¢ engineering solves problems. Create a d¢)wnloadable version of this resource kjcalised for US and APAC regions. Deliver 100 Robotie5 workshop to Schools across the UK, diversifying which schools we visit. Celebrate engineering excellence: Continue to offer scholarships and bursaries lo students that excel in the field of engineering. Launch a prototyping sludio space in the Singapore University of Technology and Design ISUTDI. Open a James Dyson Foundation exhibition al the Science Cenlie exhibition in Singapore lo celebrate engineering. Strengthen our support for local communitles and Dyson people's fundraislng: Pledge a fund to support charitable organisalions local lo Dyson Off￿eS and malch-fund Dyson people's fundraising efforts for global medical research charit￿$. Continue our long4tanding commitment to advancing Dementia research: Continue to support the Race Against Dementia Dyson Fellowship and implement the £1 m acceleration project, embedding Dyson's engineering philosophy lo pioneer new research approaches. Help to create new spaces for medical reSea￿h and treatment: Continue lo support the work of the Dyson Neonatal cent￿ and the building of the Dyson Cancer Centre at the Royal United Hospital in Bath. Objectives and activities for the public benefit The Trustees confinn that they have complied with Iheir duty in Section 17 of the Charitie5 Ad 201110 have due regard to public benefrt guidance published by the Charity Commission for England and Wales. The objectNes of the Foundation ale to advance education and training. particularly in Ihe fields of design and technology. lo support medi￿1 and scientific research. and to promote the provision of facilities in the interest of social and community welfare. In partrcular The James Oyson Foundation aims lo support projects in the local community where il operates. The Foundation carr￿$ out these objectives by.. providing grants (by way of donations and gffts) to education and training projects. science and medical research. and social and community welfare- and developing edU￿tIOn resources and running projects inlemationally which are all free at point of acce$5. The James Dyson Foundation Trustees. report for the year ended 31 December 2021 (continued) By f¢xusing on these areas the Trustees achieve Iheir strategic priorities of education. training and research. For further detsib on the Foundalion's actNilies in the year. see 'Achievemenls and Performance. on pages 4 to 7which highli9hl the Foundation'swide ranging public benefrts. The Charity had no fundraising activitses requiring disdosure under S162A of the Charit￿5 Act. Trustees. rnsponslbllirfes statement The Trustees (who are also direclors of The James Dyson FoundalN)n for the purposes of company law) a￿ responsible for prepaiing the Trustees. Annual Report and Ihe financial statements in accordance with applicable L8w and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards}. Company law requires the Trustees to pfepare financkgl statements for ea¢h financial year. Under Company LAW the Tnjstees must not approve the financial statements unless they are satisf￿1 that they give a true and fair view of the stale of affairs of the ¢haritable Company and of the incoming resoLErees and appliCat￿n of rescyJrce$. including the income and expendi(ure, of the charitsbie company for that period. In preparing these financial statements. the Trustees are required to: seknt Suitab￿ accounting poI￿leS and then appty them consistentty: observe the methods and principles in the Charrties SORP: make judgments and estTrrales that are reasonable and prudert slate whether applicable UK aceounling standards have been follthved, subject lo any material departures disclosed and expkined in the financial st*ements- and prepare the financial statements on the going eoneem basi¥ unless rf( is inappropriate lo presume that the charitable company vill continue in business. The Trustees are responsibie for keeping adequ*e a¢¢ounting records that are sufficient lo show and explain the charitable company's transactions. disclose with reasonable accuracy at any lime the financial position of the charrtable wnpany and enable them lo ensure that the financial statements omply with the Companies Act 2006 and the provisions of the charity's eonstii¥Jlion. They are also responsible for safeguarding the assets of the charity and hence for18king reasonable steps for the prevention and detect￿ft of fraud and other irwularities. Audbtor Crowe U.K LLP were reappointed as auditors under section 487{2) of the Companies Act 2006. Each of the pe￿onS who is a Tfustee at the date of apprwdl ofthis reFrtwt confirms that. • so far as each Trustee is aware, Ihere is no relevant audr( information of whKh the Charity's auditor is unaware: and each Trustee has taken all steps that they oughl to have taken as a Tnjstee lo make themselfaware of any relevant audit information and lo establish Ihal the Charity's auJJitor is aware of that informatwjn. This ￿pOrt has been prepared in accordan￿ with the Statement of Recommended Practice - Accounting and Reporting by Charibes and in accordancewrth the special provisions ofthe Companies A¢1 20C6 ￿latIftg lo small enlrties. Signed on behaw of the Trustees Sir James DysonTrustee Date.. 24M Zo>L Independent Auditor's Report to the Members and Trustees of The James Dyson Foundation Opinion We have audited the financial slalemenls of The James Dyscffl Foundation for Ihe year ended 31 December 2021 which eomprise the Statement of Financial ktivilies. Balance Sheet. Sialemenl of Cash Flow and notes lo the financial slalemenls. including a summary of Significant accounting policies. The financial reporting framework that has been applied in Iheir preparation is applicable law and United Kingdom AeeoLtrnling Standards, including Financral Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {Uniled Kingdom Generalty Accepted Accounting Practicel- In our opinion Ihe financial statements.. gNe a true and fair VEW of the slate of the charitable company's affairs as al 31 December 2021 and of ils incoming resourees and appliCat￿n of resoufces. including ils income and expenditure for the year then ended.. have been Pfoperty prepared in accordance with United Kingdom Generalty Accepleil Accounting Pr8Ctice'. and have been prepared in accordance with the requirements ol Ihe Companies Act 2006. Basis for oplnlon We conducted our audrt in accordan￿ with Intemalional Standards on Avditing IUKI IISAS IUKII and applicable law. Our Tesponsibililies under those standards are further described in the Audilols responsibilities forthe audrt of the financial stalemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the rinancial 5talemenls in the UK. including the FRC'S Elhical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evklenee we have oblained is syffi¢ierkl and appropriate lo providè a basis for our opinion. Concluslons relating to goSng concem In audiling the financial statements, we have concluded Ihal thè trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfom)ed. we have not identrfied any material uneertainlies ￿lating lo events or conditions that. indivKlually or collectively. may cast signtficanl doubl on the charitable company's ability lo continue as a going concem for a period of al least iwelve monlhs from when the financial slalement5 are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other infomiatlon The trustees are responsible for the other infomwtion. The olher infomiation comprises the information included in the annual report, other than the financial stslemenls and our auditor's repx)rt thereon. Our opinion on the financial slalemenls does not cover the other infomiabon and, except to the extent otherwise expli¢itty staled in our report. we do not express any form of assurnnce ￿nclUsion thereon. In connection with oyraLKIrt of Ihefinancial st*ments. our responsibilty 1510 read the other informalk)n and, in doing so. consider whether the other infonnation is materialty inconsislenl with the financial slalements or our knowledge obtained in the audrt or othe￿ise appears to be materially rnisslated. 11 we identify such material inconsislen¢ies or apparent material misslalemenls. we are required lo determine whether there is a material misstatement in the financial slalemenls or a materi81 misslatemenl ofthe other infotmation. If. based on the work we have performed, we conclude Ihal there is a maleiial misslalement of this other infomalion. we are required lo report that fact. Independent Auditor's Report to the Members and Trustees ofThe James Dyson Foundation (continued) We have rwihing lo report in this rega￿. Opinions on other matters prescribed by the Companies Act 20D6 In our opinion based on the work urKlertaken in ts ￿urse of our audit the infomiatijn given in the trustees. reFrt which includes the directors, rewrt prepared for the purposes of company taw. for the financial year forwhith the fThncial statemen15 are prepared is consistent wrth the financial statements,. and the directors. report IrKIL￿ed within the trustees. rewrt have been prepared in ac￿rdanCe applicable legal requiremen Matters on whlch we are requirod to report by exuption In light of the knowledge and understanding of the charilable ¢ompany and its enwronment obtained in the course of the audit. we have not identffied material misslatemenl$ in the directors. report Includ￿ within the trustees. rew> We have nothing to report in respect of the following maters in relation lo wh￿h the Companies Act 2006 requires us to report lo you rf. in ouropinion: adequate and proper accounting records have rK)t been kepl; or the financial statements are not in agreement with the accounting re¢ords and retums: or rtain disclosures of truslees, remuneration specified by law are not made.. or we have not receNed all the infO￿natIon and explanations we require for our audrt.. or the Iru5tees were not entitled lo prepare the financial slatements in &cordance with the small companies regime and lake advantsge of the small companies exemplKJn in preparing the tru$lees' report. Responsibilities of trustees As explained more lully in the trustees. responsibilities slalement set OLrt on page 8. the twstees (who are also the directors of the charitsble company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal conlrol as the Injstees determine is necessary lo enable the preparation of financial slalem¢nls that are free materk4 misststement. whether due lo fraud or error. In preparing the financial statements. the trustees are respon￿ble for assessing the charitable ompany's ability to continue as a going con￿M, dtselosirKJ. as applicable. matters related lo going concem and using the going concern basis of 8¢¢ounling unless the trustees either intend to14uidale the charitable company or lo cease operations. or have no realisti¢ allemalive bul to do so. Auditors responsibilitles forthe audit of the financial statgments We have been appointed as auditor under the CcKnpanies Acl 2rA6 and rep)rt in accordance wilh the Acts and rethnt regulations made or having effect thereunder. Our objeclives are to obtain r￿￿Onable assurance ab￿rt whether the financial statements as a whole are free from material misslalemerrt. whether due to fraud cff error. and to issue an audi(orfs ￿port that includes our opinion. Reasonable assurance is a hNJh level of assurance. but not a guarantee that an audtt conduded in accordan¢ewr¢h ISAS (UK) will a￿vaYS delect a material misststemenl when r( exists. Misslalemenls can arise from fraud or error and are considered material if. individually or in the aggregate, they eould reasonabty be expected to influence the econom￿ deaS￿n5 of users taken on the basis of these financial ststements. 10 IndependentAuditor's Reporttothe Members and Trustees of The James Dyson Foundation (continued) Details of the extent to which the audit was considered capable of delecling irregularities. including fraud and non-compliance with laws and regulations are sel out below. A further descriplKin of our responsibilities for the audrt of the financial statements is located on the Financial Reporting Council's website at.. www.frc.o .uklaudilor5res nsibilities. This description foms part of our auditorfs report. Extent to whlch the audlt was considered eapable of detectlng Irregularitles, Including fraud Irregularities. including fraud. are instsnces of non-compliance wilh laws and regulations. We Kienlified and assessed the risks of material misstatement of the financial slalements from irTegularities, whether due lo fraud or error. and discussed these behveen our audit team members. We then designed 8nd perf¢med audit procedures responsive lo those risks. induding obtaining audit evidence sufficient and appropriate lo provide a basis for our opinion. We obtained an understanding of the legal and re9ulalory frameworks within which the Charity operates. focusing on those laws and regulat￿n5 that have a direct effect on the delemiination of material amounts and disclosure5 in the financial stslemenls. The laws and regulations we considered in this context were the Companies Act 2006. Chartties Act 2011 and Charities SORP IFRS 1021. In addition. we Considered provisions of other laws and regulations Ihal do nol have a direct effect on the financial slalemenls but compliance with which might be fundamental lo the charity's ability lo operate or to avoid a material penalty- We alw consKlered the opportuni(ies and incentNes that may exisl wlhin the charity for fraud. We identified the greatest risk of material impact on the financ￿1 statements from irregularities. including fraud, lo be the overrhle of controls by management and grfls in kind regarding Weyboume Staff lime. Our audit proCedU￿S lo respond to Ihese risks induded enquiries of management about their own idenlificalion and assessment of the risks of irregularrties, sample testing on the posting of journals. reviewing gift in kind calculations and variable infomialion for reasonableness, reviewing accounling eslimales for biases. reviewing regulatory Corresponden￿ including that wi(h the Charity Comrnission and ￿adIng minutes of meelings of ihose charged with govemance. Owng lo the inherent limitations of an audit. there is an unavohdable risk that we may not have delected some material misstatements in the financial statemenls. even though we have properly planned and perfomied our audit in accordance wrth audi(ing standards. For example. the further removed non-compliance with laws and reguialions (irregularities) is from the events and Iransaclions reflected in the finaneial slalemenls. the less likety the inherently limited procedures required by auditing standards woukd identify it. In addition, as with any audit. there remained a higher risk of non- detection of irregularities. as these may involve collusion, forgery. intentional omissions, misiepresentalions, or the override of internal controls. We are not responsible for preventing non- compliance and eannot be expected to detect non