Registered company number 04601338 Rggistergd charity numbgr 1099709 The James Dyson Foundation Annual report and financial statements for the year ended 31 December 2023 THE JAMES DYSON FOUNDATION The James Dyson Foundation Annual report and financial statements for the year ended 31 December 2023 Contents Trustees, directors, officers and advisors Truslee5' report for the year ended 31 December 2023 Indepertdent auditorfs report to the meM￿lS of The James Dywn Foundation ststoment of financial activities 13 8alanc8 sheet 14 Statement of cash flows 15 Notes to the finanGial Stslements for the year ended 21 Decèmber 2023 16 The James Dyson Foundatlon Trustees. directors, officers and advisors Regtstgred charity name The James Dyson Foundation Charity number 1099709 Company registration numbèr 04601338 (England and Wales) Regl$tored address Tetbury Hill Malmesbury Wiltshire Unfted Kingdom SN16 ORP Trustsos and dirgctors Sir J Dyson Lady D Dyson V We81 Foundation manager Juliet Charnian Independent auditor Crowe U.K. LLP Slalutory Auditor 4th Floor St James House Sl James Square Chettenham GLSO 3PR Bankers Lloyds Bank plc 55 Corn Street Bristol BS1 1HT The James Dyson Foundation Trustees, report for the year ended 31 December 2023 The Trustees, who are also directors for the purposes of company law. present their report and the aud(ted financial statements of The James Dyson Foundation I'lhe Foundation. 'JDV. ￿he Chariv) for the year ended 31 Deeembér 2023. Refer8nc• and adminlstrativ• d•tails Reference and administrative details are shown in the schedule of Trustees, directors, Off￿[S and advisors on page 1. The financial statements comply with the Memorandum and Article5 of A55ociation and are prepared in aecordaneè with Accounting and Reporting by Charrties.. Slalemenl trf Recommended Pradice applicable to charities preparing their accoun15 in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 2019} - (Charities SORP (FRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102), the Cf)mpanies 2006 and the Charities Act 2011. The James Dyson FoundalSon Is a Char￿able company limked by guarantee Iregislration number Q46013381 and a Gharty registered with the Charty Commission {registralion number 1099709). Structurei governance and management Governing document The Foundation is governed by its Memorandum and Articles Df Association daled 26 Novernber 2002 and amended on 1 September 2003. Governance of the Foundatlon The year under review is the Iwentielh operating and a￿ountIng period of the Foundation during which the Trustees met fyvice to review the Foundation's wlicies and procedures. As the a¢tivilies of the Foundation have grown, the Trustees have decided on a schedule of tsvo me8tings per year, supplemented by addition81 email updates and meetings as necess8ry. A financial expert is also in attendance al these meetings to advise the Trustees on financial matters. The Trustees have éelegaled the day to day running of the Foundation to the Global Head ofthe James Dyson Foundation, Juliet Charman. and her team. Financial and accounting support is provided by the Weyboume Limi(Èd team located in Malmesbury. Pay and reMUneral￿n of Key Management Personnel is ￿VieWed each year and goes through an internal and external benGhmorking prg¢ess. The salaries are then agreed through the budget process at the Trustee's meeting. The Trustees have reviewed the Charity Gov6mance Code and are aware of their responsibilities. The Charity Govemanee Code will be made available lo new Trustees. Recruitment and ts3ining of Tntstees Members of the Board ()f Trustees are appointed by the whole Board to provide the skills Klentrfied as being n8C8ssary forth8 good govèmance of th& Foundation. The Trustè8s who sÈNed during the year are listed on page 1. The Trustees are fully aware of their responsibilities under charity and company law having rxeived information in the form of written dccumenlalion and through a presentation on Trustee duties and obligations given by the Foundation's extemal advisers. 11 is intended that this will *)e made available lo all newly appointed Trustees as well. New Trustee5 are provided with the Foundation's goveming document and latest guidance from the Charity Commission. Risk managoment In light ofthe govemance guidance contsined within the Charity Govemance Code, with the infomiation availabla online, thè Global Head of the James Dyson Foundalioft (on behalf of the Truslees) reviews the major strategic, business and operational risks lo which the Foundation is exposed. A risk register is maintain8d using the platform 'CGR Foundation, and r@Vi8wed by th8 H8ad of Risk and Audit for Weyboume Ltd, on behalf of the James Dyson Foundation. The James Dyson Foundation Trustees, report for the year ended 31 December 2023 (continued) Systems have been established to mf(iga*e those risks and procedures implemented lo minimise any polentl81 impact on thè Foundation should any of those risk$ malerialise. The principal risks and mitigation actions include.. Decline in income from donations. Dyson ￿mMIt$ a charitable gift to the James Oyson Foundation annually and builds this pledge on their balance sheet. A budget and anticipated spend is submitted by the JDF to Dyson's finance team ft)r Dyson Board opproval in advance of spend. This is supported by personal leller of support from Sir James Dyson to honour any obligations made by the charity rf Dyson is unable to donate sufficiently. Loss of key staff. Business conlinuTty documents are kept up to dale, as well as a shared document drive. Appropriate notice periods are sts"pulaled in employment contracts and there is succession planning work undertaken. Reputational damage; The James Dyson Foundation team works closely w(th the Dyson communicalw)ns team, Weybourne leadership and a charity lawyer who collectively provide guiLlance on reputation. Charty Comrnission and governance code guidanee is followed on all aetivilies lo ensure work is carried out lo a high standard and in compliance WTlh the law and r6lavant regulation, in turn avoiding reputational iisk. Loss of confidential infom)ation: The James Dyson Foundation is fully supported by the Weybourne IT team. and therefor8 benefrts from the same cyber security policies and procedures. Fraudulent activity. The James Oyson Foundation is fully supported by the Weybourne finance team. and therefore benef￿S from the same financBI controls and securities such as segmentation of duties and formal delegated authority protocols. Related party tran￿etionS 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 Limiied (see note 161. Flnanclal rlsk management Prlce rlsk The Foundation receives donatsons from Dyson James Group Limrted based upon ils budgets lo finance the Foundation's activrkies and incorporal8S this information into its business plans. This process is reviewed annually. Prices of materials purchased are subject lo contracts with suppliers, based on eurrenl n)arket priees. Credit risk Credit risk on amounts owed to the Foundation is law, as its principal source of fvnds is Dyson Jame5 Group Limited. Liquldlty rlsk The Foundation matches commff(ments lo its creditors with the expected liming of cash receipts in respect of donations from its principal benefactor Dyson James Group Limil&d. Dyson James Group Limf(ed ha5 undertaken to provide fund5 to the Foundation to meet its liquidty requirements. Interest rate and cash flow rlsk The Foundation places surplus funds on short t&Tm deposit with Lloyds 8ank. The James Dyson Foundation Trustees, report for the year ended 31 December 2023 (continued) Objgctives and activities The primary objects of the Foundation. a$ staled in its governing document. are as follows.. To advanc8 educatDn and training, particulady in the fields of design, engineering and lechnology. This work can tske a number of foms including the free provision of support sources for teachers of design and technology in ￿h1)￿lS, the running of design engineering workshop$ and lectures in schools and univgrsitios, as well as bursary schemes and collaborative projects. To support medic81 and scientific research. To support Charitab￿ and educatlonal prolects in the region in which The James Dyson Foundation operates. The statement offinancial aclivilies for the year ended 31 December 2023 15 set out on page 13 of the financial slalements. A summary of the financial results and the work of the Foundation during the yea are set out on pages 4 10 7. Grant making pollcy Grants are determined by the Trustees in accordance with the objects of the Foundation. Applieations for grants are considered by the Foundation team who make recommendations to the Tru51ees in lin8 with Foundation objectNes. Achlevements and performanc• The Foundation's income was £8,149,07012022.. £3.143,307}. The Foundation thanks all its supporters for their work and generosity, particularly Dyson James Group Limited, h5 main benefaelor. The Foundation's main aGtivities were as follow5- In 2023, the James Dyson Award ran in 30 countries and regions. The award 15 the James Dyson Foundation's international design competition. It C8lebrales. encourages. and inspires the next generation of design engineers. To encourage enlries into the competition hundreds of workshops and presentationsweie given to slud8nts at universit￿$ around the globe. Nearly 2000 student entries were received The inlemational winner of the Award was Golden Capsule. a non-powered ?nd hand5-free IV device for use by medics in disaster zones, invented by students from Hongik University in South Kor8a. The Sustainability winnér was E-COATING, an eco-friendly solution that reduces the amount of ele¢tri¢ty consumed on cooling solutions like air-conditioning, invented by a team from The Chin&s8 Universty of Hong Kong. This year an additional prÉze frjr Ihe Humanitarian winner was awarded to The Lrfe Chariot. a MEDEVAC off-rood ambulance that can attach lo any hookequipped vehiclg, invented by Piotr Tluszcz from Poland. All three winn8rs r8c81V8d £30,000 cash prizes lo support the further development of their Inventions. Th8 comp8tition gathered global interest from the press, with Coverage in major media outlets such as Reuters, The Evening Standard. Design Week and Poland's Polsal telew8ion channel. In total, more than 2,000 pieces of coverage were generated alongside extensive social media engagement, millions of peopl& a powerthl way lo expand the Postiive message of engineering. Sincè the start of the cOM￿tIll0n. over 70Qh of pa51 international wnners are now commercialising their inventions, amid a backdrop where over 900A of start-ups fail. The James Dyson Foundation Trustees, report for the year ended 31 December 2023 (continued) 500.000 students across the world were Insplred about engineering through froe aducational resource$ based on Dyson's approach to engineering in 2023. These resources give an insight into the life of a working engineer. The resources are free to order and download froffl the James Dyson Foundation website. The Foundation's educatK)nal resource, Enginaering solutions.. Air pollution, was éeliveTed to $Ghools across 10 countries. The resource educates students on how engineering can solve global prob18ms, loBusing on air pollution. 1000 air qualiiy mnitoring devices hav8 been donated to schools across the world since the Tesouree launched in 2020. The Foundation launched a new r8sourcé in 2023 callèd Engineerlng solutions.. The future of farming. The resource enables sludBnts to oxplore how design and engineering Can be applied to farming. The resource includes a new resour¢e box whieh gives students access lo equipment to grow their own crops allowing them lo understand how food is grown and improved through engineering principles. Nearfy 101X) eduGational engineering workshops and events were delivered, reaching 3.5 milllon students. This includ8d rapid prototyping workshops that challenge students lo design and build solutions lo air pollution as well as everyday problems in a home or school environmènt. robotics workshops that challenge students lo code robots to navigate a space., 8nd workshops at universitiès across 30 countrEs and regions lo inspire students lo enter the James Dyson Award. The Foundation also participated in large Sca￿ STEAM events challenging young people to get hands-on with engineering challenges. These workshops and events were supported by over 1000 Dyson engineers and people. Scholarshlps were awarded to students at the Unlversity of Cambridge. Scholarships were given to three students at Murray Edwards College at the University of Cambridge to provide financial support to female engineering students. A fourth PhD sludenl was awarded a scholarship at Corpus Christi College al the Unniersity of Cambridge lo support their research into Agri-Robolics. The Foundation also awarded six Projed bursarias to sludénls studying engineering atthe Dyson Centre for Engineering Design at Cambridge University. A £35 milllon donatlon to Gresham's School in Norfolk UK was announced. The School were grfted inTtial funds to purchase Holt Hall, a Grade11 listed building adjacent lo the school srf(e and conduct a feasibility study for building work. The remaining funds of £28.5m were pledged to the school in December 2023 to fund the rèstoration of th8 hall as w811 as a new extension that will incorporate STEAM (Sciencè, Technology. Engineering, Arts and Mathematics) facilities for pupils aged seven to thirteen. Over 25 local charitabl• pro1￿ts wera supported In Malme5bury UK, as part of the Foundation's annual community support fund, including Malmesbury Food Bank, Malmesbury Camival, local schools, hospitals and youth clubs. In the Amerfcas, 17CI,000 school studants across the US, Canada and Mexico were reached through engineering workshops and resources, giving them a glimpse into the ex¢iting world of engineering. A total of $140,000 was raised and donated lo charities in Chicago and Toronto lo provÈde stud8nls with engineering and science enrichment opportunities. with some donations also supporting medical research advancements. In Asia Pacific, over 300 engineering workshops and evenlswere held across Australia, China, Japan, Malaysia, Singapore, South Korea, Thailand and Philippines reaching over 3.3 million sludènls from primary lo university level. The Foundation continued ils collaborations with the Ministry of Education in Singapore and Malaysia, organisin9 large-scal& STEM Campaigns encouraging educators and students lo get excited about 8ngin8ering. The James Dyson Foundation Trustees, report for the year ended 31 December 2023 (continued) Flnancial review and results for the year ended 31 Dècèmbor 2023 Results for the year •nd•d 31 Dec6mber2023 The Statement of financial actNf(ies for the year is Set out on page 13 of the financial ststements. Incomg for th8 year was £8,149,070 12022.. £3,143.3071. The Foundation's main source of incema is, and is expected to remain, donations from Dyson James Group Limtted. The income re￿iVed was in line wf(h the Foundation's Driginal budgets. The Foundation made donations and grants tolaling £7.527,99812022'. £1.095,6801 to furthèr ils educational objectives, of which the largest donation was £5.984,948 to Gresham's School in respect of tha Hott Hall Project. The Foundation continued ils science and medical research and social mandates w(th donations of £219,16012022.. £179,994) and £54,68412022.' £65,508} r&speolively. These donalions (both financial and in the form of vacuum cleaners for raffle pr￿e$l were distributed following either diScuss￿n5 wrf£h the relevant charities or having ￿￿1Ved and reviewed applications for support. Overheads, which comprised support costs totaled £365.39912022: £416,741) or 4.4% {2022'. 13.3%) of income for the year. InVestn￿nt powers. poli¢y & perfom>an¢o The Foundation has wide investment POW8rs. Funds were held in cash. in interest-bearing accounts with Lloyds Bank lo meet ¥hort lerni requirerftenls. Resems The Charity does not have a reserves wlicy and doe5 not receive any donatrons, grants, and any othèr sources of fundraising where restrictions are imposed. The Foundation's fixed costs a￿ not signrficanl and as a general policy signrficant reserves are not maintained, sinc8 régular funding is provided by Dyson James Group Limited and the Trustees prefer lo request donations onty when planned expenditure within a ￿e1Ve-mOnth period is due to exceed CUT￿nI reseNes. The Trustees are confidènt that the work of the Foundation can continue and that they can rety on the continued funding from the Dyson group of companies for the foreseeable futu￿. Total deficit at the yearond was £17,169}12022 Surplus.. £11,002}, all of which was unreslricled. The Trustees are aware that the defiGil ha5 arisen becausE of unfunded commitmen15 which were approved before the year end. This is due lo the 8ccounting treatment of recognising the lolal commilmenls in 2023 with the nding from the Dyson group being drawn during 2024 in lin8 Wlth the agreed payment profile of the commilmenls. The deficit ineludes oblioations for grant commitments to Gresham's School £189,540 to support the expansion proje&. The Trustees have consKlered the tirning of when th8 eommitmènls are due for payment and will request funding from Dyson James Group Limited. as required, from p￿dged funds. The commitments are fully supported by Dyson. ManÉgèmènt of the charity have undertaken risk assessment. planning and forecasting given current global challenges {inflalion, anergy pricès, global unrest). A cashflow fo￿¢95t has been prepared lo 2028 and on thi5 basis the Trustees believe the charity's financial resources and contingency planning is sufficient to ensure the abilty of the charity lo continue as a going concern forthe foreseeable future. being al least tsvelve months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis. Thè James Dyson Foundation is 100% Shareholder of a subsidiary company, Turkey Oak Limited. The entity has not traded in the year to 31 December 2023 and as a result has not been consolidated in these aecounts. The James Dyson Foundation Trustees, report for the year ended 31 December 2023 (continued) Plans for future periods Th8 Foundation's main objectives for the next year are listed below. Grow the quallty and rèach of the James Dyson Award: Successfully run the competition in 29 ountries and regions. Increas& the qu81ty of entries lo the James Dyson Award. Conduct over 200 university outreach talk5 globally engaging 400 James Dyson Foundation ambassadors. Become a leader in air science engineering education: Expand the delwery of the Engineering soluliDnS." Air pollution resource across eleven countries (UK, US, Canada, Mexi￿, Singapore. Malaysia, Philippines, Japan. China, Australia. South Korea}, including donating 300 air quality monitoring devices lo schools. Deliver cuttlngryedge educatlonal resources and events: Deliver over 2,000 physical resources (Challenge Cards, Design Process Box, Engineering Box, Engineering solutions-. The future of faming box) and 30,000 downloadable resources reaching over one million students across the UK, Americas and APAC. Grow and enhan￿ STEAM educational outreach through over 1.000 workshops and events across the UK, US, Singapore, Malaysia and the Philippinés, reaching over two million students. Celebrate engineering excellence: Continue to offer scholarships and butsaries to students that exeel in the field of engineering. Provide state-of-the-art STEAM facilities al Gresham's School in Norfolk, UK, through a £35 million donation to build a Preparatory School at Hok Hall. Strengthen OUT SUPPOrt for local communltlas and Dyson paople's fundralslng: Pledge a fund to support charitable organisalions local lo Dyson offices and match-fund Dyson people's fundraising efforts for global medical research charities. Fund a feasibility study for the expansion of Malmesbury Primary School and the building ol STEAM facilities. Contlnue our long-standlng commltment to advanclng Dementla research: Continue to support the Race Against Dementia Dyson Fellowship and accelerdtion proje*, embedding Dyson's engineering philosophy to pioneer new research approaches. Help to create new$pacos for m&di¢al rnsèarch and trèatment: Continue to support the Work of the Dyson Neonatal Centre and opening of the Dyson Cancer Centre al the Royal United Hospital in Bath. Objectives and activllles for tho public benefit The Trustees confirm that they havè compli8d with Ih8ir dijty in Section 17 of th& Charities Act 2011 to have due regard lo public benefit guidance published by the Charity Commission for England and Wales. The objectives of the Foundation are to advance education and training, particularly in the fields of design and technology, to support medical and seienlrfic research, and lo promote the provision of facilities in the interest ot social and community welFare. In particular The James Dyson Foundation aims to support projects in the Ioc81 community where it operates_ The Foundation carries out these objectwes by.. providing grants (by way of donations and grftsl to education and training projects, science and medical r8search, and social and community welfare,. and developing education resources and running projects intemationally which are a51 free at point of access. The James Dyson Foundation Trustees, report for the year ended 31 December 2023 (continued) By focusing on these areas, the Trustees achieve their straleglc prlorilies of education, Ir8inlng. and research. For further detail$ on the Foundation'$ ?ctivilie$ in the year. see 'A¢hievements and Performance, on pages 4 to 7 which highlights the Foundation's wide ranging public benefts. The Charty had no fundraising a¢tiwlies requiring lis￿Osure under S162A of the Chanties Act. rmstees. resp0nslb1l￿es statement The Trustees (who are also d1￿CtOrS of The James Dyson Foundation for the purposes of company lawl arè responsible for preparing thè Trustees, Annual Report and the financial slalements in acGordan¢e with appli¢able and United Kingdom Generdlty A￿epted Accounting Practice (United Kingdom Accounting Standards). Company law requires the Trustees lo prepare financial Statements for each financial year. Under company law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of th& slate of affairs of the chartiable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial slatemenls. the Trustees are required lo.. select surtable accounting policies and then appty them consistently-, observe the methods and prInC￿leS in the Charities SORP,. make judgmen15 and estimates that are reasonable and prudent., stale wh81her applicabl8 UK accounting standards hav8 b8en follow8d, subject lo any material departures diselosed and explained in the financial $lalemenls,' and prepare the financial stslements on the going concern basis unless (( is inappropriate lo presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the chanlable company's transactv)ns, disc105e wrth reasonable accuracy al any lime the finan¢i81 position of the cherilable Company and enable them lo ensura that the financi81 slalements comply with the Companies Act 2006 and the provisions of the charity's const(cution. They are also responsible for safeguarding the asse15 Of the charity and hence for tsking reasonable steps for thè prevention and detection of fraud and other irregularities. Auditor Crowe U.K LLP were reappointed as auditors under section 487121 of the Companies Act 2006. Each of the persons who 1$ 8 Trustee al the date of approval of this report confirms that.. • so far as exh Truste8 1$ 8war8, th8r8 is no r818vant audit infomplion of which the Charity's auditor is unaware,. and each Truslee has taken all steps that they ought to have t8ken a6 8 Trustee lo make themself aware of any relevanl audit information and to establish that the Charity's audtior is aware of that information, This report has been prepared in accordance with the Stalernenl of Recommended Practice Accounting and Reporting by Charitles 8nd In accordance with the special pmvlsions ol the CompaThies Act 2006 relating lo small entities. Sign8d on bahalf of th& Trust8es Sir Jam8s Dyson Trusteg Date.. 14 Independent Auditor's Report to the Members and Trustees ofThe James Dyson Foundation Opinion We have audited the financial statements of The James Dyson Foundation for the year ended 31 December 2023 whiEh comprise the Statement of Financial AclivilES, Balance Sheet, statement of Cash Flow and notes lo the financial stalèm&nts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 1$ applieable law and United Kingdom Accounting Stsndards, including Financial Roporting Standard 102 The Financial Repgrting Standard applicable in the UK and Republic of Ireland (United Kingdom G&n8ralty Accepted Accounting Practice). In our opinion tha finaneial slatemenls.. give a true and faÉr viéw Of the state of the charitable CoMp￿Y'S affairs as at 31 December 2023 and of its income and expenditure for the year then ended., have been propedy prepared in accordance with Unlled Kingdom Generally Accepted Accounting Practice., and havo been prepared in a¢wrdan¢e with the requirements of the Companies Act 2008. Basis for opinion We conducted our audf( in accordan￿ wrth Inlemational Standards on Auditing {UKI IISAS {UKI} an applicable law. Our responsibilities undeT those standards ar8 further described in the Auditorfs responsibilitie5 for the audit of the financial statements section of our report. We are independent of the charitable company in aecordanee with the ethical requirements that a￿ relevant to our audit of the financial statements in the UK, i￿luding the FRC'$ Ethical Slgndard, and we have fuffilled our other ethical responsibilitl8s in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In audrting the fin8ncial statements, we have concluded thatthe trustee's use of the going concem basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have perfomed. we have not identified any material uncertainties relating lo events or conditions that, individualty or Golledivety, may cast significant doubl on the charitsble company's abilty lo continue as a going concem for a p8riod of al18asl hvefve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in tha relevant sections of this report. Other infomiation Thè Irustees are responsible for the other information contained within the onnuol report. The other information comprises the infom)ation included in the annual reporL other than th8 financial slat8menls and our audilorfs report thereon. Our opinion on the financial statements does not cover the other infomation and, ex¢ept to the exienl othe￿ise explicitly stated in our report. we d¢ not eXp￿sS any fomi tsf assurancè conclusion Ih&reon. Our responsibility is to read the other inlom8tion and, in doing so, consider whether the other infomialion is materially inconsistent with the financial slalemenls or our knowledge obtained in thè audit or othÈTwise appears to be materially miss181ed If we identify such material inconsislencies or apparent rnaterial misslalements. we are required lo detemiine whether this gives rise 19 a material misslalemenl in the financial stal8menls themselves. If, bas8d on the work we have perfomied, we conclude that there is a malerial misstslemenl of this other information, we are required to report that fact. We have nothing to report In this regard. Opinlons on othor mattors prg$¢rfbod by the Companies Act 2006 In our opinion based on the work undertaken In the coursè of our audrt the information given in the Iruste8s' report, which includes the directors, report prepared for the purpose$ of Company law, for the financial year for which the financial statements are prepared is consis18nl with th8 financial statements,. and the directors. report included within the trustees, report have been prepared in accordan¢e with applicable legal requirements. Matter5 on which w8 aTO requirad to r•port by •xceptlon In light ofthe knowledge and understsnding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the diredors, report included within the trustees. report. We have nothing to report in respect of the following matters in relation to whlch the Companles Act 2006 requires us to report to you rf, in our opinion.. adèquate and proper accounting records have not been kept,. or the financial ststements are not in agreement with the accounting records and retums.. or certain disclosu￿S of trustees. remuneration specified by law are not made- or we have not recewed all the information and explanations w8 require for our audit,. or the trustee5 were not enlilled to prepare the financial statements in accoréance wlh the small companies regime and lakè advantsge of the small companies exemption in preparing the Iru$tees' rep￿. R•sponslblliti•s of trustees As explained more fully in the Iruslees, responsibilities statement set out on page 8, the trustees (who are also the directors of the charitable company for the purpose5 of company lawl are responsible for the preparation of the financial statements and for bèing Satisfied that they give a true and fair view. and for such internal control as Ihetrustees detemiine is necessary lo enable the preparat￿n of financial 5tstemenls that are free from material misstalem8nL whether due to fraud or error. In preparing the financial 8tstem8nts, the trustees are responsible for assessing the char5tabte company's ability lo continue as a going concem, dlsclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charttable company or to cease operations, or have no realistic all8rnalive bul to do so Auditovs responsibilities for the audlt of the ftnanclal statements We have been appointed as auditor under the Companies Act 2006 and report in accordance ￿th the Acts and ral8vanl regulations made or having effect thereunder. Our objectives are to obtsin reasonable assu￿￿(e about whether the financial stalemgnls as a whole are free from material misslalemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misststemenl when il exists. Misslalemenls can arise from fraud or error and are conSide￿d material if. individually or in thè aggregate, they eould ￿asOnab￿ be expeded to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of dete￿Ing irregularities. including fraud and non 18.167,2411 {1.757.9231 Net {expènditurel I Income 118.1711 (18.1711 1.355.384 Reconciliation of funds: Total funds brought forward at 1 Janua 13 11.002 1 374 382 Total deflclt carried forward at 31 Deeember 13 11,002 The notes on pages 16 to 24 fomi part of these financial statements. 13 Registered company number 04601338 Registered charlty numbgr 1099709 The James Dyson Foundation Balance sheet AS at 31 December 2023 2023 2023 2022 2022 Note Non£urrent agsets Investment in Turkè Oak Limited Current assets Debtors 2,420 761.205 Cash at bank and in hand 763 625 816,334 Credltors.. amounts falling du• with¥n one ear io 651.825 619402 Net current assets 111.800 111 801 196 932 Total assets less current liabilities 196 933 Creditors: amount$ falling due In more than one 118 970 185,931 11,002 Nat Ilabilitie$ l assets The funds ofthe charity Unrestricted funds 13&14 7,169 7,169 Totsl charlt fund$ The notes on pages 1610 24 form part of these financial slalements. These financial stalem8nl$ have been prepared in accordance with the special Provisions of Part 15 of the Companies Act 2006 relating to small companie5. These financial statements have been prepared in accordance with the Companies Act 2006 and Financial Reporting Stsndard 102. These financial statgments were approved by the membets of the commtttee and aulhorised for issue onzL T LLfr and are signed on their behalf by.. Sir James Dyson Tru$ts• 14 Registered company number 04601338 Reglstored charity number 1099709 The James Dyson Foundation Statement of cash flows 2023 2022 Note Cash flows from operating aetivitiès.. Net cash {u$ed inl I provided by operating aGtivities {68,11 $1 280.086 Cash flovffj from Investing activllie8: Dividends and interest from investments 49 Nèt cash rovidtd investmènt activitiès 49 Change in cash and cash equivalents in the re ortin eriod 55.129 280,135 Cash and cash equivalents at the beginning of the riod 536,199 Cash and cash e uivalents at the end of the eriod 761,205 816,334 The notes on pages 16 to 24 form p8rt of these financial slatemenls. A. Reconciliation of net income to net cash from operating activities 2023 2022 Net Ideficitl l income for the reporting period Adjustments for: Investment in Turkey Oak Limited Dividends ané interest from inveslmenl8 118.171) 1,385,384 {12,9861 12,4201 34,538 {49 4,080 1.109,328 Ilner6asèl l Decrease in debtors t)ecrease in creditors Net cash used In rovidgd b pratin activitlgs 280,086 15 The James Dyson Foundation Notes to the financial statements for the year ended 31 December 2023 1. Accounting Policies Charity inlornialion The James Dyson Foundation is an incorporated charity limiied by guarantee ￿gIStered with Companies House (registered no. 04601338 England & Wales} 8nd the Charity Commission Iregislered number 10997091. The address of ils registèred office is Telbury Hill. Malmesbury, Wllshire, SN16 ORP. Basls of accounling These financial slalemenls have been Prepa￿d in accordance wf(h Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FinarTrcial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeetive 1 January 20191- (Charities SORP IFRS 1021), the Fin?n¢ial Reporting Standard applicable in the UK and Republ￿ of Ireland IFRS 1021 Compani8s Act 2006 and Charf(i8s Act 2011. The Foundation meets the definition of a public benefit entity under FRS 102. Ass&ls and li8biif(ies are inrtially recognised at historical cost or transaction value unless otherwise stsled in the relevant accounting policies. On 11 November 2022 Turkey Oak Limited was incorporated. The James Dyson Foundation acqL5ired 100¢/0 of the shares ofTurkey Oak Lirnited for one £1 ordinary share. The entty has nol traded in the year to 31 December 2Q23 and as a resuK has not been consolidated in these accounts. Golng concern The Trusl88s are aware that there is a deficit position al the year-end due to the ￿cognItion of grant commitments in 2023. They have considered the timing ofwhen the commitments are due for payment and will request funding from Dyson James Group Limited, as required. from pledged funds. The commttments are fully supported by Dysori. The Foundation's fixed costs are not signrficant and as a general policy significant reserves are not maintained, since regular funding is provided by the Dyson group of compani8s and tha Trust88s prefer lo requèst donations only when planned expenditure within a 12-month period is due lo exceed current reserves, At the end of 31 Dec&mber 2023, tha pledgès from the Dyson group are in the region of £12.3m. On 28th November 2023 the Dyson Board approved the pledge lo The James Dyson Foundation of 0.9% of Profit After Tax through the period 2024 to 2026. Management of the charity have undertaken risk assessment. planning and forecasting given curre global challenges linllalitrn, energy price5, global unrest). A cashflow forecast has been prepared lo 2028 and on this basis the Trustees bèlieve the charty's financial resources and ¢ontingen¢y planning is sufficient lo ensure the ability of the charity to continue as a going conc&m for the for6se@abl8 futur8, being 81 least twelve month$ from the dale of approval of these finan¢i?I statements and therefore hove prepared the financial stslements on a going GonGern basis. 16 The James Dyson Foundation Notes to the financial statements for the year ended 31 December 2023 (continued) 1. Accounting Policies (Continued) Incom• fmrn donations Donations are recognised on reeeipt. No amounts are Included in the financlal statements for servlces donated by volunteers. Donated services and goods have been reo)gnised at their fair value lo the Foundation al the point of donation. Income from Inv8Strnants Investment income is credited to thè statemént of financial aclNities in the year in whleh il Is reCe￿able. Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the ¢8legory. Where costs Cannot be directly attributed to particular headings, they have been allocated lo activities on a basis Consistent with use of the resources. Charitable activities Costs in furtherance of charitable activities include those costs incurred in the direct performance of objects of the Foundation laid down in the governing document. Grants payable Grants payable are calculated for in full as liabiif(ies of the charitable company after being approv￿ by the Trustees, communicated to the third party and when any condttions included in the grant have been completed, regardless of thè timing of cash flows. Support costs Support Costs comprise the direct costs, including staff, attributable to charitable activities and an appropriole apportionment of indireet costs. Support costs are allocated to activities based on an estimate of timè sp8nt an 8ach activity. Governan￿ costs included within support costs include expenditure on administration of the charf(able company lo ensure eompliance with constitution81 and statutory requirements. Irrecoverable VAT Any irrecoverable VAT is charged lo the Statement of Financial Activities. Recognltion of liabilities Liabilities are recognised when an obligation arises to transler economic benefits as a result of past tranSaCt￿nS or events. Investments Investments a￿ revalued and includ8d in th8 financial statements at their market value al the balance Sheet dale. Debtors Accrued IncDme is recognised at the settlement amount. Cash and cash equivalants Cash is represented by Cash in hand and deposits with financial institutions. Creditors Creditors are recognised where the Foundation has a present obligation resulting from a past eventthal will probably resum in the transfer of funds to 8 third paty and thè amount due to settle the obligation can be measured or eslimaled reliably. Creditors are normally recognised al their settlement amount after allowing for any trade dis¢ounts due. 17 The James Dyson Foundation Notes to the financial statements for the year ended 31 December 2023 (continued) Accounting Policies (continued) Flnanclal instrumènts Tha Foundation onty has financial assets and financial liabilities of a kiné that qual￿ as baslc financial instruments. Basic financi81 instruments are initially recognised at transaction value and subsequently rneasured al their settlement value. Signrficant estimate$ and judgements In the pr8paralion of Ih8$e financial statements management has. if required to make signfficanl judgements or estimates, used the fair value at the point of the donation. The value of good5 purchased from Dyson James Group Limited have been uplifted from cost to retsil value and the costs of Weyboume 8eNices have been included al a fair value hourfy rale. FurKI accounting General funds are unrestricted funds which are available for use at the discretion of the Trusl68s in furtherancè of thè genèral objèelivès of thè Foundation and which have not been designated for other purposes. Investment income and gains are allocated to the apprupriate fund. Agency arrangements The Foundation acts as an agent in di$tribuling collections for the Dyson James Group Limited nomina18d charity A&hair￿￿S Research UK. 2. Comparative statement of financial activities Unrestrlcted fund5 2022 Totsl Income from: Donalitrns 3.143,258 49 3,143,258 49 Investments 3,143,307 3.143,307 Expenditure on: Charitable activities 1,757 923 1,757.923 1,385,384 Net Income 1,385,384 Total funds brought forward at 1 Janu8 2022 1,374.382 1.374,382 Totsl funds carried forward at 31 Dècember 2022 18 The James Dyson Foundation Notes to the financial statements for the year ended 31 December 20231continued) 3. Donations 2023 2022 Unrestrlcted funds Totsl funds Total Funds Donations Corporate donations Individuals 8,138.084 8,136,084 3,143.258 8,136,084 8,136,084 3.143,2S8 Total incom8 attributable to geographical areas outside of the United Kingdorn is £nil {2022.. £nill. 4. Costs of Charitsble activities by activity type Grant funding activities 2023 Totsl funds 2022 Total funds Support costs Education and training scien￿ and medical research 7,527,9S8 347,130 7,875,128 1,491,583 219,160 3,654 222.814 184.162 Social and communty welfare $4 684 14,61 S 69,299 82,178 7.801,842 365.399 8.167,241 1.757,923 Support Costs 2023 2022 Salaries and pension costs General administ￿l￿Th costs 266,060 14,284 16.716 40.988 14,791 2,552 32S,436 20,933 9.751 40,183 9,393 1,217 Travel and aceommodation Accountancy expenses Legal fees Exchange loss Govemance eosts: audi(orfs remuneration 365 399 416 741 Support co$ls a￿ allocated lo activities based on an estimate of lime spent on each activity. During the year tK) Trustees receivèd emoluments or reimbursement of expenses from the Foundation12022.. £nil}. 19 The James Dyson Foundation Notes to the financial statements for the year ended 31 December 2023 (continued 5. Grant funding actSvities The following grants and donations were made during the year.. Education and tralning 2023 2022 Jarnes Dyson Award Air Pollution Resource 470,937 261.471 185.931 286.634 188.077 5,984,948 150 000 358,461 186,006 82.771 253.521 214.931 US Educatv)n Pregramme APAC Education Programmes UK Education Programmes Gresham's School- Holl Hall Project En ineerin EducalK)n non-JDF countries 7.527.998 1.095,680 APAC Education Programmes encompasses the previous education programmes for Jap8n. MalaysEa, Singapore and Philippines. UK Education Programmes encompasses the prevK)us UK educatiDn resources and UK outreach programmes. There were no donations and grants paid lo indwiduals during the yearended 31 December 202312022. £nil). SGienGp and medical reSea￿h 2023 2022 Vacuum deaners for eharty fvndTrising Dyson nominataé charity donation - Akheimer's Research UK Medical Research Grants fund 185.716 32.334 145,600 34,344 50 219.160 179.994 Social and community welfare 2023 2022 Local community Olh8r ifts of less than £1 000 each 28,575 36,520 28.988 65,508 20 The James Dyson Foundation Notes to the financlal statements for the year ended 31 December 2023 (continued) 6. Staff staff costs during the period were". 2023 2022 Wages and salaries Social security costs Employers Allowances claimed Pension costs 257,297 16.372 124.0271 16,418 280,580 20,642 24,214 266,060 325.436 The average headcount during the year was 612022.. 51. The number of employees whos8 employee benefits (excluding 8mployèr p8n$ion eoslsl 8xceed £60,000 was.. 2023 2022 In the band £90,001- £100,000 In th8 band £60,001 - £70,000 The key rnanagemenl petsonnel of the Foundallon comprise the Global Head. The totsl amount of employee benefrts (including employer pension conlributionsl re￿iVed by key man￿ement personnel was £62,59012Q122." £113,260). During the year there wère settlement payments made of £Nil12022'. £44.282). There w8re no oulslanding liabilities at the year end. 7. Net income for the year This Is Stated after charging.. 2023 2022 Auditols remuner81ion for audit seNic&s 12.250 8,19D 8. Taxation The Foundation is a registered charity, and as such is entitled lo certain tax exemplK)ns on income and profil from investments, 8nd surpluses on any trading activities carried on in furtherance of the Foundation's primary objectives, rf these profits and surpluses are applied Sole￿ for eharilable purposes. The Foundation is not regislered for VAT and according￿, all of its expendfture is recorded inclusive of any VAT incurred. 21 Tha James Dyson Foundation Notes to the financial statements for the year ended 31 December 2023 (continued) 9. Debtors 2023 2022 Accrued income 2,420 10. Creditors: amounts falling due within one year 2023 2022 Amounts owad tts cenneeled parties Other creditors 125.062 511,025 15,738 88.597 417,380 113425 Trade Creditors and accruals 651825 619.402 Included within olher Credito￿ for 2023 are amounts forgr8ft1s made, but for which the payment dKI not lall due during the year. 11. Creditors: amounts falling due In more than one year 2023 2022 Other creditors 118970 185,931 12. Capital The Foundation is a company limited by guarantee. Each member has undertaken lo contribute £10 10 the assets of the company to meet ils liabilitie5 rf called on to do so. The total amounl guaranteed by members al 31 De￿mber 2023 is £30 {2022.. £301. 22 The James Dyson Foundation Notes to the financial statements for the year ended 31 December 2023 (continued) 13. Funds Current ypar At 1 January 2023 At 31 December 2023 In￿me Expenditure Unrestrlcted funds General funds 11,002 8,149.070 8.167,241 11,002 8,149,070 8,167,241 7,169 At 1 January 2022 At 31 December 2022 Prioryear Income Expenditure Unrestrlcted fund8 General funds 1 374 382 3 143 307 L1.757.923J_ 3,143,307 1 757,923 1 374 382 14. Analysis of net assets between funds Analysls of net assets between funds- current year Unrestricted funds Total funds 2023 2023 Non current assets Current 8ssels 763,625 763,625 1651,8251 1651.8251 118,970 118.970 7,169 7,169 Creditors due within one year Creditors due in more than One ear Analysis of net assets between funds - prior year Unrestricted funds Total funds 2022 2022 Non eurrent assets Current assets 816,334 816.334 {619,402) 1619.4021 185,931 185 931 Creditors due within one year Creditors due in more than one ear 11.002 23 The James Dyson Foundation Notes to the financial statements for the year ended 31 December 2023 (continued) 15. Pension Commitments The James Dyson Foundation oFerates a defined contnTrulion pension scheme. The assets of the scheme are held separately from those of the Foundation in an independently administered fund. The pension cost charge represents ¢onlributions payable by the Foundation to the fund and amounted lo £16,41812022-. £24.2141. There were contributions payable at year end £1,42012022". £9711. 16. Related party transactions The Foundation received £8,136,08412022.' £3.143.2581 in donations and donated goods and services from Dyson James Group Limited during the year. The Foundation owed Dyson James Group Limited £30.97012022.. £21.0671 at the year end. Sir James Dyson, a Trustee of the FoundalK)ll. is the 96.3% beneficial owner of Dyson James Group Limited. The Foundation purcha8ed £72,619 12022.. £58,868> of good5 from Oyson James Group Limited al eost. The Foundation re￿iVed £40,988 (2022.. £40,183) in donated services from Weyboume Limited during the year. The Foundation ow8d W8ybourne Limited £Nil12022.. Nil) at th8 y8ar end. Sir James Oyson has the controlling share of Weyboume Limited. The Foundation was charged for staff and associalad costs by Weybourne Holdings Pte Limited £181.260 12022. £129,664). The Foundation owed Weyboume Holdings Pte Limf(ed £94.092 {2022.' £67,530) al the year end. Sir James Dyson has the controlling share of Weybourne Holdings Pte Limiteil. The Foundation made donations to Gresham's School £5.985,268 {2022.' £3001. Sir James Dyson is a Govèmor of Gmsham's School. It also donatad to The Design and T6chnology Association £19,914 12022.. £6,000). Sir James Dyson is a Patron of The Design and Technology Association. 17. Agency arrangements AmoLtnls gf £27,11512022.. £30.5841 were paid to Alzheimer's ReSe0￿h UK during the year, leaving an amount of £16,775 in other creditors to be paid aft8r th8 yéar end. 24