Regr$ter•d ¢ompany number 04601338 Registered charlty number 1099709 The James Dyson Foundation Annual report and financial statements for the year ended 31 December 2024 THE JAMES DYSON FOUNDATION
The James Dyson Foundation Annual report and financial statements for the year ended 31 December 2024 Contents Trustees, directors. officers and advisors Trustees. rèport for the year ended 31 December 2024 Independent auditorfs report lo the mernbers of The James Dyson Foundation Stslernenl of financial activities 13 Balance sheet 14 Statement of cash flows 15 Notes lo the financial slalemenls for the year ended 31 Decernber 2024 16
The James Dyson Foundation Trustoos, diractors, officers and advisors Registered charlty name The James Dyson Foundation Charlty number 1099709 Company registration number 04601338 (England and Wales} Registered address Tetbury Hill Malmesbury Vmltshire United Kingdom SN16 ORP Truslees and dlr¢Gtors Sir J Dyson Lady D Dy50n V Wesl Foundatlon manager Juliet Charman Independent auditor Crowe U.K. LLP Statutory Auditor 4th Floor Sl James House St Jamos Square Chellenham GL50 3PR Bankers Lloyds Bank plc 55 Corn Street Bristol BS1 1HT
The James Dyson Foundation Trustees, report for the year ended 31 December 2024 The TTUStees, who are also directors for the purposes of cornpany law, present their report and the audited financial slalements of The James Dyson Foundation I the Foundation.. °JDF', 'the Charity'l for the year ended 31 December 2024. Rèference and administrative detalls Reference and adminislralive details a shown in the schedule of Trustees, directors. officers and advisors on page 1. The financial slalemenls comply with the Memorandum and Articles ofAssocialion and are prepared in accordance with Accounting and Reportinq by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021 leffeclive 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Companies Act 2006 and the Charities Act 2011. The James Dyson Foundation Is a Ghantable company limited by gLJarantee IregistratlDn number 048013381 and a charity registered with the Charity Commission Iregistration number 10997091. Structure, governance and management Governing document The Foundation is governed by ils Memorandum and Articles of Association dated 26 November 2002 and amended on 1 September 2003. Govemance of the Foundation The year under review is the twenly-first operating and accounting period of the Foundation during which the Trustees met once to review the Foundation's policie5 and procedures. As the activities of the Foundation have grown. the TrLJStees have decided on a schedule of two meetings per year. supplemented by additional email updates and meetings as necessary. A financial expert is also in attendance al these meetings lo advise the Trustees on financial matters. The Trustees have delegated the day to day running of the Found8tion to the Global Head ofthe James Dyson Foundation, Juliet Chamian, and her team. Financial and accounting support is provided by the Weybourne Limited team located in Malmesbury. Pay and remuneration of Key Managemènt Personnel 15 reviewed each year and goes through an internal and external ben¢hm8rking process The salaries are then agreed through the budget process at the Trustee's meeting. The Trustee5 have reviewed the Charity Governance Code and are aware of their responsibilities. The Charity Governance Code will be made available lo new Trustees. Recruitment training of Trustees Members of the Board of Trustees are appointed by the whole Board to provide the skills identified as being necessary for the good governance of the Foundation. The Trusl&es who served during the year are Iisled on page 1. The Trustees are fully aware of their responsibilities undèr ch8rity and company law having received information In the form of written documentation and through a presentation on Tru51ee duties and obligations given by the Foundation's external advisers. 11 is intended that this will be made available to all newly appointed Trustees as well. New Trustees are provided with the Foundation's governing document and lalesl guidance from the Charity Commission. Ri8k mJnagement In light ol the governance guidance contained within the Charity Governance Code, wth the Information available online. the Global Head of the James Dyson Foundation lon behalf of the Trusleesl reviews the major slralegic. business and operational risks lo which the Foundation is exp058d A risk register is maintsined using the platform 'CGR Foundation, and reviewed by the Head of Risk and Audit for Weybourne Ltd, on behalf of the Jame5 Dyson Foundation.
The James Dyson Foundation Trustees. report for the year ended 31 Decernber 2024 (continued) Syslerns have been established lo miligale those risks and procedures Implemented lo minimise any polenlial impact on the Foundation should any of those risks materialise. The principal risks and mitigation actions includo.. Decline in income from donations., Dyson commils a charitable gift to the James Dyson Foundation annually and builds this pledge on their balance sheet. A budget and anticipated spend is submitted by Ihe JDF Io Dyson's finance le8m for Dyson Board approval in advance of spend. This is supported by personal letter of support from Sir James Dyson lo honour any obligations made by the charity if Dyson 15 unable lo donate sufficiently. Loss of key staff; Business continuity documents are kept up to date, as well as a shared document drive. Appropriate notice periods are slipulaled In employment contracts and there is succession pSanning work undertaken Reputational damage.. The James Dyson Foundation team work5 closely with the Dyson communication5 team, Weybourne leadership and a charity lawyer who collectively provide guidan on reputation. Charity Commission and governance code gLJidance is followed on all activities ID ensure work is carried out lo a high standard and in ¢omplian¢e with the law and relevant regulation. in turn avoiding repulalional risk. Loss of confidential information. The James Dyson FoLJndalion is fully supported by the Weybourne IT team, and therefore benefits from the same cyber security policies and procedures. Fraudulont activity. The James Dyson Foundation is fully supported by the Weybourne finance team, and therefore benefits from the same financial controls and securities such as segmenlalion of duties and formal delegated authority protocols. Relatedparty transactlons The Foundation's principal donor Is Dyson James Group Limited. Sir James Dyson. a Trustee of the FoundatlDn. is the controlling party of Dyson James Group Limited Isee note 161. Financlal rlsk manag•m•nt Price risk The Foundation receives donations from Dyson James Group Limited based upon ils budgets lo finance the Foundation's activities and Incorporates this information into its business plans. This process is reviewed annually. Prices of materials purchased are subject lo contracts with suppliers, based on current market pnces. Credit risk Credit risk on amounts owed lo the Foundation is low, as r(s principal source of funds is Dyson James Group Limited. Liquidity risk The Foundation matches commitments to ils creditors with the expected liming of sh receipts in respect of donations from ils principal benefactor Dyson James Group Limited. Dyson James Group Limited has undertaken lo provide funds lo the Foundation to meet its liquidity requirements. Intest rnte and cash flow risk The Foundation places surplus funds on short lerni deposit with Lloyds Bank
The James Dyson Foundation Trustees, report for the year ended 31 December 2024 (continued) Objectives and actlvltles The primary objects of the Foundation, as stsled In its governing document, are as follows.. To advance education and training, particularly in the fields of design, engineering and technology. This work can lake a number of forms including the free provision of support resources for teachers of design and technology in schools, the running of design engineering workshops and lectures in schools and universities, as well as bursary schemes and collaboratwe projects. To support medical and scientific research. To support charitable and educational projects in the region in which The James Dyson Foundation operates. The statement of financial activities for the year ended 31 December 2024 is sel out on page 13 of the financial statements. A summary of the financial results and the work of the Foundation during the year are sel out on pages 4 10 7. Grant making policy Grants are determinèd by thé TnJst&ès in aceordance with the oljjects of the Foundgtion Application5 for grants are considered by the Foundation team who make recommendations lo the Trustees in line with Foundation objectives. Achlevements and performanc8 The Foundation's income was £5,490,14512023.. £8,149,070). The Foundation thanks all its supporters for their work and generosity, particularly Dyson Jarnes Group Limited, ils main benefactor. The Foundatlon's maln actlvltles were as follows.. In 2024, the James Dyson Award ran in 29 countries and regions. The award is the James Dyson Foundation's intérnational design competition. 11 celebrates, encourages, and inspires the next generation of design engineers. To encourage entries into the competition hundreds of workshops and presentations were given lo students al universities around the globe. Nearly 2,000 student entries were received. The Medical winner of the Award was Athena, an affordable and portable device for chemotherapy patients that uses scalp cooling lo prevent hair-loss, invented by Olivia Humphreys from the University of Limerick. Ire18nd. The Sustainability winner was Airxeed Radiosonde. 8 reusable. nature-lnspired sensor for weather forecasting invented by Shane Kyi Hla Win and Danial Sufiyan Bin Shaiful from Singapore University of Technology and Design. Both winners received £30,000 cash prizes lo support the further development of their inventions. The competition gathered global interest from the press, wth coverage in major media oullels such as BBC Radio 4, Irish Examiner. ELLE DÈCOR and 8TV Mandarin News. In lolal. more than 1.000 pieces of coverage were genewled alongside extensive social media engagement reaching millions of people- powerful way lo expand the positive message of engineering. Since the start of the competition, over 70% 01 past intemalional winners are now commercialising their inventions, amid a backdrop where over 900kn ol start-ups fail. Almost half a million students acr055 the world were inspired about engineering through free educational resources based on Dyson's approach lo engineering in 2024. These resources give an insight into the life ofa working engineer. The SOurCeS a free lo order and download from the James Dyson Foundation website.
The James Dyson Foundation Trustees. report for the year ended 31 December 2024 (continued) The Foundation's educational resource, Engineering solutions.. Air pollution. was delivered lo schools acros5 10 countries The resource educates students on how engineering can solve global problems, focusing on air pollution. 1,000 air quality monitoring device8 have been donated to schools across the world since the sOUrce launched in 2020. The Foundation's new resource Engineering solutions.. The future of farming was delivered lo schools across the UK. The resource enables students lo explo how design and engineering can be applied to farming. The resource includes a new resource box which gives students acces5 to equipment to grow their own crops allowing Ihern lo understand how food is grown and improved through engineering principles. The Foundatinn developed a new resource in 2024 c211ed Enginooring solutions.. Hair Science. Designed lo complement Science, Design and Technology and Malhemalics curriculums students leam about hair types, hair damage and the relationship between hair and identity, and how this knowledge informs engineering solutions to hair $tyling Nearly 700 educational engineoring workshops and events were delivered. rea¢hing 2.5 million students. This included rapid prololyping workshops that challenge students lo design and build solutions lo air pollution as well as everyday problems In a home or school environment., robotlCS workshops that challenge students to code robots to navigate a space. and workshops at universities across 30 COLJntries and regions to inspire students lo enter the James Dyson Award. The Foundation a150 participated in large scale Science, Technology ,Engineering, Arts and Malhemalics ISTEAMI events challenging young people lo gel hands-on with engineering challenges. These workshops and events were supported by almost 800 DysDn engineers and people. Scholarships were awarded to students at the University of Cafflbridge. Scholarships were given lo three students at Murray Edwards College at the University DI Cambridge lo provide financial support to female engineering students. Two additional PhD students were awarded a scholarship al Corpus Christi College at the University of Cambridge lo support their research into Agri-Roboti¢s. bringing the total PhD students supported by this scholarship to six. The Foundation also awarded six project bursaries lo students studying engineering al the Dyson Centre for Engineering Design at Cambridge University. Providing space for Science. Technology. Engineerlng, Arts and Mathemati¢$ ISTEAMI through our building projects. In 2023 the Foundation pledged £6 million lo Malmesbury C ol E Primary School in the UK lo fund the school's expansion and build a STEAM centre lo educate future engineers and scientists. The project received approval from the Secretary of Stale for Education in February 2024 with planning determination due in mid-2025. The Foundation's £35 fflillion project lo rgnovale Grade 11 listed building Holt Hall into a Preparatory School at Gresham's School in Norfolk UK received planning permission in 2024, with building work lo commence in early-2025. Over 25 local charitsble projects were supported in Malmesbury UK, as part of the Foundation's annual Gomii)unily >uppuil fund, including Malmestiury Foocl Bank, Malmestyury Carnival, local Schools. hospitals and youth clubs. In the Americas, over 200,000 school students across the US, Canada and Mexico were reache¢J through engineering workshops and resources, giving them a glimpse into the exciting world of engineering. A total of $300.000 was raised and donated lo charities in Chicago, Toronto and Mexico City to provide students with engineering and Scien enrichment opportunities. with some csonalions also supporting medical research advancements. In Asia Pacific, over 380 cn9ineering workshops and events were held across China, Japan, Malaysa, Singapore. South Korea, Thailand and Philippines reaching nearly 2.5 million students from primary lo univttrsily level. The Foundation continued its collaborations with the Ministry of Education in Singapore and hAalaysia, organising large-scale Science. Technology ,Engineering and Mathematics ISTEMI campaigns encouraging edu¢alors and students to get excited about engineering.
The James Dyson Foundation Trustees, report for the year ended 31 December 2024 (continued) Flnancial revlew and result5 for the year ended 31 December 2024 Results for the year ended 31 December 2024 The slalemenl of financial activities for the year is set out on page 13 of the financial slalemenls. Incorne for the year was £5,490.14512023.' £8,149.0701 The Foundation's main source of income is, and is expected lo remain. donations from Dyson James Group Limited. The Foundation made donations and grants lolaling £4,817,654 12023.. £7,527,998> to further ils educational objectives, of which the largest donation was £2,580,102 to Gresharn's School in respect of the Holl Hall Project. The Foundation continued ils Scien and medical research and social mandates with donations of £244.49612023'. £219,160) and £58,09712023.' £54,684) respectively. These donations (both financial and in the forrll of vacuum cleaner5 for raffle prizes) were distributed following either discussions with the relevant charities or having received and reviewed applications for support. Overheads, which comprised SUPPDrt costs lotsled £532,28812023". £365.3991 or 9.7Vo12023.' 4.4Q/ol of income for the year. Investment powents, policy & perfomlance The Foundation has wide Investment powers. Funds were held in cash, in inleresl-bearing accounts with LSoyds Bank to meet short term requirements. Reserves The Charity does not have a reserves policy and does not re1ve any donations, grants, and any other sources of fundraising Whe restrictions are imposed. The Foundation's fixed costs ale not significant and as a general policy significant reserves are not maintained. since regular lunding is provided by Dyson James Group Lirniled and the Trustees prefer lo request donations only when planned expenditure within a twelve-month period is due lo exceed current reserves. The Trustees are confident that the work of the FoundaliDn can continue and Ihal they can rely on the continuecj funding from the Dyson group of companies for the fciE5eedble lulure. Total deficit at the year-end was £1169,599112023 Deficit.. £17,16911, 811 of which was unreslrided. The deficit was due lo a drawdown of funding from Dyson James Group Limited not h8ving been requested until after the year- end. It is usual policy to request donations only al the point when they are required and there was Sufficient cash available within the bank account, with a balance of £578,466 al the year-end, to allow for all CDmmilmenls to be comfortably mel for the following month Funding of£3.4m was received from Dyson James Group Limited on 10 January 2025. The Trustees have considered the liming of when the commitments are due for payment and will request funding from Dyson James Group Limit¢d, as required, from pledged funds. Tho commitments are fully supported by Dyson. Managernenl of the charity have undertaken risk assessment. planning and forecasting given current global challenges including the cost of living crisis and rising geopolilical tensions. A cashflow forecast has been prepared lo 2028 and on this basis the Trustees believe the charity's financial resources and contingency planning is sufficient lo ensure the ability of the charity to continue as a going concern for the foreseeable future, being al least hvelve months from the date of approval of these financial stslements and therefore have prepared the financial slalemenls on a going concem basis. Thè Jamès Dyson Foundation is 100% shareholder of a sijhsidiary ttompany, Turkey Oak Limited. The enlity has not traded in the year lo 31 December 2024 and as a result has not been consolidated in these accounts A First Gazette notice was published on 14 January 2025, seeking to strike Turkey Oak Limilgd off the register from 14 March 2025.
The James Dyson Foundation Trustees, report for the year ended 31 December 2024 (continued) Plans for future periods The Foundation's main objectives for the next year are listed below. Grow the quallty and reach of the Jarnes Dyson Award.. Successfully run the competition in 28 countries and regions. Increase the quality of entries lo the James Dyson Award Deliver cutting4dge educational resources. workshops and events: Deliver over 2,000 physical resources (Challenge Cards, Design Process Box, Engineering Box, Engineering solutions". Air pollution kits and Engineering solutions. The future of farming boxl and 15.000 downloadable resources reaching students across the UK, Americas and APAC. This includes launching our new educational resource, Engineering solutions". Hair Science. Grow and enhance STEAM educational outreach through over 800 WDrkshops and events across the UK, US, Singapore. Malaysia and the Philippines. Reach over two million students through our workshops, events and resources. Celebrate engineering excellence: Continue lo offer s¢holar5hips and bursaries lo students that excel in the field of engineering. Provide slale-of-the-art STEAM facilities through a £35 million donation lo build a Preparatory School al Holl H811 al Gresham's School, and 8 £6 million donation lo fund the expansion of Malmesbury Primary School. Strengthen our support for local communities and Dyson people's fundraising.. Pledge a fund lo support charitable organisations local lo Dyson offices and malch-fund Dyson people's fundraising efforts for global medical research charities. Continue our long-standlng commitment to advancing Dementia research: Continue to sUPPOrt the Race Against Dementia Dyson Fellowship and a¢celeralion project, embedding Dyson's engineering philosophy lo pioneer new research approaches. Objectives and activities for the public benefit The TrLJSteès confirm that they have compliecs with their duty in Section 17 of the Charities Act 2011 10 have due regard lo public benefit guidance published by the Charity Commission for England and Wales. The objectives of the Foundation are lo advance educab.on and training, particularly in the fields of design and technology, lo support medical and scientific research, and lo promote the provision of facilities in the interest ol social and comrnunily welfare. In particular The James Dyson Foundation Ifn5 10 5UPPQrt pFojeGls in the local Gommunity where il upviul¥. The Foundation carries out these objectives by.. providing grants Iby way of donations and giftsl lo education and training projects, science and medical research, and Social and community v4elfare". and rleveloping education resource5 and running projects inlernalionally which are all free al point of access. By focusing on these areas, the Trustees achieve their strategic priorities of Èducation. tryaining, and research. For further details on the Foundation's activities in the year, see 'Achievements. and Performance, on pages 4 10 7 which highlights the Foundation's wide ranging public benefits. The Charity had no fundraising activities requiring disclosure under S162A ol the Charities Act.
The Jarnes Dyson Foundation Trustees, report for the year ended 31 December 2024 (continued) Tru$tees' responsibilities statgment The Trustees (who are also directors ol The James Dyson Foundation for the purposes of company lawl are responsible for preparing the Trustees. Annual Report and the financial slalemenls in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Slandardsl. Company law requires the Twslees lo prepare financial statements for each financial year. Under company law the Trustees must not approve the financial slalements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable 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 suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP., make judgments and eslimales that are reasonable and prudent., state whether appliGable UK a¢¢ounting standard3 have been follow¢d, subject to any material dèpartures disclosed and explained in the financial statements.. and prepare the financial statements on the going concern basis unless (t is inappropriate lo presume that the charitable Company will continue in business. The Trustees are responsible for keeping adequate accounting records that a sufficient lo show and explain the chanlable company's Iransadions. disclose with reasonable accuracy al any time the financial position of the charitable Company and enable them lo ensure that the financial slalements comply with the Companies Act 2006 and Ihe provisions of the charity's constitution. They are al30 responsibl8 for $gf&guarding the assets of the charity and hence for taking rea50nablé stops for the prevention and delecbon of fraud and other irregularities. Audltor Crowe U.K LLP were reappointed as auditors under section 487121 of the Companies Act 2006. Each of the pèrsons who Is 8 Trustee at the date of approval of this report confirms that.. so far as each Trustee is aware. there is no relevant audit information of which the Charity's auditor is unaware., and each Tnjstee has taken all steps that they Dughl lo have tsken as a Trustee lo make themself aware of any relevant audit information and lo establish that the Charity's auditor is aware of that information. This report has been prepared in accordance with the Statement of Recommended Practice Accounknng and Reporting by Charities and in accordance with the Special provisions Df the Companies Act 2006 relating lo small entities. Sioned on behalf of the Trustees Sir James Dyson Trustse Dale.. IT i &cJ3S
Independent Auditor's Reportto the Members and Trustees of The James Dyson Foundation Opinion Vve have audited the financial slalemenls of The James Dyson Foundation for the year ended 31 December 2024 which comprise the Slalement of Fin8nci81 Aclivilies. Balance Sheet. Slalement of Cash FIDW and notes lo the finanaal stalemenls, including a summary of significant accounting policies. The financial porting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Aepted Accounting Practice). In our opinion the financial ststements". give a true and fair view of the stale of the charitable company's affairs as al 31 December 2024 and of its income and expenditure for the year then ended". have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice", and have been prepared in accordance with the requirements ofthe Companies Act 2006. Basis for opinion INe conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of OLJr report. We are independent of the charitable company in accordance with the ethical requirernenls that are relevant lo our audit of the financi81 st8tement8 in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In audiling the financial statements, we have conduded that the Iruslee's use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed. we have not identifièd any m8terial Ljncertainties relatino tD events or cond11ions that, Individually or collectively, may cast significant doubl on the charitable company's ability lo continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described n the relevant sections of this report. other inforniation The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report. other than the financial statements and our auditor's report Ihereon. Our opinion on the financial slalemenls does not Cover the other information and, except lo the extent otherwise explicitly slated in our pOrt, we do not express any form of assuran conclusion Ihereon. Our responsibility is to read the other information and, in doing so. consider whether the other intormation is materially Inconsistent wlh the financ5al slalements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such rnalerial Inconsistencies or apparent material misstatements, we are required lo determine whether this gNe5 rise tts a material misslatemenl in the financial slalemenls themselves. If, based on the work we have perfomied, we conclude that there is a material misslalernenl of this other information, we are required lo report Ihal fact.
IndependentAuditor's Report to the Members and Trustees of The James Dyson Foundation (continued) We have notliiFig lu iepurl iTi tliis rEyaid. Opinlons on other matters prescrlbed by the Cornpanles Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the truslges, report, which includes the directors, report prepared for the purposes of company law. for the financial year for which the financial slalemenls are prepared is consislenl with the finanaal slalemenls", and the directors, report included within the Iruslees, report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In light of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit. we have not identified material misstatements in the directors. report included within the Iruslees. report. Vve have nothing to report in respect of the followng matters in relab'on lo which the Companies Act 2006 requires us to report lo you if, in our opinion". adequate and proper accounting records have not been kept,. or the financial slalemenls are not in agreement with the accounting records and relums., or rtain dis¢losLJres of trLJStees' remuneration specified by law are not made.. or we havè not recèivèd 811 thé information and explanations we require for our aLJdit'. or the trustees were not entitled to prepare the financial siatements in accordance with the small cornpanie5 regime and take advantage of the small companies exemption in preparing the Iruslees, report. Responsibllltl8s of trustees As explained more fully in the Iruslees, respon5ibililies slalemenl sel out on page 8, the trustees Iwho are also the director5 of the chanl8ble company for the purposes of company lawl are responsible for the preparation of the financial slalements and lor being satisfied that they give a true and fair view. and for such Internal control as the trustees determine is necessary lo enable the preparation of financial slalemenls that are tree from material misslalement. whether due lo fraud or error. In preparing the financial slalemenls, the trustees are responsible for assessing the charitable company's ability lo ctsnlinue as a going concern, disclosing. as applicable. mallers related to going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charitable company or lo cease operation5, or have no reali51ic allernalive bul lo do 50. Auditofs re5ponsibilitles for the audit of the financial statements We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect Ihereunder. Our objectives are to QDtain reasonable assurance atsout whether ihe finanaal statements as a whole are free from material misslalernenl, whether due lo fraud or erroT, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit condu¢ted in accordance with ISAS IUKI will always detecl a material misstalement when it exisis. Misstslements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of usefs taken on the basis of these financial slalernents.
Independent Auditor's Reportto the Members and TrustO9s of The James Dyson Foundation (continued) Details of the extent lo which the audit was considerecl capable of detecting irregularities. including fraud and non-compliance with laws and regulations are set out below. A turther description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's web511e at.. www.frc.or .uklaudilorsres part of our auditor's report. onsibililies. This description forms Extent to which the audit YRS con$ldered capablg of detecng irregularitles, Includlng fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misslatemenl of the financial stslement5 from irregularities, whether due to fraud or error. and discussed these behNeen our audit tpam members We then designed and performed audit procedures responsive lo those risks, induding obtaining audit evidence suffiaent and appropriate to provide a ba515 for our opinion. We obtained an understanding ol 11)e legal and regulatory frameworks wlthin which the chariiable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial slalemenls. The law5 and regulation5 we considered in this context were the Companies Act 2008, Charities Act 2011 and Charities SORP IFRS 10212019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial stslernenl items. In addition, we considered provisions of other laws and regulations Ihal do not have a direct effect on the financial statements bul compliance with which might be fLJndamenlal to the charitabl& company's ability lo operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. We Identified the grealesl risk of material impact on the financial slalemenls from irregularities, including fraLJd. lo be the Override of controls by management. Our audit procedures ID respond lo these risks included enquiries of management about their own Identification and assessment of the risks of irregularities, sample lesling on the posting of journals, reviewing accounting e51imales for biases, viewing regulatory correspondence including that ¥Mth the Charity Commission and reading minutes of tneelings ol those charged with governance. Owing to the inheienl limitations of an audit, there is an unavoidable risk that we may nol have detected some materfai mi5Staternents In tne financial stalemenls, even though we have properly planned and performed our audit in accordan with auditing standards. For example, the further removed non- compliance with laws and regulations lirregularilies) is from the events and transactions reflected in the financial slalements, the less likely Ihe inherently limited procedures required by auditing standards would Identify it In addition, as with any audit, there remained a higher risk of non-deleclion of irregularities. as these may Involve collusion, forgery, intentional omissions. misrepresenlalions, Dr the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected lo delect non-compliance with all laws and regulations These inherent limitations are particularly significant in the case of misstatpmpnl resiilting frorn fraud as this may involve sophisticated schemes designed lo avoid detection, including deliberate failure to record Iransaclions, collusion or the provision of intentional misrepresentations.
Independent Auditor's Report to the Members and Trustees ofThe James Dyson Foundation (continued) Use of our report This report is made solely to the charitable company's members, a5 a body, In accordance with Chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members and trustees those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilily lo anyone olherlhan the chariiable company, the charitable company's members as a body and the charitable Company's trustees as a body, for our audit work. lor this report, or for the opinions we have formed. Tara Weslcoll Senior Slalulory Auditor For and on behalf of Crowe U.K. LLP Slalulory Auditor 4th Floor Sl James House Sl James Square Chellenharn GL50 3PR Date.. 18 lune 2025 12
Reglstered company number 04601338 Registered charity number 1099709 The James Dyson Foundation Statement of financial activities (incorporating the income and expenditure account) For the year gnded 31 DgC8mber 2024 Unrestricted funds 2024 Total Funds 2023 Total Funds Note Income from.. Donations 5,450,692 39,453 5,490,145 5.4SO,692 39,453 S.490.145 8,136,084 12.986 Investments 8,149.070 Expenditure on: Charitable activities 4&5 5,652,535 S.652.53SI 8.16?.241 15,652.5351 15,652,535) 18,167,241) Not lèxpènditurèl l incom& 1162.3901 1162,3901 118,1711 Reconciliation of funds.. Total deficit brought forward at 1 Janua 13 7.169 7.169 11,002 Total deficit carried forward at 31 December 13 169,559 169,559 7.169 The notes on pages 16 10 25 form part of these financial statements. 13
Règistèrèd company number 04601338 Registered charity number 1099709 The James Dyson Foundation Balance sheet As at 31 December 2024 2024 2024 2023 2023 Nole Non.Current asset5 Investrnent in Tuike Oak Lirriile(J Current assèts Debtors and prepayments Cash al bank and in hand 13,320 57B 466 2,420 761,205 591,7B6 763,625 Credltors- amounts falllng due wlthln one ear 10 702,821 651,825 Not cijrrent l assets 111,035 111.800 Total assets less Gurrent liabllltle$ 111,034 111.801 CreditOTS'. amounts falling due in more than one ear 58,S2S 169,559 118,970 Nèt Ilabilities l assets 7.169 The funds ofthe charity Unrestricted funds 13814 169,559 1169,5591 7,169 Total charl funds 7,169 The notes on pages 18 to 25 fomi part of these financial slalemenls. These financial statements have been prepared In accordance with the special provisions of Part 15 of the Companies Act 2006 relating lo sm£ll companies. These financial slalements have been prepared In accordance with the Companies Act 2006 and Financial Reporting Standard 102. These financial 51alemenls We approved by the members of the committee and aulhorised for issue on 11 *0&£ and are signed on their behalf by." Sir James Dyson Tru$tee 14
Registèred company number 04601338 Registered charity number 1099709 The James Dyson Foundation Statement of cash flows 2024 2023 Note Cash flows from operating activitie5- Net cash (used inl I provided by operating activities 1222,1921 168,1151 Cash flows from investing activities.. Dividends and interest from investments 39,453 12,986 Net cash rovlded b Investment actlvltles 39,453 12,986 Change In cash and cash equlvalents in the ortin eriod 182,739 55,129 Cash 8nd cash equivalents at the beginning of the eriod 761,205 816.334 Cash and cash e uivalents at the end of the eriod 578,466 761,205 The notes on pages 16 10 25 fomi part of these financial slalemenls. A. ReGonciliation of net income to net cash from operating activities 2024 2023 Net Ideflcltl I Income for thg roportlng p8rlod Adjustments for.. Inveslmenl in Turkey Oak Limited Dividends and Interest from investments 1162,3901 118,1711 139,4531 110,9001 9,449 112,9861 12,4201 34.538 Ilncreasel l Decrease in debtors Decrease I Increase in creditors Net cash (used inl I provided by o eratin activities 222,192 68,115 15
The James Dyson Foundation Notes to the financial statements for the year ended 31 December 2024 1. Accounting Policies Charlty Information The James Dyson Foundation is an incorporated charity limited by guarantee registered with Companies House Iregislered no. 04601338 England & Wale51 and the Charity Commission Iregislered number 10997091. The address of Its registered office is Telbury Hill, Mallnesbury, Willshire, SN16 ORP. Basls of accounting These financial stslemenls have been prepared in accordance wlh 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 IFRS 1021 leffective 1 January 20191- (Charities SORP IFRS 10211. the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 Companies Act 2006 and Charities Act 2011. The Foundation meets the definition of a public benefit enlily under FRS 102. As5els and liabilities a initially recognised al historical c05t or transaction value unless olhetwise slated in the relevant accounty'ng policies. On 11 Novetnber 2022 Turkey Oak Limited wa5 incofyDratEd. The Jorries DysDii Fuuridiltivri dLquifE 100% of the shares of Turkey Oak Limited for one £1 ordinary share. The entity has not tradecl in the year lo 31 December 2024 and as a result has not been consolidated in these accounts. A First Gazette notice was published on 14 January 2025. seeking lo strike Turkey Oak Limited off the register from 14 March 2025. Going concern The Trustees are aware that there is a deficit position al the year-end which is due lo a drawdown of funding from Dyson James Group Limited not having been requested until after the year-end 11 is usual policy to requ8St donations only at the point when they arg required and thorè wag sufficiont cash available within the bank account, with a balance of £578,466 al the year-end, lo allow for all commitments to be comfortably mel for the following month. Funding of £3.4m was received from Dyson James Group Limited Dn 10 January 2025. Al the end of 31 December 2024, Ihe pledges from the Dyson group are in the region of £11 m. On 2Ph November 2024 the Dyson Board approved the pledge to The James Dyson Foundation of 0.9% of Profil After Tax through the period 2025 to 2027. Managernenl of the charity h8ve undertaken risk 8gsesgment. planning and forecasb'ng given current global challenges including the cost of living crisis and rising geopolitical tensions. A cashflow forecast has been prepared lo 2028 and on this basls the Trustees believe the charty's financial resources and contingency planning is sufficient lo ensure the ability of the charity lo continue as a going concern for the foreseeable future, being al least twelve months from the dale of approval of these financial slalemenls and therefore have prepared the finanaal statements on a going conrn basis. 16
The James Dyson Foundation Notes to the finanGial statement5 for the year ended 31 December 2024 (continued) 1. Accounting Policies (continued) Income from donations Donations are recogni5ed on receipt. No amounts are included in the financial 51atemenls for services donated by volunteers. Donated services and goods have been recognised al their fair value lo the Foundation al the point ol donation. Income from Snvestments Investment In¢ome is credited to the statement of financial activities in the year in whi¢h il is receivable. Resources expended All expenditure is a¢count8d for on an accruals basis and has boon classifiod under headings that aggregate all costs related lo the category. Vvhere costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consislenl with Ljse of the resources. Charitable activities Costs in furtherance of charitable activities inclLJde those costs incurred in the direct perf0mlan of objects of the Foundation laid down in the goveming docijment. Grants payable Grants payable are calculated for in full as liabilitie5 of the charitable company after being approved by the Trustees, communicated lo the third party and when any conditions included in the grant have been completed. regardless of Ihe liming of cash flows. Support costs Support C051s comprise the direct costs. including staff, allribulable to chaiilable activities and an appropriate apportionment of indirect costs. Support costs are allocated ID activities based on an estimate of time spent on each activity. Governance costs included within support Costs Include expenditure on adminislralion of the charilable company lo ensure compliance with ¢onslitutional and slalulory requirements. Irrecoverable VAT Any irrecoverable VAT is charged lo the Slalement of Financial Activities. Recognition of liabilities Liabilities are recognised when an obligation arises lo transfer economic benefits as a result of past transactions or events. Investments Investments are revalued and included in the financial Statements al their market value al the balance sheet dale. Dèbtors Accrued income is regnised at the settlement amount. Cash and cash equivalents Cash is represented by cash in hanLI and deposits with financial institutions. Credttors Creditors are recogni5ed where the Foundation has a present Dbligalion resulting from a past event that will probably result In the transfer of funds to a third party and the amount due lo settle the obligation can be measured or e5timatecf reiiaoiy. Greditors are normally recognised at their settlement amount after a51owing for any trade discounts due. 17
The Jarnes Dyson Foundation Notes to the financial statements for the year ended 31 December 2024 (continued) Accounting Policies (continued) Financial instruments The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instrurnents. Basic financial instruments are initially recognised al Iransath'on value and subsequ&nlly measured at their selllemenl value. SSgnificant estimates and judgemonts In the preparation of these financial stslemenls management has, if required lo make significant judgements or estimates, Used the fair value al the point of the donation. The value of goods purchased from Dyson James GroLJP Limited have been uplifted from cost to retail value 8rxl the costs of Weyboume services have been included al a fair value hourty rate. Fund accounting General funds are unrestricted funds which are available for use at Ihe discrets'on of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for other purposes. Investment income and gains are allocated lo the appropriate fund. Agency arrangements The Foundation acts as an agent in dislTibukn"ng collections for the Dyson James Group Limited nominated charity Alzheimer's Research UK. 2. Comparative statement of financial activities Unrestricted funds 2023 Totsl Income from.. Donations 8,136,084 8,136,084 Investments 12,986 12,986 8.149.070 8,149,070 Expenditure on- Charitable activities ,167,241 118,1711 8,167,241 118.1711 Net expenditure Totsl funds brought forward al 1 Janua 2023 11.002 11,002 Total deficit carried forward at 31 Dèe•mb•r 2023 7,169 7.169 18
The James Dyson Foundation Notes to the financial statements for the year ended 31 December 2024 {continued) 3. Donatlons 2024 2023 Unrestricted fund$ Totsl funds Total Funds Donations Corporate donations Individuals 5,450.692 5.4SO,692 8,136,084 5,450.692 5.4S0,692 8,136.084 Total income attributable to geographicgl areas outside of the United Kingdom is £nil12023.. £nill. 4. Costs of charitable activities by activity type Grant funding activltles 2024 Total funds 2023 Total fund5 Support costs Education and training SGience and medical researd) 4.817,654 505.673 5,323.327 7.875.128 244,496 5,323 249,819 222,814 Social and COTnrnunity welfare 58.097 21.292 79.389 5,652,535 69,299 8.167,241 5.120.247 632.288 Support Costs 2024 2023 Salaries and pension costs General adminislralion costs 436,S57 11,446 266,060 14,284 Travel and accommodation 10,439 42,552 16,716 40,988 Accountancy expenses Legal fees Exchange gain Governance costs." auditor's remuneration 17,019 11.1821 15.457 14,791 2,552 10.008 532,288 365,399 Support costs are allocated lo activities based on an estimate of lime spent on each aclivily. During the year no Trustees received emoluments or reimbursement ofexpenses from the Foundalion12023". £nill.
The James Dyson Foundation Notes to the financial statements for the year ended 31 December 2024 (continued) 5. Grant fund(ng activities The following gran15 and donations were made during the year.. Education and tralnlng 2024 2023 James Dy30n Award Air Pollution Resource 424.238 470,937 285,041 297.769 261,471 US Education Programme APAC Education Programmes UK Education Programmes Gresham's School- Holl Hall Project Engineering EdLJcation Inon-JDF countries) Malmesbu Prima Schools Pro ect 185.931 608,683 431,575 286.634 188,077 2.580,102 5,984.948 150,000 190,246 4.817,854 7.527,g98 Therewere no donations and grants paid lo individuals during the year ended 31 December 202412023.. £nill. Sclenc8 and medical research 2024 2023 Vacuum cleaners for charity fundraising Dyson norninated charity donation- Alzheimer's Research UK Medical Research Grants fund 186,195 51,197 185.716 32,334 1,110 219.160 7,104 244,496 Soclal and communlty welfare 2024 2023 Local community Other ifts of les5 than £1,000 eath 40,882 17,215 58,097 28,575 26,109 54,684 20
The James Dyson Foundation Notes to the financial statements for the year ended 31 December 2024 (continued) 6. Staff Staff costs durlng the period werè.. 2024 2023 Wages and salaries Social security costs Employers Allowances claimed Pension costs 402,169 257,297 20,388 16,372 15.0001 19,000 124,0271 Ib,418 436,557 266,060 The average headcount during the year was 6 12023.. 61. The nurnber of employees whose employee benefits (excluding employer pension Costsl exceed £60.000 was.. 2024 2023 In the band £90,001- £100.000 In the band £60,001- £70,000 The total amount of employee benefits (including employer pension conlributionsl received by key rnanagement personnel was £67,36912023'. £62,5901. During the year there were settlement payments made of £Nil12023'. £Nill. There were no oulslanding liabilities al the year end. 7. Net Income for the year This is slated after charging.. 2024 2023 Auditor's Temuneralion for audit services 14,400 12,250 8. Taxation The Foundation is a registered charity, and as such is enlilled lo certain lax exemptions on income and profit from investments. and surpluses Dn any trading aclivilies carried on in furtherance of the Foundatlon's primary objectives, If these profits and surpluse5 are applied solely for charitable purposes. The Foundation is not registered for VAT and accordingly, all of ils expendrture is recorded inclusive of any VAT incijired. 21
The Jarnes Dyson Foundation Notes to the financial statements for the year ended 31 December 2024 (continued) 9. Debtors 2024 2023 Accrued income and prepayments 13,320 2,420 10. Creditors: amounts falllng due within one year 2024 2023 Amounts owed lo connected parties Other creditors 190,916 381,541 130,364 702,821 125,062 511,025 Trade Creditor5 and accruals 15,738 651,825 Included within Other creditors for 2024 are amounts for grants made, bul for which the payment did not fall due during the year. 11. Creditors: amounts falling due In more than one year 2024 2023 Other creditors 58.525 118.970 12. Capital The Foundation is a company limited by 9uarantee. Each member has undertaken to contribute £10 to the assets of the company lo meet ils liabililies if ca15ed Dn to do so. The lolal amount guaranteed by members at 31 December 2024 15 £3012023.. £301. 22
The James Dyson Foundation Notes to the financial staternents for the year ended 31 December 2024 {continued) 13. Funds Current year At 1 January 2024 At 31 December 2024 Income Expendiluro Unrestricted funds General funds 7.169 7.169 5,490.14S 5,490,145 5.652,535 5.6S2,535 169,559 169,559 At 1 January 2023 At 31 DeGember 2023 Prior year Income Expenditure Unrestricted funds General funds 11,002 11,002 8,149,070 8,167,241 8.149,070 18,167.241} 7,169 Total deficit al the year-end was £1169,5g9112023 Delicil.. £17.16911, all of which wa5 unreslricled. The deficit was due to a drawdown of funding from Dyson James Group Limited nol having been requested until after the year-end. 11 is usual policy lo reque51 donations only al the point when they are required and there was sufficient cash available within the bank account, with a balance of £578.466 al the year- end, lo allow for all commitments lo be comfortably Tnel for the following month. Funding of £3.4m was receNe¢J from Dyson James Group Limited on 10 January 2025. 14. Analysis of net assets between funds Analysis of net assets between funds- current year Unrestricted funds Total funds 2024 2024 Non current assets Current assets 591,786 591,786 1702,8211 1702,8211 58,525 68,525 169,559 Creditors due wthin One year Creditors due in more than one ear 169,559 23
The James Dyson Foundation Notes to the financial statements for the year ended 31 December 2024 (continued) 14. Analysis of net assets between funds (continued) Analysis of net a55ets between funds- prior year Unreslricled Totsl funLYs funds 2023 2023 Non current assets Current assets 763,625 763,625 1651.8251 1651.8251 118.970 118.970 Creditors due within one year Creditors due in more than one ear 7,169 7,169 15. Pension Commitments The James Dyson Foundation operates a defined contribution pension scherne. The assets of the scheme are held separately Iiom those of the Foundation in an Independently administered fund. The pension cost charge represents contributions payable by the Foundation lo the fund and amounted to £19,00012023." £16,418). There were contributions payable at year end £1,51712023.' £1,420). 16. Related party transactions The Foundation received £5.450.69212023'. £8,138,084) in donations and donated goods and services from Dyson James Group Limited during the year. The Foundation owed Dyson James Group Limited £48,23412023." £30.9701 at the year end. Sir James Dyson, a Trustee of the foundation, is the 96.3% beneficial owner of Dyson James Group Limited. The Foundation purchased £78,054 12023.. £72,6191 of goods from Dyson James Group Limited at cost. The Foundation received £42,55212023". £40,988) In donated Services from Vveybourne Limited during the year. The Foundation owed Weybourne Limited £NIl12023'. Nil) al the year end. Sir James Dyson has the controlling share of Weyboume Limited. The Foundation was charged for staff and associated costs by Weyboume Holdings Ple Limited £228.58012023' £181,260). The Foundation gwed Weybourne Holdings Ple Lirniled £112.11412023' £94,092) at the year end. Sir James Dyson has the controlling share of WeybDurne Holdings Pte Limited. The Foundation was charged for staff costs by Dyson Inc £90,27312023.' £Nill. The Foundation owed Dyson Inc £30.56812023.' £Nill al the year end. Sir James Dyson has the controlling share of Dyson Inc. The Foundation made donations lo G$ham'S School £2,580,102 12023.. £5,985,268). Sir James Dyson is a Governor of Gresham's School. 11 also donated lo The Design and Technology Association £20,06412023 £19,914). Sir James Dyson Is a Patron of The Design and Technology Association. 24
The James Dyson Foundation Notes to the financial slatements for the year ended 31 December 2024 (continued) 17. Agency arrangements Amounts of £13,09012023". £27,115) were paid lo ALzheimer's Research UK during the year, leaving an amount of £8,388 in other creditors lo be paid after the year end. 25