REGISTERED CHARITY NUMBER: 1128684
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
FOR
THE DUKIES' FOUNDATION
McCabe Ford Williams Chartered Accountants Charlton House Dour Street DOVER Kent CT16 1BL
THE DUKIES' FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
THE DUKIES' FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2021
TRUSTEES Dr G Soar Mrs R McCarthy (resigned 18.11.20) A Nunn L Ridings (resigned 17.11.21) A Barlow (resigned 1.11.20) C Crowcroft A Foreman A Thorne (appointed 1.1.21) Mrs M Williams (appointed 10.3.21) D Richmond (appointed 17.11.21) PRINCIPAL ADDRESS Duke of York's Royal Military School Guston DOVER Kent CT15 5EQ REGISTERED CHARITY 1128684 NUMBER INDEPENDENT EXAMINER McCabe Ford Williams Chartered Accountants Charlton House Dour Street DOVER Kent CT16 1BL
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THE DUKIES' FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021
The trustees present their report with the financial statements of the charity for the year ended 31 August 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
The objectives of the charity are as follows:-
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To provide items, services, grants and facilities (including land and buildings of any kind or tenure) for the Duke of York's Royal Military School.
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To promote the education of students and former students of the School who are in need of financial assistance. - To advance the education of students attending the School by the award of prizes (or other suitable rewards or marks of distinction).
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Such other charitable purposes as the trustees shall from time to time think fit.
The main activities undertaken during the year were the provision of items, services, facilities and opportunities for the Duke of York's Royal Military School and pupils of the School.
The trustees of the charity have had due regard to the Charity Commission's general guidance on public benefit. The charity's objectives and aims have been reviewed taking this guidance into account.
ACHIEVEMENT AND PERFORMANCE
The Dukies' Foundation is the tied charity of the Duke of York's Royal Military School which opened in 1803 by royal decree under HRH Prince Frederick, Duke of York when Commander in Chief of the British Army. He wanted to look after the children of ordinary soldiers, boys and girls (readmitted in 1994) many of whose fathers fell in the Napoleonic Wars - Dukies aged 14-22 fought at Waterloo in 1815. It was a symbol of the enlightenment philanthropy of the time, like the Foundling Hospital, London. The mission continues to this day - Dukie parents have served in all the conflicts of modern times - with 55% of pupil roll coming from service families.
A decade ago the Foundation was reorganised, drawing in funds from redundant military and other charities. A policy of larger distribution was adopted; since 2011 over £1 million has been invested in 'helping the Dukies of today.' Income received of £51,381 in the current year decreased by 61% year on year due to the impact of Covid on fundraising activities and a change in our Alumni & Development Officer (Rachel Robinson appointed 02/2021). Recognised within The Clocktower Society, Dukie donors stand at 151, 10% of total alumni database. We seek to reach 20%, the top end of UK alumni response (IDPE).
Expenditure was £86,418. Due to Covid we made few grants which included a starter investment in Social Archive matched by Dukie donors: sporting, house and cultural images since WW2, internet-platformed with the aid of a skilled archivist; and music instruments and equipment, all split with Dukie donors. Despite this, net funds at year end increased to £452,693 (£429,805 - 2020). The Foundation's investment portfolio was the main driver, recovering well into positive territory after an initial Covid hit of -15%; adviser Quilter Cheviot has materially aided investment performance over time.
We also pay for the Alumni Relations & Development Officer function which has driven the growth of alumni contribution to the life of the School, investing time and expertise as well as funds. Despite losing two months due to ADO changeover, the new appointee has launched a new alumni website, acted successfully to reinstitute alumni events and begun smaller-scale fundraising. Major renovation of the School's iconic Clock Tower estimated at £150k will be her focus in FY 2021/22.
Progress on our Archive with the Army Museum Ogilby Trust (AMOT) has completed digitisation of 78,000 images 1900-1930 including pupil petitions for entry, catalogued by volunteer effort. These will form part of the AMOT e-platform available for public access from autumn 2021.
Looking forward, we hope to get back to normal post Covid and to develop further relationships for example with external grant-making bodies; some already make significant bursary grants direct to School. We want to expand the effort, if possible, with service charities given that the School has been for more than two centuries 'the Army's own'.
We are gratified to see the School's upward march in numbers and academic results despite the pandemic. The Dukies' Foundation has a complementary part to play, a part we seek to grow.
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THE DUKIES' FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021
FINANCIAL REVIEW
Total funds held at 31 August 2021 amount to £452,693 (2020 - £429,806) of which £91,390 (2020 - £70,964) is restricted and not available for the general purpose of the charity and £361,303 (2020 - £358,842 ) is unrestricted.
The charity's reserves policy is not to pay out any grants or scholarships that would leave the funds in deficit. The charity has very low running costs and, therefore, the trustees do not consider it necessary to set a minimum reserves figure.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is governed by a Charity Commission scheme sealed 5 March 2009 under which the following previous charities were consolidated:-
The Coventry Tupper Trust The Amenities Fund 28th Divisional Scholarship Fund 6th Division War Memorial Scholarship Society of St Georges Fund Prizes, Games and Sports Fund Old Boy's War Memorial Scholarship Fund 1st East Anglian Regiment (Royal Norfolk and Suffolk Fund)
There should be not less than seven trustees including the principal and chair of governors of the School. The chair of governors of the School should not also be the chair of the trustees.
Each appointment must be made for a period not exceeding five years. The principal and chair of governors of the School should be ex-officio trustees and, therefore, not subject to any time limit in their appointments.
In addition to the chair of governors and the principal, no more than two School governors should be trustees and there must not be more than 50% of trustees that are also governors of the School.
The current Trustees have a strong network of contacts from the educational, fundraising, not-for-profit sector and the Alumni of the School to provide the necessary skills and expertise.
Approved by order of the board of trustees on 9 May 2022 and signed on its behalf by:
D Richmond - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DUKIES' FOUNDATION
Independent examiner's report to the trustees of The Dukies' Foundation
I report to the charity trustees on my examination of the accounts of The Dukies' Foundation (the Trust) for the year ended 31 August 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jonathan Fullarton BSc FCA McCabe Ford Williams Chartered Accountants Charlton House Dour Street DOVER Kent CT16 1BL
10 May 2022
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THE DUKIES' FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 9,853 Investment income 4 8,886 Total 18,739 EXPENDITURE ON Raising funds 25,181 Charitable activities Promotion of education 847 Other 3,092 Total 29,120 Net gains/(losses) on investments 49,039 NET INCOME/(EXPENDITURE) 38,658 Transfers between funds 13 (36,196) Net movement in funds 2,462 RECONCILIATION OF FUNDS Total funds brought forward 358,841 TOTAL FUNDS CARRIED FORWARD 361,303 |
Restricted funds £ 41,528 - 41,528 - 57,298 - 57,298 - (15,770) 36,196 20,426 70,964 91,390 |
2021 Total funds £ 51,381 8,886 60,267 25,181 58,145 3,092 86,418 49,039 22,888 - 22,888 429,805 452,693 |
2020 Total funds £ 131,734 8,082 139,816 28,963 78,523 3,040 110,526 (128) 29,162 - 29,162 400,644 429,806 |
|---|---|---|---|
The notes form part of these financial statements
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THE DUKIES' FOUNDATION
BALANCE SHEET 31 AUGUST 2021
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
2021 £ 403,296 5,496 91,059 96,555 (47,158) 49,397 452,693 452,693 361,303 91,390 452,693 |
2020 £ 355,827 8,610 137,267 145,877 (71,898) 73,979 429,806 429,806 358,842 70,964 429,806 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 9 May 2022 and were signed on its behalf by:
D Richmond - Trustee
The notes form part of these financial statements
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THE DUKIES' FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
1. STATUTORY INFORMATION
The Dukies' Foundation is a public benefit entity registered as an unincorporated charity in England. The charity's registered number, principal address and nature of operations can be found within the Reference and Administrative Details page and the Report of Trustees.
The financial statements are presented in sterling which is the functional currency of the charity.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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THE DUKIES' FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
3. DONATIONS AND LEGACIES
| Donations including gift aid 4. INVESTMENT INCOME Dividends Interest 5. SUPPORT COSTS Other resources expended Support costs, included in the above, are as follows: Accountancy and independent examiner's fees Investment management fees |
2021 2020 £ £ 51,381 131,734 2021 2020 £ £ 8,872 8,006 14 76 8,886 8,082 Governance costs £ 3,092 2021 2020 Other resources Total expended activities £ £ 792 870 2,300 2,170 3,092 3,040 |
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6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020.
continued...
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THE DUKIES' FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
7. STAFF COSTS
The charity does not have any staff, however the charity does contribute towards the cost of a member of staff at the Duke of York's Royal Military School who spends some of their time fundraising on behalf of the charity.
| 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 53,969 Investment income 8,082 Total 62,051 EXPENDITURE ON Raising funds 28,963 Charitable activities Promotion of education 7,356 Other 3,040 Total 39,359 Net gains/(losses) on investments (128) NET INCOME 22,564 RECONCILIATION OF FUNDS Total funds brought forward 336,278 TOTAL FUNDS CARRIED FORWARD 358,842 9. FIXED ASSET INVESTMENTS MARKET VALUE At 1 September 2020 Additions Disposals Revaluations At 31 August 2021 NET BOOK VALUE At 31 August 2021 At 31 August 2020 |
Restricted Total funds funds £ £ 77,765 131,734 - 8,082 77,765 139,816 - 28,963 71,167 78,523 - 3,040 71,167 110,526 - (128) 6,598 29,162 64,366 400,644 70,964 429,806 Listed investments £ 355,827 32,479 (35,597) 50,587 403,296 403,296 355,827 |
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There were no investment assets outside the UK.
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THE DUKIES' FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
9. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31 August 2021 is represented by:
Cost
Listed investments £ 403,296
Listed investments have been revalued at the balance sheet date to the market value as per investment management valuation reports and stock exchange values.
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Gift aid debtor CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Donations approved but not yet paid Accrued expenses |
2021 £ 5,496 2021 £ 46,366 792 47,158 |
2020 £ 8,610 2020 £ 71,118 780 71,898 |
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11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted fund £ Investments 385,630 Current assets 1,646 Current liabilities (25,973) 361,303 MOVEMENT IN FUNDS At 1.9.20 £ Unrestricted funds General Fund 358,841 Restricted funds Student Support 22,797 School Heritage 19,277 A Winning Edge 28,890 70,964 TOTAL FUNDS 429,805 |
Restricted funds £ 17,666 94,909 (21,185) 91,390 Net movement in funds £ 38,658 (5,082) (5,036) (5,652) (15,770) 22,888 |
2021 Total funds £ 403,296 96,555 (47,158) 452,693 Transfers between funds £ (36,196) - 35,842 354 36,196 - |
2020 Total funds £ 355,827 145,877 (71,898) 429,806 At 31.8.21 £ 361,303 17,715 50,083 23,592 91,390 452,693 |
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13. MOVEMENT IN FUNDS
continued...
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THE DUKIES' FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General Fund 18,739 (29,120) Restricted funds Student Support 26,495 (31,577) School Heritage 8,313 (13,349) A Winning Edge 6,720 (12,372) 41,528 (57,298) TOTAL FUNDS 60,267 (86,418) Comparatives for movement in funds At 1.9.19 £ Unrestricted funds General Fund 336,278 Restricted funds Student Support 29,173 School Heritage 16,356 A Winning Edge 18,837 64,366 TOTAL FUNDS 400,644 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General Fund 62,051 (39,359) Restricted funds Student Support 33,047 (39,423) School Heritage 16,166 (13,245) A Winning Edge 28,552 (18,499) 77,765 (71,167) TOTAL FUNDS 139,816 (110,526) |
Gains and Movement losses in funds £ £ 49,039 38,658 - (5,082) - (5,036) - (5,652) - (15,770) 49,039 22,888 Net movement At in funds 31.8.20 £ £ 22,564 358,842 (6,376) 22,797 2,921 19,277 10,053 28,890 6,598 70,964 29,162 429,806 Gains and Movement losses in funds £ £ (128) 22,564 - (6,376) - 2,921 - 10,053 - 6,598 (128) 29,162 |
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continued...
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THE DUKIES' FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021
13. MOVEMENT IN FUNDS - continued
Student Support
Donations including gift aid were received for the purposes of providing funding and opportunities for students when financial circumstances were a barrier to them continuing at the School. At the year end £ £17,715 remained unspent.
School Heritage
Donations including gift aid were received for the purpose of restoring, developing and maintaining of ceremonial activities, memorials, research, archives, collections and other iconic features of the School. At the end of the year a total of £50,083 remained unspent which is split as follows:
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War Memorial £9,346
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Arboretum £2,475
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School Heritage £33,746
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Social Archive £2,226
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Athletic Benches £342
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Military Heritage £698
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School Events £1,250
A Winning Edge
Donations including gift aid were received for the purpose of providing targeted support to specific student programmes across the full range of school activities, from academic to sporting, performing arts and adventure activities, personal development and life skills. At the end of the year a total of £23,592 remained unspent which is split as follows:
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Hockey £15,926
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Leadership £5,153
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Music Department £266
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Starting Blocks £96
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Science Department £370
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CERN Trip £1,616
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Maths Department £87
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Engineering £78
14. RELATED PARTY DISCLOSURES
Trustees made donations (excluding gift aid) to the charity of £3,645 (2020 - £6,859).
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THE DUKIES' FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations including gift aid Investment income Dividends Interest Total incoming resources EXPENDITURE Raising donations and legacies Contribution towards fundraising officer Charitable activities Donations payable Support costs Governance costs Accountancy and independent examiner's fees Investment management fees Total resources expended Net (expenditure)/income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income |
2021 £ 51,381 8,872 14 8,886 60,267 25,181 58,145 792 2,300 3,092 86,418 (26,151) 49,039 22,888 |
2020 £ 131,734 8,006 76 8,082 139,816 28,963 78,523 870 2,170 3,040 110,526 29,290 (128) 29,162 |
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This page does not form part of the statutory financial statements
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