REGISTERED CHARITY NUMBER: 1128684
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
FOR
THE DUKIJES' 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 2022
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|||||||||
|---|---|---|---|---|---|---|---|
|Page|
|Reference|and|Administrative|Details|1|
|Report|of the|Trustees|2|to|4|
|Independent Examiner's|Report|5|
|Statement|of Financial|Activities|6|
|Balance|Sheet|7|
|Notes|to|the|Financial|Statements|8|to|14|
|Detailed|Statement|of Financial|Activities|15|
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;
,
THE DUKIJES' FOUNDATION
7
## REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2022
TRUSTEES Dr G Soar A Nunn L Ridings (resigned 17.11.21) C Crowcroft A Foreman A Thorne Mrs M Williams D Richmond (appointed 17.11.21)
‘
PRINCIPAL ADDRESS Duke of York's Royal Military School Guston Dover Kent CT15 5EQ REGISTERED CHARITY 1128684 NUMBER
|INDEPENDENTEXAMINER|McCabe Ford Williams|
|---|---|
||Chartered Accountants|
||Charlton House|
||Dour Street|
||DOVER|
||Kent|
||CT16IBL|
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THE DUKIES' FOUNDATION
:
## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022
> _ The trustees present their report with the financial statements of the charity for the year ended 31 August 2022. 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:-
- 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.
- 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).
- 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.
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## THE DUKIES' FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022
## ACHIEVEMENT AND PERFORMANCE
The Dukies’ Foundation (TDF) 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, with Dukies aged 14-22 fighting 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 over 50% of the student roll coming from service families.
Post COVID TDF has now moved back to a more normal operating basis and has completeda strategic review leading to the development of a 3 year business plan for the first time. The key driver for doing this was to move away, where possible, from one-off grants to multi-year grant funding streams, such that School staff can plan for more substantial programs of ideas and themes, focussed on enhancing the school's core strengths for example in STEM subjects. It should be stressed that a key selection filter to all grants is the concept of “additionality", ie., grants do not cover standard schoo] operational expenditures but are there to enhance and step up the opportunities for students and staff.
°
In the business plan, the goals are defined in detail, but in summary the key ones are to grow the donor base, provide bursaries, encourage legacies, develop the school archive and work more closely with groups like the Friends of the Duke of York's (FoDoY).
TDF funds at the start of the year were £452,693 (2021: £429,805), expenditure was £173,829 (2021: £86,418) with net funds at end of year £427,906 (2021: £452,693). TDF's investment portfolio managed by adviser Quilter Cheviot was seriously affected by the initial Covid hit of -15% in 2020 plus 2022 was not a good year for many portfolios, affected by the war in Ukraine. It now stands at £318,861 (2021: 351,722).
TDF funds a full-time member of staff for the Alumni Relations & Development Officer fanction which has driven the growth of alumni contributions to the life of the school, money, and time. A new software package (ToucanTech) designed specifically to aid alumni engagement came on stream in spring 2021 and the registered number of alumni has steadily increased and now stands at over 1,100. A key TDF metric is to grow the donor base and the increase in alumni engagement has already had a major impact, with the hugely successful fundraising for a major renovation of the school's iconic Clock Tower, which raised over £120k. Also, a Memorial Pathway has now been established in the Dining Hall square, where stones are laid to remember alumni who leave a legacy.
Progress on archive matters with the Army Museum Ogilby Trust (AMOT) has continued covering the period 1900-1930, mostly pupil petitions for entry. The AMOT e-platform was available for public access from autumn 2021. Physical preservation work is on-going in the dedicated archive centre created within the school, with current students volunteering to help with this significant workload. Since its launch in Autumn 2021 the social archive has continued to grow to over 2,000 photographs and documents, with a high level of viewing and commenting, with much unknown material surfacing from alumni all around the world.
The key grants over the year have included a wide range of activities, including matching alumni support for the White Rose Academy hockey, an external rugby coach, theatre trips for students to support curricula activity and archive materials. Only two bursaries have been paid for by TDF in the last two years and the criteria for student support have been widened to help children where Continuity Education Support (CEA) is coming to an end part way through their potential time at the school.
Looking forward we want to develop the theme of “alumni giving back", e.g., becoming mentors to current students. Feedback from grants is now regularly being published so the alumni can see the impact of their efforts and generosity. A thriving alumni organisation is a powerful marketing tool for the school as well.
## FINANCIAL REVIEW
Total funds held at 31 August 2022 amount to £427,906 (2021 - £452,693) of which £161,498 (2021 - £91,390) is restricted and not available for the general purpose of the charity and £266,408 (2021 - £361,303 ) 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.
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THE DUKIES' FOUNDATION
:
## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022
## 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 Ist 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 Schoo! 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 20 June 2023 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 2022.
## 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’).
[ 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:
1. accounting records were not kept in respect of the Trust as required by Section 130 ofthe Act; or 2. the accounts do not accord with those records; or
3. 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
Date: ...2et.. Movies. 2022...
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THE DUKIES' FOUNDATION
:
## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
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|||||||||
|---|---|---|---|---|---|---|---|
|31.8.22|31.8.21|
|Unrestricted|Restricted|Total|Total|
|Notes|fund£|funds£|funds£|funds£|
|INCOME|AND ENDOWMENTS|FROM|
|Donations and|legacies|3|17,720|171,103|188,823|51,381|
|Investment|income|4|9,459|-|9,459|8,886|
|Total|27,179|171,103|198,282|60,267|
|EXPENDITURE|ON|
|Raising|funds|32,971|-|32,971|25,181|
|Charitable|activities|
|Promotion of education|14,552|125,138|139,690|58,145|
|Other|1,168|-|1,168|3,092|
|Total|48,691|125,138|173,829|86,418|
|Net gains/{losses)|on investments|(49,240)|-|(49,240)|49,039|
|NET INCOME/(EXPENDITURE)|(70,752)|45,965|(24,787)|22,888|
|Transfers|between|funds|13|(24,143)|24,143|-|-|
|Net movement|in|funds|(94,895)|70,108|(24,787)|22,888|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought forward|361,303|91,390|452,693|429,805|
|TOTAL FUNDS|CARRIED FORWARD|266,408|161,498|427,906|452,693|
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The notes form part of these financial statements
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## THE DUKIES' FOUNDATION
## BALANCE SHEET
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|||||||||
|---|---|---|---|---|---|---|---|
|31|AUGUST|2022|
|31.8.22|31.8.21|
|Notes|£|£|
|FIXED|ASSETS|
|Investments|9|354,056|403,296|
|CURRENT ASSETS|
|Debtors|10|1,606|5,496|
|Cash|at bank|230,898|91,059|
|232,504|96,555|
|CREDITORS|
|Amounts|falling|due|within|one year|11|(158,654)|(47,158)|
|NET CURRENT|ASSETS|73,850|49,397|
|TOTAL ASSETS|LESS|CURRENT|
|LIABILITIES|427,906|452,693|
|NET ASSETS|427,906|452,693|
|FUNDS|13|
|Unrestricted|funds|266,408|361,303|
|Restricted|funds|161,498|91,390|
|TOTAL FUNDS|427,906|452,693|
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The financial statements were approved by the Board of Trustees and authorised for issue on 20 June 2023 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
1. STATUTORY INFORMATION
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
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.
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THE DUKIES' FOUNDATION
3. DONATIONS AND LEGACIES
|
## NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2022
||||31.8.22|31.8.21|
|---|---|---|---|---|
||||£|£|
||Donations including gift aid||188,823|51,381|
|4.|INVESTMENT INCOME||||
||||31.8.22|31.8.21|
||||£|£|
||Dividends||9,439|8,872|
||Interest||20|14|
||||9,459|8,886|
|5.|SUPPORT COSTS||||
|||||Governance|
|||||costs|
|||||£|
||Otherresources|resources expended||1,168|
||Support costs, included in the above, are as follows:||||
||||31.8.22|31.8.21|
||||Other||
||||resources|Total|
||||expended|activities|
||||£|£|
||Accountancy and independent examiner's||||
||fees|-|860|792|
||Investmentmanagement fees||308|2,300|
||||1,168|3,092|
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.
## Trustees' expenses
There were no trustees’ expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021.
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THE DUKIES' FOUNDATION
7, STAFF COSTS
|
7
## NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2022
The charity does not have any staff, however the charity does contribute towards the cost of three members of staff. A full time member of staff is located at the Duke of York's Royal Military School who spends some of their time fundraising on behalf of the charity. There was one further staff member who worked in the archive centre, helping with the preservation of documents and photographs until they left in July.
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||||||||
|---|---|---|---|---|---|---|
|8.|COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES|
|Unrestricted|Restricted|Total|
|fund|funds|funds|
|£|£|£|
|INCOME|AND ENDOWMENTS FROM|
|Donations|and|legacies|9,853|41,528|51,381|
|Investment|income|8,886|-|8,886|
|Total|18,739|41,528|60,267|
|EXPENDITURE|ON|
|Raising|funds|25,181|-|25,181|
|Charitable|activities|
|Promotion of education|847|57,298|58,145|
|Other|3,092|-|3,092|
|Total|29,120|57,298|86,418|
|Net|gains|on|investments|49,039|-|49,039|
|NET INCOME/(EXPENDITURE)|38,658|(15,770)|22,888|
|Transfers|between|funds|(36,196)|36,196|-|
|Net movement|in|funds|2,462|20,426|22,888|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought forward|358,841|70,964|429,805|
|TOTAL FUNDS CARRIED FORWARD|361,303|91,390|452,693|
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THE DUKIES' FOUNDATION
9.
; ‘
;
## NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2022
## FIXED ASSET INVESTMENTS
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||||||
|---|---|---|---|---|
|Listed|
|investments|
|£|
|MARKET VALUE|‘|
|At|1|September|2021|403,296|
|Additions|44,452|
|Disposals|(66,568)|
|Revaluations|(27,124)|
|At|31|August 2022|354,056|
|NET BOOK VALUE|
|At 31|August 2022|354,056|
|At 31|August 2021|403,296|
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There were no investment assets outside the UK.
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
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|||||||
|---|---|---|---|---|---|
|31.8.22|31.8.21|
|£|£|
|Gift|aid|debtor|293|5,496|
|Other|debtors|1,313|-|
|1,606|5,496|
|11.|CREDITORS:|AMOUNTS|FALLING DUE WITHIN|ONE|YEAR|
|31.8.22|31.8.21|
|£|£|
|Donations|approved|but not yet|paid|157,574|46,366|
|Accrued|expenses|1,080|792|
|158,654|47,158|
|12.|ANALYSIS|OF NET|ASSETS|BETWEEN|FUNDS|
|31.8.22|31.8.21|
|Unrestricted|Restricted|Total|Total|
|fund|funds|funds|funds|
|£|£|£|£|
|Investments|316,034|38,022|354,056|403,296|
|Current|assets|-|232,504|232,504|96,555|
|Current|Liabilities|(49,626)|(109,028)|(158,654)|(47,158)|
|266,408|161,498|427,906|452,693|
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12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
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THE DUKIES' FOUNDATION
13. MOVEMENT IN FUNDS
:
## NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2022
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At|1.9.21|in funds|funds|31.8,22|
|£|£|£|£|
|Unrestricted|funds|
|General Fund|361,303|(70,752)|(24,143)|266,408|
|Restricted|funds|
|Student|Support|17,715|4,191|-|21,906|
|School Heritage|50,083|45,834|24,999|120,916|
|A Winning Edge|23,592|(4,987)|19|18,624|
|School|Events|-|927|(875)|$2|
|91,390|45,965|24,143|161,498|
|TOTAL FUNDS|452,693|(24,787)|-|427,906|
|Net movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General Fund|27,179|(48,691)|(49,240)|(70,752)|
|Restricted|funds|
|Student|Support|18,455|(14,264)|-|4,191|
|School|Heritage|130,853|(85,019)|-|45,834|
|A Winning|Edge|15,785|(20,772)|-|(4,987)|
|School|Events|6,010|(5,083)|-|927|
|171,103|(125,138)|-|45,965|
|TOTAL FUNDS|198,282|(173,829)|(49,240)|(24,787)|
|Comparatives|for|movement|in|funds|
|Net|Transfers|
|movement|between|At|
|At|1.9.20|in funds|funds|31.8.21|
|£|£|£|£|
|Unrestricted|funds|
|General Fund|358,841|38,658|(36,196)|361,303|
|Restricted|funds|
|Student|Support|22,797|(5,082)|-|17,715|
|School Heritage|19,277|(5,036)|35,842|$0,083|
|A Winning Edge|28,890|(5,652)|354|23,592|
|70,964|(15,770)|36,196|91,390|
|TOTAL FUNDS|429,805|22,888|-|452,693|
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THE DUKIES' FOUNDATION
13. MOVEMENT IN FUNDS- continued
'
-
## NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2022
Comparative net movement in funds, included in the above are as follows:
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|General Fund|18,739|(29,120)|49,039|38,658|
|Restricted|funds|
|Student|Support|26,495|(31,577)|-|(5,082)|
|School|Heritage|8,313|(13,349)|-|(5,036)|
|A Winning Edge|6,720|(12,372)|-|(5,652)|
|41,528|(57,298)|-|(15,770)|
|TOTAL FUNDS|60,267|(86,418)|49,039|22,888|
**----- End of picture text -----**
## 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 £ £21,906 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 £120,916 remained unspent which is split as follows:
- War Memorial £5,497
- Arboretum £2,475
- School Heritage £17,993
- Athletic Benches £342
- Military Heritage £698
- School Events £1,250
- Sword £2,557
- Clock tower £89,987
- - Hadleigh £117
## 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 £18,624 remained unspent which is split as follows:
- Hockey £2,732
- Leadership £13,272
- Music Department £634
- Science Department £370
- CERN Trip £1,616
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THE DUKIES' FOUNDATION
14, RELATED PARTY DISCLOSURES
## NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2022
Trustees made donations (excluding gift aid) to the charity of £13,210 (2021 - £3,645).
Page 14
THE DUKIES' FOUNDATION
: : ,
-
## DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|31.8.22|31.8.2]|
|£|£|
|INCOME AND ENDOWMENTS|
|Donations and legacies|
|Donations|including|gift|aid|188,823|51,381|
|Investment|income|
|Dividends|9,439|8,872|
|Interest|20|14|
|9,459|8,886|
|Total incoming resources|198,282|60,267|
|EXPENDITURE|
|Raising donations|and|legacies|
|Contribution towards|fundraising|officer|32,971|25,181|
|Charitable|activities|
|Donations payable|139,690|58,145|
|Support|costs|
|Governance|costs|
|Accountancy|and independent|examiner's|fees|860|792|
|Investment management|fees|308|2,300|
|1,168|3,092|
|Total resources|expended|173,829|86,418|
|Net income/(expenditure)|before|gains|and|
|losses|24,453|(26,151)|
|Realised|recognised|gains|and|losses|,|
|Realised|gains/(losses)|on fixed|asset|investments|(49,240)|49,039|
|Net (expenditure)/income|(24,787)|22,888|
**----- End of picture text -----**
,
This page does not form part of the statutory financial statements
Page 15