REGISTERED CHARITY NUMBER: 1128684 

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REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

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THE DUKIES' FOUNDATION 

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McCabe Ford Williams Chartered Accountants Charlton House Dour Street DOVER Kent CT16 1BL 

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THE DUKIES' FOUNDATION 

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CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 


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|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 DUKIES' FOUNDATION 

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## REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2023 

TRUSTEES Dr G Soar A Nunn C Crowcroft A Foreman A Thorne Mrs M Williams D Richmond PRINCIPAL ADDRESS Duke of York's Royal Military Schoo! Guston . Dover . Kent CT15 5EQ REGISTERED CHARITY 1128684 INDEPENDENT EXAMINER McCabe Ford Williams Chartered Accountants Charlton House Dour Street DOVER Kent CT16 IBL 

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THE DUKIES' FOUNDATION 

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## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 

The trustees present their report with the financial statements of the charity for the year ended 31 August 2023. 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 Jand 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 

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## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 

## ACHIEVEMENT AND PERFORMANCE 

The Dukies' Foundation (TDF) is the tied charity of the Duke of York's Royal Militaty 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 ofmodern times with over 50% ofthe student roll coming from service families. 

COVID is now firmly in the rear view mirror and the 3 year business plan is being executed. Major on-going work has been focussed on growing the donor base to provide more bursaries, but this is proving to be much more challenging than expected. Increasing feedback from older alumni who never had to pay fees during their time at the school indicates that there is little "emotional" pull when it comes to bursaries and hence new working groups looking specifically at strategy and fund raising have been established to drill into this in greater detail and provide insight for the future. There is a growing view that raising money for capital projects like the recent highly successful Clocktower Project (£150,000 raised) might be a better use of time and energy. There is current consideration of a project to raise monies for the school swimming pool, a very valuable part of the school infrastructure and also used very heavily by local organisations. It has also been observed that attendance at recent events has dropped off quite sharply post the COVID "bounce" and hence a review of alumni events is included in the working group review. 

TDF funds at the start of the year were £427,906 (2022: £452,693), expenditure was £226,101 (2022: £173,829) with net funds at end of year £288,647 (2022: £427,906). TDF's investment portfolio managed by adviser Quilter Cheviot was seriously affected by the initial Covid hit of -15% in 2020 plus 2023 was not a good year for many portfolios, affected by the war in Ukraine. It now stands at £311,048 (2022: 318,861). 

TDF funds a full-time member of staff for the Alumni Relations & Development Officer function and the software package (ToucanTech) designed specifically to aid alumni engagement. The registered number of alumni keeps growing and now stands at over 1300 (2022: 1,100). However, the cost of this software is quite substantial, and alternatives are going to be looked at, especially more use ofthe technology used to hold the SocialArchive®. 

Progress on archive matters with the Army Museum Ogilby Trust (AMOT) has continued covering the period 1900-1930, mostly pupil petitions for entry. Physical preservation work supported by alumni and students is on-going in the dedicated archive centre created within the school. The discovery of many names that have been missed from the memorial boards in the Chapel has led to a TDF grant to fund updated boards to correct these omissions. The Dukie SocialArchive® continues to surface new material, while also collecting current material for the archive ofthe future. 

The key grants over the year have included a wide range of activities: leadership course, matching alumni support for the White Rose Academy hockey, theatre trips and workshops for students to support curricula activity plus multiple expensive graphics computers for video rendering. 

Looking forward the feedback from the strategy and fundraising working groups is going to be important, as this could well change the structure of alumni events and also perhaps broaden the view of the Dukie Family that the school will actively attempt to engage with, drawing in the Friends of the Duke of Yorks (FoDoY) and parents, even after their children have left the school. 

## FINANCIAL REVIEW 

Total funds held at 31 August 2023 amount to £288,647 (2022 - £427,906) of which £100,708 (2022 - £161,498) is restricted and not available for the general purpose of the charity and £187,939 (2022 - £266,408 ) 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 2023 

STRUCTURE, GOVERNANCE AND MANAGEMENT The charity is govemmed 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 lst East Anglian Regiment (Royal Norfolk and Suffolk Fund) 

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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. 

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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 ofthe board of[trustees][ on] eB 024 ccsuseusne and signed on its behalf by: 


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> 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 2023. 

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’). 

T report in respect ofmy 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. J 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 of the 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 

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## McCabe Ford Williams 

Chartered Accountants Charlton House Dour Street DOVER Kent CT16 1BL Date: od .).06.| 23h... 


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THE DUKIES' FOUNDATION 

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## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 


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|2023|2022|
|Unrestricted|Restricted|Total|Total|
|fund|funds|funds|funds|
|Notes|£|£|£|£|
|INCOME AND ENDOWMENTS FROM|
|Donations|and|legacies|3|14,498|72,902|87,400|188,823|
|Investment income|4|9,404|-|9,404|9,459|
|Total|23,902|72,902|96,804|198,282|
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|EXPENDITURE ON|
|Raising|funds|37,253|-|37,253|32,971|
|Charitable|activities|
|Promotion|of education|5,842|179,092|184,934|139,230|
|Other|3,914|-|3,914|1,628|
|Total|47,009|179,092|226,101|173,829|
|Net gains/(Josses) on investments|(9,962)|-|(9,962)|(49,240)|
|NET INCOME/(EXPENDITURE)|(33,069)|(106,190)|(139,259)|(24,787)|
|Transfers|between|funds|13|(45,401)|45,401|-|-|
|Net movement in funds|(78,470)|(60,789)|(139,259)|(24,787)|
|RECONCILIATION|OF FUNDS|
|Total|funds brought forward|266,408|161,498|427,906|452,693|
|TOTAL FUNDS|CARRIED FORWARD|187,938|100,709|288,647|427,906|

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The notes form part of these financial statements 


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THE DUKIES' FOUNDATION 

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## BALANCE SHEET 


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|31|AUGUST 2023|
|2023|2022|
|Notes|£|£|
|FIXED ASSETS|
|Investments|9|346,748|354,056|
|CURRENT ASSETS|
|Debtors|10|301|1,606|
|Cash at bank|145,265|230,898|
|145,566|232,504|
|CREDITORS|
|Amounts|falling|due within one year|li|(203,667)|(158,654)|
|NET CURRENT ASSETS|(58,101)|73,850|
|TOTAL ASSETS|LESS|CURRENT|
|LIABILITIES|288,647|427,906|
|NET ASSETS|288,647|427,906|
|FUNDS|13|
|Unrestricted|funds|187,939|266,408|
|Restricted funds|100,708|161,498|
|TOTAL FUNDS|288,647|427,906|

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The financial statements were approved by the Board of Trustees and authorised for issue -on seeeeee TL/OBI2024......:00002- and were signed on its behalfby: - 

mans £0. DRichmond-Trustee 

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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 2023 

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 

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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 Treland' 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 exemption 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. 

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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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## NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUSF 2023 

|3.||DONATIONSANDLEGACIES|2023<br>£|2022<br>£|
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|||Donationsincludinggiftaid|87,400|188,823|
|4.||INVESTMENT INCOME|||
||||2023|2022|
||||£|£|
|||Dividends<br>Interest|8,776<br>628|9,439<br>20|
||||9,404|9,459|
|5.||SUPPORT COSTS|||
|||,||Governance|
|||||costs|
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|||Otherresources expended||3,914|
|||Support costs, included inthe above, are as follows:|||
||||2023|2022|
||||Other||
||||resources<br>expended|Total<br>activities|
||||£|£|
|||Accountancy and independent examiner's|||
|||fees|2,400|1,320|
|||Investmentmanagement fees|1,514|308|
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6. 

## TRUSTEES' REMUNERATION AND BENEFITS 

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There were no trustees’ remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022. 

## Trustees' expenses 

There were no trustees’ expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022. 

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THE DUKIES' FOUNDATION 

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## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023 

## 7. STAFF COSTS 

The charity does not have any staff, however the charity does contribute towards the cost of a full time member of staff, located at the Duke of York's Royal Military School, who spends a proportion of their time fundraising on behalf of the charity. 

8. 


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|COMPARATIVES|FOR THE|STATEMENT|OF FINANCIAL|ACTIVITIES|
|Unrestricted|Restricted|Total|
|fund|funds|funds|
|£|£|£|
|INCOME|AND ENDOWMENTS FROM|
|Donations|and|legacies|17,720|171,103|188,823|
|Investment|income|9,459|-|9,459|
|Total|27,179|171,103|198,282|
|EXPENDITURE|ON|
|Raising|funds|32,971|-|32,971|
|Charitable|activities|
|Promotion|of education|14,092|125,138|139,230|
|Other|1,628|-|1,628|
|Total|48,691|125,138|173,829|
|Net|gains/(losses)|on|investments|(49,240)|-|(49,240)|
|NET INCOME/(EXPENDITURE)|(70,752)|45,965|(24,787)|
|Transfers|between|funds|(24,143)|24,143|-|
|Net movement|in|funds|(94,895)|70,108|(24,787)|
|RECONCILIATION|OF FUNDS|
|Total|funds|brought forward|361,303|91,390|452,693|
|TOTAL FUNDS CARRIED FORWARD|266,408|161,498|427,906|

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THE DUKIES' FOUNDATION 

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9. FIXED ASSET INVESTMENTS 

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## NOTES TO THE FINANCIAL STATEMENTS- continued FORTHE YEAR ENDED 31 AUGUST 2023 : 


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|Listed|
|investments|
|£|
|MARKET VALUE|
|At|1|September 2022|354,056|
|Additions|18,953|
|Disposals|(74,609)|
|Revaluations|48,348|
|At31|August 2023|346,748|
|NET BOOK VALUE|
|At 31|August 2023|346,748|
|At31|August 2022|354,056|

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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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|2023|2022|
|£|£|
|Gift|aid|debtor|301|293|
|Other|debtors|-|.|1,313|
|301|1,606|
|11.|CREDITORS:|AMOUNTS|FALLING|DUE WITHIN|ONE YEAR|
|2023|2022|
|£|£|
|Donations approved but|not yet paid|201,327|157,574|
|Accrued|expenses|2,340|1,080|
|203,667|158,654|
|12.|ANALYSIS|OF|NET ASSETS BETWEEN FUNDS|

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|2023|2022|
|Unrestricted|Restricted|Total|Total|
|fund|funds|fimds|funds|
|£|£|£|£|
|Investments|236,150|110,598|346,748|354,056|
|Current|assets|-|145,566|145,566|232,504|
|Current|Liabilities|(48,211)|(155,456)|(203,667)|(158,654)|
|187,939|100,708|288,647|427,906|

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THE DUKIES' FOUNDATION 

13. MOVEMENT IN FUNDS 

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## NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023 


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|Net|Transfers|
|movement|between|At|
|At|1.9.22|in funds|~|funds|31.8.23|
|£|£|£|£|
|Unrestricted|funds|
|General Fund|266,408|(33,068)|(45,401)|187,939|
|Restricted|funds|
|Student|Support|21,906|11,838|-|33,744|
|School|Heritage|120,916|(91,313)|-|29,603|
|A Winning Edge|18,624|(28,702)|43,401|33,323|
|School Events|52|1,986|2,000|4,038|
|161,498|(106,191)|45,401|100,708|
|—_—__|_|—_|—_—__|
|TOTAL FUNDS|-|427,906|(139,259)|-|288,647|
|=|=—_——|—<—<|oo|
|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|23,902|(47,008)|(9,962)|(33,068)|
|Restricted|funds|
|Student|Support|35,550|(23,712)|-|11,838|
|School|Heritage|17,611|(108,924)|-|(91,313)|
|A Winning Edge|17,725|(46,427)|-|(28,702)|
|School|Events|2,016|(30)|-|1,986|
|72,902|(179,093)|-|(106,191)|
|TOTAL FUNDS|96,804|(226,101)|(9,962)|(139,259)|
|Comparatives|for movement|in|fands|

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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)|52|
|91,390|45,965|24,143|161,498|
|TOTAL FUNDS|452,693|(24,787)|-|427,906|

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THE DUKIES' FOUNDATION 

13. MOVEMENT IN FUNDS - continued 

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## NOTES TO THE FINANCIAL STATEMENTS- contmued FOR THE YEAR ENDED 31 AUGUST 2023 

Comparative net movement in funds, included in the above are as follows: 

||Incoming<br>resources|Resources<br>expended|Gains and<br>losses|Movement<br>infunds|
|---|---|---|---|---|
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|Unrestricted funds|||||
|GeneralFund|27,179|(48,691)|(49,240)|(70,752)|
|Restricted fands|||||
|Student Support<br>SchoolHeritage|18,455<br>130,853|(14,264)<br>(85,019)|-<br>-|4,191<br>45,834|
|AWinningEdge|15,785|(20,772)|-|(4,987)|
|SchoolEvents|6,010|(5,083)|-|927|
||171,103|(125,138)|-|45,965|
|TOTALFUNDS|198,282|(173,829)|(49,240)|(24,787)|
|——=——T. =<br>——_—_—<br>—_—_<br>Student Support<br>Donationsincluding giftaidwerereceived forthepurposes ofproviding fundingandopportunitiesfor students<br>whenfinancial circumstances wereabarrier tothemcontinuing atthe School. Attheyearend £33,744 remained<br>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 £29,603 remained unspent which is split as follows: - War Memorial £5,510 

- Arboretum £2,475 

- School Heritage £15,357 

- Athletic Benches £342 

- Military Heritage £698 

- ~ School Events £1,250 

- Sword £2,018 

- Clock tower £959 

- ~ Hadleigh £117 - Watt £877 

## 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 atotal of £33,323 remained unspent which is split as follows: - Hockey £10,572 

- ~ Leadership £6,359 

- Music Department £634 

- Science Department £1,416 

- CERN Trip £1,616 

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- Art Department £57 

- Computer Science £3,644 

- DT Department £1,701 

- Drama Department £160 

- ~ Duke Box £4,210 

- English Department £456 

- MFL Department £424 

- Maths Department £2,074 

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## NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2023 

## 13. MOVEMENT IN FUNDS - continued 

## School Events 

Donations including gift aid were received for the purposes of providing funding and opportunities for students. At the year end £4,038 remained unspent. 

## 14. RELATED PARTY DISCLOSURES 

Trustees made donations (excluding gift aid) to the charity of £2,421 (2022 - £13,210). 

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