REGISTERED CHARITY NUMBER: 1128684 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 FOR THE DUKIES, FOVNDATION Mccabe Ford Williams Chartered Accountants Chiirltoii House Dour Street DOVER Kent CT16 IBL
THE DUKIES, FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THF. YF.AR F.NDF.D 31 AVGUST 2024 Page Referenee and Admimistrative Details Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Finaneial Statements 7 to 13 Detailed Statement of Financial Aetivities 14
THE DUKIES, FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED31 AUGUST 2024 TRUSTEES Dr G Soar (resied 31.8.24) A Nunn C Crowcioft (resigned 31.8.24) A ForeTnan A Thorne (resigned 31.8.24) Mrs M Williams D Richmond (resigned 31.12.24) Ms C Pearsall {appoint¢d l.11.23) Rev C Winter PRINCIPAL ADDRESS Duke of York's Royal Military School Guston Dover Kent CT15 SEQ KEC.ISTERED CHARITY NUMBER 1128684 INDEPENDENT EXAMINER Mccabe Ford Williams Chartered Accoui)thi)ts Charlton House Dour Street DOVER Kent CT16 IBL Page I
THE DUKIES, FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED31 AUGUST 2024 Tl)e trustees presei)t their report with tl)e fii)ancial statements of the charity for the )iear ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Stateinent of Recommended Practice applicgble to charities preparing iheir accounts in accordance 1th the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019}. OBJECTIVES AND ACTIVITIES The objeciives of the charity are as follows'.- To provide items, services, grants and facilities (iiicluding land and buildings of any kind or tenuTel for the Duke of York's Royal Military School. To pron)oie the education of studenis and forn)er students of the School who are in need of financial assistance. To advdiiLe tlie education of student5 attendin¥ the SLhool by tlie award of prize5 {or otlier suitiible rewdrds or niarks of distin¢iion). Such Lither charitable purposes as the trustees shall from time io time think fit. The main activities uiidertaken durin(T the year H'ere the provision of items: setvices, facilities and opportunities for the Duke of York's Royal Military School and pupils of the School. The triistees of the charity have had due regard to the Cliarity Commission's general guidance on public benefit. The charity's objectives and aims have been revIeed taking this guidance into account. ACHIEVEMENT AND PERFORMANCE The Dukies, Foundation {TDFI is the tied charity of the Duke of York's Royal Miliiary SchoLII which opened in 1803 by royal decree under I IRH Priiice Frederick. Duke of York w'hen Commander in Cl)ief of the British Annj.. 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 ai Waterloo in 1815. It was a symbol of the enlightenment pliilanthrop), of the tiine, like the Foiiiidling Hospitiil, Loiidon. The mission LOTltinut5 tts this ddy. Dukie parents have served in all the conflicts of niodeTn tiine5 Wlth over 500/0 of the student roll comit]g from service fn]lies. 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 10 pay fees during their time at the school indicates that there is little "emoiional" pull when it comes to bursaries and l)ei)ce new working groupg looking specifically at strate&v and fund raising have been established to drill into thi5 in gFreater detail and provide insight for the future. There is a ¥roM'iTI¥F view that rai5in¥ money for capital projects like the recent highly successful SimmIng Pool project (£80,000 raised) might be a better use of time and energy. There is current consideraiion to replace the School Land Rover. which is an integral part of the characier buildingF and leadership nCtiOn of tl)e Scliool. It has also been observed that atteiidance at recent eveiits has dropped off quiie sharply and hence a review of alumni events is included in the working group review. TDF funds at the start of the vear were £288.647 {2023.. £427,906), expeiiditure was £130.126 {2023'. £226,10 l) with net fiinds gt end of year £288,809 (2023.. £288.647). TDF'S iiivestment ponfolio managed by adviser Quilter Cheviot as seriously affected by the initial Covid hit of -15010 in 2020 plus 2024 'aS not a good year for many portfolios. affected b), the ongoing war in Uktaiiie. It iiow staiids at £nil (2023.. 311,048). TDF funds a full-time member Lif staff for the Alumni Relations & Development Officer function and the software package (ToucanTech) desigi)ed specifically to aid alumni engagement. The registered i)umber ol. aluinni keeps growing and now stands at over £1,400 (2023.. 1,300). HoH'ever, tlie cost of this software is quite substaiitial, aiid alternatives are going to be looked at, especially more use of the technology used to hold the SocialArchive@. The key ¥rant5 over the year have included a wide range of activitie5'. leadership course. matchin¥ alutnni 5UPPOrt for the White Rose Academy hockey, theatre trips and workshops for students to support curricula activity plus multiple expensive graphics computers for video rendering and enabling Ihe an and photography department to be able to succe5sfull}' use photosliop b), the purchase of high specification laptops. Looking fonvard the feedback from the strategy and fundraising working groups is going to be importanL as this could well chaii¥e tl)e structure ol alumni events and also perhaps broaden th¢ 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. Page 2
THE DUKIES, FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED31 AUGUST 2024 FINANCIAL REVIEW Total funds held at 31 August 2024 amtsunt to £288.809 (?023 £288,647) of which £165,J32 12023 £100,708) is restricted and not available for the general purpose of the charity and £123,4777 {2023 - £187,939) is unrestricted. Tl)e charit)I s reserves polic), is not to pay out ai)y grants or scholarships tl)at Thould leave the fui)ds ii) deficit. The charity has very low runningF costs and, therefore. the trustees do not consider it necessary to set a tniniinum re5etTes figure. STRUCTURE, GOVERNANCE AND MANAGEMENT Thc chariry is govcTncd hy a Charity Comnii£sitJn %chcme sealed 5 Mar¢h 2009 under which the following previous charities were consolidaied..- The Coventy Tupper Trnst The Amenities Fund 28th Divisional Scholarship Fund 6th Divisioii War Meniorial Scholarship Society of St Georges Fund Prizes, Games and Sports Fund Old Boy's War Meinorial Scholarship Fund I st East Anglian Regiment {Royal Norfolk and Suffolk Fund) There shoiild be not le5S than seven trustees including the principal and chair of govemors of the School. The chair of governors of the S¢hool should not also b¢ the chair of the trust¢¢s. Each appointJnent must be inade for a period not exceeding five vears. The principal and cl)air of governors of the S¢hool should be ex-offi¢io trustees and, therefore, not subje¢t 10 any tinie limit iii their appointmeiits. In additioii to the Lhair of goveTnor5 and tlie priTILipal, no more thali two School governors should be trustees and there must iiot be more that] 50010 of trnstees that are also governors of the School. The current Trustees hawe a strong i)etwork of tontacts from the educatiortal, fundraising.- not-for-profit sector and the Aluinni of the School to provide the necessary skills aiid expertise. 3010612025 Approved by order of the board of trustees on ............................................. and signed on its behalf by.. Rev C Winter- Trustee Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DUKIES, FOUNDATION Indepenilent examiner's report to the trustees of The Dukies, Foundation I report to the charity tStee5 on my examination of the accounts of The Dukies, Foundation (the TTUSt) for the year ended J l August 2024. Responsibilitie5 and basi5 of report As the chariry trustees of the Trust you are responsible for the prepargtion of the accounts in accordance with the requiren)ents of the Charities Aet 2011 I'the Act'}. I repon in respect L)f 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 Seciilin 145{5)(bl of the Act. Independent examiner's st#tement I have con)pleted my exainiiiation. I Conf that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the Trnst as required by Section 130 of the Act,. or the accounts do not accord with those records: or the accounts do not comply with the applicable requirements concerning the fom and content of accounts set out in the Charities (Accouiits and Reports) RegFulation5 2008 other tlian any requirement that the accounts ¥ive a twe and fair view which is not a matter considered as pan of an independent examination. I have lio conceTll5 and have coine across no other matters in coiinection with the exaTnination to which attentioll should be draTr in this report in order to enable g proper understsnding of the ac¢oiints to b¢ reached. Jonathan Fullarton Bsc FCA Mccabe Ford Williams Chartered Accountaiits Charlton House Dour Street DOVER Kent CT16 IBL Date.. 3010612025 Page 4
THE DUKIES, FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED31 AUGUST 2024 2024 Total funds 2023 Total funds Ui)restricted fuiid Restricted funds Notes INCOME AND ENDOWMENTS FROM Donation5 and legacies 13,755 99,892 113,647 87,400 Investment income 8,606 8,606 9,404 Total 22,361 99,892 122,253 96,804 EXPENDITURE ON RaisiR¥ fund5 43,303 43,303 37,253 Charitable aetii'ities Promotioii of education 9,260 77,563 86,823 184,934 Other Total 52,563 77,563 130,126 226,101 Net gainsl{losses) L)n investments 8,035 8,035 19,962) NET INCOMEI(EXPENDITURE) Tran5fer5 between funds (22,167) (42,295) 22,329 42,295 162 (139,259) 13 Net movement in funds (64,462) 64,624 162 (139.259) RECONCILIATION OF FUNDS Total funds brought forward 187,939 100,708 288,647 427,906 TOTAL FUNDS CARRIED FORWARD 123,477 165,332 288,809 288,647 The notes fonn part of these financial statements Page 5
THE DUKIES, FOUNDATION BALAf44CE SHEET 31 AUGUST 2024 2024 2023 Notes FIXED ASSETS Investments 44,778 346,748 CURRENT ASSETS Debtors Casl) at bank 10 4,135 331,486 301 145,265 335,621 145,566 CREDITORS An)ounis falling due within one year (91,590) (203,667) NET CURREF4T ASSETS 244,031 (58.101) TOT AL ASSETS LESS CURRENT LIABILITIF.S 288,809 288,647 NET ASSETS 288,809 288,647 FUNDS Unresiricted funds Restricted fuiids 13 123.477 165,332 187.939 100,708 TOTAL FUNDS 288,809 288,647 The financial statements were approved by the Board of Trustees and authorised for issue .3010612025......................... and were signed on its behalf by= on C Winter- Trustee The notes fonn part of these financial statements Page 6
THE DUKIES, FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 AUGUST 2024 STATUTORY INFORMATION The Dukies, Foundation is a piiblic benefit entity registered as an unincorporated charity in England. The charity s registered number: principal address and nature of operations can be found M'ithin the Reference and Administrative Details page and the Report of Trustees. The financial siatements are presenied in sterling which is the funciilinal currency of the charity. ACCOUNTING POLICIES Basis of preparing the financial staternents The financial statements of the ¢harit}', which is a public benefit entiry under FRS 102, have been prepared in accordance with the Charities SORP IFRS 10?} 'Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities prepariii¥ their account5 iii accordance with the Finaiicial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reponing Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial 5tatement5 have been prepared under the historical cost convention: with the exception of investments M."hich are included at niarket value, as modified by the revaluation of certain assets. Financial reporting standard 102- reduced disclosure ¢x¢rnptions The charity has thken advantage of the following disclosure exempiion in preparing these financial statements. as permitted by FRS 102 'TI)e Fiiiancial Reporting Standaid applicable in tl)e UK and Republic of Irelaiid.: the requirements of Section 7 Statement of Cash Flows. Income All income is recognised in the Statement of Financial Activities once the charity has eniitlemeiit io the funds, it is probable that the income will be received aiid the aTnount can be inea5ured 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 thai a transfer of economic benefits will be required in settlement and the amoui)t ol. the obligation can be ineasured ieliably. Expei)diture is accounted for on an acciuals basis ai)d has beeii classified under headings that aggFregFate all c05t related to the catebFory. Il'here cost5 cannot be directly attributed 10 particular headings they have been allocated to aciiviiies on a basis consistent with the use of resources. Taxation The charity is exempt from tsx on its chari(able activiiies. Fund accounting Unrestricted funds can be used iii accordance with the charitable objectives at the di5cretioii Of the trustees. Resirictsd funds can only be used for particular restricted purposes wiihin Ihe objects of the charitv. Restrictions arise when specified by (he doi)or or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in Ihe notes to the financial statsments. Page 7 continued...
THE DUKIES, FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 AUGUST 2024 DONATIONS AP4D LEGACIES 2024 202i Donations including gift aid 113,647 87,400 INVESTMENT INCOME 2024 202i Dividends Interest 6,150 2.456 8,776 628 8,606 9,404 SUPPORT COSTS Governance costs Promotioi) of edueation 1,950 Support costs, ii)cluded in the above, are as follows.. 2024 Prlimotion 2023 Total activities education Accountancy and independent examiner's fee5 Investment management fees 1,950 2.400 1,514 1.950 3.914 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneraiilin or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 202i. Trusttes, expenses There were no 31 August 2023. trustees, expenses paid for the year ended 31 Augusi 2024 nor for the yegr ended Page 8 continued...
THE DUKIES, FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 AUGUST 2024 STAFF COSTS The charity does not have any staff, however the charity does contribute towards the c05t of a 11 time member of staff, located at the Duke of York's Roval Military School, who spends a proportion of their time fundraising on behalf of the charity. COMPARATIVES FOR THE STA TEMENT OF FINANCIAL ACTIVITIES Uiirestricted fund Restiicted funds Total ftinds INCOME AND ENDOWMENTS FROM Donations and le£a¢ie8 14,498 72,902 87,400 InvestJnent iiicotne 9,404 9,404 Total 23.902 72.902 96,804 EXPENDITURE ON Raising fuiid% 37,253 37,253 Charitable aetivitie5 Pronintion of cducation 5,842 179,092 184,934 Other 3.914 3,914 Total 47,009 179,092 226,101 Net gainsl(losses) on invesiments (9,962) 19,962) NET INCOMEI(EXPENDITURE> (33,069) (45,401) (106.190) 45,401 (139.259) Transfers between fund5 Net movernent in fund5 (78,470) (60,789) (139,259) RECONCILIATION OF FUNDS Total 1]dS brought forward 266,408 161,498 427,906 TOTAL FUNDS CARRIED FORWARD 187,938 100,709 288,647 Page 9 continued...
THE DUKIES, FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 AUGUST 2024 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At I Scptcmber 2023 Disposals Revaluations 346,748 8,211 At 31 August 2024 44,778 NET BOOK VALUE At 31 August 2024 44,778 At 31 August ?023 346,748 There were no investment assets outside the UK. Listed investinents have been revalued at the balance sheet date to the market value as per investn)ent mgnagement valuation reports and stock exchange values. io. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Gift aid debtor 4,135 301 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Donations approved but not yet paid Accrued expenses 89,190 2,400 201.327 2,340 91.590 203.667 Of the £89,190 doiiations approved but not yet paid. £37,480 relates to salary iecl)arge. This has been reviewed and 15 5UPPOrted by the relevaiit meetingj niinute5 and docuineiitation. 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total fuiids 2023 Total fuiids Unresiricted fund Restrictsd funds Investments Current assets Ciirrent liabilities 44,778 170.289 191,590) 44,778 335.621 191,590} 346,748 145.566 (203,667} 165.332 123,477 165,332 288,809 288,647 Page 10 continued...
THE DUKIES, FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 AUGUST 2024 13. MOVEMENT IN FUNDS Net moveTnent in funds Transfers beteen fvnds At 31.8.24 At 1.9.23 Vnrestricted fund5 General Fund 187.939 122.167} 142.295} 12i.477 Restricted funds Studeni Support Scliool Heritage A Winning Edge School Events {7.0631 47.802 116,2001 {2,2101 26.681 101,701 35,122 1,828 29.603 33,323 4.038 24.296 17,999 100,708 22,329 42,295 165,332 TOTAL FUNDS 288,647 162 288,809 Net inovemeiit in fund5, included iii the above are as follow's= Incoming resources Resources expended Gains and ltssses Movement in funds Unrestricted funds Geiieral fui)d 22,361 152,563) 8,035 122,167) Restricted funds Student Support School Heritage A Wini)ing Edge School Events 31,354 52,705 12.924 2,909 138,4171 {4,9031 129.1241 {7,063) 47,802 116.200} {2,210} 99.892 177,563) 22,329 TOTAL FUNDS 122,253 (130,126} 8,035 162 ComparAtives for movement in funds Net movetnent iii ndS Transfers betweeii nds At 31.8.23 At 1.9.22 Unrestricted fund5 General Fund 266,408 133,068} 145,401 } 187,939 Re5trieted funds Student Support School Heritage A Winning Edge School Events 21,906 120.916 18.624 52 11,838 191.3131 128.7021 1,986 33,744 29.603 33,323 4,038 43.401 ?,000 161,498 (106,191) 45,401 100,708 TOTAL FUNDS 427.906 (139.2591 288.647 Pagell continued...
THE DUKIES, FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 AUGUST 2024 13. MOVEMENT IN FUNDS- eontinued Comparative net movement in funds, included in the above are as folloM's'. Incoming resources Resources expended Gaii)s and 105ses Movement in funds Unrcstrietcd funds Gencral Fund 23,902 147,0081 {9,962} 133,0681 Re5trieted funds Stiident Support School Heritage A Winiiin¥ Edge School Events 35,550 17.611 17.725 2,016 123,712) (108.9241 146.4271 (301 11,838 191,313} 128,702} 1,986 72.902 (179.0931 (106.191) TOTAL FUNDS 96.804 (226,1011 {9,962} (139.259} Siudent Su ort Dtsnations including gift aid M'ere 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 y¢ar end £26,681 remained unspent. Scliool Herita Donations including gift aid were received for the purpose of restoring, developing and mainiaining of ceren)onial activities, memorials. research, archives. collections and other iconic features of the School. At the end of the year a total of £101,701 remained unspent which is split as follows.. War Memorial £5,510 Arboretuin £2,573 School Herits*ge £18,023 Athletic Benches £342 School Events £1,250 Sword £2,018 Hadlcigh £118 Wati £870 Swiininiiig pool £70,997 A Winnin F.d Donations including gift aid were received for the PUTpose of providing targeted support to specifi¢ student programnies across the full raiige of school activities, from acadeniic to 5POrting, perfomiin(T arts and adventure activities. personal development and life skills. At the end of the year a Illtal of £35,122 remained unspent which is split as follows.. Hockey £10,572 Legdership £7:843 Music Department £759 Science Departineiit £746 CERN Trip£l,616 - Art Departmeni £57 Computer Science £2.091 DT Department £774 Drania Department £160 Duke Box £4,210 Engli%h Department £3,425 MFL Deparinient £1,424 Maths Depilrtnient £2,574 Page 12 continued...
THE DUKIES, FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED31 AUGUST 2024 13. MOVEMENT IN FUNDS- eontinued School Events Donations including gift aid were received for the purposes of providing fijnding and opportunities for siudents. At the year ei)d £1,828 remained unspent. 14. RELATED PARTY DISCLOSURES Tn]stees made donations (excluding gift aid) to the charity of £3,295 (2023 £2,421). Page 13
THE DUKIES, FOUNDATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED31 AUGUST 2024 2024 2023 INCOME AND ENDOWMENTS Donation5 and legacies Donations includiiig gift aid 113,647 87,400 Investment income Dividends Inrest 6,150 2,456 8.776 628 8,006 9,404 Total incorning re50urees 122,253 96,804 EXPENDITURE Raising donations and legacies Contribution towards fundraising officer 43,303 37,253 Charitable activities Donations payable 84,873 184,934 Support Costs Governance eost5 Accountancy and independent examiner's fees Investment mai)agement fees 1,950 2,400 ,514 1,950 3,914 Total resources expended 130,126 226,101 Net expenditure before gains and losses (7,873) {129.297) Realised recognised gains and losses Reali5ed gainsl(105ses) on fixed asset investinents 8,035 (9,962) Net incomel(expenditure) 162 (139,259) This page does Iiot fotyn part of the Statutory financial statement5 Page 14