Charity Registration No. 1151167 Company Registration No. 08155120 (England and Wales)
DIGITAL OPPORTUNITY TRUST LTD (A COMPANY LIMITED BY GUARANTEE)
Operating as DIGITAL HORIZONS
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
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DIGITAL OPPORTUNITY TRUST LTD FOR THE YEAR ENDED 31 JULY 2025
| CONTENTS | Page |
|---|---|
| Legal and Administrative Details | 2 |
| Trustees’ Report | 3 – 8 |
| Independent Examiner’s Report | 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12 - 15 |
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DIGITAL OPPORTUNITY TRUST LTD
LEGAL AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 JULY 2025
Charity Name
Charity Number
Digital Opportunity Trust Ltd Operating as Digital Horizons 1151167
Company Number 08155120
Trustees
L Boyle A C Godfrey L Kelly J E Longmore (Resigned 29th November 2024) D Charles D Chandler D Hagy S Payandeh J Misselbrook (Appointed 4th August 2025)
Secretary
Withers Worldwide Legal Advisors Withers Worldwide Principal/ Registered address Withers Worldwide London office 20 Old Bailey, London EC4M 7AN Jane Askew FCA Independent Examiner HaysMac LLP 10 Queen Street Place London EC4R 1AG
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DIGITAL OPPORTUNITY TRUST LTD TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2025
The Trustees, who are also Directors and Members of the charity for the purposes of the Companies Act 2006, present their report and the financial statements of the charity for the year ended 31 July 2025.
Structure, governance and management
The Digital Opportunity Trust is a company limited by guarantee and a registered charity governed by its memorandum and articles of association. A resolution by the Members was made in July 2025 for all Directors to become Members and to adopt changes to the Articles provided pro-bono by Herbert Smith Freehills. The revised Articles were submitted to Companies House in July 2025. All Members made a further resolution to change the working name to Digital Horizons and log this change with the Charity Commission. The Trustees of Digital Opportunity Trust Ltd are Laura Boyle, Adrian Godfrey, Laura Kelly (Chair), Dominic Charles, Deborah Chandler, Daleel Hagy, Senam Payandeh and Julia Misselbrook (from 4th August 2025).
Trustees are appointed by ordinary resolution at a general meeting of the members. Proposals to appoint Trustees are brought by recommendation of the Trustees. Trustees are appointed based on their expertise and experience whilst having regard for the desirability for equality and diversity within the Board of Trustees. The UK Youth Leader Advisory Board (YLAB) continues to focus on strategic thought leadership for our target group, marginalised and displaced youth in the UK. One YLAB Member is represented on the Trustee Board.
New Trustees undergo an induction process and sign a Trustees' appointment letter, Conflict of Interest Statement and Code of Conduct. Trustees are also encouraged to participate in activities and events being organised by the Charity and attend appropriate training which will facilitate the undertaking of their role, including Trustees' legal responsibilities (under Charity and Company law).
The Board of Trustees is convened between 2 and 4 times per year and may meet additionally for time-bound or extraordinary decisions. Projects are selected by alignment with the Charitable objects. Decisions are made by the Board by a process of motions, discussion and voting. The Board is apprised of all applications, project progress, issues, and opportunities so they might guide any operating decisions and ensure a positive outcome for the Charity, now working as Digital Horizons in the UK.
Laura Kelly continues as Chair and Dominic Charles as Treasurer. HaysMac LLP continues as Independent Examiners. Withers Worldwide London office continues to act as Company Secretary (they were appointed on 25th November 2022). DOT UK’s bank account remains with Lloyds Bank and a double authorisation process is in place.
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DIGITAL OPPORTUNITY TRUST LTD
FOR THE YEAR ENDED 31 JULY 2025
TRUSTEES’ REPORT (Continued)
Risk policy
The Board of Trustees considers risk to the charity. As Digital Opportunity Trust Ltd. transitions to become financially independent of the DOT Global office as Digital Horizons, the risk to the Charity continues to be assessed. Digital Opportunity Trust Ltd. current fund-raising model is project-based income, and the risk is continuously assessed, particularly as projects complete.
The Board of Trustees put in place Directors Insurance and Public Liability insurance to ensure UK operations with partners are covered to meet the needs of disadvantaged young people in the UK.
Trustees agreed to keep updated on the advice available from the new Fundraising Regulator and Information Commissioner's Office (ICO) and Charity Commission.
Fundraising
Donations are gratefully received from institutions. We do not fundraise publicly and do not subcontract any fundraising activities to a third party. We are guided by the Code of Fundraising Practice in any fundraising activity and are registered with the Fundraising Regulator. During the year no complaints were received by the charity in relation to its fundraising activities.
This year saw the new UK project Digital Inclusion North East obtain further grant support from a key donor Goodthings Foundation and a new donor Community Foundation North East. These donors supported the digital learning of displaced communities in collaboration with outreach partners, including UK & UA in Sunderland.
A new corporate partnership with Capgemini also successfully delivered the inception and co-design phase of DOT’s Climate Champion programme, to prepare for a pilot in the North East Region.
Policy Development
In keeping with its vision and values, Digital Opportunity Trust Ltd. has a policy of zero tolerance for Sexual Exploitation and Abuse (PSEA). Safeguarding policies are included in our Policy Handbook, this Handbook was adopted by Trustees in September 2024 to ensure appropriate policies are in place for operating within communities in the UK. Training on these Policies was provided to the operations team and YLAB facilitators in November 2024. These Policies are reviewed annually by the Policy sub-group of Trustees. Digital Opportunity Trust Ltd. acts on a diversity and inclusion statement for recruitment purposes.
Objectives and activities
Digital Opportunity Trust Ltd. endorses the objectives of the wider DOT network and works with partners that will enable unemployed and underemployed young women and men in the UK to benefit from our programmes.
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DIGITAL OPPORTUNITY TRUST LTD TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 31 JULY 2025
In the period January to July 2025, our YLAB worked to define a new working name, Digital Horizons with a Vision and Mission wording that more closely reflected our work in the UK.
Our Vision is defined as ‘A world where young people belong, lead, and connect through local and global networks to drive inclusive and lasting change.’
Our Mission is defined as ‘To equip youth with the digital and future work-ready skills needed to lead impactful initiatives, foster innovation, and build inclusive communities. Through structured leadership pathways, and peer-to-peer mentorship, we empower young people to transition from learners to young leaders pioneering sustainable impact.’
We re-defined our values to be:
Inclusion & Equity – Every young person, regardless of background, identity, or ability, must have equal access to opportunities, resources, and leadership roles.
Youth-Led & Peer-Driven – Programmes must be designed, led, and driven by youth, ensuring young people are at the forefront of decision-making, advocacy and mentorship.
Mental Health & Well-being – A commitment to integrating well-being, resilience, and emotional support into all initiatives, recognising that thriving youth led to thriving communities.
And defined our Programme areas to be; Digital Inclusion, Climate Action and Transition to work.
Our achievements in our three Programme areas are outlined below:
Digital Inclusion – Our Digital Inclusion North East (DI NE) pilot reached over 300 community members, who undertook both DOT UK’s three foundational courses ( Internet Browsing, Digital Communication, and Social Media Marketing ) and Learn My Way bitesize courses, completing a total of 1,053 topics. Through the National Databank, we distributed 86 data SIM cards to enable access to learning. We are grateful to our donors, Good Things Foundation and Community Foundation North East, for supporting this project.
Climate Action - A new partnership with Capgemini supported an inception phase of DOT’s Climate Champion programme where 10 young people from the North East region undertook a series of codesign sessions, testing some elements of the DOT global course approach and offerings. Two areas were raised as important elements for a UK context and of importance to young people as Climate action leaders; Misinformation and Digital Storytelling. In response to this, we designed and delivered these workshops to our co-designers. The learning informs the full pilot which will train and support 20 Climate Champions to undertake climate action projects in their communities.
Work Transition - a new partnership with EqualReach resulted in helping Five displaced people to join a yearlong internship with Amazon. The YLAB assisted to mentor these candidates through the interview and onboarding process.
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DIGITAL OPPORTUNITY TRUST LTD TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 31 JULY 2025
Digital Opportunity Trust Ltd. contracted four consultants to support business development and operations including the Executive Advisor role.
Plans for future periods
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Ensuring we are meeting the needs for a foundational skills programme in the UK and increased safe use of the internet and digital tools to further livelihoods / job opportunities.
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a. As a DOT Partner we hold a license to proven curriculum. We will further co-design, test & iterate additional courses and learning journeys with ecosystem partners, including developing & scaling the Climate Champion programme - Climate awareness & community action.
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Advance community integration, further learning, peer support and job coaching and transition to work; jobs, remote work and entrepreneurship towards securing at least the living wage.
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a. Further collaboration within a holistic partner ecosystem strategy, defining our value proposition with transition to work partners.
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Ensuring co-design intervention is appropriate to each young person/community, to contribute to policy formulation and national dialogues to narrow the digital inclusion gap among marginalised young people, including displaced young people.
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a. Develop a research & MERL function to understand more deeply the needs of displaced youth and the gaps, barriers to digital inclusion
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b. Digital storytelling of their experiences and impact of digital empowerment
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Meeting the digital empowerment needs in other communities of UK
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a. Scale strategy: build a solid donor base, respond to more outreach partners, their youth empowered and beyond the NE (2025-2030)
Financial review
The charity's income, which is primarily derived from its charitable activities as detailed in note 3, was £116,395 in the 12 months to 31 July 2025 compared to £184,191 in the 12 months to 31 July 2024. The total expenditure was £124,064 for the 12 months to 31 July 2025 compared to £152,405 in the 12 months to 31 July 2024. The overall deficit was £(7,669) for the 12 months to 31 July 2025, compared with a surplus of £31,786 in the 12 months to 31 July 2024.
Going Concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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DIGITAL OPPORTUNITY TRUST LTD TRUSTEES’ REPORT (Continued)
FOR THE YEAR ENDED 31 JULY 2025
Statement of Public Benefit
The charity confirms the trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission in determining the activity undertaken by the charity.
Reserves policy
The reserves carried forward at 31 July 2025 were £25,092. Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergency expenditure. Trustees have adopted a policy regarding reserves which should ensure that there are adequate funds to ensure that the charity is able to meet all current and known future liabilities.
The level of reserves is considered and reviewed at regular intervals by the Trustees. The Trustees estimate the charity requires minimal free reserves (excluding committed funds) to meet these needs, because no grants or costs are committed until sufficient funds have been received. At 31 July 2025, free reserves were £25,092. The Trustees consider that charity has projected income in the next period sufficient to cover its planned expenditure. It should also be noted that the forward commitments of expenditure are relatively low, and the majority of the charity’s expenditure can be curtailed quickly, should the funding not become available. Trustees will be aiming to review the reserves policy and increase the reserve levels over the coming years.
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DIGITAL OPPORTUNITY TRUST LTD TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 31 JULY 2025
Statement of trustees' responsibilities
The Trustees, who are also the directors of Digital Opportunity Trust Ltd for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.
In preparing these accounts, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
departures disclosed and explained in the financial statements; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the
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charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The report of the Trustees has been prepared in accordance with the special provisions relating to companies subject to the small company’s regime within Part 15 of the Companies Act 2006.
The Trustees wish to express their appreciation for the valuable advice and support of Brown Rudnick and the assistance of DOT staff in Canada, during this start-up phase of the charity’s development.
On behalf of the Board of Trustees
L.Kelly
Laura Kelly
Chair, Trustees
Dated: 9[th] March 2026
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF DIGITAL OPPORTUNITY TRUST LTD FOR THE YEAR ENDED 31 JULY 2025
I report to the charity trustees on my examination of the financial statements of Digital Opportunity Trust Ltd (‘the Charity’) the year ended 31 July 2025.
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees, as a body, for my work or for this report.
Responsibilities and basis of report
As the trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no 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 charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement if Recommended Practice for accounting and reporting by charities (applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
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Jane Askew FCA
HaysMac LLP 10 Queen Street Place London EC4R 1AG
Date: 9[th] March 2026
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DIGITAL OPPORTUNITY TRUST LTD
STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating income and expenditure account) FOR THE YEAR ENDED 31 JULY 2025
| Note | |||
|---|---|---|---|
| 2025 | 2024 | ||
| Income from: | £ | £ | |
| Donations and legacies | 3 | 57,958 | 11,000 |
| Charitable activities | 3 | 58,437 | 173,191 |
| ----------------- | ----------------- | ||
| Total income | 116,395 | 184,191 | |
| ======== | ======== | ||
| Expenditure on: | |||
| Charitable activities | 4 | 124,064 | 152,405 |
| ------------------ | ------------------ | ||
| Total expenditure | 124,064 | 152,405 | |
| ======== | ======== | ||
| Net income (deficit) for the | |||
| year and net movements in funds | (7,669) | 31,786 | |
| Fund balances at 1 August 2024 | 32,761 | 975 | |
| -------------- | -------------- | ||
| Fund balances at 31 July 2025 | 25,092 | 32,761 | |
| ======== | ======== |
All amounts derive from continuing activities.
There are no other gains or losses other than those shown above.
The notes on pages 12-15 form part of these financial statements.
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DIGITAL OPPORTUNITY TRUST LTD BALANCE SHEET
AS AT 31 JULY 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Current Assets | 6 | 843 | 899 | ||
| Cash at Bank and in hand | 27,849 | 36,862 | |||
| --------------- | --------------- | ||||
| 28,692 | 37,761 | ||||
| Creditors: amounts falling | |||||
| due within one year | 7 | (3,600) | (5,000) | ||
| --------------- | --------------- | ||||
| ------------- | ------------- | ||||
| Total Net Assets | 25,092 | 32,761 | |||
| ======== | ======== | ||||
| Represented by: | |||||
| Unrestricted funds | 25,092 | 32,761 | |||
| --------------- | --------------- | ||||
| 25,092 | 32,761 | ||||
| ======== | ======== |
The company is entitled to an exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2025. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these accounts.
The Trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which company with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, and the financial year in accordance with the requirements of sections 394 and 395 and which otherwise company with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
The financial statements on pages 8 to 9 were approved by the trustees on 9[th] March 2026 and signed on their behalf by:
Laura Kelly, Chair Trustees
L.Kelly
……………………………….
Company Registration No. 08155120
Charity Registration No. 1151167
The notes on pages 12 to 15 form part of these financial statements
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DIGITAL OPPORTUNITY TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31 JULY 2025
1. GENERAL INFORMATION
Digital Opportunity Trust Ltd is a company limited by guarantee, in England and Wales, with the charity registration number 1151167 and company registration number 08155120. The registered office is: Withers Worldwide London office, 20 Old Bailey, London , EC4M 7AN. The principal objectives of the charity are set out within the Trustees Report, on pages 4 and 5.
2. ACCOUNTING POLICIES
1.1 Basis of Preparation
The financial statements have been prepared in accordance with 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), “the Statement of Recommended Practice for Charities (SORP) (Second Edition, effective 1 January 2019)”, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The organisation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements are presented in UK Sterling, which is the Charity’s functional currency, and rounded to the nearest pound.
1.2 Going Concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measure reliably. Investment income is recorded when receivable.
1.4 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 settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual basis. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
1.5 Funds structure Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.
1.6 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.
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DIGITAL OPPORTUNITY TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2025
1.7 Estimates and Judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Trustee's best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements.
1.8 Debtors
Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
1.9 Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.10 Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2. TAXATION
The trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
3. INCOME FROM
| COME FROM | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Donations and legacies - Other donations | 57,958 | 11,000 |
| Charitable activities - Grants receivable from DOT | 58,437 | 173,191 |
| Canada | ||
| -------------- | -------------- | |
| 116,395 | 184,191 | |
| ======== | ======== |
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DIGITAL OPPORTUNITY TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 JULY 2025
4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Salaries | - | 8,633 | ||
| Project contractor costs | 116,278 | 136,506 | ||
| Support costs | 2,852 | 1,068 | ||
| Governance costs | 1,054 | 1,198 | ||
| Independent examiner’s fees (including VAT) | 3,880 | 5,000 | ||
| ---------------- | ---------------- | |||
| 124,064 | 152,405 | |||
| ======== | ======= | |||
| 5 | STAFF COSTS | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Salaries | - | 7,589 | ||
| Employers’ National Insurance | - | 881 | ||
| Payroll administration | - | 163 | ||
| -------------- | -------------- | |||
| - | 8,633 | |||
| ======= | ======== |
No individual received remuneration in excess of £60,000 (2024: None).
The average number of employees during 2025 was 0 (2024: 1).
| 6. | DEBTORS | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Prepayments | 843 | 899 | |
| -------------- | ----------- | ||
| 843 | 899 | ||
| ======= | ====== |
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DIGITAL OPPORTUNITY TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 JULY 2025
| 7. | CREDITORS: AMOUNTS FALLING DUE | 2025 | 2024 |
|---|---|---|---|
| WITHIN ONE YEAR | £ | £ | |
| Accruals | 3,600 | 5,000 | |
| ------------- | ------------ | ||
| 3,600 | 5,000 | ||
| ====== | ====== |
8. RELATED PARTY TRANSACTIONS AND TRUSTEES’ EXPENSES AND REMUNERATION
The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2024: £nil).
Expenses paid to the trustees in the year totalled £Nil (2024: £nil).
There were no balances outstanding with any related parties at the Balance sheet date (2024: £Nil).
The Company fulfilled aspects of a project and received a grant from DOT Canada in the amount of £58,437 (2024: £173,191), as disclosed in note 3.
There were no other related party transactions.
9. MEMBERS’ LIABILITY
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member.
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