Registered Charity number 1160919 The James and Deirdre Dyson Trust Trustees, report, Independent Examiner's Report and the Financial Statements for the year ended 31 December 2022 Unaudited The James and Deirdre Dyson Trust Contents Reference and admin¢slrative detaifs Trustees. report for the year ended 31 December 21r22 Independent Examine¢s Report Receipts and Payments Account for the year ended 31 December 2022 ststement of Assets and Liabilitie5 as at 31 Decemter 2022 The James and Deirdre Dyson Trust Reference and administrative details Registered Charity name The James and Deirdre Dyson Trust Charity number 1160919 Registgred address Telbury Hill Malmesbury lishire United Kingdom SN16 ORP Trustee5 Sir J fyson Lady D Dyson Weyboume Corwrate Trustees Ltd IresKJned 12112r20221 Trust manager Juliet Charman Banke Lhjyds Bank plc 55 Com Street Bristol BS1 1HT EFG Privale Bank Leconfiekl House Curzon Street London W1J 5JB Independent Examiner Crowe U.K. LLP Chartered Aeeountants 4th Floor Sl James House St James Square Chellenham GL50 3PR The James and Deirdre Dyson Trust Trustees, report for the year ended 31 December 2022 The Trustees present their report and financial statements of The James and Deirdre Dyson Trust I"Ihe Trust.. 'Ihe Charity") for the year ended 31 December 2022. The accounts are prepared under the receipts and payments basis. the previous year vras prepared under accruals accounting. Reference and administr4tive details Reference and administrative deiails are shcNin on p8ge 1. The James and Deirdre Dyson Trust is a charity registered wilh the Charity Commission Iregistralion number 1160919}. Structure. governance and management Goveming document The Trust is govemed by ils Iwst deed dated 28 January 2015. Govemance of the Trust The year under review is the ewhlh operating and financial year of the Tnjst during which the Tnjslees mel lo review the Trust's policies and proCedU￿s. Adminislfalive support is provided by The James Dyson Foundab'on. Financial and accounting support is provtded by Weyboume Limited. Recruitment and training of Trustees Trustees are appointed by a resolulion of the exisling Trustees. New Trustees are appointed lo provKle the ski115 identified as being necessary for the good govemance ol the Trust The Trustees are aware of their ￿SponSibl1111es under charitylaw and have the Charity Govemance Code available to review. It is made available to any new￿ appointed Trustees as well. The James Dyson Foundation team assess the Code and where the Trust is againsl il as part of their support for njnning the Trust. Risk martagement In light of the governance guidan￿ contained within Ihe Charities Govemance Code, the Trustees, in the course of their meetings. revw the major strategic. business and operational risks to which the Trust is exposed. Systems have been established to mitigate Ihose rssks and procedures implemented lo minimise any potential impact on the Trust should any of those risks rnaterialtse. The principal risks include.. Loss of key bOn￿actOrs. The Trust ha5 sufficient reserves to fund planned activilies. Funding is reviewed fully before committing to any new donalN)n. Reputational damage- The James and Deirdre Dyson Twst team work cknsely with the Dyson communications team, Weyboume leadership and a charity lawyer. ensvring Chanty Commission guidance is followed on all projects. Loss of confidenttal information: The James and Deirdre Dyson Trust is fulty supported by theweyboume ITteam. and therefore benefits from the same cyber security wlictes and procedures. Fraudulont activity. The James and Deirdre Dyson Trust is fully supported by the Weyboume finance team, and therefore benefits from the same finanoal controls and serJJrities such as segmentation of duties and formal delegated authority Wotocols. The James and Deirdre Dyson Trust Trustees, report for the year ended 31 December 2022 (continued) Flnanclal rlsk managoment Price risk Price risk is negligible as financral instruments are limited to cash and cash equivalents. Credit risk Credrt risk on amounts owed to the Trust is low. as tts principal source of funds is donations from the Trustees. Liquidity risk The Trust matches commitments lo its eiedilors wkih the expected liming ol eash receipts in respect of donations from 115 trustees. The trustees have Ltndertaken lo provide funds lo the Trust lo meet its liquidity requiremenls. Interest rnte and ¢ash flow risk The Trust places surplus funds on short temi deposrt with EFG and Lbyds Bank. Objectives and a¢tl¥ities The Trustees confirm that they have complied wilh their duty in Secbon 17 of the Charities Act 2011 10 have due regard lo public benefrt guidance published by the Charity Commission for England and INale5. The PTin¢ipal objects ofthe Trustare to advan￿ eharilable purFoses as the Trustee5 see fil, in part￿ulaT but not limited lo.. education, both ￿tating to engineering 8rKI general￿. health., arts. culture, heritage or science.. and amateur sport. The Tru51 carries out these objectNes by providing donations and gsfts. Grant making policy Grants are determined by the Tnjstees in accordan￿ with the oiyects of the Trust. Applications for granls are considered by the Trustees in line with the TnJ51's ofy'ectives. Achievements and perfomance The Trusl made donations in the year of £278,87012021: £92.529). This included a number of significant donations. £150.000 to Cute EB. £36,000 to The Burma Star Memorial Fund and £34,616 to A&heimerfs Research. Financial review The receipts and payments account for the period ts set out on page 6. Income for the year was £120,67612021.. £58,286). The Tnjst's main source of income is. and is expected lo remain, donations from the Trustees_ The Trust chariiable acts"vrtie5 tolalled £337,16412021: £92.5291 and paid overheads of £1,47612021'. £71}. The Trust ended the year wilh £4.678.19512021.. £4.896.159) cash avadable for use in future peric#Js. The James and Deirdre Dyson Trust Trustees, report for the year ended 31 December 2022 (continued) Related party transactions Adminislralive support is provided by The James Dyson Foundation. Financial and accounting support is provided by Weyboume Limited. Sir James Dyson ha5 the controlling share of Weyboume Limite(l and is a trustee of The Jame5 Dyson Foundation. The Trust purchased £Nil (2021.. £21.9021 ofgoods from t)yson James Group Limited al c05t. SirJames Dyson, a Trustee of the Trust. is the 96.3% benefficial owner of [￿son James Group Limited. The Trust purchased £5.544 12021.. £Nil) of gcods al ￿$t from Deirdre Dyson Carpels Limited for donation lo Gresham's Sch￿)5. Lady Deirdre Dyson. a Trustee of the Trus( is the beneficial owner of Deirdre Dyson Ca￿etS Limiled. The Trust made donations to Gresham's School £5.54412021.. £3.8381. Sir Jame5 Dyson is a member of the Board of Govemors of Gresham's School. Investment power5. policy & perforniance The Trust has wide investmenl powers. Funds are held in cash, in interest-bearing aecounls with EFG and with Lloyds Bank to meet short term requirements. Resenios The Trust does not receive any donations. gran15 and other sources of fundrnising where reslriclions are imposed that are narrower than the Trusvs overall objeth"ves. The Trustees are confident that the work of the Trust can continue. Future funding will mainly be derived from direct donations by Sir James and Lady [￿sOn. and as such the Trustees can ensure conlinualion. Plans for future periods The Jarnes and Deirdre Dyson Trust will continue to make donabons to charities and causes as they see fil in line with the charity's objectives of educakn"on. health, arts, culture. heritsge or science and amateur sport. Signed on behaw of the Truslees Sir James ttyson Trustee Date.. 11 IC>23 ## **The James and Deirdre Dyson Trust** ## **Independent examiner's report to the trustees of The James and Deirdre Dyson Trust** I report to the trustees on my examination of the accounts of The James and Deirdre Dyson Trust for the year ended 31 December 2022 which are set out on pages 6 to 7. This report is made solely to the charity's trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I 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, the charity's members as a body and the charity's trustees as a body for my independent examiner's work, for this report, or for the opinions I have formed. ## **Responsibilities and basis of report** As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable 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 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 Charity as required by section 130 of the 2011 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. Signed: Dated: 03 August 2023 Tara Westcott FCCA **Crowe U.K. LLP** Chartered Accountants 4 **[th ]** Floor St James House St James Square Cheltenham GL50 3PR 5 The James and Deirdre Dyson Trust Receipts and Payments Account for the year ended 31 December 2022 For tho year endod 31 December 2022 2022 2021 Total Funds Total Funds R•colpts Donations 67.871 52.805 120.676 21.902 Inleiesl received Total R•colpts 58.286 Payrnents Donations (278.870) 158.2941 11.3081 192.5291 Fundraising events Professional fees Bank charges Total payments 71 1338.640) 192.6001 Noi paymonts (217,9641 (34.314) Reconci1Satlon of funds: Total cash funds I funds brou hl loThYard al 1 Janua 4.896 159 4.926.997 Total cash funds I funds carried forward at 31 Decembgr 4.678.195 4.892.683 The 2021 comparalpth were Fyepared urKler accruals accounting and 2022 under receipts and payments. I receipts and payments were made lo and frcth unrestricted funds. Registered thai?ty number 1160919 The James and Deirdre Dyson Trust Statement of Assets and Liabilities as at 31 December 2022 2022 2021 Assets Debtors 2.269 4.678,195 1.253 Cash Funds 4,896,1S9 Total Assets 4.680.464 4.897,412 Llabilitigs Aceruals 4.729 Totsl Liabilities 1.800 4.729 These accounts were approved by the trustees and are signed on their by.. Sir James Dyson Trustee Dated". 17 July 2023