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 2023 Unaudited The James and Deirdre Dyson Trust Contents Reference and administrative details Trustees, report for the yèar Énded 31 Decèmber 2023 Independent Examinerfs Report Receipts and Payments Account for the year erKaed 31 Decernber 2023 Statement tsf Assets and Liabilities as at 31 December 2023 The James and Deirdre Dyson Trust Reference and administrative details Registered charlty name The James and Deirdr? Dyson Trust Charity numbèr 1160919 Reglstered address Tetbury Hill Malm&sbury Wiltshire Unrted Kingdom SN16 ORP Trustees Sir J Dygon Lady D Etyson Trust manager Juliet Charman Bankers Lloyds Bank plc 55 Com Str88t Bristol BS1 1HT EFG Private Bank Leconfield House Curzon Street London W1J 5JB Indgpendent Examiner Crowe U.K. LLP Chartered A¢¢ountants 4th Floor Sl James House Sl J8mes Square Chettenham GLSO 3PR The James and Deirdre Dyson Trust Trustees, report for the year ended 31 December 2023 The Trustees present their report and financial statements of The James and Deirdre Dyson Trust I'the Trusf, th& Charity.) for the year ended 31 December 2023. The accounts are prepared under the receipts payments basis. Reference and admlnlstratlve details Reference and administrative details are shown on page 1. The James and Deirdre Cy$on Trust is a charity registered with the Charty Commlssion Iregislrallon number 11809191. Slru¢tur8, govemance and management Govemlng document The Trust is govemed by its trust d88d dated 28 January 2015. Govomance of the Trust The year under revEw is the nineth operating and financial year of the Trust during which the Trustees met lo review the Trust's policies and procedures. Adminislrats've support 15 provided by The James Dyson Foundation. Financial and accounting support is provided by Weybourne Limitsd. R8erultment and trainlng of Truste Trustees are appointed by a resolution of the existing Trustees. New Trustees are appointed to provide the skills identified as being necessary for th8 good governance of the Trust. The Trustees are aware of their responsibilities under charity law and have the Charity Governance Code available lo review. 11 is made available to any newty appointed Trustees as well. The James Dyson Foundation team assess tha Codè and where the Trust is against it as part of their support for running the Trust. Rlsk management In light of the govemance guidance eonlained within the Ch?rilies Govemance Codg, the Trustees, in the course of their meetings, review the major slrategiG, business and operational risks to which the Trusl is exposed. System5 have been established to mitlgate thosè risks and procèdurés implemented to minimise any potential impact on the Trust should any of those risks materialise. The principal risks include.. Loss of key bonefactors. The Trust has sufficient reserve8 to fund planned aclwities. Funding ps reviewed fulty before committing lo any new donation. Reputatlonal damage. The James and Deird￿ Dyson Trust team work closely with the Dyson communications team, Weyboume leadership and a charty lawyer, ensuring Charty Commission guidance is followed on all projects. Loss of ¢onfldential Information- The James and Dairdre Dyson Trust is fvlty Support￿ bythe Weybourne IT team, and therefore benefits from the Same cyber security policies and procedure$. Fraudulent activity. The James and Deirdre Dyson Trust is ￿llY supported by the Weybourne finance team, an therefore benefits from the same financial controls ond securities such as segmentation of duties and fornial delegated authority protocols. The James and Deirdre Dyson Trust Trustees, report for the year ended 31 December 2023 (continued) Financial rlsk management Prlce rtsk Price risk is negligible as fi'nancial instrumants ar8 limitad to cash and cash equtvalenls. Credlt rfsk Credit risk on 8mounls 0￿d lo the Tnjst is low. as its principal source of funds is donations from the Trustees. Liquldityrisk The Trust matches commitments lo its creditors wth the expected timing of cash receipts in respect of donations from its trustees. The trustee$ have undertaken to provide fvnds lo thé Trust to Meet its liquidity requirements. Interest rate and cash flow rfsk The Trust places surplus funds on short tern deposit with EFG and Lloyds Bank. ObjKtlve$ and activities The Trustees confimi that they have complied with their duty In Section 17 of the Charrties Act 201110 have due regard to public benefrt guidanc8 published by th& Charty Commission for England and Wales. Th& principal objects ofthe Trust are to advance charitable purposes as the Trustees see fft, in particular bul limited lo". education, both relating to engineering and generally.. health,. arts. culture, heritage or science,. and amateur sport. The Trust carl￿S out these objectNes by providing donations and grfts. Grant maklng policy Grants are delemiined by the Trustees in accordance with the objects of the TrusL Applications for grants are considered by the Trustees in line with the Trust's objectives. A¢hiavamonts and performance The Trust made donations in the year of £160,2￿ (2022: £278.870}. This included a number of significant donations awarded.. £75,000 to Cure EB. £30,000 lo Clay Parish Church and £18,000 to Palai5 de Tokyo. Flnanclal revlew How The receipts and payments account for the period is set oui on page 6. Income for th8 y8ar was £215.661 12022. Z120,6761. The Trust's main source of income is, and is expected lo remain. interest received from ¢ash deposits. The Trust charrtable activities lotalled £216,03412022- £337,164} and paid overheads of£1,93512022'. £1,476). The Trust ended Ihe year with £4,675.e87 {2022.. £4,678.1951 cash available for us8 in ftJtur8 pariods. The James and Deirdre Dyson Trust Trustees, report for the year ended 31 December 2023 (continued) Related party transactions Adminislratwe support is Provid￿ by The Jam88 Dyson Foundation. Financial and accounting 8UPPOrt is provided by Weybourne Limited. Sir James Dyson has the controlling share of Weybourne LlmRed and Is a trustee of The j￿a$ Dyson Foundation. The Trust purchased £Nil12022.' £Nill of goodg from Dyson Jama¥ Group Limited at cost. Sir James Dyson, a Twstee of the Trust, is the 96.3QA b&neficial owner of Dyson James Group Limited. The Trust purchased £Nil 12022.. £5,544) of goods al cost from Deirdre Dyson Carpets Lirrrfled for donation lo Gresham's School. Lady Deirdre Dyson, a Trustee of the Trust, is the b8n8ficial owner of Deirdre Dyson Carpats Limrted. The Trust made donations lo Gresham's School £Nil (2022." £5,544). Sir James Dy50n 15 8 member of the Board of Govemors of Gresham's School. Investmgnt powers, poli￿ & perfomiance The Trust has wide inveslmenl powers. Fund$ are held in ca¥h, in interest-bearing ac¢C￿ntS with EFG and with Lloyds Bank to meet short lerni requirements. Reservos The Trust does not receive any donations, grants and other suurces of furKlraising where re8triclb)ns are imposed that am narrow8r than th8 Tru$t'$ overall o￿.ect￿e$. The Trustees are confidant Ihal the work oflhe Trust ¢an continue. Future funding will mainly be derived from direct donations by Sir James and Lady Dyson, and as such the Trustees can ensurè continuation. Plans forfuture periods The James and Deirdre Etyson Trust will continue to make donations lo charities and causes as thèy S88 rrt in lin8 with the charity's objectives of education, health, arts, cutture, heritage or seiencè and amateur sport. Signed on behaw of tho Trustees Sir James Dyson Trustee Dale.. IL The James and Deirdre Dyson Trust Independent examIne￿S report to thè trustees of The James and Deirdre Dyson Trust I report to thè trustaes on my èxamination of the accounts of Tha James and Deirdre Dyson Trust for the year ended 31 December 2023 which are sel out on pages 6 to 7. This report is made solety to the charty's trustees. a$ a body, in ?￿ordanCe with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I might stale to the charity's Injstees thosè matters l am required to slate to them in an independent examiner's report and for no other purpose. To the fullest extent pemitted by law, I do not accept or assume responsibility lo anyone other than the charty, the charity's member5 as a body and the charty's trustees as a body for my independent examiner's work, for this report, or for the opinions I have fomied. 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 I'the 2011 Acl'l. I report in respect of my examination of the Trust's account5 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 $￿tion 1451511b} of the 2011 Art. Independant WAaminerfs stat8mant I have completed my examination. I confim that no material matters have come to my attention in onnection with the examination giving me cause lo believe Ihal in any materral respect.. accounting records were not kept in respect of the Charily as requi￿ by section 130 01 the 2011 Act., or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view. which is not a matter considered as part of an independent examination. I have no concerns and have come acros¥ no othér matters in conneclvjn with the examination lo which attention should be drawn in this report in order lo enable a proper understanding ofthe o¢Gounts to be reached. Signed= Dated.. 6 August 2024 Tard W8Stcott FCCA Crowe U.K. LLP Chartered Accountants 4th Floor Sl James House Sl Jarnes Square Cheltenham GL50 3PR The James and Deirdre Dyson Trust Receipts and Payments Account for the year ended 31 December 2023 For the year ènd￿ 31 Dec8mb8r 2023 2023 2022 Total Funds Total Funds Recalptg Donations 16.539 199,122 215,661 67,871 52,805 120,676 Interest recelved Total Rocelpts Payments Donations 1160,206) 155,8281 11,8001 -1135) (217,969) 1278,870} 158,2941 1,3081 {1681 {338.6401 Fundraising events Professional fees Bank ¢har es Totsl paym8nts Net payments 12,308) {217,9e41 Roconclllatlon of funds: Total cash funds I funds brou ht forward al 1 Janua 4678 195 4,898,159 Total cash funds I funds carried forward at 31 December 4 675,887 4,678,195 All receipts and payménts wer6 made to and from unrestricted funds. Registered Charity number 1160919 The James and Deirdre Dyson Trust Statement of Assets and Liabilities as at 31 December 2023 2023 2022 Assets Debtors 2,269 Cash Funds 4,675.887 4,678,195 Totsl Ass8t$ 4 675.887 4,680,464 Liabilities Accruals 2.010 1,800 Total Liabilities 2.010 1.800 These accounts were approv8d by thé trustèés and arè signèd on thèir b8haW by.. Sir James Dyson Trustee