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2025-03-31-accounts

Charity Number: 1184873

THE DASHLIGHT FOUNDATION

(Charitable Trust)

REPORT AND FINANCIAL STATEMENTS

for the year ended

31 March 2025

UNAUDITED

The Dashlight Foundation

Annual Report and Accounts for the Year Ended 31 March 2025

CONTENTS page
Trustees' Annual Report 1 - 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Statement of Cash Flows 9
Notes to the Accounts 10 - 15

The Dashlight Foundation

Report of the Trustees for the year ended 31 March 2025

The Trustees present their report along with the financial statements of the Charity for the year ended 31 March 2025. The Financial Statements have been prepared in accordance with the accounting policies set out on page 9 and comply with the Charity’s trust deed, the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP).

The Charity is a Public Benefit Entity.

Structure, Governance and Management

The Dashlight Foundation was established on 23 May 2019 by the settlors, Owen and Jacqueline Clarke and its governing document is a deed of trust. It is a registered charity no. 1184873.

The power to appoint additional Trustees rests with the settlors during their lifetime. Should new Trustees be appointed, a formal induction process would be carried out. Other training is undertaken as and when appropriate. The Trustees must meet at least once per year.

The Trustees award grants based on the criteria within the objectives of the Charity. There are no employees of the Charity, and the Trustees are responsible for the overall management and control of the Charity’s activities.

Trustees Owen John Clarke Jacqueline Paula Clarke Dominic Hugh Clarke Hannah Patricia Clarke

Principal Office Independent Examiner Bankers
Flat G A. C. Rodaway CAF (Charities Aid Foundation)
49 Wellington Street HPH Chartered Accountants 25 Kings Hill Avenue
LONDON 54 Bootham Kings Hill
WC2E 7BN YORK West Malling
YO30 7XZ KENT
ME19 4TA

Risk management

The Trustees have a number of policies in place which are reviewed and updated periodically. These include donation making guidelines and policies covering overseas donations, conflicts of interest, investment, trustees’ expenses, and safeguarding. The Trustees have considered the major strategic, business, and operational risks which the Charity faces and consider that appropriate systems and processes are in place and reports are produced to monitor and mitigate these risks.

Objectives and activities

The Foundation allocates funds for general charitable purposes. It does so by supporting a range of charitable organisations by issuing grants, with the following main areas of focus:

These areas of focus are not exclusive, and other areas may be considered from time to time.

1

The Dashlight Foundation

Report of the Trustees for the year ended 31 March 2025

Public benefit

In meeting the objectives, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and judge that all donations made meet this guidance. All grants are listed in note 4 on page 11.

Our approach

The Trustees use their own research and experience to decide which charitable organisations should benefit from funding. They will also selectively consider grant applications (preferably by email).

Most of our grants are to charities which are established, but relatively small, where we believe our support can make a meaningful difference and those running the charity are close to their charitable activities. However, Dashlight occasionally supports larger charities if we believe they have a material impact in one of our areas of focus.

We seek to identify charities which we are enthusiastic to support and then empower them to identify their priorities and how best to deliver them. We therefore aim to make the process by which the Trustees review applications for funding as streamlined as possible and we normally provide unrestricted funds, rather than funding a specific project.

For selected charities, where we have built a relationship and have high conviction, we provide improved visibility of future funding with commitments of up to 5 years’ grants, subject to limited conditions.

We are grateful for the hard work and commitment of those working in the charities we support and aim to be mindful of our position of power in making judgements over funding their activities in an environment where many of them face fundraising challenges, cost pressures and rising demand. We are also committed to considering ways to address the potential risks in supporting charities active in developing countries and we encourage the involvement of local communities in charities’ governance and strategic decision making, as well as their operational activities.

Achievements and performance

During the year, we supported 21 charities with donations totalling £363,627, an increase from the prior period (£300,111) and consistent with our charitable objectives. Most donations were made to organisations we have previously supported. However, we also extended support to several new charities, including Labour Behind the Label, Mental Health Foundation, Royal Horticultural Society, and Survive. We maintained existing multi-year grant commitments with 12 charities and established new commitments with a further 5 in the year. We expect to continue awarding donations in the region of £300,000 to £500,000 annually. A summary of this year’s grants is provided below:

Global poverty Refugees Environment and conservation Community and wellbeing

2

The Dashlight Foundation

Report of the Trustees for the year ended 31 March 2025

Achievements and performance (continued)

Environment and Conservation

We continue to identify and support a select group of environmental and conservation charities, which together received 47% of the funding we provided during the year. Their activities range from climate action, supporting wildlife and habitat conservation (including marine wildlife and habitats) and addressing the demand for products of trade in wildlife, improving agricultural land and water availability for communities in parts of Africa, and advancing horticulture and public access to green spaces in the UK.

Community and Wellbeing

We provided grants to five charities which support individuals in their local communities who are facing challenges arising from deprivation, poor mental health, or trauma, or which undertake research and advocacy to promote effective policies and practices to support mental health.

Refugees

We also provided grants to three charities which provide support to refugees either in Europe or across the world.

Global Poverty

We provided grants to three charities which provide training or resources to communities where income levels are very low, particularly in Africa and the global garment industry. The work of a number of the Environment and Conservation charities which we support also have a material focus on improving the prospects of the local communities where they operate.

Yorkshire

Two of the charities we supported in the area of Community and Wellbeing are Yorkshire based.

Financial review

Income increased significantly to £645,414 (2024: £86,769), primarily due to share donations valued at £424,340 and settlor donations of £125,000, which includes £25,000 of Gift Aid from HMRC. As a result, income this year comprised donations, interest, and dividends, whereas last year it came solely from interest and dividends.

Total expenditure increased by 20% to £372,379 (2024: £310,440), driven by higher grants paid of £363,627 (2024: £300,111). Similar to previous years, charitable grants accounted for 98% of the expenditure, with the remaining 2% allocated to support costs.

During the year, the value of investments held by the Foundation increased by £316,170 to £2,791,682. This reflects additions and donations totalling £674,340, disposals of £376,425, and a revaluation gain of £18,255. By contrast, the prior year gain of £567,652 was entirely due to revaluations. At the year-end, 71% of the investment portfolio’s value was held in shares in Admiral Group PLC. This is a high concentration, but the Trustees are satisfied that this is mitigated by a number of factors:

3

The Dashlight Foundation

Report of the Trustees for the year ended 31 March 2025

Financial review (continued)

Notwithstanding these considerations, it is the intention of the Trustees to progressively reduce its investment in Admiral Group PLC.

At the end of March 2025, the Foundation held cash of £249,207 (2024: £238,943), which represents greater than 8 months’ expenditure on charitable activities.

Investment policy

The Trustees have a general power of investment and discretion to invest funds as they see fit. Any income not immediately applied to the objects of the Charity may be invested and accumulated.

The Trustees invest in a range of assets via an investment platform, with holdings spanning both UK and international markets. All asset trading is subject to Trustee approval.

Total investment income for the year amounted to £88,991 (2024: £78,342), received as dividends. Unrealised gains made in the year were £18,255 (2024: £567,652).

The investments are held for the purpose of long-term income generation.

Reserves policy

It is the policy of the Trustees to maintain unrestricted funds at a level sufficient both to maintain an active ongoing grant-making programme, as well as to fund future commitments which might be entertained or entered into. The reserves policy is reviewed annually. Reserves held after accounting for future commitments are £2,256,086.

Plans for the future

The Trustees will continue to invest the trust capital in order to generate a regular return of income.

Trustees’ responsibilities in relation to the financial statements

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:

4

The Dashlight Foundation

Report of the Trustees for the year ended 31 March 2025

Trustees’ responsibilities in relation to the financial statements (continued)

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the trust deed. 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.

Approved by the Trustees on 2 September 2025 and signed on their behalf by:

Owen J Clarke Trustee

Jacqueline P Clarke Trustee

5

Independent Examiner’s Report to the Trustees of The Dashlight Foundation

I report to the Trustees on my examination of the accounts of the Trust for the year ended 31 March 2025.

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 Charity’s Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 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 Act.

Independent examiner's statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

  1. accounting records were not kept in accordance with section 130 of the Charities Act; or

  2. the accounts did not accord with the accounting records; or

  3. the accounts did 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.

Adrian Rodaway, BA, FCA, BFP, DChA HPH, Chartered Accountants 54 Bootham YORK YO30 7XZ

2 September 2025

6

The Dashlight Foundation

Statement of Financial Activities for the Year Ended 31 March 2025

Income from:
Note
Donations and legacies
2a
Investment income
2b
Other income
2b
Total income
Expenditure on:
Charitable activities
3
Total expenditure
Net gain/(losses) on investments
Net income and net movement in funds
Funds brought forward 1 April 2024
Funds carried forward 31 March 2025
10
Net income/(expenditure) and net movement in funds
before gains on investments		 2025
£
549,340
88,991
7,083
645,414
372,379
372,379
273,035
18,255
291,290
2,711,509
3,002,799
£		 2024
£
-
78,342
8,427
86,769
310,440
310,440
(223,671)
567,652
343,981
2,367,528
2,711,509
£

All funds are unrestricted and derive from continuing activities.

The notes on pages 10 to 15 form part of these accounts.

7

The Dashlight Foundation

Balance Sheet at 31 March 2025

Note 2025 2024 £ £ £ £ Fixed assets Investments 8 2,791,682 2,475,512 Current assets Cash at bank and in hand 249,207 238,943 Creditors: amounts falling due within one year Creditors and accruals 9 38,090 2,946 Net current assets 211,117 235,997 Total net assets 11 £ 3,002,799 £ 2,711,509 Funds of the charity Unrestricted £ 3,002,799 £ 2,711,509

Approved by the Board of Trustees on 2 September 2025 and signed on their behalf by:

Owen J Clarke Jacqueline P Clarke Trustee Trustee

The notes on pages 10 to 15 form part of these accounts.

8

The Dashlight Foundation

Statement of Cash Flows

for the Year Ended 31 March 2025

Note
Cash flows from operating activities:
13
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from sale of investments
Purchase of investments
14,15
Cash and cash equivalents at the end of
the year
Net cash provided by (used in) investing
activities
Cash and cash equivalents at beginning
of the year
Net cash provided by (used in) operating
activities
Change in cash and cash equivalents in
the year		 £
£
212,105
96,074
376,425
(674,340)
(201,841)
10,264
238,943
249,207
£
2025		 £
£
(310,326)
86,769
-
-
86,769
(223,557)
462,500
238,943
£
2024		 £
£
(310,326)
86,769
-
-
86,769
(223,557)
462,500
238,943
£
2024
(223,557)
462,500
238,943
£

9

The Dashlight Foundation

Notes to the Accounts

for the Year Ended 31 March 2025

1. Accounting policies

a) Basis of accounting

These accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by 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), and the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The Dashlight Foundation constitutes a public benefit entity as defined by 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 have been prepared to give a "true and fair view" and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The Trustees have a reasonable expectation that the Charity has sufficient resources to be able to continue in existence for the forseeable future and that they therefore believe that the going concern basis of accounting is appropriate in the preparation of the accounting statements.

b) Donations, legacies and similar income

Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability.

c) Expenditure and grant commitments

All expenses are accounted for on an accruals basis and includes the irrecoverable element of Value Added Tax. Support costs are apportioned on a percentage of the grant activity.

Charitable activities are those activities which are undertaken to meet our charitable objectives. See note 3.

Grant commitments are made to further the Charity's objectives but are non-exchange transactions and do not create a contractual relationship with the recipient. A liability is recognised only when a constructive obligation exists, payment is probable, can be measured reliably, and there are no conditions attached that limit recognition. Where future payments are subject to performance-related conditions or remain at the Charity's discretion, such commitments are disclosed but not recognised as liabilities, as the Charity retains the ability to withdraw if conditions are not met.

d) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid.

e) Cash at bank

Cash at bank and in hand includes cash and any short-term deposit accounts with a maturity of three months or less from the opening date.

10

The Dashlight Foundation Notes to the Accounts - Continued for the Year Ended 31 March 2025

f) Creditors

Creditors 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 are recognised at their settlement amount after allowing for any trade discount due.

g) Funds

Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

h) Taxation

The Charity is exempt from tax on its charitable activities and is not registered for Value Added Tax. Wherever possible, Gift Aid is recovered on cash donations.

i) Investments

The investments are included in the accounts at fair value at the year end. The SOFA includes the net gains and losses on investments arising on revaluation at the year end and on disposals throughout the year. Realised gains and losses on sales of investments are calculated as the difference between the sale proceeds and opening market value. Unrealised gains and losses represent the movement between market values.

2. Income from:

a) Donations and legacies

Total donations and legacies income
Dividends receivable
Total income
3. Charitable activities
Community and wellbeing
Environment and conservation
Global poverty
Refugees
Settlor donations
Interest receivable on interest-bearing accounts
b) Investment income
Donation of shares		 £
95,000
170,000
50,000
48,627
363,627
£
Activities
Undertaken
Directly
(see note 4)		 £
2,287
4,092
1,203
1,170
8,752
£
Support
Costs (see
note 5)		 2025
£
424,340
125,000
549,340
88,991
7,083
645,414
£
Total
£
97,287
174,092
51,203
49,797
372,379
£		 2024
£
-
-
-
78,342
8,427
86,769
£
2024
£
90,511
139,646
36,205
44,078
310,440
£

11

The Dashlight Foundation

Notes to the Accounts - Continued for the Year Ended 31 March 2025

4. Grants paid or payable

Registered Charity No.
1115989
Greece
1101441
284934
1159356
Greece
801130
1135192
1074559
1112425
222879
1094478
Vietnam
USA
1158697
1069129
1118191
Africa
1064185
1194177
224776
USA
Total
Mustard Tree
Children on the Edge
Labour Behind the Label
Mental Health Foundation
Survive
Stand (previously Legs4Africa)
Save Vietnam's Wildlife
Route One to Wellness
Royal Horticultural Society
Vetlife
WildAid
Greenpeace Environmental Trust
Lighthouse Relief
Painted Dog Conservation UK
Sand Dams Worldwide Ltd
The Exodus Project
The Honeyguide Foundation
Build It International
Centro Folce Municipal
The Shark Trust
Tiyeni
Saving the Blue		 2025
£
20,000
11,914
20,000
10,000
15,000
16,713
20,000
25,000
15,000
-
5,000
25,000
20,000
10,000
15,000
25,000
5,000
20,000
20,000
25,000
20,000
20,000
363,627
£		 2024
£
20,000
5,182
20,000
-
-
17,429
-
30,000
15,000
12,500
-
25,000
-
10,000
15,000
-
20,000
20,000
20,000
25,000
25,000
20,000
300,111
£

12

The Dashlight Foundation

Notes to the Accounts - Continued for the Year Ended 31 March 2025

5. Support costs

5. Support costs
Governance costs
Accountancy fees
Independent examiner's fees
Other costs
Bank charges
Investment fees
Other
Total expenditure on support costs		 2025
£
2,298
792
3,090
211
2,000
3,451
5,662
8,752
£		 2024
£
2,154
744
2,898
185
2,000
5,246
7,431
10,329
£

No staff were employed during the year (2024 - None).

6. Payments to Trustees

a) Trustees' remuneration and benefits

None of the Trustees have been paid any remuneration or received any other benefits from the Charity.

b) Trustees' expenses

No Trustees' expenses were reimbursed in the year ended 31 March 2025 (2024 - £2,246).

7. Related party transactions

During the year, the Charity received donations from Trustees, totalling £100,000 in cash and £424,340 in investments. These investments have been included in the Charity's portfolio. All donations were made unconditionally. There were no related party transactions in 2024.

8. Fixed asset investments

8. Fixed asset investments
Market value as 1 April 2024
Additions
Disposals
Revaluation
Market value at 31 March 2025
All investments are UK listed assets
9. Creditors and accruals
Accruals
Grants payable
Total		 2025
£
2,475,512
674,340
(376,425)
18,255
2,791,682
£
2025
£
3,090
35,000
38,090
£		 2024
£
1,907,860
-
-
567,652
2,475,512
£
2024
£
2,946
-
2,946
£

13

The Dashlight Foundation

Notes to the Accounts - Continued for the Year Ended 31 March 2025

10. Movement in funds

Brought
forward
Income
£
£
Unrestricted funds
2,711,509
645,414
Total
2,711,509
£
645,414
£
Comparative year
Brought
forward
Income
£
£
Unrestricted funds
2,367,528
86,769
Total
2,367,528
£
86,769
£
11. Analysis of net assets between funds
Fixed asset investments
Current assets
Current liabilities
Net assets at 31 March 2025
Comparative year
Fixed asset investments
Current assets
Current liabilities
Net assets at 31 March 2024		 Expenditure
£
(372,379)
(372,379)
£
Expenditure
£
(310,440)
(310,440)
£		 Gain on
investment
£
18,255
18,255
£
Gain on
investment
£
567,652
567,652
Unrestricted
funds
£
2,791,682
249,207
(38,090)
3,002,799
£
Unrestricted
funds
£
2,475,512
238,943
(2,946)
2,711,509
£		 At 31 March
2025
£
3,002,799
3,002,799
£
At 31 March
2024
£
2,711,509
2,711,509
£
Total funds
£
2,791,682
249,207
(38,090)
3,002,799
£
Total funds
£
2,475,512
238,943
(2,946)
2,711,509
£

14

The Dashlight Foundation Statement of Cash Flows for the Year Ended 31 March 2025

12. Grant commitments

As at the year-end 31 March 2025, the Charity has committed to multiple year grants between 3 - 5 years, ending 31 March 2029.

The potential remaining liability of these commitments is £746,713, payable over the next four years: £271,713 due by 31 March 2026, £225,000 by 31 March 2027, £185,000 by 31 March 2028, and £65,000 by 31 March 2029. These commitments will be paid out of the unrestricted reserves held.

All mutiple year grants are subject to certain conditions and annual assessments. As a result, these commitments have not been provided for.

13. Reconciliation of cash flows from operating activities

Net income for the reporting period
Adjustments for:
Gains on investments
Dividends, interest and rents from investments
Increase in creditors
Net cash provided by (used in) operating activities
14. Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
15. Analysis of changes in net debt
Cash
Total		 2025
£
291,290
(18,255)
(96,074)
35,144
212,105
£
2025
£
249,207
249,207
£
At
01/04/2024
£
238,943
238,943
£		 Cash-flows
£
10,264		 2024
£
343,981
(567,652)
(86,769)
114
(310,326)
£
2024
£
238,943
238,943
£
At
31/03/2025
£

249,207
10,264
£		 249,207
£

15