Charlly number. 1197007 DUKES FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
DUKES FOUNDATION CONTENTS Page Reference and adminislralive delalls of Ihe Charlly, Ils Trustees and advlsers Trustees. reporl Independent examlner's report Stalement of financial activltles Balance sheet 10 Notes to the flnanclal $18tements
DUKES FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Aalil Naveed Hassan, Chair John Edmunds Julian Norrie Giles David William Goodhew Adriana Giolla (appointed 7 November 2023, resigned 27 February 2025) Charity registered number 1197007 Prlnclpal office 58 Buckingham Gale London SW1E 6AJ Accountants Crowe U.K. LLP Chartered Accountants Medway BYidg6 House 1 8 Fairmeadow Maldslone Kent ME14 1JP Page 1
DUKES FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual repoil together with the financial slalemenls ol the Charity lor the year 1 April 2023 10 31 March 2024. The charity is consliluled as a charilat48 incorporated organisalion ICIOI. Oblectlves and activitles a. Policles and oblectlves To aclv8nce in life and help younger people under thè age 0125 Ibul not necessarily reslricled lo that group) in the UK and overseas Ihiough the provision ol education and community activities that enable them lo parlicipal& in society. In selling objectives and planning lor aclivilies, the Trustees have given due consideration to general guidance wblished by the Charity Commission relating lo public benefit. including the gUKlance 'Public benefit.. running a charity IPB21'. b. Strategles for achleving objectives Awarding lo such persons scholarshlps, maintenance allowances or grants tenable al any univeislly. college or institution ol primary, higher or lurther education.. Assisting in such ways as the charity Iruslees see lil any charity or community organisalion in the UK whose aims include education and the provision ol facilities lor th& interests ol the social welfare ol younger peoplg., The Dukes Foundation will work closely with the network ol Dukes Educallon schools and colleges lo identify and support pupils from disadvantaged backgrounds and provide opporlunilies lor them lo realise their polenlial. c. Acllvltles undertaken lo achieve objecllves The Dukes Foundation has established a Mal¢h&d Funding Scheme Dukes colleges and schools lo create Iranslormalional bursaries, providing financial support lo deserving students who would OtherSe lace significant barriers lo accessing the gift ol a Dukes education. d. Maln activilies undertakgn to lurther the Charlty's purposes for the public benefit The Foundation's granl-making benelaclors will be selecled through our 'Exlraordinary Impact inilialive,. This initiative invites charities and organisations lo apply lor grants that will make a significant impact on their mission, projects or beneliciaries. They must align with our four commilmenls.. 1. Menlal Heath and Wellbeing.. Our loijndalion will fund programmes that provide accessible and affordable mental health services, raise awareness. and redu stigma lor young people. 2. Education InS1ialives.' We will fund projects that leverage technology. promolo experi6nlial learning, and loster crealivily and critical Ihinking skills. 3. Protecting the Planel.- Our foundation supporls projects and organisalions that work towards sustainable solutions, ¢onservalion ellorls, and environmental education. 4. Young People's Healthcare.. We will fund projects that improve aesS lo healthcare, promote preventive Care, and address the specific health needs ol young people. Page 2
DUKES FOUNDATION TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achievements and Performance a. Maln ochlevemenls of the Charlty Strengthening ou¥ governance The Board ol Trustees regayds governanee as a high prlorily lor the charity. They have laken the ¢ommÈnts from the independent examiner's revi8w very seriously, and in the interests ol good governance, have implemented the lollowng aclions: The board promptly sought guidance from spe¢ialisl charity legal advisers lo ensure that Ils governance framework remains robust and aligned with best practices. They wer8 r¢assured by Ihe professional advice received in this regard. ProaclThrely, the board submitted a Serious Incident Report ISIRI lo the Charity Commission lo promote transparency and seek r&gulalory clarity. The Charity Commission acknowledged the report and confirmed that ils submission reflected responsible risk management, noting that appropriate actions had b88n iak8n. Going forward, the Board remains resolutely committed lo slrenglhening governance across the Foundation. As part ol this commitment, the Foundation has appointed specialist advisers lo conduct a comprehensive governance review aimed al 6nhan¢ing record-keeping, improving documentation and training for trustees, and updating key policies. The Board is confident Ihal these proactive measures will continue lo uphold and strengthen our governance standards in the years ahead. Transparency and reach In line with our commitment lo transparency and ac¢essibility, we have launched the Foundation's website. This marks an imporlanl slop in our ellorls lo Connect with our stakeholders and share information about our granl- making aclivilies. We believe that this p5allorm will serve as a valuable resource for our slak6holders, enabling us to reach a wider audience and further our mission ol creating positive change. Our support Since our inception, we have mads significant donations lo a range ol charities, including Place2be, London Youth and Poetry Together, as well a5 a Dukes Education network matched fundraising ellorl lo respond lo the devaslaling earthquake in Tuykey and Syria. b. Fundraising actlvilles and Sncome generatlon During the year, the Dukes Foundation's fundraising efforts have focused on two primary obje¢lives'. raising funds lo provide the largest number ol Iranslormalional bursaries in the UK and allracting phllanlhropic support lo enhance the Foundation's charitable grant-making initiatives. The Foundation's target audiences include individuals, eligible granl-making loundalions, and corporate entities. To achievo these goals, the Foundation employs a range ol fundraising techniques, including pcer-to..poer fundraising, formal applications and proposals, sp&¢ial fundraising events, and directing supporters lo ils dedicated donation web pagfj. We a¥& pleased lo report that no complaints regarding fundraising acllvilies have been rècelved lo date. Page 3
DUKES FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Financlal revlew Golng concern After making appropriate enquiries, Ihe Trustees have a Teasonable expoclalitsn that the Gharily has adequate resources lo continue in operational existence lor the loreseoabl& lulure. For this reason, Ihey continue lo adopt Ihe going concern basis in preparing Ihe financial statements. Further delails regarding the adoption ol the going concern basis can be found in the accounting policies. b. Reserves pollcy Th8 Charity's ur)reslrlcled reserves as al the balance sheet dale were £177,632 12023.. £310,472), and the reslricled reserves were £70,129 12023.. £11,3851- Included within unr$slri¢led reserves was £11,385 12023.. £11,385) lor a designaled fund. Th8 going concern of the Charity is considered above. General lunds are unrestricted or free reserves which ar8 available to use al the discretion ol the Trusle&s in lurtheran¢e ol the general objectives ol Ihg Charity and which have not been designated lor other purposes. The Chatity does not have a policy ol holding reserves. c. Compliance wlth Ihe Charlly Governance code The Trustees are aware ol the requirements ol the Charity Governance code and ensure th8 charitable operations comply with this code where appropriate. Structures governance and management a. Constltution Dukes Foundation is a registered charity, number 1197007, ancj is conslilulfjd as an CIO under a Gonslilulion. b. Melhods of appointment or electlon of Trustees The management ol the Charity is the responsibility ol the Trustees who are elected and co-opted under the terms ol the Constilulion. c, Oyganlsatlonal structure and declslon-making pollcles The Charity is managed by the Trustees. The Trustees meet on a regular basis lo discuss issues arising and lo assess the wabilily ol requests for donations. The Trustees who served during the period were.. Aalil Naveed Hassan John Edmunds Julian Norrie Giles David William Goodhew Adriana Glolla lappoinled 07 November 2023, resigned 27 February 20251 Page 4
DUKES FOUNDATION TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structurey governance and management Iconllnuedl d. Policles adopted for Ihe Inducilon and Iralnlng ol Truslees The Charity is relying upon thg guidance issued by the Charities Gommission in relation lo the indijclion and training ol Trustees. e. Principal oflice The Dukes Foundation principal ollice is al.. 58 Buckillgham Gale London SWIE 6AJ l. The Governlng document The Gov8rning document ol the Charity is the Constitution dated 1 May 2021. Members, Ilability The Members ol the Gharity guarantee lo contribute an amount not exceeding £10 lo the assets ol the Charity in the event ol windlng up. Statement of Trustees, responsibilities The Trustees are responsible for preparing the TrLJslees' report and the linancia1 slalements in accordance with applicable law and United Kingdom Accounling Slaridards Iuniled Kingdom Generally Accepted Accounting Praclicel. The aW applicable lo charities in England & Wales requir8s lh& Trustees lo prepare financial slalemenls lor each financial period which give a true and lair view ol the slate ol allairs ol the Charity and ol ils incoming resources and application ol funds, including ils income and expenditure, lor that period. In preparing these financial stalemenls, rhe Trustees are required lo.. select suitable accounting poli¢ies and then apply Ih&m consislenlly. observe the methods and principles ol the Charities SORP IFFIS 1021., make judgments and accounting 8slimales that are reasonable and prudent., slate whether applicable UK Accounting Slandar¢Js IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., prepare Ihe financial slalements on the going concern basis unless il is inappropriate lo presume that the Charity will continue in business. The Trustees are rèsponsible for keeping adequate accounting records thal are sullicienl lo show and explain the Charity's IransaGlions and disclose with reasonable accuracy al any lime the financial position ol the Charily and enable them lo ensure that the financial slal&menls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulalions 2008 and the provisions ol the Conslilution. They are also responsible lor saf8guarding tha assets ol the Charity and hence for taking reasonable st&ps lor the prevention and detection ol fraud and other irregularities. Page 5
DUKES FOUNDATION TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Approved by order of the members ol the board ol Trustees and signed on their behalf by.. Davld Wllllam Goodhew Trustee Dale: L(6 [LS Page 6
DUKES FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independenl Examlner's Report lo the Trustees ot Dukes Foundatlon {'Ihe Charlty'l I report lo the charity Trustees on my examlnalion of the accounts of the Charity lor the year ended 31 March 2024. Responslbllltles and Basls of Report As the Trustees ol Ihg Charity you are responsible lor the preparation ol the a¢¢ounls in accDrdan¢e with the requirements ol rhe Charities Act 20111'lhe 2011 Act'l. report in respect ol my examination ol the Cha¥ily's accoun15 carried out under sectlon 145 01 the 2011 Act and in caTrwng out my examination I have followed the applicable Dirtrclions given by the Charity Commission under seclion 145{5llbl ol the 2011 Act. Indepgndent Examiner's Statement- matter of concern Identified Your attention is drawn lo Ihe fact that the Charily has prepared the accounts in a¢¢ordance with Accounting and Reporting by Charities: Slalemenl ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Fleporling Standard applicable in the UK and Republic ol Ireland IFRS 1021 in preleren¢e lo the Accounting and Repc>rling by Charities.. Stalem&nl ol Recommended Practice issued on 1 April 2005 which is referred lo in the exlanl Yegulalions but has been withdrawn. l understand that this has been done in order lor the accounls lo provide a true and lair view in accordance with the Generally Accepted Accounting Practice elleclive lor reportlng periods beginning on or aller 1 JanLJary 2015. I have completed my exaTninalion. I have identified mallers ol concern that give me reasonable cause to believe Ihal.. accounting records were not kept in respect ol the Charity as required by section 130 01 the 2011 Act., or the accounts do not accord with those records,. or the accounts do nol comply with the applicable rtsquirements conrning Ihtr form and conlenl ol accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and lair. view which is not a maller ¢onsidered as parl of an independent examination. The accounts prepared lor the Charity covering the period 01 April 2023 10 31 March 2024 include retrospaclive adjuslmenls for entries where prop6r records have not bfjen kept, including board approval ol paymgnls. £27,000 recorded as charilable expenditure was transferred from the slalemenl ol financial aclivi118s lo the statement of financial position as a loan payable by a Twslee lor the direct support ol another independent charity's flagship evenl. Interest al 5Q/. has been charged on this loan and the re16vanl parly disclosures Tnada. I confirm that there are no other matters lo which your allenlion shoukl be drawn to enaue a proper understanding ol the accniints to be rpached. This report is mad8 So18 lo th8 Charity's Trustees, as a body, in accordance with Parl 4 01 the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate lo the Charity's Trusl8es Ihose mallers l am required to stat& lo Ihem in an Independent examiner's report and lor no other purpose. To the fullest exlenl permilled by law, I do not accept or assume responsibility lo anyone other than the Charity and the Chariws Trustees as a btsdy, lor my work or lor this report. Page 7
DUKES FOUNDATION INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Signed.. lan Weekes Dated= FCA Crowe U.K. LLP Chartered Accountants Modway Bridge House 1 8 Fairmeadow Maidslone Kent ME14 1JP Page 8
DUKES FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 ToÈal lunds Period 08 Decembei 20211031 March 2023 Reslricted Unrestrfcted funds funds 2024 2024 Total funds 2024 Note Income from: Donations and legaciès Investments 58.744 2.112 675 60.856 675 424.344 Total income 58,744 2,787 61,531 424.344 Expenditure on: Charilable activities 135,627 185,627 102,487 Total expandilure 135,627 135,627 102,487 Net movement In lund8 58,744 (132,840) 174,0961 321.857 Reconciliallon of funds: Total funds brought forward Nel movement in funds 11,385 58,744 310.472 1132,8401 321,857 174,0961 321,857 Total funds carrled tonard 70,129 177,632 247,761 321,857 The Slalemenl ol Financial Activities includes all gains and losses recognised in the year. Th8 notes on pages 11 to 22 lorm parl ol these financial stalemenls. Page 9
DUKES FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 Period 08 Decembei 202110 31 MarGh 2023 2024 Nolo Currenl assets Debtors Cash al bank and in hand 27,675 232,175 336.333 259,850 336,333 Credilors.- amounts falling due within one year 12 (12,0891 (14,476) Net ¢urrenl assets 247,761 321,857 Total assets lass current liabllllles 247,761 321,857 Net assgts excluding penslon asset 247,761 321,85i Total net assets 247,761 321,857 Charity funds Reslricled funds Unrestricted funds 14 70,129 177,632 17,385 310,472 14 Total funds 247.761 321,857 The financial statements were approved and authorised lor issue by Ihe Trustees and signed on their bohall by.. David William Goodhew Trustee Dale.. The notes on pages 11 to 22 form part ol these financial slalemenls. Page 10
DUKES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOFI THE YEAR ENDED 31 MARCH 2024 General informatlon The Gharily is a registered Charity, number 1197007. The Dukes Foundation principal ollice is 21.. 58 Buckingham Gale London SW1E 6AJ The principal activity ol the Charity is lo advance in life and help younger people under lh& age 0125 (but nol necessarily reslricled lo that group) in the UK and ov8rseas through the provision ol education and community a¢livilies that enable them lo participate in society. Accountlng pollcles 2.1 Basls of prep8ralion of flnanclal statements The financial slalemenls have been prepared in accordance th the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable lo charities preparina their accounts in accordance with the Financial Aeporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 lelleclive l January 20191, the Financial Reporting Standard appllcable in the UK and Republic ol Ireland IFRS 1021 and the Charits'es Act 2011. The linar¥¢ial slalemenls have been prepared lo give a 'lrue and lair, view and have deparled from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required lo provide a 'lrue and lair, Vlew. This departure has involved following the Charilies SORP IFRS 1021 published in October 2019 rather than the A¢¢ounling and Reporting by Charities.. Slatemenl ol AeGommended Praolice elle¢live from l April 2005 which has since been withdrawn. Dukes Foundation meets the definition ol a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise stated in the relevanl accounting policy. 2.2 Going concern Aller making approprialo enquiries, the Trustees have a reasonable expectation Ihal the Charity has adequate resources lo conlinue in operational existence lor the loreseeabl8 lulure. For this reason, they continu& lo adopt the going concern basis in preparing the financial slalemenls. 2.3 Income All income is recognised once the Gharily has eniillernenl lo the income, it Is probable that the income will be received and Ihe amounl ol income receivable can be measured reliably. Page 11
DUKES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2024 Accounting policles (contlnuedl 2.4 Expenditure Expenditure is re¢ognised once there is a legal or constructiv8 obligation lo Irangler economic benefit lo a third party, il is probable that a transfer ol economic benefits will be required in selllement and Ihe amount ol the obligation can be measured reliably. Expenditure is classili8d by aclivily. Th& cosls ol each activity are made up ol the lolal ol direct costs and shayed ¢osls. including support Gosls involved in undertaking each aclivily. Direct costs allribulable lo a single activity are allocated directly lo Ihal aclivily. Cenlral stall costs are allocated on Ihe basis ol lime spent, and depreciation chargos allocated on the portion ol the asset's use. Expenditure on charitable activities is incurred on direct undertaking tho acliwlies which further the Charills obje¢lives. as wèll as any associated support costs. Grants payable are charged in the year when tho oller is made except in those cas&s where the oller is conditional, such grants being recognised as oxpenditure when the conditions attaching are lullilled. Grants oll&r8d subject lo conditions which have not been mel al the year end are noted as a commilmenl, bul not accrued as expenditure. All expenditure is inclusive ol irrecovorable VAT. 2.5 Debtors Other deblors are recognised al the selllemenl amount. 2.6 Cash at bank and in hand Cash at bank and in hand illcludos cash and short-lerm highly liquid investments with a short malurily ol three months or less from the dale ol acquisition or opening of the deposil or similar account. 2.7 Liabilities and provislons Liabilities are recognised when there is an obligation al the Balance sheet dale as a result ol a past 6venl, it is probable that a Iransl&r ol economic benefit will be required in settlement, and the amounl ol the solllemenl can be estimaled reliably. Liabilities are recognised al the amount that the Charity anlicipales il will pay lo sellle the debt oi the amount il has received as advanced payments lor the goods or services il musl provide. Provisions are measured at the best estimate ol the amounts required lo sellle the obligation. Wher& the ellecl ol the lime value ol money is material, Ihe provision is based on the pres&nl value ol those amounts, discounted al the pre-tax discount ral8 Ihal rell8cls the risks specific lo the liability. The unwinding ol the discount is recognised in the Statement ol financial aclivilles as a finance cost. 2.8 Financial instruments The Charity only has financial assets and financial liabilities ol a kind that qualify as basic financial inslrum8nls. Basic financial instruments are initially recognised al transaction value and subsequ6nlly measured al their selllemenl value. Page 12
DUKES FOUNDATION NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcies Icontlnuedl 2.9 Penslons The Charity operates a delined conlribulion pension scheme and the pension charge represents the arllounls payable by the Gharily lo the fund in respect ol the year. 2.10 Fund accounting General funds are unreslricled funds which are available lor use al Ihe discretion ol the Trustees in lurlherance ol the general obj&clives ol the Charity and which hav8 not been designated lor other purposes. Designated funds comprise unreslricled funds that have been sel aside by the Trustees lor particular purposes. The alm and use ol each designated fund is sel out in the notes lo Ihe financial stalemenls. Fleslricled funds are funds which are lo be used in accordance wilh specific restrictions imposed by donors or which have been raised by the Charity lor particular purposes. The costs ol raising and adrllinislering such funds are charged against the specific fund. The aim and use ol each reslricled fund is sel out in the noles lo the financial slalemenls. Inveslmenl income, gains and lossos aye allocated lo the appropriate fund. Income frorn donatlons and legacies Restrlcted Unrestricted funds funds 2024 2024 Total funds 2024 Donalions r¢ceived 58,744 2,112 60,856 Aeslricleé Unreslriclea funds lunds 2023 2023 Total lunds 2025 Donations 11,385 412,959 424,344 Investment Income Unreslricled lunds 2024 Total funds 2024 Tolai lunds 2023 Other interest receivablts 675 675 Page 13
DUKES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of grants Grants lo Institullons 2024 Total funds 2024 Grants made 74,000 74,000 Grants to Inslilutions 2023 Total funds 2023 Giants made 70.508 70.508 The Charity has made the following material granls lo institutions durlng the year.. 2024 2025 Name of Instltullon London Youth Poetry Together Orchard House Fields In Trust Kew Garden Humanilas Childhood Trust Clarence House 70,000 4,000 15,500 6,000 1,000 20,000 3,008 25,00 74,000 70,508 74,000 70.508 Page 14
DUKES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expendlture on charitable actlvllies Summary by lund lype Unreslrlcted funds 2024 Total 2024 Gran15 made Support costs 74,000 61,627 74,000 61,627 135.627 135,627 Unrestricteo funds 2023 Total 2023 Grants made Support cosls 70,5tP8 31,979 70,508 31,979 102.487 102,487 Anolysls of èxpendlture by aclivllles Grant fundlng of activltles 2024 Support costs 2024 Total funds 2024 Grants made Support costs 74,000 74,000 61,627 61,627 74,000 61,627 135.627 Page 15
DUKES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis ol expenditure by activities Icontlnuedl Granl lunding ol aclivilies 2023 Support cosls 2023 Total funds 2023 Grants made Support costs 70,508 70,508 37,979 31,979 70,508 31,979 102,487 Analysis of support costs Total funds 2024 Activities 2024 Stall costs Adverllslng Professional lees Bank charges Ac¢ounlancy Travel Computer costs 27,683 11.275 552 27,683 11,275 552 471 10,001 562 471 10,001 562 11,083 11,083 61,627 61.627 Tolai funds 2023 Activities 2023 Stall costs Advertising Professional lees Bank ¢harges Accountancy 6,701 21.206 422 6,707 21,206 422 50 3,600 50 3,600 31,979 31,979 Page 16
DUKES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Independent examlner's remuneration 2024 2023 Fees payable lo the Charity's indtrpendent examiner lor the independent examination ol the Charity's annual accounts Fees payable lo the Charity's independent examiner in respect ol.. A15 other services nol included above 7,700 1.800 2,300 1,800 Staff costs 2024 202S Wages and salaries Contribution lo defined contribution pension schemes 27,195 488 6,667 34 27,683 6. 701 The average number ol persons employed by the Chatlly during the year was as follows.. 2024 No. 2023 Stall No employee received remuneration amounting lo more Ihan £60,000 during the period. 10. Trustaes, remuneration and expenses During the year, no Trustees receivèd any remuneration or other bengfits 12023- £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred. Page 17
DUKES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Debtors 2024 2023 Due wilhln one year Amount due from Iruslee 27,675 27,675 Creditors: Amounts falllng due wllhln one year 2024 2023 Trade cr&dilois Olh8r laxalion and social security Pension fund loan payable Other creditors Accruals and deferred income 55 1.697 337 9,114 1.222 80 460 3,600 10.000 12,089 14.476 13. Financlal Instruments 2024 2023 Financlal assets Financial assets measured al amortised cost 259,850 336.333 2024 2023 Flnanclal liabililles Financial liabilities measured al amortised cost {12,0891 (14.476) Financial assets measured al amortised cost comprise other debtors and cash al bank. Finaiici81 liabilities measui'ed al ainorlised cosl coniprise trade credilors. othei. creditors and acci'uals. Page 18
DUKES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Stalement of funds Slalemenl of funds- current year Balance at 31 Maych 2024 Balance al I April 2023 Income Expendlture Unrestrlcted funds Deslgnated funds Turkey and Syria Earlhquako Appeal Malch8d by Dukes Foundation 11.385 11,385 General funds 299,087 2,787 1135.627) 166.247 General lunds Total Unrestricted funds 310,472 2,787 {135,6271 177,632 Restrlcted funds Turkey and Syria Earthquake Appeal Basselt House 11,385 11,385 58,744 58,744 11,385 58,744 70.129 Total ol funds 321,857 61,531 1135,6271 247,761 The Trustees made the decision lo match donations received in the prior period in relallon lo the Turk8y and Syria eaylhquake app881. The Bassell House donation is reslricled lor the advancement ol education al Bassell House School. The donation will be used lor a variety ol educational purposes, including awarding bursaries, scholarships, priz8s, and grants lo pupils and prospectivg pupils. 11 will also support th8 development and improvement ol the school's lacililies, such as recreational areas, buildings, and grounds. Additional funding will go loward acquiring educational rnalerials, including books and musical instruments. as w&ll as creating specialist leaching roles. The Dukes Foundation has agreed lo ulilise the funds exclusively lor thes8 purposes tsr Iransler them lo a SucsS0r charity with similar commitments. Acceptance ol these lerms nfirM8 the Foundation's adherence lo the donation's charitable objeclives, ensurino alignment with laws governing charitable aclivilies in England and Wales. Page 19
DUKES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Statement of funds {contlnuedl Statement of funds . prlor yoar Balance al 37 March 2023 Transfers in/oul Income Expenditure Unrestricted funds Deslgnaled funds Turkey and Syria Earthquake Appeal Matched by DLJkes Foundation 11.385 11,385 General funds General Funds - all funds 412,959 1102,487) 111,385) 299.087 Total Unrestricled funds 412.9 (102,487J 310,472 Restricted funds Turkey and Syria Earthquake Appeal 11.385 11,385 Tolal ol funds 424.344 (102,487) 321.857 Page 20
DUKES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Summaiy of funds Summary of funds . current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expendllure Designated funds General funds Reslricled funds 11,385 299,087 11,385 11,385 166,247 70,129 2.787 58,744 1135.627) 321,857 61,531 {135,6271 247,761 Summary of funds- prior year Balance al 31 March 2023 Translers in/oul Income Expenditure Designated funds General funds Restricted funds 11,385 (11,385) 11,385 299.087 17,385 412,959 11,385 1102.487) 424,344 1102,487) 321.857 16. Analysis of nel assels between lund$ Analysis of net assets between funds- curyenl perlod Restricted Unrestilcled funds funds 2024 2024 Total funds 2024 Current assets Creditors due wilhin one year 70,129 189,721 112,0891 259,850 (12,0891 Total 70,129 177,632 247,761 Page 21
DUKES FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Pension commitments The Charity operates a defined contribution pension scheme. The assets ol the scheme are held separately Irorn those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £488 12023.. £341. Conlribulions were payable lo the fund al the balance sheet dale of £33712023.. £801 and are included Sn credilors. 18. Related party Iransactlon$ During the period, the Charity incurred £27,000 expenditure on behalf ol the Trustee, Aalil Hassan, lor attendance of anothe¥ Charity's fundraising events. Interest 0150/0 per annum has been charged on the loan, with £675 being Charg lo the slalemenl ol financial 8clivities. The loan was repaid in two inslalmenls by Aalil Hassan in February and March 2025, the first payment lo settle the loan amount and the second in relation lo payment ol bank lees taken in relation lo Iho first. The Charily received reslricled donations lolalling £58,744 12022.. £nill froin The House School Trust, Bassell House School, ol which the Trustee Aabl Hassan served as a Governor. During thè period, £70.000 was paid as a grant to The Federallon of London Youth Club, a charity registered in England and Wales, ol which a key employee ol Dukes Foundation was also an employee. The charily has controls in plaoe to ensure independen¢e when assessing applications from all sources, especially those where a related party is included. Page 22
Crowe U.K. LLP Medway Bridge House 1- 8 Fairmeadow Maidstone Kent ME14 1JP Dear Crowe We confirm that the following representations are made on the basis of sufficient enquiries of trustee and executive management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation and that, to the best of our knowledge and belief, we can properly make each of these representations to you for the purpose of your independent examination of the financial statements of Dukes Foundalion for the year ended 31 March 2024 under the Charities Act 2011. 1. We acknowledge that the work carried out by you is substantially less in scope than an audit performed in accordance with Auditing Standards and that you do not express an audit opinion. 2. We acknowledge our legal responsibility for the preparalion of the financial statements to show a true and fair view as required by law and therefore confirm for your parlicular purposes that in our view these comply with the methods and principles sel out in the Charities SORP (FRS 1021- Accounting and Reporting by Charities.. Statement of Recommepd8d Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019). 3. We acknowledge our management responsibiliiy for the maintenance of adequate internal control systems and procedures designed to prevent and detect fraud and error. We have no knowledge of any fraud. suspected fraud Of allegations of fraud which could affect the charity. 4. All the financial transactions of the charity for the year as recorded in the accounting records and any other related information has been made available to you for your inspection. 5. The financial statements are free of material misslalements, including omissions, to the best of our knowledge and belief. 6. There are no material liabilities or conlingenl liabilities known to us olher than those disclosed in the financial statements, including any guarantees to third parties. 7. No claims in connedion with litigation have been or are expected to be received to the best of our knowledge and belief. 8. There have been no events to our knowledge since the balance sheet date which require disclosure or which would materially affect the amounts in the financial statements other than those already disclosed or included in the financial statements. Should any material evenls occur which may necessitate revision of the figures in the financial statements, or inclusion in a note thereto, we will advise you accordingly. 9. We confirm that we are not aware of any possible or aclual instance of non-compliance with those laws and regulations which provide a legal framework within which the charity conducts its activities. 10. We confirm the completeness of the information provided regarding the identification of related parties, and the adequacy of related party disclosures in the financial slaternents.
- Vve confirm that, having considered our expectations and intentions for the next twelve months and the availability of working capital, the charity is a going concern. We are unaware of any events, conditions, or risks beyond the period of assessment that may cast significant doubl on the charity's ability to continue as a going concern.
- All grants, donations and other voluntary incoming resources, the receipt of which is subject lo specific terms and conditions, hav8 been notified to you. There have been no breaches of terms or conditions in the application of such voluntary incoming resources.
- We confirm Ihat we are not aware of any breach of our charitable trusts and that we have advised you of the existence of any endowments and reslricled income funds maintained by us.
- We confirm that the amount detailed as paid lo Ruth Strauss Foundation have been adjusted to represent a loan payable by a Trustee, including interest at 5 /0, With the relevant related party disclosures made within the financial slatemenls. Yours faithfijlly, Trustee Signed on behalf of the board