REGISTERED CHARITY NUMBER: 1064895 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST Gibson Vlhitter Chartered Accountants and Chartered Tax Advise Larch House Parklands 8usine5s Park Denmead Hampshire P07 6XP
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Pago Report of the Twstws 1 to 6 Indendnt Examln*s Report Ststsment of Financial Athib•s Balan¢e Sheot Not•s lo tho Flnanclal Statements 10 to 18
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report the financial $tstements of the charity for the year ended 31 December 2024. The trustees have adopled the provisions of A¢¢ounting and Reporting by chare$.. ststement of Recommended Practice applicable to charits preparing their accounts in accordance wth the Financial Repjrting Stsndard aPIcable in the UK and Republi¢ of Ireland IFRS 102) (effective 1 January 2019) OBJECTIVES AND ACTMTIES Objectives and aims The obje¢ls of the Charity a to promote the edu¢alion and welfare of qualified children. Qualified children are defined as children of members. or fomief members, of the Royal r Force in need of financial assistance. 'Children' includes adopied chiklren, steFLhiklren. and children for whom a member, or former member, of the FIAF has taken financHI resFonsikn'lty. There no upper age limit. so adutts who have or had a parent who served in the RAF are eligible for assistsnce. The Trustees consider applutions on behalf of qUal[r children for assistance with the costs ot. school feès. Whe the needs of the chikl cannot be fulfilkd in the state system, for example due to the child's phYSal or mental health. or the child's particular sporb.ng or artistic talents lessons for children particular sporb.ng or arb"sb"c talents lessons or treatment for ChireA wth physic or leaming disabilities W would benefit from more support than is prowded by the state schcKJI unrfomi, tooks. school trips. muSal instruments. sports. or other equipment lertiary educatDn other educats.on and welfare needs. The Trustees aim to supp)rt a$ many indNiduaL8 as possible wrthin the eluith.lty ¢riteria set by the Objectives vth ference to the Grant Making Polbcy. As of O¢tober 2023, the trustees deced to amend the Grants policy lo on delivering educational grants rather than general weware due to the numerous RAF linked charib'es and other charitses delivering grants in the welfare space. It was felt that the trust was not uIpped to operate in the wetlare space due to its limrted srie. lack of resources and experienced personnel in this field. Following various discussions Trustees agreed that the Royal M"r Force Benevolent Fund IRAF8FI will provide 3rd paty Grant Management services for ADMST. The RAFBF have staff experienced in Welfa and educational beneffieiary needs and wider netstyk of re50urces that a aPpld to support RAF members. ADMSTS oty'ectives align well and contract was drawn up for annual support Public benefrt The Trustees have read the Guidance on PutlC Benefit issued by the Charity Commission and fuffil their obligations with due cOnsideratn to that guidance. with partular reference to the benefits of advancement of educab'on of the tenefi¢grie$. Benefft policy The TNSYS polw is to ensure a contr'nuance of financial asststsnce to those individuals as set out in the ObiectNe$. The Charity was originalty founded to wovbje a residential educatth {t)arding school) to those serving in the RAF. The founder of the Charity. Alexander Duckham, gifted his London home. Vanbrugh Castle in Blackheath lo the Royal "r Force Memorial Fund (whh subsequenty became the Royal Air Force Bellevolenl Fund). The Alexander Duckham Memorial Schcds Trust separated from Ihe RAFBF in 1997 and tsined the land and buildings of the Woc4pit Schts)I (later the Duke of Kent S¢hcoll. used for the boarding education of the Foundationers, wrchased after the sale of the war damaged vanbAh CaSe. The last Foundationers left the schc4Jl in 2007. A Chanty CommisSn Scheme vras sealed in 2010 amending the Trusfs objects to prorte the education and welfare of qUalifd chiklren. The renegotiation of the lease has increased the rent from £40.000 in 2012 to £183,450 per annum in September 2020. wth 5 yearty rent re¥. Page I
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 0ECTIVEs AND ACTivrriES Grantmaklng ADMsfs Grants Commrtlee's poIY ensures the Sful discharge of the Objectives thus ensuring that grants are made available to all eligible beneficiaries in need of finanual assistance within the annual budget sel by the Board of trustees. There are occasions when ADMST will pay a supplEr direcly such as vrith schcx)I fees or. for example, beneficiary has insufficEnt fvnd5 to meet the cost of the purchase. Beneficiaries are also funded directy wtth the tems of the grant and there a o¢casion$ %then they must provide receipts to prove purchase of the item requested. For those beneffiCrIeS beirvj assisted by other charitsble bc#1 and organisat5. payment may te made to those t¥Jdies to pass on lo the beneficiary. Since $KJning a contract wth the RAFBF on September 12th. 2024. the Grant aPpIatiOnS and awards have been assessed and awarded by their grants team on behaw of ADMST. The first Iwo quartgrs of the cUrnt year the seNu has been supportive and awarded 38 grants totalling £48.889. The Trustees are CUrrenY budgetsng £150,000 per annum to be awarded as Grant Funding via the RAFBF. ACHIEVEAIENTS AND PERFORMANCE Charltable activitios In the accounb.ng period, prior to the contract with the FiAFBF. a toial of 86 grants totalling £ 66.306 were made to 38 qualifying chiklren across 27 farn11 (in 2023 grants lotalling £149,944 were made lo 77 qualifying chiklren)- The RAFBF awarded 11 Grants, declining 1 applution, in the sum of £18,259 in the peri&J September to December 2024. Of the grants awarded by ADMST Trustees. 7 families made new appIat)nS to ADMST 20 families received contsnuing SUPFQrt during 2024. 20 famil5 already knovffl to ADMST requested addrtional funding. Of the total spend the majonty was SFent on edu¢ational grants. Grants were made for the following.. 8 universty students. 2 of which were new applKants. were granted living costs and laptop repair o)sts. 1 child was awarded a grant towards school unrfomi and othef cknthing. 2 children were awarded grants to enable them to travel with tt1r Sch1, tr•K> resKlentials and one on an exchange programme. Other grants included school bus passes. kqptops and printers, tutorir$9 and home-schooling costs, child¢are, music lessons, other after school clubs and various wellare rtems such as bedding and bedri)om fumitLbre. Monthty allowances were paid to 7 Sendary xhool ¢hiklren. Other awards were made for neurtsJNersty assessments, counselling. nursery day<are, wrapafound childcare and towards the cost of private sch¢xA fees. The familw of SeVW children Iwing in severe r)verty ?re gNen grants for food. Page 2
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE Investrnent portfolio Annual Perfomiance to end 2024 showed a waluation of £1.746.410 in December 2024. which included a profit of £98.942. The Trustees also agreed that should Arcrate not show revenue improvement by end Q12024 that their contract would be tenninated. Due to a continLd k of Frfonnance from Arcrate's investment strategies. the Trustees Icok the decision to temiinate the agreement with Arcrate. The Trustees instnKted Sarasin and Partners in their stead. Sarasin were appointed by the Board in Juty 2024, to mana3e the investment portfolio on ADMSTS behalf on a di$¢tIonary basis using the lerrns set tyJt in the investrnent p)lry, finalising the transfer of funds in the last quarter ot 2024. Their perfomian¢e is VIed by the trustees twice per annum. The nexl V¥ is due in September 2025. FINANCIAL REVIEW Financial Reviow and Inveslment Policy Ineome during the financial year was £233,554 (2023.'as restated £232,025). The income of the Trust comes mainly from nt paid by the Duke of Kent &hTr)l. The Chanty cwms land and propety situated in Surrey which it aSeS to the Duke of Kent Schod (the school) for a cutnt rent of £183,450 per annum. The lease 1$ subject to 5 yearly upwards onty rent rewews. The next rent review is due 1 September 2025. In March 2024. the Trustees identifd that the Pre¥S S yeaty rent review undertaken in Seplember 2020 had been incorrectty calculated. The sch1 vrds informed of the matter. and InvoeS were issued to recover the balance. As at December 2024, the amount invoThl total £115.023. The school has disputed the calculab"on. On the advice of its legal advisors, Charles Russell Speechlys LLP ICRSI, the Twslee$ submrtted a Serious Incthnt Report to the Chanty Commission on 16 April 2025 and provided fijrther updates on 20 June 2025 and 11 August 2025. Discussions wth the school have taken place but he not yel wched a $01U"0n. The Trustees conb.nue to seek a negotsated outcome to recover the sums in question. Total expendrture amounted to £191.001 12023: as restaled £238.508). Grants payable are the charitys greatest expense with £118,773 of grants agreed in 2024 {2023' £241.0801. This figure includes both those grants expended in 2024 and ongryng grants funded over more than the financial year. During the accountr.ng period there was a increase of £1.843,842 12023: decrease £7,510) in the market yue of the TrusV5 listed investments and invesknent propety. Reserves policy At 31 De¢ember 2024 the Chanvs reserves amounted to £9,309.521 12023.. restated £7,423.126) based on a valuab.on of the Duke of Kent school dated 10 December 2024. This figure Comprises fixed assets and an investrnent portldio, both endowed. The aim of the Trustees, investment policy is to maintain the value of the Charitys pemanent endowment in real tems, whilst generating income to supp)rt the educ*K)n and welfare of qualified ¢hildren if so required. Though the Trust is reliant upon the rent from the Duke of Kenl School as its main Source of annual income. should the sch1 not renew the lease or cease as a going concem, ADMST can apply to the Chanty Commission lo sell the land and buiklings and utilise income generaled from the increased invesknent portfolio. Should there be a shortfall in funding for a short peric#J of time the trustees woukd firSY use the income from the investment pjrtfolio or liquKJale the funds and at last resort contact other Trustsl charities for assistance to beneffi¢k4ries. Exh year the recIpts of grants change, this can vary the long-term lbill"eS of the TrusL Page 3
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE. GOVERNANCE AND MANAGEIIJENT Govemlng document The Alexander Duckham Memorial Schwls Trust (the Charty} is an unincorwrated charity. Its goveming document 15 a Charity Cornmissiorb Scheme dated 1 September 1997, subsequenuy amended by the Charity Commission in a S¢heme dated 17 Febnjary 2010 and by a Tesolution of the Tnjstees dated 7 September 2017. Conv•rslon to a CIO At their meeb.ng of the 30 September 2022. the Trustees agreed to incortle the chanty and convert to a Charitable Incorporated 0rgantsab.on (CIO). At the dose of December 2022, the registration request had been submitted to the Charity Commission. On 12th Juty 2023 the CIO was registered. The Trustees opened dis¢ussion$ wth Chartes Russel Speechtys LLP regarding the Asset Transfer. Recrnltment and appolntmgnt of n•w trust•es The Trustees would l¢)ok to their ¢M kjcal communty arKI those known to them. both in a professional and private capacty. The114FBF and other service charibes and serving members would also be approa¢hed. AdVeseMents will be plxed in relevant F4xes, including The Confederation of Serrf Charities ICOBSEO). Applicants are asked to provKle a statement of intent to the Board. including how they could benefit the beneficiaries of the Charity, what skills they will bn.ng to the Board and what compels them to become a Trustee of the Charity. When appointing new Trustees, the Trustees have regard to the skn'lls and experience needed to govem the Charty and the skills and experience of the exists'ng Trustees. The appoinbnent is made once the Trustees are satisfied with the appltanfs suitaly.lrty for. and commitmenl to. the role. Oryanisational structure The Trustees and the designations oftheir appointments a set out on Page 5. The Scheme requires there to be Tnjstees nominaled by the Royal Air Force Benevotent Fund and al least four but not more than five c(popted Trustees. Our current nominated trustees are AVM Christine Elliot and Mr Peter Ashcroft both appointed in 2023 for 4 year terms. The Trustees serve four-year temis. It was agreed at thtyr meeting of the 16 November 2011 that Trustees should limrt their terms to a maximum of RAFBF nominated Trustees may be asked to serve for More than t0 terms. It was agreed at their meebng of the 30 September 2022 that Trustees may be elected for a further year after the expiry of their Iwo four year ternis. The Trustees make all decisions on the ChariV5 expendrture and Grant Awards at meets.ngs which take place ice a year. The Chair of the Board is elected at the first rneeting of the year. The Trustees have completed a Register of Interests, whth is verifEd annualty at the first Board meeb.ng of the year. Grants Commlttee The Grants Committee is made up of a minimum of three TTUStees. The Commrttee has Terms of Reference and a Grant Making Policy whlch rt applies to all apPIOn$. A quorum of the committee is Trustees. If Grants Committee Meetings are not possible. for exarnp due lo the urgency of a decision, the Trustees make decisions using the beeen meetings p)licy. A dear and concise audrt trail is kept by the Clerk. Due to the Grant Management contrxt wilh the RAF 8enevolent Fund the Grants Commrttee does not ¢urrentty meet_ Page 4
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEhlBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Inductlon and tralnlng of new trustees Once apF)oinled the new Trustee will infomi the TnJst of any ConflKts of Loyalty and sign the declaration confimiing their elKJibility to act as a Trustee. Al Trustees a required to Si9n an Automatic Disqualification Declaration a¢¢ording to Annex A provided by the Charity Commiss?. Trustees are expected to have an interest in. and knowledge of. the area covered by the remrt of the Tnjsys Scheme. New Trustees are gwen cole$ of the Schemes, a copy of the latest Trustee5' Annual Repjrt and Accounts. minutes of recent meetings, p)Iw dtxuments and a copy of the risk register. If required, they attend an induction session. conducted by the Clerk, to about the Chanty and their roles and responsibilities as Trustees. Adminislrative Support During the accounting period the Charity empw no paKI staff. The Clerk i8 contracted and invoices for her services rnonthty, providing a b'mesheet of hours WOTked. The Clerk is on a retainer of 7 hours per week plus an hour for lunch, hours over and above that are paid by the hour. The provides the majority of administrabve support to the Charty. The contract states that the houty rate is increases by CPI every May. Major Risks and management of these rlsks Trustees are responsib for the management of risks fed ty the Charity. Trustees regularty identify and assess the major strategic business and OFtTrtr"onal risks of ADMST and review systems estsblished for regular monitoring so that steps can te taken to lessen these risks. The Trustees can confirm that no major incidents have occurred during this financial year. REFERENCE W4D ADMINISTRATIVE DETAILS Ragistsrod Chority number 1064895 Prlnclpal address 124 City Road London EC1V 2NX Truslees Co-opted Truslees: Mr A. Maxwell Ms K Mitchell Dr A.M. Rollin Mr Colin C Tipping Cwited 19 December 2023 Nomlnatsd Trust••s (by th• RAF 8enevolont Fund Air Vice Marshal Christina R Ellt Mr Peter J Ashcroft apFointed 12 July 2023 appointed 15 November 2023 Clerk to the Trustees Mrs C. Grant Independent Examlner Gibson Whitter Chartered Accountants and Chartered Tax Advssers Larch House Parklands Business Patk Denmead Hampshire P07 6XP Page S
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADPAINISTRATIVE DETAILS Bankefs CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA Sollcltors Charfes Russell Speechtys LLP 5 Fleet PLice London EC4M 7RD Independent Flnan¢ial Advls•r Arcrale 107 Cheaps¥Je London EC2V 6DN EVENTS SINCE THE END OF THE YEAR Information latr"ng to events since the end of tre year is given in the notes to the financrdl statements. Approved by order of the board of trustees on 15 Octoter 2025 and signed on its behalf by.. Ms K. Mitchell - Trustee Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST Independent examin•rfs report to the trustees of Th• Alexander Duckham Memorlal Schools Trust I report to the charty trustees on my examinalK>n of the accounts of The Alexander Duckham Memorial Schools Trust {the Trust) for the year ended 31 December 2024. Responslbllltles and basls of report As the charity tnjslees of the Trust you are responsib the preparnts'on of the accounts in accordan wth the requirements of the Charities Act 2011 ('the Pttl. I repjrt in respect of my examinats'on of the Trusfs OUnts Caled OLrt under Section 145 of the Act and in carrying out my examinab.on I have folknwed all applicable Directions given by Ihe Charity Commission under Section 14S{5llb) of the Act Independent examlneffs stalement I have completed my examinat. I confimi that no material matters have come to my attention in Connection with the exarn1nan giving me cause to believe that in any material restr. a¢¢ounts'ng records were not kept in respect of the Trust as required by secb.on 130 of the Act.. or the accounts do not accord those records.. or the a¢¢ounts do not compty wth the apPIable requirements conceming the fonn and content of accounts set out in the Chartties IA¢¢ounts and Reports) Regulations 2008 other than any requirement that the accounts gNe a true and fair vw whh is Mt a matter ¢onsbJered as part of an independent examination. I have no ¢on¢ems and have come acTOSS no other matters in COnnectn ryth the examinat to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. avin wher Gibson Whitter Chartered Accountants and Chartely Tax Advisèrs Larch House Parklands Business Park Denmead Hampshire P07 6XP 17 October 2025 Page 7
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST STATEMENT OF FINANCIAL AcTlEs FOR THE YEAR ENDED 31 DECEMBER 2024 31_12.24 Total fvnds 31.12.23 Totsl funds as restated Unrestricted End0ent fvnd fund Notes INCOME AND ENDOWMENTS FROhl Donations and legacies 24 Investment income 233,554 233,554 232.001 Total 233,554 233,554 232,025 EXPENDITURE ON Raising fvnds 33,250 33,250 31,280 Charltable acifvltlos Grant making 157.751 157.751 207,228 Total 191,001 191,001 238,508 Net gainslllosses) on investments 1.843.842 1.843,842 17.510) NET INCOMEI{EXPENDITURE) 1,886.395 1.886,395 (13.993) RECONCILIATION OF FUNDS Total funds brought foTh¥ard 7,423,126 7,423,126 7.437,119 TOTAL FUNDS CARRJED FORWARD 9,309,521 9,309,521 7.423,126 The notes fomi part of these financial statements P*3e 8
THE ALEXJ14DER DUCKHAM MEMORIAL SCHOOLS TRUST BALANCE SHEEr 31 DECEMBER 2024 31.12.24 31.12.23 as restated FIXED ASSETS Investrnents Investments Investrmenl property 12 13 1,746,410 7,500,000 1,632,156 5,755,000 9,246.410 7,387,156 CURRENT ASSETS DebtOTS Cash at bank 14 1.271 99.326 163,854 163.854 100,597 CREDITORS Amounts falling due within one year 15 (100.7431 (64,627) NET CURRENT ASSETS 63,111 35,970 TOTAL ASSETS LESS CURRENT LIABILITIES 9.309.521 7,423,126 NEf ASSETS 9.309,521 7,423,126 FUNDS Endowment funds 17 9,309.521 7.423,126 TOTAL FUNDS 9.309,521 7.423.126 The financial statements were approved and authorised for issue by the Board of Trustees and authorised for issue on 15 October 2025 arKI were Slqned on its behalf by.. Ms K. Mitchell - Trustee The notes forn part of these financial statements Page 9
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financial ststements The financial statements of the chanty, which is a puljic benefft entsty under FRS 102, have been prepared in accordance vnth the Charrties SORP IFRS 102} 'Accountsng and Reporting by Charities.. Statement of Rewnmended Prxti¢e appli¢able to ¢hanb"es preparing their accounts in accordance with the Financial Repjrting Standard appl¢able in the UK and Republic of Iland IFRS 1021 (effective 1 January 2019),, Financial Repor1ing Stsndard 102 The Financial Repong Stsndard applicable in the UK and Republ of Ireland. and the Charibes Act 2011. The ffinancial ststements have been prepared under the hislorical cost convention, with the exception of investments which are included at market value, as modthed by the revaluation of certain assets. Going Concgm The Trustees have assessed whether the use of the going concem basis is appropriate and have n¢luded that there a no FOSSIb events or COndon$ that might cast significant doubl on the ability of the Charty to continue as a going concem. In particular the Trustees have considered the forecasts and possible global events that may impact the investment FQrtfolio and future pn5 and have made this assessment for a perKMJ of at st one year from the date of the approval of the financial statements. The Trustees are assured that there are adequate resources to continue lo operate for the foreseeable fvture. The Chanty therefore conb.nues to adopt the going concem basi5 in preparing rts financial statements. Crftl¢al a¢¢ounling Judg•m¢nts and koy sour¢¢s of esllmallon uncertalnty The Trustees do not consKler that there are any sources of estimated uncertainty al the pOrting date that have a signthcant risk of causing a matenal &JJustrnent to the carying amount5 of assets and liabilities vthin the next repofting period. Incomfr Interest on funds held on deposf( is included when receivable and the amount can be measured reliabty by the chanty." this is nornialty utx)n nots'fication of the interesl paHI or payable by the bank. Dividends are recognised once the divKlend has been declared and notification has been received of the dNidend due. Rent 1$ accounted for in the perth on a receNable bask8. Expendlture All expendibjre is recognised once there is a legal or constnjctive obligatM)n to that expenditure, it is probable settlement is required and the amount can be measured relhably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to partscular headings they have been allocated on a basis consistent Vth the use of resources, th central Staff c05ts allocated on the basi5 of b.me spent. and depreciab'on charges allocated on the portion of the assefs use. Other SUPFXt costs are alkted based on the spread of staff costs. Al resources exFended are indusive of irrecovernbk VAT. Grant payments are reccgnised as eXpendrtU vthen the condibons for their payment have been met or where there is a ¢onstru¢bve oblNJation lo make a payment. A constructive Oblation artses when.. the charity has communicated its inlentM)n to award a grant to a recipient who then has a reasonable expectatton that they will receive a grant or the chanty has made a public announcement about a commitment which is specth enough for the recipient to have a reasonable expectation that they wll receive a grant or there is an established pattem of prath.ce whh indutes to the recipient that we will honour our commitment. Page 10 continued...
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - continued Raising funds These a Costs Inrred in attrath.ng voluntary income. managernent of investments and those Incur in trading a¢tNibes that raise fvnds. Charltable actlvllles Charitable expendrture comprises those costs incurred by the charity in the delivery of its activities and services for rts beneficiaries. It includes toth costs th* can be alk¢ated direcdy to such activities and those costs of an indirect nature necessary to supFx)rt them. Invostmant property Investment propety is shown at most recent valuation. Any aggregate Surplus or defKit arising from ¢hanges in fair value is reccgnised in the Statement of Financ1 Activities. Taxation The charity is exempt from tax on rts Chantab acbvrties. Fund accounllng Unrestricted funds can be used in accordan¢e ryth the charilable objectives at the discretion of the trustees. Reslncted funds can onty be used for particuLqr restricted purposes within the objects of the charity. Restrictions afise when s[ffied by lthe thJnoT or when funds are raised for partlar reStrd purposes. Further explanation of the nature and purkw of each fijnd is included in the notes to the financial statements. DONATIONS AND LEGACIES 31.12.24 31.12.23 as restated Donations 24 INVESTMENT INCOME 31.12.24 31.12.23 as reststed Rents recerved Investment portfolio Bank interest 183,451 47,391 2.712 183,451 46,553 1.997 233,554 232,001 Page 11 continued...
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 310ECEMBER 2024 RAISING FUNDS Investment management costs 31.12.24 31.12.23 as restated Portlolio management 33.250 31,280 CHARITABLE ACTivmES COSTS Granl fvnding of tivities (see note 7) Direct Costs {see note 6) Support ¢osts (see note 8) Totals Grant making 6,726 84,565 157,751 DIRECT COSTS OF CHARITABLE ACTMTIES 31.12.24 31.12.23 as restated Grant administration 6,726 GRANTS PAYABLE 31.12.24 31_12.23 as staled Grant making 84,565 149,944 The total grants paid to individuals during the year vras as follovB: 31.12.24 31.12.23 as restated Grant payable to indNiduals 84,565 149,944 Page 12 continued...
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnu•d FOR THE YEAR ENDED 31 DECEMBER 2024 SUPPORT COSTS Govemance costs Management Totals Granl making 41,589 24,871 66,460 Support costs. included in the atthe. are as folkyws.. Managemont 31.12.24 31.12.23 as restated Total aclivrties Grant making CRM systems costs Admin fees Bank Charges Professional expenses Bad debt provision 454 433 1.075 60 18.316 25,561 80 15.030 25.561 41,589 45,445 Governance costs 31.12.24 31.12.23 as restated Total acts"vilies Grant making Trustee expenses Legal expenses Independent examiners fee Twstees meetsng ¢osts 216 21,334 2,808 513 377 8,442 2,676 24,871 11,839 TRUSTEES. REMUNERATION AND BENEFITS During the year no trustees receryed remuneraith from the chanty (31.12.23.' £nill. Trust••s' •xp•ns•s During the year 1 trustee$131.12.23: 3 trustees) were wmbursed expenses by the charity for travel totalling £216 (31.12_23.' £3771 Page 13 conts'nued...
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES UnrestrKted End¢)wment fvnd fur Total funds as reststed INCOME AND ENDOWMENTS FROM Donations and lega¢ies 24 24 Investment income 232.001 232,001 Totsl 232,025 232,025 EXPENDITURE ON Raising fvnds 31.280 31.280 Charitsble actlvld Grant making 207.228 207,228 Tolal 238,508 238,508 Net gainslllctssesl on investrnents {7,510) {7,5101 NET INCOMEI{EXPENDrruRE) {13,993) (13,9931 RECONCILIATION OF FUNDS Total funds brought forward 7,437,119 7,437,119 TOTAL FUNDS CARRIED FORWARD 7,423.126 7,423,126 11. PRIOR YEAR ADJUSTMENT The charity has reststed ts previousty rewrted end(ywment fiJnd$ as a su of a miscakulation of the nt since 1 September 2020. Add"Ona1ty, a provisw for bad debt has been included. as this is being disputed. The prior year adjustment has no effect on the endtywment fuThds in any year. A summary of these changes telthv. 31.12.24 31.12.23 Adjustment to rental income Adjustment to bad debt provis¥)n 25,561 {25,5611 25,561 {25,5611 Effect of prh)r year adjustment Page 14 continued...
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 12. FIXED ASSEf INVESTMENTS Listed investrnents MARKET VALUE At 1 January 2024 AdditnS Disposals Revalualp)ns 1,632,156 1,880,069 11,864,657) 98,842 At 31 Dmber 2024 1.746.410 NET BOOK VALUE At 31 December 2024 1,746,410 Ai 31 December 2023 1,632,156 Investrnents are held in a p)rtfolK) manw by knrate and Sarains. The market value of investments by geographical area is as follows.. 31.12.24 31.12.23 Held within UK Held outside UK 516,043 1,230,368 483,106 1,149,050 1,746,411 1,6232,156 All investments are listed on recognised strtk exchanges. Matarlal InvoslmeThts Holding Markel Value 295,120 £1,545,688 Sarasins Endowments Fund Class A Income 13. INVESTMENT PROPERTY FAIR VALUE At 1 January 2024 ReValuatn 5,755,000 1,745,000 At 31 December 2024 7.500.000 NET BOOK VALUE At 31 December 2024 7.500.000 At 31 December 2023 5,755,000 The investrnenl wopertses, hekj to eam rentals. comprise the Duke of Kent School. lch is a Grade 11 listed building and w0pIt Lcrfjge. Investment properties are shovm in the Balance Sheet at £7,500,000. This valuatjon is based on the professional ValUatn of the freehokl performed by Knight Frank LLP on 10 December 2024. The historical valua was conducted using the fair value model and stated at its fair value at the repong end date. The valuation was made on an open market value basis. The surplus in ValUatIon has been rn1 in the Slatemenl of Financial A¢b'vibes. Page 15 Continued..
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS - continu FOR THE YEAR ENDED 31 DECEMBER 2024 13. INVESTMENT PROPERTY - continued The current insurance value of the land and buildings is £17.5 million. The Duke of Kent School has the responsibility for mainlaining the land and buildings to the excellent standard required by the Education Aulhorities and the kase. 14. DEBTORS: AMOUNTS FALLING DUE WtrHIN ONE YEAR 31.12.24 31.12.23 a$ restated Other debtors 1,271 15. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 as stated Grant commitrnents Deferred income Accrued expenses 37,635 26,315 36,793 34,616 26,315 3,696 100,743 64,627 Defeed income relates to rent receNed in advance. 31.12.24 31.12.23 Brought forward Released to incoming resources in year Income deferred in year 26.315 {26,315} 26,315 26.315 {26,315} 26,315 Caffied forward 26,315 26,315 16. ANALYSIS OF NET ASSEfs BEfwEEN FUNDS 31.12.24 31.12.23 as restated Total fvnds unrestr Endowmenl fvnd fvnd Total fvnds Investments Current assets Current liabilities 9,246,410 163,854 1100,7431 9,246.410 163.854 1100.7431 7,387,156 100,597 {64,6271 9.309.521 9,309.521 7,423,126 Page 16 continued...
THE ALEXANDER DUCKHAM IAEMORIAL SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS . conllnu FOR THE YEAR ENDED 31 DECEMBER 2024 17. MOVEMENT IN FUNDS Net movement in funds At 31.12.24 At 1.1.24 Endowm•nt funds EndowTnent fund 7.423.126 1,886.395 9,309.521 TOTAL FUNDS 7,423,126 1,886.395 9,309.521 Net movement in funds. included in the atM)ve are as fo11tr. Incoming Resources Gains and Movement sses in fvnds Endowment funds Endowment fund 233.554 {191.001) 1,843.842 1,886.395 TOTAL FUNDS 233.554 1191.001) 1,843.842 1,886,395 Comparativos for movement in funds movement in funds Al 31.12.23 At 1.1.23 Endowmenl funds Endowment fvnd 7,437,119 (13,993) 7,423,126 TOTAL FUNDS 7.437.119 {13.993) 7,423,126 Comparative net movement in funds. included in the above are as folkyws.. Incoming resources Resources expended Gains and losses Movement in fvnds Endowmènt funds Endowment fund 232.025 1238.508} 17.510) (13.9931 TOTAL FUNDS 232,025 1238.508) (7.5101 {13,9931 Page 17 continued...
THE ALEXANDER DUCKHAM MEMORIAL SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 18. RELATED PARTY DISCLOSURES There were no reLgted paty transactions for the year ended 31 Decemter 2024. 19. POST BALANCE SHEET EVENTS The trustees have agreed in pnncipk to transfer the assets and &tivitJes of the Foundation to a CIO (The Alexander Duckham Memorial Schwls Trusc CE0329381. The date of the transfer was 1 January 2025. 20. ULTIMATE CONTROLLING PARTY The charity is controlW by the trustees on behaw of the members Page 18