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
Inde￿nd￿nt 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 $tstements of the charity for the year ended
31 December 2024. The trustees have adopled the provisions of A¢¢ounting and Reporting by char￿e$..
ststement of Recommended Practice applicable to charit*s preparing their accounts in accordance wth the
Financial Repjrting Stsndard aP￿Icable 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 phYS￿al 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 Chi￿reA wth physic￿ or leaming disabilities W*￿ would benefit from more
support than is prowded by the state
schcKJI unrfomi, tooks. school trips. muS￿al 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 dec￿ed 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 nets*tyk of re50urces that a￿ aPpl￿d 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 Put￿lC Benefit issued by the Charity Commission and fuffil their
obligations with due cOnsiderat￿n to that guidance. with part￿ular 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 (wh￿h 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 vanbA￿h CaS￿e.
The last Foundationers left the schc4Jl in 2007. A Chanty CommisS￿n Scheme vras sealed in 2010 amending
the Trusfs objects to pror￿te the education and welfare of qUalif￿d 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
0￿ECTIVEs AND ACTivrriES
Grantmaklng
ADMsfs Grants Commrtlee's poI￿Y ensures the S￿ful 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 beneffiC￿rIeS beirvj assisted by other charitsble bc#1￿ and organisat￿5. 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 aPpI￿atiOnS and awards have
been assessed and awarded by their grants team on behaw of ADMST. The first Iwo quartgrs of the cUr￿nt
year the seNu has been supportive and awarded 38 grants totalling £48.889.
The Trustees are CUrren￿Y 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 appI￿at￿)nS to ADMST 20
families received contsnuing SUPFQrt during 2024. 20 famil￿5 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 tt￿1r Sch￿1, 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 Se￿ndary 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 continL*d *k of F*rfonnance 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$¢￿tIonary basis using the lerrns set tyJt in the investrnent p)lry, finalising the transfer of funds in the last
quarter ot 2024. Their perfomian¢e is ￿VIe*￿d by the trustees twice per annum. The nexl ￿V￿¥ is due in
September 2025.
FINANCIAL REVIEW
Financial Reviow and Inveslment Policy
Ineome during the financial year was £233,554 (2023.'as restated £232,025). The income of the Trust comes
mainly from ￿nt paid by the Duke of Kent &hTr)l. The Chanty cwms land and propety situated in Surrey
which it ￿aSeS to the Duke of Kent Schod (the school) for a cut￿nt rent of £183,450 per annum. The lease 1$
subject to 5 yearly upwards onty rent rewews. The next rent review is due 1 September 2025.
In March 2024. the Trustees identif￿d that the Pre¥￿S S yeaty rent review undertaken in Seplember 2020
had been incorrectty calculated. The sch￿1 vrds informed of the matter. and Invo￿eS 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 h￿e 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 y￿ue 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 sch￿1 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 firS￿Y 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 recIp￿ts of grants change, this can vary the long-term l￿bill￿"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 incort￿le 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. AdVe￿seMents 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 t￿0 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 apPI￿￿On$.
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 be￿een 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 col￿e$ 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 f￿ed 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 Ell￿t
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 Ca￿led 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 exarn1na￿n giving me cause to believe that in any material res￿tr.
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 apPI￿able 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 wh￿h is Mt a matter ¢onsbJered as part of an independent
examination.
I have no ¢on¢ems and have come acTOSS no other matters in COnnect￿n ￿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 wh￿er
Gibson Whitter
Chartered Accountants
and Charte￿ly 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 AcT￿lEs
FOR THE YEAR ENDED 31 DECEMBER 2024
31_12.24
Total
fvnds
31.12.23
Totsl
funds
as restated
Unrestricted End0￿ent
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 I￿land IFRS 1021
(effective 1 January 2019),, Financial Repor1ing Stsndard 102 The Financial Repo￿ng 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 COnd￿on$ 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 p￿n5 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 v￿thin 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 V￿th 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 SUPF*Xt costs are alk￿ted 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 Obl￿ation 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 wh￿h 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 In￿rred 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 Financ￿1 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 part￿￿lar reStr￿d
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
Addit￿nS
Disposals
Revalualp)ns
1,632,156
1,880,069
11,864,657)
98,842
At 31 D￿mber 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
ReValuat￿n
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 w0￿pIt Lcrfjge. Investment properties are shovm in the Balance Sheet at
£7,500,000. This valuatjon is based on the professional ValUat￿n 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 repo￿ng end date. The valuation was made on an open market value
basis. The surplus in ￿ValUatIon has been r￿n1￿ 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
Defe￿ed 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