2021-07-05-accounts - The H P Dugdale Foundation

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Contents				Page
Reference and administrative		information
Trustees' Annual Report				2-5
Independent Auditor's	Report			6-9
Statement ofFinancial	Activities			10
Balance Sheet
Notes to the financial statements				12-18
The following does not	form	part ofthe statutory	accounts
Schedule ofinvestments				19-21

Trustees		JA Thorpe (Chairman)	JA Thorpe (Chairman)	JA Thorpe (Chairman)
		G DTCliffe
		RTDugdale
		A SWagstaff
		D J McAllister
		H M Hollingsworth
Charity Administrator		TBalderson PO Box 1577
		Huddersfield
		HD I 9NL
Principal	Office	Bank Chambers
		Market Street
		Huddersfield
		HD I 2EW
Charity Number		200538
Auditors		Wheawill &Sudworth			Limited
		35Westgate
		Huddersfield
		HDI IPA
Bankers		HSBCpic
		2 Cloth Hall Street
		Huddersfield
		HDI 2ES
Investment	Manager	lnvestec Wealth		dc Investment		Limited
		3 Wellington	Place
		Leeds
		LSI 4AP

IIWEPENDENT AUDITOR'S REPORT TO THE TRuE$ OF THE H.P. DUGDALE FOUNDATION (tillued) Audi¢or's respotisibil1l for lh¢ audEt of the fjAaDcial stA¢eme•ts W¢ have been aptKJinted as auditor under Serfion 145 of the Clwities Act 2011 aDd rel in accordance with regulatio mad¢ under section 154 of that ACL Our obj¢ctives are to obtain reasonable assutwKe aix)ut whether the fjnancial slatements &% a whole are free frottL material misstatement, whether due to ftaud or ¢m)r. alld to issue an auditor's report that includes our opinion. Re&sonable assurance is a high level of a&8urance, but is not a guarantee that an audit cotLducted in accordance with ISAS (UK) will always d¢t¢¢t a mat¢rial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. ind1vith1jy or in the awegate. they could reasonably be expected to infiuence the economic d¢cisi(x of eTS taken on the basis of these fmancial ststements. Extellt to whi¢b the audit was capabk of dete¢liDg irregularitie11¢1¥dlDg frxud Irregulariti. including frall 8re ittthces of non-compliance with l#ws aDd regulatio8. We design procedures in line with our reSpo[1b11lltie4 outlined aVe, to detect Matla1 misstatements in respect of I¢gularItieS ]Illg frau(L We focused on laws and regulation8 that could give rise to a rnateri misstst¢ment in the financial statements. Our tests ilude(L but wu¢ not limited to: agreement of the fncIal statement discl(wtes to un(krlyin8 $I¥tIftg documenlati enquiries of ttustees regarding known or g1spd lllstan of nonwliance with laws and regulations: review of minutes of Trustee meetings thr(wgknt the ycar. and obtaining understaThling of the control envÉronmeD¢ io place to prcvcnt and dett irregularities. Our audit procedures were desigtted fo respond to risks of material misstatement in the financial statements, OlSIng that the risk of not detecting a ma¢eria] misstatement due to frdud is higher than the risk of not delecting onc resulting from ernjr. as fra ttlay involve deliberate concealtllt by. for example, forgery, misr¢pres¢ntations or through Coll10 There are Anhereat limitatiolls in the audit procedures perforn)ed and the further removed ni)n-¢ompliance with laws and reallonS is from the ev¢nts and trnnsactions reflected in the financial slatements, the less likely we art to beclmne aware of IL A further description of our resEM)nsIbiliti for the alIt of the financial ststements is located on the Fitwi¢ial Reporting Council's website at.. httys:Ilwww.frc.or&uklOur-Work/Audit/Audit-and-assurancelStandards-and- guidancelstandards-and-guidance-for.auditorsjAuditors-r¢sponsibi]ities-for-auditlDescription-of-auditors- responsibilities-for-audit.aspx. This description fonns part of our auditor's rerL

						Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
						fund	fund	2021	fund	fund	2020
Notes						f			f.	f
	Income and endowments				from:
2	Investments					63,756		63,756	70,745		70,745
3	Other income					5,321		5,321
	Total income					69,077		69,077	70,745		70,745
	Expenditure on:
	Charitable activities					(54,033)		(54,033)	(68,083)		(68,083)
	Raising funds						(9,381)	(9,381)	-	(9,748)	(9,748)
4	Total expenditure					(54,033)	(9,381)	(63,414)	(68,083)	(9,748)	(77,831)
	Net gains/(losses)	on		investments			174,707	174,707	-	(206,663)	(206,663)
	Net income/(expenditure)					15,044	165,326	180,370	2,662	(216,411)	(213,749)
	Reconciliation of	funds:
	Total funds brought		forward			119,956	1,428,769	1,548,725	117,294	1,645,180	1,762,474
9	Total funds carried			forward		135,000	1,594,095	1,729,095	119,956	1,428,769	1,548,725

						2021	2020
Notes						f.	f.
	Fixed assets
6	Tangible assets					5	41
7	Investments					1,675,765	1,509,787
						1,675,770	1,509,828
	Current assets
	Prepayments		and accrued income			1,183	1,566
	Cash at bank					12,142	10,025
	Cash at Investec Wealth &Investment				Limited	44,849	32,193
						58,174	43,784
8	Creditors:	amounts		falling due
	within one		year			(4,849)	(4,887)
	Net current		assets			53,325	38,897
	Net assets					1,729,095	1,548,725
	Represented		by:
9	Endowment		fund			1,594,095	1,428,769
9	Unrestricted		funds			135,000	119,956
	Total funds					1,729,095	1,548,725

Income from investments	2021	2020
Investment income	59,960	70,744
Interest receivable	3,796	1
	63,756	70,745

3	Other	income		2021	2020
	Bank	charges	refunded	5,321

Total expenditure	Unrestricted
	charitable	Raising	Governance	2021
	activities	funds	costs	Total
2021:
Costs directly allocated to activities
Grants payable to individuals	38,919			38,919
Support costs allocated to activities
Clerk's salary and expenses	10,811			10,811
Postage, printing and stationery	586			586
Audit and accountancy			3,700	3,700
Stockbroker fees		9,381		9,381
Bank charges	(19)			(19)
Depreciation offixed assets	36			36
	11,414	9,381	3,700	24,495
Total expenditure	50,333	9,381	3,700	63,414
	Unrestricted
	charitable	Raising	Governance	2020
	activities	funds	costs	Total
2020:				f.
Costs directly allocated to activities
Grants payable to individuals	53,024			53,024
Support costs allocated to activities
Clerk's salary and expenses	10,454			10,454
Postage, printing and stationery	558			558
Audit and accountancy			3,700	3,700
Stockbroker fees		9,748		9,748
Bank charges	225			225
Depreciation offixed assets	122			122
	11,359	9,748	3,700	24,807
Total expenditure	64,383	9,748	3,700	77,831

			2021	2020
5	Staff costs and employee	benefits	Total f	Total
	Wages and salaries		10,496	10,150
	Pensions costs		315	304
			10,811	10,454

	The average number ofemployees (including trustees) wa	s 8(2020:8).
		Office and
		computer
6	Tangible fixed assets	equipment
	Cost:
	At 6July 2020	366
	Additions
	At 5 July 2021	366
	Depreciation:
	At 6July 2020	325
	Charge for the year	36
	At 5 July 2021	361
	Net book value:
	At 5July 2021
	At 5 July 2020	41

Fixed asset investments	2021f	2020f
Movement in fixed asset investments
Listed investments:
Market value at 6July 2020	1,509,787	1,731,263
Additions to investments at cost	307,335	136,590
Disposals at carrying value	(327,247)	(160,478)
Unrealised gains/(losses) on investments	185,890	(197,588)
Market value at 5 July 2021	1,675,765	1,509,787


Creditors: amounts	falling due within one year
Other taxation and	social security	175	162
Accruals		4,603	4,657
Other creditors		71	68
		4,849	4,887

		Balance at	Incoming	Resources	Gains on	Balance at
2021:		6July 2020 f	resources f	expended	investments f	5 July 2021
Endowment	fund	1,428,769		(9,381)	174,707	1,594,095
Unrestricted	fund	119,956	69,077	(54,033)		135,000
		1,548,725	69,077	(63,414)	174,707	1,729,095

Analysis of	charitable fu	nds (continued)
		Balance at	Incoming	Resources	Gains on	Balance at
2020:		6July 2019	resowces f	expended f	investments f	5 July 2020 f
Endowment	fund	1,645,180		(9,748)	(206,663)	1,428,769
Unrestricted	fund	117,294	70,745	(68,083)		119,956
		1,762,474	70,745	(77,831)	(206,663)	1,548,725

Analysis ofnet assets between funds		Unrestricted	Endowment	Total
2021:		fund	fund	fundsf
Fund balances at 5 July 2021 are represented	by:
Tangible fixed assets		5		5
Fixed asset investments		81,670	1,594,095	1,675,765
Current assets		58,174		58,174
Current liabilities		(4,849)		(4,849)
Net assets at 5 July 2021		135,000	1,594,095	1,729,095

			Unrestricted	Endowment	Total
			fund	fund	funds
2020:				f,
Fund balances at 5 July 2020 are represented		by:
Tangible	fixed assets		41		41
Fixed asset investments			81,018	1,428,769	1,509,787
Current	assets		43,784		43,784
Current	liabilities		(4,887)		(4,887)
Net assets at 5 July 2020			119,956	1,428,769	1,548,725