2022-07-05-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				19-20

Trustees			J A Thorpe (Chairman)	J A Thorpe (Chairman)
			G DTCliffe
			RT Dugdale
			A SWagstaff
			D J McAllister
			H M Hollingsworth
			H Straw
Charity	Administrator		T Balderson
			PO Box 1577
			Huddersfield
			HD 1 9NL
Principal		Office	Bank Chambers
			Market Street
			Huddersfield
			HD1 2EW
Charity	Number		200538
Auditors			Wheawill &Sudworth		Limited
			35 Westgate
			Huddersfield
			HD1 1PA
Bankers			HSBC pic
			2 Cloth Hall Street
			Huddersfield
			HD1 2ES
Investment		Manager	lnvestec Wealth Sc Investment			Limited
			3 Wellington	Place
			Leeds
			Ls 1 4AP

INDEPENDEiYf AUDETOR'S REPORT TO THE TRUSTEES OF THL H.P. DUGDALE FOUNDATION (continued) Auditor's respDn5ibilitie5 for tbe audil of tbe fJRan¢ial $ta¢emenl$ We have been appointed as auditor under Sethion 145 ofthe Charities Aci 2011 and report in accordance with regulations made under section 154 of thal Act. Our objectives are to obtain reasonable assurnnc¢ about whthher the financial statements as a whole are free from material mi5Stal¢m¢nt. wheth¢r due lo fraud or error. and to issue an auditor's repori thal includes our opinion. Reasonable assuran¢e is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect 8 maEertal misstaiement when it exists. MIsalementS can arise from fraud or eor and are considered maierial if. individually or in ihe aggregate, Ihey could reasonably be expected to influence the economic decisions of users iaken on the basis of these firkancial skalemenls. Extent to whi¢b the audit was ¢apabk of detectlng irregularhtles, Intludlng Trnud Irregularities. including fraud. are insiances of non-compli8nce with laws and regulations. We design procedures in line with our reSpSibIlI11es, ouilined above. lo detect material misstatements in resp1 of irregulariiies including fraud. We focused on laws and regulations that could give rise io a material misstatement in the finan¢ial statements. Our lests included, but were nol limiied to: agreement of the financial statement disclosures io underlying supporting thum¢niaiion' enquiries of trustees regardin8 known or Susp1¢ instances of non-compliance wilh laws and regulations; review of minutes of Trustee meetings throughout the year. and obtaining an understanding ofthe control erftvironment in place to preveni and detect irregularities. Our audii procedures were designed to respond to risks of material missthiemeni in the financial statemenis, recognising that the risk of not detectin8 a material misstatemeni due io fraud is higher than ihe risk of not detecting one resulting from error, as fraud may involve deliberdte concealment by. for example, forgery, misrepresentaliorts or ihrough collusion. There are inherent limiiaiions in the audit procedure5 perfornied and the rther removed non-compliance with laws and regulaiions is froTn the events and transactions reflected in the financial statements, the less likely we are io bccomc aware of it. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: htlps:Ilwww.frc.org.ukJOur-WorklAuditlAudil-and-assurancelSrandards-and- guidancelSiandards•and-guidance-for-auditorslAuditors-Tesponsibilili¢s-For-auditlDescriplion-of-audilors- re5ponsibililies-for-audit.aspx. This descriplion forms pan of our auditor's report.

						Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
						fund	fund	2022	fund	fund	2021
Notes						f.		f	f		f
	Income and endowments				from:
2	Investments					73,619		73,619	63,756		63,756
3	Other income								5,321		5,321
	Total income					73,619		73,619	69,077		69,077
	Expenditure on:
	Charitable activities					(55,623)		(55,623)	(54,033)		(54,033)
	Raising funds						(10,076)	(10,076)	-	(9,381)	(9,381)
4	Total expenditure					(55,623)	(10,076)	(65,699)	(54,033)	(9,381)	(63,414)
	Net gains/(losses)	on		investments			(71,818)	(71,818)	-	174,707	174,707
	Net income/(expenditure)					17,996	(81,894)	(63,898)	15,044	165,326	180,370
	Reconciliation of	funds:
	Total funds brought		forward			135,000	1,594,095	1,729,095	119,956	1,428,769	1,548,725
9	Total funds carried			forward		152,996	1,512,201	1,665,197	135,000	1,594,095	1,729,095

						2022	2021
Notes
	Fixed assets
6	Tangible assets					5	5
7	Investments					1,582,943	1,675,765
						1,582,948	1,675,770
	Current assets
	Prepayments		and accrued income			1,370	1,183
	Cash at bank					11,539	12,142
	Cash at Investec Wealth & Investment				Limited	74,267	44,849
						87,176	58,174
8	Creditors:	amounts		falling due
	within one		year			(4,927)	(4,849)
	Net current		assets			82,249	53,325
	Net assets					1,665,197	1,729,095
	Represented		by:
9	Endowment		fund			1,512,201	1,594,095
9	Unrestricted		funds			152,996	135,000
	Total funds					1,665,197	1,729,095

5JU	LY 20	22
3	Other	income		2022	2021
	Bank	charges	refunded		5,321

Total expenditure		Unrestricted
		charitable	Raising	Governance	2022
		activities	funds	costs	Total
2022:				f
Costs directly allocated to activities
Grants payable to	individuals	40,218			40,218
Support costs allocated to activities
Clerk's salary and	expenses	10,990			10,990
Postage, printing	and stationery	596			596
Audit and accountancy				3,700	3,700
Stockbroker fees			10,076		10,076
Bank charges		119			119
Depreciation offixed assets
		11,705	10,076	3,700	25,481
Total expenditure		51,923	10,076	3,700	65,699
		Unrestncted
		charitable	Raising	Governance	2021
		activities	funds	costs	Total
2021:			f
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

			2022	2021
5	Staff costs and employee	benefits	Total	Total
	Wages and salaries		10,670	10,496
	Pensions costs		320	315
			10,990	10,811

The average number ofemployees (including trustees) was	8(2021:8).
	Office and
	computer
Tangible fixed assets	equipment
Cost:
At 6 July 2021	366
Additions
At 5 July 2022	366
Depreciation:
At 6 July 2021	361
Charge for the year
At 5 July 2022	361
Net book value:
At 5 July 2022
At 5 July 2021

7	Fixed asset investments		2022	2021
			I:	f.
	Movement in fixed asset	investments
	Listed investments:
	Market value at 6 July 2021		1,675,765	1,509,787
	Additions to investments	at cost	219,097	307,335
	Disposals at carrying value		(223,311)	(327,247)
	Unrealised gains/(losses)	on investments	(88,608)	185,890
	Market value at 5 July 2022		1,582,943	1,675,765
8	Creditors: amounts falling due within one year
	Other taxation and social	security	169	175
	Accruals		4,687	4,603
	Other creditors		71	71
			4,927	4,849

		Balance at	Incoming	Resources	Gains/(losses)	Balance at
2022:		6July 2021 g	resources g	expended	on investments f	5 July 2022 f
Endowment	fund	1,594,095		(10,076)	(71,818)	i,512,201
Unrestricted	fund	135,000	73,619	(55,623)		152,996
		1,729,095	73,619	(65,699)	(71,818)	1,665,197

Analysis of	charitable fu	nds (continued)
		Balance at	Incoming	Resources	Gains on	Balance at
2021:		6 July 2020	resources g	expended f	investments	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

Purposes offunds;
Endowment fund	This represents	the permanent			trust	capital of the Charity,		the	income of
	which can be applied			for the Charity's		main objects.
Unrestricted fund	This represents	accumulated			income	from previous years which			is applied
	for the Charity's		main	objects	at the discretion ofthe Trustees.
Analysis ofnet assets between funds					Unrestricted		Endowment		Total
						fund	fund		funds
2022:						E	g		f.
Fund balances at 5 July 2022 are represented			by:
Tangible fixed assets						5			5
Fixed asset investments						70,742	1,512,201		i,582,943
Current assets						87,176			87,176
Current liabilities						(4,927)			(4,927)
Net assets at 5 July 2022						152,996	1,512,201		1,665, 197
					Unrestricted		Endowment		Total
						fund	fund		funds
2021i
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