THE H.P. DUGDALE FOUNDATION IiEPORT AND FINANCIAL STATEMENrs 5 JULY 2024 Contents Page Reference and administrdiive information Trnsiees. Annual Rert Independent Auditor's Rcwrt Sthtement of Financial Activities io Balance Sh¢ Notes to ihe financial staiements 12-18 Thefollowing does notformrt offhe slalulory accounls Schedule of investmenis 19-21 Charity Nthmb¢r 201)538
THE H.P. DUGDALE FOUNDATION FINAJYCIAL STATEMENTS Referen¢e gnd #dmlnls¢ra¢lve IAforniailo Trustees G D T Cliffe (Chairnwi) R T Dugdale A S Wagstaff D J McAllister H M Hollin8VWOrth H Siraw G ShaTP Charlty Admlnl$tr*tor T Balde PO Box 1577 Huddersfield HDI 9NL Prin¢5pAI Office Bank Chambers Market Strttl Huddersfield HDI 2EW Cbarity Number 21x1538 Audltors Wheawill & Sudworth Limited 35 Westgate Huddersfield HDI IPA Bankers HSBC pl¢ Unit 11-12 King5gate Slyping Cent King Street HUddersfId HDI 2QB IDvestm¢nt Manager Investec Wealth & Investment Limited 3 Wellington Place LSI 4AP
THE H.P. DUGDALE FOUNDATION TRUSTEES, ANNUAL REPORT ror the year ended 5 JULY 2024 The TnteeS present their rep)rt along with the audited financial slatements of the Charity for the year ended 5 July 2024. The TTUStees have adopted the provisions of ih¢ Statement of Recomnxnded Praciiee (SORP) "AcwunlinB and Reporting by Charities" (FRS 102) in preparing the report and finan¢ial statetnents of the charity. The financial statements have been prepaTed in accordatkce with the accounting policies set out in note I to the rinanciAI sthremenis and comply with the Charity's Trust Deed. the Charities Act 2011 and A¢¢ounting arKI Reporting by Charilies.. Statement of Recommended Prnctice applicable io charities preparing their accounis in accordance with the Financial Reporting Srandard applicable in the UK and Republi¢ of Iteland published Fn October 2019. ObJe¢tlv¢g and tivItieS The objects of the T. in fjjrthering its ¢lwilable purFrf)ses for the public IxnefiL are to apply th¢ incom4 subject to the cost of administraiion eKpenses of the Charity. for the benefit of persons residing in the fomier County Borough of Hudd¢rsfi¢ld and the fornier Urban Districts of Colne Valley. Holmfirth. Kirkburton and Meltham. who are in indigcnl or greatly reduced circumstartt& or who had becn previously resident in the defined area for a period of ten consecutive years. Grants The Charity circulates its detsils and application forms to various lo¢al b(xlies such a5 Social Services and church bodies. Appli¢alions aTe then submitted to the Charity Administsator by or on behalf ol individual& All applications are reviewed by ihe Trnstee& or on their behall under delegated powers given io the Charity Admini5trdtor and Chairn)an. befote approval fr pAym¢nt 15 grante Athkvemctsts and perfornian¢¢ During the year the Charily has been able io conlinue its supp(At to individuals wkn have required assisiance and who fall within ihe criteria laid down by the Tn Deed. Grants lotalling £57,612 have been paid during lh¢ y¢ar and include £47.148 regular grant& paid to 21 beneficiaries. IrKluded in the £47,148 regular grants are Christmas grants amounting to £7.326 in a88re8ate. Further additional grants amouniing to £l.(MX) were made to the regular grant benefi¢iaries by way of 8raTrts towards increased heatin8 ¢OSts during the winter of 2023r24. and one off 8rants amouniing to £9,464 weTe made to 33 benefi¢iarie& The number of beneficiaries assisted during th¢ year was an increase of 19, over the nun)ber assisted during the previous year.
THE H.P. DUGDALE FOUNDATION TRUSTEES. ANNUAL REPORT (conlinued) for the year ended 5 JULY 2024 IDvestmeRt polley and performll¢e The Truslees are governed by the Trustee Investment Aci and subieti io that have the power to invest money in shares. stock4 funds. securities. land and buTldin8s and other investments or proFerty, and the current investments are shown in the financial staten)ents. The Trustees have an on80ing Invcstment Policy with Investec Wealth & Investment Limited whi¢h is vieWed and a8reed with the Trustees bi•annually. Various ranges and thr8ets hav¢ been agreed with the Investmeni Mana8er with certain restriciions in order lo avoid excessiv¢ risk. and the performance is me&8uted against appropri indices. Targets have i*en set for ihe provision of a minimum annual Éncoine. Total return for ihe year under rtview was plus 10.6WD (2023 plus 0.912Y•) compared with plus 14.OW/r• (2023 plus 0.88/0) shown by the portfolio's bespoke ben¢hmaTk prepared by the iThvestm¢nt manager. for the sameperiod. a variance which 15 attribed to the Foundation's requiretnent t0prOd income andthe resultant bias towards income producing stocks. Financial VIeW The attached financial statements show the results for the year with net in¢ome over expenditure amounting to £86.900 ¢ompared with nel expendintre over income of £57.173 in the pviouS year. This has lar8ely arisen as mxrkei priees have made a rttovery from ihe effects of the ecortomic downturn which commenced in the financial year ended 5 July 2022 and continued throughout the year ended S July 2023. The resultant incease in the value of the charity's investmMt portfolio has 8iven rise to unre&lised gains of £96,573 for the year ended 5 July 2024 compared with unrealised losses of £58523 for the year ended 5 July 2023. It IS the policy of the Charity lo mainlain unren¢t¢d nd8 which aTe free reserv¢s ofthe Charity. at a level which together with income from the EndownnI Fund provide su1Clen1 fvnds to cover management. adminislrdtion and support costs and to SPOnd to applications for grants which arise from lime to lime. Fr¢¢ r¢s¢rves 015 July 2024 amounted to £168.612 (2023: £166.246). R5sk management Th¢ Twstees have ronsided (he rnajor risks io which the Charity is ex[d and have reviewed those risks and established systems and procedures to manage them. Plan5 for the fu¢ure The Trnstees rep)rt that totsl grants paid in th¢ year ¢nd¢d 5 July 2024 have increased in value by £10.851 and the number of beneficiaries has increased by 19 when compared with th¢ pViOUS r. The emphasis throughout the year has ¢ontinu¢d lo b¢ placed on preserving the charity's endowment eapital and servicing the existing monthly gTants. though from che eommencemenÈ of 2023. as a result of improved returns from the harity's investment portfolio, the awarding of one off grants and new grant applications whs re-commenced on a limited basis, and has continued on this basis thrwEhollt the year ended 5 July 2024.
THE H.P. DUGDALE FOUNDATION TRUSTEES, ANNUAL REPORT (continued) for ihe year ended 5 JULY 2024 Structure> governTr¢e i#d mwJJgeDKDt The Charity is unincotporated and fomKd by the will of the late Mr H P Dugd41e proved in the Principal Probate Registry on 14 March 1940 and the Scheme was approved by thr ChaTity Commissioners for England and Wales and establish¢d as th¢ &hcm¢ for ihe regulation of the Charity on S July 1961. This was rcplaced by a revised scheme eM2blished with the Charity Commissioners on the 24 August 2CKI7, which ameThds the regulations for the management of the S¢kme ofthe Charity. the laller being further Bmended by & Resolution dated 22 April 2009. With effect from 31 March 2010. with the prior Approval of ihe Charity Commission, the name of the Charity was changed fmm The He¥)ry PeY Dusdale Charity to The H.P. Du8dale Foundation. in all other resP¢S the objects of the Charity remain uochanged. Th¢ Trustees are apwinted and removed by the Board of Tftees tfftKms¢lv¢s. According io the Charity Commission Scheme as amended. Ihe board of Trustees shall consisl of a minimurn of six and maximum of len competent persons who are resident in the Area of the fornier County Borough of HUddefIeld and of the former Urban Districts of Colne V8lley. Holmfirth, KiTkburton and Meliham. all as constituted on 31 March 1974. or have in the past. been restdenl OT carried on l>usiness in ihe said arra for a period of ten consecuiive y¢aTS. The names of the current TrnSe$ are listed on page l. The TrStee$ agree the broad strategy and ore¥s of èctivity for the Clwily. including consideration of grant makingi inyeslment resetves and risk manag¢mcnt policie5 and perfornlln¢e. The day to day administration of grants is d¢l¢gai¢d io th¢ Charily Athninisttator. Trustets The Ttustees who have served during th¢ y¢ar and $ie the period etLd were as follow5.' J A Thoq)e (retired 26 April 2024) GDTCliffe R T Dugdale A S Wagstaff D J McAllister H M Hollin8SWOrth H Siraw G Sharp (appointed 26 April 21Y24) References and 4dmlnlstrtive detils Day to day management of the Charity is delewed ¢0 thc Chuity Athnini$lr8tOT, T Balderson. Other details are included on pa8e l. Trus¢ees' respon$lbUities In reladon to the finad The Trustees are responsible for preparing Ihe TttS. Annual Rew)rt and the financial stal¢meThts in accordance with applicable law and United Kingdom Accouniing Standard5 (United Kingdom Generally Accepted Acccmjnling Pradic¢).
THE H.P. DUGDALE FOUNDATION TRuEES, ANNUAL REPORT (continued) for the year ended 5 JULY 2024 Tru$tees' resPODsibilitie5 In relatloH to the finaAciI stteme•ts (continued) The law applicable to Charities in England and Wales requires the Trustees to prepare financial $tstcments for each financial year which give a In and fair view of ihe slate of affaiTS of th¢ charity and of the incoming resources and application of resouwes of ihe charity for ihat peri. In preparing these financial sialements the TnteeS are required to: s¢le¢t suitable accounting policies and then apply them COALsis*ntly. observe the methods and principles in the Charities SOR 2019 (FRS I2). make judgements and estimates that are reasonable and prudent: state whether applicable accounting sLindards have been followed. subject to ony material dep&rturcs disclosed and explained in th¢ financial sthtements- and prepare the financial statemenis on th¢ going concern basis unless it is inappropriate to presume that the Ch8rily will Gonlinue in operalion. The TNstees are responsible for keeping proper accounling records that disclose with reasonable accuracy at any time the financial position of the Charity and ¢nable ihem to ensure th31 the financial statements Comply with the Charities Act 2011. the Charities {Ac¢ouniS and RepDrts) Regulations 2(K)8 and the provisions of the Trust Deed. They are also rwnsible for safeguarding the assets of ihe Charity and het¢ for tsking reasonable steps for th¢ prevention and det¢clion of fraud and other irregularitie5. In so far as the Trustees are aware: there is no relevant audit infom)alion ofwhich the charity's auditor is unaware" and the Trustee5 have taken all steps that they ou8hi have taken to make Ihemselves aware of any relevant audit infomiation and to esthblish th the auditor is aware of rhal infomiation. A resolution proposing that Wheawill & Sudworth Limited be reappointed as audttors of the Chartty will put to the Annual General Mtttin8. Exemption from dlsclosures The Charity has taken advanta8e of the exemptions within the SORP relating to smaller charities and ha5 not prepared a cash flow statement. Approvcd by the Trustees on 15 NovemE¢r 2024 and signed on their behallby: G D T CLIFFE Trustee
INDEPENDENT AUDITOR'S REPORT TO THE TRusfEES OF THE H.P. DUGDALE FOUNDATION Oplttlo We have audiied the finala1 statements of The H.P. Dugdale FoundAtion for the year ended 5 July 2024, which comprise the Statemenl of Financial Activitie5. the Balance Shed and notes to the fUnCIal statement including a summary of significant accountin8 policies. The financial reporting framework ihai has been applied in their preparnlion is applicable law and ihe United Kingdom Accountin8 Sthndards, including FRS 102 "The Financial Reporting Siandard applicable in the UK Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair ViV+V of the state of the charity's affairs as at 5 July 2024 and of its incomin8 resour5 and application olthe resourc4 ijKludin8 its in¢om¢ and eXFenditure, for the year then enthd. have been properly prepared in a¢coTdw with United Kingdom Cnerally Aepd Accounting PtiCe. and have been wepared in accordance with the requirem¢nts of the awities Act 2011. Basis for OPiDion W¢ ¢ondu¢ted our audit in accordan¢e with International Standards on AuditinB (UK) (ISAS (UK)) and applicabl¢ law. Our resportsibilities utKlerthosc standards are fijrther descrild An the Auditor's responsibilities for the audit of the financial slatements seclion ofour report. We a independeni of the charity in accordance with the ethical requiietnents that are relevant to OUT audit of the financial staments in ihe UL including the FRC'S Ethielll Standard. And we have fulfilled our oiher ethical responsibilities in accordance with these requirements. We believe that the #udit evidene¢ w¢ have obthined is wificieTht and appropriatc to provide a basis for our opinion. Con£lusifjns relating to going concern In auditing the financial ststements. we have COD¢lud¢d Ihal the Tntsttt5' use of the going concem basis of accounting in the preparation of Ihe fIn¢181 S*MentS is appropriat& Based on work we have perforn)e(L we have ntst identified any mal¢rial u¢rtaIntl¢5 relating to events or conditions thal. individually or collectively, may cast signifi¢ani doubi on ihe Charity's ability lo continue as a going concern for a p¢riod of at least twelve months from wkn the financial statements auihorised for issue. Our responsibilities and the responsibilities of the TneeS with respect to going CotM are described in the relevant sections of this reporL
INDEPENDENf AUDITOR)S REPORT TO THE TRUSTEES OF THE H.P. DUGDALE FOiINDATION {continued) Other Inf4)mitio The other Infoml10n comprises the inf0mticItt includcd in the TTrttts. annual report, other than the rinancial statements and our auditor's report thereon. The Truste are responsible for ihe other information. Our opinion on the financial suiemenis does TM)t cover the other infomiaiion and we do not express any fonn of assuranre conclusion thereon. Our responsibility IS fo ihe other )nfornlIn and. in th)ing 50. consider wheEher the other Infoml10n is materially inconsisterLt with the Financial statements or our knowledge obtain¢d in the Gour8e of the audit or otherwise appears to be materially misst4ted. If w¢ identify such material inconsistencies or appareni material misstalements. we are required lo determine whether there is a m41eTial misstatement in the financial ststements themselves. If. based on the work we have wfomied. we conclude that there is a material misstatement of this other inforniation, we are required to retx)rt that fAcL We have nothing to repoTt in this regard- Matters on whieh we are reqmlted to report by eeplIn We have nothing to report in respect of the following matters where the Charities (Accounts aThl Reports) Regulations 2008 require5 US to report lo you if. in opinion- the infomiation given in th¢ Trusiees. report is inconsistent in any mAteriAI respect with the financial ststements- or surficienl accouniing Tecords have not been kept: or the fiJ]ancial statements are not in agreement with the accounting records; or we have [1 received all the infoniution and explanation5 we requiTe for our audil. Respollslbllltles of Trnsle As explained more fully in the Tnees. resSIbIli1IeS siament set out on pag¢s 4 10 5. the Trustees ar¢ responsible for the preparation of th¢ financial Si81¢ment5 and for being satisfied that they give a true and f&ir view, and for such internal control As theTrustees deterniine is nece&8ary to enable the prcparation of financial statements that are free from material misstatement. whetIr due to fraud orerror. In Preparing the financial statements. theTnIs gre rtsponsible for a&se&sing the charity's ability to continue as a going concern. disclosing. applicable. matters reiated to going concern and using ihe going concern basis oFaccounting unless the tNses either intend to liquidate the chariiy or lo cca5e operations. or have no realisti¢ aliernalive but to do so.
INDEPENDENT AUDITOR?S REPORT TO THE TRUSTEES OF THE H.P. DUGDALE FOUNDATION (¢ontinued) Auditor's responsibilities for the •udit of the finaneknl st•¢ements We have been appointed as auditor under Sttlion 145 ofthe Charities Act 2011 and report in accordance with the act And r¢kvant re8ulations havin8 effect the under. Our objective5 are lo obtain reasonable assurance about wheth¢r the finala1 staMentS as a whole arc free rrom material miwatement. whether due to fraud or error, and lo issuc an auditor's report ihat includes our opinion. Reasonable assurance is a high level of assurance. but is not a guaraniee that an audit conducted in accordance with ISAS {UK) will always dete¢t a maleriol mis5talement when it exists. Misstaiements can arise from fraud or error And are considettd maieri81 if. individually or in the aggregate. they could reasonably b¢ expected to influence the Bconomic decisions of use[5 taken on the basis of these fin¢11 statements. Irregul8rities, including fra are instances of non-compliance with laws and regulations. We design procedures in line with our reSnSIbIlities. outlined above. ro delect mA*rial misstatement$ in respect of irresularities including fraud. The extent to whi¢h OUT pr(wlures are capable of detectln8 irregularili including fraud is detailed klow- We f(KU5ed on laws and regulations that could give rise lo a material misstatement in the financial statements. Our trsts included. but were not limited to: agreement of the financial statement di10$U$ to undeTlying supporting documenlation: enquiries of trnllees regarding known or suwted instances of non<omplian¢e with laws and regulations- review of minuies of TrU$t meet¢ngs throughout the year. and obtaining an understanding of the control environment in place to ptEvent and detect irregularities. Our audil pro¢edure5 were designed to respond to risks of material mi5Stalernent in the financial stalements. recognising that the risk of not detecting a material misstatement due to fra is higher than thc risk of nol deie¢ting one resulting from error. as fra1 may involve deliberate concealment by. for example. forgery. misTepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non40mp11ae wilh laws and re8ulations is from the events and transactions reflecied in lh¢ fina181 stalem¢nls. the less likely we to be¢ollK awate of IL A further des¢TlPtion of our responsibilities for the audit of the financial stal¢menls is located on the Financial Reporting Council's website at ht sJlwww.frc.or ukl(lur-WoTklAudirlAudit-and-assurdnceJStandards-and- uidancelStandards-and- uidance-for-auditors/Auditors-res onsibililie5-for-auditlDescri lion-of-audilors- res nsibilities-for-audtt.as x. This description forms part of wr auditor's report.
INDEPENDENf AUDITOR'S REPORT TO THE TRusfEKS OF THE H.P. DUGDALE FOUNDATION (continued) Use of our report This report is made solely to the charity'5 Trustees, as a body. in &c¢ordance with Part 4 of the Charities (Arrounls and R¢porls} Regulations 2QX)8. Our audit WO has been undertaken so ihat we might stale to the charity's Trusiees those matters we are required to statr to ihem inan audito¢s report and for no other PLErpose. To the fullest extent pemiitted by law. we do not accept or aSSUn responsibility to 8nyon¢ oih¢r than the charity and the charity's Truste ths a body. for our ludit Work. for thi5 report, or for the opinions we have fomied. Aman H8yer Senior Ststutory Audilor for and on behalf of Wheawill & Sudworth Limited Statutory Auditor 35 Weslgate Huddersfield HDI IPA 15 November 2024 Wheawill & Sudworth Limited is eli8ible to xl as an auditor in tenn$ of Section 1212 of the Companies Act 2(K16.
10 THE H.P. DUGDALE FOUNDATION STATEMENT OF FINANCIAL AcrivrriES ror the year ended 5 JULY 2024 Unrwtricd EndOW]t Total nd fund 2024 unsIn¢ted Endowment fund hjnd Tot41 2023 Notes Incon And endowments from: Investments Other income 77.527 77,527 75.955 75.955 TotAI income 77.527 77.527 75,955 75.955 EipeDditMre on: Charitable activitie5 Raising funds 175.161) {75.161) (62,705) (9.251) (62.705) (9,5)) (9251) (9.590) Total expendlture (75,161) (9.2SI) (84.412) (62.705) (9,590) (72,295) Nel gaing(l(Trss¢s) on invesiments 93.785 93.785 (60.833) (60,833) Net incomel(expenditure) 2.366 84.534 86.gxl 13.250 (70.423) (57.173) Retoncilijtion of funds: Total funds brought forward 166246 1.441.778 1.608,024 152.996 1.512.201 1.665.197 Tot funds ¢arr5ed forwrd 168,612 1,526,312 1,694.924 166246 1,441,778 1,608,024 All income and expenditure derive from conilnuing activities. The notes on pages 12 to 18 form part of these financial #8temen
THE H.P. DUGDALE FOUNDATION BALANCE SHEEr S JULY 2024 2024 2023 Notes Flxed e¢S Tangible assets Inyestmenls 1.594.962 1.521.873 .594,967 1,521,878 Current assets Prepayments and a¢¢nJed incorne Cash at bank Cash at Invee¢ Wealth & Investment Limited 1.474 8.919 94.667 1.370 8.967 80.832 105,060 91.169 Creditor5: amoun15 falling due within one year (5.103) {5,023) Net turrent xssèts 99.957 86.146 Nel assets 1.694.924 1,608,024 Represented by: Endowment fijnd Unresiricted funds 1.526.312 168.612 1.441.778 166,246 Tot41 funds 1.694.924 .608.024 These financial statements on pages 10 to 18 were approved by the Tntstees and authorised for issue on 15 November 2024 and were si8ned on their behalf by: GDTClitTr Twstee D J M¢Allisler TnLStee Charity Number.. 2(K)538 The notes on p28es 12 to 18 forn) of these financial Satem¢nts.
12 THE H.P. DUCDALE FOUNDATION NOTES TO THE VINANCIAL StATEMENTS 5 JULY 2024 Ae¢ounting polldes The following policies have bttn applied coosisteDtly in dealing with items which ¢ considered material in relation to the financial stateMt (a) G¢n¢ral infomialiijn and basis of pparnI1on The H.P. Dugdale Foundalion is an unincorporated charity registered in Englandand Wales. The coniact address of the charity is shown on the TefererKe and administrntion infomation on pagc l of these fjnancial statements. The na[¢ of the charity's operations and aclivities are set out on page 2. Th¢ charity ¢onstitutes a public benelii entity as defined by FRS 102. Th¢ financial statements have been prepared in a¢cordance with A¢¢ounting and ReFKlrting by Chariiies". Stsiement of Rewmmended Practice applicable to charities preparing their accounts in ac¢ordance wilh the Financial Reporting Siandard applicable in the UK and Republic of Ireland issued in October 2019, the Finan¢ial Reporting StandArd appli¢able in the UK and Republic of Ireland {FRS 102), the Charities Act 2011 and UK Generally Accepted Prdctice. The charity does not include a St41ement of Cash Flow5 Qn the gTounds that it is applyin8 FRS 102 Se¢lion IA. as included in Accounting and Reporting by Chariiies.. Statement of Recommended Ptactice applicable to charities preparing their 4¢¢ounts in acdae with the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019. Th¢ financial statements h8ve been prepared to give a 'true and fair. view and have departed from the Charities {Accounts and Reports) Regulations 2(N)8 only to the extent required to provide a 'ttue and fair view,. This departure has involved followin8 the Accounting and Reporting by Ch8ri1i¢s: Statemenl of Recommended Practice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicabk in the UK and Republic of Ireland (FRS 102) isgued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice efflive from l April 2(K)5 which hos since been wiihdrawn. The financial staiements are prepared on a 80ing concern b8si5 uThJer the historical cost convention, with the exception that investments are included at fair value. The financial stalenxnts are prepared i sterling which is the fijnctional currency of th¢ ¢haTiiy. and rounded to the n¢aresr £. The sisnificant accounting policies applied in the prepardiion of these financial ¥tawnenis are set out below. These policies have bttn ¢onsistcnily applied io all years presented unl&gs Éxherwise stated. (b) Fund ac¢ounling Unresiricted ndS rePseTrt accumulated iKome from pttvious years which are available for use at the discretion of thc trustees in fijrthetance of the general objecrives of the Charity and which have not been designated for other puqjoses. Endowment ndS represeni the pernnent iTusI ¢gpital of the Charity. the Inco of which can be applied for (he Charity's main objects And is th¢rcfore in¢luded as unrestrictrd incom¢. (c) Income reco8nilion All incomin8 resources are ffecognised once the Charity has entiil¢ment to the resources. it is probable that the resources will be received and the monetgry value of incoming Tesources can be measured with sufficient reliability. Inveslmenl income receivable is recolsed using the effKtive iaierest method. (d) ResrceS expended All expenditure is accounied for on an acenlS basis iTKlusiYe of VAT. which is not reclaimllble. and has been cl4$5ified under headings that aggregate all costs related io the category. Grants payable are payrnents made to third parties in the furtherance of the charitsble objeclives of the Trnst.
13 THE H.P. DUGDALE FOUNDATION NOTLS TO THE FIIYANCIAL STATEMENfs (continued) S JULY 2024 Aceounting policies (Continued) Costs of raising futmls comprise the costs of inveslment managemeThL Charitable expenditure Compris costs of ¢harithble activities. including grdnts made. a1 an apportionment of overhead and support cos Governance costs comprise all Costs involving ihe public xrountability of the Charity and ils ¢ompli8nce wilh re8ulation and good practice. These cos(s include costs related to sta¢utory audit And legal fees. (e) Tangible fixed assets Tangible fixed assets are included ai ¢oa1¢55 accumulated &preciatio DePlation is calculated 50 as to wtile off the cost of an as to a norninal residual value over the useful economic life of that asset a5 follows: OtTice and computer equipment- 33.3V• StraiEhi line (fj Fixed asset investments Investments are stat¢d at fATr value. being Mark value, as at the Balae Sheet data The Ststemenl of Finan¢ial Activilies includes the net gains and lo&w arising on VlustI0n and disposals throughout the y¢8r. (8) Gains and105ses All gains 8nd lo5 are taken to the Statement ofFinan¢?al Activities tlw arise. Rcalised gains and losses on investments are calculated as the diff¢rencc between sales preedS and opening markei value (purchase wst if acquired during the year). Unrrdlised gains and losses are ¢alculated as th¢ difference between the mathi value ai ihe yearend and opening market value (or purchase cost if acquired during the year). (h) Going concern At the tillle of appmving the financial slatemcnts. thc Trustees have a ruson4ble expectation Ihat the charity has adequat¢ Te5ourccs lo ¢oThtinue in operdlional existence lor the foreseeable future. Therefore the Trnstees Continue to adop( the going concern basis of accounting in preparing the financial siatements. (i) Financial inslruments Financial instwmenrs are classified and accounted for. ac¢ordin8 lo the subgtance of the contractual arrdngemenl, as either finaneial asse financial liabilili¢s or equity instrLunents. An equiiy instrument 15 any contrdct that evidences a resid1 interest in the assets ¢)f the company after deducting All of ils liabilities. Income from Inves¢m¢nts 2024 2023 Investm¢nl incom¢ InleTest receivable 74,994 2533 74,821 1.134 77.527 75.955 All of the income from investments was aiiributable to unr¢stri¢t¢d fiumls in both periods.
14 THE H.P. DUGDALE FOUNDATION NOTES TO THE FINANCIAL STATEMENfs (continued) S JULY 2024 Tot1 expenditure charitable activities Raising Governance 2024 Total 2024: Costs direedy allocated to ttlvltles Grnnts payable to individuals 57.612 57.612 Suppon costs allocated lo activilies Clerk's salary and expenses Posla8e. printing and stationery Audit and a¢¢ounlar Stockbroker fees Bank charges Sundry expenses 12,549 712 12,549 712 9,251 9.251 186 102 26.800 13.549 9.251 Total expeudlthre 71.161 9251 4.0(M) 84,412 UnTesiri¢ted charitable activities Raising funds Governan¢¢ cos 2023 Total 2023: Costs direetly 4110¢4ted to activities Grants payable to individuals 46,761 46,761 Support Costs allocated to aclivities Clerk's salary and expenses Postage. printing and slaiionery Audit and 8¢couniancy Stockbroker fees Bank charges Sundry expenses 11.218 623 IL.218 623 3.900 9590 203 3.9(KJ 9.590 203 12,(M4 9.590 3,9CK) 25.534 Total expenditure 58.805 9.5 3.900 72.295
15 THE H.P. DUGDALE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) 5 JULY 2024 Total expenditure (continued) £9.251 (2023.. £9.590) of the above costs wue attributable to endowment fimds. £75,161 (2023: £62.705) of ihe above costs We attributable to unreWicd fvTth. tknring the yearthe Charity paid grants to 54 beneficiaries{2023: 35), all grants weTe paid lo individuals. During the year the Charity paid fees to the auditor totalling £3, (2023.. £3.81KI). of which £2.900 (2023- £2.81)0) was for the 51a¢utory audit. 2024 Total 2023 Total Statf Costs and employee benefits Wages and SaIleS Pensions Costs l2.066 483 10.891 327 12J49 11.218 No employee received idal employee Enefits of moTe than £60.(IX). The avwa8e number of employees (including trustees) was 8 {2023.. 8). Offic¢ and compuler equipment Tanzlble fixed gssets Cost.. At 6 July 2023 Additions 366 Ai 5 July 2024 366 Depreciation- At 6 July 2023 Char8e for the year 361 At 5 July 2024 361 Net book value." At 5 July 2024 At 5 July 2023
16 THE H.P. DUGDALE FOUNDATION NOTES TO THE FINAYICIAL STATEMENTS (continued) S JULY 2024 Fixed asset investments 2024 2023 Movemeut In fixed asset investments Listed investments.. Market value at 6 July 2Q23 Additions to investments ai cost Disposals at ¢aTrying value unreal gain(losSes) on investments 1521.873 1.582.943 371,463 150.863 (394.947} (153.410) 96.573 (58,523) Market value at 5 July 2024 1.594.962 1,521,873 Creditors: amounis falling due within one year Other tsxation and social security AcrNa15 Other creditors 206 4.814 83 4,753 80 5.103 5.023 Analysis ofcharil*ble lunds Balance at Incoming Resource5 Gainsl(losses) Balance at 6 July 2023 expended on inveslmenls 5 July 2024 2024: Endowment rtd Unrestricted fund 1,441.778 166.246 (9.251) (75.161) 93.785 1.526.312 168.612 77.527 1.608,024 77,527 (84,412) 93.785 1.694,924 Pu4)oses offi]n(ts: Endowment fund This represents ih¢ pctmanent tn1 capital of th¢ Charity, the income of which can be applied for the Chariiy's main objects. Unreslricted fund This represents accumulad income fmm previous years which is applied for the Charity's main objects at the discreiion of the TTUStees.
17 THE H.P. DUGDALE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS Icontinued) S JULY 2024 Analysis of ¢h4rltsble funds (continued) Balance at Incoming 6 July 2022 resouTces Resources Gainsl(losses) Balance at expended on investments S July 2023 2023: Endowment fund Unrestricted fijnd 1.512.201 152.996 {9,59CI) (62.705) {60,833) 1.441,778 166,246 75.955 1.665.197 75.955 (72,295) (60.833) 1,608.024 Purpo of funds: Endowment fund This rq)resents the pern)anent trust capital of the Charity. the incom¢ of which can be applicd for tbe Chariry's main objts. Unrestricted fund This represents accumulated income from previous years which is applied for the (Jwity's main objects 81 ihe discretion of the Ttustees. Analysis of net assets between fuDds untriCted Endowmeni fund nd Total funds 2024: Fund balances ai 5 July 2024 are repr¢s¢nted by". Tangible fix¢d assets Fixed a55et investments Current assets Current liabilities 68,650 105.060 (5,103) .526.312 1.594.962 105.060 (5,103) Net asse15 at 5 July 2024 168,612 ,526,312 1.694,924 Unrestricted Ertdowment fund fitnd Total fvnds 2023: Fund balanc¢s al 5 July 2023 ar¢ r¢pr¢s¢nled by: Tangible fixed assets Fixed asset investments Current assets Current liabilities 80.1)95 91.169 {5.023) 1.441.778 1,521.873 91.169 (5,023) Net a&sds at 5 July 2023 166.246 1.441.778 1,608.024
18 THE H.P. DUGDALE FOUNDATION NOTES TO THE FINANCIAL sfATEMEiYfs (ntinued) S JULY 2024 10 Trustees, and key m*nagemeat ptrsonDd ttmuneratlon Ind expeDses The Tntstees neither rtteived nor wdived Any temunetation during Ihe year (2023: £Nil). The Trustees did have any expenses reimburscd dwing rhe Ye (2023.. £Nil). No Truee orotherperson related tts the Charity had any petsonal interest in any Contract or transaction entered irklo by the Chariiy during the yr or the PTeviou5 year. There are therefore no relaied party transactions requiring dIloTe in ¢ither year. T Balderson. who is involved in che day todaymanag¢meni of ihe Charity, rtteived remunerationduring the year of £12.[ (2023: £10,891). I I ControUiA¥ pa The Charily is Controll by the B(wd of TtU5tees. No one Tnw has ultimate control.