THE H.P. DUGDALE FOUNDATION IiEPORT AND FINANCIAL STATEMENrs 5 JULY 2024 Contents Page Reference and administrdiive information Trnsiees. Annual Re￿rt Independent Auditor's Rcwrt Sthtement of Financial Activities io Balance Sh¢ Notes to ihe financial staiements 12-18 Thefollowing does notform￿rt 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 HUddersf￿Id 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 Tn￿teeS 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 perform*ll¢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 attrib￿ed 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 p￿viouS 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 unre￿n¢t¢d ￿nd8 which aTe free reserv¢s ofthe Charity. at a level which together with income from the Endown￿nI Fund provide su￿1Clen1 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 ronside￿d (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¢ p￿ViOUS ￿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> govern*Tr¢e i#d mwJJ*geDKDt 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 Pe￿Y 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 Tft￿ees 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 HUdde￿fIeld 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 TrnS￿e$ are listed on page l. The Tr￿Stee$ 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 $i￿e the period etLd were as follow5.' J A Thoq)e (retired 26 April 2024) GDTCliffe R T Dugdale A S Wagstaff D J McAllister H M Hollin8SWOrth H Siraw G Sharp (appointed 26 April 21Y24) References and 4dmlnlstr*tive det*ils Day to day management of the Charity is delewed ¢0 thc Chuity Athnini$lr8tOT, T Balderson. Other details are included on pa8e l. Trus¢ees' respon$lbUities In reladon to the fina￿d￿ The Trustees are responsible for preparing Ihe T￿￿ttS. Annual Rew)rt and the financial stal¢meThts in accordance with applicable law and United Kingdom Accouniing Standard5 (United Kingdom Generally Accepted Acccmjnling Pradic¢). THE H.P. DUGDALE FOUNDATION TRu￿EES, ANNUAL REPORT (continued) for the year ended 5 JULY 2024 Tru$tees' resPODsibilitie5 In relatloH to the finaAci*I st*teme•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 Tn￿teeS 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 I￿2). 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 fina￿la1 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 fU￿nCIal 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 resour￿5 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 C*nerally A￿ep￿d Accounting P￿tiCe. 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 descril￿d 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 sta*ments 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 fI￿n¢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 Tn￿eeS with respect to going Co￿tM 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 Infom￿l10n comprises the inf0m￿ticItt includcd in the TTr￿ttts. 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 )nforn￿lI￿n and. in th)ing 50. consider wheEher the other Infom￿l10n 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 e￿eplI￿n 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 Tn￿ees. res￿￿SIbIli1IeS sia*ment 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. whetI￿r due to fraud orerror. In Preparing the financial statements. theTn￿I￿s 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 tNs*es 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 fina￿la1 sta￿MentS 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 fi￿n¢1￿1 statements. Irregul8rities, including fra￿ are instances of non-compliance with laws and regulations. We design procedures in line with our reS￿nSIbIlities. 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 di￿10$U￿$ to undeTlying supporting documenlation: enquiries of trnllees regarding known or suwted instances of non