THE H.P. DUGDAI.F. FOUNDATIOIY
REPORT AND FINA￿'cIAL sfATEMENrs
5JULY 202S
Contents
I'fige
Referencc and adininisirniive infomution
Trustees, Annual Report
Independen¢ Auditor's Repon
6-9
Siaiement of Finan¢ial Activities
10
Balanc¢ Sheei
Noies io the financial slalemenls
12-18
77iefolJos1'i*g dcles ntsiforniparl ofilie.FlululorJ' accoiinls
Schedule of invesimenES
19.21
Charity Number 20Q538

THF. H.1) DUC.DALE bOUliDATII)li
lilh'ANI C'IAL S'I'ATEMEli'rs
Refcrcnec #nd admlni5tr4tive iThform*lio
1'ru$tees
G D T Cliffe (Chairman)
R I. Dugdale
A S Wagstaff
D J McAllister
H M Hollingswonh
11 Straw
G Sharp
Chxrlty AdminislrAtor
T Balderson
PO Box 1577
Hudd¢Tsfield
HDI 9NL
PrincipAI orfi¢e
Bank Chambtrs
Matkei Siieci
Huiklcr5field
HDI 2EW
Charlty Numbcr
2(M)538
Auditors
Whcawill & Sud¥¥orth Limiied
35 Westgale
Hudd¢isfLeld
HDI IPA
B#b)kcrs
HSBC pl¢
Unli 11-12 Kingsgate Shopping Cenire
King Street
Huddersfield
IIDI 2QB
Invesln?ent Managers
Rathbor￿s InVe￿￿ent Management
I￿OrpOralIn8 InvesteL Wealth & Invcstment Limited
-1 Wellington Place
Leeds
isl 4AP

THE H.P. DUGDAI.E fouliL)ATJON
TRUSI'F.ES' AN￿VAl. REPORT
for the year cnded
S JUI.Y 2025
I'he'l"nJsttts preseni ih¢ir ¥nniial re￿rt and financial stsiements for Ihe year ended 5 July 2025.
The financial staiemci)ts have be¢"N prepared in accordance ivith Ihe ¥ccounling policies sei oui ITh notc I lo thc
finxn¢iAI sliiiemenls and comply with the Charily's governing documeni, Ihe Charities Acl 2011. I.-RS 102
Ihe financial Reporting Si&ndard applicable in the UK and Republic of Ireland" and ihc Charilies .SORP
"Accounling and Reporting by Charities: Statemcnt of Recommended Prdclice applicable io charities
preparin&p their acLounts in accordan¢e with the Finaneial Reporting Standard apiilicable in ihc UK and
Republic of Ireland (FRS 102)".
Objeetive5 and acliyities
The objccls of Ihe Trust, in furthcring its chariiable purposcs for ihe public IKncfil. ar¢ 10 apply ihe income.
subject to Ihe cost of adminisiration expenses of the Charity, for ihe benefiL of pcrsons residing in the fornier
Couniy Borough of Hliddersfield and Ihe fOrn￿r Urban Disiric15 of Colnc Valley. Holmfirth, Kirkburton and
Meltham, who arc in indigenl or greatly reduced circumstance5, <)r who had been previously resident in ihe
defined area for a ￿rIOd uf ien consecutive years.
Gr#ot5
-I'he Charily eirculates lis ￿.1￿115 and applicarion fornis to various local bodies such as Social Svtvi¢es and
Lhurch bodies. Applicalions are then submilled io the Charity Adminisirator by or on behalF of individuals.
All applicalions are reviewed by the Tnjsiees. or on iheir ￿half under delegatcd power5 given io thc Charity
Adminislrator and Chairnian, before approval for paynienl is granted
Atliicvements and performa￿et
During ihe ycar ihe Lharity has becn able to continue lis SUPP)n io fftndividuals who have required assista￿
and ivho fall wiihin thc criteria laid down by ihe Tmsi l)eed. Grants iotalling £61,613 have been paid during
the ycar and include £51,534 regular grants, paid 10 21 benefici3rie5. Included ID the £51.534 re&>ular grants
are Christmas 8ranis amounting to £8,463 in aggregaie. Funher Addilional off giants amounting lo £10.149
¥Yer¢ made to 36 beneficiari¢s.
The number of beneficiaries assist￿ during Ihe year was an incr¢ase of 3, over the number assisted durinB the
previous year.
Investment policy 4nd performance
The 'rn￿tteS #Te governed by ihe Trustee Investment A¢1 and subjeci lo ihat have the power to invest money
in share5, Stocks, filnds, securities. land and buildings and other invesiments or property. the current
invesimenis are shuwn iii the financial staiement$. The .1 rusiecs have an ongoing Inv¢siment Policy with
Raihbones Investmeni Manas¢menl incorporating InvesieL Wealtli & Invesimeni Limir¢d which is revicwed
and agreed with the Trustees bI￿nnuallY.

THE 11.P. DUGDALE frUUIS'D.4'1'10
'I'RUSTEES' ANLYUAL RF.PORI' (ronlinued)
for the y¢ai' cndcd
5 JULY 2025
Inyeslment policv and perfonnan¢¢ {eontlnued)
VaritTrus rangi¢s and iargets have bcen agreed wilh the Investment Manager H'ith certain resiri¢iions in order to
void cxcessivc risk. and the perforniance is measiired again￿ 4ppropriale indices.
l argiels have been sei for ihe provision ora minimum annual Trncomc.
T¢iial returii for Il)e year under revicw iv.ry$ plu5 7.RllJ/• {2024 plus l Tr.6￿) compared with plus 7.14Yo
(2024 plus 14.090/0) shown by ihe portfolio's ￿Spoke ￿nChMark prcpared by rhc invesiment manager, for ihe
same period, a Vc1riance which is aiiribuied io l.oundaiion's Tequircmen¢ to prodiice income and ihc resultanl
bias tOlVATds income producing S[￿kS.
Fin#ncial revlew
'lThe aiiaehcd financial statemenls show Ihe re￿IllS for the year wÈth nel iiicomc over expendiiure amounting l()
L45.999 Loinparcd with nci income over expendiiure of £86.9(Kl in the previoLES y¢ar.
This cxcess income has largely arisen from further incrcases in thc valu¢ of ihe Charity's investmenl wnlolio
I￿h1Ch KIV¢ risc to unrealised gaiiis of£50.5(X) in the year ended 5 July 2025 (2024.- unrealised gains ()f
£96,573). 'fh¢s¢ in¢rcase5 have occurred a5 markei i)riccs have coniinued to make a slom, rccovery Irom the
effects of ihe etonomic downturn 012023.
The Charit) s inconie levels have fallen slighily in ihe J'ear due io much iincertainiy in the markeis which
remain volatile.
li is the poli¢y of the Charity lo maintain unTestricted funds, which 8re frcc reserves ot the Charily. ai a Icvel
vhich iogether wilh income from ihc Endowment Fund provid¢ Sufficient fuiids lo cover management.
administration aiid suppoN costs and io respond io applications for grdnls which arise from lime io time. Frec
reserves £115 July 2025 amounted to £160.941 (2024.. £1611,612).
Risk manAgement
I'hc Triisie¢s have Lonsider¢d Ilie n￿jOr risks lo which ihc Charily is exposcd and lia¥'¢ r¢viewed those risks
and established sysl¢ms and prOc¢dur￿ lo manage them.
rians lor the future
The Trustees report ihai iolal grants paid in the year ended 5 July 2025 have increased in value by £4.071 and
Ihe number of bcnefieiaries hus incnysed by 3 when compared with pieviou$ year. Th¢ emphasis
Ihroughoul thc year has coniinued 10 be placed on preserving ihe Charity's endowm¢ni Capi￿1, 5ervicin&i ihe
Lxisiing monihly graii15, an(18iYarding onc-off grants on ihc limiled kkisis introduced in the preceding year.
It is ei1visa￿jed that operaiions ivill Loniinue on ihis basis forihe itllmcdiaie luiure. bui Iviih tl* overall inleiilioLI
of identlfying appropriaie new cases for monthly and onc-off granis ivhile at ihe sam¢ time rnaximising the
income of lh¢ Charity.

THE H.P. DUCD.4LE FOUliDATIO,
TRUSI'fr.ES' IKII'NUAL RF.PORT (coniinued)
tor the year ended
5 JULY 202$
t>trueturc> governAnce aDd managemtnt
The Charily is Linincorporatcd Élnd ii'2s formed by ihe ivill of ihe laic Mr H l) Dtigdale Proved in Ihe Pi'incipal
Probate RegI￿r). on 14 March 1940 and the SL'henie was approved by ilK Chariiy Cunimissiontrs for Lngland
and Whles and ¢stablisl)ed as ihe Schemc for Ihe r¢&?ulation ofihL Charity on 5 July 1961. This was replaced
by a revised sthcme established with ihe Chhrily Comn)issioners on the 24 August 2007. ￿,hICh amends ihe
reoulations for the manaEemen( of the Schc¥nc of Ihe Chariiy. Ih¢1IUer l)eing fuiihcr amended by a Resolution
dated 22 April 2009.
With effccl from 31 March 2010. wilh the prior appmval of ihe Charily Commtssron. the name ofthe Charity
was changed from The Henry Percy ￿lSda￿t Ch8rily to The H.P. Dugdale koundation,. in all oiher respects
the objects ofihc Charily remain unchanged.
The Trnstces are appointed dnd removed by thc Board of -Irusiee$ ih¢ni5elves. A¢cordin&' lo rhe Charity
Commission Schcme as amended, ihe board of TrU￿ceS sliall consiM ora minimuni ofsix and InaximLini or
l¢n compeieni persons who arr rcsident in the nrea of ihe forn]er County Borough of Fluddersfield and of the
ronner Urban Districts ofcolne Valley, Holmfirth, Kirkburton and Mcliham. all a5 collsiituted on 31 March
1974, or have in the pasl, iyen resident or carricd on business in ihe said atE8 for a pcriod (Trf ten rtbnseciitive
years.
lThe names of the curreni Trnsiees are IRsted on page l.
The Trusiees agree Ihc broad SirJtcgy and awas of aLlivity for thc Charity. irtclLiding consideration of gnnl
making, invcstmeni r¢s¢iv¢5 and risk managemcnl policies and perfommncc. The day io day administration
of giants is delcgaled to ihc Charity Administraior.
Trustee&
Tlie Trusie¢s who have served during the y¢ar and 5inLe ihe period end ivere as folloivs..
G D I. Cliffe
R T Duodale
A S Wagslaff
D J MeAllister
H M Hollingsworth
H Straw
G Sharp
References and administrolive det4il$
Day io day iiianagemeni of the Chariiy 15 delegaied io ihe Charity Administrator, T Balderson. Oihcr deidils
Irc &ncluded oll page l.
Tru)l¢cs respoiisibililies in relation to ¢he financial statem¢ntS
The l-n15tees arc responsible for preparing ihe TrU￿ceS. Annu411 Repon and the finan¢i#l 5talemenis in
accordance with appli¢ablc law and United Kingdom A¢¢ounling Standard5 (Uniied Kingdom Generally
A￿epted Accounting Practice)-

TFIE H.P. DUC.DIll.E FOU,NDATIO
TRUS1'Tr.F.S' Ali.YUAL RF.PORT (C￿111n{1¢d)
for the year ended
-$ JUI,Y 202$
Truste¢s' responsibllities in r¢la¢ioD lo Ihc fjnancial statemen15 (eoniinued)
The law applicablc to chariiics in Enoland and Wales requires ihe Try￿e¢S to prepare financsal slai¢ment5 for
aLh fin¢incial year ivhich give a Iriie &lnd fair vieii, of thc stal¢ of affairs of Ihe Chiriiy and of the incoiniDLI
resoiirces and appliulion ol. resourLes of the LhArily for ihai ￿"ar. In preparin¢tr these finan¢ial staiemenis Ihc
.1 rustees are required to".
selcet suitable aeeounling policics and ihen apply ihcm consLSl¢nily;
obscrve ihe meihods and principles in Ihe Charities SORP.
Inake judgements and ¢Slimai¢s IhaE are msonable and pnldent:
state wheiher applicable accouniing slandard5 have folloived, subjeci io any material deparlures
disclosed and Lxplained in the finAt)eial statemenls; a￿1
pr¢pare ih¢ finan¢ial stiltements on ihe going concern basis unlcss li is inappropriale lo presum¢ that ihe
Charity will continue in operalion.
The Triislees are responsible for keepini¥ SLi￿l¢￿e￿I accountin4 records that disclose with r¢ason4ble accuracy
.1t any (imc the financial posiiion of Ihe Charity and enable Ihcm to ensure thai tlie financial stal¢menls comply
viih the Charities Act 2011. the Charilies {Accouiils and Reports} Reuulaliuns 2008 and ihe provisions of the
TrLlSI f)¢ed. 'I'h¢y ar¢ a150 responsible for safeguarding ihe asscts of ChRTily and hence for iaking
redM)nable steps for the prevcntiun and deiection of fraud and ￿her irr¢gulaTItiLs.
L,ach of thc Truslces has eonfimied lh1￿ I Ihere is no infumiaiion vf ivhich thcy are aware whirh 15 r¢levic ni to
Ihe <liidil, but of which the auditor 15 unaware. They have furthcr confinned ihat Ih¢y have iakcn appropriate
steps 10 ideniily such rel¢vanl infornialion and to &%tablish thai the auditur is awar¢ of Such informatioi).
A resnliiiion proposing thai Wheawill & Sudworth l.imiied be reapwjinied 85 auditors of the Charily ivill be
pui to ihe Annual Gencral Meeting.
F.xemption from disclo$ur¢s
l-he charily htts iaken advantage of the excmpiions %viil)ii) Ihe SORP ielaiing lo smaller charities and lias nol
prcpared a cash flow stalemenl.
'I'he irusiecs, reporl was approvcd by ihc t3oard of TTU51ees on 7 Noyember 2025.
G D I-CI.IFFE
-rrusiee

IINDEPTr.NDF.NT AUDITOR'S RI.:PORT I'o'fHE TRUS'I'LES O
THI H.I'. DIICtDAI,Tr: FQUNDA'I"IO
Opinion
We liave aiidiled tlie finilllci£l1 Sld(en)ci)ts of The H.P. i)ugdale foundation for ihe year ended 5 July 2025,
vhicli comprise ihc Sialemcnt of I.1r￿nCIaI Activities. the Balancc Sheet £1nd nvtes to thc financial siatemenis,
includinL7 a summary of siEnificant accounling policies. I"hc financial reporting framcwork ihai has been
applied iii thcir preparation 15 11 pplicable laiv and the United Kingdom A¢counting Siandards. incliidin¥ fRS
102 'Tlic binancial Reporting Siandard appli¢obl¢ in the IJK and licpublic of Ireland" (Uiiit¢d Kii)¥doin
GenerAlly Accepted AccoLinting Praciice)-
Iii our opinion Ihe financial Sial¢ments'.
g?ive a true nd fair i'icM' of rhe 8i&ie of the chariiy's affairs ai 5 July 2025 llnd of its incoming rcsoiirces
and applicatioi) of the resource5. including its income 8nd cxpendiluTe. for ihc year then ended.
h<iYe b¢¢n properly prepa￿d in accorda￿Ce with Untled KiDgdoin Ge1￿rallY Accepled Accounting
Practice. and
have been prepared in ae¢ordance with ihe requiremcnis of the Charili<% Act 2011.
Basis for oplnion
We Condiicted oiir aiidii in accordanct ii'iih Inlernalioiial Stanthrds on Auditin£ (UK) (I.SAs {IJK)) and
pplieRblc laiv. Our responsibilili¢s underthose siandards are furth¢r (ksL'ribed ii) th¢ Audilor's responsibTrlilies
for the audit of the financial Slhtcn)ents seclion of rnir report. We are independent ol'ihe chariiy in accordance
with tlie ethical requiiem¢nts that are Televani 10 our audil ofihe financial siatcmcnis in ihe UK, including the
FRC'S EthiLal Standard, and we liave fiilfilled our ￿h¢r cthical rtsponsibilities in accordAnce with these
requircmenis. We bcliebe thai ihe audsi evidcnce we I￿ve obiained is sufficienl and appropriaie lo provide R
basis for our opinion.
Conclusioll5 relating to golng concer
In aiidiiing lh¢ financial slatemenis. Ive have concluiled ihai the "I tU5tees' use ofthe goinLp ¢oncem basis ol
acL()Liniin8 in lh¢ p￿￿1ratio1) of ihe financial ￿alen￿nts is appropriaie.
Based on the work we Iiav¢ pcrfomied, we have not ideniificd any maieii21 uneertaintie5 relating lo even15 or
eoiidiiions Ihat, individually or Lolleciively. Inay c85t significant doubt on the Charily's abilily lo continue as
a Eoing ctsncern for a period of at leasi Iwelye months from when financial stal¢menls are autl)orised lor
issuc.
Our r¢sponsibilitie5 and Ihc testK)nsibilities oFihe Trustees with rcspcct to going concern are Ikscribcd in th¢
relcvant sections of this report.

INI)EPFN'DENI' AUDITOR'S RLPORT TO THE I'RUSTF.F.S OF
THL kl.P. DUGDALE FOUNDA'I'IOIN (cvniinu¢d)
Other informativn
Thc other Inforinttiioii comprisei the infonnaiion inLliided in ihL 'I-wslLYS' Éinnual reporl, oiher than tlie
rinanci¢11 siaiements aiid nur aLiditor's report thereon. The TtUsl¢ei are responsiblc for ihe oiher infomalion.
OLir opini()n ort Ihc financial statemcnt5 d(Jes nol cover ihe nthcr infomiaiion and u'e do noi exp￿.￿ any form
ufassurance conclusion thereon.
Our responsibiliiy is io read the other infomiaiion and. in doing sv. ron5ider wheiher lh¢ othcr inforniaiioii is
malerially inconsistent ivith the finanLial siaicments or our knowledge obtained in the Lourse of ihe audit or
othenvise appears to be marerially mIs￿rtied. If wc ideniif), such material incon5iStencie.% or appareni material
miss121emenls, Ive are requir¥d to Ifetermine wheiher ihere is a milteri#l Ini5Statement in ilie financial
staiomcnts themselvcs. If, basc<l on the work wc hv¢ perloniied. we conclLide thai thcrc 15 a niateriic I
Miss￿le￿￿￿t ofthis oiher illfonnation. we are required to retM)n thai la¢1.
We hll ve nothtngi lo report in this regaTd.
M#ttcr5 OM ivhich we are required to report b} exeeption
We have noiliing lo repor( in respcct of ihe folloiving matters where the Chariiies {Accounts Reporls)
Regulalions 200% reqiiires lis tv report to you if, in our opinion..
lh¢ infoiinatioii g>iien ill ihe Truslees. rLI)Ort is incon>1.￿elll in Ai)J' ￿￿tCrIal ro8pect iyiih the fininci￿]
siatemenis. or
SLifficicni H¢Countin￿ records have noi becn kepl. or
the linancial staten)enis noi in agreement iviih the #ccounting records- or
Ive have nol received all the inforniation and explanations ive reguire for our audit.
Responslbllitie5 of Tru51ecs
As cxpl42ined more fvlly in ihe I rusiee5' responsibilities staleineni sei out on pages 4 to 5, Ihe "frustee5 are
spon5ible for ihe preparation ofihe financial siaietncnts and for being saiisfied Ihal they give a twe ond fair
view, and for such inlernal control As Ihe Trusttts (Iderniine is ￿CeSSary EO enable rhe preparaiion of fiiMn¢ial
siaiemenis thai are frtt Irom mal¢rial misstalemeni, wheiher due to fraud or error.
In preparing the fin%incial siatemenis, Ihe I njstees are responsible forasse5sing ih¢ chariiy's ability io contiiiue
as a going concern, disclosing, as Applicable. matters related ￿ going concern and using the going c4)nLern
basis of accoiinling unless ihe irustecs either iniend io liquidate ih¢ charily or to ccasc operation5, or have no
realistic aliernative bui io do so.

INI l)F.PEliDF'hT AVDI'I'OR?.% RLPURI. TO TH&: TRUSTEF.S OF
'I'Hfr. 14.P. DUGI)AI.E FOUNI'DATION, (contin￿d)
Auditor'5 responsibilitie¥ for the audit of the finan¢l#l $t*¢cments
We heyc hccn appoinicd 85 audiior under Section 145 uf Ihc Chariliu ALI 2011 and rcport il) <lLC(?rdan¢e with
rhe aLI and relcvanl regiilarions htt￿.1￿g effeLt Ihere under.
Oiir objeclives arc lo obiain r¢3soiiable assurance aboui %vh¢rher the finaneiJl statcments as a m.holc ¥Lre frce
from niiilerial missiatemenl, whether diie to fraud or error, and to issue an aiidiior's report Ihal iiicliidcs our
opinion. Reasonable assurance is a high Icv¢l of assurance. bul is noi u guarantee that audit coi)dii¢tcd in
.Iccordanee with ISA5 (UK) Kvill alivays delect a niaterial Inissiai¢ment when it exists. Misstaiemenis can arise
riY)ni fniid oi" error <liid are consid¢r¢d wnalerial il, individually or in tlie a￿0 regaio, they could reasonably be
¢xperted lo influenLe ihe economic decisions ofuscis iaken on the basis ol-the5e financial .%iatemcnts.
Irregvl.Irities. including fraud. are insiances of nort-compliance iviih laws dnd ie8ulations. We desigii
procedures in line ii'ith our responsibilili£s, ouilined aboi'c. lo ddeLI material missiatenientts in respeLI or
irregularities iT]cluding Iraud. -l-he exlenl lo which our proc¢dure% are capi¢ blc of detecting irre8iilarities
including fraud is det2Ll¢d below"
Wc fociised i)n la%vs and regulalions ihai could give risc to a mdlerial missialement in the linancial sthiefflents.
Our tC5ts included, were not limited io:
a*7re¢m¢nt of the rI￿1nL￿A1 SLttIcTncnt disL105UYCS to underlyirtg 5llPPOrting d￿uMent￿ltiOn.
cnqLiiri&% of tn15fees rcgardinD or suspc¢ted in51anLes of non-compli¢inLe iyitli laivs And
rcgulations-
review. of minules of Trusiee mL*iinLs ihroughout the year. and
obiaining an understanding ofthe control ¢nvirotim¢ni in place io prevcnt and delect irregulariiies.
Oiir audil proLedLires wer¢ desigiicd io respond ro rtsks of matcridl mi$51oiemcni in Ihe financial staiemeiils.
rccognising cha( the risk of not deieelinkT a malerial Misstat￿1]e1]I due io fraud is higher than thc risk of not
clclccling one rcsiiliing from error, Ls fraud may involve deliberale coi)cealment by. for example, forgery.
misreprcseDtii1ions or through collusion. There are inhereni litnilations in the audii procedure5 peif(Trrnied and
the furihcr rcmoved non-compliancc with laws and regulations is from Ehe events and trnnsaciions reflecied in
Ihc financial sthtcments, Ihe less likely we a￿ lo become aiyare of il.
A further descripiion ofour responsibilities for ihe audal of lh¢ financial siatem¢nt5 is located on the l."iftancial
Repckrring Council's websiie ai htl sJliYww.frc.or
.uklOui-WorklAudiilAudil-and-<issurdn¢elStandards-and-
IiidancelSiandards-and- idance.for-au
itorslAuditors-res
'biliiies-for-audiilDescri
tion-o
-au
res
{￿sibilI11C$-rtsr-J￿dll.as
- This description forn]s part ofour nudiior's repotL

IliDEPENI DENll' AUDITOR'S Rli.PORI I'O J'IIETKUSt'F.FS ()F
THL H.P. DUG'DAI.r. rouNI)ATIOli {LOlltinued)
Use of our report
-rhis report is mlc de solcl). 10 Ihe chilrit) s Trt￿1￿c5. as a b￿y, In accordance iviili Ejart 4 of ihe charil￿S
(Accoiinis and Ileports) Rcgulations 2008. Our dudii work has been undcrtaken so thai ¥ve miuht Stale l() th¢
charily's I'nLS1¢¢5 Ihose ￿￿tterS we reqLiired io siaie to 1￿M in uuditor's report and for iio other purpose.
To ili¢ fLillesl exleiil perniiiied by laiv. Ive do Dot #ccepl or assume responsibiltiy to anyone oiher Ihan ihe
charity and the charity's TnisLees as a b)dy. for our aiidil i%ork. for this iepurt, or lor the opiiiions wc Iiavc
lorined.
il A S_kn IL L_knj
Aman Hayer
S¢nior Stalulory Aiidilor
ror on bchalt nr
Whcawill & Sudivorth Limiicd
Statutory Audiior
15 Westgaie
14uddersficld
Hf)I IPA
7 Nol'ember 2025
Wheaii'ill & SLidworth J.iiniied is eligible io acl as an audilor in ternis olsection 1212 of ihc CDmpanies Aci
200().

I'HF. H.P. I)UGDALTr. FI)U,4D.4TIO
SI'ATEMf.NT Ub I,'IIN.4h'CIAI. ACI'AVITIES
for thc year cnded
S JUI.Y 202S
Unrestricted P.ndoivmenl
fund
fiind
-loti11
2025
ljnresiricied F.ndoivmeni
fiind
Total
2024
Inconie and endo%%'ment5 from:
Invesfmenis
Oiher income
72,031
72,031
77.527
77,527
.1 otal income
72.031
72.031
77.527
77,527
Expenditure on:
Charitable £lCtl¥llies
Ilaisii)g fund5
(79,702)
(79,702) (75,161)
{9.821)
(75,1611
19,2511
(9.821)
(9,251)
Total cxpenditure
(79.70?)
(9,821)
(89,523) (75,161)
(9,251)
(84,4121
Nei gaiiis on inyeslnicnls
6.1,491
63,491
9.1,7R5
93.785
'et (expendltureyinrumc
(7,671)
45.999
2.-166
84,534
86,900
Rtcomeiliatioll of lund5:
l 0(al funds brought forwaril
16X.612 1.526.312
1.694.924
166,246 1,441,778
1,608,024
Tolal (unds Carried fonvard
160.941
1,579.982
1,740.923
168,612
,526,312
l.C?94,924
All incomc dnd expcndiiure derive Irom coniinuing RetivitlCS.
The notcs on pages 12 to 18 form part of these fina￿la7 biaiemenis.

'I'HE II.V. DUGDAI.E FOUI%D,ITIC)i
B.4LtlN'CE SHLK'r
SJVLY 2025
2n25
2024
Fixod assets
Tangible assets
InvLslmeiils
1,658,008
1.594.962
1,658.013
1.594,967
Curreiil assels
Prepa)rynents and R¢¢ruc(l incon
C'ash ai bank
Lash al Inveslec Weiilth & Investmeni Limited
3.103
14.315
69.937
1,474
8,919
94,667
87.355
105,060
Creditors: amnunis falling due
within one y&ir
(4,445)
(5.103)
Iyet current ¥55els
82.910
99,957
et as.sets
1.740,921
1.694,924
Represented by:
F:ndowmcnt fund
Unr¢5triLled funds
1.579,9R2
160,941
1,526,3 12
168,612
-l ot41 funds
.740,921
1,694,924
1.hese fin.Inci<l1 stlllemenls on pag¢s 10 10 18 iyere approved by ihe Trust
on 7 November 2025 and were signed on their behaifby".
s and auihorised for issue
G D Tclitre
Trustee
D J McAllister
Trusiee
Charily Number.. 2005311
lthe notes on page5 12 to 18 fom) pall ofihese financial sialemenis.

TIIL H.I'. DUC.DALE &'OUP4DATIOY
'OI'F..8 TO THE TrIliAliCIAL SI"ATEMEh'TS
5 JULY 202S
Accounting pi)licies
The folloi¥'ing poli¢ies have been applied eonsislcntly in dealing ivith iiems ivliich are con.%idered
material in relation to ihe financial 51atemenls.
(tt) Cjtncral infomiaiion and b¥5is ofpreparaiion
The14.P. Dugdale Foundaiion is an unincorporated ehjril). registcred in Engllind atKI Wales. The ¢onlilCI
,i<ldrL￿5 of the charity is shou'n on the r¢ference and adminisiraiion infomiaEion on Pcige l of Ilicse
rindncial Slalrments. The naiure of t1￿ ch#rity'5 operalions and actii'iiies are set out on page 2.
I'he financial stalcm¢Dis have been PTepared in accordance with thc Charity'5 governinL documLnl, Ihe
Charities Aci 2011. FRS 102"Thc l-inancial Reporting Siandard applicdble in ihe UK and Republic of
IT¢laiid" ¢lnd the Charili¢s SORP"Accoiinting and Reporting by Charities.. .Statemcni of Rccomniended
Praclice applic&ble to charilies preparing rhcir accounts in accordai)ce with the F.inancial Reporting
Siandard applicable in the UK and Republic of Ireland (FRS 102}-. 'l-he Charity is a Public Benefil
Entity as defined by FRS 102.
'rhc Charity has iakeft advantage of the provisions in ihc SORP for charili&s not io prepare a stll tem¢nl
rcash flows.
I'hc financial stalemeois have departcd Fmm Ihe Chaiilic5 (ALcoiinis aftd Re￿rts) Regulatioiis 2008
only to rhe exlent requiTed to provide a INe and lair viciv. Thi5 departiire has involved folloiving Ih¢
stalen￿nI of Recommendcd l)ractLce lor charili¢s applying FRS 102 raiher Ihan the version nf Ihe
Stalenienl of R¢coiiimended Practice ivhieh is rcf¢Tred lo in the Regu1411ions bul Ivhich hiiS since been
Ivithdrawn.
The financial starement5 are prepmred on a going concern basis utKler ihe historical cost conveniioi). wilh
thc exceplion thai invesimenls arc included ai fair value. The fin8nciic I siat¢m¢nis are prepiired in
stcrling ivhich is th¢ fiinctional currency of the eharily. and rounded io the nearcsi £.
(bl Fund a¢counting
Unrestricted fvnds Eepreseni accuinulaled incomc fron) previous years which are availabl¢ for use at the
diseretion of the Iwstr￿ in furtherance of the gei)eral objectives of th¢ Cliarily and ivhich have nor been
designated for other purposes. Endowment funds reprcscnt the permanent Irusi capital of thc Charity,
the incomc of ivhich can bc applied for the C1￿[1[y.5 main objects and is therefo￿ ineluded as
unrestri¢ted income.
(cl Income rttognition
All incoming resources are recogniscd once ihe Charily has cnlitlemeni io the resourccs, it is probable
Ihol ihc resources will be rffcived and th¢ monetary valuc of incoming rcsources can be measiired iviih
5ufficieni reliabilily.
Inve5tmeni income receivable is rcc(Jgnis¢d using ihe elTective inierest method.
(d) Resources expended
All expenditure is a¢¢oiinted for on an ac¢[￿11$ basis inclusive ot VAT. which is noi re¢laimable, and
has been classificd under kndirtLJS rhat aggrcgatc all costs ￿taled lo ihc caleLYOry.
Grants payable are paynients inade io ihird parties in the furtheraTKe of thc charilablc objecEives ofthe
Trusl.

THF H.P. DIIC:DAL>. TrOUh'DATIO
1'0I'ES T() THE FILNAliCIAI. SI'A'f+"MEliTh Icooiinucdl
S JiJI,Y 2025
Accounting policie5 (Continued)
Cosls (Trfraising> lun(Is comprise ihc c051s of iiiveslinent Inaiiagemenl.
Charit¢lble cxpendiiure comprises ihose ¢oys of eharilable aciivitics. including grc)nts mil dc, and an
apportionmeni of overhead and support cosl5.
Governance LO￿$ comprise all c0515 involving Ihe public accouniabilily of ihe Chariiy and lis
compliance wilh reoulaiion Jnd good practice. These costs inLlude c0515 reldied to S¢JtLilor)' alidil and
legal fee5.
(el Tangible fixed as5Cts
Tangible fixed asset5 are includcd al less accumulai¢d dcpreciaiion.
D¢pr¢cialioi) is calcul.Iied so a5 to ￿.￿lEe off the cosi of an asset io a nominal residual valiie o%'¢r Ihe
useful economi¢ lif¢ of that asset as follows=
Office #nd compuler equipmenl- 13.3YD Strdighi line
(t) fixed asset invesLm¢nis
Ini'estmcnts arc stared al fair i'alue, being markei wlvc. as Ill ihc Balance Slicci d.Ite. 'Il)c Staieincn¢ of
Fin11 llcicll Acii¥'tlics inclu(le5 the iiei gains aiid losses arisinbr on rci'aluaiion and disposals ihrou81)oui
the year.
(g) Gains and l()sses
All gtiiiis and losses are taken to the Siaiemcnt of financial Aciftvities ¢lS Ihry Ilrise. Rcalised Etiins and
losses oli invcstmeilts calculated as ihe difFerence bciiiren sal¢s procecds and opcning Inarkei value
(piirchase cosi if acquired during lh¢ year). Unrealised gains and losses are ¢alculaied a5 Ihe difference
between rhe market value al the y¢ar end and opening markei value (or purchase cost if acquired during
thc ycar)-
(h) Going coiicern
Ai the tim¢ of approving the financial siatemcn15. Ihe TnJ51ees have a reasonable expeciditon thal the
chlr rily has adequ¢lte resources io ¢ontinuc in operational existence for the foreseeable fviure. Therefore
Ihe I'rust¢es conlinuc to adopt ihe going concem basis of accc>uniing in preparing Ehc finaiicial
staicments.
(i) Financial instrumcnts
Finiincial inslnimenis are classified and accouni¢d foT. according to the subs12nce of ihe contractual
arrangcment, as ¢iiher financial assets. financial liabiliiies or equity inslrum¢nls. An equily instrumeni
is any conlract Ihai evidenLe5 A restdual interest in th¢ assets ofthe con)pany after dedu¢ting all of its
liabiliiies.
Income from Inve5tmcntS
2025
2024
Inveslmenl income
Interest receivablc
70.089
1.942
74,994
2,533
72,031
77,527
All of the income from ini'esimenis wa5 atlributable lo unresiiiclcd fund5 in boih periods.

"I'HL H.1& DUGD.4LF. FOUIJD.i"rio
I%OI'ES'I'O 'I'HF. FIN'AN'CIAL s'filTF.ThIEi%TS Iconlinued)
SJULY 2025
T(>¢#l e.¥p¢ndilure
Unreslricied
LhaTilable
activities
Raising.
runds
Govern¢ince
cosis
2025
202_S:
co.sts directl}. allocated to Mclii'ilie5
Grants payable lo individuals
61,6X3
61,68.3
Support costs allo¢iT led to actii'iiies
Clerk's salary and expenses
Posta￿Te. priniing and siaiioncry
Aiidil clnd ac¢oiintancy
Stockbroker fees
Bank ¢har&ies
12.896
831
12,896
831
4.100
9.821
192
4,100
9.821
192
13,919
9,821
4,100
27,840
'[ o(al expendilvre
75.602
9.821
4,100
89.523
unre￿Ilc(cd
chantable
ctivilies
RAi5ing
funds
Govemance
costs
2024
2024:
C()Sts directly allocated tl) activities
(yrants payable io individuals
57.612
57,612
Suppon costs allocaicd io activities
Clerk'5 salary and expeiises
Posiige. priiiting and stJlionery
Audit and dC¢nUTilancy
Stockbroker fcc5
Baiik charges
Sundry expenses
12.549
712
12,549
712
4,0(10
9.251
186
102
26.800
4,0(Kl
9,251
186
102
9.251
Total expenditure
71.161
9.251
4,1XlO
84,412

Is
THE H.P. DUGDAI,F. FOUNI DA'I'IU
'OTES TO THE FINAliCIAI. STATEIllENTS (coniinucd)
5 JUI.Y 2024
Tolal expeDdlture (Continued)
£9.821 (2024.. L9.251) of ihe above cosis We￿ aiiribLltabl¢ io Lndoivtncnt funds. £79,702 (2024:
£75,161) of the above costs wrrL' aiiributable to unresiricied funds.
During tlie yeai.llic charily￿lId grants to 57 bcneficiaries (2024= 54}. 411 grants ivere paid lo indi￿.]dUa]S.
During Ihe y&1r the Chariry paid fees io ihe audiior lotallinbj E4.OIXI (2024.. LI,900). of which £.I,IK)o
(2024.. £2,9￿> was for ilie staiulory audit.
2025
Toial
2024
Toial
StatTeosts and cmployee bellcfjts
Wages and salaries
Pensions ¢osis
12,400
496
12,066
483
12,896
12,549
No eniployec receivrd iolal emplojee benefiis of more than £60.1)(N).
I'hc avcraoe nLimber ofcmployecs (including iTusiees) was 8 (2024= 11).
Otficc and
compiiier
equipment
Tllngiblc fixod a$set$
Cosi..
Al 6 July 2024
Addilions
366
Ai 5 July 2025
DcpreciAtion-
Al 6 Jiily 2024
Charge for Ihe year
-161
Ai 5 July 2025
Nel book value..
Ar 5 July 2025
At 5 July 2024

16
THL H.P. I)UC.D.ILE FOUNDATIO
()I'ES 'I'C)'I'HTr; Tr INAliCIAL SI-A'l'b.MTr'N'I'S (conlinued)
S JULY 2025
Fixed assct ini'eytment5
2025
2024
Moienient in fixed Ass¢t in%estment5
Lisied invesimeni.%.'
Markei value ai 6 July 2024
AdditlODS lo inveslments at co
Di5P05als ai ¢arryinuJ Yalu¢
unreali.sed gains on investmenis
1,594,962
1,521,873
216,088
371.463
{22.1,5421 (.394,9471
50,5(KI
96.573
Markel value ai 5 July 2025
1.658.008
1,594,962
Creditors: amount$ falling due wiihin onc year
Oiher taxaiion and social security
ALcruals
Oihcr credirors
206
4.156
%3
206
4,814
4,445
5.103
Analysis of charitablc fund5
Balancc al
6 July 2024
Incoming
sourccs
ResourLe5
cxpended
GaiN81(Iosses) Balan¢e al
on invesimen15 5 Jiily 2025
2025:
Fndoivmcnl fund
Uiirestricted fiind
1.526.312
168,612
(9,821)
(79,702)
63.491
1,579,982
160,94
72.031
1.694,924
72.(131
{%9,523)
63.491
.740,923
PurrM)ses of funds..
Endowineni fund
This reprcsents ihe permaiieni irusi capiial of Ihe Chariiy. thc income of
which can be applied for the Charity's main objects.
Unre51ricied fund
This wpresenis arlumulated income froii) previous ycars which is applied
for the C.harily's main objects at the discretion of the Trustees.

THTr: H.P. DUCDALE TrOUNDATIO¥
O'ITr.S"I'O"I'IIE frli%.4h'CAAI..s-f*lTEMEliTS (contLn1￿d}
S JULY 2025
Aiial)sis of th#rit￿ble funds (continued)
Balance at
InLtrming
6 July 2023 resour¢es
ResourLes
expen(le
Gainsl(losscs) Balaiie¢' at
on investments 5 July 20?4
2024:
Endoivmeni fund
ljnrestricicd fiind
.441.778
166,246
(9,251)
175.161>
93.785
1,526.312
168.612
77.527
.608.024
77.527
{114,412}
93.785
1,694.924
Purposes of funds.
r..ndowmeni fiind
This repr￿en[S thc Pcm￿nellt t[U￿ rapital of the Chariiy. Ihe inconie or
vhich can be applied for ihe Chariiy's main obj￿1$.
Unresirictcd ftind
This ￿preSen1$ aceumulaied income preYii)us years which is ipplied
for the Charity's main objecis ai the dI￿retiOn tsfthe Trusiees.
naly5js of net asscts bttween funds
Unrestricted Fndowmeni
fund
nd
Total
funds
2025:
rund balan¢L3 at 5 July 2025 are reprcsenied by:
-l-angiblc fixed asseis
Fixed assei investments
Ciirrenl assels
Current liabilities
78,02C)
87.355
(4,445)
,579,9112
1.658,OOR
(4,445)
Nei asws ai 5 July 2025
l (A),941
1,579,982
1,740,923
ljnreslricied Endowinent
fuiid
nd
Tolkl
Funds
2024:
Fund balan¢es at 5 July 2024 are represenied by:
Tangible fixcd as5Cts
Fixed 2sset invcslmcnts
Curreni asseis
C.urreni liabililics
68.650
105.060
15.10.1)
,526.312
1,594,962
105,060
(5,103)
Net assels di S July 2024
168.612
1,526.312
1,694.924

Ix
I'HTr. H.p. rJiJc.D.4LE FOUND•l"rioh'
"()'I'Tr's 'r() 'I'HE *lIl'ANCIAI. &fATEIMENTS {coniimi¢d)
5 JULY 2025
10 Tr115tcts' and ke). man#ocnient pcrson*el remuner#tinn and expenst*
The Trustee5 nciihcr reLeivd nor iyaived any r¢tnuncralion durinbv ihe year {2024.' £Nill.
The Trustees did noi hair any expenses reimbursed dtiring the year (2024= £Nil).
No.frU￿ee or oiher person rclated to the Ch¥riiy had any personal inieresi in any contrnGt or Iransaeiioii
enier¢d inio by the Chariiy during thc year or the prei'ious year. I'hetE are iherefore no related plrty
Iransaction5 reqLiirinbi disclosure in either yeai.
T Balderson. Ivho is involvcd in th¢ dlly 10 dJy managemenl ofihc Charity, rc¢cii'cd reiniinerdlion diiiing
the year of £12,4W (2024= £12,066)-
conlro115ng parl},
The Charily is ¢onlrollcd by the Board of T￿￿tees. No Dne l Tustec has uliin147fe conirol.