Charity Number269183 THE DUKE OF CORNWALL'S CHAIUTABLE FOUNDATION Trustees, report and Y4ceounts 30 June 2024
THE DUKE OF CORNWALL'S CHARITABLE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, THE TRUSTEES AND ADVISORS CHARITY REGISTRATION NUMBER.. 269183 REGISTERED ADDRESS.. 10 Buckingham Gate London SWIE 6LA TRUSTEES: Edward Harley CBE Alastair Maitin CVO James Williams CVO DL Gillian Pipkin William Bax (appointed 4 November 2024) Robert Curnow (appointed 4 November 2024) SECRETARY: Tei'ry Cotter l O Buckingham Gat¢ London SWIE 6LA BANKERS.. Coiitts & Co. 440 Strand London WC2R OQS tNVESTMENT NqANAGER'. Newlon Inv¢stm¢nt Management Limited BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA AUDITORS: SRG (AUDIT) LLP 10 Bolt Couit London EC4A 3DA SOLIcrroRS: Farrer & Co. 66 1,incoln's Inn Fields London WC2A 3LH
THE DUKE OF CORNWALL'S CHAIUTABLE FOUNDATION REPORT OF THE TRUSTEES FOR THII YEAR ENDED 30 JUNE 2024 Change of llame On 5 September 2024, the tn15tees approved a written resolution to change the name of The Duke of Cornwall's Benevolent Fund to Thc Duk¢ of Cornwall's Charitable Foundation. structure, Objectives and Aetivities for the publi¢ benefit Th¢ Duke of Cornwall's Charitable Foundation was established (as the Duke of Cornwall's Benevolent Fund) under a trust deed dated 21 February 1975 for charitabl¢ puryos¢s and, in particular but not limited to, the following specific objectives: (a) The relief of persons in need of relief by reason of poverty, sickness or other adversity (including the victims of ShIpTeCk) (b) The provision of almshouses, homes of rest, hospitals and convalescent homes (c) The advancement of education and learning including charitable institutions whose object is the diffusion of knowledge (d) The advancement of the arts (e) The advancement of religion (fj The preservation for the benefit of the public of lands and buildings of beauty or hi8toric interest and a8 regards lands of ecological or scientific importance and the provisivn, prulection and prvs¢Tvation generally of amenities (including recreational amenities) calculated to maintain or produ¢¢ an ¢nvironm¢nt b¢n¢fi¢ial to the public. The Fund receives donations from ttme to time from His Royal Highness The Duke of Cornwall which are related Éo amounts r¢ceivable by the Duke as Bona Vacantia (the casual Profits of estates of de¢eased intestates dying domiciled in Cornwall without kin or the remaining assets ot dissolved companies registered in Cornwall), after allowing for costs and ex gratia payments made by the Duke in relation to claims on any estat¢. The donations are invested to produce an income from which gyants are made in acCOance with the objectives. There have been no material changes in policy since the last trustees, report. The trustees have complied with the duty in Section 17 of the Charities Aci 2011 in respect of having due regard to guidance published by the Charity Commission, including public b¢nefit guidance.
THL DUKE OF CORNWALL'S CHARITABLE FOUNDATION REPORT OF THE TRUSTEES FOR TIIF. YEAR ENDED 30 JUNE 2024 (cuntillued) Trustees The trustees meet regularly and are the Receiver General and 8eeretary of the Duchy of Cornwall Estat¢, ex officio and external trustees. The trust deed also has provision for the appointment of other persons as trustees when appropriate. Alastair Martin ceased to be Secretary of the Duchy on 31 October 2024 and William Bax was appointed to that role on 4 November 2024. Alaslair mtin and Rob¢rt Curnow were appointed as additional external trustees frorn that date. Aehievemenls and Performance The Duke of Cornwall's Charitable Foundation is pi'incipally a grant giving charity and most activity is related to supwrt for charitable organssations. All grants met the Duke of Cornwall's Charitable Foundation's objectives as illustrated earlier in this teport. Financial revi¢w During the year, the Fund receiv¢d inv¢stmenl inwme of £188,692 (2023 £142,925) and made 44 grants amounting to £239,684 (2023 48 grants totslling £158,750), leaving a deficit of £87,640 (2023 deticit £21,106) after administration expenses in the general fund. The Fund received donations of £158,000 (2023 £50,014) giving total incoming resources of £346,692 {2023 £192,939). The designdted fund inureased froni £6,412,250 to £6,851,341, after allowing for a £88,000 transfer to the general thnd for disti'ibulion. Total funds at 30 June 2024 amounted to £6,852,072 (2023 £6,412,621). Grants Poliey The Fund makes grants in a¢cordanc¢ with its charitable objectives as set out on page 2. Applications for grants are generally only accepted from registered charities, primarily based in Cornwall, and considered at regular trustee meetings. Offers are deterLnined by trustees at these meetings. Applications for grants should be made in writing to the secretary at 10 Buckingham Gate, London SWIE 6LA.
THF. DUKF, OF CORNW ALL'S CHARITABLE FOUNDATION REPORT OF THE TRUSTLI ES FOR TIIE YEAR ENDED 30 JUNE 2024 (eonlinued) Risk Management Policy The trust¢¢s of th¢ Fund have put into place systems which will mitigate any risks that can be idenlified. The Fund's investments are monitored on a regular basis and are held by their inveslment manager. The Fund has no direct employees and is therefoit not responsible for the dii'ect costs of any staff. The Fund's non-inv¢stment income is handed over directly by the DuGhy of Cornwall Estate and the SleeS are aware of the adequacy of reserves and cash flow, in line with besi practice. Prior to any donation irquest, all Claimants are checked thoroughly and only wrttten applications are consider¢d, normally only from charitable institutions. Grants are generally made to organisations which are known to the trustees who will. in turn, make the appropriate investigations, if required. The trnstees also keep outgoings at a manageable level. Investment Policy There are no restriction8 on the Fund's power to invest. The investment strategy is set by the 'ustees and takes ilLcount ofyecent demand for funds and ethical considerations. The trustees consider the income requirements, the r£sk profile and th¢ inv¢stm¢nt manager's view of the market prospects in the medium tenn. The investment portfolio decreased in value from £5,273,808 at 30 June 2023 to £3,642,899 at 30 June 2024 following an investment sale. The Fund is enlirely invested in the Newton Ethically Screened Fund for Charities, a global and divei'sified portfolio of equities and fixed interest securities with particular emphasis on environmental, social and governance considerations, screened against ncgativ¢ socially responsible investment criteria. Reserves Policy The Fund maintains unrestricted funds, which are the free reserves of the Fund. As explained on page 3, the designated Teserve, which totals over £6.8million, is being held as a long-lem] investment, in order to gene17te future incoming resources to support the Fund's ¢haTltabl¢ objectives. It is the policy of the Fund to pay out, by means of grants, substantially all of the total incoming resources for the year on the general fund, after relevanl expenses have been met, although the trustees are necessarily constrained by the availability of sufficient suitable grant applications. It is the trustees, intention to maintain a small balance to covei. unforeseen expenditure. Notwithstanding the general desire to protect the capital within the designated fund, the trustees may decide from time to time to pay over receipts of Bona Vacantia to the general fund to allow additional grants to IK mad¢.
THE DUKE OF CORNWALL'S CHARITABLE FOUNDATION REI PORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 (eoiitinu¢d) Plans for Future Periods In the coming year, the Fund will continue to provide charitable support in accordance with its obj¢ctiv¢s. Trustees, Responsibilities Statement The trustees are responsible for preparing the Annual Report and the fEnancial statements in accordance wilh applicable law and regulations. Law applicable to ¢harities in England and Wales requires the trustees to prepare financial statements for each financial yeai.. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Uniled Kingdom Accounting Standards and applicable law). The financial staternents are required by law lo giv¢ a true and fair view of the state of affairs of the charity's activities during the year and of its financial position at the end of the year. In preparing those financial statements, th¢ trust¢¢s are r¢quir¢d to.. select suitable accounting policies and then apply them consistelltly. observe the methods and principles of the Charities SORP. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going ¢on¢¢rn basis unl¢ss it is inappropriat¢ to presume that the charity will continue its activities, in which c&8e there should be SUPFrfTrrting assumpiions or qualifications as necessary. The trustees confimi that they have complied with the above requirements in preparing the financial statements. The trustees are responsible for kecping propcr accounting rccords that disclose with reasonable accuracy at any time the financial position of the fund and enable ihem to ensu that the rinancial statements comply with the Charities Act 2011, the Charity (Accounls and Reports) Regulations 2008 and the trust deed. They are also responsible for safeguarding th¢ ass¢ts of th¢ charity and hence for taking reasonable steps for the prevention and detection of fraud and other ILTegUl(1ties. Approved by the trustees on 4 March 2025 Alastair Martin CVO Edward Harley CBE
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DUKE OF CORNWALL'S CHARITABLE FOUNDATION FOR THE YEAR ENDED 30 JUNE 2024 Opinion We have audited the financial statements of The Duke of Comwall's Charitable Foundation ('the charity,) for the year ended 30 June 2024 which comprise the statement of financial activities, the balance sheet and the notes to th¢ financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporling,giandard applicable in ihe UK andRepublic oflreland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: 'give a true and fair view of the state of the charity's affairs as at 30 June 2024 and of its incoming resources and application of resources for the year then ended. .have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and .have been prepared in accordance with the requirements of Charilies Aci 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those 5tandaTds are further described in the Auditor's responsibililiesfor ihe audit of thefinancial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we hav¢ obiained is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concern basis of accounting in the Preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the chaTity'5 ability to continue as a going concern for a peiiod of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in ihe relevant sections of this report.
INDII PENDENT AbDITOR'S REPORT TO THF TRUSTEES OF THE DUKE OF CORNWALL'S CHARITABLE FOUNDATION FOR TIIE YEAR ENDED 30 JUNE 2024 (Continued) Other information The other information comprises the information included in the annual repoit, including the tsteeS, report, other than the financial slatsments and our auditor's report thereon. The truslees are responsible foi. the other information contained within the annual report. Our opinion on the financial statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do nol ¢xpress any form of assurance conclusion thereon. Our responsibility is to itad the other infonnation and. in doing so, consider whether the other infommtion is materially inconsistent with the financial statemenls or our knowledge obtained in ihe coui'se of the audit, or othenvise appears lo be materially misslated. If we identify such material inconsistencies or apparent material misstatements. we are required to delern]ine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other inforn]ation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exeeplion In th¢ light of the knowledge and understanding of the charity and tts environment obtained in the course of the audit, we have not identified material misslatcm¢nts in the trustees, report. We have nothing to report in iEspect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion: •the information given in the trustees, report is inconsistent in any material respect with the financial slatements. or •sufficient accounting records have not been kept. or .the financial statements are not in agreement with the accounting records. or •we have not received all the information and explanations we require for our audit. Responsibilities of Irust¢es As explained mor¢ llY in the trustees, Tesponsibilities statement set out on page 5, the trustees are responsible for the preparation of ihe financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to ¢nabl¢ the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
INDI4 PEM)ENT ALDITOR'S REPORT TO THE TRUSTII S OF THE DUKE OF CORIYWALL'S CHARITABLE FOIJNDA TION FOR THE YEAR ENDED 30 JUNE 2024 (continued) In preparing the financial statemenls, the trustees are responsible for assessing the charity's ability to continue as a going conceiTL, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidat¢ th¢ charity or lo ¢¢as¢ operations. or hav¢ no realistic alteinative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section J44 and report of th¢ Charities Act 2011 in accordance with the Act and relevant regulations nmde or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaTantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstaternents can arise from fraud or error and are considered material if, individually or in the aggr¢gat¢. thcy could rcasonably bc ¢xpcct¢d to influence the economic decisions of users taken on the basis of thes¢ financial stat¢menls. Irregularities, including fraud, are instances of non-compliance with laws and r¢gulations. W¢ design procedui'es in line with our responsibilities, outlined above, to detect material misstalcmcnts in rcspcct of irr¢gularitics, including fi'aud. Thc extent to which ow procedures are capable of detecting inEgularities, including fraud is detailed below: Ow approach to identifying and &ss¢ssing the risks of mat¢rial misststemenl in r¢sp¢cl of irregularities, including fraud and non-compliance wkth laws and regulations, was as follows: the engagement paitner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance wilh applicable laws and regulation5' we idcntificd the laws and r¢gulations appli¢abl¢ to th¢ charity ihrough discussions with trustees and other management. we focused on Specific laws and regulations which we considered may have a direct material effect on the fmancial statements or the operations of the charity, including Charities Act 2011. we assessed the extent of ¢otnpliance with the laws and regulations identified above through making enquiries of n]anagement and inspecting legal correspondence; identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. and reviewing minutes of those charged with governance.
INDE4 PEI NDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DUKE OF CORNWALL'S CHAIUTABLE FOUNDATION FOR THE YEAR ENDED 30 JUNE 2024 (continued) We assessed the susceptibility of th¢ charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquirie5 of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fi'aud; considering the infrrnal Controls in place to mitigate risks of fraud and non-compliance with laws and regulations. and To address the risk of fraud through management bias and override of controls, we.. perforn]ed analytical procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual transactions; ass¢ss¢d whether judg¢ments and assumptions made in determining the accounting estimates were indicative of potential bias. investigated the rationale behind significant or unusual transactions. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's w¢bsiÈ¢ at.. www.frc.org.ukjauditorsresponsibilities. This description forms part of our auditor's report. SRG (AUDIT) LLP 15 eligible for appointlnent as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Use of our report This report is made solely to the charity's trust¢¢s. as a body. in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters w¢ are required to state to them in an auditor's report and for no other putyose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's trustees as a body, for our audit work, for this report, or for the opinions we have forn]ed. SRG (AUDIT) LLP Chartered Accountants Statutory Auditor 10 Bolt Court London EC4A 3DA //" AJ£)-
THE DUKE OF CORNWALL'S CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR NDED 30 JUNE 2024 Note General Fund Designated Fund Total 2024 Total 2023 Ineoming resources Incoming resources from generated funds: Investment incorne Donations 188,692 188,692 158,000 142,925 50,014 158,000 Total incoming resources 188,692 158,000 346,692 192,939 Resources expended Costs of generating funds: Direct charitable activities.. Grants Governance costs Legal fees Trustee expenses reimbursed 239,684 6,620 29,578 450 239,684 6,620 29,578 450 158,750 5,040 241 Total resources expended 276,332 276 332 164031 Net (outgoing)lincoming resources for the year before (gain on investments (87,640) 158,000 70,360 28,908 Realised gain on investment sale Unrealised gain on investments Net movement in funds 91,337 277,754 527,091 91,337 277,754 439,451 172,345 201,253 87,640 Fund balances bTought forward 371 6,412,250 6,412,621 6,211,368 Transfer 88,000 (88,000) Fund balances carried forward 731 6,851,341 6,852,072 6,412,621 The notes on pages 12 to 17 forn] part of these accounts. All of the Fund's activities are derived from continuing operations. The Fund has no recognised gains or losses other than those shown above. 10
THE DUKE OF CORNWALL'S CHAIUTABLE FOUNDATION BALANCE SHEET AS AT 30 JUNE 2024 30 June 2024 30 June 2023 Not¢ FAx¢d assets Investments 3,642,899 5,273,808 Current assels Debtors Cash at bank 39,085 3,367,350 3,406,435 (171,262) 43,772 1,180,241 1,224,013 (85,200) Creditors: amounts falling due within one year Net current assets 3.235,173 1,138,813 Total assets less eurrent liabilities 6,878,072 6,412,621 Non-eurrent liabilities Creditors: amounts falling du¢ within one year (26,000) Net Assets 6,852,072 6,412,621 Funds General Designated Total Funds 731 6,851,341 6,852,072 371 6,412,250 6,412,621 Approved by the trustees on 4 March 2025 Alastair Martin CVO Edward Harl¢y CBE The notes on pages 12 to 17 forn] part of these accounts.
THE DUKE OF CORNWALL'S CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS- 30 JUNE 2024 l. Accounting polieies Basis ofprepdralion ond assessment ofgoing concern The financial statements have been prepai'ed in accoidance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in acoordan¢¢ with the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) effective l January 2019 and the Financial Reporting Standard applicable in the Uniled Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.Th¢ Fund constitutes a public benefit ¢ntity as defined by FRS 102. The financial statem¢nts have been prepared under the historical cost convention with items recognised at cost or transaction value unless othenvise stated in the relevant notes to these accounts, The financial statements are prepared in Sterling whteh is the functional currency of the charity and rounded to the nearest £. The trustees consider that there are no material uncertainties about the Fund's ability to conlinue as a going Concern. Inlllngible inc0e Support provided by third parti¢s is brought into th¢s¢ accounts al its ¢stimat¢d value to the fund, unless it is not Possible to ascertain the value. To the extent that it is possible to obiain a valu¢, Ihis is included both as incom¢ and expenditure. Income Income from investment5 is accounted for on an accruals basis stated inclusive of recoverable taxation. Other income is accounted for on a receipts basis. Investmenls Inveslmellts &re stated at the middle market price at the balance sheet date. Both unrealised and realised gains and losses, reflecting the changes in the market value of the investments, and profjts or losses on sale, are included in the Statement of Financial Activities. Cdsh al bank Cash at bank is held to meet short-temi cash commitments as they fall due rather than for inveslment purposes. Casliflow The Fund has laken advantage of the exemption as a small charity not to present a cash flow statement. Funds The trustees have determined that investment gains and losses both realised and UnalISed, associated inanagement charges, net Bona Vacantia receipts and bank balances held for capital purposes are recorded in th¢ d¢signated fund. All other income and expenditure is recorded in the general fund. Both the designated and general funds are unrestricted, 12
THE DUKE OF CORNWALL'S CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS (Continued)- 30 JUNE 2024 Aecounting poliefies {contlnued) Granls and other expenditure Grants payable are included in the Statement of Financial Activities in the period in which the conditions attached to the award are met or outside the control of the Fund. Grants which have been recognised but not paid are account¢d for as creditors in th¢ balance sheet. Other expenditure is accounted for on an accruals basis and recorded including irrecoverabl¢ VAT. Supporl costs The day to day administration of the Fund is carried out by staff of the Duchy of Cornwall Estate and provided free of charge. The trustees recognise this significant contribution but consider th¢ monetary value of these servi¢es for administrative support to be immat¢rial. Investment incom¢ 2024 2023 UK inveslment income Bank inlerest 113,740 131,116 Donations from His Royal Highness The Duk¢ of Cornwall Donations from His Royal Highness The Duke of Cornwall represent amounts received by E4is ROY Highness as Bona Vacantia (the casual profits of deceased intestates dying dotni¢iled in Cornwall without next of kin), after allowing for costs and ex gratia payments by His Royal Highness in iElation to claims on any eslate.
THE DUKE OF CORNWALL'S CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS (Continued) - 30 JUNE 2024 Grant8 During the year, the following organisations or individuals became ¢ntitl¢d to r¢c¢ive total donations of £1,000 or more- Pentreath Ltd Chaos Cornwall CIC Comwall Historic Churches Trust The Island Haven Cornwall Community Foundation (Cornwall Crisis Fund) Cornwall Community Foundation (Young Carers Fund) Highertown PCC Abandotbrothers Lostwithiel Community Association Childrens, Sailing Trust Hearing Loss Cornwall The Rev'd Elizabeth Burke 78,000 50,000 30,000 20,000 20,000 10,000 5,000 5,000 3,684 2,000 2,000 1,000 Other donations to individuals and organisations of less than £1,000 each total £13,000 {2023 £15,250), During the year, there was one grant to an individual (2023 one grant). Covernance ¢osts 2024 2023 Audit fees - ¢urrent year There were no governance co8ts charged to the designated fund. The Fund has no ernployevs (2023 nil) and the trusleey do not tEceive any remuneiation. Reimbursement of £450 travel expenses was madc to trustc¢s James Williams and Gill Pipkin during the year (2023 £241). As noted in the accounting policies (Note l) the trustees consider the value of services provided by the Duchy of Coinwall Eslate for administrative support to be immaterial. 14
THE DUKE OF CORNWALL'S CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS {Continued)- 30 JUNE 2024 Fixed asset investments Movement in fixed asset investrnents.. 2024 2023 Market value l July Less disposal Add.. net gaRn on revaluation 5,273,808 (1,908,663) 277,754 5,101,463 172,345 Market value as at 30 June 3 642 899 5 273 808 Investments at market value comprised.. 2024 2023 Newton Ethically Screened Fund for Charities 3,642,899 5,273,808 Maiket value as at 30 June 3,642,899 5,273.808 Debtors 2024 2023 UK investment income Bank interest 27,930 11,155 39,794 3,978 43,772 15
THE DUKE OF CORNWALL'S CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS (Continued) - 30 JUNE 2024 Creditors 2024 2023 Creditors falling due within one year Grants Other creditors 135,684 35,578 80,000 5,200 Total creditors falling due within one year 171,262 85,200 2024 2023 Creditors falltng due after more than one year Grants 26,000 Total creditors falling due after more than one year 26,000 Analysis of net assets by fund 30 June 2023 General D¢signated Inv¢stm¢nls Current assets Cuent liabilities 5,273,808 1,138,442 85,571 (85,200) 371 6412,250 30 JurA¢ 2024 General Designated Investments Current assets Current liabilities Non-current liabilities 3,642,899 3,208,442 197,993 (171,262) (26,000) 731 6,851,341 16
THE DUKE OF CORNWALL'S CHAIUTABLE FOUNDATION NOTII S TO THE ACCOUNTS (Continued)- 30 JUNE 2024 10. Related party transactions Two of the trustees of the Duke of Coi'nwall's Charitable Foundation are also members of the Prince's Council of th¢ Duchy of Cornwall Estate. which administers th¢ transfer of net Bona Vacantia receipls to the Fund as detailed in Nol¢ 3. There were no balances outstanding between the parties at the year end (2023 £nil). Subsequent events In OGtobeT 2023, the trustee8 agreed to provide up to £3milliort from the designated fund for the purpose of building and eslablishing a unit for th¢ homeless at Nansledan on the edge of Newquay. A design and build Contract is in the process of being drawn up. with construction expecfrd to start in May 2025. The gi'ant would b¢ drawn down in instalments as construction progresses. 17