ThE DUCHY
HEALTH
CHARITY
Duchy Health Charity Limited
(Limited by Guarantee)
Trustees, Report and Financial
statements
For the year ended 31 March 2024
Charity regislration number 271957
Company registration number 01268926

Duchy Health Charity Limited
Contents
ThE DUCHY
HEALTH
CHARITY
P8ge
Report of the Board of Trustees
Independent auditors, report
10-12
statemenl of financial activities
13
Balance sheet
14
Notes lo the financial statements
15-21

Duchy Health Charity Limited
Report of the Board of Trustees
For the year ended 31 March 2024
THE DUCHY
HEALTH
CHARITY
The Board of Trustees present their annual report for Ihe year ended 31 March 2024, together with
the audited financial slalements for the year which are also prepared to meet the requirements for a
directors, report and financial statements for Companies Act purposes.
The financial statements comply with the Charities Act 2011, Companies Act 2006, the Memorandum
and Articles of Association, and Accounting and Reporting for Charities.. Slalement of Recommended
Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS102} (effective 1 January 2019}.
Objectives and activities
Charitable purposes
The objects of the Charity are lo promote the prevention and relief of sickness in Cornwall by such
charitable means as the Board shall think fil. This is mainly through making grants and organising
regular health seminars or leclLJres.
Public benefit, aims and obj•¢tlVg5
The charity complies with the public benefit requirement through ils granl making programme.
The trustees confirm that they have referred lo the guidance contained in the Charity Commission's
general guidance on public benefit when reviewing the charity's aims and objectives and in planning
future activities and setting the grant making policy each year.
The grant making programme is wholly directed al supporting charitable organisations whose work
benefits the people of Cornwall and the Isles of Scilly.
Organisation
The Charity's Board comprises of up lo 25 members who meet four times per year. The following
sub-commillees dealt with the charity's activities during the year..
Finance - Chair- Mark Williams
Grants - Chair- Gaynor Coley
Day to day activities of the Charity are managed by the SecretarylFinan¢e Chair, Chairman, Vice-
Chairman and Chairman of the Grants Committee with support provided by the administrator, a new
paid post from April 2022.
Several working groups have also been established to focus on key areas of the Charity's activities,
namely Governance, and Childrer) and Young People.

Duchy Health Charity Limited
Report of the Board of Trustees
For the ye8r ended 31 March 2024
ThE DUCHY
HEALTH
CHARITY
Achievements and performance - Chairman's report
Intmduction
2023124 has been a period of change for Duchy Health Charity with Ihe retirement of a number of our
longer seNing Trustees and the appointment of four new Trustees who bring with them new skills
and some fresh thinking. The Charity continues to be extremely fortunate to have a Board which is
active, creative, conscientious. and thoughfftil about the health and wellbeing of the people of
Cornwall.
Al our AGM in November 2023, our President, Michael Galsworthy CVO CBE DL who had worked
tirelessly as President and previously, as Chair, lo further the activities of the Charity, raise its profile
and enable il lo punch way above its weight across Cornwall and nationally, a150 stepped down from
his role.
Michael was succeeded in the role of President by Katharine, Viscountess Falmouth who has great
experience of charitable work, particularly related to many aspects of health and wellbeing. She
worked hard with Cornwall Foundation NHS Trust to raise £500k towards the Level 4 provision for
mental health Isowennal for children and young people. She has a150 been involved in Promoting
Effective Parenting.. Children's Hospice South West (CHSW) and the Comwall Women'5 Centre.
Strategy
The basis of our activities is the focus upon the health and wellbeing of the people of Cornwall. In
doing this, prevention of ill heallh is a prionty through..
Supporting charities lo enhance the health and wellbeing of the population of Cornwall by the
development of strategies to prevent and alleviate illness.
Using the Board's skills and working in partnership with other organisations and institulions
across Cornwall to influence and encourage change across health and wellbeing provider5
and stakeholder organisations.
Acting as a catalyst for change, a conduit of knowledge and learning, lo enable learning to
happen.
Governance
Throughout the course of the yeai. the Trustees have conducled an extensive review of Ihe Charity's
Mernorandum and Articles of Association, risk management protocols. grant allocation criteria, and
several key policies to ensure that the Charity continues lo fulfil its legal, financial. ethical and
functional obligations, and possesses the capability lo assess the performance and effectiveness of
the organisation.
How we do this
Primarily, through the targeted use of Duchy Health Charity funds and the acquisition and application
of local knowledge, we act as an enabler to the health, social care and voluntary sectors.

Duchy Health Charity Limited
Report of the Board of Trustees
For the year ended 31 March 2024
ThE DUCHY
HEALTH
CHARITY
Achievements and performance - Chairman's report (Continued)
Priorities
In terms of our grant giving, 2023124 has been another excellent year with granls lolalling almost
£550K awarded, including £365K for the establishment of a new Integrated Health and Wellbeing
Centre at Humphry Davy School in Penzance Isince the financial year end a further grant has been
approved to enable the completion of the project). This has been an exciting project for the Charity
to get involved with and bears teslimony lo Ihe Trustees. passion for improving access lo social
prescribing for young people and their families across Cornwall. The Centre is due lo open in
September 2024 and will be an embodiment of partnership working across different sectors and
services from Public Health, Primary Care, Cornwall Council, and local charities such as Trelya and
Barnardo's. with a truly inlergenerational approach lo ensure project sustainability within the
community.
The Trustees have subsequently indicated that further support will be provided for young people's
social prescribing, with £50K of investment, over the next 5 years, into extending our work with the
CHAOS Group to other geographical areas of Cornwall, and we are collaborating with Volunteer
Cornwall and the Lead Chartered GP Clinical Psychologist at Launceston Medical Centre to deliver
8 Similar offer through the new Health Inequality Hub in the town.
The enthusiasm shown by Comwall Council's 'Together for Families. SeNice, the Integrated Care
Board IICBI and Dr Michael Dixon. Head of the Royal Medical Household and Chair of The College
of Medicine and Inlegraled Health, in our plans to collaborate on this project is vindication, if il were
needed, that the work could yield a radical and significant effect on the health and wellbeing of
Cornwall's young people in years lo come.
AS 8n illustration of the breadth of Duchy Health Charity's giving, over the la51 year we have awarded
grants to..
Children's Sailing Trust, Trevassack - improving facilities for children with disabilities
Age UK Cornwall and Isles of Scilly- social prescribing community garden and pain cafe
Lambeage Hall, Coverack- improving access facilities for those with reduced mobility
Brook Young People. Truro- mental health and wellbeing hub for young people
The Oasis Cenlre, Newquay- wellbeing cafe
The Chestnut Appeal for Men's Health, Isles of Scilly - raising awareness of and providing
advice on proslate, testicular and penile cancers
Glen Carne Anchor Point project, North Comwall - improving mental and emotional health
and provide life and employability skills of disadvantaged people
Citizenship 4 Life, mid Cornw811- mentoring programme for young people
This is just a small cross section of the types of grants we have awarded and as awareness of Duchy
Health Charity continues lo grow acr055 Cornwall so does the diversity of our grant giving.

Duchy Health Charity Limited
Report of the Board of Trustees
For the year ended 31 March 2024
THE DUCHY
HEALTH
CHARITY
Achievements and performance - Chairman's report (Continued)
Before awarding grants, Trustees give due consideration to a number of key indicators including..
Evidence of local need
Potential benefit to the local community
Anticipated outcomes
Sustainability
Impact on underreprÈsÈnted groups
Cost effectiveness
For a number of years, Duchy Health Charity has also given funding to local University and Further
Education College students to recognise special achievement,. and to support students who may
need additional financial assistance to help them maintain their studies but who are not eligible for
the University bursary schemes, by way of an 'enablement' award - the Mary Grigg Award - named
aftef a former Trustee.
For various reasons the granting ofthese awards has not been easy and as a result the Trustees are
reviewing the awards criteria and how they might be administered in the future.
Conclusion
This report confirms that the Duchy Health Charity continues to be in good order, is fulfilling its
purpose and is having an impact upon health and wellbeing in Cornw811. I thank all the Trustees for
their hard work through the year.
Dr Barbara Vann DL; Hon Dsc (Exeter)
Chair
Pog,

Duchy Health Charity Limited
Report of the Board of Trustees
For the year gnded 31 March 2024
THF. DUCHY
HEALTH
CHARITY
Financial review
Investment povRrs and pollcy
The Charity's investrnent powers are set out in it5 memorandum and article5. The investments are
monitored by the Finance Sub-committee who compare performance with appropriate indices and
meet with the investment managers on an annual basis. The policy is to maintain income whilst
preserving the real value of the Chafity's investments. The funds are held on a long-lemi basis and
an aveiage return of 6.8.10 on cost was obtsined during the year from these investments.
Grant making pollcy
Grant applications are considered by the Grant SutFCommittee who are able to approve individual
applications of up to £30,000. Larger applications are referred by the Sub-committee to the Board
for approval.
The Charity aim5 to support projects which irnpfove direct healthcare in Cornwall and to a5SlSt in the
provision of equipment and services that are not available from other agencies. The Charity also
SUPPOrts research activities undertaken in the County.
Reserves policy
The Charity's funds were principally derived from the sale of the Duchy H05Pltal in Truro which it had
previously operated. Following the sale. the Charity became a grant making body and has aimed to
distribute grants on an annual basis. When an exceptional grant application 15 received, the Board
can utilise the Chanty's fixed asset investments.
The Charity's total reserve5 are primarily held to generate an income to enable grant awards to be
made each year.
Risk management
The BoaTd has asse55ed the major risks which they have identified and to which the Charity is
exposed and are Satisfied that Systems are in place to mitigate exposure lo these.

Duchy Health Charity Limited
Report of the Board of Trustees
For the y8ar ended 31 March 2024
THE nucHY
HEALTH
CHARITY
Financial review (continued)
Revlew of actlvities
The income {PTimarily from dividends) was £262.161 {2023. £240,345), grants of £549,767 {2023'.
£200.9941 have been approved in accordance with the objects of the Charity- A summary of the
results is given on page 13. A summary of each year's net income and grants since becoming a granl
making charity is shown below..
Net In¢ome avallable
for distributlon
Grants
approved
Grants
withdrawn
Year
Net grants
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
100.000
199.161
199,705
186,248
162,829
181,452
189,893
219,545
303,354
305.629
312.237
291.397
264.573
259.917
240,283
244,842
249,754
278,893
275,891
192,906
175,394
159,141
175,878
169.900
194,214
177,686
182,654
192,719
190,536
179.379
177.738
179.486
199,778
217,100
69,000
177,880
189,500
178,000
238,129
156,095
151,328
154,783
442.050
1,669.942
88.827
416,332
1,060,912
71,003
367,000
260,295
60,750
1.016,789
137,079
155.030
129,975
169,048
145,119
283,137
194,700
163,771
71,130
118,100
147,030
159.866
207,275
152,687
204,210
549,772
69,000
177.880
189,500
178,000
238,129
156,095
146,328
149,783
442.050
1,669.931
88,012
415,712
1,060,912
41,003
352,727
210,291
49,868
908.785
134.396
154,587
122,480
136,252
145,119
265,484
194.395
143.771
50,759
117,450
147,030
158,286
205,974
152,687
200,994
549,767
15,000)
15,000)
(11)
(8151
(6201
{30,000}
(14,273)
150,004)
110,882)
1108,004)
(2,6831
(4431
(7,4951
{32,796)
117,653)
1305)
(20.000)
{20,3711
{650)
11,580)
11,3011
{3,216)
(5)
9,756.544
1333,107)
9,423,437
The Charity's retained surplus at 31 Mareh 2024 was £3,800,752 (see note 151. The Board are
satisfied that taking into account its anticipated investmenl income, sufficient funds will be available
to allow the Grant Committee's continued operation in the current year.

Duchy Health Charity Limited
Report of the Board of Trustees
For the year ended 31 March 2024
THE r)UCHY
HEALTH
CHARITY
Reference and Administrative Details
Name of Chari
Duch Health Chari
Limited
Chari
Corn
re
istration number:
re
istration number..
271957
01268926
an
Constitution:
Cornpany lirniled by guarantee and a registered charity
overned b its Memorandum and Articles of Associalion
Istered office:
Lowin House Tre
olls Road. Truro. Cornwall TR1 2NA
Postal address:
PO Box 352. St Austell. Cornwall, PL25 9JE
Webslte:
www.duch healthchari
.or
Patron:
The Former Duke of Cornwall
President:
Viscountess Falmouth - from 13, November 2023
Honora
President:
Michael Galsworth CVO CBE-from 13° November 2023
Directors and Trustees
The directors of the charitable company I'the Charty.) are its trustees for the purpose of charity law and
Ihroughoul this report are collectively referred to as Ihe Board. Board members musl also be members of
Ihe Charty, one third of the Board retire at each annual general meeting but are eligible to be reappointed.
New Board members are appointed by the Board but their appointment is confirmed by members at the
first annual general meeting following their appointment. Newly appointed Board member5 are provided
with copies of the Charity's financial st8temenls and memorandum and articles of association prior to
appointment. Guidance on the Charity's ethos and activities is provided by the Chairman and Secretary.
The Board members serving during the year and since the year end were as follows..
Date of original
election
Date of last
election
Dr B Vann (Chairl IF) (GI
Mrs C O'Brien (GI- resigned 5 FebTuary 2024
Mrs S-J Coode MBE (GI
Mr TJ Guy (GI - resigned 13 November 2023
Mr G Murdoch IF) - resigned 13 November 2023
Mr M Williams IF) IG) Isecretaryl
Mrs A Hambly-staite IG)
Mr JR Croggon IF)
Dr JA Evers IG}
Dr TJ Anderson IGI
Ms K Hutchinson {G)
Ms GS Coley IG)- appointed 13 November 2023
Miss OCF Miller- appointed 13 November 2023
Prof AD Woolf- appointed 13 November 2023
Miss J Taylor- appointed 13 November 2023
24.09.01
24.09.01
17.11.05
22.07.08
11.02.13
20.10.14
15.06.15
01.02.16
29.01.18
25.02.18
13.11.23
13.11.23
13.11.23
13.11.23
13.11.23
14.11.22
14.11.22
14.11.22
14.11.22
14.11.22
26.10.20
22.11.21
14.11.22
22.11.21
22.11.21
13.11.23
13.11.23
13.11.23
13.11.23
13.11.23

Duchy Health Charity Limited
Report of the Board of Trustees
For the year ended 31 Manh 2024
THE DUCHY
HEALTH
CHARITY
Reference and Administrative Details (continued)
The following Board Members retiring by rotation offer themselves for re-election..
DT B Vann. Mrs SJ Coode and Mr M Williams.
Regular members of the grant and finance Committees are indicated by the letter G and F respectively..
other Board members frequently attend these meetings together wrth other invited individuals wth an
interest in health care.
Auditors:
PKF Francis Clark. Lowin House, Tregolls Road, Truro. TR1 2NA
Sollcltors:
Tozers Solicitors LLP, Broadwalk House. Southernhay West, Exeter.
EX1 1UA
8anker5:
Lloyds Bank. 7 Boscawen Street, Truro, TR1 2QT
Investment managers:
The Charity's investments are held in Charrfund. Charibond and Global
Dividend Fund units which are investment funds managed by M & G
Investments.
Related parties
Any connection between a trustee with a grant recipient or supplier of the charily is disclosed to the board
of Trustees in the same way as any other Contractual relationship with a related party.
Further details can be found in note 16.
Risk assessment
The trustees have assessed the principal risks and uncertainties to which the charity is exposed and have
established systems to mitigate those risks. The principal financial risk is a loss of income thTough falling
investrnent performance. This is monitored to ensure expenditure is kept wilhin the fund5 available. This
is an ongoing Process and is subject lo regular review.
Audlto
A Tesolution proposing that PKF Francis Clark be reappoinled as auditors will be submitted to the Annual
General Meeting.

Duchy Health Charity Limited
Report of the Board of Trustees
For the year ended 31 March 2024
THE DUCHY
HEALTH
CHARITY
Statement of trustees, responsibilities
The trustees (who are also directors of Duchy Health Charity Limited, for the purposes of company
lawl are responsible for preparing the Annual Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year which give a
true and fair view of the slate of affairs of the charitable company and of the inGoming reSoUr￿S and
application of reSoUr￿s, including income and expenditure of the charrtable company for that period.
In preparing those financial statements, the directors are required to..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles of the SORP 2019 (FRS102)',
make judgements and estimates that are reasonable and prudent;
slate whether applicable UK Accounting Standards have been followed subject to any material
departures disclosed and explained in the financial statements., and
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and
explain the charitable company's transactions and disc105e with reasonable accuracy at any time the
financial position of the charitable company and to enable them to ensure that the financial statements
comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for
safeguarding the assets of the charilable company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Statement of dlsclosure to audltor
So far as the trustees are aware, there is no relevanl audit information of which the charitable
company's auditors are unaware. Additionally, the trustees have taken all the steps that they ought
to have taken a5 trustees in order to make themselves aware of any relevant audit infomiation and
to establish that the charitable company's auditors are aware of that information.
This report has been prepared in aGcordanGe with the special provisions of Part 15 oflhe Companies
Act 2006 relating lo small companies.
Signed on behalf of the Trustees by
Lowin House
Tregolls Road
TRURO
Cornwall
TR1 2NA
M Wllllams BA {Hons) FCA DChA
SeGret8ry
22 July 2024

Duchy Health Charity Limited
Independent auditors, report
to the Members of Duchy Health Charity Limited
1HE DUCHY
HEALTH
CHARITY
Oplnlon
We have audited the financial statements of Duchy Health Charity Limited Ilhe 'chaTrtable company'l for the
year ended 31 March 2024 which comprise the statement of financial aclivilies. balance sheet and notes lo the
financial 51alemen15, Including a summary of significant accounting policies. The financial reporting framework
that ha5 been applied in their preparabon is applicable law and Unrted Kingdom Accounting Standards,
including Financial Reporting Standard 102 The Financial Reporting Standard applicable in th8 UK and
Republic of I￿land (United Kingdom Generalty Accepted Accounting Praclicel.
In our opinion the financKal slalemenls..
give a true and fair view ol the slate of the charitable company's affair5 as al 31 March 2024, and of ts
incoming resources and application of resources, includsng ils income and expenditure, for the year then
ended.,
have been property prepared in accordance wrth Unrted Kingdom Generalty Accopled Accounting
Practice,. and
have been prepare(l in accordance with the requiTemen15 of the Companie5 Act 2006.
Basis for oplnion
We conducted our audit in accordance with Inlemalional Stsndard8 on Auditing IUKI IISAS IUKII and applicablg
law. Our responsibilities under those standards are further described In the Audrtor's responsibilities for the
audit of the financial 5talemenls section of our report. We are independent of the charitable company in
accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK.
including the FRC'S Elhi¢al Standard. and we have fulfilled OLJr other elhi¢al ￿SPonsibl11t7es in accordance with
these requirements. We believe that the èudil evidence we have obtained is sufficient and appTOPTiale lo
provide a ba515 for our opinion.
Conclusions relating to going concern
In auditing the financial slalemenls, we have concluded that the directors use of the gDing Concern basis of
accounting in the preparation of the financial slalements is appropriate.
Based on the work we have perfonned, we have not identified any material uncertainlps relating to even15 or
conditions that, Individually or collectively, may cast significant doubl on the company'5 ability lo continue as
going concern lor a period of al lea51 twelve months from when the original financial 51alemenls were aulhorised
for issue.
Our Tespon51b11rtie5 and the re8ponsibilities of the Iruslees with respect lo going concem are described in the
relevant se¢tion5 of this report.
Oihor informatlon
The Iruslee5 are responsible for the other information. Thg other information comprises the information
include(6 in the Report of the Board of Trustees. other than the financial slalemenls and our audilorfs report
Ihereon. OUT opinion on the f1nancial statements does not cover the other information and, except lo the exienl
othe￿ise explicitly slated in our report. we do not express any fom of assurance conclusion the￿on.
In connection with our audit of the financial 51alements, our responsibility is lo read the other infomialion and,
in doing so. consider whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we idenlfy such rnalerial
incons15tencie5 or apparent material misslatemenls, we are required lo determine whether there Is a material
misstalemenl in the financial slalemenls or a material misststement of the other information. If, based on the
work we have performed, we conclude that there is a material misslatemenl of this other infomation, we are
required to report that fact.
We have nothing lo report in this regard.

Duchy Health Charity Limited
Independent auditors, report
to the Members of Duchy Health Charity Limited
ThE DUCHY
HEALTH
CHARITY
Oplnlons on other matters prescrlbed by the Companies Act 2006
In our opinion. bosed on the work undertaken in the course of the audit..
the information given in the Report of the Board of Trustees lin¢orporaling the directors, report) for the
financial year for which the financial statements are prepared is consistent with the financial slalemenls..
and
the directors, report has been prepared in accordance with applicable legal Tequiremenls.
Matters on whlch we are requlred to report by exception
In the light of our knowledge and understanding of tho Charitable company and ils environment obtained in the
course of the audit. we have not identified material misslalements in the Report of the Board of Trustees.
We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006
requires us to ￿port lo you ff, in our opinion..
adequate accounting records have not been kept, or returns adequate for OUT audit have not beon
received from branches not visited by us, or
the financial slalemenls are not in agreement with the accounting recoids and returns., or
certain disclosures of directors. remuneration specsfied by law are not made.. or
we have not received all the information and explanations we require for our audit.
Responslbllltles of trustees
As explained more fully In the Iru51ees' respon51bililies slalemenl Sel out on page 8. the Iruslees (who are also
the directors of the charitable company for the purposes ol company lawl are responsible for the preparation
of the financial slalemenls and for being satisfied that they give a true and fair view, and f¢Jr such internal control
a5 the Iruslees determine is necessary lo enable the preparation of financial slalemenls that are free from
material misslalemenl, whether due lo fraud or error.
In preparing Ihefinancial stalernenls. the trustees are responsible for assessing the chantable company's ability
lo continue as a going concern, disclosing, a5 applicable, maller5 rèlated lo going concem and using the going
concern basis ol accounting unles5 the trustees either Intend lo liquidate the charrtable company or to cease
operation5, or have no realistic alternative bul lo do so.
Auditorfs responsibilities for the audit of the financial statements
Our objective5 are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free
from material misstalemenl. whether due to fraud or error, and 10 155ue an auditor's report that includes our
opinion. Reasonable assurance is a high level of as5Uf3nce bul is not a guarantee that an audit conducted in
accordance with ISAS IUKI will a￿ayS delecl a material misslalement when il exists. Misslalements can arise
from fraud or error and S￿ considered material rf. individually or in the aggregate. they could reasonably be
expected lo influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, Including fraud, are instances of non-compliance Wbth laws and regulations. We design
procedures in line with our respon5ibililies. outlined above. lo delecl material misststemenls in respect of
irregularities, including fraud. The extent lo which our procedures are capable of dete¢ling irregularities,
including fraud is delaile(I below..
As part of the audit work, we obtained an understanding of the legal and regulatory framework that is applicable
lo the charity and tho sector in which il operates. The key law and regulation we identified ig employrnenl law.
We also considered Ih05e laws and regulations that have a direct impact on the preparation ol the financial
statements such as Companies Act 2006, Charrties Act 2011 and compliance wrth the Charrties Statement of
Recommended Practi￿.

Duchy Health Charity Limited
Independent auditors, report
to the Members of Duchy Health Charity Limited
ThIE DUCHY
HEALTH
CHARITY
We discussed with management how the compliance with these laws and regulation is monitored.
We assessed the susceptibility of the charity's financial statements lo material misslatemenl, including how
fraud might occur as part of the audit planning process. We determined that these T15ks ale k)w considering tho
fad that the charity operates on a nol-for-profil basis and so there would be no motivation lo management to
influence performance for individual gain. Likewise grant awards are approved by the grant committee or the
full board, further reducing the risk of fraud.
Based on this understanding we designed our audit procedures lo idenlfy non-compliance with such laws and
regulations. Our procedures included the following".
We reviewed legal and professional costs lo identify any possibl8 non-compliance or legal costs in
respect of non-compliance.
We reviewed board minutes.
We made enquires of management regarding their knowledge of any non-compliance with laws and
regulations that could affect the financial statements.
We audited the risk of management override of controls through testing journal entries and other
adjustments for appropriateness and evaluating the business rationale of significant transactions.
A5 part of OUT enquires we discussed with management whether there have been any known instsnces.
allegations or suspicions of fraud of which the￿ were none.
Because of the inherent limitations of an audit, there is a risk that we will not delecl all irregularrties, including
those leading lo a material misslalemenl in the financial slalemenls. This risk increase5 the further removed
non-compliance with laws and regulations is from the events and transactions reflected in the financial
statements a5 we are less like￿ lo become aware of instances ol non-compliance, The risk of not delecling 8
material misslalemenl due lo fraud is higher than the risk of not delecling one resulting from error, as fraud
may involve deliberate concealment, collusion, omission or m15Tepre5enlalion.
A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial
Reporting Council's website al.. www.frc.org.uklaudilorsresponsibililies. This description forms part of our
auditor's report.
Use of our report
This report is made solely lo the charitable company's member5, as a ljody, in accordance with ChapleT 3 of
Part 16 oflhe Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable
company's member5 those rnatters we are required to stale lo them in an auditor's report and for no other
purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility lo anyone other
than the chaTilable company and the chafilable company's members a5 a body, for our audit work, for this
report, or for the opinion5 we have fomied.
PLF frcre'is Cl(rL
Darren Perry BA {Hons) ACA DChA {Senlor Statutory Auditor)
PKF Francis Clark
Chartered Accountants
Slalutory Auditors
Lowin House
Tregolls Road
TRURO
Cornwall
TR12NA
Date. Ib AJeJ@t- 2024

Duchy Health Charity Limited
statement of financial activities
(incorporating income and expenditure account)
For the year ended 31 March 2024
Tr4E DUCHY
HEALTH
CHARITY
Unrestricted
fund5
2024
Total
2023
Total
Notes
Income:
Investments
other
262.161
262,161
240,345
Totsl income
262,161
262.161
240,345
Expendlture on:
Charitable activities
5g4,828
594.828
241,561
Total expenditure
594.828
694,828
241,561
Net expenditure for the year
before gainslllossesl on Investments
(332,667)
1332,6671
11,2161
Gainslllossesl on investrrents
73,792
73,792
{289,384)
Net expenditure for the year and
net movement in funds
(258,875)
1258,8751
1290.6001
Reconclliation of funds
Total funds brought forward
5,878,032
5.878.032
6,168,632
Total funds carrled fo￿ard
5,619,157
5,619,157
5,878,032
All income and expenditure is derived from continuing activities.
The slalemenl of financial activities includes all gain5 and losses recognised in the year.
All funds in the prior year were unreslricted.

Duchy Health Charity Limited
Balance sheet
As at 37 March 2024
THE DUCHY
HEALTH
CHARITY
2024
2023
Notes
Fixed assets
Investments
12
5,621,903
5,848,112
Current assots
Cash at bank - deposit accounts
Cash at bank- current account
503.549
{8,077}
148,632
5,001
Total current assets
495,472
153,633
Creditors: amounts falling due within
one year
13
(498,2181
(123,7131
Net current (liabilities)lassets
12,7461
29,920
Net assets
14
5,619,157
5.878,032
Funds of the charity
Unrestricted funds
Unrestricted funds - revaluation reserve
15
15
3,800,752
1,818,405
4,039,440
1,838,592
Total charfty funds
5,619,157
5,878,032
The financial statements are prepared in accordance with the special provisions of Part 15 of the
Companies Act relating to small companies and constitute the financial statements required by the
Companies Act 2006 and are for circulation to the members of the company.
Signed on behalf of the trustees by..
Dr B Vann DL
Chairman
Williarns FCA DChA
Secretary/treasurer
Approved and authorised for issue by the Trustees on 22 July 2024.
Company registration No. 01268926

Duchy Health Charity Limited
Notes
(foming p8rt of the financial statements)
THE DUCHY
HEALTH
CHARITY
General infomiatio
The company Is incorporated a5 a company limited by guarantee and does not have share capital. In
the event of the company being wound LJP each member is liable lo contribute a sum not exceeding £1
towards the liabilrties of the company and the cosis, charges and expenses of winding up.
Summary of significant accounting pollclg$
2.1 Accountlng conventlon and basls of preparation
The financial sialemenls have been prepa￿d in accordance with Accounting and Reporting by Charilv&s'.
Statement of Recommended Practice applicable lo charities preparing their frnancial slalemenls in
accordance with the Financial Reporting Standard applieable in the UK and Republic of Ireland IFRS1021
leffeclive 1 January 20191 (Charities SORP IFRS 10211. the Financial Reporting Standard applicable
in the UK and Republic of Ireland IFRS1021 and the Companies Act 2006.
Duchy Health Charity Limf(ed meets the definrtion of a public benefit entity under FRS 102. Assets and
liabilities are initially recognised al hislorical cost or transaction value unless otherwise slated in the
relevant accounting policy note. The financial 5talemenls are prepared in Sterling which is the functional
currency of the charity and rounded lo the nearest £1.
Under the Companies Act the parent charity is not required to prepare consolidated financial statements
for a financial year as the group meets the requiremen15 of a small group. The charrtable group is also
below the threshold for preparing consolidated financial slalemenls under tho Charities Act.
2.2 Income
Income is accounted for in the period in which the charitable company is enlilled to receipt.
2.3 Expenses
Expendrture is included on an accruals basis. Irrecoverable VAT is included with the item of expense to
whi¢h il relates.
Expendrture is directly allribulable lo specrfic activities and has been included in those cost categories.
Grants payable are charged in the period when the offer is conveyed lo the recipient except in those
cases where the offer is conditional. such grants being recognised as expenditure when the conditions
allaching are fulfilled. Gran15 offered Subject lo condition5 which have not been rnel al the period end
are noted as a cornmilmenl, bul not accrued as expenditure.
Employee beneflts
The cost of any unused holiday enlillement is recognised in the period in which the employee's services
are recewed. Termination benefits are recognised immediatety as an expense when the charity 15
demonstrably commrtled lo leminate the employment of an employee or lo provide lerminalion benefit$.
The company operates a defined contribution pension s¢heme. The assets of the scheme are held
separately from those of the company in an independenlty administered fund. The amount charged lo
the statement of financial actNilie5 represents the contributions payable lo the scheme in respect of the
accounting period.
2.4 Unrestrlcted and designated funds
These funds have been made available lo the Iiuslees without specific conditions. The use of
unreslricled funds is entirely al the d15crelion of the trustees. Designated funds are unrestrrted fund$
earmarked by the Iruslees for particulaf purposes.
All of th8 charity's funds are unre51ricled.

Duchy Health Charity Limited
Notes
{fonning part of the financi81 statements)
THE DUCHY
HEALTH
CHARITY
2.5 Taxation
The company is an exempl charity within the meaning of schedule 3 of the Charities Act 2011 and is
considered to pass the lest sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets
the definit￿n of a charitable company for UK corporation lax purposes.
2.6 hxed asset Investments
Investments are a form of basic financial instrument and are slated in the financial statements at
fairlmarkel value. Unrealised gains on investments a￿ calculated by reference lo the drfference between
fairlmarkel value from one year lo the next. Re8115ed gain5 or ID5ses are calculated by referen￿ lo the
difference between proceeds of sale and the carrying value of the investment al the previous year end.
Realised and unrealised gains or losses are combined in the slalemenl of financial aclivilies.
2.7 Debtors and credltors
Debtors rgceivable and creditors payable within one yoar are recoTded al transaction price.
Investment Income
2024
2023
Bank Inte￿St
Listed investment income
3,937
258.224
246
240,099
262,161
240.345
Other Income
2023
2022
Sponsorship income
Expenditure on charitable activitie5
2024
2023
Grants payable (note 61
Awards
Support costs Inote 71
549,767
500
44.561
200,994
2,000
38,567
$94,828
241.561

Duchy Health Charity Limited
Notes
(forming part of the financial statements)
ThE DUCHY
HEALTH
CHARITY
Grants payable
2024
2023
Age UK in Cornwall and the IOS- Social Prescribing
Age UK in Cornwall and the IOS- Pain Cale
Bosence Farm Community
BoLJrnemoulh Symphony Orchestra
Brook Young Pèople
The Chaos Group
Children's Sailing Trust
Citizenship for Life
City Life Church Baby and Toddler Group
Clear
Cornwall Accessible Activities Programme
Cornwall Community Foundation
Cornwall Community Land Trust
Cosmetic Toilelry and Perfumery Foundation
Coverack Lambeage Village Hall
Crackerjack Children's Trust
Dementia UK
Drama Express
East Cornwall Search and Rescue
Glen Carne
GW Arts CIC
Humphry Davy School. Penzan￿(l}
Joss Searchlight
Marie Curie
Meningitis Now
Plymouth Sports Charity Ltd
The Chestnut Appeal for Men's Health
The Oasis Centre Cornwall
Trelya
V Learning - Step into Learning
Volunteer Comwall
Grants withdrawn
5,000
2,550
20,000
3,164
15,000
30,000
11,233
10,685
1,000
20,000
25.000
5,000
5,000
50,000
2,000
1,960
30.000
950
750
16,000
1,000
20,000
2.000
4.200
2,000
365,000
2,500
30.000
2,000
5,000
2,500
4,990
20,000
12,500
25,000
{5}
13,2161
549.767
200,994
This grant was awarded following 8 strategic decision to support a larger capital project from the
Charity's accLJmLJlated reserves.

Duchy Health Charity Limited
Notes
(ftjmjing part of the financi81 statements)
171E DUCHY
HEALTH
CHARITY
Support costs
2024
2023
Wages and salarie5 Inole 101
Office facilities, postage and stationery
Telephone
Admin SLJPPOrt
PLJblic relation5
Sundry expenses
Bank charges
Insurance
Professional fees
Website and IT costs
Memberships
storage costs
Governance (note 81
18,980
1.597
726
15,927
224
638
600
89
777
183
447
698
155
441
2.472
9.771
8.045
702
300
12.715
7,641
44.561
38.567
Governanco costs
2024
2023
AGM event
Audit fees
Professional fees
Trustee Indemnity insurance
Venue costs
1.611
4,120
3,787
1,758
1.439
3.270
1.814
1.476
1,081
12,715
7.641
Net movgment in funds
2024
2023
Is slated after charging..
Auditor's remuneration- current year
Auditor's remuneration- prior year
3,820
300
3,270
10 Staff costs
2024
2023
Salaries
Pension cos15
Other expenses
17,420
335
1,225
14.600
257
1.070
18,980
15,927
Since April 2022 the charity has ernployed a part time adminislralor, responsible for managing day lo
day activities of the charity10.4 FTEI.

Duchy Health Charity Limited
T14E DUCHY
Notes
(fomiing part of the financial statements)
HEALTH
CHARITY
11 Transa¢tlons with trustees and connected persons
Due to the nature of the charty's operation5 and composiiion of the trustees, it is inevitable that
transactions will lake place with organisalions and individuals in which a ITuslee or persons connected
with them, may have an interest. Trustees do not vole on any decision made Tegarding gfants payable
to organi5alions in which they have an interest. See note 16.
The directors Ilruslees under charity lawl are the only key management personnel. See Note 16 for
delai15 01 remuneration payable.
12 Investments
Listed
Investments
Valuation
Al 1 April 2023
Disposals
Revaluation
5,848.112
1314,5461
88,337
At 31 March 2024
5,621,903
Cost
At 31 March 2024
3.803.498
At 31 March 2023
4,009,520
Significant holdings included in fixed asset investments 8131 March 2024 were as follows..
Market
Value
915,485.08 Charibond Unrts 81110.44p per unrt
175,692.97 Charifund Units at 1,456.08p per unil
649,642.89 Global Dividend Fund Uni15 at 315.96p per unit
1,011,t62
2.558.230
2,052,611
5,621.903
13 Credltors.. amounts falling due Mthin one year
2024
2023
Trade Creditors
Duchy Bond loans
Grants payable
Other creditor5
Ac¢ruals and deferred income
35
5.655
113,739
5,855
488,662
61
3.840
4,230
498.218
123.713

Duchy Health Charity Limited
Notes
(fomiing part of the financial stat8n7ents)
14
Analysis of net assets between fund5
ThE DUCHY
HEALTH
CHARITY
Unrestrlcted
funds
31 Ma￿h
2024
Fixed assets
Current as5els
Current liabilities
5,621,903
495,472
1498,2181
5,621,903
495,472
1498,2181
5.619.157
5.619,157
Unreslricled
funds
31 March
2023
Fixed assets
Current asse15
Curienl liabilities
5,848,112
153,633
1123,7131
5.848,112
153,633
(123,7131
5,878,032
5,878,032
15
Unrestricted funds
Current year
funds
movement
A11
April
2023
At31
March
2024
Total
income
Total
expenditure
Investment
losse51
transfers
General fund
Revaluation reserve
4,039,440
1,838,592
262.161
1594,8281
93,979
{20,1871
3,800,752
1.818.405
Total
5.878,032
262,161
1594.82BI
73,792
5,619,157
Prior year
funds
movement
A11
Apnl
2022
At31
March
2023
Total
income
Total
expenditure
Investment
105ses
General fund
Revaluation reserve
4,040,6
2.127,976
240,345
1241,5611
4,039,440
1,838,592
1289,3841
Total
6,168,632
240.345
1241,561)
1289,3841
5,876.032
Revaluation reserve- this represents the market value of investment5 above cost.

Duchy Health Charity Limited
THE DUCHY
Notes
(fofftiing part of the financial statements)
HEALTH
CHARITY
16
Transactlons with Board mernbers and connectgd pgrsons
No Board member or any person connected with them received any remuneration frorn the charity with
the exception of the following..
During the prior year Mr T Guy IBoaTd Member al that limel Provided admin services to the charity. The
lolal amount paid was £6001. The above Iransaclion5 are allowed and In accordance with the
Memorandum and Articles of Association.
Reimbursement for expenses incurred of £436 12023.. £1151 were made lo two trustees 12023." one
trusleel. No amount wa5 oulslanding and included in creditors at the year end.
Due to the nature of the charity's operations and the composition of the Board, it is inevitable that
occasionally transactions will lake place with organisations in which a member of the Board, or persons
connected wf(h them, may have an interest. Board members do not vole on any decisions made
Tegarding grants payable to organisalions in which they have an interest.
The foSlowing Board members declared an interest in respect of grants approved during the year to 31
March 2024..
Ms K Hutchinson
Chaos Group
30,000
The following Board members declared an intere81 in respect of grants approved during the year lo 31
March 2023..
Mrs M Vyvyan. M Williams
Ms K Hul¢hinson
M Williams
Bosence Fami Community
Chaos Group
Cornwall Community Foundation
20,000
25,000
50,000
17 The Momiaid Appeal Trust
The Duchy Health Charity Limited is sole Corporate Trustee of The Mermaid Appeal Trust Iregislered in
England. charity number 10430291. Duchy Health Charity ha5 Strong link5 with the Mermaid Appeal sinco
(( wa5 sel up in 1994 and continuos lo operate the charity in accordance wf(h the Trust Deed.