Charlty registration number 307424 {England and Wales) THOMAS HARDYE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15AUGUST 2024
THOMAS HARDYE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Prof H Griffiths Mr A Ballentine Mr I Comell Mr G Lancashire Mrs S Watkins Mrs H Over Mr N Johnston Mr N Thomley Dr R TurbeNille-Smilh Mr R Cumber (Appointed 4 July 2024) (Appointed 4 July 2024} Clerk to the trustees Mrs V E Smyth Charity number 307424 Principal address The Thomas Hardye School Queen's Avenue Dorchester Dorset DT12ET Registered office The Thomas Hardye School Queen's Avenue Dorchester Dorset DT12ET Independent examlner Pete Cattermole. FCA Wadebrtdge House 16 Wadebridge Square Poundbury Dorchester Dorset DT13AQ
THOMAS HARDYE FOUNDATION CONTENTS Page Trustees. report Independent examinerfs report statement of finanual activities Balance sheet Notes to the financial ststements 6-15
THOMAS HARDYE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 15 AUGUST 2024 The Truslees Present their annual report and financial statements for the year ended 15 August 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Foundation's governing document. the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practs"ce applicable to chanties prepanng their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)". The Foundation's Charity Number is 307424. The Foundation is an unincorporated charty its principal address & registered office is: The Thomas Hardye School. Queen's Avenue, Dorchester. Dorset. DT12ET. Objectives and activities The Foundation's objectives are set out in lis goveming document, Charity Commission Scheme dated g November 1992. as amended by Charity Commission Scheme dated 30 July 1999. as amended by Trustees, Resolution dated 28 April 2014 as amended by resolution dated 7 February 2022. The Thomas Hardye Foundation serves to assist the Thomas Hardye School by the provision and maintenance of school buildings and by assistance to students in need. The activities of the Foundation are to provide for the maintenance of the school and assistance of students in need through the careful management of investment portfolios and providing grants and prizes to the school and students. The Trustees have paid due regard to guidance on public benefit isgued by the Charity Crjmmission in deciding what actsvities the Foundation should undertake. Financial revlew The Foundation's lolal funds at the year end increased by £965 to £11,072.940 (2023 £11,071,975) as shown in Ihe Statement of Financial Activities. This increase was mainly due to a mixture of an increase in the value of investments by £297.031 as well the decrease in value of fixed assets from depcIatiOn of £322.094. The Unrestricted Funds have decreased by £272,711 to £8.539,382 (2023 £8,812.093). This includes total grants fflade lo the school of £8,800 (2023 nil). Annual depreciation of £322,094 was charged in respect of fixed assets. The Unrestricted Designated Funds was £18,582 {2023 £18.582). As the trust reached the recoupment value,the annual transfer from Unrestricted Funds to the Permanent Endowment as part of the Charity Commission Recoupment Orders wa5 not made. Restricted FL5nds increased by £2,115 lo £45.313 (2023 £43.198). Prizes and grants paid out to students lotalled £1.602 (2023 £4.300)- Payments to students were partly funded by the annual transfer from Unrestricted Funds of £3,000. There was an increase in the Permanent Endowment Funds of £271,561 to £2.469.663 (2023 £2,198,102) This includgs the transfer of £69.goo to Unrestricted Fiinrl* And thp g¥Ain in portFolio value of £297.031. The balance sheel shows net assets of £11,072.940 12023 £11.071.975) including long leasehold land and buildings held at cost less depreciation of £8.351.821. The bank balances at the year end increased by £67,070 to £269,565 {2023 £202.495}. The Trustees monitor the level of reserves on a regular basis and consider that they must maintain sufficient reserves lo not only cover the annual administration costs and prizes. but also to help with the funding. where possible of the major buildings works in both the short and long term.
THOMAS HARDYE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 15 AUGUST 2024 It is the policy of Ihe Foundation that liquid unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between Ihree and six months, expenditure. Liquid unrestricted funds are currently £187,560 (2023 £138.166) (note 21). The Trustees consider that reseNes al Ihis level will ensure that, in the event of a significant drop in funding, they will be able lo continue the Foundation's current activities while consideraiion is given to ways in which additional funds may be raised. This level of resetves has been maintained throughout Ihe year. However. the Trustees are aware that unrestricted net currenl assets are low following expenditure in recent years on the dining hall and theatre refurbishment and intend to restore a healthy balance going forwards. Struclure, governance and management The Foundation 15 constituted as a Charitable Trust (with incorporaied Trustees) and registered with the Charity Commission. The Trustees who served during the year and up to the date of signature of the financial statements were: Prof H Griffiths Mr A Ballenline Mr I Cornell Mr G Lancashire Mrs S Watkins Mrs H Over Mr N Johnston Mr N Thornley Dr R Turberville-smith Mr R Cumber (Appointed 4 July 2024) {Appointed 4 July 2024) The Trustees of the Foundation must consist of belween ten and twelve persons (currently 10} being co-opted Trustees. Co-opted Trustees shall be appointed for a five year term by a resolution of the Trustees passed at a Special Meeting. Appointment can be made within one month of the expiration of the reliring Trustee's tem. the retiring Trustee may not vote on the appointment of hislher successor. The Trustees have assessed the major risks to which the Foundation is exposed. and are satisfied that systems are in pla to mitigate exposure lo the major risks. The overriding charitable purpose of Ihe Charity is for the advancement of education for the public's benefit. The Trustee5 have no specific investment policy on ethical. social and environmenlal investments with the exception that no investments are to be made in tobacco companies. Policies are in place with regard to risk management. safeguarding children. conflict of interest. privacy and Data Protection. Day to day work of the Charity is organised by ihe Clerk. with the Trustees meeting not less than two times each year. The Trustees, report was approved by the Board of Trustees. Prof H Griffiths Trustee Dated.. 7 May 2025
THOMAS HARDYE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THOMAS HARDYE FOUNDATION I report to the Trustees on my examination of the financial statements of Thomas Hardye Foundation (the Foundation) for the year ended 15 August 2024. Responslbllltl8s and basls of report As the Trustees of the Foundation you are responsible for the preparation of the financial statements in accordance with the requirements of Ihe Charities Ad 2011. I report in respect of my examination of the Foundation's financial statements carried out under section 145 of the 2011 Act. In carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515)(b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Foundation as required by section 130 of the Charities Act2011. the financial statements do not accord wtth those records: or the financial slalements do not comply with the applicable requirements conceming the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view. which is nol a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which atten n should be drawn in this report in order to enable a proper understanding of the financial statements to hed. Pete Cattermole FCA Wadebridge House 16 Wadebrdige Square Poundbury Dorchester Dorsel DT1 3AQ Dated.. 27M &>lg.
THOMAS HARDYE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 15 AUGUST 2024 Unrestrlcted Unrestricted Restricted Pernianent funds designated funds Endowment funds 2024 Total Total 2024 2024 2024 2024 2023 Notes ncome from: Donations and legacies Investments 10 707 10 73.894 10 67.782 3.287 69.900 Total income and endowments 3.287 717 69.900 73.904 67,792 ndi Raising funds 25.482 25.482 20.807 Charitable activities 334.773 1,602 336.375 330,277 Other 8.113 8.113 8,636 Total resources expended 342.886 1,602 25.482 369.970 359,720 Net gainsl(losses) on investments 10 (12) 297.043 297,031 1119.6831 Nlt (outgoing)I incoming resources before transfers (339.611) {885) 341.461 965 {411,6111 Gross transfers beiween funds 66.900 3.000 (69,900) Net movement In funds (272.711) 2.115 271.561 965 (411,611) Fund balances at 16 August 2023 8.812.093 18.582 43.198 2.198.102 11.071.975 11.483,586 Fund balances at 15 August 2024 8,539,382 18,582 45.313 2.469.663 11,072,940 11,071.975 The slatement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THOMAS HARDYE FOUNDATION BALANCE SHEET ASAT 15AUGUST2024 2024 2023 Notes Fixed assets Tangible assets Investments 12 13 8,351,821 2,469,663 8,673,927 2.198,102 10,821,484 10,872,029 Current assets Stocks Debtors Cash at bank and in hand 14 15 283 17.111 269.565 283 15,473 202,495 286.959 218,251 Creditors". amounts falling due wlthln one year 16 (35.503) (18,305) Nel current assets 251.456 199,946 Total assots less current Ilabilities 11,072,940 11,071,975 Capital funds Permanent endowment funds 20 2.469.663 2.198,102 Income funds Restricted funds Unrestricted designated funds Unrestricted funds 20 20 20 45,313 18,582 8,539.382 43,198 18,582 8,812,093 11,072,940 11.071.975 The financial statements We approved by the Trustees on 7 May 2025 Prof H Griffilhs Trustee
THOMAS HARDYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 AUGUST 2024 Accounting pollcles Charity information The Foundation is constituted as a Charitable Trust (with incorporated Trustees) and registered with the Chartty Commission under regisiraiion number- 307424. 1.1 Accounting convention The financial statements have been prepared in accordance with the Foundation's goveming documents. the Charities Act 2011 and 'Ac¢ounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" {as amended for accounting periods commencing from 1 January 2016). The Foundation is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterfing. which is the functional cUencY of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Charitable funds Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The fund was set up to meet the obligations under the Charity Commission Recoupment Orders being the allocation of £458.75 per annum to a Pemianent Endowment Fund (Recoupment). Restricted funds are subject to spectfic conditions by donors as to how they may be used. Restricted funds principally relate to prizes paid lo students. Funds are topped up annually by the truslees to ensure payment of prizes. Endowmr-nt funds are subject to specific conditions by donors that the c8Pital must be rrtaintained by the Foundation. The Endowment Fund represents the original trust fijnd, subsequent additions have included the growth in the share portfolio and the discharge recoupments. The Recoupment Fund represents amounts set aside to dale under the obligations of the Charity Commission Recoupment Orders for the previously spent Pemianent Endowments. 1.3 Incomlng resources Income is recognised when the Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Foundation has been notified of the donalion. unless perfomiance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or otherwise rf the Foundation has been notified of an impending distribution, the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
THOMAS HARDYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 15AUGUST 2024 Accounting policies (Continued) 1.4 Resources expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economlc benefits wlll be requlre¢J In settlement, ano the amount of the obligation can be measured reliably. Expenditure is classified by activty. The costs of each adivity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct Costs attributable to a single activity are allocated diredly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basls onsistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges are allocated on the portion of the asset's use. 1.5 Tangible fixed assets Land and buildings are held at cost less depreciation. Computers and office fvmiture are held al costs less depreciation. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the folSowing bases.. Land and building5 Cutnpulvro & uffiLe ulpr[leÈ Straight line over 50125 years 20% reducing balance The gain or loss arising on the disposal of an asset is (letemiined as the differen between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price exduding transaction costs, and are subsequently measured at fair value at erch reporting date. Changes in fair value are recognsed in the corresponding fund for the year. Transacts'on costs are expensed as Incued. 1.7 Impairment of fixed assets Al each reporting end date. the Foundation reviews the carrying amounts of its tangible assets to detemine whether there is any indication that Ihose assets have suffered an impairmenl loss. If any such indulion exisls, the recoverable amount of the asset is estimated in order to determine thè extént of the impairment loss {if any). 1.8 Stocks Stocks are slated at the lower of cost and estimated selling Pri less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items hel(1 for distribution at no or nominal consideration are measured at the lower of replacement cost or cost. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other short-term liquid investments with original maturities of three mnths or less, and bank overdrafts. 1.10 Financial instruments Financial instruments are recognised in the Foundation's balan sheet when the Foundation becomes party to the contractual provisions of the instrumenL Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
THOMAS HARDYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 15AUGUST 2024 Accounting pollcies {Continued) Basic financial assets. which include debtors and cash arid bank balans, are initially measured at transaction price induding transaction costs and are subsequently carried at amortised cost using the vrr¥Lliv¢ irileivsl method unle55 Lhe arrangemenl conslltutes a financlng Iransaciion. wnere (he transactlon Is measured at Ihe present value of the fLrture receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financlal liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rate of interest. Financial liabilitl8s classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classffied as current liabilitie5 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Donations and legacies Restricted Restricted funds funds 2024 2023 Donalion5 and gifts 10 10 Investments Unrestricted Restricted Endovmient funds funds funds Total Total 2024 2024 2024 2024 2023 Investment income 3,287 707 69.900 73,894 67.782 Forthe year ended 15 August 2023 1.282 282 66.218 67,782
THOMAS HARDYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 15AUGUST 2024 Raising funds Endowment funds 2024 Total 2023 Portfolio management fee 25,482 20.807 25,482 20.807 Charitable activities 2024 2023 Depreciation and impaimient Rent paid Wages - 50Vo Charitable THS Maintenance grant Grant for school prizes and Oldfield ftjnd 322.094 322,097 3,878 8.800 1,602 3,878 4.300 336,375 330,277 336,375 330,277 Analysis by fund Unrestricted funds Restrtcted funds 334,773 1,602 325,977 4,300 336,375 330,277
THOMAS HARDYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 15 AUGUST 2024 Grants payable 2024 2023 Grants to institutions: Maintenance grant Theatre grant School prizes Oldfield grant 1.300 302 1.300 3,000 1,602 4,300 At a meeting of Trustees on 20 September 2021. the Trustees received a presentalion from the Wessex Multi Academy Trust Chief Executive, on the current state of the school theatre, plans for refurbishment arbd sources of funding already secured. The Trustees considered the information presented to them and formally agreed a grant of £600.000 to The Thomas Hardye School. This grant was fijnded by a transfer from the Permane Endowment Fund. Permission for the transfer was sought and obtained under section 282 of the Charites Act 2011. Trustees None of the Trustees {or any persons connected with them) received any remuneration or benefits fM the Foundation during the year. Travel expenses paid amounted to £75 (2023 nil). Employees The averaqe monthly number of employees during the year was: 2024 Number 2023 Number Total No employees cuentlY receive remuneration in excess of £60.000 per annum. Employment cosls are recharged to the Foundation net of social security costs. (Xher expenditure Unrestricled funds Total 2024 2023 Accotsntancy Wages- 500/0 non<haritsble Bank charges & interest ICO Costs Travel Costs 4.050 3.878 60 51 74 4,708 3,878 10 40 8.113 8,636 10-
THOMAS HARDYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 15 AUGUST 2024 Other expenditure (Continued) 10 Net gainslllosses) on Investments Unrestricted Endowment funds funds 2024 2024 Total Total 2024 2023 Revaluation of investments (12) 297,043 297,031 (119.683) For the year ended 15 August 2023 (119,683) (119,6831 11 Taxation The charity is exempl from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains AGt 1992 to the exlent that these are applied to its charitsble objects. 12 Tanglble flxed assets Land and Compthers & buildings office 8quipment Total Cost At 16 August 2023 posals 15.393.143 3,234 (3,234) 15.396,377 (3,234) At 15Augusl 2024 15.393,143 15.393,143 Depreciation and impairment At 16 August 2023 Depreciation charged in the year Eliminated in respect of disposals 6,719.228 322.094 3.222 6,722,450 322,094 (3,222) (3.222) At 15 August 2024 7.041,322 7.041.322 Carying amount At 15 August 2024 8.351.821 8,351,821 At 15 August 2023 8,673,915 12 8,673,927 11
THOMAS HARDYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 15 AUGUST 2024 13 Fixed asset investments Investment Recoupment portfolio Total Cost or valuation At 16 August 2023 Valuation changes Management fee 2.059.575 282,422 (25,482) 138.527 14,621 2,198,102 297.043 125,482} At 15 August 2024 2,316.515 153.148 2,469,663 Carying amount At 15 August 2024 2.316.515 153.148 2,469.663 At 15 August 2023 2,059.575 138,527 2,198,102 Investrnent portfolio includes amounts held in the Quilter Cheviot Portfolio and cash amounts held in a deposit account by Quilter Cheviot as long term funds for future investments. Recoupment includes amounts held in COIF units. The COIF Units are held in the accounts based on the 31 July 2024 valaution provided by COIF. The Trustoes feel that this value materially reflects the balance 85 at 15 August 2023 and that the cost of obtaining a separate valaution at this date is disproportionate. As Ihe COIF fund has exceeded the amount intially granted by the Charity commission a request can be given to formally discharge the fund. 14 Stocks 2024 2023 Finished goods and goods for resale 283 283 15 Debtors 2024 2023 Amounts falling due within one year: Other debtors Prepayments and accrued income 17.1r)n 11 15.461 12 17,111 15,473 16 Creditors: amounts falllng due within one year 2024 2023 Trade creditors Accruals and deferred income 4,241 31.262 39 18.266 35,503 18.305 12-
THOMAS HARDYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 15 AUGUST 2024 17 Endowment funds Endowment funds represent assets which must be held permanently by the Foundation. Income arising on the endowment funds can be used in accordance with the objects of the Foundation and is included as uriieslriiled iiiwnie. Any capital gains or losses arising on the assets form part of the fund. At 16 August 2023 Incoming resources Resources expended Transfers Gains and At 15 August losses 2024 Permanent endowments 2,198.102 69.900 (25.482) (69,900) 297.043 2.469,663 Prevlous year: At 16 August 2022 Incoming resources Resources expended Transfers Gains and At 15 August losses 2023 Permanent endowments 2,340.442 66,218 {20,807) (68,068) (119,683) 2.198.102 18 Restricted funds The restricted funds of the charity comprise the unexpended balanS of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 16 August 2023 Incoming resources Resources expended Transfers At 15 August 2024 43.198 717 (1.6021 3,000 45,313 Previous year. At 16 August 2022 Incoming resources Resources expended Transfers At 15 August 2023 44,206 292 {4.300} 3,000 43.198 19 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 16 August 2023 Incoming rèsources Resources expended Transfers Gains and At 15 August lossÈs 2024 General funds 8,812,093 3.287 {342.886) 66,900 112) 8.539.382 13-
THOMAS HARDYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 15AUGUST 2024 19 Unrestrtcted funds IContinued} Previous year: At 16 August 2022 Incoming resources Resources expended Transfers Gains and At 15 August losses 2023 General funds 9,080,356 1.282 {334.613) 65,068 8,812,093 20 Movement In funds Movement in funds Balanee at 16August 2023 Incoming Resour$ expended Transfers Gains and Balance at 1055es 15August 2024 Unrestricted Funds Unrestricted Designated Funds Restrtcted Funds Permanent Endowment 8.812.093 3.287 (342,886) 66,900 {12) 8.539,382 18,582 43.198 2.198.102 18,582 45.313 2.469,663 717 69.900 (1.602} (25.482) 3.000 (69,900) 297.043 11.071,975 73.904 369,970 297,031 11,072,940 21 Analysis of net assets between funds Unrestricted Unrestricted Restrtcted Pennanent Funds Designated Funds Endowment Funds 2024 Total Total 2024 2024 2024 2024 2023 Fund balances at 15 August 2024 are represented by: Tangible assets Investments Current assetsl(liabilities} 8.351,821 8.351,821 8,673,927 2.469,663 2.469,663 2,198,102 251,456 199,946 187.561 18.582 45,313 8.539.382 18,582 45,313 2.469.663 11.072,940 11.071,975 Unrestricted funds cuent assets in¢lude £17.700 (2023 £15.461) of dividends declared on the endowment fund's investment portfolio before the year end which were received after the year end. Designated funds include a provision for the amounts owed to the COIF fund before it can be discharged. Once the discharge has been sought and there are no further obligations to the COIF then the designated fund will be tfdnsfered to the unrestricted fvnd. Amounts held on the COIF fund will be added to the Permanent Endowment investment portfolio. 22 Related party transactions There were no disdosable related party transactions during the year (2023 - none). 14-
THOMAS HARDYE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 15 AUGUST 2024 23 Subsldlarles Details of the Foundation's subsidiary charities are as follows. each are registered by the Chairty Commission under Thomas Hardye Foundation Ino. 307424)= 1. N L Baker Prize Fund 2. The Tesco prize 3. Chairman of G0vem0SAWard 4. Colonel Oldfield for Scholarships 5. The Thomas Hardye Scholarship 6. Napie¢s Prize Endowment 7. The Balfour Prize for Good English Writsng, ICW Dorchester City Grammar School for Gids 15-