OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-04-05-accounts

Charity registration number NIC108031

THE DUFFERIN FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

THE DUFFERIN FOUNDATION

CONTENTS

Page
Charity Information 1
Trustees' report 2 - 4
Statement of trustees' responsibilities 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Balance sheet 11
Statement of cash flows 10
Notes to the financial statements 12 - 21

THE DUFFERIN FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sir I W Huddleston Countess M T M D Gherardesca Mr H F G Mount Charity number NIC108031 XN76485 Principal address Clandeboye Estate Bangor BT19 1RN Auditor Moore (N.I.) LLP 4th Floor Donegall House 7 Donegall Square North Belfast BT1 5GB Bankers Danske Bank Donegall Square West Belfast BT1 6JS

THE DUFFERIN FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024

The trustees present their annual report and financial statements for the year ended 5 April 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 charitable trust's governing document, the Charities Act (Northern Ireland) 2008 and 2013 and “Accounting 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).

Objectives and activities

The Foundation is limited to the undertaking of charitable activities but in terms of the charitable objectives has a focus on the following

The advancement of education in and the promotion, publication and dissemination of academic research for public benefit into the role of the Clandeboye Estate ("Clandeboye") and the family and descendants of the first Marquess of Dufferin ("Lord Dufferin") past and present.

The establishment and maintenance of scholarships, grants, allowances and prizes and other forms of financial support to be awarded to students or others as are engaged in any such research whether or not the whole or part of that research shall have been carried out at Clandeboye.

The support of and the education into and provision of palliative care in Northern Ireland, the United Kingdom or elsewhere in the world.

The preservation for the public benefit of the whole or such part of the buildings and their grounds and surroundings of Clandeboye as may be for any period vested In the Foundation or for which it may be responsible together with the preservation for public benefit of furniture pictures and chattels of any description that may be given to the Foundation and/or kept at Clandeboye or any other property in the United Kingdom or elsewhere.

The promotion and aid of such other purposes as are recognised as exclusively charitable by the laws of Northern Ireland, England and Wales.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and Performance

During the past year, the Trustees of the Foundation have continued to grant aid certain projects. It has continued to effect repairs to Helen’s Tower – a listed building that falls within the the Foundation’s objective to preserve the buildings and grounds that form part of the grounds of Clandeboye for public benefit. As part of the furtherance of this objective the Foundation has been engaging with the Local Authority and other (charitable) stakeholders about collectively developing public access to the woods and trails around Helen’s Tower and to educate and better disseminate knowledge about the military history of the North Down area and Clandeboye and the legacy of the Somme in particular and build links with the equivalent memorials to the dead in Northern France at the Somme Tower (a copy of Helen’s Tower). This is a multi year project for which approximately £7m has been raised to date by way of funding through the various stakeholders.

To further the Foundation’s objective of furthering education and its existing relationship with the separate charity (NIFSA) the Foundation has grant aided the construction of a new purpose-built facility for use as a Forest School to allow the education of children in the environment and have a greater understanding of nature in conjunction with the development of their understanding and practical application of the national curriculum. The Foundation also has funded an annual award to allow an educator to travel outside NI and learn appropriate ways of developing the Forest School and outdoor education generally. In the present year, the Foundation also hosted the Stormont Education Committee as a way of trying to develop a greater understanding of NIFSA and the Foundation’s aspirations to encourage this form of education in the local area and amongst deprived primary school groups in particular.

THE DUFFERIN FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

As a separate but connected initiative the Foundation has helped host the Council of Integrated Education – both the leadership group and a number of children’s groups – all with a view to advancing the cause of Integrated Education across Northern Ireland. This has been seen as an appropriate use of the environment of Clandeboye as a champion of the advancement of education generally.

These initiatives fit well with the continued relationship with the Woodland Trust (a charity based at Clandeboye) in terms of restoring aspects of the historic woodland that comprises Clandeboye – which itself is one of the largest areas of broadleaf woodland areas in Northern Ireland with origins dating back to some historic woodland dating to the 1600s. It is an important objective of the Foundation to repair, restore and maintain the historic landscape and built environment that make up Clandeboye,

During the year, the Foundation has also worked closely with PRONI to develop a better understanding of the historic archives of the 1[st ] Marquess of Dufferin and Ava and his impact on the world as a significant Victorian diplomat and as to how they might better be made available for public access and research. This has led to participation in a number of academic partnerships with various universities and with the National Trust in relation to the legacy of Lord Castlereagh. This is an ongoing project that will take a number of years to complete. It also leads to a possible celebration of the Irish/Canadian Axis.

The Foundation has also sought to develop the relationship with other museums and art galleries and have continued to develop its lending of articles of historic and/or artistic merit throughout the UK and Ireland such as the Tate, The Fleming Foundation, the Holbourne Museum & Charleston – all for public exhibition.

Financial review

The Foundation has income arising from funds which have been gifted to it and which are invested. The attached statement of financial activities has been reviewed by the Trustees and is considered to be a fair and accurate representation of the transactions which have been conducted on behalf of the Foundation during the accounting period. The Trustees are currently involved in a 5 year plan to both increase the amount of available funds for investment in the Foundation to allow it to undertake the plans which are detailed below. The Foundation was initially endowed by the Marquess and Marchioness of Dufferin and Ava and to raise public awareness generally. The Trustees for their part have embarked upon a programme of investing and/or utilising those assets both to provide income but also to further the Objectives of the Foundation.

Reserve policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level, which equates to approximately six months unrestricted expenditure. At 5 April 2024 the level of unrestricted reserves exceeded this target.

Risk assessment

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. In general where it operates in partnership with other bodies it will seek to mitigate risks by ensuring the partner organisations have an appropriate policy in place for managing its risks.

THE DUFFERIN FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

Plans for future periods

As part of a 5 year plan, the trustees have developed greater alliances with the Woodland Trust to ensure education, preservation and maintenance of native woodland species in light of the actual disease risk to native tree species such as ash – particularly trying to manage the impacts of ash die back. As indicated above the Foundation has also embarked upon a woodland restoration plan covering almost 70 acres of historic Woodland. The Foundation then proposes to ensure that the natural environment is utilised to its full advantage through the education programmes which are offered by the NI Forestry Schools Association. This programme has considerable support from the Education Authority and a large number of local authorities. The trustees also feel that their policy chimes well with general Government Policy which seeks to encourage the maintenance and development of woodland.

The Foundation has been developing closer relationships with North Down and Ards BC in relation to the Aspects literary festival. It also continues to sponsor the young musician academy which exists as part of the Camerata Festival held at Clandeboye each August.

A programme of restoration has begun with some of the legacy assets at Clandeboye. During the year it became apparent that Helen’s Tower needed substantial repair to keep it structurally sound and work was accordingly begun – recognising the significance of the Tower not just to the local area but the wider to the memorial of those who lost their lives at the Somme.

The Foundation has continued to support education and research into the achievements of the First Marquess of Dufferin and Ava and has developed associations with several academic institutions with a view to allow a better understanding of the collection. As part of that the Trustees continue to fund the restoration of certain historic artefacts which, given the costs involved, they do on a rolling basis. The intention would be to develop that rolling plan and accommodate it within recurring income where possible – deploying capital for major repairs when needed.

It is the Trustees' policy to make strategic alliances (some of which are referenced above) to better achieve its objectives. It has identified those separate public bodies (eg the Local Authority & PRONI), other charities (eg the Somme Association, Holbourne & Charleston) and educators (NIFSA and Integrated Education) which have common objectives and through by which each can leverage their respective objectives.

It is the Foundation's hope that its ability to do so will be enhanced as the estate of the late Lady Dufferin as one of the Founders come to the final stages of its administration - the Foundation being a major beneficiary.

Structure, governance and management

The Dufferin Foundation was formed by a charitable deed dated 27 May 1988. The charity is registered with HM Revenue and Customs as a charitable body for taxation purposes (HM Revenue & Customs Charity No XN76485). The charity registered with the Charity Commission for Northern Ireland on 22 March 2021 (CCNI No NIC108031). The governing instrument is the charitable trust deed, which states the objects of the charity and details the rules by which it will operate.

The trustees who served during the year and up to the date of signature of the financial statements were:

Sir I W Huddleston Countess M T M D Gherardesca Mr H F G Mount

The trustees of the charity are appointed by the existing trustees. None of the trustees has any beneficial interest in the charity.

The trustees' report was approved by the Board of Trustees.

.............................. Sir I W Huddleston Trustee

Dated: .........................

THE DUFFERIN FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2024

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE DUFFERIN FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DUFFERIN FOUNDATION

Opinion

We have audited the financial statements of The Dufferin Foundation (the ‘charity’) for the year ended 5 April 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial 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 have obtained is sufficient and appropriate to provide a basis 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 charity’s ability to continue as a going concern for a period of at least twelve 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 the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

THE DUFFERIN FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE DUFFERIN FOUNDATION

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act (Northern Ireland) 2008 and the Charities Act Northern Ireland) 2013 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the 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 enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor section 65 of the Charities Act (Northern Ireland) 2008 and report in accordance with the Act and relevant regulations made 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 guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Based on our understanding of the charity and its operating environment, we determined that the most significant frameworks which have a direct impact on the preparation of the financial statements are those related to the reporting framework, (FRS 102, the Charities Act (Northern Ireland) 2008, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2013, the Charity SORP and UK financial reporting standards as issues by the Financial Reporting Council). Additionally, we concluded that there are significant laws and regulations in relation to the entity’s charitable status and activities of which non-compliance may have a material effect on the financial statements.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur, including evaluating management's incentives and opportunities to manage earnings or influence the reported results. From the results of our assessment, we determined that the principal risks of fraud relate to posting inappropriate journal entries and use of charity funds for purposes outside of restrictions imposed by the donor. In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override.

THE DUFFERIN FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE DUFFERIN FOUNDATION

Audit response to risks identified

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. Audit procedures performed by the engagement team included:

We communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment through collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s members, as a body. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its members as a body, for our audit work, for this report, or for the opinions we have formed.

Moore (N.I.) LLP Chartered Accountants Statutory Auditor

.........................

4th Floor Donegall House 7 Donegall Square North Belfast BT1 5GB

Moore (N.I.) LLP is eligible for appointment 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.

THE DUFFERIN FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2024

Unrestricted
funds
2024
Notes
£
Income from:
Donations and legacies
3
9,056,065
Charitable activities
560
Investments
4
39,163
Total income
9,095,788
Expenditure on:
Raising funds
Cost of running the charity
5
14,331
Investment management
5
7,939
22,270
Charitable activities
6
34,434
Total resources expended
56,704
Net (losses)/gains on investments
12
129,145
Net income/(expenditure) for the year/
Net movement in funds
9,168,229
Fund balances at 6 April 2023
2,607,907
Fund balances at 5 April 2024
11,776,136		 Restricted
funds
2024
£
250,000
-
-
250,000
-
-
-
-
-
-
250,000
-
250,000		 Total
Unrestricted
funds
2024
2023
£
£
9,306,065
7,400
560
-
39,163
36,640
9,345,788
44,040
14,331
15,048
7,939
8,278
22,270
23,326
34,434
22,653
56,704
45,979
129,145
(119,368)
9,418,229
(121,307)
2,607,907
2,729,214
12,026,136
2,607,907

The statement 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.

THE DUFFERIN FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024

2024
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
23
9,248,028
Investing activities
Purchase of heritage assets
(1,409,231)
Purchase of investments
(8,204,609)
Proceeds from disposal of investments
543,841
Investment income received
39,163
Net cash (used in)/generated from
investing activities
(9,030,836)
Net cash used in financing activities
-
Net increase/(decrease) in cash and cash
equivalents
217,192
Cash and cash equivalents at beginning of year
144,275
Cash and cash equivalents at end of year
361,467
Relating to:
Cash at bank and in hand
246,884
Short term deposits included in current asset
investments
114,583		 2023
£
£
(43,365)
(18,115)
(621,313)
614,596
36,640
11,808
-
(31,557)
175,832
144,275
35,055
109,220

THE DUFFERIN FOUNDATION

BALANCE SHEET

AS AT 5 APRIL 2024

Notes
Fixed assets
Tangible assets
13
Heritage assets
15
Investments
14
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
19
Unrestricted funds
General unrestricted funds
Revaluation reserve		 2024
£
£
7,500
1,545,017
10,219,557
11,772,074
11,038
246,884
257,922
(3,860)
254,062
12,026,136
250,000
11,642,453
133,683
11,776,136
12,026,136		 2023
£
£
7,500
135,786
2,424,281
2,567,567
6,244
35,055
41,299
(959)
40,340
2,607,907
-
2,572,708
35,199
2,607,907
2,607,907		 2023
£
£
7,500
135,786
2,424,281
2,567,567
6,244
35,055
41,299
(959)
40,340
2,607,907
-
2,572,708
35,199
2,607,907
2,607,907
2,567,567
40,340
2,607,907
-
2,607,907
2,607,907

The financial statements were approved by the Trustees on .........................

.............................. Sir I W Huddleston Trustee

THE DUFFERIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

Charity information

The Dufferin Foundation is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is Clandeboye Estate, Bangor, Co. Down, BT19 1RN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charities Act (Northern Ireland) 2008 and 2013 and “Accounting 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 financial statements are prepared in sterling, which is the functional currency of the charity, Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity 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 charity has been notified of the donation, unless performance 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 time of the donation.

Legacies are recognised on receipt or otherwise if the charity 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.

1.5 Expenditure

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 economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

THE DUFFERIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings

20% straight line

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the statement of financial activities.

1.8 Heritage assets

Heritage assets measured under the cost model are recognised initially recorded at acquisition cost, and subsequently stated at cost less any impairment losses.

Heritage assets measured under the revaluation model are recorded at fair value less any accumulated Impairment losses.

Where information on the cost or value of an asset is not available and cannot be obtained at a cast which is commensurate with the benefits to users of the financial statements, the asset shall not be recognised in the statement of financial position.

1.9 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.10 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.11 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 months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE DUFFERIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

(Continued)

1.12 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial 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 at the present value of the future payments discounted at a market rate of interest. Financial liabilities 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 services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE DUFFERIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
9,056,065
250,000
Grants Receivable
-
-
9,056,065
250,000		 Total
Unrestricted
funds
2024
2023
£
£
9,306,065
850
-
6,550
9,306,065
7,400		 Total
Unrestricted
funds
2024
2023
£
£
9,306,065
850
-
6,550
9,306,065
7,400
7,400

The Dufferin Foundation is a beneficiary of the late Lady Dufferin's Estate. A number of chattels including paintings, books, and other various historical items were inherited from the Estate during the year and were independently valued at £1,056,850. A property in London has also been inherited which has been independently assessed as having a value of £16,000,000. The Dufferin Foundation is entitled to a 50% stake of the proceeds if sold and this has been recognised within donations.

4 Investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Rental income 4,768 4,768
Income from listed investments 29,789 28,341
Interest receivable 4,606 3,531
39,163 36,640
Raising funds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Cost of running the charity
Repairs and maintenance 2,039 11,326
Legal and professional 9,711 840
Telephone 566 508
Bank charges 46 45
Light, power and heat 1,789 2,149
Computer running charges 180 180
14,331 15,048

5 Raising funds

THE DUFFERIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

5
6		 Raising funds
Investment management
Charitable activities		 (Continued)
7,939
8,278
7,939
8,278		 (Continued)
7,939
8,278
7,939
8,278
8,278
Promotion of
Promotion of
the
the
foundation's
foundation's
activites activites
2024 2023
£ £
Grant funding of activities (see note 7) 34,434 22,653

7 Grants payable

Promotion
Promotion of
of the
the
foundation's
foundation's
activites activites
2024 2023
£ £
Grants to institutions:
Killyleagh Parish 300 300
World Vision 475 475
NI Forest School Assoication 16,194 1,500
John Witchell - 15,000
Dickson Nurseries - 2,620
Buglife 1,500 1,000
ANDBC - 799
Sunflower Sandwich - 709
Camerata 5,000 -
Barn Owls 300 -
Ulster Wildlife 5,000 -
Irish Life 3,065 -
Ulster University 2,600 -
34,434 22,653

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

THE DUFFERIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

9 Auditor's remuneration

Fees payable to the charity's auditor and associates: 2024 2023
£ £
For audit services
Audit of the financial statements of the charity 3,500 600

10 Employees

There were no employees during the year.

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Gain/(loss) on sale of investments 30,661 (34,630)
Revaluation of fixed asset investments 98,484 (84,738)
129,145 (119,368)

13 Tangible fixed assets

Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 6 April 2023
7,500
8,207
At 5 April 2024
7,500
8,207
Depreciation and impairment
At 6 April 2023
-
8,207
At 5 April 2024
-
8,207
Carrying amount
At 5 April 2024
7,500
-
At 5 April 2023
7,500
-		 Total
£
15,707
15,707
8,207
8,207
7,500
7,500

THE DUFFERIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

14 Fixed asset investments

Listed
investments
Investment
properties
£
£
Cost or valuation
At 6 April 2023
2,015,061
300,000
Additions
204,609
-
Valuation changes
98,484
-
Acquisition of investment property
-
8,000,000
Movements
-
-
Disposals
(513,180)
-
At 5 April 2024
1,804,974
8,300,000
Carrying amount
At 05 April 2024
1,804,974
8,300,000
At 05 April 2023
2,015,061
300,000		 Cash in
portfolio
£
109,220
-
-
-
5,363
-
114,583
114,583
109,220		 Total
£
2,424,281
204,609
98,484
8,000,000
5,363
(513,180)
10,219,557
10,219,557
2,424,281

THE DUFFERIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

15 Heritage assets

Heritage assets
Silver cup
£
At 6 April 2023
6,705
Additions
-
At 5 April 2024
6,705		 Burmese
figures
£
42,150
-
42,150		 Chapel
Ava rooms
£
£
79,432
7,500
35,577
-
115,009
7,500		 Helen's
Tower
£
-
318,803
318,803		 Chattels
£
-
1,054,850
1,054,850		 Total
£
135,787
354,380
7,500 490,167

The Foundation has only limited but nonetheless important Heritage assets. Firstly it owns the chapel at Clandeboye. This building is preserved for the benefit of the built environment that constitutes the fabric of the Clandeboye Estate but is in constant use by members of the public as it enjoys the status of being a Chapel at Ease to Bangor Abbey. The Foundation has embarked upon an improvement plan - it is installing a connection to the district heating system and has invested in stained glass windows as a memorial to the Marquess of Dufferin and Ava as is the silver cup that is used In connection with services held in the chapel. The chapel is also used for local community events and for music recitals on a frequent basis. The Burmese Figures are museum quality. They are unique but because of their age have recently required restoration and re-gilding. That process was undertaken in previous financial years through the auspices of an appropriately qualified expert. No further expenditure Is anticipated in relation to these artefacts.

Restorative work for Helen's Tower is now underway which is required due to the building's age. This site was and will continue to act as a self-catering accommodation facility where heritage documents attesting to the estate's history are on display.

The Dufferin Foundation is a beneficiary of the late Lady Dufferin's Estate. During the year a number of chattels including paintings, books, and other various historical items were bequeathed from the Estate and have been recognised at value.

16
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
17
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss		 2024
£
10,644
394
11,038
2024
£
1,804,974		 2023
£
5,876
368
6,244
2023
£
2,015,061

THE DUFFERIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

18 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024 2023
£ £
Accruals and deferred income 3,860 959

19 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 6 April Incoming At 5 April
2023 resources 2024
£ £ £
- 250,000 250,000

20 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.

General funds
Previous year:
General funds		 At 6 April
2023
£
2,607,907
At 6 April
2022
£
2,729,214		 Incoming
resources
£
9,095,788
Incoming
resources
£
44,040		 Resources
expended
£
(56,704)
Resources
expended
£
(45,979)		 Gains and
losses
£
129,145
Gains and
losses
£
(119,368)		 At 5 April
2024
£
11,776,136
At 5 April
2023
£
2,607,907

21 Analysis of net assets between funds

Unrestricted
funds
2024
£
Fund balances at 5 April 2024 are represented by:
Tangible assets
7,500
Heritage assets
1,295,017
Investments
10,219,557
Current assets/(liabilities)
254,062
11,776,136		 Restricted
funds
2024
£
-
250,000
-
-
250,000		 Total
Unrestricted
funds
2024
2023
£
£
7,500
7,500
1,545,017
135,786
10,219,557
2,424,281
254,062
40,340
12,026,136
2,607,907		 Total
Unrestricted
funds
2024
2023
£
£
7,500
7,500
1,545,017
135,786
10,219,557
2,424,281
254,062
40,340
12,026,136
2,607,907
2,607,907

THE DUFFERIN FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

22 Related party transactions

The Marchioness of Dufferin & Ava was a trustee of the Foundation.

The Marchioness of Dufferin & Ava was a director and shareholder in The Clandeboye Estate Company Limited.

The Foundation has a debtor of £10,644 from The Clandeboye Estate Company Limited which was previously an unsecured, interest free and repayable on demand loan to the Foundation. The balance owing to the Foundation from The Clandeboye Estate Company Limited at the 2023 year end was £5,876.

The agricultural land owned by the Foundation is made available to the Clandeboye Estate Company Limited under a conacre agreement. During the year the foundation received conacre income of £4,768 (2023: £4,768) from the company.

23
Cash generated from operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
(Gain)/loss on disposal of investments
Fair value gains and losses on investment properties
Movements in working capital:
(Increase) in debtors
Increase in creditors
Cash generated from/(absorbed by) operations		 2024
£
9,418,229
(39,163)
(30,661)
(98,484)
(4,794)
2,901
9,248,028		 2023
£
(121,307)
(36,640)
34,630
84,738
(4,786)
-
(43,365)

24 Analysis of changes in net funds

The charity had no material debt during the year.