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REGISTERED COMPANY NUMBER: 06300858 (England and Wales)
REGISTERED CHARITY NUMBER: 1122594














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 July 2023

for

Duke UK Trust Limited

Duke UK Trust Limited






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5

Cash Flow Statement 6

Notes to the Cash Flow Statement 7

Notes to the Financial Statements 8 to 10

Duke UK Trust Limited (Registered number: 06300858)

Report of the Trustees
for the Year Ended 31 July 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
INCORPORATION, OBJECTIVES & PRINCIPAL ACTIVITY
The charity company was incorporated on 3 July 2007. The objective of the charity in the period under review was that of operating a registered charity, under the Charities Act 2011, for the advancement of learning and education, and in particular at Duke University,USA and the students attending that university.

Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives of furthering higher education and in planning for such activities in the future.

FINANCIAL REVIEW
Financial review and position
Achievements and performance
In the period under review incoming resources amounted to £288,880 (2022: £517,553). The company continued to improve and develop funding for educational establishments and plans to continue in the same vein. Funding is focused towards education, an activity delivering public benefit - £307,542 (2022 - £492,910) were expended on this charitable activity by way of grants to Duke University.

Reserves policy
To achieve its objectives, the charity has elected to donate all its incoming resources less administrative expenses, to the designated institutions. Therefore, all funds are designated, and, as a policy, it does not maintain any general reserves, except for £5,000 for running costs.Total reserves carried forward at the end of the year were £46,531 (2022 - £24,184).

Investment Powers
In accordance with the charity's Memorandum of Association the Trustees of the charity have the power to invest in such investments, and securities as they seem fit, but only after taking expert advice.

Investment policy
Funds are invested in accordance with the donor's wishes. In the absence of a specific request, funds received are placed on deposit with financial institutions until they are distributed.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Company is an incorporated registered charitable organisation, with a limited liability of £100. The company was established on 3 July 2007 under a Memorandum and Articles of Association which established its objects, powers and governance; and it was registered as a charity on 4 February 2008 (Charity No. 1122594).

Organisational structure and recruitment and appointment of new trustees
The trustees are directors who form the management committee elected by the shareholding trustees to operate the organisation and must hold at least two meetings per annum. At least three Trustees must be in office at any time and new trustees may be appointed, or removed, in a meeting, where at least two of the Trustees should be present. One third of the trustees retire by rotation annually and may be re-appointed, but only with the approval of the remaining trustees.

The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
06300858 (England and Wales)


Duke UK Trust Limited (Registered number: 06300858)

Report of the Trustees
for the Year Ended 31 July 2023

Registered Charity number
1122594

Registered office
19 Norcott Road
London
N16 7EJ

Trustees
A N Bothwell Accountant (appointed 31.5.23)
V L Nevois Assistant Vice President (resigned 31.5.23)
M C Sholtz Senior Development Counsel
S D Bayer

Company Secretary
M De La Torriente

Independent Examiner
Nielsens
Chartered Accountants
The Gatehouse
453 Cranbrook Road
Ilford
Essex
IG2 6EW

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 15 December 2023 and signed on its behalf by:





M C Sholtz - Trustee

Independent Examiner's Report to the Trustees of
Duke UK Trust Limited

Independent examiner's report to the trustees of Duke UK Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Dipakkumar Shah FCA
The Institute of Chartered Accountants in England and Wales

Nielsens
Chartered Accountants
The Gatehouse
453 Cranbrook Road
Ilford
Essex
IG2 6EW

15 December 2023

Duke UK Trust Limited

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
for the Year Ended 31 July 2023

31.7.23 31.7.22
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 272,900 506,965

Other income 15,980 10,588
Total 288,880 517,553

EXPENDITURE ON
Charitable activities 3
Grants to Educational Institutions 307,542 492,910

Other 8,336 2,296
Total 315,878 495,206

NET INCOME/(EXPENDITURE) (26,998 ) 22,347


RECONCILIATION OF FUNDS
Total funds brought forward 46,631 24,284

TOTAL FUNDS CARRIED FORWARD 19,633 46,631

Duke UK Trust Limited (Registered number: 06300858)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Unrestricted Total
fund funds
Notes £    £   
CURRENT ASSETS
Debtors 8 3,962 38,509
Cash at bank 15,671 8,122
19,633 46,631

NET CURRENT ASSETS 19,633 46,631

TOTAL ASSETS LESS CURRENT
LIABILITIES

19,633

46,631

NET ASSETS 19,633 46,631
FUNDS 9
Unrestricted funds:
General fund 19,633 46,631
TOTAL FUNDS 19,633 46,631

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 15 December 2023 and were signed on its behalf by:





M C Sholtz - Trustee

Duke UK Trust Limited

Cash Flow Statement
for the Year Ended 31 July 2023

31.7.23 31.7.22
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 (26,998 ) 22,347
Tax paid 34,547 (21,283 )
Net cash provided by operating activities 7,549 1,064

Change in cash and cash equivalents in
the reporting period

7,549

1,064
Cash and cash equivalents at the
beginning of the reporting period

8,122

7,058
Cash and cash equivalents at the end of
the reporting period

15,671

8,122

Duke UK Trust Limited

Notes to the Cash Flow Statement
for the Year Ended 31 July 2023

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM
OPERATING ACTIVITIES
31.7.23 31.7.22
£    £   
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)

(26,998

)

22,347
Adjustments for:
Net cash (used in)/provided by operations (26,998 ) 22,347


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.22 Cash flow At 31.7.23
£    £    £   
Net cash
Cash at bank 8,122 7,549 15,671
8,122 7,549 15,671
Total 8,122 7,549 15,671

Duke UK Trust Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2. DONATIONS AND LEGACIES
31.7.23 31.7.22
£    £   
Gifts 244,466 468,065
Gift aid 28,434 38,900
272,900 506,965


Duke UK Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

3. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
4)
£   
Grants to Educational Institutions 307,542

4. GRANTS PAYABLE
31.7.23 31.7.22
£    £   
Grants to Educational Institutions 307,542 492,910
The total grants paid to institutions during the year was as follows:
31.7.23 31.7.22
£    £   
Duke University, USA 307,542 492,910


5. SUPPORT COSTS
Governance
Management Finance costs Totals
£    £    £    £   
Other resources expended 6,000 1,016 1,320 8,336

6. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.7.23 31.7.22
£    £   
Other non-audit services 1,320 1,320

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022.



Duke UK Trust Limited

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Gift-aid 3,962 38,509

9. MOVEMENT IN FUNDS

The fund balance at the beginning and end of the year includes £100 for Called Up share capital representing 100 Ordinary shares of £1 each, allotted, issued and fully paid.

10. RELATED PARTY DISCLOSURES

Duke University, USA, whose Board of Trustees is the ultimate controlling party, is the sole beneficiary of grants made by the company and makes contributions towards the charity's administration and governance costs which amounted to £15,904 (2022 - £10,502). They are shown as other income in these accounts.

11. ULTIMATE CONTROLLING PARTY

The company's ultimate controlling party is the governing body of Duke University, USA.

The charity's Memorandum of Association states that trustees shall not hold beneficial shares and that no dividends shall be payable.