REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DUET FOUNDATION |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DUET FOUNDATION |
DUET FOUNDATION |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Report of the Trustees | 1 | to | 2 |
Statement of Financial Activities | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 | to | 8 |
DUET FOUNDATION (REGISTERED NUMBER: 08414009) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 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 December 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 |
Objectives and aims |
The objective of the charity was to advance education in the art of music for the benefit of the public through assisting with the development of musical performance and composition talents of musical artists and musical education of persons in such ways as the charity trustees think fit. When planning its activities, the charity kept in mind the Charity Commission's guidance on public benefit. |
Significant activities |
None - The charity is no longer considered to be a going concern. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
None - The charity is no longer considered to be a going concern. |
Fundraising activities |
None - The charity is no longer considered to be a going concern. |
FINANCIAL REVIEW |
Financial position |
The Foundation is no longer a going concern due to the loss of support from its sole funder. |
Going concern |
Since its inception the charity has been funded by Duet Capital (Holdings) Ltd. On 23rd March 2021 this company was placed into administration and will no longer be in a position to provide this level of funding. With this fact in mind, the charity is no longer considered to be a going concern. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Recruitment and appointment of new trustees |
A new trustee may be appointed at any time, either by way of replacement or addition, so long as it is agreed by the board. Due to the charity no longer being considered as a going concern the remaining trustees have been unable to appoint additional trustees. |
Organisational structure |
The charity was overseen on a day-to-day basis by Mr M R Clarke. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
DUET FOUNDATION (REGISTERED NUMBER: 08414009) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Trustees |
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 |
DUET FOUNDATION |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
EXPENDITURE ON |
Other | 2 |
NET INCOME/(EXPENDITURE) | 2 | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 2 | ( |
) | ( |
) | ( |
) |
TOTAL FUNDS CARRIED FORWARD | 2 | ( |
) | ( |
) | (659,822 | ) |
DUET FOUNDATION (REGISTERED NUMBER: 08414009) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
( |
) |
NET ASSETS/(LIABILITIES) | ( |
) | ( |
) | ( |
) |
FUNDS | 7 |
Unrestricted funds | ( |
) | (659,822 | ) |
TOTAL FUNDS | ( |
) | (659,822 | ) |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 |
DUET FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 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. |
FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS |
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
• | the requirements of Section 7 Statement of Cash Flows. |
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. |
CREDITORS |
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. |
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. |
GOING CONCERN |
These financial statements have not been prepared on a going concern basis due to the loss of financial support of its main funding source. |
DUET FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | OTHER |
2023 | 2022 |
£ | £ |
Support costs | 768 | 2,580 |
3. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
TRUSTEES' EXPENSES |
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
4. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2023 | 2022 |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
EXPENDITURE ON |
Other |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | (657,242 | ) | - | ( |
) |
TOTAL FUNDS CARRIED FORWARD | (659,822 | ) | - | (659,822 | ) |
DUET FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
Accrued expenses |
Included within Other Creditors is £655,642 (31 December 2022 - £655,642) owed to Duet Capital (Holdings) Ltd. |
7. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1/1/23 | in funds | 31/12/23 |
£ | £ | £ |
Unrestricted funds |
General fund | (659,822 | ) | (768 | ) | (660,590 | ) |
TOTAL FUNDS | ( |
) | (768 | ) | (660,590 | ) |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (768 | ) | (768 | ) |
TOTAL FUNDS | ( |
) | (768 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1/1/22 | in funds | 31/12/22 |
£ | £ | £ |
Unrestricted funds |
General fund | (657,242 | ) | (2,580 | ) | (659,822 | ) |
TOTAL FUNDS | (657,242 | ) | (2,580 | ) | (659,822 | ) |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (2,580 | ) | (2,580 | ) |
TOTAL FUNDS | - | (2,580 | ) | (2,580 | ) |
DUET FOUNDATION |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1/1/22 | in funds | 31/12/23 |
£ | £ | £ |
Unrestricted funds |
General fund | (657,242 | ) | (3,348 | ) | (660,590 | ) |
TOTAL FUNDS | (657,242 | ) | (3,348 | ) | (660,590 | ) |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (3,348 | ) | (3,348 | ) |
TOTAL FUNDS | - | (3,348 | ) | (3,348 | ) |
8. | RELATED PARTY DISCLOSURES |
During the previous years Duet Capital (Holdings) Ltd, a company in which Mr J Thorne was a director, made and received payments on behalf of the charity. The net result of these is £655,642 (31 December 2022 - £655,642) being owed by the charity. This is included with other creditors. |
9. | ULTIMATE CONTROLLING PARTY |
The charity is ultimately controlled by the Board of Trustees. |