| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| FOR |
| DUET FOUNDATION |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| FOR |
| DUET FOUNDATION |
| DUET FOUNDATION |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| Page |
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 | to | 9 |
| DUET FOUNDATION (REGISTERED NUMBER: 08414009) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 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 2025. 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 and has been dormant throughout this accounting period. |
| ACHIEVEMENTS AND PERFORMANCE |
| Charitable activities |
| None - The charity is no longer considered to be a going concern and has been dormant throughout this accounting period. |
| Fundraising activities |
| None - The charity is no longer considered to be a going concern and has been dormant throughout this accounting period. |
| 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 |
| DUET FOUNDATION (REGISTERED NUMBER: 08414009) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| Registered office |
| Trustees |
| Independent Examiner |
| Gibbons Mannington & Phipps LLP |
| Chartered Accountants |
| Landgate Chambers |
| 24 Landgate |
| Rye |
| East Sussex |
| TN31 7LJ |
| 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 |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
| DUET FOUNDATION |
| Independent examiner's report to the trustees of Duet Foundation ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025. |
| 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. |
| Keith M Luck FCA |
| Gibbons Mannington & Phipps LLP |
| Chartered Accountants |
| Landgate Chambers |
| 24 Landgate |
| Rye |
| East Sussex |
| TN31 7LJ |
| 21 September 2026 |
| DUET FOUNDATION |
| STATEMENT OF FINANCIAL ACTIVITIES |
| (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 2025 | 2024 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 3 |
| Other income |
| Total |
| EXPENDITURE ON |
| Other | 5 |
| NET INCOME/(EXPENDITURE) | 5 | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 5 | ( |
) | ( |
) | ( |
) |
| TOTAL FUNDS CARRIED FORWARD | 5 | ( |
) | ( |
) | (662,030 | ) |
| DUET FOUNDATION (REGISTERED NUMBER: 08414009) |
| BALANCE SHEET |
| 31 DECEMBER 2025 |
| 2025 | 2024 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
( |
) |
| NET ASSETS/(LIABILITIES) | ( |
) | ( |
) | ( |
) |
| FUNDS | 9 |
| Unrestricted funds | ( |
) | (662,030 | ) |
| TOTAL FUNDS | ( |
) | (662,030 | ) |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 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 2025 |
| 1. | STATUTORY INFORMATION |
| Duet Foundation is an incorporated charity, limited by guarantee, registered in England & Wales. The charity's registered number and registered office address can be found in the Report of the Trustees. |
| 2. | 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. |
| 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. |
| 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 2025 |
| 3. | DONATIONS AND LEGACIES |
| 2025 | 2024 |
| £ | £ |
| Donations |
| 4. | SUPPORT COSTS |
| Governance |
| costs |
| £ |
| Other resources expended | 1,020 |
| 5. | OTHER |
| 2025 | 2024 |
| £ | £ |
| Support costs | 1,020 | 1,440 |
| 6. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024. |
| TRUSTEES' EXPENSES |
| There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024. |
| 7. | 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 | (660,590 | ) | - | ( |
) |
| TOTAL FUNDS CARRIED FORWARD | (662,030 | ) | - | (662,030 | ) |
| DUET FOUNDATION |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Other creditors |
| Accrued expenses |
| Included within Other Creditors for the year ended 31 December 2024 was £655,642 owed to Duet Capital (Holdings) Ltd. This balance has been written off in this accounting period following the continuing liquidation of Duet Capital (Holdings) Ltd. |
| 9. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1/1/25 | in funds | 31/12/25 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (662,030 | ) | 661,269 | (761 | ) |
| TOTAL FUNDS | ( |
) | 661,269 | (761 | ) |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 662,289 | (1,020 | ) | 661,269 |
| TOTAL FUNDS | ( |
) | 661,269 |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1/1/24 | in funds | 31/12/24 |
| £ | £ | £ |
| Unrestricted fund | (660,590 | ) | (1,440 | ) | (662,030 | ) |
| TOTAL FUNDS | (660,590 | ) | (1,440 | ) | (662,030 | ) |
| Comparative net movement in funds included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted fund | - | (1,440 | ) | (1,440 | ) |
| TOTAL FUNDS | - | (1,440 | ) | (1,440 | ) |
| DUET FOUNDATION |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2025 |
| 9. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| movement | At |
| At 1/1/24 | in funds | 31/12/25 |
| £ | £ | £ |
| Unrestricted fund | (660,590 | ) | 659,829 | (761 | ) |
| TOTAL FUNDS | (660,590 | ) | 659,829 | (761 | ) |
| Net movement in funds included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted fund | 662,289 | (2,460 | ) | 659,829 |
| TOTAL FUNDS | 662,289 | (2,460 | ) | 659,829 |
| 10. | RELATED PARTY DISCLOSURES |
| During the previous years Duet Capital (Holdings) Ltd, a company in which two Trustees were directors, made and received payments on behalf of the charity. The net result of these is £655,642. This balance has been written off in this accounting period following the continuing liquidation of Duet Capital (Holdings) Ltd. |
| 11. | ULTIMATE CONTROLLING PARTY |
| The charity is ultimately controlled by the Board of Trustees. |