THE DUCHY OF LANCASTER BENEVOLENT FUND Registered Charity Number 1026752 REPORT OF THE TRUSTEES AND ACCOUNTS FOR THE YEAR TO 31st MARCH 2025
THE DUCHY OF LANCASTER BENEVOLENT FUND FOR THE YEAR ENDED 31st MARCH 2025 CONTENTS LEGAL & ADMtNISTIL4TION REPORT OF THE TRUSI'EES INDEPENDENT AUDITOR'S REPORT STATEMENT OF FANCIAL ACTIVITIES BALANCE SHEET io CASH FLOW STATEMENT NOTES TO THE ACCOUNTS 15 GRANTS MADE IN THE YEAR
THE DUCHY OF LANCASTER BENEVOLENT FUND LEGAL AND ADMINLgTRATIVE INFORMATION Trustees Hon. Mr. Justice Timothy Fancourt (Reli 30 September 2025) Hon. Mr. Justice Leech lappointed 1 October 2025) Sonia Tolaney KC James Chalmers {appointed 9 Juty 2025) Sir Mithael Stevens GCVO {Resigned 9 July 2025, appoinled 1 Octob8r 2025) Amanda Parker JP DL Diane Hawkins JP DL Mr Marf( Blundell CVO Socretary Hugh Bructrwatt Registered Office l Lancaster Place Strand London WC2E 7ED Charity number 1026752 Auditors Saffery LLP 71 Que•n wi0na Slreet London EC4V 4BE Bankers Coutts & Co. 440 Strand London WC2R OQS Investment managern Cazenove Capital 1 London Wall Place London EC2Y SAU Newton Inve$trn&nt Management Ltd 160 Queen Wi¢toria Street London EC4V 4LA Investment advi¥or Stsnhope Consulling 35 Portman Square London W1H6LR Sollcltor8 Farrers LLP 66 Lincoln's Inn Fields London WC2A 3LH
THE DUCHY OF LANCASTER BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31$1 IMRCH 2026 1. Objrtts ol thg Tt The objects of the Trust 8r8 lo support caritable causes In: the County Palallna of Lancaster the adminislralive counties of Lancashlra, Greater Man(estsr and Mersey5ide elsewh&re In the country where the Duchy of Lancastèr has hlstotlcal Ilnks Isu¢h as landed interests and church Il¥iThJsl. Appli¢alions for grant8 should be addressed to the S8¢rgtsry. At the b¢he$l of the Duke of Lancaster, donations have been made from the Duthy of Lancaster to the Trust wlth th9 request that thtry are, for ihe Ilme being, Invasled to provlde an income to support the objects of the Trust. Tha Tnjstees h8ve 8¢cordingly placed the donatlons Into 8 separ8te inve6lmenl fund, the Expendable Endowment Fund. There have been no one off donatlon$ the year. In 2024 a one off additional donation of £goo.000 was made to the Benevolent Fund from the Duthy of Lancast8r lo bo used to support the Coronation Food Prol8¢1 In Merseyslde, which w88 plad in a restrid fund. The Truslees hav8 referred lo the guidance contained In Iha Charlty Commission's general guidanrE on public benefit when Teviewing the aim5 and objectives and In plannln9 the futu adivities. In particular the Tru$tee$ conslder how planned donlOnS will ontribule to the aims and oblectives they have set. The Trust nSId$r Ihal the ¢urrenl policy for rnaking ¢Jonations dellvers publlc bonefil. Details of the obJ'e¢i8 which form the basis of thls pollw are ¥bove. 2. Grant maklng pollcy The Trust has established its grant maklng pollcy to achi&ve its objects for the public bene)It. The Trust Invltes appllcatlons for grants Ihal will meet the slated objects of th& Trust and Ihèse will be assessed on a morfl basls 85 to value for rnoney and impacl In a¢hievlng the aims of the Tru51. 3. Ach10Monts and porfornianco Th8 Trustees hav9 re$Wed and are Content that the obiecls of Ihe charfty as hlghllghled have been achieved during Ihe Course of thè yoar. Thg Trustees 8re conlenl that the income generated over the course of the year has been utilised In ac¢ordan¢¢ w6th the objects. Dudng the ygar the Trust has made or made fulure commitments to 273 grants totalllng £473,183 12024 '. 259 granls IL)tslllng £1,497,149) as set out on page 15 10 18 clf the finanThal slalements. The Trust continues to lfil its objects through its grant-maklng pollcy and It Is the Trustees, intentiDn to continue doiThJ so. The airn of the charity is to distrfbuta In Ihg rgglon of £500,000 annually in grants funded from the Invoslment portfollo, whilst maintainlng tho capI181 valua of the fund in real ternis, after Infiallon and distributions. This target is below the minimum tong t•mi average total relum target for the Inv8stm8nt portfollo of CPI inllalion +4% p.a. The portfolio generated £539.465 of Investment income in the par and a Ironsfvr of £100.000 from the expendable endowmeni fund was made In order to fund expendilure on chaiitable 8ctiwties of £592,456. This led lo an incr&ase In lh& UnStrICted Gener81 Fund of £50,983 and a carried foard balance of £67,031. A grant of £100,000 has in the past been Tecèlvad from the Duchy of Lan¢a81er every year towards the Expendable Endowment Fund. In 2024 a further £900,000 was rfrc4ived for the support of the Coronailon Food Prol&Gt In Merseyside which was plarEd in a r8strl¢led fvnd. The £900,000 was granted in the prior year along wlth Ihg remaining £2,500 of 2023 food bank grants leaving a reslrictsd lund balan of £nil. 4. FIDan¢ial r•vi•w Investments have been aequired within Ihe powers set oul In the Trust Deed and in acrdancE with the Sustsinable Investment Polity. Over the year, ihe Tru81'8 Investment assets d6Greasg(I In value by £404,581 {2.14%1, being the nel loss on investments of £343.026 and investment management faes of £61.555 p8id out of capital per note 8. During the yearth8 InStment income generated was £543.419 {2024 '. £493.338I- 6. Rlsk managoment The prlnclpal rlsks lard by the Trust lie in the performance of Snvestm&nts and operational risk8 from ineffective grant making and the capaiity of the Trust to make effedtve grants. The Twstees considèr variablllty of Invgsbngnl returns on the permanent endowm8nl io ¢onstlute thg charity's major financial risk. This is m6Igat8d by relainlng expert investment managers aThJ regulady revlowln9 the rfsk profile of the portrolio. The operational risk from Ineffectlve grant making is mibgated by tha fart Ihal the dplent5 of grants arè known to and w911 undersloot1 by the Twstees who are able to asséss tha &ffg¢tlv&ness th81 the grant making has. Smaller grants assossed on merit on an individual ba51$ and wni only be grante(J rf the Tru8tees understand how Ihg$9 funds will benelll the redplenl.
THE OUCHY OF LANCASTER 8ENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR EMDED 31st MARCH 2025 6. r¥0$ The Trustees, policy is lo distslbute Investsment income re¢Èived and lo m81ntsln a reserve in the Unretslricted Gener81 Fund. whllst maintaining th& real lernis capital value of the invesknents In the Expendable Endowment Futxl. The Expendable EThlowfflenl lurKI had a balan of £18.634,462 81 Ihe year end. Although not forming p8rt of the main reserves. Ihe Trustees do have lh8 power to transfer ffiJnds to the Unwtrict8d Fund lo meet shorifa115 in fvnding when required. During Ihe year a Iransfer of £100.000 was made from Ihe Expendable EThJowment Fund to the General Fund leaMng il with 8 ye81 end balance of £67.031 fe rÈsves. A Testiicted fund was ueate(l in 2023 year for Ihe support of foodbanks andlor provide food to those in aaS of need after receipl of a donation of £420,000 from the Duchy of Lancaster for Ihis puOSe. The Lieutenants distributed £417.500 of the £420,000 in Ihe year to 31 March 2023 leaving a surplus balan of £2.500 whith was distributed in 2024 along with anolhèr restricted donation of £900.000 received from the Duchy of L8n(aster for Ihe Coronation Fo(KJ Pioject in Merseyside. There were no restrt¢ted funds received In Ihe yearendeil 31st Marth 2025 7. Pl#ns forfutur• porlod$ The pl8n ft)r fuiure periods is to satisfy Ihe charivs objectives and to mairtsin an invèslment portfolio in accordance with the totsl relum objective as 8greed by the Tru$l8es as set out in the Ststement of Invostment Prtnc4ples. 8. Slructur•. gov9rnance. manAgom•nt and admlnlstratlvè d•tsll• Govaming Inslrumgnt The Duchy of Lonster BeneVOnt Fund w8s conslltuted on 29th September 1993 undgr a Trusl Deed. The registered ch8rtty number is 1026752. Tmstees 8ndprinupal Offirts Trustees are appointed by the Chancellor of th8 Duchy of Lancaster, these were as follows= RetirEd The VKe Chancelkjr of the County P8L4trnè Ichaimianl Hon. Mi. Justice Tlmothy Fancourt Hon. Mf. Justice Leech The Attomay Genèral of Ihe Duchy of Lancaster Sonla ToLqn&y KC The Reci¥er General ofthe Duclw of Lanc8$ter Sir Michael Stevens GCVO Jarne5 Chal The Lord Lieutenant ol Lancashire AmaThJa P8rter JP DL The Lord Lteutenant of Greater Manch8stsr Diane Hawkiis JP DL The Lord £tenant of Mer5ey5ide Mr Mark Blundell CVO Sir Mtchael Stevens GCVO 30 Septèn*r 2025 1 October 2025 8 Juty 2025 9 Juty 2025 1 October2025 Mr Huyh Brur&Watt The Truslèas meet hvice a year aThJ make all major (£5.000 and owrl grani making and investment decision5. Deusions on making olher grants are delègatéd to 4 local panels based in Lancashi. Greater Manchester. Met5eJside and Lon¢Jon. which each meet around four Imes a year. Trustees are provided wth adequate support and training where training needs are identified lo allow them to effeGtlvely cxjnduct their role. The day lo day administration of the Twsl is delegated lo Ih8 Staff of the Duchy of Lancaster. Administration Administralive support for the charity 15 provtded by The Duthy of Lancaster from Its offices at 1 Lancasler Place, Strand, London WC2E 7ED. Adwsors Bankers.. Coutts & Co. 440 Strand London WC2R OQS Solidtor&.' Farret & Co. 66 LiroIn.8 Inn Fiekl8 London WC2A 3LH
THE OUCHY OF LANCASTER BENEVOLENT FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2025 Strudure. govèrnance. management and admln15tratlve detalls Icontlnugdl Auditors.. Saffery LLP 71 Queen Vi¢Xoria Street London EC4V46E InVests)t manager. Newton Investment Managenwnt Ltd leo Quw vthr Str881 London EC4V4LA Irwestment manager.. Cazenove Caprtal 1 London Wall Place London EC2Y SAU The Trustees are responsSble for pr8parfng Ihg Twsl&es' Report and the financial statements in accordance with applicable law and Unlled Klngdom Accounting Standards (United Kingdom Generally AcrEpt8d Actounllng Practl¢o1. The law applicabla lo charities in England & Wales requires the Trustees to pfepare financial $latemenl$ for each finand81 yfrarwhlch glve a tnje and fair view of the slate of affairs of the char6ty aThJ of thè Incomlng resources 8nd 8ppIic8tion of resources of the charity for that perlod. In pr8parfng th8s8 finandal stalements, the Twstses art required lo- select suitabl8 accounung pollde$ and then appty them nsiStenIty,. observe the methods and principles in the Gharilies SORP- make judgements and estlrnates that are reasonable and pnjdent., state whgthgr applS¢8bJg accounting $lan¢J8rd$ have been followed, subjed to any material departures disdosed and expl8lned in the financial statèmenis., prepare Ihe flnanclal statements on the going eoncÈm basis unless it Is Inapproprlate to prgsunie that the charlty wlll continue in operation. The Twstees are responslble for keeplng propèr aCuntIng re¢ords that disdose with reasonab a¢¢ura¢y al any time Ihe financial posSllon of the tharlty and enable them lo ensuTe thal the financial slalements comply with the Charities Acl 2011. the Charlty Accounts and Reportsl Regulations 2008 and the provisions ofthe trusl deed. They are also rgsponslble lor safeguarding the asset8 of the charity and hen for taklng reasonablè $tgp$ for the prevention and dets¢tion of fraud and other irregularities. The Trustees have undertaken a review of major risks faclng th& tharfty and tskgn $l&ps lo mlllgale them. Approved by the Trustees on Lèliil)LS and signed on Iheir behalf by on Justice L slees rna
THE DUCHY OF LANCASTER BENEVOLENT FUND INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2025 Oplnlon We have audited the financial slalerrenls of the Duchy of Lancaster Benevolent Fund for the year onded 31 March 2025 which comprise the Slaiemenl of Financial Position, Balance Sheet and Cash Flow Slalemenl and notes lo the financial stalements. including si9nificanl accounting policies. The financial reportjng framework that has b8en applied in their preparation is applicable law and United Kingdom Aecounling Standards, including Financial Reporting Standard 102, the Financial Reporting Slandard Applicable in the UK and R8publi¢ of Ireland (United Kingdom Generalty Accepted Accounting Pradicel. In our opinion the financial slalements.. give a ttue and fair view of the Stale of the cha[itS affairs as at 31 March 2025 and of ils incorning resources 8ThJ applicalton of resourees for the year then ended- have been properly prepared in accordance wilh United Kingdom Gengralty Accepted Accounting Practi. and have been prepared in accordanc£ wth the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance WTth International Standards on Auditing IUKI IISAS (UKII and applicable law_ Our responsibilities under those stsndards are further described in the Audilors, rtsponsibiifties for the audit of the financial statements section of our report. We are independent of the charity in aordan th the ethical requirements that are relevant to our audil of the financial slalements in the UK, including thè FRC'S Ethical Standard, and we have fUilled our other ethical responsibilrfies in accordance with these rffjuiremenls. We believe that Ihe audil evidence w8 have obtained 15 sufficient 2nd approprle lo provide a basis for our opinion. Concluslons relatlng to going Gon¢em In auditing the financial 518temenls, we have concluded that the trustees, use of the going con¢sm basls of accounting in the preparation of the financial slatsrnenls 1$ appropriate. Based on the work we have perfomed, we have not bJentified any materlal uncertainties relating to events or conditions that, indivtdually or ¢olle¢lNety, may cast signlficanl doubl on the chaiity's abilty lo ¢ontinue as a going concern for a period of al least hvelve months from when the financial slalemenls are authoed for issue. Our responsibilitie5 and the responsibilities of th• tw$lees with respect to going Gonrn are described in the relevant sectitins of this report. Other infomiatlon The other infomation comprises the information included in the annual report, other than the financial slalemenl$ and our auditorfs report Ihereon. The Iruslees are responsible for the olher Infom)ation. Our opinion on the flnancial slalements does not cover the other infomallon and, except lo the extent otherwise explicitty slated in our report, we do not express any fom of assurance conclusion theOn. Our responsibilty is lo ¥d the other infomiation and, in doing 50. consider whether th• ¢iher infom)alion is malerialty incon5islenl with Ihe financial slalemenls, or our knowledge obtained in the ccurse of the audit or otherwise appears 10 be materially misstated. If we idenlfy such rnaterial inconsislenci&s or apparent material misslalemenls, we are required to determine whether this gives rise to a material misslalement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misslaternent of this other information.. we are required lo report that fact. We have nothing lo report in this regard. Matters on whlch we are raquired to report by excepllon We have nothing lo report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulati(Sns 2008 require us lo report to you if, in our opinion.. the infomalion gnien in the Trustees, Arnnual Report is inconsistent in any m8leri81 respect wrth the financial statements.. or the charity has not kept sufficient accounting fecords- or the financial slalemenis are not in agreement with the accounting records and returns,. or • we have not received all the infomialion and explanations we require for our oudit. Rospon$ibilitles of trustees A5 explained more fulty in the Trustees, Responsibilities Statement set out on page 4, the Iruslees are responsible for the preparation of the financial slalemenls and for being satisfied that they give a twe and faSr view, and for such inlemal control as the trustees delemiing is ne¢essary lo enable the preparalion of financial statements that are free from material misslalemenl. whether due to fraud or error. In preparing the financial slalernenls, the trustees are r8spon$ible for assessing the charity's abilty lo ¢ontinue as a going concern, disclosiThJ, 35 applicable, matters related to going concem and using the going ¢oncern basis of accounting unless the trustees eilher intend lo liquidate the charity or lo cease operations, OT have no realislic allernalwe bul lo do so.
THE DUCHY OF LANCASTER BENEVOLENT FUND INDEPENDEKf AUDITOR'S REPORT TO THE TRUSTEES contlnued FOR THE YEAR ENDED 31ST MARCH 202S Auditors. ro$ponslblllt19$ for the audll of Ihe flnanclal statements We have been appointed a5 aLtdilors under the Charttles A¢t 2011 and report in accordance with regulalions made Urar that A¢t. Our obiectNes ar8 to obtain reasonable assurance al)out whelhor the financial statements as a whole are free from material misslalement, whether due lo fraud or eTror, and to issu& an auditor's report that Includes our ¢)pinioTh. Reasonable assurance Is a high level ol assuran, bul is not a guarantee that an sudtt eonduded in a¢¢ordance with ISAS (UK} will always detect a materfal misslalement when it exists. MtsstaterrEnts can arise from fraud or error and are considered material rf. individualty or in the aggregate, they coukl a$on0bty bo 8xp¢cled lo influence the economlc decisions of users taken on the basis of these financial slalements. lThegularities, including fraud. are instan¢es of n0n4¢Jnp1iare with laws and regulations. We de9Jn prccedure$ in line with our responslbilllies. OLrtlined above, lo detect material misstalem8nts in respect of Irregularitw, in¢luding fraud. The specific procedures for this eThJagemenl and the extent lo whi¢h these are capable of detecling irregularities, including fraud are detailed below. Idonlifying and assessing risks related lo irfegularitEs- We assessed the susceptibifrty of the tharty's financial slalements lo material mls$lalement and h¢)w fraud m¢ght occur, inclLMJing through discussions with the Iruslees, dlscussions within our audit team planning meeting, L¢pdaling our record of Intemal ¢ontro15 and ensuring these controls operated as int•nded. We evaluated posSIb ineentives and opportunitEs for fraudulent manipulation of the flnan¢ial $latemenls. We identrf¢ed laws and reguFat¢ons that are of slgnlfi¢an¢e in tho ¢ontext of the charity by discussions th tru$le8s and upJalirvJ our understandln9 of the SeOr in which the charty operates. Laws and regulation$ of direct signrficance in the context of the ¢harty indude the Charit¢es Act 2011, the Chariti8s {Accounts and Reports) Regulations 20)8 and guidance issued by the Charity Commission for En9laThJ and Wales. Audit response to risks identified.. We considered the extent of wnpliance wlth Ihese laws and regulallons as part of our audit Pfocedures on the rela financial slalemenl items including a review of financial statement di$¢losures. We rev1frd the charity's records of ba¢he$ of laws and regulations, minutes of meetings and ¢orre$pondenGe with relevant authoritles to hyenlify potential material mi5$1atemonts arising. We dIU$$ed the charty's policies and procedures for compliance with laws and regulalions with members of management responsible for wmpliance. During the planning meetin9 whh the au¢Jil team, Ihe engagement partner drew attention to the key areas whi¢h mighl involve non- cixnpllance with laws and regulations or fraud. We enquired of mana9ement whether they were aware of any instances of non complian¢• wf(h laws and regulations or knowtedge of any actual, suspeded or alloged fraud. We addressed the risk of fraud through management overrtde of controls ty testing the approprialoness of joum81 entrtes and hyentifying any Significant transactions that unusual or outsKle the nonal course of business. We assessed whether judgements made in maklng auntIng eslimale$ gave rise to a posslble indi¢alion of management bias. At th& completion stage of thè audtt, the engagemenl partneffs revlew Included ensuring that the team had appr¢)ached their Work with approprlate professional s¢eptiGism and Ihus the capa¢ity lo idenlfy non-compliance with laws and regut8titins and fraud. There are Inrent limitations in the audit Pfocedure$ described above and the further removed non4ompllance with laws and regulatknns is from the events and transactions refiected in the financial ststements, the le$s likety we would kecome aware of it. Also. the rigk of not dgle¢ting a material misststement due to fraud is hiqher than the rtsk of not detecting one resuhing from error, as fraud may involve delibèrate conoalmenl by, for example, forgery or inlentional misrepresentations, or through collusron. A furthor description of our responslbiltties for the audit of the financial statements is located on the Financlal Reporting Council's website at.. vMv.frc.o .uklauditorsres onsibilities. This descriplicsn fomis part of our auditors, report.
THE DUCHY OF LANCASTER BENEVOLENT FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES continued FOR THE YEAR ENDED 31ST MARCH 2025 Use of our report This report is made solely lo the charty's Iruslees. 8$ a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the trustees those matters we are Tequired lo slate to them in an auditorfs report and for no other purpose. To the fvllesl extent permitted by law, we do not accept or assume responsibilty lo anyone other than the ¢harty and the trustees as a body, for our audit work, for this report, or for the opinions we have fomied. Saffery LLP StslJtory Auditors 71 Queen Victona Street London EC4V 48E Dale: ro &02 Saffery LLP is el*Jible lo aGt a$ an auditor In terms of Section 1212 of the Companies Act 26
THE DUCHY OF LAMCASTER BENEVOLENT FUNO STATEMENT OF FIMANCIAL ACTwinES FOR THE YEAR ENDED 31st MARCH 2025 Uniestricted General Fund Expendable EndDwment Fund Total 2025 Total 2024 ReStted Fund Income and endowments from: Endowments l Donatioft8 Investments 100.000 100.(100 543.419 643.419 i.000,coo 493.338 1,493,338 543,419 543,419 Total 100,000 expendliur• on: Raising Funds Charitsble activities Totsl 78,228 514,228 592.456 78.228 514,228 592,456 72.345 1,530,412 1,6Q2,767 Net Ilosss} I gain5 investrnents Net lexpenditureyincorno 343.026 1243.0261 343.026 1292,0631 1. 119.362 l.W9,943 149.0371 Tian5fer betsveen [vlS 100,000 100,000 Ngt movgment In funds 50,963 343,026 292.063 I.9,943 Rgconclllatlon ol fund$: Tolal funds brought foTh¥ard 16,068 18,977,488 18,993,556 17983 613 Total tsn<Js ¢arrfod forward 18,634,462 18,701,493 18,993,556 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 315t MARCH 2024 Unfestricted General Fund Expendable Endowmtrnl Fund Restricted Fund Total 2024 Notes Incomo and èndt)wments from: Endowments Investsnents Totsl 900,000 100,000 1,000,000 493,338 1493,338 493,338 493,338 900,000 100.000 Exnd1M on: Rai9 Funds CharitaNe activities 72,345 627,912 72,345 1,530,412 902,500 Total 7(KJ,257 902,500 1,602 757 Net gains I Ilossasl on investments Net (exptrndlturnylncome 1,119.362 1,219.362 1,119,362 1,009,943 12rAs.9191 12,500} Transfer between fijnds 220,000 220.000 Nèt movment irn fur5 13,081 2,500 999.362 1,009.943 Reconciliation of funds: Total fund$ brought forward 2,987 2,500 17978 126 17,983.613 Total ndS ¢arrled forward 16,068 18,977 488 18,993.556 The notes on pages 11 to 14 f(mi P8rt of these a¢counl&
THE DUCHY OF LANCASTER BENEVOLENT FUND BALANCE SHEET AT 31$1 MARCH 2025 2025 2024 Flxgd Assots Investrnents 18.466,093 18,870,674 Curr•ntAs88ts Debtors Cash 8rtd kleposits 5,546 271.234 276,780 6,459 206 383 212,842 Credltors: amounts falling dLre within ¢n• yaar Grants and aUed èxpenstrs Noi Current A88¢ts 41,380 235,400 57.96Q 154.882 Cr•dltor8: amour falling du• ¥fter ono yoar Grants Total Nonlurrent Liabllltlgs 11 32,000 Net Ag¥ets 18.701493 18,993,556 CapStal Fund Exwdable Endowrnent 12 18,634,462 18,977,488 Incomè Fund Unrestri¢led General Fund RestrKted Fund 12 67,031 16.068 18,701 493 78,995,556 Approved by the stees on ¥lill$ 8nd *gn8d on their behalf by Th Hon irrn Leech e Trustees he notes on pages 11 to 14 fom part ol these a(£ounls. Registered Charity Number 1026752
THE DUCHY OF LANCASTER BENEVOLENT FUND CASH FLOW STATEMENT FOR THE YEAR TO 31st MARCH 2025 Total Total 2025 2024 Notes Cash outlltswfrom operating activltl88 14 478,568 489,721 Cash flows frorn investlng actlvltlos Dividends and interest Bank interest S8le ol investments Purchase of inveslments 539,465 3,954 48&741 4,597 Net ¢a¥h Inflow from In¥•stlng a¢ti¥itie$ 543,419 493,338 Changé in c88h and cash equNalents in the year 64,851 3.617 Cash and cash oqulvalgnts at Stsrt of year 206.383 202.766 Cash and cash oqylvalents fjt end of year 271.234 206,383 Cash ¢omprises: Cash at bank 271,234 206,383 10
THE DUCHY OF LANCASTER BENEVOLENT FUNO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31$t MARCH 2025 1. A¢countlng Pollctes lal Basis of Accounting The financkil statements have bsn prepa in ardance with the Ststemenl of Recommended Pr8¢ti¢s.' Accountlng aThl Reportyng by Charitie5 Pfeparing thelr )Unts in accordance with the Finanaal Reporting Standard applic8ble in the UK and Republic of IreLand IFRS 1021 issued on 16 Juty 2014 and the Financ401 Rèporting Standard applicable in the Unitsd Kingdtsm and Republic ol IreLand IFRS 1021 and th& Charitles Act 2011. The Trust consts'trrtes a publi¢ benefit entY as defined by FRS 102. The trustees consider that there are no materfal uncertainties #bout ihe Trusfs abilty to continue as a going conc&m. The most signifi¢ant key assumptions that affèct rtems in the accounts are the carrying valuè of assets held by the Trust and the level of inveslment relum due to the p6rfomance of investment markets (see the invèstment policy and performance and risk management sectDns of the tru51ee$' annual report for more infomationl. Ibl Significant judgements, key 8ssumpts.ons and estimatss A(tounting estimates and judgements are ¢ontinually evaluated and are based on past èxperience and other factors, including expectslions of thjture events Ihat are btrlieved lo be reasonable under the cir¢umstsnces. The Ducy mak$s èstimates and assumption5 concming the future. The resulting ae£ounting estimate$ could. by definition, diffr from the actual outwme. There are no estim$t$$ and assumptions thal have a risk of Causing material adjustment to the carrwng amounts of assets and liab¢'lities within the next finan¢ial year. Icl Income Donations and interest from banks and Government securities ar¢ acrx)unt•d for on an accr(tals basls. Diwdends a ac(ounled for when received. {dl Grants Grants are accounted for when the Intent* lo make thè payment i8 communicated to the bttnefio8ry. If there are Conditions attached to the payment then th& grant is actounted for once the conditions are no longer within th¢ eontiol of the Trustees. {el Govemance cDsis Govtrmance costs comprise CLlSts incurred in Trust administration 8nd ComlanCe with regulatory requirernents. lfj Taxaiion The Tru51 carries on 8ctlvrties which are exempt from oyporation tax and incnme tsK. The Charity suffers Value Added Tax which is induded wilh the expenditure to which it relates. Igl Flxed Asset Investments Fixed Asset inveStmts are stated in the Balance Shetrt at market value. Ihl Cash and cash equivalenls Cash and cash equiv8bnls indudes cash at hand and on deposit held at call at Éhe bank. lil Debtors Trade and oth#T debtors are renised at the setuement amount due. ') Creditors Creditors are reC¢gnI where there is a present obligation fesulting from a past event Ihat will probably result in tran$f&r ol bjnds to 8 third party and the amount due to see the oblig8tlon can be measured or estimated reliably. Ikl Expandable Endowmenl Fund Donab'ons from thè Duchy of Lancaster have been invtrsted to provide an incthe from which grants may be made in a¢¢ordancè th Ihe policy set out in paragraph 6 of the Rtrrt of the Trustees. 111 Porrfolio Manager Fee5 The portfolio managerfees are taken from capitsl and disck)sed in the unrealised {lossll9ain movèment in note 8.
THE DUCHY OF LANCASTER BENEVOLENT FUND NOTES TOTHEACCOUNTS FOR THE YEAR ENDED 31$1 MARCH 2025 2. Endowmgntsl DonatioAs 2025 2024 The Duchy ot Lancaster The [ChY ol Lancaster Coronation F¢)od Project 100,000 Ico.000 900.(XX) i.0(X1.(l 100,000 3. Inv•skn&nt in¢omt 2025 2024 Quoted sg¢urits"08'. Interest on fixed interest 8toc*8 and dividends on unit trusts 539,465 539.465 3,954 543.419 488.741 488,741 4.597 493,338 Bank interest 4. Charitatsle actlvltlos Unrestricted General Funds Rest¥ktsd Funds 2025 2Lr24 SupFthand Governance Grants 99,791 53,818 291.334 18,240 10,000 Grants Total 108,447 58,486 316,606 19,822 10,867 Total 229,578 117.068 1, 137,530 31.333 14,963 Youth and education 0er & Disabl8d Per80n8 Cornmunity help Religious causes Miscellaneous 8,656 4,efj8 25.272 1,582 473.183 41,045 514,228 1,530 412 An analysis of grants made Is shown on p8g•s 15 to 18. Support costs are PTO-rated a0$$ the normal 8ctiviliès. The Trustees have expressed An intention to make the folk)wing fvture payments, subje¢t to the recdpt of 8uffi¢iènt income being reiVed frorn investments.. in 2025128, £32,0(X) made up of 7 grant$ These fvtufe payments have been 8ccrued for 2025. 5. Allocation ol Support and Govgrnancè costs 2025 2024 Goveman¢e costs 7,380 262 33,404 Supwrt C4)sts T¢xal 7,380 262 33,404 41,046 Auditoffs fees- for audit Expenses of Tru$l¢&s Other administratn co815 6,960 1,116 25,18T 33,263 Other administration costs principally consist of contributions towar<l$ offi¢$ $ts of the three Lofd5 Lieutenary offices and the Duchy of Lancastèr Offi¢¢ together with costs of Trustees, meeb"ngs. The adrninistration of Ihe Trust 1$ m¥nag¢d by the Tru51ee5 and the office ofthe Duchy of L8nca818r, 6. Trust0& and Staff Costs None of the Tru51ees received any remuneration (luring the year {2024 '. £nill. Travel and meeting expenses in¢urred on behaifof 6 Trustees amounted to £26212024 .' £1, 116 6 Trustees}. The thaiily has no directly employed stsff. 12
TPIE DUCHY OF LANCASTER BENEVOLENT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2025 7. Investments 2025 2024 Quoted securitbs Prorerty Funds Other FurKI$ 1,363.879 17.102.214 18.466.093 1.339, 102 17,531,572 18.870.674 The historic $t of investrnents at 31st March 2025 was £19,300,34512024 .' £13,614,106). principally due lo the change of Investment Managers during the ye81. The s1gnffic3n of finanual instruments to the ongoing financial sustainability of the Trust is considered in the Trustees, Annual ReporL 8. Reconciliation of m¢)vernent of investments 2025 2024 Quoted investments.. Market value at 151 April 2024 M8rk8gement fe$ (Lossl I gains in value of investrnents Market value al 31st March 2025 18,870,674 161,5551 343,026 18,466.093 17,823.657 f72,345J 1. 199.362 18.870.674 Duftng Ihg year the main portfolio was transferred frtyn Ngwton to Cazenove, management fees that were paid out ofcapital are shown abtsve. Addlb"on81 mangement fees were paid in cash. Equalisab"on wrthin the portfolio is Credited to the capitsl cash account and reinvested into the pDrtfolio il cash is not required. 9. Debtorn 2025 2024 DepOt interest Dividend income 1,793 3,753 5,546 2,318 4.141 6.459 10. Rolated Parties Certain of the Duchy of Lancaster Benevolent Fund's eypenses are incurred inth.ally by the Duthy of Lancast81 and then recharged to the Fund. The amount of suth expenses relating to the year ended 31st M8rth 2025 was £1.509 {2024.' £7,058). During the year a related Duthy of Lancaster Charity (Duke of Lancaster Housing Trust) paid for a jobnt Directors and Officer5 insunCe FX)Ircy, the Duchy of Lancaster Benevolent Fund reimbuTsed them £1,25312024.'£nil}. The Duchy of Lancaster Benevdenl Fund paid the folk)wing grants to charities Mqth Ix)nnecb"ons to the fdlowing trustees.. Diane Hawkins is either a Patron, President Ix similar ftjr. Gieater Manchester Magistrates £1.50012024.' nill, Hollinwood Scout Group £2,000 {part of GM Northl12024.. £nill Mr Mark Blundell 15 either a Patron, President or similar for. Bam5tondale Centre £1,945 {2024 £nill. 151h Fairfield Scouts £3,500 12024 £nil} and 4th Crosby a1 District Scouts £2,94012024 £nill, Ip8rt of Merseyside Scouisl, Sefton Council of Volurhtsry SerVs £nil12024." £15,000 which was than distributsd to other org8nisations which have been listed in the grant lislingl. Arnanda Parker, Hon. Mr Justice Tirnothy Faneourt, Sonla Tolaney and Sir Michael Stevens whD s¢rvsd in the year have no connections to any of the Chare$ receiving grants. The Duchy of Lancaster made donations of £100,000 in the year ended 31 March 202512024.. £1,000.0001. 13
THE LWCHY OF L4NCASTER BENEVOLENT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 21>25 11. Grants payablg and accruad 8xpgns•s 2025 2024 Aud Investfflent Management Fees Granis- amounts falling due within one year 7,380 2,000 6.960 51,000 57,960 41,380 Grants- amounts falling after one year 41,380 89,960 12. Net •$sets by fund 2025 Restricted Fund Gèneral Fund Expend#t* endowment Investments Current ass8t8 Current liabilities Non.¢urrent liabililies Net Assets 18,466,093 168,369 108,411 141,3801 67,031 18,634,462 2024 Restricted Fund General Fund ExFwdable endvwment Investmènts Currènt assets Current Ilablliligs N0n-¢uent liabilityès NetAssets 18,870,674 106,814 106,028 157,980} 32,000 16,068 18 977,488 13. Movomènt In funds Genergl Fund Restrfcte(I Fund Expendabte èndowment Total A5 81 1 April 2024 Incoming resources Outgoing resources Invesknents Gainslllosges} Transfers bets¥een fvnds As * 31 Mafch 2025 16.068 543.419 1592,4561 18,977,488 100.000 18.993,556 643,419 1592,456} 1343,026} 1343,0261 100.000 18.634.462 1CKJ,(KJO 67,031 18,701,493 Reconciliatlon of ngt gxp9ndlro to net cash Inflow frorn oprnling activities 2025 2024 Net lexpenditure) l income as per statement offinanaal acbvities Adjusted lor_" Net losses I Igains} on inve5tJnenls Investment incxyne Investmenl Man89pmenl fee5 Ilncwselldetrease in rKeivables IDecre8selIinase in payables Net cash ouffiow from operating ¥ctNrfies 1292.0631 1,009.943 343,026 1543,4191 61.55S 913 148,580 478,568 (1.119,362) (493,338) 72.345 271 40,420 489, 721 14
THE DUCHY OF LANCASTER BENEVOLENT FUND GRANTS MADE IN THE YEAR ENDED 31st MARCH 2025 YOUTH AND EDUCATION 15th Fairfield Scouts Claire House Dog Hill Scout and Community Campsite Dr. Martin Clarke (Young Organ Scholars Trust) Drama Expression5 for Children Evolve Friends of Kirkbny Friends of Tameside Young Carers Girl Guiding Umiston Divisions Girls, Friendly Society Harper Adams Development Trusl Hollinwood Scout Group Joss Searchlight Kingfisher Special School Lancaster Royal Grammar School Leigh Miners Rangers Rugby League Academy Lev Echod Cancer Care Moulton College Myerscough College of Agriculture Oldham Sea Cadets Plus One Community Reaseheath College S Pinter Youth Project Sefton Children's Trust St Olaves School - Wakeham Choristers Teen Dreams The Fitmill Hub CIC The Happy & Healthy Trust The King5 Trust The Reader Organisation Woodplumpton PTFA Yellow House Young Lives vs Cancer 3,500 4,800 2,000 2,500 2.300 4,350 3,000 2.000 2,000 2.500 5.000 2,000 2.500 3,000 5,000 2,000 2,000 5,000 5,000 2,000 2,100 5,000 3,000 2,180 2,000 3,700 4.800 3.995 2,000 4.250 3,000 3,273 2.000 Total of 31 grants each below £2,000 32.043 Returned grants or increase l(reductions) in future commitments .' Various {36,000) 99.791 15
THE DUCHY OF LANCASTER BENEVOLENT FUND GFIANTS MADE IN THE YEAR ENDED 31st MARCH 2025 OLDER & DISABLED PERSONS Heswall Disabled Children's Holiday Fund St. Joseph's Hospice Back to Life Liverpool Dementia Together Wirral St Ann's Hospice Central Lancashire Armed Forces Assc£iation Galloways Society for the Blind Disabilty Snowsport UK West Coast Crash Wheelchair Rugby Club Twilight Kindness All Together Now 3,298 3,038 4,995 3,036 5,000 5,000 2,000 2,000 2,000 2,700 5,000 Totsl of 17 grants each below £2,IXIO Returned grants or reductions in future commitments .' Various 15,751 53,818 COMMUNITY HELP The Gregson Community Association Ltd 4th Crosby and District Scouts Abram Wilson Foundation for Creative Arts Adam's Activity Ark CIC Arts2Heal Barnabus (Manchester) Beacon Bolton COUNSELLING SERVICE Brighter Living Partnership Burnage Fi)od Bank Chesed Hospital Transport Chichele College Management Team Church Road Methodist Church {Wesley's Teaching Prqect) Clatterbridge Cancer Charity Contact Hostel Dingle Multi Agency Centre Dunsop Bridge Jubilee PEay Area Charitable Trust Embassy Village Emmaus Bolton Famworth Baptist Church FRIENDS OF DIDSBURY PARK H8lle O'Brien CIC Homeless Support Project In Another Place Jolly Josh Kindfulness Coffee La Petite Mort Theatre (LPM Dance) Lancaster University Regional Heritage Unit Linacre Methodist Longton Victory Memorial Sports & Social Club 5,000 2.940 2,000 2,700 5,000 2,000 2,000 2,100 2,000 4,650 2,500 5,000 4,760 2,000 4,661 5,000 5,000 5,000 2,000 2,000 2,000 2,000 4,550 2,000 2,426 4,838 9,000 2,450 4,000 16
THE DUCHY OF LANCASTER BENEVOLENT FUND GRANTS MADE IN THE YEAR ENDED 31st MARCH 2025 Manchester Action on Street Health Marine in the Communrty Nelson Independent Labour Paty Land Society Ltd (Nelson Clarion House) North West Air Ambulance NYMR Bridge Out There Supporting Families of Prisoners PCC Holy Trinity with St Laurence (also knovm as Morecambe Parish Church) RAINBOW SURPRISE Redeeming our Communities ROCHDALE CONNECTIONS TRUST Royal Exchange Theatre Saddleworth St Chad Parish Church S81Ford Loaves and Fishes Sandcroft Shaftesbury Youth Club Special Educational Needs Families Support Group St. Helens Carers St. Vincent de Paul Society Tameside East Foodbank The Boaz Trust The Destitution Project The Friends of Flaybrick The Garden House The Gladstone Theatre The Little Centre The Together Trust The Waterloo & Crosby Theatre Company Trust in Community- The TIC Group CIC United Youth Alliance CIC VISIT FROM THE STORK West Bradford Community Hub Whalley Parish Church Council Development Fund Wirral Archaeology Young & Inspired Yuvanis Foundation 2,000 2,200 3,000 5,000 5,000 2.000 5.000 2.000 2,000 2,000 2,833 2,000 3,197 4,350 2,200 2,000 2,435 4.640 2,000 5,000 2,000 2,700 2,000 4,542 3,000 2,000 2.500 3,000 2,300 2,000 3.000 2.000 4.954 3,393 2.000 Total of 99 grants each below £2,000- Unrestricted 97,515 Returned grants or reductions in future commitments . Various {10,000) 291,334 17
THE DUCHY OF LANCASTER BENEVOLENT FUND GFIANTS MADE IN THE YEAR ENDED 31 st MARCH 2025 RELIGIOUS CAUSES Kuumba Imani Millenium Cenre Langham with Boxted PCC PCC St. Chads St Barn8bas Heapey Parish Church whil¢k Parish Church 2.100 2,480 4.600 2,000 5,000 Total of 4 grants each below £2,000 2,080 Returned grants or reductlons In future commitments .' Various 18,240 MISCELLANEOUS CAUSES Lancashire County Council (Museum Service) Release Mates CIC 2.000 3.000 Total of 7 grants each below £2.000 5,000 Retumed grants or reducbons in future commitments .' Various 10,000 Total of grants made in the year 473,183 18