Charity R8gi5tration No. 1100514 LORD DACRE OF GLANTON CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL2024 Iyshawgibbs (rcountants & busSnes5 odvbsers LORD DACRE OF GLANTON CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Truste8S Alastair Blair Worden Hugh Chailes Stanley Buchanan James Douglas Howard Johnston Sir Noel Robert Malcolm Dr Brian Walter Young Dr Peter James Thonemann Charity number 1100514 Prlnclpal address St. John's House St John's Street Lechlade Glos GL7 3AS Ind8P8ndent examiner Shaw Gibbs Litniled 264 Banbury Road Oxford OX2 7DY Investment advlsors Sarasin & Partners Juxon House 100 St Paul's Chur¢hyard London EC4M 8BU LORD DACRE OF GLANTON CHARITABLE TRUST CONTENTS Page Trustees, report Independent examiners report Statement of financial activities Balance sheet Notes to the financial statements 6- 11 LORD DACRE OF GLANTON CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their resy)rt and the unaudited financial statements ol the charity for the year ended 5 April 2024. The financial statements have been prepared in accordan￿ with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Declaration of Trust dated 6 December 2002, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recomrnended Practice applicable to charitses preparing their ac¢ounls In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191.. Oblectlve$ and actlvltles The Lord Dacre of Glanton Charitable Trust was set up in his will by Lord Da¢re ol Glanlon, formerly Hugh Trevor-Ropei, the historian and fortner Regius Professor of History al the University of OxFord. He wished lo provide for th8'Furtheranc8 of Education,, with particular referenc8 to th8 Univ8rsiti8s of Oxford and Cambridg8. He invited the Trustees to interpret his guidance flexibly, but wished thern in the first Instan￿ to COn￿ntrate on support for the tutorial syslem in the subjects of History and Classics in Ihose Oxford Colleges with which he had been associated". Christ Church, Merton. and Oriel. He also ￿queSted his Trustees not lo ovedook Peterhouse, the Cambridge college where h8 had been M8ster. The Trustees have accordingly supplied funding to those four colleges. They hav8 also, in th8 light of chang85 of financial n88d, wid8ned the initial scope of their support in two respe¢is'. to assist other Oxford cdleges and the Oxford Facult￿$ of History and Classics.. and to provide scholarship5 for graduate students. In its activities during the year. the Trustees have paid due regard to these Objectives. In setting these objectiwes and planning our activities the Trustees have paid due regard to the public benefit gul¢Jan￿ issues by the Charity Commission. Achlevements and performance During the year the trust funds r8rn8in8d suitably invest8d in accord8nc8 Wlth Lord Dacr8's wishes, and th8 Trustees remain satisfied with the performance of the investments. The Trust88s h81d m88tings- on 12th May and 3rd Nov8mber 2023. Th8 annual Dacre Lectur8 was given by Professor James Hankins ol Columbia University, New York. The Trustees continued to support schoLarship in Oxft>rd with two graduate scholarships, together with other annu81 grants lo both th8 University of Oxfoid 8nd Pelerhouse College Cambridge in accordance with the wishes of Lord Da¢re. Financial review A SUrnTnary of the results for the year is gwen on page 4. The overall 5Utplus for the year is carried forward as permanent endowments. The Tiust wll continue lo hold its investtnent assets in order to transfer rnonies into the endowment fund to further its objectives. structure, gov8mance and management The charity was estsblished by a charitable trust deed on 6 De￿mber 2002. The trustees who seroed the charity during the year were.. Alastair Blair Worden Hugh Charles Stanley Buchanan James Douglas Howard Johnston Sir Noel Robert Malcolm Dr Brian Walter Young Dr Peter James Thonemann LORD DACRE OF GLANTON CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Statement of trustees. responslbllltles The trustees are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Awounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which glve a true and lair vlew ol the state of affalrs of the charlty and of the incomlng resour￿$ and application of resources of the charity for th8t year. In pieparing these accounts, the trustee5 a￿ required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP.. make judgements and 8Stirnat85 that are r85sonable and prudent., stale whether applicable accounting slandaids have been followed, subjed to any material departures disdosed and explained in the accounts., and prepare the accounts on the going concem b8515 unless it is inappropriate to presurne that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting record5 that disdose with reasonable accuracy at any time the finan¢ial position of the charity and enable them to ensure that the accounts Comply with the Charities Ad 2011. the Charity IA¢wunts and Reports) Regulations 2008 and the provisions ol the tiust deed. They are also responsible for safeguarding the assets of the charrty and hence for iakirig reasonable steps for the prevention and dete¢lion of fraud and other irregularities. The trustees, report was approved by the Board of Trustees. Hugh Charles Stanley Buchanan Tru5te8 Dated.. 26 F¢l¥2025 LORD DACRE OF GLANTON CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LORD DACRE OF GLANTON CHARITABLE TRUST l ￿pOrt to the trustees on my examination of the financial staternents of Lord Dacre ol Glanton Charitable Trust (the charity) for the year ended 5 April 2024. Responslbllltles and bas1$ of report As the trustees of the charity you are r8sponsib18 for th8 prep8ration of the fin8nci818t8t8ments in accordance with the requirements tsf the Charities Act 2011 lthe 2011 Act). I retK)rt in respect of my examination of the charity's financi81 slatements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable D1￿CtionS given by the Charity Cornmission under Section 14515llbl of the 2011 Act. Independent examine¢s statement I have completed my examlnalion. I confirm that no matters have come to my attention Sn connection wlth the exarnination giving rne cause to believe that in any material respect.. accounting records were nol kept in iespecl of the charity as required by section 130 of the 2011 Act,. or the financial ststemenls do not acwrd with those records., or the financial ststemenls do not Comply with the applicable requirements Con￿rning the form and content of accounts set out in the Charities (Accounts snd R8POrt51 Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a rnatter considered as part of an independent examination. I have no concems and have corne across no other matters in connection with the examination to which allents.on should be drawn In this report In order to enable a proper understanding ol the financial statements to be reached. Samantha Daniels FCA for and on behalf of Shaw Gibbs Lirni18d 264 Banbury Road Oxft>rd OX2 7DY Dated.. 27 Feb 2025 LORD DACRE OF GLANTON CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Endowment funds 2024 Endowment funds 2023 Note5 Income an(1 en(lowments from: Investments Other income 38,617 179 37,063 Total income and endowments 38,796 37,D63 Expenditure on- Raising funds Charitable activities Administrative costs Other resour¢e$ expended 192 43.294 2.312 375 179 37,309 2.286 244 Total exp8nditur 46,173 40,018 Nel gainslllossesl on investments 83.909 193,8191 Net In¢omellexpendlturel and movement In funds 76,532 196,7741 Reconciliation of funds= Fund balances at 6 April 2023 1,283,299 1,380,073 Fund balances at 5 April 2024 1,359,831 1,283,299 l incorne and expenditure deriv8 from continuing activiti8S. l income and expenditu￿ is of an unrestricted nature. LORD DACRE OF GLANTON CHARITABLE TRUST BALANCE SHEET ASAT 5 APRIL 2024 2024 2023 Notes Fixed assets Inv8stm8nt5 13 1,359,685 1,285,257 Current assets Cash at bank and in hand 2.366 262 Creditors= amounts falling due within one year 14 12.2201 12,2201 Net ¢urren¢ a$selsllliabilitie$l 146 11,9581 Total as58ts 185s current liabilities 1,359,831 1,283,299 The funds of the Charfty Endowment funds 15 1.359,831 1,283.299 1.359,831 1,283,299 The financial statements were approved by the trustees o ..26.F8b2025 Hugh Char18s Stanley Buchanan Truste8 LORD DACRE OF GLANTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 A¢¢ountlng poll¢les Charty information Lord Dacre of Glanton Charitable Trust 15 a an unincorporated charity established under a trust deed dated 6 December 2002. The registered address is Home Farm, Pusey, Faringdon, SN7 8QB. 1.1 Accountlng conventlon The accounts have been p￿pared In accordance with the Charities Ad 2011 and 'Accounting and Reporting by Charities.. Statetnent of Recomrnended practi￿ applicable to charities preparing their account5 In 8ccordanee with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 las amended for accounting peri(Kls Commencing from 1 January 20161. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. These financial statements for the year ended S April 2024 are the first financial statements of Lord Dacre of Glanton Charitable Trust prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and R8public of Ire18nd. The date of transition to FRS 102 w8s 6 April 2022. The reported finan¢i81 position and financial performance for the previous pericd are not affected by the transition to FRS 102. Th8 financial stat8m8nts are prepar8d in sterfing, which is the functional currency of the charity. Monetary amounts in these financial slaternents are rounded lo the nearest £. The accounts ar8 prepared under the historical cost Convention the exception of investments, which are slated at fair value. 1.2 Going concem At the time of approving the financial statements, the trustees have 8 re8sonable expectation that the charity has adequate resources to continue in operational existence lor the foreseeable future. Thus the trustees continue to adopt the going concem basis of acwunting in preparing the financial statements. 1.3 Charitable funds Endowtnenl funds represent those assets which must be held peimanenuy by the charity, principally investments. Income arising on the endowment funds can be us8d in accordanc8 With th8 object5 of the Charity and is included as unrestricted in¢ome. Any capital gains or bsses arising on the investments form part of the fund. Inve5trnent management charges and legal advice relating to the fund are charged against the fund. Inv8Stm8nt incorn8 and gains are 8llocst8d to the r8valuation r8S8rv8. 1.4 In¢ome In(x)rne is r8cognised when th8 charity is18gally 8ntit18d to it after any p8rfomianc8 conditions hav8 b88n m8t, the amounts Can be measured reliably. and it is probable that income will be re￿ived. LORD DACRE OF GLANTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies IContinu8dl 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economi¢ benefit to a third party, it is probable that a tiansler of economic benefits will be required in setllemenl, and the amount of th8 obligation can be rn8asured reliably. Expenditure is classified by activty. The costs of each activity are made up of the totsl of direct cost5 and shared costs, induding support costs involved in undertaking each activity. Direct costs attributable to 8 single activity are allocated directly to that activity. Shared costs which contribule lo more than one activity and support cost5 which are not attributsble to a single activity are apportioned between those activitie5 on a basis consistent with the use of resources. Central staff costs are allocated on the basis of tirne spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Fixed asset investment5 Fixed asset Investments are initially measured at transaction price excluding transaction costs, and are subsequendy rnea5ured at fair value at each reporting date. Changes in f8ir v81u8 ar8 r8cognis8d in n8t incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other shori-temi liquid investtnentS Wth original rnalurilies of three tnonths or less, and bank overdrafts. Bank overdrafts are shown within tK)rrowing5 in current liabilities. 1.8 Employee benefits The c05t ol any unused holiday entitlement is recognised in the ppriod in which the employee's servi￿$ are receiv8d. Termination benefits are recognised Itnmediately a5 an expense when the charity Is demonstrably corntnitted to termin8te the employment of an employee or to provide termination benefits. Investm8nt5 2024 2023 Dividends Inte￿$t ￿e￿1Vable 37,851 766 36,746 317 38.617 37.063 other incom8 Endowment Endowment funds funds 2024 2023 othei income 179 LORD DACRE OF GLANTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Expendlture on ralslng funds Endowm8nt Endowm8nt funds fund5 2024 2023 Inveslrnent management 192 179 Expenditure on charitab18 activities Furtherance Furtherance of education of education 2024 2023 Direct G05ts Grant funding ol adivities (see note 61 43,294 37,309 Analysis by fund Endowrnent funds 43,294 37,309 Grants payable Furtherance Furtherance of education of education 2024 2023 Grants to institutions.. New College Wadham College Christ Church College University of Oxford for Language Peterhouse Development Fund Carnst Charity Oxford University of Oxford Intellectual History Sl Edmund Hall 15.500 15.500 12,000 5,000 2,000 1,176 960 21,500 2,000 2,000 1.174 42,174 36,636 Grants to individuals 1,120 673 43,294 37,309 LORD DACRE OF GLANTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Support ¢o$¢s allo¢ated to a¢tlvltles 2024 2023 Bank chaiges Govemance costs 92 2,220 26 2,260 2,312 2,286 Anaty$?d bgtwg0n= Administrative cost5 2,312 2,286 2024 2023 Governance costs comprlse: Ind8P8nd8nt examination f8es 2,220 2,260 2,220 2,260 Other resources expended Endowment Endowm8nt funds funds general general 2024 2023 Refreshments 375 244 375 244 Galns and losse$ on Investments Endowment Endowment funds funds 2024 2023 Gainslllossesl arising on-. Revaluation of investments Sale of investments 76,780 7.129 193,8191 83,909 193,8191 10 Trustees None of the trustees Were paid any remun8ration by the Charity during the y88r12023- non81. LORD DACRE OF GLANTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 Employees The average rnonthly number of employees during the year was.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. 12 Taxation The charity is exempt from taxation on its activities because all its in(x)rne is applied for charitable purposes. 13 Fixed as58t investment5 Listed Investments Cash in portfollo Total cost or valuation At 6 April 2023 Additions valuats.on changes Withdrawals and expenses Disposals 1,267,671 10,000 76,780 17,586 1,285,257 10,000 76,780 519 112,8711 519 112,8711 At 5 April 2024 1.341,580 18,105 1,359,685 Carrying amount At 05 April 2024 1,341,580 18,105 1,359,685 At 05 April 2023 1,267,671 17,586 1,285,257 14 Croditors= amount8 falling due within one y8ar 2024 2023 Accruals 2.220 2,220 LORD DACRE OF GLANTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 15 Endowment funds Endowrnent funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordan￿ with the objects of the charity. Any capilal gains or losses arising on the assets form part of the fund. At 6 Aprll 2023 In¢omlng resource5 ResOu￿e$ expended Galns and losses A¢ S Aprll 2024 Permanent endowmen¢s Endowrnent 1,283,299 38,796 146,1731 83,909 1,359,831 Previous year.. At 6 April 2022 Incoming resources Resourees expended Gains and losses At 5 April 2023 Pemianent endowments Endowment 1,380.073 37.063 140,0181 193,8191 1,283,299 These funds were set up from certain bequests made to the charity by Hugh Redwald Trevor Roper Lord Da¢re of Glanton. on 6 December 2002. 16 Anatysi5 of net assets behveen funds Endowm&nt funds 2024 At 5 April 2024.. Investments Current assetsllliabililiesl 1,359,685 146 1,359,831 Endowment funds 2023 At 5 Aprll 2023.. Investments Current assetsllliabilitiesl 1,285,257 11.9581 1,283,299 17 Related party transactions There were no disclosable rdated party transactions during the year12023- none).