THE DULVERTON TRUST Annual Report and Accounts 2020121 Company limited by guarantee registered in England and Wales No. 7991677 Charity registered in England and Wales No. 1146484
Dulverton Trust Annual Report and Accounts 2020121 Trustees Mr Christopher Wills" Chairman Mr Richard Fitzalan Howard*l Vice Chairman & Chaiman of the Finance Committee Mr Tara Douglas-Home The Lord Dulverton The Earl of Gowrie The Lord Hemphill" Dame Mary Richardson Sir Malcolm Rifkind Dr Catherine Wills The Hon. Robert Wills. "Member of the Finance Committee Amember of the Community Foundations sUtcOmmittee Staff Anna de Pulford Director Tinuke Bell Finance Director Ella Hingley Grants Manager Wictoria Le Lerre Office Manager and Grants Officer Isabella Pyrgies Grants OffIr Camille Thobois Grants Assistant (to 2 February 2020} Registered Office 5 St James's Place, London SW1A 1NP www.dulverton.org grants@dulverton.org
Dulverton Trust Annual Report and Accounts 2020121 Trustees, Report The Trustees (who are also Directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of The Dulverton Trust (the Trust) for the year ended 31 March 2021. The Trustees confirm that the annual report and financial statements comply with current slalutory requirements and Accounting and Reporting by Charities.. the Statement of Recommended Practice issued effective 1 January 2015 (Charities SORP IFRS 1021). Professional Advisors Investment Managers Orbis Investments 28 Dorset Square London NW16QG RWC Partners 60 Petty Fran London SW1 H 9EU Oxford University Endowment Management Ltd 27 Park End Street Oxford OX1 1 HU Sarasin & Partners Juxon House, 100 St. Paul's Churchyard London EC4M 8BU Sol icitors Farrer and Co 66 Lincoln's Inn London WC2A 3LH Wrigleys Solicitors LLP 19 Cookridge Street Leeds LS2 3AG Bankers National Weslminster Bank PIC 208 Piccadilly London W1A 2DG Auditors Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
Dulverton Trust Annual Report and Accounts 2020121 Structure, Governance and Management The Dulverton Trust was founded by the 1st Lord Dulverton in 1949 as a general grant-making charity. The Trust Deed of 1949 was superseded by the Memorandum and Articles of Association on incorporation of the Trust as a Company in 2012. The Trust is governed by a Board of Trustees. Appointments to the Board are made by the Trustee Board. Trustees serve for a term of five years and may be re-appointed at the end of this temi if still eligible. New Trustees are offered an induction programme, which includes being provided with papers from recent Board meetings, the Trust's most recent strategy review and the Charity Commission's Trustees Guidance. New Trustees also meel staff and the Chairman and attend training. There were no changes to the Board during the 2020121 year. The Trust's financial year runs from 1 April to 31 March and meelings of the full Trustee Board, the Finance Committee and the Sub-committee, which decided on the awards prOSSed by our Community Foundation partners, were held in June, October and February. All decisions on out-of-meeting grants were subsequently ratified al full Board Meetings. The Trust is run on a day to day basis by the Director, assisted by four staff. Pay is reviewed annually by the Remuneration Committee (comprising the members of the Finance Committee), taking into account changes in responsibility, sector benchmarking and external market conditions such as inflation and cost of living. Objects, Activities and Public Benefit The objects of the charity are such purposes for the benefit of the public as shall be exclusively charitable as the Trustees from time to time may determine. Over the years, Trustees have intrOdUd priorities and exclusions to this general remit lo give greater focus. Activities a nd Pu blic Benefit Trustees have regard to the Charity Commission's guidance on public benefit in directing the work of the Trust and ensuring that the Trust complies with the Good Governance Code and the provisions of the Charities Act 2011. The main activity of the Trust is the award of grants towards charitable purposes in the United Kingdom {less Northern Ireland and London), and in Kenya and Uganda. In 2020121 the Trust awarded grants lotalling £3,322.108, including funding generously contributed by Four Acre Trust (see page eight for detail). The Trust adopts a 'Grants Plus, policy whereby eligible organisations may be offered non-financial help. Trust staff provide advice or advocacy to charities, or referral to organisations, such as The Cranfield Trust, for pro bono consultancy support. The Trust's Boardroom is made available free-of-charge to grantees. It was not possible for charities to use the room during the year owing to COVID. In the 2019120 financial year, 32 charities used the room for a total of 106 half days at an estimated value of £13,250. The Trust owns the Loch Eil Outward Bound Centre in Scotland and a building housing the Guildhall Heritage and Arts Centre in Dulverton. These are let at peppercorn rents to the charities the Outward Bound Trust and Dulverton and District Civic Society respectively and, as such, represent a donation-in-kind. The Trust makes its customisation of the Salesforce CRM for grants management- "The Dulverton App. available to the grant-making community free of charge. The system saves Trusts of our size around £10,000 per year in license and maintenance costs.
Dulverton Trust Annual Report and Accounts 2020121 The year in numbers Applications: 343 applications received 2019120.. 354 eligible under guidelines 2019120.. 90 % success rate 2019120.. 1 in 5 Awards., Income of awarded charities EIB12.940 34yants £3.32m I5k awarded 74 new grants % i(mk 276rèTrt¥ 31% £197.174 É195.0 of awards were made to charities we've not funded before IL¥TbE £20DM%) • É2CMIOOI.È999.999 11 È1.Cth..£4.999.?99 • È5.IKMIIKM) (slightly up from 29¢/0 in 2019120 Type of grant awarded by value: £27,020 average single-year grant 2019120. £28,577 57 awards I IB,?10 m3aeup Df328rants £104,821 £L403,1- meuP01 42Brant5 average multi-year grant 2019120. £102,147 17 awards Core157.70%i ll Prole¢¢14224
Dulverton Trust Annual Report and Accounts 2020121 CongÈrvatitsn12 grxnt%l Youth OpptsrtunitiÈg1251 Hp.rita8p IS 8rant%l Africa15 8rant51 General WeKore1318ranisl m Local Appe¥1515grantsl Trustee Exception118rant51 £975.77 r*Jo 76% of unsuccessful applicants were notified within 30 days (749/0 in 2019120) Grants awarded within 3 months of receipt of application {66 % in 2019120) 160 Grants paid Ivaluel by seo8raphical area 5%Afrtsl7yantsl 5%OthEr(er5eZ5l2yJntsl 63%Nationallwlti-reg#?nallVK) 172grantsl 27%Working In0 region (UK) 134 yants) regiomlgrnrt active grants as at 31 March 2021 0104 Scotland-. reports processed 2019120.. 122 2%1oEusononearea 50% UK wlde En8land.. 15% national/multi-re8knalwork 28%focusonort¥ea 060 Walos. 4%J)atlonall Mujtl-rwlonalvk final reports 2019120.. 88
Dulverton Trust Annual Report and Accounts 2020121 Strategic Report Achievements and Performance As was the case for most, the start of the 2020121 year was challenging as a consequence of the pandemic. The majority of the charities the Trust funds had stopped their usual in-person delivery. Many were also facing a funding Grisis owing to cancelled fundraising events. Our application rate tripled in April, and a speedy response was essential. At the same time, nearly £15m was wiped from the value of the Trust's endowment, almost overnight, and we were unsure how this would affect our grantmaking ability. We therefore feel fortunate to be able lo report that we were able to increase the amount paid out in grants during the year and continue to work uninterrupted. This was largely due to the resolve of the Board, which maintained the three-year average portfolio value spending formula despite the pessimistic economiG outlook at the time,. and the generous support of the Four Acre Trust, which increased its grant to us during the year. It was also owing to the ongoing investment in our digital capability. We were already paperless and cloud-based, which enabled the team to transition smoothly to remote working. Grants made and paid Trustees awarded 74 new grants totalling £3,322,108, including future year commitments. The Trust's annual expenditure target is based on what is paid out during the year, to avoid the skewing effect caused by large, multi-year grants. In 2020121 the Trust's target grant expenditure increased to £3.715 million (from £3.58 million in 20191201. This consisted of £3.235 million of Dulverton Trust funds plus £480,000 generously contributed by Four Acre Trust. When exceptional grants and an accrual are discounted, we paid out £3,706,702 against this budget. four acre trust The majority of grants were made to charities that met our uidelines and didn't fall into our exclusion areas. Vvhile most applications were made through our open application process as detailed on our website, we also accepted applications prepared for other funders, to reduce duplication of effort. We made a number of emergency grants between Board meetings, and we are grateful to the Board for being especially generous with their time to review these proposals and meet this urgent need. Jusl over one in five applications was SUessful, similar to previous years. Our guidelines are broad enough that we were able to accept applications specific to the impact of the health crisis without making changes to eligibility. We continued to prioritise charities that are smalllmedium sized which carry out work for which it is difficult to raise funding from the general public. Most of our grants went to charities with a national footprint and with incomes between £200,000 and £3,000,000. Grants were made under five broad themes of Youth Opportunities, General Welfare, Heritage, Conservation, and Africa. We closed to applications for Pea and Humanitarian Support, and will review our priorities under this category in the coming year. As always, the causes supported were wide-ranging, allhough Ihere was a bias towards the delivery of advi to people affected by the pandemic, and the resilience of charities with which we have a long-standing relationship. A full list of grants made can be found on our website and in Annex A.
Dulverton Trust Annual Report and Accounts 2020121 We continued to support the Wales, Kent, Lancashire and Mer5eyside Community Foundations. This was part of our commitment to disburse 100h of our annual grants budget to support small, local charities, and we will continue to rotate our partnerships with the intention that over time most regions of the UK will be covered. In addition, we made grants (totalling £60,000) to six existing grantees via the Big Give Christmas Challenge to help raise funds from the public, and Lord Dulverton awarded £28,000 (including some multi-year grants) to five organisations under his discretionary fund, Local Appeals. The Trust awarded one grant lotalling £25,000 lo a charity that fell outside our guidelines (e.g., on theme of work or income). This grant was supplementary to our grants budget for the year. How we operated Although the outputs of the year were similar to previous years, the way the Trust operated changed significantly. Staff went from working together in an open-plan office and making frequent visits to charities throughout the UK, to keeping in touch with each other and applicantslgrantees via videoconferencing, email and telephone. Unsurprisingly, we have found that our assessments have become more complex and sensitive as applicant charities worked to adapt their delivery in an uncertain context. As many organisations have had to plan for a variety of Snarios, both operationally and in terms of fundraising, following our usual due diligence processes was often no longer appropriate. Some staff members at applicant charities were placed on furlough, meaning that it wasn't always possible to proceed with assessments al our usual pace. We adapted our due diligence to take the context into account while trying to focus our assessments on understanding the challenges and opportunrties presented by adapted delivery, understanding how the service users, needs have changed and where charities felt funding was most needed. We have tried to be creative in finding different ways to learn as much as possible about applicants without visiting in person such as obsetving activities delivered online, going on video tours of sites and attending webinars. We worked increasingly closely with other funders during the year. We have contributed to some pooled funds (including Buttle UK Chances for Children emergency grants and the Community Justice Fund). With applicants, permission, we have shared due diligence to reduce the burden on applicants. The Director advised on the development of the Funder Collaborative Hub and hosted several events to convene funders to coordinate efforts. Our impact When assessing the impact of our grants, we try to balance the desire to measure outcomes with the recognition that the Trust is a generalist, responsive funder and rarely the single funder of any activity. The activities supported are so varied that an aggregation of outputs can lack substance. Our evaluation therefore focuses on annual lat least) reviews of each grant to consider the effect it has had, and analysis of the portfolio of reports to identify and respond to trends. During the year, staff reviewed 104 monitoring reports from grantees. 66 % of the reports were considered to warrant a green traffic light, indicating that the recipient charity carried out the activities planned and oulcomes were in line with expectations. This was a slightly higher rate than last year, and particulady pleasing given these grants were awarded prior to the outbreak of 69
Dulverton Trust Annual Report and Accounts 2020121 COVID-19, and therefore with the expectation of normal operating conditions. A number of these charities were well-posilioned to respond lo the crisis and our grant helped enable them to do so. Examples include advice charities especially for carers community foundations, and charities that address food poverty. A highlight again this year was the performance of the six grantees we invited to participate in the Big Give Christmas Challenge and offered £10,000 in matched funding. All six charities achieved their target of raising £10,000 from the public. A third of reports were rated amber. The majority of these reports were for work that took pla in schools or with school children. We are conscious that such delivery has been exceptionally difficult in the past year, and the charities have worked incredibly hard to transition their programmes to online delivery. Unfortunately, the speed of change plus the absence of data from schools in particular has made robust monitoring and evaluation especially challenging, which the amber ratings reflect. It is an area we will continue to monitor closely as schools re-open. A secondary reason was financial instability - given the context, this is unsurprising. One report was rated red. This was for a grant payment that was cancelled because the charity had cancelled the project (owing to broader cutbacks at the charity}. In addition to assessing the performance of our grants, we also monitor our own performance against our goal to ensure our interactions with applicantslgrantees are positive and helpful.. To make the besl use of applicant's time, we continued our practice of discussing potential applications with charities before they apply lover 400 charities during the year). We increased our proactive communications to grantees. This included sending out emails early in the pandemic to share resources and information about potential sources of funding, and welcome grantees to get in louch. We set oul the ways we could be flexible, including accepting applications and reports created for other funders and adjusting project timelines. This approach, which we intend to retain, was acknowledged by a number of grantees. We reduced the time taken to reach a decision on application5. 780/0 of un5ucce5sful applicants are now notified within 30 days and 76 % of grants are awarded within three months. 58% of grant funding went towards core costs, which applicants report is the most helpful form of funding. We relaunched our anonymous feedback sutvey in June with some new questions. We also changed how we publicised the survey to increase the proportion of responses from unsuccessful applicants. We received 40 responses. 95% of respondents rated their overall experience of interacting with the Trust as 'very good, or 'excellent'. We received some helpful critical feedback about plaS our guidelines could be ciearer- and we have made changes as a result. "I very much appreciated the clarity ond simplicity of the applicationform, and the very quick response. I w(Js a150 impre55ed thot the re5pon5e wrjs personal, included helpfulfeedbock, and also a suggestion of another Source offunding to try." Plans for the Future As we enter the 2021122 financial year, we plan to Gontinue to pursue our strategic goals, while adapling in response to the strengths, weaknesses and opportunities highlighted by the health crisis.
Dulverton Trust Annual Report and Accounts 2020121 To keep Collaborative workin As detailed above, we have advanced our strategy of coordinating with other funders. We are delighted to be continuing our partnership with Four Acre Trust and have recently become an #iwill matched funder, which will see our grantmaking to youth social action causes doubled. The National Lottery Community Fund and the Department of Culture, Media & Sport have each invested £25 million seed funding to create the #iwill Fund. We are acting as a match funder and awarding grants on behalf of the #iwill Fund. As part of this programme, we will be creating a panel of young people with relevant life experience to support our grant-making. We are very excited about this approach and hope it will be something we can extend to our broader grant-making. We will continue to pursue opportunities to align application and reporting processes with other funders. Some sub-sectors have been especially disrupted by the pandemic. We will work proactively with other funders to respond to the challenges and opportunities this presents. Proactive communications.. Over the last year, we have found that we are having more regular, honest and open conversations with our granleeslapplicants. They have been more transparent about the challenges they are facing and the uncertainty about the future. This has enabled us to build productive relationships and provide more appropriale and lailored support. We think this is partly owing to our efforts to share resources and funding opportunities, and efforts to be transparent about our decision-making prOsS and prioritisation - a practice we wish to retain. ilit In the 2020121 year, Trustees regulady reviewed our approach and made changes where the context called for it. We expect the needs of society and the charities that support society's most vulnerable will continue to change rapidly. We will retain our practice of horizon scanning and adapting and communicating our prioritisation. This may include a greater focus on inequality, mental health or the effects of climate change. F*nudty5WPDr
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Department for Digitd, Culttj M8dLg & Spcrt COMMUNITY FUND "It has been great to work with Dulverton on our eorly years work...I have really appreci(yted your e-moils andsupportiveness through the pondemic" To review Remole workin The team has been able to work productively while working from home. However, the experien has cemented our belief that in-person visits to applicants and grantees are extremely valuable and difficult to substitute. We will return to in-person visits when appropriate and when social restrictions allow. We will consider whether we need to be an office-based team although will be mindful of the risks of staff being in front of screens all day. ibilil '. For some years, the Trust has operated a £200,000 minimum income threshold for our direct grants and has prioritised applications from charities with a national footprint, normally meaning operating within more than one region. We have found this restriction often rules out locally rooted charities that are well-placed to operate in a crisis like that experienced over the last year. We will review our eligibility with these insights in mind. We are fortunate that our founder gave the Trustees flexibility to support any charitable purpose. We will be alive lo this and may consider more fundamental changes to our grant- making in due course- although we don't have plans for this in the immediate future.
Dulverton Trust Annual Report and Accounts 2020121 Risk Assessment Trustees are responsible for monitoring the risks facing the Trust and ensuring that adequate steps are taken to manage them. The Trust has a Risk Management Policy based on a table of potential risks, ranked via a traffic light system, according to the aggregate of likelihood and severity of impact. This is kept under continuous review and is formally updated once a year, most recently in February 2021. The principal risks facing the Trust are.. a. Changing context, such as central or government policy or force majeure events undemiine the stability of the charitable sector, increase demand for funding andlor make it difficult for funded charities to carry out their work effectively. Membership of ACF keeps the Trust abreast of changes and provides an opportunity to feed into consultations and collaborate with other funders. Staff advise Trustees of relevant policy changes and trends in applications and grant outcomes and Trustees adapt strategy accordingly. b. Stsff. Trustees, grantee organisations. suppliers. property managers. tenants, partners or investment managers behave inappropriately, criminally or negligently, causing harni to others andlor attracting adverse publicity. These risks are mitigated by a system of internal checks and balan$, including a safeguarding policy and serious incident procedure. Property management Complian is reviewed at least annually. marked reduction in the value of the portfolio or income from investments through severe adverse investment conditions or inappropriate allocation of investments, obliging the Trust to reduce the sum available for grants. This is mitigated by having a diverse range of inveslments with several investmenl managers and regular review of performance and the investment policy by the Finance Committee. The Trust's annual budget is a percentage of the rolling average value of the portfolio over three years, which evens out the effect of short-term fluctuations in portfolio value. Truslees are sat15fied that effective mea5ure5 are in place to ensure good governance, prevent financial or administrative fraud or malpractice, protect the good reputation of the Trust and ensure compliance with relevant legislation and guidan. There are prOdureS lo minimise the physical risks to which the Trust is exposed, including IT security, Fire and Health & Safety. The Trust is not exposed to financial risk in relation to pensions. Trustees are satisfied that adequate safeguards are in place to mitigate risks resulting from letting part of the Trust's Offi building to commercial tenants. Fundraising and Regulation The Trust does not enter into contracts with ntral or local government to deliver ServIS nor does it receive grants from central or local government. It does not raise funds from the public and therefore has not subscribed to any fundraising standards or scheme for fundraising regulation. As the Trust does not make direct use of its Scottish property, Trustees have decided it is unnecessary for the Trust to be registered separately with the offi for the Scottish Charity Regulator.
Dulverton Trust Annual Report and Accounts 2020121 Financial Review Investment Objectives The Trust exists to make grants for charitable purposes. This is achieved by careful management of the endowment to generate the maximum funds for disbursement whilst adhering to the investment policy agreed by the Trustees. Each year the Trustees sel a spending target, comprising a grant target and a support budget. The level of spending is agreed as a percentage of the three-year rolling average value of the endowment with the aim to maximise grant spending whilst preserving the long-term real value of the portfolio. The Trustees believe that this figure should be below 40/0 to reflect prevailing market conditions. In 2020121 the spending target represented 3.650/0 of the rolling average value of the portfolio, with grant spending al 3.35%. This translates as a grant target of £3,235,000 with a support costs budget of £297,288. A further £480,000 was added to the Grant Target reflecting the grant from the Four Acre Trust (the full grant was £500,000, with £20,000 used, as agreed, to offset the employment costs incurred to administer the extended grants programmel, bringing the target grants budget for 2020121 to £3,715,000. Overall running costs of the Trust fell in 2020121, while overall grant spending was slightly over budget (largely owing to exceptional grants awarded by the Trustees). Actual spending was 3.70/0 of the rolling average of the portfolio. Support costs were 7.1 % of expenditure, excluding investment management fees (7.6°/0 in 2019120). Investment Policy The Articles of the Trust specify a general power of investment and the Trust's assets are classified as unrestricted general funds. The Board of Trustees delegate investment management oversight to the Finance and Investment Committee, which appoints professional Investment Managers to manage funds in accordance with the Trust's Investment Policy (last reviewed in June 2020). The Trust follows a Total Return investment policy whereby funds are invested for capital growth as well as for income. Depending on individual funds within the portfolio and on market conditions, this policy allows the Trust to draw on capital to meet the annual spending target. The Trust does not impose specific ethical investment constraints over and above those already contained within the managers, own ethical and socially responsible investment policies. However, it does require asset managers to demonstrate strong credentials in environmental, social and governance considerations. The Finan Director reports to the Committee three times a year preceding the main Trustees, Meetings in June, October and February. Investment Managers are in attendance as required to report on the performance of their funds. Each is normally represented once or twice each year, although Trustees reserve the right to request attendance more frequently rf necessary. Performance and Investment Activity The value of the portfolio during the year was.. As at 31 March 2021 £107 757 845 As at 31 March 2020 £85 175 772 Figure is total investments, as shown in the balance sheet, plus cash held by the multi-asset manager.
14 Dulverton Trust Annual Report and Accounts 2020121 Following the restructure of the portfolio in June 2018, the investment managers for the period under report continued to be Sarasin and Partners, Orbis, RWC Partners and Oxford University Endowment Management. The target rate of return (through a combination of capital growth and income) is to achieve UK CPI + 4°h per annum, after fees and costs, although the performan of each fund is considered against differing benchmarks. The value of the portfolio recovered from £85,175,772 in March 2020 to £107,757,845 in March 2021. The market value therefore increased by 26.5 /0 and the total return was 31.7°A. Annual management charges are monitored with individual fund managers, although the introduction of RDR (Retail Distribution Review) limits the scope for negotiation. The fees charged by investment managers for the year represented a mean of 0.62°/o of the market value of the investment funds held throughout the year. Management charges within the managed Sarasin portfolio are invold and paid from capital. By the end of the year, the asset distribution was.. Fixed income 8.2 /0, Equities 67.7Q/o, Private Equity 8.2 %, Property 8.60, Listed Alternatives 3.40A, Liquid Assets 3.90A. The Trust is fortunate that the ramifications of the health crisis do not at present introduce UnrtaIntieS regarding the Trust's financial sustainability and consideration of going concern. We anticipate an increase to our grant target in 2021122. Reserves Policy The Trust does not run a specific Reserves Policy as, effectively, the whole endowment porrfolio could be available to act as a reserve for the activities of the Trust. At year end the Trust's unrestricted funds stood al £113,584,166. Vvhen fixed assets are excluded, free reserves were £103,102,546. In practice the budget is set in advance and provides the Trustees with visibility on costs for the upcoming year. In October 2020, Trustees agreed to redeem from investments in order to increase the sum held in cash to £3 million. This is just below our annual grant target and ensures the Trust is able to meet its financial commitments without forcing Trustees to withdraw from investments when market conditions are sutrpoptimal. Trustees, Responsibilities The Trustees (who are also Directors of the company for the purposes of company law} are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year in accordance wilh United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including the income and expenditure, ofthe company for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent.,
Dulverton Trust Annual Report and Accounts 2020121 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website including the financial accounts available on the site. Disclosure of information to the auditor Each of the persons who is a Trustee at the date of approval of this report confirms that.. so far as that Trustee is aware, there is no relevant available information of which the company's auditor was unaware, and., that Trustee has taken all steps that the Trustee ought to have taken as a Trustee to make himselflherself aware of any relevant audit information and to establish that company's auditor was aware of that information. Approval The Trustees Annual Report, Strategic Report and Accounts were approved by the Trustees (who are also directors of the company) on 9 June 2021. Christopher Wills Chaimian of Trustees Richard Fitzalan Howard Chairman of the Finance Committee (Authorised by Trustees to sign on their behalfj Date Approved: 9 June 2021
16 Dulverton Trust Annual Report and Accounts 2020121 Independent auditor's report to the members of The Dulverton Trust Opinion We have audited the financial statements of The Dulverton Trust for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the BalanTr Sheet, the Slalement of Cash Flows and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Praclieel. In our opinion, the financial stalemenls". give a true and fair view of the state of the charitable company's affairs as al 31 March 2021 and of the charitable company's nel movement in funds. including the income and expenditure, for the year then ended", have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice". and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charitable company s ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are deribed in the relevant sections of this report. Other infomiation The Iruslees are responsible for the other information. The other information comprises the information included in the Trustees, Annual Report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there Is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report In this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Trustees, Annual Report (which includes the strategic report and the directors, report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is consislenl with the financial stalemenls,. and the strategic report and the directors, report included within the Trustees, Annual Report have been prepared in accordance with applicable legal requirements.
Dulverton Trust Annual Report and Accounts 2020121 Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and Ils environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report (which Incorporates the strategic report and the directors, reporti- We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept by the charitable Company., or the charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not Made., or we have not received all the information and explanations we require for our audit", or the trustees were not entitled lo prepare the financial statements in accordance with the small companies, regime and lake advantage of the small companies, exemptions in preparing the trustees, report and from the requirement lo prepare a strategic report. Responsibilities of trustees for the financial statements As explained more fully in the trustees, responsibilities statement set out on pages 14 and 15, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view: and for such internal control as the trustees determine is necessary to enable the preparation of fi'nancial ststemenls that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charitsble company or to ase operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordanTr with ISAS IUKI will always delect a material misstatement when Il exists. Misstatements can arise from fraud or error and are considered material if, Individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, Including fraud, are inStsn$ of non-compliance with laws and regulations. We design procedLJres in line with our responsibilities, outlined above, lo delect material misslalements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below". Based on our understanding of the charitable company and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related lo regulatory requirements of the Charity Commission, and we considered the extent lo which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Companies Act 2006, VAT and payroll taxes. We evaluated management's opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements such as the valuation of the investment property. Audit procedures performed by the engagement team included.. Inspecting correspondence with appropriate regulators and lax authorities., Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud., Evaluating management's controls designed lo prevent and detect irregularities., Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions., and Challenging assumptions and judgements made by management in their critical accounting estimates, including review of the investment property valuation report and challenge of the underlying assumptions.
Dulverton Trust Annual Report and Accounts 2020121 A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2008. Our audit work has been Ljndertaken so that we might stale to the charitable company's members those matters we are required to state lo them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitsble company's members as a body, for our audit work, for this report, or for the opinions we have formed. Siobhan Holmes (Senior Slatulory Auditor) For and on behalf of Haysmacinlyre LLP, Ststulory Auditors Date.. 16 June 2021 10 Queen Street Place London EC4R 1AG
Dulverton Trust Annual Report and Accounts 2020121 Statement of Financial Activities (incorporating Income and Expenditure Account) The Dulverton Trust for the year ended 31 March 2021 2021 General Funds 1£) 2021 Designated Fund¥ (£1 2021 Total Funds 1£) Notes 2020 Totsl Funds (£1 Income and endowments from.. Investments 2,507,460 2,507,460 2,479,323 Donations and Legacies Total 700,(K)O 700,000 4,000 3,207,460 3,207,460 2,879,323 Exp8nditur8 on.. Managing Funds 572,817 572,817 482,157 Charitable Activities 3,593,286 3,593,286 3,9S7,665 Total 4,166,103 4,166,103 4,449,822 Net gainlllossesl on investments 24,253,759 24,253,759 le,331,5631 Net Incomellexpenditurel Transfers been funds 23,295,116 23,295,116 17,902,0621 Transfer belween funds 500,000 1500,0001 Transfer between funds 1700.0001 700.000 Net movement In funds 1200,0001 200,000 17,902,062> ReconcllSatlon of funds: Notes Total funds brought forward 89,139,050 400,000 89,539,050 96,519,112 Revaluation in year Total Current year éamings 750,000 750,000 922,000 23.095,116 112.984,166 200.000 23.295,116 17,902.0621 Totsl funds carried forward 19 600,000 113,584,166 89,539,050 All fund5 are unreslrided. All activities are classed as continuing. The notes on pages 22 10 28 fomi part of these financial statements.
20 Dulverton Trust Annual Report and Accounts 2020121 Balance Sheet The Dulverton Trust for the year ended 31 March 2021 Gompany limited by guarantee registered in England and Wales No. 7991677 harty registered In England and Wales No. 1146484 Notes 2021 Total Funds 1£) 2020 Total Funds (£1 Fixed Assets.. Tangible Assets Investments 10 6,934,120 6,596,927 107,644,806 85,036,772 Total Fixad Assèts= 114,578.926 91,633,699 Current assets.. Debt015 14 527,133 356,144 Cash at bank and in hand 977,446 513,120 Total Current assets= 1,504,579 869,264 Liabilities Creditors.. Amount5 f811ing due within one y8ar 15 12,041,835) 11,263,933) Net Current Liabilities 1537,2561 1394,6691 Total Asset5 les8 Current Liabilities 114,041,670 91,239,030 Creditors.. Amounts falling due after more than one year 16 1457.5041 11,699.9801 Total Net Assets 113,584,166 89,539,050 The Funds of the charity.. Unrestricted Funds Designated Funds General Funds 600,000 400.000 112,984,166 89,139.050 Total Unrestricted Funds 113,584,166 89,539,050 The Funds of the Charity 19 113,584,166 89,539,050 The fin8nci81 stateTnents weie approved by the TtUStees on g June 2021 and signed on their behalf by.. Richard Fitzalan Howard Chaimian of the Finan Committee The notes on pages 22 10 28 fomi part of these financial statements.
Dulverton Trust Annual Report and Accounts 2020121 21 Statement of Cash Flows The Dulverton Trust for the year ended 31 March 2021 2021 Unrestricted Funds 1£) 2020 Unrestricted Funds 1£) Notes Cash flows from operating activities Net cash provlded used In operatlng actlvltles 17 {4,800,5321 14,488,135) Cash flows from donations and investing activities.. Dividends, interest and rents from investments 2,507,480 2,479,323 Donations 700,000 400,0(X) PrOedS from sale of investments 19,634,430 13,878,826 Realised foreign exchange gain on investments Ilncreaselldecrease in Cash held with Investment Managers Purchase of investments 1572,5381 117,Q03,6651 3,808,203 12 116,539,113) Purchase of equipment 10 18281 Net cash provided by lu¥ed inl in¥tIng activities 5,264,859 4,027,039 Change in ¢a¥h and ¢a8h equivalents in the reporting period 464,327 1461,0961 Cash brought ft)tw8rd at 1 April 2020 513,120 974,216 Cash carried forward at 31 March 2021 977.447 513,120 Analysis of changes in net debt Cash At start of year (£1 Cashflows (£1 At end of year (£1 513,120 464,327 9T7,447 The notes on page$ 22 10 28 ft)tm part of these finan¢i81 statements.
22 Dulverton Trust Annual Report and Accounts 2020121 Notes to the Financial Statements The Dulverton Trust for the year ended 31 March 2021 1. Principal Accounting Policies Basis of preparation The financial statements have been prepared in accordance with 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 ol Ireland IFRS 1021 leffective 1 January 20191 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Trust is a Charitable Company which constitutes a public benefit entity as defined by FRS 102. The Financial Statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets, and the indusion ol investments at market value. Assessment of going ¢oncern The Trustees consider that there are no material uncertainties about the Charity's ability lo continue as a going ¢oncern. The most significant 8re8s of uncertainty that affect the carrying value of a55ets held by the Charrty are the level of investment return and the performance of investment rnarkets. In October 2020. Trustees agreed lo iedeem trom investments in order lo increase the sum held in cash lo £3 Tnillion. This 15 just below our annual grant t8rget 8nd ensuies the Trust IS 8ble to rneet its financial ¢omTnilments without forn9 Trustees lo withdraw from Investments when rnarket conditions are sUoptIma1. Investment Ineom• All incoming resources are included in the Statement of Financial Activities when the Trust is legally entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. Income tax reCOverae in SpeCt of investment income is recognised at the time that investment income is receivable. Foreign Currencies Income denorninated in foreign currencies is recorded at the rate of exchange ruling on the date of receipt. All differen$ are taken lo the Statement of Financial Activities. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive oiAigation committing the charity to that expenditure, il is probable that seltlernenl will be required 8Nd the amount of the obligation can be measured ieli8bly. All expenditure is accounted for on an accruals basis. All expenses induding support costs and govemance costs are allocated or apportioned to the applicable expenditure heading5. For rnore information on this attiibution refer to note 7 below. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified ol the grant award. The notification gives the recipient a reasonable expectation that they will r1ve the one-year or multi-year grant. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing ol the grant or the amount ol grant payable. The provision for a multi-year grant is recognised al its present value where settlernent is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Trust that would permit the Trust to avoid making the future paymentlsl, seltlernent is probable and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discount rate is regarded by the Trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Trust. Unrestricted Funds General unreslrided fund5 represent unrestricted income which is expendatAe al the discretion of the Ttuslees. Irrecoverable VAT Irrecover8ble VAT is charged ag8in5t the expenditure heading for which it was inrred. Costs of raising funds The costs of generating funds consist of investment management costs. Charltable actlvltles Costs ol charitable activities include grants made, governance costs and support costs as shown in notes 6 and 7. Direct support costs are allocated to the grant activity for which they were incurred e.g. expenses related to a trip to Africa would be allocated to the Africa grant activity costs. Other support costs are allocated in proportion to the syze and number of grants awarded during the year.
Dulverton Trust Annual Report and Accounts 2020121 23 Note$ to the Financial Statements The Dulverton Trust for the year ended 31 March 2021 Tangible fixed assets and depreciation The cost or valuation of tangible fixed assets is their purchase cost or valuation, together with any incidental expenses of acquisition. Only tangible assets with a cost of over £500 will be capitalised. Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual values, on a straighl-line basis over the expected useful economic lives of the assets concemed, as follows.. Fixtures and Fittings.. Computer and Office Equiprllent.. 10 year5 5 years The Trust holds property ft>i use by the charity both 8s fundional property and for investment purposes. In 8ccordance with FRS 102 th8 TtU5t's freehold properties are revalued with sufficient regularity to ensuie th8 arrying value does not differ materially frorn the fair value al the end of the reporting period with an annual review undertaken to ensure th8t the most iecent formal valuation is still reasonable. The split of the mixed-use property between functional pioperty and investment pioperty is determined by the 0/0 floor space used for each purpose. The woik5 of art were re-valu8d in September 2011 and these valu85 are refl8ct8d In th8 accounts. Th8 works of art are not depreciated as changes In rnaiket value ale not considered to be tnateiial. Flxed asset Investments Investments ale financial assets held at fail value by induding net gains and losses tsn revaluation and disposals throughout the year through the statement of financial activities. Investment propetty is measured initially at cost and subsequendy at fair value at the reporting date. The main form of financial risk fad by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. Realised and unrealised gains and losses All gains and losses are taken lo the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference befv4een sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first d8y of the financial ye8r. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unie8li5ed investment gains and losses are combined in the Statement of Financi81 Activitie5. Legal ststU8 of the Trust The Trust 15 8 ch81ity registered with the Ch8rity Cornmi5sion of Eng18nd and Wales and 8 company limited by guarantee. It has no share capital 8nd in the event of the charity being wound up, th8 liability in respect of th8 guarantee is limited to £1 per member. Pensions and Pension Contributions The Trust pays a pension to two former employees and contribLrtes to money purchase pension schemes on behalf of current employee5. The pension payrnent5 and contributions are recognised as they are paid. The Trust provides no other post-retirement benefits to its eurrent or ft)trner etnployees. Judgements and estimation uncertainty The Trust owns the property at 5 Sl James's pla which is a split use property, partly housing the Trust's offices and partly rented out lor inve5ttnent purposes. Under FRS 102 the property fa115 under the definition of a rnixed- use investment property and therefore the investment property portion of the building musl be held al fair value in the financial staternents. The property Wa5 ievalued in March 2021 by Aston Rose Chartered Surveyots which resulted in an overall valuation gain of £750.000. This valuation uplift was split between the investment property portion of the building and the fixed asset element. The Trust holds two properties that are held foi thaiit8ble purpose5. The Loch Eli Centre and the Heritage Centr8 in Dulverton. The Heritage Centre was last externally valued in 2012 and Loch Eil Centre was externally valued in September 2019. Trustees are satisfied the market value of the buildings are not materially different to the fair Value recognised in the financial stslemenls. Finaneial instrum8nts The trust onty has financial assets and financial liabilities of a kind th8t qualify as basic financial instruments. Basic finanaal instruments are initially recognised at transaction value and subsequently measured at their settlement Value.
24 Dulverton Trust Annual Report and Accounts 2020121 2. Related party transactions and Trustees, expenses and remuneration The tmstees all give freely their time and expÈrtis& without any form of remuneration or other nr in (ash or kind 12019120". Dam8 Mary Richardson Is Vic8 Pre8idenl of Marine Soci&ty and Se8 Cadet8 IMSSCI. During the y8ar, a grant of £20,000 was made and p8id to MSSC12019120'. nill. Sir Makolm Rifkind w88 involved In the establishnI of GAT Trust. A pl8dg8 of £20,000 was made to GAT Trust during the year. The balance due at the year end was £20,00012019120.' nill. Lord Dulverton is a Patron of Cotswold Friends. A grant of £1,000 was made and paid to Cotswold Fri&nds during the y&ar The Trustee8 receive no remuneration for their servi$ lo the Trust. No travel expenses were paid during the ye8r1£211.50 was paid to one Trustee in 20191201. 3. Income from Investmgnts 20211£) 20201£) Investments 2.394.982 2,394,815 Rent and Other Sundry InGome Totsl Income from Investments 112.478 84,508 2,607,460 2,479,323 4. Income from Donations and Legacies 2021 General Funds 2021 Designated Funds 2021 Total 2020 Totsl Unrestricted Unrestricted Funds Funds 700,000 Grant Income 700,000 400.000 Totsi Income from Donaiions and Legaciès 700,000 700,000 400,000 5. Expenditure on Managing Funds 2021 Total Funds 2020 Totsl Funds Investment Management Fees 572,817 482,157 6. Expendlture on Charltable Aetlvltles 2021 Total Fund8 2020 Total Fund8 Grants awarded 3,322,108 3,966,152 Grants cantrlled or reco¥&red 110.0001 1297.2871 Totsl Grants charged Prioryear gont returned Support costs (note 71 Totsl Expenditure on Charitable Activities 3,312,108 3,668,865 15.9991 287,177 298,800 3,693,286 3,967.665 ReGonGiliatson of grarts payable= 2021 Totsl Fund5 2020 Totsl Fund5 Accrued al 1 April 2020 Gr2nts ch2rg&d for the year Grants pah Accrued at 31 March 2020 2,830,717 2,807,332 3,312,108 3,688,865 13.777.701) 2,36S,124 13,645.4801 2,830,717 Payable 8$ follows= 2021 Total Fund$ 2020 Total Fund$ Gr2nts payable < 1 year Cr8nts payable ) 1 year Totsl Payable as follows- 1,907,620 1,699,980 457,504 1,130,737 2,365,124 2,830,717 Induded in the grants awarded figure is one grant tolalling £25.000 which was awarded in addition to the current yea¢s grants budget. This grant was outside of the Trust's usual guidelines and was nominated by TTUStees. In addition to the grants awarded in the year. The Trust leased two propertie$. The Outward Bound Centre at Lo¢h Eil and the Dubjerton Heritsge Centre at a pepperGorn rent and as suth provided these organisations Mlh grants-in-kind.
Dulverton Trust Annual Report and Accounts 2020121 25 7. Support costs Administration and programme costs Salaries 2021 Total Fund51£1 2020 Totsl Fund51£1 146,793 11,636 8,723 518 127,510 10,642 8,398 475 Employers N8tional Insurance Contributions Pension Contributions Pension fees Pensions 33,190 32,638 2,830 585 Finance Director Printing and Stationery Postage and Tekphone Depreaation Staff Training General Offi'ce Expenses Staff Visits 318 1,553 1,134 1,379 2,175 3,216 1,1TT 6,826 1,637 2,403 422 Entertainment Exp8nses Maintenance Office Equipment IT expenses Property Service Charges Rates 1,080 1,220 6,960 8,067 3,226 6,428 234,405 1,025 1,591 18,281 7,597 4,132 Repairs and Maintenance Insurance Total Support C08ts lexcludlng govomance costsl Governance 237.750 Salari&s 25,125 1,346 1,9TI 19,987 1,271 1,581 Pension Contributions Employerfs National In8urane8 Contributions Finance Director Audit Fee8 12,3 461 11,880 Bank Charges Trustee Expenses Profèssional Fees 212 11,518 45 16,987 1,644 61,050 29B.800 8oard meeting expÈnses Totsl Governance 52,772 287.177 Totsl Support costs 8. Analysis of Expenditure on Charitable Activities 2021 Grant Grant Support fvjnding of Returned Costs Activities 925,273 1,455,161 217,500 80,000 591,174 2020 Grant Returned Grant Activities 2021 Total (£1 Grant funding of Activities 1,413,183 1,191,734 125,885 272,000 220,000 Support Costs 2020 Total 1£) Youth Opps. Gen. Weware Africa Conservation 15.9991 112,302 1,031,676 108,449 1.563,610 22,403 239,903 12,557 92,557 20,4C 611,580 72.2871 120.0001 123,900 1,464,796 97,992 1.269,726 16,629 142,494 17,520 289,520 16,777 236,777 Preservation Peace & Hum. Support Community Found8tions Local Appeals Trustee ExcÈption Total 1,998 1.998 179,370 9.502 186,872 1,142 1.142 435,000 1205.0001 3.415 233,415 28,000 110.0001 4,638 22,638 49,000 5.198 54,196 25,000 3,282 28,282 80,000 7,869 87,869 3,322,108 115,9991 287,177 3,593,286 3,966,152 1297,2871 298,800 3.967,685
26 Dulverton Trust Annual Report and Accounts 2020121 9. Employeg Infomiation The average number of person$ employed by the Tw$t 1$ 3 fulHime slaff12019120- 2.751 and 2 part4ime12019120- 1.61. The employe&s of the Trust h2ve entidement lo private p&nsion plans, the premium$ for which are funded by the Trust and voluntary Contributions. In addition, the eM0ye@S are ènliuèd lo a tontribution from the Tmst towards private health insurante. During th& year the Trust's pension contributions amounted to £10,[912019120'. £9.8251. The number of pensionets paid by th& Trust is 212019120. 21. There was 1 &mploy8e who received 8mploy8e benefrts of mor& than £60,000 12019120.. nill. Key man8gem8nt personnel compensation including pension and Employers National Insuranee for 2020121 related to 2 memb&rs of staff and amounted lo £95,902.12019120'. 2 members of staff and one consultant amounting to £79,636). 10. Tangible Fixed Assets Freehold Property 1£) FixlurÈ$. Fittings & Equipment 1£) Wtsrks tsf Art 1£) Total 1£) Cost or Valuation At 1 April 2020 Revaluation 6.490.000 337.500 78.933 100,558 6,889,491 337,500 828 Additions 828 At 31 March 2021 6.827,500 79,761 100,558 7,007,819 Depreclatlon At 1 April 2020 Charge for th8 year At 31 March 2020 Net Book Value at 31 March 2021 72,565 1,134 73.699 6,062 6,369 72,565 1,134 73,699 6,934,120 6,596,927 6,827,500 6,490,000 100,$SB 100,558 Net Book Value at 31 March 2020 The works of 2rt held by the charity were professional r&valued to op&n market value by Christies In September 2011. The Trustees do not consider there lo be any signrficanl change In the valuation8 during the year ended 31 March 2021. The Trusys fre8hold prop8rtie8 hav8 a historical Cost of £1,200,589 and have b8en revalued as follows.. 5 St James's Plsce w8s revalued to £8.450.000 based on Aston Rose Chartered Surweyors, March 2021 valuation. The valuation was prepared in accordance wrth the Intemational Valuation Standards. The value of the operational element of 5 Sl James's Place1£2,902,5001 has been induded in Tangible Fixed Assets and the value of the investment element of the property1£3.547.5001 has been induded in Fixed A55el Inveslmenls. (See Note 11.1 The Outw8r(l Bound Centre. Loch Eil, was revalued lo £3.700.000 based on Hyde Harrington Chartered Surveyors, September 2019 valuation. The Trustees are of the opinion that a valuation of £3.700.000 remains repre5enlative of open market value as at 31 March 2021. The Heritage Centre. Dufverton. wa$ revalued 10 £225,OOD based on Seddon$ Estate Agents. June 2012 valuation. The Truslees are of the opinion that this 15 representslive of open market value a5 at 31 March 2021. 11. Fixed Asset Investments 2021 Total Funds 2020 Total Funds 1£) 80,839,636 3,135,0 1,062,136 85.036,772 Investments Investment Prop8rty Bank Balance of a caprtal nature Totsi Fixed Asset InvestmÈnts 102,462.632 3,547.500 1.634.874 107,644,806 12. Investments Movements 2021 Total Funds 2020 Total Funds 1£) 84,510,713 16,539,113 113,302,334) 16.907.856) 80,839,636 Brought foward al 1 April Addition8 at C08t Di8POS8ls at carrying valu& Net unreali4ed gainlllossl on rèvaluation Carried forward 0131 MarGh 80.839.636 17,003.865 118,781,699) 23.401.030 102,462,632 Hlstorlcal Cost of Investments Historical tosl of Investments Totsl Hi5toriGal C05t of Inve5tsnents 83.135.250 83,135,250 84,915,137 84.915.137
Dulverton Trust Annual Report and Accounts 2020121 27 13. Investment Property Movements Brought forward al 1 April Revaluation in the year Carried forward at 31 Mar¢h 2021 Total Funds 2020 Totsl Funds 3,135,000 412,500 3,547,500 3.135,000 3,135,000 Included in the hi5toric81 cost of investTnents 15 the original c05t of the investsneDI proportion of the Oulverton Trust'5 property. 5 St Jatnes's Place which amounted lo £1,169,837 INote 111. 14. Debtors 2021 General Fund$ 1£> 2021 Deslgnated Funds 2021 Total Funds 1£) 2020 Total Funds 1£) Trade debtors Accrued Income 91.765 119.756 15.612 227,133 91,765 419,756 15,612 527,133 32,594 307,855 15,695 356,144 300.000 Pr8P8yments Totsl Debtors 300,000 In 2019120. 00.000 of deswJnated fvnd$ held in debttsrs. 15. Credltors- Amounts Falllng Due Wlthln One Year 2021 Totsl Funds 2020 Total Funds 1£) 9,481 112,624 1,130,737 Trade creditors Accruals, deferred income and other creditors Grants payable < 1 year VAT & other lax&s 8,819 110,503 1.907.620 14.893 2,041,B35 Total Creditors-Amounts Falling Due Within One Year 1.263.933 All ¢redilors relate to unrestricted funds. The Dulverton Trust rarety gives grant5 with performance related condition& ReGipEn15 of multi.year grants submit progre55 reports 11 months after each payment and IherÈfor& all grants are attrued for at the point they are awÈrdÈd. In attordante with FRS102 the provision for a mukiwÈar grant is recognised at ils present value Whe seldemenl 1$ due over more than one year from the date of the award, there are no Unfu111ed perfotman¢e condition5 under the Gonlrol of the Tru$t that wou permit the Trust to avoid making the future paym&nllsl, s&rfem&nt is probable and the effect of discounting i8 matèrial. The discount rate used 1$ the averag& rate of investment yield in the year In which the grant award Is made. This discount rate Is regarded by the Tmstees as provIng th& most turnt aVailae estimatè of the opportunity cost of money refleding the lime value of money to thè TrusL The effect of the discount was not material In 2020121 or 2019120. 16. Creditors- Amounts Falling Due After One Year 2021 Total Funds 2020 Total Funds Grants payable > 1 year Total Creditor5-Amourts Falling Due After One Year 457.504 467,$04 1.699.980 1,699,980 17. Reconciliation of net1oxpgnditure} lincomg to net cashflow from operations Net lexpenditurellincome for the reporting period las per the statement of 2021 Total Fund$ 2020 Tt>tal Fund$ 23,295,116 17,902,062) Donations, Divid&nds, interest and rents from Investments IGainsllLosse$ on Investments Deprerialion Decreaselllncreasel in debtors IncreasellDecreasel in creditors Net Ga$h provided by lu$ed in) operating activities 13.207.460) 124.253.7591 1.134 1170,9891 1464,5741 14,800,5321 12,879,323) 6.331.563 1.177 81.749 1121,2391 14,488,135>
28 Dulverton Trust Annual Report and Accounts 2020121 18. Unrestrlcted Funds 2021 Total Funds 2020 Total Funds 1£) 1,382,850 585,638 56,0 5,758 100,019 2,911,409 5,021,674 Balsford Chattek Bequest Lrtchfield Trust 1.382.850 565.638 56.000 Loch Eil Fund Grft from Lady Dulv&rton 2nd Lord Dulvertons Gift 5.758 100.019 2.911.409 5,021,674 Original Trust Capital Totsl Vnre5trithd Fund5 19. Analysis of Total Funds 2021 GÈnÈral Fund$ 1£) 2021 Designated Funds 2021 Totsl Fund$ 1£) 2020 Totsl Funds 1£) Tangib Assets Inve$lmenl8 6,934,120 107,844,806 227,133 677,446 12.041.835) 6.934.120 107.644.806 527.133 977.446 12,041,835) 6.596.927 85.036.772 356.144 513.120 11,263,933) Debtor$ 300.000 300.000 Cash al bank and in hand Creditors Amounts falling due within one year Creditors.. Amounts falling due in more than one y&ar Balance of funds at 31 March 1457.5041 1457,5041 1,699,9801 112.984.166 600,000 113,584,166 B9,539,050 Included in General Funds is a revaluation reserve of £29.709.63912019120.. £5.180.3921. In 2019120. £200,000 of designated funds were hekl in debtors. The Trustees h8v8 d8temiin8d that the d8$ignated funds will b8 SP8nl on Youth Opportunrtias and Cen8ral Weware In the 2021122 financial yÈar. 20. Operating Leases The Trust has receipts from non-cancellabl8 operating kases falling due as follows-. 2021 Total Funds 121.350 2020 Total Funds 132.1SO 121.350 <1 year 2-5years
Dulverton Trust Annual Report and Accounts 2020121 29 Annex A: Grants Awarded in the Year Ended 31 March 2021 Youth O ortunities Organisation Name Action Tutoring Big Brothers Big Sisters UK Foundation Towaryls Amount Subtotal Online tuition pilot (Action Tutoring) £16,666 Roll out oflhe BBBS programme Digit81 knowledge exchange Core costs to support bereaved young people Coach Core'5 nationwide employability piogramme foi NEET young people £50,000 Challenge Partners Child Bereavement UK £45,030 £30,000 Goach Core Foundation Coram Shakespeare Schools Festival £30.000 Shakespeare Schools Festival.. NEI Scotland Core costs Empire Fighting Chance- Big Give Christmas Challenge 2020 Envision's 20th Anniversary Appeal- Big Give Christmas Challenge 2020 Inspiring young people," igniting a spark of soual consCien- Big Give Chiisltn8s Challenge 2020 Core costs Icovid Resiliencel Anti-Bullying Gommunity Workshops- Big Give Chrislrnas Challenge 2020 £30,000 Countryside Learning £90,000 Ernpire Fighting Chance £10,0(K) Envision £10,000 First Give £10,000 Jamie's Farm £50,000 Kidscape MSSC (Marine Society & Sea Cadets) Resume Foundation £10.000 Return to Parading Bridge of Hope- Equine Pathway Spear Brighton Online tuition pilot (TAPI Core funding ParliaMentor8 £20,000 £30,000 £35,000 Resurgo The Access Project The Amber Foundation £16,667 £70,000 The Faith & Belief Forum £50.000 The Girls. Netsvork Mentoring for Girls Man¢hesler Film and ourriculum support progiamme £93,000 The Sarnosa £20.000 The Tutor Trust Online tuition pilot (Tutor Trust) Tutor Trust's tuition programme Core costs ICQVID resilien) Closlng the vocabulary gap through oracy Covid-19 fund for vulnerable young women 216,667 The Tutor Trust £35,000 UK Youth £40,000 Volce 21 £97,243 Young Women's Trust £20,000 £925.273 General Welfare Organisation Name Access to Justs. Foundation Towards Amount Subtotal Community Jusb"ce Fund Transforming the Lives of Vulnerable Families- Big Give Christmas Challenge 2020 Peer support for families bereaved by fal81 domestlc 3bus8 £50,000 Adoption UK Advocaoy After F8ts1 Dornestic Abuse £10,000 £37,243 Age Scotland Break the Silence Age Scotland's Helpline Recruitment and training of additional staff ETnergen¢y Chances ft>i Children gr8nts £30,000 £5,000 £50,000 Buttle UK Children and Families Across Borders ICFABI Post Placement Support £75,808 Newty awarded multi-year grants are in bold. Pledges are in italics. This Annex does not forrn part of the audited accounts
30 Dulverton Trust Annual Report and Accounts 2020121 Chiklren and Farllilies Across Borders ICFABI Community Monèy Adviea Ltd. ICMAI Helping vulnerable children find their families- Big Give Christmas Challenge 2020 £10.000 Core fundlng COVID-19 local Emrnaus resilience and safety and hygiene equipment for safe opening of Ernrnaus Swial enleipiises Shaping the Future Together- supporting local responses to COVID19 Core costs 2021122 £60,000 Emmau5 UK £35.000 Faith in Community Scotland Families Outside £30,000 £35,000 £100,000 £35,000 Family Links Feeding Britain Full Fact Family Links core funding Glasgow's Citkens, Supemarket Full Fact- Core Funding Covid-19 Ernergenoy Response COVID.. PPE and transport costs Hourglass Helpline Internship and Career Progre5510n Progratntne for Disadvantaged Graduates Victirn Navigator Programme Hope Street (Operation Co¥tsl £35,000 £40.000 Gingerbread Heritage House Caring Group Itd Hourglass (Safer Ageingl £5,000 £30,000 JUSTICE £36,200 Justi and Care £30,000 One Small Thing Peeple £250,000 Peeple's core costs Strengthening Community Businesses UK- Wide £30,000 Plunkett Foundation £99,910 £35.000 R88d Easy Read Easy's expan510n Shannon Trust Reading programme in prisons Pievenling Homelessness C8used By Coronavirus £so,ooo sheer Cyrntu The Challenging Behaviour Foundation £25.000 CBF Family Support Service TLN National Programme The Silvei Line Helpline Emergency fund for Network Foodbanks Core Costs- communication8 £30,000 The Linking NeOrk The Silver Line £60,000 £30,000 Trussell Trust £50,000 UK Men's Sheds Association £56,000 £1,455,161 Conservation Organi8ation Name Towards Green Spaces for Good - Engaging in Areas of Strategic Need 10,000 R8ingardgns for SGollgnd- SuppofftiKu Green Recovery Amount Subtotsl Flelds in Trust £60,000 GA Trust £20,OQO £80,000 Heritage Or anisation Name Towards Amount Subtotal Heritage Crafts Association Lichfield Cathedral Endangered Craft Fund Restoration of South Nave Flying Buttresses Grants to churches Rejuvenating New¢8slle C8thedral's Medieval Font £21,174 £50,000 £450,000 National Churches Trust N8wca5tle Cathedral Trust £20.000 £50.000 Yolk Minster Fund SI CLrthbert Mfindow and Transept £591,174
Dulverton Trust Annual Report and Accounts 2020121 31 Africa Organisation Name Towards Improved Livelihoods and ResSllence through Camel Milk in Kenya COVID Resilience Funding School Enterprise Challenge Uganda Borehole Rehabilitation in response to Covid-19 ving with Wldlife Murchison Amount Subtotsl Actlon on Poverty Restless Development Teath A Man to Fish £10S.000 £35,000 £20,0 The Busoga Trust Tusk Trust £32,500 £25,000 £217,500 Local A eals Organi¥ation Name Towards Amount Subtotsl Cotswold Friends Great Western Air Ambulance Charity Skye & Lochalsh Rivers Trust The Family Haven The Playing Field and Recreation Ground Charity Cotswold Friends Winter Support programme £1,000 Air Ambulance in Gloucestershire £3,000 Administrative and fundraising function Family Haven Nuisery Project New floodlights and seated stands for Moreton Rangers Football Club £15,000 £4,000 £5,000 £28,000 Trustee Exce tion Or anisation Name su lementa to Towards rants bud et Amount Subtotsl The Salvation Aim The Salvation Arm Australia Bushfire A eal £25,000 £25.000 £3,322,108 TOTAL AWARDED Please visit our website hll s.'Ilwww.dulverton.or awarded in the 2019120 financial year. Ire orts-and-accountsl lo view a list of the grants
32 Dulverton Trust Annual Report and Accounts 2020121 Annex B: Grants Awarded through Community Foundations in the Year Ended 31 March 2021 Communi Organi8ation Name 1st St Cuthberts Biownies Autism Adventures Training Ltd Community Interest Company Blackburn with Darwen He3hY Living Calvary Christian Fellowship hartei House Resource Genlre c.i.c. Clitheroe Cricket Bowling and Tennis Club Foundations for Lancashire and Merse side Towards Amount Subtotsl To fund new outdoor activities £4,422 Post coronavirus project lor young people Towards a helpline and food for vulnerable people in the communty To enable increased food parcel deliveries £4,835 £4,992 £2,700 Communrty g8rd8n18arning proj8Ct £5,000 Renovating the clubhouse kitchen Restoring 8 w8lled Kitchen Garden A luncheon club for the eldedy and catch-up tutoring sessions for young people Workshops and courses for vulnerable families and young peop £2,642 ome Aive a155 £3,810 Community Lives Matter £2,160 Grea8ing Gareers Education Business Partnership INW Communities) CIC Fishwick Rangers Youth Developrrent Scheme £5,000 The Beach School Weekend training programme for vulnerable young people Providing essential baby items to vulnerable mothers To provide healthy meals and calls in communrty languages To pay for additional staff hours Stepping stones and story book packs Towards the foodbank and digital skills courses Affordab18 cuhuial 8Ctivrt185 foi children and young people The Social Supermarket and garden Towards 150 food parcels for struggling local children and farnilies £3,000 £4,464 Freedom Church Liverpool £3,000 Granby Somali Wornens Group HARV Domestic Abuse Services £5,000 £5,000 Headssup CIC Hope Centre £4,990 £3,468 Imaginariutll Theatre Joseph Lappin Centre £4,720 £5,000 K.l.N.D. Lancashire Equalities Organisation Little Harwood Comrnunily Genlre Ltd £4,500 Towards fv40 Pashtun-speaking call handlers £5,000 Tow8rds cornmunity activities Food aid projects to assist vulnerable people Repairs to the function room £4,694 Liverpool Stsmali Community Lowerhouse Cricket Club M8rseyside Domestic Vio18nc8 Services New Brighton Community Association £4,950 £3,732 Towards core costs Delivering three course meals to vulnerable residents To inspire self-belief and empower gitls. particularly from South Asian background5 £5,000 £5,000 One Voic8 Blackbum Ormskirk Moorgate District Guide Association £4,120 Repair work to the boundary wall Provide emergency food hamper deliveries £1,200 Park Farm ACYP Centre PCC of St Mark's ChLJrch Scaiisbrick £5,000 Building work To address isolation of BME elderly and vulnerable persons To delivei a 10-w88k cours8 on 8ntrepreneuiship and busine55 Start-up To develop and establish service provision for disadvantaged young men Provide outdoor educational facilities after the Coron8vitU5 andemic £5,000 Personal SucTrss £2,700 Positive Smiles £5,000 Preston Muslim Forum £4,940 Prospects 2000 £2,080
Dulverton Trust Annual Report and Accounts 2020121 33 Somali Women's Group Carers project Providing food parcels and hot lunches to vulnerable and elderly residents Food Club Project £1,538 St Cyrils Children & Youth Project St Georges Church Huyton stand together and Recover ISTARI Blackpool Talk the Talk Education CIC The 44th Orrnskirk (farfetonl Scout Group The BrLJnswick Youth Club £3,940 £5,0(M) Rent 8nd overh88ds c05t5 £5,0(K) resilience training workshops £4,7S4 To refurbish the scout hul and expand ils provision Educational Youth Programme during Covid-19 Installation of toddler play equipment Funding two sessional worker5 Wellbeing and stability for unemployedlvulnerable people Heritage skills workshops Qualified Youth Leaders To provide digital support groups for vulnerable community members To cover rent and office materials, training, insurance and affiliation fees to FCA £3.062 £4,640 The Friends of Conway Park The Inclusion Network Gic £4,6C £4.940 UDEVELOP CIC £5,000 Valley Heritage Vees pl8ce- PLC Activib"es Club £5,0(M) £4,OtK) West End Impact £3,5(X) West Lancs Debt Advice £2,5Crf) £194,603 Kent Community Foundation anisation Name Towards Ability Beyond Lrfe's Expectations IABLEI Ashfoid & Tenterden Umbrella Aylesham and Snowdown Social Welfare Scheme Canterbury & Heme Bay Volunteer Centre Limited Caring IMI Together on Romney Marsh ICARMI Companionship al Christmas Eden Christian Trust Faversham Assistance Centre Amount Subtotal Empowerrnent Prograrnrne Mental Health Support £4,843 £5,000 Aylesham and Snowdown Social Welfare Scheme £2,000 Social Tr8n5POrt Sch8m8 £5,000 Generations Connect £4,000 ompanionship al Christm85 COVID Eden Christian Trust £1,700 £5,000 IFACEI Faversharn Assistance Centre £3,500 Foi Young People Fort Amherst Heritage Trust Friendly Fa8 of Kent Ham5treet Coffee Morning Icon Theatre The Bank Youth club £1,000 Amherst Skills lor the future £4,800 Groups and virtual workshops Outings for Hatnstreet Coffee Moming Pulse Pathways Friendship through Art The Writing Journey £4,000 £1,855 £5,000 In A Space Margate Bookie Medway African Caribbean Association IMACAI Mount Lodge Young Famieis, Club Music & Arts for Shepway Community IMASCI New Leaf Support North West Kent Countryside Partnership Age UK Wildlife Watchers Romani Slovak Czech Community Move Forward St AugLJStine's Place of Welcome Community Hub £4,760 £5,000 The Next Step £5,000 2021 Programme £5,000 Shepway Choirs Domestic Abuse Support £4,200 £1,500 £1,996 £5,000 £3,000
34 Dulverton Trust Annual Report and Accounts 2020121 Stepping Out Wth Carers CIC Thanet Countryside Trust The FAR Academy CIC The Folkeslone Youth Project Walderslade Together CIC Willesborough Baptist Church Kent Walks 2020 £1,200 £5,000 Education Setviee Skateboard Coaching Qualifications Welcome Againl Making Mole Meaningful Connections The Well £2,000 £2.380 £3,690 £4,000 £101,424 TOTAL AWARDED £296.027 Please visit our website hll s.'Ilww.dulverton.or awarded in the 2019120 financial year. Ire orts-and-accounlsl lo view a list of the grants Signature: Email: CW@litchfiÈldèstate.co.uk