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 sUt￿cOmmittee
Staff
Anna de Pulford
Director
Tinuke Bell
Finance Director
Ella Hingley
Grants Manager
Wictoria Le Lerre
Office Manager and Grants Officer
Isabella Pyrgies
Grants OffI￿r
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 The Trust Deed of 1949 was superseded by the Memorandum and Articles of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 prO￿SSed 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
intrOdU￿d 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
I5￿k
awarded
74 new grants
% i(mk
276rèTrt¥
31%
£197.174
É195.0
of awards were made to
charities we've not
funded before
I￿L¥T￿bE
£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-
m￿euP01
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(￿er5eZ5l2￿yJntsl
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-rwlonalv￿k
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 SU￿essful, 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 S￿narios, 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 pla￿S 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 prO￿sS 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
#iw
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 prO￿dureS 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 ServI￿S 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 invol￿d 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
Un￿rtaIntieS 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 de￿ribed 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 be￿en 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)
PrO￿edS 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 for￿n9 Trustees lo withdraw
from Investments when rnarket conditions are sU￿optIma1.
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 reCOvera￿e 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 r￿1ve 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 in￿rred.
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 fa￿d 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 ￿n￿r￿ 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 establish￿nI 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 eM￿0ye@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 Unfu￿111ed 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 prov￿Ing th& most tur￿nt aVaila￿e 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
she￿er 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 Ne￿Ork
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 He3￿hY
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 Fa￿8 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