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2022-03-31-accounts

Annual Report 2021/22

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 2021/22 3

Trustees

Mr Christopher Wills Chairman Mr Richard Fitzalan Howard^ Vice Chairman & Chairman of the Finance Committee

Mr Tara Douglas-Home The Lord Dulverton The Earl of Gowrie Deceased September 2021

The Lord Hemphill Dame Mary Richardson Sir Malcolm Rifkind Dr Catherine Wills^ The Hon. Robert Wills*

*Member of the Finance Committee

^Member of the Community Foundations Sub-Committee

Staff

Anna de Pulford Director Tinuke Bell Finance Director Ella Hingley Senior Grants Manager Victoria Le Lerre Grants and Operations Manager Isabella Pyrgies Grants Officer

Registered Office

5 St James’s Place, London SW1A 1NP

www.dulverton.org

grants@dulverton.org

4 Dulverton Trust Annual Report and Accounts 2021/22

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 2022. The Trustees confirm that the annual report and financial statements comply with current statutory requirements and Accounting and Reporting by Charities: the Statement of Recommended Practice issued effective 1 January 2019 (Charities SORP (FRS 102)).

Professional Advisors

Investment Managers

Orbis Investments 28 Dorset Square London NW1 6QG

Redwheel Partners Verde 4th Floor, 10 Bressenden Place London SW1E 5DH

Oxford University Endowment Management Ltd 27 Park End Street Oxford OX1 1HU

Sarasin & Partners Juxon House, 100 St. Paul's Churchyard London EC4M 8BU

Solicitors

Farrer and Co 66 Lincoln’s Inn London WC2A 3LH

Wrigleys Solicitors LLP 19 Cookridge Street Leeds LS2 3AG

Bankers

National Westminster Bank Plc 208 Piccadilly London W1A 2DG

Auditors

Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

Dulverton Trust Annual Report and Accounts 2021/22 5

Structure, Governance and Management

The Dulverton Trust was founded by the 1st Lord Dulverton in 1949 as a general grant-making charity. The governing document is the Memorandum and Articles of Association, created on incorporation of the Trust as a Company in 2012 (superseding the 1949 Trust Deed).

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 term if eligible. New Trustees are offered an induction programme, which includes meeting staff and the Chairman and being provided with papers from recent Board meetings, the Trust’s most recent strategy review and the Charity Commission’s Trustees Guidance. Trustees are also offered ongoing training. The Board was very sad to lose Lord Gowrie from the Board on his death in September. All other Trustees were reappointed during the 2021/22 year.

The Trust’s financial year runs from 1 April to 31 March. Decisions on grants, finance and strategic matters (including ratification of decisions made by the Finance, Sub-Committees and #iwill panel) were made at Board meetings held in June, October and February.

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, the Association of Charitable Foundation’s annual benchmarking report) 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 introduced priorities and exclusions to this general remit to give greater focus.

Activities and Public 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.

6 Dulverton Trust Annual Report and Accounts 2021/22

The year in numbers

Applications:

93% 325 1 in 4 eligible under success rate guidelines 2020/21: 343 2020/21: 1 in 5 2020/21: 90%

applications received

----- Start of picture text -----
Awards:
£3.84m
awarded
86 new grants
42%
of awards were made to
charities we’ve not
funded before
up from 31% in 2020/21
Type of grant
awarded by
£26,271 value:
average single-year grant
68
2020/21: £27,020
awards
£114,246
average multi-year grant
2020/21: £104,821 [18 ]
awards
----- End of picture text -----

Dulverton Trust Annual Report and Accounts 2021/22 7

19 days Average from receipt of application to decision for unsuccessful applicants 22 days in 2020/21

87 days Average from receipt of application to grant award 72 days in 2020/21

----- Start of picture text -----
167
active grants
as at 31 March 2022
115
reports
processed
2020/21: 104
74
final reports
2020/21: 60
----- End of picture text -----

8 Dulverton Trust Annual Report and Accounts 2021/22

Strategic Report

Achievements and Performance

The 2021/22 financial year was marked by steady growth in the Trust’s grant-giving, alongside continued refinement in the way we make grants and our wider operations.

Grants made/paid

Grants made/paid increased (£3.84 million was awarded via 86 new grants, vs £3.3m the previous year, and £4m was paid out, vs £3.7 in 2020/21). There were three contributors to this:

Together, this gave us a target to pay out £4,034,000 in the 2021/22 financial year. In the event, we paid out £ 4,006,754 . This represented a small underspend of £7,671 on our main budget and £19,575 on the #iwill budget – the latter being rolled-over to the 2022/23 year.

Trustees did not make significant changes to eligibility during the year and we retained the six broad ‘open call’ categories of Youth Opportunities, General Welfare, Heritage, Conservation, Kenya & Uganda, and International Stability and Reconstruction (previously called ‘Peace and Humanitarian Support).

While the core priorities did not change, there were developments to our approach during the year:

Dulverton Trust Annual Report and Accounts 2021/22 9

During the year, the emphasis of the grants shifted. Notably, there was a significant increase in the proportion of funding going towards the Youth Opportunities theme and a corresponding reduction in General Welfare grants made. This reflected the gradual reduction in grants made to support crisis work in response to COVID-19 and an opening up of opportunities for funding work in schools. Grants awarded focused on:

We continued to prioritise charities that are small/medium sized that 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.

We also continued to support the Kent and Lancashire and Merseyside Community Foundations. This was part of our commitment to disburse 10% of our annual grants budget to support small, local charities. We will continue to rotate our partnerships with the intention that over time most regions of the UK will be covered. We were pleased to establish new partnerships starting in April 2022 with Two Ridings Community Foundation and the Heart of England Community Foundation.

A full list of the grants awarded can be found in appendix A. The Trust publishes this data using the 360Giving standard, and visualisations of our grant-giving can therefore be found on 360Giving Insights.

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 meaning. Our evaluation therefore focuses on annual (at 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 115 monitoring reports from grantees.

10

Dulverton Trust Annual Report and Accounts 2021/22

adapt to the changing context. Reasons varied, but included the degree of flexibility within organisations’ funding sources, the dynamism of leadership and ability to collaborate with others.

In addition to assessing the performance of our grants, we also monitor our own performance against our goals to ensure our interactions with applicants/grantees add value:

“Process was excellent. We really appreciated that the form was short and followed by an opportunity to speak over the phone.” (Unsuccessful applicant) “We welcome the continued dialogue with our grant manager - always quick to respond, helpful, clear and she really understands our sector. It feels like the Dulverton Trust is really invested and interested in our work.” (Grantee) “The feedback was very clear and is something we can work on to improve future applications to The Trust and to other funders.” (Unsuccessful applicant)

While overall feedback was positive, we also received some very useful constructive criticism via the form. For example, while one applicant appreciated the brevity of the application form, they found follow-up questions to be burdensome and suggested that we could be clearer earlier on what further information would be requested. Others commented that our eligibility could be clearer. We have made changes to our website and processes in response.

Dulverton Trust Annual Report and Accounts 2021/22 11

This was due to a high number of appeals being received just after the deadline for a Trustee meeting (therefore requiring them to be rolled-over to the next meeting).

Aside from grantmaking operations, Trustees agreed a process to review our investment managers, with the aim of ensuring that our investments are complementary and not in conflict with our charitable purpose. This will be implemented in the 22/23 financial year.

Plans for the Future

We entered the 22/23 financial year with social restrictions lifted, opening up possibilities for charitable work. However, the shockwaves of COVID-19 continue to be felt, exacerbated by other geopolitical conflict.

We continue to feel that our broad guidelines enable us to be open both to emerging need – such as the rising costs of living and the climate crisis – and innovative responses. For this reason, we do not anticipate major changes to eligibility. Instead, we intend to build on our work of the last few years, with the aim of maximising the impact of our funding. Specific aims include:

We are currently setting up the evaluation of the #iwill programme, which is due to close in December 2022. This programme has marked a significant change in our governance, with decision-making delegated to a panel with a majority of young people. The Trust has seen great value in this panel and so we will be considering what elements of the structure we might incorporate into our main grants.

The partnership with Four Acre Trust will also end when the Trust completes its spend-out in March 2023, after six years of very generous support. We will look to deliver a successful programme this year. We continue to seek other co-funding – but recognise that we have benefitted enormously from the deep understanding the Four Acre Trust has in the sectors we focus on. We will consider how we can bring in such expertise and ‘critical friend’ perspective.

12 Dulverton Trust Annual Report and Accounts 2021/22

Risk Assessment

Trustees are responsible for monitoring the risks facing the Trust and ensuring that adequate steps are taken to manage them. The Trust maintains a Risk Management table of potential risks, ranked according to likelihood and severity of impact. This is kept under continuous review and is formally updated once a year, most recently in February 2022.

The most significant risks to the Trust are those that undermine our ability to make good grants. Principally, these are:

Trustees are satisfied that effective measures 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 guidance. There are procedures to 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.

Fundraising and Regulation

The Trust does not enter into contracts with central or local government to deliver services 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 Office for the Scottish Charity Regulator.

Dulverton Trust Annual Report and Accounts 2021/22 13

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 set 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. Trustees believe that this figure should be below 4% to ensure spending is sustainable.

In 2021/22 the spending target represented 3.65% of the rolling average value of the portfolio, with grant spending at 3.35%. This translates as a grant target of £3,310,000 with a support costs budget of £298,718. A further £574,000 was added to the Grant Target reflecting the grant from the Four Acre Trust and £150,000 from the #iwill Fund[1] . This brought the total grants budget for 2021/22 to £4,034,000 (an increase of 9% on 20/21). Overall running costs of the Trust increased in 2021/22 to service this enhanced grants budget. Actual spending was 3.6% (3.7% last year) of the rolling average of the portfolio. Support costs were 7.4% of expenditure, excluding investment management fees.

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 Committee, which appoints professional Investment Managers to manage funds in accordance with the Trust’s Investment Policy (last reviewed in February 2022). 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. During the 2021/22 financial year, Trustees agreed a process to ensure that the investment approaches of the fund managers are in line with the Trust’s charitable purpose. This involves an annual detailed review of the ESG policies, holdings and voting records of the fund managers. It is being implemented at present and the first full review will take place in 2022.

The Finance 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 if necessary.

1 The full Four Acre grant was £600,000, with £26,000 used, as agreed, to offset the employment costs incurred to administer the extended grants programme. The full #iwill Fund grant was £163,285, including £13,285 contribution to administration.

14 Dulverton Trust Annual Report and Accounts 2021/22

Performance and Investment Activity

The value of the portfolio during the year was:

As at 31 March 2022 As at 31 March 2021 £109,612,687 £107,644,806

The investment managers for the period under report continued to be Sarasin and Partners, Orbis, Redwheel 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% per annum, after fees and costs, although the performance of each fund is considered against differing benchmarks.

The value of the portfolio increased from £107,644,806 in March 2021 to £109,612,687 in March 2022. The market value therefore increased by 1.8% (26.5% last year) and the total return was 5.7% (31.7% last year).

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 0.44% of the market value of the investment funds held throughout the year.

By the end of the year, the asset distribution was: Fixed income 4.4%, Equities 67.7%, Private Equity 11.7%, Property 7.2%, Listed Alternatives 8.3%, Liquid Assets 0.6%.

The Trust is fortunate that the ramifications of the health crisis do not at present introduce uncertainties regarding the Trust’s financial sustainability and consideration of going concern. Continued fluctuation in the markets mean that from the year end to the date of the report, the value of the portfolio has fallen. However, we nevertheless anticipate an increase to our grant target in 2022/23.

Reserves Policy

The Trust does not run a specific Reserves Policy as, effectively, the whole endowment portfolio could be available to act as a reserve for the activities of the Trust. At year end the Trust’s unrestricted funds stood at £115,758,728. When fixed assets are excluded, free reserves were £105,704,586. 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 sub-optimal.

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 with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve

Dulverton Trust Annual Report and Accounts 2021/22 15

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, of the company for that period.

In preparing these financial statements, the Trustees are required to:

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:

Approval

The Trustees Annual Report, Strategic Report and Accounts were approved by the Trustees (who are also directors of the company) on 20 July 2022

Christopher Wills Chairman of Trustees

Richard Fitzalan Howard Chairman of the Finance Committee

(Authorised by Trustees to sign on their behalf)

Date Approved: 20 July 2022

16 Dulverton Trust Annual Report and Accounts 2021/22

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 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 to 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 to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ 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 to 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 at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees 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 to the extent otherwise explicitly stated 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 to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to 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 to 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:

17

Dulverton Trust Annual Report and Accounts 2021/22

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its 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’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement [set out on pages 14 to 15 ] , the trustees (who are also the directors of the charitable company for the purposes of company law) 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 financial statements 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, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 misstatement, whether due to fraud or error, and to 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 accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to 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 to regulatory requirements of the Charity Commission, and we considered the extent to 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 Companies Act 2006 and the Charities Act 2011, VAT and payroll taxes.

We evaluated management’s incentives and 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:

18

Dulverton Trust Annual Report and Accounts 2021/22

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.org.uk/auditorsresponsibilities. 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 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to 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 charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Siobhan Holmes (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London Date EC4R 1AG

Dulverton Trust Annual Report and Accounts 2021/22 19

Statement of Financial Activities (incorporating Income and Expenditure Account) The Dulverton Trust for the year ended 31 March 2022

Notes
Income and endowments from:
Investments
3
Donations
4
Total
Expenditure on:
Managing Funds
5
Charitable Activities
6
Total
Net gain on investments		 Notes
Income and endowments from:
Investments
3
Donations
4
Total
Expenditure on:
Managing Funds
5
Charitable Activities
6
Total
Net gain on investments		 2022
Restricted
Funds (£)
2022
General
Funds (£)
2022
Designated
Funds (£)
2022 Total
Funds (£)
2021 Total
Funds (£)
3 -
1,939,811
-
1,939,811
2,507,460
4 326,570
600,000
-
926,570
700,000
326,570
2,539,811
-
2,866,381
3,207,460
5 (-)
(466,363)
-
(466,363)
(572,817)
6 (279,960)
(3,755,785)
-
(4,035,745)
(3,593,286)
(279,960)
(4,222,148)
-
(4,502,108)
(4,166,103)
-
4,233,269
-
4,233,269
24,253,759
Net Income 46,610
2,550,932
-
2,597,542
23,295,116
Transfers between funds
Transfer between funds
Transfer between funds
-
600,000
(600,000)
-
-
326,570
(926,570)
600,000
-
-
Net movement in funds 326,570
(326,570)
-
-
-
Reconciliation of
funds:
Notes
Total funds brought forward
Revaluation in year
Total Current year earnings		 -
112,984,166
600,000
113,584,166
89,539,050
-
(49,800)
-
(49,800)
750,000
373,180
2,224,362
-
2,597,542
23,295,116
Total funds carried
forward
19
373,180
115,158,728
600,000
116,131,908
113,584,166

All activities are classed as continuing.

The notes on pages 22 to 28 form part of these financial statements.

20 Dulverton Trust Annual Report and Accounts 2021/22

Balance Sheet

The Dulverton Trust for the year ended 31 March 2022

Company limited by guarantee registered in England and Wales No. 7991677 Charity registered in England and Wales No. 1146484

Fixed Assets:
Tangible Assets
Investments
Total Fixed Assets:
Current assets:
Debtors
Cash at bank and in hand
Total Current assets:
Liabilities
Creditors: Amounts falling due within one year		 Notes
2022 Total
Funds (£)
2021 Total
Funds (£)
10
6,879,822
6,934,120
11
109,612,687
107,644,806
116,492,509
114,578,926
14
619,673
527,133
1,198,654
977,446
1,818,327
1,504,579
15
(1,290,061)
(2,041,835)
Net Current Assets/(Liabilities) 528,266
(537,256)
Total Assets less Current Assets/(Liabilities) 117,020,775
114,041,670
Creditors: Amounts falling due after more than one year 16
(888,867)
(457,504)
Total Net Assets 116,131,908
113,584,166
The Funds of the charity:
Restricted Funds
Restricted Funds
Unrestricted Funds
Designated Funds
General Funds
Total Unrestricted Funds
373,180
--
600,000
600,000
115,158,728
112,984,166
115,758,728
113,584,166
The Funds of the Charity 19
116,131,908
113,584,166

The financial statements were approved by the Trustees on 20 July 2022 and signed on their behalf by:

Richard Fitzalan Howard

Chairman of the Finance Committee

The notes on pages 22 to 28 form part of these financial statements.

21

Dulverton Trust Annual Report and Accounts 2021/22

Statement of Cash Flows

The Dulverton Trust for the year ended 31 March 2022

Notes 2022 2022 2022 2021
Restricted General Total Unrestricted
Funds (£) Funds(£) Funds (£) Funds (£)
Cash flows from operating activities




Cash flows provided used in operating
activities
17
(443,245)
(4,467,317)
(4,910,562)
(4,800,532)

Cash flows from donations and investing
activities:
Dividends, interest and rents from investments 3 -- 1,939,811 1,939,811 2,507,460
Donations 4 326,570 600,000 926,570 700,000
Proceeds from sale of investments -- 29,127,646 29,127,646 19,634,429
Realised foreign exchange gain on
investments -- (298)
(298)
--
(Increase)/decrease in cash held with --
Investment Managers
1,460,124
1,460,124
(572,538)
Purchase of investments 12 -- (28,322,083) (28,322,083) (17,003,665)
Purchase ofequipment 10 -- -- -- (828)
Net cash provided by (Used in) investing
activities
326,570
4,805,200
5,131,770
5,264,859
Change in cash and cash equivalents in the
reporting period
(116,675)
337,882
221,208
464,326


Cash brought forward at 1 April 2021



--

977,446

977,446

513,120

Cash carried forward at 31 March 2022
(116,675)
1,315,329
1,198,654
977,446

At start of
Cashflows
At end of year

Analysis of changes in net debt		 year (£) (£) (£)
Cash 977,446 221,208 1,198,654

The notes on pages 22 to 28 form part of these financial statements.

22 Dulverton Trust Annual Report and Accounts 2021/22

Notes to the Financial Statements The Dulverton Trust for the year ended 31 March 2022

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 of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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 inclusion of investments at market value.

Assessment of going concern

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investment return and the performance of investment markets. Since 2020, cash reserves of £3 million are held. This is just below the Trust’s 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 sub-optimal.

Investment Income

All income is 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 recoverable in respect of investment income is recognised at the time that investment income is receivable.

Foreign Currencies

Income denominated in foreign currencies is recorded at the rate of exchange ruling on the date of receipt. All differences are taken to the Statement of Financial Activities.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note 8 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 of the grant award. The notification gives the recipient a reasonable expectation that they will receive 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 of the grant or the amount of grant payable. The provision for a multi-year grant is recognised at its present value where settlement 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 payment(s), settlement 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 unrestricted funds represent unrestricted income which is expendable at the discretion of the Trustees.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Costs of raising funds

The costs of generating funds consist of investment management costs.

Charitable activities

Costs of 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 size and number of grants awarded during the year.

23

Dulverton Trust Annual Report and Accounts 2021/22

Notes to the Financial Statements The Dulverton Trust for the year ended 31 March 2022

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 straight-line basis over the expected useful economic lives of the assets concerned, as follows:

Fixtures and Fittings: 10 years Computer and Office Equipment: 5 years

The Trust holds property for use by the charity both as functional property and for investment purposes. In accordance with FRS 102 the Trust’s freehold properties are revalued with sufficient regularity to ensure the carrying value does not differ materially from the fair value at the end of the reporting period with an annual review undertaken to ensure that the most recent formal valuation is still reasonable. The split of the mixed-use property between functional property and investment property is determined by the % floor space used for each purpose.

The works of art were re-valued in November 2021 and these values are reflected in the accounts. The works of art are not depreciated as changes in market value are not considered to be material.

Fixed asset investments

Investments are financial assets held at fair value by including net gains and losses on revaluation and disposals throughout the year through the statement of financial activities.

Investment property is measured initially at cost and subsequently at fair value at the reporting date. The main form of financial risk faced 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 to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Legal status of the Trust

The Trust is a charity registered with the Charity Commission of England and Wales and a company limited by guarantee. It has no share capital and in the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member.

Pensions and Pension Contributions

The Trust pays a pension to two former employees and contributes to money purchase pension schemes on behalf of current employees. The pension payments and contributions are recognised as they are paid. The Trust provides no other post-retirement benefits to its current or former employees.

Judgements and estimation uncertainty

The Trust owns the property at 5 St James’s Place which is a split use property, partly housing the Trust’s offices and partly rented out for investment purposes. Under FRS 102 the property falls under the definition of a mixeduse investment property and therefore the investment property portion of the building must be held at fair value in the financial statements. The property was revalued in March 2021 by Aston Rose Chartered Surveyors.

The Trust holds two properties for charitable purposes. The Loch Eli Centre and the Heritage Centre 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 statements.

Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

24 Dulverton Trust Annual Report and Accounts 2021/22

2. Related party transactions and Trustees’ expenses and remuneration

The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2020/21: £nil).

Sir Malcolm Rifkind was involved in the establishment of GAT Trust. A pledge of £20,000 was made to GAT Trust in the 2020/21 year. This pledge was withdrawn and replaced with a grant of £24,322 in the 2021/22 financial year. The balance due at the year-end was nil. Sir Malcolm Rifkind declared this history, which was considered in the Trustee vote.

Lord Dulverton is a Patron of Cotswold Friends. A grant of £1,000 was made and paid to Cotswold Friends during the year (2020/21: £1,000). Lord Dulverton declared this interest and the grant was approved by a quorum of Trustees.

The Trustees receive no remuneration for their services to the Trust. No travel expenses were paid during the year (2020/21: nil).

3. Income from Investments

3. Income from Investments
Investments
Rent and Other Sundry Income
Total Income from Investments		 2022 (£)
2021 (£)
1,848,292
2,394,982
91,519
112,478
1,939,811
2,507,460
4. Income from Donations and Legacies
Grant income
Total Income from Donations and Legacies		 2022
General
Funds(£)
2022
Restricted
Funds(£)
2022
Total Funds
(£)
2021 Total
Unrestricted
Funds(£)
600,000
326,570
926,570
700,000
600,000
326,570
926,570
700,000
5. Expenditure on Managing Funds
Investment Management Fees
6. Expenditure on Charitable Activities
Grants awarded
Grants cancelled or recovered
Total Grants charged
Prior year grant returned
Support costs (note 7)
Total Expenditure on Charitable Activities
Reconciliation of grants payable:
Accrued at 1 April 2021
Grants charged for the year
Grants paid
Accrued at 31 March 2022
Payable as follows:
Grants payable < 1 year
Grants payable > 1 year
Total Payable as follows:		 2022 Total Funds
(£)
2021 Total Funds
(£)
466,363
572,817
2022 Total Funds
(£)
2021 Total Funds
(£)
3,842,865
3,322,108
(126,845)
(10,000)
3,716,020
3,312,108
-
(5,999)
319,725
287,177
4,035,745
3,593,286
2022 Total Funds
(£)
2021 Total Funds
(£)
2,365,124
2,830,717
3,716,020
3,312,108
(4,006,754)
(3,777,701)
2,074,390
2,365,124
2022 Total Funds
(£)
2021 Total Funds
(£)
1,185,523
1,907,620
888,867
457,504
2,074,390
2,365,124

In addition to the grants awarded in the year, The Trust leased two properties, The Outward Bound Centre at Loch Eil and the Dulverton Heritage Centre at a peppercorn rent and as such provided these organisations with grants-in-kind.

25

Dulverton Trust Annual Report and Accounts 2021/22

7. Support costs

2022 Total Funds (£) 2021 Total Funds (£)

Administration and programme costs
Salaries
Employers National Insurance Contributions
Pension Contributions
Pension fees
Pensions
Printing and Stationery
Postage and Telephone
Depreciation
Staff Training
General Office Expenses
Staff Visits
Entertainment Expenses
Maintenance Office Equipment
IT expenses
Property Service Charges
Rates
Repairs and Maintenance
Insurance
Total Support costs (excluding governance costs)
160,974
146,793
13,588
11,636
9,692
8,723
130
518
33,441
33,190
561
318
1,351
1,553
4,498
1,134
1,115
1,379
1,135
2,175
968
5
671
-
1,050
1,080
1,021
1,220
14,190
6,960
8,067
8,067
4142
3,226
5,353
6,428
261,947
234,405
Governance
Salaries
Pension Contributions
Employer's National Insurance Contributions
Audit Fees
Bank Charges
Professional Fees
Board meeting expenses
Total Governance
Total Support costs
26,750
25,125
1,411
1,346
2,215
1,977
13,200
12,300
440
461
12,678
11,518
1,084
45
57,778
52,772
319,725
287,177

8. Analysis of Expenditure on Charitable Activities

8. Analysis of Expenditure on Charitable Activities
Grant
Activities
Youth Opps.
Gen. Welfare
Africa
Conservation
Preservation
International
Stability &
Reconstru.
Community
Foundations
Local Appeals
Trustee
Exception
Total		 2022
2021
Grant
funding of
Activities(£)
Grant
Returned
(£)
Support
Costs
(£)
2022
Total (£)
Grant
funding of
Activities (£)
Grant
Returned
(£)
Support
Costs
(£)
2021
Total (£)
1,569,418
(106,845)
125,839
1,588,412
925,273
(5,999)
112,302
1,031,576
734,383
-
63,186
797,569
1,455,161
-
108,449
1,563,610
133,418
-
11,479
144,897
217,500
-
22,403
239,903
394,322
(20,000)
32,207
406,529
80,000
-
12,557
92,557
156,000
-
13,422
169,422
591,174
-
20,406
611,580
70,000
-
6,023
76,023
-
-
1,998
1,998
772,324
-
66,450
838,774
-
-
1,142
1,142
13,000
-
1,119
14,119
28,000
(10,000)
4,638
22,638
-
-
-
-
25,000
-
3,282
28,282
3,842,865
126,845
319,725
4,035,745
3,322,108
(15,999)
287,177
3,593,286

26 Dulverton Trust Annual Report and Accounts 2021/22

9. Employee Information

Staff costs are included in note 7. The average number of persons employed by the Trust is 3 full-time staff (2020/21 - 3) and 2 part-time (2020/21 – 2).

The employees of the Trust have entitlement to private pension plans, the premiums for which are funded by the Trust and voluntary contributions. In addition, the employees are entitled to a contribution from the Trust towards private health insurance. During the year the Trust's pension contributions amounted to £11,103 (2020/21: £10,069).

The number of pensioners paid by the Trust is 2 (2020/21: 2).

There was 1 employee who received employee benefits within the band of £60,000 - £70,000 (2020/21: 1). Key management personnel compensation including Pension and Employers National Insurance for 2021/22 related to 2 members of staff and amounted to £101,717. (2020/21: 2 members of staff amounting to £95,902).

10. Tangible Fixed Assets
Cost or Valuation
At 1 April 2021
Revaluation
Disposals
At 31 March 2022
Depreciation
At 1 April 2020
Disposals
Charge for the year
At 31 March 2020
Net Book Value at 31 March 2022
Net Book Value at 31 March 2021		 Freehold
Property (£)
Fixtures, Fittings &
Equipment(£)
Works of Art
(£)
Total (£)
6,827,500
79,761
100,558
7,007,819
-
-
(49,800)
(49,800)
-
(60,580)
-
(60,580)
6,827,500
19,181
50,758
6,897,439
-
73,699
-
73,699
-
(60,580)
-
(60,580)
-
4,498
-
4,498
-
17,617
-
17,617
6,827,500
1,564
50758
6,879,822
6,827,500
6,062
100,558
6,934,120

The works of art held by the charity were revalued to open market value in November 2021 resulting in a reduction in value of £49,800.

The Trust's freehold properties have a historical cost of £1,200,569 and have been revalued as follows:

11. Fixed Asset Investments
Investments
Investment Property
Bank Balance of a capital nature
Total Fixed Asset Investments		 2022 Total Funds
(£)
2021 Total Funds
(£)
105,890,637
102,462,632
3,547,500
3,547,500
174,550
1,634,674
109,612,687
107,644,806
12. Investments Movements
Brought forward at 1 April
Additions at cost
Disposals at carrying value
Net unrealised (loss)/gain on revaluation
Carried forward at 31 March
Historical Cost of Investments
Historical cost of investments		 2022 Total Funds
(£)
2021 Total Funds
(£)
102,462,632
80,839,636
28,322,083
17,003,665
(24,550,592)
(18,781,699)
(343,486)
23,401,030
105,890,637
102,462,632
88,157,014
83,135,250

27

Dulverton Trust Annual Report and Accounts 2021/22

Total Historical Cost of Investments
Total Historical Cost of Investments
13. Investment Property Movements
Brought forward at 1 April
Revaluation in the year
Carried forward at 31 March		 88,157,014
83,135,250
2022 Total Funds
(£)
2021 Total Funds
(£)
3,547,500
3,135,000
-
412,500
3,547,500
3,547,500

Included in the historical cost of investments is the original cost of the investment proportion of the Dulverton Trust's property, 5 St James's Place which amounted to £1,169,837 (Note 12).

14. Debtors
Trade debtors
Accrued Income
Prepayments
Total Debtors		 2022
General
Funds (£)
2022
Designated
Funds (£)
2022
Restricted
Funds (£)
2022 Total
Funds (£)
2021 Total
Funds (£)
28,065
-
-
28,065
91,765
121,588
300,000
163,285
584,873
419,756
6,735
-
-
6,735
15,612
156,388
300,000
163,285
619,673
527,133

In 2020/21, £300,000 of designated funds were held in debtors.

15. Creditors - Amounts Falling Due Within One Year
Trade creditors
Accruals, deferred income and other creditors
Grants payable < 1 year
VAT & other taxes
Total Creditors - Amounts Falling Due Within One Year		 2022 Total Funds
(£)
2021 Total Funds
(£)
6,622
8,819
95,027
110,503
1,185,523
1,907,620
2,889
14,893
1,290,061
2,041,835

All creditors relate to unrestricted funds.

The Dulverton Trust rarely gives grants with performance related conditions. Recipients of multi-year grants submit progress reports 12 months after each payment and therefore all grants are accrued for at the point they are awarded. In accordance with FRS102 the provision for a multi-year grant is recognised at its present value where settlement 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 payment(s), settlement 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. The effect of the discount was not material in 2021/22 or 2020/21.

16. Creditors - Amounts Falling Due After One Year
Grantspayable > 1year		 2022 Total Funds
(£)
2021 Total Funds
(£)
888,867
457,504
Total Creditors - Amounts Falling Due After One Year
17. Reconciliation of net (expenditure) /income to net
cashflow from operations
Net (expenditure)/income for the reporting period (as per the statement of
financial activities)
Donations, Dividends, interest and rents from investments
(Gains)/Losses on investments
Depreciation
Decrease/(Increase) in debtors
Increase/(Decrease) in creditors
Net cash provided by (used in) operating activities		 888,867
457,504
2022 Total Funds
(£)
2021 Total Funds
(£)
2,597,541
23,295,116
(2,866,381)
(3,207,460)
(4,233,269)
(24,253,759)
4,498
1,134
(92,540)
(170,989)
(320,411)
(464,574)
(4,910,562)
(4,800,532)

28 Dulverton Trust Annual Report and Accounts 2021/22

18. Unrestricted Funds
Batsford Chattels Bequest
Litchfield Trust
Loch Eil Fund
Gift from Lady Dulverton
2nd Lord Dulverton's Gift
Original Trust Capital
Total Unrestricted Funds
19. Analysis of Total Funds
Tangible Assets
Investments
Debtors
Cash at bank and in hand
Creditors: Amounts falling due within
one year
Creditors: Amounts falling due in more
than one year
Balance of funds at 31 March		 2022 General
Funds (£)
2022
Designated
Funds (£)		 2022 Total Funds
(£)
2021 Total Funds
(£)
1,382,850
1,382,850
565,638
565,638
56,000
56,000
5,758
5,758
100,019
100,019
2,911,409
2,911,409
5,021,674
5,021,674
2022
Restricted
Funds (£)
2022 Total
Funds (£)
2021 Total
Funds (£)
6,879,822
-		 -
6,879,822
6,934,120
109,612,687
-		 -
109,612,687
107,644,806
156,388
300,000		 163,285
619,673
527,133
688,759
300,000		 209,895
1,198,654
977,446
(1,290,061)
-		 -
(1,290,061)
(2,041,835)
(888,867)
-		 -
(888,867)
(457,504)
115,158,728
600,000		 373,180
116,131,908
113,584,166

20. Operating Leases

The Trust has receipts from non-cancellable operating leases falling due as follows:

<1 year
2 – 5 years		 2022 Total Funds (£)
85,000
100,000		 2021 Total Funds (£)
121,350
-

Dulverton Trust Annual Report and Accounts 2021/22 29

Annex A: Grants Awarded in the Year Ended 31 March 2022[2,3] Youth Opportunities

Organisation Name Towards Amount **Subtotal **
#iwill Anne Frank Inspires Programme in
Anne Frank Trust UK Cumbria £28,338
**Buttle UK ** Chances for Children grants £70,000
Children's University Core Costs 2020/21 £35,000
Queen's Green Canopy - The QGC Green Skills
Cool Earth Action Programme £30,000
Cornwall Museums Partnership #iwill Museum of Carefree £33,022
Education and Employers Charity Primary Futures £35,000
Exeter Cathedral #iwill Youth Volunteering Programme £25,159
First Star Scholars UK FSS Winchester Costs £45,785
Supporting the transition from primary to
Future First **secondary school ** £89,539
#iwill Make Yourself Heard Youth Consultation
Heritage Crafts and Leadership £23,635
Hope Support Services #iWill-The Y-Team £20,676
Online reading tutors for disadvantaged children
Innovations for Learning UK in the North East £30,199
Learning with Parents Core costs £35,000
Mental Health Innovations Shout, the UK's only 24/7 crisis text line £35,000
National Literacy Trust **Early Words Together in Manchester ** £69,573
National Youth Advocacy Service Side by Side £22,300
National Youth Agency Amplifi 2022-23 £30,000
Plunkett Foundation #iwill Breaking down the barriers £35,000
Power2 Power2 core costs £30,000
Royal National Children's Broadening Educational Pathways Challenge
Springboard Foundation Fund £30,000
Saheliya Parenting for Safety £17,944
Schoolreaders Core costs £75,000
SHiFT SHiFT pilot outside of London £30,000
St Edmundsbury Cathedral #iwill The Eco-Yard £32,800
TalentEd School tuition programme £35,000
The Access Project The Access Project in the Midlands and Bradford £50,000
The Change Foundation Street Elite Birmingham £25,000
The Country Trust Core Funding 2022-25 £105,000
OWL Collaboration: Transport, teacher training
The Ernest Cook Trust and LOTC membership £45,000
**The Foyer Federation ** Core Funding £90,000
The future isn't cancelled - Big Give Christmas
The Girls'Network Challenge 2021 £10,000
The Key to Positive Futures - Big Give Christmas
The Key Challenge 2021 £2,940
Schools Network Programme - Big Give
The Linking Network Christmas Challenge 2021 £801
The Outward Bound Trust Bursaries for residentials £70,000
The Portsmouth D-Day Museum
Trust #iwill YouthSocial Actionat theD-DayMuseum £30,000

2 Newly awarded multi-year grants are in bold . Pledges are in italics.

3 This Annex does not form part of the audited accounts

30

Dulverton Trust Annual Report and Accounts 2021/22

Making strides: funding the Northern
The Running Charity programmes £24,487
The Sported Foundation Core Funding £30,000
Trailblazers Mentoring Trailblazers Mentoring £75,000
upReach Employability programme in Nottingham £35,000
#iwill social learning and social action with young
Young Gloucestershire women in Gloucestershire £32,220
£1,569,418

General Welfare

General Welfare
Organisation Name Towards Amount **Subtotal **
Access Social Care Core costs £30,000
Dance to Health in the West Midlands and South
Aesop Arts and Society West Wales £30,000
Aspire Oxfordshire Aspire Oxfordshire core costs 2021/22 £15,000
Carefree Core Funding 2022 £35,000
Supporting bereaved children and families - Big
Child Bereavement UK Give Christmas Challenge 2021 £10,000
Childnet Core Funding 21/22 £25,000
Coroners'Courts Support Service CCSS Coordinator £30,841
Key4Life Pilot project at HMP Forest Bank £24,750
Kinship Kinship core funding 2022-25 £150,000
MOSAC (Mothers of Sexually
Abused Children) Workshops for care givers £27,363
Omega Core funding 2022/23 £35,000
Give more adults the gift of reading - Big Give
Read Easy Christmas Challenge 2021 £5,000
RFEA - The Forces Employment
Charity Nova Coordinator-Derbyshire £32,000
Safe Families Trauma Informed Support £29,429
Contribution to Christmas Challenge running
The Big Give costs £5,000
The Bike Project Bike Project inthe West Midlands £105,000
The Cranfield Trust Core Funding £85,000
The Fatherhood Institute Time with Dad: Core Funding £25,000
Unlocked Graduates Unlocked Graduates Ventures £35,000
£734,383

Conservation

**Conservation **
Organisation Name Towards Amount **Subtotal **
Bumblebee Conservation Trust **Species on the Edge ** £120,000
Future Trees Trust Core operating costs £90,000
Game & Wildlife Conservation GWCT Bird Tracking Project - Big Give Green
Trust Match Fund 2021 £10,000
Game & Wildlife Conservation
Trust MSA 2021 £50,000
10,000 Raingardens for Scotland - Supporting a
Green Action Trust Green Recovery £24,322
Highlands & Islands Environment HIEF Green Match Fund campaign - Big Give
Foundation Green Match Fund 2021 £10,000
Beachwatch - clean beaches, safe volunteers -
Marine Conservation Society Big Give Green Match Fund 2021 £10,000
OrganicResearchCentre OptimumShelter BeltProject £20,000
The John Ellerman Foundation UKOverseasTerritories CollaborativeFund £50,000

Dulverton Trust Annual Report and Accounts 2021/22 31

Trees for Cities
Planting Healthy Cities for Future Generations -
Big Give Green Match Fund 2021		 £10,000
£394,322
Heritage
Organisation Name
Towards		 Amount
Subtotal
Coventry Cathedral
Conservation of the Spire		 £40,000
QEST
QEST Scholarship Programme		 £36,000
Ripon Cathedral Development
Campaign
The Towers and Transepts Project		 £20,000
Textile Conservation Foundation
MPhil Textile Conservation bursary, 2021-2023		 £20,000
Truro Cathedral
St Mary's Sou'wester		 £40,000
£156,000
Africa
Organisation Name
Towards		 Amount
Subtotal
David Shepherd Wildlife
Foundation
MurchisonCommunications		 £59,989
Teach A Man to Fish
School Enterprise Challenge Uganda		 £30,000
TheVanessa GrantTrust
Flames of Hope		 £28,000
Traidcraft Exchange
Female Farmers in Kenya		 £15,429
£133,418
**International Stability and Reconstruction **
Organisation Name
Towards		 Amount
**Subtotal **
MapAction
Core funding		 £70,000
£70,000
Local Appeals
Organisation Name
Towards		 Amount
Subtotal
Cotswold Friends
Ageing Well Programme		 £1,000
Great Western Air Ambulance
Charity
Operations in Gloucestershire		 £5,500
MidlandsAir Ambulance Charity
OperationsinGloucestershire		 £5,500
Noah's Ark Children's Venture
Macaroni Wood		 £1,000
£13,000
Community Foundations
Organisation Name
Towards		 Amount
Subtotal
Heart of England Community
Foundation
Heart of England Dulverton Fund 2022-25		 £330,996
Kent Community Foundation
Kent Dulverton Fund 2022-23		 £110,332
Two Ridings Community
Foundation
Two Ridings Dulverton Fund 2022-25		 £330,996
£772,324

Please visit our website https://www.dulverton.org/reports-and-accounts/ to view a list of the grants awarded in the 2021/22 financial year.

32 Dulverton Trust Annual Report and Accounts 2021/22

Annex B: Grants Awarded through Community Foundations in the Year Ended 31 March 2022

Community Foundations for Lancashire and Merseyside

Organisation Name Towards Amount **Subtotal **
24 Kitchen Street CIC Music production workshops for disadvantaged £4,920
young people
2nd Fairfield Scouts Equipment and resources £4,300
Accrington Sea Cadets To replace the heating system and install an air £5,000
ventilation system
Acronym Community Homework booster study clubs for children £5,000
Empowerment (ACE)
Activ Engagement & Education To cover the costs of two detached outreach youth £5,000
workers
Ainsdale Lunch and Leisure Hot meals delivery service for local vulnerable and £5,000
housebound peopleinthe community
Amy and Friends Weekly support clubs for children £5,000
Bahja Initiative Activities for disadvantaged young people £4,920
Blackpool Music School Outdoor performances to the wider community £5,000
Bridge2 (Liverpool) CIC Community and Environmental Care Project £4,220
Church and Oswaldtwistle Cricket Towards a large outdoor seating area £4,000
Club
Church and Oswaldtwistle Cricket To improve Cricket Club outdated toilet area and £3,496
Club make betteroveralluse ofspace
Community Capacity Builders Financial literacy programme £4,480
Ferries Family Groups After school music club for primary and secondary £3,788
school aged children
Friends of Norris Green Park To fund sessional workers and equipment for the £5,000
cafe
Friends of Rhyddings Park To develop a wildlife garden in the park £5,000
Granby Somali Womens Group Support scheme for parents and children with £2,500
ASD/ADHD
Hackschool CIC Native bee homes £3,200
Halewood Youth In Community To deliver Easter and summer picnic family £3,151
Centre events.
Hilldale Community Association Towards acoustics improvement to village hall £1,922
KPK UNITED CC Self care workshops £2,500
Lancashire Boys & Girls Clubs Social development of vulnerable people in the £4,380
community
Liverpool Empowerment & To cover the costs of using a van to deliver £3,500
Tenants Support Services (LETS) parcels and food packages
Marsh Community Centre To support NEET young men back into education £2,600
Morecambe Homeless Action Employ a part time coordinator £5,000
New Beginnings - Improving Lives Boxing programme £1,780
CIC
Ormskirk Community Partnership Alleyways Project £5,000
PCC of Walton Breck and Holy To develop a family support project by purchasing £3,500
Trinity equipmentfora parent/toddlergroup
PCC St Mary's Church Towards tackling isolation in men and women £2,840
PCC St Paul's Church, Hatton Community toddler group £5,000
Hill, Litherland
Penwortham Cricket Club To regenerate club patio area in order to provide a £5,000
safe outdoor communal area
Rainbow Youth Centre Towards a support programme for LGBTQ+ young £4,920
people and their families
Rapid Response North West First aid training and mental health awareness £4,950
classes
Rice Lane Community Towards a milking parlour and to renovate the £5,000
Association building

33

Dulverton Trust Annual Report and Accounts 2021/22

SAFE: Prop Up Project Weekly groups for young people aged 13-19 £4,201
Skerton Community Association Social group for older people £2,000
St Oswalds Church Centre To contribute towards the costs of a new kitchen £1,000
and to run a range of social activities
The Billy Project CIC To continue the girls' Billy Juniors project £4,000
The Friends of Miss Whalley's To carry out drainage work on the field. £5,000
Field
The Gateway Collective C.I.C. To Enable North Park Community Garden to open £4,240
to the general public
The L21 Community Network Towards providing a weekly well-being session £2,500
and gardening session
Unlock Your You Mental health first aid £4,900
Up Holland Community Hub Towards storage units for the different groups £5,000
WISE UP Workshops To deliver a social project to reduce isolation and £3,950
engage more people
Wyre District Explorer Scouts Essential repairs needed for new building £3,783
Youth Action The group will be providing a youth cohesion £5,000
project for young people.
£186,441
**Kent Community Foundation **
Organisation Name
Towards		 Amount
Subtotal
Be Me Project
Who Am I? project		 £3,000
BeachCreative CIC
CentreManager		 £5,000
Boughton under Blean village hall
Activities for Older People		 £3,500
Brogdale Collections
OrchardEngagement		 £5,000
Bushkraft Forest School
Life Skills for vulnerable CYP		 £4,000
Cliftonville Community Centre
Holisitc Support		 £5,000
Curly's Legacy
NEETs-Improving Llife Chances		 £4,980
DiversityHouse
SWAG SewingBoxCafé		 £4,500
Fusion
Golden Friends		 £3,000
Hands of Hope
Get Growing		 £5,000
Hollingbourne Meadows Trust
Hedges		 £2,000
IMOSFoundation
HopeAllSaintsPreservation		 £4,000
Maidstone Mediation
Talk & Mend-YP		 £5,000
Margate Independent Foodbank
CIC
MiCommunity		 £4,000
OctopusFoundation
TheLet's GetWorking Octopus Shed		 £5,000
Primal Roots
Addict to Athlete in Ashford (Triple A)		 £5,000
SparkedEcho
Young Creatives @ElectricMedway		 £4,940
Temple Hill Youth Club
Kitchen Refurb		 £5,000
Tunbridge Wells Community Car
Service
Trips & Outings		 £5,000
Warnborough Foundation
BacktoWork		 £3,900
West Kent Debt Advice
Moving out of Debt		 £5,000
£91,820
TOTAL AWARDED £273,341

Please visit our website https://www.dulverton.org/reports-and-accounts/ to view a list of the grants awarded in the 2021/22 financial year.