OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

Annual Report 2022/23

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 2022/23 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 Lord Hemphill*

Dame Mary Richardson

Sir Malcolm Rifkind

Dr Catherine Wills^ Deceased July 2022 Miss Laura Wills Appointed February 2023 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 (Until March 2023) Isabella Pyrgies Grants Officer (Until February 2023) Jenny Dallas Office Manager (From March 2023) Saskia Borchardt-Hume Grants Manager (From April 2023)

Registered Office

5 St James’s Place, London SW1A 1NP

www.dulverton.org

grants@dulverton.org

4 Dulverton Trust Annual Report and Accounts 2022/23

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 2023. 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 (Until December 2022) Redwheel Partners 28 Dorset Square Verde 4th Floor, 10 Bressenden Place London NW1 6QG London SW1E 5DH

Oxford University Sarasin & Partners Endowment Management Ltd Juxon House, 100 St. Paul's Churchyard 27 Park End Street London EC4M 8BU Oxford OX1 1HU

Solicitors

Farrer and Co Wrigleys Solicitors LLP 66 Lincoln’s Inn 19 Cookridge Street London WC2A 3LH 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 2022/23 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).

A Board of Trustees govern the Trust. New Trustees are appointed by the Board. Trustees serve for a term of five years and may be re-appointed at the end of this term if eligible. Miss Laura Wills was appointed to the Board in February 2023. 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 Dr Catherine Wills from the Board upon her death in July 2022.

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 2022/23

The year in numbers

Applications:

88% 363 1 in 4 eligible under success rate guidelines 2021/22: 325 2021/22: 1 in 4 2021/22: 93%

363 applications received

Awards:

----- Start of picture text -----
£5.09m
awarded
100 new grants
27%
of awards were made to
charities we’ve not
funded before
down from 42% in 2021/22
----- End of picture text -----

----- Start of picture text -----
Type of grant
awarded by
£29,638 value:
average single-year grant
67
2021/22: £26,271
awards
£94,101
average multi-year grant
2021/22: £114,246 [33 ]
awards
----- End of picture text -----

Dulverton Trust Annual Report and Accounts 2022/23 7

Grants awarded (value) by theme of work

----- Start of picture text -----
17 days 81 days
Average from receipt of application to Average from receipt of
decision for unsuccessful applicants application to grant award
19 days in 2021/22 87 days in 2021/22
167
active grants
as at 31 March 2023
135
reports
processed
2021/22: 115
97
final reports
2021/22: 74
----- End of picture text -----

8

Dulverton Trust Annual Report and Accounts 2022/23

Strategic Report

Achievements and Performance

The backdrop of the Trust’s 2023/23 year was the emerging cost of living crisis, which, for our partner charities, came on the back of a hugely demanding few years of COVID-related disruption. Fortunately, our partnerships with Four Acre Trust and the #iwill Fund meant that we were able to increase our grant-giving once again.

Grants made/paid

Grants made/paid increased (£5.09m was awarded via 100 new grants, vs £3.84m the previous year, and £4.3m was paid out, vs £4m in 2021/22). This was the most awarded in a single year in the Trust’s 74-year history. As in 2021/22, there were three contributors to this:

Together, this gave us a target to pay out £4,224,000 in the 2022/23 financial year. In the event, we paid out £4,301,607 . This difference was mainly owing to £90,789 paid out in exceptional grants in memory of two trustees who died in the last two years.

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. Following the trend of recent years, the bulk of grants were made in the Youth Opportunities and General Welfare categories (see chart, page 7). We continued to prioritise small/medium sized charities that carry out work for which it is difficult to raise funding from the general public. Most of our grants went to charities either with a national reach, or delivering unique or innovative work which has the potential for replication elsewhere, and with incomes between £200,000 and £3,000,000.

Most of our grantmaking was responsive to the appeals received (rather than proactive), and the causes and activities supported varied from support of funeral costs to combatting disinformation or promoting heritage craft skills. Charities delivering well-evidenced programmes that aimed to support young people from lower income households to thrive – especially by improving school engagement and attendance – received the most funding. Trustees thought that appeals relating to children with a parent in prison and support of care experienced young people made compelling cases for our funding, so a number of these appeals were awarded grants. Trustees also supported some more experimental grants, where our funding enabled charities to prove a concept. For example, we supported a charity to develop a pilot for financing household insulation for elderly, low-income homeowners.

We were mindful of the increasing cost of living, which had the two-fold impact of increasing demand for charitable support and eroding the purchasing power of our grants. We contacted our grantees to offer support and, following a review of the grants portfolio, made a number of

Dulverton Trust Annual Report and Accounts 2022/23 9

proactive grants aimed at supporting charities especially vulnerable to rising costs and/or supporting individuals especially impacted by increasing inflation.

Our strategy of collaborating/coordinating with other funders developed further during the year:

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 135 monitoring reports from grantees.

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:

10

Dulverton Trust Annual Report and Accounts 2022/23

“[…] approachable, polite and clear. Ella was honest about how many applications had been received and we really appreciated the time that Dulverton give to considering applications…it was good to have contact even though we were unsuccessful…which gave an understanding into how decisions are made.”

(Unsuccessful applicant)

“A definite plus is how warm and clear the Trust and its staff have been - it makes a difference to when you are a small charity as it helps you feel you can be totally transparent about the positives and any difficulties.”

(Grantee)

“Very good communication and good feedback…Also a fast turnaround which has helped us to move on and ensure we don't spend too much time on something that was not going to work for us. A really good experience.”

(Unsuccessful applicant)

While overall feedback was positive and indicated

we were meeting our aim of both our funding and interactions adding value to grantees and applicants, we also received some very useful constructive criticism via the form.

We also received some conflicting feedback. For example, some respondents appreciated the free form structure of the application, whereas one requested the form was split into distinct questions. In this case, we decided to retain the free form, but will keep this under review.

11

Dulverton Trust Annual Report and Accounts 2022/23

Aside from grantmaking, Trustees implemented a process to review our investment managers, with the aim of ensuring that our investments are in harmony with our charitable purpose. We also refreshed our website content to provide more information on the sources of the Trust’s funds.

Plans for the Future

The 2022/23 financial year saw a surge in applications to the Trust. Indeed, up until this year, the refinements to our eligibility quiz had seen the rate drop, but the 2022/23 year saw the highest number of applications since 2019.

This high demand has sustained into the start of the 2023/24 financial year, and we anticipate it remaining high as a consequence of increased demand on charities and a reported reduction in private donations from individuals. However, our overall grant pot will reduce this year following the ending of our partnerships with the Four Acre Trust (which, as planned, has now spent-out) and the #iwill Fund (which was a time-limited programme) in 2022/23.

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. However, we are conscious that competition for our funding is rising, so we will need to monitor our application rate carefully and make adjustments to our guidance to discourage appeals from charities we are unlikely to fund.

With our strategic aim to maximise the impact of our funding in mind, we will also:

We are incredibly grateful to our cofunders and particularly to the Four Acre Trust, which has added £2.9 million to our grants budget since 2017. This financial boost was accompanied by insight from Four Acre’s own grantmaking experience, which we will miss. Overall, we can see rising demand which we want to be able to meet. Therefore, we will continue to seek opportunities to add funding to our grants budget.

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,

12 Dulverton Trust Annual Report and Accounts 2022/23

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 2023.

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, minimise physical risks to which the Trust is exposed, protect the good reputation of the Trust and ensure compliance with relevant legislation and guidance. 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 taken advice and concluded that it is unnecessary for the Trust to be registered separately with the Office for the Scottish Charity Regulator.

13

Dulverton Trust Annual Report and Accounts 2022/23

Financial Review

Investment Objectives

The Trust exists to make grants for charitable purposes. This is achieved by careful management of the Trust’s assets 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 set as a percentage of the three-year rolling average value of the Trust’s investments with the aim to maximise grant spending whilst preserving the long-term real value of the portfolio.

In 2022/23 the spending target represented 3.65% of the rolling average value of the portfolio, with grant spending at 3.34%. This translates as a grant target (not including contributions from partners) of £3,500,000 with a support costs budget of £327,457. 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 2022/23 to £4,224,000 (an increase of 5% on 21/22). Overall running costs of the Trust increased in 2022/23 to service this enhanced grants budget. Actual spending was 3.57% (3.6% last year) of the rolling average of the portfolio. Support costs were 7.2% (7.4% last year) 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’s investment policy states that the endowment should be invested in a way that is consistent with the purpose of the Trust. In order to ensure this, the Finance Committee carries out an annual review of the holdings, voting records and environmental, social and governance policies of the investment managers. The Committee can (and has) divest should this review demonstrate a conflict with the Trust’s purpose and interests.

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 2022/23

Performance and Investment Activity

The value of the portfolio was:

As at 31 March 2023 As at 31 March 2022 £103,925,471 £109,612,687

The investment managers for the period under report were Sarasin and Partners, Redwheel Partners and Oxford University Endowment Management (for the whole of the year) and Orbis (until December 2022). 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 fell from £109,612,687 in March 2022 to £103,925,471 in March 2023. This represents a fall in market value of 5.2% (compared to an increase of 1.8% last year) and the total return was –2.3% (5.7% last year).

Annual management charges are monitored with individual fund managers. The fees charged by investment managers for the year represented a mean of 0.52% [0.44% last year] of the market value of the investment funds held throughout the year.

By the end of the year, the asset distribution was: Fixed income 5.5%, Equities 63.6%, Private Equity 12.0%, Property 8.1%, Listed Alternatives 7.0%, Liquid Assets 3.9%.

Despite ongoing volatility in the markets, the Trust’s financial sustainability remains robust and there is no uncertainty about the Trust’s position as a going concern. We anticipate an increase in our direct spending in 2023/24 (although lower overall grants spend as the Four Acre and #iwill partnerships end).

Reserves Policy

The Trust does not run a specific Reserves Policy as, effectively, the whole investment 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 £108,331,504. When property assets are excluded, free reserves were £97,904,428. ~~x A~~ s stated on page 13, Trustees set an annual spending target that aims to balance the interests of current and future beneficiaries of the Trust and maximise grant spending whilst preserving the long-term real value of the portfolio. This provides the Trustees with visibility on expenditure for the upcoming year. Since October 2020, Trustees have maintained a cash balance of £2-3 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

15

Dulverton Trust Annual Report and Accounts 2022/23

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 19 July 2023

Christopher Wills Chairman of Trustees

Richard Fitzalan Howard Chairman of the Finance Committee

(Authorised by Trustees to sign on their behalf)

Date Approved: 19 July 2023

16 Dulverton Trust Annual Report and Accounts 2022/23

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 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the 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.

Dulverton Trust Annual Report and Accounts 2022/23 17

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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.

18 Dulverton Trust Annual Report and Accounts 2022/23

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:

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.

Tom Brain (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditor Date

10 Queen Street Place London EC4R 1AG

Dulverton Trust Annual Report and Accounts 2022/23 19

Statement of Financial Activities (incorporating Income and Expenditure Account) The Dulverton Trust for the year ended 31 March 2023

Notes
Income and endowments from:
Investments
3
Donations
4
Total
Expenditure on:
Managing Funds
5
Charitable Activities
6
Total
Net (loss)/gain on investments		 Notes
Income and endowments from:
Investments
3
Donations
4
Total
Expenditure on:
Managing Funds
5
Charitable Activities
6
Total
Net (loss)/gain on investments		 2023
Restricted
Funds (£)
2023
General
Funds (£)
2023
Designated
Funds (£)
2023 Total
Funds (£)
2022 Total
Funds (£)
3 -
1,951,204
-
1,951,204
1,939,811
4 -
-
-
-
926,570
-
1,951,204
-
1,951,204
2,866,381
5 -
539,317
-
539,317
466,363
6 372,180
5,046,689
-
5,418,869
4,035,745
372,180
5,586,006
-
5,958,186
4,502,108
-
(3,792,422)
-
(3,792,422)
4,233,269
Net (loss)/Income (372,180)
(7,427,224)
-
(7,799,404)
2,597,542
Transfers between funds
Transfer between funds
Revaluation in year
-
600,000
(600,000)
-
-
-
-
-
-
(49,800)
Net movement in funds (372,180)
(6,827,224)
(600,000)
(7,799,404)
2,547,742
Reconciliation of
funds:
Notes
Total funds brought forward		 373,180
115,158,728
600,000
116,131,908
113,584,166
Total funds carried
forward
18		 1,000
108,331,504
-
108,332,504
116,131,908

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 2022/23

Balance Sheet

The Dulverton Trust for the year ended 31 March 2023

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
2023 Total
Funds (£)
2022 Total
Funds (£)
10
6,879,576
6,879,822
11
103,925,471
109,612,687
110,805,047
116,492,509
14
168,140
619,673
370,151
1,198,654
538,291
1,818,327
15
(1,930,834)
(1,290,061)
Net Current Liabilities)/Assets (1,392,543)
528,266
Total Assets less Current (Liabilities)/Assets 109,412,504
117,020,775
Creditors: Amounts falling due after more than one year 16
(1,080,000)
(888,867)
Total Net Assets 108,332,504
116,131,908
The Funds of the charity:
Restricted Funds
Restricted Funds
Unrestricted Funds
Designated Funds
General Funds
Total Unrestricted Funds
1,000
373,180
-
600,000
108,331,504
115,158,728
108,331,504
115,758,728
The Funds of the Charity 18
108,332,504
116,131,908

The financial statements were approved by the Trustees on 19[th] July 2023 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 2022/23

Statement of Cash Flows

The Dulverton Trust for the year ended 31 March 2023

Notes 2023 2022
Total Total
Funds (£) Funds (£)
Cash flows from operating activities
Cash flows provided used in operating activities
17 (4,673,672) (4,910,562)
Cash flows from donations and investing activities:
Dividends, interest and rents from investments 3 1,951,204 1,939,811
Donations 4 - 926,570
Proceeds from sale of investments 35,296,988 29,127,646
Realised foreign exchange gain on investments 400,637 (298)
(Increase)/decrease in cash held with Investment Managers (401,025) 1,460,124
Purchase of investments 12 (33,401,807) (28,322,083)
Purchase of equipment 10 (828) -
Net cash provided by (Used in) investing activities
3,845,169 5,131,770
Change in cash and cash equivalents in the reporting
period		 (828,503) 221,208
Cash brought forward at 1 April 2022 1,198,654 977,446
Cash carried forward at 31 March 2023 370,151 1,198,654
At start of Cashflows At end of year

Analysis of changes in net funds		 year (£) (£) (£)
Cash 1,198,654 (828,503) 370,151

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

22 Dulverton Trust Annual Report and Accounts 2022/23

Notes to the Financial Statements The Dulverton Trust for the year ended 31 March 2023

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.

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.

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.

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.

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

23

Dulverton Trust Annual Report and Accounts 2022/23

Notes to the Financial Statements

The Dulverton Trust for the year ended 31 March 2023

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. There is no evidence of a significant fall in property value. The Trust does not depreciate assets that retain their value over the period of ownership. 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 mixed-use 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 Eil 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.

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 (2021/22: £nil).There was one related party transaction in the financial year.

Trustees Lord Dulverton and Robert Wills are Directors of Batsford Estate. The charity Read Easy rents office space from Batsford Estate. Lord Dulverton and Robert Wills did not participate in the vote on the grant of £40,000 made to Read Easy in June 2022.

Lord Dulverton is a Patron of Cotswold Friends. Cotswold Friends was awarded a grant £9,222 in October 2022 and £5,000 in February 2023 (2021/22: £1,000).

Lord Gowrie was Chairman of the Magdi Yacoub Institute until his death in November 2021. Lord Gowrie was also a trustee of the Dulverton Trust until his death. A grant of £20,000 was made to the Magdi Yacoub Institute in June 2022.

The Trustees receive no remuneration for their services to the Trust. No travel expenses were paid during the year (2021/22: nil).

24 Dulverton Trust Annual Report and Accounts 2022/23

3. Income from Investments
Investments
Rent and Other Sundry Income
Total Income from Investments
4. Income from Donations and Legacies
Grant income
Total Income from Donations and Legacies
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 2022
Grants charged for the year
Grants paid
Accrued at 31 March 2023
Payable as follows:
Grants payable < 1 year
Grants payable > 1 year
Total Payable as follows:		 2023
General
Funds (£)		 2023 (£)
2022 (£)
1,861,618
1,848,292
89,586
91,519
1,951,204
1,939,811
2023
Restricted
Funds (£)
2023
Total Funds
(£)
2022 Total
Unrestricted
Funds (£)
-- --
--
926,570
-- --
--
926,570
2023 Total Funds
(£)
2022 Total Funds
(£)
539,317
466,363
2023 Total Funds
(£)
2022 Total Funds
(£)
5,091,099
3,842,865
-
126,845
5,091,099
3,716,020
(7,383)
-
335,153
319,725
5,418,869
4,035,745
2023 Total Funds
(£)
2022 Total Funds
(£)
2,074,390
2,365,124
5,091,099
3,716,020
(4,301,607)
(4,006,754)
2,863,882
2,074,390
2023 Total Funds
(£)
2022 Total Funds
(£)
1,783,882
1,185,523
1,080,000
888,867
2,863,882
2,074,390

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 2022/23

7. Support costs
7. Support costs
Administration and programme costs
Salaries
Employers National Insurance Contributions
Pension Contributions
Pensions
Depreciation
Staff Training
General Office Expenses
Staff Visits
Property costs
Insurance
Total Support costs (excluding governance costs)		 2023 Total Funds (£)
2022 Total Funds (£)
178,705
160,974
16,117
13,588
10,015
9,692
33,437
33,441
1,074
4,498
1,288
1,115
6,202
5,919
2,685
968
21,926
26,399
4,856
5,353
276,305
261,947
Governance
Salaries
Pension Contributions
Employer's National Insurance Contributions
Audit Fees
Professional Fees
Board meeting expenses
Total Governance
Total Support costs
31,477
26,750
1,471
1,411
2,867
2,215
14,400
13,200
6,854
13,118
1,779
1,084
58,848
57,778
335,153
319,725

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		 2023
2022
Grant
funding of
Activities (£)
Grant
Returned
(£)
Support
Costs
(£)
2023
Total (£)
Grant
funding of
Activities (£)
Grant
Returned
(£)
Support
Costs
(£)
2022
Total (£)
2,015,462
(6,499)
144,091
2,153,054
1,569,418
(106,845)
125,839
1,588,412
2,089,304
-
122,937
2,212,241
734,383
-
63,186
797,569
221,947
-
18,113
240,060
133,418
-
11,479
144,897
149,925
17,437
167,362
394,322
(20,000)
32,207
406,529
240,000
-
13,517
253,517
156,000
-
13,422
169,422
-
-
-
-
70,000
-
6,023
76,023
258,672
(884)
5,001
262,789
772,324
-
66,450
838,774
25,000
-
6,893
31,893
13,000
-
1,119
14,119
90,789
-
7,164
97,953
-
-
-
-
5,091,099
(7,383)
335,153
5,418,869
3,842,865
(126,845)
319,725
4,035,745

9. Employee Information

Staff costs are included in note 7. The average number of persons employed by the Trust is 3 full-time staff (2021/22 - 3) and 2 part-time (2021/22 – 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 £11,486 (2021/22: £11,103).

The number of pensioners paid by the Trust is 2 (2021/22: 2).

There was 1 employee who received employee benefits within the band of £80,000 - £90,000 (2021/22: £60,000 - £70,000: 1). Key management personnel compensation including Pension and Employers National Insurance for 2021/22 related to 2 members of staff and amounted to £123,461. (2021/22: 2 members of staff amounting to £101,717).

26

Dulverton Trust Annual Report and Accounts 2022/23

10. Tangible Fixed Assets
Cost or Valuation
At 1 April 2021
Additions
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 2023
Net Book Value at 31 March 2022		 Freehold
Property (£)
Fixtures, Fittings &
Equipment(£)
Works of Art
(£)
Total (£)
6,827,500
19,181
50,758
6,897,439
-
828
-
828
-
(5,404)
-
(5,404)
6,827,500
14,605
50,758
6,892,863
-
17,617
-
17,617
-
(5,404)
-
(5,404)
-
1,074
-
1,074
-
13,287
-
13,287
6,827,500
1,318
50,758
6,879,576
6,827,500
1,564
50,758
6,879,822

The works of art held by the charity were revalued to open market value in November 2021.

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
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
Total Historical Cost of Investments
13. Investment Property Movements
Brought forward at 1 April
Revaluation in the year
Carried forward at 31 March		 2023 Total Funds
(£)
2022 Total Funds
(£)
99,802,396
105,890,637
3,547,500
3,547,500
575,575
174,550
103,925,471
109,612,687
2023 Total Funds
(£)
2022 Total Funds
(£)
105,890,637
102,462,632
33,401,808
28,322,083
(34,406,981)
(24,550,592)
(5,083,068)
(343,486)
99,802,396
105,890,637
90,406,297
86,987,177
90,406,297
86,987,177
2023 Total Funds
(£)
2022 Total Funds
(£)
3,547,500
3,547,500
-
-
3,547,500
3,547,500

Dulverton Trust Annual Report and Accounts 2022/23 27

14. Debtors
Trade debtors
Accrued Income
Prepayments
Total Debtors		 2023
General
Funds (£)
2023
Designated
Funds (£)
2023
Restricted
Funds (£)
2023 Total
Funds (£)
2022 Total
Funds (£)
31,949
-
-
31,949
28,065
124,120
-
-
124,120
584,873
12,071
-
-
12,071
6,735
168,140
-
-
168,140
619,673

In 2021/22, £300,000 of designated funds and £163,285 of restricted 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
16. Creditors - Amounts Falling Due After One Year
Grantspayable > 1year		 2023 Total Funds
(£)
2022 Total Funds
(£)
6,359
6,622
135,477
95,027
1,783,882
1,185,523
5,116
2,889
1,930,834
1,290,061
2023 Total Funds
(£)
2022 Total Funds
(£)
1,080,000
888,867
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
Losses/(Gains) on investments
Depreciation
Decrease/(Increase) in debtors
Increase/(Decrease) in creditors
Net cash provided by (used in) operating activities		 1,080,000
888,867
2023 Total Funds
(£)
2022 Total Funds
(£)
(7,799,404)
2,597,541
(1,951,204)
(2,866,381)
3,792,422
(4,233,269)
1,074
4,498
451,533
(92,540)
831,906
(320,411)
(4,673,672)
(4,910,562)
18. Statement of Funds
Unrestricted Funds
General Funds
Designated funds
Total unrestricted funds
Restricted funds
Restricted Funds
Total funds		 Balance at
1 April 2022
(£)
Income and
endowments
(£)
Total
expenditure
(£)
Net gain on
investment
s (£)
Transfers
(£)
Balance at
31 March
2023 (£)
115,158,728
1,951,204
(5,586,006)
(3,792,422)
600,000
108,331,504
600,000
-
-
-
(600,000)
-
115,758,728
1,951,204
(5,586,006)
(3,792,422)
-
108,331,504
373,180
-
(372,180)
-
-
1,000
116,131,908
1,951,204
(5,958,186)
(3,792,422)
-
108,332,504

Designated funds represent a contribution to the grant budget received from The Four Acre Trust.

Restricted funds represent funding from the #iwill fund which was match funding for youth social action grants.

28

Dulverton Trust Annual Report and Accounts 2022/23

19. Analysis of Total Funds
2023
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		 General
Funds (£)
Restricted
Funds (£)
Total Funds
(£)
6,879,576
-
6,879,576
103,925,471
-
103,925,471
168.140
-
168.140
369,151
1,000
370,151
(1,930,834)
-
(1,930,834)
(1,080,000)
-
(1,080,000)
108,331,504
1,000
108,332,504
Analysis of Total Funds
2022
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		 General
Funds (£)
Designated
Funds (£)
Restricted
Funds (£)
Total Funds
(£)
6,879,822
-
-
6,879,822
109,612,687
-
-
109,612,687
156,388
300,000
163,285
619,673
688,759
300,000
209,895
1,198,654
(1,290,061)
-
-
(1,290,061)

(888,867)
-
-
(888,867)
115,158,728
600,000
373,180
116,131,908

20. Operating Leases

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

<1 year 2 – 5 years

2023 Total Funds (£) 2022 Total Funds (£) 108,000 85,000 8,000 100,000

Dulverton Trust Annual Report and Accounts 2022/23 29

Annex A: Grants Awarded in the Year Ended 31 March 2023[2,3] Youth Opportunities

----- Start of picture text -----
Organisation Name Towards Amount Subtotal
----- End of picture text -----

Youth Opportunities
Organisation Name		 Towards Amount
Subtotal
Action for Conservation Action for Conservation Core Funding 135000
Action Tutoring Core Funding 70000
the residential element of Brathay’s community
Brathay Trust programmes 59264
Campaign for National Parks #iwill National Parks Youth Voice 35081
#iwill Young Farmers Emotional Health and
Child Action Northwest Wellbeing- North West 50600
Coach Core Foundation Core Funding 90000
Cotswold Friends #iwill Intergenerational Service 9222
Devon Wildlife Trust #iwill Wildlife Champions 35425
First Give #iwill social action in rural schools 21150
Great Yarmouth Preservation Trust #iwill GYPT Youth Advisory Panel 21640
Heritage Trust Network #iwill 1020 voice for heritage 34063
JUSTICE Core funding 70000
Khulisa Face It in the North West 35000
Learning with Parents Core Funding 22/24 60000
Lifebeat Lifebeat residentials 2023 30000
MAP #iwill Youth Banks in Rural Norfolk 35000
National Literacy Trust TOTs in the UK 2022 30000
#iwill Youth Literacy Champions in North
National Literacy Trust Yorkshire 37545
Resurgo Helping Spear Brighton to Thrive 70000
Right to Succeed Pathways for All- Blackpool 105000
School Food Matters Young Marketeers in the Regions 31274
School-Home Support 1 Practitioner- Blackpool 70000
School-Home Support Welfare Fund 20000
The Amber Foundation Core funding 22/23-23/24 70000
The Scholars Programme in Yorkshire and
The Brilliant Club Humberside 2022-25 105000
OWL Funder Collaboration: Towards nature
The Ernest Cook Trust residentials 120000
TheLinkingNetwork #iwill Rural Intergenerational Linking 36000
The Running Charity Work in Manchester and Leeds 35000
The Social MobilityFoundation SMFCoreFunding2022 40000
The Unite Foundation University accommodation bursaries 48000
ThinkForward UK FutureMe in Kent 105000
Thrive at Five Thrive in Stoke 2022-2027 35000
Helping disadvantaged young people into top
upReach jobs-Big Give Christmas Challenge 2022 4500
upReach Programme Coordinators outside London
April 2023 – March 2026 121708

3 This Annex does not form part of the audited accounts

30 Dulverton Trust Annual Report and Accounts 2022/23

Yes Futures Yes Futures’programmes in Kent and Essex 35200
YMCA George Williams College Youth Infrastructure Collaborative: building a
Centre for Youth Impact healthy data ecosystem in the youth sector 40000
Youth Focus North East #iwill Wellbeing Warriors-Make That Change 34790
YouthBank International YouthBank England Pilot 30000
£2,015,462

General Welfare

----- Start of picture text -----
Organisation Name Towards Amount Subtotal
----- End of picture text -----

General Welfare
Organisation Name		 Towards Amount
Subtotal
aBandofBrothers (ABOB) aBoB Core Funding 2022/23 40000
Access Social Care Core Funding 35000
Adoption UK Adoption UK core costs 22-23 40000
Become Become core funding 70000
Bluebell Care Trust Core Funding 2023/24 30000
Help an unpaid carer take a break - Big Give
Carefree Christmas Challenge 2022 1843
Carers Trust Time for Me grants 105000
Carers Trust The Carers Fund 30000
Children Heard and Seen Online Support Worker 34650
Defence Medical Welfare Service
(DMWS) Core Funding 22/23 35000
Emmaus UK The Environment Fund 30000
Creative workshops in Newcastle and
Equal Arts Gateshead 40000
Families Outside Core Costs 2022/23 35000
Supporting Children And Families In Need - Big
Family Rights Group Give Christmas Challenge 2022 1750
Family Rights Group Lifelong Links 120000
Core funding 2023 (grant restricted to work
FoodCycle outside of London) 35000
Full Fact Core Funding 105000
Gingerbread Core Funding 60000
Home-Start Cymru Volunteer Team 28658
Home-Start UK Re-granting to Home-Starts across the UK. 30000
Just for Kids Law Youth Justice Advice Line 30021
Justice and Care Expanding the Victim Navigator Programme 70000
Missing People Family Support 90000
Nepacs Bee Yourself 39952
One Small Thing - Hope Street Big Give
One Small Thing Christmas Challenge 2022 10000
Parent-Infant Foundation Core funding 105000
Prisoners' Education Trust Core funding for PET 105000
Pure Leapfrog Decent Homes pilot preparation costs 24394
Quaker Social Action Down To Earth 2023-25 105000
Reach Volunteering Core funding 60000
Read Easy Read Easy Core Funding 120000
Re-engage Social and activity groups in the South West 105000
Royal Commonwealth Ex-Services Welfare grants to ex- service people overseas
League 2023/24 35000
School for Social Entrepreneurs Community Business Trade Up 100000

31

Dulverton Trust Annual Report and Accounts 2022/23

----- Start of picture text -----
Shannon Trust Big Give Christmas Appeal - Big
Shannon Trust Give Christmas Challenge 2022 2500
Tempus Novo Tempus Novo in Milton Keynes 44297
The Albert Kennedy Trust (akt) Core Funding 22-23 35000
The Prince's Countryside Fund FRP in Scotland and Wales 70000
The Rock Trust Youth Housing Hub 31239
£2,089,304
Conservation
Organisation Name Towards Amount Subtotal
Blue Marine Foundation (BLUE) Measuring and monitoring Solent restoration 34925
Butterfly Conservation Core funding 22/23 35000
Innovation for Agriculture Knowledge Exchange Programme 40000
Small Woods Core Funding 22/23 30000
SongBird Survival Meta-analysis of camera studies 10000
£149,925
Heritage
Organisation Name Towards Amount Subtotal
Training the next generation of heritage
Anna Plowden Trust conservators 120000
Birmingham Cathedral Restore and Conserve four stained glass windows 40000
Conservation of the exterior west elevation of the
Ely Cathedral Trust Galilee Porch 40000
Restoring and re-hanging Liverpool Cathedral's
Liverpool Cathedral historic bells 40000
£240,000
Africa
Organisation Name Towards Amount Subtotal
Five Talents UK Savings Groups and training in Marsabit 37600
Sand Dams Worldwide Sand Dams in Kenya 120000
Team Kenya Agriculture Programme 34347
The Busoga Trust Borehole Rehabilitation 30000
£221,947
Local Appeals
Organisation Name Towards Amount Subtotal
Cotswold Friends Core Funding 5000
Great Western Air Ambulance
Charity Mission costs in Gloucestershire 3000
Providing vital support to people living with cancer
Macmillan Cancer Support across Gloucestershire 4000
Midlands Air Ambulance Charity Operations in Gloucestershire 3000
Moreton-In-Marsh With Batsford
Parochial Church Council Youth and children's work 5000
Skye and Lochalsh Rivers Trust Administrative and Fundraising function 5000
£25,000
Community Foundations
Organisation Name Towards Amount Subtotal
----- End of picture text -----

32 Dulverton Trust Annual Report and Accounts 2022/23

Essex Community Foundation Essex Community Foundation Dulverton Fund 258672
2023-25
£258,672

----- Start of picture text -----
International Stability and Reconstruction
Organisation Name Towards Amount Subtotal
Towards research (not including any commercial
----- End of picture text -----

Organisation Name Towards
Towards research (not including any commercial		 Amount Subtotal
Magdi Yacoub Institute partnerships) 20000
Moorcroft Equine Rehabilitation
Centre Core funding 2022/23 50000
Volunteering Matters Intergenerational work in the Holway Estate 20789
£90,789

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.

Dulverton Trust Annual Report and Accounts 2022/23 33

Annex B: Grants Awarded through Community Foundations in the Year Ended 31 March 2023

Community Foundations for Lancashire and Merseyside

----- Start of picture text -----
Organisation Name Towards Amount Subtotal
Conquer Life CIC Youth work with an emphasis on diversion away £2,500
----- End of picture text -----

from crime.
Faiths 4 Change A 13-week food and mental health wellbeing £2,500
project.
Families Fighting for Justice IT and employability classes to young people. £3,775
Friends of Kirkby C of E School To construct a pond on school grounds. £4,920
Ormskirk Moorgate District Guide (Reallocation from previously awarded grant). £3,274
Association Towards a new boiler.
Release Into Victory An online form for adults affected by Child Sexual £3,453
Abuse.
This Is My Story Work with young people in Liverpool to prevent £4,575
road traffic injuries.
£24,997

Heart of England Community Foundation

Organisation Name Towards Amount
Subtotal
African French Speaking Employability project for migrants and £5,000
Community Support refugees of African origin.
Aptitude Organisation CIC Weekly cooking school for young people. £5,000
Baby Godiva Providing essentials to families. £2,000
Birmingham Care Services Ltd Winter packs for elderly people. £5,000
BirminghamCivic Society Next Generation Awards. £4,000
Birmingham Community Housing A befriending and advocacy project for young
Network refugees aged 16-25. £5,000
Infrastructure support to small and micro
Birmingham Community Matters community groups. £5,000
Birmingham Open Spaces Forum A new website. £4,328
Community Care Foundation Information and advice for asylum-seekers,
Birmingham refugees andmigrants. £5,000
Running costs of FGM prevention and
DORCAS support services. £5,000
Running costs of offender rehabilitation
FND Change CIC services. £5,000
Forest of Hears Community gardening project. £5,000
Friends of Bournville Park Detached youth work. £4,500
Recruiting and training 16 new volunteers to
Home-Start Birmingham South support families in need. £5,000
Home-Start Walsall Core costs. £2,000
Lapal Canal Trust Seating by the canal. £5,000
North Smethwick Development
Trust Weekly youth club for 8-16-year-olds. £5,000
A gardening project for disadvantaged young
Open House CIC people. £4,970
Community cohesion and intergenerational
relationship building through a storytelling
Saathi House project. £4,875
WildEarth Skills building project for young people. £4,955
£91,628
Kent Community Foundation
Organisation Name Towards Amount
Subtotal
Social engagement activities at
local heritage centre and
Blue Town Remembered community hub. £5,000
Canterbury & District Early Years Upgrade of outside play areas.
Project £5,000

34

Dulverton Trust Annual Report and Accounts 2022/23

Coaching, educational opportunities
and physical activities for young
Chats in the Community people in Medway. £5,000
Greening/pollinator project for local
Concrete Wave CIC school children. £5,000
Social activities for isolated older
DandelionCafe people. £5,000
Well-being swimming sessions for
Friends of Holcot vulnerable families. £5,000
Home-Start Ashford Key frontline staff and family group. £5,000
KentFilm Foundation Core costs. £5,000
MedwayVolunteerCentre Volunteer recruitment and training. £5,000
Start-up equipment for the community
Medway Volunteer Centre allotment. £5,000
NETCommunityHub Core costs. £4,000
OctopusFoundation Project delivery costs - co-ordinator. £5,000
POW! Thaney Schools/youth programme work. £5,000
Project Motorhouse Photography project. £5,000
Refocus Project delivery costs - youth mentor. £5,000
Free counselling sessions to
vulnerable children and young
Relate Medway and North Kent people. £5,000
Repton Community Trust Project delivery costs - co-ordinator. £5,000
Debt advice, money management
Thanet Community Churches and benefit realisation work. £5,000
Woodpecker Wood Farm to Fork co-ordinator. £5,000
Whitstable Umbrella Community
Support Centre Community ClothesBank. £5,000
Grassroots well-being/health activities
Wellbeing Link Limited and advice £5,000
£104,000

Two Ridings Community Foundation

----- Start of picture text -----
Organisation Name Towards Amount Subtotal
ARCADE Youth film sessions. £5,000
----- End of picture text -----

Organisation Name
ARCADE		 Towards
Youth film sessions.		 Amount
Subtotal
£5,000
City of Hull Sport and Community Employability sessions with young
Group CIC adults not in education or training. £4,080
Create Arts Development Ltd Staffing costs. £5,000
Transport costs for a community bus
Dales and Bowland CIC service. £5,000
Home-Start Richmondshire Volunteer Co-ordinator post. £5,000
Hull Sisters Ltd Tutor costs and overheads. £5,000
Humber Community Advice
Services Core costs. £5,000
New Life Support Youth club. £5,000
Peel Project CIC Staffing costs and venue hire. £5,000
Raise the Roof Core costs. £5,000
Ryedale Community Foodbank Food parcels. £5,000
Scarborough Over 50s Friendship Excursions and a sports day.
Centre £2,250
Settle Community and Business Rent and staffing costs.
Hub CIC £4,836
Sparks Project CIC Staffing and venue hire. £5,000
The Creative Rise CIC Campfire Conversations project. £4,750
Thunk-It Theatre Ltd Youth sessions. £5,000
Education and learning for young
Toranj Tuition refugees and asylum-seekers. £5,000

35

Dulverton Trust Annual Report and Accounts 2022/23

Woodmeadow Project Volunteer and staff costs. £5,000
£85,916
TOTAL AWARDED £306,541

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.