THE DULVEIITON TRUST Annual Report 2023124 Company limited by guarantee registered in England and Wales No. 7991677 Charity registered in England and Wales No. 1146484
Dufverton Trusl Annual Report and Accounts 2023124 Trustees Mr Christopher Wills. Chairman Mr Richard Fitzalan Howard LVO*A Vice Chairman & Chairman of the Finance Committee Mr Tara Douglas-Home The Lord Dulverton The Lord Hemphill. Dame Mary Richardson Sir Malcolm Rifkind Miss Laura Wlls The Hon. Robert Wills. 'Member of the Finance Committee hmember of the Community Foundations sU0MMittee Staff Anna de Pulford Director (Until June 2024) Binda Patel Director (From July 2024) and Secretary (From June 2024) Tinuke Bell Finan Director {Until September 2023) Mathilde Suberbère Finan Director (From October 2023 to January 2024) Emma Stanger Finan Director (From January 2024) Ella Hingley Head of Grants Jenny Dallas Office Manager (Until June 2023) Hobie Bekele Walker Office Manager (From July 2023) Saskia Borchardt-Hume Grants Manager (Until March 2024) Registered Office 5 St James's Place, London SW1A 1NP www.dulverton.org grants@dulverton.org
Dulverton Trust Annual Report and Accounts 2023124 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 2024. The Trustees confimi that the annual report and financial statements comply with current statutory requirements and Accounting and Reporting by Charities.. the Statement of Recommended Practi issued effective 1 January 2019 (Charities SORP IFRS 102)) Professional Advisors Investment Managers Oxford University Endowment Management Ltd 27 Park End Street Oxford OX11 HU Royal London Asset Management (from January 2024) 80 Fenchurch Street London EC3M 4BY Redwheel Partners (until December 2023) Verde 4th Floor, 10 Bressenden Place London SW1E 5DH Sarasin & Partners Juxon House, 100 St. Paul's Churchyard London EC4M 88U Solicitors Farrer and Co 66 Lincoln's Inn London WC2A 3LH Wrigleys Solicitors LLP 19 Cookridge Street Leeds LS2 3AG Bankers National Westminster Bank PIC 208 Piccadilly London W1A 2DG Audltors Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
Dulverton Tnjst Annual Report and Accounls 2023124 Structure, Governance and Management The Dulverton Trust was founded by the 1 st 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. 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. There were no changes In Trustees during the 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 and Sub-committees) 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 three 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 guidan 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 2022. The main activity of the Trust is the award of grants towards charitable purposes in the United Kingdom {less Northern Ireland and London), and in Kenya and Uganda. In 2023124 the Trust awarded grants totslling £3,042.207. •> The Trust adopts a 'Grants Plus, policy whereby eligible organisations may be offered non- financial help. Trust staff provide advi or advocacy to charities, or referral to organisations, such as The Cranfield Trust, for pro bono consultancy support. The Trusys Boardroom was made available free of charge to grantees. During the year, the room was used 47 times for a total of 28 full days at an estimated value of £5,000. The Trust owns the Loch Eil OUard Bound Centre in Scotland and a building housing the Guildh211 Heritage 2nd Arts Centre in Dulverton. These are let at peppercorn rents to the charities the Outward Bound Trust and Dulverton and District Civic Society respectively and, as such, represent a donation-in-kind. The Trust makes its customisation of the Salesforce CRM for grants management - "The Dulverton App°_available to the grant-making community free of charge. The system saves Trusts of our size around £10,000 per year in license and maintenance costs.
Dulverton Trust Annual Report and Accounts 2023124 The year in numbers Applications: 415 90% applications received 2023123. 363 eligible under guidelines 2022123.. 88 % success rate 2022123= 1 in 4 Awards: 175C £3.04m 15Tr)k É1.403.227 awarded 57 new grants 1250k 228raiits 2022123: £5.09m in 100 grants 75C È72P.047 l3y*rts £576ts33 14 waftLs C203.4j 23% 4 Er3nlS of awards were made to charities we've not funded before Irthne8•nd ¥£2 • .£1 • £im.3ffl • É3ffl-EiCkn • ÉiCth+ down from 270/0 in 2022123 Type of grant awarded by value: £29,064 average single-year grant 2022123: £29,638 43 award5 L551h44 £128,032 average multi-year grant 2022123.. £94,101 14 awards
Dulverton Trust Annual Report and Accounts 2023124 Grants awarded (value) by theme of work Community Founéations Trus. Exc'e.. Y<iuili OpporturiitlPS local... ti 11 days 81 days Average from receipt of application to decision for unsuccessful applicants 17 days in 2022123 Average from receipt of application to grant award 81 days In 2022123 130 Grants paid Ivaluel by geographical area , 3% Kenya&U8anda14paymentsl active grants as at 31 March 2024 IAYA Natioral/multl-re8tonal IUKI 160 payments) 37% Grants wlth re8lonalfo¢us 138paymentsl •x r¢9lonal g14hni 0133 reports processed 2022123: 135 Scotla1[7 rants): 2yantswlt national fKus 5grantsfowsonone area EnElandandWales160 rants?.. 29grAnt5With nationaFiMultl-reonal work 31 Brants Iocuson onearea n87 Wale$11 grants: I natlonall multi-regtonal wor*) final reports 2022123: 97
Dulverton Trust Annual Report and Accounls 2023124 Strategic Report Achievements and Performance The 2023124 financial year was an exceptionally busy one for the Trust, despite a reduction in the number of grants in our portfolio (as a consequence of the natural ending of our flow-through funding partnerships with Four Acre Trust and the #iWIll fund). This heightened activity was, we think, both a consequence and a reflection of the pressure the charitable sector is under, largely owing to the reduction in local authority funding of charities alongside increased demand. Applications and grants awarded/paid We have been working hard in recent years to better communicate our funding priorities and were pleased to launch a new, streamlined website this year. Our aim has been to reduce applications that afe unlikety to be successful. However, despite these efforts. the application rate continued to rise, as shown in the chart (right). Number ot applicalions 364 415 324 2021122 2022123 2023124 We have observed that many applicants submit appeals after we have advised them on the telephone or via email that their appeal is unlikely to be SucsSfUl. We think this is reflective of the wider reduction in available grant funding. especially from local authorities. In other words, we think fundraisers have fewer places to turn, and therefore are applying to lower-probability sources of funding. In the 2023124 year, we maintained our direct budget for grants at £3.5m, although our overall grants budget was lower than the previous year. which benefitted from contributions the Four Acre Trust and the #iwill fund. The consequence of the increased application rate along with our lower overall grants budget was there was a significant reduction in the proportion of appeals that Eceive funding (1 in 7, vs 1 in 4 the previous year). Overall, 57 new grants were awarded in the year totalling £3.04m (vs 100 grants totalling £5.09m in 22123). When including multi-year payments committed in previous years, a total of £3,554,039 was paid out against our target of £3.5m (2022123.. £4,301,607). When Trustee exception grant payments are excluded, our grant payments were £5,961 under the tsrget. Trustees did not make significant changes to eli 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). Most of our grantmaking was responsive to the appeals received (rather than proactive). The causes and activities supported continued to be very broad. This year, the focus of our Youth Opportunities strand was learning outside of the classroom and social mobility. General Welfare grants ranged from support of families with young children to support of community enterprise. Conservation grants focused on marine and coastal ecosystems - while Heritage focused on the restoration of places of worship, especially where those buildings were supporting their local communities more broadly. Trustees made a small number of grants in the Kenya and Uganda
Dulverton Trust Annual Report and Accounts 2023124 and International Stability and Reconstruction categories to charits.es with which the Trust has a longer-term relationship. As always, £25,000 was allocated to Lord Dulverton's discretionary fund and six small grants were made under this theme. In terms of geography, all grant recipients had a cross-regional or national reach, except the proactive grants to community foundations, Lord Dulverton's Local Appeals, or Trustee exceptional grants. 37°/o of grant payments focused on a specific region and the map on page 7 pinpoints these. The increase in core funding grants meant that most (60 % ) of grants had a national remit. It is worth noting that many of the charities supported with core funding (e.g. Kinship, Prisoners, Education Trust, Become and Gingerbread) work across England and Wales. What the grantees had in common was less the cause or activity they focused on, but rather the profile of the charities. Most of the grants made in the year were to charities with an income in the £200,000-£3m range. More grants than usual were made to larger charities this year, but these were either via strategic partnerships (to the Oulward Bound Trust and School for Social Entrepreneurs) or were very small grants made via Lord Dulverton's discretionary Local Appeals fund. Almost all grants made dtyring the year were to charities with a multi-regional reach. Applications with the strongest evidence bases and most developed learning and improvement practices were prioritised. Our strategy of collaboratinglcoordinating with other funders developed further during the year.. We renewed our partnership with Power to Change and the School for Social Entrepreneurs to support community business leaders (via the Trading for Good prc*Jramme). We also continued our partnership with the Ernest Cook Trust to support Outdoor Weeks of Learning {OWLs). We supported four charities to partiCiP8te in the Big Give Christmas Challenge. This was our seventh year doing so and we were pleased that on the whole, the experience enabled the participating charities to raise unrestricted funding and develop a new fundraising stream, although not all charities met their fundraising targets. We paid out £34,125 via this stream. We continued to re-grant via Community Foundations. This was the second year of our partnerships with Heart of England and Two Ridings and the first year of our partnership with Essex Community Foundation. This was part of our commitment to disburse 100/0 of our annual grants budget to support small. local charities. 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 grant4Jiving can therefore be found on 360Givin Insi hts. Our impact When assessing the impact of our grants. we ty to balance the desire to measure outcomes with the recognition that the Trust is a generalist, responsive funderand rarely the single funder of any activity. The activities supported are so varied that an aggregation of outputs can lack meaning. Our evaluation therefore ftxuses on annual (at least) reviews of each grant to consider the effect it has had, and analysis of the portfolio of reports to idenb'fy and respond to trends. During the year, staff reviewed 133 monitoring reports from grantees. 66% of the reports were considered to warrant a green traffic light, indicating that the performance of the grant was in line with or exceeded expectations. The grantees were able to demonstrate strong outcomes as well as good stewardship of our funding. Some
Dulverton Trust Annual Report and Accounts 2023124 highlights include the Country Trust, which has been agile in adapting tts work to the changing context and successfully increasing its reach- Resurgo Trust, which was exceeding its outcome targets., and Prisoners Education Trust, which developed its understanding of who it isn't reaching. while meeting its output targets. 33 % of reports were marked as amber. This was slightly higher than last year (with a corresponding lower count of 'green' reports). The amber rakn'ng was rarely owing to any concern about the quality of delivery. Rather. our concerns were either mainly focused on to financial stability, delays in delivery or the target outputs not being met (with one or several of these issues being present in 80°/o of amber rated reports). Much of this was owing to challenging context - from train strikes impacting delivery or the ending of significant funding relationships. In these cases. we offered support including linking grantees to sources of pro-bono consultancy. The remaining grants were flagged primarily for there being poor communication or weaker evidence of the outcomes achieved by the charity. There were O'red. rated grants in the period. In one case, the grantee went into liquidation at the end of the grant period, when its Board concluded that it could not deliver a sustainable business model. We knew the financial stability of this charity was higher risk at the time of making the grant. and we are assured that our funding was put to good quality service delivery. The other 'red' rating was owing to disappointing outcomes of the project and very poor communication by the grantee. These difficulties appear to have stemmed from high staff turnover and other challenges at the charity. In addition to assessing the performance of our grants, we also monitor our own performance against our goals to ensure our interactions with applicantslgrantees add value: •> To make the best use of applicants. time, we continued our practice of discussing potential applications with charits'es before they apply. We spoke to over 300 potential applicants, the vast majority of which were not eligible to apply or would be lower priority. We hope that advising them of this allowed them to make other plans for their fundraising. .> We increased the proportion offunding being awarded for core costs or unrestricted funding, vs project costs. We are consistently told this is the most helpful funding. We were disappointed to see the proportion of grants going to new charities dropping this year. We will review this closely to ensure that we have not become more risk averse. We again reduced the time taken to assess and decline unsuccessful applications from an average of 17 days in 2022123 to 11 days in 2023124. This was especially positive given the 14 % increase in appeals received. This is a testament to the hard work of the grants team, led by Ella. The average number of days beeen receipt of an appeal remained at 81. Our anonymous feedback form received 63 responses during the year. 94 % In-59) of respondents rated their overall experience interacting with the Trust as excellent, very good or good. 620/0 of respondents were applicants who were not funded, so it is especially pleasing to hear their experience was positive. 30/0 (n=2) rated their experien as 'ok' and one person rated their experience as poor In= l ) (see below section on constructive criticism). The remaining respondent did not give a rating - although the rest of their response was positive. "Response wa5 very timely. professional and helpful. Signposting to other potential funding 50urce5 much appreciated- (Un5ucce55ful opplicant) -Brilliont opplicotion.. Short. concise ond not onemus on time" (Unsuccessful applitant)
Dulverton Trust Annual Report and Accounls 2023124 Ofthe respondents who had had an unsuccessful application, all but one said they reTrived feedback. 88°/o said the feedback they received was useful. Every respondent agrd {almost all "strongly agreed.) that communications with the Trust had been polite, professional and timely. respondents agreed that the application form was clear and easy to complete and all but one said the information on the Trust's website was clear, and all grantees who responded said the reporbng requirements were clear and easy to complete. Yhe whole experience of working with the Dulverton Trust has been excellent-from pre application enquiry, through to application, ossessment and post opplication communication. reporting etc.. The web51te information wos clear, the contoctfrom Vicky ond other trust staff wasfocused and timely. and the support provided post grant wos olso excellent." (Grantee) While overall feedback was positive and indicated we were meets'ng our aim of both our funding and interactions adding value to grantees and applicants, we also reiVed some very useful constructive criticism via the forrrr. The one respondent that rated their experience as 'poor' had provided some constructive feedback which has been thoroughly assessed by the charity. We have begun a blog series to provide further insight into how we prioritise, and we will continue to try to provide clear and actionable feedback. The redesign of our website during the year took on two specific bits of feedback received during the year.. More clarity on our prioritisation of charities with a national f¢)Otprint. Clearer messaging thatwe are happy to receive reports in otherformats, aswell as reports prepared for other purposes. We will watch closely for further feedback on these two areas. Aside from grantmaking, the Trust held a beauty parade and transferred the investment in Redwheel to Royal London Asset Management. The staff handbook and safeguarding policy were refreshed in the year. Trustees also considered the ownership of the Trust's offices, 5 St James's Place (see 'Plans for the Future, below}. Plans for the Future Internally, the 2024125 financial year will be one of transition for the Trust, as Anna de Pulford sadly leaves us after more than 11 years (cumulatively) of committed service, and Binda Patel takes over as Director. We are excited to see how Binda will evolve the Trust's work. Meanwhile, we aim to provide consistency to our applicants and grantees and intend to remain open for applications for the foreseeable future and disburse a slighuy increased grant budget this year. We have identified two key priorities for the year ahead.. 1. Ensuring our staff resource is sharply focused on our charitable purpose. 2. Refining our grant offering.
12 Dulverton Trust Annual Report and Accounts 2023124 On the first priority, we have observed that staff time is increasingly being absorbed managing our office building. We therefore aim to resolve the challenges posed by owningloccupying 5 St James's Place, possibly by selling the building. On the second priority, it remains the view ofthe Board 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. Forthis reason, we do notanticipate majorchanges to our eligibility criteria. However, to provide better clarity to potential applicants, we have further defined how we prioritise. We will look for charities that: are agile. For this reason, we prioritise charits-es that are medium-sized (with income between £200,000 and £3m)", are independent. For this reason, we do not fund charities that receive a substantial proportion of income from government or local authority contracts" have a national reach., adapt 2nd evolve to ensure that the work they deliver is high quality, needed and represents value for money; make a credible case for achieving the outcomes intended. are well run, with sound governance, safeguarding and financial management., demonstrate that they work effectively with other charities and services. We will continue to make a priority of reducing applications that are unlikely to be successful. This will involve further refining our website in response to feedback and publishing at least one blog per month to showcase current grants andlor explain our approach. We have really felt the absence of our co-funders this year and so in addition to seeking out potential partners to add to our grant-making budget, we will also continue to seek opportunities to partner with issue or location expert funders to heighten the benefit of our funding, reduce duplication, and provide focus. In particular, we will explore opportunities for collaborative and strategic funding of children of imprisoned parents and enterprise, and will review how we support local charities (currently via partnerships with Community Foundats'onsl. Finally, we plan to pilot a 'grants plus, offering to support grantees, financial forecasting. 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 2024. The most significant risks to the Trust are those that undermine our ability to make good grants. Principally, these are.. a. Loss or absence of key staffrrrustees. The Trust comprises a small, committed team with dedicated support from the Chaimian and Trustees. Each individual is highly valued and difficult to replace. The risk of overreliance is mitigated through regular contact beeen staff and the Board, accurate and timely reporting to the Board, procedural documents meaning stsff can cover for each other for key tasks and means use of agency staff is possible. b. Changing context, such as central or government policy, force majeure events or adverse economy undermine the stability of the charitable sector. This could make demand on funding unmanageable andlor make it difficult for funded charities to carry out
Dulverton Trust Annual Report and Accounts 2023124 theirwork effectively. Staff actively keep abreast of policy changes and general current affairs. Membership of forums and associations provides an opportunity to feed into consultations and collaborate with other funders. Staff advise Trustees of relevant policy changes and trends in applications and grant outcomes and Trustees adapt strategy accordingly. c. Marked reduction in the value of the portfolio or income from investments through severe adverse investment conditions or inappropriate allocation of investments. This could force the Trust to reduce grant4naking or risk undermining sustainability- The Finance Committee, which includes investment specialists. meets at least three times a year to review performance and adapt strategy. Spending based on a rolling-average value of the portfolio helps smooth flljctuations. d. Staff, Trustees, grantee organisations, suppliers, property managers, tenants, partners or investment managers behave inappropriately, criminally or negligently. This could result in harm to individuals, poor grantee outcomes, loss of funds and, through damage to reputation, a reluctance from the best charities to work with us. These risks are mitigated by a system of internal checks 2nd balances, including a safeguarding and serious incident procedure. Health and Safely compliance is reviewed at least annually. Trustees are salisfied 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 lo pensions. Fundraising and Regulation The Trust does not enter into contracts with ntral or local govemment to deliver seNices nor does it receive grants from central or local govemment. 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 rt is unnecessary for the Trust to be registered separately with the Office for the Scottish Charity Regulator.
14 Dulverton Trust Annual Report and Accounts 2023124 Financial Review I nvestment Objettives 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 2023124 the spending target represented 3.50/0 of the three-year rolling average value of the portfolio, with grant spending at 3.20A. This translates as a grant target of £3,500,000 with a support costs budget of £295,349. A stronger performance of investments meant actual spending was 3.35°/.13.57 % last year} ofthe rolling average ofthe portfolio. Supportcosts were 7.70/0 (7.2 /r> last year) of expenditure, excluding Investment management fees. Investment Policy The Articles of the Trust specfy a general power of investment and the Trust's assets are classified as unrestricted general funds. The Boarcl 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 June 2023). 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 rrEet 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. To ensure this, the Finance Committee carries out an annual review of the holdings, voting records and environmenlal, social and governance policies of the investment managers. The Committee can land 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 performan of their funds. Each is normally represented once or lce each year, although Trustees reserve the right to request attendan more frequently if necessary. Performance and Investment Activity The value of the portfolio was.. As at 31 March 2024 £112 068 064 As at 31 March 2023 £103.925,471 The investment managers for the period under report were Sarasin and Partners and Oxford University Endowment Management (for the whole of the year) and Redwheel (until December 2023) and Royal London Asset Managers (from January 2024). The target rate of return (through a combination of capital growth and income) is to achieve UK CPI + 4 /0 per annum, after fees and costs, although the performan of each fund is considered against differing benchmarks.
Dulverton Trust Annual Report and Accounts 2023124 The value of the portfolio rose from £103.925,471 in March 2023 to £112,068,063 in March 2024. This represents a rise in market value of 7.80/. (compared to a decrease of 5.2 % last yearl and the total return was 11.4ty/0 (-2.3°/D last year). Annual management charges are monitored with individual fund managers. The fees charged by investment managers for the year represented a mean of 0.40 /0 (0.45°/D 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.OOA, Equities 66.10/0, Private Equity 11.5 %, Property 7.8¥., Listed Mternatives 4.60/0, Liquid Assets 5.0 %. Despite ongoing volatility in the markets, the Trust's financial sustainability remains robust and there is no unrtaInty about the Trust's position as a going concern. Reser4es Policy The Trust does not run a specific Reserves Policy as, effectively, the whole investment portfolio could be available to act as a resenie for the activities of the Trust. At year end the Trust's unrestricted funds stood at £116,720,103. Idvhen propety assets are excluded, free reserves were £106,492,814. As stated on page 14, 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. sin 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 AcTrpted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including the income and expenditure, of the company for that period. I n preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently., obseNe the methods and principles in the Charities SORP: makejudgments and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufFicient to show and explain the company's transactions and disdose with reasonable accuracy at any time the
16 Dulverton Trust Annual Report and Accounts 2023124 financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website including the financial accounts available on the site. Disclosure of information to the auditor Each of the persons who is a Trustee at the date of approval of this report confirms that: so far as that Trustee is aware, there is no relevant available information of which the company's auditor was unaware, and., that Trustee has taken all steps that the Trustee ought to have taken as a Trustee to make himselflherself aware of any relevant audit information and to establish that company's auditor was aware of that information. Approval The Trustees Annual Report, Strategic Report and Accounts were approved by the Trustees {who are also director f the company) on 24 July 2024 Christopher Wills Chairman of Trustees Richard Filzalan Howard LVO Chairman of the Finance Committee (Authorised by Trustees to sign on their behalfj Date Approved: 24 July 2024
Dufverton Trust Annual Report and Accounts 2023124 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 2024 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 Generalty Accepted Accounting Practi). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of the charitable company's net movement in funds, including the income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting practi., and have been prepared in accordan with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audil 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 responsibilib'es in accordance with these requirements. We believe that the audit evidence we have obtsined 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 ofthe 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 otheiSe 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, considerwhetherthe 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 misstalement 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 facL We have nothing to report in this regard.
Dulverton Trust Annual Report and Accounts 2023124 Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit- the information given In the Trustees, Annual Report (which includes the strategic report and the directors, report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the directors, report included within the Trustees, Annual Report have been prepared in accordance with applicable legal requirements. 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: adequate accounting records have not been kept by the charitable company., or the charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees. remuneration specified by law are not made., or we have not received all the information and explanations we require ft)r our audit., or Responslbilities of trustees for the flnancial ststements As explained more fully in the trustees. responsibilities statement set out on pages 15 to 16, 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 ase 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 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 accordan with ISAS (UKI 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 tsken on the basis of these financial statements. Irregularities, including fraud, are InStanS 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.
Dulverton Trust Annual Report and Accounts 2023124 We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and detennined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements such as the valuation of the investment property. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators., Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud. Evaluating management's controls designed to prevent and detect irregularities,. Identifying and testing journals, in particular joumal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions., and Challenging assumptions and judgements made by management in their critical accounting estimates, including review of the investment property valuation and challenge of the underlying assumptions. 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 refiected 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.. vMw.frc.or .uklauditorsres onsibilities. This description foms 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) PlaceFor and on behalf of Haysmacintyre LLP, Statutory Auditor Date.. 26 July 2024 10 Queen Street London EC4R 1AG
20 Dulverton Trust Annual Report and Accounts 2023124 Statement of Financial Activities (incorporating Income and Expenditure Account) The Dulverton Trust for the year ended 31 March 2024 2024 Note5 Restrlcted Funds 1£) 2024 General Funds 1£) 2024 Total Funds {£) 2023 Total Funds 1£) Income and endowments from: Investments 2.662.211 2,662,211 2,662,211 2.662.211 1,951,204 1,951.204 Total ExpendSture on: Managing Funds Charitable Activities 503,811 503,811 539,317 3,304,144 3,305,144 5,418.869 Total 1.000 3,807,955 3.808.955 5.958,186 Nel Ilossllgain on investments 9,743,343 9.743,343 13,792,422) N9t Ilossylncome 11.000) 8.588,599 8.587,599 {7,799,4041 Nét movement In funds 11.000) 8,588,599 8,587,599 (7.799,4041 Reconciliation of funds: Notes Total funds brought forwarrl Revaluation in year Total funds carried forward 1,OW 108,331,504 108.332.504 116.131.908 {21XI.cjl 1200,(K)01 17 116.720.103 116.720,103 108,332,504 All aclkvities are Classed as continuing. The notes on pages 23 to 29 fomi part of these finan¢hi1 siatements.
Dulverton Trust Annual Report and Accounts 2023124 21 Balance Sheet The Dulverton Trust for the year ended 31 March 2024 Company limited by guarantee registered in England and Wales No. 7991677 Notes 2024 Total Funds 1£) 2023 Total Funds (£1 Fixed Assets: Tangible Assets Investments 6.679.789 6,879.576 10 112.C68,D64 103,025.471 Total Fixed Assets: 118,747.853 110,805,047 Current assets: Debtors 13 165.451 168,140 Cash at bank and in hand 209,896 370,151 Total Current assets". 375,347 538,291 Liabilities Creditors.. Amounts fairing due within one year 14 (1,788,097) (1,930,834) Net Current LlabilitiesllAssets {1,412.750) 11,392,543} Totsl Assets less Current ILlabllltlesyAssets Credltors.. Amounts fallin9 due afkr more than one year 117,335.103 109,412,504 15 1615,000) 11.080,0001 Total Net Assets 116,720,103 108.332.504 The Funds of the charlty: Restrlcted Funds Restricted Funds 1,000 Unr8$tcted Funds General Funds 116,720,103 108,331,504 Totsl Unrestricted Funds 116.720.103 108,331,504 The Funds ofthe Charity 17 116,720,103 1 OB,332,504 The finanaal statements were approved by the Trustees on 24 July 2024 and signed on their behalf by.. Richard Fitzalan Howard CVO Chaiman of the Finan Committee The notes on pages 23 to 29 form part of these finanual ststements.
22 Dulverton Trust Annual Report and Accounts 2023124 Statement of Cash Flows The Dulverton Trust for the year ended 31 March 2024 Notes 2024 Total Fund$ 1£) 2023 Total Funds 1£) CaBh flows from operating activitie6 Cash IIow5 provided used in opprating acthfllles 14.413,4911 14,673.6721 Cash Ilows from donatlons and Invèsting a¢tfvitie5: Dwidènds, Intèrest and rents frorn inveslments Proceeds from sale ol inveslments 2,662,211 42.702,296 1,951,204 35,296,988 400,637 1814,6471 14Q1,0251 140,295.9001 133.401.8071 (726) 18281 Realised I01gn èxchange gain on invèstments Ilncre85elldecrea$8 in cash held wilh Investmenl Managers Purchase ol investments Pur¢hase of equipment Net cash Provided by Iused inl investing O¢tivities 4,253,236 3,84S, 169 Change in ¢a8h and c08h equSvalent8 In the reportlng èrlod 1160,2551 1828,5031 Cash bfought fomard at l April 2023 370,151 1,108,6S4 Cash carrled lorward al 31 March 2024 209,896 370,151 At start of yèar 1£) Cashfflows IE) Al erKI of yè8r Analyais of Chang in n?t funds Cash 370,151 {160,2S61 209.898 The notès on pages 23 to 29 form part of these financial statements.
Dulverton Trust Annual Report and Accounts 2023124 23 Notes to the Financial Statements The DulvertDn Trust for the year ended 31 March 2024 1. Principal Accounting Policies Basis of preparation The financial statements have been prepared in accordance with Ac£ounb"ng and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019) - Icharilies SORP IFRS 10211. Ihe Financial Reporting Standard apPIabl in the UK and Republic Df Ireland IFRS 1021 and the Companies Act 2006. The Trust is a Chantable Company which consts"tutes a public benefit entity as defined by FRS 102. The Financial Ststements have been prepared under the historical cost convention as modified by the rev8lualion of certain frAed assets, and the inclusion of investrnents al market value. Assessment of going concern The Trustees consider that there are no material uncertainties about the Chanty's ability to conts'nue as a going concem. 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 inveslmenl markets. Investment Intome All income is included in the Statement of Financial Activities whèn the Twsl is legally entitled lo the income, il is probable that thè income will be receivod and the amount can be quantified with reasonable accuracy. Incom8 lax recoverable in sPect of investment income is recognised at the lime that investment income is receivable. Expenditurg Liabilities are reeognised as èxpendllure as soon as there is a legal or constructive obligation committing the charlty lo that expenditure, il is PTobable that setuemenl will b8 required and the amounl of the obligation c8n be measured reliably. All expenditure is accounted for on an accruals basis. All expenses induding support costs and governance costs are allocated or apportioned lo the appIable expenditure headings. For more infOrMatn on thlls allribution refer lo note 7 below. Grants payable are payments made lo third parties in the fiJrtheran¢e of the charitable objeels of thè Trust. In the case of an unconditional grant offer this is a¢¢fued once Ihe recipient has been nolffied of the grant award. The notification gwes the recipnI a reasonable expeclalion that they will receive the one-yèar or mulli-year grant. Provisions for grants are made when the intention lo make a grant has been communicated lo the reeipienl bul there is uncertainty as lo the liming of the grant or Ihe amounl of grant payable. The provision for a mulli-year grant is recognised al ils Present value where settlement is due over more than one year from the dale of the award, there are no unfulfilled performance conditions under the control of the Trusl that would pemil the Trust lo avoid making the future payment(sl. Settlement is probable ond the effect of diseounb.ng is material. Unrestrlcted Funds General unrestricted funds represent unrestrrcled irKome which is expendable at the discretion of the Trustees. Irrecoverable VAT Irreeoverable VAT is charged against the expenditure heading for which il was incurred. Costs of raislng funds The costs of generating funds consist of investrnent management costs. Charltable activities Costs of charitable activities include grants made, govemanee tosts and support costs as shown in notes 5 and 6. Direct support costs are allocated to the grant acts'vity for which ihey were inCued e.g. expenses related lo a trip lo Africa would be allocated lo the Africa grant activity costs. Other support costs are allocated in proportion lo the sue and number ofgrants awarded during the year. Tanglble fixed assets and depreciatlon The c05t or valuation of tangible fixed assets is their purchase cost or valuation, together with any incidental expenses of 8equisilion. Only tangible assets with a cost of over £500 will be capilalised. Depreciation is calculated so as lo write off the cost of tangible fed assets. less their estimated residual values, on a straight-line basis over the expected Useful economic lives 8ssets concerned, as follows.. Fixtures and Fillings-. 10 years Computer and Office Equipmentr 5 yeaTS The Trust holds property for use by the charity both a5 funcb.onal propety and fof investsnent purposes. In accordance with FRS 102 the Trusvs freehold properttes are revalued with sufficient regularity lo ensure the carrying
24 Dulverton Trtsst Annual Report and Accounts 2023124 Notes to the Financial Statements The Dulverton Trust for the year ended 31 March 2024 valLJE dDes not differ materially from the fair value at the end oflhe reporting period with an annual reVW undertaken lo ensure that the most recent formal valuation is slll reasonable. W)ere there is eviden of a change in property value adjustments are made. The Trust does not depreciate assets that retain their value over the peThod of ownership. The split of the mixed-use property b&eeft lunclional propety and investment propety is detemiined by the % floor space used for each purpose. The works of art were re-valued in November 2021 and Ihese valltes are reflected in the accounts. The works of art are not depreciated as changes in market value are not considered lo be material. Flxed asset Inveslments Investments are financial assets held al fair value by induding nel gains and 105ses on revaluation and disposaL8 Ihroughoul the year through the statement of financi81 acb"vilies. Investment property is measured initially at cost and subsequenlty al fair value al the reporting date. The main fo of financial risk faced by the charity is that of volab'lity in equity markets and investment markets due to wider ecDnomi¢ conditions, the attitude of investors lo investrnenl risk. and changes in senbment ¢oncerning equities and within parb"cular sectors or sub sector& Realised and unrealised gains and losses All gains and losses are taken lo Ihe Slalemènt of Financial Aclivilies as they arise. Realised gains and losses on investments are calculated as the d¢fferencE beeen sales Proceeds and their opening carrying value or their purchase value if acquired subsequent lo the firsl day of the financial year. Unrealised gains and losses are calculated as the difference beeen the lair value at the yearend and their carrying value. Realised and unrealised Investment gains and losses are combined in ihe Statement of Financial Actsvilies. 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 ihe event of the thanty being wound up. the Ilabllity in respect of the guarantee is limited to £1 per member. Penslons and PensSon Contrlbution5 The Trust pays a pension lo a lormer employee and conlribules lo a defined eonlnbulion nsiOn scheme on b8half of current employees. The pension payments and contribubons are recognised as Ihey a parfl. The Trust provides no other post-reliremenl benefits lo its current or fomier employees. Judgements and estimation uncertalnty The Trust owns the propety at 5 Sl James's Place which is a $plil-use propety, partly housing the Trust's offices and partly rented out for investment purposes. Under FRS 102 Ihe property fa115 under the definition of 8 mixed-use investment propety and therefore the inveslment prOty portion ol the building musl be held al fair value in the financial statements. The property was revalued ifi March 2021 by Aston Rose Chartered Surveyors. The Trust holds lts¥o properties for eharitable purpo. Loch Eil Centre and the Herilage Centre in Dulverton. Both properties were revalued in 2024, resulting in a valuation adjustment of1£200,000} on the Loch Eil Centre and the ¢onfimalion of the fair value of the Heritage Centre in Dufverton. FSnancial instruments The Trust only has financial assets and financial liabilities of a kind Ihal qualify as basic financial instruments. Basic financial instruments are initially reccgnised al transaction value and subsequently measured al their setuement value. 2. Related party transactlons and Trustees, expenses and remunerntion There were tsvo related paty transactions in the financial year. rrustees Lord Dulverton and Robert Wlls are Directors of Batslord Estste. The charity Read Easy rents offi space from Batslord Eslale. The Trust awarded Read Easy a grant of £120.0 in June 2022. £40,000 of this was paid in the 2022123 financial year and £40.0) was paid the 2023124 financial ye8f {wilh a balance of £40,000 10 be paid in the 2024125 financial yearl. Lord Dufverton and Robert wil did not participale in the vole on the grant. Lord Dulverton is a Palrorb of Cotswold Friends. Cotswold Friends was awarded a grant £5.000 in February 2024 12022123.. £14,222). BASMOM was awarded a grant of £15.(K)O in June 2023. Tnjslee Richard Fitzalan Howard was Chair of BASMOM until June 2022. The Trustees receNe no remuneration for their see5 lo Ihe Tru5L No travel expenses were paid duiing the year 12022123.. nill.
Dulverton Trust Annual Report and Accounts 2023124 25 3. Income from Investments 2024 {£1 20231£) Investments 2,546,542 1,861,818 Rent and Other Sundry Incomè Total Income from Investments 115,668 89,586 2.662,210 1.951,204 4. Expenditure on Managing Funds 2024 Totsl Funds {£1 503.811 2023 Total Funds 1£) 539,317 Investment Man8gement Fees 5. Expenditure on Charitable Activities 2024 Total Funds 1£) 3,042.207 2023 Total Fund8 Grants awarded 5.091,099 Grants canc8116d or r•covèrÈd 13S.ODOI 3.007,207 Total Grants charged Prior year grant relumed Support costs Inole 61 Total Exp•ndlturt on Ch8Titsble Activitl 5,091,099 17,3831 335,153 5,418,869 11.5411 299.478 3,305,144 R•conciliation gf grants payable: 2024 fotal Funds (Éi 2.863,882 2023 Total Fund8 Accrued at 1 April 2023 Grants ¢h8rged for the year Grants paid Aceru•d at 31 Morch 2024 2,074,390 3.007,207 S,091.099 14,301.6071 2,863,882 13,554,0391 2,317.050 Payable as follo. 2024 Total Funds 2023 Total Funds Gran15 payable < 1 year Grants payable > 1 year Total Payable as follows.. 1.702,050 1,783,8B2 61 S,000 1.080,000 2.317,OSO 2,863.882 In 8ddition to the granls awarded in lh& year. The Trust 8$ed hvo Propert$, The oUard Bound C8ntr8 At Lrxh Eil and the Dulverton Heritage cent at 8 peppercom rent and as Juch prov*knl these organisalnS with gr8ntS-in-kind.
26 Dulverton Trust Annual Report and Accounts 2023124 6. Support costs Admlnistratlon and programme costs Salaries 2024 Totsl Fund51£} 2023 Total Funds 1£> 152.244 13.510 7.940 178,705 16,117 10,015 33,437 1,074 1,288 6,202 2,685 21,926 4,85S 276,305 Employers National Insurance Contributions Pension cOntntitsnS Pensions 14,927 513 Depwiatitsn Staff Training G&ner31 Offi¢e Expen¥es Siaff V151t5 Property costs Insurance 774 7,056 1,222 29,809 4.896 Total Support ¢osts lexcludlng governJnc• c16) Governance 232,891 Salaries 29.570 1,653 2,S48 18.000 31,477 1,471 2,867 14,400 6,854 1,779 58,848 336,153 Pension Contributions Empltsyer's Nats"onal Insurar8 Gontribuliun¥ Audit Fees Profession81 Fees 12,981 1.835 66,S87 299,478 Board rneeting 8XPgnSg Total Governane• Total Support Costs 7. Analysis of Expendlture on Charltable Actlvltles 2024 Granl Support Riumèd Costs 2023 Grant Support RetrTl Costs Grant A¢tlvitle• Grant fundlng ol Activities 2024 Total 1£) Grani fvnding of ActNilies 2023 Total 1£) Youth Opps. Gen. Welfare Africa Conservation Heritage International Stability & Reconciliaiian Community Foundations Local Appeals Trusle8 E)rceplion Total 1,043.062 1,063,628 30,533 225,000 5SO,000 11,$411 121,739 109,565 12.174 17.043 14.609 1,163.260 1,173,193 4Z.707 242.043 564.609 2,015,462 2.089,304 221,947 149,92S 240,tsJO 16,4991 144,091 2,153,054 122.937 2,212,241 18,113 240,060 17.437 167,362 13,517 253,517 24.984 2.435 27.419 258,672 18841 5,001 262,789 25.000 14.609 39.609 25.¢KIO 6,8¥3 31,893 45,000 7.304 52.304 90.789 7,164 97,953 3,007,207 11,5411 299.478 3.305,144 5.091.099 17.3831 335,153 5,418,869 8. Employee Information Staff costs are irduded In not& 6. Thè averdge number of pgrson$ F40yed by Ihe Trust i8 2 fiJI1)me staff12022123 - 31 and 3 part-lime12022123- 21. The emplDyees ofthe Trust haveenbllemenltoprivale pens• an$. the premiumsforwhich are hjnded by the Trusland voluntary contributions. In addition, the etnployee5 are enlilled Io 8 coiilnbution from the Tnjsi towards private heallh insurance. During th• year the Trust's pension contnbulitsns arnounted to £10,48812022123.. £11.4831. The numbEr of pensioners paid by thè TNSI ts 1 12022123.. 21. There was 1 mOYee who receNed emoyee beneffls withiv the bar of £80.000- £90,00012022r23.. £80,000- £90,000.. 1). Key management personnel compensation irtluding PensK)n and Empk)yers Nabonal Insurance for 2023124 rdated to 2 members of staff and arnounled to £107.622.12022r23.. 2 mernbers of stsfl amounling to £123,461).
Dulverton Trust Annual Report and Accounts 2023124 27 9. Tangible Fixed Assets Cost or Valuatiorb At 1 April 2023 Addition5 Revaluation Freehold Propety 1£) Fixtures, Fittings & Equipment {£1 Works of Art {£1 Total l£} 6.827.500 14,605 726 50,758 6.892,863 726 1200.0001 6.627.SOO 1200,0001 6.693,589 At 31 March 2024 Depreciation At 1 Apnl 2023 Charge for the ygar At 31 March 2024 15,331 50,758 13,287 513 13,287 513 13.800 1,531 1,318 13,BOO 6.679.789 6.879.576 Net Book Value at 31 March 2024 Net Book Vthlug at 31 March 2023 6.627.500 6,827,500 $0,758 50.758 Thè rkS of art held by Ihe charity wer• rèvduéd to OP8n mawkel value in knember 2021. Thg Trust'5 freehold properties h8ve a hislorical cost of £1.200.569 8nd have been revalued as follows.. 5 St J8mes'$ Place was revalued to £6.450,000 based on Aston Rose Ch8rtered Surveyors, March 2021 valuation. The valuation wa5 pr&pared in dance with the Internatial Valuatson St8nd8rds The value of the operation81 elemenl of 5 St James's Place 1£2.902.5001 has b8ern Included in T8n9ible Fed Assèts and the value of tho inv&stment element of the property 1£3,547,5001 has been included In Fixed Asset Inveslrnents. (Seg Note 10.1 The Trustees ore of the opinion th918 valuation of £6.4SO.01)O remains repSentatiVe tsf open mark8t value as al 31 Marth 2D24. The Oulward Bound cernt, Lceh Eil. was r8V81ued lo £3.SOD.IX)O based on Samuel & Partners March 2024 valu8tKJn. Thè Heritagè Cèntre, Dufv8rton. was revalue(I by Webbers Eslatg Agents, ir May 2024 8t £225.000 which confims thè Truslees opinion that this is representsifv* ¢f open rnarkei YUe as ai 31 Mèrch 2024. 10. Fixed Asset Investments 2024 Totsl Fund8 2023 Totsl Funds 1£) 99,802,396 3,547,500 57S,575 103,925,471 Invèstmènts Investment Prop Bank Balènc& Of 8 ¢spit81 nature Total FSxed A86et Inv•stment8 107.137,993 3.547,500 1,382,571 112,068,064 11. Investments Movements 2024 Total Fund8 1£) 99,802,396 40,295.900 141,865,OS21 8,904.749 107.137,993 2023 Total Funds 1£> 105,890.637 33,401.808 134,408,981) 15.083,0681 99,802,396 Brought forward at l April Additions al cost Disposals at carying value Nèl Unrèalis g8inlllo3sl on r8valuati Clrried forward at 31 March H16torl¢al Cost of InvestmÈnt$ Hislorieal cost ol Inveslments 92,684.604 92.684.604 90.406,297 90.406.297 Total Hlsiorical Cost of Investrnents 12. Investment Property Movements Brought foNard al 1 April Revaluation in the year CarrÈed tonvard at 31 March 2024 Totsl Funds (£1 3.547.500 2023 Tot81 Funds i£1 3.547,500 3.547,500 3.547,500
28 Dulverton Trust Annual Report and Accounts 2023124 2024 2024 De6ign3ted Fund$ 1£ 13. Debtors Gpneral Funds (£1 2024 Re5trieted Funds 1£ 2024 Totsl Funds IE) 2023 Total Funds (£1 Trade debtors Accruèd Income VAT & other laxes 273 273 31,949 124,120 157.774 786 151.774 Prepaymeths Total Debtors 6.618 165.451 6.618 165.451 12,071 168,140 14. Creditors- Amounts Falling Due Within One Year Trade creditors Accruals, (lelerrad ineoma and othtrr crèdrto Grants payable < l yèar VAT & othertax85 2024 Total Funds 2023 Total Funds 707 85,030 1.702.050 6.359 135.477 1,783,882 5.116 1.930,834 Tolal Creditors- Arnount• F¥lllng Due Wlthln One Ye•r 1.788,097 15. Creditors - Amounts Falling Due After One Year Grants payaN8 > l year Total CreditorB- Amounts Fglling Dve After One Year 2024 Total Funds IE) 615.000 615,000 2023 Total Fund$ 1,080.000 1.080,000 16. Reconciliation of net (expenditure) lincome to net cashflow from operations Nel incomellExpenditiJrel for Ihe ieporting FrK%I las pèr $tsl•rnent ol financial activiliesl Dividends, intere618nd rents frcm inveslments IGginsllLosse6 on investments Deprecialion Decrease in debtors DecreaBelllncre8se in creditor5 Ngt cash provld•d by lus•d Inl op•rntlng #cti¥ities 2024 Totsl Funds 2023 Total Funds 1£ 17.799.404) 1£) 8,587,599 12.662,2111 19.734,3441 513 2,689 1607,7371 14,413.4911 11,951.2041 3,792.422 1,074 451,533 831,906 14,673,672) B•lllnce at 1 Aprtl 202J Income and endo¥ments Total Xnd11tt 17. Ststement of Funds N¢t golTr In¥••tm•nt R•valuatlon Batsnce at 31 MAr¢h 2024 Unrestricted Fund$ General Fund6 108,331.504 108,331.504 2,662,211 2,662.211 13,807,955) 13.807,9551 9,734.343 ,734.343 1200,0001 116.720,103 12th),0001 116,720,103 Totsl unre$trlcted fun(16 RÈstri¢tÈd fund$ Restricted Funds Total lunds 108.332,504 2.662.211 13.808.955) ,734.343 1200,0001 116,720,103 Reslricled funds repre6WIt funding Irom the lknll fuThJ whh w85 fundiny lor ycvlh scKial actiw grants.
Dulverton Trust Annual Report antl Accounts 2023124 29 18. Analysis of Total Funds 2024 Gèneral Fund$ IE) 6.679.789 112.068.4 Restrlcted Total Funds Funds 1£) Tangible Assets Investments 6,679.789 112.068,064 165,4S1 209,886 11.788,0971 1615,OODI 116,720,103 Debtors 165.451 209.896 11.788.097) 1615.0001 116,720,103 Cash at bank and in hand cdItors." Amounts tslling due wilhin one year Creditors.. Amounts falling due ITh more than one yg8r Balance ol fund$ at 31 March Analysis of Total Funds 2023 General Funds (£1 6,879,576 103.925,471 168.140 369.151 11,930.8341 11.080.OCK)I 108,331&04 RÈ6trlcted Total Funds Funds 1£) Tangible Assets InveslmeThts Debtors Cash at bank and in h8nd GltOrS.. Amounts f811ing due wilhin )? y¢8r Creditors.. Amounts falliny due In Ihan one year Balance of funds at 31 March 6,879.576 103,925,471 168,140 370, 151 11,930,834) 11,080,000) 1,000 108,332.504 1,000 19. Operating Leases rhe Trust has receipts from Th)n<anc•llats4è opèrètirrfJ lease8 falliThJ du8 as follLWS'. Tot• Funds l Funds 10e,000 8.000 <1 year 2-5years
30 Dulverton Trust Annual Report and Accounls 2023124 Annex A: Grants Awarded in the Year Ended 31 March 202412 Youth Opportunities Or anisation Name Towards Amount 25136 Subtotsl Anne Frank Trust UK Anne Frank Trust in Cumbria Envision KS5 programme in Bim)Ingham FE Colleges Core Funding - Expansion Straiegy. Get Furthef core funding outside London 2024 105000 Envision Football Beyond BordeTS 3SOOO 31319 Get Further Jamle's Fami Jamle's Fami core funding Launch It Sheemess 105000 Launch It 105000 Peer Power Peer Power-senior Youth w0er 34922 School Food Matters Young Marketeers In the Reg5on5 Talk the Talk core fvnding TAP Cor&Costs outside London Bi9 Give Christrmas Challenge 2023- Fundin9 for core programmes Phase one of the learning village- part repayable Professional fees The Soelal Moblllty Ftsundation ore costs Wilderness Foundation Core Funding 202>2026 Big Give Chrislmas Challenge 2023- Wilderness Therapy & Environmental Education 75483 Talk The Talk 30000 The Acce$$ Project 40000 10000 The Counl.rLTrusl 195000 The oUvard Bound Trust The ouard Bound Trust 2400 80000 The Social Mobility Foundation 90000 Wildernes$ Foundation UK 8802 Wildemess Foundation UK Yes Futures Yes Futurvs- Core Costs £1.043.062 General Welfare anisatlon Name Aspen Inslilule UK Basmom Towards Rising Leaders Fellowship Bim)irKJham meals service Corer Support Team Family Reunffication Support Project Amount 35000 Subtotal 15000 Carers UK 105000 Children and Families Across Borders ICFABI Childrèn Heard and Seen 32699 Big GNe Christmas Challenge 2023- Online Support.. Children with a parent in prison Unrestficted fundlng 2023-2028 Emmaus UK- Core Costs 5323 Cranfield Trust 250000 Emmau5 UK 30000 Family Gateway Home-start Cymru Missing People Family Gateway Core Grant Volunteer Team 30000 91962 Give Christmas Challenge 2023- Home for Christrnas Crisis Appeal Growing Minds Project Child Impact A%sessments Core fvnding {oul of meetirKJ appeal) 10000 P&eple Prison Reform TrL¢St 35Th)0 15CM)O Reach Volunteering 35CWJO l Newly awarded multpyear giants are in bold. Pledges are in ilaks. This Annex does not fomi part of the audited accounts
Dulverton Trust Annual Report and Accounts 2023124 31 Safeline Prevention & Earty Intervention Project Co ordinalor Community Business Trade Up (AKA Trading for Good) 2024 Famlly Links- Core Funding The For Baby's Sake Programme The Linking Network core costs Core funding 2024125 Legal Advi Sem 31644 School for Soaal Entrepreneurs 100000 The Centre for Emotsonal Hèalth 70000 The For Baby's Sake Twsl The Linking Network Thread Ahpad 25000 105000 2000 Working Families 40000 £1,063.628 Conservation Or anisation Name Atlantic Salmon Trust Towallts Missing Salmon Alliance 2023- Project Deveron Fields In Trust Core Costs 2024 Amount 50000 Subtotal Fields in Trust 30000 Highlands & Islands Environment Foundatlon Keep Wales Tity arine ConseNation Society HIEF grants: coastal and marin8 and freshwatèr Volunteer Training- The Urtjan Long Forest MCS CO funding 2023f24 90000 20000 35000 £225.000 Herita Or anisatlon Name National Churches Trust Towards Grants for churches Amount 450000 Subtotal Salisbury Cathedral The Dean and Chapter of Worcester Cathedral Winchester Cathedral Bum&Jones Stald Glass Wndow ConseNalion PServ1rj St Wulfslan's Crypt 54401 20599 Reslorab'on of IAfjnchester Cathedrafs great organ 25000 £sso 000 Ken Or anisation Name Transform Trade a and U anda Towards Supporting farner organisations to grow their enterprises In Meru and Kilui Amount 30533 Subtotal £30.533 Local A eals Or anisation Name Cort)enic Camphill Community Towards Day servi & Community Barn project Amount 7500 Subtotal Cotswold Friends Core funding Operations in Glc4Jcestershire Great Western Air Ambulan Charity Macrnillan Cancer SuFPOrt 3000 Providing sUPPOrt to people living with cancef acTOSS Gloucestershire Operations in GIouterShIr& Education programme- Atlantic herring 3000 Midlands Air knbulance Charity Skye and Lochalsh Rivers Trust 30DO 3500 £25.000
32 Dulverton Trust Annual Report and Accounts 2023124 International Stabili anisation Name Oxford Process and Reconstruction Towards Specialpmiecl Hurnanilarian Skills for Engineers (Ugandal Amount 35000 Subtotal RedR UK 24984 £59.984 Trustee Exce tion Grants Organisation Name Towards Fortune Centre Of Riding Therapy Raise the Roof OakfEld Community Easton Maudit Refurshment- Phase Three Amount 20000 Subtotal 25000 £45,000 Please visit ourwebsite htt .'IlwMv.d Ive 2022123 financial year. b ut- I to view a list of the grants awarded in the
Dulverton Trust Annual Report and Accounts 2023124 33 Annex B: Grants Awarded through Communty Foundations in the Year Ended 31 March 2024 Essex Communi Or anisation Name Foundation Towards Toward5 IT learning sessions for members of an over 50s rou Towards sports coaching and educzlional worksho s for oun le. Towards youth club for childien aged 11-16. Towards a weekty group for young peopFe aged 17-25 who are struggling with the transition to 8dullhood. Towards theatre-based leaming programmes for rima school children. Towards sports sessions for home schooled children. Towards an educational training skills proje¢L Towards sessional workers al a youth club in Braintree. Amount Subtotal Benfleet u3a £1,550 £3,461 Changing Lives Community Services CIC Lawford Youth Club £5,000 Te8n Talk IHaTwich) £5,000 The Caedmon Company £2,670 The Study Room £5.000 Trinity Famity Centre £5.000 Braintree Youth Project Charity Crossroads Braintree and Chelmsford Ltd £3.495 Towards respite care. Towards after School developmental and outreach activities IOT vulnerable oun eo le. Towards a part lime manager for an organisalion provxling play and respiie sessions for childfen and youn9 people with soecial educational needs. Toward5 staff costs. £5,000 Gateway Community Media CIC £4,000 POP Essex £5,000 The Wilham Hub Wesl Thurrock & South Strfrord Communi Forum £3,522 Towards a community hublcafelpanlry. Towards staff al a Bumps. Babies and Toddler5 rou Towards cooking workshops to families facing food ove Towards the core costs of a day ntre for isolated older le. Towards a short-film project for 60 vulnerable oun eD lea ed 13-16. To support the running costs of a new community hub in Waltham Abbey which will provide a safe space. activity and advi for vulnerable women. oun adults and homeless le To provide mentoring for up to 100 disadvantaged students in Tendrin To support the growth ofcommunity ntre lo reach a larger community as part of the Chelmsford Garden Communty scheme sel forth b Chelmsford Ci Council Towards the website hosting and ongoing operab'ng costs ol an organisation supporting people who are al risk or already homeless in Chelmsford Towa¥ds the wnning costs of 3n organIsa'on running English for Speakers of other Languages IESOLI sessions for women and men in Chelmsford To replace a kiln used in a therapeutic pottery lass provided by a Bures based Day Centre for adults wilh a Multip disabili Towards selling up a community greenspace for residents in Wesldiff-on-sea To help with the core costs of a youth centre working with young people at risk of criminal behaviours in Chelmsford Towards the cost ol setting up a youth club in Sheerin Vill efor ou le £2,500 Wethersfield Community Activities £2,709 VVhole50me £5,000 Halslead Day Centre £2,773 Ltsndon Bus Theatre CIC £5.000 3food4u £2,831 Aspire Eduealional Mentoring CIC £4,000 Chelmsford Garden Community Trust £4,000 Cool to be Kind Ltd £2,200 English for Women £2.000 Ferries Barn Limited £3,382 Grassroots Westcltff £1.400 Nprth Avenue Youlh CenlTe £2,000 Sheering Village Hall £3,400
34 Dulverton Trust Annual Report and Accounls 2023124 To provide a yearfong programme of creative digital workshDPS, incILing 12 Autism-frEndly sessions. for children and young people aged seven to 19 in Co]chester Towards the purchase of food for a foodbank eralin across Soulhend arKI Rochford To fu1 the costs of a stand alone proiecl looking to support neurodiverse children within the Basildon 8re8 who are al risk of ex loitation To help with the operating costs of 3 charity working lo increase awareness about Modem Slave across the Borou h of Southend Signals Essex Medta Centre £5,000 Soulhend Foodbank £4,000 The Peaceful Pony CIC £5.OOD Together Free Foundation £3.755 £108.902 Heart of En Or land Communi anisation Name Foundation Towards e Hub Towards employability skilL% for over 50$. Towards a MUlp9rt5 programme for 13-18 year olds. Towards wellbeing sessions and a lunch elub for okler people. Towards Deaf Zone Youth Club. Amount £2.000 £4,894 Subtotal African Communi Herila Arden Active CIC £3,759 CASE Deal Wodd £5,000 £5.000 Friendshi Pro ecl for Children Home-slart Birmingham Nort Wesl Towards volunteer beftiending. Towards wellbeing sessions for new mothers. £4.999 Oasi$ Communi Hub.. Hothoor Towards youth work. Towards picni&8 and volleyball sessions. Towards Smethwick Pantry. £5,000 £4,611 £4,436 Peo le IDr Peo le Smelhwick Church Aclton Nefvlork Sl Peters Hillfields Towards youth work. Towards support work with homeless people. Towards refurbishment of the scoul hut £5,000 £5.000 Slandin Tall 1 sl Bilslon Scout Group Asplre in Artg Ltd Community Welcome CIC £5,000 £4.946 £4,970 Towards youth club activities TL)wards a community café fr)r asylum seekers. Towards a wellbeing programme for young eo le. Towards support groups and mentoring for young eo le. Towards a homework club. Engage Trust UK £4,957 Hall Green Youth £5,000 Heaven Gate Centre £4,980 £4,997 Humanify Towards an after-school elub and supper club. Towards a digital skills proseel for young Ukrainians. Towards a lillericing proiect. Towards roof repairs. T¢kniards an infomialion, advi and guidance service. Towards workshops for young people. Kids In Communication £4.595 Liller Watch £4,748 £2,385 Ralley Village Hall SOORA £4,998 Woodview Community Forum £4,999 £106,274 Kent Communi anisation Namè Foundation Towards Towards a Community Development Worker. Amount Subtotal Ea51 Mallin Centre £1,315
Dufverton Trust Annual Report and Accounts 2023124 35 Two Ridin s Communi anisation Name Foundation Towards Towaids a youth project to improve reen s aces in the ci Towafds employability programmes. Towafds an Operations Manager sl. Towards cote costs. Amount Subtotal Humber All Nations Allian Humber Job Hub CIC Community Furniture Store {Selby) Ltd £3.513 £s.000 Youn Peo le Count Towards an Outreach Offiw and travel eosts. Towafds 1."1 for children moving to seconda school. Towards a money management service. Towafds slaffing al the community hub. Towards support with housing, employmenl and health for 2(M) le. Towards a project lo Iransfomi a reen sEace in Scarborou Towards core costs for emergency food prgvision. Towards inlerpret8iion materials around the city walls. Towards an intern and inlerprelation materials on the Solar System Greenwa Towards a Volunleer Manager. Towards woodworking workshops lo help build community spirit and realer activi within the ar1< s Towards slaffing costs so that older peop in the Harrogate area have social interaction and community connections. Towards a Pfojecl lo address the digital skills 9ap In the region. Toward5 operating costs lor a group provIng an outreach kitchen for who are homeless. Gallows Close Centre Management Towards a Ihree-nighl residential at Committee Herd Farm Activi Cenlre. Towards repairs utmyates to the Scout hut Towards life skills workshop5 for ou men Towards lortnighlly sessions for oun carers Towards ftjmrture resloralion worksho Towards core costs Towards equiwenl fof mechanic worksho The Bridge Project Tadcaster Towards youth volunteering scheme Smart Worf(s Leeds £3,380 Futures Foundation Peasholme Chari Colburn Hub and Cafe C.l.C. S arks Pro ecl CIO Not Pants CIC Ilrading as Creab've Briefs £2,140 East Yorkshire Foodbank Friends of York Walls York Greenw8 York Unlocked CIO The Friends ol Alderman Kneeshaw £s.000 Supporting Older Peop CIO £5,000 Youth Aspire Connect £s.000 Raise the Roof £5,000 £5,000 1st Pannal Scout Group City of Hull Sport and Community Grou cic £5.000 £4,224 Closer Communities £5,000 Community Fumiture Sto R edale Musical Connections £s.000 £5.ODO OulKast Panda Crew CIC £4.000 £4,656 £112,041 TOTAL AWARDED £328,532 Please visit our website https:Ilwww.dulverton.orglabout-usl to view a list of the grants awarded in the 2022123 financial year.