DUKE OF DEVONSHIRE'S CHARITABLE TRUST Annual report and financial statements for the year ended 5th April 21122 Regls¢ered Charity Number 213519
DUKE OF DEVONSHIRE'S CHARITABLE TRUST Annual report and finantial statements for the year ended 5th Aprll 2022 Conten1$ Legal and administration details for the y¢ar ended 5th April 2022............. .. . Trtte¢S. report for the year ended 5th April 2022................................................................. . Independent audiloTS' TCFK)rt to thc TC¢S.......................................................................... Siatetnent of financial activities for the year ended 5th April 2022................... .. .. . Balawe sheet as al 5th AFril 2022................................................................... . .. .12 NoS to the financial statements f(K the year ended 5th April 2022...................................... .... . 13-21 .11
DUKE OF DEVONSHIRE'S CHARABLE TRUST Legal and admlnistration details for the year ended 5th April 2022 Clwity nutnkr 213519 The 12" Duke of Devonshire The Duchess of I)evonshire FArl of Burlingti Oliver Steph•)son Registered office Estate Office Edens( Bakewell DE45 19J Contaa Dthils Chatsworth House Chatswortb Bakewell DE45 IPP Indq)endent auditors Shorts Statutory Allditor 2 knhgate Road Chesterfield S40 4AA Solicitor5 Currey & Co LLP 30 Queen Anne Street L4)ndon WIG9HY sa1n & Partnu5 LLP Juxon HoSe 100 St. Paul's Churchyard London EC4M 8BU Smith al Williamson IDVCStmcnt Management LLP (To June 2021) 25 Mix)rgate EC2R 6AY Bankers C Hoare & Co. 37 Fleet Street EC4P 4
DUKE OF DEVONSHIRE'S CHARTTABLE TRUST Trustees, Report for the year ended 5th April 2022 The Tnee8 have pleasure in presenling theiT reEM)rt together with the financial Staternts for the year ended 5th Aprk12022. The information witb respect to the Trustees and Advisors set out on pagc 2 forn Imrt of this reporL The Trustees The Trust$ who served during the year and up to the date of signing the financial stslements, who were not remuDerated and re¢eiv¢d no ex8. were as follows.. The 12" Duke of Devonshire The Duche48 of Devonshire Earl of Burlington Olivcr Sicphcnson Structur4 Governallce & MADagemellt The cljarity was established by Deed of Trust dated I lth May 1949 is registered with the Charity Commission No: 213519. The adtss is Cbatswortb House, Chatsworth. Bak¢w¢ll, DE45 Ipp. The TnteeS who have Served during the year and since tlk¢ year end are set out above. The TrStee5 ay ap)Int a person who is willing to act to be a tnLStee either to fill a vacancy or as an additional tnte¢ ai any tim¢. The TteeS meet Ftheen two and four times each year to r¢view perfonnw and approve donations. Risk mnagement The major risk5 to which the chaTity is exposed are normal llthrket risk on its inves1ment portfolio and the fraud or negligence of the TnLStees OT their banker8 agents or llomine¢8. The Truste&s. having assessed th¢s¢ risks, a satisfied that systems are in place to mitigate the I5V5 exwsu thereto. Objectives and activities The charity i8 a8tablished &$ a grant rnaknng trust. The Tntee5 nLYmaJly only make or loans to other re charities or otherwise exLwt org8nisations' th¢y have never consideTed applications by individuals for rKrsonal assistance whatever thc clwitable purpose. The scope of their giving is determined only by the tent of their re4ources' it is not otlrwise restricl¢d either geogrdpbically or by the 1C of activity catried on by prospectiv¢ b¢n¢ficiari&s or applicants. The Trustees have a preference for supponing organisatiotLS which are I(1 to the Devonshire Group's estates in tkrbyshir¢, yshir¢ or Eastbme. The strategy employed ¢0 achleve the tharlty's objettives The TnLStees envisage Snding 2-3°h of the ¢harity'5 fi]nds each year on average over the long tern]. The TnL8tees believe that this level of 5pcnding is Stainable over the long terni in conjunction with the charitys investment policy. The Trustee5 are not obligated to spald at this l¢v¢l and may carry forward fimds for fith]re grdnts or may exceed this level in any year.
DUKE OF DEVONSHJ]iE'S CHARrrABLE TRUST Trustees, Report for the year ended 5th April 2022 (continued) The strategy employed to ¢hkve the ¢barlty'$ obJe¢tives (¢olltinued) The Trste intend to keep the distribution N)licy under review. Achievements and PerfOrnllet The Tntstees are satisfied that the clwity met its objectiv&s during the year. The Trustees are also satisfied that th¢ a¢¢ounts comply with the current thtOry rwirun¢nts and with th¢ Tequirements of the cllaritys governing d(KuJnent (the Trust Deed). Flnanelai revleiv PErforrn4Dce During the year the trLL%t received im)me frorn inveslrnents of £118,824 Compared to £249245 in the PTior ycar. The tnLSt made donatiQll5 tolalling £264,087 (2021: £351114) to a numbcr of diffcrent recipients involved iu a wide variety of clwitable activities and varying in size from £5) 10 £17,420. The rnost significant donations were to Derby Dales County Council (£17.420) and Towner Art Gallery (£16.0). A fijil list of grants paid during the year can be found in nofr 5 to these financial statements. Reserves policy It is th¢ po]i¢y of the TnLStees to donate a percentage of the trust's funds each year, however the tntstccs arc not obligaied to do so and may carry forward any exctss income to fUtte years or may ke occasional or regular grants out of Capitsl. No uwterial reserves, beyond the inv¢slm¢nt portfolio, are retained. Th¢ TtC¢S only Tnaintain cash reserves sufficient to bc able to r¢spond expcditiously to unexpected and urgent apS for grdnt &ssistance. Pllls for the future The TrSteeS are satisfied that the clwitys assets are available and adquate to fillfil its obligations for the fitth. They expect its investment portfolio to grown in line with its invesiment policy and for its chaTitable donations to grow a¢cordingly. lllvestments Polley and PerfonDauce During 2020 and 2021, the DevoLshire GTOUP embatked on a review of the invesllnents held across the llp and the way they are mana£¢& This review Includ the investh)ent8 held by the Duke of Devonshire's Charitable TNSL An Investment Committee was fornied which included representative5 from acro the group and the twst¢¢ ix)ards and was supported by Wren Investment Office. That process w&8 concluded during QllQ2 of 2021 and Sarasin Partnm LLP were apwinled investment managers for ail of the Devonshire Group's inve5knent holdings, including thosc of the chaTiCy. The assets were transitionol a¢mss lo Sar&sin during the sut]]m of 2021 al were inv£st¢d in th¢ St¢llar funds and thc SardSin IDcome and Reserve fimd. both maDaged by SaTasin. The Tntee5 approach to the managcment of the rtfoliO and its income altered followin8 the invc%tm¢nt review. The trustee5 have irL8tructed the investment rnanager5 to the portfoIio on a total return basis without any particular income targeL It is however the trSlee5 intention lo spend at levels sirnt]ar to ryevious years, growing in line with InfilOll with the aim of preserving the real value of capital. The truskes bave set a target totaI return of cpI+3yo as a mandate for the investment manager.
DUKE OF DEVONSHIRE'S CHARITABLE TRUST Trustees, Report for the y¢Jr ¢nded 5th AP 2022 (C0DtiDu) Investments Poil¢y Performnee (¢oottDued) The totsl return generat by the wrfolio was 3.P/o (2020121.. 27.Yh) compared with benchmark totsl returns of 6.30/0 (2020121: 25.Y/o). Thc Significant rcbound in madcets seen in 2020 and early 2021 bewdll to peter (Hjt in the latter part of 2021 as inflation worries took hold. Russia's commencement of its invasion of Uktaitie in February furtber unsettled maknts. The movements in the year are reflective of the disposal of ass¢ts withill the Srnith and WTlliamson portfo]io and acquisitions within Sarnsin. Within Smith 8lld Williamson portfolio tILere were additions of £250,065 and sales of £16237,188 resulting in a gain on disp)sa] of £7,105,946. Th¢ market value ai 5 April 2022 wa5 £4,593. Within Sarasin there were additions to the portfolio of £16,685,(h52 and diswls of £64. There was a aluatIon loss durAn8 the year of £61,550. The market valu¢ at 5 April 2022 was £16.623.448. The chaTity is cxw5rd to pricc Tisk. liquidity risk and edit risk in the senITe9 held in its inveslment portfo]io. tn order to manage that risK the Trusttts have apIll1¢d qualified investrnent managers to manage the investtnent portfolio. In addition and inv&stmcnt comtnittee has en fonned lo provide a Tnore fornial ovetsight of the investtnffli manager. The invatmenl committee is made up of reprcsentatives from Devonshire Gup management and inCldeS Trustees of vaTiOUS trusts including Oliver Strphenson of The Duke of Devonshire's Charitable TrSL Public Benefit In planning their activities for the year tbe Tnlstees confirm that they bave Cotldered the Charity Commission's guidance on publi¢ benefit and believe that all of their activities fvlfil the requirement to provide public benefit. Statement of Trustees, responsibilities ID respecl of the Trustee5' annual Teport and the rjnancial statements Under charity law, the trustees are resEM)nsible for preparing a Trustees, Annual Rert and financiat siat¢ments for each fanCial y¢or whi¢h show a tsu¢ and fair view of the state of affairs of the charity and of the excess of expenditure ovcr income fi that period. The tnLStees have clectcd lo prepare the financial statements in accordance with UK Accoullling Sthnd8rds. including FRS 102 The Financial Reporting Siandardapplic¢thle in the UKandRepubltc ofIreland. In preping these financial statement4 generlY accepted accouuling p11¢¢ entails that the trtee$.. se11 suitable accounting w)licies and then apply them csiStentI make judgements and estinMt&8 that r renable and prudent" stth whether the reComMeIatio$ of the Statement of Rmended Pra¢tice have been followed, subJ'e¢t to any terIal d¢rt disclosed and explained in the financial statements. slate wh¢th¢r th¢ finan¢i81 stal¢mellL8 comply with the tnLSt dee4L subject to any Matla1 d¢part disrlosd and cxplaIn in the financial statements: assess the charity's ability to continue as a going concen4 disclosing, as applicablé matters r¢lat¢d to going ¢on¢ern' and use the goillg concern bosis of a¢coullting unless they either intend to liquidate the tharity or to cease operations. or have no realistic ahCrnati but to do so.
DUKE OF DEVONSHIRE'S CHARABLE TRUST Trnstees, Report for the year ended 5th Apiil 2022 (continned) Statement of Trwteu. ruponsibilities in resPt of tht Trusteu. annual report gnd the financial statements (¢ODllnued) The trustees are required to act in accordanc¢ with th¢ tnLSt deed of t charity, within the framework of trust law. They are rtsp)nsAbl¢ for kccping prortt Lccoulltitig records. sutricient to disclose at any tim¢. with Thsonabl¢ accura. the financial position of th¢ ch4Tity al that tim¢. and to enable th¢ trustecs to ensure tha¢ where any statements of accounts are preparcd by therll under section 132{1) of the Chariti&s Act 2011, those statQDents of accounts comply with the requirements of regulations under that provislon. They are responsible for such iDtffnal control L8 they detennine is neccssary to ble the pr¢paTation of fmancial statements that are free from materia] misststanent. wh¢ther due to fraud or error, aud have general resEibilIty for taking such steps as u¢ rsonablY open to them to safeguard the &8sets of the charity and to preveni and detect fraud and other ]egul1tie8. The tNst¢¢s arc resEX)nsibl¢ f thc maintcnancc and intwity of the corporat¢ and flnancial infomiation included on the charitable cornpany's websile. Legtslatlon in the UK Bovwning the prepardtion and di&semiJution of fit)ancial statements may differ from legislatiiyn in other JiSdiction& The IV DL&e of DeVO$bIr¢ (TneC) 22/ii.2022
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE DUKE OF DEVONSHIRE'S CHARITABLE TRUST Opinion We have audited the fmancial statements of the Duke of DevoT]5hirc's Charitable Trust (thc'charity,) for thc ycar cndcd 5 April 2022 which comprise the statcmcnt of financial activities, the ba]ance sheet, and the lated notes. including a swnmary of signifi¢ani accounting policies. Th¢ financial reporiing fram¢work tltht has been applied in their PTepardtiOll is app]i¢abl¢ law and United Kingdom Accounting Standards, including FinanciaI Re[tillg SthndaTd 102 'The Financial Reportiog Stsnd2rd applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). Thc financial statetnents have becn Fryarcd in accordan¢¢ with A¢Unting and Reporting by Charities preparing their accounts in accordance with the Finan¢ia] Reporting Standards appli¢able in the UK and Republic of Ireland (FRS 102) in preference to th¢ Accounting and R¢porting by ChaTities'. Ststemeni of Re¢ommended Pra¢tice issued on l April 2005 wbich is referred to iti the This has done in order for the accounts to provide a ond fair view in accordance witlL the G¢nerally Accepted Accounting PTactice effecti for reIting p108 lryinning on or aftcr I January 2015. In our opinion the financial staternents: give a tsue and faiT view of the stat¢ of th¢ c]lry.5 affairs as at 5 April 2022 and of its itic()miIi8 resources and application of resouttts for the year then ended. have bccn properly prepared in accordanc¢ with United Kingdom Generalty Accepted Accounting Practice. and have been prepared in accordance with the reqUIremt5 of the Charities Act 2011. B*Jig for opinion We conducted our audit in accordanc¢ with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. responsibilitias under those slandards are further desthib&J in the Auditors, restK)nsibilities for th¢ audit of the fman¢ial statenients sectiiyn of our retM)rL We independent of the charity in accordance with the ethical requirements that are relevant to our audit of tbe finan¢ial statements in the United KingdonL including the FRC'5 hical Standard, and we have fiilfilled our other ethical respotLsibiLities in accordance with these requirements. We belicvc that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going coneern In auditing th¢ financial statements, we hav¢ concludd that the Trtees, use of the going c4Jllcern basis of a¢¢ounting in the preparntion of th¢ financial statements is aEryyropriate. Bas¢d on the work w¢ hav¢ p¢rforrt we hav¢ not identified any matenal uncertainties relating to events or conditions thal individually or collectively. May casi signifieant doubt on the charity's ability to continue as a going con¢¢rn for a p¢riThl of ai le&st twdve montlLS from when the finmcial ststen1tS are authoris¢d for issue. Our resporL8ibib'ties and the respo81bI1itses of the Tne with rwect to going concern are described in the relevant sectiOllS of this repotL
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE DUKE OF DEVONSHIRE'S CHARrrABLE TRUST (¢ontlnutd) Other illforniadon The other infornialion comprises the inforniation included in the TnLSte&s' report other than thc financial statements and our Auditor5. report thereon. The Truste are resp)nsible for the othu inforn)ation wntained within the TTUStees' report. Our opinion on the finaticial stathenls d5 not Ver the other infi)rn]ation and, except to the ¢xt¢nt otherwise explicitly stated in our rqMx4 we do not expr any forni of assurance conclusion thereon. r responsibAlity As to read the other infornwtion in doing so. consider whether Ihc other information is materixlly inconsistent with thc financial sthtcments or our knowledge obtaincd in the Course of the audit. or otInVIse appeats to be materlally misstated. If we identify such material ]nWlstencieS or appar¢nr mal¢ri81 misstat¢m¢nts. we are requtred to detennin¢ whether this gives rise to a material misstatenwit in the finan¢ial statem¢nts theJDselves. If. b&8ed i)n the work we have fornied, we conclude that there is a material misstatement of this other inforniati¢)n, we are required to TC that fact. We FLave rKJthing to rert in this regard. Matters on wbieb we are requlred to rert by exception We have nothing to rq)ort in respect of the following tnatters where the Chariti&8 (Accounts and Rewrts) Regulations 2008 requires us to rq)crt io you if. in our opinion: the InforntiOn givul in the TrSteeS Repcfft is inco8]Stent in any Matla1 respcct with thc financial Statements: or suffici¢nt accounting records have not been kepL L the fuwicial stateTnents are not ill asreelll with the accounting records and r¢turns" or w¢ have not 1Ved all the infornwtion and explanations we rwutr¢ for our audiL RespDn8ibllities of trnsteeg As explained more fvlly in the Trustees, resp)ibilItieS stslement. the Trust$ a responsible for th¢ prepardtion of the financial sta*ments and for Ing satisfied they give a ttue and fair view. and for such internal ntrol as the TnLStees dd¢m]ine is necessary lo enable the preparation of financial staents are free from material mi&statemellL Wheth to fraud or error. In preparing the financial statements, the TnLSt¢es are rwnsible for assessing the charity's ability to continue &8 a going Con disclosi as appli¢able. mattus related to going concern and using the going ¢on¢ern basis of accounting unless the Trustees ¢A¢lw intend to liquidate the charity or to ce&8e Operatio8. orbave no reAiistic alternative but to do so. Allditors. resn51bl£I1¢S for the audlt of the Ilnanetsl ststements We bave be¢n apEointed as auditor utth section 145 of th¢ CTrwiti¢s Act 2011 and rel in ac¢ord8n¢e with th05c Acts and rclcvant regulations mad¢ or having efft th¢ra]nder. Our objectives are to obtain Tllabl¢ 85suTaD aly)ut whdher the financial ststements &8 a whole are fr¢¢ from material misstatement. whether due to frnud or aror. and io issue an Auditors, report that includ&s our opinion. ReasonAble assurance is a hi1 level of assurdnce. but is tK)t a guarantee that ao audit ndu¢d in accordatKe with ISAS (UK) will always det¢¢t a material misstatement when it exists. Misstatements call arise from fraud OT error aod ar¢ considered material if.
INDEPELYDENT AUDITORS, REPORT TO THE TRUSTEES OF THE DUKE OF DEVONSHIRE'S CHARIT ABLE TRUST (continued) Auditors, respoDgibilities for the audtt of the fKnanaal ststements (eonthiued) individually or in the aggregate, they wu]d reasonably be expectcd to iofiuence the eCOrnI¢ decisions of ¢1$ lak¢n on the basis of thes¢ financial statements. Irregulariti4 includiDg fraud. are instanccs of non-cornpliance with laws and regulations. We design procedures in line with our resp(MJsibilities, outlined above. to deteci mttetial misstatements io respeci of irregularitie& including fraud The extent to which ow pr(dreS are capable of dete¢ting irregularities. includtng fraud is dets11 Ixlow: approach to idetLtif)ryng and assessing the risks of mateTial misstslement in respect of i¢gUlaTi11¢s, including fraud and nonvwmpliance with laws and gulatiOnS. w&8 as follows: the ensag¢nwit t¢am ¢oll¢ctively bad tbe appropriate competence, capabilities and skills to id&)tify or rttogDise non-compliance with applicable laws and regulati(Th' througb discussions with the d]rloTS and other management from our commercial knowledge and experience of the sectors that the charity we idenufied the laws and regulations applicable to the charity. and focusing on the specific laws and regulations wbich we considered may have a direct material effect on the financial ststements or the operntioDS of the ch8rity. we &ssessed the extent of compliance with those laws and regulations idcntificd &iK)ve through making enquiries of managernent and inspecting relevant correspondence. We 8ssessed the sUsptsbIlity of th¢ charity's financial statements to material misslatemenL including obtaining an understanding of how fraud m]t (KCUT, by. making enquiries of mall&t as to WIre they Considered th•r was susceptibility to fraud, their knowledge of actual, suspected and alleged frau¢. and ¢onsidcTing thc iul¢rnal colltro15 iu pla to lllltigate risks of frathl and non•compliance with laws and regulations. To addre&s the risk of fraud through management bias and override of controls, wv. pufoTmed analytical proccthwes to idcntify any unusual or un¢xpe¢ted relationships" considered journal entiias to identify Un1 tratLsathiO$. &8sessed whether judgements and &•oTrs tnade in deterng the accounting estimates w¢r¢ indi¢ative of por¢utial bi4 and inv¢stigat¢d tlle rntionai¢ b¢hind signifiwt or unSUal trasactIons. tn response to the risk of irregularities and nrn-compliance with laws and regulatic& v/¢ d¢sign¢d procedures which includsl but were not lituitrd to". agreeing financiaj statement disclosures lo underlying supp)rting d(Kumentatio reading the Minu of those ch¥rgcd with gov¢rnan¢e' enquiring of management as lo actua] and p)telltial litigation aod clain)s' and cortsidezing rdationships with HfvtRC and Lrther relevant regulators. There are iDherent limitatio in our audit proced described aknve. The more rernov that ]aw8 and regulations are from fllwicial transactio. the less likely it is we would kcome aware of non-comp]iance. Auditing stsndards also ]imit the audit procethwes required to identify non- cornpliance with laws and regulations to enquiry of the dire¢lS and other t)hanagement and the inspection of regulatory and legal cOdence, if any.
INDEPENDEivf AUDrroRS' REPORT TO THE TRUSTEES OF THE DUKE OF DEVONSHIRE'S CFiARrrABLE TRUST (continued) Audltors, responsibikties for the alldlt of the fuwieial staternents (conthiued) Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate conccajmcnl or collusion. A further description of our rwsibilities for the audit of the financial stalements is l(Kated on the Financial Reporting Council's website at: vn¥w.frc.org.uklaudit0rc8p0lbI1lties. This description forn part of (Mjr Auditors. reporL Use of our report This report is made solely to the charity's tr118te4 as a iy)dy, in accordance with Part 4 of the Charities (A¢¢ounts gnd Repo} Regulations 2008. Our audit work h&s been uDdertaken so that we might stale to the charity5 tTUStees thcw lltter5 we are required to slate to them in an Auditors, report and for no other purpose. To the fullesl extellt permitted by law, w¢ do not accept or assume rwonsibility to anyone rther than th¢ cljarity and its tree4 &8 a iKxly. for our audit work. for this reiM)rt. or for the q)inions we ve forn)e(L Shorts CharteredAccountants andstathtory Audttor 2 Ashgate Road Chesterfield S40 4AA Sborts is eligible for app)inttnellt as aUdIr of the charity by virtue of its eligibility for appointinent auditor of a company under section 1212 of the Companits Act 2006. io
DUKE OF DEVOIYSHIRE'S CHARITABLE TRUST Statement of FinaDcial Activities for the year endwj 5th Aprll 2022 UDrestrl¢ted Fuods Unr¢$trleted Funds Note 2022 2021 lll¢ome from: IntM¢llts 118.824 249,425 To¢al 118,824 249.425 E4>endltll on: ChaTitable activities Raising fimds 267.399 11,939 357.894 50.660 Totsl 279.338 Ne¢ (expenditure) #lld D movement in fvnd8 before gatns and losses oll knve$tm¢nts (160,514) (l59,129) Net gains on investments 508.326 3290,208 Net movement in funds 347,812 3.131079 Reconcllation of funds Funds brouthi forward 16.321.762 I3,1.683 Fund5 carrled forward 16.669.574 16.321,762 Details of the movements in T¢S¢tv¢s arc sd out in note I l.
DUKE OF DEVONSHIRE'S CHARABLE TRUST Balance Shed as at 5th April 2022 Note 2022 2021 Fixed assets JnvestD)ents I6.628.(10 16,144.369 Cvrrent $sets Cash at bank and in hand Total eurrent sets 55.143 55.143 198.826 198,826 Creditors.. Amounts falling due within one yegr) 13.(A)9 21,433 Net eurrent a$yets 41534 177,393 Net assets 16.669,574 16,321.762 Funds Unrestricted funds 16.669.574 16,321.762 To¢al funds 16,669.574 16,321.762 The not¢s on pages 13 10 21 forni part of these fijjancial statellKllts. Approved by the Erf)ard of T[teeS and sign&J on its bebalf by The l Duke of Devonshire (Tnte¢) 2211i ,2022 12
DUKE OF DEVONSHIRE'S CHAIUTABLE TRUST Notrs to the fiD8nci41 sthtements for tbe y¢ar ended Sth April 2022 l. Accoullting Polici Basls of preparation The financial stst¢ll)¢nls have bee preparnl in cOrd with th¢ Cllariti SORP (FRS 102) Accounting and Rew)rtittg by Cljaritics: Statement of Rccomrnendd Pt2ctice applicable to charities preparing their in accordance with th¢ FiTLancial Rcwrting Standard appjicable ID the UK and Republic of Ireland (FRS 102) (effective l January 2019). the Financial Rcportirtg Standard applicable in th¢ UK and R¢publi¢ of trelond (FRS 102) and the Cbariti¢s Act 2011. The financial ststements have been prepared to give a and faif view and hav¢ departed from the Charities (Accounts and Rem) RegulatiotLS 2008 Only to the exlent required to provide a 'Ie and faiv view. This deparnre has involved following tbe Ch8rities SORP (FRS 102) published in October 2019 nther than the Accounting and R¢porting by Charities: Statement of R0Mmended Practice effective from l ApTiI 2005 which ha5 since IKen withdrawn. Duke of DevorLShir¢'s Charitsble TnLSt meets tb¢ definition of a public Ixnefit entity under FRS 102. Assets and liabiliiie5 are initially recoguised at historical c05t or trantion value unless otherwise $thd in thc rclevdnt accounting policy. The charity Ihas taken the exernption utsder section 7 of FRS 102. perniitted by the Charities SORP. to not pt¢pare a cash flow as the ¢haTiry is consider¢d to b¢ a small entity. The principal aoUnting wlici¢s adopt¢d in th¢ pr¢pHrntion of the fiDcial statements out below.. Going Concern There are no material uncertainties about the charity's ability to continue as a going concern. The financial statements have been prepared on a going coucern basis. The Tntee$ have reviewed the cash flow forecasts for a period of 14 months from the date of approval of these financial statements which illdicate that the ¢haTity will have sufticient fijndg lo meet its liabilities as they fail due for that peri. Incoming resoureej The charity's source of incomc is invc5tmcnt income from its rKirtfolio held at Smith & Williamson and from Sarnsin & ParttLers LLP. It is the policy of the Trustees to donate or attribute substantially all of the income at the thd of each accounting year. bowever the tnLSte&s are not obliwdted to do so and the trusttts have considettd that should there be a dre in InVttneI in¢ome then the donations made will reduce accordingly. In¢o7lle frorn UK equity investments is accounied for when it falls thJL IDcome from fixed inleresi securities and foreign investtnents is accounted for when it is received. All expenditure is accounted for on an accruals basis. Grants payable are payments made lo third parti¢s in fill1herw of the cbatitable object of the trust. In the cose of an unconditional grant offer this is accrned once the recipient has i] notified of the grat award. The notification giv&8 the recipient a re&sonable expectation that they will receive the ant. Grant awards that are subJt lo the r¢cipieni fvlfilling fonTranCe conditions are only 13
DUKE OF DEVONSHIRE'S CHARrrABLE TRUST Iyoteg to the fUncIlI statements for the year ended 5th April 2022 (continued) I. kncouDting Poli¢iu (continued) Resources pellded (continDed) accnjed when the recipient has been notified of thc grnnt and any remaining tmfulfilled condition attaching to th¢ grnnt is outside the control of the trL ExpenditUTe on rdtsing funds includes all eXpditUre inallTed by the Charity to raise for its charfttable purposes at consists of invastment rnanagement costs and rertain legal fees. Governance costs include those incurred in the governance of the clwity and its ass¢ts and prinwily associated with constitutional and statutiKy requiretnents. Ail expenditure is inchtsive of iTrecoV1t VAT. Tayailon The cIlty is consid¢red to pass th¢ tuts s¢t out in Pardgrdph I Schedule 6 of the Fitwice Act 2010 and tberefore it meets the definition of a ¢harit8ble company for UK corwrntion tsx purposes. Accordingly. the Charity is potentially exempt from taxation in resp¢¢t of income or capital gains re¢¢ived within ¢ategori¢s Vered by Chapter 3 Part I l of the Corporation Act 2010 or Seciion 256 of the Taxation of Chargeable Gain5 Act 1991 to the ex1 that such income or gains are applied exchL8ively to Chil&ble putFM)5es. Investments FIX assd investments arc a forni of financial irGtrument and are initially rewgnised at their transaction cost and subsequently measured at foir value at the Balance Sheei dat¢. Utd&ss the value cannot b¢ m¢a$ured reliably in which C& it is measured at c(tst less impBirment. All gains and losses are taken to the Statcrncnt of Financial Activitiu as they arise. Realised gains and losses on investments are calculated a5 tILe differen¢e between sales proceeAJs and opening cost. Unrealised gains and losses are calcuiaied as the difference betwccn the fair value at the year eThd and their canying value. Jnveslment WaiDS alld losse& whether realised or unrea]14 are combin¢d and presented as 'GaIn(LOSses} on investments. in the Ststement of Fijwicial Adiviti&4. Fund a¢¢ountillg UnrestTiCted funds are funds wbich are available for w ai the discretion of the Trustees in furtheran¢¢ of the gffaI obi¢ctiv¢s of tbe Charity and which have not been designated for other Fill8neiai instrnmellts The Clwity only has finamcial assets and fin1 liabilities of a kind that qualify as b&sic fllwiciai instruments. Basic financial instruments are ioitially recognised at Iransaction value and subsequently m¢2sured at their settlement value with the exceprion of bank loans which are subsequently measured at amortised cost w8in8 the effective interest rneth. 14
Dt]KE OF DEVONSHIRE'S CHARrrABLE TRUST Notes to the financial Staternets for the year ended 5th Aprfil 2022 (continued) l. Aeeountlng Polkles (¢ontlnued) 2022 2021 I Investment income UK Interest on Stocks- quoted UK Dividends- quoled Income from Savings Abroad- qULed t£J&s on Exchangc Bank In(eresi 8.187 78,394 26.452 (9) 6,692 118,824 13,333 174.238 78,517 (16.938) 275 249.425 2022 2021 3. Exptndlture on eh#trStblt ittlvllles Granis paid to instithti(ms Governance costs.. Audit fee Other charges 264.087 352.114 5,448 332 357.894 312 267,399 2022 2021 4. Expenditure on raising funds Investment management feel 11,939 11,939 50,660 50,660 15
DUKE OF DEVONSHIRE'S CHARITABLE TRUST Notes to the fi0anci ststements for the year ended 5th April 2022 (continued) 2022 2021 5. Analy$iJ of grTrts pid tt) institulioDS Ac&lemy at StJamc% Athlinghom Youth C(xJn¢il Age UK AlfraoD Park speci sthl Aistonfield Village Hail Committee Aizheim¢rs Res¢arch UK Alzheimers SLxiety Amiy Benevolent FUEMI Ashb)urne ComrnunTtyCIC Ashgate Hospice BEAM Blackwaier Community S¢knl Blind iTr Bustness Bl)the H¢Juse Hospice Care Bonsail Village H[ Bowling Park Primary BT&ff(d Breadsail Hilltop Primary British Red BuTts¢oiI BhthN8N)mh BUX1( Civic Alati0Th Care fLYCarers Carers UK Castle Howard Ar1EtUrn Chance io Shine Chatsworth House TnLSt Chesterfield F(KNJ B8nk CHICKS Church in the Park. Jigsaw Bonk Church&% Together tikley. Iikley For B& Communication Unlimiied Community Safety Education Cornp&<% Community Arts Craven Harrogate CitizensAdvice Bureau Crossroads tkrb)ryhir¢ Dales and Bowland Dar]ey Dale Churchrown vfA D¥Jl¢y Dale Cri¢ka Club 3,0 520 3,Otx) 820 1710 4,5(X) 1797 2.5(K) ioc 1,852 2,5 520 2.5(X) 10,4 15 15(K) lo) 300 i.otK) D Mwum Endowment Fwxl T H Children's Camp Dubyshire Carers Ass(Kiation Derbyshire Coumty Council Pilsley ColE Schojl Derbyshire Dales Distri¢t c11 Derbyshire Stroke & Neuro Tknpyce Devonshire Collective CIC Devonshire Edw*lOn Tru 20,0(MJ S,0(N) 15(K) 5.¢X)O 3.205 5,(MJO 3,113 lo.) 129,892 43,745 16
DUKE OF DEVONSHTRE'S CHARITABLE TRUST Notes to the fJllan¢Aal statements for th¢ yw ended 5th April 2022 {contlnued) 2021 5. An#tyyii ofErants to iMtit•lions (tollthiutd) 43.745 10,( 129,892 Eastix)urn¢ S(Ki¢ty Enthuse Fine Cell Tntst Flor¢n¢¢ NitIngd¢ Foundation Foundation Derb)tshire Framework Knitter5 Mus¢um Freed(xn Community Proj¢¢t Freedom Leisure Friend5 of BrlLshfld Park Friends of Great Hucklow SclKJoI GT&S5ington Festiv Gr&s5in8lon Hub Grindleford & Eyam Playgroup Harley Jae Tn Harrogate DistriLt H05Ptic¢ Care Headways North Lkrbyshire High Peak Food Bank Hi8hfield5 Sch(MTrl Highgreave Infant School Hom¢5 forthe Homeless HO fcrJustLce Hospitaiity A Ibbotson Institt]tr Hebden Itkley Community Ent¢rpris¢5 Ltd thdq)endeni DOMeIC Abse Servitts Jevington Village Just Go1 Fri¢nds Club Keighley Healthy Ltving Kids Out UK Level Centre Ltd Life Cycle UK Lifelitcs LiosThor MochudAN*ionai sch(1 Live Music Now Living Painiings Martin Hau5e Children's Hospir Mary Hare FouNlation Mastin M(orGarden Mentell Peak Merlin Top Primary Middleton Villag¢ Ho11 Mind Morton Village Hall New Bolsolv¢r Prinjary North Fast Derby5hiTE Citizens Advice Bure4u NSPCC 10, s,Ix)o 20,000 2,500 5250 757 1194 1.320 I,)0 3.0(Kl 1500 1,457 5,(K)D 520 I,(0 S.[10 i(N)o i(x>o 3,IX>O 1,080 500 3,500 324 4,000 1,000 1,5 3.000 1,8(x) 5,000 3,000 (5.(KKJ) 1,000 3,000 1.500 89,202 216,697 17
DUKE OF DEVONSHIRE'S CHAIUTABLE TRUST Notes to the financial statemeDts for the year ended 5th Ap 2022 (contlDued) 2022 21121 Analysis of graAts paid to imsttthtions (eontinfAed) 89202 216.697 932 6,9)0 2,(N)O 5,(K)O 2,620 l(M)O 17.428 Oasis HousingA$sIatioll Ox¢roft Rrecreation Ground & WelfarE Institute Paces Sheffield Palt¢rton Weflare Pathway5 of Ch¢st¢rfield Peak District Ngttonal Park FoU]#tiOn Perkins StInd Plastic Frcc Princes TrIt R¢ Engag¢ R¢l*¢ Che4erfi¢ld & North tkrbyshire Re[nl Riding for Smile5 RNCB APP BPA Rude Mechanic Saf¢ and SouThJ Salnaritans of Derby & Distri School Home Supt Scotholrne Primary Sch(x)I Shine shirebr(k Ac8demy Shottlegate & District Wl Skipton Baptist Churth Sle¢tmTh)r United Football Club Songbird Surviv Spire Junior Sch¢x)I Spir¢ Nur5¢ry & Infant S¢hwl St Ann¢'s Schwl Baslow PTA St Barnab&s Hospices (SLL&sex) Ltd St Cathage'5 St John's Arnbulanc¢ St Malys Church CE St Pet&s CofE St Peterfs Churdj Roptry St Thorn&%'s Church PCC St Wilfred's Hospice Stonns Dan MeAllist¢r Found10 Styl¢ for Soldi¢TS Survive The Awkwright kniety The Big Is5 North The Elm Foundation The Friends of Youlgreave School The Matthew 25 MIS The People Matter Trust The Poppy Fxtory clf 17,420 I.OLK) 13.595 5,(MJO 3,(lJO 2,(KJO 2.400 5(Xl 2,500 3,(M)O 2J(M) 3,0 5(K) I,(K)o 10,tM)) 3.(KlO I0 1378 530 194 25(N) (1S(K)) 3.0 620 9.815 4,(M)O 2.(M)O 2.tNIO 5J(KJ 2,620 182.587 315.864 18
DUKE OF DEVONSHIRE'S CHARITABLE TRUST Notes to the financial statements for the year ended 5th April 2022 (Continued) 2022 2021 5. AnAtysi$ of 1 to insiithtioD$ (eontinued) 181)87 315.864 iotm) S,0(M) 4.0( Th¢ prilp1¢ Tnjst The Whitwotth Centre Thom&% TheyeT Fourthion Townend Community Town¢rArt Gallery Tre¢iops Hospitt TriDiry Aca(kTny Sow Brid8e Trinity Church B[On Turquoise Mountain Ukrwne Appeal Umbrella Duby & Dabyshirc Underwired Theatre Unicef Upbeat Communiiies Volunteu Network Walton Holymoorside Prim Sckn(M)I water[ Uncovered UK Search & Rescue Wi8Jq Primary Sch1 William Rthodes Primary & Nwsery School Wirksworth Heritage WORK WORTH YMCA Derb)ryhire Yorkshire Air Ambulance YoTkshiTe Dales Millenium Young Wornen'5 Tn]st Zink Projert CIO 16.IWO 15( 2,5¢ 10,(K 1,51XI 5.(KJO 10,rx)o 5.LNJO i.iyjo 500 3,0(KJ 2,5(KJ 1,250 10.(xK) 2,000 352,114 264,087 All were nde in furtheraJLce of the ChaTity'S obje¢tives. 6. Net lne0n{exp¢d1trt) for the yeAr This is stst¢d after Charging: 2022 21121 Audit fees 3.000 7. AnalyJi Of trustee remuner**ioA expen the cost of key manageDDt per50Dnel No afr were employed by the trust during the year. Therefore no employees bad employce befitS in excess of £60,000 (2020r21'. tiil). The charity trustees were not paid or rtteiyed any (rther benefits from employmtttt wtih the Tn& in the year (2020121.. £nil) neither were they reimbursed expenses durin8 the year 12020121.. £nil). No charily ¢ruster received payment for profw&i)nal or S¢rrittS $4wilie41 to the charity (2020121.. £nil). The key mana8ement Pernnel of the charity comprise the tnLStees as listd on page 3. £nil1202012I: £nil) eowloyee b¢n¢fits lin¢luding employer pension ¢ontribu¢ions) were r¢¥eived by k¢y management personncl for their sttviees to the trust. 19
T)UKE OF DEVONSHtRE'S CHARITABLE TRUST Iyotes to the fanci statements for the year ended 5th Aprll 2022 (continued) 8. Investments The investm¢nt¥ which we ail list¢d on T¢W8ni&d StL. exchanges and srated at mErt¢tval L¥Jmpri5ed:. 2022 2021 182,157 3,039,17i 5,299,145 Ewili Alrn&ive inv¢sthJo Fixed Inm¢ (h¢TSW 0¢k$:. USA Euro F8r East Restofth World 10.902,104 3J17,123 1.887,037 3,028,083 912.573 1,023.502 257.071 1.075.539 Liquid 521,776 16.628.040 727.124 16,144,369 16.684,997 8,881,176 The opetjing ixKth value of invthnents recoJKiie to the cl11[val of inv¢styn¢nt$. 2022 2021 Market value 6th Atil 2021 Purch&%es DisFK)5a] procee(& Nd on itLVCStmei 16.144.369 IA935.127 (16237.252) 508,326 17L? i30) 16,628,040 11886,178 1470,384 11443,460) 3,29)2(r) (58,941) 16.144,369 Market Val ith Awil 2022 9. Credilors 2022 2021 Amow)ts f]ing due within on¢year.- Accruals 13.6 21,433 O. Related pthies The Charity has a r¢latioTrsbip the Chatsw(th Sdt]ement of 1¢h the Duke of Devonshire and the Earl of Burlington are beneficiaries. In the year ac¢ointing wvices were provided by the Sduement for which no fee chargul {2020121 £nil). The charity has a relatiotiship with Chatsworth House Tr (Re8iStered CTharity NuTnbrr 511149) of whi¢h the Duk¢ of Devonshire is a Tntr. No donation was lljade during the year to Chatsworth House Ttwt (2020121 £10.41KJ). The clwiry a relationship the Devonthire Edu(Xt1(al Trust of whi¢h th¢ Earl of BurlingtC¥L IS a tnLStee. No donation vas made the year ¢0 [kvOlre EduL*tional Trjst (2020121 £lO.Im). 20
DUKE OF DEVONSHIRE'S CHARITABLE TRUST Note5 to tbe financial statements for the year ended 5th April 2022 (eoDlinued) 10. Related parties (eoDdnued) Administration servtces are provided by the tJke of D£VShITe.S priv office staff for ivhich fee is charged. Tru&lce oliv Stephenson is Chairn)an of Foundation Derbythire an ind¢p¢nd¢nt charity. no donation was rnade in the year {2020121: £20.(KK)). 11. An8tysii of eharltsbk fuAds Analysis of movements in w)resthcted fimds Ba]Anee 6 April Incoming 2021 GAins t)n InvtstmeDis Funds SApril 2022 expended Unrestricted fimds Total 16J21.762 118,824 (279338) 508,326 16,669,574 16J21762 279 26 16 669574 tkning the year the JMvements iti unteslriL#oJ fU]S rElate to the Ixrntinuing activities of the ¢harity. 12. AD8lyii of Det *Sg¢ts between fvodi Uttrestrftted Dds Tota] Fixed assds Cash at bank and in hand Other tt liabilitics Total 16.628,040 55,143 13.609 16 (09 574 16,628,040 55.143 13.609) 74 21