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............. .. .
Trt￿te¢S. report for the year ended 5th April 2022................................................................. .
Independent audiloTS' TCFK)rt to thc T￿￿C¢S..........................................................................
Siatetnent of financial activities for the year ended 5th April 2022................... .. .. .
Balawe sheet as al 5th AFril 2022................................................................... . ..
.12
No￿S to the financial statements f(K the year ended 5th April 2022...................................... .... . 13-21
.11

DUKE OF DEVONSHIRE'S CHAR￿ABLE 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
sa￿1n & Partnu5 LLP
Juxon Ho￿Se
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 Tn￿ee8 have pleasure in presenling theiT reEM)rt together with the financial Statern￿ts 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 ex￿￿8. 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 Tn￿teeS who have Served during the year and since tlk¢ year end are set out above. The Tr￿Stee5
ay ap￿)Int a person who is willing to act to be a tnLStee either to fill a vacancy or as an additional
tn￿te¢ ai any tim¢.
The T￿￿teeS meet Ftheen two and four times each year to r¢view perfonnw and approve
donations.
Risk m*nagement
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 I￿5V5 exwsu
thereto.
Objectives and activities
The charity i8 a8tablished &$ a grant rnaknng trust. The Tn￿tee5 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 otl*rwise restricl¢d either
geogrdpbically or by the 1￿C 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¢, y￿shir¢ or Eastbme.
The strategy employed ¢0 achleve the tharlty's objettives
The TnLStees envisage S￿nding 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 S￿￿tainable 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 Tr￿ste￿ intend to keep the distribution N)licy under review.
Achievements and PerfOrn￿llet
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 th￿tOry 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 fUtt￿e years or may
ke occasional or regular grants out of Capitsl. No uwterial reserves, beyond the inv¢slm¢nt
portfolio, are retained. Th¢ T￿￿tC¢S only Tnaintain cash reserves sufficient to bc able to r¢spond
expcditiously to unexpected and urgent ap￿￿S for grdnt &ssistance.
Pl*lls for the future
The Tr￿SteeS 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 Tn￿tee5 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 tr￿Slee5 intention lo spend
at levels sirnt]ar to ryevious years, growing in line with Infi￿lOll 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 Perform*nee (¢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 se￿nITe9 held in its
inveslment portfo]io. tn order to manage that risK the Trusttts have ap￿Ill1¢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 G￿up management and inCl￿deS Trustees of vaTiOUS trusts
including Oliver Strphenson of The Duke of Devonshire's Charitable Tr￿SL
Public Benefit
In planning their activities for the year tbe Tnlstees confirm that they bave Cot￿ldered 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 Re￿rt and financiat
siat¢ments for each f￿anCial 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 prep￿ing these financial statement4 gener￿lY accepted accouuling p￿11¢¢ entails that the
tr￿tee$..
se1￿1 suitable accounting w)licies and then apply them c￿siStentI￿*
make judgements and estinMt&8 that r re￿nable and prudent"
stth whether the reComMe￿Iatio￿$ of the Statement of R￿￿mended 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 Mat￿la1
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 CHAR￿ABLE TRUST
Trnstees, Report for the year ended 5th Apiil 2022 (continned)
Statement of Trwteu. ruponsibilities in resP￿t 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 resE￿ibilIty for taking such steps as u¢ r￿sonablY open to them
to safeguard the &8sets of the charity and to preveni and detect fraud and other ]￿egul￿1tie8.
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
J￿iSdiction&
The IV DL&e of DeVO￿$bIr¢
(Tn￿eC)
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 re￿Iting p￿10￿8 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 reqUIrem￿t5 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 Tr￿tees, 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
ststen￿1tS are authoris¢d for issue.
Our resporL8ibib'ties and the respo￿81bI1itses of the Tn￿e￿ 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 d￿5 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 otI￿nVIse appeats to be materlally misstated. If we identify such material
]nW￿lstencieS 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 re￿rt in this regard.
Matters on wbieb we are requlred to re￿rt 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 Inforn￿tiOn givul in the Tr￿SteeS Repcfft is inco￿8]Stent in any Mat￿la1 respcct with thc
financial Statements: or
suffici¢nt accounting records have not been kepL L
the fuwicial stateTnents are not ill asreell￿l 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 sta￿ents 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 Operatio￿8. orbave no reAiistic alternative but to do so.
Allditors. res￿n51b￿l£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 eff￿t th¢ra]nder.
Our objectives are to obtain T￿llabl¢ 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 hi￿1 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 eC￿OrnI¢
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(￿d￿reS 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]r￿loTS 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 sUs￿ptsbIlity 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 WI￿re 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 Un￿￿1 tratLsathiO￿$.
&8sessed whether judgements and &•oTrs tnade in detern￿g the accounting estimates
w¢r¢ indi¢ative of por¢utial bi4 and
inv¢stigat¢d tlle rntionai¢ b¢hind signifiwt or un￿SUal tra￿sactIons.
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¢l￿S and other t)hanagement and the
inspection of regulatory and legal cO￿dence, 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.uklaudit0￿rc8p0￿lbI1lties. 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 ll￿tter5 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 tr￿ee4 &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 aUdI￿r 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¢$trleted
Funds
Note
2022
2021
lll¢ome from:
In￿tM¢llts
118.824
249,425
To¢al
118,824
249.425
E4>endltll￿ on:
ChaTitable activities
Raising fimds
267.399
11,939
357.894
50.660
Totsl
279.338
Ne¢ (expenditure) #lld D
movement in fvnd8 before gatns
and losses oll knve$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 CHAR￿ABLE 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 (Tn￿te¢)
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 'I￿e 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 R￿0Mmended
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 tran￿tion value unless otherwise
$th￿d in thc rclevdnt accounting policy.
The charity Ihas taken the exernption utsder section 7 of FRS 102. perniitted by the Charities SORP.
to not pt¢pare a cash flow as the ¢haTiry is consider¢d to b¢ a small entity.
The principal a￿oUnting wlici¢s adopt¢d in th¢ pr¢pHrntion of the fiD￿cial statements out
below..
Going Concern
There are no material uncertainties about the charity's ability to continue as a going concern. The
financial statements have been prepared on a going coucern basis.
The Tn￿tee$ 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 d￿re￿ in InV￿ttne￿I 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
gra￿t award. The notification giv&8 the recipient a re&sonable expectation that they will receive the
ant. Grant awards that are subJ￿t lo the r¢cipieni fvlfilling ￿fonTranCe conditions are only
13

DUKE OF DEVONSHIRE'S CHARrrABLE TRUST
Iyoteg to the fU￿ncIlI 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 eXp￿ditUre 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 iTrecoV￿1t VAT.
Tayailon
The cI￿lty 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 ex￿1 that such income or gains are
applied exchL8ively to Ch￿il&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]1￿4 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 g￿ffaI obi¢ctiv¢s of tbe Charity and which have not been designated for other
Fill8neiai instrnmellts
The Clwity only has finamcial assets and fin￿1￿ 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 Staterne￿ts 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- qUL*ed
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#trSt*blt 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 gr*Trts pid tt) institulioDS
Ac&lemy at StJamc%
Athlinghom Youth C(xJn¢il
Age UK
AlfraoD Park speci￿ sth￿l
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 A￿lati0Th
Care fLYCarers
Carers UK
Castle Howard Ar1￿￿EtUrn
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 c￿11
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¢¢ Ni￿tIngd￿¢ Foundation
Foundation Derb)tshire
Framework Knitter5 Mus¢um
Freed(xn Community Proj¢¢t
Freedom Leisure
Friend5 of BrlLshf￿ld 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 DOMe￿IC Ab￿se Servitts
Jevington Village
Just Go￿1 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$s￿Iatioll
Ox¢roft Rrecreation Ground & WelfarE Institute
Paces Sheffield
Palt¢rton Weflare
Pathway5 of Ch¢st¢rfield
Peak District Ngttonal Park FoU￿]#tiOn
Perkins StI￿nd
Plastic Frcc
Princes TrI￿t
R¢ Engag¢
R¢l*¢ Che4erfi¢ld & North tkrbyshire
Re[n￿l
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 Found￿10
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
I￿0
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¢ pri￿lp1¢ 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 Sch￿1
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 n￿de in furtheraJLce of the ChaTity'S obje¢tives.
6. Net lne0n￿{exp¢￿d1t￿rt) 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 manageD￿Dt per50Dnel
No ￿afr were employed by the trust during the year. Therefore no employees bad employce be￿fitS 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 Per￿nnel 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 f￿anci￿ statements for the year ended 5th Aprll 2022 (continued)
8. Investments
The investm¢nt¥ which we ail list¢d on T¢W8ni&d St￿L. exchanges and srated at mErt¢tval
L¥Jmpri5ed:.
2022
2021
182,157
3,039,17i
5,299,145
Ewili
Al*rn&ive inv¢sthJo
Fixed In￿m¢
(h¢TSW ￿0¢k$:.
USA
Euro
F8r East
Restofth World
10.902,104
3J17,123
1.887,037
3,028,083
912.573
1,023.502
257.071
1.075.539
Liquid
521,776
16.628.040
727.124
16,144,369
16.684,997
8,881,176
The opetjing ixKth value of invthnents recoJKiie to the cl1￿1[￿val￿ of inv¢styn¢nt$.
2022
2021
Market value 6th At*il 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 [kvO￿lre 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 t*Jke of D£V￿ShITe.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 t￿t liabilitics
Total
16.628,040
55,143
13.609
16 (09 574
16,628,040
55.143
13.609)
74
21