Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 Charity number. 213519 DUKE OF DEVONSHIRE'S CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEV014SHIRE'S CHARITABLE TRUST CONTENTS Page Ref•Mnc• and Admini•tratlv• Dotall• of th• crIty, bts Tru•t••• and Advls•rs Trust••8' R•port Ind•p•nd•nt Audltorn. R•port on tho Flnancl•l Stat•ments stst•m•nt of Flnanclal Actlvlil•• 10 Balance Sh••t Nots• to th• Flnancial St•t•m•nts 12- 19
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'8 CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED S APRIL 2024 Trusts•* The 12th Duke of Devonshire The Duchess of Devonshire Eart of Burlington IChairman} Ollver Stephenson Charlty roglstsr•d numb•r 213519 RoglJter•d offlc• Estate Office Edensor Bakewell Dèrbyshire DE45 1 PJ Ind•Fnd•n¢ •udltors Shortg StalLrtory Auditor hartered AOUnnIS 2 Ashgale Road Chesterfield Derbyshire S40 4AA 8•nk•r• C Hoare & Co. 37 Fl•et se¢ London EC4P 40Q Sollcitorn Currey & Co LLP 30 Queen Anne Street London W1G9HY Inve•lm•nt Managers Sarasln & Partners LLP Juxon House 100 Sl. Paul's Churchyard London EC4M 6BU Page 1
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF OEVONSHIRE'S CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report logelher the audited financlal 5ts1ements of the Duke of Devonshire's Charitable Trusl for the year ended 5 April 2024. The informatlon wrth respect to the Trustees and advisors set out on page 1 forms part of this report. Tho Tru•tses The Trustees served during the year and up to the date of signing the financlal statements, who were not remunerated and received no expenses, were as follows.. The 12th Duke ol Devonshlre The Duche65 of Devonshire Earl of Bur4inglon Oliver Stephenson On 9th January 2024, the Duke of Devonshire stood down as chairman ol Ihe tru8tee8 and Earl of 8urtington was appolnled 10 Succeed hbm. Structum, Gov•m•nc• and M•n¥g•m•nt The charity was established by Deed of Trust dated 11th May 1949 and 18 registered wth the Charity Commission No. 213519. The charity's address 15 Chalsworth House, Chat6WOrth, Bakewtll, DE45 1PP. The Trustees who have served during the year and since the year end are set out on page 1. The Trustee5 may appoint a perstsn who is wlling lo act lo be a Iru$lee either lo fill a vacancy or as an addillonal Iruslee at any me. The Trustees meet been Iwo and four Ilme8 each year to review performonce and approve donallons. Rlsk Manag•mont The malor risks lo which the charity iy expo8ed are nomal market ri8k on ils Investment portfollo and the fraud or negligence ol the Trustees or their bankers. agen15 or nominees. The Trustees, having assessed these rijks, are Satisfied that 5y51ems are in place lo millgate the Irusl's exposure Iherelo. Obl•ctlves and A¢tlvltl•• The charity is established as a grant making trust. The Trustee5 norrnally only make grants or loans to other registered charrties or OtheSe exempt organisations., they have never consldered applicallons by individual8 for personal assistance whatever the charitable purpose. The scope of Iheii giving is determined only by the extent of their resources,. it is not otherwise reslricled either geographically or by the type of activity carried on by prospective beneficiaries or applicants. The Trustees have a preference for 5upports.ng organisalions which are local to the Devonshire Group'5 e51ales in Derbyshire, Yorkshire or E85tboume in England and Lisrnore in Ireland. The Strat•gy Employed to Achleve the Charlty'$ ObJ•ctlYe• The Trustee$ spend approximately 2% of the charity's capital in any one year on rt5 donation5 and running cos15. The Trustees feel that this level of spending is sustainable over the long term in conjunction ¥Mth the charity's investment policy. The Tnjstees are not obligated to spend al this level and may carry forward funds for future grants or may rnake grants out of capital. The Tru51ees intend lo keep the distribution policy under fftview. P8ge 2
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF OEVONSHIRE'S CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2024 Iconllnu•dl Achl•v•m8nts and rromianG• The Trustees are Balisfied that the charity ha8 rnel 11$ objecllves during the year. The Trustees are also Sab'sfied that the accounts comply wlh the current statutory fequlrements and wth the requirements of the charitS 90verning document (the Trust Deed). Fin•n¢lal R•Yl•w nd rf0m1nCfr During tho yagr the trust recelved Income from investments of £225,528 compared 19 £141.777 in the prior year. The trust made donations lotalling £258.253 12023., £332,914) lo a number of different reclpienls involved in wide vadety of ¢harllBble aclivilie9 and varying in size from £104 to £50,000. The most slgnihcant donation wa$ made lo the University of Derby tolalling £50,OOD. A Ilsl of giants paid during the year of £10.000 and greater Can be found in note 5 of these financial slalements. RfrBoTh•s Pollcy It is the policy of the Twslees to donate a percentage of the Irusl's capital e8ch y88r, however the trustees arg not obligated to do so and may carry forward any excess income lo future years or may make occasional or regulgr grant$ out ol capital. No material reserves. beyond the investment portfolio, are retained. The Tru51ees only maintain cash re$erve8 Sufficient lo be able lo re8pond expeditiously to unexpected and urgent appeals for grant assistance. InvMtm•nt Poll¢y and Perfomiance The charity's investsnents are managed by Sara5in Partners LLP who were appointed in 2021. The tru81ees have inslru¢ted the inve51menl managers to run the portfolio on a lolal return basis vlthoul any particular Income target. It is however the trustees inlentlon to spend al similar levels lo previous years, growing in line wllh inflation and wilh Ihe aim of preserving the real value Of Capital. The trustees have sel a tsrgel lolal return of CPl+3% over the long term as a mandate for the investment manager. The invesknenl manager has developed a porllolio lo deliver thls a mixture of asset classeg and a tsr9et of 70% exposure to equities. The portfolio benchmark is a composite Index that reflec15 thi5 largel allocation and currenljy comprises.. MSCI World168VA},' SONIA+2%117%1,' ICE BofA Slg Corp Bond index14%1, ICE BofA UK all Gills index110%I,' SONIA11QAI. The investment markets saw significant negatlve return8 in 2022 In both the equity and bond m8rkets as inflation fears took hold across the developed worfd. In 2023 a signifcant bounce back in markets was seen and in particular with the enthusiasm fot Al which helped drive a subsl3nts.al rally in the largest US based le¢hnology stocks. InveBtment Pollcy and Performance lcontlnu> The total return generated by the portfolio was 10.3% {202213.' -6.4%) compared vAlh benehmark total retums of 15,3%12022123.' -2.1 %). This compares rith peer group using the ARC Steady Gro%th index which has returned 9.2%12023. 4.5%). At 5 April 2023. the market value of Ihe portfolio was £15,309,495. During the year, addition5 were made of £2,624,439 and disposals of £3,296,665 (including realised galns I Ios5es). There wa5 an unrealised revaluation gain during the year of £1,880,055 and the market value of the porfolio 315 April 2024 wa5 £16,517,324. Page 3
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'S CHARITA8LE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 The charty is exposed to price risk, liquidity risk and Credit risk in the securities held in ils inve8lmenl portfolio. In order lo manage that risk, the Trustees have appointed qualified investment managers lo manage the inveslrnent portfolio. In additron an investment committee has been formed lo prowde a more lomial oversight ol the investment manager. The Investment committee Is made up of repregentalive$ from Devonshire Group man8gemenl and includes Trustee5 of various tru5t5 Including Oliver Stèphenson of The Ouke of Devonshire's Charitable TrusL Plans for the Futurn The Trustees are sth'sfied that the charity8 3s8etS are avallable and adequate lo fulfil ils obligations for the future. They expect ils investment portfolio lo grow in line investment policy and for ils charhable don8llons to grow accordingly. Publlc Bonoflt In planning their activities for the year the Trustees confirm that they have congidered the Charity Cornmlssion, guidance on publlc benefll and belleve that all ol thebr actltreS fulfll the requirement to prowde publ1¢ benefit. ststemont of TruJts••' ro•pon•lbllltl Th¢ Tru$teo$ are T?$ponsible for preparing the Twslees, Report and the financial slalements In accordance wlth appllcable law and United Kingdom Accounting Standards (United Klngdom Gener811y Accepted Accounting Practicel. The law applicable to charitie5 in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the slate of affairs ol the Charity an(J of ils incoming resource8 and application of resources, including ils income and expendllure. for that period. In preparing these financial 3tslemenl8. the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly.. observe the method5 and principle5 of the Charitie5 SORP IFRS 1021., make ludgemenls and accounting eslimales that are reasonable and prudenl., state whether applicable UK Accounting Standards IFRS 1021 have been followed, Sublect to any materfal departures disclosed and explained in the financial stslemenl5', prepare the financial slalemenls on the going concern basi¥ unles911 is inappropriate lo presume Ihal the Charity wll Gontinue in business. The Trustees are responsible for keeping adequate accounbng records that are sufficient to show and explain Ihe Charity's transactions and disclose wilh reasonable a¢¢ura¢y al any lime the financial position of the Charity and enable them lo ensuie that the financial 51alemenls comply with the Charities Act 2011, the Charity (Accounts and Reportsl Regulatsons 2008 and the provisions of the Tnjst deed. They are also responsbble for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularili?$. Disc105ure of inforniation to auditor5 Each of the person$ vh)0 are Trustees al the b'me when this Trustees, Report is approved ha5 confirmed that.. so far as that Trustee is aware, there is no relevant audit infomiation of which the charity'5 auditors are unaware. and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infotm8tion and to establish that tre charity's audrtors are aware of that information. Page 4
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 OUKE OF DEVONSHIRE'S CHARITABLE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Audttorn The auditors, Shorts. have indicated their wllingnes5 to continue in offiee. The designated Trustees VAII propose * motion re•ppoints"ng the auditors al a meeting of the Trustees. ApprOd by order olthe members of the board of Tru8tees on 13 January 2025 and slgned on thelr behalf by-. The 12th Duk• ol D•von•hlr• ITru8te8l Page 5
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'S CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF DUKE OF DEVONSHIRE'S CHARITABLE TRUST Oplnlon We have audited the fi'nAncial Statemènts of Duke Cthf Devtsnshire's Charitable Trust Ilhe 'charity'l for the year ended S Ap¥il 2024 thich comprise the Statement ol Fin8ncial Activitses, the Balance Sheet. the Slalernent of Cash Flows and the relaled notes. including a summary of significant accounting policles. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom A¢countin9 standards, including Financial Reporting Standard 102 'The Financbal Reporting Standard applicable in the UK and Republlc of Ireland, (United Klngdom Generally Accepted Accounting Prath'cel. The financial slalemenls have been prepared in accordance with Aceounling and Reporting by Charities preparlng their accounts in accordance wth the Financial Reporting Standards appllcable in the UK and Republbc of Ireland IFRS 1021 in preference to the Accountsng and Reportlng by Charities." Slalemenl of Recommended Practice issued on 1 Aprll 2005 whl¢h 5$ relerred to Sn the extant regulations bul has been wthdrawn. Thls has been done in order f¢y the accounts lo provide a true and falr vlew In accordance wlh the Generally A¢¢epled Accounting Practlce effectlve for reporung periodB beginning on of after 1 January 2015. In our oplnion the financial stalementS'. give a true antj fair view ol the stale of the charity's affairyd a8 815 April 2024 and of its Incomlng resources and application of resources for the year then ended., have been properfy prepared in accordance with Unlted Kingdom G•nerally Acceptod Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Ba•ls for oplnlon We conducted our audll in accordance vAth Intematlonal Standards on Auditing IUKI IISAS IUKII and appllcable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audlt of the financial 51atem8nls section ol our report. We are independent of the charity in accordance wlh the ethical requiremen13 that are relevant lo our audit of the financial statemen15 in the Unrted Kingdom, inrjuding the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical re$ponsibilillès in accordance with these requirements. We believe that the audit evidence we have obtained 1$ sufficient and approprfate to provide a basis for our opinion. Conclusion5 relating to going concgrn In auditing the financial $lalernenl$, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, wé have not idenlthed any material uncertainties relats'ng lo events or conditions that, IndiduallY or colleclivety, may cast significant doubt on the charity'5 ability lo ¢onlinue a5 3 going concern for a penod of at least tsvelve months from vthen the financial statements are authori$ed for i$$ue. Our responsibilities and the re8ponsibllitles of the Trustees wlh respect lo going concern are described in the relevant $8clions of this report. Page 6
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIREE CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF DUKE OF OEVONSHIRE'S CHARITABLE TRUST {CONTINUEOI Other Snform•tl¢n The other information comprises the information included in the Annual Report other than the financial statements and our Audltors, Report thereon. The Trustee5 are responsible for the other informallon contained wlthin the Annual Report. Our opinlon on the flnancial slalemenls does not cover the other information and, except to the extent otherwise expliciuy slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in dolng so. consider ether the other information is materially inconsi¥lent urilh the hnancial statements or our knledge obtsined in the course of the audit, or otherwse appear8 lo be materially misstated. If we Idenltfy such maler5al inconsistencies or apparent material mis5talements. we are required lo determine whether this gives rlse to a material misstslemenl in the financial statements themselves. If, based on the work we have perfomied, we condude that there 18 a material misstslemenl of Ihls other Information, are required to r8POrt that fact. We have nothing to report in Ihls regard. Matt•rn on whlch we ava r•qulr•d to report by excoptSon We have nothing to report in mspect of the followng matters vthere the Charities IA¢counls and R¢portsl Regulation5 2008 requires u¥ to report to you if, in our oplnlon.. the information given in the TrLt$tee8' Report is inconsislenl in any material respect with the financial 6latements', or sufficient accounting records have not been kept.. or the financial slalemenls are not in agreement wlh the accounting records and returns., or we have not received all the Snformatlon and explanations we require for our audit. Rvponsibilitios of trusto•• Ag exp181ned more fully the Trusleeg, Responsibilities Slalemenl, the Trustees are responsible for the preparation of the financial slalemenls vthich give a Iwe and fair view, and for such internal control as the Trustees delemine is neceysary lo enable the preparation of financial ¥tslemenls that are free from material mi9918lement, whether due lo fraud or error. In preparing the financig18talements, the Truslees are responsible for a55e5sing the cha¥ity'¥ ability to continue as a going ¢onc¢rn, disclosing, a$ applicable, matters related to going concem and using the going concern bgsis of accounting unless the Trustees either intend lo liquidate the charity or to cease operation¥, or have no reali51i¢ altemallve bLrt lo do 80. Page 7
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'S CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF DUKE OF DEVONSHIRE'S CHARITABLE TRUST ICONTINUEDI Auditor•' r•spon$lbilities for the •udlt of the flnancial statements We have been appointed as auditor under section 145 of the Charitie8 Act 2011 and report in accordance wth the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about sthethef the financial statements as a whole are free from material mi5Statemenl, whether due lo fraud or errtsr, and to Issue an Auditors, Report that include5 our opinlon. Reasonable asgur8nce is a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS {UKI wll always detect a material misslatemenl when il exists. Misstalemenls can arise from fraud or error and are considered material if, individually ar in Ihe aggregate, they could reasonably be expected lo Inluence the economic decisions of users taken on thfj basis of these financial stalemenl8. Irregularities, including fraud, are instances of non-compllance th laws and regulations. We design procedures In line with our re8ponsibililies, outlined above, lo delecl materlal ml88talemonls In r•8pect of Siregularille$, Including traud. The extent to which our Procedures are capable of d8te¢ling irregularities, including fraud is delalled b•low'. Our approaeh lo identsfying and assessing the risks of material misslalement in respect of irr8gularille¥, including fraud and non-compliance wlh18ws and regulation5, wa8 oj follows.. ihe engagemènt team collectively had the appropriate competence, capabilibos and skils to Idenllfy or recognise non-compliance with applicable laws and iegulalion5', through discug$ions wrth the director5 and other management and trom our commercial knoedge and experience ol the sectors that the charity oparatt8 in, we identified the18ws and regulallon8 applicable lo the charity., and focusing on the specific laws and regulations whlch we considered may have a direct material effect on the ngncial statements or Ihe operallon8 of the charity, we assessed the extent of compli8nce th those laws and regulatsony identified above through making enquirie5 of management and inspeclin9 relevant correspondence. We asses¥ed the $u8ceptibility of the charity'$ financial statements to rnalerial misstatement, including oblalning an understanding of how fraud might occur. by.. maklng enquiries of management as to where they considered there was susceptibility lo fraud. their knowledge vf actual, suspected and alleged Ir8ud," ynd considering Ihe inlemal controls in place to mitiga1& risks of fraud and non-compliance wlh laws and regulations. To address the risk of fraud through management bias and ovèrridtr of ¢onlrols, WÈ." performed analytical procedures lo identlfy any unusual OT unexpected relat'onships., considered journal entries to identify unusual transaclion5'. assessed whether judgements and assumptions made in determining the accounting eslirnates werg indic3live of potential bias,. and investigated the Talionale behind $ignific8nl or unusual transactions. In response lo the rfsk of irregularities and non-compliance wlh laws and regulations, we designed procedures which included, but We not limited to.. agreeing financial statement disc1ts5ures lo underlying supporting documentation., reading the minutes of those charged wth governance., Page 8
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'S CHARITABLE TRUST INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF DUKE OF DEVONSHIRE'S CHARITABLE TRUST ICONTINUEDI enquiring of management as to actual and potential lrtigalion and clairns,. and considering relationships HMRC and other relèvant regulator5 and the charity's legal advi8or$. There are inherent limitations in our audk procedures described above. The more removed that laws and regulations are from financial Iransaclions, the less likely i( 1$ that we would become aware of non-compliance. Auditsng slandaTd5 also limlt the audit procedures required lo identsfy tt¢n-cDmpliance wth laws and regulations to enquiry ol the directors and other management and the inspeth'on of regulatory and legal correspondence, rf any. Materlal mS8Stalements that arise due lo fraud can be harder lo ¢Jelecl than those that arise from error as they may involve deliberate concealment or colluslon. A fijrthèr de8cription of our re8pons5bilits.es for the audit of the flnancial statements is located on the Financial Reporting Councll's website at.. This description forms part of our Auditors, Report. U•• ofour rnport This report is made solely to the charity's tru81ee8, a8 a body, In accordance wlh Part 4 of the Charilles IA¢count8 and Reports) Regulats'ony 2008. OUT audlt work has been undertaken so that we might state to the charity's Iruslees those rnatters we are required lo stsle to them in an Auditors, Report and for no Qlher purpose, To the fullest exienl permitted by law, we do not accept or assume responsibility to anyone other than the charSty and ils trustees, a5 a body, for our audit work, lor this report, or for the oplnlons we have formed. BBCCCCGMT¢749A.. Short• Statutory Audltor Chartered Accountants 2 Ashgate Road Cheslerfjeld Dert7yshire S40 4AA 13 January 2025 Short5 are eligible for appointment as auditor ol the charty by wrtue of ils eligibillty for appolntment as auditor of company under section 1212 of the Companies Act 2006. Page 9
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'S CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrostrfctsd lund 2024 Total funds 2024 Total fvnds 2023 Noto In¢ome from.. Inve$lments 225,628 226,528 141,777 Total Incom• 225.528 225,528 141,777 Expondlturo on: Raising lunds Charttable activltlèg 992 992 11,0161 338.212 264.709 264,709 Total •xp•ndltur• 286.701 265,701 337,196 N•t •xp•ndltura b•for• n•t galn•lllo•••¥l on Invè$tm&nt• Net gainslllosBes1 on invgstm•nls 140,1731 1.289,469 140.1731 1,289.469 1195,4191 {1,163,4311 Net mov•m•nt In fund 1,249.296 1,249.296 11.358,8501 Reconclll•tion of funth: Tc+lal funds brought forward Net movement in lunds 15.310.724 1,249,298 15.310.724 1,249,296 16,669,574 11,35B,8501 Tot*1 funds carrl•d forward 16,560,020 16,660,020 15,310,724 The Statement of Financlal Activitie5 includes all gains and losses recognised in the yegr. The notes on pages 12 10 19 forrn part of these financlal statements. Page 10
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'S CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Nots Flxod asset• Investmen16 Currnnt ass•ts 16,617,324 15,309.495 Cash at bank and in hand 58,012 91,145 S8.012 91,145 Creditors.. amounts faNing due within one year {15,316) 189,9161 Not currnnt a••ets 42,696 1,229 Total n•t •s••ts 18,660,020 16,310,724 Chartty funds Unre8trlcted funds 10 16,660,020 15.310,724 TOL91 fund• 16.5fj0,020 15.310,724 The f(nancial statements were approved and authori8ed for issue by the Trustees on 13 January 2025 and signed n their behalf by.. Th• 12th Duke of Devonshire ITru¥tee) The notes on pages 12 to 19 fom part ol these financlal statements. Page11
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED S APRIL 2024 Ac¢ountlng pollcles 1.1 Basls of preparation of financlol ¥tst•monts The fi'nancial 51alemenls have been prepared in accordance wth the Charitses SORP IFRS 1021 A¢¢ounling and Reporting by Char.es.. Statement of Recommended Practice applicable lo charities preparing their accoun18 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectlve 1 January 20191, the Financial Reports'ng Standard applicable in the UK and Republic of Iieland IFRS 1021 and the Charities Act 2011. The financial slalements have been prepared to give a 'true and fair, wew and have departed trom the Charllleg (Accounts and Reports) Regulations 2008 only lo the exlenl required to provlde g Irue and fairf view. This departure has involved following the Charities SORP IFRS 102) published in October 2019 rather than the Aceounling and Reportlng by charle$.. Statement of Recommended Practice effective from 1 April 2005 %thich has since been wlhdrawn, Duke of Devonshlre'5 Charft8ble Trust meets the definition of a publlc benefft enw under FRS 102. Assets ènd liabilities are initially reco9nised at hlslorical cost or Iransactlon value unles8 otherwise slated in the relevant accounting policy. The charity ha$ taken the exempuon under secuon 7 of FRS 102, permltted by the Charities SORP, lo not prepare a cash flow as thé charity is ¢onsider•d to be a Small enlily. 1.2 Golng con¢•m There are no malerlal uncertainb'es about the charity's ability lo continue as a gdng cencern. The financial stslemenls have been prepared on a going concem basis. The Tiuslees have revlewed the cash flow forecasts for a period of 12 months from the dale of approval of these financial slalemenls vthich indicate that the charity 11 have Gufficlenl funds lo meet its liabilitses as they fall due for that peTiod. 1.3 Incomlng r•8ourc•g The charity's source of income 1$ investment income from its portfolio held at Sara$in & Partners LLP. Income from UK equity investments 18 accounted for vthen It falls due. Income from fix8d Interest Securities and foreign inveslments is accounted for en it is received. 1.4 Resource5 •xp•nd•d All expenditure is accounted for on an accruals basis. Grants payable are payments made lo third parties in furtherance of the charitable objective of the trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive Ihe grant. Grant award5 that are subject to the recipient fulfilling performance conditions are only gccwed when the recipient ha5 been notified of the grant and any remaining unfilfilled condition attaching to the grant is outside the control of the trust. Expendituie on raising funds includes all expenditure incurred by the Charity to raise funds for Its charitable purposes and consists of investment management costs and certain legal fees. Page 12
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 6 APRIL 2024 Accountlng poll¢l•• lcontlnuodl 1.4 R•sourc•s •xp•nd•d {continued) Govemance costs inckjde those incurred in the governance of the Charity and rts assets and prlmarily as$ociJled wlh conslitulional and statutory requirements. All eKpendSlure Ss incluslve of Irrecoverable VAT. 1.5 Taxation The Charity is con8idered to pass the tests set out Sn Paragraph 1 Schedule 6 of the Finance Act 2010 3nd therefore It meèts the definition of a charitable company for UK corporatlon tsx purp05e8. Ac¢ordin9ly. the Charity is potentially exempt frorn tsx8tion in respect of income or capital 9ains received within categories Covered by Chapter 3 P8rt 11 of the Corporauon Tax Act 2010 or S&cllon 256 of the Taxation of Chargeable Gains Act 1992, to th¢ extent that Such income OT gains ara applied exclusively to charitable purposfrs. 1.6 InvMtm•nt• Fixed asget investments a a form of financial instrument and are initially recogni9ed al their transaction cost and subsequently measured at fair value al the Balance Sheet dale, unle85 the value cannot be me•$ured reliably in which case it Ig measured al cost less impalrmenl. All galn$ 8nd1058es are tsken lo th• Statement of Flnancial Aclivlliès as they arise. Reglised gains and Ios58s on investments are calculated as the difference between gales proceeds and opening osl. Unreali5ed gain$ and losses are calculated 0$ the difference beeen falr value al the year end and their carrwng value. Investment gains and losses, thelher reallsed or unrealised. are combined and presented a8 'GainWILo85081 on inve8tmonts' in the Statement of Financial AGlivilie8. 1.7 Fund accountlng Unreslricled ftjnds are funds vthich are avallable for u8e al the discTetson of the Trustee5 in furtherance ol the genero1 objectives of the Gharity and vh)ich have not been designated for other purposes. 1.8 Flnan¢l•l In8trum•nts The Charity only has financial assets and flnan¢ial liabilities of a kind that qualfy 88 basic financial inslrumvnl¥. Ba$1¢ lin¥n¢ial instruments are Initially reGognis•d at transaction value and subsequently measured at IheiT settlement value wth the exception ol bank loans vthich are subsequently measured al amortised cost using the effective interest method. P3ge 13
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Investment Incom• 2024 2023 UK divldends- quoted nk inleregt 217,074 4.469 141,048 729 221.543 141,777 Exp•ndlturn on ral•lTrg fund• 2024 2023 Investment management fees I Irefundsl 992 11,0161 Exp•ndltur• on chirltabl• •¢tSvltl 2024 2023 Grants paid to institukn'ons Audlt and accountancy fo¢ Other charges 258,253 4,430 2,021 332.914 4,998 300 264,709 338,212 Page 14
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED S APRIL 2024 Analy819 01 grnnts paid to in*titutlons The tsbles below Itembse any grant8 paid lo Inslilutlons lotalling £10,000 or over during the financlal year. Unrestrlctsd funds 2024 Total fundj 2024 Unlver8ily of Derby Fanconi Hope Calver & Community Plgyground Horalio's Garden Sl Matthews PCC Resldual value of Indlvldual gran18 lower than £10,000 50,000 10,000 10,000 10,000 10,000 168,253 so,000 10,000 10.000 10.000 10.000 168,263 258,253 258,253 Unrestricted fund 2023 Total funds 2023 Chalsworth House Trust The Arkwright Society Defbyshire DBF Perkin8 Stipend Prin8 Tru¥l avendi$h Fields Sports Association Blythe House & Helen's Trust SS Augustine Church Game and Wildlrfe Conservation Tru31 Peakland F8rmers Game and Wildlife Conservation Trust Moorland Research National Portrait Gallery Residual value of Indbvldual granly lower than £10,000 34,210 20,000 17,853 15,000 10,000 10,000 10,000 10,000 10,000 10,000 185.851 34,210 20,000 17.853 15.000 10,000 10,000 10,000 10,000 10,000 10,000 185,851 332,914 332,914 AJI grants were made in furtherance of the Cl7arty'8 objectives. For a list of recent successful applicants, please see our website on.. Page 15
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Audrtoys. rèmuneration 2024 2023 Fe85 payable to the Chanty's auditor for the audit of the Charltys annual a¢¢ount$ 3,180 3,618 Fe¢$ payable lo th• Charity's auditor in respect of.. AJI non-audil service8 not induded above 1.250 1,380 Analy8ls of •taff costs, truslee remun•ratlon and expenses, and t colt of koy manag•m•nt persDnn•l No 8tsff were employed by the trust durlng th• current or Or yegr. Th•r8lore no employees had employee benefits In excess of £80.000 in alher year. The charity's Iruslees were not paid or recelved any other benefits from employment with the Tru81 In the current or prior year, nellher were they reimbursed any expenges durtng elther year. No charity trustee recèived payment for professional or other SeCeS gupplied lo the charlly In ellher year. The key management personn•l of the charity comprise of the trustees as listed on page 1. No employee benefits (including employer pension conlributionsl were received by key m8nagement porsonnel for thelr 88ivi¢es lo the tru81 in eiiher year. Page 16
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Fixed asset Inve4tment8 The investments, whSch are all Ilsled on recognised stock exchanges and slated al market value, ¢omprised'. 2024 2023 Equities Alternave Investments Flxed income Liquld a98eti 12,232,056 1,904,816 1,789.677 690.775 9,749,398 2,779,489 1,693,225 1,087,383 16,517,324 15,309,495 The historic cost of these Inve$tmenl$ as al 5 April 2024 w4$ £15,830,887 {2023.' £16,516,672). Llstod Invo•trnent8 Valuatlon At 6 April 2023 Additlons DI$pos81s Revaluations 15,309,495 2,624,439 13,296,665} 1,880.055 At 5 April 2024 18,517,324 Psge 17
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'S CHARITA8LE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Cr•dltors: Amounts falling du• wlthln on• y•ar 2024 2023 Accruals 15,316 89,916 10. 3tat•mont of funds Statern•nt of fund¥ - curr•nl y•af 8alanc• at 8 April 2023 G•ln¥l Balance at 6 ILo¥••$l Aprll 2024 Incom• Exp•ndltur• Unre8lricled fund$ 15,310,724 225,528 1265.7011 1,289,469 16,560,020 stst•m•nt of fund* - prlor year Balance at 1 Apnl 2022 Gainyl 8alance at ILosgeg1 5 April 2023 Incorne Expenditure Unreslricled funds 16,669.574 141,777 1337,1961 11,163,431> 15.310,724 Page 18
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148 DUKE OF DEVONSHIRE'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 11. AnatyJJl¥s of net assets between funds Analysis of n•t as80ts b•tvMn funds - ¢urr•nt period Unr••tricted lund 2024 Total fund$ 2024 Fixed asset investments Current assets Creditor8 due wbthin one year 16,517,324 16.517,324 58,012 88,012 115.316) 115.316) Total 16,560,020 16.580,020 An*ly#l• of n•t a•s•ts b•tw••n fund• - prlor rIOd Unrestricted funds 2023 Total fundg 2023 FiKed o¥$et investments Current assets Credllorg due within one year 15,309,495 15.309,495 91,145 91,145 189,9161 189,9161 Totil 15,310,724 1 S,310,724 12. Relat•d party transactlons The charity has a relationship with the Chalsworth Settlement of which the Duke of Devonshire and EaTI of 8urlington are beneficiaries. In the year accounting seNces were provided by the Selllernenl for which no fè8 was char9ed12022123'. £nlll. Adrninislration services are provided by the Duke of Devon$hire's private office staff for vthich no fee was charged12022123.' £nill. The charity has a relationship Cha15WOrth House Trust (registered charity number.. 5111491 of which the Duke of Devonshire and Earl of Burlington ale Trus1885. No donations were made during the year lo Chalsworth Hse Trusl12022123.. £34,210). During the year, donations of £50,000 were mgde ID the Vniversity of Derby. vknere Ead of Burllngton is Chancellor. A further £200,000 has been pledged to the University of Derby to be paid annualty in amounts of £50,000 over the next four years. Page19
Docusign EnvelopÈ ID." 4B37FAB4-54EBC4-84Cc-53sD7B24F148