Docusign EnvelopÈ ID." 4B37FAB4-54E￿BC4-84Cc-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." 4B37FAB4-54E￿BC4-84Cc-53sD7B24F148
DUKE OF DEV014SHIRE'S CHARITABLE TRUST
CONTENTS
Page
Ref•Mnc• and Admini•tratlv• Dotall• of th• c￿rIty, 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." 4B37FAB4-54E￿BC4-84Cc-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•F￿nd•n¢ •udltors
Shortg
StalLrtory Auditor
hartered A￿OUn￿nIS
2 Ashgale Road
Chesterfield
Derbyshire
S40 4AA
8•nk•r•
C Hoare & Co.
37 Fl•et s￿e¢
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." 4B37FAB4-54E￿BC4-84Cc-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$lee either lo fill a vacancy or as an addillonal Iruslee at any
me.
The Trustees meet be￿en Iwo and four Ilme8 each year to review performonce and approve donallons.
Rlsk Manag•mont
The malor risks lo which the charity iy expo8ed are nomal market ri8k on ils Investment portfollo and the fraud
or negligence ol the Trustees or their bankers. agen15 or nominees. The Trustees, having assessed these rijks,
are Satisfied that 5y51ems are in place lo millgate the Irusl's exposure Iherelo.
Obl•ctlves and A¢tlvltl••
The charity is established as a grant making trust. The Trustee5 norrnally only make grants or loans to other
registered charrties or Othe￿Se exempt organisations., they have never consldered applicallons by individual8
for personal assistance whatever the charitable purpose. The scope of Iheii giving is determined only by the
extent of their resources,. it is not otherwise reslricled either geographically or by the type of activity carried on by
prospective beneficiaries or applicants. The Trustees have a preference for 5upports.ng organisalions which are
local to the Devonshire Group'5 e51ales in Derbyshire, Yorkshire or E85tboume in England and Lisrnore in
Ireland.
The Strat•gy Employed to Achleve the Charlty'$ 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." 4B37FAB4-54E￿BC4-84Cc-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 charit￿S
90verning document (the Trust Deed).
Fin•n¢lal R•Yl•w *nd ￿rf0m1*nCfr
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." 4B37FAB4-54E￿BC4-84Cc-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 actl￿treS 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." 4B37FAB4-54E￿BC4-84Cc-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.
ApprO￿d 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." 4B37FAB4-54E￿BC4-84Cc-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, Indi￿duallY 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." 4B37FAB4-54E￿BC4-84Cc-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 kn￿ledge 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." 4B37FAB4-54E￿BC4-84Cc-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 kno￿edge 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." 4B37FAB4-54E￿BC4-84Cc-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 char￿ty by wrtue of ils eligibillty for appolntment as auditor of
company under section 1212 of the Companies Act 2006.
Page 9

Docusign EnvelopÈ ID." 4B37FAB4-54E￿BC4-84Cc-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." 4B37FAB4-54E￿BC4-84Cc-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." 4B37FAB4-54E￿BC4-84Cc-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 charl￿e$.. Statement of Recommended
Practice effective from 1 April 2005 %thich has since been wlhdrawn,
Duke of Devonshlre'5 Charft8ble Trust meets the definition of a publlc benefft enw under FRS 102.
Assets ènd liabilities are initially reco9nised at hlslorical cost or Iransactlon value unles8 otherwise
slated in the relevant accounting policy.
The charity ha$ 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." 4B37FAB4-54E￿BC4-84Cc-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 be￿een 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." 4B37FAB4-54E￿BC4-84Cc-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." 4B37FAB4-54E￿BC4-84Cc-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
Prin￿8 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." 4B37FAB4-54E￿BC4-84Cc-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 Se￿CeS 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." 4B37FAB4-54E￿BC4-84Cc-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
Alterna￿ve 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." 4B37FAB4-54E￿BC4-84Cc-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." 4B37FAB4-54E￿BC4-84Cc-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 H￿se 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." 4B37FAB4-54E￿BC4-84Cc-53sD7B24F148