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Charity number: 213519
DUKE OF DEVONSHIRE'S CHARITABLE TRUST TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Auditors' Report on the Financial Statements | 6 - 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12 - 20 |
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025
| Trustees | The 12th Duke of Devonshire |
|---|---|
| The Duchess of Devonshire | |
| Earl of Burlington (Chairman) | |
| Mr Oliver Stephenson | |
| Charity registered number 213519 Registered office Estate Office Edensor Bakewell Derbyshire DE45 1PJ Independent auditors Shorts Statutory Auditor Chartered Accountants 2 Ashgate Road Chesterfield Derbyshire S40 4AA Bankers C Hoare & Co. 37 Fleet Street London EC4P 4DQ Solicitors Currey & Co LLP 30 Queen Anne Street London W1G 9HY Investment Managers Sarasin & Partners LLP Juxon House 100 St. Paul's Churchyard London EC4M 8BU |
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025
The Trustees present their annual report together with the audited financial statements of the Duke of Devonshire's Charitable Trust for the year ended 5 April 2025. The information with respect to the Trustees and advisors set out on page 1 forms part of this report.
The Trustees
The Trustees who served during the year and up to the date of signing the financial statements, who were not remunerated and received no expenses, were as follows:
The 12th Duke of Devonshire The Duchess of Devonshire Earl of Burlington Mr Oliver Stephenson
Structure, Governance and Management
The charity was established by Deed of Trust dated 11th May 1949 and is registered with the Charity Commission No. 213519. The charity's address is Chatsworth House, Chatsworth, Bakewell, DE45 1PP.
The Trustees who have served during the year and since the year end are set out on page 1. The Trustees may appoint a person who is willing to act to be a trustee either to fill a vacancy or as an additional trustee at any time.
The Trustees meet between two and four times each year to review performance and approve donations.
Risk Management
The major risks to which the charity is exposed are normal market risk on its investment portfolio and the fraud or negligence of the Trustees or their bankers, agents or nominees. The Trustees, having assessed these risks, are satisfied that systems are in place to mitigate the trust's exposure thereto.
Objectives and Activities
The charity is established as a grant making trust. The Trustees normally only make grants or loans to other registered charities or otherwise exempt organisations; they have never considered applications by individuals for personal assistance whatever the charitable purpose. The scope of their giving is determined only by the extent of their resources; it is not otherwise restricted either geographically or by the type of activity carried on by prospective beneficiaries or applicants. The Trustees have a preference for supporting organisations which are local to the Devonshire Group’s estates in Derbyshire, Yorkshire or Eastbourne in England and Lismore in Ireland.
The Strategy Employed to Achieve the Charity's Objectives
The Trustees spend approximately 2% of the charity’s capital in any one year on its donations and running costs. The Trustees feel that this level of spending is sustainable over the long term in conjunction with the charity's investment policy. The Trustees are not obligated to spend at this level and may carry forward funds for future grants or may make grants out of capital.
The Trustees intend to keep the distribution policy under review.
Achievements and performance
The Trustees are satisfied that the charity has met its objectives during the year. The Trustees are also satisfied that the accounts comply with the current statutory requirements and with the requirements of the charity's governing document (the Trust Deed).
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Financial Review and Performance
During the year the trust received income from investments of £255,884 compared to £221,543 in the prior year.
The trust made donations totalling £351,120 (2024: £258,253) to a number of different recipients involved in a wide variety of charitable activities and varying in size from £172 to £83,648. The most significant donation was made to Chatsworth House Trust totalling £83,648. A list of grants paid during the year of £10,000 and greater can be found in note 5 of these financial statements.
Reserves Policy
It is the policy of the Trustees to donate a percentage of the trust’s capital each year, however the trustees are not obligated to do so and may carry forward any excess income to future years or may make occasional or regular grants out of capital. No material reserves, beyond the investment portfolio, are retained. The Trustees only maintain cash reserves sufficient to be able to respond expeditiously to unexpected and urgent appeals for grant assistance.
Investment Policy and Performance
The charity’s investments are managed by Sarasin Partners LLP who were appointed in 2021. The trustees have instructed the investment managers to run the portfolio on a total return basis without any particular income target. It is however the trustees intention to spend at similar levels to previous years, growing in line with inflation and with the aim of preserving the real value of capital. The trustees have set a target total return of CPI+3% over the long term as a mandate for the investment manager.
The investment manager has developed a portfolio to deliver this with a mixture of asset classes and a target of 70% exposure to equities. The portfolio benchmark is a composite index that reflects this target allocation and currently comprises: MSCI World (68%); SONIA+2% (17%); ICE BofA Stg Corp Bond index (4%); ICE BofA UK all Gilts index (10%); SONIA (1%).
In 2023/4 there was significant growth in markets, in particular with the enthusiasm for AI which helped drive a substantial rally in the largest US based technology stocks. This growth continued through 2024, however in early 2025 there was a significant market correction event following the imposition of US tariffs which reduced the portfolio's gains.
Investment Policy and Performance (continued)
The total return generated by the portfolio was 10.3% (2023/4: 10.3%) compared with benchmark total returns of 15.3% (2023/24: 15.3%). This compares with peer group using the ARC Steady Growth index which has returned 9.2% (2023: 9.2%).
At 5 April 2024, the market value of the portfolio was £16,517,324. During the year, additions were made of £19,768 and disposals of £179,772 (including realised gains / losses). There was an unrealised revaluation gain during the year of £80,308 and the market value of the portfolio at 5 April 2024 was £16,437,628.
The charity is exposed to price risk, liquidity risk and credit risk in the securities held in its investment portfolio. In order to manage that risk, the Trustees have appointed qualified investment managers to manage the investment portfolio. In addition an investment committee has been formed to provide a more formal oversight of the investment manager. The investment committee is made up of representatives from Devonshire Group management and includes Trustees of various trusts including Oliver Stephenson of The Duke of Devonshire’s Charitable Trust.
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Plans for the Future
The Trustees are satisfied that the charity's assets are available and adequate to fulfil its obligations for the future. They expect its investment portfolio to grow in line with its investment policy and for its charitable donations to grow accordingly.
Public Benefit
In planning their activities for the year the Trustees confirm that they have considered the Charity Commission’s guidance on public benefit and believe that all of their activities fulfil the requirement to provide public benefit.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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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 information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Shorts, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Approved by order of the members of the board of Trustees on 22 January 2026 and signed on their behalf by:
Earl of Burlington (Trustee)
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUKE OF DEVONSHIRE'S CHARITABLE TRUST
Opinion
We have audited the financial statements of Duke of Devonshire's Charitable Trust (the 'charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUKE OF DEVONSHIRE'S CHARITABLE TRUST (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUKE OF DEVONSHIRE'S CHARITABLE TRUST (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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through discussions with the directors and other management and from our commercial knowledge and experience of the sectors that the charity operates in, we identified the laws and regulations applicable to the charity; and
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focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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considered journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of those charged with governance;
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUKE OF DEVONSHIRE'S CHARITABLE TRUST (CONTINUED)
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enquiring of management as to actual and potential litigation and claims; and
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considering relationships with HMRC and other relevant regulators and the charity’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Shorts
Statutory Auditor Chartered Accountants 2 Ashgate Road Chesterfield Derbyshire S40 4AA
22 January 2026
Shorts are eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Note Income from: Investments Total income Expenditure on: Raising funds 3 Charitable activities Total expenditure Net expenditure before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 255,884 255,884 12,343 359,193 371,536 (115,652) 95,146 (20,506) 16,560,020 (20,506) 16,539,514 |
Total funds 2025 £ 255,884 255,884 12,343 359,193 371,536 (115,652) 95,146 (20,506) 16,560,020 (20,506) 16,539,514 |
Total funds 2024 £ 225,528 225,528 992 264,709 265,701 (40,173) 1,289,469 1,249,296 15,310,724 1,249,296 16,560,020 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 20 form part of these financial statements.
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2025
| Note Fixed assets Investments 8 Current assets Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 9 Net current assets Total net assets Charity funds Unrestricted funds 10 Total funds |
116,852 (14,966) |
2025 £ 16,437,628 101,886 16,539,514 16,539,514 16,539,514 |
58,012 (15,316) |
2024 £ 16,517,324 42,696 |
|---|---|---|---|---|
| 16,560,020 | ||||
| 16,560,020 | ||||
| 16,560,020 |
The financial statements were approved and authorised for issue by the Trustees on 22 January 2026 and signed on their behalf by:
Earl of Burlington
(Trustee)
The notes on pages 12 to 20 form part of these financial statements.
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Duke of Devonshire's Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The charity has taken the exemption under section 7 of FRS 102, permitted by the Charities SORP, to not prepare a cash flow as the charity is considered to be a small entity.
1.2 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 concern basis.
The Trustees have reviewed the cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the charity will have sufficient funds to meet its liabilities as they fall due for that period.
1.3 Incoming resources
The charity's source of income is investment income from its portfolio held at Sarasin & Partners LLP.
Income from UK equity investments is accounted for when it falls due. Income from fixed interest securities and foreign investments is accounted for when it is received.
1.4 Resources expended
All expenditure is accounted for on an accruals basis.
Grants payable are payments made to 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 the grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfilfilled condition attaching to the grant is outside the control of the trust.
Expenditure 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.
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1. Accounting policies (continued)
1.4 Resources expended (continued)
Governance costs include those incurred in the governance of the charity and its assets and primarily associated with constitutional and statutory requirements.
All expenditure is inclusive of irrecoverable VAT.
1.5 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
1.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening cost. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carrying value. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments' in the Statement of Financial Activities.
1.7 Fund accounting
Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
1.8 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
2. Investment income
| UK dividends - quoted Bank interest 3. Expenditure on raising funds Investment management fees 4. Expenditure on charitable activities Grants made to institutions 5 Audit and accountancy fee 6 Other charges |
2025 £ 252,922 2,962 255,884 2025 £ 12,343 2025 £ 351,120 7,440 633 359,193 |
2024 £ 217,074 4,469 221,543 |
|---|---|---|
| 2024 £ 992 |
||
| 2024 £ 258,253 4,430 2,026 264,709 |
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DUKE OF DEVONSHIRE'S CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
5. Analysis of grants made to institutions
The tables below itemise any grants made to institutions totalling £10,000 or more during the financial year.
| Unrestricted funds 2025 £ Chatsworth House Trust 83,648 University of Derby 50,000 Derby Diocesan Board of Finance - Griffin Stipend 23,466 Ashgate Hospice 10,000 Peak Forest Reading Room 10,000 Towner 10,000 Residual value of individual grants lower than £10,000 164,006 351,120 Unrestricted funds 2024 £ University of Derby 50,000 Fanconi Hope 10,000 Calver & Community Playground 10,000 Horatio's Garden 10,000 St Matthews PCC 10,000 National Portrait Gallery 10,000 Residual value of individual grants lower than £10,000 158,253 258,253 All grants were made in furtherance of the Charity's objectives. For a list of recent successful applicants, please see our website on: ddct.org.uk/successful-applicants/ |
Total funds 2025 £ 83,648 50,000 23,466 10,000 10,000 10,000 164,006 351,120 |
|---|---|
| Total funds 2024 £ 50,000 10,000 10,000 10,000 10,000 10,000 158,253 258,253 |
|
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Docusign Envelope ID: DC6E74F5-4C3C-4FE8-89DB-CCA2364E87F5Docusign Envelope ID: 22829FCD-443B-436B-83B2-D1088FF79C95
DUKE OF DEVONSHIRE'S CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
6. Auditors' remuneration
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor for the audit of the Charity's annual | ||
| accounts | 3,350 | 3,180 |
| Fees payable to the Charity's auditor in respect of: | ||
| All non-audit services not included above | 1,300 | 1,250 |
Analysis of staff costs, trustee remuneration and expenses, and the cost of key management 7. personnel
No staff were employed by the trust during the current or prior year. Therefore no employees had employee benefits in excess of £60,000 in either year.
The charity's trustees were not paid or received any other benefits from employment with the Trust in the current or prior year, neither were they reimbursed any expenses during either year. No charity trustee received payment for professional or other services supplied to the charity in either year.
The key management personnel of the charity comprise of the trustees as listed on page 1. No employee benefits (including employer pension contributions) were received by key management personnel for their services to the trust in either year.
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Docusign Envelope ID: DC6E74F5-4C3C-4FE8-89DB-CCA2364E87F5Docusign Envelope ID: 22829FCD-443B-436B-83B2-D1088FF79C95
DUKE OF DEVONSHIRE'S CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
8. Fixed asset investments
The investments, which are all listed on recognised stock exchanges and stated at market value, comprised:
| Equities Alternative investments Fixed income Liquid assets |
2025 £ 11,676,501 2,195,457 1,714,837 850,833 16,437,628 |
2024 £ 12,232,056 1,904,816 1,789,677 590,775 16,517,324 |
|---|---|---|
The historic cost of these investments as at 5 April 2025 was £15,664,227 (2023/24: £15,830,887).
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| Cost or valuation At 6 April 2024 Additions Disposals Revaluations At 5 April 2025 Creditors: Amounts falling due within one year 2025 £ Accruals 14,966 |
Listed investments £ 16,517,324 19,768 (179,772 80,308 |
|---|---|
| 16,437,628 | |
| 2024 £ 15,316 |
9. Creditors: Amounts falling due within one year
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Docusign Envelope ID: DC6E74F5-4C3C-4FE8-89DB-CCA2364E87F5Docusign Envelope ID: 22829FCD-443B-436B-83B2-D1088FF79C95
DUKE OF DEVONSHIRE'S CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
10. Statement of funds
Statement of funds - current year
| Balance at 6 | Balance at 6 | Gains/ | Balance at 5 | ||||
|---|---|---|---|---|---|---|---|
| April 2024 | Income | Expenditure | (Losses) | April 2025 | |||
| £ | £ | £ | £ | £ | |||
| General Funds - | all funds | 16,560,020 | 255,884 | (371,536) | 95,146 | 16,539,514 | |
| Statement of funds - prior | year | ||||||
| Balance at | Gains/ | Balance at | |||||
| 6 April 2023 | Income | Expenditure | (Losses) | 5 April 2024 | |||
| £ | £ | £ | £ | £ | |||
| Unrestricted funds | 15,310,724 | 225,528 | (265,701) | 1,289,469 | 16,560,020 |
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Docusign Envelope ID: DC6E74F5-4C3C-4FE8-89DB-CCA2364E87F5Docusign Envelope ID: 22829FCD-443B-436B-83B2-D1088FF79C95
DUKE OF DEVONSHIRE'S CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
11. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2025 £ Fixed asset investments 16,437,628 Current assets 116,852 Creditors due within one year (14,966) Total 16,539,514 |
Total funds 2025 £ 16,437,628 116,852 (14,966) 16,539,514 |
|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 16,517,324 58,012 (15,316) 16,560,020 |
Total funds 2024 £ 16,517,324 58,012 (15,316) 16,560,020 |
|---|---|---|
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Docusign Envelope ID: DC6E74F5-4C3C-4FE8-89DB-CCA2364E87F5Docusign Envelope ID: 22829FCD-443B-436B-83B2-D1088FF79C95
DUKE OF DEVONSHIRE'S CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
12. Related party transactions
The charity has a relationship with the Chatsworth Settlement of which the Duke of Devonshire and Earl of Burlington are beneficiaries. In the year accounting services were provided by the Settlement for which no fee was charged (2024/25: £nil).
Administration services are provided by the Duke of Devonshire's private office staff for which no fee was charged (2024/25: £nil).
The charity has a relationship with Chatsworth House Trust (registered charity number: 511149) of which the Duke of Devonshire and Earl of Burlington are Trustees. A donation of £83,648 was made during the year to Chatsworth House Trust (2023/24: £nil).
During the year, donations of £50,000 were made to the University of Derby, where Earl of Burlington is Chancellor (2023/24: £50,000). A further £150,000 has been pledged to the University of Derby to be paid annually in amounts of £50,000 over the next three years.
A donation of £1,000 was made to Bakewell Choral Society, of which the Duchess of Devonshire is President (2023/24: £nil).
No donations were made in the year to the National Portrait Gallery, where the Earl of Burlington is a Trustee of the fundraising committee (2023/24: £10,000).
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