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2025-04-05-accounts

Registered Charity 231860

DELVES CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT and FINANCIAL STATEMENTS

YEAR-ENDED 5 APRIL 2025

DELVES CHARITABLE TRUST

CONTENTS

Legal and Administrative Information 1
Trustees’ Annual Report 2
Independent Auditor’s Report 7
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Financial Statements 13

DELVES CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

C Breeze E Breeze G Breeze J Breeze M Breeze W Breeze (Chair)

Trust Administrator

Luminary Finance LLP PO Box 135 Longfield DA3 8WF

This is also the registered address of the Trust

Auditor

Warner Wilde Limited 4 Marigold Drive Bisley GU24 9SF

Banker

CAF Bank Limited 25 Kings Hill Avenue West Malling ME19 4JQ

Investment Adviser

Rathbones Investment Management Ltd 30 Gresham Street London EC2V 7QN

1

DELVES CHARITABLE TRUST

TRUSTEES’ ANNUAL REPORT

The Trustees of the Delves Charitable Trust present their annual report covering the Trust’s activities for the year ended 5 April 2025.

Structure

The Trust was established under a Deed of Appropriation and Appointment of new Trustees, dated 5 October 1955, in respect of an indenture dated 6 March 1922 known as the original Trust deed. A deed of appointment dated 5 October 1946 was also relevant.

The Trust is a registered charity, number 231860.

The Trust deed states the objects as being “for or to such charitable objects, purposes, institutions or societies as the Trustees may in their discretion think fit,” with no defined beneficial area.

Governance and Management

The names of the Trustees who have acted during the year are set out on page 1. One of the Trustees serves as the Chair, elected by the other Trustees, for a 3-year term. There are no term limits on the tenure of Trustees or the number of terms a Chair can serve. The Trustees can appoint new Trustees at any time by deed, up to a maximum of 7.

All Trustees give their time freely; no remuneration is paid. The notes to the financial statements disclose details of

Trustee expenses reimbursed (note 5) and related party transactions (note 14).

Trustees are required to disclose all relevant interests and these are recorded on a central register. They are required to withdraw from any decision where there is a recorded potential conflict of interest.

The Trustees meet annually in June to approve the previous year’s accounts and reporting, and to plan their grant making for the coming year. Additional meetings are held during the year as required for specific matters.

Trustees are able to receive training as appropriate.

Luminary Finance LLP is engaged as the Trust Administrator, to support the Trustees and for the day-to-day administration of the Trust’s affairs.

The Trust is a member of the Association of Charitable Foundations. The ACF provides helpful information on good practice and changes in the law affecting charities. It also acts as an authoritative body to speak for charitable foundations with the government and regulators.

Objectives and Activities

The Trust supports objectives at the Trustees’ discretion, via grants to charitable institutions.

The bulk of the Trust’s grants are made by way of defined term programmes (also referred to as subscriptions.) Grant programmes seek to maximise the impact the Trust’s grants have on outcomes. This will often lead to supporting smaller charities.

The Trust does not have any geographical restriction on the ambit of its activities

Applications for funding

The Trust does not accept unsolicited applications for funding.

Public Benefit

The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s objectives and activities.

The Trustees only release grants to organisations with charitable or Community Interest Company status; in practice almost exclusively UK registered charities. As all UK registered charities are required to operate for the public benefit, the Trustees can have a higher level of confidence that the Trust’s resources will be effectively used.

The objective and anticipated outcomes of each proposed grant programme are considered by the Trustees before adoption, progress is reviewed annually, and final outcomes are reviewed on completion of the grant term.

2

DELVES CHARITABLE TRUST

ANNUAL REPORT [Continued]

Achievements

During the year, in furtherance of the Trust’s objectives:

The largest grants made in the year were:

Charity Amount Comprising
Macular Disease Society £17,000 1 grant to a specific service provision
Avoncroft Museum of Historic Buildings £15,000 1 grant to a specific project
ChemTrust £15,000 1 grant to a specific area of their work
Future Talent Musicians £15,000 1 grant to a specific programme
QUNO Geneva £15,000 1 unrestricted grant
Samaritans £15,000 1 grant towards general costs
Tree Aid £15,000 1 unrestricted grant
World Land Trust £15,000 1 grant to a specific project

Financial Review

The financial statements have been drawn up under the historical cost convention as modified by the revaluation of investments. The statements have been prepared in accordance with the rules of the Trust and the current Statement of Recommended Practice ‘Accounting and Reporting by Charities’ applicable to charities preparing their accounts in accordance with FRS 102.

Over the last year, there has not been any significant change in the Trust’s activities or the manner in which these activities have been carried out.

The investment income for the year was £222,363, a decrease on the previous year of £5,208.

Grants totalling £287,925 (2024 - £261,325) were made in the year. An overview is given in the Achievements section above and details are disclosed in note 4 of the financial statements, starting on page 15 below.

In managing and administering the Trust, investment advisers’ fees of £47,191 (2024 - £45,287), costs of grant-making of £6,200 (2024 - £4,400), governance costs of £32,301 (2024 - £31,765), and other support costs of £394 (2024 - £842) were incurred in the year.

The value of the Trust’s investments decreased by £562,096 during the year, comprised of £11,183 of net realised losses, £550,907 of net unrealised losses, and £6 of foreign exchange losses on uninvested cash (2024 – the value increased by £754,277, comprised of £13,678 of net realised gains, £739,344 of net unrealised gains, and £1,255 of foreign exchange gains on uninvested cash).

The overall deficit for the year of £713,744 was deducted from reserves brought forward from the previous year (2024 - £638,229 surplus added to reserves).

Investment policy

The Trustees’ investment powers are defined by the general power of investment granted by the Trustee Act 2000. The Trustees are empowered to use the investments in the same manner as income and there is therefore no fixed endowment fund and no restricted investment.

The Trust’s investment portfolio is professionally managed by their investment adviser, Rathbones, on a discretionary basis.

The investment adviser operates under a written mandate, the Trustees’ Statement of Investment Principles, which

is reviewed regularly.

The Trustees’ working premise is that the Trust will continue in perpetuity and hence they take a long-term

perspective.

A total return approach to investment returns has been adopted: the Trustees are indifferent whether the investment return arises from income or capital, and the Trust’s charitable activities can be funded from income or capital.

3

DELVES CHARITABLE TRUST

ANNUAL REPORT [Continued]

The Trustees seek a sustainable annual drawdown which, net of the investment adviser’s fees, allows it to fund the Trust’s charitable activities. The drawdown and the value of investments should at least maintain their values in real terms over the long term. They seek this from a diversified portfolio which does not take undue risk. These are the core objectives of the investment mandate.

The Trustees’ Socially Responsible Investment policy forms part of the investment adviser’s written mandate and limits investments in companies significantly engaged in armaments, environmental damage, the manufacture or irresponsible marketing of alcohol, gambling, the manufacture or sale of tobacco, or human rights abuses.

Each quarter the Trust’s investment adviser reports on the performance of the investments. Twice a year, representatives of the Board of Trustees meet with the investment adviser to consider strategy, policy and performance, and discuss developments.

The Trustees use a number of measures to appraise the investment adviser’s financial performance:

This is the regulatory performance benchmark. The Trust’s investments under-performed this benchmark during the year: while the Trust’s portfolio recorded a total return of -3.4% before fees, the benchmark return was -0.8%.

The Trustees also monitor the volatility expected of the strategic asset allocation versus the actual volatility of the portfolio. This seeks to illuminate if any undue risk has been taken to deliver the returns

The Trustees review the cumulative total return of the portfolio net of fees versus the cumulative impact of inflation plus target drawdown

The Trust’s investments are held in nominee accounts of the Trust’s investment adviser at Rensburg Client Nominees Limited, Ferlim Nominees Limited, CREST or Euroclear, or to the investment adviser’s order at the Bank of New York.

Designated funds

Designated funds are amounts that have been put aside out of unrestricted funds at the discretion of the Trustees for particular purposes. The designation is for administrative purposes only and does not legally restrict the Trustees’ discretion to apply the funds.

The Trustees have created a designated Investment fund, principally comprising the investments held in the Trust’s investment portfolio, to provide the resources necessary to maintain the Trust's charitable activities.

The remaining funds of the Trust comprise a general fund, representing unrestricted income expendable at the discretion of the Trustees in the furtherance of the objects of the Trust.

Such funds may be held in order to finance both working capital and capital investments.

Details of movements in the funds are set out in note 11 on page 19.

Reserves

The Trustees’ policy is to maintain free reserves of £20,000. This policy is formed with regard to the nature of the Trust’s operations and expenditure commitments, experience of the requirement to draw on reserves, and the designated Investment fund available.

The actual free reserves at 5 April 2025 were £20,915 (the balance on the unrestricted general fund.)

The Trustees are satisfied that sufficient reserves are held.

4

DELVES CHARITABLE TRUST

ANNUAL REPORT [Continued]

The Trustees note the strength of the Trust’s Investment Fund and lack of other commitments or liabilities. At 5 April 2025, the Trust’s funds stood at £10,080,654, comprising an Investment fund of £10,059,739 and a general fund of £20,915.

Risk Management

Having regard to the Trust’s organisation and activities, it is the Trustees’ view that the major risks to which the Trust may be exposed are largely financial in nature.

The primary financial risk would be events causing a significant and/or sustained reduction in the return on the investments. The investment policy, expressed in the written mandate to the investment adviser, combined with the investment adviser’s expertise, seeks to avoid, manage or mitigate such risks. The regular meetings and contact with the Trust’s investment adviser also assist with understanding, preparing for, and reacting to such events. In addition, the Trustees seek to maintain free reserves at the levels indicated above.

To mitigate risks to effective grant-making, the Trustees dedicate time to understanding and reviewing the Trust’s grant programmes, before and after adoption. Each programme has to pass an annual review before any further grant is authorised for payment.

The Trustees review the major risks that the Trust faces on a regular basis.

The Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future.

Future Plans

The Trustees intend to continue to make grants, out of the resources provided by the Investment fund, to pursue the Trust’s objectives.

There are a number of grant programmes in progress. At 5 April 2025, the phasing of planned future grants to those programmes is, in aggregate:

Further grant programmes were adopted at the 2025 AGM.

Trustees’ responsibilities in relation to the financial statements

The Trustees are responsible for preparing the Trustees' Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that 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 applicable Charity (Accounts and Reports) Regulations 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.

5

DELVES CHARITABLE TRUST

ANNUAL REPORT [Continued]

Auditor

A resolution to re-appoint Warner Wilde Limited as the Trust’s auditor was passed at the Annual General Meeting.

Approved by the Board of Trustees and signed on its behalf by

W Breeze Chair of the Board of Trustees 18.12.25

6

DELVES CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT

Warner Wilde Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006. 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.

Opinion

We have audited the financial statements of Delves Charitable Trust (the 'Trust') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and the Notes to the financial statements 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).

In our opinion the financial statements:

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 Auditor’s responsibilities for the audit of the financial statements section of our report.

We are independent of the Trust 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 Trust’s ability to continue as a going concern for a period of at least 12 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.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report of the Trustees other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

7

DELVES CHARITABLE TRUST

AUDITOR’S REPORT [Continued]

Matters on which we are required to report by exception

The Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

We have nothing to report in this respect.

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities, the Trustees are responsible for the preparation of the financial statements, for being satisfied that they 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 Trust'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 cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 auditor’s 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:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

8

DELVES CHARITABLE TRUST

AUDITOR’S REPORT [Continued]

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

F J Wilde

For and on behalf of Warner Wilde Limited Chartered Certified Accountants and Statutory Auditor Bisley 03.02.26

9

DELVES CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES Year ended 5 April 2025

Note
Income from
Investments
3
Expenditure on
Raising funds: investment adviser’s fees
Charitable activities
4
Total expenditure
Net (expenditure) before gains and losses on investments
Net (losses)/gains on investments
7
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
11
2025
£
222,363
47,191
326,820
374,011
(151,648)
(562,096)
(713,744)
10,794,398
10,080,654		 2024
£
227,571
45,287
298,332
343,619
(116,048)
754,277
638,229
10,156,169
10,794,398

All activities derive from continuing operations. All of the funds are unrestricted and designated.

There was no recognised gain or loss other than as shown in this statement.

10

DELVES CHARITABLE TRUST

BALANCE SHEET As at 5 April 2025

Note
Fixed Assets
Investments
8
Current Assets
Debtors
9
Bank balances and deposits
Liabilities
Creditors: amounts falling due within one year
10
Net Current Assets
Net Assets
The funds of the charity
Unrestricted designated Investment fund
Unrestricted general fund
Unrestricted income funds
11		 £
22,931
26,373
49,304
(16,823)		 2025
£
10,048,173
32,481
10,080,654
10,059,739
20,915
10,080,654		 £
25,350
25,793
51,143
(16,189)		 2024
£
10,759,444
34,954
10,794,398
10,773,204
21,194
10,794,398

Approved by the Board of Trustees on and signed on its behalf by

W Breeze J Breeze Chair of the Board of Trustees Trustee 18.12.25 13.11.25

11

DELVES CHARITABLE TRUST

STATEMENT OF CASH FLOWS Year ended 5 April 2025

Note
Cash flows from operating activities
Net cash provided by/(used in) operating activities
12
Cash flows from investing activities
Dividends and interest from investments
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
2025
£
(224,190)
224,770
580
25,793
26,373		 2024
£
(233,154)
231,691
(1,463)
27,256
25,793

12

DELVES CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2025

1. General information

Delves Charitable Trust is a charity registered with the Charity Commission for England & Wales. Its registered address is The Trust Administrator, Luminary Finance LLP, PO Box 135, Longfield, DA3 8WF.

2. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with:

The financial statements 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, rather than the equivalent Statement of Recommended Practice effective from 1 April 2005 but which has since been withdrawn.

The financial statements have been drawn up under the historical cost convention as modified by the revaluation of investments.

The functional currency of the Trust is considered to be Pounds Sterling and amounts are rounded to the nearest whole pound.

The Trust constitutes a Public Benefit Entity as defined by FRS 102.

Fund accounting

Designated funds are amounts which have been put aside out of unrestricted funds. The Trustees have created a designated Investment fund, principally comprising the investments held in the Trust’s investment portfolio, to provide the resources necessary to maintain the Trust’s charitable activities. The remaining funds of the Trust comprise a general fund, representing unrestricted income expendable at the discretion of the Trustees in the furtherance of the objects of the Trust. Such funds may be held in order to finance both working capital and capital investments.

Income recognition

Income is recognised when the conditions for receipt have been met, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Therefore:

Expenditure recognition

Expenditure is accounted for on an accruals basis. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

13

DELVES CHARITABLE TRUST

NOTES [Continued]

2. Accounting policies [Continued]

Charitable activities

The expenditure on charitable activities comprises grants plus support costs.

Grants

Financial grants are made to third parties to undertake work that contributes to the Trust’s objectives.

Grants comprise programme grants and donations. Programme grants are the predominant form of grantmaking, intended to support a particular project or activity; the Trust’s grant-making is supplemented by oneoff or stand-alone donations.

The grants made in the year are shown in note 4.

Support costs

Costs are incurred in facilitating the Trust’s charitable activity and are divided into 3 categories:

The analysis of the Trust’s support costs between these categories is shown in note 5.

Investments

Listed investments are stated at the closing middle market price immediately prior to the end of the financial year. For fixed interest securities, the market value shown includes accrued interest. All movements in value are shown in the Statement of Financial Activities.

Foreign currencies

Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the transaction. Monetary assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet date. All exchange differences are shown in the Statement of Financial Activities.

Financial Instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Amounts receivable and payable

Debtors and creditors with no interest rate and receivable or payable within one year are recorded at transaction price.

14

DELVES CHARITABLE TRUST

NOTES [Continued]

3. Investment Income

Investment Income
Dividends and interest from quoted investments
Interest on deposits		 2025
£
216,293
6,070
222,363		 2024
£
222,509
5,062
227,571

4. Charitable activities

Grant programmes
British Museum
ChemTrust
ClientEarth
Crisis
The Forgiveness Project
Freedom From Torture
Future Talent Musicians
Gloucestershire Action for Refugees and Asylum Seekers
Headway Thames Valley
Institute for European Environmental Policy
Macular Disease Society
Marine Conservation Society
Parkinsons UK
Quaker United Nations Office Geneva
Royal Horticultural Society
Samaritans
Sightsavers (Royal Commonwealth Society for the Blind)
Society for the Protection of Ancient Buildings
Supporting Sick Newborn And their Parents
Survival International
Survivor Space Oxfordshire
Tree Aid
Trees for Cities
World Land Trust
Practical Action
Total expenditure on grant programmes		 2025
£
14,000
15,000
10,000
10,000
10,000
10,000
15,000
7,500
3,425
10,000
17,000
12,000
10,000
15,000
5,000
15,000
10,000
7,000
9,000
10,000
8,000
15,000
10,000
15,000
-
262,925		 2024
£
15,400
11,000
16,500
6,100
11,000
11,000
15,000
8,250
6,825
10,000
16,500
12,000
-
16,500
5,500
16,500
10,000
6,600
9,900
11,000
-
16,500
5,500
8,250
5,500
251,325

15

DELVES CHARITABLE TRUST

NOTES [Continued]

4. Charitable activities [Continued]

Charitable activities [Continued]
Donations
Avoncroft Museum of Historic Buildings
Médecins Sans Frontières
Total expenditure on donations
Grants
Grant programmes (as above)
Donations (as above)
Total Grants
Support costs(note 5)
Grant making
Governance
Other
Total Support costs
Charitable activities
Grants (as above)
Support costs (as above)
Total Charitable activities
All grants were made to institutions.		 2025
£
15,000
10,000




2024
£
-
10,000
25,000 10,000
262,925
25,000		 251,325
10,000
287,925 261,325
6,200
32,301
394		 4,400
31,765
842
38,895 37,007
287,925
38,895
261,325
37,007
326,820 298,332

16

DELVES CHARITABLE TRUST

NOTES [Continued]

5. Support costs

The Trust’s support costs of £38,895 (2024 - £37,007) are allocated between Grant-making, Governance, and Other as follows:

Trust administration
Auditor’s remuneration
Trustees’ expenses
Professional subscriptions
Bank charges		 Grant making
2025
2024
£
£
6,200
4,400
-
-
-
-
-
-
-
-
6,200
4,400		 Governance
2025
2024
£
£
26,200
26,920
5,802
4,740
299
105
-
-
-
-
32,301
31,765		 Other
2025
2024
£
£
-
-
-
-
-
-
330
778
64
64
394
842		 Other
2025
2024
£
£
-
-
-
-
-
-
330
778
64
64
394
842
842

Trust administration costs are apportioned between Costs of grant-making and Governance on the basis of time spent.

The Trustees, as listed on page 1, did not receive any emoluments during the year or the preceding year.

Trustees’ expenses: when Trustees incur out-of-pocket expenses for travel on Trust business, they can claim reimbursement by the Trust.

The Trust has no employees (2024 - none).

6. Auditor’s remuneration

Auditor’s remuneration
2025 2024
£ £
Fees payable to the Trust’s auditor
for the audit of the Trust’s annual accounts 5,802 4,740

7. Net (losses)/gains on investments

Net (losses)/gains on investments
Net foreign exchange (losses)/gains on translation of uninvested cash
Net realised investment (losses)/gains (note 8)
Net unrealised investment (losses)/gains (note 8)		 2025
£
(6)
(11,183)
(550,907)
(562,096)		 2024
£
1,255
13,678
739,344
754,277

17

DELVES CHARITABLE TRUST

NOTES [Continued]

8. Investments

Investments
Quoted Investments
Market value at the start of the year
Additions
Disposals
Net realised (losses)/gains
Net unrealised (losses)/gains
Market value at the end of the year
Uninvested cash
Historical cost
The market value is divided:
UK government bonds
UK corporate bonds
Non-UK government bonds
Non-UK corporate bonds
UK equities
European (ex UK) equities
North American equities
North American equity funds
Rest of World equity funds
Global thematic equity funds
Global equity funds
Property funds
Infrastructure funds
Commodity funds
Short term money market funds		 2025
£
383,828
425,492
132,263
236,496
842,316
1,078,040
4,602,877
164,709
830,296
-
263,529
286,603
337,281
308,709
40,941
9,933,380


2024
£
392,264
415,989
128,849
232,974
981,004
1,549,361
3,826,491
170,746
1,467,003
223,602
155,529
280,428
381,867
242,711
44,000
10,492,818		 2025
£
10,492,818
2,763,012
(2,760,360)
(11,183)
(550,907)
9,933,380

114,793
10,048,173

9,479,097
2025
%
3.9
4.3
1.3
2.4
8.4
10.8
46.3
1.7
8.4
-
2.7
2.9
3.4
3.1
0.4
100		 2024
£
9,936,340
3,057,042
(3,253,586)
13,678
739,344
10,492,818
266,626
10,759,444
9,652,945
2024
%
3.7
4.0
1.2
2.2
9.4
14.8
36.5
1.6
14.0
2.1
1.5
2.7
3.6
2.3
0.4
100

There were 26 disposals during the year producing the net losses of £11,183 (2024 – net gains of £13,678). No investment in the portfolio exceeded 5% of the total portfolio value.

18

DELVES CHARITABLE TRUST

NOTES [Continued]

9. Debtors

Debtors
2025 2024
£ £
Accrued investment income 22,931 25,350

10. Creditors: amounts falling due within one year

2025 2024
£ £
Accrued expenses 16,823 16,189

11. Statement of movements on unrestricted funds

Designation
Investment fund
General fund
Unrestricted funds
In 2024 the movements
Designation
Investment fund
General fund
Unrestricted funds		 Balance at
6 April
2024
£
Income
£
10,773,204
221,822
21,194
541
10,794,398
222,363
were as follows:
Balance at
6 April
2023
£
Income
£
10,135,131
227,083
21,038
488
10,156,169
227,571		 Transfers
£
(326,000)
326,000
-
Transfers
£
(298,000)
298,000
-		 Expenditure
£
(47,191)
(326,820)
(374,011)
Expenditure
£
(45,287)
(298,332)
(343,619)		 Gains/
(losses)
£
(562,096)
-
(562,096)
Gains/
(losses)
£
754,277
-
754,277		 Balance at
5 April
2025
£
10,059,739
20,915
10,080,654
Balance at
5 April
2024
£
10,773,204
21,194
10,794,398

19

DELVES CHARITABLE TRUST

NOTES [Continued]

12. Reconciliation of net income to net cash flow from operating activities

Net (expenditure) before gains and losses on investments
for the reporting period, per the Statement of Financial Activities
Net (losses)/gains on investments
Net (expenditure)/income for the reporting period
as per the Statement of Financial Activities
Adjustments for
Losses/(gains) on investments
Deduction of dividends and interest from investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Transfers between funds
Net cash provided by/(used in) operating activities		 2025
£
(151,648)
(562,096)
(713,744)
562,096
(222,363)
2,419
634
146,768
(224,190)		 2024
£
(116,048)
754,277
638,229
(754,277)
(227,571)
(275)
(925)
111,665
(233,154)

13. Taxation

Delves Charitable Trust is a registered charity and as such is exempt from tax on income and gains falling within Part 10 Income Tax Act 2007 and Section 256 Taxation of Chargeable Gains Act 1992 respectively, to the extent that they are applied to its charitable objectives.

14. Related Parties

Luminary Finance LLP

Luminary Finance LLP is a related party of the Trust by virtue of the family relationship between a Member of the firm and the Trustees.

Luminary Finance LLP provides administration services to the Trust on an arm’s length basis under a standard letter of engagement and terms of business.

The trust administration costs in note 5 above include £32,400 relating to services provided by Luminary Finance LLP in the year, comprised of £27,000 of fees and £5,400 of irrecoverable VAT (2024 - £31,320 total, being £26,100 of fees and £5,220 of VAT). The balance due to Luminary Finance LLP at the end of the year was £nil (2024 - £nil).

15. Going concern

The Trustees consider that there is no material uncertainty about the Trust’s ability to continue as a going concern.

20