SOCIETY OF DILETTANTI CHARITABLE TRUST CHARITY REGISTRATION NUMBER: 274838 AccouNfs FOR THE YEAR ENDED 31st MARCH 2024 Trnstees Charles Calor Martin Drury C.B.E.. F.S.A. (Joini Secrelary) Sir Hugh Roberts G.C.V.O.. F.S.A. Charles Sebag-montefiore C.B.E., F.S.A. (Joini Secreiary) Address for Correspondence Mr5 AlexandTa Callaway 7 Whimbrel Close Sanderslead Surrey CR2 ORW Jndependent examiner Knox Cropper LLP, Chartered Accountants 65 L¢adenhall Street London EC3A 2AD Investment adviserJ RathEKme Investment Management Limited 8 Finsbury Circus London EC2M 7AZ Banke Coutts & Co. 440 Strand London WC2R (s
SOCIETY OF DILErrANll CHARJTABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2024 CONSTITUTION, GOVERNNcE AND mANAGEmET The Charity is governed by a Declaration of Trust dated 28th November 1977 and is ffgist¢Ted with the Charity Commi&8ion under registration number 274838. The Tte¢S of the Cbarity are ihe two Joini Secretaries ex officio and two other members of the Society. Potential new Trustees are prop)sed by the Trustees from the membership of the Society of Dil¢Uanli who are knowledgeable in the area of the Charity's activities and who Lan help the Charity to achieve its objectives. All four Tnlstees served throughout the year and were the Tnwees at the date of this report. No fornlal procedures have been put in place for the induction or trdining of Tnlee8.. these have not been Considered necessary. having regard to the criteria exercised in the selection of Trustees. 0ECTIVEs AND AcrIvrriES The objectives of the Charity are to apply its funds for such charitable purposes and in sucb mann¢r as a majority of the members of the Society of Dilettanti present and voting at any meeting of the Society shall direct, and in default of such directior4 as ihe TteeS shall direct. In practice the Charity helps museums libraries and the National Trust to acquire relevant works of art and archives: it also makes grants towards the conservation of historie buildings. archives and other artefacts and supports relevant academic publications. The TnLSte¢s usually Ik for an historic connection with the Society of Dilettanti, found¢d in 1732. In meeting the objectives, the TTUStees caTefully consider the Charity Commission's guidance on public benefit. Grants from the Charity have enabled institutions such as the British Museum. the National Gallery, the National Tnl, the John Rylands University Library in Manchester, Norwich Castle Museum, the Beckford Tower T in Bath 8nd Tolvneley Hall Art Gallery in Burnley to acquire classical antiquilies. sculpture. paintings other works of art and archives. Grants for CODservation and restoration haN'e been given to the National TrusL the Sir John Soane Museum. the John Soane Monuments Trus¢ Wrexham Parish chUh and io the Mausolea and Monuments Trust (for the excavation and restordtion of the Hope Mausoleum, near Dorking. built by Thomas Hope in 1818). All museums. galleries and National Tnt houses which receive grants are open to the public. Researchers and historians can use the archives printed books and manUriptS acquired with the help of grants from the Charity. Through the generosity of the la* 4th Marquess of NormaThby, a separate fund of the Charitsble Trust was created in 1984, which comes much closer lo the original spiril of tbe Dilettanti Society than any of the usual causes supported by our Charitsble Trust. The obJt of the Norn]anby Fund is to assist those who, in the opinion of the Advisory Committee. would be most likely to benefit from visiting classical sit¢s and museums in Grttce. Italy or the Eastern Mediterranean. and who could not do so without financial help. The intention is that this should provide an opportunity for the aesthetic appreciation at first hand of works of classical art and architecture. so tha¢ the eyes of the successful Candidate become trained by looking at the knt in classical art. The object is not just to further an academic study or to advance a specific line of research, and the award doe$ not supwrt attendance at summer schools or 4)ecial COUTses.
Grant-making policies In the case of the Generdl Fun<L grants are usually given to museums and galleries. the National Trust and other registered charities. The main criteria when awarding grants for acquisitions are the artistic. historical. lit¢rary. archiiectural or other qualities of the proposed acquisition or conservation project. Usually the Trtlee5 look for an historical connection with the Society of Dilettanti. Price, condition and prov¢naD¢e ar¢ also tsken into accounL In the case of the Norn)anby Fund the Trustees rely on the advice of the Advisory Committee, which consists of Profes50r Katherine Harloe (Director of the Institute of Classical Studies. University of London). Dr Le51ey Fitton (recently Keeper of Greek and Roman Antiquities at th¢ British Museum) and tady Lyl Kornicki (daughter of Lord Norn]anby). Main objective for 2023n4 The Charity's main objective for the year ended 31 st March 2024 was to make further grants from the General Fund of around £20,1J, unless significant legacies or donations were received and to award grants from the Nornwiby Fund of at least £5.(KK). Achievements and performAn¢e (General Fund) Four grants were awarded from the Generdl Fund, amounting to £20.940 (2023.. £45,150). addition, one grant of £IO.O(K) awarded in the summer of 2022 to the Heritage of London Trust for the conservation of the Temple at Mount Clare w&$ no longer required. The net charge for the year was therefore £10.940. The four grants were.. (i) The Vi¢toria & Albert Museum - £ l O.<KKI ,8 pledged towards the cost of putting on display the stupendous Medal Cabinet, 1767-8. of mahogany and other woods with orniolu mounts, designed by Sir William Chambers and made by Sefferin Alken and Diederich Nicolaus AndeTson. for the Isl Earl of Charlemont. The Medal Cabinet occupied one wall of the Librdry Pavilion in Charlemont's new house in Dublin. where it remained until circa 1870. It was installed at Elved¢n by 1895 and reappeared tbere at the Christie's house sale in 1984. It was acquired for Somersei House in 1986. but understandably the Courtauld Galleries needed the wall space for pictures. It is currently in storage at the V&A Museu whose authorities are very keen to display it in the Brilish Galleries. The grant of £10,000 will help to put this propjsal into effect. The Zurbaran Trns¢ Auckland Castle- £5.(KK) was pledged towards the purchase of Si P(ml Dirtyeiing ihL' Burning ofihe Bookn. This monumental tsFstry. 5.8 x 3.5m, is one of a set of nine depicting the life of St Paul. Made around 1535, the sel was among the most expensive works of art commissioned by King Henry VIll. Last recorded at Windsor Castle in 1770, this tapestry was thought lost lo bistorv until its reappeardnce in Spain. (iii) Conservation of Sir Martin Archer Shee's Portrali of John Bacon Sawrey Morritt - £3.000 was given towards the cosi of conservalion of the Porlrail nfJ()hn BuLon ,Suwr Morrill of Rokeby Hall. A very discoloured and degraded varnish cover the surface. Its removal has significantly improved the overall chromatic and tonal values and brought the picture back to life. The picture is housed at Br(KJks's where it is visited by herilage groups. (iv} Catg1(ying the siety of DAlettanti *rehive- £2.940 final inslalment. In 2022 the sum of £6,(K)O was provided towards the ¢ost of this project. The Dilettsnti Society (founded 1732) has a sizable archive of letlers. papers and manuscript volumes. About a century ago it was deposited in the librnry of the Society of Antiquaries ID Burlington House. The archive is open to researchers, who come mostly from the UK. continental Europe (espeeially Italy, France and Gerniany) and the USA at a rate of about one month for Projects including PbDs. proposed exhibitions and scholarly research generally. This grant covered the final cost of the project. The archive housed at the siety of Antiquaries is
now properly catalogued and available online to the public anywhere in the world. alongside the online catalogue of the Antiquaries. records. Achievements and performance (NormaDby Fund) The Advisory ComEnittee for the NoMlbY Fund {whose names appear above) advertises the NOrnnbY C11¢al Travel Awart receives the applications, reviews the referees. reports and selects the successful candidates. The Advisory Committee recommended award5 in March 2024 to ten winners at an aggregate cost of £9,707. In the previous year ended 31 March 2023. the Advisory Commtttee recommended eleven winners. who received tbe agatr sum of £9.825. All winners trdvel during the summer of the year of award in order to enrich their understanding of the Classical world. Mvdin objeetives for 2024125 The Charity's main objective for the year ending 315t March 2025 is to make further grants from the G¢neral Fund of around £20.(KKJ, unie&s significant legacies or donations are recelved. and grants from tbe Nomi8nby Fund of at least £5.(KK). FINANCIAL REVIEW The General Fund (unrestricted) The Genernl Fund received its income from th¢ sources stated below: Year ended March 2024 19.086 7,250 March 2023 19.195 6,662 Investment income Donations from members Other donalions Total income In the year to 3 1st March 2024. aggregate income received by the General Fund rose to £26.336 (2023.. £25,857). Inveslment income was almost unchanged at £19.086 (2023: £19.195). Donations rose to £7.250 (2023: £6.662). Net ofthe £IO.(MXI no longer rquired by the Herilage of London TrusL cRJaritable grdnts from the unrestricted Genernl Fund were £10,940 (2023: £45,150 including the exceptional grant of £25.000 to the National Portrait Gallery for Reynolds's ()mai. Support costs were incurred of £3,008 (2023: £2,559) comprising all administration costs. the indeFndent examination fee and bank charges. The cost of raising funds of £6,213 {2023: £6,458) represents Cazenove's investmenl management fees. The net operating SUTplus kfor¢ investment gains was £6,175 (2023 deficit of £28,310). After realised investment losses of £470 (2023.. losses of £121.495) and unrealised gains of £79.668 (2023: losses of £4.534). the nel surplus for the year was £85,373 (2023: Thet deficit of £154,339). The General Fund balance carried forward as ai 3 1st March 2024 was £951.464 {2023: £866,091). The Normydnby Fund {re5tricted) The in¢om¢ of the Normanby Fund reached £7.177 (2023: £8.529). Ten grants were paid in March 2024 for travel in the summer of 2024 amounting to £9,707 (2023: eleven grants amounting to £9,825). The investment adviser's fee was £2,446 and the Norn]anby Fund's share of the charity's costs was £1. I I l. After net investment gains of £43.254, the net movement in funds was a surplus of £37,167 (2023.. deficit of £23,847. The Fund balance carried forward was £380.561 (2023: £343.394)-
The Balanee Sheet The balance sheet at 31st March 2024 showed net 18sets of £1,332.025 (2023: £1,209,485) consisting of the investment p)rtfolio at its year end market value of £1,281.410 (2023: £1.187.124)' and net current assets {caslL less creditors) of £50,615 (2023: £22J61). Creditors comprised £15,(KKI for two grdnts committed but nol paid and £1.8(X) for the Independent Examination fee. Policies on reserves Save for the restricted Normanby Full all the Charity's reserves are regarded as an expendable endowment nd. Both the General Fund and the Nornianby Fund are represented by investments in order to Produce a reasonably predictable and regular level of income. The Trustees regard this as necessary to maintain and support the Charity's operation. Donations from members Under the Rules of the SLKiety, Members of the Society of Dilettanti make annual donations to the Charitable Trust at least equivalent to the annual subscription. The Tntstees are particularly grateful to those Members who make contributions above the minimum amount. Trustee$. responsibilities The Trustees are responsible for managing the affairs of the Charity and administering its funds and assets within the framework of any general policies aeed at an annual g¢neT31 meeting. The Trustees are required to prepare annual financial statements in accordance with applicable law and United Kingdom accounting statKlards. In preparing those statements. the Tntees. select suitable accounting policies and then apply them consistently: make judgments and estimates which are asonable and prudent; state whether applicable accounting stsndards have been followed - subject to any material departures that are disclosed and explained in the fit)ancial statements. and prepare the financlal statements on a going-concern basis unle&s it is inappropriate to presume that the Charity will continue its activities. The TnLSte¢s are r¢sponsible for keeping proper accounting teCQTds which di10$¢ the finala1 transactions and the assets and liabilities of the Charity with reay)nable accuracy. They are also responsible for safeguarding the a&8ets of the Charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregUlltIes. Risk management The TCeS have identified the principal risks that might have an effect on the Clwity and believe that appropriate action h&s been taken to manage them. The Trustees will continue to keep under review the adequacy of the PedureS in place. Approved by the Trustees on 24 June 2024 and signed on their behalf. CHARLES SEBAG-MONfEFIORE MARTIN DRURY Ex (>ffieio Trnslee5for all ihe Tnle
INDEPEIWENt EXAMINER'S REPORT TO THE SOCIETY OF DILEThAIYTI CHARITABLE TRUST FOR THE YEAR ENDED 31st MARCH 2024 I report to the lnteeS on my examinatton of the accounts of Society of Dilettanti Charitable Trust for the year ended 3 1st March 2024. This repK)rt is made to the TTU51ees, as a b(NJy, in accordance with the leTms of my engagement. My work h&8 been undertsken so that I might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity CoTnmissioners. To the fullest extent pemiitted by law, I do not accept or assume responsibility lo anyone other ihan the Charity and the Charity's Tntstees as a body for my work or for this report. RESPONSIBILITY AND BASIS OF REPORT As the charity trustees of the Charity you are responsible for the preparntion of the accounts in accordance with the requirements of the Chariti¢s Act 2011 ('the Act.). I report in Trspect of my examination of the Charity's accounts rried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5Kb) of the Act. INDEPENDEYf EXAMINER'S STATEME I have completed my examination. l ¢onfirni that no material matters have Corne to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in res of the Charity as required by section 130 of the 2. the accounts do not accord with those records" or 3. the accounts do not Comply with the applicable requirements concerning the forni aThl ¢ontenl of accounts set out in the Cknities (Accounts and Reports) Regulations 2008 other than any re9uir¢ment that the accounts give a 'tn* and fair view, which is not a matter considered as part of an indcpend¢nt examination. I have no concerns and have come a¢TO&S no other matters in connection with the examination to which attention should be drawn in this rert in order to enable a proper understanding of the accounts to k reached. Greg Stevenson. F.C.A. Knox Cropper LLP Chartered Accoulltants 65 Leadenhall Street London EC3A 2AD Date: 26 June 2024
SOCIETY OF DILEAN[l CHARrrABLE TRUST BALANCE SHEET FOR THE YEAR EliDED 31st MARCH 2024 2024 2023 Notes FIXED ASSETS Investments 1281,410 1,187,124 CURRENT ASSETS Cash Debtors 67,415 59.688 733 60,421 67.415 CREDITORS: Amount falling due within one year 16,81K) 38.060 NET CURRENT ASSETS 50.615 22.361 NET ASSETS 1.332,025 1.209.485 Represented by: GENERAL FUND (Unrestricted) 951.464 866.091 NORMANBY FUND (Restricted) 380.561 343.394 TOTAL FUNDS 1.332,025 1209,485 Approved by the Tnjstees on 24 June 2024 and signed on tbeir behalf. Charles Sebag-Montefiore- Tnte¢ and Honordry Treasurer
SOCIETY OF DtLEfTANTI CHARrrABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31$t MARCH 2024 ACCOUNTING POLICIES A) BASIS of Prep4r8tion And AsstS8menl of going concern The accounts have en prepared under the historical cost convention with the exception of investments which are included at market value. The fi[wla1 ststernents have been prepar¢d in accordance with the Statement of Recommend¢d Prartice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial ReFM)rting Stsndards applicable in the UK artd Republic of Ireland (FRS 102) (effective 2019) and the Financial Rewrting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Cliarities Act 2011. The accounts have been prepared io give a 'ln and fair. view and have (kp&rted from the Charities (Accounts and Reports) Regulations 2008 only to the exlent required to provide a 'true and fair view.. This departure involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Irelaod (FRS102) issued on 16 July 2014 rather than the A¢counting and Reporting by Charities Slatrment of R0MMended Practice effective from l April 25 which has since been withdraw The Charity Constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no ma*rial Uertainties about the Charity's ability to continue as a going concern. The Charity h&s taken advantage of the ex¢rnption not to pryre a cash flow slatement. The functional currency of the Charity is the £ Sterling. b) Funds General funds represent the funds of the Charity thai are not subject to any restrictions regarding their use and are available for application to the gera1 purposes of the Charity. The Nornianby Fund is a restTiCted fill which is used in accordance with specific restrictions imposed by the donor. c) Income All incom¢ is recogmised once the charity has entitlement to the income. it is pmbable that the income will be rec¢iva and the amount of income receivable can be measured reliably. Donations and legacies are recognised when banked by or on behalf of the Charity. Divideods and interest income are accounted for when received. together with any income tsx recoverable on such iOme.
d) Expenditure Liabilities ar¢ recogtiised as exnditU as soon as there is a legal or constructive obligation committing the charity to that expenditure. it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an aCcal5 basis. All expenses including support costs and governance costs are allated OT apportioned to th¢ applicable expenditure headings. e) Investments Investments are a forni of b&sic financial investment and are initially rognISed at their transaction value and subsequently mwured at fair value as at the balance sheet date SIng the closing quoted market price. The statement of financial activities includes the nel 8ains and losses arising on revaluations and disposals throughout the year. Realised gains and losses on inveslrnents are calculated as the difference between sales PrCe(LS and their opening carrying value or their purchase value if acquired subsequent to the fst day of the fitwKial year. Unrealised gains and losses are calculated &s the difference beeen the fair value at the year end and their CaIng value. 0 Current Atsets and Li*bilitie$ All known current awts are brought into the accounts at the amounts which they are expected to realise. All kno liabilities are brought into the accounts at their ex[Cted cost. INCOME FROM DONATIOYS AND LEGACIES 2024 Iyornianby Fund (restricted) General Fund (unrestricted) 2023 Totsl Totsl Donations from members Gift Aid 5.950 1,31X) 7,250 6.662 5,950 1,300 7,250 6,662 5,324 1,338 6,662 Prior year 2023 INCOME FROM INVESTMENrs Dividends and interest on ILMn stock Bank interest receivable 19.086 7.177 26.263 27.724 19,086 19,195 7.177 8.529 26.263 27.724 27.724 Prior year 2023
EXPENDITURE ON 2024 ormanby Fund (restricted) Genersl Fund (unrestricted) 2023 "lotll Total RAISING FUNDS Investment Manager's Fees Prior year 2023 6213 6.458 8,659 8,821 8,821 2,363 CHARTTABLE AcfivTTtES Grants Grants to organisations Grants lo individuals Grant no longer required 18,(KK) 2,940 10.000 10.940 18,0(K) 12,647 10.0 20.647 45.150 9,825 9,707 9.707 54.975 Support Costs Operating ex[eS Independent examination 1.694 1,314 3.1K)8 625 486 2,319 1,8(M) 4.119 2,052 1,500 13.948 47.709 10.818 10,818 24.766 58,527 58,527 Prior year 2023 No Trustee received any remuneration. The Independent Examination fee charged to the accounts was £1,800 including VAT (2023: £IJOO). KEY MANAGEMENT PERSONNEL Key Management Personnel is defined as thc Trtte¢S. None of the Trustees received any emoluments or reimbursement of expenses (2023: none). EMPLOYEE INFORMATION There were no employees and no employee Lrnefrts were paid (2023: none). The average weekly number of persons employed during the year was zero (2023: zero). FIXED ASSET INVESTMENTS 2024 General Normanby Fund frund (unreytrieted) (restricted) 2023 TotAI Total QUOTED INVESTMENTS Market Value at I st April 2023 Additions Proceeds of sale Realised (lossesygains Unrealised (lossesygains Market Value al 3 1st March 2024 856.613 45,480 (53,216) (470) 79.668 928,075 330,511 1,187,124 1.345,453 41.470 86.950 10,718 (61,900) (115,116) (23,823) 2.612 2,142 (5,283) 40,642 120.310 139,941 353,335 1281,410 1.187.124
CASH 2024 2023 General fund Nornianby fimd 40.229 27,186 67.415 48,473 11,215 59,688 CREDtTORS 2024 2023 Grants approved bul not yet paid Accruals 15,IKK) 1,8(K) 16.8(Kl 36,560 1,500 38.060 10. NET ASSETS BETWEEN FUNDS 2024 General Fund (UDrestrieted) Normanby Fund (restricted) Total Quot¢d inv¢stments CUnt assets Creditors 928,075 40.189 16.81X) 951,461 353,335 27,226 1.281,410 67,415 16.8(X) 1,333,025 380.561 2023 Gelleral Fund (unrestricted) Normanby Fund (restricted) Totsl Quoted investments Current assets Credltors 856.613 47.538 38.060 866.091 330,511 12.883 1.187.124 60.421 38,060 1,209.485 343,394 I i. coNriiyGENf LIABILrriES At 31 st March 2024, there were no known contingent liabilities. 12. RELATED PARTY TRNsAcri0s Otb¢r than donations from Member& there are no related party transactions.