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, GOVERN￿NcE AND mANAGEmE￿T
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 T￿￿te¢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 Tn￿lee8.. these have
not been Considered necessary. having regard to the criteria exercised in the selection of Trustees.
0￿ECTIVEs 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 T￿￿teeS 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 I￿k 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 Tn￿l, 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 chU￿h 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 Tn￿t houses which receive grants are open
to the public. Researchers and historians can use the archives printed books and manU￿riptS
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 obJ￿t 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 Trt￿lee5 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 £20,1￿J, 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 s￿iety 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 s￿iety 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 NoM￿lbY Fund {whose names appear above) advertises the
NOrn￿nbY C1￿1¢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 a￿gatr 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$. responsibilities
The Trustees are responsible for managing the affairs of the Charity and administering its funds
and assets within the framework of any general policies a￿eed at an annual g¢neT31 meeting.
The Trustees are required to prepare annual financial statements in accordance with applicable
law and United Kingdom accounting statKlards. In preparing those statements. the Tn￿tees.
select suitable accounting policies and then apply them consistently:
make judgments and estimates which are ￿asonable and prudent;
state whether applicable accounting stsndards have been followed - subject to any material
departures that are disclosed and explained in the fit)ancial statements. and
prepare the financlal statements on a going-concern basis unle&s it is inappropriate to presume
that the Charity will continue its activities.
The TnLSte¢s are r¢sponsible for keeping proper accounting teCQTds which di￿10$¢ the fina￿la1
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 irregUl￿ltIes.
Risk management
The T￿￿CeS 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 P￿￿edureS 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 Tn￿le

INDEPEIWENt EXAMINER'S REPORT TO
THE SOCIETY OF DILEThAIYTI CHARITABLE TRUST
FOR THE YEAR ENDED 31st MARCH 2024
I report to the ln￿teeS 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 re￿rt 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 DILE￿AN[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- Tn￿te¢ 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[w￿la1 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 R￿0MMended Practice effective
from l April 2￿5 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 U￿ertainties 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 ge￿ra1 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 i￿Ome.

d) Expenditure
Liabilities ar¢ recogtiised as ex￿nditU￿ 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 aCc￿al5 basis. All expenses including support costs and governance
costs are all￿ated OT apportioned to th¢ applicable expenditure headings.
e) Investments
Investments are a forni of b&sic financial investment and are initially r￿ognISed 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
Pr￿Ce(LS and their opening carrying value or their purchase value if acquired subsequent
to the f￿st day of the fitwKial year. Unrealised gains and losses are calculated &s the
difference be￿een the fair value at the year end and their Ca￿Ing 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 Trt￿te¢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
CU￿nt 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 TR￿NsAcri0￿s
Otb¢r than donations from Member& there are no related party transactions.