SOCIETY OF DILETTANTI CHARITABLE TRUST CHARITY REGISTRATION NUMBER: 274838 ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2025 Trustees Charles Cator Martin Drury C.B.E.. F.S.A. (Joini Sec'reiary) Sir Hugh Roberts G.C.V.O.. F.S.A. Charles Sebag-montefiore C.B.E., F.S.A. (Joini Secrelary) Address for correspondence Mrs Alexandra Callaway 7 Whirnbrel Clos¢ Sand¢rstead Surrey CR2 ORW Independent examiner Knox Cropper LLP, Charted Accounlants 65 Leadenhall Street London EC3A 2AD Investment advisers Rathbone Inveslrnent Management Limited 30 Cvresham Street London EC2V 7QN Bankers Coutts & Co. 440 Strand London WC2R tM2S
SOCIETY OF DILETTANfi CHARrfABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED31st MARCH 2025 CONSTITUTION, GOVERNANCE AND MANAGEMENT The Charity is governed by a Declardtion of Tnt dated 28th November 1977 and is giStered with the Charity Commission under gistration number 274838. The Trustees of the Charity are the two Joint Secretaries u officio and two other members of the Society. Potential new Truste¢s are proposed by the Trtees from the membership of the Society of Dilettanti who are knowledgeable in the area of the Charity's activities and who can help the Charity to achieve its obj¢dives. All four TnteeS served throughout the year and were the Trustees ai the date of this report. No fornlal pro¢edur¢s have been put in place for the induction or training of Trustees: these have not been considered necessary, having regard to the critla exc ised in the selection of Trustees. OWECTIVES AND ACTIVllES The objectives of the Charity are to apply its fill)ds for sucb clwitable purposes and in such manner 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 su¢h direction. as the TteeS shall direct. In practice the Charity helps museums, libraries and the National Trust to acquire relevant works of art and archives: it also make5 grants toward5 the ¢on5¢rvation of historic buildings, archives and other artefacts and supports relevant academic publications. The Tn ]lY Ik for an historic connection with the Society of Dilettsnti, founded in 1732. In meeting the objectives. the Trnstees carefully CQDsider 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 Tnt. the John Rylands University Library in Man¢hesier. Norwich Castle Museum. the Beckford Tower Tnjst in Bath and Towneley Hall Art Gallery in Burnley to acquire classical antiquities. UlPture, painting5. other works of art and archive5. Grants for con5¢rvation and restoration have been given to the National TrusL the Sir John Soane Museurn, the John Soane Monuments TrusL Wrexham Parish Church and to the Mausolea and Monuments Trust (for the excavation and restoration of the Hope Mausoleum. near tknrking, buili by Thomas Hope in 1818). All museums. galleries and NatlODaJ Trust houses which receive grants are open to the public. Researchers and historians can use the ar¢hive& printed books and manuscripts acquired with the help of grdnts from the CrIty. Through the generosity of the late 4th Marque&s of NoTmanby. a separate fund of the Charitable TrLESt was created in 1984. which comes mu¢h closer to ihe original spirit of the Dilettanti Society than any of the usual Causes supported by our Cbaritable Trtt. The object of th¢ Nonnanby Fund is to assist those who. in the opinion of the Advisory Committee, would be most likely to benefit from visiting classical sites and museums in Greece. itsly or the Eastern Mediterran, 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 that the eyes of the successful candidate become trdined by looking ai the b¢st in classical art. The object is not just to further an academi¢ study or to advance a specific line of research. and ihe award does not SUPEKJrt attendance at summer schools or special courses.
Grant-mgklng policies In the case of the General Fund grants a usually given to museums and galleries. the National Trusl and other registered cbarities. The main criteria when awarding grnnts for acquisitions are the artistic, historical. literary, architecturzl or other qualities of the proEK)sed acquisition or conservation project. Usually the Tnjslces l(K)k for an historical connection with the Society of Dilettanti. Price. condition and provenance are also takeD into account. In the case of the Normanby Fund the Trustees rely on the advice of the Advisory Committee, which consists of Professor Katherine Harloe (Director of the Institute of Classical Studies, University of London), Dr Lesley Fitton (recently Keeper of Greek and Roman Antiquities at the British Museum) and Lady Lepel Kornicki (daughter of Lord NOanby). Main objeetive for 202412S The Charity's main objective for the year ended 3 1st March 2025 was to make further grnnts from the General Fund of around £20,0, unless signtfi¢ant l¢gacies or donations were received and to award grants from the Nonnanby Fund of at least £5.(MX). Achievements and performance (General Fund) Two grants were awarded from ihe General Fun amounting to £30,(M)O. In the previous year four grants were awarded amounting ts) £20,940. but one grant of £1 O.O(X) awarded in 2022 was no longer required. so the net charge for the previous year w&8 £10.940. The two 2025 grants were: (i) The British School at Rome - £20,(XK) was given towards the cost of a much-needed programme to upgrade and reorwiise the library acconllnodation for special collections, originally designed by Sir Edwin Lutyens in the early years of the 20th century. Most of the cost of the project had been raised but the British School requested help specifically towards the acquisition of drawer cabinets to be used to store the ¢oll¢£tion of prints. architectural and archa¢ological plans and drawings. They were inadequately store4 and included in parti¢ulaT a larg¢ collection of prints by Piranesi. drawings by Lutyens, archaeological surveys and maps. (li) The A$hmole#n Museum. Oxford- £10.(KM) was given towards the cosl of acquiring Fra Angelico's ( rUcIf10n. The picture was painled in the 1420s and had been in a British private collection for over two centuries. Sold abroa the picture w&s export stopped and offered to the Ashmolean for a price of £4.5 million. net of tax remission. The TnLStees agreed that the Crneifvion would fil perfectly into the Ashmolean's collection. When the pledge was made. the Ashmolean was within about £6(KI,(KK) of its targ¢ with only a few weeks before the exp)rt stop exptred. Achievements and performance u4orllDby Fund) The Advisory Committee for the Nornianby Fund (whose names appear above) advertises the Nornianby Classical Travel Award, receives ihe applications, reviews the referees. reports and selects the su¢¢es8ful candidates. The Advisory Committee recommended awards in March 2025 to seven winners ai an aggregate cost of £7,0(K). In the previous year ended 31 March 2024, the Advisory Committee recommended ten winner& who recelved tbe aggregale sum of £9.707. AII winners travel during the summer of the year of award in order to enrich their unikrstanding of the Classical world. Main objeetives for 2025126 The Charity's main objective for the year ending 3 1st March 2026 is to make fiwther grdnts from the General Fund of around £20.(KK), unl¢ss significant legacies or donations are receive4 and grants from the Norn]anby Fund of at least £5,(KK).
FINANCIAL REVIEW The Genernl Fund (unrestrieted) The General Fund received its income frorn the sources stated klow: Yeor ellded March 2025 19.924 6.324 M(4rch 2024 19.086 7,250 Investment income Donations from membe Other donations Total income In the year to 31 st March 2025. aggregate incorne received by the Genernl Fund rose to £26,248 (2024: £26,336). Investment income increased to £19,924 (2024: £19.086). tknnations fell to £6.324 (2024: £7,250). Charilable grants from the unrestricted General Fund were £30.(KKI (2024: £10.940 net of a credit of £ l 0.000 for a grant made in 2022 which wa5 no longer required). Support costs were incurred of £3,010 (2024: £3.(K)8) comprising all administration costs. the independent examination fee and bank charges. The cost of raising fimd5 of £6.713 (2024.. £6213) represents Cazenove's investment management fees. The net operating deficit b¢fore unrealised investment gaiDS and losses was £13,475 (2024: surplus of £6,175). After realised investment gains of £1254 {2024: losses of £470) and uorealised losses of £6,201 (2024.. gains of £79,668), the net deficit for the Y wa5 £18.422 (2024: surplus of £85.373). The General Fund balance carTied forward as at 3 1st March 2025 was £933.042 (2024: £951,464). The Normanby Fund (restricted) The income of the Nornianby Fund reached £7.528 (2024.. £7,177). Seven grants were paid in March 2025 for travel in the summer of 2025 amounting to £7.(MX) (2024: ten grants amounting to £9,707). The investment adviser's fee was £2.789 and the Nornlanby Fund's share of the charity's Costs £1.090. After nel investment gains of £3,404. the net movement tn funds was a surplus of £53 (2024.. £37.167). The Fund balance caTTid fopward was £380,614 (2024: £380.561). The Balance Sheet The balance sheet at 31st March 2025 showed net assets of £1,313,656 (2024: £1,332,025) consisting of the investment portfolio at its year end market value of £1270,452 (2024: £1,281,410). and net current a&set5 (Cash. less creditors) of £43.204 (2024.. £50,615). Polieies on reserves Save for the restricted Nornianby Full all the ChaTity'S reserves are regarded as an expendable endowment fund. Both the General Fund and the Norn)anby Fund a Presented by investments in order to produce a Teasonably predictable and regular level of income. The Trustees regard this as necessary to maintain and supw)rt the Charity's operdtion. Donations from members Under the Rules of the Society. MembeT5 of the S(Kiety of Dilettanti make annual donations to the Clwitable Trust at least equivalent to the annual subscription. The Tnjstees are partscularly grdteful to those Members who contributions above tbe minimum amount. Trustees, responsibilities The Trustees are responsible for managing the affairs of the Charity and admiTJistering its funds and assets within the framework of any genernl tM)licies agreed at an annual genernl meeting.
The TnleeS aTe required to Prepare annual financial statements in accoTdan¢e with applicable law and United Kingdom accounting Sta{L$. In preparing those Staternts, the Trustees: select suitable accounting policies and then apply them consistently; make judgn]ents and estimates which are r&qsonable and Prudent. state whether applicable accounting standards have been followed - subject to any mateTial dePartUS that are disclosed and explained in th¢ financial statements; and prepare the financial statements on a going-concern basis unless it is inappropriate to presume that th¢ Charity will CODtinu¢ its activities. The Trtees are responsible for keeping proper accounting records which disclose the financial transactions and the assets and liabilities of the Charity with reasonable accuracy. They are also responsible for safeguarding the asse15 of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Risk management The TSle¢S have identified the principal risks that might have an eff1 on the Charity and believe that appropriate aciion has been tsken to manage them. The Trustees will continue to keep under review the adequacy of the procedures in place. Approved by the Trustees on 24 June 2025 and signed on their behalf. CHARLES SEBAG-MONTEFIORE MARTIN DRUR Y Ex officio Tnuiee.sfor all ihe Tn&sie
INDEPENDENT EXAMINER'S REPORT TO THE SOCIETY OF D[LEAri CHAIUTABLE TRUST FOR THE YEAR ENDED 31st NIARCH 2025 I report to the trnstees on my examination of the accounts of Society of Dilettanti Cbaritsble Trust for the year ended 3 1st Mawh 2025. This report is made to the Trustee& as a body. in accordance with the ternis of my engagement. My work has beeD undertaken so thal I rnight cary out an Independent Examination of the financial slatements in accordance with the General Directions given by ihe Cbarity Commissioners. To the fullest exteThl perniitted by law. I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body for my WOTk or for this report. RESPONSIBILrrY AIW BASIS OF REPORT As the Charity trustees of the Charity you are resFK)nsible for the prepardtion of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act,). I tEw)rt in respect of my examination of the Charity's accounls Caled out under section 145 of th¢ 2011 Act and in carying out my examtnation I have followed all the applicable DirectlODS given by the Charity Commission under wtion 145(5)(b) of the Act. INDEPENDENT EXAMIYER'S STATEMENr I have completed my examination. I confirn) that no material matteT5 have come lo my attention in connection with the examination giving me cause to belleve that in any material respect: accounting records were not kept ID respect of the Charity as required by section 130 of the ACL or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the applicable requirements concerning the forni and content of accounts set out in the Charities (Accounts and Reports) Regulaiions 2008 other than any requirement that tbe accounts give a 'true and fair view. which is not a matter considered as part of an independent examination. I have no concerns and have come acro&s no other Fnatters in connertion with the examinatTron to which attention should be drawn in this report in order to enable a proper understat)ding of the a¢¢ounts to rChe<L Greg Stevenson, F.C.A. Knox Cropper LLP Chartered Aecountants 65 Leadenhall Street London EC3A 2AD Date: 26 June 2025
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SOCIETY OF DILEThANTI CHARITABLE TRUST BALANCE SHEET FOR THE YEAR ENDED 31s1 MARCH 2025 2025 2024 Notes FIXED ASSETS Investments 1,270.452 .281.410 CURRENT ASSETS Cash Debtors 44267 737 45.(KH 67.415 67,415 cREDORS. Amount falling due within one year 1.81K) 16.8(X) NET CURRENT ASSETS 43204 50.615 ET ASSETS 1.313,656 1,332,025 ReprDIed by. GENERAL FUND (Unrestricted) 933,042 951.464 NORMANBY FUND (Restricted) 380.614 380.561 TOTAL FUNDS 1.313.656 1,332,025 Approved by the Trustees on 24 June 2025 and signed on their behalf. Charles Sebag-Montefiore- Trustee and Honordry TreasuTer
SOCIETY OF DILEATI CHARIT ABLE TRUST NOTES TO THE AccouKrs FOR THE YEAR ENDED 315t MARCH 2024 ACCOUIYflNG POLlCtES a) BAsis of Preparation and Assessment of going eoneern The accounts have been PTepaTed under the historical cost convention with the exception of investments which are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting aDd Reporting by Charities preparing their accounts in accordance with th¢ Ftnancial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The accounts have been prepared to give a 'tn* and fair. view and have &part¢d from the Charities (Accounts and Reports) Regulations 2(X)8 only to the extent required to provide a 'true and fair view.. This departure involved following Accounting and Rep)rting by Charities preparing their accounts in accordance with the FiDancial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 rather than the Accounting and Reporting by ChaTities Statement of Recomm¢nded Practice effective from l April 2(K)5 which has sinc¢ b¢en withdrawn. The Charity constitutes a public b¢n¢fit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties aEMJut the Charity's ability to continue &8 a going concern. The Charity has taken advantage of the exemption not to prepwre a cash flow statement. The functional currency of the Charity is the £ Sterling. b) Funds General funds Tresent the funds of the Charity that are not subject to any restrictiODS regarding their use and are available for application to the general purposes of the Charity. The Nomianby Fund is a restrictrd futKI which is used in accordance with specific restrictions imwsed by the donor. e) Income All income is r¢cogmised once the charity has entitlement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations and legacies are tecognised when banked by or on behalf of the Charity. Dividends and interest income are acc4)unted for when received, together with any income tax recoverable on such income.
d) Eipenditsre Liabilities are recognised as expenditure as on as there is a legal or constructive obligation colllmitting the charity to that expendifvTe, it is probable that settletnent will be required and the amount of the obligalion can be me&suTrd reliably. All expenditure is accounted for on an accruals basis. All expenses including sUPPOrt costs and governance costs are allocated or apportion¢d to the applicable expenditure headings. e) Investments Investments are a foTm of basic financial investment and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoied market price. The statement of financial activities includes the net gains and losses arising on revaluations and diskx)sals throughout the year. Realised gains and losses on investments are calculated as the difference between sales prCedS and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated &$ the difference between the fair value ai the year end and their carrying value. Current Asgets and Li*bilities All known current awts are brought into the accounts at the amounts which they are expected to realise. All known liabilities are brought into the accounts at their expected INCOME FROM DONATIONS AND LEGACIES General Fund (unrestrieted) Norn]anby Fund (restricted) 2024 Total Totsl DonatioDS from members Gift Aid 5.085 ,239 6,324 7250 5,085 1,239 6,324 7250 5.950 .300 7.250 Prior year 2024 INCOME FROM INVESTMENTS Dividend8 and interesl on loan stk Bank interest re1vable 19.924 7,528 27.452 26263 19.924 19.086 7,528 7.177 27,452 26.263 Prior year 2024
EXPENDITURE ON 2025 Trlormanby Fund (restricted) Gener*1 Fund (unrestrieted) 2024 Total Total RAISING FUNDS Investment Manager's Fees Prior year 2024 6.713 6,213 2.789 9,502 8.659 8.659 CHARrrABLE AcrtvrriES Grants Grants to organisations Grants to individuals Grant no longer required 30,IKK) 30.0 18.000 12.647 10.000 20.647 30,1M)O 37.0(K) Support Costs Operating expenses Independent examination 1.696 1,314 3.010 2,3(M) 1.800 4.100 2,319 1,800 4,119 486 33,010 13.948 41,100 24,766 24,766 Prior year 2024 10,818 No Trustee received any remuDerdtion. The Independent Examination fee charged to the accounts was £1.800 including VAT (2024". £1,8). KEY MANAGEMENT PERSONNEL Key Management Personnel is defined as the Tntees. None of the Trustees received any emoluments or reimbursement of extnseS (2024.. none). EMPLOYEE INFORMATION There were no employees and no employee benefits were paid (2024: none). The average weekly number of Frsons employed during the year was zero (2024: zero). FIXED ASSET INVESTMENTS 2025 General Normanby Fund Fund (Unrtricted> (restricted) 2024 Totsl Total QUOTED tNVESTMENTS Market Value ai 1st April 2024 Additions Proceeds of sale Reali5ed (lossesygains Unrealised (lossesygains Market Value at 3 1st March 2025 928,075 66,010 {73.554) 1253 6.200 915,584 353,335 22,635 (24,506) 2.693 711 354,868 1281.410 1,187,124 88,645 86.950 (98.060) (115,116) 3.946 2.142 5,489 120.310 .270.452 1,281.410
CASH 2025 2024 General fund Nomianby fund 19,184 25.083 44,267 40.229 27,186 67,415 CREDrroRS 2025 2024 Grants approved but not yet paid Accruals 15.(KK) 1.800 16,800 1,800 I,8} 10. NET ASSETS BETWEEN FUNDS 2025 General Fund (unrestricted) Normanby Fund (restricted) Totsl Quoted investments Current assets Creditors 915,584 19258 1.8(K) 933.042 354.868 25.746 1,270,452 45,004 1,8(M) .313.656 380.614 2024 General Fund (unrestricted) Normanby Fund (restrieted) Totsl Quoted investments Current assets Creditors 928.075 40,189 16,$00 951,464 353.335 27.226 l.281.410 67,415 16,800 1,332.025 380.561 I I. CONTINGENT LIABILITIES At 3 1st March 2025. there were no known contingent liabilities. 12. RELATED PARTY TRANSAcfioNS Other than donations from Memkrs. there are no lated paty transactions.