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, Charte￿d 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 Tn￿t 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 Trt￿ees 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 Tn￿teeS 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 crit￿la exc￿ ised in the selection of Trustees.
OWECTIVES AND ACTIV￿llES
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 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 make5 grants toward5 the ¢on5¢rvation of historic buildings, archives and other
artefacts and supports relevant academic publications. The Tn￿ ￿]lY I￿k 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 Tn￿t. 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 C￿￿rIty.
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 Trt￿t. 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 NO￿anby).
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 ( rUcIf￿10n. 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 u4orll￿Dby 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 Tn￿leeS aTe required to Prepare annual financial statements in accoTdan¢e with applicable
law and United Kingdom accounting Sta￿{L$. In preparing those Statern￿ts, 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
dePartU￿S 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 Trt￿ees 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 T￿Sle¢S have identified the principal risks that might have an eff￿1 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[LE￿A￿ri 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 Ca￿led 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 ￿ r￿Che<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
cRED￿ORS.
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
Repr￿DIed 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 DILE￿A￿TI 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 T￿resent 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
pr￿CedS 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
st￿k
Bank interest r￿e1vable
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 Tn￿tees.
None of the Trustees received any emoluments or reimbursement of ext￿nseS (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
(Unr￿tricted> (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.