068. Dulverton Trust

8/9/2019 068. Dulverton Trust

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THE DULVERTON TRUST___________________________

Annual Report and Accounts

2008/2009___________________________

5, St Jamess Place, London SW1A 1NP

Charity Registered in England and Wales No: 206426


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Trustees

Mr Christopher Wills - Chairman

Sir John Kemp-Welch - Vice Chairman Finance

Mr Tara Douglas-Home

The Lord Dulverton

Mr Richard Fitzalan Howard

The Earl of Gowrie

Dame Mary Richardson

Sir Malcolm Rifkind

Dr Catherine Wills

Members of the Trust Finance Committee

Sir John Kemp-Welch - ViceChairman Finance

The Lord Dulverton

Mr Richard Fitzalan Howard

Dr Catherine WillsMr Christopher Wills

Officers

Director Colonel Christopher Bates

Finance Director Commander Christopher Lightfoot

Assistant Director Mrs Sally Stockwell


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Professional Advisers

Investment Managers

Artemis Investment Management Ltd

Cassini House, 57 St Jamess Street

London SW1A 1LD

Barclays Global Investors Ltd

Murray House, 1 Royal Mint CourtLondon EC3N 4HH

Cazenove Capital Management Ltd

12 Moorgate

London EC2R 6DA

BNY Mellon Asset Management

Mellon Financial Centre, 160 Queen Victoria Street

London EC4V 4LA

Schroders Investments Ltd31 Gresham Street, London EC2V 7QA

UBS Global Asset Management (UK) Ltd

21 Lombard Street, London EC3V 9AH

Bankers

National Westminster Bank plc

208 Piccadilly, London W1A 2DG

Solicitors

Farrer and Co

66 Lincolns Inn, London WC2A 3LH

Auditors

Nexia Smith & Williamson Audit Ltd

Prospect House, 2 Athenaeum Road

London N20 9YU


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THE DULVERTON TRUST 1

Trustees Report for the year ended 31 March 2009

Structure, Governance and Management

The Dulverton Trust was founded by the 1st Lord Dulverton in 1949 as a general grant-

making charity. The original Trust Deed empowered the Trustees to support such

charitable institutions or purposes as the Trustees might from time to time determine, and

remains extant today.

The 1st Lord Dulverton was determined that the Trust should be wide ranging, flexible

and enterprising in its grant-making policy, and these principles have been continued by

his successors, adapted as necessary to suit changing circumstances. The Trust's Policy

and Practice is normally reviewed by the Trustees at five-yearly intervals, and a

comprehensive Quinquennial Review was considered by Trustees in October 2008.

The power to appoint Trustees was vested initially in the 1st Lord Dulverton, and on hisdeath, in his son, the 2nd Lord Dulverton. Since the death of the 2nd Lord Dulverton in

1992, appointments have been made by the Trustees. There were no changes of Trustees

in 2008/09, and so the Trusts induction arrangements were not exercised. There were

also no changes in the Trusts staff.

The Trusts financial year runs from 1 April to 31 March, and full Trustees Meetings,

preceded by meetings of the Finance Committee, are held quarterly, usually in February,

May, July and October. A sub-committee of Trustees meets four times per year to

consider Minor Appeals. All decisions on Out-of-Committee, Local and Minor Grants

are subsequently ratified at a main Trustees Meeting.

In February 2009, Trustees reviewed the risks to which the Trust is exposed and the

systems which have been established to mitigate them. They were satisfied that

appropriate steps had been taken to minimise the volatility of the Trust's investment

portfolio, and that all necessary measures are in place to prevent financial or

administrative fraud, or malpractice. In addition, procedures are in place to minimise the

physical risks to which the Trust is exposed, including IT Security, Fire, and Health &

Safety.

The Trust continues to own and occupy No. 5 St James's Place, which is maintained in a

sound structural and decorative state. The Trust's Boardroom is made available free of

charge for meetings held by a number of other charities. An office was also provided

rent-free for The Roberts Centre, a small charity which had Trustees in common,

although this charity closed during the year. Trustees reviewed the Trusts ownership

and occupancy of No 5 St Jamess Place in July 2008. It was decided that in view of

current market uncertainties, the building represented a blue chip asset and there should

be no change in the Trusts location for the time being. The Trust continues to own the

Loch Eil Outward Bound Centre and the Dulverton Civic Centre, which are let at

peppercorn rents to the Outward Bound Trust and Dulverton & District Civic Society

respectively. Trustees consider that although the Trust owns property in Scotland (at

Loch Eil), this is not in any sense used by the Trust and it is therefore unnecessary for

the Trust to be registered separately with the Office for the Scottish Charity Regulator.The Trust also owns a fine Ttrompe LOeil painting by Louis-Lopold Boilly, which has

long been on loan to Magdalen College, Oxford, where it is displayed in the Chapel. This

painting was loaned for a Mark Wallinger exhibition which opened in February 2009.


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Objectives and Activities

The 2008 Quinquennial Review looked in detail at all aspects of the Trusts policy and

practice. The Trustees reiterated that the Trust should continue to maximise grant-giving

whilst seeking to maintain the real value of the portfolio. A number of changes were

approved, which are now being implemented; the principal changes are as follows:

a. Applications for major grants will normally be restricted to charities with a

turnover of less than 50m, but the aim will be to increase steadily the real value

of individual grants. A larger number of grants over two or three years will be

made for particularly deserving charities.

b. The sum available for Minor Appeals was changed to 10% of the Trusts GrantTarget, with a maximum individual grant of 3,500, and these grants will

normally be restricted to charities with a turnover of less than 400,000.

c. The responsibility previously vested in the Chairman to make out-of-

committee grants under Minute 30 was discontinued. Instead, an Urgent Appeal

procedure has been introduced, allowing grants of up to 10,000 to be made on

the authority of the Chairman and one other Trustee.

d. The Perennial Grant procedure will continue, restricted to 15% of the grant

target set for the year. Recipients, particularly long-term beneficiaries, will be

monitored closely.

e. A Sub-Committee was set up to report to Trustees in February 2009 on the

subject of future Trust support for Scholarships.

f. The Guidelines were extensively revised to give more detailed guidance to

applicants, particularly about work normally excluded by the Trust. The Trusts

website was revised accordingly in November 2008.

g. The Youth & Education category now includes reference to encouraging study

of the more technical subjects, challenging outdoor activities and providingexperience of the countryside for urban and suburban children.

h. The General Welfare category now includes reference to maintaining the

independence of older people, support for homeless youth, the resettlement of

prisoners, the welfare of former members of the Armed Forces, and projects

concerned with inter-faith understanding. Support for families continues to be an

important theme.


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The specific reference to Religion as a category was dropped. The former Peace

& Security category was re-named as Peace & Humanitarian Support to embrace

projects concerned with peace intervention and the infrastructure for disaster

relief.

Following the Quinquennial Review the main work of the Trust continues to be aimed at

two major categories, Youth & Education, and General Welfare. The other categories

considered are Africa, Conservation, Preservation, and Peace & Humanitarian Support.

Other causes considered by the Trustees to have special merit are supported under the

Miscellaneous category. The Trust supports charities throughout the United Kingdom,

though is rarely able to support those operating in Northern Ireland, or those operating

within Greater London if the main beneficiaries are Londoners. Limited grants continue

to be made to historic contacts and associations in East Africa, and occasional grants for

appeals from Southern Africa. Under the new Peace & Humanitarian Support category,

Trustees will occasionally consider projects concerned with other parts of the world.

Perennial Grants represent a significant proportion of the Trusts work. These grants are

restricted to specified charities which lie in the mainstream of the Trust's Guidelines; the

Trustees review each grant annually, and undertake to give a years notice of cessation

although there is no assurance about the size of the awards. Perennial Grants fell within

15% of the Grant Target in 2008/09, but amounted to 15.1% of the total grants paid. Two

further charities were added to the Perennial list in May 2008.

The Trust makes a few Forward Grants, which are for a specified number of years.

Following discussion at the Quinquennial Review, it is intended that these will be used alittle more frequently, for charities considered to be particularly deserving. Two new

three-year grants were awarded in 2008/09, to Teach First and Christians Against

Poverty, and payments continued in respect of the three-year grants awarded in previous

years to Hope & Homes for Children and Combat Stress. But the Forward Grants

awarded for scholarships are considerably larger, and these were examined by the Sub-

Committee under the Chairmanship of Dame Mary Richardson which had been

appointed as part of the Quinquennial Review to examine future Trust policy towards

Scholarships. Trustees were disappointed about the lack of feed-back concerning the

outcomes for those who had benefited from the scholarships. This Sub-Committee

reported to Trustees in February 2009, and a number of changes were agreed which are

summarised under the Youth & Education paragraph below.

Minor Appeal grants are made to a wide spectrum of local charitable causes. The sum

allocated for Minor Appeals was increased in the Quinquennial Review from 250,000

to 10% of the Grant Target for the year (i.e. 300,000 in 2008/09); this change was

implemented half way through 2008/09 and the sum allocated for Minor Appeals was

therefore raised to 275,000. At the same time the maximum size of an individual grant

was increased from 3,000 to 3,500. The sum of 25,000 continues to be delegated to

Lord Dulverton for allocation to Local Appeals in the Cotswolds, with an upper limit of

5,000 for individual grants.

To focus the work of the Trust and to allow grants to be made on a worthwhile scale,

some exclusions to the general remit have to be applied. Therefore, grants are not

normally made for the following:


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Individuals (grants are made only to registered charities).

Museums, galleries, libraries, exhibition centres and heritage attractions.

Individual churches, cathedrals and other historic buildings (except for limitedsupport under the Preservation category).

Individual schools, colleges, universities or other educational establishments.

Hospices, hospitals, nursing or residential care homes.

Activities outside the Trusts geographical scope.

In addition, the Trust will not normally support the following areas of activity:

Health and medicine, including drug and alcohol addiction, therapy and

counselling.

Support for people with disabilities.

The arts, including theatre, music and drama.

Sport, including sports centres and individual playing field projects.

Animal welfare or projects concerning the protection of single species.

Expeditions and research projects.

Individuals volunteering overseas.

Conferences, cultural festivals, exhibitions and events.

Salaries for specific posts.

Major building projects, including the purchase of property or land.

Endowments.

Work that has already taken place (retrospective funding).

Appeals which seek to replace statutory funding.

Requests for grants are considered following an application to the Director. Each case is

examined in detail and discussed with the applicant. Whenever time allows the Director,

Finance Director, or the Assistant Director will visit applicants for major grants

anywhere in the United Kingdom; failing this, applicants will be invited to visit the

Trusts office. This policy allows a first-hand impression to be gained of the charity's

work, and also permits discussions which foster connections with other charities

operating in a similar field, or organisations providing useful services to the sector. Each

application is treated on its merits and grants are made according to the worthiness of the

cause, as presented. The final outcome of an application is determined by Trustees who

must confirm any recommendation by the Director to reject an appeal.

Under the provisions of the Charities Act 2006, the Trustees consider that the Trust

meets the public benefit requirement in full measure. Grants are made only to registered

charities, which individually must meet the public benefit requirement. The Trustees

also consider that the Trust complies with the Good Governance Code published by the

Charity Commission.


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Achievements and Performance

Noteworthy activity within Categories is shown below, with Categories listed in

descending order of the proportion they represented of the total grant distribution in

2008/09. However, it should be noted that a number of grants impact on more than one

category, and the breakdown between Categories is therefore imprecise. Full details of

the grants are appended, together with a table and chart showing the distribution between

the various Categories of grants. Perennial Grants are shown in italics and Grants over

more than one year are underlined within the different Categories. It should be noted that

there are no legal obligations to pay Perennial Grants and no provision is therefore made

for future years in the accounts.

Youth & Education

Youth & Education continues to be the largest single Category supported by the Trust,

accounting this year for a little over one third of the grants by value; the largest number

of Perennial Grants also falls within this Category. This reflects the priority placed by

Trustees on assisting the development of young people, particularly those suffering from

disadvantage. In May 2008, Trustees renewed for another four years the Dulverton and

Michael Wills Scholarships awarded at Oxford University for Eastern European

students, which represent by far the largest annual recurring grant awarded by the Trust.

Following the deliberations of the Scholarships Sub-Committee, Trustees agreed, inter

alia, that full scholarships are preferable to partial awards and that the Michael Wills

Scholarships should be more closely aligned with the original purpose of these awards;i.e. reconciliation. In addition, the Dulverton Scholarships will in future be restricted to

non-Arts subjects, and the list of eligible nationalities will be reviewed. Further

discussions took place with the University to agree how these changes will be

implemented. Trustees had earlier renewed scholarships at Atlantic College, although

these were switched to benefit two African students, starting in 2009. The final payment

was made in 2008/09 of the two-year funding awarded for two African students at

Pestalozzi International Village. Trustees agreed in February 2009 that the Pestalozzi

scholarships would not be renewed and the Atlantic College Scholarships would not be

further extended. Instead, consideration would be given to helping African students in

Africa. Many of the projects supported under the Youth & Education Category helpdisadvantaged young people in different ways, including those run by Fairbridge, Right

Track Scotland, Independent Panel for Special Education Advice, The Place2Be, YWCA

Scotland, Keyfund Federation and Endeavour Training. Unfortunately, the Perennial

Grant awarded to Weston Spirit was nullified when this charity ceased operating. And

the conditional grant awarded to Clubs for Young People had to be rescinded after the

plan to merge with UK Youth was suspended at a late stage. The Trustees continue to

believe that introducing young people to challenging experiences in the great outdoors

is important, hence the exceptional grant for bursaries, in addition to the Perennial Grant,

for the Outward Bound Trust, and support for Jubilee Sailing Trust, Marine Society &

Sea Cadets, Venture Trust, Raleigh International, Island Trust, YMCA England and

Ocean Youth Trust South. The importance placed on the introduction of inner-cityprimary school children to the countryside was underlined by the grants to the Country

Trust and Farms for City Children. The Trustees place emphasis on the encouragement

of young people to consider a career in science and engineering, hence the grants to


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Brightside Trust, Generating Genius, Industrial Trust, the Arkwright Scholarship Trust,

and the Centre for the Advancement of Science & Technology Education. The grants to

Prisoners Education Trust and Shannon Trust (and also Caring for Ex-Offenders and

NACRO under the General Welfare Category) reflect Trustees concerns about theunacceptably high rates of recidivism amongst ex-prisoners. Teach Firsts innovative

work to recruit inspiring young teachers for inner city secondary schools was recognised

by the award of a three-year grant. Finally, a grant paid to FOCUS Charity in 2007/08

was rescinded and refunded because the Charity was unable to fulfil the conditions.

General Welfare

General Welfare is the next largest Category, accounting this year for 22.1% of grant

expenditure. As always, a very wide range of charitable activity falls under this heading.

Trustees' concern for the welfare of former members of the Armed Forces wasrecognised by grants to Veterans Aid and St Oswald Stoll Foundation (and also Combat

Stress in the Miscellaneous Category). Support was provided for families through grants

to the British Association for Adoption & Fostering, Trussell Trust, Army Families

Federation, Circle Supporting Families in Scotland, Families Need Fathers, Gingerbread,

Twins & Multiple Births Association, Families for Children, Lilias Graham Trust and

One Plus One. The problems of homelessness persist, and help was provided for Crisis

UK, Shelter and Emmaus UK. Hard-pressed carers were assisted through awards to

Carers UK, Princess Royal Trust for Carers and Kiloran Trust. Trustees were only too

well aware of the likely increase in problems of indebtedness, and were happy to support

the excellent work of Christians Against Poverty with a three-year grant. The RNLI

received a further exceptional Perennial Grant towards a course to train inshore lifeboatcrews; the Chairman and Finance Director visited this course at the Lifeboat College and

were impressed by the quality of the volunteers. As a result of the Quinquennial Review,

the Guidelines were amended to indicate that in future the Trust would not normally

provide support for people with disabilities; this change was made in order to clarify the

Trusts policy, and also in recognition that this area is well covered by other grant-

makers. In consequence, a number of charities for disabled people which have previously

received Dulverton support will in future be ineligible.

Africa

Grants amounting to 10.6% of the awards went to projects in Africa, reflecting the

quality of appeals received and the fact that more can often be achieved for relatively

modest sums in Africa than in the UK. The largest grant was the Perennial award for

Book Aid International, for its much-needed work in delivering books to East Africa.

The Kariandusi School Trust was commended for its remarkably cost-effective work in

rebuilding primary schools in the Rift Valley in Kenya; these schools were put under

greater pressure in 2008 by the influx of families displaced by inter-communal violence.

Also in Kenya, a supplementary grant was awarded to the Starehe Girls Centre to cover

the increase in costs of building materials caused by the violence. The Perennial Grant to

Voluntary Service Overseas continued, for the sponsorship of eight placements in East

Africa. The excellent international work of the Duke of Edinburghs Award wassupported with a grant towards establishing Open Award Centres in Kenya and Uganda

for youngsters not in formal education. The third of three grants was made to Hope &

Homes for Children for its innovative work with orphans in South Africa. School-Aid


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UK received further support for its good work in shipping superseded text books and

other equipment donated by UK schools to needy schools in Africa. Tusk Trust received

support for another excellent project, the Koiyaki Guide School in the Maasai Mara. The

grants to Tools for Self Reliance, International Rescue Committee UK, StudentsPartnership Worldwide, TreeAid and Farm Africa were all for projects designed to assist

local communities in East Africa to help them to improve self-sufficiency. An unusually

large number of grants were awarded for projects in Uganda, reflecting the generally

more peaceful conditions in that Country.

Minor Appeals

The sum available for Minor Appeals from small charities was increased at the

Quinquennial Review, and maximum individual grants were increased from 3,000 to

3,500. Trustees continued to be encouraged by the worthiness and variety of the appealsconsidered, and the ability of a modest grant to make a significant difference to a small

charity. A total of 120 grants were awarded to organisations such as Scout Groups,

Youth Clubs and community groups, with priority as always given to the more

disadvantaged regions of the UK. An exceptional grant made to the Chelsea Festival

was rescinded after the event was cancelled.

Conservation

After a lean year in 2007/08, the Conservation category attracted 6.9% of the grants

made in 2008/09. The marine environment was supported with grants to the Marine

Conservation Trust, the Marine Stewardship Council, and the Fair Isle Bird ObservatoryTrust; the latter reflected long-term Trust support to Fair Isle, with the first grant having

been made in 1954. Earthwatch Institute (Europe) received a grant towards encouraging

disadvantaged young people to get involved in environmental projects. The Perennial

Grant to UK CEED was continued, to support their important work in demonstrating

how environmental protection and economic development priorities can be reconciled.

Wildscreen was commended for its excellent work in preserving and collating film

footage and photographs of endangered species. Projects to encourage children to take an

interest in wildlife and the environment were supported at Naturedays, Sir Harold Hillier

Gardens & Arboretum and Westcountry Rivers Trust.

Preservation

The Preservation category was awarded 6.5% of the grants made. The Trustees

continued their policy of making one significant grant each year to a major ecclesiastical

building, and this was awarded to St Georges Chapel at Windsor Castle. The Perennial

Grant to the National Churches Trust was further enhanced in recognition of the steadily

increasing preservation problems faced by parish churches. Trustees commended the

important and unique projects at the Knockando Woolmill Trust and the Great Dixter

Charitable Trust which were supported with conditional grants, dependent on the

outcome of Heritage Lottery applications, both of which were confirmed before the year

end. The grant to the United Kingdom Antarctic Heritage Trust for the preservation ofScotts Hut, though outside the Trusts normal geographical area of interest, was

awarded in recognition of the long association between Sir Peter Scott and 2nd

Lord

Dulverton.


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Miscellaneous

This Category accounted this year for 4.9% of the grants, well below the 10% ceiling setby Trustees. It embraces charities which Trustees consider to be worthy of support,

despite being at the margins of the Trust's Guidelines, and also some which provide

services for the benefit of the charitable sector as a whole. The largest grant was the

continuation of the three-year grant to Combat Stress, and this was augmented by a grant

to Gardening Leave, a new charity which offers horticultural therapy for veterans

suffering from Post Traumatic Stress. An exceptional grant was awarded to the National

Gallery towards the Titian Appeal. REACH Volunteering continued to receive a

Perennial Grant for its excellent work in support of the whole charitable sector, by

matching skilled volunteers to the needs of individual charities.

Peace & Security/Peace & Humanitarian Support

As a result of the Quinquennial Review, this category was changed to Peace &

Humanitarian Support, and will in future concentrate on work connected with peace

intervention and infrastructure for disaster relief. Some 3.6% of the grants went towards

this Category. The largest grant was the Perennial award to the Royal United Services

Institute, and this was supplemented towards the end of the year by a further Urgent

Grant towards a study of the attitude of the Zimbabwean Army. The outstanding work of

Encompass in bringing together young people from Israel, Palestine, Indonesia, UK and

US through participation in Outward Bound activities was supported with a further grant.

St Ethelburgas received support towards new reconciliation initiatives. A conditionalgrant was made to the Oxford Research Group towards a high-level international

conference, but this was deferred beyond the year end.

Religion

This category was discontinued as a result of the Quinquennial Review. Three grants had

previously been awarded, the largest of which was for the Awareness Foundation

(formerly known as the Trinity Foundation for Christianity & Culture), towards

providing a course to assist with inter-faith understanding. In future, religious education

may be considered under the Youth & Education Category, and inter-faith work under

General Welfare.

Local Appeals

Within the allocation of 25,000 for Local Appeals in the Cotswolds, Lord Dulverton

approved a total of eight small grants, which were subsequently ratified by Trustees.

Number of Grants Made

The total number of grants made during 2008/09 was 252 (2007/08 263). A further

1,009 appeals (2007/08 874) were rejected. After a busy start to the year, the Trust wassomewhat surprised (in common with other grant-makers) to experience a fall in the

number of applications received in the last Quarter. This was thought to be due to


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charities being pre-occupied with reviewing their financial positions in the light of the

recession, and perhaps deferring some projects.

Financial Review

The Finance Director makes a Quarterly report to the Finance Committee Meeting,

which precedes the main Trustees' Meeting. Investment managers are in attendance at

Finance Committee meetings to report on the performance of the portfolio. Since the

portfolio is in the hands of six (increased from five during the year) investment

managers, each investment house is normally represented at every other Meeting, though

Trustees reserve the right to request their attendance more frequently if necessary.

The value of the portfolio decreased as follows during the course of the year:

As at 1 April 2008 As at 31 March 2009

Market Value: 76,973,134 56,160,689

Trustees made a number of changes to the allocation of the Trusts investments during

the year. These included:

The initiation of the redemption of a proportion of the holding in the Fund ofHedge Funds (the Absolute Return Trust for Charities - ARTC).

Reducing the holding in the BGI Charitrak Fund, with the proceeds being re-invested in the Schroders Income Maximiser Fund. Further sums were also taken

from the BGI Fund to meet grant payments.

The redemption of a proportion of the holding in the UBS Triton Property Fund,initiated in 2007/08, was completed in 2008/09.

By the end of the year, the asset distribution by class had changed to: 56% UKEquities, 13% Overseas Equities, 7% Property, 22% ARTC and 2% Cash (the

latter two figures will change to 15% and 9% respectively on completion of the

ARTC redemption).

Trustees continued their policy of withdrawing 3.25% each year as income from the

accumulation units held in the Absolute Return Trust, Newton Overseas Equities andBGI Charitrak Funds.

Performance targets are set for the individual managers; the equity fund managers

(except for the BGI Charitrak Fund) are expected to exceed the Financial Times All

Share Index by 1%, net of fees. During this Financial Year, despite the major worldwide

decline in investment markets, all the fund managers managed to better their

performance targets. The Trustees have decided that it would be inappropriate to impose

any specific ethical investment constraints upon the investment managers over and above

those already contained within the managers own ethical and socially responsible

investment policies.

The Trustees Investment Policy is to preserve the value of the endowment in real terms

by maintaining a balanced portfolio providing an optimum return for current and future


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grant-making. However, the severe downturn in the global economy seriously affected

the value of all investment asset classes, and this will inevitably have an impact on the

Trusts grant-making capacity, at least in the shorter term. The changes made during the

year were intended to further increase the diversification of the portfolio and alsoincrease income. The Trust's reserves are held in the form of an expendable endowment,

which provides its sole source of income (except for peppercorn rents). A small balance

of income, representing approximately 500,000, is carried forward each year in order to

smooth cash flow in the early part of the financial year when expenditure on grants is

high.

The annual revenue has grown from 148,700 in 1949/50 to 1,448,375 in 2008/09, with

a further 1,445,949 from units redeemed in lieu of income from accumulation funds.

The revenue of the Trust continues to be the income from the investment portfolio

together with a small contribution from the interest on cash deposits and the peppercorn

rents from the Loch Eil Outward Bound Centre and the Dulverton Civic Centre.

Trustees have been operating a Total Return strategy since 2000, withdrawing sums from

capital in order to meet agreed Grant Targets. The total spend, including the

administrative budget, is determined at the beginning of each year, based upon a

proportion of the rolling average value of the portfolio over the last twelve Quarters.

Since 2004/05, the Grant Target has increased gradually but Trustees considered that

only a marginal uplift, to 3,000,000, would be prudent for 2008/09.

Trustees accepted in May 2008 that up to 500,000 could be transferred from capital to

meet the Grant Target and administrative expenditure during the year. Sums totalling

2,966,436 were paid in 2008/09 to selected charities, marginally short of the GrantTarget for the year. However, the sums awarded to charities in 2008/09 increased by

only 1.1% over the total of 2,933,665 granted in 2007/08 (excluding an exceptional

capital grant), thereby amounting to a small reduction in real terms. Support costs

amounted to 337,665 and Governance costs were 20,297.

In February 2009 Trustees considered the recommendations arising from a beauty

contest to select a new auditor. After detailed discussions and tenders from four firms,

Trustees decided to re-appoint Nexia Smith & Williamson, under a new Audit Director.

Plans for the Future

Trustees intend to continue to maximise the sums donated to worthy charities within the

Trusts published Guidelines, whilst minimising administrative costs and taking account

of the likely needs of future recipients. Arrangements will be made during the year to

recruit a new Director to replace the incumbent, who is due to retire in May 2010.


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THE DULVERTON TRUST

Trustees' Report for the Year Ended 31 March 2009

12

Grants Charged During the Year Ended 31 March 2009Unpaid

YOUTH & EDUCATION

Dulverton & Michael Wills Scholarships 149,586

Atlantic College 42,300

Outward Bound Trust 40,000

Jubilee Sailing Trust 36,000

Fairbridge 32,000

St John Cymru Wales 31,000

Ability Net 30,000

Farms for City Children 30,000

Marine Society & Sea Cadets 30,000

Prisoners' Education Trust 30,000Right Track Scotland 30,000

Shannon Trust 30,000

Teach First (1st of 3) 27,000

Clubs for Young People 26,500 26,500

Reading Matters 26,500

Blind in Business 25,000

Deafax 25,000

I CAN 25,000

Independent Panel for Special Education Advice 25,000

Venture Trust 25,000Brightside Trust 23,900

Generating Genius 20,400

Boys' Brigade 20,000

Pestalozzi International Village Trust (2nd of 2) 20,000

The Place2Be 20,000

YWCA Scotland 20,000

Royal Horticultural Society 19,000

Weston Spirit 17,000

Industrial Trust 15,000

Keyfund Federation 15,000Outward Bound Trust 15,000

Project Trust 15,000

Raleigh International 15,000

Arkwright Scholarships Trust 14,400

Country Trust 12,000

Island Trust 10,000

Endeavour Training 9,000

Centre for the Advancement of Science & Technology Education 7,500

YMCA England 7,000


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THE DULVERTON TRUST


13

Frontline Trust 5,000

Mark Scott Foundation 5,000

Ocean Youth Trust South 5,000

Grants Charged 1,026,086 26,500

Grants Paid 999,586

GENERAL WELFARE

Veterans Aid 36,000

Crisis UK 30,200

Carers UK 30,000

Shaftesbury Young People 30,000

Shelter 30,000British Association for Adoption & Fostering 25,000

Contact the Elderly 25,000

Missing People 25,000

Royal National Lifeboat Institution 25,000

Samaritans 25,000

Trussell Trust 25,000

Spurgeons 24,200

Princess Royal Trust for Carers 22,000

Sir Oswald Stoll Foundation 21,700

Army Families Federation 21,600Caring for Ex-Offenders 20,000

Christians Against Poverty (1st of 3) 20,000

Circle Supporting Families in Scotland 20,000

Families Need Fathers 20,000

Gingerbread 20,000

Liverpool Personal Service Society 20,000

Twins and Multiple Births Association 18,000

Arthur Rank Centre 15,400

Alabar Christian Care Centres 15,000

Children Our Ultimate Investment UK 15,000Emmaus UK 15,000

Families for Children 15,000

NACRO 13,000

Cleanup UK 10,000

Lilias Graham Trust 10,000

One Plus One 10,000

Universal Beneficent Society 7,000

Kiloran Trust 5,000

Grants Charged and Paid 664,100


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THE DULVERTON TRUST


14

AFRICA

Book Aid International 36,000

Kariandusi School Trust 35,000

Voluntary Service Overseas 27,000

Duke of Edinburgh's Award International Foundation 26,000

Hope and Homes for Children (3rd of 3) 25,000

School-Aid UK 25,000

Tusk Trust 25,000

Tools for Self Reliance 22,700

International Rescue Committee UK 22,000

Students Partnership Worldwide 20,000

TreeAid 16,900

FARM Africa 15,000Starehe Girls' Centre 13,000

Build Africa 10,900


MINOR APPEALS

Global Rescue Services 3,500

HemiHelp 3,050Benwell Young People's Development Group 3,000

Buglife - The Invertebrate Conservation Trust 3,000

Building Bridges in Burnley 3,000

City Gate Community Projects 3,000

Croyde Surf Lifesaving Club 3,000

Footprints Project 3,000

GRDSS 3,000

Helen & Douglas House 3,000

Home-Start Flintshire 3,000

House of Genesis 3,000Knowsley Start 3,000

Limuru Agricultural Youth Centre 3,000

Magdalene Group 3,000

Norwich & District Carers Forum 3,000

Oxfordshire Family Mediation Service 3,000

Rotters Community Composting 3,000

Seaham & District Training Trust 3,000

Second Chance 3,000

Suffolk Horse Society 3,000

TRAX 3,000


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THE DULVERTON TRUST


15

Abergorki Community Hall 2,800

Holiday Project 2,700

St Mary's Church Upton 2,700

Envision 2,600

169th Bristol Brentry Scout Group 2,500

Ashington Community Development Trust 2,500

Avonmouth Sea Cadet Unit (TS Enterprise) 2,500

Befriend a Child 2,500

Caring Together in Woodhouse & Little London 2,500

Chelmsford CHESS 2,500

Christ Church Armley Youth Project 2,500

Churches Housing Action Team (Mid Devon) Ltd 2,500

Community Can Cycle 2,500

CROP 2,500

Dorothy Parkes Centre 2,500

Exeter Homeless Action Group 2,500

Friends of the Elderly (Bridlington) 2,500

GirlAbout & Connections 2,500

Greatwood 2,500

Hartcliffe & Withywood Teenage Parents Project 2,500

Helensburgh Sea Cadet Unit 2,500

Home-Start International 2,500

House on the Corner Community Project 2,500

King's Outreach 2,500Lamp of Lothian 2,500

Mercian Trust 2,500

Merthyr Tydfil Children's Contact Centre 2,500

Nightstop Stockport & Trafford 2,500

South Birmingham Young Homeless Project 2,500

South Yorkshire & Hallamshire Clubs for Young People 2,500

St George's & St Peter's Community Association 2,500

St James Community Support & Advice Centre 2,500

Venture Scotland 2,500

Voices from Care (Cymru) 2,500West Hill Community Centre 2,500

West Norwich Partnership 2,500

The Women's Counselling Centre 2,500

Woodhouse Family Advice Centre 2,500

XL Wales 2,500

Owton Fens Community Association 2,400

Young Karers East Sutherland 2,400

Centre 33 2,300

Dorset Youth Association 2,250

1st Clanfield Scout Group 2,000


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THE DULVERTON TRUST


16

1st Cornelly Scout Group 2,000

5th Scarborough Boys' Brigade Company 2,000

Barnabus 2,000

Behind Closed Doors 2,000

Brampton Youth Project 2,000

Brighton Unemployed Centre Families Project 2,000

Clan MacQuarrie Community Centre 2,000

Craven Citizens Advice Bureau 2,000

Derbyshire Housing Aid 2,000

Dr Radcliffe's Almhouse Trust 2,000

Elizabeth Foundation 2,000

Evesham Sea Cadet Unit (TS Explorer 605) 2,000

Faversham Assistance Centre 2,000

Foxglove Covert Local Nature Reserve 2,000

Froglife Trust 2,000

Gatwick Detainees Welfare Group 2,000

Gosport & Fareham Inshore Rescue Service 2,000

Harnham Water Meadows Trust 2,000

Heartlands Church Stratford 2,000

Home-Start Mid Devon 2,000

Koestler Trust 2,000

Mid-Lin Day Care 2,000

Mitchemp Trust 2,000

Montgomeryshire Crossroads 2,000New Bridge 2,000

Parochial Church Council of All Saints Church Wraxhall 2,000

Penllergare Trust 2,000

Phoenix Community Furniture Scheme 2,000

Raven House Trust 2,000

Rev and Go 2,000

Riding for the Disabled South Dartmoor 2,000

Safety Zone Community Project 2,000

Scarborough & District Mediation Services 2,000

Scotland's Churches Scheme 2,000Scottish Child Law Centre 2,000

Scottish Sports Futures 2,000

Southwick Neighbourhood Youth Project 2,000

SPACE Trust 2,000

St Augustines Parish Community Hall 2,000

St Mary's Church, Princes Risborough 2,000

St Wilfrid's Centre 2,000

Women in Prison 2,000

185 (Batley) Squadron Air Cadets 1,900


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17

TS Cardiff Sea Cadets 1,700

Medway Historical Ordnance 1,500

Mullion Youth and Community Centre 1,500

Saint Mark's Community Project 1,500

Sidewalk Youth Project 1,500

The National Playbus Association 1,400

Fulmerston Family & Community Project 1,300

Chelsea Festival 1,000 1,000

Freedom Centre 1,000

St Botolphs's Church, Chevening 1,000

Thanet District Citizens Advice Bureau 500

Grants Charged 276,000 1,000

Grants Paid 275,000

CONSERVATION

Marine Conservation Society 30,000

Earthwatch Institute (Europe) 25,000

Marine Stewardship Council 25,000

Wildscreen 25,000

UK Centre for Economic & Environmental Development 23,000

Naturedays 19,000

Sir Harold Hillier Gardens & Arboretum 15,000Waterways Trust 15,000

Westcountry Rivers Trust 11,000

Fair Isle Bird Observatory Trust 10,000

British and Irish Hardwoods Trust 5,000

Devon Wildlife Trust 5,000



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THE DULVERTON TRUST


18

PRESERVATION

National Churches Trust 45,000

Foundation of the College of St George, Windsor Castle 40,000

East Coast Sail Trust 25,000

Knockando Woolmill Trust (Conditional) 25,000

United Kingdom Antarctic Heritage Trust 25,000

Great Dixter Charitable Trust (Conditional) 20,000

St Mary Redcliffe Organ & Music Trust 10,000

Scottish Churches Architectural Heritage Trust 6,000


MISCELLANEOUS

Combat Stress (2nd of 3) 40,000

National Gallery 30,000

Corbenic Camphill Community 25,000

Gardening Leave 20,000

REACH Volunteering 12,000

Kingswood Foundation 6,900

Territorial Army Centenary Fund 5,000

Tobacco Factory Theatre 5,000

Assosiation of Charitable Foundations 3,350


PEACE & SECURITY/HUMANITARIAN SUPPORT

Royal United Services Institute 30,000

Encompass 32,000

St Ethelburga's Centre for Reconciliation & Peace 25,000

Oxford Research Group (Conditional) 10,000 10,000Royal United Services Institute 10,000

Grants Charged 107,000 10,000

Grants Paid 97,000


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THE DULVERTON TRUST


19

RELIGION

Awareness Foundation 20,000

The Bloxham Project 10,000

Bible Reading Fellowship 5,000


LOCAL APPEALS

Elizabeth Finn Care 5,000

Moreton-in-Marsh & District Agricultural & Horse Show Society 5,000

Noah's Ark Children's Venture 5,000Young Gloucestershire 3,000

GlosAid Youth Action 2,500

Seven Springs Foundation 2,000

Gloucester Diocesan Board of Finance 1,500

Cirencester Cyber Cafe 1,000



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THE DULVERTON TRUST


20

Totals

Total Grants Charged in 2008/09 3,003,936

Grants Charged in Previous Years, Paid During 2008/09

Nil

Grants Charged in 2008/09, Rescinded and Refunded

Clubs for Young People (26,500)

Chelsea Festival (1,000)

(27,500)

Conditional Grants Charged in 2008/09, Not Yet Paid

Oxford Research Group (10,000)

(10,000)


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THE DULVERTON TRUST


21

Forward Grants Voted, Chargeable in Future Years

2009/10



Combat Stress 40,000

Teach First 27,000

Christians Against Poverty 20,000

270,333

2010/11



Teach First 27,000

Christians Against Poverty 20,000

230,333

2011/12



183,333

2012/13



183,333

Totals 2009/10-2012/13 867,332


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THE DULVERTON TRUST


22

Summary of Grants as at 31 March 2009

Grants Paid Prior to 1 April 2008 66,390,346

Grants Paid in 2008/09

Youth & Education 999,586

General Welfare 664,100

Africa 319,500

Minor Appeals 275,000

Conservation 208,000

Preservation 196,000

Miscellaneous 147,250

Peace & Security/Humanitarian Support 97,000

Religion 35,000

Local Appeals 25,000

2,966,436

Total Grants Paid in 2008/09 2,966,436

Grant Paid in 2007/08, Rescinded and Refunded in 2008/09

FOCUS Charity (20,400)

Total Grants Paid Prior to 1 April 2009 69,336,382


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THE DULVERTON TRUST


23

Summary of Grants Made in 2008/09 as at 31 March 2009

% by Category

Charged Unpaid & Total Paid 08/09 07/08 06/07 05/06Cancelled

Youth & Education 1,026,086 26,500 999,586 34.2 36.8 33.1 34.1

General Welfare 664,100 - 664,100 22.1 18.0 26.1 21.0

Africa 319,500 - 319,500 10.6 11.8 9.5 6.0

Minor Appeals 276,000 1,000 275,000 9.2 8.5 8.6 8.3

Conservation 208,000 - 208,000 6.9 3.9 6.1 9.5

Preservation 196,000 - 196,000 6.5 6.8 3.1 3.0

Miscellaneous 147,250 - 147,250 4.9 8.5 7.8 7.4

Peace & Security* 107,000 10,000 97,000 3.6 3.5 2.8 3.3

Religion** 35,000 - 35,000 1.2 1.3 1.9 6.4

Local Appeals 25,000 - 25,000 0.8 0.9 0.9 0.9

Totals 3,003,936 37,500 2,966,436 100 100 100 100

* Category Changed to Peace & Humanitarian Support in 2008/0

** Category Discontinued in 2008/0


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The Dulverton Trust - Grant Distribution 2008/09

34%

11%

9%

5%7%

7% 1% 3% 1%

22%

Youth & Education General Welfare Africa Minor Appeals Miscellaneous

Conservation Preservation Religion Peace & H'mtn Support Local Appeals


28/39


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26

THE DULVERTON TRUST

Statement of Financial Activities for the Year Ended 31 March 2009

Notes 2009 2008

Unrestricted UnrestrictedFunds Funds

Incoming Resources

Incoming resources from generated fundsInvestment Income 2 1,448,375 1,503,129

Resources Expended

Cost of Generating Funds

Investment management rebate 3 8,556 8,363

Charitable Activities

Grants Payable 4 (3,358,636) (2,878,097)

Support Costs 5 (337,665) (331,264)

Governance Costs 6 (20,297) (19,712)

Total Resources Expended (3,708,042) (3,220,710)

Net Outgoing Resources for the Year (2,259,667) (1,717,581)

Other Recognised Gains & Losses

Gains on investment assets

Realised (4,008,194) 1,182,435

Unrealised 10 (14,866,358) (6,399,423)

Net Movement in Funds for the Year (21,134,219) (6,934,569)

Funds' Balance at 1 April 2008 79,655,247 86,589,816

Funds' Balance at 31 March 2009 58,521,028 79,655,247

All funds are unrestricted

The outgoing resources and net movement in funds for the year both relate to the continuing

operations of the Trust.

The Trust had no recognised gains or losses other than those included in the net movement in funds

for the year stated above and, therefore, no separate statement of total recognised gains and losses has

been prepared.

The notes on pages 29 to 36 form part of these financial statements


30/39


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28

THE DULVERTON TRUST

Cash Flow Statement for the Year Ended 31 March 2009

Notes 2009 2008Unrestricted Unrestricted

Funds Funds

Cash Outflow From Resources Expended 14 (3,295,583) (3,495,965)

Returns On Investments

Dividends Received 2 1,416,344 1,456,065

Interest Received 2 31,886 46,942

1,448,230 1,503,007

Capital Expenditure

Payments to Acquire Tangible Fixed Assets 9 (3,121) (23,385)

Payments to Acquire Investments 10 (6,000,000) (11,069,831)

Proceeds of Sale of Investments 8,946,902 12,680,705

2,943,781 1,587,489

Increase / (Decrease) in Cash 16 1,096,428 (405,469)


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THE DULVERTON TRUST

Notes to the Financial Statements for the Year Ended 31 March 2009

1. Principal Accounting Policies

Basis of Preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practices

"Accounting and Reporting by Charities" (SORP 2005), the Charities Act 1993 and applicable accounting standards.

The Financial Statements have been prepared under the historical cost convention as modified by the

revaluation of certain fixed assets, and the inclusion of investments at market value.

Investment Income

All incoming resources are included in the Statement of Financial Activities when the Trust is legally entitled to

the income and the amount can be quantified with reasonable accuracy.

Income tax recoverable in respect of investment income is recognised at the time that investment income is

receivable.

Foreign Currencies

Income denominated in foreign currencies is recorded at the rate of exchange ruling on the date of receipt.

All differences are taken to the statement of financial activities

Fixed Asset Investments

Investments are stated at market value at the balance sheet date. The Statement of Financial Activates includes

the net gains and losses arising on revaluations and disposals throughout the year.

Resources Expended

All expenditure is accounted for on an accruals basis and has been included under expense categories that

allocate between support costs and governance costs. Where costs cannot be directly attributed to particular

activities they have been allocated on a basis consistent with the use of the resources.

The charity's operating costs include staff costs, office costs and other related costs. Such costs are allocated

between support costs and governance costs. Where costs cannot be directly attributable they have been

apportioned based on an estimate of time spent in each category. Where time spent on governance costs

is negligible then no allocation has been made.

Governance costs include those costs associated with meeting the constitutional and statutory requirements

of the charity and include audit fees and costs linked to the strategic management of the charity.

Grants Payable

Grants payable are charged in the year when the offer is made except in those cases where the offer is

conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.

Grants offered subject to conditions which have not been met at the year end are noted as a commitment,

but not accrued as expenditure.


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30

THE DULVERTON TRUST


Fixed Assets

Fixtures and Fittings 10 years

Computer and Office Equipment 5 years

Unrestricted Funds

Pensions and Pension Contributions

2. Investment Income2009 2008

Dividends and Interest Received (Gross) 1,510,537 1,530,292

Net Income Tax Paid (94,193) (74,237)

1,416,344 1,456,055

Deposit Account Interest 31,886 46,942

Rental and Other Income 145 132

1,448,375 1,503,129

General unrestricted funds represent unrestricted income which is expendable at the discretion of the Trustees.

The Trust pays a pension to two former employee and contributes to money purchase pension schemes on behalf

of current employees. The pension payments and contributions are recognised as they are paid. The Trustprovides no other post-retirement benefits to its current or former employees.

The cost or valuation of tangible fixed assets is their purchase cost or valuation, together with any incidentalexpenses of acquisition.

Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual

values, on a straight line basis over the expected useful economic lives of the assets concerned, as follows:

Depreciation is provided on freehold property over the economic useful life of the property. It is the Trust's

practice to maintain its freehold properties, and to make improvements from time to time. Accordingly, the

Trustees consider that the lives of the assets are so long and residual values, based on prices prevailing at the

time of acquisition or subsequent valuation, are so high that their depreciation is insignificant. In particular,

the Trustees took advice in May 2001 (and revised in 2008) on the value of No 5 St James's Place and are

satisfied that the valuation for this building is conservative. The works of art were re-valued in September

2001 and these values are reflected in the accounts. The works of art are not depreciated.


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31

THE DULVERTON TRUST


3. Costs of Generating Funds

2009 2008

Investment Management Rebate (8,556) (8,363)

4. Grants Payable

2009 2008

Grants awarded in the year 3,406,536 2,939,765

Grants cancelled or returned during the year (27,500) (17,500)

3,379,036 2,922,265

Reconciliation of Grants Payable:

Accrued at 1 April 2008 464,732 752,800

Grants awarded in the year 3,406,536 2,895,597

Grants cancelled or recovered (47,900) (17,500)

Grants payable for the year 3,358,636 2,878,097

Grants paid during the year (2,966,436) (3,166,165)

Grants paid in 2007/08 recovered in 2008/09 20,400 -

Accrued at 31 March 2009 877,332 464,732

Payable as follows:

Grants payable in less than one year 270,333 291,400

Conditional Grant due from 2008/09 10,000 -

Grants payable after more then one year 596,999 173,332

877,332 464,732

5. Support Costs

2009 2008

Salaries 177,430 167,890

Employer's National Insurance Contributions 21,057 20,371

Pension Contributions 37,801 39,476

Private & Permanent Health Insurance 9,210 7,206

Pensions 27,264 26,731

Printing & Stationery 1,425 2,898

Postage & Telephone 3,533 3,543

Depreciation 11,522 11,676

Trustees' Expenses 918 1,372

General Office Expenses 5,747 8,016

Staff Visits 3,050 3,548

Entertainment Expenses 489 370

Maintenance of Office Equipmen 1,982 2,278

Professional Fee - 823

Advisory Service 3,473 3,398

Rates 6,655 6,394

Office Cleanin 7,632 7,735

Heating & Lightin 5,125 4,684

Repairs & Maintenanc 8,386 8,062

Insurance 4,966 4,793

337,665 331,264


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THE DULVERTON TRUST


6. Governance Costs2009 2008

Salaries 12,887 12,523

Audit Fees 7,050 6,861

Bank Charges 360 32820,297 19,712

7. Trustees' Remuneratio

The Trustees receive no remuneration for their services to the Trust, but travel costs and expenses totalling

918 (2008 - 1,372) were paid to eight Trustees.

8. Employee Informatio

The number of persons employed by the Trust is 4 (2008 - 4) full-time staff and 1 (2008 - 1) part-time.

The number of pensioners paid by the Trust is 2 (2008 - 2).

During the year, the Trust employed one person (2008 - 1) whose salary fell in the range of

60,000 to 70,000.

9. Tangible Fixed Assets Fixtures,Freehold Fittings & Works

Property Equipment of Art Total

Cost or valuation

At 1 April 2008 1,848,127 327,358 312,558 2,488,043

Additions - 3,121 - 3,121

At 31 March 2009 1,848,127 330,479 312,558 2,491,164

Depreciation

At 1 April 2008 - 296,442 - 296,442

Charge for the Year - 11,522 - 11,522

At 31 March 2009 - 307,964 - 307,964

Net Book Value

at 31 March 2009 1,848,127 22,515 312,558 2,183,200

Net Book Value

at 31 March 2008 1,848,127 30,916 312,558 2,191,601

The Trustees do not consider there to be a significant change in the valuations during the year

ended 31 March 2009.

The works of art held by the charity were professionally revalued to open market value by Christies

in October 2001.

The employees of the Trust have private pension plans, the premiums for which are funded by the

Trust and the voluntary contributions. During the year the Trust's contributions amounted to

37,801 (2008 - 39,476).


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THE DULVERTON TRUST


10. Fixed Asset Investments2009 2008

Listed Investments

At 1 April 2008 76,808,443 83,636,306

Additions 6,000,000 11,069,831

Disposals (12,955,096) (11,498,271)

Net (Loss)/Gain on Revaluation (14,866,358) (6,399,423)

At 31 March 2009 54,986,989 76,808,443

Bank Balance of a Capital Nature 1,173,700 164,691

Total Fixed Asset Investment 56,160,689 76,973,134

The historical cost of the investments held at the year end was 64,644,639 (2007 - 71,599,735).

Listed UK Investments at Market Value 48,955,043 67,745,188

Listed non UK Investments at Market Value 7,205,646 9,227,946

56,160,689 76,973,134

Investments held in listed securities representing >5% of the year end market value of investments held

are as follows:

Cazenove Investment Funds

UK Growth & Income Trust 3,414,060 5,058,022UK Equity Income Trust for Charities 3,475,921 4,997,774

Alternative Investment Hedge Funds 12,227,328 14,812,294

Other Investment Funds

BGI Charitrak Fund 8,278,591 22,461,355

Artemis Income Fund 9,811,126 13,035,260

Newton Overseas Equity Fund 7,205,646 9,227,946

UBS - Triton Property Unit Trust - 4,552,991

Schroders Income Maximiser 6,453,415 -


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34

THE DULVERTON TRUST


11. Debtors2009 2008

Amounts Falling Due Within One Year

Prepayments 5,482 6,006

Other debtors 7,908 -

13,390 6,006

12. Creditors2009 2008

Amounts Falling Due Within One Year

Due to Brokers 6,670 10,800Accruals 7,907 8,201

Grants Accrued 270,333 291,400

Conditional Grant due from 2009 10,000 -

294,910 310,401

Amounts Falling Due After More than One Year

Grants Accrued 596,999 173,332

13. Unrestricted Funds 2009 2008

The original bequests to the Trust were as follows:

Original Capital Created in Terms of the 2,911,409 2,911,409

Trust Deed dated 8 August 1949

2nd Lord Dulverton's Gift Made on 11 November 100,019 100,019

1959 Under Clause 3 of Trust Deed

2nd Lord Dulverton's Loch Eil Covenant 56,000 56,000

Transfer of Assets of Litchfield Trust on 565,638 565,638

6 April 1983

2nd Lord Dulverton's Bequest of the Batsford 1,382,850 1,382,850

Chattels Received 4 January 1996

Gift from Lady Dulverton 17 October 2002 5,758 5,758

The balance of accumulated reserves have been generated from realised and unrealised gains on assets plus an

surplus or deficit arising on income and expenditure.

During the year the Trustees authorised the transfers from the accumulated profit less losses on the sale of

investments to the Income and Expenditure Account of 500,000 (2008 - 300,000) in respect of Grants made,

8,556 (2008 - 8,363) in respect of Investment Management Fees reimbursed (due to ARTC fee Rebate from

Cazenove), and 11,522 (2008 - 11,676) in respect of Depreciation of Fixtures, Fittings and Equipment.


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THE DULVERTON TRUST


14. Reconciliation of Total Resources Expended to Cash Outflows from Expending Resource

2009 2008

(2,259,667) (1,717,581)

Dividend Received (1,416,344) (1,456,065)

Interest Received (31,886) (46,942)

Depreciation 11,522 11,676

(Increase)/Decrease in debtors (7,384) 123

Decrease/(Increase) in creditors 408,176 (287,176)

Cash Outflow (3,295,583) (3,495,965)

15. Analysis of Net Funds1 April 2008 Change in 31 March 2009

Year

Bank Balances of a Capital Nature

Capital Account 164,691 1,009,009 1,173,700

Cash at Bank and in Hand

Other Bank Balances and Cash 968,239 87,419 1,055,658

Total 1,132,930 1,096,428 2,229,358

Net outgoing resources before other

recognised gains and losses


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THE DULVERTON TRUST


16. Reconciliation of Net Cash Flow to Movement in Net Fund

Increase in Cash in Year 1,096,428

Net Funds at 1 April 2008 1,132,930

Net Funds at 31 March 2009 2,229,358

17. Related Party Transactions

a. The Trust provided an office rent-free at No 5 St James' Place to The Roberts Centre, a

charity which has common Trustees. The Roberts Centre ceased operations during the year.

b. The Trust has 3 Trustees in common with The Ditchley Foundation (to whom no Capital

grants were paid in the year (2008 - 250,000)). These Trustees in common were excluded fro

all discussions relating to the respective grant.

c. The Trust has one Trustee in common with the Knockando Wool Mill Trust to whom a grant

of 25,000 was paid in February 2009. This Trustee in common was excluded from discussions

relating to the grant.

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