Dulverton Trust

THE DULVERTON TRUST
___________________________
Annual Report and Accounts
2008/2009
___________________________
5, St James’s Place, London SW1A 1NP
Charity Registered in England and Wales No: 206426

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 - Vice Chairman Finance

The Lord Dulverton
Mr Richard Fitzalan Howard
Dr Catherine Wills
Mr Christopher Wills
Officers
Director Colonel Christopher Bates

Finance Director Commander Christopher Lightfoot
Assistant Director Mrs Sally Stockwell
Professional Advisers
Investment Managers
Artemis Investment Management Ltd

Cassini House, 57 St James’s Street
London SW1A 1LD
Barclays Global Investors Ltd

Murray House, 1 Royal Mint Court
London 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 Ltd

31 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 Lincoln’s Inn, London WC2A 3LH
Auditors
Nexia Smith & Williamson Audit Ltd
Prospect House, 2 Athenaeum Road
London N20 9YU
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 his
death, 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 Trust’s induction arrangements were not exercised. There were
also no changes in the Trust’s staff.
The Trust’s 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 Trust’s ownership
and occupancy of No 5 St James’s 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 Trust’s 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 L’Oeil painting by Louis-Léopold 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.
Objectives and Activities
The 2008 Quinquennial Review looked in detail at all aspects of the Trust’s 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 Trust’s Grant
Target, 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 Trust’s
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 providing
experience 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.
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 Trust’s 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 year’s 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 a
little 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:
• 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 limited
support under the Preservation category).
• Individual schools, colleges, universities or other educational establishments.
• Hospices, hospitals, nursing or residential care homes.
• Activities outside the Trust’s 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
Trust’s 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.
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 help
disadvantaged 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-city
primary 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
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 the
unacceptably high rates of recidivism amongst ex-prisoners. Teach First’s 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 was
recognised 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 lifeboat
crews; 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
Trust’s 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 Edinburgh’s Award was
supported 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
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, Students
Partnership 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 appeals
considered, 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 Observatory
Trust; 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 George’s 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 of
Scott’s Hut, though outside the Trust’s normal geographical area of interest, was
awarded in recognition of the long association between Sir Peter Scott and 2nd Lord
Dulverton.
Miscellaneous
This Category accounted this year for 4.9% of the grants, well below the 10% ceiling set
by 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 Ethelburga’s received support towards new reconciliation initiatives. A conditional
grant 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 was
somewhat 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
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 Trust’s investments during
the year. These included:
 The initiation of the redemption of a proportion of the holding in the Fund of

Hedge 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% UK
Equities, 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 and
BGI 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
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
Trust’s 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 also
increase 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 Grant
Target 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
Trust’s 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.
Trustees' Report for the Year Ended 31 March 2009
Grants Charged During the Year Ended 31 March 2009
Unpaid
£ £
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 30,000
Right 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 25,000
Brightside 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 15,000
Outward 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
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 30,000
British 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 21,600
Caring 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
Alabaré Christian Care Centres 15,000
Children Our Ultimate Investment UK 15,000
Emmaus 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

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 15,000
Starehe Girls' Centre 13,000
Build Africa 10,900
MINOR APPEALS
Global Rescue Services 3,500

HemiHelp 3,050
Benwell 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 3,000
Knowsley 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
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 2,500
Lamp 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) 2,500
West 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
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 2,000
New 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 2,000
Scottish 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
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 15,000
Waterways 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

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 10,000
Royal United Services Institute 10,000
Grants Charged 107,000 10,000

Grants Paid 97,000
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 5,000
Young 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

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)
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

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

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 05/06
Cancelled
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 2008/09
THE DULVERTON TRUST
The Dulverton Trust - Grant Distribution 2008/09
7% 1% 3% 1%
7%
5%
9%
34%
11%
22%
Youth & Education General Welfare Africa Minor Appeals Miscellaneous
24
Conservation Preservation Religion Peace & H'mtn Support Local Appeals
26
THE DULVERTON TRUST
Statement of Financial Activities for the Year Ended 31 March 2009
Notes 2009 2008

Unrestricted Unrestricted
Funds Funds
Incoming Resources £ £
Incoming resources from generated funds
Investment 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

28
THE DULVERTON TRUST
Cash Flow Statement for the Year Ended 31 March 2009
Notes 2009 2008

Unrestricted 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)

29
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.
30
THE DULVERTON TRUST

Fixed Assets
The cost or valuation of tangible fixed assets is their purchase cost or valuation, together with any incidental
expenses 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:
Fixtures and Fittings 10 years

Computer and Office Equipment 5 years
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.
Unrestricted Funds
General unrestricted funds represent unrestricted income which is expendable at the discretion of the Trustees.
Pensions and Pension Contributions
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 Trust
provides no other post-retirement benefits to its current or former employees.
2. Investment Income
2009 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
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 Fees - 823
Advisory Services 3,473 3,398
Rates 6,655 6,394
Office Cleaning 7,632 7,735
Heating & Lighting 5,125 4,684
Repairs & Maintenance 8,386 8,062
Insurance 4,966 4,793
337,665 331,264
32
THE DULVERTON TRUST

6. Governance Costs
2009 2008
£ £
Salaries 12,887 12,523

Audit Fees 7,050 6,861
Bank Charges 360 328
20,297 19,712
7. Trustees' Remuneration
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 Information
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).
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).
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 works of art held by the charity were professionally revalued to open market value by Christies
in October 2001.
The Trustees do not consider there to be a significant change in the valuations during the year
ended 31 March 2009.
33
THE DULVERTON TRUST

10. Fixed Asset Investments

2009 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 Investments 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 5,058,022
UK 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 -
34
THE DULVERTON TRUST

11. Debtors
2009 2008
£ £
Amounts Falling Due Within One Year
Prepayments 5,482 6,006
Other debtors 7,908 -
13,390 6,006
12. Creditors
2009 2008
£ £
Amounts Falling Due Within One Year
Due to Brokers 6,670 10,800
Accruals 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 any
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.
35
THE DULVERTON TRUST

14. Reconciliation of Total Resources Expended to Cash Outflows from Expending Resources
2009 2008
£ £
Net outgoing resources before other

recognised gains and losses (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 Funds

1 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

36
THE DULVERTON TRUST

16. Reconciliation of Net Cash Flow to Movement in Net Funds
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 from
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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THE DULVERTON TRUST

Annual Report and Accounts

5, St James’s Place, London SW1A 1NP

Charity Registered in England and Wales No: 206426

Mr Christopher Wills - Chairman

Members of the Trust Finance Committee

Sir John Kemp-Welch - Vice Chairman Finance

Director Colonel Christopher Bates

Artemis Investment Management Ltd

Barclays Global Investors Ltd

Cazenove Capital Management Ltd

BNY Mellon Asset Management

Schroders Investments Ltd

UBS Global Asset Management (UK) Ltd

Trustees’ Report for the year ended 31 March 2009

Structure, Governance and Management

Trustees’ Report for the year ended 31 March 2009

Objectives and Activities

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

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

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

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

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

Trustees’ Report for the year ended 31 March 2009

Trustees’ Report for the year ended 31 March 2009

• Individuals (grants are made only to registered charities).

Trustees’ Report for the year ended 31 March 2009

Achievements and Performance

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

Youth & Education

Trustees’ Report for the year ended 31 March 2009

Trustees’ Report for the year ended 31 March 2009

Trustees’ Report for the year ended 31 March 2009

Peace & Security/Peace & Humanitarian Support

Number of Grants Made

Trustees’ Report for the year ended 31 March 2009

As at 1 April 2008 As at 31 March 2009

Market Value: £76,973,134 £56,160,689

 The initiation of the redemption of a proportion of the holding in the Fund of

Trustees’ Report for the year ended 31 March 2009

In February 2009 Trustees considered the recommendations arising from a ‘beauty

Plans for the Future

Dulverton & Michael Wills Scholarships 149,586

Frontline Trust 5,000

Grants Charged 1,026,086 26,500

Veterans Aid 36,000

Grants Charged and Paid 664,100

Book Aid International 36,000

Grants Charged and Paid 319,500

Global Rescue Services 3,500

Abergorki Community Hall 2,800

1st Cornelly Scout Group 2,000

TS Cardiff Sea Cadets 1,700

Grants Charged 276,000 1,000

Marine Conservation Society 30,000

Grants Charged and Paid 208,000

National Churches Trust 45,000

Grants Charged and Paid 196,000

Combat Stress (2nd of 3) 40,000

Grants Charged and Paid 147,250

PEACE & SECURITY/HUMANITARIAN SUPPORT

Royal United Services Institute 30,000

Grants Charged 107,000 10,000