The D’Oyly Carte Charitable Trust

Supporting the Arts, Medical Welfare

and the Environment since 1972

2026

Company Limited by Guarantee No. 05638406

Registered in England and Wales

Charity Registration No. 1112457

The D’Oyly Carte Charitable Trust

Report and Accounts

for year ended 31^st March 2026

TABLE OF CONTENTS

The D’Oyly Carte Charitable Trust

Trustees’ Report for the year ended 31^st March 2026

Trustees

Andrew Wimble, Chair

(The Trustees are also Directors of the Charitable Company)

The D’Oyly Carte Charitable Trust

Historical Background

The D'Oyly Carte Charitable Trust ('the Charity') was founded by Dame Bridget D'Oyly Carte as an endowed grant-making charity in 1972. Dame Bridget was the granddaughter of Richard D'Oyly Carte, the theatrical impresario who built the Savoy Theatre in 1881 to house his musical entertainment and later the Savoy Hotel in 1889 to accommodate his out-of-town audiences visiting London to enjoy the famous Gilbert & Sullivan 'Savoy Operas'.

A Director and Vice-Chair of The Savoy Group (which included the Savoy Hotel and the Savoy Theatre), and head of the D'Oyly Carte Opera Company from 1948-82, Dame Bridget established The D'Oyly Carte Charitable Trust to support her personal charitable interests. Certain charities in which she took a special interest during her lifetime continue to be supported by the Trustees, including The D'Oyly Carte Opera Trust.

1998 marked a turning point in the history of the Charity when the Trustees, after taking legal and financial advice, and with the approval of the Charity Commission, agreed to sell the Charity's shares in The Savoy Hotel PLC (The Savoy Group) to Blackstone Hotel Acquisitions Company. This sum formed the capital assets of the Charity which have since been invested in a diversified portfolio of investments.

Over the years the Trustees have sought in their grant-making to uphold the aims, interests and values of Dame Bridget, whilst adapting to the changing needs of the modern charitable world. The Trustees continue to feel immensely privileged and proud to be able to support such a diverse range of charities seeking in some way to enhance and improve people's lives. Their objective is to achieve this by using the funds to create enrichment, impact and inspiration in the best possible way through the Charity's mission and capital.

Governing Document

The D'Oyly Carte Charitable Trust became a Company Limited by Guarantee in 2005. In November that year a new company (No. 5638406 Registered in England and Wales) was formed and subsequently registered in December 2005 by the Charity Commission as The D'Oyly Carte Charitable Trust under Charity Registration No. 1112457.

The D’Oyly Carte Charitable Trust

The D'Oyly Carte Charitable Trust 'the Company' is governed by a Memorandum and Articles of Association dated 14^th September 2005, and amended on the 8^th July 2025, and the operations and assets transferred to 'the Company' as from 1^st April 2006. The initial members of 'the Company' were the subscribers to the Memorandum and Articles of Association, and, in relation to the Companies Act 2006, the Trustees are also Directors of 'the Company'. The Governing Document was reviewed and updated with our legal advisers and a final version adopted on 8^th July 2025.

Measuring Impact and Public Benefit

As a grant-making trust, providing public benefit is at the heart of the Charity's activity, as demonstrated in the pages that follow in this Report.

The Trustees consider that they have complied with their duty in Section 17 of the Charities Act 2011 and have due regard for the guidance of the Charity Commission on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting grant making policy.

Charitable Objective and Mission

The grant-making review on pages 16-36 and the full list of grants on pages 51-72 demonstrate that this objective continues to be achieved.

The majority of the Charity's grant-making is reactive and is measured against what individual charities are seeking to achieve. In most cases The D'Oyly Carte Charitable Trust is one of several funders and cannot therefore take sole credit for the outcomes achieved.

The Trustees aim to create impact and enrichment by supporting work that enhances people's lives and life chances, wellbeing and the living environment, and this is where public benefit is most directly achieved.

The D’Oyly Carte Charitable Trust

Diversity, Equity and Inclusion

The Trustees value diversity in its widest sense and are committed to meeting the needs of all parts of society and to ensure inclusivity and equity in their approach.

As a charitable trust, the Trustees recognise their role and the potential impact their grants have within the sector, and, accordingly, in their grant-making, they seek to support charities working within diverse sectors of the population, as well as those run by diverse communities.

Governance

The Trustees of The D'Oyly Carte Charitable Trust are committed to applying the highest standards of ethical conduct and integrity in the Charity's business activities.

The Trustees, also being Directors of the Company, and the Trust's Officers, recognise their duty to ensure that the Charity is compliant with the law and they are committed to good governance and to implementing and enforcing effective systems throughout the organisation to prevent any improper conduct arising in their business dealings. The Governing Document allows for up to a maximum often and a minimum of three Trustees (also Directors for the purpose of company law) and those Trustees who served during the year were Amelia Beringer, Antonia Brooks, Nina Camilleri, Frances Flinter, Henry Freeland, Michael O'Brien, Julia Sibley, and Andrew Wimble. The Trustees in office at the date of the adoption of the new articles of association in July 2025 have an identified retirement date no more than 14 yrs hence. New Trustees will be appointed on a five-year term for a maximum of three consecutive terms, with the exception of any Trustee appointed to the Chair position, after which the Chair may only serve a maximum of two five-year terms before leaving the Board of Trustees.

The Trustees regularly discuss succession planning and the balance of skills on the Board to make informed decisions, and, when required, new Trustees are selected based on the experience and knowledge they can contribute to the aims of the Charity. Potential Trustees are canvassed externally and suitable candidates are then interviewed by the Nominations Committee. A recommendation is then placed before the Board of Trustees. All Trustees are involved with other charities and give their time to the Charity voluntarily.

The Trustees are also the Members of 'the Company' and, under the terms of its Articles, every Member promises, if the Charity is dissolved while he or she remains a member, or within 12 months afterwards, to pay up to £10 towards the costs of dissolution and the liabilities incurred by the Charity while they were a member.

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Register of Trustees’ Interests

In accordance with the Charity Commission's guidance that charity trustees who may have a personal interest in any matter before the trustees should declare that interest and refrain from taking part in any discussion relating to it, a Register of Trustees' interests is maintained and updated annually. Trustees are required to disclose all relevant interests and register them with the Clerk to Trustees and, in accordance with the Charity's policy, withdraw from decisions where a conflict of interest arises.

Charity Governance Code

Trustees regularly review Charity Commission guidance and publications in order to ensure that the principles and recommended best practice for good governance are observed.

During the year, the Trustees reviewed the Charity Governance Code recommended by the Charity Commission and agreed that they would continue to observe its principles and to use the Code as a tool for continuous improvement towards the highest standards. A Charity Governance Code Compliance Record is updated annually.

Statement from the Chair

The year has been busy with much positive progress made. The D'Oyly Carte Charitable Trust has confronted the ever changing and challenging funding landscape, with the demand for assistance as strong as ever. The Trust has evolved with the changing environment and a continuous desire to improve our impact on behalf of those we support.

The performing arts sector has faced persistent significant economic and financial challenges. Many organisations are implementing business model innovation and relying on varied funding sources as traditional philanthropy faces competition and public funding remains tight. The Arts Council England (ACE), which has notably come in for criticism for its 'Let's Create' agenda, has overseen a 40% real term reduction in investment in organisations since 2008-11, and local authority cuts have impacted regional arts.

On a brighter note, in 2025 the Society of London and UK Theatre saw audience numbers exceed 37 million and West End revenues exceed £1 billion for the first time. The use of technological integration has seen a major acceleration with interactive staging and personalised audience experiences, which has enhanced event experiences. At a Trust level many of the projects where we have had long term involvement have seen positive results with extensive press coverage, such as ENO's Breathe Programme, community choirs and for the Trust an exciting first: an Oscar for a RADA student we supported in 2012.

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Research continues to extoll the value of the arts, horticulture and creative health in all our wellbeing be it mental or physical. Too many, often due to socio-economic factors, do not have access to the arts nor benefit from environmental activities.

The leading focus for our grants during the year has been on access to the arts (30%), horticultural and environmental therapeutic activities (13%) and music and art therapy (13%). We continue to explore opportunities where we can make the greatest lasting impact through the distribution of mission driven grants to our applicants. Our other area of focus has been performance art development, choirs and singing, conservation and heritage activities and assistance to carers.

During the year we continued to see an increase in applications, and we supported 435 successful organisations, distributing £2,090,669, which was split between arts 52.1%, medical / welfare 28.4% and environment 19.5%. The overall success ratio for applicants remained at approximately 1 in 3 which is a considerable improvement on the sector average. We expect that the ratio will be affected again by the implementation of a new three-year strategy, which was introduced in February 2026.

The D'Oyly Carte Charitable Trust is constantly evolving and to that end we have adjusted our focus for the next three years (2026 - 2029) to:

The majority of our grants and our focus remain on smaller charities with an annual income of under £5 million. We have increased the cap on each grant and have increased the number of Term Grants to elite organisations to 12, including our first term grant to an organisation outside of England; Royal Conservatoire of Scotland.

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We are in the process of introducing new technology to streamline the grant application process, something that we are aware is a burden upon applicants. The system will assist both applicants and the Trustees in allocating grants. The website is also being relaunched to reflect our renewed emphasis and to introduce a contemporary look.

The Charity's asset base is an investment portfolio, which is managed on a discretionary basis split between two managers. During the year we changed from Rathbones Group PLC to Legal & General Investment Management to give us two distinctive styles of management. We invest for 'total return' and smooth our grant distributions through fixing the amounts distributed by each fund manager. We continue to embed environmental, social and governance considerations in every stage of our investment decision making and are, longer-term, investigating whether to apply 'impact' and other investment criteria.

The D'Oyly Carte Senior Lecturer in Arts and Health, Dr. Alexandra Mermikides, within the School of Medical Education at King's College London has had another successful year overseeing a 'lighttouch' curriculum refresh of Stage 1 medical degree curriculum. This has created an opportunity to develop new teaching sessions that use arts-based/medical humanities to support students transitioning through their educational journey.

It is a privilege to be the Chair of a charity with such an illustrious history, and its ability to effect change for so many. During 2026/27 we will be introducing new trustees as we look to the future and the inevitable challenges that we will face.

I owe a debt of gratitude to the commitment of the Board of Trustees and look forward to working with them as the Charity continues to develop its mission.

Andrew Wimble

July 2026

The D’Oyly Carte Charitable Trust

Key Management Personnel

The Trustees comprised the key management personnel of the Charity during the year, in charge of directing, controlling and operating the Charity.

All Trustees give their time freely and no member of the Board of Trustees received remuneration in the year. Details of Trustees' expenses and related party transactions are disclosed in note 6 and 16 in the accounts.

The fees for the Clerk to the Trustees are invoiced to the Charity by The Trust Partnership.

Appointment of Auditor

At the General Meeting of the Charity held on 18 November 2025, Buzzacott Audit LLP were appointed as the Auditor until the next AGM in July 2026. Their appointment had been recommended following a retender of Auditors by a committee of Trustees and The Trust Partnership, due to the decision by previous Auditors, RSM UK, to cease working with smaller organisations from July 2025.

Fundraising

In accordance with section 162a of the Charities Act 2011 the Charity is required to make a statement regarding fundraising activities. The legislation defines fundraising as 'soliciting or otherwise procuring money or other property for charitable purposes'. The Charity does not undertake fundraising from the general public; therefore the Trustees do not consider it necessary to design specific procedures to monitor such activities.

Hospitality Register

A Hospitality Register is maintained to record visits made by Trustees and staff to grant beneficiaries or charities requesting grants, so as to monitor performance and standards in relation to grants made or applications received.

Against the background of the Charity's work as defined in its objects, the Trustees consider the risk of the Charity contravening The Bribery Act 2010 to be very small. For the avoidance of doubt, however, the Trustees expressly prohibit anyone associated with the Charity from offering, giving, soliciting or accepting any bribe (of whatever nature) in order to advantage the Charity, applicant charities, themselves or persons/businesses connected with either.

The D’Oyly Carte Charitable Trust

Financial Review 2025/26

Investment Management

The Trustees have the authority to delegate discretionary powers of investment and all investments held by the Charity are managed in accordance with these powers.

The Trustees continue to keep the management of their investments under regular review and, subject to satisfactory service and performance, the Charity's Investment Managers are reappointed on an annual basis.

In line with good governance, an independent review of the performance of the Charity's Investment Managers; Cazenove Capital Management (CCM) and Rathbones Group PLC took place in August 2025. Following this review and consideration of recommended alternative Investment Managers, Trustees agreed to replace Rathbones Group PLC with Legal & General Investment Managers (LGIM) as LGIM's multi-index strategy offerings would be suitably different from, and a good complement to CCM. Since November 2025, the Charity's portfolio has been managed by CCM and LGIM. The Trustees will consider another independent review in due course.

During the year, the Investment Committee continued to keep in close contact with the Investment Managers who presented overviews of the portfolios under their management to the full Board of Trustees in July 2024.

Quarterly valuations and minutes of meetings are circulated to all Trustees, and the Chair of the Investment Committee reports on the Charity's investments to the Board of Trustees at their meetings throughout the year.

Investment Policy and Objectives

The financial objective of the Charity is to maintain the real value of the capital assets whilst generating a stable and sustainable return to fund grant-making.

The assets are invested for Total Return and the Trustees aim to maximise Total Return while mitigating risk to the real value of the grants it distributes at a rate the Trustees believe, in consultation with their Investment Managers, is consistent over the medium term whilst at least maintaining the real value of the fund, net of fees.

The D’Oyly Carte Charitable Trust

Investment Policy Statement

The Trustees have an Investment Policy Statement (IPS) in place with their Investment Managers that takes into consideration the Charity's mission and Charity Commission guidance, and sets out the long-term investment objective, risk profile, strategic asset allocation and investment restrictions. It is reviewed and updated annually, firstly by the Investment Committee and then approved by the Board of Trustees.

Investments

Over the past year global equity and bond markets continued to respond to a range of geopolitical, economic and technological developments, including changing expectations for interest rates, ongoing international conflicts, trade tensions and the rapid growth of artificial intelligence.

The start of 2026 saw global markets reach new highs, with the support of solid economic fundamentals and an easing of inflationary pressures in OECD countries. However, conflict in the Middle East, US and Israeli strikes on Iran resulted in the disruption of oil and trade through the Strait of Hormuz, creating uncertainty for the global economy and financial markets. Despite this severe heightening of geopolitical tensions, the underlying resilience of global economies and corporate earnings, together with the possibilities of Al provided support for investment returns. Global equities returned 16% over the year to 31st March 2026 while the FTSE All-share returned over 20%. Aside from in Japan, global bond markets posted modestly positive returns over the period, while Commodities surged in March driven by spikes in the price of oil and gold.

The Trustees remained focused on the Charity's long-term investment objective: preserving the value of the endowment so that it can continue to support charitable activity for current and future beneficiaries. To this end we have a long-term performance target of CPI+4%. As a perpetual foundation, we are conscious that short-term market movements, whilst sometimes unsettling, must be viewed in the context of a long-term investment horizon and a disciplined approach to stewardship.

A significant area of focus during the year was a comprehensive review of the Charity's investment arrangements. Following a competitive tender process and detailed analysis of the Charity's future requirements, the Trustees agreed to diversify the management of the portfolio through the appointment of Legal & General alongside our long-standing investment manager, Cazenove Capital. This decision reflected the Trustees' desire to broaden investment approaches and improve overall cost efficiency whilst maintaining an appropriate level of diversification and responsible investment oversight.

The D’Oyly Carte Charitable Trust

The transition was completed successfully during the year and at 31 March 2026 the Charity's investment assets totalled approximately £70.5 million (2025: £67,251,847). The new structure combines actively managed and index-based investment strategies, providing the Trustees with greater flexibility and resilience whilst maintaining a clear focus on long-term capital growth and sustainable income generation.

I would like to thank my fellow Trustees, members of the Investment Committee and our advisers for their support during what has been an important year of development. The Trustees believe the Charity remains well placed to navigate future market uncertainty and to continue providing meaningful support to the organisations and individuals that benefit from its work.

Antonia Brooks, Chair of The Investment Committee

Income and Expenditure

Over the period the Charity's total income amounted to £1,584,208 compared to £1,481,493 in the previous year, an increase of 6.93%. Grants agreed amounted to £2,264,669 which was an increase of 9.78% compared to the previous year when grants totaling £2,062,963 were agreed.

The Charity's total return strategy has a distribution policy of between £1,800,000 to £2,000,000 per annum divided between the two Investment Managers in proportion to the value of each respective portfolio. There was an increase in support costs during the year from £113,544 to £134,835, an increase of 18.75%. The costs of raising funds (Investment Management fees) decreased by 2.43% from £257,501 to £251,255.

Reserves Policy

The reserve represents an amount allocated by the Trustees to secure the long-term future of the Charity by ensuring there are adequate resources to meet anticipated charitable obligations. The Charity distributes in excess of its income every year so therefore has no income retained as unrestricted funds. The reserve balance at the end of the year increased from £67,154,670 in 2025 to £70,538,003 (an increase of 5.04%). The Trustees are satisfied with the year end reserves position

The Trustees monitor investment performance and continue to set the Investment Managers the task of producing the best financial return with an acceptable level of risk. It is the policy of the Trustees to protect a core of investments and cash assets to generate income for future years’ grant awards.

The D’Oyly Carte Charitable Trust

Going Concern

As a result of the strong reserves position the Trustees remain confident that the Charity will remain a going concern. The Trustees consider the value of the investment portfolio and the forecast investment income will be sufficient to sustain the Charity in the next twelve months and the longer term.

Internal Controls

The Trustees have a duty to ensure that adequate systems and procedures are in place to safeguard the Charity's assets. The Investment Committee is empowered by the Trustees to ensure that appropriate internal controls are implemented and monitored and that the risks are managed and controlled.

Risk Management

The Trustees are satisfied that appropriate policies, protection, systems and checks are in place in order to mitigate exposure to major risks. The Trustees review the Risk Register at their regular meetings during the year.

The principal risks relate to investment performance and operational risks in terms of grantmaking arising from system malfunctions or fraudulent applications.

1.     Investments and Grant-making capacity: The Trustees regularly review the performance of the Charity's investment portfolios in accordance with the Charity's investment policy which balances risk with investment returns.

2.     Operational processes: Internal procedures and computer systems are regularly reviewed and updated and all grant applications are screened by the grants administration team. The ability of computer systems to allow for remote working, and for Trustees to meet online, as permitted in the Charity's Governing Document, is effective and robust.

3.     Status and Reputation: The Trustees regularly discuss reputational risk and a clear framework for assessment and decision making on grant applications is in place.

4.     Conflicts of Interest: The Charity has a Conflicts of Interest policy which is reviewed and signed annually by the Trustees. The policy was updated during the year.

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5.     Investment Policy: The Trustees review and agree the Charity's Investment Policy Statement and Social Investment Policy annually.

The Charity requires its Investment Managers to take a carbon aware approach to investments in fossil fuel companies and to consider absence of harm when making investments.

The Trustees are satisfied that their investment managers have suitable policies in place regarding their stock selection to evaluate their corporate behaviour and ensure that this complies with the latest Environmental Social and Governance (ESG) practices.

6.     Safeguarding: The Trustees recognise that Safeguarding is a key priority for all charities, and for projects working with children and young people, or vulnerable adults, the Charity requires that all applicant charities confirm during the application process that up-to-date Safeguarding Policies and Procedures are in place in line with Charity Commission regulatory expectations.

The Trustees are aware of the Charity Commission's guidance on reporting serious incidents and have appropriate procedures in place to identify and manage such incidents. The Trustees confirm that no serious incidents or reportable matters occurred during the reporting period which required notification to the Charity Commission.

The Charity has developed and adopted a standalone safeguarding policy in line with Charity Commission best practice.

At the time of the last Risk Review in March 2026 the Trustees considered that effective risk mitigation was in place.

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The Charity’s Grant-making

The Trustees make grants for charitable activity which they hope will enhance and improve the quality of life for people in the United Kingdom, especially those who are disadvantaged in some way. The Trustees concentrate this activity by supporting charities in specific areas of interest connected with the arts, medical welfare and the environment, as reflected in their Grant-making Priorities (see page 17).

The Charity invites applications from registered charities whose operational area is within the United Kingdom, for the benefit of residents of the United Kingdom. Applications from individuals are not considered.

Registered charities wishing to apply for a grant are requested to do so online via the Charity's website www.dovlycartecharitabletrust.org.

Applicants are required to study the Charity's Application Guidelines, which are available online, before submitting an application to ensure full compliance, and an eligibility portal indicates whether an application can proceed to the online application form.

Once an application has been submitted via the website an automatically generated response confirms receipt to the applicant, with a copy of the application form attached. Full application guidance is available on the website, and, if needed, additional help can be obtained by telephoning the Charity's Grants Administrators on 0203 637 3003 or by emailing info@dovlycartecharitabletrust.org.

The Trustees consider applications three times a year at their Board meetings which are usually held in March, July and November, and the majority of grants awarded are on a one-off basis. Term grants are very occasionally agreed to charities whose work the Trustees know well, for a maximum period of three years. The Charity is always oversubscribed with applications and inevitably has to make difficult decisions.

During the year under review the Charity has continued to support a wide range of charitable activity within its stated priorities, seeking to enrich lives and wellbeing, and to help support the vital services charities provide to the people and communities that need them most. In March 2026 the Trustees agreed a new strategy for their 2026/27 to 2028/29 financial years. As part of this new strategy, grant sizes have been increased in light of the financial climate and rising costs, to ensure their funding achieves impact within the charities it benefits. The new strategy was launched at the end of March 2026 alongside a new Artificial Intelligence powered application portal and management system, Plinth Al. The initial assessment and due diligence of applicants is carried out by the Clerk and Administrator. Trustees provide the challenge and scrutiny during their meetings to determine which are successful. The Trustees aim to use the benefits of the Plinth Al platform to reduce applicant time spent by helping them identify suitability prior to applying and the many capacity adding benefits the platform can bring.

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Grant-making Priorities

Notwithstanding the Charity's overall charitable objectives for the public benefit, the Trustees regularly review their policies, objectives and guidelines, and, following a full review in November 2022, determined that their grant-making priorities for the three years from 2023 would focus on:-

The Arts

Medical Welfare

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The Environment

Grant-making Restrictions/Exclusions

The Charity is unlikely to support/respond to applications relating to the following:

Grant Monitoring and Evaluation

The public benefit of funding by the Charity is measured against the achievements of the charities funded by the Charity. Grant recipients are required to meet the Charity's reporting requirements which are communicated when a grant is awarded. The Charity's grant monitoring and reporting process aims to be 'light touch' and is intended to give Trustees an idea of what each grant has achieved as well as the challenges individual charities face.

The Charity seeks to avoid a disproportionate reliance on complex procedures both in the application process and in systematic attempts to evaluate the benefit achieved by its grants.

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The benefit of understanding the impact of a small grant that has made a huge difference to someone's quality of life is often outweighed by the effort in attempting to prove it.

The Trustees endorse the belief that a good relationship between the funder and the funded should be based on trust and mutual respect on both sides.

Grant recipients are sent an online link in order to submit their monitoring report on the benefit achieved by the Charity's grant within twelve months of receiving it; and, as many of the Charity's grants contribute to projects also supported by one or several other donors, we are happy to accept information that has been prepared for another funder if appropriate.

Above all, it is the guiding policy of the Trustees to make the best possible use of the Charity's resources in supporting a wide cross-section of charitable activities within the Charity's stated remit and grant-making priorities. The Trustees hope that they achieve this successfully by making carefully considered grant decisions and by seeking to ensure that their grants are used effectively without imposing disproportionate reporting conditions on grantees.

Small Grant Applications 2025/26

In the year under review 1,346 applications were made to the Charity and 1,248 were eligible for consideration under the Charity's Guidelines. The Trustees have continued their commitment to make grants in the range of £500 to £6,000 to smaller charities that do not enjoy a high profile in order to create significant impact on the work of the charity concerned; and, recognising the day- to-day funding needs of charities, the Trustees continue to consider applications for core costs, in particular to enable charities to reach more participants through paid volunteer co-ordination. During the year, 597 first-time applications were received compared to 593 last year.

Grant Awards 2025/26

The Trustees paid a grand total of £2,090,669 in grants to 435 charities, including exceptional grants, during the year under review. This was an increase in value compared to the previous year when 462 grants totalling £1,986,963 were paid. This reflects a higher number of grants paid within the year at the maximum small grant amount (£6,000), or at the full amount requested by the applicant, increasing the impact per grant. Grants agreed during the year but not yet paid at the end of the year amounted to £390,000 (2025: £216,000).

The Trustees' decision-making on grants in the period continued to follow the procedures laid down and applied in past years. The distribution of grants between the sectors Arts, Medical

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Welfare and the Environment continues to be flexible, allowing Trustees to respond to the number and quality of applications.

Charitable Trusts and Foundations, as independent grant-makers, exist to create a better society - and have the distinctive opportunity to determine their own agenda. Whatever the cause, the Trustees seek to direct their funds to where they can make a major difference, and this aim steers them away from large national charities and significant appeals.

The Trustees recognise the vital impact their funding can make, and the encouragement it can give, particularly to smaller charities seeking to deliver projects that influence with positivity, and provide desperately needed services in the community for people, both young and old, who face significant challenges and difficulties in life.

The Arts

221 small grants were paid to Arts charities, involving a total distribution of £992,557 - an increase in amount and number on the previous year, when a total of £835,127 was distributed to 207 charities.

Medical Welfare

£539,165 was distributed to 118 Medical/Welfare charities through small grants, compared to £604,379 in the previous year distributed among 143 charities.

The Environment

83 grants were paid through small grants to Environmental charities during the year amounting to £386,947 compared to £457,457 distributed in the previous year to 103 charities.

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Small Grants Paid by Subcategory 2025/26

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A selection of small grants awarded during the year, under each of the Charity's priority areas, are featured on pages 26-34 and all grants paid during the year are included in the full list of grants in the Appendix on pages 51-72.

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Exceptional Grant Awards

D'Oyly Carte Endowment for Arts and Health

Dr Alex Mermikides continued in her role as the D'Oyly Carte Senior Lecturer in Arts and Health at King's College London during 2025/26, leading teaching, research and public engagement activities at the intersection of medicine, health and the arts. Through the D'Oyly Carte Academic Appointment, Dr Mermikides supports the integration of medical humanities within undergraduate medical education, helping students develop communication skills, ethical awareness and a patient-centred approach to care.

During the year, the Trustees agreed that a proportion of accumulated endowment underspend could be invested in initiatives linked to the programme. This enabled the establishment of a new D'Oyly Carte PhD Studentship in Performance and Medicine, supporting doctoral research into the use of performance within healthcare education. Following a competitive recruitment process, the first student commenced studies in October 2025, exploring the potential contribution of performance-based approaches to maternity care education.

The endowment also supported the completion and presentation of Anatomy of a Doctor, a public engagement and educational project examining the human values and professional learning associated with anatomical dissection. Performances were presented to medical and public audiences during the year, attracting around 250 attendees. The project was nominated for a King's Faculty Award for Outstanding Contribution to Medical Education and has generated interest from other medical schools.

Dr Mermikides continued to develop the medical humanities curriculum at King's, introducing new workshops to support students at key stages of their training. New teaching focused on professional identity, emotional resilience, learning from patients and reflective practice, while existing provision was redesigned to increase small-group and interactive learning opportunities. A new teaching block preparing students for clinical placements received a Faculty Award for Outstanding Contribution to Medical Education.

Alongside her teaching responsibilities, Dr Mermikides maintained an active research portfolio. During the year she published an article in the BMJ Medical Humanities journal, presented research at national and international conferences, supervised doctoral and undergraduate researchers, and contributed to collaborative networks across the UK and Europe exploring the role of the arts in healthcare education and practice.

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The D'Oyly Carte Academic Appointment continued to support a growing programme of teaching, research and public engagement, reaching medical students at multiple stages of their training. Through curriculum development, research supervision and experiential learning opportunities, the programme helps students develop the reflective and interpersonal skills that underpin effective clinical practice.

The Trustees are pleased with the continued development of the D'Oyly Carte Academic Appointment. The programme continues to contribute to medical education, research and public engagement while reflecting the Charity's long-standing commitment to demonstrating the value of the arts in health and wellbeing.

Excellence in The Arts, Crafts and Horticulture

The Trustees have continued their practice of making a few regular exceptional term grants outside their general grant-giving range to outstanding arts conservatoires and centres of excellence to help exceptionally talented students from the United Kingdom to realise their full potential and give themselves wholly to the training on offer. The Trustees conducted a review of the portfolio and are delighted to have initiated new relationships with The Royal Conservatoire of Scotland and The Royal Ballet School. The Trustees also committed to increasing the level of funding on subsequent successful renewals, to reflect the impact of rising costs and inflation. The distribution of this bursary funding is assessed and awarded by each institution, not by the Charity.

Current multi-year relationships

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In addition, the Trustees are pleased to continue their annual grant towards Hospice UK in support of their work on behalf of all their members, with a grant of £20,000 per annum.

The D’Oyly Carte Opera Trust and The Savoy Operas

The Trust continued its long-standing support of the D'Oyly Carte Opera Trust through a £20,000 grant towards its education, outreach and access programme. During the year, the Opera Trust worked with a range of partners across England and Scotland to introduce opera and musical performance to diverse audiences, including school children, young and emerging singers, prison residents and individuals who may find traditional theatre environments difficult to access.

Activities included performances for more than 2,000 schoolchildren in Lancashire, access performances for people living with health conditions and additional needs, workshops for university students and young professional singers, and performances for over 200 prisoners at HMP Brixton. Feedback from participants and partner organisations highlighted the positive impact of these activities in broadening access to the arts and encouraging participation among audiences who might not otherwise engage with opera.

The Trustees are pleased that this work continues to preserve and develop the D'Oyly Carte artistic legacy while supporting the Trust's wider objectives of increasing access to high-quality arts experiences and nurturing future generations of performers and audiences.

Supporting patients and families affected by rare diseases

The Trust continued its support of Genetic Alliance UK, the national charity representing people affected by genetic, rare and undiagnosed conditions. During the year, Trustees agreed to increase the organisation's grant to £20,000 per annum to support work that delivers practical benefits to its network of more than 240 patient-led member organisations.

Following discussions with Trustees, funding was directed towards a programme of advice, guidance and training designed to help rare disease charities improve the visibility and accessibility of trusted health information online. As internet search increasingly relies on Al-generated responses and automated summaries, the project aims to ensure that high-quality, patient-led information remains easy to find for individuals and families seeking support. The programme includes training events, guidance on digital content and website design, and the sharing of practical tools to help smaller charities strengthen their online presence. The Trustees are pleased to support an innovative initiative that helps improve access to reliable information, strengthens the capacity of specialist voluntary organisations and ultimately benefits people living with rare and genetic conditions.

The D’Oyly Carte Charitable Trust

A selection of charities supported during the year by priority area

Arts Priority: Performance development opportunities for those in the early stages of their careers

NEW PERSPECTIVES THEATRE

https://www.newperspectives.co.uk/new-associates

The 2024-25 New Associates cohort attracted 76 applications, with 18 artists selected from across the East Midlands. Each artist developed a career plan, supported through a mix of individual, online and in-person sessions, increasing skills and gaining valuable insights throughout the year to help shape their future journeys.

"Being a New Associate has opened many doors to collaborations, inspirations and confidence."

The D’Oyly Carte Charitable Trust

Arts Priority: Access and participation in the arts for those who have least access to them with emphasis on choirs and singing to build community and bring people together

NAZ PROJECT LONDON

https://www.naz.org.uk/joyfulnoisechoir

The Joyful Noise Choir for people living with HIV. Each week, choir members explore different aspects of musicality including voice control, vocal blending and rhythmic singing (connecting to the emotion of the song using personal experiences). The project provides accessible opportunities for people who may otherwise face significant barriers to participating in the arts. The choir brings together people living with HIV and their supporters through regular singing and performance activities, using music as a means of fostering connection, confidence and belonging. By creating an inclusive and welcoming community centred around collective singing, the project exemplifies the Trust's aim of supporting choirs and participatory arts activities that bring people together, reduce isolation and widen access to the benefits of creative engagement.

"I love singing and performing, so this is a great opportunity to engage in a meaningful project. I also like the fact that it's for people living with HIV and I feel accepted and loved, and I can be myself fully without feeling stigmatised!"

The D’Oyly Carte Charitable Trust

Arts priority: Support for charities seeking to engage with, and inspire, young people on the fringes of society through music and drama projects

NUCLEO

https://www.thenucleoproject.org/

Free weekly classes and loan of musical instruments for children aged 7+ in London.

Nucleo has intensive music programmes for children and young people who face social, economic and educational disadvantage. By providing free weekly orchestral training, ensemble participation and instrument loans, the charity removes many of the practical and financial barriers that prevent young people from accessing high-quality music education. Working in some of London's most disadvantaged communities, Nucleo uses music as a vehicle to build confidence, aspiration, discipline and social connection, helping to engage and inspire young people, and broaden opportunities and unlock potential for young people facing barriers to success.

"Without Nucelo I would never have gotten the chance to play the violin."

The D’Oyly Carte Charitable Trust

Medical Welfare priority: Support for charities concerned with alleviating the suffering of adults and children with medical conditions who have difficulty finding support through traditional sources

OSCARs PAEDIATRIC BRAIN TUMOUR CHARITY

https://oscarscharity.org/

OSCARs provides practical, emotional and financial support to children with brain tumours and their families at every stage of their journey, from diagnosis through treatment and beyond. The charity recognises that families affected by this rare and devastating condition often require highly specialised support that is not readily available through statutory services, tailoring assistance to meet individual needs and helping to address the significant emotional and financial pressures associated with long-term treatment.

"As a family we are so grateful for the support we've received. Having OSCAR's by our side at every step is so reassuring. They're amazing."

The D’Oyly Carte Charitable Trust

Medical Welfare priority: Music and Art therapy to improve quality of life and mental wellbeing

MACROBERT ARTS CENTRE

https://www.macrobertartscentre.org/

Weekly dance sessions in Stirling for people with Parkinson's and their carer or family members with live music in a safe and non-judgemental environment. Through a range of participatory arts activities, including opportunities for creative expression, social connection and engagement with performance and visual arts, the Arts Centre supports individuals who may be experiencing poor mental health, isolation or other wellbeing challenges. They recognise the important role that arts participation can play in building confidence, reducing loneliness and supporting positive mental health outcomes.

"All of the muscles don't work as well, even things like facial muscles - one thing about people with Parkinson's is that they develop a mask-like face because you've got all these muscles in your face, and because the class is so much fun, that you're constantly smiling, that makes a huge difference."

The D’Oyly Carte Charitable Trust

Medical Welfare priority: The welfare of those who care for others through the provision of breaks for carers

YOUTH ADVENTURE TRUST

https://www.youthadventuretrust.org.uk/

Individual support for 12 young carers from the South West of England on camps and activity days designed to build resilience, confidence and essential life skills. The charity provides residential camps, activity days and mentoring opportunities that give young carers a vital break from their caring role, allowing them to experience adventure, friendship and personal development in a safe and supportive environment. These opportunities help address the isolation, stress and emotional pressures often experienced by young carers while building confidence, resilience and wellbeing, helping to develop essential life skills, improve their mental wellbeing and better manage the challenges associated with their caring responsibilities.

"I have made many new friends and have become more sociable. My confidence to do new things has increased which I am very proud of."

The D’Oyly Carte Charitable Trust

Environment priority: Social and therapeutic horticulture projects that embrace nature as a tool for mental wellbeing by using gardening or other environmental activities to bring about positive changes in the lives of those who are living with disabilities or ill-health

MARTINEAU GARDENS

https://martineau-gardens.org.uk/

A safe and welcoming space for adults, children and vulnerable people to engage in gardening, conservation and connect with nature to improve their wellbeing, near to Birmingham city centre. Through its use of social and therapeutic horticulture to support people living with a wide range of health conditions, disabilities and wellbeing challenges, participants benefit from purposeful activity, time spent outdoors and supportive relationships, helping to reduce isolation and promote overall wellbeing.

"Very grounding... it is peaceful and we hear the sounds of nature completing its cycles." "... gives me the chance to relax and reconnect."

The D’Oyly Carte Charitable Trust

Environment priority: Active involvement in hands-on conservation activities, particularly those that bring about positive changes in the lives of young people living at the margins of society to improve their skills, build their confidence and break down barriers to their employment

STONEBRIDGE CITY FARM

https://stonebridgecityfarm.com/

Stonebridge City Farm in Nottingham work with partners to give young people with challenges practical experience of environmental management and to develop wider life skills. The charity's approach combines environmental engagement with personal development, enabling young people who may be at risk of exclusion or who face barriers to employment to build resilience, improve their wellbeing and gain valuable work-related experience.

"My volunteering has really helped me and I am now more confident at the farm and away from the farm. It has helped with my communication skills and has made me more sociable."

The D’Oyly Carte Charitable Trust

Environment priority: Rural crafts and skills in heritage conservation, with emphasis on increasingly rare skills that would otherwise be lost

BISHOPSLAND EDUCATIONAL TRUST

https://bishopsland.org.uk/

Bishopsland Educational Trust is dedicated to preserving and advancing vocational skills training in the heritage craft of silversmithing. The charity supports emerging makers working in wood, metal and other heritage crafts through intensive residential training, mentoring and access to specialist equipment, helping to ensure that valuable skills are passed on to the next generation of craftspeople.

The purchase and installation of a silver spinning lathe, a craft identified on the Heritage Crafts Red List as an endangered skill, directly contributes to the preservation of a rare and vulnerable area of traditional craftsmanship. By enabling emerging makers to learn and practise this specialist technique, Bishopsland is helping to safeguard an important element of the UK's craft heritage while creating opportunities for future employment and professional development within the heritage and applied arts sectors.

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Trustees’ Responsibilities

The D’Oyly Carte Charitable Trust

Auditor: The auditor, Buzzacot Audit LLP, has indicated its willingness to continue in office.

Approved by the Trustees on 14^th July 2026 and signed by:

The D’Oyly Carte Charitable Trust

Independent Auditor’s Report to the Members of

The D’Oyly Carte Charitable Trust

Opinion

Basis for opinion

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

The D’Oyly Carte Charitable Trust

Other information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

The D’Oyly Carte Charitable Trust

Responsibilities of trustees

The D’Oyly Carte Charitable Trust

Use of our report

Gumayel Miah (Senior Statutory Auditor)

For and on behalf of Buzzacott Audit LLP, Statutory Auditor

130 Wood Street

EC2V 6DL

Date: 16/07/2026

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STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 ST MARCH 2026

The notes on pages 44-50 form part of these accounts.

The D’Oyly Carte Charitable Trust

Company Number: 5638406

BALANCE SHEET AS AT 31 ST MARCH 2026

These accounts were authorised and approved by the Directors on 14/07/2026 and signed on their behalf by:

The notes on pages 44-50 form part of these accounts.

The D’Oyly Carte Charitable Trust

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 ST MARCH 2026

The notes on pages 44-50 form part of these accounts.

The D’Oyly Carte Charitable Trust

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 ST MARCH 2026

1     Accounting Policies

a)     Status

The charity is a Company (Registration Number 5638406) Limited by Guarantee and has no share capital. It is constituted under Memorandum and Articles of Association and has been granted charitable status by the Charity Commission (Charity Registration Number 1112457). In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

b)     Basis of Accounting

The D'Oyly Carte Charitable Trust constitutes a public benefit entity as defined by FRS 102.

c)     Going Concern

d)     Income and Expenditure

e)     Grants Payable

f)     Costs of raising funds

The notes on pages 44-50 form part of these accounts.

The D’Oyly Carte Charitable Trust

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 ST MARCH 2026

g)     Allocation of support costs

h)     Taxation

i)     Value Added Tax

j)     Fixed Assets

k)     Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Computer Equipment: 33.33% p.a. on a straight line basis.

l)     Investments

m)     Debtors

n)     Cash at Bank and in hand

o)     Liabilities

The notes on pages 44-50 form part of these accounts.

The D’Oyly Carte Charitable Trust

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 ST MARCH 2026

p)     Financial Instruments

2     Investment income

3     Costs of raising funds

4     Charitable activities

Support costs have been allocated on a pro-rata basis on the level of grants paid under each category in the year.

The notes on pages 44-50 form part of these accounts.

The D’Oyly Carte Charitable Trust

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 ST MARCH 2026

5     Support and governance costs

* Administrative and governance duties are carried out by The Trust Partnership.

6     Remuneration of employees and key management personnel

The Charity considers its key management personnel comprise the Trustees.

There were no employees in the charity in 2025 or 2026, and no Trustee received any remuneration from the charity.

During the year one Trustee was reimbursed expenses incurred on behalf of the charity £133 (2025: £150, two Trustees).

The notes on pages 44-50 form part of these accounts.

The D’Oyly Carte Charitable Trust

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 ST MARCH 2026

7     Investment assets

Investment at market value comprised:

All the Trust's Investments are held in the United Kingdom.

The notes on pages 44-50 form part of these accounts.

The D’Oyly Carte Charitable Trust

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 ST MARCH 2026

8     Debtors

9     Creditors: amounts falling due within one year

10     Creditors: amounts falling due after more than one year

11     Unrestricted Funds

12     Analysis of Net Assets Between Funds

13.     Charity Trustee Insurance

A premium of £883 was paid during the year (2025: £1,597) in respect of Professional Indemnity Insurance (authorised by an order from the Charity Commission dated 13th April 1999).

14     Ultimate Controlling Party

The notes on pages 44-50 form part of these accounts.

The D’Oyly Carte Charitable Trust

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 ST MARCH 2026

15     Reconciliation of net income / (expenditure) to net cash flow from operating activities

16     Related party transactions

Grants were paid during the year to Alport UK £5,000 (2025: £nil) for which Frances Flinter is Chair of Trustees and to London Youth Choirs £6,000 (2025: £nil) for which Nina Camilleri is Chief Executive. In 2025 a grant was paid to the European Doctors Orchestra £4,000 for which Frances Flinter is a Trustee. In accordance with the Charity's conflicts of interest policy, Frances Flinter and Nina Camilleri were not involved in the decision-making process relating to these grants and withdrew from any related discussion or vote.

During the year £2,400 (2025: £8,868) was paid to Greenwoods LLP whilst Amelia Beringer was an employee. The work was conducted by another employee of the company. There were no outstanding balances due to or from the charity in relation to the aforementioned at either 31 March 2026 or 31 March 2025.

The notes on pages 44-50 form part of these accounts.

The D’Oyly Carte Charitable Trust

APPENDIX 1: GRANTS PAID

The D’Oyly Carte Charitable Trust

APPENDIX 1: GRANTS PAID (continued)

The D’Oyly Carte Charitable Trust

APPENDIX 1: GRANTS PAID (continued)

The D’Oyly Carte Charitable Trust

APPENDIX 1: GRANTS PAID (continued)

The D’Oyly Carte Charitable Trust

APPENDIX 1: GRANTS PAID (continued)