COMPANY NUMBER: 3394958 THE STOWE HOUSE PRESERVATION TRUST (A Company Llmtted by Guarantee) REPORT OF TTrIE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ADHVB25B 1311212024 COMPANIES HOUSÉ A13
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THE STOWE HOUSE PRESERVATION TRUST {A Company Limlted by Guarantee) FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Report of the Trustees Independent Auditor's report Consolidated Slalement of Financial Activities 14 Consolidaled and Charily Balance She81 15 Consolldalad Slalernenl ol Cash Flow 16 Notes lo the Consolidaled ALtounls 17-26
THE STOWE HOUSE PRESERVATION TRUST (A Company Limited by Guarantee) ADMINISTRATIVE DETAILS an Numb In¢orporaled In England & Wales on 30 June 1997 Company number 3394958 1068272 oard of T le8 Andrew W M Fan8 (Chainnan) John R C AthIght ' Richard Broyd Jeflrey P Haworth ' Mark A J8ckson-Slops ' Robert C Morley Annabel Weslman Simon Creedy Smith Julie 8wnskill EIiz8belh de Burgh Sldley ' (Resigned 27 Febwary 2024) ma Herrod Math A Jackson-slops fll prf Stowa House sto 8uckingham MK18 5EH Saffery LLP 71 Queen Viclofla Street London EC4V 48E Barclays Commerclal Barl( 'Oxford Team PO Box 858, Vfytham Court 11 Wesl Way Oxford OX2 OXP Anna McEvoy Susanna Pvllen nc8 ff Math G8Ve$ These trustees retire by rolalion under the Articles of Assocglion. and bein9 eligible, offer Ihemselv8S for re-eleclion. These trustees ara also InJstees of Stowe School Limlled.
THE STOWE HOUSE PRESERVATION TRUST (A Company Limlted by Guarantee} REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINA CIAL STAT ENTS The INstees. who arè also the direclots for the puOSe$ ol Company Law. present Ihelr amual report and 8udited consolidated financi81 slalemenls of The Slowe Hous6 Pr8seNalion TNSI fsHpfi. a ch8ri1able company, and Ils subsldiary undertaking lor the year ended 31 March 2024, vthich are also prepared lo meet the requiréments for a direclor5' feport and Ècco unls for Companies Act purposes. The flnanclal stateménts comply with the Companies Act 2016, Charities Act 2011. the Memorandum and Artlcles of Asso¢ialion. and Accounlino al Reporting by Charities.. Statement of Recommended Pracllce appllcable lo charilles preparing Ih8lr accounts in accordance with Financl•l Reporting Standard appii¢able In the UK and Republlc of Ireland (FRS102). Iv ct tivlt Thls annual report detalls the achlevemenls ol the Charlly against th8 objects slated in the Memorandum and Articles ol Association as Bmplified by Ihe Tnjsl's strategic plan 2024-2029 approved by Trustees In October 2023. The oblecls ol the Chadly ara 'lo prolecl and preseNe for the benelil of the public the nation Stowe House in the county of Buckingham" The strategic plan sets out the f uture priorities lor reslorallon and malnlenance worf(, and Ihe p18n delalls speclflc prolecls and sets annual target$ for in¢offle generation and visitor numbers. Stovm House 18 one of the linesl 181h century houses In the Yrtd and ¢onslitules the gr8nd8sI lemple in Ihe world-f amous landscape gardens. A visitor allracllon since Ihe 18th century. Slowe House Is one of the greatest and most imitalad eslales In Europe. 11 is an archltectural maslerpiece on an immense and pal8tlal sc81e vknlch has insplred countless artists, architects and poals. The House includes the wovk ol a number of leading 181h century designer5. notably Sir John Vanbrugh, Robert Adam, James Glbbs, Williarn Kent and SirJohn Soanè. SHPT is responsible for the ftstoratlon and PSentation lo the publlc of Slovm House. a Grade I listal Ducal Palace which il holds oft a long lease from Slowe School, lo whom the property is leased bad( lor dally use. Whan SHPT was sel up, a sequential six phase resloralion plan was envlsaged, starting with tha exleriors and movin9 to those state rooms that are included in SHPTS leasehold. and Ihat orfginal plan has largely been completed. Total expenditure lo date Is now £27.7 million, iluding the Slate Dining Room project and the Easlem Slaircasè decoralive restorallon. The initial restoration started with the North Front Colonnades and was compleled In 2002. The Central Pavllion and male Saloon were compleled In 2005 and the East and Wesl Pavllion exleriors were restored between 2008-11. Restoration WO then moved inside and between 2008 and 2020 the Library, Egyptian Hall, Music Room, Blue Room, Visilor Centre and North Hall were all fully restored. Varfous slaluary and paintings have also been restored or Rplicaled lo enhance the House. These include The Dance of the Houts in the Music Room. the Fame and Victory painting over the E8slem Grand Slaircase, the Laocoon and Mercury In the North Hall, and extemally has included balustrades, v8ses. lions and the statuary on the South Portico. Page 1
THE STOWE HOUSE PRESERVATION TRUST IA Company Limfted by Guardntoo) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 These successive restoration projects have enabled more visitors to experience the exceptional architecture while also showcasing the work ofconservation professionals. This has enabled the Charity to fulfil its second aim of presenting the House to the public. SHPT is committed to ensuring that the House is a beacon of aSSIbIlIty. both intellectually and physicalty, to enable wider and more diverse audiences to appr8clate the importance of thls and other county houses to the Nation's history and Identlty. Thes ate Dinin Room- com leted Ma 2023 From March 202010 May 2023, SHPT lunded, managed and delivered an ambitious prograrnme of work to transfom two of the major Stale Rooms of Slowe House. Planning for the reslorallon began in 2018 and was to be dellvered in 2 five-phase programme starting with replacement ol the floors throughout and moving to cOnSeation of walls, ceilings and joinery. The programme ran to time desplie the interventlon of the Covid pandemic, which necessitated a complete review of the phasing'of the work and added significant risks, not least financlal, to the programme. Much of the contents of Stowe House were sold in tsvo great sales of 1848 and 1922, so a major aim of the programme of works was lo replicate slgnlffcant features that had been sold and to re-instste decorative detalls that had been lost or damaged. These aims were achieved and the projects maklng up the programme were dellvered to tlme. wlthin budget and to the quallty standards requlred by the board of trustees. The State Dining Room floor had been well worn. not just by the thousands of school children Ihat have inhabited the house since 1923, bul in its use first as a Stale Gallery and then in the later 18th century as the State Dlnlng Room. The new French oak floor has been laid lo replicate the orlglnal l)oard widths and waxed to ensure the new floor is both robust and aeslhetlcally pleaslng. When the room was transformed into a dlning room in the later 18th century, the works of art were transferred into the State Drawing Room next door and replaced with a sel ol five large tapestries depiGtlng the triumphs of classical deities. The tapestries, whlch were sold off along with many other chattels In 1922, were rediscovered and expertly captured by Zardl and Zardi. using a te¢hnlque involvlng very high-resoluts'on photography. The digital files were then edited and prlnted onto heavy, wallpaper. The orlglnal marble fireplacè surrounds were also rediscovered and, uslng digital 30 scans. replicas were painstakingly recreated by Refinery, handcrafted in Ilmber, lo provide a true representation of the origlnals. Specialist decorators applied the finish to the limber replicas, to match the original appearance, including veining of the marble. Mechanlcal and electrical services have been upgraded 8nd sensitively incorporated Into the room. Elaborate Joinery including doors, chair rails, skirtings. architraves and overdoor pediments, have been repalred and restored by Chroma. informed by specialist painl analysis lo recreate the original decorative scherne. The Geor ian Grou Award SHPT were honored with the overall award for Restoration of a Georgian Country House, given by The Georgian Group, al their annual ceremony held in November 2023. This award Is testamenl to our long-standing archltects. Purcell, and to the highty skilled craftsmen and wornen who have worked with SHPT over the years, delivering the highest standard of their expertise. Their work will ensure Stowe House Ilves on for future Stoics and vlsilors to enjoy. Page 2
THE STOWE HOUSE PRESERVATION TRUST (A Company Llmlted by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Restoration o th8 Eastern Stslrcase and Landln Lying to the east of North Hall and close lo the main entrance to the historic House, the Grand Staircase is a skilfully cantilevered set of three flights of stone steps leading to a large landlng, underneath a ceiling paintlng by Francesco Sleter. Some years ago, and during their work lo the Sleler artsyork. our conseNators discovered evidence ol earty elghleenthvcenlury wall paintings (believed to be by Wlliam Kent and dating to the 1730sJ concealed under rnulliple coats of paint that had been applied since ducal days. It is highly unusual to make a significant artistic discovery in a well-known country house nowadays as we assume that all its secrets will have been discovered. These wall painting5 were discovered by accident during the restorats'on of a ceiling painting in the same area by Hirst ConseNatlon. They were able to'see, under the 6 layers of painl lo the outlines of images. lthile we knew from historic guidebooks that there w8re paintings on the stalrcase walls - described as Ivall-like pleces, there was no mention of the paintings on the landing. Although belleved lo be by William Kent in the 17305. the discovery has raised a number of fascinating questions.. 1. Who and what are they depicting? 2. Is there any source matenal that may have Influenced the paintings? 3. IMY were they covered up? 4. Are they a good example of Ihe artist's work? 5. How do the paintings affect the architectural development of the space? 6. What else can be discovered further down the staircase and into the corrido 7. How does Ihls discovery link lo the corresponding staircase on the W8sl side? The patriotic and military themes, that stsrt in the North Hall and finish in the Marble Saloon, were originally continued inlo the East Corrldor and up the Grand Staircase. These Ihemes are also reflected in the temples and monuments in Ihe gardens and are key to understanding the tdmily's Whig aspirations and plans. This makes this discovery both significant and intriguing and rnighl help add to the lexicon of the artisfs work, as well as helplng us lo understand further how Slowe House, under Viscount Cobham and then Earl Temple, were using such Imagery to promote their identity in political and societal circles. Conservators Llncoln Conservation have made progress during the year uncovering further small sections of the overall scheme, and SHPT has now been successful in raising support for the wider scherne from The Linbury Trust (£25.000) and The Garfield Weston Foundalion1£100,000). Although the overall c051s for the ents're scheme are likety to be £750,000, these iwo grants mean that we can make significani progress on some seclions of the painting during the Summer 2024 holiday period. leted Restor ro ects In 202312 A beaullful new addition to Stowe House is the Marine Venus. now taking her pride of place in the niche in the Stale Music Room from September 2023 onwards. She is a copy of the original that stood here unts'l 1848 and is result of a generous donation from an Old Slolc. The orlginal Roman statue, was brought back from the Baths of Caracalla in Rom8 by the 1st Duke of Buckingham and Chandos while on his Grand Tour in 1827. The Duke had it restored and it is stsll possible to see these repairs on the original. He also probably had the top of the niche paints'ng with a shell (Venus's symbol) added especially to frame her. Page 3
THE STOWE HOUSE PRESERVATION TRUST (A Company Llmited by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 When Queen Victoria and Prtnce Albert visited forlhree days in January 1845, the Queen noticed the piece. Men the 2nd Duke was forced lo put the content$ of the Slowe estate up for sale in 1848. the Queen remembered Ihe Music Room Venus, and had her Geman steward bid forit. He managed to buy il for 156 guineas and il wenl lo Osbome House, the royal seaside sidenCe on the Isle of Wight. There. Victoria and Albert designed a niche lo display her. When the Queen died in 1901. 51 was mov8J lo Windsor Castle and then lo Hampton Court In the 1960s. She was relumed lo Osbome House In 1981, where she has been ever since. An Old Slolc kindly donated the money lo have11 copied. Cliv8d8n Conservation 3D scanned the original slalue, whlch was then 3D printéd. This thèn created thè mould to hav8 Ihé copy m8de In resin 8nd f inished to make her look like martjle. Her repairs were not copied aGross as we had a copy made, not a replica. In July 2023, the stone floorin the Wesl Corrtdorwas replaced th Purbeck honed cap stone and blue lias diamonds, to replace the temporary laminate Iloor that was in place over recent years. This is a signif icant improvement to an important Ihoroughfar8 and ènsures thai the floor now matches the Easl Cornidor. ns 2024 an ond SHPT TnJstees a now considering the future prionlies for r8sloralion projects. These will be planned alongside known maintenance obligalions that are being scoped and costed lollowin9 the Complet of a major historic condilion suNey. There is a considerable programme of polenlial future projects, some of which are within SHPTS dom8in, some of which are within areas of the School and fall outside of the existing SHPT lease agreement. All of Ihese resloralion projects require speclfic funding In order lo be able lo proceed. tate Mu Excluded from the original reslor81ion programme and followng two floods from domiitory rooms above (in November 2023 and February 20241, SHPT have sought costs fora full replacement of thewooden f loor in the State Music Room, including protection wort(s. The estimate is approximately £300,000- £400,000 + VA T, and this will bè a signilicanl project that requires lunding. To plan for these work5 the State Muslc Room would be closed foran entire summer holiday and some addltlonal weeks into the new September term. SHPT have submilled a projecl enquiry applicallon to the National Lollery Hedlage Fund, for a grant ol £250,000, tOW8rds thé Iloor costs. North Hall Roman Busts SHPT has ¢01Ve0 prival&donalions from Iwo individual donots to recreate the busts of Roman figut which were onginally positioned on plinths In the North Hall. There are nine busts in tol81, including figures of Tiberrus, Nero. Juno, Seneca and Hadrian. We are working with Cliveden to agree a plan for Ihe busts, in order to Gomplele the North Hall schem8. Total visitor numbers for 2023124. including public PTogramme visitors. evenls including Luke Jerram's Gaia art inslallalion and the heritage open day were 15,198 12022123 11, 110). Page 4
THE STOWE HOUSE PRESERVATION TRUST {A Company Llmlted by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The State Oining Room completion creates the opportunity for further engagement and interpretation, and the Vi¥itor Experlence team are keen to publicise thls signlficanl addition lo the v1511or route. Luke J rram's Gala I stallation - ober 202 The SHPT team led the public Marketing, ticketing and delivery of the Gaia earth sculpture in the Marble Hall. This was the largest public event SHPT has ever hosted. Following 8 significant publicity campaign, we welcomed 5,072 visitors over the 11 days, ofwhich 328 were school children on financialty supported visits. Visitor feedback was largely very positive. with many visitors new to Slowe House and our work. The National Trust (NT) also conlrlbuled lo the publicity and a number of vlsilors were NT members who visited specificalty for Gaia, or lo also view the Standlng With Giants installation arranged by the NT around the lake. Loarnln and Commun En ement A new part-time Learning & Community Officer was appoinled in July 2023 to develop the community and learning programme. The Officer is now rebuilding the learning, outreach and public programme by dellvering inspirlng, informallve and engaglng leamlng programmes for visitors of 811 ages. They collaborate closely with the local community and a wlde range of schools and groups lo brlng Stowe House lo a wider audience and encourage new visitors lo the House. This role aims to inspire visitors to create arbNork, photography, performances and writing all in response to Slowe. P bllc Bèn The Trust has due regard to the Charity Commission's guidance on public b8nefit and allows visitors from all over the world to enjoy access to Slowe House. a building of immense grandeur and beauty, whose international importance is well established. Volunteerln Stowe House relies on a dedicated team of enthusiastic and know18dgeable volunteers to operate the daily House opening, conduct guided tours, sell catering and tall, and accompany visitors on ticketed oUtf-hourS tours. We are pleased lo work with over 59 volunteers and we ensure there is a year-round programme of developmental and social events to support our volunteering. We continue to strengthen our visitor management team to ensure that we can work most effectively with our volunteers and deliver everything we offer to visllors. Tradln Subsi ia The turnover of the trading subsidiary, Slowe House Enterprises Ltd, was £235,999. This was an increase on last year (2023= £214,177). The Trustees recommend that a distribution of £70,455 is to be paid to SHPT for the year. Page S
THE STOWE HOUSE PRESERVATION TRUST (A Company Llmited by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Fundraisln SHPT is reliant on fundraising for its specific restoration prolects in order to be able to continue to restore and develop Stowe House. Fundraising activities and compliance are included in reports lo trustees, meetings. Compliance of fundralsing activities continues lo be overseen by the trustees to ensure regulatory compliance vth the Charities Act 2011 and the Charities (Protection and Social Investment) Aet 2016, the Data Protection Act 19g8 and the General Data Protection Regulations 2018 in order to protect the public. There were no complaints in relation io fundraising activity during the year. Donations ralsed by Ihe Trust were £115,268 (2023.. £449,615). Ilcation of Resources Trustees are keen to restore the unrestricted malntenance reserve, whlch was previously reduced to minimum of £100,000. During 2023124, the reserv8 was increased back to £250,000, and il is hoped that further sums will be allocated. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Flnanclal Resul The net expenditure for the year was £59,738 {2023.' net income of £577,259). The decrease is a result of a reductlon In donatlons and grants rttelved during Ihe year. Grants recelved during th8 year were from The Llnbury Trust, Garfield Weston and The Pllgrlm Trust. Operating expenditure was slightly higher than last year. Further restoration work wa$ CArrled out and £424,069 was capilallsed throughout the year {2023.' £811,264). The accounts are prepared on an accruals basis and, as required, the restoration work is capitalised and will therefore be reflected in the Statement of Financial Actsvilies (SOFA) over the period of ils useful economic life by way of depreciation charges. Rèserves Polic Al 31 March 2024 the total unrestricted funds were £2,500.640 (2023.. £2.436.634) and the restricted funds were £20,317.278 (2023: £20,441,022). Part of the unrestricted funds is sel aside as a designated fund to reflect the extent lo which unrestricted donations have been committed to complement restricted grant5 and restricted donations. for expenditure on specific restoration work which is capitalised on the balance sheet The desi9naled fund was £1,973,977 (2023.. £1,613,788) and the general unreslrlcled fund was £526,663 (2023.. £822,846). At the year-end. £250,000 of the general unrestricted fund has been earmarked to cover future maintenance and repair of cornpleted restoration work. The remaining balance of the general unreslrlcted fund is there to be ulilised for the continued operation of the charity including the support of restoration projects and the purchase of artefacts. Page 6
THE STOWE HOUSE PRESERVATION TRUST IA Company Llmlted by Guarnnttt) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trustees consld8r £1.1 mllllon to be a sufficlent18vel ol g8nèTrl unreslricled f unds forlhe conllnued operdlion of the charity including maintenance. once the House has been fully restored. A$ a result of the pandemic this target. which v48s set for 2023 in the straleglc plan. ha$ been delayed and will be revlewed and resel as conditions allow, Until the Trnst establishes sufficient funds for investment In financial instnmients. the day4048 management of cash SUluse8 IS the responsibility of the Co Dlrectorn. TRUC RE GOVER The Charfty Is consllluled as a company limited by guarnntee arKI Is govemed by Its Memorandum and Artlcles ol Assoclatlon upon in¢001110n on 30 June 1997 as amended by special r8solutlon on 22 September 1999. The charity registered on 26 November 1997. The Charfly's acllvlll8s are controlled and govemed by th8 IN$tees meet ffjgularty throughout the year. All members are tnjstees. Truslees, appointments arn conllmed in Annual General Meellngs. New tN$tees aTr [Ulted based on skills and experience ne8ded lo cover Ihe full range of the Chaflty'$ responsibllity and 8ppolnted by the trustees. The number ol InK51ees connecl8d vlth Slowe School l¥ not to exceed one third of the total number ol tnjstees. The truslees arn rB8ponsSble for tho overnll m•nag¢mgnt and control of the Tnjst and meet fomially low tlmes a year to rtteive reports fmrn the Co Dlreclorn vtho affj rtsponsibleforimplementing their policia8 and coordlnating the Work of the Prolect Management Tearn$ and professional advlsers and, through them. the appolnted contrnctorn. The Trust has a ollY 0%ed lrndlng subsidiary, Stowe House EnteAse$ Llmlted ISHELI, which donates all Its pfofltg to the Tnjsl. AII tNstees give thelr time [ety and no tnjslee remun8rallon ¥YdS pald in the yew. Details of Iruslee expenses and related party transaction5 are disclosed in the accounts. TnJstee$ are wulred to disclose all r8lavant Interests in accortlence with our policy and wlthdfaw frrxn declslons where a conflict of Interest arises. Key management personnel consIded to be the charity's 181 Executive Olflcerlco Dlrectors. Their pay is rèviewed annually and Is subject to perfomianc8 and markel forces. New trustees are encouraged lo lake part in an inducllon into the y•1rS ol the Charity through a vistt programme, discussion and an introductory pack. TNste8s also have access lo ongoing Iraining and a portal gives acGess to a disCe area of th&wébsite housing significant documents and records for their infonnation. Page 7
THE STOWE HOUSE PRESERVATION TRUST (A Company Llmlted by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ase Stowe Housè is leased to The Stowe House Pr8servation Trust ith a colemiinous leaseback to Stowe School Ltd for99 yearn effective from l January 2000. The arrnngemenls were confimied under Charity Order 0149530D dated 10 Nov8mbar 1999. The c08t of the acquisition of the lease was nil. An open ' marf(et valuation could rt be delemiined and there Is an exlenslve repairing obllgatlon. The tIUStees tlwefore included the acquisition at Cost. Tnjsiees hav8 examlned the prfnclpal amas of the Tfust's operatlons and considered Ihe major rlsks ttol may arise In the categories of.. projects, catastrophe. finance. compllance. vlsitor expedence, operational. archive and reputational. Each Category Is sub dlvld8d into specif Ic risks wNch considerlts effect, probeblllly. Impact. mitigation and is alloc8te<l an owner. These risks are recorded In 8 register which18 updated by tho Chief Executive OlficerlCA Directors and revieYd by the tfuslees annually. The key risks Identrfied by the Injstees are: Calaslmphe e.g.. lire. Mltigatlon - Regular revlow of flrg rtsk managernent whlch includes a salvage plgn. R8Storalion project fundlng. Mltlgatlon- Phasing and scala dovm of in Ilne wllh funding. Asbestos. Mitigation - Managed In acconlance with procedures and recorded on an asbestos reglster. Sourclng ol resloratian materfals. Mitigation - Ensufft ethic sourciw and allow lead lime lor timely procurement. Pandemlcg. Mltigatlon - fempordry closure of tha Visitor Experience arKI rescheduling of works. The tnjstees (who are also directo ofThe Stowe House Pres8Thation Trnst lorlhè purpose of compay lawl are responslbl8 for prepadng a Irust88s' annual report {Incorporallng the dire¢loTr' report) and flnancial statements in accordance th applicable law and United Kingdom Accounlirwj Standards, (Unlled Klngdom Generally Acceptad Accountlng Prdctice). Company law requires th8 trustees lo prepare f inancial statements foreach financlal year which give a Irug and fair view of th8 slala of the aflaits of th8 charity and the group and of the incomlng SOurceS and application of resources. including the income and expenditure. of Ihe charitable group lor that period. In preparing thase financial statements. the trustees arè required to: select suitable accounting pollcies arnl then apply them consistently observe Ihe methods and principles in the Charities SORP {FRS102) rnake judgement$ and estimates that are reasonable and pnjdent slat8 wh8theT applicable ac¢ounling siandanls have been followed, subject to any material departur88 disclosed and explained in the f in8nc181 statements.. and prepare the financial statements on the golng concem basls unless it is inappropriate presume that the charfty wlll continue in business. Page 8
THE STOWE HOUSE PRESERVAT1014 TRUST (A Company Llmlted by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The tnjstees afe responsible for keeping pmper accountlng rordS that disclose wth reasonabl& accuracy at any time the financial position of the ¢hartty and th8 group and enable them lo ensure thai the flnanclal statements comply wlth the Companles Act 2006. They are also responslblè f¢y safeguarding the 8ssets of tt charfty and tha gmup and hgnce for 18klng reasonable steps for tha prevÈntlon and detection of frdud and other Irregularities. kn go far as the trustees arn awarn.. thern is no ralevanl audlt Inlomwllon of 5¢h th• charitabl8 company's Buditor3 are unaware.. and the trustees have taken all steps that tw ought to have taken to mBke themsefves aware of any relevant audit Informallon and to establish that the audllors are aw8re of that Infomialion. The tnjstees are respons5ble forlhe mainlenance and inlegrfty of thè COoraleaftd financial information included on the charity's W8bslte. Leg5slallon In tho UK governing Ihe prnparnlion and disseminatlon of the financial slalemenls may differ from legislallon in othèrjurisdictions. Tho Irust8a8 wDuld Ilke lo thank Slrnon Wells for h1$ WO 0$ the Chlef Execullve Officer over the 18¥t two years. Thls report has been prepared in accordance %Ath tho sp•clal provlslong relallng lo small companles wllhln Part 15 of tha Companlas Act 2006. Approvod by the trusteos and slgn8d on118 b8half by: L£)L Dated.. 16th October 2024 Mr. Andrew W M Fane For and on behalf of tts Board of Tfustees Page 9
THE STOWE HOUSE PRESERVATION TRUST (A Company Llmlted by Guaranteé) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE STOWE HOUSE PRESERVATION TRLIST We have 8udlt8d the financial slalemenls of The Stowe House Preservallon Trust (the 'parent charitable company'l and its subsidiary {the 'group') for the ye8r ende(1 31 March 2024 1)ich comprise the Consolldated Statement of Flnancial Activities. Consolldaled and Charfly Balance Sheel, Consolidat81 Slal8ménl of Cash Flovts and notes to thè financlal statements, Including significant accounting policla. The f inanclal reporting framewo that has been applled In their preparation 1$ applicablélaw and Unlted Kingdom Accounting Slaftdar(Is. including Financial Reporting Sland8rd 102. the Financlal Reportlng Standard appllcable In the UK and Republlc of Ireland (Unlted Klng¢Jom Genernlly Accepted Accountir Practtcel. In our oplnlon lh8 f Inanclal slalemenls: glve a Iwe and fairview ol Iheslale of the affairs of Ihegroup and the parent charlfable compary as at 31 March 2024 and of the group's incoming fesoufces and appllcation of resources, including Its income and expendilure, for Ihe yegr then ended., have been properly prepared in accordance wth Unlled Klngdorn Generally Acceptaj Accounting Praclic8', and havo been preparnd In accordance th the rnqulrements of the Companla$ Acl 2006. We conducted our audit in 8ccordanc8 wlh Inlemalional Standards on Auditing (UK) (ISAS (UK)) and appli¢abl8 law. Our responsibilities under those standards are furth8r described in tha AudiloPs responsiblllties for the audit of the linancial slalements section of ourreport. We are independent of tre group and the parent chadlabla company In aG¢ordanGg vllh thè elhiGd requlr8ment8 that are relevant lo our audit of the financial slalemenls In Ihe UK, includins the FRC'S Ethical Standard. and we have lulfllled our other elhlcal responsibllllles In accordance with Ihese requirements. We believe Ihat the audll evidence we have obtained is sulf Icienl and approprtale lo provide a basis for our oplnlon. re In audi1Sng the financl81 slalemenls, wé h8v• ¢oncluded that the tru818es' use of the golng conc8m bas18 of accounllng In th8 pr8paratlon of the flnancial slalem8nls Is appfoprlale. eased on th8 Vrt)rk have perfomied. V•e have not identified 8ny malerfal uncert8inlle8 relallng to evenls or condlllons that, Indivldually or collecllvely. may cast slgnlflcant doubt on the group or the parent charitable company's abllily lo conlinue as a going concem for a pedod of al16ast twelve montt6 from en the financlal statements are aulhollsed for issu8. Our r8sponsibllilles 8nd the responsiblllllas ol the Inrslees vAlh respect lo golng concem are describ8 ,in the relevant sections ol this report. Othér Inf0rn7ation The Injslees are responsibl8 forth8 other Infonnalion. The other InfOatIon comprises the infovmatlon included in the annual report, other Ihan the financial slalemenls and our audltols report Ihereon. Our opinion on the financial slalamenls does not cover the olh8r inlomialion and. except lo the extent otherwise explicilly.stated in our report, we do not 8xpress any fomi of assurance conclusion thereon. Our responsibility is to réad the other infomation and, in doing so, consider %thether the other iTrformalion is materially inconsislenl with the financial statements or our knovAedge obtained in Ihe courne ol Iha audit or olheDMse appears to b8 materially misslaled. W w8 idenllly such material inconsistencies or apparent material misslatemenls, we are qUIred lo detemine whether this giv rise lo a material misstalemenl in the financial statements themselves. If, based on the work we have parfomied, conclude thai there is a malerial mlsslalemenl of Ihls other Inlonnallon; V are requlr to report that fact. Page 10
THE STOWE HOUSE PRESERVATION TRUST (A Company Llmltad by Guarant••) INDEPENDENT AUOITOR'S REPORT TO THE TRUSTEES OF THE STOWE HOUSE PRESERVATION TRUST We h8ve nothing to report in this regard. escrlbéd b t In our opinlon. based on the work undertaken in the course of the audit.. the Infomiallon glven in Ihe TnJslees' Annual Report whlch Includes the Olreclors, Report lor the f inanclal year forvkuch the financlal statements are prepared Is consistent V4ilh Ihe flnancial stalemenls., and the Trusleas, Annual Report vthlch Includes the Dlrecloryd, Report h88 been preparad In accordance with applicable legal requlrements. chw ulre ce ilo In the light of the knovAedge and understanding of tha group and the parent charilable company and its environmanl obtained In the cour8• of thé audll, we have not idenllfied material mlsstal•monls In the TnJsle8s' Annual Report. Wo hav• nothlng to réport In respect of the follovAng malters thefa the Companles Act 2006 requlre us lo Trport to you if. In our opinion.. ad8quale accounting records h8vé not been kept by the parenl charflable company, or ralums adeq uale for our audit have not been recelved from brdnches not visited by us,. or the parent charitable company financial stalemenls are not in agraemenl with the accounting records 8nd ralums,. or certain disclosures of twslees, remunerdtion speclfled by law are not made,. or we have not recelved all Ihe In10allon and explanallons we requlre for our audll., or the trustees were not enlilled lo prepare the Ilnanclal statements In accordance th t small companies, reglme and to lake ad?4anlage of the srnall companies exemplion in preparing the stees, Annual Report and the Str818gle Report. tr As explalned more fully In the Slalemenl of TnJ$lees' Responsibllltle$ set out on page 7. the tru$tee$ (th are also the dlreclors of the parent charitable company for the purposes of company law) are responslble f or Ihe prep8ralion of the financlal statements and for being satisfied that they glve a Inje and falr vlew, and lor such Intemal control as the tnJstees delemilne Is necessary lo enable the preparation of the financial Slalements that are free from material mi551atement. ether due to f raud or effor. In PP8rtng the f Inanclal slalemenls. Ihe truslees are rosponslble for assèsslng the group and the Paffjnl charitable company's ability lo conllnue as a going concem. discloslng. as applicable, matters r8lal8d lo going concem and using the going concem basis of accounting unless the truslees either Intend lo liquid ale the group or the parent charilable company orto cease operations, or have no alIstIC altemative but to do so. dltor's res onslbilltlès udit of the financlal We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under thai Acl. Page11
THE STOWE HOUSE PRESERVATION TRUST {A Company Llmlted by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE STOWE HOUSE PRESERVATION TRUST Our objectives are to obtain réasonable assurance about wh8thèr the group and parent financlal statements as a whole are Irée from material misslalement. whether due lo fraud or error, and lo issue an audilols report that includes our oplnion. Reasonable assurance Is a hlgh levd of 8ssuranc8. bul Is nol a guaranl8e that an audll conducted In accordance V*ith ISAS (UK) will alvrays detect a maleri81 misslalemenl when it exists. Misslalemenls can arise from frdud orerror and are considered material rf. individually or In the aggregate, Ihey could reasonably be expeclad lo InfInCe th8 economlc declsio of usets tak8n on the bagls ol these flnanclal Statemenls. lffegulariliès, Including Iraud, are Instances ol non4omplianc8 laws and régulatlons. We d8slgn procedures in lin8 vhth Our responsibilities, oulllned above, lo delect material mlsslalemenls in respe¢l of irregularities, including fraud. The specif ic procedures forlhls engagement and the extent to these are Capabla of delecling lffegularilias, including fraud ai8 dalailed below. Idenilfying and assesslng risks ral8led to irregulartties: Wa assessed the susceplibillly of the group and parent charitable company's flnoncl81 slatemenl$ to malerial misstalefflent and how fraud might occur, Including through dlscussions th Inlorn&l management, dlscussions wlhin our audit team planning meeting. updating our Cord of inlemal controls and ensuring thesè controls operated 8s intended. We evaluated possible incenllves arKI opporlunities for fraudulént manipul81ion of the fin8nGlal slalemenls. We Idenlllled laws and r6gul8lion8 Ihal 8re of slgnlficance in Ihe conlexl of the group and parent charitable company by discussions wilh Infornad management ar¥J upd81ing our unders18nding of the seclots in wttich the group and parent charttabla company opèrate. Lawts and regul8tlons of direct significance in the context ol the group and PanI charttable compary include the Companies Acl 20Ch8 and guidance issued by the Charity Commission for Engl8nd and Wales. Audit response lo risks identified: We consldered th8 extent of ¢ompiian¢e th these laws and regulations as part of our audll procedur on the related financial slalemeni items Including a review of financial slatamenl disclosures. We reviawed Ihe parenl charllable company's records of brèaches ol laws and regulallons, mlnutes of meetings and coffespondenc8 with re18vant authorities lo identify potential material mlsstalemenls arising. We discussed Iheparent charitable company's policies and pracedures forcompliance wth law and regulallons th members ol management re8ponslbla lor compllance. During the planning meeting wrlh the audit 18am. the engagement partner drew allenlion to the key areas whi¢h might involve nonvcompliance 1h laws and ragulalions or fraud. Wa enqulred of management wh81her they were aVra of any instances of non<ompllanc8 vllh lawJ and regulatlons or knowledge of any actual, suspected or alleged fraud. We addSSed the TFsk of fraud through management override of controls by lesling the approprialeness of joumal entries and identifyin9 any signilicanl transactions Ihal were unusual or outside the nomial courne of buslness. We assess&J vthelher judgemènts made in making accounting 8slimales gave rise lo a possible indicalion ol management blas. At the completion stage of the audit, the engagement partnerfs review included ensuring that the team had approached Iheir vrk with appropriate professlonal skeplidsm and thus Ike apacily to identify non<ompliance wlh laws and regulations and fraud. Page 12
THE STOWE HOUSE PRESERVATION TRUST IA Company Llmited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE STOWE HOUSE PRESERVATION TRUST There are inherent limitations In the audit procedures described above and the ftjrther removed non- compliance with laws and regulations is from the events and transactions reflected In the financial slalemenls, Ihe less Ilkely we would become aware of it. Also, the risk of not delecling a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate conc8alment by, for example, forgery or intentional rnisr8presentalions, or through collusion. A further description of our responsibilities is available on the Financial Reportlng Councll's webslte at.. Thi5 description forms part of our audilorfs report. Use of our re Thls report is made solely lo the parent charllable company's members, as a body, In accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we might stale to the parent charitable company's members those matters w8 are required to stale to them In an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone olher than the parent charltable company and the parent charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Cara Turtington (Senior Slatulory Audltor) for and on behalfof Saffery LLP Charter8d Accountant$ Statutory Auditors 71 Queen Victoria Street London EC4V 48E Date.. S DecembeT 2024 Saff6ry LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. Page 13
THE STOWE HOUSE PRESERVATION TRUST (A Company Limlted By Guarantee) CONSOLIOATED STATEMENT OF FINANCIAL ACTIVITIES (SnGluding Consolidated income and expendlture account) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Funds Funds 31-Mar 2024 31-Mar 2023 Notes Incomlng ra8ource8 Incomlng resources from generated lund8 Don8tions and lagaci Income fmm Ch8n"tabl8 8Ctivites Grants lor restoration Other Iradlng 8clivitie$ Income of Ir8dlng subsldlary Rent receivable Misc Income IntOJ•sI r8ceivable 4,074 111.194 115,268 449,615 137.000 137,(K)O 356,857 235,999 205,612 77 15,898 235.999 205,612 77 15,898 214,177 166,830 7,190 Total incorne and endowments 461.660 248,194 709,854 1,194,669 Resources •xpandad Expendlture on ralslng funds Cost of trading subsidlary Fundraising 167,058 167,058 113,562 167,058. 167,058 113,562 Expendllure on Charitabie activities. 230.596 371.938 602,534 503,848 Total rosources oxpended 397.654 371,938 769.592 617,410 Net Incomel (oxpenditurel 64,006 (123.7441 {59,738) 577,259 Net movom•nt In fundg , 64,006 (123,744) {59.738) 577,259 Reconclllatlon of fund$ Total funds brought for4vard 2,436.634 20,441.022 22,877,656 22,300,397 Totsl funds carrled forward 2.500,640 20,317.278 22,817.918 22,877,656 The statement ol financial activities includes all gains and losses recognised in the year. All incoming resources expended derive from conlinulng activiti88. The notes on pages 17 10 26 form part of these financlal stslemenls. Page 14
THE STOWE HOUSE PRESERVATIOM TRUST (A Company Llmited By Guaranleo CONSOLIDATED AND CHARITY BALANCE SHEET AS AT THE YEAR ENDED 31 MARCH 2024 Nots Group 2024 Charlty 2024 2023 2023 Fixed assets Hentage assets Investments 22,005.719 21,953,588 22,005,719 21.953.588 22,005,719 21,953,588 22,005,721 21.953.590 Current Assets Stock Deblots and prepaymenls Cash at bank and in hand 5,158 66,270 962,559 6.611 102,484 1,031,550 62.158 823,901 102,318 861,671 1,033,987 1.140.645 886,059 963,989 Current Llabllitles Amount8 falling due %4ithln one year 10 221,788 216.577 203.420 199,732 Net current a•s•ts 812.199 924,068 682.639 764,257 Total assets1088 Currènt liabiliti08 22.817,918 22,877.656 22.688,360 22.717,847 Th• fund• of tho ¢h•rlty Unrèstricted fund.. Designated Unrestricted fund.. General Fund8 reialned wilhln non-charltable •ubgidlory 1,973,977 397,105 129,558 1.613,788 663.037 159,809 1.973,977 397,105 1,613,788 663.037 Total Unstricted fund6 RéslriGled funds 2.500,640 20,317,278 2,436.634 2.371,082 20.441.022 20.317,278 2.276.825 20,441.022 Total Funds 22,817,918 22,877.656 22.688,360 22.717,847 The Iruslees have prepared group accounts in aCrdance wth section 398 01 the Companies Act 2006 and 4edion 138 of the Charities 2011. These ac£ounts are prepared in accordance with the speoal provisions of Part 15 of the Companies Act relating to small companie5 and conskn'tute the annual accounts required by the Companie$ Act 2006 and are for circulalion lo membars of the company. As permitted by s408 Companies Act 2006. the Charity has not presented ils own Stalement of Financial Activities and related notes. The Charty's nel decrease in fund8 for Ihe year was £29,487 (2023 - nel increase of £546,374). Approved by the Board of Trustees and signed on its behalf by.. Dated.. 18 October 2024 Mr Andrew W M Fane Company Number '. 3394958 The notes on pages 1710 26 form part of these financial statements. Page 15
THE STOWE HOUSE PRESERVATION TRUST (A Company Limited By Guarantee) CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2024 Notes 2024 2023 Ca•h flows from op•ratlng 8ctlvltl•$: Nat ¢a$h provlded for op8ratlng actlvltlès 17 320.807 984,288 Cash flows from Investln9 activities: Deposit interest received Payrnents to restore hedlage assets 15,898 (405,696) 7,190 (811,2641 Not cash provlded used In investlng actlvltles (389,798) (804.074) Changè In cash and cash •qulval•nts In the reportlng perlod <68.9911 180,214 Cash and cash oqulvalents at th• beglnnlng of the r•portlng porlod 1,031.550 851,336 Cash and cash equivalents at the end ol the reportlng perlod 962.559 1.031,550 The Injst has taken advantage of th8 exempllon conferred by $408 Compan¢es Act 2006 not lo prepare an individual Slalam8nt of Cash Flow. Page 16
THE STOWE HOUSE PRESERVATION TRUST (A Company Llmltsd 8y,Guarantee) NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Accounlln ollcies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financi81 statements are as follows.. 8a$ls of prèparation The flnancial statements h&¥e been preparèd In accordance th Accounllng and Reporting by Charilies: the Slalement of Recommended PracCe appllcable lo charllles preparing thelr accounts In accordance wilh the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 102) (Charflles SORP {FRS 102) second edlllonl, the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 20118nd the Companies Act 2006. The Slowe House PraseNalion Trust meets the definition of a public benefit entlly under FRS 102, Assets and Ilabllltles are Inillally recognised at hlslortcal cost or transaction value unless otheThvlse stated in the relevant accounting policy note. There are no material uncertainties aljout the Trust's eblllty lo contlnue as a golng concern, Th8 presentation currency Is £ sterling. Group Flnan¢lal Statements These financlal stalemenls consolidaté the r8sults of the charity and its wholly-owned subsidlary Stowe House Enlerpiises Limited (SHEL) on a line by line basls. The summarlsed income stalemenl and slalement of financial position of SHEL are given in note 3. Fund accountlng Th8 charitys general fund conslsls of funds which the charity may use for ils purpose al ils discretion. Trustees recognlse that part of Iha unreslrlcted funds ¢omprlse voluntary sector Income that has been ulllise¢J as partnership lunding in the restoralion work fixed assèts. They have therefore created a designated fund to recognise this. The charills reslricled funds are those where the donor has imposed reslrfclions on the ug8 of the lunds. Income recognltlon All income is recognised once the charity has enlitlemenl lo the income, il is probable Ih81 the income will be recelved and the amount of Income receivable can be measured raliably. Donations and voluntary Income are recorded as Incoming resour¢as on a re1vable basis. Income lax recoverable on covenanted giwng 8nd Gift Aid don81ions is accounted for In th8 year of receipt of the associated income on an accruals basis. Following the application of Ihe FRS102 Triennial Review 2017 amendments, Ihe gift ald pasrynenl from the Company is now reco9nised al the earlier of the legal obllgatlon or the cash payrnenl. Grants rec8ivable are credlled to the Statement of Financial Activities {SOFA) in the year for which thay are recelvable, lo the exlenl Ihal the costs lo whlch the grant relates are incurred. Wher8 grants ar8 received for future periods these are ¢arried forward as deferred income. The grants are for the restoration costs of Slowe House which are ¢apilalisèd. The grants are held In a reslricled fund which will be amortised in Iln8 wlh the depreclalion of the resloralion costs. Income from bank deposits and Irom th8 leasing of property are included In the SOFA in the ar In which Ihey are receivable and the amount can be measured reliably by the ¢harily, this is normally upon notification of th8 int8r8sl paid or payable by the Bank. In accordance with the Charities SORP {FRS 102). the general volunteer time is not recognised. Please refer to the Truslee Report for mor8 Infomiation about their Contrul10n. Pa9e 17
THE STOWE HOUSE PRESERVATION TRUST {A Company Limlted By Guarantee) NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 countln olicles contlnued Expendlture recognltlon Liabilities are recognised as expendllure as soon as there is a leg81 or constructive obligation commltting the charity to that expendllure. 11 Is probable that settlement wlll be required and the amount ol the obligallon can be measure reliably. All exp8ndilur8 Is included on 8n a¢cruals basis and Includes noTrrecover8ble VAT where appllcable. Costs have be&n dlrectly attributed to one of tha functional categorfes of resources expended in tha SOFA as follows: Cost of generallng lunds Includes the Subsldlarfs trading cost8. Expenditure on Charitable activilles includes the cosls of depre¢lating the restoration Wofk capllalised, their associated support costs and govemanc8 costs. H•rllago as$•t$ The resloralion costs of SlowE House are capilalised as approprlate and wrltten off over a period ol expected useful life of 75 years from complelion of Ihe project. The "Medici. Lions are amortised over 50 years, display costs lor the Welcome Cenlre and Inl8rpretalion Centre are depreciated over 15 years and furnllure and equlpmenl cosis for the Welcome Centre and Interpretatlon Cenlre are depreclaled ov8r 5 years and are now fully depreciated. No depr8c18tlon is pravidad unlll Ihe particu18r secilon of 8 phase of th8 restorallon phase Is compléte. Impalrment Reviews Impaimient revlews are undertaken on an annual basis and expenditure on repairs Is accounted for when Incurred, Flnanclal Instruments The Charlly only has financlal assets and financlal fiabllllles of a klnd Ihal quallfy as basic financial instrurnenls. Basic financial Instruments are Initially r8cognised al Iransacllon value and subseouenlly measured al Ihelr settlement valuo. Stock StoGk includes books. souvenlrs and food and is valued al Ihe lowar ol cost and eslimaled selling prlce les$ costs to sell. ProvlsSon Is rnado for obsolete, slow movlng or dofeGlive items where appropriate. Wh8n stocks are sold. the carrying amount of stock is recognlsed as 8n expense In Ihe perlod In which the related revenue is r8cognis6d. Debtors Trade and other debtors are recognised al the selllemenl amount due after any trade {JisUn¢ offered. Prepayments are valued al th8 amount prepaid nel of any trade discounts due. Cash at bank and In hand Cash al bank and in hand includes cash and short term hlghly liquid Inveslmenls with a short rnaturity of three months or18ss Irom the date of acquisition or opening of the deposit account or slmllar account. Cr•dltors and provlslons Creditors and provisions are recognised where the charity has a present obligation resulting from a pasl avent that will probably result in the Iransfer of funds lo a third party and the amount due lo settle the obligallon ¢an be measured or 8s1im8led reliably. Credllors and provisions are normally recognised al thelr setllament amount after allowing for any trade discounts due. Operating Leases Assets held under operating leases are nol eAPitalised..The cost$ asso¢lated wllh hlre rental are charged directly lo income as they arise. Page 18
THE STOWE HOUSE PRESERVATION TRUST (A Company Llmited By Guarantee) NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Accountln olicies contlnued Slgnlficant ludgoments and astlmatos In the appllcallon of the Charitys a¢countlng policles. the Iruslees are raqulred to make judgements, estrm8les and asstsmpllons about the Carng afflounl of assets and liabilitiès th81 are not readily apparent Irom other sources. The estimates and associalad assumptlons are based on hisloflcal exp8ri8nce and olher factors that are considered to be relevant. Actual resulls may differ from these estlrnales. The estimates and underlying assumptions are reNrfewed on an ongoing basis. Revisions to accounting estimates are reLiJgnlsed In the p8riod In whlch the esllmate Is revi$8d wtt8r8 tha ravision affects only that perlod, or In the perlod of the revislon and future pefiods vA)ere the revision affects both current and future periods. The trustees consldared key judgement and esllm8la8 to be depraclatlon and Impalmienl. See note 7 lor furthèr details. 11 Legal status of tho Trust The Trust is a company limited by guarantee, incorporated in England and Wales and has no share capilal. In th8 8V8nl ol the charity being wound up, the Ilabllily in respect of the guaranteé is limitèd to £10 pèr member af the charlty. Its Reglslered Offlce and princlpal place ol buslness is Stowe House, Stowe, Bucklngham. 2) In¢omlng R¢4ourc•8 Grants The Band Trust Garfield Weston Pilgrim Trust Linbury Trust World Monument Fund Total grant income from Charitable actimlies 2024 2023 250,000 100,OQO 100,000 12.000 25,000 6,857 356,857 137,000 The grants are receivable under an agreed programme of restorallon and funded according lo ¢18imed and lunded approved expenditure. 3) Net Income from tradlng actlvlty of ¥ubsldSary The ch8rlly has a wholly own8d subsldiary, Slowe House Enlerpri$es Ltd (SHEL), 8 company Incorpora18d in Eng18nd and Wales wlth a registration number of 3634573. The gIstered address is Slowe House, Slowe, 8uckingham MK18 5EH. The Company carries out the trading and commercial activity from Slowe House within the over811 reslrlclion of activities being commensurate with Ils status, The purpos8 Is lo raise money for donation to the chartty. A summary of ils financial position Is given below-. lrtcom• Statament of SHEL for th¢ yéar ended 31 Mareh 2024 2024 2023 Turnover Cost of sales Gross proliY(loss) Other op8rallng income: Interest receivable and furlough 235,999 158.123 77,876 1,514 79,390 8,935 70.455 214.177 105,359 108.818 718 109,536 8,830 100,706 Administrative expenses Profiulloss) on ordinary aclivilies before taxation Taxation Relained profitl(loss) for the period 70,455 100,706 Page 19
THE STOWE HOUSE PRESERVATION TRUST (A Company Limlted By Guarantea) NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Summarised Slatement of Financlal Position of SHEL at 31 March 2024 2024 2023 Current assets Credltors.. Amounts f811ing due within one year Net 88$ets 150,614 21.054 129.560 183,264 23,453 159,811 Share capital Resee5 129,558 129,560 159.809 159.811 4) Staff costs No 8mpbyees were paid in excess 01 £60,000 per annum. Tol81 Staff Costs were: 2024 2023 Salarles Soclal secudty costs Pension costs 195,872 16,870 14.257 226.999 147,461 12,748 10,026 170,235 The provlslon for short term compensated absences at 31 March 2024 was £6,568 (2023.. £2,732) and the total paid to key management personnel was £56,450 (2023: £43.4571. Staff are auto-enrolled In the Slowe School Royal London Pansron Scheme. Thls scheme was Iranslerred from Standard L6fe on the l April 2023. 11 is a definèd Contrlbullon scheme. Average Headcounl nol Includlng offlclals who provlde ser¥lces on a voluntary basis. The InJ8lees have not been remunerated during the year. Expense$ and subsistence to the value of £527 (2023,. £287) ha8 been relmbursed to 2 Injstees (2023.. 2). 5) Ch¥rltable actlvittes 2024 2023 Charllable expendllure cornprises.. Depreciation of Gornpleted phases of the resloralion Support costs Gov8rnance cosls 371.938 215,477 15,119 602.534 366,172 122.698 14,978 503,848 Support costs Includes.. Salarles - permanent staff Other prolect costs Maint8nance costs Administration Costs 129.900 6,562 72,530 6.485 215.477 106.385 8,878 1,579 5,856 122,698 6) Net Incom•l(Expendltur•l for the yèar Is stated after charglng: 2024 2023 Depre¢latlon Audilor Remuneration - audit $eryl¢es Auditor Remuneration - lax services 371.938 15,119 650 366,172 14,352 626 Page 20
THE STOWE HOUSE PRESERVATION TRUST (A Company Limlted 8y Guarantee) NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 7) Herltage assets Compl•t•d Current Restoratlon Restoratlon Total Cost As at 1 April 2023 Rastoralion work done in the year Dlsposal AS a131 March 2024 24,836.035 2,468,142 27.304,177 424,069 424.069 24 836 035 2,892 211 27,728,246 Depraclatlon As al 1 AprS12023 Charg8 far Ihe year Olsposal 5,313,273 343,942 37,316 27.996 5,350,589 371.938 As at 31 Merch 2024 5.657 215 65,312 5 722,527 Net Book Value As al 31 March 2024 19,178.820 2,826.899 22,005.719 As al 31 March 2023 19,522,762 2 430.826 21953,588 Current restoration work indudes the Marine Venus Statue and the Western Suile, ¥thich lo dale comprises the Temple Roorn and Stsle Dining Room. The herttage assets conslsl ol Slow8 House al leasehold cost and the costs of restorallon wort(s. Further delalls of the resloralion work on Heritage Assets undertaken during the year is contained in the Trustees, Report. No depreciation Is provlded unlll Ihe completion ol the relevant 58cllon ol the phase of the restorallon prolect. Thereafter depreclalion Is provlded lo amortise Ihe Improvement expandlture over th8 e8tlmaled lrfe of the assel, a$ sel out in the accounting polrcy. An impalrmenl revlew has been undertaken lar Iha year 2024 and the Trusl88s consider that no Impaimient adjustment is necessary. Heritage assets acqulred during each ol the last S accounting periods are as follows: H•ritig• As8•tB Year to 31 March 2020 Year lo 31 March 2021 Year lo 31 March 2022 Year to 31 March 2023 Year lo 31 March 2024 332,433 1,171,326 222.482 811,264 424.069 Stowe House is leased to The Slowe House Preservation Trust wllh a colerminaus leaseback to Slowe School Ltd for 99 years elfective from 1 January 2000. The arrangements were confirmed under Charlly Order 0149530D dated 10 November 1999. The cost of the aGquisilion of the lease was nil. An open market v81uation could not be delemiined and there is an axtensive repairing obligation. The Iruslees therefo included the acquisition al cost. A valuation of the lease cannot be obtained al a cost which is commensLrrate with the benefits to users of the financial statements. Page 21
THE STOWE HOUSE PRESERVATION TRUST (A Cornpany Llmlted By Guaranteo) NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Chattels Under an agreemént dated 31 Oecember 1999. Ihe chattels present in Slowe House al the lime of the grant of Ihe18ase have also been loaned lo the Charity under a 25 year agreement also al nll cost and effectlve from 1 January 2000. These are Slowe School Limiled's. Hall Bequest's and Fortesque Tfusl's chattels. essentially palnlings. busts and other artefacls on dlsplay In Slowe House. 81 Flxed asset investments 2024 Unlisted 2023 Unlistad Nèt book values: As a131 March 2024 As al 31 March 2023 As at the balance she81 date the Company held the following investments In subsidiary undertakings: Nature ol buslness Country of Inco oration Subsldla Holdln Slowe Hau$e Enterprls88 Ltd 100% ordlnary £1 sh8r05 Fund ralslng for Slowe House England & Wales 9) Debtors 2024 Group 2023 Group Charlty Charity Trade debtors Olher debtors Prepayments and Accrued Income VAT recoverable T8xallon recoverabl ,117 43,270 16,883 64,864 82.532 43,270 16,203 2,685 8,021 29.599 3.578 36,208 66,270 62.158 102,484 102,318 Dlsclo8uro of debtor8 recov•rable In mor• than 1 year (Included In th• debtors above) 2024 Group 2023 Group Charfty Charity Other debtors 7,500 7.500 7,500 7,50 101 Cr•ditors'. Amounts falllng dua wSthln on• y•ar 2024 Group 2023 Group Charity Charlty ACCed expendlture Deferred income Other creditors VAT payable Building work retention Pmvlsion for unpaid holiday pay 102,172 46.738 46,829 . 747 18,734 6.568 100,177 46,738 34,104 19,213 49,864 85,35S 15,121 49.864 70,395 3.211 59,413 1,728 18.734 3.667 59,413 2,732 221,788 203,420 216,577 199.732 Page 22
THE STOWE HOUSE PRESERVATION TRUST (A Company Llmlted 8y Guarantee) NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 11) Total funds Desi General Unreslricle Fund Rastricled Funds Tola As at 1 Aprfl 2023 Incoming resources Resources expended and taxallon Transfers 1,613,788 822,846 461,660 {397,654) (360,189) 20.441,022 248,194 (371,9381 22,877.656 709.854 {769,$92) 360,189 As at 31 March 2024 1,973.977 526,663 20.317.278 22.817,918 As at 1 April 2022 Incoming resour¢es Resources expended and taxallon Transfers 1,592,904 690,044 399,103 (245,417) (20.884) 20,017,449 795,568 {371,993) 22,300,397 1,194,669 (617,410) 20,884 As at 31 March 2023 1.613.788 822,846 20.441,022 22,877,658 Represented by: Restr cle Fund Tol Funds Tangible fixed assets Current assets Curr8nt118bllltles 1,644.437 974,949 (118,746} 20,361.282 59.038 (103,042) 22,005.719 1.033,987 {221,788) Total n•t a•s•t• - 2024 2,500.640 20,317,278 22,817,918 Tanglble fixed assets Current assels Current Ilabllilles 1,813,788 917.788 (94,942) 20,339,800 222,857 (121,6351 21,953,588 1.140.645 {216,577) Total net assets - 2023 2,436,634 20,441,022 22,877,656 The restricted funds comprise fund5 for the restoration of Slowe House. Tfuslees agreed in 200410 create a designated unraslricled fund from th8 ganeral unrestricted fund reflecting thè extent lo whlch unr8Strlcled donations have been committed lo support the restricted grants and r8slricled donations for expendlture on restoration work. As these funds have been expended on the creation of fix8d assels. trustees do not feel that il is us8ful lo describe them as general unrestricted lunds. The transfer from the general unreslricl8d fund In year wa5 £360.189 (2023., £20,884). Page 23
THE STOWE HOUSE PRESERVATION TRUST (A Company Llrnited By Guarantee) NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 12) Capltal Commitments Capital commitments as at 31 March 2024 are estimated to be £18,373 {2023.. £306,245) in respect of the Western Sulte phases of the resloralion programme. Commllments are payable as follows:. 2024 2023 In less than one year In one lo bNo yaars 18.373 246,832 59,413 18,373 306,245 Movament durlng the year:. Capital wmmitments al 31 March 2024 Commitments luifilled in year New commllmenls Capi181 commltments at 31 March 2024 306,245 (677.0811 389,189 18,373 131 Oparatlng Leases Commltments relatlng to operatlng leases.. Equlpménl 2024 2023 Less than 1 year BetW88n 2 and 5 years Greater than 5 years 606 559 606 559 Durlng the year £2,407 (2023.. £2,235) vrds spent on operaltng leasès. Income relatlng to opera¢lng le•ses.' Property The house has been leased from Slovts School Ltd, with a ¢olerminous leaseback to Stowe School Ltd for 99 years, èffèctive from 1 January 2000 (no break cl8use81. Tha arrangernenls wère confirmed under Charity Order 0149530D dated 10 Nov8mber 1999, The lease charge represents the rent incom8 from Slowe School Ltd for the sch¢1,$ o¢¢upalion of Slowe House. The lease charge is reviewed every five years {nexl revlew 20281: the Income for the year is £205,612 (2023.. £166,830). The total minimum lease payynents r¢mainlng On thls lease are £7.5 mlllion, over the remaining 75 years. 141 Contlngent Liability Trustees are not aware of any conlingenl liabilities. 151 Other Commltments Trustees agre8d in July 201110 offér support to Th8 Hall Bequest Fund, in the fom ol advancing a loan, up lo maximum of £25,000, lo be repaid wilhin three months. Any loan would have lo be for a specific pury>ose. i.e. to purchase artefacts r8lévanl lo Ihe history of the House. This offer is slill in place. During the year there was the opportunity to purchase a table by Soane previously owned by Slow8 House for £40,000. 11 was aged that SHPT would loan the funds lo The Hall 88qU8St Fund In order to purchase this. Repayment would be over a 2 years period from 01 April 2024. A further loan was agreed for £3.600 towards a reproductron portrait. Page 24
THE STOWE HOUSE PRESERVATION TRUST (A Company Llmlted By Guarantee) NOTES TO THE CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 16) Custodlan TNsteeship The Trust holds a small number of hislorfcal 8rtelacls lch are owned by ellh8r corporations, private indlviduals or the National Trust. These histOriC81 artefacls are used to enhance the $110r experience and inlerprelallon of Stowe House In line with our charflable objectives. All these ilerns are ¢overed by insurance and are high priority In the salvage plan as well as being listed separately on the collecbons management database. 17) Notes to consolldJt¢d Cash flow stat¢mont Reconciliation of net incomel{expendilure) lo net cash flow 2024 2023 Nel movernenl in funds lor the year. Nel {8xpendilureyincome for the reporting p8rlod Adluslmenl for.. Deduct interest received Depreciallon charges Decrease in stock {Increase)Idecrease In debtors (Oe¢réasellincrease in creditors (59,738) 577.259 (15,8981 371,938 1,453 36,214 (13,162) (7,190) 386,172 1.579 32.987 13,481 Nét cash provlded for operatlng actlvltles 320,807 984,288 18) Related party transactions Stowe School Ltd (SSL), a charfty wllh three trustees in common, holds the underlease on Stowe House and gianled thé leasehold Inlerasl to The Stowe Hous8 Preservallon Trust (SHPT) out of Ils fr8ehold Interest. The lease has arrangements for the payment of market renl by SSL, SSL recharged costs to SHPT lot8lllng £128.845 (2023.. £169,854), with a nel balance of £10,185 owing al 31 March 2024 and SHPT has received rent and recharges 01 £202.48612023: £177,904). wtlh a nel balance due from SSL at 31 March 2023 of £0 (2023.. £47,817). Stowe Enterprlses Ltd (SEL) Is a trading subsidiary of SSL and assists in the arrangements of commercial activities with Slowe House Enlerpris8s Ltd (SHELI, thé charivs subsidiary. Profits from these ventures are shared. SHEL has trading Iransacllons with SEL amounting lo sales of £100.780 12023.. £100,547) and purchases of £628 (2023.. £609). with a nel balance owed by SEL lo SHEL at 31 March 2023 01 £4.89012023.' £3,774). Slowe House Enlerprlses Ltd (SHELI Is the trading arm of The Stowe House pseNatIon Trust. Al the balance sheet dale SHPT owed £0 to SHEL {2023.' £0). There is a charitsble agreefflent with SHEL donalln9 all of ils profits lor the year lo SHPT. This is lo be paid over wilhln 9 months of the financi81 year end. The amount donated during the year ended 31 March 2024 was £100,706 (2023.. £69,820), SSL recharged costs to SHEL lolalling £107.440 (2023.'£66,182), wlth a nel balance of £9.120 owing al 31 March 2024 {2023'.£1,602) and SHEL has receivad recharges of £3,466 {2023,'£1,879}. wllh 8 nel balance due from SSL al 31 March of£196 {2023.' £0) Certain trustees are trustees In both charities. The Composition and control of the boards of trustees however remain Independent of each other. All transactions between the rel8led charities were on an arm's length basis. Ther8 We donallons from Ifuslees in the year tolalling £0 (2023.. £413,000). Page 25
THE STOWE HOUSE PRESERVATION TRUST (A Company Lim6ted By Guarantee) NOTES TO THE CONSOUDATED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 19) Analysls of Change8 In Net D•bt Cash at bank 1 Aprfl 2023 1,031,550 Cash oufflow (68.991) Cash at bank 31 March 2024 20) Consolldat•d St•tam•nt of Flnanclal Actlvltles Includlng Incomo and exp•ndltur• account- proor y•ar Unrestrlcled Restrlcted Fund Funds 31.mar 2023 Incomlng re3ourc•s Incoming resources from generated funds Donatlons 8nd legao8S Income from Charltabl8 8Ctlvltes Grants lor r8Storatlon Othartraéing actlvitles Income of Iradlng Subsldlary Rant recelvable Mlsc Income Inm fmm Inveslmenls- interest receivable 10.906 438,709 449.615 356.857 356.857 214,177 166.830 214,177 166.830 7.190 7.190 Total Incon and ondowments 399,103 795,566 1,194,669 Rosourc8$ •xp•nd•d Expenditure on ralslng funds Cost of trading subsidiary Fundraisin9 113.562 113,562 113,562 113.562 Expendltur8 on Charltable actlvilles 131,855 371,993 503,848 Olhgr Expendllure - taxation Tolal re$ources expended 245,417 371.993 617,410 Nèl Incom(expend1tur0) 153,686 423,573 577,259 Nel movement In funds 153,686 423,573 577,259 Re¢onclllatlon of funds Totsl funds brought forward 2,282,948 20,017,449 22,300.397 2.436,634 20.441,022 22,877,656 Page 26