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 #308 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 Ath￿Ight ' 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 G￿8Ve$ 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 pu￿OSe$ 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 Y￿rtd 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 P￿Sentation 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, i￿luding 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 ma￿le 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 a￿SSIbIlIty. 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 cOnSe￿ation 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 oUt￿f-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 v￿th 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 SU￿luse8 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¢0￿01￿110n 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 Ente￿Ase$ 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 consIde￿d 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•￿￿1r￿S 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 disC￿e 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 r￿t 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 alloc8teose. 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 ag￿ed 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 p￿seNatIon 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