Annual Report &Financial Statements 2024
THE STRAWBERRY HILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Contents Page Reference and Administrative Details Chairfs Overview and Introduction Objectives and Activities Achievements and Performance Fina ncial Review Plans for Future Periods Structure. Governance and Management io Trustees, responsibilities in relation to the financial statements 12 Independent Auditors Report to the Trustees 14-17 Statement of Financial Activities 18 Balance Sheet 19 Statement of Cashflows 20 Notes on Financial Statements 21
THE STRAWBERRY HILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Referen and Administrative Detai15 The Strawberry Hill Trust is a company limited by guarantee and a registered charity governed by its Article5 of Association. Charity number: 1095618: Company nurnber: 4516140. It was originally incorporated in August 2002. The trustees that acted during the year and subsequent to the year-end were as follows.. Trustees/Directors Pim Baxter, OBE Lynn Beard (Charity Secretary) Xenia Carr-Griffiths OBE Paul Finucane Pa ul Kafka (Chairl Anthony Nash (Chairl Robert Waiting Martin Postle Derek Purnell IDirettor} Christopher Rough (Hon Treasurer) Henry Sherman Jerome Stern Zoe Colbeck Martin Le Jane Stancliffe AppointmentlResignation Appointed January 2020 Appointed October 2019 Appointed October 2019 Appointed September 2020 Appointed March 2019 and resigned October 2024 Appointed October 2024 Appointed June 2022 Appointed June 2021 and resigned January 2024 Appointed June 2021 and resigned April 2024 Appointed April 2020 and resigned January 2025 Appointed July 2018 Appointed March 2019 and resigned March 2024 Appointed December 2024 and resigned June 2025 Appointed June 2025 Appointed June 2025 Auditors Shaw Gibbs (Audit) Limited Salatin House 19 Cedar Road Sutton, Surrey SM2 5DA Investment Management Sarasin Investment Management 100, St Paul's Churchyard London EC4M 88U Bankers Barclays Bank 2 York Street. Twickenham TWI 4AG Registered OfPice Strawberry Hill House 268 Waldegrave Road Twickenham TWI 4ST Lloyds Bank 14. Heath Road, Twickenham 7WI 3LE
THE STRAWBERRY HILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Chair's Overview and Introduction I write this report having taken over as Chairman on 310ctober 2024, therefore having had little direct involvement in the events of the year in question. I was. however. fully aware of the challenges facing the Trust and the heritage sector overall. Historic house5 nationally face similar challenges to Strawberry Hill with high inflation of fixed overheads and employment costs outstripping their ability to generate additional income. Funding for core costs however is diff icult to source and many funders have reassessed their grant criteria or scaled back their commitments leaving charities to compete for a dim inishing pool of funds. Since Covid, the Trust has been forced to dip into its reserves to fund the differences between income and expenditure. In the three years to 2024. the Trust made accumulated losses of just under £375,000 which have depleted reserves and, inevitably, has reduced our flexibility to manage. In these circumstances, it is vital that the Trust maximises its own generated funds, rigorously reviews its cost base and builds long term relationships with all its key stakeholders and 5UPPOrter5. This needs to be 5UPPOrted by a compelling vision for the f uture of the House. l am pleased to say that the Trust has made real progress during 2024 and 2025 to address these issues and though not strictly covered by the period under review, l allude to progress made later in this report. 2024 again saw significant personnel changes at Strawberry Hill which inevitably led to a loss of momentum. The Director, Derek Purnell left at the end of April and was succeeded by Zoe Colbeck, who started at the beginning of J une 2024, bringing extensive experience from the National Trust and the Mary Rose Trust. The Board are gratef ul to our Artistic Director, Dr Silvia Davoli, who stepped up as Interirn Director for the intervening period. Sadly, we learned that Derek Purnell passed away in the summer of 2025. He will be greatly missed by hi5 farnily, friends and former colleagues. The Chair of the Trust, Paul Kafka, stepped down at the end of October 2024 after six years on the Board. The Board would like to thank Paul for his leadership during a challenging period which included the various closures for Covid-19, and the unprecedented financial challenges which followed. The Hon Treasurer, Chri5 Rough, also resigned at the end of 2024 a nd again we thank him for his sterling contribution during his time on the board. At this point, we have been unable to recruit a permanent replacement and I have taken on the role pro tem whilst we review board composition and strategy. The in-house team also saw many changes during the year and we thank all those members of staff who have contributed so much during their time at the Trust. We welcomed many new faces to the House with the team responding with enthusiasm and resilience during a challengin8 period. It was clea r to the new Director that additional funding was urgently required and we were able to secure a Resilience Grant from the National Lottery Heritage Fund in September 2024. This enabled the Trust to put in place cha nges which gave it impetus into the start of 2025 including the recruitment of four new members of staff with two dedicated part- timefundraisers. We are now forecasting a small Surplus for the 2025 financial year, which will be a significant achievement from where we were in 2023. However, we are under no illusions that the way forward remains tough and there are many areas in which the Trust needs to improve and professionalise. 2024 was a challenging time for our staff and volunteers so I would like to thank them wholeheartedly 311 for their continued support and dedication. Good progress has been made and we are moving in the right direction.
THE STRAWBERRY HILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 We are also most thankful to those individuals and institutions that continued to 5UPPOrt us including the Bruno Schroder Trust, the John R Murray Charitsble Trust, Savills. Arts Council England's MEND fund, the National Lottery Heritage Fund. the Foyle Foundation plus a number of individuals as detailed in this report. I hope you will be excited by our plan for 2025 and beyond and we hope thatyou will continue to support our endeavours. Anthony Nash Chair of Trustees
THE STRAWBERRY HILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees, who are director5 for the purposes of company law, present the annual report together with the financial statements and auditors, report of the Trust for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accour)ts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191. Objectives and Activities "Strawberry Hill House and Garden is the home of the Gothic- inspiring the imagination through timeless stories of art, literature, architecture and landscape for today and future generations." "Our mlssion 15 to ensure that Strawberry Hill House and Garden are financially and environmentally su5t3inable and place the highest importance on inclusiveness and trust in all aspects of our work. We strive to share our passion for the House and its contents. welcoming the widest possible audience and bringing enthusiasm, creativity and innovation to everythin8 we do. We want to work wherever possible with partners and collaborators who share our values." The Strawberry Hill Trust wa5 formed in 2002 to restore Strawberry Hill House and Garden at 268 Waldegrave Road, Twickenham TWI 4ST and open it to the wider public. The objectives and purpose of the Trust, updated in 2021 are: 'the advancement of the education of the public and the advancement of the art5. culture and heritage by: preserving for the public benefit Strawberry Hill House, its historical. architectural and artistic heritage, its collection of paintings, furniture and other objects and its garden {tO8ether the House") and providing public access to the House on appropriate terms: and maintaining the House for the public benefit as a dwerse cultural hub reflecting the enduring values of its creator, Horace Walpole. and his successors as owners, as an educational resoufce open to everyone and as a focus and venue for community activities of all kinds., The restoration of the House and Garden was carried out with support from the Heritage Lottery Fund IHLFI Inaw the National Lottery Heritage Fund INLHFII, the World Monuments Fund, English Heritage, the local community and several Trusts and Foundations. Approximately £10 rnillion was raised and the house was reopened to the public in October 2010. In 2011 Strawberry Hill House won the Georgian Group Award for the best restoration of an 18th century Country House and the Europa Nostra Grand Prix Award for conservation in 2013. The full restoration, including the smaller rooms, was finally completed in Spring 2015. The Trust seek5 to balance the role of the House as a visitor attraction and accredited museum of national and international significance, with its importance to the local communities in and around the London Borough of Richmond upon Thames. Strawberry Hill House is a destination for visitors with a diverse range of national and international backgrounds, including locals, visitors from Greater London and further afield, students and enthusiasts with a passion for its unique historical, antiquarian, architectural and landscape attributes. strawberry Hill House and Garden aims to provide a programme of distinctive cultural experiences throughout the year, catering to a wide range of audiences and age groups. In addition, we offer a programme of learning and outreach tailored
THE STRAWBERRY HILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 to the curricula of schools and colleges. Strawberry Hill House also caters to the needs of local groups within the community. young and old. with learning difficulties and other disabilities. Following the challenges described in the 2023 Annual Report. the Trusys strategic priorities for 2024 were- l. To secure the financial future of the Strawberry Hill Trust 2. To maintain the fabric of Strawberry Hill House & Garden so that it presents an attractive destination and a safe environment for visitors. staff and volunteers. 3. To evolve our Board, staff and volunteer bodyto enhance inclusivity and diversity. Our objectives in working with the new Director and her team towards achieving these focused on: a re-evaluation of our business model, in particular seeking to identify areas for improvement and build a more robust Events and Hire revenue model development of our fundraising capability to cornplement the high quality of our Museum Collection and special exhibition programme. renewing our revenue and cost-sharing collaboration with our landlord. St Mar¢s University ISMUI. continuing to develop our reputation for curatorial excellence by reaching out to partners and stskeholders across the country and overseas to extend our prograrnme of exhibitions, talks and other educational and enlightenin8 experiences. Achievements and Performance When describing our activities and achievements. the Trustees are always mindful of the Charity Commission's guidance on Tru5tees' fiduciary responsibilitie5. the public benefit and the supplementary guidance on heritage and museums. Our major achievements. and an assessment of our performance as a Board in 2024, are detailed below. Cultural Events Programme Against a challenging backdrop, the team were able to sustsin a full programme of events through 2024. We reassessed our opening hours a nd opened for the first time on Saturdays. Highlights of the cultural programme included: The Devil is In the Detail,, focusing on the work of Albrecht Durer. and There Goes the Sun., a n exhibition of work by Christiane Baumgartner. continued from October 2023 until 10 April 2024. Supported by the Schroder family and the Cristea Roberts Gallery respectively. these complementary exhibitions achieved widespread acclaim and attracted over 6.000 visitors in totsl. Van Huysum Exhibition118 May- 8 September 20241: Strawberry Hill House hosted two exquisite 18th century floral masterpieces by one of the most celebrated painters of still life. Dutch artist Jan Van Huysum11682- 17491. 'Caligula Found'128 June - 8 September 20241.. a long-lost antique believed to be the highlight of Horace Walpole's collection returned to Strawberry Hill House following a 182-year absence. After an extensive search by Artistic Director Dr Silvia Davoli the long-lost treasure 8mnze Head of Caligulo returned to Strawberry Hill's permanent collettion. The exhibition offered visitors the chance to view this highly sought-after treasure but also to delve into the successes of Strawberry Hill's treasure hunting over the last decade. Strawberry Hill Flower Festival113- 15 September 20241 returning for its sixth year, this yearfs festival showed a 36°A increase in revenue to £32.7kfrom £24k in 2023).
THE STRAWBERRY HILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Hélène Binet: Discovering Jewish Country Houses119 September 2024- 8 January 20251. Hélène Binet Ib.19591 is one of the world's leading photographers. This exhibition showcased a new body of work, capturing an extraord inary group of houses, including Strawberry Hill, which were owned, built or renovated by Jews. This focus on an important period of Strawberry Hill's post-walpole history was part of the AHRC-funded research project fhejewish Country House, in collaboration with Waddesdon Manor. In addition, the House and Garden hosted its established programme of seasonal entertsinment and engagement events aimed at different sertors of the local community. including summer music and theatre events, Gothic themed Halloween experiences and Christmas carols and wreath-making. Towards the end of the year. with the support of the NLHF Resilience Grant, we were able to launch a series of pilot activities aimed at broadening our audience, with a focus on attracting more families, particularly local ones, to return to the House on a regular basis. These included.. October ha-terM 2024: family activities using the Halloween theme with storytelling, decorations and craft activities. We also continued our established ticketed gothic evenin8 tours. December 2024: Floral table decorations and Christmas trees in the House for the first time. For Christmas 2024, we decorated the House, including floral table decorations by our Flower Festival team as well as more traditional Christmas trees. Both these initiatives saw an increase in visitor numbers. October monthly income rose 32% year on year, 1£14.8k v5 £11.2k in 20231, driven by Halloween week, with 703 visitor spaces sold versus 401 in 2023, a 75% increase in visitors. Income rose 102% in December 2024 year on year,1£13.3k vs £6.6k in 20231. Visitor numbers in December 2024 were 1507 compared to 663 in 2023. Positive responses to visitor surveys suggest the value of repeating these initiatives in future years. We also tested paid social media for the first time. Our reach increased to 49.4K on Facebook in December 2024 versus 2,400 in 2023. Our reach on Instagram increased to 12.7K, up from 2.8K in the same period in 2023. The initial results indicate that further investment in this area will pay dividends in terms of continued improvement in our numbers, if we can continue to balance the quality of the visitor experience with an increase in numbers. We are continuing to integrate this approach and the learning from it in our future events. Visitor Numbers We reassessed our opening hours and opened for the first time on Saturdays. Our standard hours during 2024 were Saturday to Wednesday. 11-4 pm. This has since been reviewed further in 2025 with opening times now Wednesday to Sunday, with an increase to seven days a week during school holidays. We ended 2024 with a 28% uplift in General admissions over 2023, supported bysaturday openings. strong programming, and effective PR and marketin8.
THE STRAWBERRY HILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Further ticketing initiatives saw increased revenues from visitor numbers. An irnproved Gift Aid campaign on tours and events led to an extra £21k gift-aidable sales. We also encouraged the front-of-house team to askfor Gift Aid on general admissions. In total we had £66.4k gift-aidable sales. cornpared with £32.6k in 2023. This equates to an additional £8.5k from HMRC. Events and Catering We were pleased to reach agreement with our new café supplier. Roots and Berries, atthe start of 2024. formalising relationship which began on an interim basis in September 2023. A good café is a vital part of the visitor expectation, and we feel that the Roots and Berries team and management are supportive and sympathetic to the historic house and offer excellent service. SMU Partnershlp 2024 saw considerable progress towards re3¢hing agreement on a future partnership with our landlord, St Mary's University- Recognising 2024 as a challenging year financially not just for the heritage sector but also for UK universitie5, both boards considered options for mergin& linking or collaboratin& as advocated by the Charity Commission guidelines on working with other charities. It w35 agreed that collaboration would be the best model for both parties, enabling both to continue to fulfil their individual land not necessarily complimentaryl charitable purposes. In February 2025 both parties reached agreement on a Memorandum of Understanding IMOUI which covers furtherfinancial support, and a number of cultural strategic collaborations. As part of the MOU, St Mary's appointed a representative to the board of the Trust with an option to appoint a second representative in due course. Risk Management The Risk Register continues to be updated and reviewed at each board meeting. Given the financial. staffing and other challenges, the 8oard met on a quarterly basis with bi-monthly interim and non-compulsory Trustee Review and Update ITRUI meetings to focus on specific challenges. The TRU operated in effect as a quasi-board meeting and it was therefore decided by the new Cha ir to formalise arrangements into six annual full Board meetings from the end of 2024 onwards. Further interim board meetings are held if deemed necessary. Reserves Policy: The reserves policy agreed by the Trustees is to hold unrestritted and undesignated reserves of at least three months, expenditure in order to enable financial stability and to act as a safeguard against volatile and unpredictable income strearns and unforeseen expenditure and/ or liabilities. Financial Review Consolidated Results 2024 We are reporting a consolidated loss of £70,614 for the year which, whilst a significant improvement on the FY2023 result fell short of our budget plan, which was to break even- The disruption caused by a change in Director mid-year and the failure to raise sufficient grant funding for core costs led to reserves being depleted further. In addition, we also faced some unplanned costs for repairs and recruitment. We were. however. successful in securing a £204.000 Resilience Grant from the National Lottery Heritage Fund in September 2024 which will largely be deployed in 2025. The principa I sources of income for the Trust rernain general admissions, café, shop, film and event hire. as well as income from donations, grants and legacies. Charitable activities showed an encouraging increase of 18.6% due mainly to a 28% increase in General Admissions. Donations and Grants performed strongly, up 215% and 27.3% respectively. Particular thanks go to The John R Murray Charitsble Trust. the Nation31 Lottery Heritage Fund and The Bruno Schroder Charity
THE STRAWBERRY HILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Trust for their ongoing support. However, this improvement was not enough to offset an overall 6% increase in expenditure driven mainly by 3 41.8% increase in Repairs & Maintenance and a 17.6% rise in staffing costs. We continued to benefit from an annual subvention of £80.000 from St Mary s University ISMUI, which represents a 5traight-line amortisation of an original capital investment by SMU in 2007, in agreement with the N LHF. This agreement will come to an end in J une 2025, and the Board has worked throughout 2024 to ensure the continuation of our good rèlationship with our landlards. A Memorandum of Understanding IMOUI with SMU was signed in February 2025 covering a number of workstreams for the closer working and mutual benefit of both organisations. The Trust has also reached provisional agreement with SMU for their continued financial support for a further five-year period following the end of the subvention in September 2025. Other Notable Financial Issues In 2023, the Trust was awarded £125,000 grant from Arts Council England'5 MEND f und, specifically to repair three roof pinnacles and to upgrade the heating and security systems. The first tranche of these funds was received in 2024. However, cost overruns and delays to cornpleting thi5 project created an extra burden on the Trusys cashfSows whilst remediation actions were taken. As noted earlier, in September 2024, the Trust was also awarded a grant of £204,000 by the National Lottery Heritage Fund to support resilience through a number of projects and the hiring of four staff. In September 2024, the Trust was a150 awarded a grant of £50,OQKI by the Foyle Foundation to fund repairs to the northern elevation of the House. These works were commenced and completed during 2025. Investment policy and performance During the year, the Trust withdrew £60,OCQ from the expendable Endowment fund in order to meet its cashflow requirements. Additional liquidity headroom is required where il Restricted Grants are recognised as profit once cash is received but are only released to cashflow over a longer period against the cost incurred and ill where larger expensed repairs are funded through cashflow without matching 8rant funding. We recognised a deficiency in our financial modelling in this respect, and steps will be taken during 2025 to improve Our modelling of the cashflow impact of larger grants to minimise further demands on the Endowment fund. The balance of the Endowment fund held at year end was £117,740. The Trust made a gain on its investment assets of £4,276, Plans for Future Periods Strategic priorities for 2025 Some of the following objectives have been reviewed and changed following the Strategic Plan adopted by the board in October 2025. Commentary is however retsined to show the objertives in place at the start of 2025. Our key strategic priorities for 2025 are to continue to keep fundraising front and centre while developing our events programme in light of what we have learned from pilot activities in 2024. This will be done in the context of an increased awareness of the importance of managin8 risk in the current financial and trading climate. Visitor numbers: We aim to continue the encouraging growth in visitor numbers and revenue into the start of 2025, with the House being open throughout January for the first time, supported by stories in the press and on social media
THE STRAWBERRY HILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 detailing our upcoming programme. We will make further use of ticket pricing to drive more online ticket sales, which should also have the advantage of driving transaction value, gift aid and data capture for re-marketing. Market growth and diversification: We will continue our focus on the family sector, developing a range of learning and play opportunities aimed at younger children. These are designed to drive custom to the Cafe and to encourage repeat visits to the garden by rnothers with young children after the school run and during the holiday5. Funding applications will continue to be made where suitable opportunities have been identified that match our priority need for core funding. The Collection development strategy: in partnership with the Strawberry Hill Collertion Trust, selectively to acquire objects that enhance the strategic objectives of the Charity either by way of gift. loan or paid acquisition. Building on our evolving relationship with St Marfs Universty at the operational level. working on joint commercial and educational projects with mutual benefits. Building maintenance 10 year plan.- this has been commissioned and funded through the NLHF grant and was received in November 2025. Financial Outlook The financial outlook remains challenging. During 2025 further grants will be sought to support core costs and key contracts renegotiated to reduce overheads. We are now forecastin8 a return to a small surplus for the 2025 financial year due to a combination of improved tradin& increased fundraising for core costs and tighter control of expenditure. Going Concern The trustees have considered the group's financial position, liquidity and future performance. together with financial projections for the group over the foreseeable future. As in previous years. the group's ability to continue as a going coneern is partially dependent on its success in raising funds through grants and donations. both of which cannot be guaranteed. The Trustees remain in regular communication with sponsoring parties to ensure continued f inancial support for the group's operations. Therefore, the Trustees have concluded that there are no material uncertainties regarding the group'5 ability to continue as a going concern in the foreseeable future. and believe it remains appropriate to prepare the fina ncial ststement5 on a going concern basis. Structure, Governance and Management The sFrr Board of Trustees is responsible for the overall direction and leadership of the Trust. The Directors of the charitable company are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. As set out in the Articles of Association, the Trustees select the Chair of the Trust. An overall Executive Director is also appointed by the Board and is responsible for the operational management of the Trust and, with the Board, for the long-term strategic direttion of the organisation. The Executive Dirertor, who is also a Trustee, is the head of the paid stsff and is also responsible for the volunteers who assist the Trust. All Trustees give their time voluntarily and receive no benefit from the Trust. Any expenses claimed from the Trust are set out in the accounts. There were none in 2024. The Executive Director receives no remuneration for their role as Trustee but is a paid employee of the Trust. The Charity Commission has approved this arrangement. The Trust has a Conflicts of Interest Policy and maintains a Register of Interests which Trustees are required to keep up to date on an annual basis. 10
THE STRAWBERRY HILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Method of Recruiting and Appointing NewTrustees In line with best practice in the charity sector the Board operates a three-year rotation policy for Trustee5. One Trustee, Paul Finucane. completed his first three-year term and wa5 unanimously re-elected at the Board's AGM in June 2024. The Trust's policy ha5 been ta appoint Trustees who have expertise in particular aspects of the Trust's work, have a connection with previous owners of the House, or have general management experience at a senior level which is of value to the Trust in setting and overseeing its strategic direttion. A full two stsge interview process is undertaken by Trustee5 and Nomination Committee members who assess candidates against transparent selection criteria and following thorough referencing. The Board's policy regarding recruitment of Trustees keeps very much in mind the requirements of the Governance Code for Small Charities regarding equality. diversity and inclusion. Inductlon and Training of Trustees Upon appointment Trustees are provided with information on the constitution of the Trust and their role and responsibilities as charity Trustees, including the signature of a Trustee Code of Conduct. An Induction plan is drawn up for each new Trustee, and they are encouraged to engage with members of the team, particularly in their area of expertise, at the earliest opportunity. Trustees are made aware of the extensive and valuable guidance materials available on the Charity Commission's web51te and have new developments drawn to their attention. Organisation Structure and the Management of the Trust The Board of Trustees is responsible for the overall direction and leadership of the Trust. The Board may consist of up to 15 members. There were eightTrustees at 31" December 2024. The powers of the Board are delegated via a Delegation of Authority policy to operational management and suCoMMitteeS of the board. In 2024 there were three sub- committees.. Finance, Nominations and Fundraising. The Director provides detailed reports to the Board at each meeting on operational aspects, including monthlv management accounts and key performance indicators of the House. The sub- committees also report at each meeting, thus ensuring that the Trust remains focused on its stated charitable aims, and continues to monitor financial sustainability Issues on a regular basi5. As noted earlier, the Board held four full Board meetin85 plus an AGM durin8 2024. In addition, the Board held four Trustee Review and Update ITRUI meetings involving all Trustees on a voluntary basis to review activity against our strategic goals more closely and to provide the Director with advice and guidance on operational issues and decisions between Board meetings. Respond ing to cashflow issues at different times of the year, the Board also held three EGMS in February/March 2024 to discuss and decide on some key issues relating to our future - including detailed discussion of conditions of insolvency, the need to monitor closely the management of the complex 3-month handover period between Executive Directors, and the need to draw down reserves to cover cash-flow shortages. The Trust 15 required to keep its staffing strutture under constsnt review in order to ensure it is able to meet its short- term business objectives and the longer-term challenges of the future. The Trustees are required to ensure appropriate arrangements are in place to rneet the Trusys obligations as an employer and for the Health and Safety of visitors, staff, volunteers and contractors. The Trust has a Safeguarding Policy and carries out checks on staff and volunteers who have substantial access to children and vulnerable people. The Trust also reviews its arrangement5 for the assessment and storage of data relating to staff, suppliers and customers, on a regular basis, to ensure compliance with current G DPR requirements. 11
THE STRAWBERRY HILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Relationships between the Trust and other Charities and Organisations The Trust works closely with the independent charity The strawberry Hill Collection Trust ISHcf), (Company number: 06851597, originally incorporated in March 20091, a body established to hold nominal title in objects in the owned Collection of Strawberry Hill House. The relationship beeen SHcf and the Strawberry Hill Trust is forrnalised by Management Agreement. The SHCT Trustees. each of whom is an eminent expert in the heritsge sector. act as independent advisers to SHT in the acquisition and disposal of cultural objects for Strawberry Hill House and Garden as operated by the Strawberry Hill Trust. In order to meet its legal obligations, the Strawberry Hill Trust set up a trading company, Strawberry Hill House Trading Services ISHHTSI, in 2011. This company carries out trading activities that are outside the charita ble purpose of the Strawberry Hill Trust but which contribute to the enjoyment and financial sustsinability of the House. It is a wholly-owned trading subsidiary of the Strawberry Hill Trust. There is an agreement between the Trust and the SHHTS that the latter will donate all its profits to the Trust. The staff who work on SHHTS activities are employed by the Strawberry Hill Trust but the trading company is responsible for meeting their salaries. Auditors Since its creation the Trust has had a full external audit of its affairs carried out to ensure that there is full transpa rency and public accountability. The auditors Shaw Gibbs IAuditl Limited are deemed to be reappointed under section 487121 of the Companies Act 2006. Trustees, responsibilities In relation to the financial statements Company law requires the charity Trustees to prepare financial statements for each year which 8ive a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources. including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the Trustees are required to.. select suitable accountin8 policies and then apply them consistently; observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent: state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial ststements on a goin8 concern basis unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for maintsining proper accounting records that disclose with reasonable accuracy at a ny time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguardingthe assets of the charitable company and the group and hence taking reasonable steps for the prevention and detettion of fraud and other irregularities. Disclosure of information to auditor Each trustee has taken step5 thatthey ought to have taken as a trustee in orderto make thern5elves aware of any relevant audit information las defined by S418 of the Companies Act 20061 and to establish that the charity's auditor is aware of that information. The trustee5 confirm that there is no relevant information that they know of and of which they know the auditor is unaware. 12
THE STRAWBERRY HILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Small company provisions The Trustees have taken advantage of the small companies, exemptions provided by section 4148 and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the Trustees, report or) the grounds that the Trust is entitled to prepare it5 accounts for the year in accordance with the small companies, regime. Approved by the Trustees on 18 December 2025 and signed on their behalf by- Anthony N Cha ir of Trustees 13
THE STRAWBERRY HILL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STRAWBERRY HILL TRUST Opinion We have audited the financi31 statements of The Strawberry Hill Trust (the "ChariV'I and its subsidiary ("the group"} for the year ended 31 December 2024 which comprise the consolidated Statement of Financial Activities lincluding income and expenditure account), the Consolidated and Company Balance Sheets, the Statement of Cash Flows and the Con501idated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable13w and Untted Kingdom Accounting Standards, includ ing Fina ncial Reportingstandard 102=The Financial Reportingstandard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the State of the group's and Charivs affairs as at 31 December 2024 and of the group's incoming resource5 and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Internation31 Standards on Auditing (UK) IISAS IUKII and applicable law. Ou r responsibilities u nder those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Report of the Trustees, other than the financial statements and our auditorfs report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expres5 any form of assurance conclusion thereon. 14
THE STRAWBERRY HILL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STRAWBERRY HILL TRUST I n connection with our audit of the f inancial statements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fatt. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Directors, Report for the f inancial year for which the f i na ncial statements are prepared is conslstent with the financial statements; and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; the financial statements are not in agreement with the accounting records and returns; certain disclosures of Trustees, remuneration specified by law are not made,. we have not obtained all the information and explanations necessary for the purposes of our audit,. or the Trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the Report of the Trustees and from the requirement to prepare a strategic report. Responsibilities of the Trustees As explained more fully in the Statement of Trustees, Responsibilities (set out on page 121, the Trustees, who are Directors for the purpose of company13w, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. 15
THE STRAWBERRY HILL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STRAWBERRY HILL TRUST Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whetherthe financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detett a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatement5 in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below: The extent to which the audit was considered capable of detetting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respett of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and we identified laws and regulations which were communicated within the audit team regularly and the team remained alert to instances of non-compliance throu8hout the audit. We considered the nature of the charitable company's settor and its control environment, and reviewed the charitable company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also identified the13ws and regulations applicable to the charitable companythrough discussions with the Trustees and other management, and from our cvmulative audit, knowledge and experience of the charitable company. We obtained an understanding of the legal and regulatory framework that the Charitable company operates in, a nd identified the key laws and regulations that: had a dirett effect on the determination of material amounts and disclosures in the financial statements. These included the Companies Att 2006, the Charities Act 2011, the Charities SORP, and UK financial reporting standards as issued by the Financial Reporting Council: and do not have a direct effecton thefinancial statements but compliance with which may befundamental to the Charitable companvs ability to operate or to avoid a material penalty. These included the Charitable compan¢s regulatory requirements and employment legislations. We assessed the susceptibility of the Charivs financial statements to material misstatement, including obtaining an understanding of how fraud Might occur, by: making enquiries of management as to where they considered there wa5 susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 16
THE STRAWBERRY HILL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STRAWBERRY HILL TRUST considering the internal controls in place to mitigate risks of f raud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls. we= performed analytical procedures to identify any unusual or unexpected relationships,. tested journal entries to identify unusual transartions", and investigated the rationale behind signif icant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statements to disclosures and underlying supporting documentation; enquiring of management as to actual and potential litigation and claims,. and reviewing correspondence with the Charities Commission, HMRC and other government bodies and analysing professional services and legal costs to ascertain if there have been instances of non- compliance with laws and regulations. reading minutes of Trustee meetings, reviewing internal audit reports and reviewin8 correspondence with the Charity Commission. There are inherent limitations in our audit procedures described above. The more removed that laws and regu lations are f rom f inancial transactions, the less likely it is that we would become aware of non-comp1 lance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solelyto the members, as 3 body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the members as a body, for our audit work, for this report, or for the opinions we have formed. Leonne Humphreys [SeniorStatutory Auditor) Shaw Gibbs IAuditl Limited Sa latin House 19 Cedar Road Sutton Surrey SM2 5DA Date: 18 December 2025 17
THE STRAWBERRY HILL TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted Endowment Funds Funds Funds Notes 2024 2023 Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments 159,395 330.077 110,534 1,380 183,531 342,926 330.077 110,534 2,340 236,278 278,243 124,609 168 960 Total income 601,386 183.531 960 785,877 639,298 Expenditure on: Raising funds Charitable activities Other trading activities 13,500 624,744 70,044 13,500 777,223 70,044 27,968 700,282 84,194 io 152.479 Total expenditure 708.288 152,479 860,767 812,444 Net expenditure 1106,9021 31,052 960 (74,8901 1173,1461 Transfers between funds 104,338 4.357 1108,695} Net incoming resources before other recognised ga ins and losses {2.5641 35,409 1107,735) 174,890) 1173,1461 Other recognised gains: Gain on investment assets 19 4,276 4,276 4,137 Net movement in funds {2.5641 35,409 {103.459) 170,6141 1169,0091 Reconciliation of funds: Tota I funds brought forward 72,882 25,000 221.199 319,081 488,090 Totsl fund5 carried forward 70,318 60,409 117,740 248,467 319,081 All of the results derive from continuing activities. The Statement of Financial Attivities includes all gains and losses recogni5ed in the year. The notes on pages 21 to 35 form part of these financial staternents. 18
THE STRAWBERRY HILL TRUST CONSOLIDATED AND COMPANY BALANCE SHEETS AS AT 31 DECEMBER 2024 Group 2024 Group 2023 Charity 2024 Charity 2023 Notes Fixed assets Tangible assets Fixed asset investment 15 16 48,848 53.320 44,278 ICKJ 47,882 loo 48,848 53,320 44,378 47,982 Current assets Stock Debtors Current asset investments Cash at bank a nd in hand 17 18 19 24,356 78,764 22,911 75,193 221.199 43,416 117,322 108,359 221,199 36,371 210,149 201,265 313,269 362,719 1113,650) 196,9581 318,587 1114,4981 365,929 194,8301 Creditors: amounts falling due within one year 20 Net current assets 199,619 265,761 204,089 271,099 Total assets le55 current liabilities 248,467 319,081 248,467 319,081 Fund5 Unrestricted f unds Restricted f unds Endowment funds 22 23 24 70,318 60,409 117,740 72,882 25,000 221,199 70,318 60,409 117,740 72,882 25,000 221,199 Total funds carried forward 248,467 319,081 248,467 319,081 The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. Approved and authorised for issued by the Trustees on 18 December 2025 and signed on their behalf bv: Anthony Nash, Chairman The notes on pages 21 to 35 form part of these financial statements. 19
THE STRAWBERRY HILL TRUST STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 Group 2024 Group 2023 Charity 2024 Notes Charity 2023 Net Cash used in operating attivitses Cash flow5 from investment activities". Interest income Proceeds from the sale of investments Purchase of ta ngible fixed a55ets 29 151,293) 199,2261 {53,132} 172,8731 2,340 225.475 19,789) 168 60,000 18.4161 2,340 225,475 19,7891 168 60,000 15,5801 Cash received from Investing activities 218,026 51,752 218,026 54,588 Increase/lDecrease) in cash and cash equivalents 166,733 147,4741 164,894 118,2851 Cash and cash equivalents at beginning of year 43,416 90,890 36,371 54,656 Cash and cash equivalents atthe end of the year: Cash at bank Cash in hand 208,667 1,482 42,037 199,783 1,379 1,482 34,992 1,379 Total cash and cash equivalents at end of year 210,149 43,416 201.265 36,371 20
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. The accounting policies have been consistently applied to all the year5 presented, unless otherwise stated. Staternent of complian The charity is a public benefit entity. These financial statements were prepared in accordance with Financial Reporting standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, IFRS 1021, The Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191 {the SORPI including Update Bulletin l and in accordance with the Companies Act 2¢XI6 and Charities Act 2011, ffom which there were no material departures. Basi5 of accountin8 These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The f unctional currency of the group is considered to be pounds sterling (£1 because that is the currency of the primary economic environment in which the group operates. The financial statements are presented in pounds sterling 1£). Judgernents and key sources of estimation uncertainty In the opinion of the Trustees there are no judgements or key sources of estimation uncertainty which could materially affect the financial statements. Income and endowments The principal policies on income and endowments are as follows.. Dont7tions ond legacies- Donations and legacies are credited in the year in which they are receivable. Gront income- Income from governrnent and other grants, whether'capital. grants or'revenue, grants, Is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Where grant income is rewarded specifically to cover expenditure of a future accounting period, then the grant income is deferred to that future period on the balance sheet as deferred income. Interest receivable- Interest is credited in the year in which it is received. Expenditure Costs relating to restoration of the building are recognised when incurred. Expenditure on raising funds is costs incurred in attracting voluntary income. Other costs include.. Governonce cost5 those incurred in the governance of the charlS assets, primarily associated with constitutional and statutory requirements. 21
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs - those incurred on central funttions, allocated to activity Cost categories on a basis consistent with the use of resources. Fund strutture The funds held by the charity are either.. Unrestrictedfunds- these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Restrictedfunds - these are funds that can only be used for particular restricted purposes within the objects of the charity- Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Endowment funds - these are funds raised to be held long term with the purpose of providing investment income. The income from investing such funds is unrestricted. Tangible fed assets and depreciation Tangible fixed assets are stated in the balance sheet at cost or, if gffited, at rnarket value at the date of the gift, less subsequent accumulated depreciation and impairment losses. The cost of tan8ible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are: Website development 25% on cost Fixtures and equipment IO% on cost and 25% on cost Stock Stock is stated at the lower of cost and estimated net realisable value (selling price less costs to sell). Cost is determined using the fir5t-in. first-out IFIFOI method. Stocks are assessed for impairment and. if stocks are impaired, the carrying amount is reduced to its net realisable value and any impairment10ss is recognised immediately in profit or loss. Cash and cash equivalents Cash comprises cash on hand and held at bank. Debtors Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expetted to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transattion are recorded initially at fair value less transattion costs and subsequently at amortised cost, net of impairment. 22
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Creditors Creditors are recognised where the group has a present obligation resulting from a past event that will probably result in the transfer of f unds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their Settlement amount after allowing for any trade discounts due. Leases Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss as they fall due over the period of the lease. Financial instruments The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Baslc f inancial instruments are initially recognised at transaction value and subsequently measured at their Settlement value. Investments Fixed asset investments are accounted at historical cost. Current asset Investments are accounted at fair value. Any change in the fair value duf ing the year 15 treated as profit or loss a nd is accounted for in the statement of financial activities as an increase or decrease in the respective fund. 2 Golng concern The trustees have considered the group's financial position, liquidity and future performance, together with financial projections for the group over the foreseeable future. As in previous years, the group's ability to continue as a going concern is partially dependent on its success in raising funds throu8h grants and donations, both of which cannot be guaranteed. The Trustees remain in regular communication with sponsoring parties to ensure continued fina ncial support for the group's operations. Therefore, the Trustees have concluded that there are no material uncertainties regarding the group's ability to continue as a goin8 concern in the foreseeable future, and believe it remains appropriate to prepare the financial statements on a going concern basis. 3 Legal ststus of the charlty The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding up is limited to £1. 4 Taxation The charity is exempt from tax on incorne and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 23
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 5 Financial performance of the charity The consolidated Staternent of Financial Activities includes the results of the chariws wholly owned subsidiary, Strawberry Hill House Trading Services Limited, which operates the gift shop and organizes events and hirings. The summary financial performance of the charity alone is- 2024 2023 Total income and endowments 614 957 514 689 Expenditure on.. Raising funds Charitable activities 13,500 777 223 27,968 700 282 Total expenditure 728 250 Net expenditure Donations from Strawberry Hill House Tradin8 Services Limited Unrealised gain on investment assets Total funds brought forward 1175,7661 1213,5611 40,490 40.415 5,236 4,137 319,081 488,090 Total funds carried forward 189,041 319,081 Represented by: Unrestricted funds Restricted funds Endowment funds 70,318 983 117.740 72,882 25,000 221,199 189,041 319,081 24
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income and endowments from donations and legacies Unrestricted Funds Restricted Endowment Funds Funds 2024 2023 Donations General donations r111 sales Websales Lynn Fitzwater Stephen Clark Alyce Williams Carole Patey Community Garden Pope's Grotto Preservation Trust Colnaghi John & Anne Hornby Gift Aid Acquisitions for Strawberry Bookcases DAS Helene Binet Exhibition Panini Installation Exhibition Van Huysum Koopman Cups 1.588 3,207 14.461 1,588 3.207 14,461 10,707 500 9,988 4,000 8,288 10.707 4,339 500 5(Xi 9,988 4,000 uo 495 4,263 500 8,404 5Cx) 17,067 500 17,067 500 500 6DJ 1,279 1.279 5,000 9,800 9,800 51,995 33,886 85,881 27,229 Le8acles Eileen Cynthia Fairhurst Georgina Simonelli 6QJ 1,000 8,451 1,6 1,600 8,451 Grants Schroders Enliven Project Circles of Art HLF-HOLT Bruno Schroder Trust National Herita8e Memorial Fund MEND The John R Murray Charitable Trust Savills UK Ltd 20,OCNJ 20,000 82,517 7,817 2,000 10,000 37,300 26,500 37,31)J 102,800 62,345 31.000 2,CQO 76,300 62,345 11,000 20,CXJO 93,764 4,500 105,800 149,645 255,445 200,598 159,395 183,531 342,926 236,278 Income and endowments from donations. grants and legacies in 2023 was made up of £217,924 to unrestricted and £18,354 to restricted funds. 25
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income and endowments from charitable activities Unrestricted Funds Restricted Endowment Funds Funds 2024 2023 Door admissions Specialist tours Events Education Tea Room St. Marys lease income "Friends" subscription Patrons membership Garden sales Miscellaneous income 176,979 15,012 365 29,708 13,187 80,000 5.342 7,417 28 2,039 176,979 15.012 365 29,708 13,187 80,000 5.342 7,417 28 2,039 137,950 14,179 29,172 2,540 80,000 3,421 7,500 112 3.369 330,077 330,077 Income and endowments from charitable activities in 2023 was made up of £278,243 to unrestritted and £Nil to restricted funds. 278,243 Income and endowments from other trading activitles Strawberry Hill House Trading Services Limited, incorporated in the United Kingdom, is a wholly owned subsidiary of The Strawberry Hill Trust. Strawberry Hlll House Trading Services Limited is responsible for the operation of the shop and hirings, both private and corporate. It pays all its profits to the charity by gift aid. A summary of the trading results is shown below: 2024 2023 Turnover Cost of sales Gross profit 110,534 124,609 68,158 90,806 Administrative expenses Donations to Strawberry Hill Trust 127,6681 150,3911 Retained profit for the year The assets and liabilities of the subsidiary were: Fixed assets Current assets Current liabilities 4,574 62,200 5,442 36,514 Aggregate share capital and reserves 26
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 The income and expenditure of Strawberry Hill House Trading Services Limited is entirely attributable to unrestricted funds. Expenditure on raising funds Unrestricted Funds Restricted Endowment Funds Funds 2024 2023 Salaries and wage5 Costs (note 12} Fundraising 12,000 1,500 12,000 1,500 12,000 15,968 13,500 13,500 27,968 Expenditure on raising funds in 2023 was made up of £27,968 from unrestricted fund5 and £Nil from restricted funds. 10 Expenditure on charltable actlvities Unrestricted Funds Restricted Endowrnent Funds Funds 2024 2023 Restoration and fenovation costs Curatorial Salaries and wages costs (note 12} Staff training Advertising & marketing Recruitment costs Tour guides Exhibition Expenses Gardening costs Other maintenance and repairs Light and heat Insurance Rates Computer and web expenses Other administrative costs Audit fee Accountanry services Legal and professional fees Bank charges Sundry Depreciation 45,188 19,065 257.861 1,085 10,034 14,125 323 {531) 4,337 70,049 32.282 73,613 5,852 10,866 36,457 7,177 4,572 5,952 12.897 147 13,393 11,020 14.509 27,601 579 673 220 56,208 33,574 285,462 1,664 10,707 14.345 323 1,794 4,337 161,201 32,282 73,613 5,852 10,866 40,857 7,177 4,572 5,952 12,897 147 13,393 69,712 33,951 243,381 1,798 21,152 1,785 549 2,325 5,382 113,619 29,575 75,405 3,068 9,769 53,547 5,520 1,061 2,941 10,553 74 17,440 91,152 4,400 624,744 152,479 777,223 700,282 Expenditure on charitabSe activities in 2023 was made up of £681,900 from unrestricted funds, £18,382 from restricted funds and £NIL from endowment funds. 27
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11 Net incorne/lexpenditure) for the year 2024 2023 This is stated after charging: Operating lease charges Auditors remuneration.. Audit fee5 Other financial services provided by the auditor Depreciation 6,129 7,500 6,922 13.393 5,520 1,061 18,351 12 Staff costs, trustee remuneration and expenses and key management personnel 2024 2023 Salarie5 and wages Social security costs Pension costs 320.067 21,242 5,631 271,774 18,919 4,316 346.940 295,009 2024 2023 Expenditure on raising funds Expenditure on charitable activities Other administrative costs Administrative expenses in trading activities 12,000 285,462 28.267 21,211 12,000 243,381 10,597 29,031 346.940 295,009 Included in the above analysis are salaries and wages of £20,20312023'. £25,777), social security costs of £807 12023.. £2,620) and pension of £20112023- £6341 included within 'Other Trading Expenses,. being employment costs borne by the subsidiary trading company Isee note 81. No employees had employee benefits in excess of £50,000 in the current or prior year. Pension costs are allocated to activities in proportion to the related staffsng costs incurred and £5,08412023'. £3.6571 was charged to unrestricted funds and £547 to restricted funds12023- £Nill. No trustees or persons connected with them received any emoluments in their role as Trustees from the Trust or its subsidiary. The trustees have received no reimbursement of individual expenses incurred for professional or other services provided to the charity during the period12023: £Nill. The charity employs a Director of Operations Ithe'Directorfl with overall responsibility for the day to day operational management of the Trust. The'Directorf is also a Director and Trustee for the purposes of company and charity law. The Charities Commission has approved this arrangement. The 'Directorf along with the other Trustees comprise the key management personnel. The following amounts were paid to the incumbent 'Directorf under this arrangement: 28
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Directors remuneration 61,977 62,000 13 Staff numbers The average number of persons employed by the group lincludin8 directors) during the year was 1012023.. 111. 14 Comparatives for the consolidated statement of financial attivities Unrestricted Restricted Endowment Funds Funds Funds Notes 2023 Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments 218,17S 278,243 124.609 168 18,103 236,278 278,243 124,609 168 Total income 621,195 18.103 639,298 Expenditure on: Raising funds Cha ritable activities Other trading activities 27.968 681,900 84,194 27,968 7(X),282 84,194 io 18,382 Total expenditure 708,288 18.382 812,444 Net expenditure {172.8671 1279) 1173,146} Transfers beteen funds 25 74,071 114,0711 160,0001 Net incoming resources before other recognised gains and losses 198,7961 {14.3501 160,0001 1173.1461 Other recognised gains: Gain on investment assets 19 4,137 4,173 Net movement in funds 198,7961 114.3501 155,8631 {169,0091 Reconciliation of funds.. Total f unds brought forward 171,678 39,350 277,062 488,090 Total funds carried forward 72.882 25,0(XJ 221.199 319,081 29
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15 Tangible fixed assets Website Develo ment Fixtures and ui Grou Total Cost: At I"January 2024 Additions 19,687 250.242 9,789 269,929 9,789 At 31" December 2024 19,687 260,031 279,718 Depreciation: At I'january 2024 Provision for the year 19.687 196,922 14,261 216,609 14,261 At 31" December 2024 19,687 211.183 230,870 Net book value: At 31" December 2024 48.848 48,848 At 31. December 2023 53,320 53,320 Chari Cost: At I" January 2024 Additions 19,687 232.307 9,789 251,994 9,789 At 31. Decernber 2024 19.687 242.096 261,783 Depreciatlon". At I"January2024 Provision for the year 19,687 184,425 13,393 204.112 13,393 At 31" December 2024 19.687 197,818 217,505 Net book value". At 31" December 2024 44,278 44,278 At 31" December 2023 47,882 47,882 16 Fixed asset investments The charity holds the entire shareholdin8, 100 shares of £1 each, of Strawberry Hill House Trading Services Limited which is incorporated in the United Kingdom. The activities and results are surnmarised in note 8. 30
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17 Stock Grou Chari 2024 2023 2024 2023 Stock held by subsidiary company at cost 18 Debtors Grou Chari 2024 2023 2024 2023 Trade debtors Accrued income VAT recoverable Prepayments Other debtors 6,851 13,237 352 55.181 3,143 5,736 16,076 368 52,184 829 6,851 13,161 43,725 51,632 1,953 5,736 16,000 34,439 52,184 78,764 75,193 117,322 108,359 19 Current asset investments Group 2024 Charity 2024 Listed investments.. Carrying value Imarket value) at I. January 2024 221,199 221,199 Additions 960 960 Gain on revaluation to market value 4,276 4,276 Sale of investments 1226,4351 1226,4351 Carrying value Irnarket value) at 31" December 2024 31
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20 Creditors: amounts falling due within one year Grou Chari 2024 2023 2024 2023 Due to subsidiary Trade creditors Tax and social security Deferred income (note 211 Accrued expenditure Other creditors 24.145 76,692 5,653 53,523 640 13,492 20,672 850 76,692 53,523 640 16,992 24,489 1.314 21.946 13,573 1.434 2,646 11,000 io 113.650 96,958 114,498 94,830 21 Deferred income Deferred income comprises: grants and donations received for salaries to be utilised over a set period and recognised as the sa lary cost is incurred unrestritted income collected for a specific or designated purpose and recognised when the purpose is fulfilled. Group Charity Balance as at l January 2024 Mcvement in deferred income 16,992 4,954 13,492 110,8461 Balance as at 31 December 2024 21,946 2,646 22 Unrestricted funds Balance at I"Jan'24 Incorning Resources Outgoing Resources Balance atyear 2024 Transfers 31. Dec '24 General funds Reserves of subsidiary 72.882 490.852 110,534 1638,2441 170.0441 144,828 140,4901 70,318 Total 72.882 601,386 1708.2881 104,338 70,318 2023 com aratNe Balance at l°Jan .23 Incoming Resources Outgoing Resources Balance at Transfers 31 Dec'23 General funds Reserves of subsidiary 171.678 496.586 124,609 {709,868} 184,1941 114,486 140,4151 72,882 Totsl 171,678 621,195 1794,0621 74,071 72,882 32
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22 Unrestritted funds Icontinued) Name of fund Descri tion nature and ur ose5 of the fund Designated funds General funds Reserves of subsidiary Unrestricted funds earmarked for specified use The 'free reserves, after allowing for designated funds Reserves of the trading subsidiary included on consolidation 23 Restritted funds Balance at I"Jan .24 Incoming Resource5 Outgoing Resources Balance at 2024 31" Dec '24 Transfer5 John Murray- Database Acquisitions 8ookcases Curatorial DAS Exhibition - Helene Binet Exhibition - Panini Instsllation Exhibition - Van Huysum Koopman Cups MEND NLHF 2024 25,0111 11,000 500 I,oco 10,707 s.c0 6CQ 1.279 5,ClJO 9,8CQ 62,345 76,300 Iii,ocoi 125,0001 500 483 15171 110,7071 14,8691 16001 11,0661 15,0001 19,8001 194,3401 114,5801 11311 12131 31,995 12,2941 59,426 Total 25,0 183,531 1152,4791 4,357 60,409 2023 com arative Balance at Resources Incomln8 Resources Outgoing Transfers Balance at 1st J n'23 31st Dec'23 Conservation Curatorial John Murray- Database University Funded Projects 12,372 14,6181 17,7541 14,3391 4.339 13,764 25,ODJ 1.978 113.7641 25,000 11,9781 Total 39,350 18,103 118,3821 114,0711 25,OCQ Name of fund Conservation Curatoria John Murray- Database University Funded Projects Descri tion nature and Conservation intern Curatorial salary Donation for database to catslogue the collection Funds raised for workshops to support vulnerable students ur oses of the fund 33
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24 Endowment funds 2024 Balance at I"Jan '24 Incoming resources Outgoing resources Gain on Balance at Transfers Investment 31 Dec '24 The Heritage Lottery Fund/Department for Culture Media and Support Catalyst: Endowment fund 221,199 960 1108,6951 4,276 117,740 Tota I 221,199 960 1108,6951 4,276 117,740 2023 Balance at I"Jan .24 Incoming resources Outgoing resources Gain on Investment Balance at 31" Dec '24 ransfers The Heritage Lottery Fund/Department for Culture Media and Support Catalyst: Endowment fund 277,062 160.0001 4,137 221,199 Total 277,062 160,0001 4,137 221,199 Name of fund Descri tion nature and ur oses of the fund The Heritage Lottery Fund/Department for Culture Media and Support Catalyst.. Endowment fund Contributions to the Endowment Fund are raised through donations to The Peacock Appeal. at Strawberry Hill House and augmented by transfers from unrestricted funds. This income is then matched by The Heritage Lottery Fund as grant income. This is an expendable endowrnent fund with an expettation from The Heritage Lottery Fund that the fund will be maintsined for a minimurn of 25 years. 25 Transfers between funds There was a transfer of £4,357 from restricted to unrestrirted funds during the year. There was a transfer of £108.695 from endowment to unrestricted funds during the year. 34
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 26 Analysis of net assets between funds Unre5trirted Restricted Endowment Fund 2024 Totol Fixed assets Current assets Current liabilities 48,848 132,474 1111.0041 48,848 313,269 1113,6501 63.055 12,6461 117.740 70,318 60.409 117,740 248,467 Unrestricted Re5trirted Endowment Fund 2023 com arative Total Fixed assets Current assets Current liabilitles 53,320 103,028 {83.4661 53,320 362,719 196,9581 38,492 113.4921 221,199 72,882 25,000 221,199 319,081 27 Commitments under operating leases The group had the following annual commitments under non-cancellable operatin8 leases.. 2024 2023 Operating leases which expire.. Within one year In two to f ive years 3,281 12,151 5,986 8,583 15.432 14,569 The trading subsidiary had no additional non-cancellable operatin8 leases and the above analysis therefore also represents the annual commitments under non-cancellable operating leases for the group. During the year £6,544 12023.. £6,1291 af operating lease payments was recognised as an expense. 28 Trustees and other related parties Trustees Details of Trustee emoluments and expenses are disclosed in note 12. The Trust received unconditional donations totalling £6,05012023: £1,757) from Trustees. The Strawberry Hill Collection Trust The Strawberry Hill Collection Trust {"SHCfl is a registered charity created to seek to identify, and return to Strawberry Hill House for display, objects that were formerly in it. On occasion, the Trust receives and pays out amounts on behalf of SHCT. At the year end £Nil12023- Nil) was owed to the Trust by SH. 35
THE STRAWBERRY HILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 28 Trustees and other related parties {continued) Strawberry Hill House Trodinq Services Limited Strawberry Hill House Trading Services Limited l-SHHTS-l. incorporated in the United Kingdom (company registration number: 078804871. is a wholly owned trading subsidiary of the Trust. Its activities and results are summarised in note 8. At the year end the Trust owed £24,145 to SHFrrs12023: £5,653). 29 Reconciliation of net income to net cash flow from operating activities Grou Chari 2024 2023 2024 2023 Net movement in funds Adjustmentfor.. Depreciation (Gain) on investment Deduct income from investments Ilncreasel in stock Decrea5e/lincreasel in debtors Increase/ldecreasel in creditors 170,614) 1169,0091 (70.6141 1169,0091 14,261 14.2761 12,340) {1,4451 (3,5711 16.692 18,351 14.1371 11681 {2.7081 98,429 139,9841 13,393 {4,2761 (2,3401 17,440 14,1371 11681 18,963) 19,668 122,395 {39,3941 151,2931 199,226) 153,1321 172,873) 30 Other financial services provided by the auditors In common with many other entities of our size and nature we use our auditors to assist with the preparation of the payroll and financial statements as well as ad hoc advice on a consultancy basis. A breakdown of these fees is provided in note 11. 36