Charity registration number 1101251 Company registration number 4907189 (England and Wales) STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr R M Davies Viscounl Duncannon Mr C D Nickolds Mr Y Petsopoulos Mrs C F Daniel Mr RJAWales Miss C Websl8r MrAM D Lanza Mr J R Bailie (Appolnted 25 September 20231 Charfty number 1101251 Company number 4907189 Prlnclpal address Stansted Park Hampshire Ro¥Mands Caslle P09 6DX Rogistarèd offi¢e Slansled Park Hampshire Rowlands Casue P09 6DX Audltor8 Sum8rAudlt Piper House 4 Dukes Court Bognor Road Chlchesler West Sussex P019 8FX Bankers Bardays Bank plc 81A London Road Walerfooville Hampshire P07 7ER Solicitors George Ide LLP 52 North Stre8t Chichester Wlesl Sussex P019 1NQ Investment managers Cazenove Capital Management Schroder & Co Limited 12 Moorgate London EC2R 6DA STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS LEGALAND ADMINISTRATIVE INFORMATION Investment managers Troy Asset Management Ltd 33 Davies Street London W1K4BP STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS CONTENTS Page Trustees. report ststement of Trustees. responsibilities Independent auditols report ststement of financial activities 10-11 Summary income and 8xp8ndiiure 8ccount 12 Balance sheel 13-14 Statement of cash flows 15 Notes to the financlal statements 16-38 STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their consolidated report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statsments and cOm￿Y with the Charity's Artides of Association, the Companies Acl 2006 and Accounting and ReF)orting by Charities." Statement of Recommended Pr8¢1ice ap￿1¢able to charilies preparing their aG¢ounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 20191.. Objectives and activities The Charity was sel up in 1983 by the 10th Earf of Bessborough to preserve Slansted Park in perpetuity for the beneffit of the pubiiG. The Objects of the Charity are . The preservaiion and conseNation for the public benefit of the buildings and their grounds and surrounding parktand. farmland and forest known as Stansled Park in Ihe County of Sussex {hereinafter called 'Stansted Park"). 2. The preservation for the public benefrt of fumtture and pictures and chattels of any description connected with Siansted Park, the Ponsonby Famly or othejwise appropriale lo bo kept at Stansted Park. 3. The provision at Stansted Park or such part of it as shall be appropriate in the interests of soaal welfare and for the purpose of irnproving the wnditions of life for the persons for whom the same are intended of facilities for physical recreation which will be available to members of the public at large. 4. The facilitation and encouragement of the use and OCCAJpation of the whole or part of Slansted Park and the use of such chattels as aforesaid for tharrtable educational purposes or for such other charitaL4e purposes as the Trustees may determinè. 5. The furtherance for the wblic benefit of such other purposes which are chantable under the laws of England and Wales as the Trustees think fit from time to time. The Trustees have paid due regard to guidanc8 issued by Ihe Charity Commission from time to time. Strateg1¢ report The description under the headings "Achievements and perfomance" and "Flnan¢ial revievf meet the company law requirements for the Trustees to present a slr8legic repo Achievements and perfomiance Previous years have seen significant ¢apitsl expenditure rfirected al revenue generating and key infrastructure projects. In the short term there will be a more limrted operating surplus available with whith to undertake futu￿ projects. The Charity is now in a period of fina￿la1 wnsolidation with emphasis ¢)n rigorous ￿ntrol over expenditure and managemenl of overheads. Projects completed in 2023 included repairs to the Walled Garden walls, the refurbishment of Nos 3, 4 & 5 Stubbermere and No 30 Parkgate. Works continued on improvements to the main Visitors. Car Park and thè installation of new signage. The Annual Woth Prc*3ramme was approved by Tntstees in the budget at Ihe beginning of the Financial Year. Management Accounts were produced by the Accounts Department through the year to enable close monitoring of income against expenditure to ensure Ihat the Charity operated within its financial resources. The Charity ¢ontinued to enjoy wide support at a local and regional level. The Friends of Stansted Park maintained their membership at around 500 members through the year and there is a strong level of volunteer support. with a regLtl8r team of 12 vrAunteers in the Grrmjnds and a further 50 stewards who enable the Mansion to open through the summer months. STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Charity delivers public benefit in the following ways-.- The Mansion opens lo the public at a charge through the summer months Educational tours of the mansion and grounds The grounds and Arboretum open lo Ihe public at no charge through the summer months Friends of Stansled Park - as stated, an association with around 500 paid up members who enjoy organised walks. talks and outings, using the Mansion extensively The Mansion is periodicalty used as a venLte for local fijnd raising lunches and other events The Charity supports a range of local community events There is extensive public access to footpaths and bridleways across the 8Stat8. Flnanclal revlew Reservos pollcy It is the policy of the Charity that unrestricted funds, which have not been designated for a specific use, should be set aside to maintain Ihg fabric of the buildings. It is also a policy of the Truslees that thg minimum unrestricted reserves held (exduding fixed assets and Investments) Is at least £300.000. The Charity's poli¢y in ￿cent years has been to ensure that revenue is generated from a diverse range of Income sources across the Estate. The Charity undertakes a range of operational activities, Includlng forest and parkland management, and maintsining, managing and letting buildings of all types for residential and commercial use. Although much of the estate is open for the public lo enjoy at no charge, visitor income is fijrther sour¢ed from admissions. donations. grants. and also fundraising by the Friends of Stansted Park. Through Stansted Park Events Limited, Ihe Charity raises revenue from events and funclions, weddings and corporate days, the nei pro¢eeds of which are donated by Gift Aid to the Charity. The Trustees consider that the financial position of the Charity remains manageatle. Reserves held al the balance sheet date are £49,532,391. £628,613 held in unrestricted funds lof which £11,470 relate to non-charitable trading funds). £0 held in restricted funds and £48.903.778 held in endowment funds. In the year to 31 December 2023 the Charity continued its programme of long tem repair and maintenancè, and improvements to the facilities for visitors. Through the year principal sources of revenue came from renis in the Estate's residential and commercial portfollos. These are regularly reviewed. Investments consist of managed investment portfolios (note 19) and the investment propety (note 181. Income generated from listed investmenls increased to £28.805 and the overall return indudin9 revalualion gains was 4.40U/.. Income generated by investment properties increased by 5.90/0 to £1.050.548 (2022 - £991,743). Stansted Park Events Limited has a tumover for the year ended 31 D8cember 2023 of £165,840 (2022 £131.962) and a profit of£37,39812022- £30.699). The Trustees receive regular reports on finano and liquidity from the Director, which are reviewed at thè quarterly meetings. Rlsk revlew The main risks to the Foundation are reviewed annually or more frequenuy as matters dictate. A risk register is maintained. We have exposure to a number of extemal factors Ihat impact on the running of the Foundation. The Trustees ensure that they are wdl briefed on such factors and generally adopt a cautious approach. Sound financial planning particularty around the maintenance of our property portfolio on the Estate and the potential for reputational risks are regulady reviewed. STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans for the future Almost ail businesses wtll continue to be affected by the rising cost of Imng and th8 Chafity is no exception. The situation. partl¢ularly in regard to costs of maintenance & repairs as well a5 Wisitor numbers, remains uncertain" the Foundation remains cAutious. Ash die back disease continues to be a Lx>ncem of the Trustees, affecting our forestry operations. Structure, govemance and management The Charity is a company limited by guarantee. The goveming document is the Arttcjes of A5souatian dated 15 May 2017. The Charity's objects are set ¢Xrt above. The Trustees. who are also the directors for the purpose of company law. and who seNed during the year and up to the date of signature of the financial statements were: The Earl of Bessborough Mr R M Davies Viscount Duncannon Mr C D Nickolds Mr Y Petsopoulos Mrs C F Daniel MrRJAWates Miss C Webster MrA M D Lanza MrJ R Bailie (Resigned 19 June 2023) (Appointed 26 September 2023) None of the Truslees h8S 8ny beneficial Inte￿$t in the Charily. All of the Trustees are members of Stansted Park Foundation and guarantee to conln'bute £1 in the event of its winding up. The Trustees approved and adopted a Govemance Code at the Board Meeting on 171h July 2020. This c¢Jde sets OLrt Ihe Trustees. acceptance of their responsibility to maintain high stsndards of govemance. leadership, inlegrity. decision-making and comtAiance in order to achieve the Foundation's Charitable Objects. The Trustees together provide a combination of experience ar)d skills appropriaie for the operations of the Charity. The Chanty is administered by the Trustees who rneet at least 4 times a year, but delegate their day to day management responsibilities, including the management of the assets and the general administration, to Mr D M Bennett, the Director of the Charity. The Finan￿ Commrttee has been superseded by a Finanaal Briefing to the Chairman and select Trustees prior to each Board Me8tin9. This Briefing examinès th& Budget and the overall financial situation prior to presentation to the Board. The remuneration for senior staff is set by reference to remuneration for comparable jobs in similar organisations. Staff are nomially awarded an inllats"onary increase. Remuneration above that is assessed on merit following a rigorous pr￿$S of staff apprai8al. Under the Articles of AssociatK)n the Charity has the power to make investments to achieve the Charitys objectives in such a manner as the Trustees may decide and at the Trustees, absc4ute discretion. The Charity owns subsidiary companies.. Stansted Park Events Limited is a irading company and Slansted Park Limited is dormant. STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Asset covor for funds Note 30 sets out an analysis of the assets attributable to the various hjnds. Th8S8 assets are sufficient to meet the Charity's obligations on a fund by fund basis. In accordance with ihe requirements of the Charities SORP (FRS 1021. it is considered that the carrying value of all investment and freehold property does not differ materially from thelr fair value at 31 December 2023. Auditor In accordance wSth the company's artides. a resolutlon proposing that SumerAudlt be reappointed as auditor of the company will be put at a General Meeting. Dl3closur• of information lo auditor Each of the Truslees has confimied that there is no Infomiation of which they are aware which is relèvant to the audlt, but of which the auditor is unaware. They have further confimied that they have taken appropriale steps to identify such ￿levant infomiation and to estatlish that the audttor is aware of such infomation. This r8POrt has been prepared in accordance wrth th8 SP8c4al provisions rglating to small companies within Part 15 of the Companies Act 2006. The Trustees, reporL induding th8 strategic report, was approved by the Board of Trustees. VisGount Duncannon Chairman of he ruslees STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees. who are also the directors of Stansted Park Foundation (Limited by guarantee) for the purpose of company law, are responsible for preparing the Trustees. Report and the finantrAal statements in accordan￿ wth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial stalements for each financial year Nthich give a true and fair view of the state of affairs of the Charity and of the incoming resoure£s and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these finanaal statements. the Trustees are ￿qUired to: - seleGt suitable accounting policles and then apply them Consisten￿￿, - 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 finantial ststements; arKI prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity 11 continue in operation. Thè Trusle8s are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hen￿ for tsking reasonable steps for the prevention 8nd detection of fraud and other irregularitles. STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) Opinion We have audited the consolidated financial statement5 of Stansted Park Foundation {Limited by guarantee) (the 'Group') for the year ended 31 December 2023 which comprise the statement of financial activities, the summary income and expenditure account. the balan￿ sheet. the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountin9 Stsndards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally A￿pIed Accounting PractiC8). In our opinion, th8 consolidated financial statements: give a true and fair view of th8 State of the charitable group's affairs as at 31 De￿mber 2023 and of it$ incoming resources and application of resources. for the year then ended: have been property prepared in accordan￿ v￿th United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Bas18 for opinion We conducted our audit in accordance Trmth Intemational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable group in arxordance with the ethical requirements that are relevant lo our audil of the accounts in the UK, including the FRC'S Elhical Standard, and the provisions available for audits of small entities, in the circumstances sel out in note 37 to the financial statements, 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 lo provide a basis for our opinion. Conclusions relatlng to going concem In auditing the financial statements. we have concluded that the Trustees, use of the going concem 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 uncertaintl6s 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 pèriod of al 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 Infomiation The other information comprises the inf0m￿tion included in the annual report other than the financial slatements and our auditols 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 infomialion and, except to the extent otherwise explicitly staled in our report. we do not express any form of assurance conclusion thereon. Our responsibilily is to read the other information and, in doing so. consider whether the other information is malerially inconsistent wth the financial slatemenls or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mis51atements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on Ihe work we have perfomed. w8 conclude Ihal there is a material mi5Stalement of this other information. we are required to report that fact. We have nothing to report in this regard. STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) Oplnions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of our audiL' the information given in the Trustees. Repo¢ vthich includes the directots. report and the strategic report prepared for the purposes of company law, for the financial year for which the consolidated financial statements are prepared is consistent with the consolidated financial slatsments: and the strategic report and the directors. report indtsded within the Trustèes, report have been prepared in accordan￿ with applicable legal requI￿rnents. Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the charitable group and its environment obtained in the course cf the audit, we have not identified malerial misstatements in the strategic report or the directors, report included wFthin the Trustees. report. 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 kem. or retums adequate for our audlt have not been r￿1Ved from branches not visited by us., or the consolidated financial statements are not in agreement with the accounting records and retums. or certain disclosures of trustees. remuneration specified bylaw are not made: or we have not received all the infomiation arKI explanations we require for our audiL Responsibilitie5 of Trustees As explained more fully in the slatement of Twslees, responsibiliiies, the Trustees, who are also the directors of the Group for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees detemine is necessary to enable the preparation of financial statements that are free frorn material misslatement, whether due to fraud or error. In preparing the financial ststements, the Trustees are responsible for assessing the Group's ability to continue as a going con￿rn, disclosing, as applicable, matters related to going concem and using the going concern basi$ of accounting unless Ihe Trustees elther intend to liquidate the ch8ritable group or to cease operations, or have no realistic allemative but to do so. Audltor's responslbilities for the audit of the financial statements Our objectives are to obtsin reasonable assurance aboui whether the consolidated financjal statements as a whole are free from material rnisstatement, whether due to fraud or error, and to issue an auditoffs report that includes our opinion. Reasonable assurance is a high level of assurano, but is nol a guarantee that an audit conducted in accordance with ISAS (UK) will aNvays detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered rnaterial if, indÉvidually or in the aggregate, they could reasonably be expected to Influen￿ the economic decisions of user5 tsken on the basis of these financial statements. STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) Identification and assessment of irregularities including fraud Irregularities, including fraud, are instances of non-complian￿ with laws and regulation5. We designed procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures were capable of detecting irregularities, including fraud is detailed below: we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including The Companies Act 2006. we obtsined an understsnding of the legal and regulatory framework applicable to the entity and how the entity is complying wilh that framework by making appropriate enquiries of management as well as considering the intemal controls in place to mits'gate risks of traud and non-complianc8 wilh laws and regulations. we made enquiries of those charged ￿￿th govemance and management ￿nCerning. the risks of fraud; instances ol non-compliance wilh laws and regulations or knowledge of actual, suspected, or alleged fraud is documented during the period; we allocated an engagement team that we considered collectively h8d the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. Audlt response to the rfsk of Irregularities Includlng fraud Based on the results of our risk assessment, our procedures included. but were not limited to: performing analylical procedures to identify any unusual or unexpected relationships. evaluating whether the selection and application of accounting policies by the entity that rnay be indicativ8 of fraudulent financial reporting resulting from managernent's effort to manage earnings. assessing whether judgements and a5$umptions made in determining th8 accounting estimates set out in note 2 were indicative of potential bias. agreeing financial statement disclosures to undedying supporting documentation. reading the minutes of meetings of those charged with goveman¢e. reviewing the correspondence with relevant regulatory bodies. testing ofjournal entries to address the risk of fraud through management override. incorporating an element of unpredictability in the selection of the nature, timing. and extent of our audlt procedu￿8. corroborating the business rationale for transactions outside the nonnal course of business. Conclusions rngardlng the risks of irregularltles Including fraud There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-cornpliance. Malerial misstatements that arise due to fraud can be harder to detect than those Ihat arise from error as they may involve deliberate concealmenl or collusion. We conSide￿d our audit was r2pable of detecting irregularities due to: the effectiveness of the entitys intemal ￿ntrolS. the nature, timing and extent of audtt procedures perfomied; and the absence of contradictory evidence. STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) A further description of our responsibilrties is available on the Financial Reporting Council's website at.. hltps:11 www.frc.org.ukjauditorsresponsibilities. This description fomis part of our auditoffs reporL Use of our report This report is made solely to the charltable group's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so Ihat we might stsie lo the charitable group's members those matters we are requir&d to state to them in an auditors, 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 charilable group and the charitable group's members as a tr￿y, audit work. for this report, or for the opinions we have formed. Jordan Abbott Bsc ACA (Senlor Statutory Auditor for and on behalf of Sumer Audit 3010912024 Chartered Accourrtants statutory Auditor Piper House 4 Dukes Court Bognor Road Chichester West Sussex P019 8FX Sumer Audit is a Irading name of Sumer Auditco Limited STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Current financlal year Unrostricted Endowment funds funds 2023 2023 Total Total 2023 2022 Notes Income and endowments from: Donations and legacies Charitable activities other trading activities Investments Other income 24,834 403,223 165,843 1,251,542 13.439 24,834 403,223 165,843 1,280,347 13,439 31,509 337,273 131,962 1,195.706 18,132 28.805 Total Income and endowmonts 1.858,881 28,805 1,887,686 1,714,582 endl re on". Raising funds Investment property costs Events expenditure Investment management 447.429 109,023 447,429 109,Q23 3,878 402,121 77,885 3,894 3.878 556.452 3.878 560.330 483,900 Charitable activities House and gardens Forestry Wood fijd production 896,179 235,025 15,111 896,179 235,025 15,111 829,393 216,965 15.798 Total ¢h8ritable expendituro 1,146,315 1,146,315 1,062,156 Total rnsourcos expended 1,702,767 3,878 1,706,645 1,546,056 Ngt gains/(losses) on investments 13 85,028 85,028 11,478,922 Net Sncoming resources before transfers 156,114 109,955 266,069 11,647,448 Gross transfers between funds 15 (187.967} 187.967 Net (outgolng)nncomlng resources (31.853) 297,922 266,069 11,647,448 Other recognised gain$ and losses Revaluation of tangible fixed assets 12,373,786) Net movement in funds (31.853) 297,922 266,069 9,273,662 Fund balances at 1 January 2023 660,466 48,605,856 49,266,322 39,992,660 Fund balances at 31 De¢ember 2023 628.613 48.903.778 49.532,391 49,266,322 The statement of financial activities indudes all gains and losses recognised in the year. Ml income and expenditure derive from continuing activilies. 10- STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Prior financial year Unrestrlcted Restricted Endowment funds funds funds 2022 2022 2022 Total 2022 Notes Income and endowments from: Donations and legacies Charitable activities Other trading aclivilies Investments Other income 19,668 321,019 131,962 1,179,770 18,132 11,841 16,254 31,509 337,273 131,962 1,195,706 18,132 15,936 Total income and endowrnents 1,670,551 28.095 15.936 1,714,582 ndlture on: Raising funds I nvestment property costs Events expenditure Inveslmenl management 402.121 77,885 402,121 TT,885 3,894 3,894 480,006 3,894 483,900 Charltable activities House and gardens Forestry Wood fuel production 829,393 190,070 15,798 829,393 216,965 15,798 26.895 Total charltable expendlture 1,035,261 26.895 1,062,156 Total resources expended 1,515,267 26,895 3.894 1,546,056 Net gainsl{losses) on investments 13 11.478.922 11,478.922 Net incoming resources before transfers 155.284 1.200 11.490.964 11,647,448 Gross transfers be￿een funds 15 1,200 (1.200) Net (outgoingifjncoming resources 156,484 11,490,964 11,647,448 other recognised galns and losses Revaluation of tangible fixed assets (2,373.786) (2,373,786) Net movement in fvnds 156A84 9,117.178 9.273.662 Fund balances at 1 January 2022 503.982 39.488.678 39.992,660 Fund balances at 31 December 2022 660,466 48,605,856 49,266,322 The slatement of financial activitres I￿lUdeS all gains and losses reccp3nised in the year. AJI income and expenditure derive from continuing activtlies. 11 STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 All Income funds 2023 2022 Gross income Transfer to endowment funds 1,858,881 (187.967) 1,698,646 Total Income In the reporting period 1,670,914 1,698,646 Total expenditure from income funds 1.702,767 1,542,162 Net (expendltUTe)Ilncomo for the year (31,853) 156,484 12- STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Flxed assets Tangible assets Heritage assets Investment properties Investments 16 17 18 19 9,030.843 9.235.591 29,424,266 2,869,222 9,040,800 9,235,591 29,036,000 2,601,266 50.559,922 49.913,657 Current assets Stocks Debtors Cash at bank and In hand 21 22 181 130,434 604,245 3.310 121,304 1.062,176 734,860 1.186.790 Credltors: amounts falling due wrthln one year 23 (327,182) (336,593) Net current assets 407,678 850.197 Total assets less currèrrt liabilitiès 50.967,600 50,763.854 Credltors: amounts falling due after more than one year 24 (1,435,209) (1.497,532) Met assets 49,532,391 49,266,322 Capltsl funds Endowment funds - General end¢)wmenl funds Revaluation reserve ene 16,509,630 32.394.148 16.291,848 32.314.008 48.903,778 48,605.856 Expendable endowment 48.903,778 48.605.858 28 48,903.778 48,605,856 Income funds Unrestricted funds General unFestriGted funds Funds retained within non-ch8ritable subsidiaries 617.143 11.470 652,948 7.518 628,613 660,466 49,532,391 49.266,322 These finanaal slatements have been prepared in accordance wsth the provisions apFlicable lo companies subjeGI to the small companies regime. 13- STANSTED PARK FOUNDATION {LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS BALANCE SHEET (CONTINUED) ASAT 31 DECEMBER 2023 The accounts were approved by the Trustees on ......... Viscount Duncannon Trust68 Company Reglstratlon No. 4907189 14- STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2Q23 2022 Notes Cash flows from operating activlties Cash absorbed by operations 35 (1.056.289) (1,001,330} Invesling actlvlttes Purchase of tangible fixed assets Proceeds on disposal of tangible fixed assets Purchase of investrnent property Purchase of other investments Proceeds on disposal of other investrnents Investment income received (37.331) (75,300) 7,150 (325,662) 126.870) 56,828 1,195,706 (388.266) {224,927) 42.000 1,280.347 Net cash generatenditions have been met. the amounts can be measured reliably, and it is probable that income will be re￿ived. Cash donations a￿ ￿￿nised on receipL Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relatlon to donations received under GrftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otheFwise rf the Chaiity has been notified of an impending distribution, the amount is known. and receipt is expected. If the amount is not known. the legacy Is treated a5 8 contingent asset. 16- STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUn￿ng policies {Continued> Grants receivable are credited to the Statement Of Financial Activities when they are receivable. Grants relating to the development of investment property are posted lo grants receivabte for core activits.es {part of voluntary income). Grants relating to country and parkland ￿Storation and Forestry Commission grants are induded in foresty charitable activty. Grants relating to Renewable Heat In￿ntiVe are induded in wood fuel produclion charitable activity. Service charge income is shown nel of recharges expenditure. This expendilure is recharged in full to Ihe tenants and is only incurred on behalf of the tenants and is theref￿e not expenditure relating to the Foundatlon. Income, which exdudes VAT, comprises sales to third parties. rents receivable, investment income and income derived from house opening. 1.5 Resources expended Liabilities are recognised wher) the activity giving rlse to the liabilty has been incurred. Expenditure is allocated be￿een c))sts of raising fvnd$ and tharitable expenditure which also indud8S support and governance costs. Induded in costs of raising funds a￿ inv6stment propety costs and event5 expenditure. Induded in charitsble expenditu￿ undertaken directly are costs relating to house and garden opening which also indudes grounds and rn8ns￿n expendilure and foresty. Support costs re charitable activities for house and gar(ien opening indude Estste management costs. Govemance costs consist of audit and accountancy fees. 1.6 Tangible fixed assats Tangible fixed assets are initially measured at Cost and subsequendy me8sured at cost or v81uation, nel of depreciation and any impainnent losses. Depreclatlon is recognised so as lo writs off the cost or valuation of assets less their residual values over their usefvl lives on the following bases: Freehold Land and buildings Plant and machinery Fixtures, ffttings & equipment Motor vehicles 15% Reducing balance 15% Reducing balance 25% Reduang balance No depreciation is provided on freehold buildings and heritage assets as the estimated useful life and residual values of the properties and herrtage assets would render a deweciation charge immaterial. The gain or loss arising on the dispt)sal of an asset is detemir)ed as Ihe differen￿ between the Sale proceeds and the carying value of the asset and is recognised in net incomel(expenditure) for Ihe year. Properties whose fair value can be measured ￿lIablY are held under Ihe revaluation model and are carried at a revatued amount, being Iheir fair vatue at the date of vaualion les5 any subsequent accumulated depreciation and subsequent accumulated impainnent losses. The lair value of the land and buildings is usua]ly considered to be their market value. Revaluation gains and losses are recognised in net in¢omel(expendrture) for the year. 17- STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles (Contlnued) 1.7 Investment properties Investment propety, ￿lch is propety held lo earn rentsls andlor for capital apprecialion. is measured using the fair value model and slated at its fair value at the reporting end date. The surplus or deficit on revaluation and realised gains or losses on property sdd are recognised in net incomel(expenditure) for the year. 1.8 Heritage assets Heritsge assets are capitalised in the year of acquisition. The measurement basis adopted for their indusion In the accounts is the value for insurance purposes. 1.9 Flxgd assat Inva8tments Fixed asset Inveslmenls 8re initially measured at transaction prlce exduding transactlon costs, and arè subsequently measured at fair valu8 at each reporting date. Chang8s in fair value are recogni58d in net Incomel{expenditure) for the year. Transaclion costs are expensed as incurred. Investments in subsidiaries arè all held at cost in the separate financial statements of the company. A subsidiary is an ontity controlled by the Charity. Control is the power to govern tha financi81 and opérating poIIci8s of th8 entity so as to obtain benefits from its activities. 1.10 Impalrment of fixed a$$ot$ At each reporting end dale, the Charity reviews the carying affwjunts of its tangible assets to determine wheth8r th8re is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is estimated in order to delennine the extent of the imp8irmenl loss lif any). 1.11 Stocks Stocks are staled at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been Incurred in bringlng the stocks lo thelr present location and condition. Ilems held for dlstrlbutlon at no or nominal ¢onsideralion are measured the lower of replacement cost and ￿5t. N81 r8alisabl8 valu8 is the estimat8d selling price less all estirnatgd costs of compl8tion and costs to b8 incurred in marketing, selling and distribution. 1.12 Cash and cash equlvalents Cash and cash equivalents indude cash in hand, deposits held at call with banks. other short-temi liquid investments with original maturrties of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilits'es. 1.13 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financtal instruments. Financia5 instruments are recognised in the Charitys balance sh8et when the Charity becomes paty to the contractual provisions of the instrumenL Financial assets and liabilities are offset, with the net amounts presented in the financial stslemenls, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and seide the liabillty simultaneously. 18 STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcies {Continued> Basic financial assets Basic financial assets, which indLKle debtors 8nd cash and bank balancEs, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing iransaclion, where the transaction is measured at thè present value of the fvture re￿iptS discounted at a market rate of interest. Financial assets dassrfied as receivable within one year are rjot amortised. Basic financial liabilities Basic financial liabilities, induding credrlors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrurnent 15 measured at the present vaue of the fubjre payments discounted at a market rats of Interest Financial liabilities classified 8S P8yable within one year are not amortis8d. Debt instruments a￿ subsequenlly Carried at amortised ¢osc using tha effactive interest rate method. Trade creditors are obligations lo pay for wds or services that have been acquired in thg ordinary course of operation5 from suppliers. Amounts payable aro dassified as cu￿ent liabilities rf payment is duè w1th5n one year or less. If not. they are presented as norpcurrent liabilities. Trade creéitors are recognised initially at transaction price and subsequenuy measure(l at amorts'sed cost using the effe¢tlve interest method. Derecognltlon of financlal liabilities Financial liabilities are derecognised when tha Charitys ¢ontra¢tual obligations expire or are discharg8d or cancdled. 1.14 Employee benefits The ¢￿t of any unused holiday enlillement is recrynised in the period in which the employee's services are received. T8rmination benefits are recognised immediately as an expense ￿en the Charity is demonstrably committed to tem)inate Ihe employTnenl of an emF4oyee or to provtde tennination benefits. 1.15 Retirem•nt benefits Payments lo defined mntribution retiremer)t benefft schemes are charged as an expense as Ihey fall due. 1.16 Lèases Leases are dass(fied as finance leases whenever the temis of the lease transfer substantially all the risks and rewards of ownership to the lessees. AJI other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the Iowgr of the assets fair value at the date of inception and the present value of the rninimum lease payments. The related liabilty is induded in Ihe balaneé sheet as a finance lease otrAigation. Lease payments are treated as consisting of capital and intèrest elements. The interest is charged to net incomel(expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liabilty- 1.17 Irrecoverable VAT Irrecoverable VAT is written off to the Ststement Of Finan(?al Activrties in the year it artses. 19- STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 crftlcal accountlng estlmates and Judgements In the aprAication of the Charity's accounting policies, the Truslees are required to make judgements, eslimates and assumptions aboul the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and assoaated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlwng assumptions are reviewed on an ongoing basis. Revisions to accounting estimales are recognised in the period in which the estimate is revised where the revision affects only that p8riod, or in the period of the revision and future periods where the revision affects both current and future periods. Donatlons and legacies Unr88tricted Unrestricted funds funds Restricted funds Total 2023 2022 2022 2022 Donations and gTrfts Grants receivable for ¢ore activities Friends of Stansled Park subscriptions 17.356 12.548 10,641 1,200 23.189 1,200 7,120 7.478 7,120 24.834 19.668 11,841 31,509 -20- STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Cbaritable activities House ènd garden opening 2023 For¢sty Game income Wood fuél production Totsl 2023 Totsl 2022 2023 2023 2023 Sales within charttable activities Performance related grants 67,823 169.689 1,500 10.656 249.668 241,993 134,561 18,994 1 53.555 95.280 67,823 304,250 1.500 29.650 403.223 337,273 Anaiysls by fund Unrestricted funds Reslricted funds 67,823 304.250 1.500 29.650 403.223 321,019 16,254 67,823 304.250 1.500 29,650 403.223 337,273 Performance related grants Country and parkland restoratt'on Renewable Heat Incentive 134.561 134,561 18,994 75,391 19,889 18,994 134.561 18,994 153,555 95,280 For the year ended 31 December 2022 House znd garden op•ning Foresty Game Income Wood fvel productlon Total 2022 Sales wthin charitable activities Performance related grants 55,966 173,161 75.391 11,366 19.889 241,993 95,280 55,966 248,552 1.500 31,255 337,273 Analysis by fund Unrestrtcted fijnds Restricted funds 55,966 232,298 16,254 1,500 31,255 321.019 16,254 248,552 1.500 31.255 337,273 21 STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable actlvltles {Contlnued) Perfomiance related grants Country and parkland restoration Renewable Heat Incentive 75,391 75,391 19,889 19.889 75,391 19,889 95,280 Income from othertradlng actfvSties Unrostrlcted Unrestrlcted fund8 funds 2023 2022 Nofvcharitable trading activities 165,843 131,962 Investmgntg Unr•8trlcted Endowment funds funds general 2023 Total Unrestricted Endomnent funds funds general 2022 Total 2023 2023 2022 2022 Rental income Income from listed investments Service charge income Water income Interest receivable 1,050.548 1,050,548 991,743 991,743 28.805 28,805 180,995 5,569 14.430 15,936 15,936 181,291 4.109 2,627 180,995 5,569 14.430 181,291 4,109 2,627 1,251,542 28,805 1.280,347 1,179.770 15.936 1,195,706 Other income Unrestricted Unrèstricted funds funds 2023 2022 Net galn on disposal of tangible fixed assets Other income 5,762 12,370 13,439 13.439 18,132 STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 RaisSng funds Unrestricted Endowment funds funds general 2023 Totsl Unrestricted Endowment funds fijnds general 2022 Total 2023 2023 2022 2022 Investment costs Repairs and maintenance Premises Costs Other costs Staff costs Depreciatlon and impairment ra 128,611 130,742 50,611 136.456 128,611 130,742 50.611 136,456 112.189 120,002 20,245 148,497 112,189 120.002 20,245 148,497 1.009 1,009 1,188 1.188 Investment property costs 447.429 447,429 402.121 402,121 Events ex enditure Operating trading company undertaking nOr￿charitable trading activity Other costs Staff costs 78.692 2.488 27.843 78.692 2.488 27.843 61,675 1,026 15,184 61,675 1,026 15,184 Events expenditure 109,023 109.023 TT,885 77.885 Investment mana ement 3,878 3.878 3,894 3,894 556.452 3,878 560.330 480,006 3,894 483,900 Included in Investrnent propety other costs is bank loan interest payable of £27.423 (2022- £8,409). -23- UJ Thl r m In (Or J ￿ o) oonn ¢ry C¢ (Y) ¢ry ￿ co cc O ￿ LO 000 rflo Q￿Z wzo wu 8oc CJo>EcLJffJ STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted funds The income funds of the charity indude restriGted funds comprisin9 the following balances of donations and grants held on trust for specific purposes: Movement in funds Movernent in funds Incoming 841ance at r•sourc•s 31 December 2023 Balance at 1 January 2022 Incoming Resources •xpended Transfers Balance al l January 2023 Tree rdanting Sylva Nova grant received for trees Deer Highs8at grant received 10.641 (10.641) 16,254 (16,254) 1,200 {1.200) 28,095 (26,895) 11,200) 30 Analysis of net assets between funds Unrèstricted Endowment funds funds 2023 2023 Total 2023 Fund balances at 31 December 2023 aro ropresented by: T8ngible 8ssets Heritag8 assets Investment properties Investrngnts Current assetsl(liabilitles) Long terni liabilities 202.233 8,828.610 9,030.843 9,235,591 9,235,591 29.424,266 29.424,266 2,869.220 2.869.222 447.278 (39,600) 407,678 (20,900} (1.414.309) {1,435.209) 628.613 48.903,778 49,532,391 -35- STANSTED PARK FOUNDATION (LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 30 Analysls of net assets between funds (504,791) (386.4401 (891,231) 37 Non4udlt servlce8 providod by audltor The relevant circumslances requiring disclosure in accordan￿ with the requirements of FRC Ethical Standard 2024 - Provisions Available for Audits of Small Entities are that, in common with many charits'es of our size and nature we use our auditors lo assist with the preparation of the accounts. 38-