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2025-08-31-accounts

CUMBERLAND LODGE

(A Registered Charity and Company Limited by Guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Company No. 05383055 Charity No. 1108677

CUMBERLAND LODGE

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Contents Page
Reference and Administrative Details 2
Chairman’s Report 3
Chief Executive’s Report 4
Trustees’ Report (incorporating the Strategic Report 5 -10
and Directors’ Report)
Independent Auditor’s Report 11-13
Statement of Financial Activities 14
Statement of Financial Position 15
Cash Flow Statement 16
Notes to the Financial Statements 17-28

1

CUMBERLAND LODGE

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 AUGUST 2025

Status The organisation is a charitable company limited by guarantee, incorporated in England and Wales on 4 March 2005. Governing Document The company was established under Memorandum and Articles which established the objects and powers of the charitable company. Company Number 05383055 Charity Number 1108677 Registered & Operating Office Cumberland Lodge, The Great Park, Windsor, Berkshire, SL4 2HP Trustees Professor Tom Crick MBE Jane Furniss CBE (resigned 23[rd] January 2026) Abby Guthkelch (F) Stephen Harvey Eugene Huang David Isaac CBE (F) (resigned 23[rd] January 2026) Dr Patrina Law John Lotherington (Chairman, F) David Matthews (Honorary Treasurer, F) Jayaprakasa Rangaswami Ingrid Tennessee (F) Subcommittees F: Denotes Member of the Finance and General Purposes Committee

Chief Executive Fergus Drake OBE Bankers HSBC Bank Plc,105 Mount Pleasant, Tunbridge Wells, Kent, TN1 1QP Solicitors Farrer & Co LLP, 66 Lincoln’s Inn Fields, London, WC2A 3LH Investment Managers CCLA, Senator House, 85 Queen Victoria Street London EC4V 4ET Auditors HaysMac LLP,10 Queen Street Place, London, EC4R 1AG

2

CUMBERLAND LODGE CHAIRMAN’S REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

I am pleased to present the Trustees’ Report and financial statements for Cumberland Lodge for the year ended 31 August 2025.

As we prepare for our 80[th] anniversary in 2027, our mission of supporting social cohesion and a flourishing democracy remains core to what we do – and amidst the uncertainties of today’s world it is clearly ever more urgent. We are developing programmes and building partnerships designed to have enduring impact and a catalytic effect through the people and institutions with which we work. Above all, our educational activity is focused on the rising generation, the ethical leaders who will be the agents of renewal in our society and democracy.

During this year, the Board, with the dedicated support of our Chief Executive and senior leadership team, has worked to ensure a secure basis for delivering that mission – closely engaged governance, monitoring of Board and executive skills and effectiveness, financial sustainability, and strategic positioning to deliver our charitable purpose in an increasingly complex external environment.

The Trustees are encouraged by the progress made during the year. Cumberland Lodge has maintained a strong programme of educational and cultural activity while continuing to welcome a wide range of external organisations to the Lodge. This breadth of activity remains central to our dual commitment: delivering impact through our mission-led work while generating the income necessary to sustain it.

The Board has paid close attention to risk management, reserves, and cash flow, and we are satisfied that appropriate controls and policies are in place to navigate the current challenges of both the Higher Education and Hospitality sectors. We remain committed to maintaining a prudent financial position that enables investment in future programmes while safeguarding the long-term interests of the charity. We strongly support the work of the Executive Team to diversify income streams in the Lodge which is captured in the ongoing work feeding into the 2025-2030 business plan.

On behalf of the Board, I would like to thank our Chief Executive and staff for their professionalism, creativity, and dedication throughout the year. I also extend our gratitude to our partners, supporters, Friends of the Lodge, and all those who contribute to the life of Cumberland Lodge. Their continued commitment enables the organisation to thrive and to offer a unique space for dialogue, reflection, and learning, in support of a rising generation bridging social divides and strengthening democracy.

John Lotherington

3

CUMBERLAND LODGE CHIEF EXECUTIVE’S REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

The year 2024–25 has been one of consolidation, growth, and renewed ambition for Cumberland Lodge. Building on the foundations laid by a newly formed programme team in the previous year, we have continued to strengthen our distinctive approach, drawing on expertise in education, research, and youth work to deliver a programme that is both intellectually rigorous and deeply relevant to the world young people are navigating today.

Our calendar has combined the return of established educational programmes like our growing partnership with St Pauls Institute focused on intergenerational dialogue with newer initiatives with the Attorney General’s Office and the inter-faith dialogue charity, YAD Fellowship. Central to our work is our flagship three-year Youth & Democracy project. Where young people from across the country come together to reimagine democracy and develop their skills in political dialogue, media literacy, and ethical leadership, while building networks that extend well beyond their time at the Lodge.

Our International Student Christmas Conference and Life Beyond the PhD ran once again, welcoming 34 students from 15 countries and 10 universities, and 35 doctoral students from 19 universities respectively. Alumni from every event are encouraged to join our growing online community, to keep up to date with our work and access digital resources.

We are proud to continue hosting over 270 external organisations for study retreats and professional training, welcoming over 10,000 guests each year to the unique setting of Windsor Great Park. This included 3,000 students, over 1,000 charity staff and 1,600 Medical practitioners. This aspect of our work remains vital to the sustainability of the Lodge and to extending our impact beyond our own programme. We were particularly pleased to see 28 new groups booking time at the Lodge.

Alongside our mission-focused educational work, our cultural events programme continues to open the Lodge to wider audiences, celebrating dialogue, creativity, and the exceptional hospitality for which Cumberland Lodge is known. These events not only enrich our public offer but play an important role in supporting our charitable activities.

Our social outreach programme continues to introduce new people to our work. Alongside our Open Days, Ancient Tree walks, Murder Mystery weekends and history tours, we hosted a series of impactful Cumberland Conversations with leaders in their fields of Law, the Army, the Intelligence Services and Charity.

At the heart of everything we do is a commitment to nurturing the next generation of ethical leaders. In an era marked by uncertainty, polarisation, and rapid change, providing young people with the space, skills, and confidence to question, listen, and engage thoughtfully with complex social issues feels more important than ever.

I would like to express my sincere thanks to the Friends of the Lodge, alongside our supporters, partners, Trustees, and staff for their continued dedication and belief in our mission. Together, we are creating the conditions for meaningful dialogue and helping to build a more just and inclusive society — one conversation at a time.

Fergus Drake OBE

4

CUMBERLAND LODGE

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Trustees’ Report (incorporating the Strategic Report and Directors’ Report)

The Trustees, who are the Directors of the charitable company, present their report, which includes the strategic report, and the audited financial statements for the year ended 31 August 2025.

The Charity’s significant activities are outlined in detail in the Chairman’s and Chief Executive’s Reports, which should be read in conjunction with the Trustees’ Report (together "the Reports").

Objectives and activities

Originally set up in 1947, Cumberland Lodge has as its objects:

To advance education of the public, in particular British, Commonwealth and overseas students in accordance with the principles of the Christian faith with particular reference to: the nature of human life in society; the relationship between Christian theology and philosophy and alternative religious and secular beliefs; the interrelationship of various academic disciplines and their practical relevance.

Review of significant activities and achievements including public benefit

The Trustees have had regard to the Charity Commission’s guidance on public benefit and have considered how the objects have been fulfilled, through the activities undertaken, for the public benefit.

Firstly we have achieved our objectives by running our own programme of educational events throughout the year, initiating debate and learning on ethical and societal issues of national and international significance. We are independent and so able to promote frank exchanges of views and cross-sector co-operation, and we encourage the expression of all reasonable views, whether they be religious, moral or social. Details of these events are set out in the Chief Executive’s report and Chair’s Report which form an integral part of this Trustees’ Report.

Additionally, we provide conference facilities for universities and other institutions of higher education, the National Health Service, Inns of Court, and many other organisations to run their own educational programmes in an atmosphere that lends itself to study and reflection and that lies outside of participants’ usual work and study routines. As is evident from the Reports, the Charity has focused in particular on providing access to student groups and young people.

It is important to the Charity that access to the educational experience it provides is open to all who are interested. The principal beneficiaries are students and young people in training, and we subsidise their visits by a programme of bursary support and reduced charges.

Fundraising statement

Cumberland Lodge is registered with the Fundraising Regulator. In the past year Cumberland Lodge has received no complaints in respect of its fundraising this year, (2024: none).

5

CUMBERLAND LODGE

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Financial Review

The financial year leading up to August 2025 proved to be a challenging one. Income declined by 6%, dropping to £3,037,000 (compared to £3,230,000 in 2023/24). Both the hospitality sector and key markets within Higher Education faced significant external financial pressures, which directly affected Cumberland Lodge’s revenue. Expenditure increased by 6%, to £3,611,000 (up from £3,415,000 in 2024), as we continued to support the core educational programme from our reserves. Additionally, external factors, such as wage inflation and higher Employers National Insurance contributions, further impacted our costs. As a result, we reported an operating deficit of £574,000 for the year (compared to a deficit of £186,000 in 2023/24).

Our financial returns on our pooled investment funds had a poor year in the volatile financial markets recording a loss of £123,000 (2023/24: gain of £240,000). Overall, we reported a decrease in funds of £697,000 (2023/24: increase £55,000), leaving total funds at the year-end of £4,349,000 (2023/24: £5,046,000).

Moving forward the Board is developing a robust 5 year business plan to ensure Cumberland Lodge can steward its resources carefully whilst maximizing educational impact at this critical time.

6

CUMBERLAND LODGE TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

impact.

Funds and Reserves policy

Cumberland Lodge holds funds and reserves in respect of the risks and obligations it faces both as a charity and as custodian of a heritage building of historical importance. These are organised as follows:

Restricted funds: where donors require gifts to be used to further a specific charitable purpose, rather than to be spent or applied at the discretion of trustees to further any of the charity’s purposes. Details are set out in Note 14.

Designated funds: unrestricted funds earmarked by trustees i) for future expenditure on defined strategic projects; ii) to meet long term commitments to keep the Lodge premises in a satisfactory state of repair and fit for purpose as a residential conference venue; iii) to exclude from general reserves an amount equivalent to the net book value of tangible fixed assets (which are not considered freely available to be spent on the charity’s purposes). Trustees regularly review designations to ensure they remain aligned with organisational objectives and commitments. Details are set out in Note 15.

General reserves: unrestricted funds held as a buffer against unanticipated reductions in income and investment values, or to absorb unexpected increases in expenditure. Mindful of their duty to manage the Charity’s financial risks and resources responsibly, trustees aim to carry around six months of operating expenditure as well as 15% of the value of its investment portfolio as general reserves. The current target range for general reserves is £2.0m +/- 10%. At 31 August 2025 the level of general reserves was £1,675,000, (2024 £2,309,000). The Trustees recognise that the current level of reserves is below target and are reviewing plans and operations to bring this back to target.

Investments

Cumberland Lodge invests its surplus cash in ethical investment funds, seeking to produce the best financial return within an acceptable level of risk. The investment objective for the long term is to generate a return in excess of inflation whilst generating an income to support the ongoing activities of Cumberland Lodge. The investment objective for the short term is to preserve the capital value with a moderate level of risk. Assets should be readily available to meet unanticipated cash requirements. Investment performance is reported to the Board and is monitored by the Trustee group as a whole. While the performance of our invested funds has been below expectations during the period, the Trustees are working closely with our investment advisors to review the portfolio and evaluate potential actions to strengthen performance.

7

CUMBERLAND LODGE

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Principal risks and uncertainties

Cumberland Lodge has a formal risk management process through which the major risks to which the organisation may be exposed are identified, and has ranked these by likelihood and impact, culminating in a risk control document which is updated on a regular basis. All significant risks, together with current mitigation actions, are reviewed by the Trustees at their meetings. The Trustees are satisfied that systems have been developed and are in place to mitigate identified risks to an acceptable level.

The principal risks and uncertainties identified by the Charity are as follows:

Risk identified Action taken to mitigate the risk
Cost Inflation
and Volatility		 Cumberland Lodge regularly reviews and updates its customer pricing in line
with overall inflationary pressures. Fixed price agreements will be negotiated
with suppliers where feasible to minimise cost base volatility.
Force majeure
closure		 The forced closure of the Lodge due to adverse weather, epidemics or similar
force majeure events is an ever-present risk. Insurance provides some mitigation
depending on the precise circumstances, and our event contracts limit any
customer liability that might arise. The residual risk is mitigated by our reserves
policy
Withdrawal of
Royal Warrant		 The Charity occupies Cumberland Lodge by Royal Warrant, which is subject to
the grant of the Monarch. Both the conditions of the Royal Warrant and the
Charity’s Objects are fundamental to the Charity’s activities and compliance is
carefullymonitored bythe Trustees.
Guest health
and safety		 The Charity offers hospitality to thousands of residential guests each year and
takes their welfare whilst at the Lodge very seriously. A comprehensive regime is
in place to identify and manage food hygiene, fire, legionella and other health
and safety risks that are an integral part of operating residential conferencing
facilities in a heritage building which is several hundred years old. The key
mitigations include regular risk assessments, staff training, follow up and
learning from incidents and near misses, and a clear system of roles and
responsibilities.

Structure, governance and management

Structure

Cumberland Lodge was incorporated on 4 March 2005, and the assets and activities of the King George VI and Queen Elizabeth Foundation of St Catharine’s Charity were transferred to it with effect from 1 June 2005 when the new charity and its trading subsidiary commenced operations.

The King George VI and Queen Elizabeth Foundation of St Catharine’s continues as a dormant charity, holding the Royal Warrant for the occupation of Cumberland Lodge. A uniting direction was issued by the Charity Commission (8 March 2006), which removed the need to account separately for the old charity.

Cumberland Lodge has a wholly-owned non-charitable trading subsidiary, Cumberland Lodge Enterprises Limited, which provides conference facilities for professional bodies, charities and other organisations. The consolidated results of Cumberland Lodge and its subsidiary are shown on page 13 of the financial statements. The original charity, King George VI and Queen Elizabeth Foundation of St Catharine’s, is held in trust by Cumberland Lodge as corporate trustee.

8

CUMBERLAND LODGE

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Governance

The Company is governed by its Memorandum and Articles of Association. The Trustees are Directors of the company and those who served during the year and since are set out on page 2.

During the year two committees of the Board (Finance and General Purposes, and Business Development) met to implement policy and exercise control.

New Trustees are proposed by existing Trustees to the whole Board via a nomination process. The Board considers their suitability considering current vacancies and the balance of skills and diversity of existing Trustees. Nominations are subject to election.

There is a maximum limit to the number of years a Trustee may serve, although this may be extended in exceptional circumstances, and the Board regularly reviews the range of skills it needs. New Trustees are encouraged to undertake the induction course for new Trustees. Trustees are conscious of the need to keep up to date with current legislation and issues and are kept informed about relevant training courses.

During the financial year day-to-day management of the Charity was delegated to the Chief Executive, supported by other senior staff.

Remuneration of key management

The Trustees consider that the Board of Trustees and the senior management team comprise the key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis. All Trustees give of their time freely and no Director received remuneration in the year. Details of Directors’ expenses and related party transactions are disclosed in notes 4 and 17 to the accounts.

The pay of the key management personnel is reviewed annually. In view of the nature of the Charity, the Trustees periodically benchmarks against pay levels in other charities. The remuneration benchmark is the midpoint of the range paid for similar roles in similar charities and sizes.

Statement of the Board of Trustees’ responsibilities for the financial statements

The Trustees, who are also Directors of Cumberland Lodge for the purpose of company law, are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year and not approve the financial statements unless they are satisfied that the financial statements give a true and fair view of the state of the affairs of the Charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the year then ended.

In preparing those financial statements which give a true and fair view, the Trustees should follow best practice and:

9

CUMBERLAND LODGE

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website.

Each of the Directors, who held office at the date of approval of this Trustees’ Report, has confirmed that there is no information of which they are aware which is relevant to the audit but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are made aware of such information.

Approved by the Trustees on 23[rd] April 2026 and signed on their behalf by:

John C. Lotherington John C. Lotherington

......................................

John Lotherington

David Matthews DV Matthews

.................................... David Matthews

10

CUMBERLAND LODGE

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CUMBERLAND LODGE

FOR THE YEAR ENDED 31 AUGUST 2025

Independent auditor’s report to the members of Cumberland Lodge

Opinion

We have audited the financial statements of Cumberland Lodge for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Consolidated Cash Flow Statement 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 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s 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 Trustees are responsible for the other information. The other information comprises the information included in the Chairman’s Report, the Chief Executive’s Report and the Trustees’ 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 express any form of assurance conclusion thereon.

In connection with our audit of the financial 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 fact. We have nothing to report in this regard.

11

CUMBERLAND LODGE

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CUMBERLAND LODGE

FOR THE YEAR ENDED 31 AUGUST 2025

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the Directors’ 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:

Responsibilities of Trustees for the financial statements

As explained more fully in the Trustees’ responsibilities statement set out on page 10, the Trustees (who are also the directors of the charitable company for the purposes 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 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 group’s and the parent charitable company’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 group’s and the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect 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 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group’s and the parent and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Health and Safety Acts and GDPR and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as include the Companies Act 2006 and the Charities Act 2011, and consider other factors such as payroll tax and VAT.

12

CUMBERLAND LODGE

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CUMBERLAND LODGE

FOR THE YEAR ENDED 31 AUGUST 2025

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company'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 that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kathryn Burton (Senior Statutory Auditor) For and on behalf of Haysmac LLP, Statutory Auditors

Date: 11th May 2026

10 Queen Street Place, London EC4R 1AG

13

CUMBERLAND LODGE

Company No. 05383055

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(including consolidated income and expenditure account)

FOR THE YEAR ENDED 31 AUGUST 2025

Unrestricted Restricted Total Total
Funds Funds 2025 2024
Notes £ £ £ £
INCOME:
Donations, legacies and grants 2 10,830 - 10,830 21,107
Charitable activities
Cumberland Lodge conferences 32,400 - 32,400 59,233
Student and training conferences 2,018,277 - 2,018,277 1,885,203
Other trading activities
Accommodation income 776,911 - 776,911 1,039,493
Rents and lettings 56,980 - 56,980 48,300
Investments 131,434 - 131,434 134,331
Other income 2 10,163 - 10,163 41,850
Total income 3,036,995 - 3,036,995 3,229,517
EXPENDITURE:
Costs of raising funds
Trading costs 567,806 - 567,806 734,143
Expenditure on charitable activities
Cumberland Lodge programme 212,168 - 212,168 253,556
Student and training conferences 2,830,940 - 2,830,940 2,427,373
Total expenditure 3 3,610,914 - 3,610,914 3,415,072
(Deficit)/Surplus before
Gains/(Losses) on investments		 (573,919) - (573,919) (185,555)
Gains/(Losses) on investments, net of
charges		 (122,792) - (122,792) 240,354
Net movement in funds (696,711) - (696,711) 54,799
Funds brought forward 5,021,819 23,712 5,045,531 4,990,732
Funds carried forward
4,325,108 23,712 4,348,820
5,045,531
========== ========= ========= =========

The notes on pages 17 - 29 form part of these financial statements.

The statement of financial activities includes all gains and losses recognised in the year. All amounts derive from continuing activities.

Full comparative figures for the year ended 31 August 2024 are shown in note 19.

14

CUMBERLAND LODGE

Company No. 05383055

CONSOLIDATED AND CHARITY STATEMENT OF FINANCIAL POSITION

AT 31 AUGUST 2025

Notes
FIXED ASSETS
Tangible assets
7
Investments
8
CURRENT ASSETS
Stock
Debtors
9
Short term deposits and cash in hand
CURRENT LIABILITIES
Creditors: amounts falling due
within one year
10
NET CURRENT LIABILITIES
NET ASSETS
FUNDS
Unrestricted general funds
12/13
Unrestricted designated funds
15
Restricted funds
12/14
TOTAL FUNDS		 2025
Group
£
849,917
3,825,552
4,675,469
15,008
176,257
327,468
518,733
(844,372)
(325,639)
4,349,830
1,676,201
2,649,917
23,712
4,349,830
Charity
£
849,917
3,825,552
4,675,469
13,172
132,108
281,896
427,176
(1,120,690)
(693,514)
3,981,955
1,308,326
2,649,917
23,712
3,981,955		 2024
Group
£
Charity
£
912,914
912,914
4,202,633
4,202,633
5,115,547
5,115,547
20,659
14,140
421,052
324,802
245,351
108,988
687,062
447,930
(757,078)
(818,155)
(70,016)
(370,225)
5,045,531
4,745,322
2,308,905
2,008,696
2,712,914
2,712,914
23,712
23,712
5,045,531
4,745,322		 2024
Group
£
Charity
£
912,914
912,914
4,202,633
4,202,633
5,115,547
5,115,547
20,659
14,140
421,052
324,802
245,351
108,988
687,062
447,930
(757,078)
(818,155)
(70,016)
(370,225)
5,045,531
4,745,322
2,308,905
2,008,696
2,712,914
2,712,914
23,712
23,712
5,045,531
4,745,322
5,115,547
14,140
324,802
108,988
447,930
(818,155)
(370,225)
4,745,322
2,008,696
2,712,914
23,712
4,745,322

The deficit of the parent charity was £761,296. This comprises a deficit of £1,064,627 (2024: £248,447) plus donated profits from Cumberland Lodge Enterprises Ltd of £303,331 (2024: £176,559).

Approved and authorised for issue on 23[rd] April 2026 by the Trustees and signed on their behalf by:

John C. Lotherington

John C. Lotherington

.............................

John Lotherington

David Matthews

DV Matthews

............................ David Matthews

The notes on pages 17 - 29 form part of these financial statements.

15

CUMBERLAND LODGE

Company No. 05383055

STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS

AT 31 AUGUST 2025

2025 2024
£ £
Net cash provided / (used) by operating activities (203,743) (316,936)
Cash flows from investing activities
Investment income 131,353 134,331
Purchase of tangible fixed assets (100,833) (99,191)
Sale of tangible fixed assets - -
Purchase of investments (100,000)
Sale of investments 400,000 250,000
Cash (used in) / provided by investing activities 330,520 285,140
Change in cash and cash equivalents in the year 82,117 (31,796)
Cash and cash equivalents at the beginning of the
year 245,351 277,147
TOTAL CASH AND CASH EQUIVALENTS AT THE
END OF THE YEAR 327,468 245,351
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH INFLOW FROM OPERATING
ACTIVITIES
Net income for the year (696,711) 54,799
Adjustments for:
Depreciation charge 163,787 160,732
(Gains)/ Losses on investments 122,792 (288,933)
Income from investments (131,353) (134,331)
(Increase) / Decrease in debtors 244,795 513
Decrease in stock 5,652 (61,379)
(Decrease)/ Increase in creditors 87,295 (48,337)
Cash used in investing activities
(203,743) (316,936)

16

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

CUMBERLAND LODGE

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 (FRS 102) (Second Edition, effective 1 January 2019), (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Cumberland Lodge meets the definition of a public benefit entity under FRS 102. The registered office and company number can be found page 2. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

In preparing the accounts, the Trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required.

Preparation of accounts on a going concern basis

Trustees are content that sufficient cash and reserves are available to withstand any adverse financial risks or events that might reasonably crystallize for at least 12 months from the date of approving these financial statements for publication. Trustees are satisfied therefore satisfied that there are no material uncertainties regarding going concern, and so the going concern basis of preparation is considered appropriate.

Group financial statements

The financial statements consolidate the results of the Charity and its wholly owned subsidiary Cumberland Lodge Enterprises Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the Charity has not been presented because the Charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

Income recognition

All income, including donations and legacies, is recognised once the Charity is entitled to the income, the amount of income receivable can be measured reliably and receipt is probable.

Grants

Grants are recognised in full in the statement of financial activities in the year in which the Charity is entitled to the income, the amount of income receivable can be measured reliably and receipt is probable.

Income from charitable activities

Income from charitable activities is recognised as earned when the related services are provided. Income from other trading activities is recognised as earned when the related services and goods are provided.

Investment income

Investment income is recognised on a receivable basis once the amounts can be measured reliably.

17

CUMBERLAND LODGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Allocation of costs

Expenditure is summarised under functional headings on a direct and indirect cost basis. The apportionment of indirect costs is based on estimates of the relative use of Cumberland Lodge’s resources.

Operating leases

Rental charges are charged on a straight-line basis over the life of the lease.

Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Investments

Investments are a form of basic financial instrument and are shown in the financial statements at market value. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities.

Profits and losses on the realisation of investments are shown net of costs (which are deducted at source) as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Fixed assets

Fixed assets are stated at cost or deemed cost (donated valuation at estimated fair value) less accumulated depreciation and impairment losses. Assets costing more than £1,500 are capitalised.

Depreciation is calculated to write off the costs of the fixed asset by equal instalments as follows:

Motor vehicles 4 years Furniture, fittings and equipment 3 to 10 years Leasehold improvements 10 to 20 years

18

CUMBERLAND LODGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

Cash

Cash represents cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Stock

Stocks are valued at the lower of cost and net realisable value.

Funds

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the Charity, which do not fall to be recognised as restricted funds.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted funds are those funds which are to be used in accordance with specific instructions imposed by the donor or trust deed.

Employee benefits

Termination benefits are accounted for on an accrual basis and in line with FRS 102.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Directors are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

19

CUMBERLAND LODGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

3
ANALYSIS OF EXPENDITURE
Fundraising
Charitable Activities
Trading
Group Total
Direct Costs
Staff Costs
Hospitality Costs
Trading Costs
Buildings Costs
Repairs and Maintenance
Cumberland Lodge conference costs
Professional Fees
Administration
Other
Scholarship scheme
Group Total
2
INCOME
Voluntary Income
Donations, legacies and grants
Other Income
Other Income		 2025
Direct
costs
£
-
1,539,034
274,170
1,813,204
Trading
£
185,360
58,672
11,672
3,553
3,399
-
10,525
739
250
-
274,170		 2025
Support
costs
£
-
1,504,075
293,635
1,797,710
Charitable
£
1,142,486

300,531
36,235
18,302
17,413
13,638
827
5,014
4,588
-
1,539,034		 2025
Total
£
-
3,043,109
567,805
3,610,914
2025
Total
£
1,327,846
359,203
47,907
21,855
20,812
13,638
11,352
5,753
4,838
-
1,813,204
2025
£
10,830
10,163		 2024
£
21,107
41,850
2024
Total
£
-
2,680,929
734,143
3,415,072
2024
Total
£
1,225,261
348,727
42,210
21,159
4,123
28,331
9,728
2,413
5,538
3,854
1,691,344

20

CUMBERLAND LODGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

Support costs
Staff Costs
Buildings Costs
Depreciation
Repairs and Maintenance
Professional Fees
IT equipment and support
Communications
Administration
Office Supplies
Other
Cumberland Lodge conference
costs
Bank and Finance Costs
Group Total		 2025
Direct
costs
£
138,272
46,957
26,753
26,058
14,149
11,259
10,685
10,226
5,282
1,566
1,508
921
293,636		 2025
Support
costs
£
708,266
240,523
137,035
133,473
72,474
57,672
54,732
52,383
27,052
8,023
7,727
4,715
1,504,075		 2025
Total
£
846,538
287,480
163,788
159,531
86,623
68,931
65,417
62,609
32,334
9,589
9,235
5,636
1,797,711		 2024
Total
£
754,960
243,206
160,732
229,775
88,968
66,896
45,452
75,144
36,074
6,902
10,668
4,951
1,723,728

Included within professional fees above were Governance costs of £43,041 (2024: £34,907) relating to Auditor’s remuneration and related services.

4
NET INCOME FOR THE YEAR
This is stated after charging
Auditors renumeration (including irrecoverable VAT)
Audit
Other Services
Expenses reimbursed and paid on behalf of Trustees
No Trustee received remuneration in the current or prior year.		 2025
£
25,561
17,479
43,040
-		 2024
£
24,208
10,699
34,907
-

21

CUMBERLAND LODGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

5. SUBSIDIARIES

The wholly-owned subsidiary Cumberland Lodge Enterprises Limited is incorporated in the UK (company number: 05389873, registered office: Cumberland Lodge, The Great Park, Windsor, SL4 2HP) and provides conference facilities for professional bodies, charities and other organisations. The subsidiary pays all its profits to Cumberland Lodge under the Gift Aid scheme. The summary financial performance of the subsidiary alone is:

Turnover
Cost of sales and administration costs
Net profit
Brought forward - retained in subsidiary
Gift-aided to the Charity in year
Retained in subsidiary
The current assets and liabilities of the subsidiary were
Current assets
Current liabilities
Total net assets
Aggregate share capital and reserves
6.
STAFF COSTS AND NUMBERS
Staff costs were as follows:
Salaries and wages
Social security costs
Pension contributions
The number of employees whose emoluments for the
year fell within the following bands were:
£60,001 -£70,000
£70,001 -£80,000
£80,001 -£90,000
£90,001 -£100,000
£100,001 -£110,000
£110,001 -£120,000		 2025
£
781,944
(414,070)
367,874
303,331
(303,331)
367,874
497,468
(129,594)
367,874
367,874
2025
£
1,674,325
215,772
150,743
2,040,840
Number
3
-
2
-
-
1		 2024
£
1,033,622
(730,291)
303,331
173,521
(173,521)
303,331
397,666
(94,335)
303,331
303,331
2024
£
1,510,823
146,301
137,630
1,794,754
Number
1
2
1
0
1
-

These employees are accruing pension contributions totalling £8,971 (2024: £17,948). The total employee benefits (including pension contributions and employer’s national insurance) of the key management personnel of the Group and Charity were £337,709 (2024: £384,154).

22

CUMBERLAND LODGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

The average number of permanent employees during the year was as follows:

Programme
Hospitality
Buildings & Maintenance
Administration		 2025
4
34
6
11
55		 2024
4
36
6
10
56

The full-time equivalent number of permanent staff in 2025 was 45 (2024: 43). An average of 21 (2023: 21) casual hospitality employees were also employed.

7.

FIXED ASSETS (GROUP AND CHARITY)


Cost
At September 2024
Additions
Disposals
Balance at 31 August 2025
Accumulated depreciation
At 1 September 2024
Charge for the year
Disposals
Balance at 31 August 2025
Net Book Value
C/f 31 August 2025
B/f 1 September 2024		 Improvement
s to property

£
3,445,138
58,485
3,503,623
2,743,930
104,175
2,848,105
655,518
701,208		 Furniture,
fittings &
equipment
Motor Vehicles
£
£
1,686,900
37,880
42,347
(37)
1,729,210
37,880
1,475,194
37,880
65,109
(5,492)
1,540,303
32,388
188,907
5,492
211,706
-		 Total
£
5,169,918
100,832
(37)
5,270,713
4,257,004
169,284
(5,492)
4,420,796
849,917
912,914

23

CUMBERLAND LODGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

8.
INVESTMENTS (GROUP AND CHARITY)
Listed investments:
Market value at 1 September
Additions
Disposals
Net gains /(losses)
Market value at 31 August
Historical cost as at 31 August
9.
DEBTORS: amounts falling due within one year
Accommodation debtors
Other debtors and prepayments
10. CREDITORS: amounts falling due
within one year
Trade creditors
Other taxation and social security
Other creditors, accruals and deferred
income
Amounts owed to subsidiary
11.
ANALYSIS OF DEFERRED INCOME
Deferred income at 1 September
Released during the year
Applied during the year
Deferred income at 31 August		 2025
£
4,202,633
100,000
(400,000)
(77,081)
3,825,552
2,778,492
2025
Group
Charity
£
£
58,669
14,520
117,588
117,588
176,257
132,108
2025
Group
Charity
£
£
83,668
83,668
84,866
84,751
675,838
546,361
-
405,910
844,372 1,120,690
2025
Group
Charity
£
£
350,800
265,753
(350,800) (265,753)
466,368
347,021
466,368
347,021		 2025
£
4,202,633
100,000
(400,000)
(77,081)
Group
£
298,044
123,008		 2024
£
4,163,700
0
(250,000)
288,933
3,825,552 4,202,633
2,778,492 3,078,492
421,052
350,800

24

CUMBERLAND LODGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

12 ANALYSIS OF GROUP NET ANALYSIS OF GROUP NET Restricted Restricted Unrestricted Total
ASSETS BETWEEN FUNDS Funds Funds Funds
£ £ £
2025
Fixed assets 12,137 837,780 849,917
Investments 3,825,552 3,825,552
Current assets 11,575 507,158 518,733
Current liabilities (844,372) (844,372)
Net assets at 31 August 23,712 4,326,118 4,349,830
2024
Fixed assets 12,137 900,777 912,914
Investments 0 4,202,633 4,202,633
Current assets 11,575 675,487 687,062
Current liabilities 0 (757,078) (757,078)
Net assets at 31 August 23,712 5,021,819 5,045,531
13. ANALYSIS OF UNRESTRICTED GENERAL FUNDS
Surplus/ Gains/ 31st
1 September (loss) (losses) Transfers August
£ £ £
£		 £
Group
2025
General Funds 2,308,905 (573,918) (122,792) 64,006 1,676,200
2024
General Funds 2,188,713 (181,702) 240,354
61,540		 2,308,905
Charity
2025
General Funds 2,008,696 (914,627) (122,792) 62,997 1,034,274
2024
General Funds 2,015,191 (308,389) 240,354
61,540		 2,008,696

25

CUMBERLAND LODGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

14.
ANALYSIS OF RESTRICTED FUNDS
2025
Mews lighting project
Chapel capital appeal
Dining room furniture
Basement refurbishment
Scholarship scheme
Bursary fund
Project funding
Group Total
2024
Mews lighting project
Chapel capital appeal
Dining room furniture
Basement refurbishment
Scholarship scheme
Bursary fund
Project funding
Youth Arts Takeover
Group Total		 1 September
5,458
688
3,621
2,370
1,830
7,801
1,944
23,712
5,958
2,595
4,566
2,870
1,830
7,801
1,944
-
27,564		 Income
£
-
-
-
-
-
-
-
0
-
-
-
-
-
-
-
9,002
9,002		 Expenditure
£
-
-
-
-
-
-
-
0
(500)
(1,907)
(945)
(500)
-
-
-
(9,002)
(12,854)		 31 August
£
5,458
688
3,621
2,370
1,830
7,801
1,944
23,712
5,458
688
3,621
2,370
1,830
7,801
1,944
-
23,712

Capital funds

As of 31 August 2025, these funds have been spent in full. However, expenditure is spread over the asset’s useful economic life, and so remaining balances will be allocated in future financial years as depreciation, and do not represent unspent funds.

Excluding capital funds, the balance of restricted funds not spent is £11,575 (2024: £11,575).

Capital funds* comprise:

Mews lighting — Lighting improvement within the conference rooms in the Mews. Chapel capital appeal — Chapel refurbishment.

Dining room furniture — Individual donations towards the cost of new furniture. Basement refurbishment — Refurbishing the basement for use as a recreational space for guests.

Non-capital funds comprise:

Scholarship scheme — Support for scholars from the North East of England. Bursary fund — Towards the costs of students in financial hardship. Conference grants — Grants for specific Cumberland Lodge conferences.

Project funding — Support for preliminary work on social mobility for young people from disadvantaged backgrounds

26

CUMBERLAND LODGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

15 DESIGNATED FUNDS

Tangible Fixed Assets Fund
Major Repairs Fund
Sustainability Fund
Major Capital Works Fund
Building a Movement Fund
Total - Group and Charity		 Balance at
1 Sep
2024
£
912,914
500,000
400,000
400,000
500,000
2,712,914		 Transfers
£
(62,997)
0
0
0
0
(62,997)		 Balance at
31 August
2025
£
849,917
500,000
400,000
400,000
500,000
2,649,917

Tangible Fixed Assets Fund

The fund represents the net book value of tangible fixed assets which have been excluded from general reserves. The trustees consider that the assets are essential for the ongoing provision of charitable activities and in any case cannot be easily converted to liquid funds in the event of a contingency.

Major Repairs Fund

In July 2023 the trustees designated £500,000 from unrestricted general reserves to fund the ongoing programme of repairs needed to comply with the terms under which the charity occupies Cumberland Lodge.

Sustainability Fund

In July 2023 the trustees designated £400,000 from unrestricted general reserves to part fund the investments needed to deliver the charity’s carbon reduction strategy.

Major Capital Works Fund

In July 2023 the trustees designated £400,000 from unrestricted general reserves to part fund the redevelopment of the premises in line with the charity’s business plans.

Building a Movement Fund

In July 2023 the trustees designated £500,000 from unrestricted general reserves to fund the creation of a movement of young people committed to social progress in line with the charity’s programme strategy.

16. TAXATION

The Charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The Charity is not exempt from VAT, the irrecoverable part of which is included with the expenses to which it relates on the Statement of Financial Activities.

17. RELATED PARTY TRANSACTIONS

During the financial year the following transactions took place between the Charity and its wholly owned subsidiary:

Cumberland Lodge recharged £398,938 (2024: £720,625) to Cumberland Lodge Enterprises Limited during the year, in respect of operating expenses.

27

CUMBERLAND LODGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

Cumberland Lodge Enterprises Limited gift aids 100% of its taxable profits to the parent company. During the financial year ended 31 August 2025 it paid £303,330 (2024:173,521) of gift aid relating to profits for the previous financial year.

At 31 August 2025 £255,911 was owed by the Charity to its subsidiary (2024: £155,496 owed by the Charity to its subsidiary).

Fergus Drake is a Governor of The Royal School from whom the Charity generated no income (2024: nil). No balances in relation to these organisations remained unpaid at the year-end (2024: nil).

There were no other transactions with related parties during the year ended 31 August 2025 (2024: nil).

18. OPERATING LEASES

At the year end, the Group and Charity were committed to the following future minimum lease payments in respect of operating leases:

In less than one year
In one to five years		 Land and Buildings
Group
Charity
2025
2025
£
£
11,040
11,040
0
0
11,040
11,040		 Land and Buildings
Group
Charity
2024
2024
£
£
10,650
10,650
0
0
10,650
10,650		 Land and Buildings
Group
Charity
2024
2024
£
£
10,650
10,650
0
0
10,650
10,650
10,650

28

CUMBERLAND LODGE

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

19 .COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (2024):


INCOME:
Donations, legacies and grants
Charitable activities
Cumberland Lodge conferences
Student and training conferences
Other trading activities
Accommodation income
Rents and lettings
Investments
Other income
Total income
EXPENDITURE:
Costs of raising funds
Trading costs
Expenditure on charitable activities
Cumberland Lodge programme
Student and training conferences
Total expenditure
(Deficit)/Surplus before
Gains/(Losses) on investments
Gains/(Losses) on investments, net of
charges
Net movement in funds
Funds brought forward
Funds carried forward
INCOME:
Donations, legacies and grants
Charitable activities
Cumberland Lodge conferences
Student and training conferences
Other trading activities
Accommodation income
Rents and lettings
Investments
Other income
Total income
EXPENDITURE:
Costs of raising funds
Trading costs
Expenditure on charitable activities
Cumberland Lodge programme
Student and training conferences
Total expenditure
(Deficit)/Surplus before
Gains/(Losses) on investments
Gains/(Losses) on investments, net of
charges
Net movement in funds
Funds brought forward
Funds carried forward		 Unrestricted
Funds
£		 Unrestricted
Funds
£		 Restricted
Funds
£		 Total
2024
£		 Total
2023
£
12,105
59,233
1,885,203
1,039,493
48,300
134,331
41,850
3,220,515
730,291
244,554
2,427,373
3,402,218
(181,703)
240,354
58,651
4,963,168
5,021,819		 9,002
-
-
-
-
-
-
9,002
3,852
9,002
-
12,854
(3,852)
-
(3,852)
27,564
23,712		 21,107
59,233
1,885,203
1,039,493
48,300
134,331
41,850
3,229,517
734,143
253,556
2,427,373
3,415,072
(185,555)
240,354
54,799
4,990,732
5,045,531		 19,557
33,214
1,490,922
1,302,605
34,925
113,556
22,551
3,017,330
907,153
284,264
1,691,553
2,882,970
134,360
(66,306)
68,054
4,922,678
4,990,732

29