Lowther Castle and Gardens Trust
(A company limited by guarantee)
Annual Report and Financial Statements
31 May 2025
Company registration number: 06265298 Charity registration number: 1125075
Lowther Castle and Gardens Trust
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' report | 2 |
| Trustees' responsibilities in relation to the financial statements | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 |
Lowther Castle and Gardens Trust Reference and Administrative Details
| Charity name | Lowther Castle and Gardens Trust |
|---|---|
| Charity registration number | 1125075 |
| Company registration number | 06265298 |
| Principal office | Lowther Castle |
| Lowther | |
| PENRITH | |
| CA10 2HG | |
| Registered office | Lowther Castle |
| Lowther | |
| PENRITH | |
| CA10 2HG | |
| Trustees | B M Gray, Chair |
| E C Lowe | |
| S T Ambler | |
| W R C Jackson | |
| A J Smith | |
| J Turner | |
| Secretary | S E Sharp |
| Accountant | Dodd & Co Limited |
| FIFTEEN Rosehill | |
| Montgomery Way | |
| Rosehill Estate | |
| CARLISLE | |
| CA1 2RW |
Page 1
Lowther Castle and Gardens Trust
Trustees' Report for the Year Ended 31 May 2025
The directors present their annual report and financial statements for the year ended 31 May 2025. The financial statements comprise an unaudited balance sheet and profit and loss account prepared on an accruals basis and which have been subject to an independent review.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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.
Structure, Governance and Management
The directors of the charitable company (“the Charity”) are its Trustees for the purposes of charity law.
The Lowther Castle and Gardens Trust (company registration 06265298 and Charity Number 1125075) was set up by a Deed of Trust dated 31 May 2007.
Governing Document:
The Charity is a company limited by guarantee and governed by its Memorandum and Articles of Association dated 31 May 2007 and amended by special resolution on 15 June 2007 and 9 April 2010. It is registered as a charity with the Charity Commission for England and Wales. Each of the 5 current members have agreed to contribute £10 in the event of the Charity winding up.
Appointment and Training of Trustees:
The existing trustees have the power to appoint members to the Board of Trustees and to appoint the chairman of the Board. The Trustees work within the guidelines of the Memorandum and Articles of Association but there is not a formal induction and training process in place.
Objectives and activities
The Charity entered into a 51 year lease with Lowther Estate Trust of the Operating Area of Lowther Castle and Gardens in 2011.
A summary of the objectives of the charity can be described as:
-
To advance the education of the public about Lowther Castle and Gardens (the Operating Area) including relevant features of the Operating Area from a historical, cultural, geographical, ecological and/or social and economic development perspective.
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To restore the Castle and its surrounding gardens.
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To promote the conservation of the Castle and Gardens once restoration is complete.
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To restore the old Stables and convert it to a Visitor Centre.
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To offer and promote public access, enjoyment, economic regeneration and community benefit to this nationally significant building.
-
To create a high-quality destination in the Northern Lakes that will broaden the region's tourism.
The context for the strategies employed to achieve the charity's objectives changed significantly during 2015/16 as a result of arrangements put in place to secure the future of the Castle & Gardens project, enable further major investment and enhance the benefits to the public from the project. The charity's strategies are now to:
Page 2
Lowther Castle and Gardens Trust
Trustees' Report for the Year Ended 31 May 2025
• Oversee the ongoing Castle and Gardens restoration and development project through a 46 year sub-lease dated 11 March 2016 and other arrangements entered into with Lowther Castle Limited (“LCL"), a related non-charitable company of Lowther Estate Trust formed to manage the activities undertaken at the Castle and Gardens. Under the terms of the sub-lease, LCL has taken on the lessee's rights and obligations for the remaining period of the Charity's 51 year lease of Lowther Castle and Gardens.
• These arrangements preserve the charitable objectives of the project and represent a continuation of the strategies previously operated by the Charity, together with further major investments. These strategies include: keeping the Castle and Gardens open to the public; making the garden a place of horticultural excellence and education; making educational information about the Castle and Gardens available to visitors covering history, land use and development plans; exploring medieval sites adjacent to the Castle and making available educational information about those sites; considering options for the use of the adjacent Lowther Church for the benefit of the visitor experience and local community engagement; operating visitor amenities aimed particularly at families including a cafe, shop, gallery museum and high quality children's play facilities.
• Meet quarterly with the LCL team of specialists carrying out the day to day running of the project and visitor centre and the further development of its facilities in order to discuss and stimulate ideas and new initiatives that will enhance the benefits to the public
During the year, the Charity has operated on this basis and plans to continue to do so for the foreseeable future.
In planning their activities to deliver the charitable objectives, the Trustees confirm that they have had due regard to the Charity Commission's guidance on public benefit.
Financial review
The Charity had a surplus for the year of £68,550 (2024 £6,996) and had reserves at the end of the year of £127,187 (2024 £58,637) all of which were unrestricted. Free reserves at the yearend were £127,187. The Trustees continue to review options for utilising these funds to deliver its objectives for the public benefit.
The trustees have been building up the reserves to enable the charity to fund projects to enhance the educational and community benefits of the site and its surroundings. In particular, to support local archaeological exploration and work to renovate Lowther Church and create a multi use educational and community facility. The large majority of the reserves are intended to be used for these purposes within the next three years.
Small company provisions
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the Board on 8 December 2025 and signed on its behalf by:
Bryan Gray
......................................... Bryan Gray (Dec 18, 2025 10:05:53 GMT)
B M Gray Trustee
Page 3
Lowther Castle and Gardens Trust
Trustees' Responsibilities in relation to the Financial Statements
The trustees (who are also directors of Lowther Castle and Gardens Trust for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and the Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Page 4
Independent Examiner's Report to the Trustees of
Lowther Castle and Gardens Trust
I report on the accounts of the company for the year ended 31 May 2025, which are set out on pages 6 to 14.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 as amended by the Charities Act 2022 (the Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the Act;
-
follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the Act; and
-
state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
......................................... Martin Borradaile ACA Dodd & Co Limited Chartered Accountants 8 December 2025
FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA1 2RW
Page 5
Lowther Castle and Gardens Trust
Statement of Financial Activities (including Income and Expenditure Account ) for the Year Ended 31 May 2025
| Note Income and endowments from: Donations and legacies 2 Total income and endowments Expenditure on: Charitable activities Total expenditure Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 72,118 |
Total Funds 2025 £ 72,118 |
Total Funds 2024 £ 8,405 |
|---|---|---|---|
| 72,118 | 72,118 | 8,405 | |
| 3,568 | 3,568 | 1,409 | |
| 3,568 | 3,568 | 1,409 | |
| 68,550 58,637 |
68,550 58,637 |
6,996 51,641 |
|
| 127,187 | 127,187 | 58,637 |
All of the Charity's activities derive from continuing operations during the above periods.
The notes on pages 8 to 14 form an integral part of these financial statements.
Page 6
Lowther Castle and Gardens Trust
Company registration number: 06265298
Balance Sheet as at 31 May 2025
| Note Fixed assets Tangible assets 6 Current assets Debtors 7 Cash at bank and in hand Creditors: Amounts falling due within one year 8 Net current assets Net assets The funds of the charity: Unrestricted funds Unrestricted income funds Total charity funds |
2025 £ £ - 314 143,894 144,208 (17,021) 127,187 127,187 127,187 127,187 |
2024 £ £ 1 1,513 73,288 74,801 (16,165) 58,636 58,637 58,637 58,637 |
2024 £ £ 1 1,513 73,288 74,801 (16,165) 58,636 58,637 58,637 58,637 |
|---|---|---|---|
| 58,637 | |||
| 58,637 | |||
| 58,637 |
For the financial year ended 31 May 2025, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on 8 December 2025 and signed on its behalf by:
Bryan Gray Bryan Gray (Dec 18, 2025 10:05:53 GMT) .........................................
B M Gray Trustee
The notes on pages 8 to 14 form an integral part of these financial statements.
Page 7
Lowther Castle and Gardens Trust
Notes to the Financial Statements for the Year Ended 31 May 2025
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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) (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.
Basis of preparation
The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
These financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Fund accounting policy
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Further details of each fund are disclosed in note 11.
Page 8
Lowther Castle and Gardens Trust
Notes to the Financial Statements for the Year Ended 31 May 2025
......... continued
Income and endowments
Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the grant of probate when the administor/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measured with a degree of reasonable accuracy and the title to the asset having been transferred to the Charity.
Income from Government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Incoming resources from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate.
Expenditure
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fixed assets
Individual fixed assets costing £100 or more are initially recorded at cost.
Page 9
Lowther Castle and Gardens Trust
Notes to the Financial Statements for the Year Ended 31 May 2025
......... continued
Trade Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Liabilities
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Financial instruments
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 10
Lowther Castle and Gardens Trust
Notes to the Financial Statements for the Year Ended 31 May 2025
......... continued
2 Donations and legacies
| Unrestricted Funds £ Donations and legacies Appeals and donations 57,200 Gift Aid tax reclaimed 14,918 72,118 All of the donations and legacies income in 2024 related to unrestricted funds. |
Unrestricted Funds £ 57,200 14,918 |
Total Funds 2025 £ 57,200 14,918 |
Total Funds 2024 £ 7,200 1,205 |
|---|---|---|---|
| 72,118 | 72,118 | 8,405 | |
3 Expenditure
| Direct costs Insurance Computer software and maintenance costs Legal and professional fees Support costs Sundry expenses Accountancy fees Independent examiner's fee Bank charges All of the expenditure in 2024 related to unrestricted funds. |
Charitable activities £ 341 - 1,422 1,763 - 1,080 600 125 1,805 3,568 |
Total 2025 £ 341 - 1,422 |
Total 2024 £ 341 164 - |
|---|---|---|---|
| 1,763 | 505 | ||
| - 1,080 600 125 |
29 750 - 125 |
||
| 1,805 | 904 | ||
| 3,568 | 1,409 | ||
4 Governance costs
| Accountancy fees Independent examiner's fee Legal and professional fees |
2025 £ 1,080 600 1,422 3,102 |
2024 £ 750 - 29 |
|---|---|---|
| 779 |
Page 11
Lowther Castle and Gardens Trust
Notes to the Financial Statements for the Year Ended 31 May 2025
......... continued
5 Trustees' remuneration and expenses
No trustees received any remuneration or reimbursement of expenses during the year.
6 Tangible fixed assets
| Cost As at 1 June 2024 Disposals Net book value As at 31 May 2025 As at 31 May 2024 |
Land and buildings £ 1 (1) |
|---|---|
| - | |
| - | |
| 1 |
7 Debtors
| Other debtors Prepayments and accrued income |
2025 £ 1 313 314 |
2024 £ 1,200 313 |
|---|---|---|
| 1,513 |
8 Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2025 £ 341 16,680 17,021 |
2024 £ 415 15,750 |
|---|---|---|
| 16,165 |
Creditors amounts falling due within one year includes deferred income:
| As at 1 June 2024 As at 31 May 2025 |
2025 £ 15,000 15,000 |
2024 £ 15,000 |
|---|---|---|
| 15,000 |
9 Members' liability
The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
Page 12
Lowther Castle and Gardens Trust
Notes to the Financial Statements for the Year Ended 31 May 2025
......... continued
10 Related parties
Controlling entity
The charity is controlled by the trustees who are all directors of the company.
11 Analysis of funds
| General Funds Unrestricted income fund Prior period General Funds Unrestricted income fund |
At 1 June 2024 Incoming resources Resources expended £ £ £ 58,637 72,118 (3,568) At 1 June 2023 Incoming resources Resources expended £ £ £ 51,641 8,405 (1,409) |
At 31 May 2025 £ 127,187 At 31 May 2024 £ 58,637 |
|---|---|---|
Page 13
Lowther Castle and Gardens Trust
Notes to the Financial Statements for the Year Ended 31 May 2025
......... continued
12 Net assets by fund
| Tangible assets Current assets Creditors: Amounts falling due within one year Net assets Prior period Tangible assets Current assets Creditors: Amounts falling due within one year Net assets |
Unrestricted Funds £ - 144,208 (17,021) 127,187 Unrestricted Funds £ 1 74,801 (16,165) 58,637 |
Total Funds 2025 £ - 144,208 (17,021) 127,187 Total Funds 2024 £ 1 74,801 (16,165) 58,637 |
Total Funds 2024 £ 1 74,801 (16,165) 58,637 Total Funds 2023 £ 1 52,390 (750) |
|||
|---|---|---|---|---|---|---|
| 51,641 |
Page 14
Final accounts 2025
Final Audit Report
2025-12-18
Created: 2025-12-18 By: Suzanne Sharp (suzanne.sharp@lowther.co.uk) Status: Signed Transaction ID: CBJCHBCAABAANZb6I4lEOwMivdvozSIEA_lwDkKFEets
"Final accounts 2025" History
- Document created by Suzanne Sharp (suzanne.sharp@lowther.co.uk)
2025-12-18 - 9:57:42 AM GMT- IP address: 217.33.77.202
Document emailed to bryangray@bryangray.co.uk for signature
2025-12-18 - 9:58:37 AM GMT
Email viewed by bryangray@bryangray.co.uk
2025-12-18 - 10:04:48 AM GMT- IP address: 86.162.57.58
Signer bryangray@bryangray.co.uk entered name at signing as Bryan Gray 2025-12-18 - 10:05:51 AM GMT- IP address: 86.162.57.58
- Document e-signed by Bryan Gray (bryangray@bryangray.co.uk) Signature Date: 2025-12-18 - 10:05:53 AM GMT - Time Source: server- IP address: 86.162.57.58
Agreement completed.
2025-12-18 - 10:05:53 AM GMT