RE(IISTERED COMPANY NUMBER.. 06T19241 (England and Wal8sI REGISTERÉD CHARITY NUIJJBER- 1127871 Report of tho Trustses and Flnanclal Statgrnont6 fortho Year Endad 318E March 2024 for Hartlebury Castl¢ Pr••¢rvotlon Trust Omierod Rutter Limftgd The Oakley Klddem)Inst8r Ro8d Droltwich Worcestershi WR9 9AY
Hartl¢bury Castlo Pres8Thatlon Trust Cont•t)ts of the Flnanclal Statements for tho Year Ended 31st March 2024 Page RoferehGe and Admlnl$tratfv• Detsll¥ R•portofth? Tnwtees 2 10 6 Rèport olthB IndepBndentAudltQTS 7 to 8 statgmont ol Flnanclal A¢tlvW85 Balanc4 Shoot 10 Cash Flow Statomont Note8 tothe Casfv Flowststemènt 12 Note8 lo the FInala1 S14tsm•nts 13 to 25
Harmebury Castle Praservatlon Trust R8forenca and Admlnlstratlvo D8tall$ forlho Year Endod 31st Morch 2024 TRUSTEES NlrRJEa Mr S L Ir8sign8d 12.12.231 Ms S J Flnch Mr R D GraallvAd Mr S K Munday Ms H A D M Raw18s Ir85igned 8B.231 Mr P West Mr RJ Amphlett Mr D H Srnilh Mr P 8 Stic8[ Ms L M¢guire.Cox lapp)inted 12.12.231 REGISTERED OFFICE Hortlebury Ca8lle Hartlebury ddarminsler Woic6slershlre DY117)Q REGISTERED COMPANY NUMBER 06779241 IErvJlBnd and Wabsl REGISTERED CHARITY NUMBER 1127871 SENIOR STATUTORY AUDITOR Cokn McGrory FCA rNDEPENDENT AUDITORS Ckn18rod Ruiter Limited The Oakley IddMIstarR0& Droil¥Mth Worc8sl8rshlr8 WR9 9AY £XECUTIVE DIRECTOR Mr8 R Bagnall PROPERTY RENTALAGENTS G Herbert 8anks Tho E3t8le Office Hlll House Grèat w0Y Worce81ershlre WR6 Pagg 1
Hartlebury Castle PreBerv8tlon Trust IRegtstered humber lJ67792411 R8POrt ofthe Tru5to0s forlho Yèar Endad 316t March 2024 The trustees who are also directors of Ihe charity for th8 purroses of Ihe Cornpaniey Acl 2006, present their report wllh Ihe flnanclal stalem8nlB of the ¢hadty for Ihe year ended 31st March 2024. Th& Iwsle88 have adopted th8 provlslons of Accounl(ng and RgPQrtlng by Charitrgs.. Statement of R8comrn8nd8d Practlca applicabla io chariliBs preparing IhBlr accounts Fn accorda8 wlth tt)e Financlal Reporting Stsndard eppllcable In th8 UK and RepuNlc of Ireland IFRS 1021 18ffart4v8 1 Jantsary 2Q191. OBJECTIVES AND ACTMnES obltIVeS and alm5 Th8 Charltable purp)se of the Trust 15 to preserve Yor thg banefil of the people of Worcestershlre and the natlon. HarU8bury Caslle and its hl$tollc Contents Including Ihg Hurd Llbr8ry. alongside it5 grounds, parkland and gard8n$, S8condly to 8(fvance tho edu¢atk)n of the publlc In local htOry and archtteclure of Woic8$t8rshlre and the surroundiro areas, Haruebury Castle 51and5 as a time18ss lestant to over a rniuennium of IM5tOryb bearing witlle5S to the stories 01 112 blshops and (UntleSS othgrs who havg ¢allod 11 home. From Its 0gIn$ as a CasU8. to Ils vartad roks 88 a manor sg, prfson, hospital, and sncIuary, Hartlebury Castle has endured tho agtrs. Today, Ifs open lo Ihe publlc as a captivaffing h1$1C hou8e, $ll8d In th8 Wor¢estershlre ¢wnlry31d&. The jewel In Its crowi Is the wortd-renownod Hurd br3ry. With Its treasure trove of knowl8dge spanning (Sivarse subjects, it serves as a unique SPA to inspir8, qUeson d 8xplora. Its b8aubful dgcorauon and archltgctural fea(ur8$ add to ts tharrn, whll& stabJ& 88 tTr orly Ilbrary cr8at8d for a Church of England bishop, with Its original collecllons slill in place, m8k8s il truty unlque. Hartletsjry C8s119 Pr&seNaUon Tiust was fvrmed in 2008, to campalw for the CasU8, its collections and grounds to be m¢ asSIble for pubjlc 6nloyment and 8dupaUon. Sub$equ&ntly, In 2014 after 7 years ol c4mp8lgnlng, the Trust was SUCC85sfvI in securing funding from the ttTen Heritage Lottsry Fund to tAJrchasg and restorg the castkg and its g$la¢g, $0 Ihat It Ulu be opened to the publkfor the first tsme. Th8 Trust 18a8e8 part ol slte to Worce5tershlre County Counc41 Ic+ house the WoTcestershir& County Museum's cAl9con. Tho County Mus8um has b88n on Ihg Slte slnc8 1966 und8r a 60 r 19a50 and tho Trust nlwFted this arrang8rrtsnt from th8 Chur¢h C(mmf8sloners on Ih& 8xlsthig p8pp&mrn lea88. The88 8rranpm8nts 8xpre In early 20. The Ttvsvs day4oday aeuvlttes n1 Include 8 glft shop, publlc ovgnts in¢luding themed wggkeThls and seasonal evethts, public liGko18d 8vents Induding outdoors concerts and th8atr8 P8rforrnanc&s, 8ntique8 and food fair5 and privste evants Includlng weddlngs, dinnèts and l80n$. Trust also rents prop&ty and 18nd13 18ased ¢ottages, fam busingss tertancy. fishing Id(e lea881. Ourvlslon Is that.. Harllebury C88Ue, thrgh carèful stewardshlp, Is thetlshed. cebbrated and undustood. woviling an LmmWb expaenc¥ that InspIMs, Informs 8nd dellghts all*fio vls We bglleve kn: - Sh8rfng the dherslty of hlslorkal and nthJTrl land8p8S thatcorblrfbute to the Un¥4neSS of HartlgbLtyy Castle. - Treasurtng Hartkdbury C88118 and ts colledons and tr)1ng rwnisad as a pwslonat6 and Innovauvo bad4r rn I guardianshlp and sharing of ourh&iiage. - D8vebplng the gardens and grounds to provlde an eca)logkal haven for wUdlVe and telllng th8 Story of th? Casu9 85tate ¢wer ts 10)0 year history. - Enthusing portner5 and communilles to nuTttJre and engag8m8nt aNJ to encouw wellbwng. e stopped here to break a LeY bul Il'$ very firmly on our nst of places we must go back to. A lot (Sf thought has gDn& h io thg di$ayS with lh8 te8nager 8xclaimin9 %vowl' 41 tim0s1 LOES ol Inlsrgs15D9, wel.wrillgn Snlomabon ards throughout th8 bishops, paLg¢e and some areat displays In th8 musourn. The grrJJnds We so peaceful. perfed for r8adlng in th8 sun 8nd the new ptsy aiga15 great.. Vi$ltor Feedba¢k Publlc benefit In 5811ing the Trusl's obl8rAlves arKI plannln9 tts acfvttle$. the trust89s have glven c8refiJl c¥Jn5¥kFatl¢M to the Charity Commisslon's ggneral guldance on publtc benefit. The tharity fuffils Its purp05& 8nd its visbn by oPeng Harugbury Caslle and its grou$ and gardens to the publk Shng the stories and hl$tory of Harlebury and U)0 Bishops ofWor¢8s¢ef In an 8nlertalnlng and sng8glng way. Py2
H3rtJebury Castle Presorvatlon Trust IReglst8r8d number: 067792411 Report of the Tru5teBS for the Year Endod 31st Alarch 2024 ACHIEVEMENT AND PERFORMANCE Charltablo aetlvlti8S Trustees Statoment Durfng thls p8rtod truslaos hava be8n fcSSed on iwo kay i88U8s, develon9 a su$talnablg bu$5n8S5 and nogoilatbns with Worce818r County Council around 2026 lease r9nBw&l and operntional partnerthlp. Tho Trust Is Comtted to negotting a now Igase and managem8nt agreemènt Ihat enat498 the Cwnty Musaum to contlnuè to a8 part of Iho Harll8bury C88U8 viwlor altrathrm whllst Ènsurfng that the Ttusl ha3 a su$ldnabt•. long tem bu$ine55 modEI. The was ts1[ghtl to recelve a grant Irom the Nalonal Lottery Heritage Fund INLHFI in tNs porfod. Thts rVery and re51110n gr8nt Trcognlses th& cha118nges lacing the OTganisÉUon &VIng from the pandemlc and the followng CO81 of living uisi$ and aims to support the Trust io develop i10m6 9?neration acrDSS th8 bustn8ss and Pd? pmfes$lonal axpbrUg0 thmgh the proco5s of nagotwling new1&8$¢ grrangoments 1h WC¢. In thi5 year the TNst CLtInUed lo f8el th6 inpact of the ¢ost ol Ivlng crEsk ocroES the buslness Incbdlng event 8tt@ndars and 98nernl vlsllor numbers. Growth romalns thall8ndng to achVa and 9on8r81 trading conditn5 continue to be drfncult, 'Am82hg htOry- Made so w8knma by 'guSdes'. Int8rav9 tow whl¢h Is amaing, LINgd all thp hlstory and ¢(nec10$ wlth royalty eta Museum attachment fasanaling and w811 worth vi5iling. So nostdgic. Ml staff h8lpfvl 8nd frlendly. Vl$ltor F¢edbaGk CharRable a¢tlvltlès The fN8t is comrnitted to dar a hIghU8hty h8ritag8 8xperience that is both iftfomiativ8 and enlertainlNJ. Vlsltor fÈ8dback eonllnuos io b$ very posttwe. Aseb¢tion olvl$rtor ¢orMients fr¢yn IhL8 y8ar ara contolned In thls docurnenl. The TN81 has oxlnued lo prowde a waTm wekx)me to vbltor8 of all ag88 and bathgrounds, and to 8hare Ihè hllgtory of lh6 Casilo and th6 stCe9 Of1 BFshops ofworctstsr. on again priority has bean gfven to f8mlty sor5. 1h the alm of enlertainthg and insplrfng young $1(Or6, encouraging a Iifellm$ of h8h16 attracfyon visits. 'Th8 wtho18 8XP8rl8rKe w88 excellent. D&finit81y 8 10 out of 10. and we 11 be Yelmmlng. Fantaslk (Jay out fof all th• famlty.. Vlsltor Feerlback Voluntoarfng The Trnsl would not be able to opgrato thg vl$llor attracllon without th8 ongolng support of a 181ent8d and cornmttted tsam Df voluntears. Tmsks undertaken indudp gard$ and grounds melntgnane8. prcpety malntenanc¢, uSe steward8, library volunteers, and events and advllle8 SUPPOrt. Feedback PToves that our visit3 greauy vBbJe our voluntgors approachablg and kno8geable we59nc8 on tha sS1e. Trust r•cognis8s fv health and weltbeing volu• of vclunleerinu and welcomos and eNuge8 voluntsgrs of ill ages lag8s curr8nUy rnnga from 16 to 651 and 11 walks of lif8 ¥d v8bJ8s and supports those ¥dUn ith phy¢al d nèurodlv$rg8nt thallenges. TN8t80s al$0 ¥i¥8 th•rtim8 on a voluntary basfs. rilli8nt...yDU rrnJ5t visit herel I visltad hBre ye8tordBy With my 818ter, and we both had a brilkant day. AS soon as we enlwl th& buildingi ¢Very Staff [netnberllUnleer w8 encountsred was so friendly and wglcomlng, and fL4 of infLYmatlon.' Vlsltor F6edba¢k P4e3
Hsrt18buryCa¥tt& Pr8$grvallon Trust IR¢ylgtered numbgr. 067792411 rtsport ofthg Trustsa8 forlho Yèar End•d 315t Mar¢h 2024 Fulure Ambltlon • Loomrtrg Foard With support from NLHF the Trust is deveLpiig a new v15ion forthe futurg. Hartl8bury Casu8 Is not merely a slruciure of $lona and mortor Is a reposotory of over a thousand Yaa cf storfeE waiting to be teld. From the remarkable dggds of b5p5 who 5hap8d nalonal hi$lory, to Ihe evway Ilve$ o15etvants who worted hard wlthln Ils walls, every stY Ihe Caslb offers, glfts Hs visitors a gllfftpse intD the past, whSt inylling them 5itnLdtanaously to reflect onlrfo today. TNs¢99S b1& that It Is essential for hlstodcal tKJlldlngs and chadtable oryanbadons Ilko HarNebury Ca51Je to have a re1mnc& that goes beyond PteCting h15tory and herflage that we have a duty to becornE a thoughl-provokiny $paTr, trncouraging discusslon and eroagem9nl wlth thg worfd arwr us. A rxJmpr8hen31v8 fundra151ng 51ralegy 15 belng developed to support TrUstt0 dellvar 1$ refreshed ambition. Trus18es are ¢lo5dy vilh Worcester County Coullcil lo ensure that the EeasB rnnewyl and management agreomont In 2Q26 d&lOr a sustalnaU8 flnanclal fuiurg lor thg Trust. 'l)Jr fflrsl sIt kn Hartlebury Casue and we thDroughty enjoyed tt. There w8s so rnuch to S and dlscover. Loved th runn8r In lh8 Long Hall whlch 18 a htslory Igsson in itself. The lalklng Screens we brfllanl and added a whok new dimonsion. FrndlY snd w8komlng h0815. Plannlng on a retum to see tt at ChrtBtma8. Vlsltor Feadback FINANCIAL REVIEW Financral position The charily has received grant Incomg totslLng £73,12212023.' e1,0651 In the year. wilh th15 yeaes gtant Incurk belng m81nty frorn the National Lottery Htrrftsge Fund. The charfty also benefft8 frrm b8lng 8bl• to rent oul several properU88 on the grouTrJs of th8 rastt8 whlch have g•n¢ratsd Incom D1£33,37912023.. £33,240). The b818n¢e Sh shows Ihat tho ¢haiity held c#sh 01 £136,8tKt tt1& 31st March 2024, which is 8 decrease of £79,251 on the 20231ovel Of£216,1. At 31st Marth 2024, th8 charty h81d net assets of £4.519,424 12023.. £4.604,1791 of whl¢h £4.43$0 12023: £4.490,2601 is repTesen18d by the cost of the fre8hold prop8rty and sub88qu8nt reftjrbishrnenl costs. There were an unrestrlcted ro$erve surplus at the year end or £1,282 12023.. surplus £45,41, however, Ihis 8mounl 8nUrety represented by fixed aB$8ts arkl Ih8r8for8 (812023.. £32,351) of the current Unr8BIric reseNa$ arg ¢onskJered free reserves, whlch can be spent ¢harlE8blg aCtIleS a5 Ihe Iwst8es see fiL More d8tai18 regardirrfJ e funds r2n be nd In note 24. Reserves pollcy The attached financval statemènts show the calt slate ol the finar8 ar of thg tharibls ineomg and 6xpentlllurè for the year. Ihg truste&s mwlarfy examing the feqLrfr8m8nts for InCm$ reseNo$ 8dw4uatg tr& ensure Ihe onllnu8 to rnt Its fuknre n88ds, and I09n13e that Incre88ed re88wes ar& requY8d. Tha Trust8 8T8 cornmitted to grng aD unrestrfcied fvnd ovor th8 coming y8ars in 3CCQtdanc8 WI th8 bu55n95S Yan. The free unreslristed reseNes held al the 315t March 2Q24 are In d6fi¢h of £25.35412023.' surplus £32,351} whlch the IiiJslee5 are aware needs to be VerSed and a reserve bulll to allow Ihe st8bllity of Ihe charity tnoving forward5. Page 4
Hortlebury Co8110 Pr8s•rvalon Tru81 IRegl8tergd number.. 067792411 Report of the TNsts•g for the Y¢ar Ended 31st March 2024 STATEMENT OF TRUSTEES, RESPONSIFIUTIES. conttnued Company F8quir88 trustees to prapar8 finanal Btatetn8nts for eaeh finan¢lal year whlth glva a true and far vbw of the state ol èffalrs ol tha BharitatrAa wmpany and of the Inr*Jmlng resour08 and as¥>IlIDn of r8sourG95. illLludlng the Incom8 8nd expenditure, ol tharflabb wmp8ny for that perijd. In preparin9 t88 financial Etalernents. th6 truBtse8 ar& requId to selectsullabb •ccouni4ng pN)lides and th8n appty Ih8m ¢mslslenffiy', observe tha method$ and princlples In the Charity SORP.. makejudgernants And 6sb'mst8s th8t are r888onabl8 and prudent pr8par8 th& nn8ndal 5ts1ements on thg uolnll concem basis unkn¥s K is inapproprk9ts to preBumg that Ihe thaFlt8b18 Company vhll conlnue In busirwa. The InJste9s are responslble for k$8plry prapgr acwunling rEcoBJs which dLgclose th reasonable a¢rxJr8cy at any the finan¢lal poslllon ol th8 charltable cchnp8ny and to gn8ble tM to gn$ur8 that th8 fin8n¢lal statetnents compty th th8 Compar$ Act 2008. They are also rosponylbk for yafeguarding Ihp a55et5 01 thÈ chariiabl8 company and hence for tang reasonab[& staps IOT the prenon and d8tectlon of fraud and oth8r Irregulartles. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDtroRS So far as the tru&leo$ arg awarg. there Is no relevant Informalk)n las doftnod by Se¢tlon 418 of th8 Comp8ni85 Act 200EI of whlth the charitsble comp8nYs 8uditors a18 unawar8, and each Iruslee has taken all the steps that Ihay ought to have taken 88 a truslee #i order to TngkE them awafy of ¥ny 8uéIt Inkirmadon and to oslabllsh that th8 chadtatl8 companws audllors are awaro of that Infom18110n. Th1$ r&port h9s been prepared n accordance wtth th8 prOlS1On5 of Part 15 of ts Gomp8rfe8 Act 26 rebting to $wll ¢¢mpanie5. Approv&l byordBr of the board of s89 on...... 2oltr - and siyned cn Ns behdf by.. MrRJ phlgtt-TNstee Pagg 6
Hartbry Ca5tl8 Prè58Natlon Trust (Reglstored numb•r.' 067792411 Report of the Tr[8?$ forthe Yoar Endgd 31$t Mah 2024 FUTURE PLANS Th 18 the flrsl year th81 Ihe TN51 recaved pubKc grant kndlng. Trustees rethgnls8 that progress Iowa 9chFeDg a reslllenl and sustainable bUSinS has beer hampered by extemal factors and is I8.ng longer to achiev6 than th8 bl8$$ plan produred at the end of 2020 indlcaied. Trustees are taking action lo ensure that the business remalns robust. Thi5 Inclu(Je$ mulu-ygar Rosillencg and Recovery grant fvndlng from the National Lottgry H8rflage Fund and irnplemgnt'ng a eomprehenslve new [raIsIng strategy. Progress bs b9irwJ made wlth a new Indivldual philanthropy scheme. Alongsido the events and engagement programme the Twst hoBts weddlng. prlval8 parfe8. and corpor8t8 ov6nts. The Trust Mrill contlnLte to divBf5Ky revenue by promotlng Ihls acuvlly and looking for new DPPOTlunlty for commerdal r¥vgnue. 4eld waddlno r¢eoPtlon thère. Cannot r•commeftd hlghly ts9h. Extréméty effi¢l¢nt and nothlng w48too mu¢h troublo. Excollent $8Trvl¢g In fabulous bulldlng." IW8ddlng cllgnti The Tru51 believes Haruebury Casue offers an ex¢el8nt visltor experfence and has confidenca in the bng-terrn Mability of ihg herflago aitraction. Trusl Is corTrrn1tt8d to n8ng n8w StranmentS n8gotiatgd around tho Wi)rwiershlr• Gounty Museum kne renewal In 2026 add to Ihe fure reslllenca and sustsknal1IY Df th8 Tru8L "Havé vlsltod several tlmas ovor thg y8aTSv It n8ver tsIIB to make thlngs Itthresflng. Thè dl$play$ ¥9 $up8rb both fol young and old. Tho $taff In every area wer¢ pleasant and helpful. For Ih? ffrsttlmtr we vl$ltsd th• Blshops Pala¢o. fantast1¢ prè$8rrtatlon maklng tho hlstory r9411y come allvè. A rèally anjoyabla day out. And lun¢h w88 pretty good too." Ivisllor quot81 STRUMRE, GOVERNANCEAND MANAGEMENT Governlng (S)¢ument The charity Is controlled by Its govgmlng documgnl. Mernorandum & Attic18s Qf Assodatb)Th. and cOnslte5 a Ilmlt•d company. Ilrnlted by guaranteè. tt5 deffned by thè compar0$ Act 2W6. R•¢ruttm•nt and appolntyngtit of Thew trusts9$ As defined in the MemoFandum and tias of A$Stion of th8 charity, th8 trusteos 85 charity trustees have control of Ihe charity 8nd Its propety and funds. The trustees body when complete oinslsts of at kast three and not rnore than elaven IndI{tUal, all of whom mt(st be Memr5 of th8 Trust. On8 third lor Ihg number ngarest one thlrdl ol the Iruslees rnust r&lr8 8t exh Al, with Ihiise loroest in Tetirlng first ar¥J th8 chotc? between aY ol equal senqcè b81ng nBd8 by drthno lots. Ir the rneMir¥ al the rnBBllnu al kYhi¢h & trustee r&llr8s by rola"on l08s not ftll the vac?Gy, Ihe retirfng Irusle8 shall. if 7VIng to act. b8 deem8d to hav& be8N reappointed wles5 at the meeting il Is r8soJv6d not to flu thg vacancy or unPg$s a letiOn fortho appolntment of the Irust8e ts pul tr> the m88lrvJ and losL l truste8s giv8 Ihglr tima voluntarlly and r8¢dv8d m ben8111$ from (he d)thty. Any exp8rws redalmod from the tharity are s8t out in thp noles lo Ihe accounts. The bo8 of trustees regularfy r9M8Ws f( comp05111on in temts of practical skllls, buslness 8¢unn and knowl&Joe. Wh8r8 8 potential d8fKiency Is idenbfied, tr In ofdgr to enhance the pool ol tnJste88, th8 charity has, Ihrough 8eloctsv8 vertl$lng and nelworknng, sought to Id8ntify p8rsons who would b? wllllng to bocomg members and INStees and u$0 th8ir(Aw 8xp8rfence to 8ssSslthe charfty. Potential Tr8W tnJstee8 ere encouraged lo atler al leasl ore boa meetlng to fami1Sarls8 Ih8m58lvas with th& operatic and govoman¢8 of tha Gharity wor to 8PWintrnènt ag a trus18è. They are éncouragod lo fam11rtSe themselves the guldance produced by the Chatlty Comm51£1), In parucularlhe publlcalbn 'The Essential Tru818e'. KEY MANAGEMENT The day to day opemtion5 af th8 charity are d818gat8d by the I[u5t to Iha EXecUve Dlreclorwho ts Stava BagnalL STATEMENT OF TRU5TEES' RESPoNSIBILlEs The Iruslaes Iwho are also the direotors of Hartlebury Ca511p Preservation Trust lor Ihe purpos8s of company lawl are r85ponslblo lor prgpthng th9 Rgport ol the Tru$l99s thg Inanclal $tat8rn8nts In accordance wllh appllcatrAa law a United Kirodom Accounti Standards Iunlted lfjngdom Generally Accepted A¢UnIng Pracfr'¢el. Paga 5
Rtport of th• IndoPondentAudltors to tho Mgmbors of Hart16bury Ca5tl8 Pr85eTvafkn Trust Oplnlon Wa have audited the financlal stat8menls of HarU•bury Casue Preservallon Trust (tho 'charitab18 compan} lor the year endwj 31¢1 2024 comprbe ts Statsm8nt ol Financial Acti1$, th8 Balance Sheet, the Cash Flow Slaternent and nol&E lo th8 flnancTsI statnen Indudlng a 8umm8ry of significant a¢¢ounllng policles. Thg financia( rting Irwnework Ihat has b8en apP]d in th8ir preparation appllcable law and United ngdOM Accountir sisndards Ilthltod ngdOrn G9ll8ralty Accoptod AcvJunlhg Pracll¢el. In our opinicn th? finandal st818menls'. glve a true and fair viow of the slate ol thg thatable comp8fbYs affalrs as at 31st March 2024 and of its incomlng resouic88 and applicalK)n of rg3ourcgs, Induding its Incomo and expendllur?, for Ihg yoarthen ended.. h&vp been properfy pr8pared In accordance with United Kingthrn Generally Accaptad Accountlng Pra¢N¢8'. and hav8 been prepared in acthance wth th8 r8qulromon15 ofthe thmpènle5 Act 2006. Bas1¥ for ¢Jpinion Wg conductod our audll In accordance S1h Inlgmatbnal &ondards on Audllng IUKI (ISA5 IUKI} and 8ppKrAble law. Our responshlllde5 undeF those standards are fuTihor dgs¢rtb8d In the Auditots. responsIliti85 the audlt ol thg financl81 statement? 8ectton of our r8porL gre Indep8nd6nl ol the charftsbl8 company In accordarsce wllh th8 athical r8qulremenks that are relpvant to our audlt of th? financial s18t8m8nts in th8 UK, induding th& FRC'S Ethical Standard. and the provl8lon$ 8V8118blg for $mall enUti8s, In thg circumslancos sel out in not8 27 to th6 financial 8tatetn8nts. and w8 have fuMlled our other ethl¢al responslknllO& In 8c¢ordance wlth those requirements. W8 bolleva that the audlt 0vid8nc8 w& hav8 obl8in8d is 8uffi(xenl and approprte to prowd? a basis forour¢plnlon. Conclu51ons relbtlng to going conctm In audllin9 the financial 5tatempnts, we have con¢lud8d that the tNstees' us8 of the wlng eoncem basls of awwnuna Sn pr8paralknn ofiho ftnanciaS slatem8nis is appropriale. Based on the work we have perfoThed. we have not entifiEd any m8terlal Uncertae$ retkng 10 events or u)ndttlons tttal. Indiwdually Or c{Alove, May cast slgntfir2nt doubt on the charitable compan15 ablllty to conts"nu8 as a golng oncem fora period (rfal least tW8Fv8 rnonlh5frotn whgn Ihe financlal stat8mentsare auth¢Ni88d for issue. Ow r8sponsbilitsps and ihe reS511tIeS Of tho trutlee8 Wrth raspect to concern ar8 descrtbed in the relevant se$ of thls repart. Other Inlonnatlon Thg trustees arp r95wnslblo for othor Infomiadtsn. Thg Oth lnforrnaOn ¢ompilsas the Infomiadon hduded ln thg Annual R9Wt, other than tha finanaal statornonts and our Reportof the Ind9porentAdIIoIs thgraon. Our oplnlon on the finLIa1 stat8m8nts does not Gover the oth8r informaliDn atHI, exwt to extent otheNyse expltluy statsd In (Nr rap w8 do not express any form of assuYan¢e conduslon thèreon. In connection th our &udit of the financlal statement5. our spOnsIbl111Y 18 ts) Nad Ihe olher Inlormauon ano, In thlng o. conslder whether tho othar" Infom)albn 15 matgrfdly Incons15tent wlh th8 f nanclal Statements or our knowleOJ8 obt8in&d in Ihe.audrt or otheTwIBe 4year5 to be mateallY mIssts. Ir we tdenofy Slth malerlal InconslstenLges or app8rent material mi55t8l&ments. we aro requlred to dotsmino whetr thls Iv88 rf88 to a material misstat8menl in th8 flnanclal $t8tsrnents them$elv8s. , based on the work we p&rf0rn8d. we condude that thefv Is a mat8rial misstal8mBntofthls Other irrforrnatilxi, we aro requlred lo r8POrtthal fact. W& have nDthing to r8POrt In regard. Oplnlvn$ on othgr maltsrs pr8$crlbod by tho Companles AGt2006 In our opinion. based on the work undertaken In the course of thè audit.. th8 Information in the Report of lh& Trustees for th8 flnancTral yetr lor whlch tht nnanrAal staten(S are prepared18 con6lstentwllh the ffnamdal statements., and th8 Reportolthe Trustees ha5 been wep4red in acccldance wth appllcable legal r8qUW8m8nts. Matters on whl¢h w¢ arè rèqulred to rèport by exception In the Ight ol the knowledge and understanding of the chsritable company and its tronnI otX8lnod in the LXXYSO of the audiL w8 have not identif18d material ffli59tatemts in Ihe R8p)rtof thg Trustees. We have nolhlng to report in rgsp8Ct of thg following tnatters where Companos Ad 2006 r8qUWts us to rerx)rt to yeu If. in our opinion.. ad8qual8 a¢counUw records have not been kept or relurn6 adequate for our a11 have not b86n recdved trom branche$ notVIted by us., or the financial slat¢m&nts are not In agreement with Ihe ac£ounting records and retum$', or certaln di8c105ufBS of truste28' rBmunerdtion spocmed by Iw are nol mgde; or we have not rwAlv¢d all the Informauon and 8xplanation5 we require for our au(fiL OT the tru8t9es were not 8nliUed to tak& advantage of th& srnall ¢omp8ni95 exemption from the quireMent to prepp strategic RBPOrt or in proparfry th& Reportof Trusiee5. Page 7
Roport of thè Indapandont Aydltors to thg Momb¢Ys of Hartlebury Castle Pr•swatlDn TN5t Responsibllltie8 of tw$tee$ A$ 8xplain8d more fvlly In the Stal6mènt of TnJgtaoB' Respunsibilities. the trustees Iwho ate also the dire¢toi$ ol ihe ch81tfabl8 ¢otnpHny for the purpos8s Df comp8ny lawl 8r8 r88ponslbl8 for Ihe preparatlon of the finencral st&temen15 lor belng saN$fi6d Llal they glve a truè and f8lr vw, and for 5uEh internHI control as the tmstees dolermino 18 necessary to 8nab18 Ihe preparalion of financial slalamenls Ihat ar? free from mabrfal mls&tatemenl whelheréue lo fraud or orror. In preparing financial statarn6nt5, the Iru51ees are respolère for assessing the charitable compan1$ abilty to continue a5 a going conc8rn. disdoslng, as appllcable, mattsrs rolated lo golru ¢on¢gm and using th8 going concern basis of accounting unle58 th8 Irust88S either iniend to IKiuidata lh8 charltgbl8 company or to c8a69 OP8Trtion5, or have no raa115tlc allemalSve but to do so. Our rasponslbllltl•s forthg audlt of the tlrranckl statem1 Our oblecllves are lo obtaln reasonab assurarta about whelMr the n8rl91 statemgnls 8s a whole are free from material tnisstsl8mgnt, whath8r due to fraud or eor, and to Issue a Report Df the Ind8pendenl Auditors that indudeg our oplnlon. Reasonable assurance Is a hFgh level of asgutsnce, bul Is not s guarnntee th81 an audSt eonducted In accordanoo wllh ISAS IUKI 1[ afvays deteth A m?lerfo1 mlsslatsmgnl when il exlsts. Misstslem8nt5 from fraud or error and are consldered matedal ff, in¢Jpildualty or in the aggregats, Ihoy COLthJ reasonably be exrecled to infiuence Ih? 8conornk dedslons of users taken on th6 basis of these financlal stat8m8nts. Th8 extgntto wh1¢ our procadur•9 8r6 capat48 of dalg Irr8gularlUès. Indudlng fraud. Is datsllod bdow. Ba88d on ow understalh]g of th8rTtabk compgny, Identified the principd risks of MtKomplL9nco laws and regulatiQn6 inBluding thos8 that have 0 dir8ci ¥rp8cI M the pr8paratton ol lh8 flngnclal s1818m8nls and th8 8Xt8nt lo %41)Ith nOn-CmPli0n¢e mlght have a mateHg1 effect on th& finanaal statements. Audlt procedures porfmed Included dl$cu8$ion$ wilh rnanag8m8nl, revi8w of bDBrd m88ting minutes, testing of joumals, dasigning and performing aL•Jit procedur89 and chall8nglng assurnptlons Ond I1gements made by management In iolatbn to accoundng esUrnat8S. There are inher8nt limitalK)ns in Ihg audrt procedures dascrfbed 8bDVè. We ore bss Ilk8ty to beccffle aware Df Inst8n9 of nonllcompllance 1h laws ond gulaon$ that ar9 nol clos8ly r£&ted to events and transUons reflec18d In thg finandal $lateTnenls. Aso, the risk of no¢ detgcting a matsrial misslatam8nl du8 to frdud is highor than ti5k of Dt detecllng one resuwng from error, as fr8ud may Involve dellberate con¢g8lm&nt by, for examrle, forgery or intenllwel misrewe$pntation5. orthrough collusion. A fiJrth8r deription of our respObIti89 th8 audr( of the f881 statemenls is located Dn the Financial Reportlng CLyJnclls webslte atwwi.frGorg.uklaudltorsr8spMslbllllbs. Th1$ de8rxlpttDn forms part of our RepDrt of the Indepand8nl Auditors. U$9 ofourreport Thi$ rewri 1$ made sol&ty its th6 charitabl& company¥ rnornbers. as a body, M accordanco with Chapter 3 01 Part 16 Df the Cotnpanies Act 2006. Our audlt work ha8 b88n und8rtakon so that Wg mlgm stats to the charitable companV8 meFnbgrs tho89 mattors wg are requlred to state to them In an &j1t0rs, report aod for no other PUFPO$&. To the fullest extent perfflitted by Law, we do not accept or assume responsibilty to anyorn olher than the Charitab wmpany the h41itabl8 ¢ornpaWs mgmbers as a body, forouraudtt wort, lorlhls report, or lor Iho oplnlons wo Ive formed. Colm McGrory FCA {SeThr Statutory Au110r) for and M b8h8ff olormor Rutior Umited The Oakley lQdd8rmlnsler Road '¢h Worc8Stershlre Im 9AY Dato. 1&111..1..2.Q2t........ Paga 8
Hartlobury Ca9fle Pre1¥4110n Trust Statqment of Flnanclal Actlvltles Un¢orporatlng an Incorne and Expondlturè AccOLlllti for tho Yoar Endod 313t March 2024 2024 Total fundB 2023 Tol81 fund$ Unreslrlc fvnds R8Strfcled funds Notes INCOME AND ENDOWMENTS FROM Donallons gNJ lsgadss 152.347 71,851 224198 139,02 Charltable acflvlll85 PserVatIon of Hart19lry CaslLg 2&221 26,221 23,8 other Irading actiVe$ Inve8trllent inBcrna 10.237 33.500 10,237 33,500 8,581 33,374 Total 221305 71,851 294,156 204,757 EXPENDuRE ON Ralslng funds 16A95 17,929 2.799 Charltablo actlvltlas PreseNolion of Haruebury Ca5d8 98,520 380,972 2W,865 Totsl 278.947 99,964 378,911 293,664 NET INCOMEIIEXPENDfFUREI Tr¥nsfvT8 bthveen funds 158.6421 12.070 12&1131 112,070 1847551 1888071 24 Ngt movement In fund$ 144.5721 140,1831 184,7551 188.9071 RecoNCIUATION OF FUNDS Total fuTrJs broughtfoward 45M54 4558,326 4,604179 4.093.086 TOTAL FUNDS CARRIED FORWARD 1.282 4,518,142 4,619,424 4.604,179 The nots81omi partofthe68 finarKhl sknwants Page 9
Hartlebury Castle Preseryatlon Trust IReylstered nnber.. 067792411 Balance Sh98t 31Bt Mareh 2D24 2024 Total ftJnd5 3J23 Totsl lunds UNoStrf¢ted funds R•slrfot8d fund8 Notos FIXED ASSETS Tanglble assets H8rf18g8 ASS8ts IrNesfynents 18 17 18 kY,e38 26,244 4490,260 52,880 V90,260 78,452 4,490,260 26,837 4,516,504 4543,141 4,568.713 CURRENT ASSETS Debtors Cash at bank and in hand 89,517 135,162 69.547 136,800 40,305 216,051 224,679 1,638 226.317 2fjl.6 CREDITORS knouThts fallins due wilhln one year 20 150,0341 15Q,0341 125,8901 NET CURRENT ASS8 174,845 1,838 178,283 235.488 TOTAL A%SEf5 LESS CURREKf LIABILITIES 2Q1.282 4618,142 4,719,424 1804.179 CREDITORS Amountsfdling duo aft8r more than one year 21 1200,¢)001 1200,MOI (20D,0001 NET ASSETS 1,282 4.518,142 4.519,424 4,eo4.179 FUND5 Unrestrrcted fvnds Re8cted fvntss 1,282 4,518,142 45,8 4,558,325 TOTAL FUNDS 4,519,424 4.604,179 These financpal st8tements have bBen weparett In acwrlJan wlth Ihe provish)ns applk8bla to r8rltab18 c4mpani89 Subject b the SMBII compan8 regim$. The fln nclal statement5 were approv8d by th8 80grd of TNst8es and aut$•d for Isyue . and wore 5rgned on ils behaK by.. on htt- Trus188 The notes fomi part 0fthes8fidal stoloments P8 10
Hirtlebury Castle Presetrvatlon Tn*t C8$h Flow Ststement lorth• Yéar ended 31st March 2024 2024 2023 Notos Cash flDWS from operatlng aGtfvitles Cash g8n8raled from operallons Inte1thpally loan movement 14,0641 3,454 173 34 Nel cash (used Inpded by op8rallng aru15 170,8101 207 Cash Iktwkfrorn InvoBtlng actlvllloB Purchase oltangible fixed assets Sal& of tangible fixed assets Inter8St r8ceived 112,5011 3,739 121 114.6461 134 Net rash u8ed in invasllng acllvbs 18,6411 114.6121 Chango In cash and ¢asth 8qulvalgnts In r&porUng pBdod Cash and cash equlvalonts at the bgglnnlng r•portlDg perlod 179.2511 114.3051 216.051 230.356 C8$h and ca9h eqylvalents at thè end of th8 r8PQrtlng pgrlod 138,800 21e.051 Th& nL>tèsfDmi pllrtolthege financial gtat8Thr Page11
Hartlebury Ca5tl8 Pr858r¥allon Trust Not0$ to tho ¢a$h Flow Statgmgnt fortha Yoar Ended 31st March 2024 RECONCILIATION OF EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Mel 8xpgrndltureforthe reporttng p8riod las per the Statement of Fln3nclal A¢tlvltl861 Adlustsnents foT- Dèptscialion charges Loss on dlsposal of fixed 855ets InlÈresl fecelved Ilncre88eydecr68se in debtors Incrgasslldocrgaso) in credltors (8475SI 188.9071 33,394 51.889 11211 147,6661 24,144 11341 111.504 (74,1791 Net ca$h lusgd Inyprovtdod by oporatlons 1740641 173 ANALYSIS OF CHANGES IN NEf FUNDSIIDEBT) At 1.423 Cash flow At31.3,24 Ngt cash Cash 81 bank and In hand 216,051 179,2511 138,800 216,051 179.2511 136,800 Debt Debts du& aftw 1 y6ar (200,0001 1200,0001 (200,0001 1200,ODOI Total 16,051 179,2511 163,21101 The notes fNrn ofthe8e finana81 st8t8ments Page 12
Hartigbury Ca$llg Prn8¢rvatlon Trust Notes to thg Flnanclal Statements forth? Year Ended 31¥t Mar¢h 2024 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial st8t8ments ol the charitable wmpany, whl¢h is a public b8nefft entty under FRS 1Q2, have been ppared in a¢wrdance wlth Ihg Chadtl8s SORP IFRS 1021 'A¢rAJtsnllrvJ and ReportirvJ by Charities.. Stalemant ol Recommènded Pra¢li¢e applKablg to chanles prgparing Ih8r accounts la acGordance with ihe NnaTrclal Reporting Standard applcable In the UK and Republk of Ireland IFRS 1021 (effective 1 January 20191,, Flnandal Reportlng Standard 102 Tre FIn¢131 Reporting Standard aPIcabl8 In tho UK and Repub of Ireland, gr¥J the Companlès Act 2006. Th8 financlal st&tem6nl$ hav8 b88n prepared undgr the hl$lorf¢al cost conVenon, th Ihg Oxctrp0n of Invg7tmpnls wh1( are Ided al market valu8. Th8 accounts are prepared In 3terflng, whlch Is the func01 currency of th8 charitable c4mpany. Mono arnot$ in thèse finandal statents ore roun(t8d to tho n6aresl £. GOING CONCERN After assassing wh&thgr lh8 golng eoncarn assumptlon appropriate, laTr] Into occounl all available InfoOn about future. whkh Is at least. but 1$ not lirrfled to. months frorn the date wh9n th8 finan¢kl staleFTnIS ar8 aulhorised, the Iru51e?5 CN5ider the charity ab io continiue as a going concem. PREPARATION OF CONSOLIDATED FINANCL4L STATEMENTS The financial st8t8rnnts ¢ontaln Inlomiaffion about Thg Hartlebury Ca818 PreSeaOn Tnt as Indwldulll charity and do not contain consdidated finanoal infDrrllation a5 thB patent ol a group. The charity 18 ex8mpt under Section 39912AI ol the Companles Act 2QQ8 and the Qh8rlles Act 2011 Saollon 139121 trom the requlromBnts to prepHre c4)nsoINlated flnancid statements. INCOME All Incom6 Is rewnlsed In Ihe Statem8nt of Financ4al Aeti¥fdè$ once thè charlly h88 enyuement b th8 T$. it is probable thatlh8 nrne 11 b8 r8c8fv8d and th& amaunt r2n be rnaasured reliably. Income from grants [Includin9 gov8mm8nl srantsl and donations rewgnis&Y in the period In whld) the charity 1$ gnlmkd lo ro¢lpt and th8 ainount can ba mea$urgd rgasonablg ¢ertalnty. Income from grants Is on eferrod wh8n th8 charity hBs to fulfu (xjndilions not yet m81 b81or8 beLyJmirvJ enlillgd to St or where the donor has Sp8¢ed Ifrot thB Inwm81s to be èjwnc in a futurg perfoLI. Admksions subs¢rIp0llS aro ¢onsldgr¢d to bg, In subslan¢g, dorolons r8th8r than payment or 58NIc85, Admysslong ar8 re(wnised on entry. Subscripliorts 8re recLunlgad over the p8nod to which they rglate Dn ralyht-lhe ba8L%. Rental income Is r8wgnlsod In Ilng w51h the parlods to whk such I[oNe Lates, up lo U)e extant that probable that such inBcrnB is rewverable. Where recoverabilty of rental income is in doubL Such incmi8 Instead reCOgned on a 9h ba4$. Int8r8St Income L8 recognL%ed forall knterest4)rfnQ k181DJmerrts on an basis. EXPENDftURE UabilKles are recogni5ed as expendlbJre b5 Soon os there i8 a legal ur construdlv8 oblfgaoon commthg the chanly to that expendiiure, 11 Is probable that a tran$ler of economic b8n8fi15 will be retyired in Setllement and the amounl ol Ihe obllgation can be rnea5ured rdiably. Expenditure Is ac¢ounl8d fu on an accruals basiq and has been da$sifled under headlngs Ihal aggr8gale all ¢081 relat6d to th8 C8togory. Wharo costs cannot bè dlr8cUy attrlbuted io partiGvbr h2adings they have been allucated to actnitts on a basis o)nsi5tent the u3e of resourc8s. FiXED ASSET INVESTMENTS IN SUBSIDIARIES Fixed a58et investments In subshliarl85 ar8 maasured 2t cost less ImmnI. TANGIBLE HXED ASSETS DepreCIall Is prodd at tha folln9 annual ralgs In crfer to off oath as8gt OV8r tts 0511malgd us8fv1 Plarit arxl rnathlTrery FLxlus and fittings Cornput8r equipment 20% on c08t 20% on CDSt 33% on st Ft<8d as¥ets o)sthg less thon £100 aro notc*pltalL%od Pffje 13 contirlued...
Haruebury Ca$tle Pre8orvallon Tt Notes to the Flnancl81 Statemènts-contlnu8d for th8 Yoar Endod 31st March 1024 ACCOUNTING POLICIES-contlnued HERITAGE A8SETS eri(auo 8580ts ore r8COWiS8d at cost and ar8 CDllsKl8r8d lo hav8 indeffnlto useful lfvgs. AS SUC Herllag• asse15 are not d8preclated and arè instead revlewed annu811y for Impalrm8ni. TAXATION Tha cth1ty 16 exempt from corporation t8K on its charitébla aeUvlU&s. FUND ACCOUNTING Unrostricted fvnds can b6 u88d In 8ccrdance wlth the ch8dl8ble ObclIveS atthe dBCTets of the (ruste86. ReStrted fund5 can only b8 used for rtICular r88trkted purpo585 thIn the obierts of Charity. RestrEdons arLsèwhen 8ped18d by tha donororwhon fvnds are ratsed fOrpa(19rr88IriQt8d purpos05. FurUr explanauon of th8 nalurg purpos9 of ea¢ thnd Is Ilded In the notes (D Ihe flnanL¥al statements. PENSION COSTS Th8 charflabb ¢ompany oporat85 a d8fin8d contribubon pon&on s¢hem9. ConlnbutEons p8yablg to tho chatttable cornpan5 pen81on 8chem8 are tharged to th8 Stat8rnent of Flnandal AGUvllkds In tho POrf ltr whtch thgyr8late. FINAN¢IAL INSTRUMENTS The chity has elecleé to apply the prOS1on5 of Section 11. Baslc Finandal Instrum18. and S8rJion 12 '0ther Finan¢lal In51ruments1sSU8s' of FRS 102 10 811 of rfs finanoal irElryJm8ntS. Fknenc191 Instrumonts gre rècog88 wh8n the charty b8cDm89 Party to contr8clug1 provlsl)ns ofthe InstwThnt. Flnanclal as68ts are offset, with tho net amounts pres£nted In the accounts wher& Ih8re Is a kgal(y enfrAr8abl& right to set off th8 r8cognls&d amounts and thgre Is an intent'on to 5etUa a wt basis or lo wllso assgt and settl8 th8 Ilabllty sImultaneouy. Bas1¢ Flnan¢lal As50ts Baslc finandal assets, whlch Include tr8da and other recèPrfables and ¢ash and bank balances, are Inttlally rnaa5urgd al transaction prfce Inckjdlng transacllon ¢0818 and ar8 sub59quenlly carried at amortt5gd LYsl using the 8ffacUv8 Inter8St mathod unless the arrangement cons¥lu18s a financing transaction, whera th8 transaction 18 measured at tho prosont value of th8futur8 r8G8ipts discounted at & market rate of Intwesl. Bastc Flnanclal Llabllltlo8 Baslo finan¢lal 118bllill&s. Includlng trade other pa168. ar& Intllalty rotr)gnl68é at trensaction pfi¢• unless the arrangemgnt Co$tirte6 a finanong ttan5a¢lK>n, where the debt Instrument 5$ me88ured at th8 pr98gnl ye of luluro rocèip15. dlElXUnt8d at a rnarket rat8 of Int8r8sL D8bt lllstrumenls subsequenuy caniod at 8mortl8ed cost, U61ng the ellectlve Interest rate metl¥)d. Trade payables are Obligati8 to pay for goods or serwK&s that hgv8 been acquir8d in th8 ordinary coursè of U)0 operations 8Lsppliers. Aewunts payable ar8 clasvAfied as currgnt Ilablllues If payment Is due ¥t[n ono year or 18ss. 11 noL they are pr6sented As nOnjrrenI Ilabl1e8. Trad8 Fqyable¥ ar& r8Lwni88d Inldally at trdnsaGtlon cost. CONCESSIQNARY LQA145 Concesstonary loan recewed from thlrf paeS on whKh no Snter8St Is to b8 charg8d gr8 [rSSured at hk8tOriGqI Page 14 continued...
Hartl8hury Castle Prn5•rvatlon Trust NDtes to the Flnanclal StatemBnts- Gohtlnued forthe Year Endod 31st March 2024 CRMCALACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Th8 clkgrity makes e8tlmat8s arKI as8umpfy.ons con¢ernlng Ihe future. The resulbny eslitnattrs 11, by dgflnllton, seldom equal thg a¢lual rwulls. The e5tirnal8s 35sumption5 Ihal hav8 a slgnllc8nl Ask of causlng materfal adju81ment to th8 carrylno amounts of assgts and IIthIIUes wlthln Ih? next rin8n¢i81 yaar are addossed below. The annu depr8ciation charg8 fLY tangIb ass81s is sensllfv• lo ¢hange5 h the eslmatsd useful lives and re3idual vthJeB of the assets. fhg Useful Iwe$ and roskjual value8 are re-asse588d annually. They are amondod when ne¢os5ary to r8fl8ct tw current e8UrnalÈs. based on the techrK)logical advan¢emgnl. futur8 investment, erAJmmic utilisalian ar thg physlcal condition ol thg assgts. Raies DI d8preciation are considered on a rAtogory basLs and dL8ckJsgd wlhin th8 accountiw ford8pr8UatEon. Valuatlon of H$rlla A$$8ts Herfkga As88ts forn 8 slgnllkanl part of the value of n91 ats p8r Ihe b3lance sh8gl The ffnandal Ftstem¢nlB are therefore sensllfve to thè Ghange in valu6 of these a55ets. HeAtage Ass&ts are recorded 91 wst a9 they are typlcally unique and ther8forg no acllve market availab18. The Tru5t885 85se55 Hedtage Assets annually for impaimionl. DONATIONS AND LEGACIE8 2024 2023 Donallons Don8llons from 5ub51di%ry Grants SubscrtptEons AdmI5On8 25,104 58,179 73,122 1.258 66,535 13.041 67.235 1,085 1,484 56.157 224198 139,002 Grnnb re¢oivgd, indudgd In thg abov8, asfvllLw5'. 2024 Kt¢kstart National Loliery Heritage Fund - ReInce & Reoovery HerfortlshI & WDrGe5ter5hfv Gardens TruJt Hartbbury Parfsh Coundl 1.085 69,851 2.000 1,271 73,122 1,085 OTHER TRADING ACTlVtllE8 2024 2023 FUndrng 8V8nts 10.237 8,581 JNVESTMENTINGOME 2024 2023 Rents rocoived Dew41 ac¢wnt Intor•st 33.379 121 33.240 134 33,500 33.374 Page 15 C4)nl(nued...
Hartl¢bury Ca811e Pre$ervaWon TNst Notes to tho Flnanclal Ststemgnls- Gontlnu8d for th¢ Y¥ar Endgd 31$t Mar¢h 2024 INCOME FROM CHARITABLE A¢TNrriES 2024 2Q23 A¢tlvlty PreseNation ol FrebUry Casilg Othw Incomè 26,221 23.800 RAISING FUNDS RAISING DONATIONS AND LEGACIES 2024 2023 FundraiThg event cosL¥ 14,823 14Clal OTHER TRADING ACTWMES 2024 2023 Puha$0S 200 INVESTMENT MANAGEMENT COSTS 2D24 2023 Pperty manag8mentccts 3,114 3,008 Aggr8gal8 amDWts 17.939 2,799 cHARALE ACTMTIES ¢OSTS Diro Cosls188a note 91 SuppNt C09ts1800 note 101 Totols Preservallon ol Hathbury Castje 282AO8 78,564 360,972 DIRECT COSTS OF CHARITABLE A¢TNfriES 2024 Stsff costs Rates and water Insuranc8 Light and heat Telephone Advertling Sundri8s Propetym8lnt8nance Compul8re4sts 8ecurity 167,813 1,964 33,738 16,707 3,791 10,298 2,4$8 25,775 15,810 4.054 133,892 3,322 31,3 15,Cl39 2,714 4,¢X5 2,9)0 19,023 4,5Q2 5,3Q7 282,408 221,947 Page 18 c¥)ntinued...
H8rtlebury Cttstle Pre$ervatlon Trust Nots$ lo the Flnanelal Stal¢m¢nt$-contlnued for the Year Ended 315t M#r¢h 2024 10. SUPPORT CQSTS Govarnance CO8ts Manag8ment Flnanc Total$ PreservaN ol HartL9bury Castt8 7,886 1,8OB 69,068 74564 Sur4)ort818, kndudgd In above, ar8 as fdbw5.' 2024 Presgrvatlon 2023 HarU•bury Total 8¢IMtieg Po8We and 3t8tion8ry Tralnlng Travd and sub8is18nce Llcèn¢es and Subscriptions Bankeharg85 Auditors. remuneralon Account8ncyle•s Legal and professEC31 fees Payroll servl¢8s D8precladon olt8TrJlbl8 fixed assets L066 on $8le of taTrJlble r(xed as80ts 3.879 1.425 950 1,634 1,608 3,500 6.218 24,200 818 33,394 865 672 1,395 1,3S4 3,133 4.025 4323 434 828 51,689 78,564 68,918 11. NET INCOME1(EXPENDUREj Ngt IrL¥ngllexpendttur81 Is s¢4tad afi•r ChargIn(CredItgl.' 24 2023 Depr8ciation-owned assets Defidl on dlswsal offixed assots 33,394 940 51,889 12. AUD0 REMUNERATM)N 2024 2023 Fees payable b th8 chadtvs audllors lor the audlt olth9 fJ)adty$ finandal statements 3.500 4,0 13. TRUSTEES. REMiINERATION AND BENEFITS The were no truste86' remunerath)n or other enefitS tr tho year end9d 318t Marth 2024 nor for tha ygar endgd 3181 Marth 2023. TRUSTEES. EXPENSES Tw) IrustO06 12023.. Three) wera rolmbursgd 8W5es tolalllng £2.038 in lh8 y8ar 12023.. £4.2751 Of thts amount £1.351 12023.. £3,547) w85 in rtlatlon lo g8rdenlng and repair matorials purchas for the rasila and £68712023.. £74n vrds rtiwburslng mrfgage costs incurred by trustees to attend m9etlngs at tho casttg. Paye17 ntlnued...
Hartl•bury Castk ProrVatIon Tru6t Not•s to th• FInal181 Statom&nt$- ¢on¢lNugd forthe Year Ended 318t March 2024 STAFF COSTS 2024 2Q23 Waggs and salthe5 Social s8curlly costs Olher penon $ts 157,361 7,419 3,033 126,984 4.337 2,K11 167.813 133,892 No 8mpbs&$ rEThuneralion Df over £60.000 {8XcdIng emplw national insur¥nce and PenSn costs). Key managemont remlBrE11on lindudir#J employer national Insurance and pslon ¢ostsl In the year lots1 £55,06D12C123.. £51,379). Penslon Costs relate to d8fined Contr110 sth8me5 Mly. Tho aver4g8 monthly number ofryknyees durfng th6 yearwa5 a5 follow5.. 2024 10 2023 Trust staff 15. COMPARATIVE8 FOR THE STATEMENT OF FINhNClhL ACTwmE5 Unreslrfded funds RtrIcted nds Total INCOME AND ENDOWMENTS FROM Donations and legacles 189.(K72 139,002 Charftablo al¥It1•$ Preservation of arfery Caslle 23.WD 23,800 Oiher trading ac1lirytS Invosbnenl IrKfAne 8,581 33,374 B,S81 33.374 Total 204,757 204.757 EXPENDITURE ON Raising fvnd8 2.799 Charltable activltl88 Preservalon of PTrartlebury Casle 232,183 58.682 2>D65 Total 234,982 58,682 293,664 NET INcOMEIIEXPENDuRETr Translers bahveen funds 130.2251 1831 158,6821 83 188,9071 Nèt movement In lunds 130,3081 158,5991 18B,9071 RECONCILIATION OF FUNDS TDtal funds broughtfoard 76,162 4,616,924 4,693,086 TOTAL FUNDS CARRIED FORWARD 45,854 4.558.325 4.ElJ4.179 PJ818 conlhued...
H•l6bury Casllg Pr¢servaYon Trust Notès to tho Fln8nclal Ststsments- Gontlnued for the Year Endod 316t March 2024 16. TANG18LE FIXED ASSErs Flxturas and Pl8nl and machinery Computer equiprn?nt Totals COST At 151April 2023 Addlllons Dlsposa 134,940 221,960 11271 17.520 1,230 15,5801 374,420 12,501 17,9271 12,3471 At 318t Marth 2024 132,593 233,231 13,170 378,954 DEPRECIATION Al IslApril 2023 Chargèfor yèar ElirnSnated on thsposal 117,709 5,176 11,407) 165,340 26,950 11919 295,968 33,3g4 13,2d81 {1,8411 At 31st Mar¢h 2024 121,478 192,290 12,346 328,114 NET 800K VALUE At 31st March 2024 11.11S 40,941 824 52,880 At 31st March 2023 17231 56.620 4,601 78.452 17. HERITAGE ASSETS Total MARKET VALUE At 1st Awl 2023 and 315t M8reh 2024 4,49D,260 NET BOOK VALUE At 31st March 2024 4490,2eO At31Jl Maich 2023 4.490,2eKI Th8 ntag& aSSo1s cotnprise of H•rUgbury Ca511& and Its grounds. 51 18 one of tha oblectlv&s of the charfty lo prasarv8 and manag8 Haruebury C8slle and 118 grounds. FolloMng the compblion in prb)r years, th8 initkl Imwpvemenls and restorquon work folowing ils a(4ulslllon was considered rcessary In ord8r to bdno the wopety to a suitable condioon b8for8 il COU ba opened to the publlc as a M8itor attraction. Ihe thsrfty is not expe¢t8d10 make anyaddl1A9 to or dispwts of tho htage assets held. The herttage a$5ets are $ubl8et lo a tharge over the treeho thle held by thg NalK)nal Heritage Memorkl FuThl. . Mor8 datails are proded in Notg 22. FtrVE.YE4R SUMMARY OF TRANSACTIONB 2024 2023 2022 202Q C05t* start ofyear AttdltkJns ift th• yaar 4,490260 4.4go.280 4,490.260 4,448,778 41.482 4.443,351 5,427 cost atth• yoar•nd 4490360 4,490,260 4,490260 4,490,200 4A4B.778 The Inttlaf purchase ol Hartl&bury Castle and grolnds wa$ In 2018 at 8 Cost of £2.272.000 All subsoqu8nt Artdlllon5 r81al& lo gnin¢•nI Improvem8nts and r8sloration work weig considered n&cas8ary In order lo brillg the property to 8 Suitable eondlllDll before It coukj bè opeMd to tho pubbc 88 8 vlsltor attraction. AJI suth Imprownanls ané r8storath)n wotk i& conddered to have bean wmpletod In 2021. Page19 ntlnu8d..
Hartitbury Castlè Pr8servatlon frust Not85 tothe Financlal Statoment5. contlnu for the Year Ended 315t March 2024 FIXED ASSET INVESTMENTS Shares group undertoklng$ MARKETVALUE At 1stAprfl 2023 and 31st March 2024 NET BOOKVALVE At 31st Marth 2024 Al 318t March 2023 Tha company'8 Inveslrnènts attho balanco shegtd&ts In tt)e share capltd of compan188 IrKlude th8fdknwng.' Hardebury Castle Company Llmltsd INo'.092488841 Reglstored office.. Hartlebury Ca5tt8, Harllèbury. Kfddermlnster. Ervjla, DY117XZ Nature of bu$lne$$.' To run Ihg Cafe, Shop & Events at the C88ife. c8 of ¥h8r8: Ordinary hokllng 100 2024 2023 Aggr8gate capital and re8ervg6 Profit for year 58,179 67.235 19. DEBTOR5.. AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade debt(f5 Amunts owed bygrwp wjertakhgs VAT 9,059 1,219 23,502 55,737 8.394 4.674 18.743 15.494 PrePayrrtS and 8ccn)¢d Incomo 89,517 45,305 CREDITORS.. AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Trade Credltors Social securlty and olh8rtaK8S Penwon contr Other creditor5 exper088 34974 3.357 708 19 9.978 11,742 2.330 1.924 9.438 50.034 25.890 Page 20 eontiThJed...
Hartlebury Cag110 PresoNatltsn Trust Notes ¢0 the Flnanclal Statsmonts-contlnuod for th• Year Ended 316t Merch 2024 21. CREDrroR8: AMOUNTS FALLINO DUEAFTER MORE ThAN ONE YEAR 2024 2023 Olherb)ans Ise& not& 221 200,000 200,000 22. LOANS An an8lysl8 olthe maturfty of loans15 gwen bekny.. 2024 2023 Amwntsf8lllro du8 ts908n Nvo and fvo years: Concesslonary loans 200,000 200.000 During tho 2020 accounting year Worcest8rshlrs Counly Counell made avallab18 an unsecured fadlly to ald th8 chadty wllh cashfbw, In 20L Worcest8rsPdre County Coundl agreed to defer tho original repayment and ¢onvert£25,000 into a restrtctBd fulld grant to support the constDJctlon ofa new adventure playground. Thère Is currenty no formal repayment da fDr r8maining £200,000 12023.. £200.0001 owed to Worc8518rshlr& County Councll, bJt it 1$ not exp6cled to be r6p8id wlthln the next 12 months. It1$ 8xp8ctsd thal the loan p05itk)n wll reviewed 8fKI finaksed wthln the wlh t Counul rryarfing Iher 1888a in 2(Y26. No Interèst 58 charged on the loRn. LEASING AGREEMENTS erdli Laase P ents Op8raVng le2$9 paymgnts of £62812023.. £8371 w8r8 rrradg durlng th8 y09r. Durfng the year the charfty svJned 8 new OF*ralng 18858 for a photocoper. the fiJtLJra rnlnimum leasg cormiilmgnt 1$ a5 lollows.. 2024 2023 Not ter than ona year LAl8rlhan on8 and ml lator Ihan five war5 Laterlhan five y&ors 590 1,495 Lease Income Tolal futur6 nImuM 19ase Income whkh are reCeaa under noTreAncellai4e oF¢rnlng lea$, In r08F4Ct of thv8slm8nt properl4 ore as f1C. 2024 2023 Notlaler Ihan ¢ne yeaT Latsrthan one and not fater than fflve years Laterth8n llve years 7,445 7,445 10,237 10,237 17,682 Page 21
Hartlebury Castle PreBer¥a¢lon Tntst Note8 to the Flnanclal Ststsm8nts- contlnugd foi the yo End•d 31st march 2024 MOVEMENT IN FUNDS Not movement Infunds Transf8rs belwéan fu3 At 1.4.23 31.3.24 Unr8Strithd funds General fund Sfj,6421 11070 1282 Re$trfcted fund¥ Rgstwation and prgseNation fund HLF r8&18nlfun Culture recov fund- claim 1 Cuttur6 r6covery fund- claim 2 Cuttur8 r8covery fund- cklm 3 Herèford & Worcester Garden Tn 4,535,284 IB,7801 193 16,8581 141061 (Aool 1,63B 4516.504 11931 14.4801 17,3971 11,138 11.503 400 1,638 4.556,325 28.1131 112,0701 4,518,142 TOTAL FUNDS 4,604,179 H7551 4519,424 N8trnovem8nt inknds. included in the above are asfollows.. Incoming resour(¥s R6$our¢e5 exp8nded Mov8m8nt In ld$ Unr8strf¢tsd fvnds Gen8ral fund 222,306 12719471 158,6421 R88trid•d fvndB Re8loraUon 8nd prewvation fvnd HLF raslllantfund Cuttur8 recovery fund- daim 1 Cuhurg iecovery fund- daim 2 Curture rocovèry fund- dairn 3 H8r8fr*d & WLYce8tsr Garden TTUSt (18,7801 {69,8581 16,6581 14,1061 {4001 13621 118,7801 193 10,6581 14,1061 14001 1,638 68.851 1000 71.851 199.9841 128,1131 TOTAL FUNDS 294156 1378,9111 164.7551 Page 22 conllnued...
Hartlebury Ca$lle Pr•seNallon Trust Notgs ¢0 th8 Fknan¢lal Sto1gmgnts-¢ontlDuod for th• Y•ar End6d 31st 2024 2& MOVEMENT IN FUNDS- ¢ontlnu•d Comparallwsfor movament In lund$ Net moyernent In funds Transf8rs be98n funds At 31.3.23 At 1.4.22 unre$M¢1 thnd$ Genoral fund Reserwe fijnd Prdethd d8fi¢M for future yoars 1S,662 20,500 40,000 130,2251 60,417 {20.5001 {40,0001 4S.854 76,182 (30,2251 1831 45,8E4 Rastrlct•d funds Rastoon and preBervalon fund Magic rrorfUnd HLF r8siVant fvnd CuttuFe recovery fund- dalm 1 ¢utturr& reoov8ry fvnd- daSm 2 Cutture recovery fund- clalm 3 Hereford & WcfcesterGarden Trust 4.578.982 600 17 16003 18,669 709 143,6981 {6001 4,535,284 (s,) 17,0661 13921 11,2441 11.138 11.503 400 4,618,924 {58,5821 83 4,558,325 TOTAL FUNDS 4.693,086 188.9071 4,604,179 Comparativg net ment In fvn(ts. incbd8d in th8 thv8 8re 86 tDIIows'. InLX)mlng re8ourc88 Resource5 •xp¢nded Movement fund$ Unr8Strkt8d funds General turvj 204.757 1234,9821 130,2251 Rg$trlctad fvnd$ R83teraUon and PrtIon fvnd Magic rrOr(Und HLF raalanl fijnd Culture re))very fund- dalrn 1 Cuftur8 recm8ry fvnd- dalm 2 Cultur& rKwory lund- daim 3 Her8ford &WorcestsrCarden Tru$l 143,6981 ieooi 143.6981 {eooi 18.6651 17,0661 13921 11,2441 15,8651 17,0661 13921 11,2HI IS8,6821 1&8.6821 TOTAL FUNDS 2D4.757 1293,6641 188,9071 UNRESTRICTED FUNDS Genwal fund The g&neral fund is Ihal part of the unrestrths fvnd8 %thlch th8 thjstees may thoose to 8pend on any 8thty yrithin th8 purpose8 of tho tharity. Ro5orv• fund The deslgnoted seO fund was set up by the truslees to ensure that 5ufficipnt reservés were held by the Charfly In ord8r lo nd any ungxpeot8d exp8n(kture In future. Thls fund transf8rr@d back lo g6n8ral bjnds In the year as tt)e truste&s reL)wnL%e the levol of general reswv85 and the need lo grow lh reserye firsL Page 23 o)nlnued...
HartI¢lry Ca$1¢ PYo$èNallon Trust Noto$ to Ihe Flnanclal Statements contlnued fortho Yéar Endod 31st Mar¢h 2024 MOVEMENT IN FUNDS-¢ontlnuèd RESTrICTED FUN05 Re$tor8tlon and preVatIOn fLtnd The stOratIon and prg8eptstion fund has baen reslrfcted by tho donor spgrifically to fd tho purthase and restoration ol Hatyjebury Castle. Maglc mlrrorfund The charfty recalvad £3,000 lowarfs Ihe purchas8 and Inst8llatkin of a maglc mlrror. ThLq purchase vrds mad& in Ihg 2020 acLounllng peilod and the as6et h88 now be8n depr8ciat8d in ftjll with the result that there Is no balance rernalng on Ihis fd. HLF ros1¢1 lund The charity is in rpt of a grant fron th& Nauonal Loilery Htage Fund Resilient Herllage progr8ThTh. ThL grant suppots organi5alional developmgnt and income generation a5 charlty tran61iDn5 fvom d81iv8ring th8 r8Storatlon and rtropgnlng lo b8(x>mlng a 5U5talnable herftage ttrlion. Culture le¢0ry fund Tho charty wa$ awarded £143.757 from the CulrA1 R8covary Fund a number of yoats ago, a fu deslgned to support th8 reopenng of cultural and heritage sites gcross the UK f¢llowlng the coronawru5 pandemio Tha mney h81pgd Ihe d)adty lo re¢over from months ol lost income whi15t the sile was cb5ed, Support Its reQnIng, fund ImpmomBntS to alsIblty of the grounds and cornpleto vllal malntenance works to presgNe fuiurg of th8 rA8de. Tha balance an th18 fijnd (s now nil as during the year the MainIng balan¢e, whkh w8$ enlr8ly rgpresented by thp nBt Val of X8d assèts purchasad from Ihefund, w8r8 iran5fwr8d io 98n8ral fvnrJ6. H8r8foYd and Worcestèr ¢3arden Tru$t Dung Ihg year the charily was award8d £2,0 to 5p8nd on mairrtenancB and Improvement of gardan area5. Ttte 1$ a remalnlng baLgn¢o on thps fun¢J 01£1,638 al the year end. TRANSFERS BETWEEN FUNDS Ding year £193 was tranSferd from the general fiJNI lo lh8 HLF reSInt(und to cover a small d8fic4L A further £11,877 was Iran8f81r8d lo ggn8ral funds In the yoar, b$lng Ihg n8t book valua of 258et8 purchased from Ihg Cultur8 R8fA)vory Fund6, none of whth h8ve any reslrictions a8 lo re-sa ond are therefce fre& from restriction. 25. CONTINGENT LIABILlEs The purchase of Hartlabury Casl6 and grryjnds period 8ndad 31 March 2016 was mado p0SbI6 dug to tho support of th8 National Heritage Memorfal Fund INHMFI by means of substanlkql grants as shown in OU5 finarK]al 518tem9nb. The NHMF has regISte a charpe over Ihe property and the Trust would not be h a p05111on to disp088 of Ihe estate thout th8 express agr08rwnt of NHMF. Should the Trustees In18nd at any tim8 that th8 prep8ty be sotd, transferred or 0th8r right8 over the FmP8rty be granted, the NHMF relalns tho rtght undor Ihe terms of hs grant lo require r8paymBnt of Such amount of the proc88ds of the Sa orof original grant a5 it sham 4t 115 s(A8 discrètion dotormlno. As Hartlebury Castlè Preservation Trust was 85tabli5hed for the prfn¢ipal purpose of acquiring and rnaintsining thè propety and Its contonts as a hbritage asset for the publk bet, Iha p05sibilily of Tfu5t di$poslng ol iho astatèlg unllkety. As a r88uIL I ts rnt pjsslblg to dolgrmlna what amwnt any, wouhd be repayable to NHMF as a r8wJtt of such 8 remDt& evenL Pag8 24 conl'nued...
Hartlebury Castit Pre$8rvallon Trust N¢)tss fo the Flnanclal Statsmont5. Gontlnu¥d forthe Yoar endod 318t March 2024 2fj. RELATED PARTY DISCLOSURES Th8 charlty's Iradlng a5pecl slts wlknln 5ubsEdlary, Hartlebury Castl8 Cornpany iimlled. Al the year end It was owed £1,489 12Q23.' £4,674> from Sts $ubsidlary. Tha subsldlary eh)mpany made donations totallhg £58.449 12023.. £67,235) to Ihe charty In the year. FR¢ ETHICAL STANDARD- PRoVISN$ AVAILABLE FOR SMALL ENT*TIE8 rx)mrron th many other businesses of our 5Ize and nature we w our audilDF5 to a58181 wllh the weparnoon of thgflnandal gtsteThnl and prwarg submlt rabjms to thp lax authorflle$ forthe trading Gompany. Page 28