Registered number: 08208048 Charity number: 1149240 Harris (Belmont) Charity Trustee5' report and financial statements for the year ended 31 March 2025 Harri5 (Belmont) Charity Refeyence and administrative detai15 of the charity, its trLE5tees and advisers Trustees. report li?dependent audÉtors' report on the financial statement$ Consolidated statement of financial ac¢iYities Con501idated balance shÈ¢t 13 Charity balance sheet Consolidated statement of Cash l]ows 14 Notes to the fi¥Jan£ial Statements 16-36 Harris (Belmont) Charity Reference and administrative details of the charity) Its trustees and advisers Trustees The Lord Colgrain, Chalrman A Mathewstsn (resigned 23 january 20251 L2dyJessel AISR055 DMDelMar l A Stainton N G Baveystock lappointed 23 lanvary 20251 Company number 08208048 Char4ty number 1149240 Registered office Well Close Square Fr2mlingham Suffolk IP13 9DU Principal operating office Belmont Park ThrO￿￿Y Faversham Kent ME13 OHH Chièf executive officer Sally Watts of Clarke Simpson IChartÈred Surveyors) Independent auditors ChavÈreys Audit Limited The Good5 Shed ubilee Way Faversham Kent ME13 8GD Accountants Chavereys Limited The Goods Shed jubilee Way Faversham Kent ME13 8GD Bankers Coutt5 & Co 440 Strand London WC2R OQS Solicitors HCR Legal LLP 50-60 S¢aiion Rd Cambridge CBI 2IH InYe5tment advisers Schroder & Co Limited IC2zenove Capitall l Lo#don Vvall Race London EC2Y SAU Property con$ultsnts Clarke & Simpson Well CltssÈ Square Framlingham Suffolk IP13 9DU Harris (Belmont) Charity Trustee's report for the year ended 31 March 2025 The Trustees Iwho are tho D1￿CtorS for Companies Act purposes) present their Jnntsal report and financial statements for Harris (Belmont) Charity (the Charity) for the year ended 31 March 2025 which are also prepared to tmpet th requiretnent5 for a dlrectors, report and accounts for Companies Act purpose8. The financial statement5 haye been prepared accordance with the accounting polices set out In note 2 ￿ the accounts, the Charity's governing document, the CharitlÈs Act 201 I, Ihe Compenles Act 2006 and the AccountiDg and Reporting by Charities.. Statement of RecOrnmend￿ Practice 2ppllcable ¢0 chari¢5e$ preparing their accounts In accordafice with the Financial Reporting Standard applicable in the UK 3nd RÈpublic ol Ireland IFRS 1021 leffective I january 2019). Sintr the Charity qualifies as Small under section 383, the strategie report required of mediutn and large companie5 under The Companie5 Acr 2006 (Strategic Report and Dirèctor's Report) Regulation5 2013 is not required. Pollcies and objective5 The Harri5 (Belmont) Charity wa5 esrablished in 1980 and is responsible for all 2spÈcts of the House and the wider estate at Belrnortt. The Trustees, objectives are derived from the OrÉginal Trust Deed {19801, the Memorandvm aftd Articles of A550ciation 12012), ifid the Harris famills wishe5. To tneet these objective5, the Trustees set out to achieve the following.. To preserve and mainoin Beltnont House, its contents, gardens, and the surrounding land. Where appropriate, this may include acquiring adjacent land or proportles, either as investments or to preserve (he integrity of the Èstate, reflecting 6 Lord Harris's view th2t"wich all the building progr2n)mes now being Ènvis2ged in the South, I think ta presei've the estate would be in everybody's interesc To provide access to tha House and gardens lor the education, enjoyment, and benefit of the public That Belmont 5hDuld tske its place and serve a purpose in both local cofflmun¥ty and the couny of Kent That when there is surplus Income, this can be used to support gras5 roots cricke¢ in the county of Kent li memory of 4 Lord Harris) or other local cau5e5 the Trustees deem appropr12te to Belmont Whilst these objectives are very long term in nature. this report details what thÈ Trustee5 have done to meet the objÈcuves during the financial year. In the exercise of its powers to thac end, the Charity has paid due regard to the published guidance from the Chariiy Commission on the operation of the PU￿1C Benefit requtrement under the Charities Act 2011. Strategies for achieving objectives Monoging the House, its grounds opening to the Public The House was tompletod In its current form in 1793 2nd is one of the finest examples ol the architectural work of Samuel Wyatt. The grounds have been evolved by the family over time and as 2 Millennium Project, the Trustees invitsd Arabella Lennox- Boyd to create a new kitchen garden which was implemented by the Belmont Garden staff. The Trustees employ 12 full time members of staff to look after and maintaSn the House and Grounds and employ a part-tlme archimsi. Events are organised throughout the year and promoted on the website, social media, 5peclalist mag2zine5 and the local press to reach our target audience. These include The Spring Fair, WoodfÈs¢ plant shc>ws, open garden events, garden tr>vrs, open air theatre productions 5peclallst clock tours, craft workshop5 and other b￿poke tour& The House is accessed by guided tours staffed by volunt2ers'. these guides educate vi$itor$ on the importance of Belrnont and its place in Br*tish history and life. Harris (Belmont) Charity Trustee's report for the year ended 31 March 2025 Preserving ond th'splaying the 14ouse, its clocks. PictUTe5. ond other chuttels There is an ongoing programme of repalr and refurbishtnent to the property and its content at Belmont. Th¢sÈ are agreed and prioritised by Ihe Trustees. Roorn displays within Belmo*t House enhance the visitor experlence, informing and educating visitors in new and stimulating ways. These displays 3re reviewed annu211y and are constantly develop2d and improved. TherÈ are many rernarkhble Items in the tontents of the House, but the most significant is the dotk collection. The 5 Lord Harris was the founding president of the Antlquarian Horalogical 5Dciety and is described by jonathan Betts. our Curatorrdl Adviser, as 'one ol the twe*)tieth century s great horologieal cclebrities" The Form The farming of the Estate 15 carried out by Belnor Farms Limited. the Ch2rity'5 subsidiary, whlch farm5 2,000 2cr85 of land in h3ad, comprising mostly combinable crops Iwheac oil seed rape, beans, peas and spring b2rleyl along wich fallow land, downland grass rneadows, parkland 3nd orchards - Cotnbining commercial farminE Wlth best practice through environmental sle￿drd5hlp. Monoging the 055et5 The Trus¢Èes' abilsty to achieve the Charity's aims is dependent on the performance of the Charity's Core as5ets- rentsl property. farming & forestry operatic>ns. the investment portfolio and visitor revenue. farmlng (1,988 acresl, woodland1836 acre51, properries, other ￿nanted land1284 acres) and investment a5set5 need to jUStify themselve5 financially. Thi5 is less true trf the House and gardens which whllst the Trustees aim ro make a return on thesE assets, ultimately it is a cenLrnI purpose ol the Trust to provide acces5 to the House and thÈ estate. It is also inionceivable that visitor revenue will Cover the costs of m2intaining 8elmont House and t>pening it to the public without a contribution from the other income source5. AchievemÈnts and performance Review of activities House, its grounds and opening io the Public Visltor nttmbers during the year were 13,486, slighdy down from the prior ye2r. The events manager or8ani5ed a varied 2nd lull programme of open air theatre events (Henry V and Present Laughter), numerou5 work5hop5 and meet the Head Gardener tours. The monthly tlock tour hosted byjonathan Bet15, the Clock curator. continues to be well attended. The season Culminated with the annual Woodfest weekend in September. Visitors have enjoyÈd the sell- guidin8 on Tuesday5 and Thursday afternoDns and the group tours conducted by 2 Guide are also well attended on Wedne5day$ and Sunday5. A planning application for the refurbishment of the tearoom. together with plans for accommodation rn the West Wlng of the House was submitted to Swale over the Summr months of 2024,. planning permission w4th over 30 conditions was awarded by Swale sn May 2025. Harris (Belmont) Charity Trustee's report for the year ended 31 March 2025 The Form Reyenue from farm activitles was down on12St year because of lower salÈs prices and poorer yield5- the latter was due co the wet Spring (March 78mm and April 92.Smml. Rentirl property Kental proporty continued to provide a significant propo￿10￿ of the Charity's income, property rent5 wÈre reviewed and Increased where possible. Property maintenance on the Estate houses and cottages remasns a &ignificanr area of expenditure and will be ongoing; cottages on the egtate are externally redecorated by rotation every 5 years. lftvestment portfobo Thè Trustees are satisfied with the performance of the investment portfolio whlch provided an Important contributlo to the Charities incorne in the year. Investment income lficreased by 6.3% (excluding one off exceptlDnal distributions) over the previous year. Financial Review Finonciol Performonce PositK)Tr Income has decreased by 7% compared to the prior year. Exp2nditure however has also decreased significantly with an de¢re2se of 9% comp2red to 2024. This has r2sulted In a net deficit before investment gains of £41,58312024- defic(t £157,326). The performance of the investment portfolio {including investment propertie51 was sati5faciory, with nei galns on investtnents totalling £1,076,526. Overall there has been an increase of £2,293,44312024- InC￿aSe £679,624) it) the net assets of the Charity which retnalns in a strong financial position to meet the challenges of lu¢urÈ yèars. Reserves Poli For long term planning, the Trustees esdmate an average annual surplus based on the experience of previous year5 which, together with an element of capital withdrawa5 from the investment portfolio, is available for projects to masn(ain and enhance the house and e513te. or charithble donations. Thé Trustee5 have a >year 5tr3tegy for that expendltur4 for whith they draw on the advice of s2vEral external experts. The Trustees hold designated fund5 whlch represent lis heritage and investment assets (listed inve5ttnents and property portfolio of farmland apd cottages). Belrnont House and grounds and it5 collection serve the main charltable purpose of the Charity and the investment ossets provide the income required to manage the estate 2S the Trustee5 do not actiyely fundraÉse for the Charity. therefore these fund5 do not form part of the free reseNes of the Charity. The Trustees consider a balance equiva5ent to 6 months, worth of operattng costs for the Charity is the minlmum balance to hoSd In rÈserves. Ihis fvgure 15 currently around £500,000. The financial statements xhow a free reserves balante of £1.237,20012014.. £1.116,4961. HowevÈr since the Charity is in the main dependenL upon its own resouries racher than seeking funding from the government or general public for Its continuing existence a conserv2tyve policy of maintaining reserves in excess of the minirnum level is consldered prudent to enable the Charity to meet any unexpected Harri5 (Belmont) Charity Trustee'5 report for the year ended 31 March 2025 Principol source5 ofitsnding Continue5 to come from resid¢ntial property, commercial property, farming profits and income IrotD the investmÈnt portfolto. The Charity runs events that are attended by the general public but a$ the above Sources of funding provide the ivcorne required to manage the Estate. the Charity doe5 not actively fundraise frortk the general publlc. lftvesiment Powers The investment policy is to be prudent as re8ardg risk and to maintain the capital value ¢>f the portfolio whilst provlding a significant level of incolne to the Charity. Risk Monogement The Trustees haye conducted their own review of the major rlsks to which the Charity is exposed, and Systems have been established to mstigate those potential rlsks. Procedures have been put in p13ce to rninimise both extÈrnal and internal rlslis and these procedures are periodically reviewed ¢0 enxure that they still meet the of the Charity. Plt7ns for future Periods A rolling programmÈ ol investment and expendiwre is being establlshed In collaboration with adYisÉrs. The primary objective5 for the financi31 year to 31 March 2025 include agreein8 a design lor the tearoorn and courtyard 5C> that work can commence durlng 2025 with the new tearoom being opened l(>r the 2026 5easoD, The eventg programrne will be tnaintained and enhanced, work will continue with the chattels, conservation prDgramrne in the House to identi paintings and clocks on an annual bas15 th3t requlre conseivation work. Structure. 8overnAnce and mY4nagement Constttution The CharÉty is regIste￿d as a Charitable Company limltÈd by guarantee and is constituted under its Memorandurn of Association dated 10 SepteTnber 2012 and Is a registered charity, number 1149240. The tnembers of the tompany are the Trustees na¥ned ott page l. In the event of the Company being wound up. the Itability in respect ol che guarantee is limited to £1 O per member of the comp2ny. Monogement o[thp chority The Tru5teex meet regularty and are actively involved with ¢he operation ol the Charity. Thè Trustees deleg3te the day to day running of the Charity and it5 farming subsidiary to the Executive Offlcer5 (Clarke and Simpson, Agents to the Trus¢eesl. The Charity employ5 specialist prolessiDnal advisors who assist both on a day ¢0 day and 2 periodic b2SIS. MetlFod of oppointment or election oftlU5tees The Trustees ol the Charity have power5 to appoint a new Trustee. ThÉ number of Trtsstees shall be nc>t les5 than three but no more than seven. Potential candidate5 are identlfied. and their sultability assessed by the existing Trustee5. New Trustees are required to be able to demon5trace the appropriate skills and experience necessary to be a Custodian of Belmont. Trustees are re-elected after 5 years should they wish to remain in the position,. after 10 years of service. should they wish to rÈrnain, Tr￿s￿eS rn￿5£ demonstrate the skills that they are brin&ng to the p05t. Harris (Belmont) Charity Trustee's report for the year ended 31 March 2025 Indurtion ond troining ofTrustees New Trustees are provided with an inforrnatyon pack which includes copie5 Of the Memorandum of Assooatlon, the Flnancial Accounts and other releydnt doc¥mentation. Poy Policy for Senw Staff The agreement wirh Clarke & Simpson is reviewed on a regular ba515 and is bench marked against charges by othÈr similar ag&nts. Statement ol TN5tees' responsibilities The Tru5teex (who are also directors of Harris (Belmont) Charity for the purposes ol ¢ompat)y lawl are respon5sble for prÈparlng the Tru5tEÈS' report and the financial st2tement5 in attordance with applicable law 2nd Unsted Kingdom Accounting Standards (Unsted Kingdom Generally Accepted Accounung Practice Company law requires the Tru5te@s to preparo financkil 5Qtements for each financial year. Under cornpany law the Trustoes must fioL approve the financial statement5 unless they are satisfied that ¢hey give a true and fair view of the state of affairs of the charitable company and the group and of the incomifig resources and application ol resources, including the income and expenditure, of the charitsble group for that period. In preparlng these financial staternents, the Trustee5 are required to: select suitable accounting policies 2nd then 3pply them con5iStently', observe the mÈthods and princlples in the Charities SORP. mak2 judgments and accounting estimates that are rÈ2sonable and prudent., preparethe financial sta¢emÈnts on thegoing concern basis unless it is inappropriate to presume thatthe Charitable group wlll continue In operation. The Trustees are responsible fDr keeping adequatr accounring record5 ¢hat are sufficien¢ to show and Èxp12in the charitable company and the group'5 tr2nsartion5 and disclose with reasonable accuracy at any titne the financial position of the charitable group and enable thewn to ensure that the financial statements comply with the Comp2nie5 Act 2006. They are also responsible lor Safeguarding the 3ssets of the charitable company and the group and hence for taking rea50n)ble steps for the prevèntion alld dÈtectSon of fraud and other irregularities. Dl$closure of information to the audÉtors Each of the per50ns who are Tnjstees at the time when Chis Trustees, report is approved ha5 ¢onfirmed that.. so far as that Trustee is aware, there is no relevant audit informa¢ion of which the Chari¢ls audltors are unaffirÈ, and that Trustee has taken ail che Steps that ought to h2Ye beell taken 25 8 Trustee In order to be aware of any InformatioTE needed by the Charity's auditor5 in connection with preparing thÉlr report and to establish that the Charitls audi¢or5 are aware of that information. Approved by order of the members of the board of Trustee5 and signed on their behalf by. Harris (Belmont) Charity Trustee's report for the year ended 31 March 2025 The Lo Trustse Date.. olgrain, Chairman 23 October 2025 Harris (Belmont) Charity Independent auditors. report to the members of Harris (Belmont) Charity Opinion We have audited the finantial st2temÈnts of Harris18elmontl Charicy Ithe'parenc charsoble companll 2nd its subsidiaries Ithe "group") for the year ended 31 March 2025. which comprise the consolidated 5cacefflent of financial activities, the consolldated balance sheet. the charity balance sheet, the COnSDlidated Strdtement of cashflow5 and the related notes iniluding a sutntnary of significant accountlllg policie5. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 "The Financial Reporting Standard app5icable in the UK and Republic ol Ireland {United Kingdom Generally ActÈptod Accounting Pra¢ticel. In our opinion the financial statÈments-. glvÈ a true 2nd fair view of the staTr L>f the Group's and of the parent ¢harit2ble compan*5 affairs a5 at 31 March 2025 and ol the Group s Incoming resources, including income and ex￿ndit￿re for the year then ended,. haye been properly prepared in accordance with Unlted Kingdom Generally Accepted Accounting Practlce,. and have been prÈp8red in accordance with the requirements ol the CDmpanie5 Act 2¢)06 and the Char¢ties Act 2011. Basis for opinion We Conducted our audit in accordance wrch Intrrnational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibllities for the audit of the financial statements section of our reporL We are independent of the company in accordance with the Èthlcal req￿irements that rÈ relevaJ)t to our audit c>f the financial staternents in the United Kingdom, including the Financial Reporting Council's Eihical Standard and we have luifilled our other ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained i% sufficient and appropriate to provide a basis for o¥r opinion. Conclusions relating to going concern In auditing the flrtancial statements. we have concluded that che irustees, use of tht going concern b3si5 of accounting in the prepara¢ion of the financial statements 15 3ppropriate. Based on the work we have performed. we have not Identified any ma￿rIal uncertainties relating to events or conditions that, indtvldually or collectively. may cast significant doub¢ on the group's abllity to continue 25 a going concern for a period of at least twelve months (rotn when thÈ finanoal sotements are authorised for issue. Our responsibilitie5 and the respon5iblllties of the trustee's with respect to going concern are described in the relevant section5 Qf this report. Other informatlon The other information comprise5 the information included in the Annu21 Report other than the financial scatÈMÈnts and our auditor5, report thereon. The trustre5 are responsible for thÈ othÈr informatlon contalned within the Annual Report. Our opinion on the financlal statements doos not cover the other information and, except to the extent otherwise explicidy stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whe¢her thE Other itsformation Is materially sncon515ten¢ with the fin3ncial statements or our knowledge obtalned in the course of the audit, or otherwlsÈ appears to be materially misstated. If we ilentify Such material inconsistencies or apparefjt material misstatements, we are required to determine whether this gives rise to a material misstatemenL in the financial statements themselve5. If, based on the work wé have performod, we conclude that ther& Is a m2tsrial mis5t3tement of thig other Inform2ti0n, we are required to report thai fact. We have nothing ro report in thss reg&rd. Harris (Belmont) Charity Independent auditor5. repovt to the member5 of Harris (Belmont) Charity (continued) Opinion on other matter5 pres¢rlbÈd by thÈ Companies Act 2006 It¥ our opinion, based on the work under¢aket) in the course ol the audit.. the informatlon glvon in the trustees report lor the financial period for whlch the financial 5tatÈments are prepared Is consistent with the financTr31 Strdtements., and the trustees, roport have been prepared in accordance with applicable lÈgal requirements. Matters on which we arè rÈqutYad to rBport by exception In the light of the knowled8e and understanding of the company and its environment obtained in thè course of the audiL we haYÈ ntsi identified m3terial misstatrments in the tru5¢eÈs' report. We haye nothing to report in resP2rt of the following matters in rplation to which the Companies Att 2006 require5 US to reporL to you if, in our opinion.. the parent charitable company has not adequate accounting records have not been kÈpt, or returns adequate lor our audlt have not been receiyed from branches not V151ted by us- or the parent charitable company financial statements are not in 28reement with the accounting records and returns., or certain disc105urÈs of trustees, remuneration 5pe¢ified by law are not m3de-, or we have not received all the inftsrmatlon 2nd explanations we require lor our audit,- or Ihe trUS￿eS were not entitled to prepare the financlal statements in accordance with the small companies regime and take advantage of thÈ grn311 comp2nie5' examinations in preparing the truscees report 2t)d from the req￿irement to prepare a strat￿lC repLJrt. Responsibilities of tvus¢Èes As explained more fully in the trustees, resPOD51bilities statement, the trustees (who are also the dirécLors of the chariiable company lor the purposes of company lawl ?re responsible lor the preparation c>1 the financial statements and lor bwng satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparnuon ot financi21 statsment5 ihat are free from matsrial mi5Statement, whether due ¢0 Ifaud or error. In preparing the financial 5ta¢Bments, the trustees are responsible for assessiHg the group s ènd the parent charitable cotnpany'5 ablllty to continue as a golng concern, disclossng, a5 appllcable, rnat￿r$ related to going concern and using the going con￿rA bÈsis of accounting unless the trustees either intend to liquldate the group or the parent charitable company or to cease operatlons, or have no realistic alternative but to do so. Harris (Belmont) Charlty Independent auditors, report to the members of Harris (Belmont) Charity (continued) Auditor$' rÈsponsibilitse5 for thè audÉt of the linancial statements Our otyectI￿ are to obtain reasonable assurance aboutwhether the financial statements as a whole arÈ free from macerlal mi55tatemÈnt, whether due to ltyud or error, Jnd tc> issue an auditors, report that includE5 our opinion. Rea50nahle assurance is a high level of aswrÈ*cÈ, but is Thot 3 guarantee that an audit conducted in accord2nce with ISA5 IUKI will alwiys detect a macérial misst2￿ment when it exists. Misstaternents can arise from fraud or error and are con5idÈred matÈrlal If, Individually or in the agsregate, they could reasonably be expected to infiuence the economic dÈclsltsns of users taken on the basis of these fin3ncial statement5. Irregularities, intluding fraud, are instances of non-compli2ncewith law5 and regulltions. We design procedures in line with our responsibilities, outlined above, to detect material miS5Ea¢ernents in respect of irregularities, includlng Ir2ud. The extent to which our procedure5 are capable of detsciing irrÈgu12ritie5. including fraud is detailed bÈlow.' Our approach to identifying and as5e55ing the risks of material mlsstatemefit in respect of irregularLLiÈS, Including fraud and non-compliance with laws and regu12tion5, wa5 ax follows.. identification of thÈ 12ws and regulations which were 51gnificant in the context Trf the Group through discu5SlOllS with Trustee5 and other management, and from our commercial knowledge and experience of the charity sector,. we focused on specific law5 and regulations which we ¢onsidered may have a direct material Èffect on the fivaDclal statement5, including the Charities Act 2011, Cotnpanie5 Act 2(K16. and taxation legi51acion,' and we obtaind an understanding ol the Group s policies and Procedur￿ on compliante with law5 and regulation& including documentation of any instènce5 of non-compllance. We assÈssed the susceptibility ol the Group and parent Charitys ftnanci215¢atements to material misstatement, including obtaintng an under5tranding of how fraud mlght occur, by.. Fnaking enquirie5 01 management as to where they con5ider2d thEre was susceptibili¢y to fraud, their knowledge of actual. suspected and alleged fraud,. and considering the incÈrnal controls in place to Mitiga￿ risks of fraud and non-compliance with law5 and regulauons. We discussed arnong the audit engagement team regarding the opportunities and Incen¢ive5 that may exist within the organlsation for fraud and how and where fraud might occur in the financial statements. In common wlth all audits under ISAS IUKI, we are also required to perform specific procedure5 tts r￿pond t(> the risk of fraud through management bias and override of con¢ro15. In addressing che risk of fraud through manJgement bias and override tsf contro15. we.. tested the appropdatenes5 of a sample ol jovrnal entries and other adjustments., designed procedure5 ¢0 identtfy unexpected and unusual journal entries and performèd testing to conftrm the validity of such postings., • a55egsed whether the significant accounting ludgements and estimates made in the flnancial statements, as detailed in the principal accounting policies, were indicative of potential bias., and ty evaluated the bu5sness ratlon21e of any slgfiificant transactions thac were unusual or outside the normal CO￿rSe of busine5$ In response to the risk of irregularities and non-compliance with law5 and regulatlons, we designed procedure5 which included, but were not Itrnited to.. agreeing financial statement di5¢1osures to underlyillg supporting docymÈnt2ElQn'. readlng the minu￿5 of rneetings of those charged with governante,. 2nd enq*Jirin8 01 management as to acrual and potrntial litig2tion 2nd claims. There are inherent limitations In our audiL proc¢dures described abov￿. The more removed that law5 and regulations are from finantlal tr2nsact40n5, Ihe les5 likely it is that we wt>uld becorne aware of non-compliance. Auditing standards 2150 Ilmit the audit procedures required to identify non-compliance with12ws and regulations to enqulry of the d$￿CtOrS and ocher management and the inspection ol rÈgu12tory and legal correspondence, if any. Harris (Belmont) Charity Independent auditor5. report to the members of Harris (Belmont) Charity (continued) Material mi5St3tetnents that arise due to fraud can be harder to detÈ£t than those that arise from error a5 they may involve deliberate concealment or collusion. A further descrlption of our responsibilities for the audit of Che financial statement5 15 locaied on the Financial Reporting Covncll's website at., www.frc.org.uidauditorsre5poDsibili¢les. Thi5 descrlption forms part ol our auditors, report. Use of our report This rÈport is made solely to the charitable company's members, a5 z body, in accordanca wilh Ch3Pter 3 of part l 6 of the Companies Act 2006, and to the charir2ble company s trustee5, 2$ a body, Part 4 of the Charitie5 (Accounts #nd Reports) Regulations 2008. Our atsdit work has been undertakén so that we might state to tho charitable tompany'5 ¥nembers those mattcrs we are required to state to them in an Auditors. Report and lor no othtr purpose. To the fullest extent permiited by12w, we do nt>t accept or assume responsibility to anyone other ¢han the charitable company and its rnetnbers, as a body, for our audit work, for this report. or for the opinic>n5 we have formed. lain Morris Isenior statutory auditor) for and on behalf of Chaverey5 ALEdit Limited Chartered Accountant5 and Statutory A￿dItOrS Faversham Date.. 23 Ociober 2025 Harris (Belmont) Charity Consolidated statement of financial activitie5 (incorporating income and expenditure account) for the year ended 31 March 2025 Unvestricted Funds 2025 Totral funds 2025 Totoj funds 2024 Note Income from Charitable attivlties Other trading actiwltles Inve5tmeots Other income 114,854 835,867 656,536 23,556 114.854 835,867 656,536 23,556 117.619 959.298 665,310 9,452 Total income 1630,813 ,630 813 1.751.679 Expenditure ort: Raising fvnds Charitable actlvities 716,299 956,097 716,299 956,097 925.598 983,407 Total expenditure 1672396 1 672 396 1.909.OQ5 Net expenses inve5tmÈnts before net gains on (41,583) (41,583) (157.326) Net galns on invesrtnents 1,076.526 1,076.526 746,500 Net movernent in fijnds before other recognised 1.034,943 1.034.943 589.174 Gain5 rewdlu2tion of fixed assets 1.258,500 1.258,500 90,450 Nèt moyemerit in fund5 2,293,44J 2 293.443 679.624 Reconciliation of fynds: Total funds brought forward Net moyernent in funds 51,328,865 2,293,443 51,328,865 2,293,443 50.649,241 679,624 Total funds carried forward 53 622 308 53 622 308 51.328.865 Harris (Belmont) Charity Registered number:08208048 Consolidated balance sheet as at 31 March 2025 2025 2024 Note Fixed asset$ Tangible assets 21.667.499 20,478.723 Heritage assets 3,849,325 3,847,688 Inve5tment5 27.108,854 26.138,161 52,625,678 50.464,572 Current assets Stocks 565,759 473,993 Debtors.. amounts falling due within one year 201,650 169.831 Cash at bank and In hand 23 553.390 364.973 1,320,799 1.008.797 Creditors.. amounts falllng due within one year (324,169) {144.5041 Net current assets 996,630 864,293 Total net asset5 53 622 308 51.328.865 Charity funds UnresLricted funds 20 53,622,308 51.328,865 53 622 308 51.328,865 The trustees acknowledge Iheir responsibilities for complying with the requirement5 of the Act with respect to 3ccounting records and preparation of financial statements. The financial statements have been prepared in accordance wlth provisions applicable to entities subject to the small cotnpanies regime. The financial statement5 were approved and authorised for issue by the board and were signed on its behalf by.. The Lord Colgrain Trus¢eÈ Date.. 23 October 1025 The notes on pages 16 to 36 form part of these financI21 ststements. Harris (Belmont) Charity Registered number:08208048 Charity balance sheet as at 31 March 2025 2025 2024 Note Fixed assets Tangible assets 21.426.929 20,226,520 Herltage assets 3.849.325 3,847.688 Inve5¢ment5 27,431,177 26,446.248 52,707.431 5CI.520.456 Current assèts Stocks 1.851 Debtors: amounts falling due wthin one year 620,073 616,618 Cash at bank and In hand 397,870 305,349 1,024,054 923,818 Creditors: amounts falling due within one year 19 (109.177) {115,409) Net current a55et5 9 54.877 808.409 Total net assets 53 622 308 51,328.865 Charity fund$ Unrestricted fund5 20 53,622.308 51.328.865 53.622,308 51.328.865 The trustee5 acknowledge their re5pon5ibilitles for complyingwith the requirements of the Act with respect to accounting records and preparation of financi21 statements. The finantlal statements have been prepared in accordance with provisions applicable to entltles subject to the small companies rÈgimÈ. The financial 5taLements were approved and authodsed for issue by the board and were signed on its beh21f by.. The Ld Colgrain Trijstee Date.. 23 October 2025 The note$ on pages 16 to 36 form part of these financial Statements. 14 Harri5 (Belmont) Charity Consolidated statement of cash Ilows for the year ended 31 March 2025 2025 2024 Note Cash flows from operating activitie$ Net ¢#sh genera￿d in operating 2CtiVities 22 602.848 896.444 Cash flows from rnvestlng activities DlvidÈnds, interests and rents from investments 656,536 665.310 Purchase of tangible fixed a55et5 (73.074) 1524.4161 Sale of tapgible fixed 2ssets 101,967 Proceeds from sale of investments 2,835.166 2.322,220 Purchase Lif Investments (2,729,330) (1.932,862) Net cash provided by investlng activities 188417 366.192 Change in ca$h and cash equivalent5 In the year 24 188,417 (366,192) Cash and cash equNalents at the beginning tsl the year 364.973 731,165 Cash and tagh equivalent5 at the end of the year 23 5S3 390 364.973 The notes on pages 16 to 36 lortn part of these finanti21 statEment5. Harris (Belmont) Charity Notes to the financial statements for the year ended 31 March 2025 General information Harris (Belmont) Chari¢y is a company incorporaced In England and Wale5. The address ol the regi5rerÉd offitt Is given on Ihe company infortnation pagE. The nature of the tompany's operati0Tr5 and its principa5 activities are sec out ¢n the trustees report on pages 2 to 7. These financial statsment5 are presentsd in pound stÈrllng because tha¢ is the currency of the prirnary econwic environment in whith the company opÈr2tes. Accounting poli¢ie$ 2.1 Ba515 Of preparation of financial statÈm8nt$ The financial statements have been prepared in aceordance with the Charities SORP IFRS1021-Accouniing and Reporting by Charities.. 5t3tement ol Recomtnended Practi￿ applicable to charities preparing thelr account5 in 3ccordante with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 leffectiye l January 20191, the Financial Reportin8 Standard applicable in the UK and Republic of Ireland (FRS 1021 and the CompanlÈs Act 2006. Harris IBÈlmontl Charity meets the definition ol a pub5ic benefit entity under FRS102. Asset5 and liabilities are initially recogni5ed at historical c05t or transaction value unless otherwise statrd in the relevant accounting policy. The Cofisolldated Statement of Fln2ncial Attivities (SOFA) 2nd ConsolidR¢ed Balance Sheet consolidate the firsancial SEatetnents of the Charity and its subsidiary undertaking. The results of the sub5id12ry 2re con501idaLÈd on a line by line basis. The Charity has t21 the House and grounds and OLher events held and 2re recognised on the date ol admission or when the event is held. Dsvidend5 are recognised once the dividend h2s beÈn declared and notification ha5 been recEived of the dividend due. Intrrest on funds held C¥n dep051t Is included when receivable and the amount can be measured reliably by the charsty.. ¢hi5 is nEkrTrally ￿pOn notification of the interest paid or pay2ble by the bank 2.5 Expe¥Jdlture Expersditure is recogni5ed once there is a lÈg21 or construcove obligation to tra115fer Ècr>nomlc benefit to a third party, it is probable thai a transfer ol economic benefits wi51 be required in settletnent and the amount of che obligation can be measured rellably. Expenditure is classified by acuvity. The costs of each activity are made up of che tot21 of direct costs and Shared costs, including support C05t5 involved in undertaln and is not depreciated. elmont House oftd ground5 Subsequent addi£ions to Beltnont House and grounds representi￿8 improvernents to the property are depreciated over 10 yÈars. General repairs and maincenance ¢xpenditure is written off in the year to which it relate5. It 21s0 includes improvements to property through the tradlng subsidiary, which is also depreciated over 10 years. Other fjxed osseis Tangible fixed 3ssets are carried at cost, net of depreciatlon and any provision for irnpairrnent. Assets in the course of construction are included at C05t5 in¢urred to date. Depreaation on these assets is not charged uncil they are brought into Use. Tangible fixed assets under the cost model are stated at hi5toric31 cost less aceumulated depreciatyon and any accumulated impairment losses. H￿stOrIcal cost in¢ludes expendlturÈ that is direcLly attributable to bringing the asset to the l(>cation and condition ntcessary for It to be capable of operating in the manner ifjtended by management. DeprÈeiatlon Is charged 50 as to allocate the cost ol assets les5 their residu31 value over their estimated ￿Sef￿1 Ilyes. using the str2ight-line method. The estlmated useful Ilves are as follows: and machinery 8etween 3 and ?0 years 2.9 Heritage asset5 These are those fixed assets which are of hisiorlcal significance hnd Ere held in order to advance the preseryation and £onserv3tion objectives of the Charity. As such. they comprise Belmon£ House and grounds, which is carried at the origin31 cost or valuation when it was transferred to the Charity, and The Belrnont House Collection which comprises the contents of Belmont House, bÈing works ol arl paintings, furniture and other chattels togÈther with a collection ol clocks and w3tches which are deemed to be of historic or artistic importance. In accordance with the 50RP, heritage a5S¢ts are not deprBciated. as the Tru5tÈes consider IhaL the Ilves of these assets are sufficiendy long and residual values, based on prlces prevailing at the tlme of acqui5iuon or subsequent valuavon, are sufficiendy high that their dÈpreciation is in5ignid¢ant. Impairment reviews lor all heritage assets are undertaken whenever there is ev¥dencÈ that the value of the underlying assets may be les5 than their carrying amounts in the a¢¢ounts. Harris (Belmont) Charity Notes to the financial statement5 for the year ended 31 March 2025 Ac¢ounting policies (continued) 2.1 O Investment propÈrttes Investment property is carried 2¢ lair value. Rev2lu2tion surpluses are recognised in the Statemenc ol Financial Activities. 2.1 I InYe5tment5 Flxed asset investments are a form ol fin3ncial instrument and are initially recognised at their trans#cLlon cost and subsequently Inea5ured at fair value at the Balance Sheet dao, unles5 the Ydlue cannot be rneasured reliably in which case it is measured at tost loss impairrment. Investment sains afid 1055es, wh&her realised or unrealised, are ¢ombined and pre5enced as 'GainsllLossÈs on investments, in the Consolidated Statement of Financial Activities. Investments in 5ubsidlaries are valued at net book value. 2.12 Sto¢k$ Stocks are valued at the lower of cost and net rea115able value 2fter making due allowance for obsolete and slow-moving 5tock5. 2.13 Debtors Trade and other debtors are recognised at the secilernent amount aftér any trade discount offered. Prepayments are valued at the amouftt prepaid net of any trade discounts due. 2.14 Cash cash equ5valehts Cash at bank and In hand includes cash thort-term highly Ilquld inve5tmerFts with a short maturity of three months or le55 frotn the date c>f acqui51tion (>r opening of the deposit or similar account. 2.15 Liabilities and provision5 Llabilitie5 are recognised when there is an obligation at the Balance Sheet date a5 3 result of a pas¢ event, it is prob3ble that a transfer ol Èconomic benefit will be required in settlÈment, and the arnount ol the 5ettlernent can be e5tima¢ed reliably. LIabill￿e$ are recognisÈd at the amount that the Group anticiwates it will pay to settle the debtor the arnount it has received as advanced payments lor che goods or $ervice5 It Must provlde. Provisions are measured at the be5¢ estlmate of the amounts required to 5eLtle the obligarion. VVher@ the effect ol the time value of money Is rnateria1, the provision 15 based on the present value ol those amount5, disc(>untÈd at the pre-tax discount I'2te that reflects the risk5 specific to the liabiliLy. The unwinding of the dlscount Is recognlsed in the ConsolidatÈd Statement of Financial Activities as a finance cost. 2.16 Financial in$truments The Group only ha5 finant121 asset5 2nd financial liabilities ol a kind that qualify as basie financial instrurnents. Basic financial instruments are initially recognised Bt transaction value and subsequendy tneasured at their settlement Ya5ue with the exception of bank loans which are subsequently mea%urÈd at amort15ed E05t using the effective intrrest tnethod. 19 Harri5 (Belmont) Charity Notes to the financial statements for the year ended 31 March 2025 Accounting policies (continued) 2.17 Pensions The Group makes cotk¢ributlD*S to various money-purcha5e schemes. The Group operates a defsned contribution penslon scheme and the pension charge represents the arnounts payable by the Grovp to the fund In rÈspect ol the year. 2.15 P*ov5sions for liabilÈtie$ Provisions are made where an event has taken place that gives the cornpany 2 legal or constructive obliga¢¢o that probibbl requires settlement by a transfer of economic benefit. and a reliable estima￿ can be made of the 2mount ol the obligatlon. Provision5 are charged 2$ an expense to profit or loss in tht year that thÉ company becomes aware of the obligatlon, and are measured at the best e5tim2te at the ba12nca sheet dare of the expenditure required to settle the obligation, t3king into 2ccouni relevant risks and uncertainties. When payment5 arÈ eventually made, they are charged to provision carr(ed in the balance Sheet. Judgments in applylng accounting policies and key 50urce5 of estimation uncèrtainty Estimates and judgments are continually ewalu2ted and are based on historical experience and other facLof5. including expectations of future events that are believed to be reasonable under thÈ circumstances. Critlcal accoun¢¢ng estimates and a5sumptlons'. The Charity makes e5tim2tÈs and a55umpiions concerning the future. The re5vlting accounting e5t¥mates and assumprions will, by definiLion. seldom equal the relatÈd actual results. The estimate5 and assumptions that have 2 significant risk of causing a Ma￿rial adjustment to the carrying amounts ol assets and liabilitle5 Wlthin the next financial year are discussed btlow. Investsner¥t propertles Investment properues are included in the Balance Sheet at their open market value In accordance with FRS102 and are not depreciated. This treatment is contrary to the Companies Att 2006 which states that fixed a55ets should bÈ depreciated but is, in the opinion of the Trustee5, nÈtessary in order to give 2 true and fair view of the finantial position of the Cornpany and the Group. 20 Harri5 (Belmont) Charity Notes to the financial statements for the year ended 31 March 2025 Income from charitable a¢tiVLties Unrestricted funds Total funds 2025 Totol funds 2024 2025 Adrnissions and events 114,854 114854 117.619 TOTAL 2024 1 17,619 ncorne from other trading activities Income (rom lundrai5ing events Unrestricted funds 2025 Total fuwjds 2025 Totill runds 2024 Shop and rea room inc¢)rn¢ Holiday cottage rent Other income 28.415 36,324 9.983 28.415 36,324 9,983 74,722 38.885 39,572 8,012 TOTAL 2024 86.469 86,469 IncoTne from other ¢rading activiti Unvestricted lunds 2025 Total funds 2025 Totol funds 2024 Farming 761 145 761.145 872,829 TOTAL 2024 872.829 872,829 21 Harris (Belmont) Charity Notes to the financial statements for the year ended 31 March 2025 Investment income Unrestricted funds 2025 Total funds 2025 Totol funds 2024 Estate rents Listed investment5 Incerest receivable 487,042 164,675 4B7.042 164,675 460,434 195.613 9,263 665.310 656536 656 536 TOTAL 1024 665,310 665,310 Other incoming vesourte$ Unrestricted funds 2025 Total fund$ 2025 Totol funds 2024 Government grants retelv2ble 9.452 TOTAL 2024 9.452 9,452 Government grants re¢Èiv2ble include5 3mounts receivable UDd?r the Renewable He3t lfjcentNe scheme {RHII. Expenditure on rai$iE)g funds Costs of r21sing voluntary Income Unrestricted funds 2025 Total Funds 2025 Total funds 2024 Shop and lea room purchases Event Costs Holiday cottage costs Postage, stationery and advertising Sub5¢ription5 Management fees 15,832 21,357 27,189 16.411 9,072 22,801 15,832 21,357 27,189 30.215 18,815 24.960 13.892 6,122 26.389 9,072 22.801 112 662 112662 120.393 TOTAL 2024 120.393 120.393 22 Harris (Belmont) Chavity Notes to the financial statements for the year ended 31 March 2025 Expenditure on raising funds (continued) Fundraising trading expens Unre$tricted funds 2025 Total funds 1025 Totol funds 2Q24 Farming trading expenditure 564 780 564 780 768,323 TOTAL 2024 768.323 768,323 Investment management C05t5 Unrèstricted funds 2025 Total funds 202S Totol funds 2024 Investment tnanagement fees 38.857 36.862 TOTAL 2024 36,682 36.882 Analysis of expÈnditur8 on charitable actiyities Summary by fund type Unrestricted funds 2025 Total funds 2025 Totol (und5 2024 Belmont House and grounds Estate costs 458,573 497,524 458.573 497,524 527.507 455.900 956,097 956,097 983.407 TOTAL 2024 983,407 983,407 23 Harris (Belmont) Charity Notes to the financial statements for the year ended 31 March 2025 Analysls of expenditure on charitable activities Activities UDdertakÈn directly 2025 Support costs 2025 Total funds 2025 Totol furJOs 2024 Belmont House and grounds Estate costs 394,251 468,000 64,322 29,524 458,573 497,524 527,507 455,900 862,2S I 93,846 956 097 983,407 TOTAL 2024 903,493 79,914 983,407 Analysis of diyect costs Belmont HOUSÈ and grounds 2025 Estate costs Total fund5 2025 Totol funds 2024 2025 Staff costs Equipment repairs Motor vehicle expense5 Light and heat Insurance Propercy rafrs Repair5 to property House re5torniign House opening Ground5 and garden m#lntÈn2nce Wood12nd maintÈnance Depreciatii)n 234,993 16.357 17,220 19,154 8.957 6,881 68,303 3,487 12.394 6,463 42 375.804 43,366 39,173 19,138 58,829 12,741 247,789 3.487 12,394 32,714 7,S92 9.224 392.915 48,053 31.614 23,735 47.976 20.216 247,889 6.839 8,378 37.558 11,912 26.398 27,009 21.953 49,872 5,860 179.486 26,251 7,550 9,224 394.251 468,￿0 862251 9L13.493 TOTAL 2024 467,713 435,78Q 903.493 24 Harris (Belmont) Charity Notes to the financial statements for the year ended 31 March 2025 Analysis of expenditure on eharltablÈ 2CtivitÉes (continued) Analy515 of support Costs Belmont House and grounds EstatE C05t$ Total fund5 2025 TotsTI funds 2024 2025 2025 Finance costs Proles5ion&l foes Igovernance costs Trust expenses Igo¥ern3nce costs Telephone Bad debts Other costs Irre¢oYerable VAT 2,861 51,324 4,462 3.965 2,861 10,210 5.722 61.534 4,462 9,913 (200) 1,826 10,589 6.034 57,367 439 9,629 3.100 3.345 5,948 1200) 1,710 10,589 64,322 29,524 79.914 TOTAL 2024 59.794 20,120 79,914 Auditors. remuneration The a￿ditorS, remunerstion amounts to an auditor lee ol £l1.000 (2024 - £11.000), and not)-2udit services ol £10,510 {2024 - £9,200). Staff costs Group 2025 Group Charity 2025 Charity 2024 2024 Wages and salarles S(>¢ial security COSt5 Defined contribution pension scheme 344.418 24,730 359,666 26.248 344,428 24,730 359,666 26.248 6.646 7.001 6,646 7,001 375.804 392,915 375,804 392,915 25 Harris (Belmont) Charlty Note5 to the financial statements for the year ended 31 March 2025 Staff costs (continued) The average number of persons employed by the Charity during the year was as follow5-. Group 2025 Group 2024 Employees The key tnanagement personnel of the Charity comprise the Trusfres and ClarkÈ & Simpson who are eonsidere4J part of key management. Fèes were paid to Clarke & Sirnp50n in the year totalling £79,16312024- £61,601) comprising £S1.997 {2024 . £55,601) in relatyon to Harris IBelmon¢l Charity and £27,166 {2024- £6,(x)01 in rdation ¢0 Belnor Farms Limited. Trustee5' remuneration and expen5e5 During the year. no Trustees received remuneration or other beneflts12024- £nill. During the year ended 31 March 2025. expenses totalling £1,273 were reimbursed or paid directly to 2 Trustees 12024 - £243 to l Trusteel. 26 Harris (Belmont) Charity Notes to the financial Statements for the year ended 31 March 2025 14. Tangible fixed a$$ets Group Freehold land Property improvement5 Plant and machinery Total Cost or valu*tlon At l April 2014 19,977,000 1,038,702 663,367 21,679,069 Addltions 71,437 71.437 Disp05a15 (140.488) (140.488) RÈvaluktions 1258,500 1 258 500 At 31 March 2025 21 235 500 1038,702 594316 22 868.518 Dèpreciation At l April 2024 790,711 409.635 1.200,346 Charge for the period on owned assets 11,538 29,958 41,496 Charge for the pertod on leased of use a55etS Disposals 40.B23 40.823 At 31 March 2025 802.249 398,770 201 019 Net book value At 31 March 2025 21 235 500 236 453 195.546 21.667 499 At 31 March 2024 19,977,000 247,991 253,732 20.478,723 27 Harris (Belmont) Charity Notes to the financial Statements for the year ended 31 March 2025 14. Tangible fixed a55ets Charity Freehold land Property improvements Plant and machinery Total Cost or valuatton At l April 2024 19,977,000 312.688 594.796 20,884,484 Additions 71,437 71,437 Dlsposals (140,488) (140,488) Revalvatlons 1258 500 1 258.500 At 31 March 2025 21 235 500 312,688 S25 745 22 073.933 Depreciation At l April 2024 301,009 356,955 657.964 Charge for the perlod on owned assets 1,451 28,412 29,863 Charge lor the period on leased of use assets Disposals dO,823 40.823 At 31 March 2025 302,460 344 544 647.004 Net book value At 31 March 2025 21 235 500 10.228 181,201 21 426.929 At 31 March 2024 19.977.000 11,679 237,841 20,226,520 The freehold land was revalued at 31 March 2025. on a basis ol market value. by qualifled professional valuers wc>rklng for Clarke & Simp50n, acting in the cap2Clty of independent valuers which v31ued the freehold land at £21.2355m. The revaluation model has been adopted and the trustees consider the valuation of the freehold land to be materially con51Stent with thé net book value 31 March 2025. If the hisLoric cost basis of 2CCOUnting has been used, the freehold land would have had a carrying ¥al￿e of £l.016M 12024- £1.Q16MI. 28 Harris (Belmont) Charity Notes to the financial statements for the yeav ended 31 March 2025 Heritage assets A55et5 recognised at cost Belmont House and grounds 2025 Belmotr)t HOUSÈ Collection 2025 Total 2025 Carwng value at l April 2024 Additions Carrying value at 31 March 2025 489.482 3,35&206 1,637 3 359.843 3.847,688 1,637 3 849.32S 489.482 2025 2024 2023 2022 2021 Purchases Cgllection 1,637 13,300 Revaluations Totsl èddltions Heritage asset management policy The Charity holds in trust Bélmont House and ground5, along with the house collection. National and international standards in the care of sts tollection are fo51owed with every endeavour to protect and safe8￿ard thÈ collect¢on in its care for future generations. Fixed asset investments Group Listed inYe5tments Cash inYe$tmÈntS It)ve5tment properties Total Cost or valuation At l April 2024 9.042,261 193,380 16,902,520 26.138,161 Additions 1,867,201 862,129 2,729.330 Dlsposals (2,794,832) (2,794.832) Rey31uations 196.215 839 980 1 036 195 At 31 March 2025 8 310.845 1 055 509 17.742 500 27 1 OB.854 29 Harris (Belmont) Charity Notes to the financial statements for the year ended 31 March 2025 16. Fixed asset inYe$tments {contlnued) Charity Share in group undertaking Listed investments Cash investments Investment properties Total Cost or valuation At l April 2024 308,087 9,042,261 193.380 16.902.520 26.446,248 Additions 1.867,201 862,129 2,729.330 Disposals (2,794,832) (2,794,832) ReYaluatioTrs 196.215 839,980 ,050 431 At 31 March 2025 322 323 310845 I OS5.509 17 742,500 27.431 177 The Trustee5 annually r￿leW the risk5 faced by the Charlty and haye established an inyestrnent polbcy to identify and rnonitor the financial risks the investtnent pririfolio. Consideration is given to the inroadx of inflation overtime, currencies, volatility and ligvidity and discretionary investment rnanagers haye been appointed. The Investments are diversified across asset classes. reglons and manager5. The portfolio is managed on a total return basis w5th the emphasis on growth. As a canseguence a degree of volaiility is anticipated 2nd tolerated. The porilolio is a small par¢ ol the overall a55ets but is nonetheless an important component. Income ha5 been paid to the Charity historlctlly which has allowed the Trustees to inYesL In 2 number of projects to improve and enhance the fabrlc of the Estate rather than belng used for thé day-to-day operational running. Principal subsidiarit$ The folSowing was a subsid13ry undertaking of the Charity.. Name Company number Register¥d office Principal actlvity Holding Belnor Farms Limited 457383 Well Close Square, Framlingham. Suffolk IP13 9DU F2rming iooy. The fin2ncsa1 results of the 5ub5idiary for the year were.. Profit for the year Name Incorne Expenditure Net a55ets Belnor Farms Lirnited 709,561 1651.9131 52,541 322.3 30 Harris (Belmont) Chavity Notes to the fin74ncial statements for the year ended 31 March 2025 Stocks Group 2025 Group Charity 202S Charity 2024 2024 Farm stocks Good5 for resale 559.648 472,142 S65,759 473,993 Debtors Group 2025 Group 2014 Charity 2025 Charity 2024 Due within one year Trade debtors 61.266 65,843 43,324 57,484 Amounts owÈd by group undertakings 467,631 485,351 Other debtors 41,935 40.886 12,056 10,681 PrÈp2yments and 2tcrued incomÈ 98,449 63.102 97.062 63,102 2016SO 169,831 620 073 616.618 Creditors; amounts falling due within one year Group 2025 Group 2024 Charity 2025 Chartty 2024 Trade creditor5 232,509 89,000 67.952 64,60S Other taxations 2nd 50c¢al security 6,114 7,084 6.114 7,OB4 Other creditors 8.790 7,075 6,790 5,075 Accruals 76,756 41,345 28,321 3B,645 324,169 144,504 109,177 115,409 Harris (Belmont) Charity Note5 to the financial statements for the year ended 31 March 2025 20. Statemen¢ of funds Statement of funds- current year Balance at 31 Mavch 2025 Balance at I April 2024 Tran5fer5 Gains 111055e51 Incorne Expenditure Inlloutl Unrestricted Funds D￿Ignated fundx InYe5trnen¢ funds 26,138,165 1105,8331 1,076,526 27,108,854 Est3tes- farm land House and grounds fund Fixed a55et fund 16,457,000 598,500 17,055,500 3.847,688 3.769.520 1.637 158,0911 3.849.325 4.371,429 660,C(K) 50,212,369 162,187 2,335,026 52,385,108 Genèral funds General funds 1,116,496 1.630,813 11,672,396) 162,287 1,237,2(K) Total urtre$trScted funds 51328865 1630813 1672 396 2 335.026 53 622,308 The investments fund include5 the Investment Properties and Investment Portfolio which the Trustees are holding for the long ierm tts secure an ongoing incotne for the Charity and as such there is no intention to reduce the value of the investment assets. The b31ante on the fund 1$ equivalent to the balance of the investments. The transfers in the year represent funds withdrawn from the investment portfolio and gains realised in the year. The Belmont House and grounds designated fund was Established a¢ the same time that the Chariiy vtss founded. The purpose ol the Charity is the preservation. maintenance 2nd upkeep of Belmont House. the 5urroundtng land and property and the contents which are deemed to be of historlc architectural or 2rtistic importance or beauty which are available for the eduration and benefit ol the public. ThÈ primary 2sset5 transferred to the Charity when it was founded are central to thÈ continuation of thè Charity and as such wlll remain intacc for as long as the Charity exists. The Trustees are ernpowered to add to and dispose of item5 from the collection and contents of 8elmont House for the t>Ènefit of the Charlty as long a5 the collection and contents are not fundamentally diminished. The fund is represented by heritsge assets. The Estate5 - farm land de5ignatad fund repre5ent5 the value of farm land utilised by Belnor Fam5. The Fixed asser designated fund represents thÈ nec book valuÈ of fixed assets at che year end. 32 Harris (Belmont) Charity Notes to the financial statements for the year ended 31 March 2025 20. Statement c>f funds (continued) The Trustee5 consldtr a balance equivalent to 6 mtsnths, worth of operating costs for the Charity a reasonable balance to hold in reserves, this figure is currently £500,000. The financial sratements show a free reserve5 ba13nce Inon-deslgn2tsd unrestricted funds not represented by operaclonal fixed assets) of £1,237,20012024-£1,116,4961. Bearing mind the cyclical nature of the bu5iness,the'larm' balance provide5 the working capital requirement for the farrn. The balance provides lor approxiDIRtely 14 months. worth of estate t(>stS 2nd is higher than the Charity's reserve policy. The Trustees arÈ satisfied that these additional amounts will fund the increased expenditure expected in thÈ maintenantr plan in tht next few years. Statement of funds- prior year Balance at 31 March 2024 Balanc8 at I April 2023 Transfe inlloutl Gains IIIos5esl Income ExpÈnditurÈ Unrestricted Fund5 Designated fund5 Investment funds 25.781,020 {389,3591 746,500 26.138.161 Eststes- farm land House and grounds fund 15,969.000 397,550 90,450 I6,457,￿0 3,834,388 13,300 3.847,688 Fixed a55et fund 3,382.693 86,827 3,769.520 49,267.101 108,318 836,950 50,212,369 General funds G￿er21 funds 1,382,140 ,751,679 1,909,005 108,318 Total unrestrlcted funds 50649241 1 751 679 1,909 005 836 950 51,328 865 33 Harris (Belmont) Charity Note5 to the financlal statements for the year ended 31 March 2025 21. SLEmm#ry of funds Summary oflund$- current year Bal#nce at 31 March 202S Balan¢e at I April 2024 Transftrs inlloutl Gains IIIos5esl Income Expenditure Designated lunds 50.212,369 1162,2871 2,335.026 51385,108 General funds 1.116,496 .630,813 11,6713961 162,287 1,237,200 Total unrèstricted lunds 51.328,865 1.630.813 1 672,396 2.335 026 53 622 308 Summavy of funds- prior year Balance at 31 March 2024 Balance at I April 2023 Transfers Gain5 1(105sesl Income Expenditure Designated funds 49,267,101 108,318 836,950 50,212,369 General funds 1,381,140 1,751,679 {1,909,0051 1108,3181 1.116.496 Total unrestricted funds 50 649.241 1751 l)79 1.909.005 36.950 51,328,865 34 Harris {Belmont) Charity Notes to the financial statements for the year ended 31 March 2025 22. Reconciliation of net movement in funds to net cash flow from operating activities Group 2025 Gmu 2C124 Net income for the yeav as per Statement of Financial Artivities 2 293,443 679,624 Adjustments for: Depreciation charges Gains on invÈstmènts and tangiblÈ fixed 35set5 DNidÈnds, Interest and rent5 from investments 39,194 38,371 (2,335,028) (656,536) (91,766) (31,819) 179.664 1836,9501 1665,310) 50,274 Ilncrea5elldecrease in stocks Ilnueaselldecrease tn debto IlncreaselldecrÈase in creditors 41,288 1203,741) Net cash expended in operating activitiÈs 602,848 896.444 23. Analy$i$ of cash and cash 8quivalents Group 2025 Group 2024 Cash at bank and in hand SS3 390 364.973 24. Atr)alysis of change$ in net debt At l April 2024 At 31 March 2025 Cash flows Cash at bank and in hand 364,973 188.417 553,390 35 Harris (Belmont) Charity Notes to the financial Statements for the year ended 31 March 2025 25. Contingent liabilities A number of fixed 3sset investments were pa55ed to the Charity upon the death olThe Kt. Hon G RJ Baron Harris (Sixth Baron Harris) who in turn had inherited them from the Fifth Baron Harris who died in 1984. The a55ets in question were grantsd conditionally exempt Status. However. because the Sixth Baron Harris died within 30 years of the Fifth Baron Harris, HM RÈvenue & Custom5 would be entitled to clairn Inheritance Tax at rate$ 2pplicable at the time of death on whichever esta￿ pr(>Yed to be more beneficial to them. The Inheritance Tax liabillty will only crystallise if ihe Charlty se115 these 2sset5 in the ftsture. The Trustre5 have a list of these assets 2nd do not intend to sÈll them in the foreseeable future. Therefore no provision has bÈon included in the accounts in respect of future liability. 26. Related party tran$actions The Charity rent5 farmland to Its subsidiary. Belnor Farms Limiied. and receivE5 a deed of covenant from the company at the year end. The rental charge in the year totalled £l18,54512024 -£114,497}. The deed ol c(>vÈnant in the year amounted to £nil12024- £nill. A5 ar 31 March 2025 £467,631 {2024- £485,351 I was outstanding. This includes a loan advanced to the sub51diary of £400,00012024 - £400,000). Thi5 loan bears interest at 5% per 3nnum, over the Bank of England base rate and has a fixed repayment date. 36