Company Regl$tration No. 08025757 (England and Wales) Charlty Regi5tratlon No. 1150641 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UMITED BY GUAKINTEE TRUSTEES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITEO A COMPANY LIMITED BY GUARANTEE CONTENTS Page Reference and administrative infonnation Trustees annual feport Independent examiners, report ststemenl of financial adivities Balance Sheet 10-11 Cash flow Statement 12 Notes to the accounts 13-26 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY LIMITED BYGVARANTEE REFERENCE AND AtYMINISTRATIVE INFORMATION Registered Company No. 08025757 (England and Wales) Registered Charity No. 1150641 Reglstored Offico Norfhwood House Ward Avenue Cowes Isle of Wght P0318AZ Trustees Mrs J L Allan Mrs S E Collinge Mrs R A Cullen Mr S Dabell Ms D Deacon (restgned 1 May 20241 Mr B D Hick8 Mrs KA Marriott (appointed 13 June 2024) Dr J A Pollard {resigned 15 April 2024) Mr T Wander Chlef Operatlng Offlcer Mr D Cool Accountants & Indepgndont Examlngrs Moore (South) LLP 9 St Johns Place NewtKJrt Isle of Wght P030 ILH Bankers CAF Bank Ltd 25 Kings Hill Avenue Wesl Malling Kent ME19 4JQ Lloyds Bank PIC 21 Sl Thomas Square Newport Isle of WwJht Barclays Bank PIC Sl James. Square Newport Isle of WvJht NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY LIMITED BY GUARANTEE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng Document The Charity i8 a limited company, limited by guarantee. as defined by the Companles Ad 2006. Under its Memorandum of Associathon. local people and organisalKJns can become members of the Charitab￿ colnpany for an annual subscriplK)n. The charitable company is governed by ils Memorandum of Associalion. The Charity also acts as Trustee for a separate tharity Northwood House Charitable Trust which is registered under charity Number 276153. The Chartty is govemed by a scheme issued by the Charity Commission for England and Wales and effeclN8 1.11.2012 (ref 53411213). Obl&ctives and Aims Under the Memorandum and Scheme issued by Ihe Charity Commission for England and Wa￿s, the objects of the Charity are for the public benefit, (11 The provision, Maintertan￿ and support of a public pleasure garden orpark (including the prov¢sion of factlilies for playing games, SkK>rts and other re¢real￿nal or leisure faulilies and amenit￿$) in the area of benefit. (21 The provision. mainlenanee and support of public amenities for such tharilable purposes as the ttustees from time to tlme thlnk rrt, induding the provlslon of public car parks. (31 The restoratlon. preservalton and maintenarEce ￿ the property of the ChaTity which are of histOTiC or architedural merit or importance. {41 If and in so far as income is not required for tho above purposes. for any charitable purposg for the berkefit of the inhabitants of the area of benefit. Rgcrultment and Appolntment of Tru8te88 The Trustees are also Diiectors of the ¢haritable company for company law purposes. The Charity has Su￿commIttee$ from where it can idenlify potential trustees with $￿cIfiC thll sets. Trustees can recruited from subcommittees within the Charity. By working within the Charity before taklng on the role of trustee, th& person has a better understsnding of and dedication to the Charity. on￿ a Iruslee Is appointed or elecled. he or she ts given an induction pack of documents that indudes the scheme issued by the Charity Commission of England and Wales. the memorandum of association. 8 member's handbook, relevant paperwork and the latest accounts. A r¢ewty appointed trusteè is given and encovraged lo seek infomialion about the responsibilities of being a Iruslee from the Charity Comm¢ssion's websit& Trustees join the various sub- commitlees or projects and work with volunteers. Trustees are encouraged to attend semin8rs and workshops that will make them more effective truslees. Under the memorandum of association, the minimum number of trustees is three and the maximum is eleven. The Charity may by ordinary resolut￿n arpoFnl a person who is willin9 to act as a trustee. No person may appointsd a trustee other Ihan in accordan￿ with the pr￿edureS set r)ul in the Memorandum. NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMrrED A COMPANY LIAITED BY GUARANTEE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Oryanlsatlonal Strncture In line with our ChatFtable ObjectNes. many public and prNate events such as weddings and concerts were held in the house and park during the year. A full programme of repaiFS and renoval￿nS was also undertaken in the house and park Ihroughoul the pericKI. The Charity had over 300 members during the year. who support the aims and the obieclives of the Charity and C￿ntribute to and influence the future direction of the Charity. Members also have voting rights on ary resolution proposed al the AGM. Members gel regular newsletters and updates as well as invitations lo lake part in sccial events throughout the year. The Charity has approximately 70 volunl*rswho work in the pafkand raise funds by catering and slewarding at events. Wrth a lull trading year during 2024. there were many OPFM)rtunilies for the volunteers to raise funds for the chartty through catering and other activities and the gardening volunteers went from strength to strength working in the park throughout the seasons. Cleaning. tookkeeplng. accountancy, and webslte hosting setvK*s continued to be outsourced during the per￿)d. The trading company for the Charity - Northwood House Trading Company Limited (NHTCL). is a company limited by guarantee and 118 articles require {subject to retention for working capilauaccounling requiiementl that it donates all its profits lo the Charity. Simon Dabell. Roseleon Cullen. Janel Alan. arKI Ben Hicks are the diT2clors of the trading company. Mirror provL81ons to those of the charitable company are inserted in ils articles to prevent any director galnlng beneffts. Both the Charli y and the Trading Company operate under a single group VAT reglslratDn. RlskManaggm9nt The l?vel of financial reserves brought fo]ward from the previous financial year provided the Ttusleos wilh the reasonable expectation that the Charity can continue to manage operational risks. As a ¢onseqvence, the Trusl8es believg that it is appropriate trj appty the going conrEm basis of 8ccounting in preparing these accounts. s always. throughout the period, the trustees and staff have continued to seek lo idenlfy ways in which risks lo the House and Pafk can be reduced. managed or, idealty. eliminated in their enllrety. During 2024, th8 Chief Operating Officer and Twsfees wothed on updating risk assessments and training, to reflect, amongst olhei things, changes In heaith and safety requirements and thesa changes were communicated to staff and volunteers through a series of tralniry sessions during the year. staff pc4icies, which are also applicable to all volunteers, are CA)nlinually under review. These policles indude safeguarding, health and safety. equality and dNersity and safer recrullmenL All the staff pdicieswere redrafted tluring the year lo ensure thal 011 changos in legislation and regulations were up to date. During the year, now volunteers have undertaken in-house training to ensure compliance with all environmental hearth requirements. including record keeping. First Aid and Fire Marshall training were also urKSertaken by staff. Gas safety testing and fire alarm Igsling are Tegulady undertaken, as well as any remedial woik required. NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UhWTeo BY GUARANTEE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 In the park, the tree survoy work was undertaken by a qualified arboricullurisl and all remedial works were undertaken in consultation with the Local Authority Tree Officer. Throughout the year the Charity continued to ensure that the commercial and financial aclniities of the Charity and its associated enlilies were ￿￿rIed out in compliance wilh all applicable regulattons whilst protecting and promoling the Chardy's interests 88 far as possible. Professional advi￿ continued to be sought and recommendalion5 implemented where appropriate to achieve these ends. As In previous years the trustees remain committed to identifying and implementing best Practi￿ in relation to the management and governan￿ of the Chartty and will continue to do so in the coming year. Publlc Bon8fit The trustees are aware of and have regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the gUKlance ks relevant. SIGNIFICANT ACTIVITIES AND ACHIEVEMENTS Dijring the year. the trustees continued with their work implementir¢g the 10-year strategy for the Charfty. which was agreed iri 2019. As 2024 fepresenled Ihe five year point in the strategy the Board, with the Chlef Operating Offieer, ndertook a series of workshops lo review the progress the charity had made againsl the stralegy and worktng plans. It was gratifying lo evaluate the progress that has been made in the fNe year period since 2019. As part of Ihe workshops the board ratir￿d the strategy for the remaining period till 2029 and agreed plans for the fNe years bayond Ihal date. promding the Charity wilh a strategy and plan until 2034. As part of the strategy, work continued on the r8Storatlon and refur￿Shrn￿nl olthe fine public rooms. Work commenced, In the spring, on the restoration of the ornate ceiling and fresco panelling In the drawing room. Onca this skilled work had been completed, the rest ol the room was professionally decorated to bring In up to the standard of the ballroom whth had been restored Ihe pr8V*)U8 year. Work also commenced in the earfy part of the year on the roof above the public toilets and commercial kitchens. though the work was delayed due to the heavy and prolonged periods of rain experienced Ihroughout the country in the first few months of the year. Once c(#npleted. this work enabled these parts of the building lo dry out in readiness for luture renovalkjn and redecoration. The Charity continued to maintain the park for the benefrt of the public. The Charity is grateful to Cowes Town Council for their continued financial support in the park with mowing the lawns. cutting the hedges. ernptyin9 dog waste and litter bin8. and deanlng the path toilets. Tennls courts were available to Ihe public al no charge and were well used. Fundraising, by users of the courts ntinued during the year for the ongoing repair and maint8nan(£ of the courts and these events were well supp)rted by the public. Cowe$ Medina Bowling Club coTrlinued lo operate and maintaln the bowling facility on a I1￿￿e with a peppercom rent and al no c#)sl to the charity. NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A GOMPANY UMITED BY GUARANTEE TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 SIGNIFICANT ACTIVITIES AND ACHIEVEMENTS (cont. .} The Charity continued to woth with Cowes Town Council to operate a free parking scheme, in Ihe Charity's main car park, for island patients who needed lo travel lo mainland hospitals for treatment The Chief Operating Off￿r and the board continued to work on a plan for the development of the park over the next five lo seven years. This included planting trees to replace those lost over the years due to disease or stOKm damage. A sponsored tree planting wogramme was launched in the pa￿ during the year with local resKlenls paying for the planting and upkeep of a new tree. This programme had a very successful tske up and phase two of the tree planting an will continue in 2025. The Charity was honouied lo be selected as the sole venue for the plantsng of the lQng's Coronation Tree for Isl8 of Wghl. The Lord Lieutenant for the Isle of Wghl, Mrs Susie Sheldon, planted the tree in the park in March. During the year the charity also benefited from a very generous grant from WghtAID - a foundation that supports Ioc71 island charities. The grant enabled us to purchase a new 12Tge new greenhouse and an¢i1Sary equiptnent for the vOlUn￿eT$ to use for the propagation and growing of pknts for the LL)rders and beds wllhin the park. Durfn9 2024 the Charity once again hosted the Spring Art and Garden Show. although il was postponed, from the Eastsf weekend until May, due to wel weather conditions. The annual Big Lunth. Mus￿. comedy, drama, and murder mystery night8, as well as mary weddings and private evenls were onc* again hetd in the house and park. The Lawn Bar operated very succes8fully in the park durtng the summer months. Themed paTty days ran for the sècond year on the May and August bank holiday weekends, these again sold OUL enhancing this new revenue stream. These events ran alongside a highly successful, volunteer run, vintage afternoon lea seNice. Cowes Week actNilies and live enlertainmenl were held in August and the Cry*ves Week ladies, lunch. was sc4d OLrt well in advance and raised funds for the charity- The Charity was delighted to host an exlended Wghl Proms in August. as well as a series of monthly Wight Proms lunchtime concerts in Ihe ballroom. throughout the year. The Housè and Park were for the second year the venue for The Great Wight Bite. The event. with a culinary focus. ran early Soptember and attracted many visitors, although rain over the days of the event did resull in a much reduced footfall on the previous year. The Charity was again the main venue for the highly SUC￿ssful Isle of Literary FestNal. which except for the Covid years has been held al the House since 2012. FINANCIAL REVIEW The Charty rewjrted a surplus for the year lo 31 December 2024 of £54,453 (2023.. £7.860) on general fund8. with major project work undertaken through￿1 the year. tolalling £180.393. NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UMITED BY GUARANTEE TRUSTEESANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustee5 k)ok to maintain reserves sufficielll to provide six months operating expenses and retain £100,0(Kl as a minimurn working res&rve. The nel asseis of the charity at the year end were £678,737 {2023'. £624.284) with free reserves amounting to r370,755 (2023.. 405.076). Free reserves are defined as unrestricted funds. less those lied up in rued assets. Principal Fundlng Sour¢as The car park has for many years provided one of the main sources of revenue for the Charity. except for the period of the pandern￿ when it was severely impacted by the 'stay at home, directwes from the governmenl. However. Income has bounced back to exceed predcovid levels with a 2024 turnover of £229.992 (2023.. £210,830). The Charity's tfading ami. Northwoc. Company and Chaiity law r￿uIre the Directors to prepare accounts for each financial year, which give a true and fair view of the statg of affairs of Ihe company and of the surplus or deficit of the company for that Period. In preparing those accounts. the Directors are required to.. Select suitable accounting policies and then apply them consislentty. Make judgements and estimates that are reasonable and pNdenL Slate whether 8ppli¢able accounting standaids have been followed. subject to any material departLTrTes disck)sed arsd explained in the accounts-, and Prepare the accounts on the going cOn￿rn basis unless il is inappropriate to presume that the company will continue in bltsiness. The Trustees are responsible for ensuring Ihal the Ch2rtty keeps proper accounting records which disclose wilh reasonable awlracy at any lime the financial position of the Charity and which enable them lo ensure that th8 financk81 staternenls comply with the Companies Act 2006 and Charities Statement of Recommended Practi￿. They also have resp)nsibility foT ensuring that the Chaiity has appropriate systems and controls (financial and otherwise) and that reasonable steps are taken for safeguarding the assets of Ihe Charity and for the wevenlion and detection of fraud and other irregularibes. This report, which also meets the requirements of the Directors, Report for company law purposes, has been prepared in accordance with the special provisions applicable to small CoM￿nies. Slgned on behalf of the Board of Trustees Dale: Mrs R A Cullen- Trustee NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COAIPANY LIMITED BY GUAR4NTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2024 Independent ExamFnerfs Report to thè Tru5t8es of Northwood Hou$e Charltable Trust Company Umlted I reporl to the charity trustees on my examination of Ihe ar￿UnIS of the company for the year ended 31 De￿mber 2024 which are sel out on pages 9 to 26. Responslbilitie8 and basls of report As the charity trustees of the company (and also its dlrectors for the purposes of company law) you are responsible for the preparat￿n of thè accounts in 8ccordance with the requiremenlg of the Companies Acl 2006 {'the 2008 Act,). Having satisfied myself that the accounts of the company are rtot required to be audited under Part 16 of the 2006 Act and are eligible for independent examlnalion, I report in respect of my examinalitin of your company's accounts as carried out under sectiorb 145 of the Charities Act 2011 {'Ihe 2011 Acl.). In carrying out my examlnation I have followed the Directi¢)ns gtven by the Charity Commission under section 145(5)(b} of the 2011 Act. Indèpendent examlnevs stat8ment sin￿ the company's gross tncome exceeded £250.000 your examiner musl be a member of a l)ody listed in section 145 of the 2011 Act. I confifm that l am qualified to undertake the examination because l am a member of the Instilule of Chartored Accountants in England and Wales. which is ono of the listed bodies. I have completed my examination. I confimi that no matters have CAJme to my 8ttenUon in connection with the examtyiation giving me cause to believe that in any material respect- 8Ctountin9 records were not kept in respect of the company as required by wtion 386 of the 2006 Act.. or the accounts do not accord with those records" or the acrounls do not comply with the accounting requirements of section 396 of the 2006 Act olhei than any requirement Ihal the accounts giva a Irue and fair view. whieh is not a matter considered as partof an independgnt examination- or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for ac¢ourbting and roporting by charities applicable lo chaitbes preparing their accounts accordance wlth the Finan￿81 Reporting Standard applicable in the UK and Rapublic of Ireland (FRS 102)- I have no concerns and have come across no other matters in eonnection with the examination to which attenlNJn shoukl be drawn in this report in ordei to enable a proper understanding of the accounts to be reached. tsrL V Orayion ACA For and on behalf of Moore (South) LLP 9 St Johns Place Newport Isle ofwuhl P030 1LH Dated.. 2010 & l L(>Zf NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTivrriES INCORPOR4TING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestri¢t9d Rostricted Endomnont Funds Funds Funds Total Total Fumds Fund8 Year to Year to 31 Decembgr 31 December 2024 2023 Notes Income and endowmgnts from: Donations and legacies Chartiable activities Other trading 8elivities (fundraising) Investments 63.928 443,400 142,764 44.534 108,462 443.400 142.764 32,546 422,894 99.574 Total Income 659.338 44,534 703.872 2,096 Exp•nditur8 on: Raising funds 100.907 100,907 70.243 Charitable 8clMties 532.290 13.298 545.588 484.639 Other 11 Total expenditure 638,635 13,298 651.933 559.739 Net incomel{expenditurel 20,703 31,236 51.939 2,357 other recognlsed gainslllosses) Gainsl(lossesl on investment assets 514 Nat movemont bgforo transfer8 19 20,703 31,236 2.514 54,453 7,860 Transfer tthegn funds Net movement in funds 19 26,453 25,486 2.514 54.453 7,860 Reconclllation of Funds Total funds brought forward at 1 January 2024 552,537 22,325 49,422 624,284 616,424 Total funds carried foNiard 31 Decernber 2024 578,990 47,811 51.936 678,737 624.284 All income and expenditure derive from continuing activibes. The stalemenl of financial activities include all gains and losses recognised during the year. The notes on pages 13 to 26 form part of these accounts NORTHWOOD CHARITABLE TRUST COMPANY LIMITED A C(WPAKY LIMrfED BY GUARANTEE BALANCE SHEET AS AT 31 DECEMBER 2024 Unrestricted Funds Rostri¢tsd FuTbds Endowment Fund Total funds 31 December 2024 Total funds 31 December 2023 Note8 Flxed assets Tangible assets Fixed asset investments 15 16 156.299 156,299 147.461 156,299 51,936 208.235 196,883 Current assets Stock 402 402 402 Deblofs 17 32.913 32,913 30.848 Cash at bank in hand 497 469 523 051 530.784 25.582 556,366 523,195 Current liabiltties Creditors: knounts falling due within one year Not Current assets 444,920 25.582 470.502 427.401 Total assets less currODt Llabiliti&s 601219 678 737 Net assets 601,219 25.582 51.936 678,737 624.284 Charfty funds Unrestriclsd Reslricled fLtnds Endowment funds 19 601,219 601,219 25.582 51 552.537 22.325 25.582 Total Funds 601,219 25.582 51.936 678.737 624,284 The notes on pages 13 10 26 fomi part ofthese accounts 10 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY LIMJTEO BY GUARANTEE BALANCE SHEET {CONTINUEDI AS AT 31 DECEMBER 2024 The comp8ny Is entIl￿d to exempbon from audit under Section 477 of Ihe Companies Act 2006 for the period ended 31 Dec2mtrEr 2024. The members have nol required Ihe company to obtain an audit ol its financial slalements for Ihe period ended 31 December 2024 in acwrdance with SeclKJn 476 of the Companies Acl 2006. The trustees ackn¢)wledge their responsibilities for: la} ensuring that the company keeps accounting records which compty with Sections 386 and 387 of fhe Companies Act 2006 and. Ib) pieparing financial statements which give a true and fair wew of the state of affairs of the company as at the end of each financial yearand of ils profit and loss for each financial year in ac￿rdanCe wilh the requirements of Sections 394 and 395, and which othe￿ise comply with the requirements of the Companies Ad 2006 reiating to financial sialements, so far as applicable to company. Approved by the Boaid of Trustees on I I losla25and signed on its behalf by.. Mrs R A Cullen - Trustee Mr S Dabell- Trustee Company registralion nurnber. 08025757 The note8 on pages 13 to 26 form part of the￿ a￿o￿nts 11 NIORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANYLlhlTED BY GUARANTEE CASH FLOW STATEMENT AS AT 31 DECEMBER 2024 2024 2023 Cash flow from operatlng actlvitl88 Nel cash fh)w from operations As below Total cash flow from operating activities Cash flow from Invgsting actlvltles Interest r￿erved Payments lo acquire r￿ed assets 9.246 7,802 135 050 Total cash flow on Investlng activities 248 Net incraa$g In cash and cash equlval6nts 31.106 (43,8871 Cash and cash equwalents at 1 January 2024 491945 535 832 Cash and cash equivalents at 31 t)ecember 2024 523,051 491,945 Cash and cash equivalonts conslst of: Cash at bank and in harKI at 31 December 2024 523.051 491.945 Reeonelllatlon of income to net cashflow from operatlons: 2024 2023 Net surplus of Incorne over expendtlure for the year Adjustrnenls for.. Interest received Depreciati￿ charges (InCrease)Ide￿ease in investrnents Iln¢rease)Idecfease In debtors Increasel(decrease) in creditors 54.453 {9,246} 12,382 (2,514} (2,0651 (7,802) 5.845 (5,503) 38.833 Net cash from operatloTrs 43.080 83.361 12 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANYUMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 Summary of significant accountlng policies (a) Genernl infomiation and basis of proparatlon Northwood House charitab￿ Tnfst Company Limited is a chafitable company Ilmiled by guarantee registered in England. In the event of the charity being wound up, the liability in respect of the guarantee is limilgj to £10 per member of the charity. The address of the registered off￿e is given in the charity information on page 1 of these financial slalements. The nature of the charitys operations and principal actNities are desciibed on page 2 under the heading"objectDies and aims.. The charlty I￿nstitUteS a public benefit entity as defined by FRS 102. The financial slatgmenls have been prepared in accordance with Accounling and Reporting by Charilles.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UKand Republic of Ireland {FRS 102) issued In October 2019. the Financial Reporting Standard applicable in the United Kingdom and RepU￿1C of Ireland (FRS 1021. the Charlties Act 2011, the Companies Act 2006 and UK Generally AC￿pted Practice. The financial slatemenls are prepared on a going concem basis under the hlstorlcal cost convention. to include rtain items 81 fair value. The financial statements are prepared in sterling which is the functional currency of the charity and iounded lo the nearest £1. The Gharty also manages the assets hold within an Ltnincorporaled charlty (registered nUM￿r 276153), the assets of which were Ihe subject of a schema of management by the Charity Commission. The assets of fhat charity were amalgamated in 2013 with the assets of Ihls ChaTitable company. and are reported as one entity in these accounts. The signrficanl aceountbng POT￿leS applied in the preparation of these financial statgments are Set out below. These policies have been consistentty applied to all years presented unless olheMise stated. Ib) Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of Ihe general objeclNes of the charity and wh￿h have not been designated for olher Pu￿)ses. Designated funds comprfse unrestricted funds that have beon set aside by the trustees for partitxlar purposes. The aim and use ol each designated fund is sel out in the notes lo the financial stalemenls. Restsicted funds are funds whlch are to be used in accordance with speclfic reslriclions imposed by donors or whid7 have ￿en raised by the charity for particular purposes. The cost of raising and adminislering such funds are charged against the spec￿￿ fund. The aim and use of each reslrtcted fund Is sel out In the noles lo the financial statements. Endtrwmenl funds represent those assels whtch musl be hdd permanently by the tharity, principalty income from previous land sales. Inccffie arising on the endowmenl funds can be used in accordan￿ with the oblecls of the charity and is included as unrestTicled income. Any capital gains or losses arising on the inveslments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. 13 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY LINITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ic) Incoma rg¢ognltlon All incoming resources are irKluded in the Statement ol FinarKial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been mel, U)e amount can be measured reliabty and il probable that the income will be received. For donatM)ns lo be recognised the charity will have been notified of the amounts and the seltlement date in writing. If there are conditions attached lo the donalK)n and Ihis requires a level of perfomiance before entitlement n be obtained then income is deferred until those conditions are fully mel or the fijifitrnent of those conditions Ès within the control ol the tharity and il is probable that they will be fulfilled. Donated facililies and donated wofes5ional serv￿e$ are recognised in income at their fair value when their economic benefit Is probable. il can be measured reliably and the charity has control over the item. Falr value is determined on Ihe basis of the value of the gift to Ihe charity. For exampte the amount the charity would be willing to pay in the opEn market for such facilities and services. A corresponding amount is recognised in expenditure. No amount is included in the financlal statements for vdunteer time in line with the SORP IFRS 102). Further detail is given in the Trustees, Annual Report. ere praclicable. grfts in kind donated for dlstribution to the beneficiaties of the charity are included in stock and donations in the financial slalemenls upon receipt. If il ts impracticable lo assess the fair value al receipt or if the costs lo undertake such a valuation outweigh any tenefils, then the fair value recognised as a component of donalions when il is distribut￿ and an equivalenl amount reco9nised as charitable expenditure. FIX￿ asset gifts in kind are recognlsed when re￿Iva￿le and are included atfair value. They are not deferred over the life of the asset Incornefrom trading activities includes Income eamed from fundralsing events and trading actNities lo raise fvnds for the charity. Inccyne is received in exchange for supptying goods and seNces in order to raise funds and is recognised when entiUem&nt has occurred. In(x)me from grants are recognised atfair value when the charity has entiilementafter any performance cor)ditions have been meL it is probable that the income will be received and the amount be measured r81iabty. If entiflemenl is not mel then these amounts are deferred. Inveslmenl in￿rne is eam8d through holding essets for investment purposes sud) as shares and property. It includes dividends. interest and rent. IAthere il is not practicable lo idenlrfy Investment management costs incurred within a scheme with reasonable accuracy the investment income is rekKJrted nel ol these costs. 11 is included when the amount can be measured reliably. Inte￿$1 income is reccgnised usin9 the effective interest method and divider￿ and renl income is recognised as the charity's right lo receive paymenl is established. Olher income includes the conversion of endowment funds into income which arises when capital ftjnds are re￿aged lo an income fund from expendable endowments or when a charity has aulhority to adopt a total return approach to ils permanent endowment fund. 11 also includes othef income suth as gains on disposals of larbgible fixed assets. 14 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UMITEO BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 (dl Expènditure recognition All expenditure is 8eLounled for on an accruals basis and has been classified under headings that aggre9ate all tX>sts related to the category. Expenditure is recognisad where there is a legal or constructive obligab'on lo make paym&nEs to thiid parti&%, il is probable that the settlement will be required and the amount of the obligation can be measured reliabty. It Is calegorised under the following headings: Costs of rdising funds includes events- Expenditure on charitable aclivilies includes lettings and functions, car paFknng. grounds costs. house presetvalx)n, and giants,. and Other expenditure represents those items not falling into the categories above. Itrecoverable VAT is charged as an expense against the activity for which expenditure arose. {91 Support costs allocation Support costs are those Ihal 8SSiSt the work of the charity but do not directly repiesenl charitable activities and include office costs. governance costs. administralNe. and payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out al Headquarters. ￿￿ere supportcosls cannot be direclly attributed to particular headings they have been allocated lo cost of raising funds and expendilure on charitable activities on a basis consistent with use of the resources. Premises and other overheads have been allocaled in a similar basls. Fvn&raising costs are those incurrod in seeking volunlary conlrfbulions and do not include the costs of disseminallng Infomialion in support of the charitable aclNilies. The anatysls of these costs is included In note 910 these accounts. {1) TangiblB fixed assets Tangbi le fixed assets are stated at cost (or deemed costl less accumulated depre¢latlon and accumulated impairment lo5￿s. Assets below £1.000 are nol treated as capital. Cost indudes costs direct￿ attributable to maklng the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets. al rates calculaled lo write off thè cost, less esbmated residual value. of each asset on a systematic basis ovw its expected usfyful life as follcws- Land and property Plant & ma¢hin8ry 5Q/o slfavjhl line 10%- 20% straight line The charivs assets consist of land and property Original￿ conveyed by gift to the Local Authority in 1929 and were passed lo this charity by a scheme of management. The Grounds are managed in permanent endowmonl, and these assets are heki al nil cosl. INhgre expenditure represents an improvement, alleralion or an addition lo the land 01 property and it is expected to enhance the pryty's value, useful life or fun¢lK)nality, bringing fulur8 economic benefit. it wlll be Irealed as capital. Other expenditure to restore the land oi pioperty lo its original condition is considered lo be repairs. 15 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UklTED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (g) InvDstmont proportles Investment properbes for wh￿h fair value can be measured reliabty without undue cost or effort are measured al fair value at each reporting dale with changes in fair value iecognised in 'net gains l {losses) on investments, in the SOF {h) Inv08tments Inveglmenls are recogni8ed Initial￿ at fair value which is norm￿lY the transaction price excluding tranSact￿)n costs. Subsequent￿. they are measured at fair value with changes recogriised in 'nel gains l (losses) on inveslmenls, in the SOFA if the shares are publicty traded or their falr value can olhetwise be measured reliabty. Other investments are measured al (x)st less impairrnent Current assel investments are short temi highly IKiuld Investments and are held at lati value. These include cash on deposÈt and ￿sh equivalents with a maturity of less than one year. {]} Stocks Stocks are sla19d at the lower of cost and estimated selling price less eosls to complete and sell. (il Debtors and credltors rgcelvabl& I payable wlthln one year Dèbtors and creditors with no stsled interest rale and r&eivable or payable within one year are recorded at transactKJn price. Any losses arising from irnpairment aro recognised in expendilure. Ik} Impalmient Assets r)ot measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists. the recoverable amount of the asset, or the asset's cash generating unil. is estimated and compared lo th8 carrying arnounl. Where the carrying 8mounl excgeds its recoverable amount, an impairment loss is recognised in profit or loss unless the as￿1 is carried al a revalued amount where thè impairment loss is a revaluation decrease. 111 Employee bengfrts Vvhen employees have rendered sèrvlce lo Ihe charity. short-terni empioyee benefits lo which the employees are entiued are recognised at the undiscounted amount expected to be paid in exchange for that service. charity operates a defined contribution plan for Ihe benefit of its employees. Contributions are expensed as they become payable. 16 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANYLIMFTED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 IMI Tax The ehartty is an exempt charity within the meaning of schedule 3 of the Charities Act 20118nd is considered lo pass Ihe tests sel out In Paragraph 1 Schedule 6 Finance Act 2010. (n) Golng concern The Trustees have considered its income forecasts for 2025 and plans for activities at the House and in Ihe grounds. ￿th the staled free reserves at the year end of £371k. The Trustees are ￿nfident fhal it remains appropriate to prepare financial activilies on 8 going con￿rn basis. {p) Tradlng subsidiary The aceounts are not consolidated but a summary of Ihe trading company ftgures are shown in note 5. 17 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A CCthIPANY LIMTED BY GLIARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Comparatlve Statement of Financial Activities In line Ydth the chariiies statement of recommended practice. presented beFow is the full comparatNe SOFA Unrestricted Restricted Endowment Funds Funds Funds Total Funds Year to 31 December 2023 Notes Income and endowments from: Donations and legacies Charitable activities OlheT trading acb'vilies (fundraising) Investments 24.725 422,894 99.574 7,821 32.546 422.894 99.574 Total Income 554.275 7.821 562,096 Exp8ndlture on: Rausing funds 70,243 70,243 Chaiitable activities 476,253 8.386 484.639 othef 11 Tolal expendituro 551.353 8.386 559,739 Nel incomel{expendilure} 2,922 (565) 2.357 Othgr reeognlsed galnsl{lossos) Galrtslllosses) on investment assets Net movemgnt In funds 19 2,922 (565) 5.503 7.860 Reconciliation of Funds Total funds brought fo)Ivard at 1 January 2023 549,615 22.890 43,919 616,424 Total funds carrled forward 31 Dec8mber 2023 552,537 22.325 49.422 624.284 18 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITEO A COMPANY UMbTED BY GUAFiAprfEE NOTES FORPIIING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Donations and legacies Total Funds Year to 31 December 2024 Total Funds Yearto 31 Decemb8r 2023 Gifts and donat￿nS Distribution from trading company Grants Park ServI￿S in kind- Cowes Town Council Membership fees 9,923 32,792 18.5(K) 7,237 6,9CIJ 7,981 Tolal Unrestrlcted Funds Gtfts and donations included restricted fund income on Grants Swing income Tree income Toilet fefurbishments Tennis o)urt income 1,275 640 8,250 20.000 Total Restrlcted Funds Total Donations and Legacies 108.462 32.546 Activities for 9gnerallng funds Fundraising events 142,764 99,574 19 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPATrff LIMITEO BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Subsldlary Trading Company The Charity also has a trading subsidiary company. which itself limited by guarantee. but vA)ich operates function5 within Ihe House for the Charity- The accounts are not consolidated, bul re￿ect the monies due from the profits of the trading company. A summary of the tra(fing results of the company is set out below. Yearto 31 Oecamber 2024 Yearto 31 December 2023 Summary Prollt and loss Tumover Costs 405,159 413293 383.310 Profil l {loss) foi the year (8,134) 36,798 Net assets 25.243 66,169 Renlal payments of £81,00012023= £81,000) were paid lo the charity for the hire of rooms and grounds to run aclivities and events. At the year end £22,29012023'. £22.090} was due to the charity. Investment Income Total Funds Year to 31 Dec8mb8r 2024 Total Funds Year to 31 December 2023 Deposit account Interest 9,246 7.082 Income from eharftabl• activities Total Funds Yoarto 31 Decgmbgr 2024 Tota Funds Yearto 31 December 2023 Irtcome from car paTking facilities In￿me from lettings, including trading company 229,992 213408 223.202 199 692 443.41X) 422.894 20 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY LIMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ralslng ￿NdS expenditure Total Funds Yearto 31 December 2024 Total Funds Yearto 31 December 2023 Fundraising event costs Fundraising support costs Grants and donations 87,258 13.649 56.706 13.537 100,907 70.243 Charltable activities gxpBndlture Support Cost$ (s8& note 11> Year to 3111212024 Total Dlract Costs Lettings and funclions Grounds maintenance p8rk upkeep House preservation and Testorat￿n Car parking costs 15.364 40.952 188.782 15,364 125,531 381,637 84.579 192.855 11 288.968 2S6.620 545,588 Comparatlve Charftable activitiès expendituro Support Costs {$ee note 11) Yoar to 3111212023 Total Direct Costs Lettings and functions Grounds maintenance park upkeep House preseNation and restoration Car parktng costs 15.347 40,855 187,524 15,347 102.083 329,174 61.228 141.650 229.316 255,323 484,639 Grounds maintenance includes £Nil12023 - £7,981) of se￿ceS in kind, Provided by Cowes Town Council in grass cutting, hedge trimming. toilet deaning. as well as lftier and dog waste bin emptying in the Park. From )ri12¢X23 funding from Cowes Town Council for this maintenance is Tecewed through a giant, instead of servtces In kind. 21 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED ACOMPANY UMtTED BY GUAFIANfEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2024 10. Support costs Yearto 3111212024 Year to 3111212023 Wages and Nl Subscription and I￿enSeS Cleaning Light and heat Insurance 124,879 2,443 20,085 40,011 30,164 126,633 2,076 21,303 41,002 F- i i Water Telephone Printing, postage and stationery Computer costs Sundrtes Bookkeeping Professional services Security Bank charge8 27,808 4,478 1.898 1,885 2,689 2.623 22.562 979 5.391 4.180 2,374 1,750 3.299 2,176 25.601 725 4.466 270,270 268.860 Notes Allctaled lo fundraising events All￿ated lo ChaTitable Activities 13,649 256,620 13.537 255 323 270,269 268,860 11. Other costs Yearto 3111212024 Yearto 3111212023 Other costs are in relatK)n to Govemance of the Charity.. Trustees indemnity Insurance Independent examiners remuneTalion 1,453 1.083 5,438 4,857 22 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY IJWTED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMEMfs (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 12. Net incomlngl(outgoingl resources Nel resources are slated after chargingl(credilingl- Yearto 3111212024 Year to 3111212023 Depreciation- owned assets 12.382 5,845 13. Trusteas, r9muntsration, beneflts and expènses- Rolated party transactlons, and Control There were no trustees. remuneration or ofher benefits for Ihe year ended 31 December 2024 {year lo 31 De￿mber 2023 £nig. There were no trustees, expenses paKI for the year ended 31 D￿mber 2024 {year end 31 December 2023 £nil). The Trnslees have provided serVI￿S in their professional capa￿ty at no ￿st to the Trust. and it is not praclicaEle to value that work The charity is under the control of the Trustees. 14. Staff costs Year to 3111212024 Yearto 3111212023 Wages and salaries So¢￿[ secuiity costs Pension costs 144,597 11,387 110.113 6,937 158,424 119,227 The average monthly number of empbyees during the yearwas as follows:. Yearto 3111212024 Year to 3111212023 House AdministratÈon No employees received emoluments in excess of £60,000. The lotal payments including empbyers Nl and pènsion costs paid to senv)r management personnel in U)8 yeai was £ 40,341 12023-.£40.5851 23 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continugd) FOR THE YEAR ENDED 31 DECEMBER 2024 15. Tangible fixed assets Land and Property Plant & Machinery Total Cost al 1 January 2024 Additions Di8posal8 142.934 80,198 21.220 223.132 21.220 At 31 December 2024 142.934 101,418 244.352 Deweciation al 1 January 2024 Charge for the pemd Depreciation eliminated on disposal 14,793 7.147 60,878 5,235 75,671 12,382 At 31 December 2024 21.940 66,113 88,053 Mel Book Value at 31 December 2024 120,994 35.305 156,299 Nel Book Value at 31 D&ember 2023 128.141 19.320 147.461 16. Flxed asset inv8Stments 3111212024 3a11212023 Market valve at 1 January 2024 Change in value of investments 49.422 43.919 Market value at 31 De¢8mber 2024 51,936 49,422 There were no investments held outside the UK. The Charitable company holds 199 COIF (Charities Offieial Invesknent Fund) unil3. which fomi part of the endowment fund arising from previous sales of land. 24 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY LIMTED BYGUARANTEe NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued) FOR THEYEAR ENDED 31 DECEMBER 2024 17. DebtOTS: amounts falllng due wlthln ona year 3111212024 3111212023 Trade debtors Amounts due trom trading subsidiary company Other debtors and prepayments 2,229 21,290 2.878 22.089 32,913 30,848 18. Craditors: amounts falling duo wlthln one year 3111212024 3111212023 Trade creditor8 Taxation and social security Other creditors and accruals 12,629 22.840 31,528 21.034 85,864 95,794 19. Movement In funds At 110112024 Net movoment In funds Transfèrs At 3111212024 Endowment fund Restricted funds Tennis courts (1) Outdoor sports equipment P) 19.050 2,000 3.787 22,837 2,000 S%wng (3) Tree Greenhouse 1.275 {1,275) 745 7,979 745 2.229 15,750) Toilet refuibtshmenl 000 Total Restricted Funds 325 Unrestricted funds 552 537 624.284 54.453 678.737 (1) The restricted fund donations for Tennis courts. wlll be spent on impiovements to the Tennis Courts. (2} A grant received in 2019 was restricted for outdoor sports equipment, and this has been Iransferted. (3} The swing thnations are for the planned replacement of the childrens swings in 2024. 25 NORTHWOOD HOUSE CHARITABLE TRUST COMPANY LIMITED A COMPANY UMITED BY GUARANTEE NOTES FORMING PART OF THE FINANCIAL STATEMENTS (Continued} FOR THE YEAR ENDED 31 DECEMBER 2024 {41 Tree planting Pfogramrne- sponsorship of new trees by local residents. {51 Funds from WghtAID Foundation for the purchase of a ￿rge greenhouse for the gardening volunteers to propagate plants for the park. {6) Toilet refurbishment funds, (lonated by a local resident with a restri¢bon that funds are lo be used for upgrading Ihe public toilels in the House. 19. Comparative Movement In funds {contlnued) Net movement In funds At 110112023 At 31112123 Transfers Endowment fund 503 Restricted funds Tennis courts11) Ouidoor sports equipment QI Swing {31 Total Restricted Funds 20.890 2,000 {1.840} 19,050 2.000 565 Unrestricted funds 552 537 616,424 7.860 624,284 (l) The reslricled fund donations for Tennis courts. will be spent on improvements to the Tennis Courts. 12) A grant received in 2019 was restricted for outdoor sports equipment, and this has been Iransferied. 13) The swing donation8 are for the planned replacement of the childrens swings in 2024. Endowment Fund The Charity holds expendable endowment funds arising from prioryear dksposals of land fomiing part of the Tnjsl propety. The make up of the capital element of Ihls Is as folkiws: Di8posal dated 6 April I Disposal dated 22 July 1987 Uplift in value to 31 December 2022 Fund value at 31 December 2022 Uplift in value in the year lo 31 December 2023 Fund value at 31 December 2023 Uplift in value in the year lo 31 December 2024 Fund value at 31 December 2024 2,000 25,000 43,919 49,422 51,936 Following pr6vious advice ofthe Charfty Commission, the interest eamed on the cash element has b￿n Ireated as unreslricled funds. The unrealised surplus on the undertying investments are added to the value of thfj endowment fund. 26