2024-09-30-accounts - The Titsey Foundation CIO

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Registered number: CE002651 Charity number: 1159986

The Titsey Foundation CIO

Trustees’ report and financial statements for the year ended 30 September 2024

The Titsey Foundation CIO

	Page
Reference and administrative details of the charity, its trustees and advisers	1
Trustees' report	2 - 7
Independent auditors' report on the financial statements	8 - 10
Statement of financial activities	11
Balance sheet	12
Statement of cash flows	13
Notes to the financial statements	14 - 29

The Titsey Foundation CIO

Reference and administrative details of the charity, its trustees and advisers

Trustees	The Earl of Woolton, Chairman
	Mr Ewen Cameron
	Mr John St John
	Mr Simon Vandeleur
Company number	CE002651
Charity number	1159986
Registered office	c/o Strutt & Parker
	201 High Street
	Lewes
	BN7 2NR
Principal operating office	Titsey Place
	Titsey
	Oxted
	Surrey
	RH8 0SD
Managing agents	Strutt & Parker
	201 High Street
	Lewes
	BN7 2NR
Governor	G A Innes
Independent auditors	Chavereys Audit Limited
	The Goods Shed
	Jubilee Way
	Faversham
	Kent
	ME13 8GD
Accountants	Chavereys Limited
	The Goods Shed
	Jubilee Way
	Faversham
	Kent
	ME13 8GD
Bankers	C. Hoare & Co
	37 Fleet Street
	London
	EC4P 4DQ
Solicitors	Stone King LLP
	Boundary House
	91 Charterhouse Street
	London
	EC1M 6HR
Investment advisers	Schroder & Co Limited
	100 Wood Street
	London
	EC2V 7ER

The Titsey Foundation CIO

Trustees’ report for the year ended 30 September 2024

The Trustees are pleased to present their report, together with the financial statements of The Titsey Foundation CIO (the "Foundation") for the year ended 30 September 2024.

Trustees

The Trustees who served during the financial year and since the year end were: The Earl of Woolton (Chairman)

Mr Ewen Cameron Mr John St John Mr Simon Vandeleur

Mr Ewen Cameron and Mr John St John were re-elected to serve a further term of 5 years as Trustees of the Foundation, with effect from 1 January 2024. Mr Simon Vandeleur was re-elected to serve a further term of 5 years as a Trustee of the Foundation with effect from 13 March 2024.

Structure, Governance and Management

The Foundation was incorporated on 16 January 2015 as the successor of the charitable activities and assets of the former unincorporated charitable trust, The Titsey Foundation (previously registered under number 277943) which had been established by a trust deed on 26 April 1979.

The Foundation operates under its Constitution.

The management of the Foundation is the responsibility of the Trustees. In turn, the Trustees have appointed Mr G A Innes as the Governor, effectively the unpaid chief executive of the Foundation, to manage the day to day running of the Foundation. The Trustees wish to record their on-going thanks to Mr Innes for his dedicated work on behalf of the Foundation.

The Trustees are regularly briefed by Chavereys Limited, Stone King and Strutt & Parker on accountancy, legal and property management issues respectively, and are confident that they are receiving appropriate specialised advice to enable them to effectively fulfil their duties as trustees.

There are three subcommittees of the Trustees with delegated powers and a requirement to report back to the Trustees on their deliberations:

 Investment (comprising The Earl of Woolton & Mr John Innes (co-opted))

 Titsey Place Management (comprising The Earl of Woolton & Mr Cameron)

Grant Making (comprising Mr St John and Mr Vandeleur)

The Trustees continue to administer the Foundation, meeting three times a year to discuss matters relating to the Foundation, though some of their work is delegated to the subcommittees of the Trustees and the day to day management of the Foundation is carried out by the Governor with the support of the Managing Agents.

The Trustees do not consider it necessary to appoint any further trustees at present, but continue to keep the position under review.

Objects & Objectives of the Foundation

The Foundation's objects are the advancement of education, the relief of poverty, the advancement of religion and the promotion and aid of such other purposes as are recognised by English law to be exclusively charitable and in particular and without prejudice to the foregoing:

 the preservation for the public benefit of the whole of such part or parts of the buildings and their grounds and surroundings known as Titsey Place in the County of Surrey (“Titsey Place”) as shall or may hereafter be vested in the charity trustees;

The Titsey Foundation CIO

Trustees’ report for the year ended 30 September 2024

 the protection and improvement of the amenities of Titsey Place for the public benefit;

 the preservation for the public benefit of furniture and pictures and chattels of any description ordinarily kept at Titsey Place;

 the facilitation and encouragement of the study and appreciation of Titsey Place and such furniture, pictures and chattels aforesaid by the general public;

 the provision at Titsey Place or such part of it as shall be appropriate in the interest of social welfare and for the purpose of improving the conditions of life for the persons whom the same are intended of facilities for physical recreation which shall be available to members of the public at large; and

 the facilitation and encouragement of the use and occupation of the whole or part of Titsey Place and the use of such chattels as aforesaid for charitable purposes.

The Trustees' main strategic objectives are;

 to continue to improve and maintain Titsey Place and the other land and buildings used by the Foundation to the highest standards for the public benefit

 to encourage and promote members of the public to visit Titsey Place and its grounds; and

 to provide the highest standard of education and advice to visitors.

Charitable Activities

Public Benefit

The Trustees confirm that they have complied with their duty in section 17(5) of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission on public benefit in exercising their powers. In terms of reporting on public benefit, the statement of activities set out below is in their view sufficient evidence of compliance.

The Foundation undertakes a range of activities in furtherance of its charitable objects and for the benefit of the public.

The Foundation's activities during the year can be summarised as follows:

Preservation of Titsey Place, The Buildings, Grounds and Surroundings

The Foundation continues to preserve and protect Titsey Place and its associated buildings to the highest possible standards so that visitors may enjoy the house and grounds in their intended state, as a lived-in family home and working estate. During the year, further to the most recent Quinquennial Review, work was carried out to replace the dormer windows in the Attic at Titsey Place, this work revealed the need to carry out further repairs to some of the lead and timber of the roof, which is currently being carried out. In addition, works were carried out to improve the insulation at Titsey Place.

The Trustees’ have a 20 year Woodland Management Plan for improving public access, conservation and to maximise short term income from the sale of timber (as approved by the Forestry Commission). The Trustees consider the maintenance of these woodlands, for the protection of the environment and for the enjoyment of the public, is a key way in which the Foundation provides a benefit to a wide section of the public. During the year work has been done to clear various unsafe trees, in particular Ash trees, from the plantation.

The Trustees approved plans for the installation of a ground source heat pump to provide heating to Titsey Place, in place of one of the oil fired boilers, and work commenced on the installation, which remains on-going.

The Trustees were engaged in Phase 2 of the works needed to upgrade the private water supply arrangements for the Foundation. Steps were taken to replace the existing reservoir system which was leaking, which was constructed shortly after the end of World War II, with a new reservoir.

The works to restore the Dovecote, using the legacy monies received from Mr David Innes, were completed.

The Titsey Foundation CIO

Trustees’ report for the year ended 30 September 2024

Visitors to Titsey Place and Gardens

The 2024 Public Opening Season was the 31st year of the house and gardens being fully open to the public. Titsey Place, the Gardens and the tea rooms were opened to the public in mid-May 2024 and remained open until the end of September 2024.

During the season from May through to September, the Foundation had approximately just under 5,000 visitors to the house and gardens, which was again an increase on the previous year, and saw the Foundation returning to visitor levels similar to those seem prior to the Covid-19 pandemic. The Foundation continued to operate within the maximum level imposed by the Planning Authority of 5,000 annual visitors to Titsey Place itself.

A review on Trip Advisor from August 2024 commented:

“ Stunning. Unbelievably beautiful gardens in particular and the café was lovely – such a find so near to town. All volunteers and staff were kind, helpful and professional … you made our day! ”

The Foundation continued to open its gardens one day per month in aid of the National Garden Scheme. Opening the gardens for the National Garden Scheme days raised £4,741.50 for the charity.

The Foundation also hosted an awards ceremony at Titsey Place for the Order of St. John and the NHS to give awards to families of people who have died and donated their organs for transplant. The awards ceremony took place in the presence of a representative of the Lord Lieutenant of Kent and approximately 20 families were present.

Online resources

The Titsey website (www.titsey.org) provides a detailed history of the house and grounds as well as practical information for visitors. The website continues to act as a valuable resource for those who wish to learn more about Titsey and the Gresham and Leveson Gower families.

Future Plans

At each meeting of the Trustees, plans for the management of the Titsey Estate and its grounds are produced by the Managing Trustees and debated by the Trustees.

Grant Funding

The Foundation continues to expand its grant making to support local charities and voluntary organisations. During the year the Trustees were pleased to make grants of:

 £25,000 to Masters Park towards the costs of constructing the Community Hub Cricket Pavillion and Events Room.  £15,000 to a local primary school towards the costs of constructing a swimming pool which will also be made available to other members of the local community .

 £13,000 to Tandridge Voluntary Action as the final grant of a three year grant programme to run their befriending scheme.

Financial Review

The net income for the year was £1,350,806 (2023 - £232,994) . Total income for the year was £1,707,730 (2023 - £1,407,002). Income from charitable activities was £499,490 (2023 - £281,969). This was primarily from Public Benefit activities.

The Titsey Foundation CIO

Trustees’ report for the year ended 30 September 2024

Charitable expenditure relates to expenditure associated with managing Titsey Place, the gardens and the associated properties, together with the costs of facilitating public access to Titsey Place and its gardens. In addition, a small number of donations were made to the local community.

For accounting purposes, the charitable expenditure is analysed between:  Costs directly associated with Titsey Place and the gardens, and the woodlands  The cost of managing and maintaining the other properties associated with the historic house, including St James’s Church

Titsey Place and gardens

The expenditure comprises day to day running costs, the costs associated with facilitating public access and the cost of repairs and preservation works.

The expenditure in the year on Titsey Place and gardens was £574,055 (2023 - £458,962).

Estate costs

This expenditure comprises the direct costs relating to the wider Estate, including St James’s Church, and its management and was £442,077 (2023 - £396,900) in the year. Input VAT is also incurred on the charity’s expenditure, the majority of which cannot be recovered. During the year the irrecoverable VAT was £106,384 (2023 - £80,349).

Gains on investments totalled £1,209,661 (2023 - £187,688).

Investment powers and policy

The Foundation has the power to invest funds in accordance with the provisions of its Constitution.

The Foundation was established to maintain and preserve Titsey in perpetuity. The Constitution places no restriction on the Trustees’ power to invest the monies of the Foundation. The Trustees have agreed that the investment portfolio of the Foundation should continue to be run on a discretionary basis by Schroder & Co. Limited, with the objective of growing the capital over the long term. The objective is to be achieved by investment in a portfolio invested primarily in equities with a smaller allocation in hedge funds, private equity, fixed interest and cash.

At the start of the year the investment portfolio was valued at £7,580,510 and by the end of the year it was valued at £8,428,737, comprising listed investments of £8,428,737 (2023 - £7,580,510).

The portfolio made a cumulative return of 9.23% over the 12-month period; the comparative cumulative return benchmark used by the Trustees to monitor investment performance was 9.76%.

Risk management

The Trustees have reviewed the significant risks to which the charity is exposed and have ensured that there are sufficient controls to manage those risks. During the year the Trustees have continued to review and update the Foundation’s risk policy.

The Trustees have a risk management strategy which comprises a regular review of the risks the Foundation may face, the establishment of systems and procedures to mitigate those risks identified, and the implementation of procedures designed to minimise any potential impact on the Foundation should those risks materialise. The Trustees confirm that they have examined the major risks to which the Foundation is exposed and that there are appropriate systems and procedures to manage those risks.

The main risks identified are:

 the departure for whatever reason of the Governor – as the current Governor was appointed in 2013, the risk of his departure is considered low;

The Titsey Foundation CIO

Trustees’ report for the year ended 30 September 2024

 the reduction in income required to cover core expenditure. Trustees meet on a regular basis with their investment advisors to ensure that the assets of the Foundation are managed appropriately;

 damage to or theft of the Foundation’s property with a continued focus on managing Titsey Place and the security arrangements that are in place;

 health and safety issues which are managed in conjunction with the Managing Agents as many of these relate to the operation of the Estate. The Trustees pay particular attention to ensuring that the properties are well maintained and properly secured, and all associated risks minimised. All of the properties owned by the Foundation are included in a maintenance programme to ensure that they are put into a good state of repair and condition and kept in that state.

Reserves

The Foundation has total unrestricted funds of £43,989,767 (2023 - £42,638,961) and a balance, after taking account of the amount of reserves invested in the Foundation’s property assets, of free reserves of £9,328,393 (2023 - £8,412,739) which are invested to provide an income to pay for the running costs of Titsey Place and its grounds. The public have access to the parkland and woodland walks free of charge, though they are expensive to maintain and the Trustees continue to keep under review the admission prices charged to visitors (currently £10 per adult to visit both the House and the Gardens and £7.50 to visit the gardens only).

The Trustees have designated funds totalling £10,326,226 as follows:

 £7,151,874 designated to represent the book value of heritage assets in the financial statements which are carried to fulfil the charitable objects of the Foundation and are not therefore considered readily realisable.

 £2,250,000 designated to fund emergency or unplanned repairs as well as on-going maintenance of a significant nature to Titsey Place.

 £250,000 is designated to enable income to be maintained in the event of let investment properties becoming totally or partially void or lettable at reduced rates, to cover significant bad or doubtful debts and major repairs and improvements to these properties.

 £500,000 designated to fund the replacement of soft furnishings, mainly carpets and curtains.

 £174,352 designated to fund an on going project to improve the water supply to the estate. The trustees have set aside as a designated fund the total estimated cost of the project. In the current period phase 1 of the project was completed.

Fundraising

In accordance with Section 162A Charities Act 2011, the Trustees of the Foundation confirm that:

(a) The foundation does not actively fun-raise from members of the public and relies upon its investment income and revenue from ticket prices and sales in the tea rooms to fund its charitable activity
(b) The Foundation does not make use of any professional fund-raisers and has not entered into any agreements with any commercial participators.
(c) Neither the Foundation nor any person acting on its behalf was subject to an undertaking to be bound by any voluntary scheme for regulating fund-raising, or any voluntary standard of fund-raising, in respect of the Foundation’s activities.
(d) The Foundation has not received any complaints during the year in relation to fund-raising.
(e) As the Foundation does not carry out any fund-raising activity it does not consider it necessary, at present, to have any arrangements in place to monitor fund-raising activity and has not needed to take any steps to ensure that any fund-raising activity is carried out in a way that protects vulnerable people and members of the public from the behaviour as set out in Section 162A(2) Charities Act 2011. If the Trustees decide to undertake fundraising activity appropriate arrangements would be put in place.

The Titsey Foundation CIO

Trustees’ report for the year ended 30 September 2024

Statement of trustees’ responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the Charity's auditors are unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any information needed by the Charity's auditors in connection with preparing their report and to establish that the Charity's auditors are aware of that information

This report was approved by the Trustees and signed on their behalf by

The Earl of Woolton

24 June 2025

The Titsey Foundation CIO

Independent auditor’s report to the trustees of the Titsey Foundation CIO

Opinion

We have audited the financial statements of The Titsey Foundation CIO (the 'Charity') for the year ended 30 September 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

 give a true and fair view of the state of the Charity's affairs as at 30 September 2024 and of its result for the year then ended;

 have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

 have been prepared in accordance with the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees' Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The trustees' are responsible for the other information contained within the Trustees' Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

The Titsey Foundation CIO

Independent auditors' report to the trustees of the Titsey Foundation CIO (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

 sufficient accounting records have not been kept; or

 the information given in the financial statements is inconsistent in any material respect with the Trustees’ Annual Report; or

 the financial statements are not in agreement with the accounting records; or

 we have not received all the information and explanations we require for our audit

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained a general understanding of the charity’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations and the entity’s policies and procedures regarding compliance.

We understand that the charity complies with the framework through:

 Outsourcing property management, accounts preparation and tax compliance to external experts  Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the charity’s ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the charity’s activities:  the Charities Act 2011

 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities

The Titsey Foundation CIO

Independent auditors' report to the trustees of the Titsey Foundation CIO (continued)

SORP (FRS 102)

Based on our understanding we performed the following specific procedures to gain evidence about compliance ith the significant laws and regulations identified above:

 making enquiries of management and those charged with governance to understand their awareness of any on-compliance of laws and regulations

 inquiring about the policies that have been established to prevent non-compliance with laws and regulations by officers of the charity

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

 Manipulation of the financial statements via fraudulent journal entries

These areas were communicated to the other members of the engagement team not present at the discussion. The procedures we carried out to gain evidence in the above areas included:

Testing journal entries in the underlying accounting records which are deemed to present specific risks

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

Use of our report

This report is made solely to the Charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. .frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Iain Morris (senior statutory auditor) for and on behalf of

Chavereys Audit Limited Chartered Accountants and Statutory Auditors Faversham Date: 24 June 2025

The Titsey Foundation CIO

Statement of financial activities for the year end 30 September 2024

Note Income from Donations and legacies 4 Charitable activities 5 Investments 6 Other income Total income Expenditure on: Raising funds 7 Charitable activities 9 Total expenditure Net income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted Funds 2024 £ - 499,490 1,208,227 13 1,707,730 550,453 1,016,132 1,566,585 141,145 1,209,661 1,350,806 42,638,961 1,350,806 43,989,767	Total funds 2024 £ - 499,490 1,208,227 13 1,707,730 550,453 1,016,132 1,566,585 141,145 1,209,661 1,350,806 42,638,961 1,350,806 43,989,767	Total funds 2023 £ - 281,969 1,121,473 3,560
			1,407,002
			505,834 855,862
			1,361,696
			45,306 187,688
			_232,994 _
			42,405,967 232,994
			_42,638,961 _

All activities relate to continuing operations.

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 14 to 29 form part of these financial statements.

The Titsey Foundation CIO Registered number: CE002651

Balance sheet

as at 30 September 2024

408,294 560,980	2024 £ 284,349 7,151,874 8,482,737 27,509,500	345,046 798,728	2023 £ 133,242 6,968,722 7,580,510 27,257,500
	43,428,460 561,307		41,939,974 698,987
969,274 (407,967)		1,143,774 (444,787)
		10,315,467 32,323,494
	43,989,767		_42,638,961 _
	43,989,767		42,638,961

	43,989,767		_42,638,961 _

The financial statements were approved and authorised for issue by the Trustees and were signed on its behalf by:

The Earl of Woolton

Trustee

Date: 24 June 2025

The notes on pages 14 to 29 form part of these financial statements.

The Titsey Foundation CIO

Statement of cash flows for the year ended 30 September 2024

Note Cash flows from operating activities Net cash expended on operating activities 20 Cash flows from investing activities Proceeds from sale of investments Proceeds from sales of tangible fixed assets Disposals of investment properties Additions to investments (Additions) to heritage assets Additions to tangible fixed assets Surplus from investing activities Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2024 £ (567,236) 94,160 33,701 - (48,373) (198,465) (209,309) 657,774 329,488 (237,748) 798,728 560,980	2023 £ (553,257) 1,095,824 - 3,600,000 (1,565,503) (3,600,000) (88,568) 586,742 28,495 (524,762) 1,323,490 798,728

The notes on pages 14 to 29 form part of these financial statements.

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

1. General information

Titsey Foundation CIO is a charitable incorporated organisation, having restricted funds and incorporated in England and Wales (charity number: 1159986). The principal office is Titsey Place, Titsey, Oxted, Surrey, RH8 0SD.

The Charity's functional and presentational currency is GBP.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

CIO Status

The Titsey Foundation CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

There are no material uncertainties about the CIO's ability to continue as a going concern. The CIO has unrestricted reserves of £43.9m and free reserves of £9.3m which is considered sufficient to enable it to continue as a going concern for the foreseeable future.

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.4 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivables can be measured reliably.

Interest on funds held on deposit is included when receivables and the amount can be measured reliably. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is usually upon notification from investment managers.

Rental income is recognised net of VAT on an accruals basis in accordance with the relevant rental agreements.

Gifted assets are recognised at fair value when they meet the criteria for recognition as income.

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

2. Accounting policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure on raising funds consists of the costs of running the Charity's investment property portfolio and management fees payable to the investment managers.

Cost of charitable activities includes costs in relation to the preservation of Titsey Place and making the estate available to the public, as well as governance costs which are in relation to the Charity’s public accountability and compliance with regulation.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying amount value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Freehold land and buildings	- Nil
Plant and machinery	- 20-25%
Office equipment	- 25%
Improvements	- 5%

2.7 Heritage assets

The Foundation's heritage assets comprise Titsey Place and its contents, Titsey Park, the Woodlands, St James Church in Titsey village and some of the surrounding farmland.

The heritage assets were acquired by way of gifts from the two founders and by subsequent purchase of a leasehold interest in the Woodlands. The Trustees' policy is to retain, manage and preserve these heritage assets for the benefit of the public and future generations. The Trustees do not envisage acquiring any further heritage assets, but capital improvements directly associated with these assets are also considered to be heritage in nature and are capitalised along with the underlying assets.

Expenditure incurred to maintain the assets is expensed as incurred.

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

2. Accounting policies (continued)

2.7 Heritage assets (continued)

Land and buildings encompasses Titsey Place, Titsey Park, St James' Church, the Woodlands and surrounding farmland.

The deemed cost of the land and buildings was derived from valuations undertaken just prior to the original donations from the Foundation's founders in 1979. St James' Church on Titsey Estate was subsequently transferred to the Foundation for £1 consideration. Additionally, the Foundation, as freeholder, bought out a leasehold interest in 157 acres of Woodland adjacent to the Estate 1997. As the Foundation's heritage land and buildings are considered to be both inalienable and have an almost indefinite useful life, they are not depreciated, but rather held at their original transfer value in the account subject to an impairment review.

Impairment reviews for all property are undertaken whenever there is evidence that the value of the underlying assets may be less than their carrying amounts in the accounts; no impairment has been required since the original transfer.

Heritage contents include furniture, pictures, porcelain and a library of books held within Titsey Place. As with the Land & Buildings, they were professionally valued in 1979 upon the transfer to the Foundation.

These are also considered to have an indefinite useful life and have therefore been capitalised at their original valuation when transferred to the Foundation, and are not depreciated.

Improvements consist of construction and other fixed assets additions directly attributable to the aforementioned heritage land & buildings which have been capitalised since the original transfer of the assets. Only those improvements which directly enhance the underlying heritage asset's value to the public have been classified as heritage assets.

Depreciation is provided on the following bases:

Freehold land and buildings - Nil Contents - Nil Improvements - 5%

2.8 Investment property

Investment property is carried at fair value. Revaluation surpluses are recognised in the Statement of Financial Activities.

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Net gains/(losses) on investments’ in the Statement of Financial Activities.

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

2. Accounting policies (continued)

2.10 Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Charity becomes a party to the contractual provisions of the instrument.

Investments in listed shares are classified as basic financial instruments. They are initially measured at transaction price and subsequently measured at fair value, with changes in fair value being recognised in profit or loss. Fair value is determined using the quoted bid price at the balance sheet date.

Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Charity will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Charity’s cash management.

3. Critical accounting estimates and areas of judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

Investment properties valuation

Land and buildings are stated at fair value based on the valuation performed by an independent professional valuer, Strutt & Parker, with recent experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset.

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

4. Income from donations and legacies

Donations Legacies TOTAL 2023	Unrestricted funds 2024 £ - - - -	Total funds 2024 £ - - - -	Total funds 2023 £ - -
			-

5. Income from charitable activities

House admissions and tearoom income Rental income from heritage assets Woodland income TOTAL 2023 6. Investment income	Unrestricted funds 2024 £ 84,711 143,231 271,548 499,490 _281,969 _	Total funds 2024 £ 84,711 143,231 271,548 499,490 281,969	Total funds 2023 £ 92,936 154,167 34,866
			281,969

Rental income Investment income TOTAL 2023	Unrestricted funds 2024 £ 1,032,732 175,495 1,208,227 1,121,473	Total funds 2024 £ 1,032,732 175,495 1,208,227 1,121,473	Total funds 2023 £ 932,985 188,488
			1,121,473

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

7. Cost of raising funds

Investment advice Property costs TOTAL 2023 8. Donations	Unrestricted funds 2024 £ 62,757 487,696 550,453 505,834	Total funds 2024 £ 62,757 487,696 550,453 505,834	Total funds 2023 £ 61,108 444,726
			_505,834 _

Master Park Pavilion Charity St Mary’s C of E Primary Schol Tandridge Voluntary Action St Peter’s Parish Church National Gardens Scheme Kent Surrey Sussex Air Ambulance Limpsfield in Bloom TOTAL 2023	Unrestricted funds 2024 £ 25,000 15,000 13,000 750 - - - 53,750 4,981	Total funds 2024 £ 25,000 15,000 13,000 750 - - - 53,750 4,981	Total funds 2023 £ - - - 750 3,831 300 100
			_4,981 _

In December 2024 the Foundation made a donation of £4,741.50 to the National Gardens Scheme.

9. Analysis of expenditure on charitable activities

Estate costs Titsey Place and Garden TOTAL 2023	Activities Undertaken directly 2024 £ 432,077 564,055 996,132 834,862	Support costs 2024 £ 10,000 10,000 20,000 21,000	Total funds 2024 £ 442,077 574,055 1,016,132 855,862	Total funds 2023 £ 396,900 458,962
				_855,862 _

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

9. Analysis of expenditure on charitable activities (continued)

Analysis of direct costs

Estate costs 2024 £ Staff costs including tearoom - Depreciation 48,784 Professional fees 65,405 Property account expenditure 47,690 Titsey Place and garden expenditure - Utilities 2,714 Insurance 57,921 Titsey Church expenses 11,695 Tree surgery 35,708 Irrecoverable VAT 106,384 Donations (note 8) 53,750 Sundry expenses 11,923 Advertising - Tearoom expenses - Rates 3,366 Profit on sale of fixed assets (13,263) 432,077 TOTAL 2023 386,400	Titsey Place and Garden 2024 £ 241,890 4,293 5,491 141,566 44,083 23,793 46,728 - - - - 16,486 19,622 17,632 2,471 - 564,055 448,462	Total funds 2024 £ 241,890 53,077 70,896 189,256 44,083 26,507 104,649 11,695 35,708 106,384 53,750 28,409 19,622 17,632 5,837 (13,263) 996,132 834,862	Total funds 2023 £ 248,513 52,189 86,609 88,302 36,891 25,610 59,207 3,834 72,734 80,349 4,981 26,398 21,670 19,939 7,636 -
			_834,862 _

Analysis of support costs

Governance costs TOTAL 2023	Estate costs 2024 £ 10,000 10,000 10,500	Titsey Place and Garden 2024 £ 10,000 10,000 10,500	Total funds 2024 £ 20,000 20,000 21,000	Total funds 2023 £ 21,000
				21,000

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

10. Auditor’s remuneration

Fees payable to the Charity’s auditor for the audit of the Charity’s annual accounts Fees payable to the Charity’s auditor in respect of: All taxation advisory services not included above All non-audit services not included above	2024 £ 2023 £ 12,000 12,000 - 1,000 8,000 8,000

11. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2024 £ 214,502 22,457 4,931 241,890	2023 £ 222,113 21,553 4,847
		248,513

The average number of persons employed by the Charity during the year was as follows:

	2024	2023
	No.	No.
Estate staff	11	12

No employee received remuneration amounting to more than £60,000 in either year.

Trustees’ remuneration and expenses

During the year, no Trustees received remuneration or other benefits (2023 - £nil).

During the year ended 30 September 2024, no Trustee expenses have been charged (although they have been incurred) (2023 – Nil) .

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

12. Tangible fixed assets

Cost At 1 October 2023 Additions Disposals Revaluations At 30 September 2024 Depreciation At 1 October 2023 Charge for the period on owned assets Disposals At 30 September 2024 Net book value At 30 September 2024 At 1 October 2023	Improvements £ 2,308,270 183,813 - - 2,492,083 2,188,049 33,248 - 2,221,297 270,786 120,221	Plant, machinery and vehicles £ 116,980 23,965 (25,626) - 115,319 103,959 4,293 (5,188) 103,064 12,255 13,021	Office equipment 3,872 1,531 - - 5,403 3,872 223 - 4,095 1,308 -	Total £ 2,429,122 209,309 (25,626) -
				2,612,805
				2,295,880 37,764 (5,188)
				2,328,456
				284,349
				133,242

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

13. Investment property

Valuation At 1 October 2023 Additions Gain on revaluation At 30 September 2024 The 2024 valuations were made by Strutt & Parker, on an open market basis.	Freehold investment property £ 27,257,500 - 252,000
	27,509,500

14. Heritage assets

Assets recognised at cost

Carrying value at 1 October 2023 Additions Depreciation Carrying value at 30 September 2024 2024 £ Additions 198,465	Improvements £ 2,038,202 198,465 (15,313) 2,221,354 2023 £ 3,600,000	Land and buildings £ 4,050,557 - - 4,050,557 2022 £ 393,948	Contents £ 879,963 - - 879,963 2021 £ 380,299	Total £ 6,968,722 198,465 (15,313)
	2,221,354			7,151,874
	2023 £ 3,600,000	2022 £ 393,948		2020 £ 365,809

The Foundation's heritage assets comprise Titsey Place and its contents, Titsey Park, the Woodlands, St James Church in Titsey village and some of the surrounding farmland.

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

15. Fixed asset investments

Valuation At 1 October 2023 Additions Disposals Revaluations At 30 September 2024 Analysis of investments Equities Bonds Alternatives	2024 £ 7,223,433 386,811 872,493 8,482,737	Listed investments £ 7,580,510 48,373 (95,620) 949,474
		8,482,737
		2023 £ 6,264,143 413,554 902,813
		7,580,510

16. Debtors

Due within one year Trade debtors Other debtors Prepayments and accrued income	2024 £ 232,133 147,293 28,868 408,294	2023 £ 182,583 116,116 46,347
		345,046

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

17. Creditors: amounts falling due within one year

Trade creditors Other taxation and social security Other creditors Accruals and deferred income	2024 £ 139,508 56,925 9,682 201,852 407,967	2023 £ 221,823 27,957 10,942 184,065
		444,787

18. Statement of funds

Statement of funds – current year

Balance at 1 October 2023 £ Unrestricted funds Designated funds Heritage assets 6,968,722 Lease replacement reserves 250,000 Repairs and improvements reserves 2,250,000 Soft furnishings renewal reserves 500,000 Water supply project 346,745 10,315,467 General funds Reserves 32,323,494 Total unrestricted funds 42,638,961	Income £ - - - - - - 1,707,730 1,707,730	Expenditure £ - - - - (172,393) (172,393) (1,394,192) (1,566,585)	Transfers in/(out) £ 183,152 - - - - 183,152 (183,152) -	Gains /(losses) £ - - - - - - 1,209,661 1,209,661	Balance at 30 September 2024 £ 7,151,874 250,000 2,250,000 500,000 174,352
					10,326,226
					33,663,541
					43,989,767

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

18. Statement of funds (continued)

Statement of funds – prior year

Balance at 1 October 2022 £ Unrestricted Funds Designated funds Heritage assets - Lease replacement reserves 1,500,000 Repairs and improvements reserves 1,000,000 Soft furnishings renewal reserves 500,000 Water supply project - 3,000,000 General funds Reserves 39,405,967 Total unrestricted funds 42,405,967	Income £ - - - - - - 1,407,002 1,407,002	Expenditure £ - - - - (53,255) (53,255) (1,308,441) (1,361,696)	Transfers in/(out) £ 6,968,722 (1,250,000) 1,250,000 - 400,000 7,368,722 (7,368,722) -	Gains /(losses) £ - - - - - - 187,688 187,688	Balance at 30 September 2023 £ 6,968,722 250,000 2,250,000 500,000 346,745
					10,315,467
					32,323,494
					42,638,961

The heritage asset fund represents the book value of heritage assets in the financial statements which are carried to fulfil the charitable objects of the Foundation and are not therefore considered readily realisable.

The lease replacement reserve is designated to enable income to be maintained in the event of let investment properties becoming totally or partially void or lettable at reduced rates, to cover significant bad or doubtful debts and major repairs and improvements to these properties.

The repairs and improvements reserve is designated to fund emergency or unplanned repairs as well as on-going maintenance of a significant nature to Titsey Place.

The soft furnishings renewal reserve is designated to fund the replacement of soft furnishing, mainly carpets and curtains, at Titsey Place.

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

18. Statement of funds (continued)

The water supply project is an on going project to improve the water supply to the estate. The trustees have set aside as a designated fund the total estimated cost of the project. In the current period phase 1 of the project was completed.

19. Summary of funds

Summary of funds – current year

Balance at 1 October 2023 £ Designated funds 10,315,467 General funds 32,323,494 Total unrestricted funds 42,638,961	Income £ - 1,707,730 1,707,730	Expenditure £ (172,393) (1,394,192) (1,566,585)	Transfers in/(out) £ 183,152 (183,152) -	Gains /(losses) £ - 1,209,661 1,209,661	Balance at 30 September 2024 £ 10,326,226 33,663,541
					43,989,767

Summary of funds – prior year

Balance at 1 October 2022 £ Designated funds 3,000,000 General funds 39,405,967 Total unrestricted funds 42,405,967	Income £ - 1,407,002 1,407,002	Expenditure £ (53,255) (1,308,441) (1,361,696)	Transfers in/(out) £ 7,368,722 (7,368,722) -	Gains /(losses) £ - 187,688 187,688	Balance at 30 September 2023 £ 10,315,467 32,323,494
					42,638,961

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2024

20. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year as per Statement of Financial Activities Adjustments for: Depreciation charges Surplus on investing activities (Increase) in debtors (Decrease)/increase in creditors Profit on sale of fixed assets Net gains on investments Net cash expended on operating activities	2024 £ 1,350,806 53,077 (657,774) (63,248) (36,820) (13,263) (1,200,014) (567,236)	2023 £ 232,994
		52,189 (586,742) (145,447) 81,437 - (187,688)
		(553,257)

21. Analysis of cash and cash equivalents

Cash and cash equivalents Analysis of changes in net debt At 1 October 2023 £ Cash at bank and in hand 798,728	2024 2023 £ £ 560,980 798,728 Cash flows At 30 September 2024 £ £ (237,748) 560,980

22. Analysis of changes in net debt

The Titsey Foundation CIO

Notes to the financial statements

for the year ended 30 September 2024

23. Related party transactions

During the year, the CIO received rental income of £35,000 (2023 - £35,000) from the governor G A Innes and recharged expenses totalling £55,546 (2023 - £57,026) to G A Innes. At the year end G A Innes owed the CIO £nil (2023 - £12,771) . The CIO also received rental income from Pitchfont Farm Partnership, an entity in which G A Innes is a partner, of £37,000 (2023 - £37,000) . At the year end the CIO owed Pitchfont Farm Partnership, an entity in which G A Innes is a partner, £2,175 (2023 - £nil).

24. Controlling party

There is considered to be no ultimate controlling party.