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2025-09-30-accounts

Registered number: CE002651 Charity number: 1159986

The Titsey Foundation CIO

Trustees’ report and financial statements for the year ended 30 September 2025

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 Knight Frank
The Gate House, Field Place Estate
Byfleets, Broadbridge Heath, Horsham
West Sussex
RH12 3PB
Principal operating office Titsey Place
Titsey
Oxted
Surrey
RH8 0SD
Managing agents Knight Frank
The Gate House, Field Place Estate
Byfleets, Broadbridge Heath, Horsham
West Sussex
RH12 3BP
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

1

The Titsey Foundation CIO

Trustees’ report for the year ended 30 September 2025

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 2025.

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

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 Knight Frank 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)

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;

2

The Titsey Foundation CIO

Trustees’ report for the year ended 30 September 2025

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 take appropriate steps 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, the on-going extensive repair work continued to replace the lead on the roof of Titsey Place to prevent water ingress. Work has also been carried out to install appropriate insulation in the attic ceilings, to improve the overall insulation of Titsey Place.

The work to install the ground source heat pump to provide heating to Titsey Place, in place of one of the oil fired boilers, was also completed, and the system was fully commissioned. The new system will provide the hot water and heating for Titsey Place, with the occasional use of the oil fired boilers to top up as needed. The Trustees are working with the Managing Agents to identify the overall impact of the move to the ground source heat pump on the overall carbon emissions of the estate, in order to be able to report on this in the future.

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 continued on addressing the significant problem of ash-dieback across the estate, which has continued to be a problem. At the same time, a programme of thinning has been carried out on the High Chart.

The Trustees completed Phase 2 of the works that were needed to upgrade the private water supply arrangements for the Foundation. During the year the Trustees embarked on Phase 3 of the works, which involves connecting Titsey Place and the other properties on the estate to the new system.

Following the completion of the restoration of the Dovecote last year, the Trustees have investigated installing nesting boxes in the Dovecote, and this project continues. The Trustees were also pleased to learn that the restoration project had been nominated for an award at the 2025 Surrey Heritage Awards.

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The Titsey Foundation CIO

Trustees’ report for the year ended 30 September 2025

One of the Foundation’s gardeners passed their Level 3 Apprenticeship qualification, and the Trustees were pleased to be able to offer the individual a full time employed position following their qualification.

Visitors to Titsey Place and Gardens

The 2025 Public Opening Season was the 32nd 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 2025 and remained open until the end of September 2025.

During the season from May through to September, the Foundation saw a slight reduction in the number of visitors to the house and gardens at around 4,500 in total. It was believed that this was due primarily to the poor weather experienced in the later weeks of the public opening that reduced numbers.

A review on Trip Advisor from August 2025 commented:

“ Visited Titsey yesterday. Took the guided tour of the house which was interesting and beautifully kept. The gardens were amazing, full of old fashioned flowers. I’ve never seen so many bees and butterflies. Had a nice lunch and tea and cake later, lovely selection of cakes. A thoroughly enjoyable afternoon. ”

The Foundation hosted a visit from the Court of the Skinners Company, who were treated to a tour of Titsey Place.

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 again 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.

The Trustees are currently considering the likely impact of the Renters Reform Act 2025 and the requirement for all private rental properties (including the Foundation’s investment properties) to meet a minimum EPC C rating by 2030. The Trustees are investigating with the Managing Agents the potential options for improving the energy efficiency of the properties on the estate, taking into account their heritage features. Various options such as the use of solar panels are currently being considered.

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 totalling £12,586, see note 8 to the financial statements for full details.

The Foundation also approved two significant new projects. The first was a grant to Surrey Cricket Club for a walk-in cricket programme. This is a community project for older people, encouraging light exercise and social interactions for people who are no longer able to play the sport fully. The Foundation has agreed to provide grant funding of £20,000 each year for the next three years. The second was a grant to Oxted Pre-School. This pre-school provides support for

4

The Titsey Foundation CIO

Trustees’ report for the year ended 30 September 2025

lower income families and the majority of children who attend get Local Authority Grants. The grant was of £10,000 to facilitate the School purchasing new equipment, including play equipment and tablets.

Financial Review

The net income for the year was £739,385 (2024 - £1,350,806) . Total income for the year was £1,457,451 (2024 - £1,707,730). Income from charitable activities was £340,957 (2024 - £499,490). This was primarily from Public Benefit activities.

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 £735,477 (2024 - £574,055).

Estate costs

This expenditure comprises the direct costs relating to the wider Estate, including St James’s Church, and its management and was £481,091 (2024 - £442,077) 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 £79,683 (2024 - £106,384).

Gains on investments totalled £903,368 (2024 - £1,209,661).

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 £8,482,737 and by the end of the year it was valued at £9,029,580, comprising listed investments of £9,029,580 (2024 - £8,428,737).

The portfolio made a cumulative return of 8.5% over the 12-month period; the comparative cumulative return benchmark used by the Trustees to monitor investment performance was 9.5%.

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

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The Titsey Foundation CIO

Trustees’ report for the year ended 30 September 2025

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 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 £44,729,152 (2024 - £43,989,767) and a balance, after taking account of the amount of reserves invested in the Foundation’s property assets, of free reserves of £10,022,350 (2024 - £9,328,393) 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 £10,297,302 as follows:

 £7,197,302 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.

 £100,000 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.

Fundraising

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

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The Titsey Foundation CIO

Trustees’ report for the year ended 30 September 2025

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:

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:

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

The Earl of Woolton

23 June 2026

7

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 2025 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 2025 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.

8

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

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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:

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: 23 June 2026

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The Titsey Foundation CIO

Statement of financial activities for the year end 30 September 2025

Note
Income from
Grants, 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
2025
£
4,610
340,957
1,110,626
1,258
1,457,451
404,866
1,216,568
1,621,434
(163,983)
903,368
739,385
43,989,767
739,385
**44,729,152 **		 Total
funds
2025
£
4,610
340,957
1,110,626
1,258
1,457,451
404,866
1,216,568
1,621,434
(163,983)
903,368
739,385
43,989,767
739,385
**44,729,152 **		 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

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.

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The Titsey Foundation CIO Registered number: CE002651

Balance sheet

as at 30 September 2025

Note
Fixed assets
Tangible assets
12
Heritage assets
14
Investments
15
Investment property
13
Current assets
Debtors: amounts falling due within one year
16
220,464
Cash at bank and in hand
742,500

962,964
Creditors: amounts falling due within one year
17
(405,794)


Net current assets
Total net assets
Charity funds
Designated funds
18
10,297,302
General funds
18
34,431,850		 220,464
742,500
 2025
£
435,600
7,197,302
9,029,580
27,509,500




408,294
560,980
 2024
£
284,349
7,151,874
8,482,737
27,509,500
44,171,982







557,170		 43,428,460







561,307
962,964
(405,794)
 969,274
(407,967)



10,326,226
33,663,541
**44,729,152 ** 43,989,767

44,729,152
43,989,767




**44,729,152 **		 43,989,767

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: 23 June 2026

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

12

The Titsey Foundation CIO

Statement of cash flows for the year ended 30 September 2025

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		 2025
£
(654,345)
1,475,079
25,256
-
(1,110,578)
(145,770)
(113,882)
705,760
835,865
181,520
560,980
742,500		 2024
£
(567,236)
94,160
33,701
-
(48,373)
(198,465)
(209,309)
657,774
329,488
(237,748)
798,728
560,980

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

13

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

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 £44.7m and free reserves of £10m 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.

14

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

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.

15

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

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.

16

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

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, Knight Frank, 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.

17

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

4.
Income from grants, donations and legacies
Grants
Donations
TOTAL 2024
5.
Income from charitable activities
House admissions and tearoom income
Rental income from heritage assets
Woodland income
TOTAL 2024
6.
Investment income
Rental income
Investment income
TOTAL 2024		 Unrestricted
funds
2025
£
4,460
150
4,610
-
Unrestricted
funds
2025
£
78,763
150,171
112,023
340,957
499,490
Unrestricted
funds
2025
£
946,659
163,967
1,110,626
_1,208,227 _		 Total
funds
2025
£
4,460
150
4,610
-
Total
funds
2025
£
78,763
150,171
112,023
340,957
499,490
Total
funds
2025
£
946,659
163,967
1,110,626
1,208,227		 Total
funds
2024
£
-
-
-
Total
funds
2024
£
84,711
143,231
271,548
499,490
Total
funds
2024
£
1,032,732
175,495
1,208,227

18

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

7. Cost of raising funds

Investment advice
Property costs
TOTAL 2024
8.
Donations		 Unrestricted
funds
2025
£
68,098
336,768
404,866
550,453		 Total
funds
2025
£
68,098
336,768
404,866
550,453		 Total
funds
2024
£
62,757
487,696
550,453
Master Park Pavilion Charity
St Mary’s C of E Primary Schol
Tandridge Voluntary Action
St Peter’s Parish Church
National Gardens Scheme
Oxted & Limpsfield Choral Society
Kent Surrey Sussex Air Ambulance
Crockham Community Interest Company
Limpsfield in Bloom
TOTAL 2024		 Unrestricted
funds
2025
£
-
-
-
750
4,742
1,000
400
5,544
150
12,586
_53,750 _		 Total
funds
2025
£
-
-
-
750
4,742
1,000
400
5,544
150
12,586
53,750		 Total
funds
2024
£
25,000
15,000
13,000
750
-
-
-
-
-
53,750

9. Analysis of expenditure on charitable activities

Estate costs
Titsey Place and Garden
TOTAL 2024		 Activities
Undertaken
directly
2025
£
470,591
724,977
1,195,568
_996,132 _		 Support
costs
2025
£
10,500
10,500
21,000
_20,000 _		 Total
funds
2025
£
481,091
735,477
1,216,568
_1,016,132 _		 Total
funds
2024
£
442,077
574,055
_1,016,132 _

19

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

9. Analysis of expenditure on charitable activities (continued)

Analysis of direct costs

Estate
costs
2025
£
Staff costs including tearoom
-
Depreciation
57,848
Professional fees
62,161
Property account expenditure
103,468
Titsey Place and garden expenditure
-
Utilities
10,598
Insurance
38,902
Titsey Church expenses
10,728
Forestry
98,087
Irrecoverable VAT
79,683
Donations (note 8)
12,586
Sundry expenses
21,805
Advertising
-
Tearoom expenses
-
Rates
(19)
Profit on sale of fixed assets
(25,256)
470,591
TOTAL 2024
432,077		 Titsey Place
and Garden
2025
£
247,840
5,126
23,997
246,224
53,289
23,365
49,449
-
-
-
-
13,571
21,875
40,241
-
-
724,977
564,055		 Total
funds
2025
£
247,840
62,974
86,158
349,692
53,289
33,963
88,351
10,728
98,087
79,683
12,586
35,376
21,875
40,241
(19)
(25,256)
1,195,568
996,132		 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 _

Analysis of support costs

Governance costs
TOTAL 2024		 Estate
costs
2025
£
10,500
10,500
10,000		 Titsey Place
and Garden
2025
£
10,500
10,500
10,000		 Total
funds
2025
£
21,000
21,000
20,000		 Total
funds
2024
£
20,000
20,000

20

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

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		 2025
£
2024
£
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		 2025
£
213,273
28,159
6,408
247,840		 2024
£
214,502
22,457
4,931
241,890

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

2025 2024
No. No.
Estate staff 12 11
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 (2024 - £nil).

During the year ended 30 September 2025, no Trustee expenses have been charged (although they have been incurred) (2024 – Nil) .

21

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

12. Tangible fixed assets

Cost
At 1 October 2024
Additions
Disposals
Reanalysed
At 30 September 2025
Depreciation
At 1 October 2024
Charge for the period on owned
assets
Disposals
Reanalysed
At 30 September 2025
Net book value
At 30 September 2025
At 1 October 2024		 Improvements
£
2,492,083
92,308
-
248,935
2,833,326
2,221,297
31,623
-
174,119
2,427,039
406,287
270,786		 Plant,
machinery and
vehicles
£
115,319
21,574
(46,554)
-
90,339
103,064
5,441
(46,554)
-
61,951
28,388
12,255		 Office
equipment
5,403
-
-
-
5,403
4,095
383
-
-
4,478
925
**1,308 **		 Total
£
2,612,805
113,882
(46,554)
248,935
2,929,068
2,328,456
37,447
(46,554)
174,119
2,493,468
435,600
284,349

22

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

13. Investment property

Valuation
At 1 October 2024
Additions
Gain on revaluation
At 30 September 2025
The 2025 valuations were made by Knight Frank, on an open market basis.		 Freehold
investment
property
£
27,509,500
-
-
27,509,500

14. Heritage assets

Assets recognised at cost

Carrying value at 1 October 2024
Additions
Depreciation
Reanalysed
Carrying value at 30 September 2025
2025
£
Additions
145,770		 Improvements
£
2,221,354
145,770
(25,526)
(74,816)


2,266,782
2024
£
198,465		 Land and
buildings
£
4,050,557
-
-


4,050,557
2023
£
3,600,000		 Contents
£
879,963
-
-
879,963
2022
£
393,948		 Total
£
7,151,874
145,770
(25,526)
(74,816)
**7,197,302 **
2021
£
380,299

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.

23

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

15.
Fixed asset investments
Valuation
At 1 October 2024
Additions
Disposals
Revaluations
At 30 September 2025
Analysis of investments
Equities
Bonds
Alternatives
16.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
7,719,511
383,334
926,735
9,029,580
2025
£
156,495
47,442
16,527
**220,464 **		 Listed
investments
£
8,482,737
1,110,578
(1,495,483)
931,748
9,029,580
2024
£
7,223,433
386,811
872,493
8,482,737
2024
£
232,133
147,293
28,868
408,294

24

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

17. Creditors: amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2025
£
130,408
46,608
54,898
173,880
**405,794 **		 2024
£
139,508
56,925
9,682
201,852
407,967

18. Statement of funds

Statement of funds – current year

Balance at 1
October
2024
£
Unrestricted
funds
Designated funds
Heritage assets
7,151,874
Lease
replacement
reserves
250,000
Repairs and
improvements
reserves
2,250,000
Soft furnishings
renewal reserves
500,000

Water supply
project
174,352

10,326,226
General funds
Reserves
33,663,541

Total
unrestricted
funds
43,989,767		 Income
£
-
-
-
-
-
-
1,457,451
1,457,451		 Expenditure
£
-
-
-
-
(91,308)
(91,308)
(1,530,126)
(1,621,434)		 Transfers
in/(out)
£

45,428
-
-
-
16,956
62,384
(62,384)
-		 Gains
/(losses)
£

-

-
-

-

-
-
903,368

903,368		 Balance at
30
September
2025
£

7,197,302
250,000
2,250,000
500,000
100,000
10,297,302
34,431,850
44,729,152

25

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

18. Statement of funds (continued)

Statement of funds – prior 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)
£

183,182
-
-
-
-
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 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.

26

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

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
2024
Income
£
£
Designated funds
10,326,226
-
General funds
33,663,541
1,457,451

Total
unrestricted
funds
43,989,767
1,457,451
Summary of funds – prior year
Balance at 1
October
2023
Income
£
£
Designated funds
10,315,467
-
General funds
32,323,494
1,707,730

Total
unrestricted
funds
42,638,961
1,707,730		 Expenditure
£
(91,308)
(1,530,126)
(1,621,434)
Expenditure
£
(172,393)
(1,394,192)
(1,566,585)		 Transfers
in/(out)
£
62,384
(62,384)
-
Transfers
in/(out)
£
183,152
(183,152)
Gains
/(losses)
£
-
903,368
903,368
Gains
/(losses)

£

-
1,209,661
**1,209,661 **		 Balance at
30
September
2025
£
10,297,302
34,431,850
44,729,152




Balance at 30
September
2024
£
10,326,226
33,663,541
- 43,989,767

27

The Titsey Foundation CIO

Notes to the financial statements for the year ended 30 September 2025

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
Decrease in debtors
(Decrease)/increase in creditors
Profit on sale of fixed assets
Net gains on investments
Net cash expended on operating activities		 2025
£
739,385

62,974
(705,760)
187,830
(2,173)
(25,256)
(911,345)
(654,345)		 2024
£

1,350,806
53,077
(657,774)
(63,248)
(36,820)
(13,263)
(1,200,014)
(567,236)

21. Analysis of cash and cash equivalents

Cash and cash equivalents
Analysis of changes in net debt
At 1 October
2024
£
Cash at bank and in hand
560,980		 2025
2024
£
£
742,500
560,980
Cash flows
At 30
September
2025
£
£
181,520
742,500

22. Analysis of changes in net debt

28

The Titsey Foundation CIO

Notes to the financial statements

for the year ended 30 September 2025

23. Related party transactions

During the year, the CIO received rental income of £35,877 (2024 - £35,000) from the governor G A Innes and recharged expenses totalling £47,946 (2024 - £55,546) to G A Innes. At the year end G A Innes owed the CIO £3,793 (2024 - £nil) . The CIO also received rental income from Pitchfont Farm Partnership, an entity in which G A Innes is a partner, of £37,000 (2024 - £37,000) . At the year end the CIO owed Pitchfont Farm Partnership, an entity in which G A Innes is a partner, £nil (2024 - £2,175).

24. Controlling party

There is considered to be no ultimate controlling party.

29