Charity Registration No. 1164840 Company Registration No. 09795744 West Horsley Place Trust Trustees. Report and financial statements Forthe year ended 29 February 2024 wi-s"I' 14c)r%ley P/cice
West Horsley Place Tlust Contents Page Trustees, and charity information Trustees, report Inljependent audilors. report 15 Consolidated statement of financial activities 19 Balance sheets 20 Consolidated statément ol cash flows 21 Notes to the financial statements 22
West Horsloy Place Trust Trustees, and diarty infomiation Trustees Gilès Reid (Chairl Marcu5 Cooper (From 29 September ?0231 Amanda de Haast Yolynnda Delugarlfrom 17 November 20231 Angela Kidner Rebecca Labram (from 29 September 20231 Marilyn Scott John Simpson (Treasurerl Rebecca Stovell Audrey Wade Ifrom 9 February 20241 Trustee Emeritus Adrian Lajtha Executive dirertor Ilona Harris Compèny secretsry Catherine Mccallum Registered addre55 Wesi Hor51ey Place Epsom Road West HoT51cy Leatherhead Surrey K[24 6AN Charity number 1164840 Iregisiered in England and Wale51 Company number 09795744 lincorporated in En9land and Wale51 Independent auditors Sheen Stickland 7 Easi Pallant ChichesteT West Sussex P01911R Banker5 CAF Bank Limited 25 Kirhgs Hill Avenue Kin95 Hill. West Malling Kent ME194JO Solicitors Stone King LLP Boundaiy House 91 ChaTterhouse Street London IC1M 614R Investment managers Sarasin & Partners '. LP Juxon House. l 00 %t Paijl's ChurchyaTd London EC4M 8BU Pale 3
West Morsley Plao Trust Independent •udltors' report to the members Fv the year ended 29 February 2024 The trustees present their annual report and financial statements ol the charty lor the 12 months ended 29". February 2024. Background and objectives West Horsley Place Trusl Iformerty the Mary Roxburghe Trust) 1.the Charity" or 'the Trust.) is a comparty limited by guarantee and a reg151ered charity governed by its Articles of Association. The trustees of the Charity Ilisted on page 31 also Serve a5 the directors ol the company. The Chariry was esta61i5hed, and the company incorporaled, in September 2015 to preserve and repair West Horsley Place, a Grade I li51ed medieval house and estate Set in 400 acres of rural Surrey. The objectives of the Charity are. and have been since its incorporalion. foi Ihe public benelit. They are twofold.. l. To preserve and maintain the F)ouse known a5 West Horsley Place in Sur¥ey, together with its ancillary buildings. grounds and estate, as a plate of historic and architectural ntereSt, setting it5 history in a wider local and national context by a variety ol leaming meihods. 2. To promote the performing and visual arts. but wthout Ilmitation. by lacilitaling the performance of opera. music, drama and ballet and to promote learning by the teaching,. production, participation in and display of arts and indoor or outdoor crafts or skills at West Hor51ey Pla. The Charity Was Set up by Bamber and Chrisiina Gascoigne following Bamberfs inheritance of WesL Horsley Place on the deaih of his aunt. Mary. Duchess of Roxbuighe. in 201 I. In June 2016, tille to the Wosi Hor51ey Place esraie was uansferred to the Charity logeiher with the proceeds from the earlier sale ol thÈ late Duchess's goods and chattels. The trusteÈ% remain profoundly grateful to Bamber and Christina Gascoigne lor their w5ion and exceptional philanthropy. To recognisè Bambeff s outstsnding ¥ision and r_ontribution to the Charity's work. the Trust has established The BambeT Gascoiqne History Bursary. to mark and celpbrate Bamber's interests. Our first recipient of this Bursary was awarded in 2022. ge4
West Horsley Place Trust Trustees. report Icontlnuedl Fgf the year ended 29 February 2024 Principal Activities The principal activities of the Charity are to deliver its charitsble objectives. In this eighth year of the Charity's existence, the prioritie5 agreed by the trustees have sought to build on the previous yearfs achievements and to create a blueprint lor its long-term future. The Trust wi11.. continue our programme of conservation and repairs to oJr heritage assets with the Grade I listed manor house a5 a primary focus a5 well a5 other urgent works across the estate.. conliriue to present a wbrant full public programme to encourage public acces5 to and Involvement in cvlture. heritage arnd nature. responding to Vi51tor feedback and audienco appeal including with our volunteer community.. set out our organisational strategy to deliver an estste wide tfan5formation and make appropriale plans for its execution and realisation- move forward with divefsifiralion of income to give the greatest possible financial stability to the Trust: and continue to develop our philanthTOPiC community and fundraising Potentidl. In pursiiing these principal activitie5. the tru5teQ5 always have in mind the Cl)arity Comrni5sion'5 guidance on public benefit and the supplemeniary 9uidano on heritage. pieservation, conservation and education. Nature ofgovernance and howthe Charity is structured West Horsley Place Tru51 is an independent charity. It receives no éirecl govcsrnment funding. Conservation works, the planning and development of art5 arid crafts programmp.8 and other projects must ihèrelore be primarily fLJnded througli donation5, grants, eamed income and any other income sources available to the Charity. The Charity has a board of trustees who are responsible for the overall dirèction 2nd leadership of the Charity. The direciors of the charitable company are its tru51ees for the purpose ol charity law and throughout this reportare relerred to a5 the tiustees. During the past year we have grown our Trustee board and are gratelul to all of the truslee5 fur ttieir lime and commiiment. As set out in the Articles of Association. the trustees select the Choir of the Charity. The board appoints ilie 'Sirector' wha Is r95ponsible for the eXeCtive management of the Charity and, with the trustee board, for rhe long.term stratègic management of the oiganisation. l-he Director is a paid employee ol the Charity and is not a tiuslee. 11 truslees give their time voluntarily and rereive no benelii from the c.harity. Any out-of.ptsckel exK)enses claimed IrurTI the Charity are set out in the 2ccounls. The Charity has a Conflicts of Intoiesl policy i4nd mIntainS a Reglster ol Inlerests. Trustees ale required io kvÈp Iheir eiiLIy up to date. P<e5
West Hor51ey Place Trust Trustee< report l¢ontlnuedl For the year ended 29 February 2024 Recruitment. appointment and induction of trustees The Charitys policy is to appoint trustees who have an experrise in particular aspects ol the Charitys work, who might have significant relevant local experience of the third sector or who have general management or linance experience at a senior lèvel. Upon appointmenl trustees are provided with information on the constitution and purpose of the Charity and their role and responsibilitics as Charity trustees. Trustees are made aware ofthe valuable guidance marerials availablo on the Charity Commission's website and have new developments drawn to thpiT attention. If required, prolessional.advisors advise t*em on governance mallers. Related organisation In order to meet legal obligations and to prowde financial support for the achievement of the charitable objectives of ihe Charity, West Horsley Place Trust has a trading company, West Horsley Place Limited. This Eompany carries out trading activilie5 that are out%de the charitable purpose of the Charity but which contribute to the financial sustainability ol West Horsley Place. It is a wholly owned subsidiary of the Charity. There is an agreement belween ihe Charily and ihe trading company that the latter will donate all its profits to the Chority. A board of directors provides overall direction to the trading company. Curient members ol the board of directors ol Wesi Hofsley Place Limited are Gilos Reid (Chairl, Marcus Cooper, Marilyn Scott, John Simpson and15ona Harris. Risk managernent The Iruslees and the Director as5e55 the major risks to which the Chariiy is exposed and continue to slrengihon systems and processes to mitigale Ihose iisks. The Principal risks remain in two broad categories.. risks relaring to the protection and conservation ol West Horsley Place and risks rÈlaling to the lunding ol the règtoration and conservarion of the House and estate. Risks in the first category have been miligated thTough a programme ol ongoing repairs managed within Jnnual budgets. Funding risks are bcing mitigated through a growing public progiamme with ticket-based income alongside a diversification of othei income both commercial and philanthropic. The trust is focused on running a surplus generating public programme to ensure we can support Qui linancial obligations. Further a55e5sment ol risks will be a core èctivity as irusiees develop future plans. Pa8e 6
West Hor51ey PJKeTrust Trustee report Itontinuedl .For the year ended 19 Febrnary 2024 Achievements in the year ended 29 February 2024 Thi5, the Trust'5 eighth year. has seen the largest public pro9ramme to date. Our principal activitie5 during thi5 year were.. Conservation and related works A scheme of works to restore a chimney lailing on the South side of the house with works begun in late Spring 2024. The completion of work5 to the chimney and exterior wall at the rear of the Stone Hall. + A scheme of work5 for Collage 3 on the Estate and for the Lodge begun in Spring ?024. Funds secured to conserve and repair the mid-16 ceniuiy ceiling in tho 'Geraldine Room,. believed to be one of the earliest known surviving examples oldecoralive plaster ceiling, with works begun in late Sprin9 2024. Funds secured to conserve and repair major areas of damage to the 19 century red silk damask in the Drawing Room with works from late Spring 2024. Creation of a volunteer conservation cleaning team who have Eeen trained in conservation handl ing and cleaning and now support these efforts weekly_ Continual improvement5 to in-ho.use systems includir¥g condrtion monitoririg and heritage asset protection. Public Artivitie5 We welcomed 26,000 visitors to West Horsley Pla through oui public programme ol exhibitions, courses, open days. tours, talk5 ¢irid performances. This represents all increase ol 130% on the previous year. A free to acces5 exhibition in partnership with 'fiie Itlgram Collerlion. Working Wlth The Ing'am Collection, one ol the m05t important collections of Modern British art, we staged an exhibition over Summer 20?.I with wnrks including sculptiirps by leading names suth a5 Sir Ar)Ihony Caro and Sir Jacob Epstein. drawings by Dam? Ilisabeth Frink ai)d Cornish seascapes by Sir Terry Fr05t. The Upstair5 Downstairs toiir. BL]ilding on the Ilistory Revealed research project that uricovered detarls of W891 Horsley Place in the 19305. we create.d an itnmersive experieiilial family lour that allowed visil()rs to experience what working in the house at that time would Iiave been liKe. l)age I
West Horsley Plxe Tntyt Trustee< report l¢Yrtlnuedl For the year endèd 29 February 2024 A successful first Christmas offer. In December 2023. our first Father Chri5tfnas event was introduced which saw over 2.700 visitors come to enjoy the manor hoL¢se dressed foi Christmas and meet Father Christmas alongside Christmas craft aetiviti'e Reopening ol the re-interpreted Mulberry bedroom. Follo9 a project delivered by textile volunteers, Yhe GlagRags", the Mulbèrry bedroom was redressed with new fabric and textile- based item5 made by the group. These inclucled new curtains, lampshades, bedspreads and cushions. The room wa5 re-interpreted with personal items from Mary. the Duchess ol Roxburghe'5 effects and opened for vi51tors. Our inau9ural hedgerow festiwal in conjunon Mth Surrey Wildlife Trust saw over 1.200 visitors in a single day who came to learn aboLrt the croètion of living hedgerows and experience educatsonal tslks and other activities. We are grateful to over 490 volunteers who continue to support West Horsley Place in the gardens, house and with events aTbd we appreciate all of theirlime and investmenL Estate and Gardens Completion ol the Sensory GaTden. A free-to.access new garden that brings the sights. sounds and smells from the wider estate into a more readily accessible area, made with wide paths for wheelchair users and planled in è way to offer quiet contemplation. The garden has been created by repurposirng maierial fiom ihe estate. Continued improvements ènd maintenance of the walled garden including a newly established border in the Serpentine Garden_ Estate Vision. Currently, we are creating an estate vision that sets out how we will manage and use the entire 400 acres. with a mix of woodland creation. wild grassland. water mènagemenl and activity areas. Sust8in8bility and Biodiversity Continued planting ol trees and hedgerows across Lhe esiate sUPPOrting biodiversity. Working in partnership with the SLtrrey County Council flood and Climate Resilience team to deliver translormalional projecrs that will triold water on the estate and thereby alleviate potential flooding fufthèT down thc w3lcr table. Phase one sèw Ihe crealiori ol new ponds. ditch clèaring and re.esiablishmpnt and path maintenance for improved access. Phase two begun In late spring 2024 and will re-establish existing ponds and a meandcring waterway which is currently a canalised. dead ditch. Thi5 will create wet habitat in a central area of the estste which will be a catalysl lor wet woodland creation. Greai Crested Newt Partnership IGCNPI. We have entered into partnership with GCNP to cieale and maintain a habilat for Ihe Great Cresled fK'evA. Pa8e 8
West Hole¥ Place Tnt Trustees, report Icontlnuedl For the year ended 29 February 2024 We have baselined our company's carbon footprint inclijding assumpiior15 on tlie related impact of our visitor PTofile and pr¢xu¥ement proceises. We will review this on an annual basis to track progress and inform decisions towards oui goal to be net zeio by 2030. Commercial Artivity West 14orsley Place Limited IWHPLI is the Charity's wholly owned enlity set up to conduct trading activities in support ofthe Charity. During the year the company secured income from private hire from wedding bookings and rental income via residential lettings. Fundraising The Trust enqaged in fundraising activities durinq the year, via donation5 and qiants. fiorn public or private funded bodies and from individual donors. The IrLJstees undertake theii responsibility under the C.hAritie5 (Protection and Social Inveslmentl Act 2016 diligently and liave Considered the implications on their ècrivities In conducrinq ils fundraising. the Charty is cornpliant with the Charity Comrnis510n's expectations and adheres to the Fiindraising Regulator's Code ol Fiindraisin9 Practice ad relaièd policies. The Charity is registered wrth the l.undraisiiig RoguSator. The truslces conliriTI that iri die current financial year there hève been no coniplaints in respect of liindraising. The Trust does not currenrly undertake direct marketing dnd cnsures that any fundraising app., oache5 by the charity ¢ire not ijnreasonably inirusive or persistent. Achievements includE'. Completion ol matched funding requirement for Heritage %Mihout 8arriers, a programme funded by the National Lottery 14erifa9e Fund Securing nL&w lund5 IrorTi both individuals and trusts. '8e a Buttoneer. campaign which allowed fans ol the BBC show Ghosts who regularly visit Wesl Horsley Place Lo contlibule lo tl)e re5loration ol the manoi house. Community Engagement The Trusi coniinues to play an active part in the local cotnmunity. We support and are supported oy a number ol local organisaiions such as.. the Surrey Wildlifp. Trijsi. Surrey Hills AONB, Guildlord Art Society, Guildford Shakespèare Company, The Arts Soriety IFa5t Surfeyl. Disability Arts in Surrey. Surrey I Iistory Cenlre, Calalysl, Action loi Carers, tlie Nalional I rust sites at Clandon, Ailclilands & Polesdeii Lacey, Pairlshill Park Trust and Horsley Wheel of Care. Wp have hosl?d several events on behalf of our iwo local parish ConcIl5 including the Beacon Iigliling for the King's coronalion, the annual village larilern pa'a.Je, the youth council's cinem 'I'ght 3rd Ihe youtli ¢OUEiciI's'Horsley Hustle. fun Idn. In addition. we liave hosted thrpc 'Art lor )enientia' sessions workinci diier.ly with oijr local care liorne, LirFb@q', ove. We a so work closely with the Rayl@Igh Primary school academy with several visits lo Wesi HorslLy Place ihroughout tlie year. We have also workeo 111 parlner511ip with Page Y
West Horsley Place TnL5t Trustees, report Icontlnuedl For the year ended 29 February 2Q24 Guildford Shakespeare Company to delivei the Fe5tival.of Revels. an annual week long Shakespearo cOue for year 6 pupils. Y4hich culmioate5 in a slte Specific performance at West Horsley Place We have welcomed several vaTied gTOUPS. all visiting the estate free of charge. These include groups from our loeal primary schools, Beaver Group5. The Scou15, the Halow Project la charity providing opportunities and support for young people wth learning difficulties), the Big Leaf foundation who works with displaced young people and The Grange Centre. a centre that supports people with disabilities to lead independent lives. Objectivesfoithe coming year Thp principal priorities for the year ahead are to= Focus on the ongoing restoration to the house. ancillary buildings and e5tatÉ. Deliver a vibrant, fulsome, public programme of culture, heritsge and nature basod activitie5 that respond to our audience in a way that will grow both visitor number5 and income. Continue to raise our profile lor both our conservation activities and public programme amongst a local and regional audience. Continue to seek out p3rtncrships with oihcr organisations and in51itulion5 that can support our charltable object5. Complote the evaluation of the programme funded by the National Lottery Heritage Fund dnd creato plans for an estate wide tiansfoimation and the capital campaign required to deliver it. Raise capital funds through the sale of a small parcel of land to underpin our financial security. Financial position and review The Charity's principal asset is the Grade 1 listed West Horsley Place, its associated historic buildin95, walled garden and estale. These properlie5 comp'.,se the heritage asset5 and have a book value of £6.6m120?3". £6.6ml. Thcy are held Dy the Charily lor preservation and lo carry out It5 choritable activitie5. The properties are central to the achievemoni ol Ihe Charity's objec15. The bJildin9s were received by the Charity in a poor stale ol repair aftei decades ol neqlect. Tl)e estatc-: and gardens also requircd suh4iantial remedial work. In 2015 i cond4tioii survey carried out by architects Martin AshleyAssoriates idenrilied iiece5sary rp.pairs to the bvildings amDiJnting to eirLè £7m. These, logether with work tu improve and erihance facilities in order to help Ihe Charity meet Ls objL&Cls. arnount to work willi a total c051 of more than £1 Om, spreèd over a number ol years. PaÈe 10
West Horsley Place Trust Trustees. report Icontlnuedl For the year ended 29 February 2024 The Charity held financial investments of E827.68512023-. £882,399) and cash of £276,78812023.. £233,871 l on 29, February 2024. If the complete renovation ol the West Horsley Place 15 to be cornpleted in accordance with the 2015 survey and inflation adjusted Since thi5 lime then sub5tsntial lurther lund5 must be raised. Ir is anticipated that these funds will come from throe sources.. grants, spècifically from heritage charities seeking io donate to projert5. individual donation5 and commercial Income from the trading company. West Hors5ey Place Limited. Income lor the period totalled £882,59112023.. E868.8651. principally from rental Kcome from estate buildings and farmland: rent payments from Grange Park Opera.. income from finai)cial investments and gift.aided income generated by West Horsley Place LInled.$ commerc*al activities, which included one-off Illming piojects Total expenditure was £1,036.382 12023.. £907.6021, which included some renovation costs (including plar)ningl thai were not capitali5ed. The Trust experienced some unplanned challenge5 in the financial year with colts required over and above the budget to pro9ress and conclude a number ol major projects_ These included Toèd works to the A246 and represent d onc off item. Investment policy The Charity ha5 an investment policy that covers arritude to risk. liquidity. a55et types. time horizons, currency exposurè and ethical constraints. The implementstion of ihe policy lias resulted in the C.hariWs fund5 being currently held in two part5". Cash held in bank aCCoTIts lor funds required to meet requirement within the reserves policy set out below- Investtnent5 held in balanced risk funds whth the aim of protecting tlie principal sum bul achieve some growth whilst remaining accessible should funds need to be realised. The Investment policy seeks to produce the best financ.ial ielurn within acceptable level of risk. ènd ihroJgh ethical meaiis wherever pos5ib'.e. The inveslmenr objectivo lor Ihe bèlariced risk lunds 15 to generate an annual retuin of UK CPI +3.5% over the long term, including income of about 3% p.a. to suppo". t thè on-going aclivities of the Charily. The Trustees have delegated invpslmen- decisions to. an InveStent LumrTiittee thai has authorily from the Lloard to recommend the. %plectioTh of an authorised prole55ional investment manager. regulateij by Ihv FCA. This Commiltee ha.8 lerms of Teference set by the Board and include5 an independenl expert member. In Marcli 2017. after a s?.lec.tion process, the Pa8e 11
West Horsley Place Trust TNstees' report Icontlnued) For the year ended 29 February 2024 Committee recommendèd the appointment of Sarasin & Partner5 LLP as investment manager. Th5 iecorTirnendation was accepted by the Board on 20th April 2017 and has been implemented. At 29th February 2024 the value offunds under investment was £827.68512023.. E882.3991. The war in Ukraine and global econOlC urertaInty h35 affected the value ofthe Trust's investments. The Trusl realised funds of £100.01 O during the finanoal year_ Reserves policy The Trustees have agreed the following policy in relation to Teserves. This will be Teviewed amually. Our objective is to make the Trust finanually 5UStainable in perpetuity and thus to hold fund5 in ieserve in case of unforeseen problem5_ We raise ILJnds to maintain and preserve the manor house and other buildirhg5, the estate, and other facilities. and to retain the beauty and structure ol West Horsley Place. We aim to maintain a contingency reserve of at least three munths of annual operating expenses. Tho Trustees consider that there are potential major threats to our long-term abiliry to operate including structural issues relaied to our building5. the scale of our estste, economic and health situations and other seriou5 Potential interruptions to our commercial and visitor leve15. each olwhich would result in loss of revenue orsi9nificant cost buTdens. rhe coniingency reserves calculatiort is based on curreni operating budgeted expenditure and will increase with inflation over time. These funds are invested appropriattsly balancing growth and security. Contracted capital expenditure and restricted lunds will be deducted in any calculation of our contingency reserve. Statement of trustees, responsibilities The trustees Iwho are also directors ofwest Horsley Pla Trusi for the purposes ofcompariy lawl are responsible for preparing ihe Trustees, Report and ihe financial statcmcnts in accoidanie with appliccible law and United Kingdom AccounEing Standards (United Kingdom Generally Accepted Accounting Practicel. Company law requires ihc tiustee% to prepare financial Statements for each financial year which give a true and lair view of the state of affairs of the charitable company and the group and ol the incoming resouic@s and application ol resources. including (he Income and expenditurE, of the clidri13ble group loi ih<lt period. In pieparirig these linancial statements. the irustees are required to.. select suitable aCCOLÈriliiig policies and Ihen apply them consislenily.. observe rhe method% and prinr.Iples in the C.licirities SOqP., Paee 12
West IlorJkyPateTvu# Trystee5' report l(Mtlnwd) FOT thoyear •nd•d 29 F•bWUary2I make jud9emEylS and esiimaies t1 are rea50n3b and wudent. siaie %¥hether applicable accounting stsTrdard5 hèye been fdlowed. Subject io any maieiial depaiiure$ disclosed and explained In the hnifttsal siaiements. and prepalethe fin8ncial staternents on the qon9 concem ba5 nSsi1 is appropriate lo prewme that Ihe tharitywill continue In business The rru51ees dresponSible for keeping PfoperactO1W recotd51haid15r.losewiih realonah accurdcy at anytiffle IhÈ Iindnoal posiiion ol Ihe Chtable £ompany and enBble them io ensure rhal the financial stoieinent5 cornply ¥vilh theCornpaniesAci 2(K16 Tlityèfea150 responsie lor safeguarding Ihe as&eig d ihe ch?rit3ble company arKJ the grwp oind het)ce loi iaking reasonae Steps lor the prevenlionand detedw)Thol Iraud and oihv If9U1¢s In so lar a5 Ihp 1fvsir.es atP. aWJafe'. Ihpfe ig no relevant Aiidil inff(Km3lion ol vhich Ihp tharitab compbny's audit<M 15 the Iiusiee5 have taken all sip.ps thai theyoughi to have lakpnlnmake Ihe.msp.Ive5 &WlaiP of any relevant audil inlormath)n to e5tatAish ihat ihe audiiof IS av4are ol ih31 Information. Auditor5 In liilp wilh l)%1 i)iaclir.p.. a rpview rtl ihpTrii<l'S Hi&¢lit praipsseslip9an Sp.ptpmhpi ?n21. arKJ an lnwila.ion 10 lend£Y svès Issued. Inconclusion,Mes5tg SheEn Sticklèfxl were forrnally appointed asAudilors of ihe Chèrityai Ihe on IS:h Dpcembei 2023. Tliis repoiihos beer* piepaTed ID accordanieynih the prtr41yoTrsoI Part 15 olthe (-ompanitrsAcl 2006 (elalin9 10 Small cotnpanies , knehal(ufiht Board ol IfU51ees on g JoJ¢eo24. Chair olTru51ces PJEPLI
West Horsley Place Trust Truslees, report {cortlnuedl For the year ended 29 February 2024 Oplnlon We have audited th8 finan¢lal slatèm6nts of Wesl Fk)r8ley Pce Trust Lni1 Ilhè bwenl ch8rtlaLI8 companll and its $Jb$lary {the 'group'} lor the year ended 2W February 2024 p8ges 17 to 37. The financial reporting frawEth thal has been in their preparab.on 15 aOicable law aThJ Unl1 Kingdom Accounting Standards (Uniied KingJom Generally A(• Accclmbng Pr8cthl. In our opinion the finan081 stst•msnts.' give a true and fair vièw of the stste of the grywp's 8nd of Ihe parent charitate (x)mp8nrfs affairs 8S 8t 29" Fobruary 2024.and of Ihe wp.5 inLy)ng resourcÈs 8nd 8pplcabon of reSLxJrces. induding its incrne 8nd eXpdIture. for Ihe year th ended., h8V8 been woperty prepar>J in acccrfdance with United n0M &nerally Accepl8d Aux>unllng Practice; and ave been prePd in ¥¢cffiIce ¥hth the r1r[S Of Cutpanies Arl 21MJ6. Basls for oplnlon Wtb conducted our auth'l In accordan wth St8ThJ8rds AlitIng {UK) IISAs IUKII and applicable law. Our respon&bilities uThJer those slandards we fvjrther descri in the Auditors responbIlItieS for the audfL¢f thè IinancAI staMentS seC.0n ofourrem We a independent oflhe grDUP and tharitae ccffipanyin accdan Yth Ihe 8thf(31 rUlEMentS Ihat are Tevt to ouraudil ollhe group finanoal statemenis in the UK. induding the FRC'S Ethiral starard. and we ttave 118 wr other ethical responsitslitie5 in ar£Ordan wth these reqvwements. We believe th81 Ihe audit eviden¢x we h8ve obtsined is stsfficienl and 8Ppalts to sxovlde a basis for our opinion. Golng concern In 8uditTrng th8 group fina01 stalernents. we have cCluded thal th8 directors. use of the gcAng (y)n¢em baS of accounting in the preparabon ofthe financAal sl8ternenls is apprw"ate. Based cn Ihe work perfCwm, we hav¢ not identified any maerial urKertainties rdating to events or conditKJns that, individually or cxjllectively. m8y casl signfficant doubl on the group's 8ly.lity to (xjnts'nue BS a going coll(xrn f<y a riod ofal leasl twelve M(S trom when group fanCIal stalements are authori58d for issue. Our restM)nslbSknlies aryd the respor6ilyblj.esof Ihe direcltys Vilh rwcl 10 93ing concern are des(be in the ret8v8nl sedions of this Tepcfft. other Inforniatlon The trustees are respor611e for Ihe othw inf0miatic. The other infcKmatp)n comprises the Infrxm8tion indudèd In the Bmual report. other than th8 grtwp financi statements and Imjr Rep)rt ol the IndÈp8ndènt Auditors IherBon. Our (4)inion the group financaal statements does not Cover the other and we do nol express any Iorm of assurance rx)ndu5i thweon. In conneclion wlh our audit oflhe group financial statants. WTresponyknltyis I08d the oth8r1nfomii0n and, in dolng so, consi¢Jer whether the other Infomiab"(N) Is malerialty In$tent wth the group fin8n&al 51alemen15 or our knovAedge obtained in the audit or otherwise 8ppear5 lo be matarialy misstated. If we identify such material IrnSiSeeS tr aN)8rent matelial mis51alements. we are requed to detemiine %sthether there is 8 material ffMSStalement in the financlal slalwnents ry a maleflal nysstalement ol the Dther informakn"on. If. based on the work we hava perfomied, we condude that thwe is 8 matèrial misstatement ol this other information, we are.required EO )rt that larA. We have nothsng lo retmyi in thi5 reg8rd. Opinlon on other mal¢•rs prèscribed by the Comp¥ni85 Act 21x16 In our opinion, based on the work undertaken in the course of the audit.. the InlormatiM given in the Report ol fv Truslees lor Ihe fjn•Kial ygar for vthich the financk71 stalemenls are prgpared is consistent the group finana31 $taleMen,. and the Re ol the Trustees ha5 been prepared in acrd with 8pplicthe leg81 reouirements. P4e 14
West Horsley Place Tnot Independent •udltorf rep(Yt to the membws Forthe year ended 29 Felyuary 2024 ' Matt•r8 on whlch we are requ11 to r•port by exwitlon In the light of the knowledge and undwslanding of the group and the parent ChaTliab cornpany and thelr enwronmenl obtained in the course of the audil, we h8ve not idenbffied material misstatem8nts in the RepLvi of the Trustees. Matt•rs on whlch we art requlred to'veport by •xc•ptlon We have nothlng lo report in respect of ihe foll matters the Companies Act 2006 requlreg US to report lo if. in our cyinion: adequate accounting records have not be kept by the parent charitabl8 company or relums adequate for our audit have not been recaved from branches Tt visited by us., or Ihe p8ronl ¢hadlable company financial statements are not in wemenl with the 8¢¢cntIng records and Tetums., or certain disclosures of trustees, remuneration sperd by Iw are not rnade".or we have not received all Ihe infcffiiation and explanations uIre for tsur al. Respon$lbllltl•s of trustees As explained more fully in the Stslemenl of TteeS Responsibilities sel crtrt page 9, the Iruslees {who 8re 8180 Ihe directors of the parent charit8ble company Ihg purposes of company lawl are resFL)nsible lor the weparation of the group financial st81ements and fLY being satisfied that they give a true and fair view. and for sud) inlemal control as the trustees deleTmine is necessary lo enatle the ppar81m)n (rf group. financial slalements that are free from Tnaterial missialement. whether due to fraud or erru. In yeparing the group financial 8t8tements. the twsleeg are responble for assessing the group and P8Tent charitable companls ability lo continue as a going concem. disdosing. asapplicable. matters related lo goSng concern and using the going bays of eccountirwJ unless the tnjstees eItr intend to liquidal6 the group and parenl charitsble company or lo cease operations. or have no realistic allemalive but lo do so. Our rèspon3ibilltles for the audlt of the flnandal ststements OUT objectives are lo c4)tsin reason8iSe assutsnGe about whether grtyJpfjnanc4 statements 88 8 who are free from material misstalemenl. whelher due to fraud or error. and lo issue B Repjrt of the Independent Auditors that includes our opinion. Reas(mable aSSur8r is a hh level of assura bul is not 8 guarant86 that an audit CdUcted in acccKdance wrth ISAS IUKI wll always detect a malaial mis5tatemenl when it exists. Misslalements can arise from ftaud cx error and are considered Thfjterial if. in(Jiv'Klually or in the 8ggTegale. they could 3$onabty be expected lo influence the economic deci%ions of users taken on the basis ofthese group financial stslents. Irregularities, indudlng fraud. are instances of non-compliance wilh lavts and regul3lions. We des pr¢xedures In line with our responsibilities. ouuined ab)ve, lo delt material misslalements in respect of Irregularities, induding fr8ud. The extent to lch Jr wcwlures a Capab of delecllng irregularibes. including fraud Is detailed bèlow- Enqviry of rnanagement, those thar9 7hith govemance and the enbty's sdicit$ arthjnd actual and potential litigation and claims., and Enquiry of entity's staff lo identify any inslances of nwmplK4ncewth laws and regulatirffis.. and Revlewing minutes of meetings of those charged with govem8nce,' and Reviewing finanoal slalement disclosures ond lesting to supporting documen1all to asses5 compliance wllh applicable18ws and regulats"ons,' and Auditing the risk of management override of ntrOlS indudirrfJ Ihrwgh testing joumal entrie5 and other adjustrnents for apprwrdteness and evaluating the bu5ioes5 rational of significant transacbons outside the norrnal course of business. A lurther description of our resportsibilib.es for thè audrt of the group finanual statements is ltscaled on the Financial ReW(Ing Council's websile at wwW.frc.org,uklauditorsresnlsll. This descripti lorms part of our Report of tho Independent Auditors. Page IS
West Horsley Plw Trust Independent audltors. report to the members For the year ended 29 February 2024 Use of our r•port Thts report is mafle solety lo the charstable companys members. as a trKhJy. In accordance wth Chapter 3 of Part 16 of Ihe Companies Act 20(6. aLhJit work h&8 been undertaken so thBt we mwjhl siole lo the ch8ritable companls memberg those mBtters we are rUired to s18te to them in an auditS. rerxxt and lor no other purpose. To the lIest extent pem)itted by law. do not accept or assume reSpor]blIty to anyone other than the group Gharitable rx)mpany and the charitatle cornpanvs mgrnbws as a Lx)dy, for our audit work, for this report, or fc* the opinws we have I?ed. Paul Wright FCA DChA (Senr Ststutory AU() for and on behall of Sheen Stickland Chartered Accountants St8twry Auditors 7 East Pallant Chichester West Sussex P019 1TR Date.. Page 16
West tY Place Tru Consolldatd statemnt offlnan¢lal adlvbties qlncorpLvatlni Incwe and txpendlture account) For the year ended 29 February 2024 UnrestriLl•d Funds 2024 Restrirted Funds 2024 Endowrnent Funds 2024 Totsl Fund5 2024 Total Funds 2023 Note Income and endowments from-. Donations and legacie5 Charitable activities Trading attivilies Investment income 71,302 480,387 143,955 26,242 160,705 ?32,CK)7 480,387 143,955 26,242 170.974 310,626 318,696 25,366 Total income 721.886 160.705 882.591 825,662 Experlture on.. R¢iising func4s Charitable activitie5 298.832 658,849 298,832 737,519 200,9SI 706,651 78.7 Totsl èxpenditure 957,681 78.700 1.036,381 907,602 Net IlossesYgain5 on invostmonts Net income/ lexpenditur&l 45.372 45.372 146.2411 1235.7951 82.005 45,372 1108.4181 1128.1811 Translers between funds 201.,368 114.7791 1192,5891 Net movementin funds 128.4271 67.226 1147,2171 1108.4181 1128.1811 Reconriliation of fund5= Funds brought forward 689.1 $4 14.104 14.476,477 15.179,735 15,307,916 Funds carried foTward 660,727 81,330 14.329.260 15.071.317 15.179.735 The notes on pages 20 to 37 form pan ol these linancial statements. The staiemenl ol linanoal 8crivities conla'ns èll recognised gains and losses foi the finan£ial year.. The results lor the period all relate to continuing aCtilIes. Page 17
West Hors¥ PlatÈfiuSt 8alaThce sheo s at 19 Pvbruary 2ll24 202 2023 Gtoup Charily Oup Chaniy Note . riAed a55eis I.fjA9.72? ¥4A 1:7d I(0 741 .e?8.A7fj 1191 JVQ 1118?? [JB i< u."'g 1-19U j.231 ?E4 a?1) 2J3.Nll S.'lUJ, 271 sr Iho ¢lihfil,..iltsi* t>een Thi ri..foinQ cè ?li.- S'bi..
West moreV Place TTht Consolldated statement of (h Ibjws Year ended 29 February 2024 2024 2023 Cash flows from operating aLtlvltie5 Iseo belowl 172,5561 1222,6921 Cash flow$from investing artivities Dividend5, interest and rentsl income Purchase ol tangible fixed assets Sale of tangible fixed assets Purcliase of heritage assets Purchase of investments P[oceeds from disposal ol investments 26.086 112.5701 1.868 25,366 122.7461 11 J,B3Jl 215,?.40 100,013 115.397 702.0?5 Change in cash and cash eq*JNalents 42,841 120,6671 Cash and cash equivalents al l M3rch 2023 240,319 260.986 Cash and cash equNalents t 29 February 2024 16 283,160 240,319 2024 2023 Reconciliation of net income to cash flow from operating activities". Net income Adjustrnents lor.. Depreciation Impairmeni ol heriiagp asspts l)Ividends. interest and rental income IGèinsl/losses on in¥esimenis Iln:rÈasèVdecrea5e In debtors Increa5e/ldecfeasel In creditors (108,4191 1128.1811 39,128 37,136 126.0861 14J,3721 143,3141 111,507 112,5561 125,3661 46.241 7,634 1160,1561 1222,h921 Page 19
West Horslry Place Trust Notes to the financlal 5titsments For the Year ended 29 February 2024 Prinapal accounting polici•$ Accounting convention The financial 51aieTnenis have been prepared under the histoncal cost convention with items recognised at cost ortran5action value unle55 Othe+15e 5tatcd In thcrelevant notclsl ro these accounls. The financial siatemenls have been prepared in ac£ordance wth the Statemènt of Recornmended Practice.. Accounfing Bnd RÈFY)rting by Charitie5 preparin9 their accoun15 in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporiing Siandard applicable in the United knngdom and Republic of Ircland IFRS 1021 and the Charities Act 2011. rhe functional currency is sterling. Monetary amounts in these liDancial stalements are Toiinded to the nearest E. Thc charity constitutes a public benefit entity as delined by FRS 102. Going coricern The trustees have considered the abiltty of the chaTityto conrinue as a going concem in the light of the imp3ct of Covid-19 and an increase in inflation with its effecl on thie £ost ol living. Commeicial activity has resumed and at the time olwriting in May 2024 activity levelsare yood with interest in a wide rangc til Lommercial and chafitsble oHer5 including CTaft lairs. totsrs. talks, performances and social events. It Is forecast that at ihe end ol the ar.cnunting year the charbly will report financial performance that is in deficit, bul thi5 result has been planned. Under these assumptions the trustee5 considor ihat rhe Charily 1s a going concern. Group accounts Tho financial statements presontthe cony)lidated statementolfinancial auivities ISOFAI, consolidèied siatement ol cash l.'ows and the consolidaied and charity EialancÈ sli&Lls ioryiprising ol the Luiisolidation ol the Charily wilh its wholly owried subsidiary W¥sl Horsley Place Limiied (company registration numbet 1031 $0411. Company staS The Charity is è company limited by guarantee and lias no share capital. In thc cvent ol the Charity bein9 wound up. Ihc liabilily In respeci ol the 9uaranrce is limited zo £1 per membor ol the Charity. At 29 February 202eTr ihe ioial of such guaranrees was EI012023. £71. Income Incorric is rocognised when ihc Charity has entttlerroni to the ILnds, any performance condition5 aitached ro the Iiem ol inccme h¢)ve beeri mei Il is pr¢)b#iblL' tlie income will be received and tlie amount can bc reliably rtieasiired Tronaiion income Is recognised In the yeaf in which the Charity Is e1trtled to rpceipt and rho amount c.dn bp rriea%ured vliih reiisnnable ctr.rtainty. Il 3 donati?n has any rp.%iriciions attached it 15 crtdiied 10 the relevani rcstricled fund. CJilLs In kind are valijed ai esiimdttrd open mdikLI Vdlije ai Ihe dale ol gilt oi al Lhe va1uolo the Charity in ilie cas£ ol don<ile(I seivice5 Inr_nm? from inve.slfflnnt prrJp9lps is accoun'.pd In¥ iii tlie pp.riThJ lo which ilie Tentèl income relattrs. Paze 20
W•st Horsley Place Trust Notesto theflnandal statements (contlnuedl For the ypar endEd 29 February 2024 Exwnditure Liabilities are recognised as expenditure when ihere Is a legal or constructive obltgation committing the Charity to make a payment to a Ihird pariy and it 15 probableth3ta settlement wall be reqijirod, and the amtsuniof the obligation Gan be measured reliably. All expenditurc Is accounted lor on an accruals basis. Irrecoverable VAT is charged agains1 ihe category ol resources expended lor which it was irKurred. Expenditure not directly attnbutable to char¢lab activities. ¥ncWJding support and governancè costs, are allocsted to each activity on thÈ basis ol Ihe direct costs of each actNiiy as followg." Raising funds Maintenance ol the e5tale Promotion ol Ihe perlormin9 arts 22%12023. 1 S%1 68%12023 12%1 10%12023. 13%1 Tangible fixed assets Expenditure on the acquisition of Indldual Fixed assets that C05t rnore than £1,000 arc capitaiised at cost. Deprecialiun 15 provided to wrile off the rost ol all relevant tangiblelixed assets less e5timèted residual value in equal instolments ovcr their expeaed useful economic Iwes ès follow5.' Properly improvement5 (when completel Wuodland Plant & machinery Motor vehicles Fixture5, h'ttin9s, compuier equii)menr Over 25 years on a 51raight line ba51S Not depreciated Over S years OT) a Strai9ht line basis Ovcr 5 year5 on è strai9hr line basi5 Over 5 years on a srraight line basis Woodland Is not depreciated as the atnount included is based on the land value which has an infinite useful Iilè. T he gaiii i)r loss arising on the disposal ol an asser 15 deierniingd Ils the dillereiicE bEtween the Salo proceeds and the carrying value ol the assel and 15 iecogni5cd In the SOFA. Snvestmenis Investmpnl properties aTe valuetl as Tndividual In¥tmentS at their .arket values as al the balance sheet date. Purchascs aid sales ol investrnent properties are recognised on exchange ol contracis. Unrecilised gain5 3nd105ses arisin9 on the rewaluétior* ol iTrveslTnents ale crediiÈd or charged io.rlie 50FA and allor.aled to Lhe èppropriaie lurid 3cLurding lo the'ownÈrsYip' o! ihe underlying assets Each yeir r rhe Iru5fee5 congdcr the Inarkei value of the Invement properties. To assisl wilh this, the Irusiees engago 3 lormèl vèluaiion evory 5 years lor investleI propertie5. The iriv¢stment in the subsidiory underiaking 1% showp at cost w the charty balafico sheet. Other financial Invesiments are stated at mid.marKet value ai ihe balance %heet dAlP Realised and ui)realised qains ènd1055es oil inve5lments are ac".ct)unied Ic)r in the statement ol lininoal activities. Pa8e 11
West Horsley Place Trust Nrtes to the flnaTrclal staternents {tontlnuedl For the year ended 29 February 2024 Héritsge asse The Charily's objerts include tho preservabon and mainienance of the house knovrfn as t Hors12y Place together with its anallary buildings arKI ground5. A5 such the Charity owns and maintains this asset which meets (he delinifion ol a heritage assei In accordance wiih FRS 102. Heritage asscts are inelijded on the balance sheet at eiiher their cost oi if donaied. the v31uation at the date of donation. The heritage assei is considered 10 have an irKlefiniie life and is theTeforÈ not depreck4led but is reviewed lor impairment by the tTU5tees_ The eosts ol maintaintng the herita9e asset are indudÈd in tne direct C05t5 01 the charity. 1.10 Debtor5 Trade and other debtorsare recogrsised atthe settlementamouni due aherany trade discount omorod. Prepayments are valued at the amount propaid ol any irade discounts. Creditors Crpditors and provisions are Tecognised where the group has a presefjt obligation resulting from a past event thatwill prok)ably result In the transfer of funds to a third party and the amount due to seitle tlie obligation can be measured or estimated reliably. Credliors are normally rocogrt15ed al their settlement amouni after allowing lor anytradc di5COUDts duo_ Taxation West HOrsY Placc Trust is a registcrcd charity and is not lialje to Uniied Kingdom income tax or orporation tax on charitable aciNitses. Fund5 The charitable trust lund5 of the Charity and its subsidiary are accounted lor a5 unrestrided or endowment capttal. in accordancc with terms of thtr chofiiy. UnTeiSlrictedfunds Surplus income rec¢Thfed with no restriction5 atlached 15 creditÈdto the unrestiicted fund. Expenditure from tliis fund Is Rt the disr.Tpknnn of ihp. trustees In furtherance ofthe 9eneral c)bjertives ol the Charity. Restritted funds Restricted funds a amounts which aro specihcd by ihe donor Lo be used solely for particular projec18 undeitaken by the Charily. Endowfftent lund5 The endowment fund pr=SentS funds received Irom the Lxecutorfs ol tho Mary. Duchc5s of Roxburghe. bein9 the West Flor51ey Esiai? and Ils associatLd prope.rties and cliaitL.15 Tl)e trbstees h3ve the pow¢ir to convert endowniint fund5 into income and it 15 therefore classed as an expendable cndowmenL 1.14 Firiancial instrumer)1S Thv gr()ui) Only has financial a85e(4 liabilities ol a kind Ihat qualify as ba¥ir. l.'riaii('.IBI in51rurtiLJnl%. Basic financial insLriin)en15 are iniiially recognised at tran5a-ti?n valuc ad £db50qdenily measured at tneii scitlerTient va1Je willi ilie excepliun ol bdnk wliiElI ar£> subspqupntly mpa4iJrpd at amnriised ca%1 Lising t Ig elleilive inlerest mctnod. Ihcrc wtrTr no bank loap.s In the ye.rJr. Pagc 22
West Hrxslry Place Trust Notes to the Ilnandal statements I(tInUed) For the year ended 29 February 2024 Key judgements and uncertainb.es In application ol Ihe Charity's accounting polioes. the tnJstee5 are required to make jud9ements, estimares and a5SLtmprions about The carTring amouni of asset5 and Iiabilrties that dre not rcadily apparent from other sources. The estimates and associated assumptions are based on historical experience and oiher laclors COndered to be relevant Actual results maydiHer Irom these estirnates. The estimates and undeilying assumptions are reviewed on an¢)n90ing bBsis. Rewsion5to accounting estimates are rec(J9nispd in thc porK)d in which the estimate is remsed where ilie revision affecis on that period. or in th¢ period ol the revision and luiure period5 wheie the rewsion affects boih current and lulure periods The trustees consider the main area of judgemenl in the accounts lo be the valije ol investment properly and heritsge assers. Page23
West Hw51ey Place Trust Notes to the lInand ssatements Icontlnued) For the year ended 29 February 2024 Income from donation5 and legKies Unr0Stricted Funds 2024 ReStriCd Funds 2024 Endowment Funds 2024 Total Funds 2024 Totsl Funds 2023 Cash donations Gift Aid Grani incoffle 22.339 30,963 18.0(X) 3.100 5,0(X) 122.QKJ5 56,039 35,963 140.004 8.876 127,098 35,000 l.egacies 71,302 160,705 232./ 110,914 UnTe5trirted Funds 2023 Restricted Funds 2023 Endowmènt Fund5 2023 Total Funds 2023 Cash donations Grant income Légacies 8.826 35.340 35.000 50 91.758 B.B16 127,098 35.CrfXI 79.166 91.808 170,974 Income from charitable actiwties Total and vnrestri¢ted fund$ 2024 Total and unrestricted fund5 2023 Maintenance of ihe esiaie Promoiion ol porforming arts Ronts roLeivable OIliLJr incoine 272,638 26,598 175,754 5,397 480.387 123,446 187,180 310.626 Income from trading actiwties Total and unrestricted fund5 2024 Total and unrestricted funds 2023 Filming Incorne Oihor Irading income 41.461 96 494 181.325 137.B71 318,696 143.955 Page 24
West Horsley Mace TNst Notes to the fln•n¢ial st*ements Icontlrndl For the year ended 29 February 2024 Investment inc¢ Total and Unrestricted funds 2024 Total and unrestricted fund$ 2023 Dividend income Ir)terest Income 25,190 1.052 26.242 25,273 93 25,366 Expenditure Cuffent year Direct costs Direct stsff Support and costs governance costslsee below) 2024 Totsl 2024 7024 2024 Raising fund5 84.S39 109.007 105.286 298.832 Charitsble attiwties Maintenènce of the eslale 82.157 36.535 171.580 43.957 355,464 47,856 609,201 128.348 Promotion ol the performing ans 203.231 324.544 508,606 1.036,381 Comparative year Dire Direct staff C05t5 Support and govemanc8 costs (see below) 2023 Total 2023 2023 2023 Raising funds 30.472 103.B80 66,599 200,951 Charitable activttses Mainl&n3nLe of the esiate Promoiio.n ol ihe perlurmiiig arts 147,378 27.6011 121,988 27,222 322.113 60,342 591,479 15,172 205.458 2i3.090 449,0.54 907,60? Page 25
West Hlxsley Place Tntst Noles toihe lInd41 ststements {contlnuedl For the year ended 29 February 2024 2024 2023 Staff costs (note 11 Legal and piolegsional fees 165,020 68.899 29.650 46.921 6.755 41.901 70,7(X) 39,128 145,239 67.070 35,531 44,228 13,330 37,691 27,472 37,136 General office and administration ¢ompulpr and IT Insurance Oiher cosls Oepleciaiion Govefflance costs.. Audit lee5 Accountancy and relatéd fees 15.126 24,500 25.55Q 15.761 39,626 41.311 508.606 449,054 sc105ure l ud tors, re unerètion 2024 2023 Audit lees- curfent year Audit lep.%- addil*onal prior year fees not accrued Accountancy VIKT and tax services 12,620 2.506 11.100 13,400 17,750 7,800 5,000 14,770 Pake 26
West Horsley PlaceTrust Note5to the statements Itonthwedl For the year emled 29 February 2024 Staff costs Gioup 2024 Group 2023 Salarie5 ar>d wages Social Security costs Pensions 387,893 38.688 19,027 348,276 33.950 16.103 445,608 398.329 Durin9 the year the average ntsmbèr ol Èmployee5 wa5 1312023" 131. The Charity consider5 its key rnanagement personnel to be the executive director. Total remuneralion paid to key managÈment personnel in the period was E87.91312023.. £52,280>. The number ofemployees wh05e erp.ployee beneliis lexcludin9 employei pension costs) exceode L"60,000 wa5.. 2024 2023 £80.0(ii . f.g0,(KIO Dunn9 the year no trustee received any rervur*ration12023.. Inill. Durinq the year two tru5tee5 were reimbursed lor expenses totalling £4531202.?" E8531. relating totTavel Co5. Payroll 5erviTrg woro providcd on a pro bor basis to the Charity by CranleTrgh SchDoI until October 2023 The valug vl tliiy ytli in kiiid 15 considered de mtnimis and therefore is Iivt brDU9111 into these acLount5. Adrian Lajtha Is Chair ol Govemors at Craiilei9h Scliool and is 0150 truslEe emeriius. P4e 27
Wesl Horslry Place Trnst . Notes to the financial statrments Icwtlnu8d) For the year ended 29 February 2024 Tanglble fixed assets Group and chaTty Propety improvements (in progrèss) Property improvements (completel Woodland Cost Ai l March 2023 2,870 717,043 420.000 Addition5 I)i5P05a15 At 29 February 2024 2,870 717.043 420,000 Depr8ciation At l marc.h ?023 Charge lor the period Eliminatèd on disposal At 29 February 2024 50,374 28,682 79.056 Net book value At 29 February 2024 2,870 637.987 420,000 At 28 February 2023 2,870 666,669 420,000 Group and charity Plani & machinery Or Vehicle5 Fixtures, litbng$, compLSter equipmènt Total Cost At l March 2023 40.055 1?.408 16,864 1.209.240 12.570 12,6071 1,219,203 Additions Dispu5i)Is Ai 29 fÈbiuèry 2024 11.200 1.370 12,6011 51.255 12,408 Depreciation At 1 March ?.023 Chargc for the period Fliminated on disposa5 At 29 February ?0?4 30,1 n.% 7.3?1 1?.408 7.199 3,126 11391 9.586 100,087 39,129 17391 138,477 12.408 Net book value At 29 February 2024 13,829 1,080,727 At ?8 February ?02.1 1,109.154 p28
West Ilorsley Place Trust Notes lotheflnab)dal ststements Iciythuedl For the year ended 29 February 2024 Heritage assets Group and charity Herrtage property Chaltels Total Cost At l March 2023 Additions Disposals At 29 February 2024 6.593.054 335,964 6,929,018 6.593.054 335,964 6,929,018 Prowsion for impairment Ai 1 March 2023 Charge In the year At 29 February 2024 30.340 30,340 30,340 30,340 NBV At 29 February 2024 6.593.054 305.624 6,898.678 At 28 February 2023 6.593,054 305.624 6,898,678 Heritage aSSC15 compTlSe the heritago property which is West Hor51ey Place House and its gardens, and chattels which are various arielaLts enhancing the experience ol w511ors to th house. The trustee5 are comtnitted to the mainienance ol the heritage a55ets. This includes a programme of emergency works and ihen ongoing works over the nexi lew years. 2024 2022 2021 2020 BrJght lorward Purchases Cost carried forward 6,929,018 6,929,018 6.906.272 6,833,855 12,411 6,906.272 5,355,659 1.478 190 6.833.855 3,312,951 2,042 708 5,3.55.6J9 6,929.018 Paee 29
West Horsley Place Trust Notes to the thianclal statements Icontlnmedl For the year ended 29 February 2024 10. In¥e5tments Currentyear Inveslment propertie5 her Group Totsl investrnents Investment Charw Totsl ri subsidiary Valuation Ai 1 March 2023 Disp05als Unrealised gainlloss Increase in cash held by investment manaqer At ?9 February 2.024 6.014.999 882.399 191.2591 36.544 6,891,398 191.2591 36.544 1761 6.897,399 191,2591 36,544 . 1761 6.014.999 827,685 6,842,684 6,842,685 Cornparative year Investment properties Other GroupTotsl investments Investment CharttyTotal in subsidiary Valuation At 1 March 2022 Additon8 at cost DisP¢)5als Unrcoliscd gainlloss Increase In cash held by Invesrmonl manauer Ai 28 FebrLJary 2023 0,014.999 1.130.840 15.835 1215.2401 146.2411 7,145,839 15,835 1215.2401 146.2411 7,145,840 1215.?401 146.?411 12.7951 {2.7951 (2,7951 6,01 4,999 882.399 6,897,398 6,897,399 Investment propertie$ In February 2022 the investmenl propertie5 were valuEd by Savills. resuliin9 in ihe gain in valuation iri Lhe year. All investment propÈrtie5 are in the UK. At 29 February 2024, the trustees confirm that the valuation remains appropriate. Other Irwestments The inv*imerit purtlolio Include5 material holdings in Sarasin Endtswmonts Fund Class A Inc ol £821,31212023". £875.9501. Breakdown ul oiher inve5lmen15 al rnarkel value. 2024 2023 Co.'l¢ctive investment ILJnds IUKI 821,312 6.372 827.684 875.95Q 6.449 882,.499 Total investments at marketvalue Historic Cost of investments lexcluding cashl 694,449 785.631 Page 30
West Horsley Ilace Tru Notes lo the financSal ststemttlts Icontlnvedl For the year ended 29 Febiuary 2024 Investment in subsidiary On 5 August 2016 the chèrity acquired l 00% of ihe share capital in ils wholly owned subydiary, West Hor51ey Place Lifflited Icompany registration number 103150411. The summary linancièl perforFnance of th¢ subsidiary alone is- Profit and loss 2024 2023 Turnovcr Cost ol salos Gloss profit Administrative expen Iniere51 income Profit lor the year 106.945 30.3.014 1102.9821 200.032 16011 83 199,514 67.691 12.2941 156 65.553 Gift aid paymentto West Horsley Place Trust 165.5531 1183,8841. Balance sheet Called up share capit31 Profit and1055 re5f.rve Total reserves Debtors Group 2024 Chartty 2024 Group 2023 Charity 2023 Trrlde debtors Prepayments & accrued Income Other debiors mount due from subJidiary 2.378 84.027 149.945 10,338 38,027 98.776 9,105 38,027 112,679 84,027 152,942 31.851 236.350 268.820 147.141 248.693 12. Creditots.. arnounts fall¢ng due withtn one year GTOUP 2024 Chartty 2024 Group 2023 Charty 2023 Trade creditois Oilier Lreditors Accrua15 and delpryed incoTne 78.518 4.434 18G.899 36,Q90 1,932 68,485 36,0gU 141.918 24.005 ?6J,9" 1 230,990 l)0,0gJ
We3t Horsley Place Tnmt Note5 tothe flnan¢lal Statements I¢11ned} F¢Jr the year gnded 29 February 2024 13. Movement In funds- group 13.1 Current year At 1 March 2023 Income Expenditu Transfers and galnlloss on investrnents At29 February 2024 Endowmeni fund West Horsley 14.476,477 1147.2161 14,329,261 Restricted lund Geraldine Ceiling John Swire Trust Nation31 Heritage Lottery Fund Sénsory Garden Waier course managemènt piojecl Other restrÉted funds 25,0(X> 50.0 35.151 3J,(XJO 39,919 13.3611 135.1511 16,7201 12.701 19,273 19,4641 119.2731 3,237 6.104 17.980 110.8521 18,0591 14.104 160.705 178.7011 114,7791 Unresrricted fund General lund 689,1 $4 721.887 1957.6811- 207,361 660,127 15.179.735 8112.592 11.036.3B21 45.372 15,071,317 Page 32
West Horsley Place Trust Notes to lh• flnanc•al statements (cfwrtlwed) For the year ended 29 February 2024 13.2 Comparative year At 1 March 2022 Income Expenditure Transfers and gafjnlloss on investments At28 February 2023 Endowment fund West Horsley Estsie 14.579,956 1103.4791 14,476,477 R•strirted fund Geraldine c.eiling Archaeology week National Herilage lottery Fund Othei restricted funds 15.421 1 J.(X)o 53.838 17.4211 111.01)Jl 153,8381 S,0 1.670 11.549 6.104 1.670 91.808 179.3741 14.104 Unrestrfeted fund General fund 726.290 733,B54 1828.2281 57.238 689,154 15,307.916 825.662 1907,6021 146.2411 1J.179,73J The endowment fund was established on ihe donation of the We4 Horsley F.5tate to the Lharity from the Execijtors of Mary, Duchess ol Roxburghe. Tlie trustees have choso.n to make a tran51er from the endowmEnt fund to the unrestricted fund to covcr tlic deh.cit on net current assets. I"he (ieraldine Ceiling lund relates lo planned conservation work to a IOr ceiling. The 0 Swire Trusi fund is available to spend on sustainable development projects at the West Horsley Estate. The Sern50ry Gardcn fund relaics io planned woth on CfeaDng a sensory garden wiihin tho grouiids ol Ihe Wost Ilt)rs[Y Esiaie. "Ihe Water Course Mariageiyient ProjÈct knnd relares ro p.lanned woik to alIlate and mana9e Ilood risk on the e5taie. Thc Archaeology Wook fund rclotos io an inityaiivo rhai was parr pl ihg Horilcigp WithoJi Raificrs programme Tlie National14erira9e LoUQry lund relatos to other initiative5 under the Heritaoe Without Barriers proyramme Uther restricted lunds (none ol which arc above ES.0001 relate to a numberot small oiheT proiÈcts. Pale 33
West Horsley Place Trust Notes to the finandal statements Iconllwed) For the year ended 29 February 2024 14. Analysis of funds by asset class 14.1 Current year- group unr0stried Funds 2024 Restricted Fund5 2024 Endovrn¢nt Funds 2L124 Totsl Funds 2024 Tangible fi¥ed assets Heritage assets Investments Net current assets 660.727 420,000 6,898,678 6.842,684 167,899 1,080,7?7 6.89EI,618 6,842,684 249,228 81.330 660.727 81.330 14,329.261 15,071,317 14.?. Comparative ycar g¥oup UnTe5tricled Funds 2023 Restricted Funds EndowmÈnt Fund5 ,Total Fund5 2023 2023 2023 Tangible fixed asse15 14eriiage £ssetS InvÈ£tments Nei current assets 689.154 420.000 6.898.678 6,897,398 260,401 1,1D9.154 6.898.618 6,897,398 274,505 14.104 689,154 14.104 14,476,477 1 Jf,179.735 Current year charity only Unrestricted Funds 2024 Rt$tricted Funds 2024 Endowment Funds 2024 Total Funds 2024 Tangible Iixed 655els Heritago asseLS Inve5tTMent5 Nei c.urrpnt asse.ls 660.727 420,000 6,898,678 6.842,685 167.11?8 1,080,127 6,898.678 6.891.395> 2L19,228 81.329 660.127 87.329 14.329,261 15,071.317 PagE 34
West Horsley Pla£e Trusl Ilotes ts the fM?nclal statements Icmtlnued) For the year ended 29 February 2024 14.4 Comparativc year- charily only Unrestricted Funds 2023 Restricted Funds 2023 Eftdowment Funds 2023 Total Funds 2023 Tangible fixed assots Heritage bssets Investments Net eurreDI assets 689,154 420,tM)O 6,898.618 6,897,399 260.400 1,109.154 6.898,678 6,897,399 274.504 14.104 689,15 14,104 14,416.477 15.179.735 Related party transactions For the yeat ended 29 Febfuary 2024. West Horsley Place limi*d. the wholly ownecl 51lbsiarY oltlie Chaiity, made a gift aid payment of £65.55312023.. El 88.884110 tho C.hariiy. The Charity also reco9nised licence lee incorno 01 £39.25412023.. £102,982) Irom W@st14orsley Place Limited for using the heritage property and estate ltsr filmin9. As shown ifj the debtors noto ar ihpyear end the 5ubsidiaryowed the Chaiity E31.85112023.. f 88.8821. 16. Ahalysis ofcash and cash equtvalen 2024 2023 Cash In hand Cash held by investment mana9or 276,788 6.372 283,160 233.871 6,448 24U,319 17. Analysis of changes in net debt At 1 March 2023 Cash flow5 Ai 28 February 2024 Cash in hand C.a%h neld by Investment mana9er 233.871 6.448 240.3'.9 42.917 (Jhi 4?.,841 216.78LI ?.83, 160 Pago 35
West Horsley PIKeTrust Note5 to the flnandal statemeDts IrtInueI Fortheyear ended 29 February 2024 Capital commitments '[ he Trust is invOd in an ongoing legal case, and it has been agrocd that additional expendirure will be required on an access road to the Tru#'S property to the ¥alJe of approximately £32,000. The work has not yet been carried out but is a capi1 comrnitment. Operating lea receipts Minimum lease receipts unde¥ nOn-CanlIable operating lease5 10 be recoived.. Not later than one year Later than one year but not later than live Later than live years 'lotol lease receip15 under non cancellable leases 2024 2023 39,020 46,995 39.020 46,995 Pa8e 36
West Ilorsley PlaceTrust Notes to the fiftandal statements l£ontlnudl For the year ended 29 February 2024 20. Comparative consolidated ststement of ffinantial actiwts'es Unrestricted Funds 2023 Restricted Funds 2023 Endo¥ment Funds 2023 Total Funds 2023 Income and endovnnents from.. Donation5 and legacies Charitable activilies Trading activitie5 Investment income 79,166 310,626 318.696 ?5.366 91.808 170.934 310,626 318,696 25.366 Total income 133,854 91,808 825.662 Expenditure on.. Raisin9 lund5 Charitable aCtItieS 200,951 627.277 200,951 706,651 79.374 Total expenditure B28.228 79.374 907,602 Net gain5111055esl o inveslrrients Net 9ains on investment propertie5 146,2411 146,2411 Net in¢omellexp8nditurel 194.3741 12,434 146.2411 1128,1811 Transfers between funds 57,238 157,2381 Nel movement in fund5 137.1361 12,434 1103.4791 11?8.1811 Reconuliation ollunds: Total fiJnd5 brought lorward 726.290 1.670 14,579,956 15.307,916 Total funds carried forward 689.154 14.104 14.476,477 l.E,179,735 Pa8e 37