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 eXeC￿tive 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 mI￿ntainS 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. Follo￿￿9 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 conjun￿￿on *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 Hol￿e¥ Place Tn￿t
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 a￿d 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 Co￿ncIl5 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 cOu￿e 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 LIn￿led.$ 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 aCCo￿TIts 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 InveSt￿ent 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.
Th￿5 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 econO￿lC ur￿ertaInty 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•bWUary2￿I
make jud9emEylS and esiimaies t￿1 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 ba*5 ￿n￿Ssi1 is ￿appropriate lo
prewme that Ihe tharitywill continue In business
The rru51ees d￿responSible for keeping PfoperactO￿1W￿ recotd51haid15r.losewiih realonah
accurdcy at anytiffle IhÈ Iindnoal posiiion ol Ihe Ch￿table £ompany and enBble them io ensure
rhal the financial stoieinent5 cornply ¥vilh theCornpaniesAci 2(K16 Tlityèfea150 responsi￿e lor
safeguarding Ihe as&eig d ihe ch?rit3ble company arKJ the grwp oind het)ce loi iaking
reasona￿e Steps lor the prevenlionand detedw)Thol Iraud and oihv If￿9U￿1￿¢*s
In so lar a5 Ihp 1fvsir.es atP. aWJafe'.
Ihpfe ig no relevant Aiidil inff(Km3lion ol v*hich 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¢￿￿e￿o24.
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 P￿ce Trust L￿ni￿1 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 Pr8cth*l.
In our opinion the finan081 stst•msnts.'
give a true and fair vièw of the stste of the grywp's 8nd of Ihe parent charitat￿e (x)mp8nrfs affairs 8S 8t
29" Fobruary 2024.and of Ihe w￿p.5 inLy)￿ng resourcÈs 8nd 8pplcabon of reSLxJrces. induding its
inc￿rne 8nd eXp￿dIture. for Ihe year th￿ ended.,
h8V8 been woperty prepar>J in acccrfdance with United ￿n￿￿0M &nerally Accepl8d Aux>unllng
Practice; and
ave been preP￿d in ¥¢cffiI￿ce ¥hth the r￿1r￿￿[S Of￿ Cutpanies Arl 21MJ6.
Basls for oplnlon
Wtb conducted our auth'l In accordan￿ wth St8ThJ8rds A￿litIng {UK) IISAs IUKII and
applicable law. Our respon&bilities uThJer those slandards we fvjrther descri￿ in the Auditors
respon￿bIlItieS for the audfL¢f thè IinancAI sta￿MentS seC￿.0n ofourrem We a￿ independent oflhe grDUP
and tharita￿e ccffipanyin acc￿dan￿ *Yth Ihe 8thf(31 r￿Ul￿EMentS Ihat are T￿ev￿t to ouraudil ollhe group
finanoal statemenis in the UK. induding the FRC'S Ethiral star￿ard. 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 8Pp￿￿alts to sxovlde a basis for our opinion.
Golng concern
In 8uditTrng th8 group fina￿*01 stalernents. we have c￿Cluded thal th8 directors. use of the gcAng (y)n¢em
ba￿S 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 f￿anCIal stalements are authori58d
for issue.
Our restM)nslbSknlies aryd the respor6ilyblj.esof Ihe direcltys V*ilh rwcl 10 93ing concern are des(￿be￿ in the
ret8v8nl sedions of this Tepcfft.
other Inforniatlon
The trustees are respor611￿e 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 stata￿nts. WTresponyknltyis I0￿8d the oth8r1nfom￿ii0n
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 Ir￿nSiS￿eeS tr aN)8rent matelial mis51alements. we are requ￿ed 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 ac￿rd￿￿ 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 requ1￿1 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 T￿t visited by us., or
Ihe p8ronl ¢hadlable company financial statements are not in wemenl with the 8¢¢c￿ntIng
records and Tetums., or
certain disclosures of trustees, remuneration spe￿r￿d by Iw are not rnade".or
we have not received all Ihe infcffiiation and explanations ￿ ￿uIre for tsur al￿￿.
Respon$lbllltl•s of trustees
As explained more fully in the Stslemenl of T￿￿teeS Responsibilities sel crtrt ￿ page 9, the Iruslees {who
8re 8180 Ihe directors of the parent charit8ble company ￿ Ihg purposes of company lawl are resFL)nsible lor
the weparation of the group financial st81ements and fLY being satisfied that they give a true and fair view.
and for sud) inlemal control as the trustees deleTmine is necessary lo enatle the p￿par81m)n (rf group.
financial slalements that are free from Tnaterial missialement. whether due to fraud or erru.
In yeparing the group financial 8t8tements. the twsleeg are respon￿ble for assessing the group and P8Tent
charitable companls ability lo continue as a going concem. disdosing. asapplicable. matters related lo goSng
concern and using the going bays of eccountirwJ unless the tnjstees eIt￿r intend to liquidal6 the
group and parenl charitsble company or lo cease operations. or have no realistic allemalive but lo do so.
Our rèspon3ibilltles for the audlt of the flnandal ststements
OUT objectives are lo c4)tsin reason8iSe assutsnGe about whether grtyJpfjnanc4 statements 88 8 who
are free from material misstalemenl. whelher due to fraud or error. and lo issue B Repjrt of the Independent
Auditors that includes our opinion. Reas(mable aSSur8r￿ is a h￿￿h level of assura￿ bul is not 8 guarant86
that an audit C￿dUcted in acccKdance wrth ISAS IUKI wll always detect a malaial mis5tatemenl when it
exists. Misslalements can arise from ftaud cx error and are considered Thfjterial if. in(Jiv'Klually or in the
8ggTegale. they could ￿3$onabty be expected lo influence the economic deci%ions of users taken on the
basis ofthese group financial stsl￿ents.
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 del￿t 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,uklauditorsres￿n￿lsll￿. 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 r￿Uired to s18te to them in an audit￿S. 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 (Sen￿r 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
Consolldat*d statem*nt 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
Exper￿lture 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 aCti￿lIes.
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 mor￿eV Place TTh￿t
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 sta￿S
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 prrJp9￿lps 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 Ind￿ldual 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 Inve￿ment properties. To assisl wilh this, the
Irusiees engago 3 lormèl vèluaiion evory 5 years lor invest￿le￿I 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 HOrs￿Y 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 a￿d £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 COn￿dered 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
ReStriC￿d
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 Icontlrn￿dl
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 lIn￿d41 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 Co￿5.
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
p￿28

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
Br￿Jght 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
Addit￿on8 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¢￿11n￿ed}
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 I￿Or 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 alI￿late 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
unr0stri￿ed
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
Invȣtments
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 51lbs￿iarY 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 I￿rtInue￿I
Fortheyear ended 29 February 2024
Capital commitments
'[ he Trust is invO￿d 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 capi￿1 comrnitment.
Operating lea￿ receipts
Minimum
lease
receipts
unde¥ nOn-Can￿lIable
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 aCtI￿tieS
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