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2025-02-28-accounts

Charity Registration No. 1164840 Company Registration No. 09795744

West Horsley Place Trust

Trustees’ Report and financial statements For the year ended 28 February 2025

Chair of the Trustees’ Report

For the Year Ended 28 February 2025

I am pleased to present the Chair of the Trustees’ Report for West Horsley Place for the financial year ended 28 February 2025.

This year has seen continued progress in our mission to preserve and revitalise West Horsley Place as a heritage site for public benefit. We have made significant strides in both conservation and community engagement, despite ongoing economic challenges in the broader charitable and cultural sectors.

Notable highlights include the completion of urgent conservation works to a 17[th] century chimney at the Manor House, a highly important feature of the house’s development, and to an over-470 year old ceiling, the Geraldine ceiling, believed to be the oldest plasterwork ceiling in the country. This was in addition to the advancement of our environmental management plan, which ensures that the estate’s rich natural heritage is protected alongside its historic assets. Visitor numbers have steadily increased, and we were proud to host a number of cultural events, workshops, and school visits that have further embedded West Horsley Place in the local and regional community.

We are deeply grateful to our supporters, volunteers, staff, and trustees whose dedication and generosity have enabled us to maintain momentum in a difficult financial climate. In particular, I would like to extend gratitude and thanks to trustees who have retired since the Trust’s last annual report – Giles Reid, Yolynnda Delugar, Amanda de Haas, Audrey Wise, and Angela Kidner.

Fundraising is a key priority, and we continue to seek new opportunities to support our longterm vision for the estate. We remain committed to delivering our strategic goals — conserving the site for future generations, expanding our cultural programme, and ensuring the estate becomes an even more welcoming, inclusive space for all to enjoy and benefit from.

On behalf of the Board of Trustees, I thank everyone who has contributed to another year of growth, resilience, and purpose at West Horsley Place.

Keith Bannister

Chair of the Trustees

West Horsley Place

September 2025

West Horsley Place Trust

Contents

Page
Trustees’ and charity information 4
Trustees’ report 5 to 11
Independent auditors’ report 12 to 15
Consolidated statement of financial activities 16
Balance sheets 17
Consolidated statement of cash flows 18
Notes to the financial statements 19 to 37

West Horsley Place Trust

Trustees’ and charity information

Trustees Keith Bannister (Chair) (appointed on 14thApril 2025)
Giles Reid (Chair) (resigned on 2ndApril 2025)
Marcus Cooper
Yolynnda Delugar (resigned on 30thSeptember 2025)
Angela Kidner (resigned on 24thNovember 2024)
Rebecca Labram
Marilyn Scott
John Simpson
Rebecca Stovell
Amanda de Haast (resigned on 18thMarch 2024)
Audrey Wade (resigned on 26thJuly 2024)
Trustee Emeritus Adrian Lajtha
Charity Director Ilona Harris
Company secretary Catherine McCallum (resigned on 22ndMay 2024)
Registered address West Horsley Place
Epsom Road
West Horsley
Surrey KT24 6AN
Charity number 1164840 (registered in England and Wales)
Company number 09795744 (incorporated in England and Wales)
Independent auditors Lewis Brownlee (Chichester) Limited
Appledram Barns, Birdham Road
Chichester
West Sussex
PO20 7EQ
Bankers CAF Bank Limited
25 Kings Hill Avenue
Kings Hill, West Malling
Kent ME19 4JQ
Solicitors Stone King LLP
Boundary House
91 Charterhouse Street
London EC1M 6HR
Investment managers Sarasin & Partners LLP
Juxon House, 100 St Paul’s Churchyard
London EC4M 8BU

Page 4

West Horsley Place Trust For the year ended 28 February 2025

Trustees report

The Trustees present their annual report and financial statements of the charity for the 12 months ended 28[th] February 2025.

Background and objectives

West Horsley Place Trust (“the Charity” or “the Trust”) is a company limited by guarantee and a registered charity governed by its Articles of Association. The Trustees of the Charity (listed on page 4) also serve as the directors of the company. The Charity was established, and the company incorporated, in September 2015 to preserve and repair West Horsley Place, a Grade I listed medieval house and estate set in 400 acres of rural Surrey.

The objectives of the Charity are, and have been since its incorporation, for the public benefit. They are twofold:

  1. To preserve and maintain the house known as West Horsley Place in Surrey, together with its ancillary buildings, grounds, and estate, as a place of historic and architectural interest, setting its history in a wider local and national context by a variety of learning methods.

  2. To promote the performing and visual arts, but without limitation, by facilitating 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 Horsley Place.

The Charity was set up by Bamber and Christina Gascoigne following Bamber’s inheritance of West Horsley Place on the death of his aunt, Mary, Duchess of Roxburghe, in 2014. In June 2016, title to the West Horsley Place estate was transferred to the Charity together with the proceeds from the earlier sale of the late Duchess’s goods and chattels. The Trustees remain profoundly grateful to Bamber and Christina Gascoigne for their vision and exceptional philanthropy.

Principal Activities

The principal activities of the Charity are to deliver its charitable objectives. In this ninth year of the Charity’s existence, the priorities agreed by the trustees have sought to build on the previous year’s achievements and to create a blueprint for its long-term future. The Trust will:

Page 5

West Horsley Place Trust For the year ended 28 February 2025

In pursuing these principal activities, the Trustees always have in mind the Charity Commission’s guidance on public benefit and the supplementary guidance on heritage, preservation, conservation, and education.

Nature of governance and how the Charity is structured

West Horsley Place Trust is an independent charity. It receives no direct government funding. Conservation works, the planning and development of arts and crafts programmes and other projects must therefore be primarily funded through donations, grants, earned income and any other income sources available to the Charity.

The Charity has a Board of Trustees who are responsible for the overall direction and leadership of the Charity. The directors of the charitable company are its Trustees for the purpose of charity law and throughout this report are referred to as the Trustees. During the past year we have grown our Trustee board and are grateful to all of the Trustees for their time and commitment. As set out in the Articles of Association, the Trustees select the Chair of the Charity. The board appoints the Charity Director who is responsible for the executive management of the Charity and, with the Trustee board, for the long-term strategic management of the organisation. The Director is a paid employee of the Charity and is not a Trustee.

All Trustees give their time voluntarily and receive no benefit from the Charity. Any out-of-pocket expenses claimed from the Charity are set out in the accounts. The Charity has a Conflicts of Interest policy and maintains a Register of Interests. Trustees are required to keep their entry up to date.

Recruitment, appointment, and induction of Trustees

The Charity’s policy is to appoint Trustees who have an expertise in particular aspects of the Charity’s work.

Upon appointment, Trustees are provided with information on the constitution and purpose of the Charity and their role and responsibilities as Charity Trustees. Trustees are made aware of the valuable guidance materials available on the Charity Commission’s website and have new developments drawn to their attention. If required, professional advisors advise them on governance matters.

Related organisation

In order to meet legal obligations and to provide financial support for the achievement of the charitable objectives of the Charity, West Horsley Place Trust has a trading company, West Horsley Place Limited. This company carries out trading activities that are outside the charitable purpose of the Charity, but which contribute to the financial sustainability of West Horsley Place. It is a wholly owned subsidiary of the Charity. There is an agreement between the Charity and the trading company that the latter will donate all its profits to the Charity.

Page 6

West Horsley Place Trust For the year ended 28 February 2025

A board of directors provides overall direction to the trading company. Current members of the board of directors of West Horsley Place Limited are Marcus Cooper, Yolynnda Delugar, Marilyn Scott, John Simpson, Giles Reid (until 2[nd] April 2025), and Ilona Harris.

Risk management

The Trustees and the Director assess the major risks to which the Charity is exposed and continue to strengthen systems and processes to mitigate those risks. The principal risks are:

The Trustees and Director regularly assess risk and are satisfied that steps are taken to mitigate the risks associated with the charity. These include an annual budgeted programme of repairs and conservation, diversification of income streams, and a continual assessment of our ticketed programme.

Achievements in the year ended 28[th] February 2025

Conservation & Related Works

Ownership & Leadership

Sustainability & Biodiversity

Page 7

West Horsley Place Trust For the year ended 28 February 2025

Public & Community Engagement

Commercial Activity

West Horsley Place Limited (WHPL) is the Charity's wholly owned entity set up to conduct trading activities in support of the Charity. During the year, the company secured income from private hire, from wedding bookings and from merchandise and catering sales.

Fundraising

The Trust engaged in fundraising activities during the year, via donations and grants, from public or private funded bodies and from individual donors. The trustees undertake their responsibility under the Charities (Protection and Social Investment) Act 2016 diligently and have considered the implications on their activities. In conducting its fundraising, the Charity is compliant with the Charity Commission’s expectations and adheres to the Fundraising Regulator’s Code of Fundraising Practice and related policies. The Charity is registered with the Fundraising Regulator. The trustees confirm that in the current financial year there have been no complaints in respect of fundraising. The Trust does not currently undertake direct marketing and ensures that any fundraising approaches by the charity are not unreasonably intrusive or persistent.

Objectives for the coming year

The principal priorities for the year ahead are to:

Page 8

West Horsley Place Trust For the year ended 28 February 2025

Financial position and review

The Charity’s principal asset is the Grade 1 listed West Horsley Place Manor House, its associated historic buildings, walled garden, and estate. These properties comprise the heritage assets and have a book value of £6.6m (2024: £6.6m). They are held by the Charity for preservation and to carry out its charitable activities. The properties are central to the achievement of the Charity’s objects.

The Charity held financial investments of £795,615 (2024: £827,685) and cash of £213,972 (2024: £276,788) on 28[th] February 2025.

Income for the period totalled £1,153,935 (2024: £882,591), principally from:

Total expenditure was £1,178,042 (2024: £1,036,381).

In year, the Trust incurred unbudgeted costs contributing significantly to our expenditure. These included a one-off payment to conclude repair works to the A246, legal fees related to the same, and professional fees related to the recruitment of a new Chair.

Investment policy

The Charity has an investment policy that covers attitude to risk, liquidity, asset types, time horizons, currency exposure and ethical constraints. The implementation of the policy has resulted in the Charity’s funds being currently held in two parts:

Page 9

West Horsley Place Trust For the year ended 28 February 2025

The investment policy seeks to produce the best financial return within an acceptable level of risk, and through ethical means wherever possible. The investment objective for the balanced risk funds is to generate an annual return of UK CPI +3.5% over the long term, including income of about 3% ‐ p.a. to support the on going activities of the Charity.

The Trustees have delegated investment decisions to an Investment Committee that has authority from the Board to recommend the selection of an authorised professional investment manager, regulated by the FCA. This Committee has terms of reference set by the Board and includes an independent expert member. In March 2017, after a selection process, the Committee recommended the appointment of Sarasin & Partners LLP as investment manager. This recommendation was accepted by the Board on 20th April 2017 and has been implemented.

Reserves policy

The Trustees have agreed the following policy in relation to reserves. This will be reviewed annually.

Our objective is to make the Trust financially sustainable in perpetuity and thus to hold funds in reserve in case of unforeseen problems. We raise funds to maintain and preserve the Manor House and other buildings, the estate, and other facilities, and to fulfil the charitable objects.

We aim to maintain a contingency reserve of at least three months of annual operating expenses. The Trustees consider that there are potential major threats to our long-term ability to operate, including structural issues related to our buildings, the scale of our estate, economic and health situations and other serious potential interruptions to our commercial and visitor levels, each of which would result in loss of revenue or significant cost burdens. The contingency reserves calculation is based on our current operating budgeted expenditure and will increase with inflation over time. These funds are invested appropriately, balancing growth and security. Contracted capital expenditure and restricted funds will be deducted in any calculation of our contingency reserve.

Statement of trustees’ responsibilities

The Trustees (who are also directors of West Horsley Place Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the

Page 10

West Horsley Place Trust For the year ended 28 February 2025

charitable group for that period. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

Auditors

On 16[th] December 2024, the Chichester office of Sheen Stickland merged with Lewis Brownlee (Chichester) Limited who have undertaken the audit for the current year.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

Signed on behalf of the Board of Trustees on

17 November 2025

...........................................

Keith Bannister Chair of Trustees

Page 11

West Horsley Place Trust For the year ended 28 February 2025

Independent auditors’ report to the members

Opinion

We have audited the financial statements of West Horsley Place Trust Limited (the 'parent charitable company') and its subsidiary (the ‘group’) for the year ended 28th February 2025 on pages 16 to 37. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

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

Going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the group financial statements and our Report of the Independent Auditors thereon.

Our opinion on the group financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the group financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the audit or otherwise appears to be

Page 12

West Horsley Place Trust For the year ended 28 February 2025

materially misstated. If we identify such material inconsistences or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees Responsibilities set out on page 10, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the group financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of group financial statements that are free from material misstatement, whether due to fraud or error.

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

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the group financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

Page 13

West Horsley Place Trust For the year ended 28 February 2025

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to

Page 14

West Horsley Place Trust For the year ended 28 February 2025

become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the group financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Alexander FCA FCCA

for and on behalf of Lewis Brownlee (Chichester) Limited Chartered Accountants Statutory Auditors Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ

Date: 18 November 2025

Page 15

West Horsley Place Trust

Consolidated statement of financial activities (incorporating income and expenditure account) For the year ended 28 February 2025

Note
Income and
endowments from:
Donations and
legacies
2
Charitable activities
3
Trading activities
4
Investment income
5
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
6
Net gains on
investments
Net income/ (expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Funds brought forward
Funds carried forward		 Unrestricted
Funds
2025
£
24,813
665,907
287,072
17,351
995,143
283,171
776,900
1,060,071
-
(64,928)
-
(64,928)
660,727		 Restricted
Funds
2025
£
158,792
-
-
-
158,792
-
117,961
117,961
-
40,831
-
40,831
81,330		 Endow-
ment
Funds
2025
£
-
-
-
-
-
-
10
10
69,225
69,215
-
69,215
14,329,260
14,398,475		 Total
Funds
2025
£
183,605
665,907
287,072
17,351
1,153,935
283,171
894,871
1,178,042
69,225
45,118
-
45,118
15,071,317
15,116,435		 Total
Funds
2024
£
232,007
480,387
143,955
26,242
882,591
298,832
737,549
1,036,381
45,372
(108,418)
-
(108,418)
15,179,735
595,799 122,161 15,071,317

The notes on pages 19 to 37 form part of these financial statements.

The statement of financial activities contains all recognised gains and losses for the financial year. The results for the period all relate to continuing activities.

Page 16

West Horsley Place Trust

Balance sheets As at 28 February 2025

Note
Fixed assets
Intangible assets
8
Tangible fixed assets
9
Heritage assets
10
Investments
11
Current assets
Stocks
Debtors
12
Cash at bank and in hand17
Current liabilities
Creditors: amounts falling
due within one year
13
Net
current
assets
Total net assets
The funds of the
charity:
14
Endowment fund
Restricted fund
Unrestricted fund
Total
charity
funds
15		 2025
Group
Charity
£
£
8,000
8,000
1,136,863
1,136,863
6,898,678
6,898,678
6,810,615
6,810,616
14,854,156
14,854,157
10,038
-
312,006
393,895
213,972
139,255
536,016
533,150
(273,737)
(270,872)
262,279
262,278
15,116,435
15,116,435
14,398,476
14,398,476
122,160
122,160
595,799
595,799
15,116,435
15,116,435		 2024
Group
Charity
£
£
-
-
1,080,727
1,080,727
6,898,678
6,898,678
6,842,684
6,842,685
14,822,089
14,822,090
1
-
236,350
268,820
276,788
211,397
513,139
480,217
(263,911)
(230,990)
249,228
249,227
15,071,317
15,071,317
14,329,261
14,329,261
81,329
81,329
660,727
660,727
15,071,317
15,071,317		 2024
Group
Charity
£
£
-
-
1,080,727
1,080,727
6,898,678
6,898,678
6,842,684
6,842,685
14,822,089
14,822,090
1
-
236,350
268,820
276,788
211,397
513,139
480,217
(263,911)
(230,990)
249,228
249,227
15,071,317
15,071,317
14,329,261
14,329,261
81,329
81,329
660,727
660,727
15,071,317
15,071,317
14,822,090
-
268,820
211,397
480,217
(230,990)
249,227
15,071,317
14,329,261
81,329
660,727
15,071,317

As permitted by Section 408 of the Companies Act 2006 no separate Statement of Financial Activities for the charity alone has been presented. The net income of the stand-alone charity for the year was a surplus of £45,118 (2024: deficit of £108,419).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Approved by the Board of Trustees on

17 November 2025 and signed on its behalf by

........................................... ........................................... Keith Bannister John Simpson Chair of Trustees Trustee Company number 09795744

The notes on pages 19 to 37 form part of these financial statements.

Page 17

West Horsley Place Trust

Consolidated statement of cash flows Year ended 28 February 2025


£
Cash
flows
from
operating
activities
(see below)
Cash flows from investing
activities
Dividends,
interest
and
rental
income
17,351
Purchase of tangible fixed assets
(94,556)
Purchase of intangible fixed assets
(8,000)
Sale of tangible fixed assets
-
Proceeds from disposal of
investments
100,012
Change
in
cash
and
cash
equivalents
Cash and cash equivalents on 1
March 2024
Cash and cash equivalents
on 28 February 2025
17
Reconciliation of net income to cash flow
from operating activities:
Net income
Adjustments for:
Depreciation
Dividends, interest and rental income
(Gains)/losses on investments
(Increase)/decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors		 2025

£
£
(78,906)
26,086
(12,570)
-
1,868
100,013
14,807
(64,099)
283,160
219,061
2025
£
45,118
38,420
(17,351)
(69,225)
(10,038)
(75,656)
9,826
(78,906)		 2024
£
(72,556)
115,397
42,841
240,319
283,160
2024
£
(108,419)
39,128
(26,086)
(45,372)
-
(43,314)
111,507
(72,556)

Page 18

West Horsley Place Trust

Notes to the financial statements For the year ended 28 February 2025

1. Principal accounting policies

1.1 Accounting convention

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The functional currency is sterling. Monetary amounts in these financial statements are rounded to the nearest £.

The charity constitutes a public benefit entity as defined by FRS 102.

1.2 Going concern

The trustees have considered the ability of the charity to continue as a going concern. At the time of writing in October 2025, activity levels are good with interest in a wide range of commercial and charitable offers including craft fairs, tours, talks, performances and social events. It is forecast that at the end of the accounting year the charity will report financial performance that is in deficit, but this result has been planned. Under these assumptions the trustees consider that the Charity is a going concern.

1.3 Group accounts

The financial statements present the consolidated statement of financial activities (SOFA), consolidated statement of cash flows and the consolidated and charity balance sheets comprising of the consolidation of the Charity with its wholly owned subsidiary West Horsley Place Limited (company registration number 10315041).

1.4 Company status

The Charity is a company limited by guarantee and has no share capital. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. At 28 February 2025 the total of such guarantees was £10 (2024: £10).

1.5 Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable the income will be received, and the amount can be reliably measured.

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West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

Donation income is recognised in the year in which the Charity is entitled to receipt and the amount can be measured with reasonable certainty. If a donation has any restrictions attached, it is credited to the relevant restricted fund.

Gifts in kind are valued at estimated open market value at the date of gift or at the value to the Charity in the case of donated services.

Income from investment properties is accounted for in the period to which the rental income relates.

1.6 Expenditure

Liabilities are recognised as expenditure when there is a legal or constructive obligation committing the Charity to make a payment to a third party and it is probable that a settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Expenditure not directly attributable to charitable activities, including support and governance costs, are allocated to each activity on the basis of the direct costs of each activity as follows:

Raising funds 13% (2024: 22%) Maintenance of the estate 85% (2024: 68%) Promotion of the performing arts 2% (2024: 10%)

1.7 Intangible fixed assets

Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost, after recognition under the cost model, intangible assets are measured at cost less any accumulated and any accumulated impairment losses.

1.8

Tangible fixed assets

Expenditure on the acquisition of individual fixed assets that cost more than £1,000 are capitalised at cost.

Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value in equal instalments over their expected useful economic lives as follows:

Property improvements (when complete) Over 25 years on a straight-line basis Woodland Not depreciated

Page 20

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

Plant & machinery Over 5 years on a straight-line basis Motor vehicles Over 5 years on a straight-line basis Fixtures, fittings, computer equipment Over 5 years on a straight-line basis

Woodland is not depreciated as the amount included is based on the land value which has an infinite useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the SOFA.

1.9 Investments

Investment properties are valued as individual investments at their market values as at the balance sheet date. Purchases and sales of investment properties are recognised on exchange of contracts. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the SOFA and allocated to the appropriate fund according to the ‘ownership’ of the underlying assets.

Each year the trustees consider the market value of the investment properties. To assist with this, the trustees engage a formal valuation every 5 years for investment properties.

The investment in the subsidiary undertaking is shown at cost on the charity balance sheet.

Other financial investments are stated at mid-market value at the balance sheet date. Realised and unrealised gains and losses on investments are accounted for in the statement of financial activities.

1.10 Heritage assets

The Charity’s objects include the preservation and maintenance of the house known as West Horsley Place together with its ancillary buildings and grounds. As such the Charity owns and maintains this asset which meets the definition of a heritage asset in accordance with FRS 102. Heritage assets are included on the balance sheet at either their cost or if donated, the valuation at the date of donation.

The heritage asset is considered to have an indefinite life and is therefore not depreciated but is reviewed for impairment by the trustees.

The costs of maintaining the heritage asset are included in the direct costs of the charity.

1.11

Stock

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.

Page 21

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

1.12 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts.

1.13 Creditors

Creditors and provisions are recognised where the group has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

1.14 Taxation

West Horsley Place Trust is a registered charity and is not liable to United Kingdom income tax or corporation tax on charitable activities.

1.15 Funds

The charitable trust funds of the Charity, and its subsidiary are accounted for as unrestricted or endowment capital, in accordance with the terms of the charity.

Unrestricted funds

Surplus income received with no restrictions attached is credited to the unrestricted fund. Expenditure from this fund is at the discretion of the trustees in furtherance of the general objectives of the Charity.

Restricted funds

Restricted funds are amounts which are specified by the donor to be used solely for particular projects undertaken by the Charity.

Endowment funds

The endowment fund represents funds received from the Executors of Mary, Duchess of Roxburghe, being the West Horsley Place Estate and its associated properties and chattels. The trustees have the power to convert endowment funds into income, and it is therefore classed as an expendable endowment.

1.16 Financial instruments

The group only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. There were no bank loans in the year.

Page 22

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

In application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The trustees consider the main area of judgement in the accounts to be the value of investment property and heritage assets.

Page 23

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

2.
Income from donations and legacies
Unrestricted
Restricted Endowment Total
Funds
Funds Funds Funds
2025
2025 2025 2025
£
£ £ £

Cash donations
4,902
36,672
-
41,574
Gift Aid
15,963
-
-
15,963
Grant income
3,948
122,120
-
126,068
24,813
158,792
-
183,605
Unrestricted Restricted Endowment
Funds Funds Funds
2024 2024 2024
£ £ £
Cash donations
22,340
33,700
-
Gift Aid
30,963
5,000
-
Grant income
18,000
122,004
-
Legacies
-
-
-
71,303
160,704
-
3.
Income from charitable activities
Total and

unrestricted
funds
2025

£
Maintenance of the estate
437,403
Promotion of performing arts
38,329
Rents receivable
178,034
Other income
12,141
665,907
4.
Income from trading activities
Total and
unrestricted
funds
2025
£
Filming income
101,390
Other trading income
185,682
287,072
5.
Investment income		 2.
Income from donations and legacies
Unrestricted
Restricted Endowment Total
Funds
Funds Funds Funds
2025
2025 2025 2025
£
£ £ £

Cash donations
4,902
36,672
-
41,574
Gift Aid
15,963
-
-
15,963
Grant income
3,948
122,120
-
126,068
24,813
158,792
-
183,605
Unrestricted Restricted Endowment
Funds Funds Funds
2024 2024 2024
£ £ £
Cash donations
22,340
33,700
-
Gift Aid
30,963
5,000
-
Grant income
18,000
122,004
-
Legacies
-
-
-
71,303
160,704
-
3.
Income from charitable activities
Total and

unrestricted
funds
2025

£
Maintenance of the estate
437,403
Promotion of performing arts
38,329
Rents receivable
178,034
Other income
12,141
665,907
4.
Income from trading activities
Total and
unrestricted
funds
2025
£
Filming income
101,390
Other trading income
185,682
287,072
5.
Investment income


Total
Funds
2024
£
56,040
35,963
140,004
232,007
Total
Funds
2024
£
56,040
35,963
140,004
-
232,007
Total and
unrestricted
funds
2024
£
272,638
26,598
175,754
5,397
480,387
Total and
unrestricted
funds
2024
£
47,461
96,494
143,955

Page 24

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

Dividend income
Interest income
6.
Expenditure
Current year
Raising funds
Charitable activities
Maintenance of the estate
Promotion of the performing
arts
Comparative year
Raising funds
Charitable activities
Maintenance of the estate
Promotion of the performing
arts		 Total and
Total and
unrestricted
funds
unrestricted
funds
2025
2024
£
£
15,964
25,190
1,387
1,052
17,351
26,242
Direct costs
Direct staff
costs
Support
and
governance
costs (see
below)
Total
2025
2025
2025
2025
£
£
£
£
59,574
173,565
50,032
283,171
334,428
109,238
354,390
798,056
11,103
73,204
12,508
96,815
405,105
356,007
416,930
1,178,042
Direct
costs
Direct staff
costs
Support and
governance
costs (see
below)
Total
2024
2024
2024
2024
£
£
£
£
84,539
109,007
105,286
298,832
82,157
171,580
355,464
609,201
36,535
43,957
47,856
128,348
203,231
342,544
508,606
1,036,381		 Total and
unrestricted
funds
2024
£
25,190
1,052
26,242

Page 25

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

Support costs
2025
£
Staff costs (note 7)
110,045
Legal and professional fees
55,775
Utilities
40,328
General
office
and
administration
6,431
Computer and IT
22,083
Insurance
44,075
Other costs
51,322
Depreciation
38,421
Governance costs:
Audit fees
15,350
Accountancy and professional
fees
33,100
48,450
416,930
Disclosure of auditors’remuneration
Audit fees – current year
Audit fees – additional prior year fees not accrued		 15,126
24,500
2025
£
15.350
-		 2024
£
165,020
68,899
29,650
46,921
6,755
41,901
70,706
39,128
39,626
508,606
2024
£
12,620
2,506

Page 26

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

7. Staff costs

Salaries and wages
Social security costs
Pensions		 Group
2025
£
407,379
37,310
19,804
464,493		 Group
2024
£
387,893
38,688
19,027
445,608

During the year the average number of employees was 13 (2024: 13).

The Charity considers its key management personnel to be the Charity Director. Total remuneration paid to key management personnel in the period was £91,321 (2024: £87,913).

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
£80,001 - £90,000 1 1

During the year no trustee received any remuneration (2024: £nil). During the year two trustees were reimbursed for expenses totalling £400 (2024: £453), relating to travel costs.

8. Intangible assets

Group and charity
Cost
Additions
Net book value
On 28 February 2025
On 28 February 2024		 Development
costs
£
8,000
8,000
-

Page 27

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

9.
Tangible fixed assets
Group and charity
Cost
On 1 March 2024
Additions
Disposals
On 28 February 2025
Depreciation
On 1 March 2024
Charge for the period
Eliminated on disposal
On 28 February 2025
Net book value
On 28 February 2025
On 28 February 2024
Group and charity
Cost
On 1 March 2024
Additions
Disposals
On 28 February 2025
Depreciation
On 1 March 2024
Charge for the period
Eliminated on disposal
On 28 February 2025
Net book value
On 28 February 2025
On 28 February 2024		 Property
improvements
(in progress)
Property
improvements
(complete)
Woodland
£
£
£
2,870
717,043
420,000
93,481
-
-
-
-
-
96,351
717,043
420,000
-
79,056
-
28,681
-
-
-
-
-
107,737
-
96,351
609,306
420,000
2,870
637,987
420,000
Plant &
machinery
Motor
Vehicles
Fixtures,
fittings,
computer
equipment
TOTAL
£
£
£
£
51,255
12,408
15,627
1,219,203
-
-
1,075
94,556
-
-
-
-
51,255
12,408
16,702
1,313,759
37,427
12,408
9,586
138,477
7,109
-
2,630
38,420
-
-
-
-
44,536
12,408
12,216
176,897
6,719
-
4,487
1,136,863
13,829
-
6,041
1,080,727

Page 28

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

10.
Heritage assets
Group and charity
Cost
On 1 March 2024
Additions
Disposals
On 28 February 2025
Provision for impairment
On 1 March 2024
Charge in the year
On 28 February 2025
NBV
On 28 February 2025
On 28 February 2024		 Heritage
property
Chattels
Total
£
£
£
6,593,054
335,964
6,929,018
-
-
-
-
-
-
6,593,054
335,964
6,929,018
-
30,340
30,340
-
-
-
-
30,340
30,340
6,593,054
305,624
6,898,678
6,593,054
305,624
6,898,678

Heritage assets comprise the heritage property which is West Horsley Place House and its gardens, and chattels which are various artefacts enhancing the experience of visitors to the house.

The trustees are committed to the maintenance of the heritage assets. This includes a programme of emergency works and then ongoing works over the next few years.

Summary analysis of heritage asset transactions in the last five years

Brought
forward
Purchases
Cost carried
forward		 2025
£
6,929,018
-
6,929,018		 2024
£
6,929,018
-
6,929,018		 2023
£
6,906,272
22,746
6,929,018		 2022
£
6,833,855
72,417
6,906,272		 2021
£
5,355,659
1,478,196
6,833,855

Page 29

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

11.
Investments
Current year
Valuation
On 1 March 2024
Additions
Disposals
Unrealised gain/loss
Decrease in cash
held by investment
On 28 February2025
Comparative year
Valuation
On 1 March 2023
Disposals
Unrealised gain/loss
Decrease in cash
held by investment
On 29 February 2024		 11.
Investments
Current year
Valuation
On 1 March 2024
Additions
Disposals
Unrealised gain/loss
Decrease in cash
held by investment
On 28 February2025
Comparative year
Valuation
On 1 March 2023
Disposals
Unrealised gain/loss
Decrease in cash
held by investment
On 29 February 2024		 Investment
properties
Other
investments
Group Total
Investment
in subsidiary
Charity
Total
£
£
£
£
£
6,014,999
827,685
6,842,684
1
6,842,685
1
-
1
-
1
-
(80,955)
(80,955)
-
(80,955)
-
50,166
50,166
-
50,166
-
(1,281)
(1,281)
-
(1,281)
6,015,000
795,615
6,810,615
1
6,810,616
Investment
properties
Other
investments
Group Total
Investment
in subsidiary
Charity
Total
£
£
£
£
£
6,014,999
882,475
6,897,474
1
6,897,475
-
(91,259)
(91,259)
-
(91,259)
-
36,544
36,544
-
36,544
-
(75)
(75)
-
(75)
6,014,999
827,685
6,842,684
1
6,842,685

Investment properties

In February 2022 the investment properties were valued by Savills, resulting in the gain in valuation in the year. All investment properties are in the UK. At 28 February 2025, the trustees consider that the valuation remains appropriate.

Other investments

The investment portfolio includes material holdings in Sarasin Endowments Fund Class A Inc of £790,524 (2024: £821,312). Breakdown of other investments at market value.

Collective investment funds (UK)
Cash
Total investments at market value
Historic cost of investments(excluding cash)		 2025
£
790,524
5,091
795,615
613,494		 2024
£
821,312
6,372
827,684
694,449

Page 30

Notes to the financial statements (continued) For the year ended 28 February 2025

West Horsley Place Trust

Investment in subsidiary

On 5 August 2016 the charity acquired 100% of the share capital in its wholly owned subsidiary, West Horsley Place Limited (company registration number 10315041).

The summary financial performance of the subsidiary alone is:

Profit and loss
Turnover
Cost of sales
Gross profit
Administrative expenses
Interest income
Profit for the year
Gift aid payment to West Horsley Place Trust
Balance sheet
Called up share capital
Profit and loss reserve
Total reserves
12.
Debtors
Group
2025
£
Trade debtors
21,437
Prepayments & accrued income
109,086
Other debtors
181,483
Amount due from subsidiary
-
312,006		 Profit and loss
Turnover
Cost of sales
Gross profit
Administrative expenses
Interest income
Profit for the year
Gift aid payment to West Horsley Place Trust
Balance sheet
Called up share capital
Profit and loss reserve
Total reserves
12.
Debtors
Group
2025
£
Trade debtors
21,437
Prepayments & accrued income
109,086
Other debtors
181,483
Amount due from subsidiary
-
312,006		 2025
2024
£
£
287,072
106,945
(141,762)
(39,254)
145,310
67,691
(11,185)
(2,294)
131
156
134,256
65,553
(134,256)
(65,553)
1
1
-
-
1
1
Charity
Group
Charity
2025
2024
2024
£
£
£
12,631
2,378
-
199,262
84,027
84,027
182,002
149,945
152,942
-
-
31,851
393,895
236,350
268,820		 2025
2024
£
£
287,072
106,945
(141,762)
(39,254)
145,310
67,691
(11,185)
(2,294)
131
156
134,256
65,553
(134,256)
(65,553)
1
1
-
-
1
1
Charity
Group
Charity
2025
2024
2024
£
£
£
12,631
2,378
-
199,262
84,027
84,027
182,002
149,945
152,942
-
-
31,851
393,895
236,350
268,820		 2024
£
106,945
(39,254)
67,691
(2,294)
156
65,553
(65,553)
1
-
1
Charity
2025
£
12,631
199,262
182,002
-
393,895
312,006 236,350
268,820

Other debtors includes £134,501 (2024: £116,638) due from a tenant on a 99-year lease agreed with the charity. The full value of this debtor balance is due in more than 1 year.

13. Creditors: amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income
Amounts due to subsidiary		 Group
Charity
2025
2025
£
£
130,830
130,830
13,658
4,250
129,249
76,175
-
59,617
273,737
270,872		 Group
Charity
2024
2024
£
£
78,578
78,578
4,434
4,434
180,899
147,978
-
-
263,911
230,990

Page 31

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

Accruals and deferred income includes income received in advance of £82,143, of which £31,446 related to the charity (2024: £177,292 of which £147,334 related to the charity).

14.
Movement in funds - group
14.1
Current year
At 1 March
2024
£
Endowment fund
West Horsley
Estate
14,329,261
Restricted fund
Geraldine Ceiling
33,000
John Swire Trust
39,919
Heritage without
Barriers
(including
sensory garden)
3,237
Website
-
Chimney Works
-
HRP Henry on
Tour
Revels
-
Staircase
-
Environmental
Monitoring
-
Quiet Revolution
Masterplan
-
Other restricted
funds
5,173
81,329
Unrestricted fund
General fund
660,727
15,071,317		 Income
£
-
38,000
-
12,682
-
28,000
2,000
11,000
24,000
18,010
25,000
100
158,792
946,505
1,105,297		 Expenditure
£
-
(46,000)
(899)
(15,919)
-
(28,000)
-
(5,000)
-
(18,010)
-
(4,133)
(117,961)
(1,011,433)
(1,129,394)		 Transfers
and
gain/loss on
investments
£
69,215
(25,000)
-
-
25,000
-
-
-
-
-
-
-
-
69,215		 At 28
February
2025
£
14,398,476
-
39,020
-
25,000
-
2,000
6,000
24,000
-
25,000
1,140
122,160
595,799
15,116,435

The endowment fund was established on the donation of the West Horsley Estate to the Charity from the Executors of Mary, Duchess of Roxburghe. In the prior year, the trustees chose to make a transfer from the endowment fund to the unrestricted fund to cover the deficit on net current assets.

Page 32

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

Restricted funds

Page 33

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

14.2
Comparative year
On 1 March
2023
£
Endowment fund
West Horsley
Estate
14,476,477
Restricted fund
Geraldine Ceiling
8,000
John Swire Trust
National Heritage
Lottery Fund
-
Sensory Garden
-
Water
course
management
project
-
Other
restricted
funds
6,104
14,104
Unrestricted fund
General fund
689,154
15,179,735		 Income
£
-
25,000
50,000
35,751
12,701
19,273
17,980
160,705
721,887
882,592		 Expenditure
£
-
-
(3,361)
(35,751)
(9,464)
(19,273)
(10,852)
(78,701)
(957,681)
(1,036,382)		 Transfers
and
gain/loss on
investments
£
(147,216)
-
(6,720)
-
-
-
(8,059)
(14,779)
207,367
45,372		 On 28
February
2024
£
14,329,261
33,000
39,919
-
3,237
-
5,173
81,329
660,727
15,071,317
15.
Analysis of funds by asset class
15.1
Current year – group
Unrestricted
Funds
2025
£
Intangible fixed assets
8,000
Tangible fixed assets
716,863
Heritage assets
-
Investments
-
Net current assets
(129,064)
595,799		 Restricted
Funds
2025
£
-
-
-
-
122,161
122,161		 Endowment
Funds
2025
£
-
420,000
6,898,678
6,810,615
269,182
14,398,475		 Total
Funds
2025
£
8,000
1,136,863
6,898,678
6,810,615
262,279
15,116,435

Page 34

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

15.2
Comparative year - group
Unrestricted
Funds
2024
£
Tangible fixed assets
660,727
Heritage assets
-
Investments
-
Net current assets
-
660,727
15.3
Current year – charity only
Unrestricted
Funds
2025
£
Intangible fixed assets
8,000
Tangible fixed assets
716,863
Heritage assets
-
Investments
-
Net current assets
(129,065)
595,798
15.4
Comparative year – charity only
Unrestricted
Funds
2024
£
Tangible fixed assets
660,727
Heritage assets
-
Investments
-
Net current assets
-
660,727		 Restricted
Funds
2024
£
-
-
-
81,330
81,330
Restricted
Funds
2025
£
-
-
-
-
122,161
122,161
Restricted
Funds
2024
£
-
-
-
81,329
81,329		 Endowment
Funds
2024
£
420,000
6,898,678
6,842,684
167,899
14,329,261
Endow-
ment
Funds
2025
£
-
420,000
6,898,678
6,810,616
269,182
14,398,476
Endow-
ment
Funds
2024
£
420,000
6,898,678
6,842,685
167,898
14,329,261		 Total
Funds
2024
£
1,080,727
6,898,678
6,842,684
249,228
15,071,317
Total
Funds
2025
£
8,000
1,136,863
6,898,678
6,810,616
262,278
15,116,435
Total
Funds
2024
£
1,080,727
6,898,678
6,897,399
249,228
15,071,317

Page 35

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

16. Related party transactions

For the year ended 28 February 2025, West Horsley Place Limited, the wholly owned subsidiary of the Charity, made a gift aid payment of £134,256 (2024: £65,554) to the Charity.

The Charity also recognised licence fee income of £104,309 (2024: £39,254) from West Horsley Place Limited for using the heritage property and estate for filming and weddings.

As shown in the creditors note at the year end the Charity owed the subsidiary £59,617 (2024: debtor of £31,851).

17. Analysis of cash and cash equivalents

18.

19.

Cash in hand
Cash held by investment manager
Analysis of changes in net debt
On 1 March
2024
£
Cash in hand
276,788
Cash
held
by
investment
manager
6,372
283,160
Operating lease receipts
Minimum lease receipts under non-cancellable
operating leases to be received:
-
Not later than one year
Total lease receipts under non-cancellable leases		 2025
£
213,970
5,091		 2024
£
276,788
6,372
219,061 283,160
Cash
flows
£
(62,818)
(1,281)
(64,099)
2025
£
42,416		 On 28 February
2025
£
213,970
5,091
219,061
2024
£
39,020
42,416 39,020

Page 36

West Horsley Place Trust

Notes to the financial statements (continued) For the year ended 28 February 2025

20.
Comparative consolidated statement of financial activities
Unrestricted
Restricted
Funds
Funds
2024
2024
£
£
Income and endowments
from:
Donations and legacies
71,302
160,705
Charitable activities
480,387
-
Trading activities
143,955
-
Investment income
26,242
-
Total income
721,886
160,705
Expenditure on:
Raising funds
298,832
-
Charitable activities
658,849
78,700
Total expenditure
957,681
78,700
Net (losses)/gains on
investments
-
-
Net income/ (expenditure)
(235,795)
82,005
Transfers between funds
207,368
(14,779)
Net movement in funds
(28,427)
67,226
Reconciliation of funds:
Funds brought forward
689,154
14,104
Funds carried forward
660,727
81,330		 20.
Comparative consolidated statement of financial activities
Unrestricted
Restricted
Funds
Funds
2024
2024
£
£
Income and endowments
from:
Donations and legacies
71,302
160,705
Charitable activities
480,387
-
Trading activities
143,955
-
Investment income
26,242
-
Total income
721,886
160,705
Expenditure on:
Raising funds
298,832
-
Charitable activities
658,849
78,700
Total expenditure
957,681
78,700
Net (losses)/gains on
investments
-
-
Net income/ (expenditure)
(235,795)
82,005
Transfers between funds
207,368
(14,779)
Net movement in funds
(28,427)
67,226
Reconciliation of funds:
Funds brought forward
689,154
14,104
Funds carried forward
660,727
81,330		 20.
Comparative consolidated statement of financial activities
Unrestricted
Restricted
Funds
Funds
2024
2024
£
£
Income and endowments
from:
Donations and legacies
71,302
160,705
Charitable activities
480,387
-
Trading activities
143,955
-
Investment income
26,242
-
Total income
721,886
160,705
Expenditure on:
Raising funds
298,832
-
Charitable activities
658,849
78,700
Total expenditure
957,681
78,700
Net (losses)/gains on
investments
-
-
Net income/ (expenditure)
(235,795)
82,005
Transfers between funds
207,368
(14,779)
Net movement in funds
(28,427)
67,226
Reconciliation of funds:
Funds brought forward
689,154
14,104
Funds carried forward
660,727
81,330		 Endowment
Funds
2024
£
-
-
-
-
-
-
-
-
45,372
45,372
(192,589)
(147,217)
14,476,477
14,329,260		 Total
Funds
2024
£
232,007
480,387
143,955
26,242
882,591
298,832
737,549
1,036,381
45,372
(108,418)
-
(108,418)
15,179,735
660,727 81,330 15,071,317

Page 37