Charity registration number 1169382 {England and Wales) TRENT PARK MUSEUM TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 TRENT PARK MUSEUM TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr J Charalambous (Co-chaiman) Mr A Perkin The Marquess of Cholmondeley GCVO DL {Co-Chairman) Ms H Lede Mr A K8fkaris Mr W Newman Mrs F Mendes Mr M P&mb6rton OBE MrAAfolami (ApF)ointed 28 June 20241 (Appointed 10 Febwary 2025) Charity number (England and Wales) 1169382 Principal address Estste orri Houghton Kings Lynn Norfolk PE316UE Independent examlnor Mapus-smith & Lemmon LLP 48 Ktng Slreet King's Lynn Norfolk England PE30 1HE TRENT PARK MUSEUM TRUST CONTENTS Page Trustees, report Independent examinerfs report Statement of flnanclal actlvities Balan￿ sheet Statement of cash1knvs Notes to the financial ststements 8-18 TRENT PARK MUSEUM TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial statements for the year ended 31 December 2024. The financÉal statements have been prepared in accordance with the accounting policies set out in note I lo th9 finanual statements and comply with the Trust's constitution, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of RecomTnended Practi￿ applicable to charities preparing their accounts in accordance with the Financial R6POrting Standard appI￿ab￿ in the UK and Republlc of Iréland {FRS 102)" (effective 1 January 20191. Objectives and actlvitlos The Trust was established to advance the education of the publlc, and to promote research for the public benefit, in onnection with the history of the Grade11 listed Trent Park House. When open, the museum will concentrat8 on the period of ownership of Ihe House and Estale by Sir Philip Sassoon, plus the subsequent significant ro￿ the House played throughout WW2. It is the objective of the Trust to eslablish and maintain a museum of national significance at the site. Land at Trent Park in Enfield, London was acquired by B8rk81ey Homes in 2015 for construction of around 245 homes on the sit8. The application for, and ultimate grant of, planning permission for the wider developmenl was conditional upon the establishment of a museum and educational facility within the ground floor and basement areas of Trent Park House. The Trust and Berkeley Homes entered into a Memorandurn of Undefstanding in 2017 for works to the Ground floor and basewnent, which will form the museum demis8. At Ihe year end, the Trust remains in negotiations with Berkeley Homes for a lease. Following the 2024 reporting period. the Trust 15 at the final stages of agreeing and signing a new 50-year lease for the museum. thus ensuring long-term security for the project. The Trust has continued to fundraise actively to achieve its d)jective of establishing and maintaining a museum at Trenl Park House. Its activities during the year were directed to building the financial base, strengthening govemance, and preparing for the transition from development to operation. When planning activittes, the Trustees maintained due regard to the Charity Commission's guidance on public benefit. The work of the Trust in 2024 was focused on ensuring the creation of a museum that will provide lasting benefit lo the public. Achievements and performance 2024 was a year of substantial progress for the Trust. Although Ihe lease negotiatrons wtth Berkeléy Homes following Covid delayed the transfer of the museum to Trent Park Museum Trust, the TnJste8s used the lime effectively to secltre funding, advance int8rpr6tation pPdns and strengthen governan¢e. Fundraislng The Trust achieved major success in securing significant grants and pledges. including bul not limited to support from the Al Thani Colleclion Foundalion, Clore Duffield Foundation, the Foyl6 Foundation , Garfield Western Foundation, Historic Houses Foundation, Rothschild Foundation and Sybil Charitable Trust. These commitments underlined confidence in the project's vision and provided a stronger plaffonn for delivery. The Trust also conlinued to cultivate individual supporters and donors. Clore Duffl¢ld Foundatlon In December 2024 the Trust received the first instalment of a grant tolalling £150,000 from the Clore Duffield Foundation in support of the development of the Ck)re Learning Space at Trenl Park House. The Foundation's generous contribution will enable the creation of a dedicated educational space designed to provide an inspiring nd immersive experience for school children and young people. Planning for this space advanced during the y8ar with design input from the project team, ensuring the Learning Room will provide a high-qualily environment for schools. communty groups and public programmes when the museum opens. TRENT PARK MUSEUM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Exhibition and Collections Our team of consultants and designers advanced plans for the permanent interpretation for the museum. These include re￿atIng the M Rooms and listening devices of the Secret Listeners in the House's basement, and sourcing contents and materials for the restoration of Sir Philip Sassoon's state rooms on the ground floor of the House. Plans for th& café and shop were tsken forward. supported by preparatory reports by specialist consultants and strong interest from the bcal communlty and other stakeholders. NLHF Digital Museum and Website The Trust's NLHF Digital Museum projact was successfully completed in 2024 (June) which èngaged volunteers in oral history and heritage research at the National Archives, Kew as well as provided engaging, drama-led workshops for 1,100 local primary and secondary school pupils. Following Ihe brand development of the new musgum during 2023, the new name for the museum and website titled Trent Park House of Secrets was launched formally in January 2024. The launch was marked by a public event at the Dugdale Arts Centre in Enfield, attended by Trustaes of the MLJseum, the Depuly Mayor of Enfield, local MP Bambos Charalambous and other dignitaries and attracted posltlve media attention. The websit& has signrficantly strengthened the Trust's digital presence and capacity to share resources with the pubfic. Governance Trustees introducod gnhanced financial control8, including stricter purchasing procedures and credit card authorisations. Recruitment began for a Treasurer and additional advisers to support governance and financial oversight. An important mil@stone was reached in autumn 2024 with the launch of recruilment for the Trust's first Director, which would 8lso be the first salaried role within the organisation. This appointment, to be completed in 2025. marks the transition from a Trustee-led project to one with professional teadership. Publlc Benefft The Trustees confimi that they have complied with the duty undor section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit. The Trust's activities during 2024 furthered ils charitable objectives by seouring the future of Trent Park House for public access, education and enjoyment. Plan5 for the Future Looking ahead, the Trust will conclude the lease and take possession of the museum demise of Trent Park House which is due to open in 2026. In addition to the exhibitions, it wll include a café, gift shop. and Clore Learning Space supported by the Clore Duffield Foundation. Delivery of the Sharing Stories project, funded by the National Lottery Heritage Fund. will be delivered over 2025 and 2026. Fundraising will continue to build momentum, and the appointment of the Director will provide the leadership capacity to bring the vision to fruition. The Trustees wish to record their thanks to all volunteers. consultants, advisers, funders and partners who contributed to the successes of 2024 and who continue to support the transforrnation of Trent Park House into Trent Park House of Secrets, a major new museum and heritage destination. W8 would also like to thank 8erkelgy Homes for their ongoing ¢ommitmenl to work ctosely Mrith us in partnership to bring the house and the museum to life. TRENT PARK MUSEUM TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review The accounts have been prepared on an accruals basis as the gr05s income of the Trust exceeded £250,000 in 2024. They are prepared on a going-concarn basis. which the Truste8s baligvg to be appropriate. Tha prior yèar's a¢counts have been restated onto an a¢cruals basis and the notes to the accounts set out the effecls of this reststement. Total unrestricted income was £109,117 (2023 - £51.213) with further restricted income of £854,207 (2023 - £144,432). The Trust spent a total of £199,641 (2023- £320.839) during the year to support fundraising, basic running costs and fees for design work and developmenl of the exhibtlion scheme. At the period end, the Trust had cash balances of £763,034, wlth debtors owing a further £68.549, thereby totalling £831,583 (2023 - £122,669) and lotal unrestricted funds of £136,802 (2023 - £104,028). The Trust's Reserves Poliw provides that the Trust should hold ￿serveS equivalent to four months, basi¢ opeTrting costs. Structure. governance and management The Trust is a CIO governed by a constitution dated 27 September 2016 and whose only voting members are its charity Trustees (foundalion model). It is regislered as a charity with the Charity Commission. The Trustees who served during the year and up to the date of signature of the finan¢ial statements were.. Mr J Charalambous (Co-chairman) Mr A Sheridan Mr A Perkin The Marquess of Cholmondeley GCVO DL (Co- Chaimianl Ms H Lederer Mr A Kafkaris Mrw Newman Mrs F Mendes Mr M Pemberton OBE Mr J Elkins MrAAfol8mi (Resigned 28 November 2024) (Appointed 28 June 20241 (Resigned 28 February 2024) (Appointed l O February 2025) Recruitment and appointment of Trustees The Trustees are responsible for making all decisions relating to Ihe governance and management of the charity. Trustees meet regularty and met on at least ten occasions during the year ended 31 De￿mber 2024. An experlenced project cO￿rdInator and a bookkeeper support the Trustees on a servlce conlraet basls. The existing Trustees are ￿POnsIble for the appointment of new Trustees by resolution agreed al a meeting of the Trustees. The Trustees, report was approved by the Board of Trustees. Mr J Charalambous (tschainnan) Trustee Date.. 30 October 2025 TRENT PARK MUSEUM TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TRENT PARK MUSEUM TRUST I report to the trusteas on my examination of the financial statements of Trent Part( Museum Trust (the trust) for the year ended 31 December 2024. Responslbilitles and basis of report As the trustees of the trust you are responsible for the praparation of the financial statements in accordanc8 with the requirements of the Charities Act 2011. I report in respect of my examination of the trust's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(51(b} of the 2011 Act. Independent examinerfs statement Since the trust's gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. 1 confirm that l am qualified to undertake the examination because l am a member of ACCA, which is one of the listed bodies. I have completed my examination. I confirm that no matters have Come to my att8ntion in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the trust as required by section 130 of the Charities Act 2011. the financial statements do not accord with those records.. or the financial statements do not comply with the applicab18 requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statemants giv8 a true and fair view, which is not a matt@r considered as part of an independent examination. I have no concern should be dr nd have come across no othèr matters in connection with the examination to which attention this report in order to enable a proper understanding of the financial statements to be reached. Craig Symonds F.C. oran on behalf Mapus-smith & Lemmon LLP 48 King Street King's Lynn Norfolk PE30 1HE England Dated: 1J¥￿￿JK TRENT PARK MUSEUM TRUST BALANCE SHEET ASA T 31 DECEMBER 2024 2024 2023 Notes Fixed assets Intangible assets Tangible assets Heritage assets 11 12 13 13,350 7,435 30,27g 3.484 10,279 51,064 13,763 Current assets Debtors Cash at bank and in hand 14 68,549 763,034 63,586 59.083 831,583 122,869 Creditors.. amounts falling due within one year 15 (14.936) {32,404} Net current assets 816,647 90,265 Total assets less current ￿abIlItIeS 867,711 104,028 Net assets excludlng penslon Ilablllty 867,711 104,028 The funds of the Trust Restricted income funds Unreslricted funds - general Unreslricted funds - Designatod fund 16 730,909 86,802 50.000 104,028 17 867,711 104.028 The financial statements were approved by the Trustees on .3Q.O.ctobe.r.2025 Mr J Charalambous Ico-chaimian) Trustee TRENT PARK MUSEUM TRUST STATEMENTOF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notss Cash flows from operating activities Cash generated froml{absorbed by) operattong 21 746,449 154.779) Investing activities Purchase of intangible assets Purchase of tangible fixed asse Purchase of heritage assets 116,888) (5.810) {20,000) <2,984) Net cash used in investing activities {42,498) (2,984) Net cash used in financing activities Net increasel{decrease) in cash and cash equlvalents 703,951 {57,763) Cash and cash equivatents at beginning ol year 59,083 116,846 Cash and cash equivalents at end of year 763,034 59,083 TRENT PARK MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charlty Informatlon Trent Park Museum Trust is a CIO govemed by a constitution dated 27 September 2016 and whose on voting mamb&rs are its charity Trustees (foundation model). It is registered as a charity with lh6 Charty Commlssion. 1.1 Accounting convèntion The financial siatements have been prepared in accordance wilh Ihe Trust's governing document, lh6 Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recomrnended Practi applicable lo charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102)" The Trust IS 8 Public Benefit Entity as defined by FRS 102. The financial statements have departed from Ihe Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practlc& for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the Trust. Monelary amounts in these financial stat8ments ar8 rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set oul below. 1.2 Golng concern At the time of approving the financial stalements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees ntinue to adopt the going concern basis of accounting in preparing Ihe financial stalements. 1.3 Charltabl8 funds Unrestricled funds are available for use at the discrelion of the Trustees in furtherance of their charitable objectives, Restricted funds ar8 subjecl to specific condttions by donors or grantors as to how thgy may b8 used. The purposes and uses of Ihe restricted funds are set oul in the notes lo the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust. 1.4 Income Income is recognised when the Trust is iegalty entitled to it after any performance conditions have been met, the amounts can be measured rellably, and it is probable that Income will be recelved. Cash donations are recognised on re￿ipt. Other donations are recognised once the Trust has been nolrfied of the donation, unless performance conditions require deferral of the amounl. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are re¢ognised on receipl or otherwise if the Trust has been notiFied of an impending dislribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. TRENT PARK MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 AGGounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or Constructive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amounl of the obligation can be measured reliably. Expenditure is classified by activity. The cosls of each activity are made up of the total of direct costs and shared costs, inC￿ding support costs invofved in undertaking each activily. Direct costs attribLrtable to a single activity are alk)cated directly to that activity. Shared costs which contribute to more than one activlty and support costs which are not attributable to a slngle actlvkty are apportioned between those activltl8s on a basis conststent with the use of resources. Central staff cosls are allocatèd on the basis of time spent, and depreciation chargas are allocated on the portion of the asset's use. 1.6 Intangible fixed assets other than goodwill Intangible assets acquired separately from 8 business are recognisad at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on busines5 combinations are recognlsed separately from goodwill at the acquisition date where it is probable that th8 expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset Can be measured reliably. the intangible asset arises from contractual or other legal rights., and the intsngible asset is separable from the entity. Amortisation is recognised so as to writg off the cost or valuation of assets less their residual values ov8r their useful lives on the following bases.. Website 200A straight line basis 1.7 Tangible fixed assets Tangibte fixed assets are initially measured at Cost and subsequentty measured at cost or valuation, net of depreciation and any impairmenl losses. Depre¢iation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the folbwing bases.. Fixtures and fittings 20 % reducing balance basis The gain or loss arising on the disposal of an asset is determined as the difference between Ihe sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.8 Impairment of fixed assets At each reporting end date, the Trust reviews the carying amounts ot its tangible and intangible assets to detemiine whether there is any indication that those assets have suffered an impairment loss. Ef any such indication exists, lh8 recoverable amount of the asset is estimated in order to determine the extent of tha impaimienl loss (if any). 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short4erm Ilquld investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown wtthin borrowings in current liabilities. TRENT PARK MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles (Continued) 1.10 Financial instruments The Trust has elected to apply the provisions of Sedion 11 'Basic Financial Instruments, and Se¢tion 12 'Other Flnanclal Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Trust's balance sheet when the Trust becomas party to the contractual provisions of the instrument. Financial assets and Ilabllrtles are offset, wlth the net amounts presenled in the finanual statements, when there is a legally enforceable rlght to set off the recognlsed amounts and there Is an intention to settle on a net basis or lo realise the asset and settle the liabilty simultaneously. 8asi¢ financial assets Basic financial assels, whlch include debtors and cash and bank balances. are initially measured at transaction price including transaclion costs and are subsequently carried at amortised cost using the effective interest method Ljnless the arrangement constitutes 8 financing transaclion, where tho transaction is measured al the present value of the future recelpts discounted at a market rate of int6rest. Financial assets classified as re￿1vable within one year are not amortised. Basic financial lia￿.11110$ Basic financial liabilities. including c￿d[LorS and bank loans ar8 Initial￿ recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt Instrument is measured at the present value af the futur8 payments discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors ar8 obligations to pay for goods or setvices that have been acquirecl in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if Pa￿￿ent is due within one year or less. If not, they are presented as non-cuwent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortÉsed cost Using the effective interest method. Derecognitlon of financial liabilities Financial liabililies are derecognised when the Trust's ¢ontrathal obligations expire or are discharged or can￿lled. Critical accounting estimates and judgements In the application of the Trust's accounting policies, the Trustees are required to make judgements, estimat8S and assumptions about the carrying amount of assets and liabilities that are not readily apparent frorn other SoUr￿s. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual ￿sUlts may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongolng basls. R8vlslons to accountlng estimates are recognised in the period in whi¢h the estimate is revised where Ihe revision affecls only thal period, or in the period of the revision and future periods where the revision affècts Ixsth current and futur& per￿ds. 10- ty tr) ro r44 000￿00￿cl 00000000 ooo£woooc) oooa)000 Ln Ln 00000 000(NO 00 oooo)o o LL(J