2023-09-30-accounts

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR END 30 SEPTEMBER 2023

CHARITY REGISTRATION NUMBER: 206142

THE BOX MOOR TRUST

The Trustees present their report and financial statements for the Box Moor Trust for the year ended 30 September 2023.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity�s governing document (�the Scheme�, as described on page 18), the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) dated October 2019.

OBJECTIVES AND ACTIVITIES

With a rich history spanning four centuries, the Box Moor Trust provides sustainable management of agricultural and amenity land extending to 493 acres of moors, commons, woodland and grassland (the �Estate�). This land provides facilities and environmental teaching opportunities for the use and enjoyment of the residents of Hemel Hempstead and Bovingdon (�Area of Benefit�) and by the public at large.

The Trust also supports those in need, by reason of youth, age, ill health, disability, financial hardship or other disadvantage through the occasional giving of grants and provision of opportunities to participate in activities offered by the Trust.

The Trust uses income from its property and investment assets to deliver its Charitable Objectives.

During the year, the Trustees have strived to support the local community through:

• Ensuring continued access to the land;

• Promoting access through the provision of walking leaflets;

• Increasing Estate staffing to ensure areas are clear of litter; and

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• Listening and responding to neighbours with regard to the impact on the environment of the increased use of the Estate.

• �Thank you for the work you do, it brings joy to so many.�

Annie L (Visitor)

OUR ACTIVITIES

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LAND
MANAGEMENT
LETTING AND
INCOME
GENERATION
ENVIRONMENT
LEISURE AND
AND
WELFARE
AWARENESS
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LAND MANAGEMENT and ENVIRONMENT

The Trust owns 493 acres of land, which is used for grazing, woodland and general leisure and recreation. It provides open access to most of its land, with the exception of operational land including Howe�s Retreat, the Box Moor Trust Centre and the residential properties. Free access is available principally to the residents of the Area of Benefit though not restricted for people from further away. In providing access to the land, the Trust monitors the potential for damage from overuse and would protect any vulnerable areas from excessive use should it look likely.

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KEY AIMS

• Protecting, maintaining and enhancing a substantial wildlife friendly �green lung� close to centres of the rapidly growing population;

• Developing land management programmes in accordance with best practice with an emphasis on biodiversity, monitoring our impact by developing continued ongoing survey and monitoring programmes;

• Enabling the best use of the land by increasing awareness of the Trust in the Area of Benefit and working with key community groups, resident sports clubs, volunteers and the local community; and

• Maintaining where possible the Trust�s grant giving policy for the benefit of the whole community.

CURRENT PROJECTS

• Continuing the planning and delivery of ecological enhancements to the River Bulbourne valley;

• Improving conservation and access at Bovingdon Brickworks;

• Continuing enhancement of key water vole and otter habitats;

• Planning and implementation of an extension to the new all weather accessible path at Westbrook Hay to create a circular path returning to Old Barn car park;

• Bringing to life the special features of the Trust using a broad range of social media;

• Continuing sponsorship of the �Trust Bus� for Dacorum Community Transport and possible funding to the Dacorum

• Community Trust for helping individual residents in need; and

• Holding regular events including the annual Autumn Festival and the Lambing Weekend.

• �A great weekend, took my mum and she loved it. Well done to all of you.�

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Nicky M (Visitor to the Autumn Festival)

KEY CHALLENGES / OPPORTUNITIES

• Managing the land as the pressures of a growing population increase;

• Managing woodland and landscape trees to conserve them as landscape and wildlife features in the face of age, disease and climate change;

• Managing Ash Dieback within woodland areas, ensuring safety is paramount to visitors to the Estate;

• Working with our partners to establish exemplary management of our woodlands and trees. Partners to include Dacorum Borough Council, Forestry Authority &

other interested parties;

• Consolidating the

• establishment of the

• recently refurbished

• Preston Hill pond;

• Finding the balance

• between traditional

• conservation grazing

• methods and varying land usage by beneficiaries;

• Continuing to assess the carbon footprint of the Trust with a view to reducing carbon emissions where possible;

• Maintaining and increasing the diversity of flora and fauna species;

• Maintaining exemplary husbandry for livestock and appropriate maintenance of the land with limited use of pesticides;

• Improving access, signage and interpretation across the Estate for the enjoyment of the local community;

• Working with dog walkers to reduce fouling and nuisance behaviour on Trust land;

• Managing prudent cost control within an increasingly inflationary environment; and

• Establishing Westbrook Hay as a SANG where agreed and deliver infrastructure as set out in the management plan.

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KEY ACHIEVEMENTS AND PERFORMANCE

• Preparation, submission and agreement by Natural England of the Westbrook Hay SANG;

• Commission of an independent review of the Trust�s carbon emissions, to confirm that the Trust is carbon negative, removing 18,245kg of CO2 from the environment each year;

• Planting of Jubilee Celebration Trees, one tree for each decade of Queen Elizabeth�s reign plus the addition of a tree to commemorate the crowning of King Charles III;

• Monitoring of the successful reintroduction of water voles along the Bulbourne Valley;

• Improvements to the infrastructure across the Estate with the installation of Equality Act compliant wheelchair/buggy friendly gates;

• At Gadespring, the bird hide is regularly visited by local residents and schools;

• Further utilization of the Better Impact volunteer system to improve the volunteer experience with 178 now using the system;

• Providing activities for over 800 people. Rangers and Mini Rangers continued their monthly sessions and community groups were also welcomed. The Moths, Bats and Glow Worms Walk was particularly popular and fully booked. Bat walks and talks were enjoyed;

• Sponsorship of one of the Community Transport minibuses used by local charities and organisations. Trustees have approved a renewal of the agreement and have committed to payments of £2,500 in August 2024 and 2025;

• Corporate engagement sessions were arranged and delivered; groups have been involved in coppicing, riverbank erosion restoration works and tree planting in Bury Wood;

• Successful partnership with Puddingstone Distillery to produce Box Moor Gin from juniper harvested from Trust land; and

• Successful planting of a new wildlife corridor to link woodlands at Bovingdon Reach. As part of this initiative we invited the local community to volunteer their

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time to help. Special thanks should go to the Woodland Trust for supplying the plants.

Income from sale of livestock, grants and use of land this year was £65,472 (2022: £51,229).

Engaging our Beneficiaries

Almost all of the Trust�s land is devoted to amenity use, with approximately 80% also being grazed.

After its prime responsibility of protecting and maintaining the land in order to provide facilities for recreation and leisure and administering the Charity, the Scheme clarifies that the Trust shall spend surplus income on education, sport and recreation and welfare of the sick, the poor and the elderly. (Clauses 26 and 35 of The Scheme).

The Trust provides opportunities for members of the community to visit our land and enjoy its unique environment.

�My two girls recently attended the Bat Walk and thoroughly enjoyed themselves. I�ve now been beset with requests for a detector of their own!�

6 Duncan E (on subject of Youth Rangers)

Environment and Awareness

The Trust has worked hard to improve environmental awareness in the Area of Benefit and to allow access to our estate. The Trust caters for groups of all ages and abilities and runs groups for children aged from 18 months to 16 years. It holds a number of family events as well as school holiday sessions to bring people into contact with the outdoor environment. The Trust holds regular talks and activities on Trust land, in and around the Trust Centre and at the Old Barn at Westbrook Hay.

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Session Attendance (YE Sept 2023)
Youth Rangers,
98
Uniform and
Mini Rangers, 94 School Groups,
132
Nature Tots, 40
Family Sessions,
494
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Volunteers continue to provide valuable assistance to the Trust working on the estate in areas of conservation, stock management, assistance with environmental awareness activities, wildlife monitoring, rights of way management and ecological improvements. Volunteers have continued to receive training to use UTVs, chainsaws & brush cutters.

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During the current year volunteers worked the equivalent of 1,152 days (2022: 735 days) (based on a 7 hour day).

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Hours of Volunteer Work
Work with Rangers
Wildlife Monitoring
Volunteer Meetings
Tuesday Work Parties
Sunday volunteering
New Volunteers and DofE
Events
Community Engagement Activities
Ad Hoc Work
500 1,000 1,500 2,000 2,500 3,000
2023 2022
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Leisure and Welfare

EVENTS

After the popular return of the Lambing Weekend in 2022, the identification of toxoplasmosis in the flock led to its unfortunate cancellation in 2023. The event was set up in answer to the growing enthusiasm in the UK to bring families closer to farming and to raise awareness of farming itself. As general in person visits to our 62 new lambs were not possible, the Estates team used social media to provide regular updates and information to anyone interested in the lambing progress.

2023 saw the introduction of our Meet the Cows event, an opportunity for local residents to visit our popular Belted Galloways in their winter quarters.

The Trust�s Autumn Festival is a popular, free event with the emphasis on promoting the Trust�s work in a fun and enjoyable way. Over 3,000 people attended across two full days. The Festival also allows small businesses to attend and sell local crafts and produce, which are environmentally friendly or adopt a sustainable ethos.

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SPORT

The Hemel Hempstead Town Cricket Club and the Boxmoor Cricket Club operate under licence on Heath Park and Blackbirds Moor respectively and hold leases for the pavilions. Hemel Hempstead (Camelot) Rugby Club has a licence to play on Chaulden Meadow.

RECREATION

The majority of the Trust Estate is available as open access for the public, without charge. Free informative walks leaflets and a general Trust leaflet are provided on our website and printed format, covering; the Red Walk, Blue Walk, Green Walk and the Orange Walk for the less mobile. They give general information about the Trust and guided walks are regularly arranged. By its nature, and in accordance with the Scheme, access to Trust land and events is not restricted to residents of the Area of Benefit. However, publicity is focused within this area.

The regular use by Circus Zyair continued, providing both popular and entertaining activities for local families.

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GRANTS

The Trust, in accordance with its Grants Policy, distributes any surplus funds in the form of grants for capital projects to local charities and other not for profit organisations operating in the Trust�s Area of Benefit. Due to the reduced income going forwards from the commercial leases, no surplus was available for grants in 2023. It is hoped that additional income streams might provide a surplus in future years.

�Another fab event! It�s the nicest one I do�.keep doing what you are doing!�

Louise E (Stallholder at Autumn Festival)

Friends of the Box Moor Trust, for a small annual subscription, are sent quarterly newsletters. A photo competition is held for the annual Trust calendar which is sent free to Friends and is also for sale.

LETTINGS AND INCOME GENERATION

The two main income streams for the Trust are the Residential and Commercial Lettings.

The Trust owns 27 houses, of which 26 are let and 1 is a staff tenancy. Tenants are not restricted to those from the Area of Benefit as the income from the residential property is classified as investment to be maximised.

In the last financial year, the Trust has moved the management of its property portfolio (letting, rent collection and maintenance) to Clements Estates Agents. At year end, three properties remained with Your Move Estate Agents but have since been successfully transferred to Clements.

Boxmoor Wharf is an important commercial site currently let to B&Q.

The Box Moor Trust Centre provides a large office space for all the Trust�s office based staff, a boardroom for Trust meetings and two large rooms for meetings or community activities. The boardroom and the two large community rooms are available for hire by local

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community organisations, charities and businesses. Bookings increased during the year and the centre is often busy with bookings.

KEY AIMS

• Securing the financial future of the charity for the benefit of the community for centuries to come; and

• Achieving optimum use and returns from the Trust�s assets and investments for the long term.

CURRENT PROJECTS

• Increasing income from the land in balance with public benefit and other considerations;

• Reviewing revenue streams with an intention to diversify income generation; and

• Continuing the review of the residential property portfolio to improve current yields and income generation.

KEY CHALLENGES / OPPORTUNITIES

• To partner with local businesses to offer employee volunteering opportunities that fit with their environmental and social responsibilities;

• To identify opportunities and gradually work towards a range of new income streams which fit with the

• Trust�s objectives;

• To continue to consider the long term sustainability of Trust work, including energy and skills audits; and

• To continue to use the Trust Centre for income generating bookings and community use.

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KEY ACHIEVEMENTS AND PERFORMANCE

• Review of residential property yields and a change of agent actively working with the Trust has increased rentals in line with market rates. Residential property income has risen to £385,334. (2022: £350,766);

• Developed relationships with local business to attract corporate volunteers and donations;

• Growth in Trust Centre Lettings with return of regular bookings;

• Investment in upgraded AV equipment, such as projectors has led to additional bookings from new clients; and

• A review of Trust retail products has led to diversification of product lines and increase in sales at events.

RISK REVIEW

The risks to the Trust are kept under regular review. The Trust�s prime concern is to ensure that sufficient income is generated in perpetuity for the charitable objectives to be continued and improved. Trustees regularly monitor the Risk Map in order to manage the risks involved with each activity.

Much attention is given to ensuring the health and safety of the Trust�s livestock and any impact on users of the Trust land. Other risks are staff management, retention and employment issues, leading the Trust�s strategic direction, its investment policy, capacity and use of resources, security of assets and disaster recovery and planning. These are all monitored by the appropriate committees.

FINANCIAL REVIEW

INCOME

The Trust�s assets are mainly held in land. Land not considered inalienable is valued and held within the Trust�s Land and Buildings Fund.

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Income from commercial, residential lettings and canal moorings totalling £801,414 (2022: £764,920) provided the majority of Trust income. £54,158 was received from the single payment scheme and stewardship grants (2022: £47,629). Rent from letting rooms at the Trust Centre has recovered to £40,790 (2022: £13,746) with an increasing number of regular hirers.

General donations and legacy income was £1,416 (2022: £81,391 �mainly a one off unrestricted legacy payment of £76,517).

Trustees perceive the future direction of the Charity to be first of all achieving a secure and sustainable financial base and then using the income provided to deliver the objectives adopted by the Board whilst responding to the needs of the Trust�s beneficiaries.

�Thank you to you all for allowing us to harvest the juniper. The gin

has been well received so far. Kate M (Puddingstone Distillery)

The Trust�s reserves are held in accordance with its Investment Policy (detailed below).

RESERVES

The Trust holds its reserves in funds as follows:

PERMANENT ENDOWMENT FUND

The Permanent Endowment Fund represents the Trust�s endowed land and investments resulting from the sale or lease of endowed land. It includes income from, and expenditure in connection with, the granting of leases. The timescale for investment is long term.

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RESTRICTED FUNDS

The Trust held the following restricted funds at the year end:

RIVER BULBOURNE RESTORATION

FUND

Funding from the Environment Agency for work to improve the ecological value of the River Bulbourne. The amount held in the Fund at 30 September 2023 is £11,993 (2022: £11,993). There was no income or expenditure in the year.

KINGFISHER BANK

A fund established through support from Groundwork South to improve the breeding habitat for kingfishers on the River Bulbourne. At 30 September 2023 the balance on this fund was £213, and no funds were received or spent in the year.

UNRESTRICTED FUNDS

There are currently three unrestricted designated funds: Land and Buildings, Working Capital and Trust Centre Major Repair Fund.

The Land and Buildings Fund holds the Trust�s investment and operational land and buildings and provides for the purchase of identified land and any improvement of present and future buildings. All major capital projects are financed from this Fund. The timetable for investment in this Fund is medium term.

The Working Capital Fund is intended to provide sufficient funds to enable the Trust to maintain its regular functions, should its sources of income fail. A sub division of this Fund is the Income Support Fund which covers any risk from temporary disruption to income from the major commercial property site at Boxmoor Wharf. A target of 3 years of income (£1.2m) has been set to cover any break between tenants on the site. The timetable for

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investment in this Fund is medium term. The amount held in this Fund at 30 September 2023 is £667,796 (2022: £577,076).

The Trust received a legacy payment during the year ended 2022 of £76,516. The Trustees originally designated these funds for replacement and improvement of the Boardwalk and Preston Pond Area. Any surplus funds after these works are completed was to be utilised at the discretion of the Trustees. As the Boardwalk and Preston Pond area now fall within the Westbrook Hay SANG, subject to legal agreements, the legacy funds may be available to be spent on other projects. Trustees will make a decision for the use of these funds in the coming months. The balance at 30 September 2023 is £76,295.

A Fund was established to provide for future maintenance and repair of the Box Moor Trust Centre which is now 10 years old. During the year no funds have been spent but £5,000 has been allocated to it, making a total fund balance of £94,765 at 30 September 2023 (2022: £89,765), the target for this fund is £100k.

The remainder of the unrestricted working capital is held as a general �reserve�to cope with variations in costs from year to year. The timetable for investment in this Fund is short term. The balance at 30 September 2023 is £347,713 (2022: £442,190).

FUTURE PLANS

The current economic climate and ongoing cost of living crisis poses continuing risk which may impact the Trust�s activities, employee retention, rental returns and investment property values in the future. Management have prepared a 10 year income and expenditure budget to 30 September 2030 and considered the potential for the exit of their commercial tenant in 3 years�time. Management have not considered it necessary to prepare a detailed cashflow forecast due to headroom in the potential cash requirements for the year to 30 September 2024 and to 12 months post the date of signing these financial statements, with £1.2m held at 30 September 2023.

Based on their review of these reports, the Trustees expect the Trust will have adequate reserves and resources to continue its activities for the 12 months from the signing of this report and can meet its obligations as they fall due. The Trustees continue to build up a

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reserve to support the charity in the long term in the event that their commercial tenant exercises the break clause in 2025.

The Trust intends during the next year to:

• Diversify income generation to reduce the dependence on commercial and residential income streams;

• Analyse the residential property portfolio to increase rental yields and environmental impact of properties held; and

• Consider ways to offer further support to residents of the Area of Benefit following the downturn caused by rising interest rates and inflation.

INVESTMENT POLICY

The principles behind the Trust�s Investment Policy are that Trustees should at all times:

1. Take a prudent approach;

2. Seek to strike the right balance for the Trust between the two objectives of:

3. i. Providing an income to carry out its purposes effectively in the short term;

4. ii. Maintaining and, if possible, enhancing the value of the invested funds so as to enable it effectively to carry out its purposes in the longer term;

5. Ensure that proper arrangements are in place for holding investments on behalf of the Trust;

6. Be mindful of the level of risk to be taken within each investment;

7. Agree an appropriate time period for each tranche of investment;

8. Decide whether such investments should include any ethical considerations; and

9. Consider the need for diversification, depending on the level of funds available for investment.

In common with many organisations and individuals, the economic downturn has required that the Trust closely monitor the performance of its investments and other sources of income. It has maintained its careful and focused budgeting and expenditure and ensured that its funds are invested in such a way to minimise any risks or possible losses.

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Income this financial year from the Epworth Deposit Fund and United Trust Bank interest was £28,715 (2022: £3,394). Other interest received was £3,215 (2022: £326).

STRUCTURE AND GOVERNANCE

STRUCTURE OF CHARITY:

The Box Moor Trust is an unincorporated charity with up to 12 Trustees. There is a company limited by guarantee, The Box Moor Trust Trading Company Limited, which is currently dormant.

GOVERNING DOCUMENT

In 1594, land was purchased by public subscription from local inhabitants and 67 Feoffees were elected to administer the Boxmoor Estate, for the benefit of the inhabitants of Hemel Hempstead and Bovingdon.

In 1809, a private Act of Parliament set out regulations regarding the lands and properties which were to be administered by a maximum of 12 elected Trustees who must be resident in the Area of Benefit. On 5 April 2000, the Charities (Boxmoor Estate, Hemel Hempstead) Order 2000 (�the Order�) came into force which replaced the majority of the 1809 Act. The Order sets out a scheme (�the Scheme�) which now forms the constitution of the Trust.

TRUSTEES

Mr. P.M. Ablett 89 Heath Lane, Hemel Hempstead, HP1 1JJ Mr. A. Cook Gosnells, 31 Box Lane, Hemel Hempstead, HP3 0DL Mr. G French Westbrook 24a, Copperbeech Close, Hemel Hempstead, HP3 0DG Mr. D.L. Furnell 19 Manscroft Road, Hemel Hempstead, HP1 3HU Mr. D.H. Kirk (Chairman) 25 Prince Park, Hemel Hempstead, HP1 2AT Mr. S. Mansbridge 49 Cowper Road, Hemel Hempstead, HP1 1PE Mr. P.B. Phillips 28 Cemmaes Court Road, Hemel Hempstead, HP1 1SU Mr. P. Schneiders Pocketsdell House, Pocketsdell Lane, Bovingdon, HP3 0NH Mr. N. Sims 21 Bargrove Avenue, Hemel Hempstead, HP1 1QP

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Mr. G. Tite Mr. S. Wilson

26 Winifred Road, Hemel Hempstead, HP3 9DX 104 Hollybush Lane, Hemel Hempstead, HP1 2PJ

Under the constitution, Trustees are elected by public election within the Area of Benefit. Trustees elected under the provisions of the Scheme can be subject to re election. Trustees elected under the terms of the Boxmoor Act were elected for life. D.H. Kirk and D.L. Furnell are life Trustees. Roger Hands, a former Trustee, has been retained in an advisory non voting position as an emeritus Trustee.

The Trust�s future direction is outlined under the headings of:

MISSION AND FUNDING

• Continuing to manage the estate in an environmentally sensitive manner for recreation, biodiversity, the provision of diverse opportunities for environmental awareness and to ensure that the enjoyment of such initiatives is accessible to all;

• Continuing to develop careful land management in the context of the local landscape and environment, assisted by the careful monitoring of the resource; and

• increasing the potential for income generation from the Trust�s estate, the Trust�s investments and its property, and further developing external funding to ensure a sustainable income stream for the long term.

SERVICES AND ACTIVITIES

• Enhancing the Trust�s commitment to partnership working, volunteering, lifelong learning and community engagement; and

• Raising the profile of the Trust and its team, including its volunteers, as key contributors to the quality of life of its beneficiaries and visitors to the Area of Benefit.

GOVERNANCE AND MANAGEMENT

• Developing further the role of Trustees in strategically directing the Trust�s work and aspirations;

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• Reviewing the staffing structure and skills base of the Trust in the light of the opportunities and challenges of the future; and

• Working effectively with professional advisers to assist with the guidance of the Trust�s work and to maximise its effectiveness.

The delivery of the Trust�s objectives is overseen by committees and sub committees

meeting bi monthly and reporting to the Board, which also meets bi monthly.

The committee structure is as follows:

Board: all Trustees: David Kirk (Chair), Patrick Schneiders (Vice Chair)

Finance and Assets : Peter Phillips (Chair), Andy Cook, David Kirk, Steven Mansbridge, Nat Sims

Estate and Land : Graham French (Chair), Peter Ablett, Steve Wilson, Dennis Furnell, Patrick Schneiders, Nat Sims, George Tite, Steven Mansbridge

HR: Nat Sims (Chair), Andy Cook, Graham French, Joanna Rough (staff representative)

Environmental Awareness and Community Sub Committee : Steve Wilson (Chair), Dennis Furnell, Steven Mansbridge, Patrick Schneiders, (co opted member Pam Litton)

Profile, Events and Arts Sub Committee : Steven Mansbridge (Chair), Graham French, Dennis Furnell, (co opted member Sherief Hussain)

Grants Committee (Currently inactive) : Nat Sims (Chair), Andy Cook, Steven Mansbridge, Peter Phillips

Health and Safety Forum : Trustees are aware of their legal obligations under Health and Safety legislation and the Health and Safety Forum, comprising Trustees and staff, discusses issues in detail, reviews and maintains H&S policy (including safeguarding), regulates procedures and practices and makes appropriate recommendations to the Board. The Forum is chaired by Lisa Dubow of the independent NFU Risk Management Service who also provides professional support in connection with the Trust�s health and safety procedures.

Housing Repairs and Rents Sub Committee: Peter Phillips (Chair), Peter Ablett, Andy Cook, Steven Mansbridge.

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The Trust generally holds an Annual Public Meeting (referred to as the �Annual Trust Meeting�in the Scheme), usually in April, as an opportunity to meet residents and present its activities and the Annual Report and Accounts. The Annual Public Meeting for 2021 22 was held in April 2023. Arrangements for the 2022 23 Annual Public Meeting are being made for Spring 2024.

TRUSTEE RECRUITMENT

Trustees are elected by individuals in the Area of Benefit (Hemel Hempstead and Bovingdon) to govern the Charity. The provision for re election of Trustees was included in the Charities (Boxmoor Estate, Hemel Hempstead) Order 2000. Two Trustees, Dennis Furnell and David Kirk, elected before 2000, are lifetime Trustees. The remainder of Trustees elected from 2000 onwards must seek re election on a rolling basis. An election was held in October 2020. There are currently 11 Trustees in office.

SETTING REMUNERATION FOR KEY MEMBERS OF STAFF

The key management personnel, in addition to the Trustees, are the two operational managers: Estate and Commercial. All Trustees give their time freely and no Trustee remuneration was paid in the year.

Base salaries of operational managers are reviewed by the Finance and Assets Committee annually and when an individual changes responsibility. The annual review is effective 1 October to 30 September. In deciding appropriate salary and benefit levels, the Committee considers the role, responsibility and experience of the individual along with a range of factors including affordability for the Trust and economic conditions, such as cost of living and general market rates being offered by similar organisations. Consideration is also given to the range of salary increases that have been awarded across the organisation in previous years. In addition, in order to ensure comparability with other charities and equality across the Trust�s pay structure. The Trustees awarded an appropriate cost of living increase effective from 1[st] October 2023.

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RELATIONSHIPS BETWEEN THE CHARITY AND RELATED PARTIES

Trustees�declarations of interest are made, as necessary, at each meeting and the register is reviewed annually.

PUBLIC BENEFIT

The Trust has referred to the terms of the Scheme and the Charity Commission�s general guidance on public benefit when reviewing its aims and objectives and planning future activities. In particular the Trustees consider how proposed activities will contribute to the aims and objectives they have set.

FUNDRAISING

The Trust is registered with the Fundraising Regulator. The Trust does not currently employ professional fundraisers. Voluntary donations currently form a small part of the charity�s income and are applied to the general charitable activities of the Trust unless specified otherwise by the donor. No fundraising complaints were received in the year.

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REFERENCE AND ADMINISTRATIVE DETAILS

OPERATIONAL MANAGERS

Trustees delegate authority on a day to day basis to the two operational managers. Both are based at The Box Moor Trust Centre, London Road, Hemel Hempstead, HP1 2RE

COMMERCIAL MANAGER

Mrs. J. Rough

ESTATE MANAGER

Mr. P. Samson

BANKERS AND PROFESSIONAL ADVISERS

SOLICITORS

SA Law, Gladstone Place, 36 38 Upper Marlborough Road, St. Albans, AL1 3UU

BANKERS

Royal Bank of Scotland, Drummond House, 1 Redheughs Ave., Edinburgh, EH12 9JN

AUDITOR

Godfrey Wilson, 5[th] Floor, Mariner House, 62 Prince Street, Bristol, BS1 4QD

PRINCIPAL OFFICE

The Box Moor Trust Centre, London Road, Hemel Hempstead, HP1 2RE

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP (Statement of Recommended Practice);

• make judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the charity's governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees have no beneficial interest in the charity.

Approved by the Trustees on 14 February 2024 and signed on their behalf by

D. H. Kirk – Chairman

P. B. Phillips – Trustee

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE BOX MOOR TRUST Opinion We have audited the financial statements of The Box Moor Trust (the 'charity'l for the year ended 30 September 2023 which comprise the statement of financial activthes, balance sheet, 51alemenl of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporb'ng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards. including Financial Reporting Stsndard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generalty Accepted Accounb"ng Prath"ce}. In our opinion, the financial statements.. give a true and fair view ol the stale ol the charitys affairs as al 30 September 2023 and of ils incoming resources and èpplicalion of ￿soUrCes. including its income and expenditure. for the year then ended". have been property prepared in accordance vrith United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance wth the requirements of the Chartts'es Act 2011. Ba$1$ for oplnlon We conducted our audit in accordance Internats'onal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilrties for the audit of the financial stslemenl$ $e¢tion of our report. We are independent of the charity in accordance ￿th the ethical requirements that are felevanl lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Stsndard. and we have fulfilled our other ethical responsibilities in accordance wih these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to pr¢)vide a basis for our opinion. Conclu$lon$ relatlng lo golng ¢on¢em In audib'n9 the financial statements, y￿ have eoneluded that the Iruslees, use of the going concem basis of accounting in the preparats'on of the financial statements is appropriate. Based on the work we have perfomed. V￿ have not idenlffied any material uncertainties relating lo events or eondilions that, individually or ¢olle¢lively. may cast signrficanl doubl on the charity's ability lo continue as a going concern for a period of at least ts%tlve months from ￿en the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees Y￿th respect to going concern are described in the relevant sections of this report. Other inlomiation The trustees are responsible for the other infomiation. The other infomiatson ￿mPrISeS the information included in the annual report other than the financial ststemenls and our auditor's ￿port Ihereon. Our opinion on the financial statements does not cover the other informab.on and, except lo the extent otherwise explicitty stated in our report, we do not expres5 any form of assurance conclusion thereon. In ¢onne¢tion vth our audit of the financial slatemenls. our responsibilty is to ￿ad the other information and, in doing so, Consider vthelher the other infomation is materially Inconsistent wlh the financial statements or our knovAedge obtained in the audit or otherwse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the financial statements or a material misslalemenl of the other infom)alion. If. based on the work we have perfomed, we conclude that there is 8 material mis5ts1ement of this other information, are required lo report that fact. 24

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE BOX MOOR TRUST We have nothing to report in this regard. matte￿ on whl¢h we are requlred to report by ex¢•ptlon In the light of the knO￿edge and understanding of the charity and tts environment obtained in the course of the audit. we have not identified material misslatemenls in the trustees, report. We have nothing lo repK)rt in respect of the following matters in relation lo vthich the Charitie5 Act 2011 requires us to report to you if. in our opinion.. sufficient accounting records have not been kept.. the financial statements are not in agreement wth the accounting record$ and return$., or we have not oblaine<l all the infom)alion and explanations necessary for the purposes of our audit. R•sponslbllltl•s of th• trusts06 As explained more fully in the trustees. responsibil￿eS statement set out in the trustees, report, the Iruslees are responsible for the P￿paratIOn of the financial statements and for being satisfied that they give a true and fair view. and for such inlemal ¢ontrol as they detemine is necessary lo enable the preparation of financial statements that are free from matenal misstatement, vthether due lo fraud or error. In preparing the financial slalements, the trustees are responsible for assessing the charity's ability lo continue as a 90ing concern, di￿10$1ng. as applicable. matters related lo going concem and using the going concern basis of accountsng unless the trustees either Intend to Iiquidale the Gharty or lo cease operations, or have no realistic atternative bLrt to do so. Our rnsponslbllltles for tho audbt ol tho financlal statemants Our Objectives are lo obtsin reasonable assurance about ￿ether the financial stslements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS IUKI VAII a￿ayS detect a material misstatement when il exists. Misslatemenls can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected lo influen¢e the economic decisions of users taken on the basis ol these financial sLemenls. Irregularits'es, including fraud. are instan¢e$ of non4ompliance ith laws and regulations. We design procedures in line wth our responsibilities. outlined above. to delecl material misslalemenls in respect of irregularrties. including fraud. The proeeilures we camed out an%Y the extent to vrfhich they are capable of delecling irregularities, including fraud, are detailed below. 111 We obtained an understanding of the legal and regulatory ftame*Drk that the charty operates in, and assessed the risk of non-compliance wth applicable laws and regulations. Throughout the audit. we remained alert to p055ible indicatsons of non-compliance. 121 We reviewed the charity's policies and procedures in relation to.. Identifying. evaluat'ng and Complying with lasws and regulations. and vknether they 6%tre aware of any instances of non-¢omplian¢e". Detecting and responding to the risk of fraud, and %thether they were awa￿ of any actual, suspected or alleged fraud.. and Designing and implementing intemal controls to M￿gate the risk of norrfompliance with laws and regulations, including fraud. 131 We inspected the minutes of trustee meetings. 25

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF THE BOX MOOR TRUST 141 We enquired about any non-roub.ne ￿mMUnICa￿"0n regulators and reviewed any reports made lo them. 151 We reviewed the financial statement disclosures and assessed Iheir compliance wth applicable laws and regulations. 161 We perfornied analytical procedures lo identsfy any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error. 171 We assessed the risk of fraud through management override of controls and carried out procedures lo address this risk. Our procedures included". Testing the appropriateness of ioumal entries., Assessing judgements and accounting estimates for potential bias.. Reviewing related paty transacts'ons., and Testing transactions that are unusual or oulside the nomial course of business. Because of the inherent limilatsons of an audit. there is a risk that we will not delecl all irregularities, induding those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder lo detecl than those that arise from error a$ they may involve deliberate concealment or ￿lI￿S1On. A further description ol our Tesponsibililies for the audit of the financial statements iy locatèd on the Financial Reporting Council's website at.. www.trc.org.uklauditorsresponsibilities. This description forms part of our audrtor'$ report. Us• of our report Thi5 report is made solely lo the eharity's Iruslees, as a body. in aceordance with seetion 144 of thè Charities Act 2011 and the regulats'ons made under secbon 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility lo anyone other than the charity's trustees as a b¢dy, for our audit work, lor this report, or lor the opinions have formed. Dale.. 4 March 2024 GODFREY WILSON LIMITED Chartered accountsnls and slalutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QD 26

THE BOX MOOR TRUST STATEMENT OF FINANCIAL ACTIVITIES For the Year Ended 30 September 2023 2023 Total 2022 Total End0￿￿ent Note Restricted Unrestricted Incom• frcrfn: Investments Legacy income Charitablè a¢tIVAt￿$.. Land management Environment Leisure and welfare other income 874,134 874.134 782,386 76,517 953 94.360 5.047 15,317 20,000 95.313 5.047 15.317 20,000 57,550 6,538 22,806 Total Incom• 953 1,008,858 1,009.811 945,797 Expondituro on: Raising funds Ch8rilabl8 actiVAttss.' Land management Environment Leisure and welfare 254,507 254.507 210,218 953 465.319 91,422 171,368 466,272 91,422 171.368 379,583 97,000 135,660 Totsl expgndllur• 953 982,616 822,461 Gains on revaluation of investments 190,750 190.750 86,500 Net Income I lexpendltur•l 216,992 216,992 209,836 Transfers between funds othor rncognl8•d galn8: Gains on revaluation of heritage assets 22.000 22.000 35,500 Not movemont In funds 238,992 238.992 245,336 Re¢on¢lllatlon of fvnd$: Total funds brought fO￿ard 1.095.441 12.206 18.793.350 19,900,997 19.655,661 Total funds cathed for￿rd 1.095.441 12.206 19.032.342 20,139,989 19.900,997 All of the above resuf(s are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in fvnds are disdosed in note 19 to the accounts. 27

THE BOX MOOR TRUST BALANCE SHEET For the Year Ended 30 September 2023 2023 2022 Note Flx•d assets Tangible assets Heritage assets Investments 10 3.856,741 3,852.524 327,500 305,500 14.710 750 14,520,000 12 18.894,991 18,678.024 Currgnt assgts Stocks Debtors due wthin 1 year Debtors due after 1 year Cash at bank and in hand 13 14 14 121,525 50.796 50,770 1.231.420 120,395 48,150 48.897 1,173.049 1,454,511 1,390.491 Llabllltl•s Credilor5.' amounts falling due within 1 year 15 180,880 167,028 Net curront a$wts 1273 631 1,223,463 Total a$J•ts loss currnnt Ilabllltl•8 20.168,622 19,901,487 Creditors.. amounts falling due after more than 1 year 16 490 Net assots 18 20.139,989 19,900,997 Funds Endowment funds Reslncled lunds Unrestricted funds Oesignated funds General funds 19 1.095,441 12,206 1,095.441 12,206 18,684,630 18,351,160 347,712 442.190 Total charity funds 20 139 989 19,900,997 Approved by the board on 14 February 2024 and s￿ned on ts behalf by D. H. Kirk- Chairnian P. B. Phillips- Trustee 28

THE BOX MOOR TRUST STATEMENT OF CASHFLOWS For the Year Ended 30 September 2023 2023 2022 Ca$h used In op•ratlng actlvltlos: Nel movement in fijnds 238.992 245,336 Adjustments for.. Depreciation charges (Gains) I losses on heritsge assets (Gains) I losses on inve51menls Profit on disposal of fixed assets Dividends, interest and rents from investments Decrease I lin¢reasel in stock Decrease I lincreasel in debtors Increase I Idecrea5el in Creditors 96,990 122,0001 1190.7501 120,0001 1874,1341 1782,3861 140,6791 523 30,196 97.648 135.5001 186,5001 14,5191 13,362 Not cash providgd by I (used In) opernllng activlll 763 189 571,364 Cash flow8 from Investlng a¢tlvltl•s- Dividends, interest and ren15 from investments Purchase of tangible fixed assets PTo¢eeds from dispo$al of fixed assets 874.134 1101,2071 20,000 782,386 117,6451 Not cash prOvId￿ by I luJ•d Inl Inv•stlng actlvltl 792,927 764.741 Cash flows from flnanclng actlvltb•s: New finance leases N•t ca•h prOvId￿ In I (US￿ Inl finan¢lng actlvltie• 28,633 Incroaso I Idocr•a801 In cash and cash •qulval•nts In tho yoar 58,371 193,377 Cash and cash equivalents al the beginning of the year 1.173,049 979.872 Cash and ¢ash gqulvalents at th• ond of thg year 1,231,420 1,173.049 Analy$i$ of changes in net debt A11 October 2022 Cash Ilows New At30 finance Sèptsmbgr leases 2023 Cash Finance leases due in more Ihan 1 year 1.173,049 58,371 1,231,420 28,633 28,633 1,173,049 28,633 58,371 ￿ 1,202,787 29

THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 Accounting policios {al Basis of accounting The principal accounting policAes adopted in the preparation of the financial statement5 are sel out below.. 11 The financial stslements have been prepared In accordan￿ with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities in preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Slandaid applicable in the UK and Republic of Ireland IFRS 1021. 21 The Trust represents a public benefft entity as defined by FRS 102. 31 The Trustees have a reasonable expectation that the Tru$l has adequate re$our¢es to continue in operabonal existence for the foreseeable future. Thus. they continue lo adopt the going coneem basi5 of accounting in preparing the annual financial slalemenl5. The Trust's actiwknes together wth the lactors likely to affect its ftrture development performance and position are sel out in the Trustees, Report on pages 1- 22. The financial position of the Trust. ils cash flow (shown in the cashflow stslemenl on page 291 and liquidity position are described In the Finanual Review and Reserves Infom3lion on pages 12 - 16. The Trust has sufficient financial resources for ils commitments and the Trustees believe that rf( is well placed lo manage its operatsonal fi$k$ SU￿e$s￿lIY de$pite the Currenl uncertain economic OLttlook. 41 The aecounlg have been prepared lo give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Re9ulalions 2008 only to the extent required to provide a 'true and fair view,. This departure ha$ involved foll¢)wing the A¢¢ounling and Reporting by Charities.. Stslemenl of Re¢ommended Practice appli¢able lo charities preparing their a¢¢ounls in accordance ￿1th the Financial Reporting Slandard 102 leffeclive 1 January 20191 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practs"cè effective from 1 April 2005 which has since been withdrawn. 51 Monetsry amounts in these financial Statements are rounded to the nearest whole £. {bl Tanglble flxèd a$$*ts and dèpreclatSon The capitalisation policy adopted by the chanty is that fixed assets costing more than £5,000 are being capitalised and included at cost. Oeprecialion is provi(Jed al rates calculated to write down the cost of each asset lo i(s eslimaled residual value over its expected u5efvl lrfe. The depreciab.on rates in use are as follow5.. Estate buildings Estate land Tru51 Centre Trust Centre Fixtures & Frtts"ngs Estate equipment Estate plant Fixtures and office equipment - 4% per annum on revalued amount not depreciated 2% per annum on revalued amount - 20°/0 per annum on cost - 20% per annum on cost - 4% per annum on cost - 20% per annum on cost 30

THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 Accounting policios Icontinugdl {bl Tangible fixed assets and depreciation Icontinuedl The chanty has adopted the revaluation model lo revalue rt5 estate land and buildings. and the Tnjst Centre. The revaluations shall be made wth sufficient regularty to ensure that the carrying amount does not differ materialty from that which would be detemiined using the fair value al the end of the repo￿.n9 period. To ensure ￿gUlar updates lo propety valuats'ons, revaluations are planned to tske place every th￿e years. The fair value of the land and buildings 15 usually determined from market based evidence by appraisal by a professionally qualified valuer. Gains or losses arising from changes in the fair value of investment property are being recognise<l in nel profil or loss on the face of the Stslement of Financial Activities for the period in which they arise up to the point that they exceed previously recognised losses on revaluation of the same assets. Once revaluation gains have exceeded historic revaluation losses. revalu*ion gains and losses will be recognised in other cOMp￿hen$1ve income and accumulate In the revaluation reserve. {cl Herltsgo assets and depr•clatlon The Trust's heritage assets comprise, principally. land which wa$ part of the original endowment most of which is designated as common land. Also induded is land ¥thich was not part of the original endowment. For further detsils iefer lo note 11. The assets are to support the Trusl's charitable objectives which indude the management and enhancement of land for grazing and amenity wth public access. The Trustees do not consider that reliable cost or valuation infomalion can be obtsined for the vast majonly of this land because ol 115 inalienable nature which means that Ils market value cannot easily be detemiined. Furthem)ore. the TnJstees believe the cost of obtaining a valuation of these assets would be onerous compared wth the benefit that would be derived from users of the accounts in assessing their stewardship of the assets. The Trust does not, therefore, recognise the vast majority of this land on rts balance sheet. For the heritage asset land which was nol part of the original endowment and a small element of the original endowment land rt ha$ been possible to obtsin a reliable estimate of market value and the land has been ￿COgnised accordingly al valuation. {dl Inveslment propertles Inveslment property is property held by the charity to eam rental ir￿)Me, for capital appreciation or both. Investment Property is inrtially measured at cost. including transaction costs. Investment property is subsequently measured al fair value at the reporting date, considered to be their open market value. This method of valuation applies to all the charity's investment properties. The investment properties a￿ valueil by a professional sutveyor each year. Gain5 or losses arising from changes in the fair value of investment property are included in nel income or expenditure on the face of the Statemerbt of Finanaal Activities. 31

THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 Accounting policios Icontinugdl {91 Incom8 Voluntary Income in the forni of donations is recogni5ed when probable, measurable and the charity is entrtled to the income and, unless the donor specifies the purpose of the donation, is used or retained for the general purpose of the charity. Investment income. including rent from commercHI and ￿SIdents.31 investrnent properts'es, is recognised on a receivable basis. Income ftom charitable activities (land management, educationlenvironment and leisure and welfarel is recognised on a re¢ei¥able basis. {fj Voluntsers and donatèd $or41¢0s No amounts are included in the Statement of Financial Activities in respect of the value of services donated by volunteers. Further details of the contribLth'on made by volunteers be found in the Trustees, Report and note 7 to the accounts. {gl Expgnditur• Expenditure is recognised when a liabilty is incurred. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all costs related lo the ¢aleg0ry. Cosls of generatsng fvnds are investment management costs incurred in managing the charity's portfolio of investment properts'es and letting rooms in the Trusl Cenlre. Charitsble ath'vities indude expenditure associated wlh the charrty's land management, educalionlenvironmenl and leisure and welfare activities. Both the dired cos15 and support costs relating to these activib'es are included. Support costs include central functions and have been allocated lo activity cost categories on a basis ¢onsislenl with the use of the relevant resources e.g. staff lime or other cost specific apportionments deemed appropriate by management. Govemance costs have been allocated on a basis consistent wth other support costs. Irrecoverable VAT is charged against the category of expendrture for vthich it was incUr￿d. {hl Stocks The livestock herd is valued by the Trustees at fair value. Ithich is current market value. All other stock is valued by the Trustees at the lower of cost and net realisable value. The valuation basis for livestock rep￿SentS a departure from the ￿quIrement of SORP FRS 102 to value stocks al the lower of c05t and nel reali5able value. The Trustees are of the opinion that the policy adopted is required in order to show a true and fair view. {1) Funds The pemianent endowment ftjnd Consists of the Trusl's original pemianenl endowment land and the freehold of the land at Westbrook Hay. Also included 15 8 proportion of the Epworth Affimialive Deposrt Fund for Charrties. 32

THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 Accounting policios Icontinugdl {1) Funds Icontinuedl The Trustees currently have the following unrestricted designated fvnd5'. Land and Buildings Fund To hold existing investment and operational land and buildings and to be used for the purchase of land and replacement and rovement of resent and ftjlU￿ buildin This has been subdivided into". Income Support- to provide fvnds to cover the potential risk ol an inlerruption in income from a major income producer and to enable the Trust to maintain its regular functions should its sOU￿e$ of income tsil. Working Capitsl Fund Legacy- created from an legacy received and designated lo the board walk and surroundin areas. To hold funds allocated to a major repairs programme for the Trust Centre. Trust Contro Re airs Fund Major The restricted fijnds consist of the River Resloralion Fund which holds grant money from the Environment Agency lo be used for the restoration of the River. The Kingfisher 8ank fijnd holds fund$ from Groundwork South to improve the breeding habilat for kingfishers on the River Bulboume. Details ol movements on the thjnds are given in note 19 to the financial slalemenls. 111 Employoo Rémunèratlon 8•nèfits The best estimate ol the expenditure required lo settle an obligatson for leminalion benefits is recognised immediately as an expense when the ¢hanty Is demonstrably committed lo lerminale the employment of an employee or to provide temiinalion benefits. {kl Ponsions The pension costs charge(J in the year ￿pre$ertt the contributions payable by the Trust during the year. Oulslanding conlribub"on$ awe held in creditors at year end. {11 Grants payabl• Grants of amounts up lo £2.500 are allocated lo not for profit organisalions wlhin the Area of enefil. Applications are invited and cOnside￿d by Tnjstees in accordance wlh their Grants Policy. The programme 15 publicised each year and not for profil organi5abons invited lo apply. The application5 are considered by a Trust Commrttee and payments are made direct lo the organisations on sight of invoices for the agreed projects. Grants are recognised on an accruals ba$1$ a¢cording to when they are avrarded. {ml Judgements and key $ource$ ol •$tlmatlon uncortalnty In the application of the charity's accounting policies, ihe 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 that are considered lo be relevant. Actual results may differ from these esb"mate5. The estimates and underfying assumpbons are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is ￿Vised. 33

THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 Accounting policios Icontinugdl {ml Judgements and key sources of estimation uncertainty Icontinuedl The key sources of uncertainty that have a significant effect on the amounts recognised in the financial stslemenl are the valuabon of tsngible fixeil assets as described in note Ibl above, the valuation of heritage assets as described in note {cl above. the valuation of investment properties a5 described in note Idl above, the exclusion of some heritage a55els from the accounts as described in note Icl above. depreciabon calculations as described in notes Ibl & Icl above, and the valuation of livestock as described in note {hl below. The Tru51ees do not consider that there are any lurther critical estimates or areas of judgement that need to be brought lo the attenbon of the readers of the financial slatemenls. {nl Flnan¢lal Instrumonts Financial instruments a￿ classified and ac￿nted for according lo the substance of the contractual arrangement as finan¢ial assets, financial liabilrties or equity instruments. An equity instrument is any conlrad that evidence$ a res￿￿al interesl in Ihe assets of the entity after deduth'ng all of its liabilities. Financial assets Basic financial assets, which include investments, are initially measured at transaction price including Iransadion costs, Other debt¢ys and acwed income, %thi¢h do not conslilule a financing Iransaclion, are initially measure(l al the transa¢tson price and subsequently measured al amoTb'sed ￿$t. being the transaction price less any amounts settled and any impairment losses. Financial liabiliti&s Basic financial liabilities. which indude accruals, are initially measured at transaction price and subsequently measured at amortised cost. {ol L•as•s Leases are dassrfied as ffinance leases %thenever the temis of the lease transfer substantially all the risks and rewards of ownership lo the lessees. Assets held under finance leases are re¢ognise¢J as assets al the lower of the assets, fair value al the date of inception and the present value of the minimum lease paymen15. The related liability is included in the statement of financial posibon as a finance lease obligation. Lease payments are treated a$ ￿nsIsting of ¢apital and interest elemenls. The inlere$t 1$ ¢harged lo the Statement of Financial Activrties $0 as lo produce a constant periodic rale of interest On the remaining balance of the liability. Renta15 payable under operating leases are charged against income on a 5traighl line basis over the lease term. Rentals receivable under operating leases are recognised as income on a straight line basis over the lease lem).

THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 Prior p8riod comparatives: statement of financial activities 2022 Total EndoNvTnent Re$th'¢ted unre5tn.cted Income from: Investments Legacy income Charitabl8 activitl8S.' Land management Environment Leisure & welfare 782,386 76.517 782,386 76,517 57,550 6.538 21.233 57.550 6,538 22,806 1,573 Totsl In¢omo 1,573 944.224 945.797 EX￿ndIture on: Raising funds Ch8rilabl8 acliviti&s.' Land management Environment Leisure & welfare 210.218 210,218 52 379.531 97.000 126.807 379.583 97.000 135.660 8,853 Totsl gxpgnditure 8.905 813,556 822,461 Gain8 on revaluation of inveslmenls 86.500 86.500 Net Incom• I l•xp•ndSturnl 17,332) 217,188 209,836 Transfers befv4een funds 7,280 {7,280} Othèr rncognisèd gain#: Gains on revaluation ol hentsge assets 25,000 10.500 35,500 Nèt movoment in fund# 52 25,000 aL 220,388 245,336 35

THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 Inv8stm8nt incom• 2023 Total 2022 Total Commercial rent Rents from residential properties and moorings Rent from letting rooms in Twsl Cent 8ank deposit interest 404,040 397,374 40,790 31,930 404,040 360,680 13,746 3,720 Totsl Inv•$thi•nt Incom• 782.386 All investment income in the cufrenl and prior year was unrestricted. 4. Incom• from char5table activ5t5es 2023 Total 2022 Total Reslricled Unrestricted Land mana￿ment. Agricultural grants Other land management incomg 953 54.158 40,202 55,111 47,629 9,921 Totsl In¢omg from land managemgnt 953 94,380 57,550 All in￿rne from land management in the prior year was unrestricted.

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THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 6. Net movement in funds This is stated after charging-. 2023 2022 Depreciation Operating lease payments Truslee5' remuneration Trustees, reimbursed expenses Auditors, remuneration.. statutory audit lexcluding VAT) 96,990 794 97,646 794 11,875 10.417 7. Stsff Costs and nuM￿rn Staff costs were as follows- 2023 2022 Salaries and wages Social security ￿$1$ Other Pension costs 280.399 27,017 16,135 268.259 23.579 14,960 323,SS1 306.798 No employee earned more than £60.IXQ during Ihe year12022'. none}. The key rnanagemenl personnel of the charity comprise the Trustees and the Trust Managers. The lotal employee benefits of the key management personnel were £85,113 including 8rnployer's Nl12022'. £71,e631. Volunteers1134 in number12022.' 11411 play a significanl role supporting the staff in the work ol the Trust, mainly in ihe areas of estate ￿nservatIon and enwronment, outreach and administration. The Trust rnakes a defined contribution to employees. personal pension plans. The assets ol these plans are identified to individual members and are held separately from Trust assets. The pension cost charge represents contributions payable by the Trust and arnounted to £16,135 12022.. £14,960). Pension contribubons owed al the year end are accrued. 2023 No. 2022 No. Average head count analysed by function.. Estate maintenance Administration Environment and Awareness 12 39

THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 8. Taxation The chaiity is exempl from cotpotalion tsx as all rts income is Charrtable and is applied for ch8Trtable puip05es. 9. Grants payabl• During the year, £2,CXJO 12022.. nil) new grants were awarded to 1 institutions 12022.. nil) to support a local communrty group. 10. Tangible fixed assets Eslate land Estate Fixtures and Twst centre and buildings maintenance fittings building Totsl Cost At 1 October 2022 Additions in year Disposals 2,618,118 480.321 101.207 8.200 47,043 1,323,041 4,488,S23 101,207 20,356 12,156 At 30 September 2023 2,618,118 573.328 34,887 1,323,041 4,S49,374 D•pr•clatlon At 1 October 2022 Chargè lor the ygar On disposals 126,559 32,SY)2 347,400 34.717 8,200 42,538 2.910 12,156 99,502 26,461 61S,999 96,990 20.356 AI 30 September 2023 159,461 373.917 33.292 126 963 692 633 Nèt book valu• At 30 September 2023 2,458,657 199.411 1,595 1,197,078 3,856,741 AI 30 September 2022 2,491,559 132.921 4.SOS 1.223.S39 3,852,524 Land included within Estale Land and Buildings consists of a combined acreage of approximatety 236 acres. An external valuats'on of the Trust's Estate land and buildings and also the Trust Centre building, was carried out by Brasier Freeth LLP Chartered Surveyors as at 30 Seplember 2021 on a full vacant possession open market value basis. The remainder of the Trust's estate land and buildings priwpalty rnmprises land and building5 acquired a number of years ago. As such, Ihe value of historic cost less depreciation lor these assets has not been disdosed as Ihe Truslees do nol consider thal reliable cost infomiation can be obtained. Furthermore, the Trustees believe ihe cost of obtaining Ihis infomiation would be onerous compared with the benefft thal would be derived by users of the accounts. Included within the net book value is £52,84512022.' £Nill relating to assets held under finance leases. The depreciation charged lo the SOFA in respect of these assels was £4,804 12022.. £Nill.

THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 11. Heritsge assets Summary analysis of henlage asset transaCI￿nS.. 2023 2022 2021 2020 2019 Land: As at 1 October Revaluats'on 305,SOO 22,000 270,000 35,500 255,( 15,( 255.0 205,000 50,000 Value a5 al 30 September 327,500 305.500 270.CXJO 255.OCMJ 255.000 The Trust's objects indude the management and enhal￿ement of18nd for grazing and amenity with public access. The Land Management Poli￿. adopted September 2012 and the Land Acquisitions Policy. adople. The lolal acreage ol pemianenl endowment land is 227 8r*es. 41

THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 12. Invesbnent properties 2023 2022 Market value a11 October 2022 Revaluations 14,520,000 190,7SO 14,433,500 86,500 Market value at 30 September 2023 14,710,750 14.520.000 Investment properties comprise commercjal land and residential properties. An external valuation of the residential properties was carried out by Brasier Freeth LLP Chartered Surveyors a5 at 30 September 2023 on a fvll vacant possession open market value basis at £9,745,000 12022.. £9.755,0001. An additional currently unused small area of land has been valued at £15,750 12022.. £15.0001. The residential properties are valued using the comparable method of valuation with the exception of one property subject lo a protected tenancy. which ha5 been valued on the basis of several factors likety to be taken into account by a residential investor. A revaluation of the commercial land was carried oul by Brasier Freeth LLP Chartered Surveyors a5 al 30 September 2023 wilh a markel value of £4.950.000 12022.. £4.750,0001. Their assessment of value was based on the property as a oJmmercAal investment, having regard lo the terms of the lease signed in November 2020. Also. due to Ihe uncertain future surrounding the retail warehouse market generally. they had regard lo ihe long-term polential lor the site's redevelopment lor alternative commercial or residenlial purposes. The Iruslees are satisfied that the valuations prowded by Brasief Freelh LLP were carried out by experts with sufficienl relevanl qualifications. and fecenl experience in the location and Class of the properties being valued. 13. Stock 2023 2022 Llveslock herd Stock of materials 91,050 30,475 94,300 26,095 121,S2S 120,395 14. Debtors 2023 2022 cu￿￿1 debtOfS.' Other debtors Accnjed income Prepayments 16,676 2,163 31,957 10,857 471 36,822 Total current debtors 50,796 48.150 Other debtors due wilhin more than one year 50,770 48,897 42

THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 15. Creditors . amounts due within 1 year 2023 2022 VAT Deferred income (note 17) Other creditors Accruals 9,349 490 9S,649 75,392 17,461 1,740 56,264 91,563 180,880 167,028 16. Creditors . amounts due after 1 year 2023 2022 Amounts owed under finance leases Deferred income (note 171 28,633 490 28,633 490 17. D•f•rr•d In¢om• 2023 2022 Al 1 October 2022 Released during the year 2,230 1,740 3,970 1,740 At 30 SeptsM￿r 2023 490 2,230 Ofwhich., Due to be released in one year (note 15) Due lo be released after one year Inole 161 490 1,740 490 Deferred income ￿lateS lo a grant for capital purchases-, income bs released in respect ol depreualion.

THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 18. Analysis of not assgts bgt*wn funds Endowment Restricted Designated General lunds fvnds funds funds Totsl fvnd$ Tangible fixed assets Heritage assets Investment propety Current assets Current liabilities Long temi liabilities 845,000 225,000 3,011,741 3,856.741 102.500 327,SOO 14.710.750 14,710,750 859.639 557.225 1,454,511 (180,8801 1180,8801 28,633 25.441 12.206 Net assots at 30 Septsmber 2023 1,095.441 12.206 18.684,630 347,712 20,139,989 Pr5or year comparative: Endowmenl ReslrKted Designated General funds fvnds fvnds funds Total nds Tangible fixed assets Heritage assets Investment propety Current assets Current liabilitie5 Long term liabilitie$ 845,000 225,000 3,007,524 3.852,524 80,500 305,500 14,520.000 14.520,000 743,136 609.708 1.390,491 (167,0281 1167.0281 490 490 25.441 12,206 Not a8Sots at 30 Septsmbfrr 2022 1,095,441 12,206 18,351,160 442,190 19,900,997

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THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 19. Movements in funds (continued) Purposes of restricted funds River Bulboume reslorab.on lurKJ FurKling from the Environment Agency for work lo improve the ecological value of the River Bulboume. The amount held in the ftjnd at 30 September 2023 is £11.99312022.. £11.9931. Kingfisher bank A fvnd established through support from Groundwork South to Improve the breeding habitst for kingfishers on the River Bulboume. At 30 September 2023 the balance on this fvnd was £213 and no lunds were recwved or spent in the year. Other restricted income 2 grants were received in 2023 that were used immediately upon receipt., Vet Visits- £436 grant received from Rural Payment8 Agency for veterinary visits to the fltxk. Queens G￿ert Canopy £517 was received from HertfOrdShi￿ County Counril lo help with planting Hedgerows. Purpos•$ of do¥lgnatsd funds Land and Buildings Fund To hold eKlSting investment and ¢peralional land and buildings and to be used for the purchase of land and replaomenl and improvement of present and ftrture building8. Working Capital Fund This has been subdivided into.. Ints)me Support to prowde funds to cover the polenb.al nsk of an interrupb.on in income from a major inc¥yne producer and lo enable the Trust lo maintsin its regular funcb.ons should ils sources of I￿￿)me fail. Created from an legacy received and designated to the board walk and surrounding areas. Trust Centre Major Repairs Fund To hold fvnds allocaled to major repairs for the Tru51 Centre. Transf•rs ￿l￿an funds Funds were transferred from the General Fund lo achieve the fvjnd target amounts over the desired b"meframe3 in line wrth Fdicy. 47

THE BOX MOOR TRUST NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 30 September 2023 20. Operating lease commitsnents The charity had operating leases at the year end wth total future minimum lease payments as follows.. 2023 2022 Amount falling due as lessor.. thin 1 year Vlfithin 1 5 years 630,530 406,S40 636,095 818,380 1.037,070 1.454,475 2023 2022 Amount falling due as le$$ee: Ihfithin 1 year Ihfithin 1 5 years 794 794 794 794 1,588 21. Relatod party transactlons There is one staff tenancy where an employee oo>Jpies the property rent free to enable them lo carry out their estate dubes efficienty. During the year, Trustees made donations to the Trust amounting to £212022.. £341. 48