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2020-12-31-accounts

The Landmark Trust

Report and Financial Statements

9 Months Ended

31 December 2020

Charity Number 243312

The Landmark Trust

Statement of Trustees’ responsibilities for the 9 months ended 31 December 2020

The Landmark Trust

Report and financial statements for the 9 months ended 31 December 2020

Contents

Page:

1 Trustee’s report 11 Independent auditor's report 14 Consolidated statement of financial activities 15 Consolidated and Charity balance sheet 16 Consolidated cash flow statement 17 Notes forming part of the financial statements

Directors

The Landmark Trustee Company Limited is the trustee, and its directors during the year, or as stated, are:

Lord Mendoza Dame Elizabeth Forgan DBE Dr Douglas Gurr Sarah Hall John Hastings-Bass Brian Millar Sarah Porritt CBE Peter Smith (retired 5 November 2020) Martin Stancliffe (retired 5 November 2020) Helen Webb

Secretary and registered office

V Stanbury, Shottesbrooke Park, Maidenhead, Berkshire SL6 3SW

Charity number

England and Wales : 243312 Scotland : SC039205

Auditors

BDO LLP, 2 City Place, Beehive Ring Road, Gatwick, West Sussex, RH6 0PA

Bankers

Coutts & Co., 440 Strand, London, WC2R 0QS Santander, Bridle Road, Liverpool. L30 4GB

The Landmark Trust

Statement of Trustees’ responsibilities for the 9 months ended 31 December 2020

Administrative details of the Charity

The Landmark Trust (‘Landmark’) was established by trust deed in 1965 and is a charity registered in England and Wales, number 243312, and in Scotland, number SC039205. It has one Trustee being The Landmark Trustee Company Limited. There are two wholly owned subsidiaries being the Lundy Company Limited and Landmark Trading (Shottesbrooke) Limited (dormant). The Landmark Trust also has a controlling interest in Landmark Trust (Auchinleck) Limited which is itself a charity registered in England and Wales number 1071185.

Objectives and Activities

The Landmark Trust is a historic buildings charity that exists to save extraordinary historic places in jeopardy and to promote the public enjoyment of historic places by making its buildings available for people to stay in and to enjoy. We rescue significant and often difficult buildings and our approach to their repair and refurbishment is designed to bring out their historic character and so to provide visitors who briefly live there with exceptional experiences.

Landmark's charitable objects, first enshrined in 1965, are:

We currently have some 260 historic buildings in our care, in England, Scotland, Wales, the Channel Islands and Italy as well as the island of Lundy, with its unique historic and natural environment. 200 of these were available for short periods for holidays, with the remainder let to tenants on a longer-term basis. The income they generate is used to pay for their long term maintenance and to contribute to the work of the charity in rescuing further buildings at risk. Following the termination of the agreement with GIF in September 2020, Landmark no longer operates buildings in France.

Public Benefit

The work of The Landmark Trust is undertaken for the benefit of many different communities of people. The trustee has had regard for the Charity Commission’s guidance on public benefit. The work can be described under its two charitable objects:

i. The preservation of buildings

A nation’s historic buildings are precious and fragile relics of its past, representing and able to illuminate the lives of our ancestors. They tell us where we have come from and who we are. Through them the past is with us still in tile and timber, plank and plaster. The Landmark Trust acquires and repairs extraordinary historic buildings which are facing real danger, and in some cases are in a very advanced state of decay, helping to safeguard the best of this finite resource for all, both now and in the future. Over 10,000 listed buildings are currently ‘at risk’ in the UK; The Landmark Trust is usually approached annually about around 100, of which only one or two of the most important and in need are taken on. In the 9 months to 31 December 2020, we were approached about 57. In making our selection we look at three main criteria: those which are the most extraordinary, the most endangered, and the most likely to make a wonderful place to stay.

Our work usually involves undertaking a major campaign of repair to an old and dilapidated building. Our approach is one which accords the greatest respect to traditional building techniques and, in employing craftspeople in traditional skills, such as thatching, lime-plastering or lead work, we contribute to the continuation of these skills which are essential to the survival of historic buildings in Great Britain as a whole.

ii. Promoting public enjoyment of special places

The buildings we rescue do not simply benefit people in an abstract or theoretical sense, but are available to and enjoyed in a profound and prolonged sense by tens of thousands every year. Despite being closed for the first 3 months of the 9-month period under review due to the national lockdown, almost 24,000 people stayed for three to seven nights in our buildings during April – December 2020, compared with 48,000 in the same 9-month period last year, enjoying an intense, personal experience of the past which requires no prior knowledge or qualification.

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The Landmark Trust

Statement of Trustees’ responsibilities for the 9 months ended 31 December 2020

To live in an old and important building for a short time has the capacity to inspire and to offer a sense of beauty and peace that is quite different from a fleeting visit to a stately home or museum. The availability at all our buildings of well researched histories of that place and its physical and historical context, encourages visitors to learn more.

We let our buildings for short stays year-round, enabling us to offer the wide range of prices that make our buildings financially accessible to a large portion of society. More than 70% of our buildings have periods when they can be rented for less than £25 per person per night, cheaper than most Youth Hostels, while the average cost per person per night across the entire year is £51, making our buildings for much of the time cheaper than a B&B.

As well as making 200 buildings available for guests who stay, we usually welcome many thousands of visitors each year to our buildings on free open days and changeover days, and on day trips to the island of Lundy. Our educational programmes and resources reach a wide range of people, from primary school pupils to practitioners and life-long learners, helping them gain a deeper understanding and enjoyment of history and architecture from the places in our care. This year we ran an online Festival of Landmark as an alternative to Open Days which were cancelled due to Covid restrictions, reaching over 65,000 people.

This report covers a nine month period where much of the usual operating practice of the Landmark Trust, like that of so many charities and organisations, was profoundly affected by the impact of the Covid-19 Virus. All the charity’s buildings were forced to close in the period March-July 2020 and again in the autumn of 2020 due to government restrictions and much of our charitable work was similarly affected. These huge challenges notwithstanding the charity has nonetheless achieved a great deal in pursuit of its charitable objects.

Achievements and Performance

In March 2020 the Landmark Trustees agreed a new five year plan for the charity covering the period 2020-25. Following the impact of the Covid 19 virus this was revised and amended in the autumn/winter of 2020. The following strategic themes that cut across all our areas of work identified were as follows:

Strategic themes 2020-5

Realised under five strategic aims:

  1. Safeguard our beautiful and fragile environment through rescuing and caring for rare and remarkable historic places in the UK.

  2. Ensure we are financially and operationally sustainable for the long term

  3. Raise our profile and attract more supporters to our cause.

  4. Make the experience of Landmark as wonderful as possible for everyone

  5. Develop a dynamic and engaged team equipped to do their jobs within a well governed Charity

Activity in the financial period 1 April – 31 December 2020 was closely focussed on financial sustainability, supporting our staff and keeping our staff and guests safe. Achievements include the following.

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The Landmark Trust

Statement of Trustees’ responsibilities for the 9 months ended 31 December 2020

We were delighted, amid the very great challenges of the year, to be judged the country’s best holiday cottage provider by Which? magazine.

The highly regarded consumer publication published the results of their latest travel survey in a special supplement accompanying its September issue, with Landmark receiving almost full marks in every aspect of the survey. We were awarded five-star ratings across all seven categories including customer service, quality of accommodation and booking process. We topped the list of holiday providers with our customer score of 88%.

Fundraising

Landmark is fortunate to receive the support of many individuals, and grant-giving bodies, which we rely on for the funds needed to rescue and secure the future of buildings at risk, and to ensure the unique environment of Lundy can remain accessible to all.

Fundraising is carried out by a Development department of seven staff (two full-time and five part-time making 5.2 full-time-equivalent roles). The Head of Development is a member of the Management Board and reports to the Director. Fundraising is also supported by other departments including Marketing, Communications and Engagement, the Historic Estate, Operations, and our Trustees.

The Development department carries out a range of fundraising activities to nurture strong relationships between Landmark and its body of supporters, and to encourage new supporters to give to our work. Giving by individuals is received in one-off donations to appeals, regular donations by Direct Debit, from Friends and Patrons, and from those playing our annual raffle. High value giving is also encouraged, and some individuals who become leading private supporters of a building rescue are recognised as project Guardians. Landmark also receives grants from trusts and foundations, and from other bodies such as the National Lottery Heritage Fund (NLHF) in support of specific restoration projects.

By 1 April, the start of the 2020 financial period, the national lockdown in response to the Covid-19 pandemic was underway. Measures were taken to safeguard fundraising income and resources; non-essential spend was frozen and some of the Development team were furloughed for a period under the Coronavirus Job Retention Scheme (CJRS). The launch of a new capital appeal for Calverley Old Hall planned in May 2020 was postponed into 2021. An emphasis was placed on nurturing existing supporters to protect unrestricted revenues and using digital communications in place of face-to-face contact. Other supporter engagement through physical events, and visits to projects, was cancelled due to Government regulations on social distancing in force at the time. Unrestricted income performed largely as forecast thanks to the generosity and commitment of our supporters, with the main variation to 2019-20 being attributable to the shorter 9-month reporting period. Retention rates in our supporter schemes during the financial year have also been maintained, with some recruitment continuing.

In the 9 months to 31 December 2020, fundraising income reached £3,267,000 (2019-20: £2,766,000). Of this, £1,486,000 is included in Restricted Funds for Charitable Trust Income, the majority of which is due to the valuation of a property (Goldington Hall) received with a cash sum from the Manor Building Preservation Trust. A further £1,225,000 came from individuals through lifetime gifts, legacies and the raffle, accounting for 37% of the total (2019-20: 74%). The balance was received from initial grant payments from the Culture Recovery Fund via Historic England, from the National Lottery Heritage Fund (towards capital projects), and from the Rural Payments Agency for Lundy.

Gifts in Wills are an important source of income and represented 23% of our fundraised income in the year (201920: 33%). Legacies of all sizes make a difference to our work, and there were particularly generous bequests in 2020 from the estates of Beryl Siddons (£584,000) and Michael Edwards (£150,000). Whilst a financial gift in a Will

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Statement of Trustees’ responsibilities for the 9 months ended 31 December 2020

is the most popular way to support our work, we also accept gifts of buildings which may go on to become part of our Legacy Estate (to generate commercial property income) or as a Landmark in our holiday portfolio. Very occasionally we accept gifts in kind, such as paintings and furniture, if they can be used directly in our buildings.

Investment in growing our fundraising income was £316,000 (2019-20: £415,000) the variance primarily being due to the shorter reporting period. 90% of total income in the year was available for our work – or, 10 pence was invested in raising every £1 (2019-20: 16 pence).

Following the financial hardship experienced by the Lundy Company in the wake of the Covid-19 pandemic, the National Lottery Heritage Fund awarded Landmark a grant of £250,000 in June 2020, from the Heritage Emergency Fund. This was instrumental in enabling Lundy’s operations to continue through the challenging summer and gave us precious time to run a successful public appeal. The Lundy Urgent Appeal was launched in August 2020 to raise additional funds from the public whilst Lundy still faced an uncertain future from the income lost during lockdown and reduced capacity on reopening. Thanks to 2,271 supporters, the appeal raised £193,000. In November 2020, The Lundy Company Ltd was one of 445 heritage organisations across the country to receive support from the Department for Digital, Culture, Media and Sport (DCMS). A £500,000 grant from the Culture Recovery Fund to Lundy received in 2021 ensured the island could remain viable into 2021, by protecting jobs and maintaining access to the island over the winter months. £199,000 was recognised in 2020.

In autumn 2020 we were successful in applying to the Heritage Stimulus Fund, a strand of the DCMS Culture Recovery Fund: Landmark received confirmation of a £1.2 million grant to reignite our maintenance programme in England. Awarded and administered by Historic England’s Major Works Programme, this transformative grant unlocked vital work previously put on hold because of the Coronavirus pandemic. This meant that a group of critical projects at 17 Landmarks across England could go ahead over the winter, recognising £0.2 million of the grant and into the first 6 months of 2021, when the remainder will be spent, directly providing employment and training for more than 130 craftspeople.

Looking ahead, as a result of the pandemic, the main fundraising risk for Landmark relates to the availability of restricted income for new restoration projects. It is expected that there will be increased competition for grants from trusts and foundations, and the overall economic situation could reduce giving levels by trusts, private donors, and companies, meaning that it could take longer to secure the funds needed for a building rescue. The NLHF Development grant of £150,000 received for Calverley Old Hall in March 2020 was encouraging and this invited a full application for a major grant of £1.6 million in late 2021. A public fundraising campaign has been launched in spring 2021 for the remaining partnership funds.

To ensure our fundraising conformed to recognised standards we continue to be registered with the Fundraising Regulator and subscribe to the Code of Fundraising Practice which details how fundraising is to be carried out in England and Wales (with Scotland and Northern Ireland maintaining their own equivalent system of self-regulation). Our Head of Development continued his membership of the Chartered Institute of Fundraising, helping to ensure that current best practice is being followed. Fundraising activity and overall strategy are regularly addressed by the Board of Trustees in exercise of its duties under CC20. They, together with our Audit Committee, monitor significant risks and ensure they are being properly addressed.

Landmark is committed to providing a positive donor experience by fundraising appropriately from supporters and being aware of our responsibilities to vulnerable people. Our Privacy Policy sets out how we collect, use, and protect personal information provided to us. Our Safeguarding Policy and Complaints Policy also apply to all our fundraising activities and ensure that we are protecting the public from undue pressure and persuasion, as well as identifying potential vulnerabilities. We received no complaints during the year relating to our fundraising activity (2019-20: one) and there were no breaches of the Code of Fundraising Practice.

The execution and management of the annual Landmark Raffle was supported by the professional services of an external agency which carried out the administration of the raffle on our behalf – for mailing and fulfilment services to collate responses and respond to enquiries. This activity was monitored directly by us and is also regulated by the Gambling Commission. We did not use other external bodies or professional fundraisers to carry out fundraising activities on our behalf.

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The Landmark Trust

Statement of Trustees’ responsibilities for the 9 months ended 31 December 2020

Financial review

The 2020 9-month financial period started in April when the country was in full lockdown and all our holiday properties had been closed to visitors since the last week in March in accordance with Covid-19 regulations.

Total income for the period was £10.9 million (2019-20: £15.6 million). Income from charitable activities fell by £6.9 million to £5.8 million; part of the decrease is due to the fact that this was a shorter reporting period but also that holiday properties were closed for 4 out of the 9 months. Income from donations and legacies increased by £0.5 million to £3.3 million in 2020. Other operating income in the period comprised coronavirus government support by way of the Job Retention Scheme (£0.5 million), the Heritage Emergency Fund (£0.2 million), the Culture Recovery Fund (£0.2 million) and the Retail, Hospitality and Leisure Grant (£0.9 million).

Total expenditure fell by £7.5 million; the decrease being due to the shorter reporting period, coupled with the 4 month closure of holiday properties and the Trustees’ decision to carry out a range of cost reductions and project delays to mitigate the impact of this. This included the delay of operational buildings expenditure. The costs associated with fundraising income relate principally to the costs of our fundraising department and revenue related project costs associated with projects for which we have fundraised.

We had budgeted to deliver an overall surplus for the period of £0.7 million. Despite the challenges posed by the Covid-19 during the financial period, the overall result was a surplus of £2.6 million, demonstrating the strong performance of fundraising and charitable activities throughout the rest of the year. The charity also applied for and received funding via various government Coronavirus support initiatives as described above.

As a result of project restoration work and general maintenance having to be put on hold, together with holidays being cancelled during the lockdowns and customer monies being left on account, cash and cash equivalents increased to £19.4 million (12 months to 31/3/20 : £15.0 million). Of this, £16.2 million is held on special interest deposit accounts (12 months to 31/3/20 : £13.7 million). Of the total cash, £6.3 million is represented by customer deposits and £6.8 million is allocated against identified projects.

Our principal trading subsidiary, included in the above numbers, is the Lundy Company Limited, which is charged with the management of Lundy and the passenger ship which services it. Lundy was closed to visitors and unable to carry out its principal forms of trading for a total of 4 months, severely impacting on all trading revenue streams Visitor numbers fell by 11,131 from the same period (April – December) in 2019-20, a result of the Island being closed to visitors during for 3 months during the sailing season, and social distancing requirements resulting in a reduced capacity on Lundy’s passenger ship, The Oldenburg. Total revenue for the year of £2.0 million includes £118,000 of government payments through the CJRS and £35,000 through the Retail Hospitality and Leisure Business Grants. A total of 40 of the company’s 50 employees were furloughed at some point during the period April – December 2020; this vital source of government support ensured that no staff were put at risk of job loss or redundancy, ensuring the preservation of the community that lives on the island. Other Covid-19 related grants received within the period included £250,000 awarded from the Heritage Emergency Fund and £199,000 of a £500,000 award from the Cultural Recovery Fund. During the period The Landmark Trust launched a fundraising appeal for the benefit of the island, which raised a remarkable £193,000. Cost of sales expenses were reduced for the period as a result of the prolonged closures, £333,000 for the nine month period, (12 months to 31/3/20 : £752,000), whilst administrative expenses totalled £1.3 million (12 months to 31/3/20 : £3.3 million). Previous year administration expenses included £1.2 million of accelerated depreciation on assets that had no discernible value in use.

Looking forward, the key financial challenges are to:

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The Landmark Trust

Statement of Trustees’ responsibilities for the 9 months ended 31 December 2020

Reserves

The General Fund comprises The Landmark Trust’s consolidated net assets excluding those which are restricted or designated in their use e.g. assets or cash which are restricted or designated to a particular project. At 31 December 2020 the consolidated General Fund was £47.2 million (31 March 2020 - £42.5 million). This comprises £46.4 million of properties and contents held for charitable use and £12.1 million of current assets less £11.0 million of current liabilities and £0.4 million of provisions.

The Trustee’s policy on its General Fund is to apply the net income generated from visitors to Landmark properties to cover operating expenditure, including the maintenance and management of existing properties.

Any surplus may be used to fund restoration projects, undertake special projects at existing Landmarks, provide partnership funding for restoration projects or to prime other projects. Net income generated from fundraising activities is predominantly used for restoration of properties. The reserves of the Charity are regularly reviewed by the Trustees.

Restricted funds at 31 December 2020 were £6.4 million (31 March 2020 - £6.3 million). This increase reflects a £3.2 million decrease in fixed assets held in restricted funds with the transfer out of Winsford Hospital and Cobham Dairy on completion, offset by a £3.3 million increase in current assets, representing funds raised for current projects. In addition, designated funds at 31 December 2020 were £6.6 million (2019-20 - £8.8m).The restricted and designated funds at 31 December are spent over the time it takes to restore the various properties to which they have been allocated.

At the year-end free reserves as viewed by management can be calculated as follows:

£’m
General fund 47.2
Less fixed assets (43.0)
Plus provision 0.4
Free reserves 4.6

Free reserves represent the difference between our current assets and liabilities held within the general fund and include as a liability £6.3 million of customer deposits. The above calculation excludes designated funds. Should the demands of the organisation require it, these funds may be drawn upon.

Given the size of the customer deposits and what can be lengthy delays in the receipt of accrued legacies, the Trustees’ reserves policy is based on cash reserves and not an accounting definition of reserves. As such the Trustees’ policy on the amount of unrestricted (or free) cash that needs to be held in reserve is that the average of unrestricted (or free) cash balances over the year should be at least equal to 60% of the average customer deposits over the year. For 2020 this equated to £5.0 million (2019-20: £4.1 million). Regular cash forecasts are produced to ensure that this will be the case and the policy was complied with throughout the 9 months ended 31 December 2020

The provision held on the balance sheet at 31 December 2020 of £0.4 million is an actuarial valuation of the liability to 3 retired employees to whom we have direct pension obligations. More information can be found in note 16.

Going Concern

The impact of the Covid-19 outbreak and its financial effect has meant that the Executive Team and Trustees have been reviewing financial plans for the next 12 months to ensure that the charity can continue its business-critical activities and remain a going concern. The Government’s decisions to counteract Covid-19 have impacted letting income in the period under review. The Trustees therefore, decided to carry out a range of cost reductions and project delays to mitigate this impact. This included the furlough of staff who are not involved in business-critical work and the delay of operational buildings expenditure. The length of the Covid-19 outbreak and the measures taken by the Government to contain this are not known and outside of our control, but we have put processes in place to manage cash flow and review financial stability as matters progress. Given the strength of the balance sheet and availability of unrestricted assets, totalling around £47.2 million, the Trustees believe that, while uncertainty exists, this does not pose a material uncertainty that would cast doubt on the charity’s ability to continue as a going concern. The £47.2 million includes £43.0 million fixed assets which comprise properties that could be

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Statement of Trustees’ responsibilities for the 9 months ended 31 December 2020

The Landmark Trust

sold or used as security to obtain further funding if required. The Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they consider it appropriate for the accounts to be prepared on a going-concern basis.

Plans for the Future

Looking ahead we will be continuing to pursue our identified Strategic Themes for 2020-25

Signficant specific aspirations for 2021 include:

Structure, governance and management

Governing document

The Landmark Trust was established by trust deed in 1965 and is a registered Charity (number 243312 in England and Wales; SC039205 in Scotland). The Landmark Trustee Company Limited, a company limited by guarantee, is the corporate trustee of The Landmark Trust, the charitable trust. Its Directors act, in effect, as Trustees of The Landmark Trust.

The overarching responsibility of the Board of Directors of the Trustee Company (“the Trustees”) is to direct the affairs of The Landmark Trust, ensuring it is solvent, well run, its assets are safeguarded, it complies with relevant laws and regulations, and delivers its charitable objects. The Trustees all give their time voluntarily. They reclaim expenses, which are set out in the notes to the accounts, but receive no benefits.

The Trustees are appointed for three years and may be re-elected. They may serve a maximum of three terms.

The Trustees’ focus is on strategic matters; they meet at least 4 times a year, and review the organisation’s longterm strategy annually. The day to day running of The Landmark Trust is delegated to a management team led by Anna Keay (the “Director”), who was appointed in July 2012. A formal scheme of delegation setting out the matters the Trustees reserve to themselves and those delegated to management, ‘The Landmark Trust: Delegation of Authority’ was reviewed and updated in 2018-19. Two board committees, the Audit Committee, which meets twice a year, and the Remuneration Committee, which meets once a year, make recommendations to the Board according to their terms of reference.

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Statement of Trustees’ responsibilities for the 9 months ended 31 December 2020

New Trustees are recruited to ensure the board maintains an appropriate balance of skills and experience to allow it to fulfil its charitable objects and a formal recruitment process precedes any appointment. Each prospective Trustee receives a job description covering the nature of the Trustee role and the expectations of Trustees. A thorough induction into the work of the charity follows any appointment, including individual meetings with the Director and all the heads of department, along with visits to see Landmark’s buildings to understand the nature of the charity’s work and the experiences it offers. Regular board effectiveness reviews allow for periodic consideration of how the board works.

The trustees have reviewed and discussed the full text of the Charity Governance Code (2017), which sets out the principles and recommended practice for good governance. As well as paying close attention to its guidance in their business and decision-making, they agreed in September 2020 that specific areas of the code, including the refreshed principles issued in October 2020, would be given detailed consideration at future meetings.

There were 10 Board members during the financial period. The Board met 4 times between April and December 2020.

Remuneration policy

In terms of pay policy, we strive to ensure employees receive equal pay and reward for work of equal value and our pay policy is fair to all. Starting salaries are set between the lower to median quartile of the latest Croner Charity Rewards survey and, where appropriate, adjustments may be made to reflect the experience of the successful candidate or particular local circumstances affecting the recruitment. In addition, the Remuneration Committee meets once a year to consider Landmark’s remuneration levels. There is no contractual entitlement to an annual pay rise but consideration is given annually to the level of inflation as measured by the CPI in determining whether a pay increase is appropriate or affordable.

Risk management

The Trustees formally assessed the major risks to the charity’s business and decided the steps to be taken should identified risks occur as part of their normal review. The risk review involved identifying the types of risk the charity faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of managing the risks. The principal risks and uncertainties identified are:

Principal Risk Category Mitigating Actions
Loss of income resulting from
economic uncertainty due to the
ongoing Covid-19 pandemic.		 Financial and
strategic		 Audit Committee carries out regular
financial reviews. Forecasts are regularly
revisited and updated; scenario planning
has been developed and is ongoing;
making the most of time-limited government
grant and financial support schemes.
Major incident leading to loss of
reputation		 Brand and reputation Controls at operational level throughout the
organisation; policies in place to comply
with legal and regulatory requirements.
Systems or security failure Technology Landmark’s systems moved onto the cloud,
enabling staff to work remotely and
minimising risk of failures. Firewalls in place
and security threats monitored.
Regulatory non-compliance Legal and regulatory Clear terms of reference for Directors of the
Lundy Company Limited which make clear
the relationship between the parent and
subsidiary entities. Regular training for staff
involved in compliance activities.
Serious Health and Safety
Breach		 Legal and regulatory Robust Health & Safety framework, policies
and procedures in place. Health and safety
officer recruited to start in first half of 2021.

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Statement of Trustees’ responsibilities for the 9 months ended 31 December 2020

The Directors have an Audit Committee to monitor risk, review the Trust’s draft Annual Report and Accounts and to make recommendations to the Board. The Audit Committee meets twice a year.

The Covid 19 Pandemic began at the end of the financial year 2019-20 and has had a significant impact in 2020. Its impact has been closely assessed by the Trustees, with the charity’s forecasts regularly revisited and updated. A major risk remains the impact on the charity’s finances of periods of lock-down that force the closure of Landmark’s buildings. For the next accounting period to 31 December 2021 the pandemic will continue to have a significant impact on the charity’s income, given an almost four month period of complete closure commencing in January 2021. Recent focus on moving Landmark’s IT systems into the Cloud has served the charity well, enabling staff to work remotely and minimizing the risk of failures.

Looking ahead the Covid 19 virus remains alive and active. The focus of risk management here remains ensuring proper and safe working practices for all staff and customers, responding quickly and flexibly to changing trading conditions to protect income, vigilance on the regulatory environment to reduce the risk of transgression of fastchanging operating requirements and a focus on staff welfare and communication during a prolonged period of remote working. Financial conservatism remains important while the risk remains high of further national lockdowns, as does making the most of time-limited government grant and financial support schemes. In this time of intense uncertainty the charity’s ownership of a large collection of freehold assets (Landmarks and Legacy Estate buildings) gives a significant degree of comfort about the charity’s fundamental financial security.

There are terms of reference for Directors of the Lundy Company Limited which make clear the relationship between the parent and subsidiary entities and to ensure that the line of accountability is understood and respected.

The Trust’s Health and Safety Policy is available to all staff and is periodically reviewed with the help of an external consultant. During 2017 significant investment was made in reviewing and revising The Landmark Trust’s Health and Safety policy and practice, engaging an expert external advisor, and putting in place a panorganisation programme of training and guidance. The revised Health and Safety Policy was issued In September 2017. As part of the continuous review process, an updated version was issued in April 2019.

The Trustees are responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity, and of the incoming resources and application of resources, including the income and expenditure, of the group for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and 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. 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.

Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other

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Statement of Trustees’ responsibilities for the 9 months ended 31 December 2020

jurisdictions. Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in so far as it relates to the charity.

Auditors

BDO LLP have expressed their willingness to continue in office and a resolution to reappoint them will be proposed at the annual general meeting.

Signed on behalf of the Trustees (The Landmark Trustee Company Limited) on 6 July 2021

Lord Mendoza

(Director of The Landmark Trustee Company Limited)

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The Landmark Trust

Independent auditor’s report

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE LANDMARK TRUST

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of The Landmark Trust (“the Parent Charity”) and its subsidiaries (“the Group”) for the period ended 31 December 2020 which comprise the Consolidated statement of financial activities, Consolidated and Charity balance sheet, Consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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).

Basis for opinion

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

Conclusions related to going concern

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

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

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

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The other information comprises the Trustees’ report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

The Landmark Trust

Independent auditor’s report

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005 requires us to report to you if, in our opinion;

the information contained in the financial statements is inconsistent in any material respect with the Trustees’ Annual Report; or

proper accounting records have not been kept by the Parent Charity; or

the Parent Charity financial statements are not in agreement with the accounting records and returns; or

we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements 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 with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

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

Based on our understanding of the Charity and the industry in which it operates, we identified that the principal laws and regulations that directly affect the financial statements to be the Charities Act 2011, Charities and Trustee Investment (Scotland) Act 2005 and relevant tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Employment Law, Fundraising Regulations, Health & Safety Legislation and Data Protection. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.

12

Independent auditor’s report

The Landmark Trust

There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

Audit procedures capable of detecting irregularities including fraud performed by the engagement team included:

Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Areas of identified risk are then tested substantively;

Discussions with management, including consideration of any performance incentives and remuneration arrangements, known or suspected instances of non-compliance with laws and regulations and fraud; Reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC to identify any actual or potential frauds or any potential weaknesses in internal control which could result in fraud susceptibility;

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

Enquiries as to whether there have been any serious incident reports or correspondence with the Charity Regulators and reviewing and assessing the impact of any reports or correspondence;

Challenging assumptions made by management in their significant accounting estimates in particular in relation to entitlement and recognition of government grant income, valuation of assets held for sale, impairment of heritage assets and defined benefit pension scheme assumptions;

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and

Carrying out detailed testing, on a sample basis, of transactions and balances agreeing to appropriate documentary evidence to verify the completeness, existence and accuracy of the reported financial statements.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s trustees, as a body, in accordance with the Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005. 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 permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

BDO LLP, statutory auditor Gatwick, UK Date 09 July 2021

BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

13

The Landmark Trust

Consolidated statement of financial activities for the 9 months ended 31 December 2020

Income and expenditure
Note
Unrestricted
Restricted
funds
funds
9 months
to 31/12/20
9 months
to 31/12/20
£’000
£’000
Income from:
Donations and legacies
3
1,178
2,089
Charitable activities - Income from
lettings and other core operations
5,828
-
Investments
46
-
Other Operating Income
3
1,786
-
Gain on disposal of fixed assets
4
-
_
_
Total income
8,842
2,089
_
_
Expenditure on:
Raising funds
128
188
Charitable activities:
Expenditure on maintenance,
lettings and other core operations
7.473
501
Exceptional depreciation charge
relating to write down of Lundy
infrastructure
-
-
_
_
Total expenditure
4
7,601
689
_
_
Net Income/(expenditure)
1,241
1,400
Transfers between funds
17
1,254
(1,254)
Other recognised gains/losses:
Actuarial (losses)/gains on
defined benefit pension scheme
(38)
-
_
_
Net movements in funds
2,457
146
Total funds brought forward
51,310
6,272
_
_
Total funds carried forward
53,767
6,418

 Total
9 months
to 31/12/20
£’000
3,267
5,828
46
1,786
4
__
10,931
__
316
7,974
-
__
8,290
__
2,641
-
(38)
__
2,603
57,582
__
60,185
 Total
12 months
to 31/3/20
£’000
2,766
12,714
143
-
-
__
15,623
__
415
14,236
1,173
__
15,824
__
(201)
-
7
__
(194)
57,776
__
57,582

The income and expenditure of the charity may be found at note 2. All activities in the current and proceeding periods relate to continuing activities.

The notes on pages 17 to 40 form part of these financial statements

The Landmark Trust

Consolidated and Charity balance sheet as at 31 December 2020

Note
Fixed assets
Heritage assets
8
Other properties and
infrastructure
9
Plant and equipment
10
Current assets
Donated asset held for sale
11
Stocks
12
Debtors
13
Current investments
14
Cash at bank and in hand
Creditors: amounts falling due
within one year
Payments received in advance
Creditors
15
Net current assets
Total assets less current
liabilities
Provision for liabilities
16
Total net assets
Funds
Restricted funds
17
Designated funds
17
General funds
17		 Consolidated
As at
31/12/20
As at
31/3/20
£’000
£’000
48,782
48,455
85
97
272
270
_
_
49,139
48,822
_
_
1,200
-
176
205
1,612
1,456
16,150
13,650
3,260
1,355
_
_
22,398
16,666
_
_
(6,250)
(4,300)
(4,740)
(3,263)
_
_
(10,990)
(7,563)
_
_
11,408
9,103
_
_
60,547
57,925
(362)
(343)
_
_
60,185
57,582
_
_
6,418
6,272
6,610
8,810
47,157
42,500
_
_
60,185
57,582

 Charity
As at
31/12/20
As at
31/3/20
£’000
£’000
48,519
48,191
-
-
179
153
__
__
48,698
48,344
_
_
1,200
-
-
-
1,894
1,360
16,150
13,650
2,478
1,294
__
__
21,722
16,304
_
_
(5,489)
(3,790)
(5,077)
(3,231)
__
__
(10,566)
(7,021)
_
_
11,156
9,283
__
__
59,854
57,627
(354)
(326)
_
_
59,500
57,301
_
_
6,155
6,007
6,610
8,810
46,735
42,484
__
__
59,500
57,301

Signed on behalf of the Trustee (The Landmark Trustee Company Limited) on 6 July 2021

John Hastings-Bass (Director of The Landmark Trustee Company Limited)

The notes on pages 17 to 40 form part of these financial statements.

The Landmark Trust

Consolidated cash flow statement

for the 9 months ended 31 December 2020

Note
Net income
(Gain)/loss on disposal of fixed assets
Depreciation
Interest received
Decrease (Increase) in stocks
(Increase) in debtors
Assets held for sale excluded from cash flow
Increase/(decrease) in payments in advance
Increase in creditors
Increase/(decrease) in provision
Cash flows from operating activities
Cash flows used by investing activities
Purchase of tangible fixed assets
Proceeds from sales of tangible fixed assets
Cash flows from financing activities
Interest received
(Decrease)/increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 9 months
to 31/12/20
£’000
2,603
(4)
482
(46)
29
(156)
(1,200)
1,950
1,476
19
_
5,153
(798)
4
_
4,359
46
_
4,405
15,005
_
19,410
 12 months
to 31/3/20
£’000
(194)
1,173
799
(143)
(6)
(730)
-
(1,153)
904
(33)
_
617
(1,979)
-
_
(1,362)
143
_
(1,219)
16,224
_
15,005

No reconciliation of net debt has been prepared as the charity holds only cash and cash equivalents and has no external debt or borrowings.

The notes on pages 17 to 40 form part of these financial statements.

The Landmark Trust

Notes forming part of the financial statements for the 9 months ended 31 December 2020

1 Accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and are in accordance with applicable accounting standard FRS 102 and the Statement of Recommended Practice (Charities SORP (FRS 102)), effective for reporting periods beginning on or after January 2019. The Landmark Trust is a public benefit entity.

The consolidated accounts incorporate the financial statements of the Charity and all of its subsidiary undertakings. No separate Statement of Financial Activities (SOFA) is presented for the Charity alone. The results of the parent charity and subsidiaries are shown in notes 2 and 7.

The accounting date of the Charity and its subsidiary undertakings has been changed to 31 December in order to align the financial year with the calendar year to which holiday bookings relate. As a result of this, the accounting period under review is 9 months from 1 April 2020 and consequently the comparative amounts (12 months) presented in the financial statements are not entirely comparable.

Going Concern

The financial statements have been prepared on a going concern basis as the Trustees are satisfied that the charity has the resources to continue for at least 12 months from the approval date of the financial statements.

However, the impact of the Covid-19 outbreak and its financial effect has meant that the Executive Team and Trustees have been reviewing financial plans for the next 12 months to ensure that the charity can continue its business-critical activities and remain a going concern. The Government’s decisions to counteract Covid19 have significantly impacted letting income in the period under review and are expected to continue to have an effect on all areas of income in the forthcoming financial year. The length of the Covid-19 outbreak and the measures taken by the Government to contain this are not known and outside of our control, but we have put processes in place to manage cash flow on a weekly basis and review financial stability as matters progress. Given the strength of the balance sheet and availability and liquidity of unrestricted investments, totalling around £47.2 million, the Trustees believe that, while uncertainty exists, this does not pose a material uncertainty that would cast doubt on the charity’s ability to continue as a going concern. The Trustees, therefore, consider it appropriate for the accounts to be prepared on a going-concern basis.

The accounting policies used in the preparation of the financial statements are set out below and have been consistently applied during the year.

Critical accounting estimates and judgements

To be able to prepare financial statements in accordance with FRS102, Trustees must make certain estimates and judgements that have an impact on the policies and the amount reported in the annual accounts. The estimates and judgments are based on historical experiences and other factors including expectations of future events that are believed to be reasonable at the time such estimates and judgements are made.

During the financial period Landmark has been the recipient of a number UK Government grants which were provided to support businesses through the pandemic. The level of grants that can be claimed is subject to subsidy control measures (formerly state aid rules) that set a limit on what can be claimed by any one economic actor. The Trustees have given due consideration to the guidance provided by The Department of Business, Energy and Industrial Strategy (BEIS) concerning entitlement to these grants and have concluded that there is sufficient evidence that the eligibility criteria has been met in order to claim funds under the COVID 19 Special allowance, which allows an entity to claim up to a further £9m in Government Grants. The income recognised in respect of Government Grants within these financial statements falls within the standard allowance of £1.9m that is available under the subsidy control measures.

The Landmark Trust

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

1 Accounting policies (continued)

Pension costs for 3 former employees are accounted for on a basis consistent with FRS 102.The trustees employ an actuary to carry out an annual valuation using agreed assumptions, details of which may be found in note 16.

Within current assets there are assets held for sale with a value of £1.2 million. These relate to a donated asset, Goldington Hall, which was gifted to The Landmark Trust by Manor Building Preservation Trust, under a Charity Commission order, following the winding up of the charity. The trustees obtained a professional valuation of £1.2 million which is based on market value of £1.25 million less selling costs.

Many of our buildings are old and require specialist repair and maintenance techniques. The trustees exercise discretion in deciding what to repair and when. We are currently coming to the end of a 4 year process of carrying out inspection surveys on all of our buildings. These surveys detail the maintenance requirements over the next 5 years and set a priority level for these works. At the time of writing there are no buildings at short term risk of becoming non-operational due to excessive or unachievable maintenance requirements and therefore the trustees do not believe that any of our heritage assets require impairment within the statutory accounts.

A new 50 year lease with the National Trust (NT) was completed in October 2019 to coincide with the 50th anniversary of the two charities working together. Infrastructure assets on Lundy comprising a road and jetty were built/improved in 2008 and 2009 in accordance with Landmark’s obligations under the old lease, which had been due to expire in 2029. The assets were being depreciated over the remaining life of the lease. Under the new lease, the obligation for maintaining the infrastructure of the island belongs with the NT. As such, this brought into question whether Lundy should be carrying on its balance sheet assets with a carrying value of £1.2m, for which it had no responsibility and which it could not sell. The assets had no discernible value in use, so were fully written down by way of accelerated depreciation, as at the date on which the new lease was signed. Fully depreciated assets have been written off in the year and opening balances adjusted accordingly.

Parent charity disclosure exemptions

In preparing the separate financial statements of the parent charity, advantage has been taken of the following disclosure exemptions available in FRS102:

• Disclosures in respect of the parent charity’s financial statements have not been presented as equivalent disclosures have been provided in respect of the group as a whole;

• No disclosure has been given for the aggregate remuneration of the key management personnel of the parent charity as their remuneration is included in the totals for the group as a whole; and

• Cash flow of the parent charity has not been presented as disclosure has been provided in respect of the group as a whole.

Income

All income is accounted for in the SOFA when the charity has legal entitlement, there is probability of receipt and the amount can be measured with reasonable accuracy.

Income from government and other grants, whether capital or revenue, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

Legacy income is recognised when receipt is considered probable. Receipt is probable when the amount can be reliably measured and the Charity has been notified of the executors’ intention to make a distribution. Date of recognition is the earlier of: the date the charity is aware that probate has been granted; the date the estate has been finalised and notification has been made by the executor(s) to the Charity that a distribution will be made: or the date when a distribution is received from the estate. Where legacies have been notified to the charity or the charity is aware of the granting of probate, but the criteria for recognising income has not been met, the legacy is then treated as a contingent asset and disclosed if material.

18

The Landmark Trust

Notes forming part of the financial statements

for the 9 months ended 31 December 2020 (continued)

1 Accounting policies (continued)

Gifts in kind of donated services, by third parties, are included at the value to the charity where this can be quantified and there is a cost to a third party. No amounts are included in the financial statements for services donated by volunteers.

Rental income is recognised in the SOFA over the period to which each receipt relates. Any monies received in advance of the period to which they relate are credited to payments received in advance and transferred to the SOFA over the relevant period.

Expenditure

All expenditure is accounted for on an accruals basis. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of the resources: premises costs have been allocated on the basis of floor space, staff costs have been allocated according to direct salary costs, and other costs have been allocated according to total other expenditure. Governance costs comprise those costs incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory matters.

Heritage assets

The Landmark Trust properties and their contents are specialised properties of substantial historical or other interest. Land and buildings are shown at original historic cost or subsequent valuation up to 1993 and acquisition cost together with restoration costs thereafter. This treatment accords with FRS102 and the SORP. Those held in the books at valuation reflect a 1993 valuation by a former director of The Landmark Trust, a chartered surveyor. All heritage assets and restoration works are capitalised and transferred from assets under construction when a project is complete.

The depreciation period on freehold and leasehold buildings is the shorter of 150 years or the life of the lease. The depreciation period on fixtures and fittings is 50 years. Land is not depreciated and is tested for impairment.

Plant and equipment

Plant and equipment is shown at cost less depreciation. Assets with a cost of less than £2,000 are taken direct to expenditure and not capitalised. Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life. The main categories and rates of depreciation are:

Shipping - 5 to 15 years
Motor vehicles - 4 years
Computers and IT - 4 years
Other - 3 to 10 years

Lundy infrastructure assets comprising the jetty and road leading to the jetty were written down through accelerated depreciation in the prior year the year so as to be fully written off by the start of the new 50-year lease between The Landmark Trust and The National Trust which commenced in January 2020.

Donated assets held for sale

Donated assets are recognised at fair value. If donor-imposed restriction limits the use of donated assets, these will be held as a restricted fund until the conditions are met.

Stock

Stock is included at cost where possible. Cost is based on the cost of purchase on a first in, first out basis. Where individual purchase cost is not known, the value is based on an aggregate selling price less aggregate costs to completion and disposal. The exception is the valuation of livestock, which is based upon an annual valuation.

19

The Landmark Trust

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

1 Accounting policies (continued)

Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term liquid assets held with a maturity date of 30 days.

Current asset investments

Current asset investments are classified as cash equivalents as they are held on 35 or 90 day and 3 or 6 month deposit and are accessible without penalty after this time.

Creditors

Trade and other creditors are recognised at the settlement amount after allowing for any trade discounts due.

Operating leases

Rentals applicable to operating leases are charged or credited to the SOFA over the period in which the cost is incurred .

Foreign currency translation

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the SOFA.

Pension costs

The Group operates three defined contribution pension plans for the benefit of the employees. The cost of providing this pension benefit is charged to the SOFA as incurred.

The Group has three ex-employees who benefit from a self-administered pension. A fair value provision has been calculated in respect of this liability against which pension payments are charged. Actuarial gains and losses are recognised immediately in the SOFA.

Fund accounting

General funds comprise accumulated surpluses and deficits and are available for use at the discretion of the Trustees in pursuing the general charitable objectives of the charity and which have not been designated for other purposes.

Restricted funds are created when funds (whether income or capital in nature) are given to The Landmark Trust for use in a particular area or for a specific purpose only.

Designated funds are unrestricted funds set aside for a particular purpose.

20

The Landmark Trust

Notes forming part of the financial statements

for the 9 months ended 31 December 2020 (continued)

2 Financial performance of the charity

The consolidated statement of financial activities includes the results of the charity’s wholly owned subsidiaries (see note 7).

The summary financial performance of the charity alone is:

Income
Expenditure on charitable activities
Net Income
Total funds brought forward
Total funds carried forward
Represented by:
Restricted income funds
Unrestricted income funds		 9 months
to 31/12/20
£’000
8,942
(6,743)
__
2,199
57,301
__
59,500
__
6,155
53,345
__
59,500
 12 months
to 31/3/20
£’000
12,057
(11,722)
__
325
56,966
__
57,301
__
6,007
51,294
__
57,301

21

The Landmark Trust

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

3
Analysis of Income
a)
Unrestricted fundraising income
Charitable Trusts
Major individual donations
Patrons
Raffle
Other (including numerous individual donations)
Legacies:
Jennifer Fry
William Galleway
Henry Lewis
Janet McFarling
Carol Anne Mills
Valerie Place
Peter Robinson
Joan Wrenn
Michael Paul Edwards
Beryl Siddons
Barbara Thomas
Other valuable legacies and gifts in memory
b)
Restricted fundraising income
Grants:
Heritage Lottery Fund
For Lundy:
Rural Payments Agency
Historic England
Other
Donations:
Charitable Trusts
Direct Mail appeals (including the Landmark Fund)
Major individual donations
Patrons
Other
Total fundraising Income		 9 months
to 31/12/20
£’000
10
33
144
30
198
-
-
-
-
-
-
-
150
584
16
13
__
1,178
_
185
168
-
193
1,486
-
23
12
22
__
2,089
_
3,267
 12 months
to 31/3/20
£’000
27
38
217
75
191
58
10
14
55
24
580
200
25
-
-
-
9
__
1,523
_
320
173
7
11
195
149
311
49
28
__
1,243
_
2,766

Charitable trust income includes £1.4 million in respect of Goldington Hall, a building gifted to the charity from the Manor Building Preservation Trust, under a Charity Commission order, following the winding up of the charity, together with cash grants of £0.2 million.

c) Income from charitable activities

The income from charitable activities was £5.8 million (2019-20: £12.7 million), all of which was unrestricted.

The charity benefits greatly from the involvement and enthusiastic support of its many volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of volunteers is not recognised in the accounts.

22

The Landmark Trust

Notes forming part of the financial statements

for the 9 months ended 31 December 2020 (continued)

d) Other Operating Income

Other operating income comprises Covid-19 related government support received during the period as shown below:

9 months
to 31/12/20
Consolidated
£’000
Coronavirus Job Retention Scheme
466
Retail, Hospitality and Leisure Grant Fund
871
Heritage Emergency Fund
250
Culture Recovery Fund
199
__
1,786
 9 months
to 31/12/20
Charity
£’000
347
836
-
-
__
1,183

No equivalent amounts were received in the year ended 31 March 2020.

A further £166,000 of government funding was received from the Historic England Capital Works Fund during the year, included in restricted fundraising income.

4 Analysis of total expenditure

Fundraising
costs
Expenditure
on lettings
and other
core
operations
Total
expenditure		 Staff
costs
£’000
218
3,399
__
3,617
 Other
direct
costs
£’000
58
3,599
_
3,657
 Other
allocated
Governance
costs
Costs
Depreciation
£’000
£’000
£’000
38
2
-
421
73
482
__
__
__
459
75
482


 Total
9 months
to 31/12/20
£’000
316
7,974
__
8,290
 Total
12 months
to 31/3/20
£’000
415
15,824
__
15,824

Fundraising staff costs include £49,000 allocated from central staff costs (£63,000 in 2019-20). Total fundraising costs were £316,000 (2019-20 - £415,000) of which £128,000 was allocated to raising unrestricted income (2019-20- £240,000) and £188,000 was allocated to raising restricted income (2019-20- £175,000). Total expenditure on charitable activities was £7,974,000 (2019-20- £15,409,000), of which £7,473,000 was unrestricted (2019-20 – £15,153,000) and £501,000 was restricted (2019-20 - £295,000).

Included in above are:

Auditors' fees:
- audit fees
Depreciation
Operating lease rentals		 9 months
to 31/12/20
£’000
37
482
186
 12 months
to 31/3/20
£’000
27
1,972
233

23

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

The Landmark Trust

5 Staff costs

The average monthly number of regular employees, including part-time employees and employees on fixed term contracts analysed by function, was:

Charitable activities
Fundraising		 9 months
to 31/12/20
Number
145
5
__
150
 12 months
to 31/3/20
Number
152
5
__
157

The average number of employees is calculated on a full time equivalent basis.

The average number of employees calculated on an actual headcount basis was 507 (2019-20 - 518).

Remuneration of employees
The aggregate remuneration of employees comprised:
Wages and salaries
Social security costs
Pensions		 9 months
to 31/12/20
£’000
3,269
219
129
__
3,617
 12 months
to 31/3/20
£’000
4,423
296
171
__
4,890

Included within these figures there is £3,181 relating to termination payments (2019-20 - £nil). The 26% reduction in staff costs reflects the 9 month reporting period, together with the effects of a 2 per cent cost of living pay increase, offset by reduced housekeeper hours as a result of the closure of letting properties during the national lockdowns.

The key management personnel comprise the Director and six Heads of Department. The total employee benefits of the key management personnel for the 9 months to 31 December 2020 were £487,195 (2019-20 - £581,271).

The number of employees whose pay and taxable benefits exceeded £60,000 in the respective financial years fell within the following bands:

£120,000 - £129,999
£90,000 - £99,999
£70,000 - £79,999
£60,000 - £69,999		 9 months
to 31/12/20
Number
-
1
-
1
 12 months
to 31/3/20
Number
1
-
2
2

All the employees earning more than £60,000 participated in the pension scheme. The aggregate contribution for these employees was £12,205 (2019-20 - £28,595).

The Directors of the Trustee Company do not receive any remuneration. Out of pocket expenses for travel and subsistence are reimbursed on presentation of receipts; no expenses were claimed by trustees in the period (2019-20 - £1,645 to three Directors)

24

The Landmark Trust

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

6 Corporate trustee

The Landmark Trustee Company Limited is a trust corporation and the sole trustee of The Landmark Trust. It is a dormant company and does not trade. It acts as nominee for the Charity and holds all property deeds and contracts of employment. There is no cash flow between it and the Charity.

7 Investment in subsidiaries

Charity
Cost as at 1 April 2020 and as at 31 December 2020		 As at
31/12/20
£’000
-
 As at
31/3/20
£’000
-

The Charity has three subsidiary undertakings, registered in England:

The results of the subsidiaries are as follows:

Profit and loss account
Turnover
Cost of sales
Gross profit
Administrative expenses
Other operating income
Net profit/(loss) before
taxation
Retained profit/(loss)		 The
Landmark
Landmark
The Lundy
Trading
Trust
Company
(Shottesbrooke)
(Auchinleck)
Limited
Limited
Limited
£’000
£’000
£’000
1,023
-
-
(333)
-
-
_
________
________

690
-
-
(1,250)
-
(2)
964
-
-
_
_
_
404
-
(2)
_
_
_
404
-
(2)


 Total
9 months
to 31/12/20
£’000
1,023
(333)
_
690
(1,252)
964
_
402
_
402
 Total
12 months
to 31/3/20
£’000
3,375
(752)
_
2,623
(3,344)
191
_
(530)
__
(530)

25

The Landmark Trust

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

7 Investments in subsidiaries (continued)

Balance sheet
Fixed assets
Current assets
Creditors: amounts falling due
within one year
Provisions
Net assets/(liabilities)
General
Restricted		 The
Landmark
Landmark
The Lundy
Trading
Trust
Company
Shottesbrooke(Auchinleck)
Limited
Limited
Limited
£’000
£’000
£’000
178
-
263
1,818
-
-
(1,575)
(1)
-
-
-
-
_
_
_
421
(1)
263
_
_
_
421
(1)
-
-
-
263
_
_
__
421
(1)
263


 Total
As at
31/12/20
£’000
441
1,818
(1,576)
_
683
_
420
263
__
683
 Total
As at
31/3/20
£’000
479
870
(1,051)
(17)
_
281
_
16
265
__
281

26

The Landmark Trust

Notes forming part of the financial statements

for the 9 months ended 31 December 2020 (continued)

8 Heritage assets

Freehold
and long
Assets
Short
leasehold
under
leasehold
Consolidated
properties
construction
properties
£’000
£’000
£’000
Cost or valuation
At 31 March 2020
58,785
584
2,545
Additions
64
668
-
Transfers
(643)
-
643
_
________
________
At 31 December 2020
58,206
1,252
3,188
________
________
________
_Accumulated depreciation
At 31 March 2020
12,762
-
1,917
Charge for the year
277
-
94
_
________
________
At 31 December 2020
13,039
-
2,011
________
________
________
_Net book value
At 31 December 2020
45,167
1,252
1,177
_
________
________
At 31 March 2020
46,023
584
628
________
________
________
Freehold
and long
Assets
Short
leasehold
under
leasehold
Charity
properties
construction
properties
£’000
£’000
£’000
_Cost or valuation
At 31 March 2020
58,425
584
2,545
Additions
64
668
-
Transfers
(643)
-
643
_
________
________
At 31 December 2020
57,846
1,252
3,188
________
________
________
_Accumulated depreciation
At 31 March 2020
12,666
-
1,917
Charge for the year
275
-
94
_
________
________
At 31 December 2020
12,941
-
2,011
________
________
________
_Net book value
At 31 December 2020
44,905
1,252
1,177
_
_
__
At 31 March 2020
45,759
584
628


 Property
contents
£’000
2,313
-
-
_
2,313
_
1,093
35
_
1,128
_
1,185
_
1,221
_
Property
contents
£’000
2,313
-
-
_
2,313
_
1,093
35
_
1,128
_
1,185
__
1,220
 Total
£’000
64,227
732
-
_
64,959
_
15,771
406
_
16,177
_
48,782
_
48,456
_
Total
£’000
63,867
732
-
_
64,599
_
15,676
404
_
16,080
_
48,519
_
48,191

Assets with a carrying value of £0.6 million were transferred from long leasehold to short leasehold in accordance with the classification of short leaseholds (50 years or less).

27

The Landmark Trust

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

8 Heritage assets (continued)

Tangible fixed assets with a carrying value of £1,102,000 (2019-20: £1,109,000) are held as security by Coutts bank. There was no liability to the bank in either year. In addition, property charges of £7.0 million and £0.4 million are held by the National Lottery Heritage Fund and Scottish Minsters respectively in relation to projects which they have provided grant funding for (2019-20: £7.0 million and £0.3 million). These charges expire between 15 and 20 years from the date of issue of the grant.

The transitional arrangements of FRS15 were adopted for freehold, long and short leasehold properties where such properties held at 31 December 1993 were valued as at that date and the valuations have not subsequently been updated.

The properties and their contents are categorised as heritage assets and are managed and conserved by the charity so as to offer access to the public through short-term lettings and open days. Further details of access to the public and the charity's policy for the acquisition, preservation, management and disposal of heritage assets can be found though the charity's website at www.landmarktrust.org.uk.

Consolidated and
Charity
Additions:
Purchases
Donations/legacies		 31/12/20
£’000
732
-
__
732
 31/3/20
£’000
1,893
-
__
1,893
 2019
£’000
3,507
-
__
3,507
 2018
£’000
1,660
1,300
__
2,960
 2017
£’000
1,484
480
__
1,964

There have been no disposals of heritage assets during the 5 year period.

9 Other properties and infrastructure

Island Road/
infra-structure
Consolidated
£’000
Cost or valuation
At 31 March 2020 and 31 December 2020
557
_
At 31 December 2020
557
________
_Accumulated depreciation
At 31 March 2020
460
Charge for the year
12
_
At 31 December 2020
472
________
_Net book value
At 31 December 2020
85
__
At 31 March 2020
97
 Total
£’000
557
_
557
_
460
12
__
472
__
85
__
97

28

The Landmark Trust

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

Opening cost and accumulated depreciation balances have been adjusted to reflect assets written off through accelerated depreciation in the prior year. These comprised the jetty on Lundy and the road leading to the jetty.

10
Plant and equipment
Consolidated
Cost or valuation
At 31 March 2020
Additions
Disposals
At 31 December 2020
Accumulated depreciation
At 31 March 2020
Charge for the year
On disposals
At 31 December 2020
Net book value
At 31 December 2020
Net book value
At 31 March 2020
Charity
Cost or valuation
At 31 March 2020
Additions
Disposals
At 31 December 2020
Accumulated depreciation
At 31 March 2020
Charge for the year
On disposals
At 31 December 2020
Net book value
At 31 December 2020
At 31 March 2020		 Motor
Computer
Other
Shipping
vehicles
equipment
equipment
£’000
£’000
£’000
£’000
795
432
494
643
-
1
-
65
-
(27)
-
-
_
_
_
_
795
406
494
709
_
_
_
_
795
387
491
421
-
23
2
39
-
(27)
-
-
_
_
_
_
795
383
493
460
_
_
_
_
-
23
1
249
_
_
_
_
-
45
3
222
_
_
_
_
Motor
Computer
Other
vehicles
equipment
Equipment
£’000
£’000
£’000
281
449
283
1
-
64
(27)
-
-
_
_
_
255
449
348
_
_
_
261
446
153
12
2
24
(27)
-
-
_
_
_
246
448
178
_
_
_
9
1
170
_
_
__
20
3
130


 _ Total
£’000
2,364
66
(27)
_
2,403
_
2,094
64
(27)
_
2,131
_
272
_
270
_
Total
£’000
1,013
65
(27)
_
1,051
_
860
38
(27)
_
871
_
180
__
153

_____
 _
_____
 _
_____ _

29

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

The Landmark Trust

11 Asset held for sale

Goldington Hall was gifted to The Landmark Trust by Manor Building Preservation Trust, under a Charity Commission order, following the winding up of the charity. The valuation of £1.2 million is based on market value of £1.25 million less selling costs.

12 Stocks

Goods for resale
Raw materials and consumables
Livestock
13
Debtors
Trade debtors
Taxation and social security
Prepayments and accrued income
Subsidiary undertakings		 Consolidated
31/12/20
31/3/20
£’000
£’000
107
122
14
29
55
54
_
_
176
205
__
__
Consolidated
31/12/20
31/3/20
£’000
£’000
233
319
278
12
1,101
1,125
-
-
_
_
1,612
1,456

 Charity
31/12/20
£’000
-
-
-
__
-
__
Charity
31/12/20
£’000
233
253
969
439
__
1,894
 31/3/20
£’000
-
-
-
_
-
__
31/3/20
£’000
314
-
1,046
-
_
1,360

Included within prepayments and accrued income at 31 December 2020 is £623,110 relating to legacies (At 31/3/2020 - £nil).

14 Current Investments

Special interest deposit accounts Consolidated
31/12/20
31/3/20
£’000
£’000
16,150
13,650

 Charity
31/12/20
£’000
16,150
 31/3/20
£’000
13,650

Current asset investments are classified as cash equivalents as they are held on 30, 35 or 90 day and 3 or 6 month deposit and are accessible without penalty after this time. Of the funds held on special interest deposit accounts, £441,000 is in respect of restricted funds (2019-20 - £574,000) and £6,404,000 is in respect of designated funds (2019-20 - £6,529,000). These funds are to be used against future restoration projects. The remainder, along with cash at bank and in hand, after taking account of a proportion of customer payments received in advance (held in line with our policy), and also an element of contingency, is also available to be applied to future restoration projects.

30

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

The Landmark Trust

15 Creditors: amounts falling due within one year

Trade creditors
Taxation and social security
Rent receipts in advance
Other creditors
Accruals and deferred income
Subsidiary undertakings
Provision for liabilities
Provision for future pension costs
At 1 April
Current Service Cost
Movement on required provision
At 31 December / 31 March		 Consolidated
31/12/20
31/3/20
£’000
£’000
572
849
103
103
156
169
2,475
1,346
1,434
796
-
-
_
_
4,740
3,302
_
_
Consolidated
31/12/20
31/3/20
£’000
£’000
343
376
(19)
(26)
38
(7)
__
__
362
343

 Charity
31/12/20
31/3/20
£’000
£’000
519
718
85
88
156
169
2,429
1,266
1,184
482
704
508
_
_
5,077
3,270
_
_
Charity
31/12/20
31/3/20
£’000
£’000
326
357
(17)
(23)
45
(8)
__
__
354
326

16 Provision for liabilities

The group accounts for the pension costs of four former employees on a basis consistent with the requirements of FRS 102.

An actuarial valuation was carried out by Broadstone, an independent actuary, at 31 December 2020. The major assumptions used by the actuary were:

Discount rate 1.4% pa RPI inflation rate 3.3% pa CPI inflation rate 2.4% pa Pension increase rate 2.4% pa

It should be noted that given that individual circumstances of pensioners are necessarily not taken into account along with the very small numbers of pensioners involved (one of whom accounts for 85% of the provision), there is likely to be a higher amount of uncertainty around the valuation than one might expect in larger schemes.

31

The Landmark Trust

Notes forming part of the financial statements

for the 9 months ended 31 December 2020 (continued)

17 Statement of Funds

At 31 March 2020
Income
Expenditure
Transfers between
funds
At 31 December 2020		 General
funds
£’000
42,500
8,842
(7,639)
3,454
__
47,157
 Designated
funds
£’000
8,810
-
-
(2,200)
__
6,610
 Restricted
Total
Less
funds
consolidated
subsidiaries
£’000
£’000
£’000
6,272
57,582
(281)
2,089
10,931
(1,989)
(689)
(8,328)
1,585
(1,254)
-
-
_
_
__
6,418
60,185
(685)


 Total
charity
£’000
57,301
8,942
(6,743)
-
__
59,500

£3.5 million was transferred from restricted and designated funds in 2020 in respect of completed restoration projects: Cobham Dairy, Dunshay Manor and Winsford Hospital.

Statement of Funds – previous year

At 31 March 2019
Income
Expenditure
Transfers between
funds
At 31 March 2020		 General
funds
£’000
43,574
14,380
(15,347)
(107)
__
42,500
 Designated
funds
£’000
8,703
-
-
107
__
8,810
 Restricted
Total
Less
funds
consolidated
subsidiaries
£’000
£’000
£’000
5,499
57,776
(810)
1,243
15,623
(2,393)
(470)
(15,817)
2,922
-
-
-
_
_
__
6,272
57,582
(281)


 Total
charity
£’000
56,966
13,230
(12,895)
-
__
57,301

£107,000 was transferred from general to designated funds in 2019-20 in order to meet funding requirements for Cobham Dairy.

32

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

The Landmark Trust

17 Statement of Funds (continued)

Analysis of net assets between funds

Fund balances at 31
December are represented by:
Fixed assets
Current assets
Current liabilities
Provisions
Total net assets		 General
Designated
Funds
Funds
£’000
£’000
42,956
206
15,553
6,404
(10,990)
-
(362)
-
__
__
47,157
6,610

 Restricted
Funds
£’000
5,977
441
-
-
__
6,418
 Total
31/12/20
£’000
49,139
22,398
(10,990)
(362)
__
60,185

Analysis of net assets between funds – previous year

Fund balances at 31 March are
represented by:
Fixed assets
Current assets
Current liabilities
Provisions
Total net assets		 General

Funds
£’000
40,843
9,563
(7,563)
(343)
__
42,500
 Designated
Funds
£’000
2,281
6,529
-
-
__
8,810
 Restricted
Funds
£’000
5,698
574
-
-
__
6,272
 Total
31/12/20
£’000
48,822
16,666
(7,563)
(343)
__
57,582

33

The Landmark Trust

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

17 Statement of Funds (continued)

Restricted funds comprised:
Auchinleck
£’000
At 31 March 2020
265
Income
-
Expenditure
(2)
Transfers upon completion
-
__
At 31 December 2020
263
__
Restricted funds – previous
year
Auchinleck
£’000
At 31 March 2019
266
Transfers
Income
-
Expenditure
(2)
__
At 31 March 2020
264
 Calverley
Old Hall
£’000
49
7
(11)
-
__
45
__
Calverley
Old Hall
£’000
-
-
-
__
-
 Cobham
Dairy
£’000
457
50
(2)
(505)
__
-
__
Cobham
Dairy
£’000
489
24
(56)
__
457
 Llywn
Semaphore
Celyn
Tower
£’000
£’000
3,468
570
19
25
(12)
(39)
-
-
__
__
3,475
556
_
_
Llywn
Semaphore
Celyn
Tower
£’000
£’000
3,396
-
235
105
350
(33)
(16)
__
__
3,468
570

 Lundy
£’000
-
361
(361)
-
__
-
__
Lundy
£’000
-
191
(191)
__
-
 Winsford
Hospital
£’000
754
-
(5)
(749)
_
-
_
Winsford
Hospital
£’000
677
217
(140)
__
754
 Fairburn
Tower
£’000
659
8
(86)
-
__
581
__
Fairburn
Tower
£’000
395
277
(13)
__
659
 Other

£’000

51
1,618
(170)
-
__
1,499
__
Other
£’000
274
(235)
78
(18)
__
100
 Total
£’000
6,272
2,089
(689)
(1,254)
__
6,418
__
Total
£’000
5,499
-
1,242
(469)
__
6,272

Auchinleck restricted fund is for the restoration and future maintenance of Auchinleck House as part of The Landmark Trust’s portfolio of buildings, promoted for short-term lettings.

Calverley Old Hall, Cobham Dairy, Llwyn Celyn, Semaphore Tower, Winsford Hospital and Fairburn Tower are funds for the restoration of those buildings and associated activities. Lundy is a fund for public benefit projects on the island.

Other (restricted funds) comprises funds for a number of smaller projects and Goldington Hall. Calverley Old Hall was held within Other Funds in 2019-20.

As at 31 December 2020 our identified future restoration projects had a further funding requirement of £2.1 million.

34

The Landmark Trust

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

17
Statement of Funds(continued)
Designated funds comprised:
At 31 March 2020
Transfers between projects
Undesignated on receipt of
additional restricted funds
Transfers out on completion
At 31 December 2020
Designated funds - previous year:
At 31 March 2019
Transfers between projects
Transfers in from operational income
At 31 March 2020		 Dunshay
Manor
£’000
1,263
-
-
(1,193)
__
70
__
Dunshay
Manor
£’000
1,263
-
-
__
1,263
 Cobham
Dairy
£’000
487
-
-
(487)
__
-
__
Cobham
Dairy
£’000
380
-
107
__
487
 Calverley
Semaphore
Old Hall
Tower
£’000
£’000
2,012
90
-
-
-
(20)
-
-
__
__
2,012
70
_
_
Calverley
Semaphore
Old Hall
Tower
£’000
£’000
1,012
-
1,000
90
-
-
__
__
2,012
90

 Winsford
Hospital
£’000
500
-
-
(500)
__
-
__
Winsford
Hospital
£’000
500
-
-
__
500
 Fairburn
Ibsley
Mavisbank
Tower
£’000
£’000
£’000
719
9
60
60
-
-
-
-
-
-
-
-
__
__
__
779
9
60
_
_
__
Fairburn
Other
Total
Tower
Restoration
£’000
£’000
£’000
479
5,069
8,703
240
(1,330)
-
-
-
107
__
__
__
719
3,739
8,810


 HB Allen
Fund
£’000
3,670
(60)
-
-
__
3,610
__		 Total
£’000
8,810
-
(20)
(2,180)
______
6,610
______

Other Restoration in the previous year was the balance of designated funds to be used on future restoration projects and comprised the HB Allen Fund, Ibsley and Mavisbank. These are shown separately in 2020.

35

The Landmark Trust

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

18 Financial commitments

Operating leases
The following amounts represent the total of future minimum lease payments
under non-cancellable operating leases for each of the following periods:
- not later than one year
- greater than one year and less than five years
- greater than five years
- not later than one year
- greater than one year and less than five years
The following amounts represent the total of future minimum lease receipts
under non-cancellable operating leases for each of the following periods:
- not later than one year
- greater than one year and less than five years
- greater than five years
Capital commitments
As at 31 December 2020 the Trust had capital commitments as follows:
Capital expenditure contracted for but not provided in the accounts
Capital expenditure authorised but not contracted for		 31/12/20
£’000
Property
179
600
1,425
_
Other
7
1
_
31/12/20
£’000
Property
205
622
1,044
_
31/12/20
£’000
1,412
_
354
 31/3/20
£’000
Property
226
760
1,818
_
Other
7
6
_
31/3/20
£’000
Property
209
611
1,138
_
31/3/20
£’000
494
_
2,660

Capital expenditure contracted for but not provided relates to contracts placed for building costs. Capital expenditure authorised but not contracted for relates to costs approved by Trustees on building projects. This will be funded by £161k from restricted funds, with the balance with the balance to come from designated funds.

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Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

The Landmark Trust

19 Related party transactions

During the year Lord Mendoza was a non-executive board member of the Department for Culture, Media and Sport (DCMS) and in May 2020 was appointed by the Secretary of State as Commissioner for Cultural Recovery and Renewal. The DCMS is associated with assessing the performance and strategy of the National Lottery Heritage Fund which awarded grants of £18,914 (2019-20 - £794,244) to The Landmark Trust during the year. Sarah Porritt CBE was a trustee of the English Heritage Trust. Trustees made aggregate donations of £1,400 during the year. There were no conditions attached to trustees’ donations.

The National Trust leases a number of properties to The Landmark Trust including Lundy Island. The rental charges paid under these leases amounted to £52,820 (2019-20 - £65,666). The balance outstanding at 31 December 2020 was £15,000 (at 31/12/20 - £683).

There is an intercompany balance between the charity and the Lundy Company Limited. This is comprised of funds held by the charity on behalf of the Lundy Company Limited. At the year end, these funds totalled £266,008 (31/12/20 - £508,360) (see notes 13 and 15).

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The Landmark Trust

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

20 Patrons

The Trust is extremely grateful to the Patrons of The Landmark Trust for their on-going support. During the year, those who have supported The Landmark Trust as Patrons were:

Life Patrons

Mr I Andrew and Mrs S Moore Mr D Holberton Mrs S Andrew Ms B Hollond Mr N Atkinson and Mr G Reed Dr M Jones Mr A Baker and Mrs S Darling Mr and Mrs R Joye Mr G Ball Ms V Knapp and Mr G Aldous Mr I Boyd Miss K Lampard Mr D Brownlow CVO Mr and Mrs F Ledden Mr R Broyd OBE Mrs L Leverett Dr and Mrs J Bull Miss T Little Mr Hugo Burge Dr and Mrs C Lott Mr M Caporn Mrs S Lund Ms L Cartledge and Mr P Little Miss E Marsh Mr and Mrs T Cave Mr A Martin The Hon E Cayzer Mr S Martin Mr and Mrs S Cieslik Mr D McCleary and Dame A Gloag DBE Mr R Collins Mr A Mead Mr S Conrad Lord N Mendoza Mr H Cookson Mr J Miller CBE Dr P Corry Mr A Murray-Jones and Ms D Finkler Mr P Davies Mr and Mrs A Mylne Sir John de Trafford Bt MBE Mr G Neame OBE Mrs V Dyer Revs J and S Pitkin Mr R Eaton Dr Alexander Pym Mr J Elliot Mr T Reid and Ms L Ambrose Mrs J Fairbairn Mr and Mrs J Scott Mr J Filius Mr and Mrs M Seale Sir Bill and Lady Gammell Mr B Sealey CBE and Mrs H Sealey Mr and Mrs R Gardner Mr and Mrs R Setchim Mrs E Gibbs Mr W Sieghart Viscount Gough The Hon Tobias Tennant Mr and Mrs S Groves Mr O Thomas Mr and Mrs M Gwinnell Mr and Mrs B J Thompson Dr A Hamilton Mr and Mrs C Turner Dame P Harris and Mr R McBrien Mr M and Lady S Ward Mr and Mrs T Hart Mr W Whyte and Ms S Whitley Miss J Hodgkinson Mr and Mrs S Worley

16 Life Patrons wish to remain anonymous

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The Landmark Trust

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

20 Patrons (continued)

Annual Patrons

Mrs C Alderson Mr and Mrs N Kingon Miss S Almond Mrs A Kingston Mr M Ashby Mr and Mrs J Kinross Mr R Baker Mr J Lamb Mr N Baring CBE and Mrs E Baring Dr and Mrs I Lee Dr J Barney Mr C Lewis-Jones Mrs A Bartleet Mrs S Liquorish Mr M Bennett Mr S Lowy Mr J Benton Mr G MacGregor Mr C Bird Sir Laurie Magnus Bt and Lady Magnus Mr D Brine Mrs P Maitland Dougall Mr R Broadhurst CVO CBE Mr A Manisty Mrs T Brown Mr J May Sir Hugo and Lady Brunner Professor R Mayou Mr P Burfoot and Mr D Boyd Mrs E McQuater Mr H Channon Mr C McVeigh III Ms M Chisholm Mr N Merry Mr D Clark Mrs D Mitchard Mrs M Clark Dr C Mitchell Mr G Clayton Mr P Morris Mr and Mrs R Conway Mr I and Mrs J Murray Mr R Cotton Mrs P Nasr Mr J Cox Sir Charles Nunneley Mr J Darycott Mrs Z Ollerenshaw Mrs K Davies Ms W Owen Mr A Dean Mr M Page Mr M Drury CBE Mr and Mrs M Pay Mr N Dutton The Rt Hon the Lord Phillimore Miss K Edwards Mr C Phoenix Mr D Fagan Mrs P Plunket-Checkemian Mr J Falby Mrs P Porter Mr and Mrs C Farrow Mr M Power Mr J Fell Mr J Ransom Mr B Foord Ms G Rawinsky Mrs D Ford Mr and Mrs N Record Mr P Fox Mr M Rice Mr A Fraser Mr and Mrs J Ringer Mr D Giles Mr D Rowe Mr R Grigson and Mr A Layng Dr J Schofield Mr F Grimshaw Mr and Mrs J Seekings Dr C Guettler and Ms J Graham Mr M Simms Dr R Gurd and Ms M Black Dr M Sparks The late Mr T Gwyn-Jones Mrs P Spens Mr J Hastings-Bass Mr N Strange and Mr M Brecker Mr D Haunton Mr M Thomas Mr P Heighway Mr P Ticer Dr E Hicks Mr D Trehane Mr S Hodgson Mrs C Vetch

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The Landmark Trust

Notes forming part of the financial statements for the 9 months ended 31 December 2020 (continued)

Mr K Holmes Dr R Ward
Dr K Holowka Mr K Waterfall
Miss P Hudson Mr T Weitzel
Mr and Mrs C Hutt Mr M Wieliczko
Mr A Jardine Mrs S Wiggert
Mr G Jennings Mr and Dr L Wilcox
Mr A Johnston Mrs M Williams
Mr and Mrs S Jordan Mr D Woo and Mr A Child
Dr and Mrs R Jurd Mrs J Worsfold
Mrs P Kent Mr T Youngman

10 Annual Patrons wish to remain anonymous.

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