The Landmark Trust Report and Financial Statements Year Ended 31 December 2021 Charity Number 243312 The Landmark Trust Report and flnancial statements for the year ended 31 December 2021 Contents Page: Trustee's report Independent audilorfs report 14 Consolidated statement of financial activities 15 Consolidated and Charity balance sheet 16 Consolidated cash flow statement 17 Notes lormlng part of the financial statements Directors The Landmark Trustee Company Limited is the Iruslee. and its directors during the year, or as staled, are.. Alan Leikx)witz lappoinled 17 JLJne 20211 Lord Mendoza Irelired 1 December 20211 Ptolemy Dean lappoinled 17 June 2021) Dame Elizabeth Forgan DBE Dr Douglas Gurr Sarah Hall John Haslings-Bass Brian Millar Sarah Porrill CBE Helen Webb Secretary and registered office V Slanbury, Shotlesbrooke Park, Maidenhead, Berkshire SL6 3SW Charity number England and Wales .' 243312 Scotland .' SC039205 Auditors BDO LLP, 2 City Place, BeehNe Ring Road, Ga￿iCk, Wesl Sussex, RH6 OPA Bankers Coulls & Co., 440 Strand, London, WC2R OQS S2nlander, Bridle Road, Liveipool. L30 4GB The Landmark Trust Trustee's Report forthe year ended 31 December 2021 Administrative detalls of the Charity The Landmark Trust I'Landmark'l was established by trust deed in 1965 and is a charity registered in England and Wales, number 243312, and in Scotland, number SC039205. 11 has one Trustee being The Landmark Trustee Company Limlled. There are wholly owned subsidiaries being the Lundy Company Limited and Landmark Trading Ishottesbrookel Limited Idormantl. The Landmark Trust also has a controllin9 interest in Landmark Trust (Auchinleckl Limited which is itself a charity registered in England and Wales number 1071185. Objectivgs and Actlvltlès The Landmark Trust is a historic buildings charity that exists to save exlraordinaTy historic places in jeopardy and lo promote the public enjoyment of historic places by making ils buildings available for people to slay in and lo enjoy. We rescue signlficant and often difficult buildings and our approach lo their repair and relurbishmenl is designed lo 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.. The preservation of small buildings, structures or sites of historic interest, archileclural merit or amenity value ancl where possible finding suitable uses for them. The protection and promotion of the enjoyment of plaGes of hlsloric interest or natural beauty. We currently have some 260 hlsloric 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. 199 of these were available for short periods for holidays, with the remainder let to tenants on a longer~lerm basis. The income they generate 13 Used lo pay for their long term maintenance and lo contribute lo the work of the charity in rèscuing further buildings 81 risk. Publlc Beneflt The work of The Landmark Trust is undertaken for the benefit of many different communities of people. The Iruslee has had regard for the Charity Commission's guidance on public benefit. The work can be described under its ch8rilable objects.. i. The pres8lVation of buildings A nallon's historic buildings are precious and fragile relics of ils 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 limber, 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 slate of decay, helping to safeguard the best of this linlle resource for all, both now and in the future. Almost 10,000 listed buildings are currently 'al risk, in the UK,. The Landmark Trust is usually 8pproached annually about around 100, of which only one or two ol the most important and in need are taken on. In the year lo 31 December 2021, we were approached about more than 90. of which 40 warranted follow-ups by the Polenti81s Committee, who meet several limes a year lo review the lalesl PDsslbililies. In making our selection we look al three rnain criteria.. those which are the most important, the most endangered, and the most likely to make a wonderful pla￿ lo slay. 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 lo traditional building techniques and, in employing craftspeople in traditional skills, such as thatching, lime-plaslering or lead work, we contribute lo the continuation of these skills which are essential lo the survival of historic buildings in Great Britain as a whole. The charity benefits greatly from the support of its volunteers. During 2021 thes8 numbered 97. 37 volunteers assisted in various projects on Lundy, whilst 60 helped with open days and other projects in Landmark. These included managing gardens, paths and hedges at Llwyn Celyn, various repairs, Maintenan￿ and other activities al Crownhill Forl and open days al A8tley Castle and other properties. The Landmark Trust Trustee's Report for the year ended 31 December 2021 li. Promoting public enjoyment of special places The buildings we rescue do not simply benefit people in an abslracl or theoretical sens8 bul are available to and enjoyed in a profound and prolonged sense by lens of thousands every year. Covid 19 continued to have a major impact on the work of the Landmark TrLJsI in 2021.. all our buildings were closed lo bookers the first 3 months of the year when the United Kingdom went into a full national lockdown. This was followed by our busiest èver nine months for bookings,. almost 49,000 people stayed for three lo seven nights in our buildings be￿een April and December 2021. compared with 24,000 in the same 9-monlh period in 2020, enjoying an intense, personal experience of the past which requires no prior knowledge or qualilicalion. To live in an old and importsnl building lor a short lime has the capacity lo inspire and lo offer a sense of beauty and peace that is quite different from a Ileeb'ng visit lo a slalely home or museum. The availability at all our buildings and free online of well researched histories of that place and ils physical and historical conlexl, encourages visitors lo learn more. We18t our buildings for short stays ye8r-round, enabling us lo offer the wide r8nge of prices that make our buildings financially accessible lo a large portion of society. More Ih8n 70'/D 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 persorl per night across the enllre year is £51, making our buildings for mtjch of the lime cheaper than a B&B. As well as making 199 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 lo the island of Lundy. Our ecsucalional prograrnmes and resources reach a wide range of people, from primary school pupils lo praclilioners 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 were able to hold open days only in the second half of the year, al which we welcomed over 6,000 visitors. Outdoor theatre performances and craft days allracled a further 585 people lo our buildings. A number of virtual on-line events were also held, which reached thousands more people. Neither our .50 for Free, scheme which enables the beneficiaries of other charities lo slay in our buildings free of charge- nor our'Fulures' scheme- developed to 211ow those in higher or further education lo gather in our buildings for study, discussion, leaching and writing were able lo take place in 2021. However, live charities were selected for a pilot scheme, 'Beyond 50 for Free,, in 2021.. CLIC Sargent, Healthcare Workers Foundation, Little Miracles, Mummy's Star and Aldingbourne Trust. Each charity was alloc81ed £6.000 worth of Landmark stays to apportion between beneficiaries. They had the freedom lo decide the length of slay and split of money within the designated value. The scheme was planned to run until 31 December 2021, however due lo limited availability of buildings, this was extended lo 31 MarGh 2022. Achievem9nts and Performance The Covid-19 Virus continued to affect the Landmark Trust during the year under review, the second year of significant impact. with almost all the charity's buildings forced lo close in the period January to Aprll 2021 due lo government reslriclions and much of our charitable work was adversely affected. These huge Challenges notwithstanding, the charity has nonetheless 20hieved a great deal in pursvil of its charitable objects. The Landmark Trustee agreed a new five year plan lor the charity in 2020. The following slialeglc themes that cul across all our areas of work identified were as follows.. straleglc themes 2020-5 Weathering the international Covid-19 pandemic. Pulling in place systems and infraslruclure that will ensure Landmark can continue lo work as it grows Importance ol capturing and Godifying what we do, to allow us lo manage change and succession and enable growth. Intensifying focus on our dislincliveness, 'Ihe Landmark difference,, internally and externally. Exploring further opporlunilies lo increase income while keeping prices as low as possible. Seeking lo engage with harder lo reach groups through projects and other engagement activities and fostering diversity within our charity. Being demonstrably environmentally responsible in our work Harnessing the potential of our staff. The Landmark Trust Truste8's Report for the year ended 31 December 2021 Realised under five strategic aims.. 1. Safeguard our beautiftjl and fragile environment through rescuing and caring for rare and remarkable historic places in the UK. Ensure we are financially and operationally sustainable for the long term 3. Raise our profile and attract more supporters to our causè. 4. Make the experience of Landmark as wonderful as possible for everyone 5. Develop a dynamic and engaged team equipped lo do their jobs within 8 well governed Charity Activity in the flnancial year ending 31 December 2021 was closely focused on financial sustainability, supporting our staff and keeping our staff and guests safe. Achievements include the following.. Weathering a further 3 month complete closure of our UK buildings due lo Covid-19, including a large- scale programme of staff furlough, and a safe and successful reopening from late IAarch 2021, Complellng the resloralion of the only surviving Semaphore Tower in Britain and Dpening il lo guests. Launching 2 fundraising campaign for grade-1 listed Calverley Old Hall and undertaking a first phase of roof repaii works funded through the Heritage Stimulus Fund. Exceeding our largel of 850h average occupancy. reaching 93Q/o across all Landmarks during the g months we wère open. Completing Quinquennial Inspections of almost all Landmark's UK buildings. presenting findings lo the Trustee board. Recruiting and inducting a new Chair for the Landmark Trustee Company. Undertaking a £4.5m national programm& ol repairs and maintenance and slalutory compliance to our buildings and landscapes. Agreeing 8 plan lo harmonise our Historic Estates and Operations team to create a consislenl regional structure lor the organisalion as il grows. Appointing Landmark's fiist in-house Health and Safety advisor. Agreeing a new Diversity and Inclusion Plan for the Landmark Trust, in line with the Charity Governance Code. Fundralsing Landmark is grateful lo receive the generous support of numerous individuals, 8nd granl-makers, lo help rescue and secure the future of buildings al risk, and lo ensu￿ the unique environment of the island of Lundy can remain accessible lo all. All fundraising activity is carried out by the Development department lof ful1-lime and five part- lime stafn which is led by the Head of Development who is a Member ol the Management Board and reports to the Director. Fundraising is supported by colleagues throughout the organisalion, and also by our Trustees. Together, we employ a range of fundraising activities lo nurture sustainable relationships between Landmark and its body of supporters, and lo encourage new supporters lo give to our work. Individuals give lo Landmark in a variety of ways, from making one-off donations in response to specific appeals to adding a donation on lop of a booking, andlor giving monthly by direct debit. Supporters 31so give as Friends and Patrons, by playing our annual raffle. and making a legacy gift in their will. High value giving ￿S encouraged, for those who can do so, and some individuals become leading supporters of a building rescue and are recognised as project Guardians. Landmark also applies for and receives gTants from trusts and foundations, and other grant- makers such as the National Lottery Heritsge Fund INLHFI in support of speclfic restoration projects. Early in 2021 there were further national restrictions in response lo the Covld-19 pandemic which prevented or severely limited our in-person events. Nevertheless, Landmark's online webin2TS and other digital communications continued lo be a popular allernalive. A new fundraising campaign - for Galverley Old Hall in Yorkshire was launched successfully in early 2021 and became the main focus for reslricled fundraising throughout the year. Two- year funding for Landmark's first joinery apprenticeship was secured thanks lo a generous grant-making trust, and a foundation fully funded the 50 for Free scheme for another year. In summer 2021 we were successful in applying to a further round of the Culture Recovery Fund Iparl of the rescue package by the Department for Digital, Culture, Media, and Sport to secure the future of England's cultural venues, flrst annoUn￿d in 20201. Landmark received a grant of up lo £1,166,000 to fund 800/0 of the costs lo make possible four of our major maintenance programme and repair projects in England. Awarded and administered by Historic The Landmark Trust Trustee's Report for the year ended 31 December 2021 England, this Iransformalive grant unlocks vital work previously thrown into question by the loss of holiday lellings income during lockdown closures. Unreslricled income performed18rgely as forecast thanks lo the generosity and commitment of our supporters, with a strong uplift in cash legacy income (including three very significant gifts in wills). Gifts in wills are an important source of income and represented 38'/o of our lundraised income in the year12020.. 23'/ol. Such legacies, of all sizes, make a lasting difference lo our work. Whilst a financial gift in a will is the most popular way lo support our work, we also ac￿p1 glfts of buildings which may go on lo become parl of our Legacy Estsle Ilo generate commercial properly 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. Overall. in the 12 months lo 31 December 2021, fundraising income reached £5,092,00012020'. £3,267,000 in 9 monlhsl. Of this, £2,630,000 were Restricted Funds made up of individual donations as well as grant payments from the National Lollery Heritage Fund INLHFI and Historic Environment Scotland Itowards capital projeclsl, from the Culture Recovery Fund via Historic England, 2nd from the Rural Payments Agency for Lundy, A further £2,462,000 of Unreslricled Funds came mainly from individuals through lifetime gifts. legacies and the raffle, accounting for 480/0 of the lotal12020.' 37Yol. Investment in growing our fundraising income was £429,00012020.21.. £316,0001 the variance primarily being due lo the 9-monlh previous financial year when the aceounling period was adjusted. 92010 ol lolal income in the year was available lor our work- or, 8 pence was invested in raising every £1 12020.. 10 pence). Looking ahead, the main area of risk lo fundraising, from the Covid-19 pandemic, has diminished as reslriclions ease and venues open up. Our supporter5 welcomed the return of in-person events in the late summer and early autumn 2021, with two building opening Celebrations, and visits lo see work in progress al resloralion siles. Online webinars which allow us lo reach a wider and larger audience are likety lo remain popular, and complementary lo in-person aclivily. Retention rates in OLJr supporter schemes during the financial year were maintained, with good re¢ruilmenl continuing in supporters giving as Friends and Patrons. We are mindful of continued high competition for grants from trusts and foundations, and that changes in the economy could redu￿ private giving, meaning that il may take longer lo secure the funds needed for a bLJilding rescue. In April 2022 we heard Ihal Landmark had been successful in securing a £1.6 million grant from the application submitted in autumn 2021 to the NLHF for the delivery phase of our Calverley Old Hall project. following their ini1181 support in 2021. We hope lo conclude the fundraising campaign in the summer of 2022. We would then bring a new future project (likely lo be RAF Ibsley Watch Office in Hampshire) to the attention of our supporters and begin the fundraising for this rescue later that year, To ensure our fundraising conformed lo recognised standards we continue lo be registered with the Fundraising Regulator and subscribe lo the Code of Fundraising Practice which details how fundraising is to be carried out in England and Wales Iwilh Scotland and Northern Ireland maintaining their own equivalent system of self-regulalionl. Our Head ol Development continued his membership of the Chartered Institute of Fundoising, helping lo ensure that current best practice is being followed. Fundraising activity and overall strat￿Y are regu18rly addressed by the Trustee Board in exercise of ils duties under CC20. They, together with our Audit Committee, monitor significant risks and ensure they are being properly addressed. The execution and management of the annLJal Landmark Raffle continues to be supported by the professional services of an external agency which carried out the adminislralion of the mffle on our behalf. 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 lo carry out fundraislng activities on our behalf. Landmark is commilled lo providing high standards of donor experience by fundraising appropriately from supporters and being aware of our responsibilities lo vulnerable people. We received no ¢omplainls during the year relating lo our fundraising activily12020,' none) and there wère no breaches of the Code of Fundraising Practice. OLJr Privacy Policy sets out how we collect, use, and protect personal information provided lo us. Our Safeguarding Policy and Complaints Policy also apply lo all our fundraising activities and ensure that we are prole¢ling the public from undue pressure and persuasion, as well as identifying potential vulnerabilities. The Landmark Trust Trustèe's Report for the year ended 31 December 2021 Flnanclal review The 2021 financial period started with most Landmark buildings closed when the country was in a third national lockdown. Almost all of our holiday properties were empty from the beginning of January until mid-April in accordance with Covid-19 regulations. Total income for the year was £20.1 million 19 months lo 3111212020.. £10.9 rnillion). Income from charitable activities increased by £6. 3 million lo £12.2 mi11ion,' part of the increase is due lo the fact that 2020 was a shorter reporting period but also that the summer of 2021 was our busiest ever period for bookings, Income from donations and legacies increased by £1.8 million lo £5.1 million in 2021. Other operating income in the year comprised Covid- 19 government support by way ofthe Job Retention Scheme I£0.3 millionl. the Culture Recovery Fund I£0.6 million) and Retail. Hospitality and LeisuTe Granls1£1.9 million). Total expenditure increased by £7.4 million,. the increase being due lo the longer reporting period, coupled with the return lo the building maintenance programme that had been delayed and operational buildings expenditure. The costs associated with fundraising income relate principally lo 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 £1.2 million. Despite the challenges posed by Covid- 19 during the financial period. the overall result was a SLJrp1us of £4.4 million, demon51rating the strong performance of fundraising and charitable activities throughout the rest of the year. The charity also applied lor and received funding via various government Covld-19 support initiatives as described above, A5 a result of incredibly high demand for holidays once we were able lo re-open in April. cash and cash equivalents increased lo £24.9 million131112120-. £19.4 million). Of this, £15.4 million is held on special interest deposit accounts 131112120.. £16.2 million). Of the lolal cash, £8.8 million is represented by customer deposits and £13.1 million is allocated against identified projects. Our principal trading subsidiary, Included in the above numbers, is the Lundy Company Limited, which is Gharged with the management of Lundy and the passenger ship which services it. Lundy wa5 Closed lo visitors and unable lo carry out ils principal forms of trading for the first 3 months of the year, severely impacting on all trading revenue streams. However. due lo the extremely busy summer season, visitor numbers, al 13,056. were only 1,822 lower than in 2019, the last 'normal" year of trading. Total revenue for the year of £3.4 million includes £46,000 of government payments through the CJRS, £2,000 through the Retail, Hospitality and Leisure BLJsiness Grants and £551,000 from the Culture Recovery Fund. Cost of sales expenses of £713,000 reflected the upsurge in summer bookings, 19 months lo 31112120.. £333,000), whilst adminislralive expenses lolalled £2.1 million 19 months to 31112120.. £1.3 millionl Looking fotward, the key financial challenges are lo.. 11 Take appropriate action lo ensure the longer term viability of The Landmark Trust. 21 Maintain the financial strength of the charity by sustaining the occupancies ol our buildings. 31 To strive lo keep break-even OCGupancy comfortably below actual occupancy to lower the exposure of the organisalion lo the impact of lulure economic downturns. 4} Continue lo fundraise for and progress a subslanlial list ol important renovation projects. 5) Continue lo develop a programme of investment in the organisation's resources and assets that will future- proof the long term financial security of the charity. Reserves The General Fund comprises The Landmark Trust's Gonsolidaled nel assels excluding those which are reslricled or designated in their use e.g. assets or cash which are reslricled or designated lo a particular project. Al 31 De￿mber 2021 the consolidated General Fund was £46.0 million 131 December 2020 - £47.2 million). This comprises £44.2 million of properties and contents held for charitable use and £15.4 million of current assets less £13.3 million of current liabilities and £0.3 million of provisions. The Landmark Trust Trustee's Report for the year ended 31 December 2021 The Trustee's policy on Its Gener81 Fun(J is to apply the nel income generated from visitors lo Landmark properties to cover operating expenditure, including the maintenance and management of existing properties. Any surplus may be used lo fund restoration projects, undertake special projects al existing Landmarks, provide partnership funding lor resloralion projects or lo prime other projects. Nel income generated from fundraising activities is predominantly used for resloralion of properties. The reserves of the Charity are regularly reviewed by the Trustee Board. Reslricled funds al 31 December 2021 were £5.3 milllon131 December 2020 - £6.4 million). This decrease rellecls a £1.0 million decrease in fixed assets held in restricted funds with the transfer out of Goldinglon Hall on ils sale. In addition, designated funds al 31 December 2021 were £13.3 million {2020 £6,6ml. The reslri¢led and designated funds al 31 December are spent over the tlme il takes lo restore the vaiious properties to which they have been allocated. At the year-end free reserves as viewed by management can be calcLJlaled as follows.. General fund Less fixed assets Plus rovision 46.0 44.2 Free reserves Free reserves represent the difference beb￿een our current assets and liabilities held within the gener81 fund and include as a liability £8.8 million of customer deposits. The above calculation excludes designated funds. Should the demands of the organisalion 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 Trustee's reserves policy is based on cash reserves and not an accounting definition ol reserves. As such the Trustee's policy on the amount of unreslricled lor freel cash that needs to be held in reserve 15 that the average of unreslricled lor freel cash balances over the year should be at least equal lo 60Yo of the average customer deposits over the year. For 2021 this equated lo £7.7 million 12020.. £5.0 million). Al 31 December 2021 the actual unreslricled c8sh was £11.8m. Regular cash forecasts are produced lo ensure that this will be the case and the policy was complied with throughout the period ended 31 December 2021 The provision held on the balance sheet al 31 December 2021 of £0.3 million is an actuarial valuation of the liability 10 3 retired employees lo whom we have direct pension obligations. More information can be found in note 16. Going Concern With revenue streams returning lo pre-pandemic levels, and the risk ol future closures looking unlikely, the Executive Team and Trustees do not expect lo see any further signifi'cant impact from the Covid-19 outbreak. Ihthilsl the organisalion has been exposed to increased operating costs, particularly the cost of eleclricily, exposure lo this is mitigated by the strength ol the balance sheet and availability of unrestricted assets, lolalling around £46.0 million (The £46.0 million includes £44.6 million fi'xed assets which comprise properties th21 could be sold or used as security to obtain further funding il required). The Trustees believe that, while uncertainly exists. this does not pose a material uncertainly that would cast doubl on the charity's ability to continue as a going concern. The Trustees have reviewed the impact of the war in Ukraine and whilst this may impact further on the general environment of rising costs, they do not considered this lo be as severe as lo impact the presumption ol going concern. The Trustees have a reasonable expectation that the company has adequate resources lo continue in operational existence for the foreseeable future, thus they consider il appropriate for the accounts lo be prepared on a going-concern basi5. The Landmark Trust Trustee's Report forthe year ended 31 Decernber 2021 Plans for the Future Looking ahead we will be continuing lo pursue our identified Strategic Themes for 2020-25,. Weathering the international Covid-19 pandemic. Putting in place systems and infraslruclure that will ensure Landmark can continue lo work as il grows Importance of Gapluring and codifying what we do. lo allow us to manage change and succession and enable growth. Intensitying focus on our distinctiveness, 'the Landmark difference., internally and externally. Exploring further opporlunilies lo increase income while keeping prices as low as possible. Seeking to engage with harder lo reach groups through projects and other engagement activities and loslering diversity within our charity, Being demonslTably environmentally responsible in our WOTk. Harnessing the potential of our staff. Significant specific aspirations for 2022 include plans lo.. Devise a plan and approach to future maintenance of our estate for Trustee approval based on a complete suile of Quinquennial Surveys. Complete the resloralion ol Fairbum Tower lo progr8mme and budget, and successfully launch it to our audiences. Complete the first phase of works lo Calverley Old Hall, conclude the fundraising appeal. securing Stage 2 NLHF support, and start work on the main project. Agree an overarching environmental suslain8bilily strategy for Landmark, incorporating a measurable Carbon ReduGlion Plan, and begin implementation of agreed actions. Achieve 87 10 average occupancy across all the Landmark and Lundy properties and achieve budgeted income. Achieve year-one actions in the diversity and inclusivity strategy, including gelling baseline profile data where possible. Implement the revised regional framework lo ensure improveol ali9nmenl and Tesourcing, with all positions rilled and new arrangements operational. Devise and roll out the first ever Landmark management training programme, strengthening management skills and internal relationships. Structure, governance and management Governing dooument The Landmark Trust was established by trust deed in 1965 and is a registered Charity {number 243312 England and Wales,. SC039205 in Scollandl. The Landmark Trustee Company Limited, a company limited by guarantee. is the corporate trustee of The Landmark Trust, the charitable trust. Ils Directors a¢1, in effect, as Trustees of The Landmark Trust. The overarching responsibility of the Board of Directors of the Trustee Company I the Trustees") is lo direct the affalrs of The Landmark Trust, ensuring il is solvent, well run, ils assets are safeguarded, il complies with relevant laws and regulations, and delivers ils charitable objects. The Trustees all give IheiT lime voluntarily. They reclaim expenses, which are sel out in the notes lo the accounts but receive no benefits. The Trustees are appointed for three years and may be re*lecled. They may serve 8 maximum ol three terms. The Trustees, focus is on strategic mallers., they meet at least 4 limes a year and review the organisalion's long- term strategy annually. The day lo day running of The Landmark Trust is delegated lo a management team led by Anna Keay Ilhe"Direclor°I, who was appointed in July 2012. A formal scheme of delegation selling out the mallers The Landmark Trust Trustee's Report forthe year ended 31 December 2021 the Trustees reserve to themselves and those delegated lo management, 'The Landmark Trust.. Delegation of Aulhorily, was reviewed and updatèd in 2018-19. Two board commillees, the Audit Committee, which meets ￿lce a ygar. and the Rernuneration Committee, which meets once a year, make recommendations lo the Board 8ccording lo their terms of refèrence. New Trustees are recruited lo ensure the board maintains an appropriate balance of skills and experience lo allow il lo fulfil ils charitable objects and a formal recmilmenl process precedes any appoinlmenl. Each prospective Trustee receives a job description covering the nature ol the Trustee role and the expectations of Trustees. A thorough incjuclion into the work of the charity follows any appoinlmenl, including individual meetings with the Director and all the heads of department, along with visits lo see Landmark'5 buildings lo understand the nature of the charity's work and the experiences it offers. Regular board effectiveness reviews allow for periodic Gonsideration of how the board works. The Trustees have reviewed and discussed the full lexl of Ihe Charity Governance Code120171, which sets out the principles and recommended practice for good governance. As well as paying close attention to ils 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 al future meetings. The principle of 'Equality, Diversity and Inclusion, was given priority in 2021 and a strategy developed, progrèss against which will be an annual item on the board 2genda. Thore were 10 Board members during the financial period. The Board mel 4 times be￿een January and December 2021. Remungration policy In terms of pay policy, we strive to ensure employees receive equal pay and reward lor work of equal value and our pay policy is fair lo all. Starling salaries are sel between the lower lo median quartile of the lalesl Croner Charity Rewards survey and, where appropriate, adjustments may be made lo reflect the experience of the successful candidate or particular local circumstances affecting the recruitment. In addition, the Remuneration Committee meets once a year lo consider Landmark's remuneration levels. There is no conlraclual enlillemenl lo an annual pay rise bul 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 fftanagement The Trustees formally assessed the major rlsks to the charity's business and decided the steps lo be taken should identified risks occur as parl of their nomal review. The risk review involved identifying the types of fisk the charity faces, priorilising Ihetn in terms of potential impact and likelihood of occurrence, and identifying means of managing the risks. The principal risks and uncertainlie5 identified are,. Princi al Risk Cale Mili atin Actions Increased costs due lo rising inflation and economic Ltncerlainty. External.. Financial and strategic Audit Commlllee carries oul regular financial reviews. Forecasts are regularly revisited and updated., scenario planning has been developed and is ongoing. Plur81it of fundin sources. Controls al operational level throughout the organisalion,. policies in place lo comply with le al and re ulalo re uiremenls. Robust Health & Safety framework, policies and prO￿dureS in place. In-house health and safe advisor 8 oinled in 2021. Major incident leading lo loss of reputation Operational.. Brand and reputation Serious health and safety breach Opèrational.. Legal and regulatory The Trustees have an Audit Committee lo monitor risk, review the Trust's draft Annual Report and Accounts and lo make recommendations lo the Board. The ALJdil Committee meets twice a year. The Landmark Trust Truslee's Roport for tha year ended 31 December 2021 Although the likelihood of further Covid 19 closures, seen in 2020 and 2021, has now significanly reduced, the exiernal environment still remalns a key risk with rising inflation and cost of living. The charity's forecasts are regularly revisited and updated, with the charity's financial resepoes and ownership of a large collection of freehold assets (Landtnarks and Legacy Estate buildings) giving a significant degree of comfort about the charity's fundamental financial security. In t$rms of major incidents. the charity has a Crisis Management Plan in place which is continually updated, and supports a cross-organisation crisis management team. The Trust's Health and S8fety Policy (April 20191 is available lo all staff and is periodically reviewed with the help of our in-house health & safety advisor. The next wholesale review is due within the charity's strategic plan period. Statement of Trustee's Responsibllltles The Trustees are responsible for prep2ring the Trustee's Report and the financial statements in accordance with applicable law and regulalions. Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Prsctice (United Kingdom Accounting Standards and appli￿ble law). Under charity law the Trustees musl 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 thè incoming ￿sOUrceS and application of resources, including the income and expenditure, of the group for that period. In preparing these financial statements, the Trustees are requirod lo.. select suitable aGcounting polici8s and then apply them consistently., make judgements and accounting estimates that are reason2ble and prudent-, slate whether applicable UK Accounting Standards have.been followed, SLJbjo¢t to any material departures disclosèd and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate lo presum8 that the charity will continue in business. The Trustees 8re responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy al any lime 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 slalemenls, which May vary from legislation in other jurisdictions. Trustees are responsible for the maintenance and integrity of the charity and financi81 information included on the charity's website in so far as it relates lo the charity- Auditors BDO LLP have expressed their willingness to continue in office and a resolution to reappoint them will be proposed al the annual general meeting. Signed on behalf of the Trustees (The Landmark Trustee Company Limited) on 14 September 2022 Alan Leibowitz (Director of The Landmark Trustee Company Limited) The Landmark Trust Independent auditorfs report tNDEI PEI NDEI NT AUDITOR'S REPORT TO TRUSTEE OF THE LANDI¥L4RIC TRUST Oplnion on the flnancial statements In our opinion. the financial slatemenls.. give a true and fair view of the slate of the Group's 2nd of the Parent Charity's affairs as al 31 December 2021 and of the Group's incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practlce., and have been prepared in accordance with the requirements of the Charities Act 2011 and Charities 8nd Trustee Investment (Scollandl Act 2005 and regulation 6 & 8 of the Charities Accounts (Scollandl Regulations 2006, as amended in 2010. We have audited the financial statements of The Landmark Trust I the Parent Charity") and its subsidiaries I'lhe Group I for the year ended 31 December 2021 which comprise the Consolidated slalemenl of financial aclivilies, Consolidated and Charity balance sheet, Consolidated cash flow stslemenl and notes lo the financial slatemenls, 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 Reporling Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted AGcounling Praclicel. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our repoil. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Independence We remain independ8nl of the IGrDup and the Parenll Charity accordance with the ethical requirements relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Conclusions related to going concern In auditing the financial slatemenls, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls Is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charity's ability lo continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo 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 Stalemenls, other than the financial slalemenls and our 8uditor's report Ihereon. The other information comprises the Trustees, report. Our opinion on the financial slalemenls does not cover the other information and, except lo the exlenl olhefwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether The Landmark Trust Independent audltor's report the other information is materially inconslslenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required lo determine whether there is a material misslalemenl in the f5nancial slalemenls or a material misslalemenl of the other information. If, based Dn the work we have performed, we conclude that there is a m8lerial misstslemenl of Ihls other information, we are required to report that fact. We have nothing lo report in this regard. Matters on whlch we are required to report by exceptlon We have nothing lo report in respect of the following matters in relation lo which the Charities Act 2011 and the Charities and Trustee Investment Iscotlandl Act 2005 requires us lo report to you if, in our opinion., the infoTmation contained in the financial slalements is inconsistent in any material respect with the Trustees. Annual Report.. or prop8r 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 requlre for our audit. ResponsSbllities of Trustees As explained more fully in the Statement of Truslee5' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and lair view, and for such internal control as the Trustees determines is necessary lo enable the preparation of financial slalemenls that are free from material misstatement, whether due to fraud or error. In preparing the financial s18teMènls, the Trustees are responsible for assessing the Group's and the Parent Charity's ability lo continue as 2 going concern, disclosing, as applicable. matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Group or the parent Charity or to cease operations, or have no realistic alternative but lo do so. Audltor's responsibilities for the audlt of the flnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalement, whether due lo fraud or error, and to iSSLJe an 8udiloff s report that includes our opinion. Reasonable assurance is 2 high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Extent to which the audit was tapable of detecting irregularities, Including fraud Irregularities. including fraud, are instances of non-compliance with 18ws and regulations. We design procedures in line with our responslbililies, outlined above. to delecl material misslalemenls in respect of irregularilles, including fraud. The exlenl lo whlch our procedures are capable of detecting irregularities, including fraud is detailed below.. 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 risk8 of material misslalement due lo ffftud. Areas ol identified risk are then tested substanlively,. Discussions with management. including consideration of any performance incentives and remunerallon arrangements, known or suspected instances of non-compliance with laws and regulations and fraud,. The Landmark Trust Independent auditor's report Reading minutes of meetings oflhose Gharged with governance and reviewing correspondence with HMRC lo identify any actual or potential Iiauds or any potential weaknesses in Internal control which could result in fraud susceplibilily., Reviewing financial statement dlsclosLJres and lesling lo supporting documentation to assess compliance with applicable laws and regulations., Enquiries as lo 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 enlillemenl and recognition of government grant income, impairment of heritage assets and defined benefit pension scheme assumptions., In addressing the risk of fraud through management override of controls, lesling the appropriateness of journal entries and other adjLJslmenls', and Carrying out detailed lesling, on a sample basis, of transactions and balances agreeing to appropriate documentary evidence to verify the completeness, existence and accuracy of the reported financial slalemenls. Our audit procedures were designed lo respond lo risks of material misslalement in the financial statements, recognising that the risk ol not detecting a material misst21emenl due lo fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresenlalions or through collusion. A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council's l FRC's°I website al.. hllps'.Ilwww.frc.org.uklaudilorsresponsibililies. This description forms parl of our auditor's report. Use of our report This repoTI is made solely lo the Charity's Trustees, as a body, in accordance with the Charities Act 2011 and the Chaiilies and Trustee Investment (Scolland) Act 2005. Our audit work has been undertaken so that we might slate to the Charity's Trustees those mallers we are required lo slate lo them in an auditor's report and lor no other purpose. To the fullest exlenl permilled by law, we do not accept or assume iesponsibility lo 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. DocuSbJn•d by.. FithA BC8C15A11E97446 BDO LLP, slatulory auditor Gatwick, UK Date 30 September 2022 BDO LLP is eligible for appointment as auditor of the charity by virtue of ils ellgibility for appointment as auditor ol 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). 12 The Landmark Trust Consolidated statement of financlal activitles for the year ended 31 December 2021 Income and expenditure Note Unrestricted funds 12 months to 31112121 £'ooo Restrlcted funds 12 months to 31112121 £'ooo Total 12 months to 31112121 £'ooo Total 9 months to 31112120 £'ooo Income from: Donations and legacies 2,462 2.630 5,092 3,267 Charitable activities - Income from lellings and other core operations 12,163 12,163 5,828 Investments 55 55 46 Other Income 2,746 2.746 1,790 Total Income 17,426 2.630 20.056 10,931 Expenditure on: Raising funds 220 209 429 316 Charitable aclivilie8.. Expenditure on maintenance, lettings and other core operations 13,799 1,448 15,247 7,974 Total expendlture 14,019 1,657 15.676 8,290 Net Income 3,407 973 4.380 2,641 Transfers between funds 17 other recognlsed Ilossesl: Actuarial losses on defined benefit pension scheme 131 131 1381 Net movements in funds 3,404 973 4,377 2,603 Total funds brought forward 53,767 6,418 60,185 57,582 Total funds carried forward 57,171 7,391 64,562 60,185 The income and expenditure of the charity may be found at note 2. All activities In the current and proceeding periods relate lo continuing activities. The notes on pages 17 to 40 form part of these financial slalements The Landmark Trust Consolidatèd and Charity balance sheet as at 31 December 2021 Note Consolidated Asal Asat 31112121 31112120 £'ooo £'ooo Charity Asal 31112121 £'ooo Asat 31112120 £'ooo Fixed assets Heritage assets other properties and Infrastructure Plant and equipment 49,323 48,782 49,062 48,519 70 220 85 272 10 149 179 49.613 49,139 49.211 48,698 Current assets Stocks Debtors Current investments Cash al bank and in hand 12 178 3,077 15,400 9,473 176 1,612 16,150 3,260 2,812 1S,400 8,697 1,894 16,150 2,478 14 28,128 21,198 26,909 20.522 Non-current Assets Donated asset hèld flyr sale 465 1,200 465 1,200 Credltois.. amounts falllng due within one year P8ynTrÈnts receivgd in advance Creditors 18,7591 14.5461 16,2501 14,7401 17.8411 15,1411 18,4891 15,0771 113,3051 110,9901 112,9821 {1Q,5661 Net current and non-currenl assets 15,288 11,408 14,392 11,156 Total assets le55 current 64,901 60,547 63,603 59,854 Provislon for1Sabllltles 16 13391 13621 13391 13541 Total net assets 64,562 60,185 63,264 59,500 Funds Restricted funds Designated fund5 General funds 17 17 17 5,271 13,275 46.016 6,418 6,610 47,157 5,010 13,275 44,979 6,155 6,610 46,735 64.562 60,185 63,264 59,500 ned n behalf of the Trustee (The Landmark Trustee Company Limlledl on 14-9-IOLL hn H85tings- 5S IDirector of The Landmark Tnjstèe Company Limitedl The no18s on pages 17 lo 40 form part of these financisl statements. The Landmark Trust Consolidated cash flow statement for the year ended 31 December 2021 Notg 12 months to 31112121 £'ooo 9 months to 31112120 £'ooo Nel income (Gain) on disposal ol fixed assets Depreciation Interest received Decrease Ilncreasel in stocks Ilncreasel in debtors Assets held for sale excluded from cash flow Proceeds from sale of assets held for sale Increase in payments in advance IDÈcreaselJlncrease in creditors (Decreasellincrease in provision 4,377 11} 637 1551 12 1,4641 2,603 141 482 1461 29 1156 11,2001 1,200 2,509 11941 1231 1,950 1.476 19 Cash flows from operating activitles 6,984 5,1 S3 Cash flows used by Investing activities Purchase of tangible fixed assets Proceeds from sales of tangible fixed assets 11,577} 1798) 5,408 4,359 Cash flows from flnancing activlties Interest received 55 46 Increase In cash and cash equlvalents in the year 5,463 4,405 Cash and cash equivalents al the beginning of the year 19,410 15.005 Cash and cash equivalents at the ond of the year 24,873 19.410 No reconciliation ol 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 10 40 form part of these financial statements. The Landmark Trust Note5 forrning part of the financlal statements for the year ended 31 December 2021 Accountlng 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 wilh applicable accounting standard FRS 102 and the Statement of Recommended Practice (Charities SORP IFRS 10211, 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 ils subsidiary undertakings. No separate Statement of Financi81 Activities ISOFAI 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 ils subsidiary undertakings was changed lo 31 December in 2020 in order to align the financial year with the calendar year lo which holiday bookings relate. As a result of this, the accounting period uncler review is 12 months frorn 1 January 2021 and consequently the comparative amounts 19 monlhsl presented in the financial statements are not entirely comparable. Going Concern The financial statements have been prepared on a going concern basi5 as the Trustees are satisfied that the charity has the resources lo continue for al least 12 months from the approval dale of the financial stalemenls. With revenue streams relLJrning lo pre-pandemic levels. and the risk ol future c105ures looking unlikely. the Executive Team and Tmstees do not expect lo see any further significant impact from the Covid 19 pandemic. Given the strength of the balance sheet and availability and liquidity of unrestricted investments, lolalling around £46.0 million, the Trustees believe that, while uncertainty exists, this does not pose a material uncertainty that would cast doubl on the charity's ability lo continue as £ going concern. The Trustees have reviewed the impact of the war in Ukraine and whilst this may impact further on the general environment of rising costs, they do not considered this lo be as severe as lo impact the presumption of going concern. The Trustees, therefore, consider il appropriate for the accounts to be prepared on a going-concern basis. The accounting policies used in the preparation of the financial statements are sel out below and have been onsislenlly applied during the year. Crilioal accounting estim&t&s and judgements To be able lo prepare financial slalements in accordance with FRS102, Trustees MLJSI make certain eslimales 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 ol future events that are believed to be reasonable al 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 lo support businesses through the pandemic. The level of grants that can be claimed is subject lo subsidy control measures Iforrnerly slate aid rules) that sel a limit on what can be claimed by any one economic actor. The Trustees have given due consideration lo the guidance provided by The Department ol Business, Energy and Industiial Strategy IBEISI concerning enlillemenl lo these grants and have concluded that there is sufficient evidence that the eligibility criteria has been mel in order lo claim funds under the COVID 19 Special allowance, which allows an entity lo claim up lo a further £9m in Government Grants. The income recognised in respect of Government Grants within these financial slalemenls is detailed In note 3 10 the accounts. Accountlng policies {oontinu8d) The Landmark Trust Notes fomiing part of the financlal statemonts for the year ended 31 December 2021 (continued) Pension costs for 3 former employees are accounted for on a basis consistent with FRS 102.The Trustees employ an actuary lo carry out an annual valuation using agreed assumptions, details ol which may be found in note 16. 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 lo the end of a 4 year process of carrying out inspection SLJrveys on all of our buildings. These surveys detail the maintenance requirements over the next 5 years and sel 8 priority level for these works. At tho lime of writing there are no buildings al short term risk of becoming non-operalional due lo excessive or unachievable maintenance requirements and therefore the Trustees do not believe that any of our heritage assets require impairment within the slatulory accounts. A new 50 year lease with the National Trust INTI was completed in October 2019 to coincide with the 50th anniversary ol the Charities working together, Infraslruelure assets on Lundy oomprising a road and jetty were builvimproved in 2008 and 2009 in accordance with Landmark's obligations under the old lease, which had been due lo expire in 2029. The assets were being depieciated over the remaining life of the lease. Under the new lease. the obligation for maintaining the infrastrLJCture of the island belongs with the NT. As such, this brought into question whether Lundy should be carrying on ils balance sheet assets with a carrying value of £1.2m, for which il had no responsibility and which il could not sell. The assets had no discernible value in use, so were fully written down by way of accelerated depreciation, as al the dale on which the new lease was signed. Fully depreciated assets h8ve been wrillen off in the prior year and opening cost and accumulated depreciation balan￿S adjusted accordingly. Parent charity disclosure 8xemplions In preparing the separate financlal 81atemenls of the parent ¢harity, advantage has been taken of the followng 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 totsls 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 enlillement, there is probability of receipt and the amount can be measured with reasonable accuraoy. Income from government and other grants, whether Capital or revenue, is recognised when the charity has entitlement lo the funds, any performance conditions allached lo 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 reli8bly measured and the Charity has been nolilied of the executors, intention lo make a dislribulion, Dale of recognition is the earlier of.. the date the charity is aware that probate has been granted,, the dale the eslale has been finalised and nolifScalion has been made by the executorlsl lo the Charity that a distribution will be made.. or the dale when a dlstribulion is received from the eslale. Where legacies have been notified lo the h2rity or the charity is aware of the granting of probate, bul the criteria lor recognising income has not been mel, the legacy 18 then Irealed as a conlingenl asset and disclosed if material. Accountlng policies (Gontinuedj 17 The Landmark Trust Notes forming part of the financial statements for the year ended 31 December 2021 (continued) Gifts in kind of donated services, by third parties, are included al the value lo the charity where this can be quanlilied and there is a cost lo 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 lo which they relate are credited lo payments received in advance and transferred lo the SOFA over the relevant period. Expenditure All expenditure is accounted for on an accruals basis. Where costs cannot be directly allribuled lo partlcular headings, they have been alloc81ed to activities on a basis consislenl with the use of the resources.. premises costs have been allocated on the basis of floor space, staff costs have been allocated according lo direct salary costs, and other costs have been allocated according lo total other expenditure. Governance costs comprise those costs incurred in the governance of the charity and its as5els and are primarily associated with conslitulional and slalulory mallers. Heritage assets The Landmark Trust properties and their contents are specialised properties ol subslanlial historical or other interest. Land and buildings are shown at original historic cost or subsequent valuation up lo 1993 and acquisition cost together with resloralion costs Iherearter. This treatment accords with FRS102 and the SORP. Those held in the books at valu2tion reflect a 1993 valuation by a former director ol The Landmark Trust. a chartered surveyor. All heritage assets and restoration works are capilalised and Iransferred from assets under construction when a project is complete. The depreciation perlod on freehold and leasehold buildings is the shorter 01150 years or the life of the lease. The depreciation period on fixtures and fillings is SO years. Land is not depreciated and is lesled lor impairment. Plant and equipment Plant and equipment is shown al cost less depreciation. Assets with a cost of less than £2,ODO aro taken direct lo expenditLtre and not capitalised. Depreciation is provided al rates calculated lo write off the cost, less eslimaled residual value, of each asset on a slraighl~line basis over ils expected useful life. The main categories and r8tes of depreciation are.. Shipping Motor vehicles Computers and IT Other 510 15years 4 years 4 years 3to 10years Donaled assets held for sale Donated assets are recognised al fair value. If donor-imposed reslriclion limits the use of donated assets, these will be held as a restricted fund until the conditions are mel, Stock Stock Is included al cost where possible. Cost is based on the cost of purchase on a first in, first out basis. Where individual puichase cost is not known, the value is based on an aggregate selling price less aggregate costs lo Gompletion and disposal. The exception is the valuation of livestock, which is based upon an annual valuation. Accounting policies (continued) 18 The Landmark Trust Notes formlng part of the financlal statements for the year ended 31 December 2021 (continued) Debtors Trade and other debtors are recognised al the settlement amount. Prepayments are valued al the amount prepaid. Cash al bank and in h8nd Cash at bank and in hand includes cash and short term liquid assets held with a malurily dale of 30 days. Current asset investm8nls Current asset investments are classified as cash equivalents as they are held on 35 or 9D day and 3 or 6 month deposit and are accessible wilhoul penalty after this lime. Creditors Trade and other creditors are recognised al the selllemenl 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 al the dale of the tmnsaclion. Monetary assets and liabilities denominated in foreign currencies are retranslated al the rale of exchange ruling at the balance sheet date, All diffeonces 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 lo the SOFA as incurred. The Group has three ex-employees who benefit from a sell-adminislered 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 Gèneral funds comprise accumulated surpluses and deficits and are available f()r use al the discretion of the Trustees in pursuing the general charitable objectives of the charity and whiGh have not been designated for other purposes. Restricted funds are created when funds (whether income or Gapilal in nature) are given to The Landmark Trust for use in a particular area or for a specific purpose only. Designated funds are unrestricted fijnds set aside for a particular purpose. 19 The Landmark Trust Notes forming part of the financial statomgnts for the year ended 31 December 2021 (Continued) Flnanclal performance of the charity The consolidated statement of financial activities includes the results of the charity's wholly owned subsidiaries Isee note 71. The summary financial performance of the charity alone is.. 12 months to 31112121 £'ooo 9 months to 31112120 £'ooo Income 16,664 8.942 Expenditure on charitable activities 112,9001 16,743) Nel Income 3,764 2,199 Total funds brought forward 59,500 57,301 Total funds carried forward 63,264 59,500 Represented by.. Resliicled income funds Unreslricled income funds 5,010 58,254 6,155 53.345 63,264 59,500 20 The Landmark Trust Notes forming part of the financlal statements forthe year endod 31 December 2021 (contlnued) Analysls of Income 12 months to 31112121 £'ooo 9 months to 31112120 £'ooo al Unrestricted fundralslng income Charitable TrLJsIs Major individual donations Patrons Raffle Other (including numerous individual donalSonsl Legacies.. Malcolm Braine Morwenna Brooke Vince Chambers Marion Cooke Susan Garrod David Griffin Jane Nussey Valerie Place Kay John Seynotjr Walker Bernard Wildt-meyboom Paris Muir Trobe Wilson Michael Paul E(twards Beryl Siddons Barbara Thomas Other valuable legacies and gifts in memory 15 26 174 76 252 10 33 144 30 198 10 10 463 10 950 39 31 330 22 150 584 16 13 2,462 1,178 b) Restricted fundralslng Income Grants: National Lollery Heritage Fund Historic England Historic Environment Scotland For Lundy: Rural Payments Agency Other Donatlons; Charitable Trusts Direct Mail appeals (including the Landmark Fund) Major individual donations Patrons Other Legacies and gifts in Memory 130 1,166 185 233 71 168 193 306 290 45 36 1,486 23 12 22 2.630 2,089 Total fundraising Income 5.092 3,267 bl Income from charitable actlvltles The income from charitable activities was £12,2 million19 month5 to 3111212020.. £5,8 million), all of which was unreslricled. The charity benefi15 grealSy from the involvement and enthusiastic support of ils many volunteers, In accordance with FRS 102 and the Charities SORP IFRS 1021. the economic contribution of volunteers is not recognised in the accounts. 21 The Landmark Trust Notes forming part of the financial statements for the year ended 31 Dec9mbgr 2021 (contlnued) cl Other Income Other operating income comprises Covid-19 related governrnenl support received during the period as shown below.. 12 months 9 months to 31112121 to 31112120 Consolidated Consolidated £'ooo £'ooo Coronavirus Job Relentlon Scheme Retail, Hospitality and Leisure Grant Fund Heritage Emergency Fun Culture Recovery Fund Gain on sale of fixed assets 279 1,915 466 871 250 199 551 2,746 1.790 A further £1,166,000 of government lunding was recelved from the Historic England Capital Works Fund during the year (Period ended 3111212020- £166,000> and is included in restricted fundraising income. 4 Analysls of total expenditure Other other allocated Governance costs Costs Staff costs Total Total 12 months 9 months to to 31112121 31112120 £'ooo £'ooo ¢08ts Daprèclation £'ooo £'ooo £'ooo £'ooo £'ooo Fundraising costs Expenditure on lellings and other core operations 285 84 58 429 316 4,823 8,818 879 637 15,247 7,974 Total expendlture 5,108 8,902 937 92 637 15,676 8,290 Fundraising staff costs include £59,000 allocated from central staff costs19 months lo 3111212020- £49,000). Total fundraising costs were £429,00019 months lo 3111212020 - £316,000) of which £220,000 was allocated lo raising unrestricted income19 months lo 3111212020 - £128,000) and £209,000 was allocated lo raising restricted income 19 months to 3111212020 - £188,000). Total expenditure on charitable activities was £75,247,00019 months to 3111212020 £7,974,000), of which £13.799,000 was unreslricled 19 months lo 3111212020 - £7,473,000) and £1,448,000 was reslricled19 months lo 3111212020 - £501,000) Included In above are: 12 months to 31112121 £'ooo 9 months to 31112120 £'ooo Auditors, fees.. audit fees Depreciation Operating lease rentals 43 637 179 37 482 186 22 The Landmark Trust Notes forming part of the flnancial statements for the year ended 31 December 2021 (continued) staff costs The average monthly number of regular employees. including part-lime employees and employees on fixed term contracts analysed by function. was.. 12 months to 31112121 Number 9 months to 31112120 Number Charitable activities Fundraising 174 145 179 150 The average number of employees is calculated on a full lime equivalent basis. The average numbeT of employees calculated on an actual headcounl basis was 50812020 - 5071. 12 months to 31112121 £'ooo 9 months to 31112120 £'ooo Remuneration of employees The aggregate remuneration of employees Gomprised.. Wages and salaries Social security costs Pensions 4.614 313 181 3,269 219 129 5,108 3.617 Included within these figures there is £3,754 relating ID two termination payments19 months lo 31.12.2020 £3,181 for two payments), The 41010 increase in staff costs reflects the 12 month reporting period, together with a much shorter period of furlough and increased housekeeper hours as a result of the high occupancy levels of lelling properties. The key management personnel comprise the Director and six Heads of Department. The total employee benefits of the key management personnel lor the 12 months to 31 December 2021 were £602,94719 months 10 31.12.2020- £487.1951, The number of employee5 whose pay and taxable benefits exceeded £60,000 in the Tespeclive financial years fell within the following bands,. 12 months 9 months to 31112121 to 31112120 Number Number £120,000 £129.999 £90,000- £99,999 £80,000- £89,999 £70,000- £79,999 £60,000- £69,999 All the employees earning more than £60,000 participated in the defined contribution pension scheme. The aggreg8le contribution lor these employees was £42,82319 months to 31.12.2020 - £12,205). The Directors of the Trustee Company do not receive any remuneration. Out of pocket expenses for travel and subsistence are reimbursed on presentation ol receipts,. no expenses were claimed by Trustees in the ye8r (9 months lo 31.12.2020 - £nill 23 The Landmark Trust Note5 forming part of the financial statements for the year gnded 31 December 2021 (contlnued) Corporate Trustee The Landmark Trustee Company Limited is a trust corporation and the sole TrLJslee of The Landmark Trust. 11 is a dormant company and does not trade.11 acts as nominee lor the Charity and holds all properly deeds and contracts of employment. There is no cash flow between il and the Charity. Investment In subsidiaries Asat 31112121 £'ooo Asat 31112120 £'ooo Charity Cost as al 1 January 2021 and as at 31 December 2021 The Charity has three subsidiary undertakings, registered in England.. The Lundy Company Limited, a wholly owned company limited by shares, registered number 0960421. Lsndmark Trading Ishotlesbrookel Limited, a wholly owned company Inow dormanll. The Landmark Trust (Auchinleckl Limited, a charitable company limited by guarantee, registered number 03586531. The results of the subsidiaries are as follows.. The Landmark Landmark The Lundy Tradlng Trust Company IShotte8brookel (Auchinleckl Limlted Limited Llmlt8d Total 12 months 10 31112121 £'ooo Total 9 months to 31112120 £'ooo £'ooo £'ooo £'ooo Profit and loss account Turnover Cost of sales 2,490 17131 2.490 17131 1,023 13331 Gross profil Adminislralive expenses Other operating income 1,777 12,0651 903 1.777 12,0671 903 690 11,2521 964 121 Nel profitlllossl before taxation 615 12} 613 402 Retained profiulloss) 615 (21 613 402 24 The Landmark Trust Notes formlng part ol the flnancial statements for the yèar ended 31 December 2021 (continued) 7 Investments In subsidiaries (conlinuedj Thg The Landmark Landmark Lundy Trading Trust Company Shottesbrooke IAuchinleckl Llmitod Limited Limited Total Total As at 31112121 As at 31112120 £'ooo £'ooo É'ooo £'ooo £'ooo Balance sheet Fixed assets Cuirenl assets Creditors.. amounts falling due within one year 141 2,325 261 402 2,325 441 1,818 11,4291 11,4301 11,5761 Net a$$etsllllabilitie$l 1,037 261 1,297 683 General RestTiCted 1,037 1,036 261 420 263 261 1,037 261 1,297 683 25 The Landmark Trust Notes forming part of the financial statements for the year ended 31 December 2021 (continued) Herltage assets Freehold and long As5et5 leasehold under propert19s construction £'ooo £'ooo Short leasehold Property proporties contents £'ooo £'ooo Consolidated Total £'ooo Cost or valuation Al 31 December 2020 Additions Disposals Transfers 58,206 557 14801 541 1,252 1.002 3,188 2,313 64,959 1,559 14801 15411 Al 31 December 2021 58,824 1,713 3,188 2,313 66,038 Accumuleted depreciation At 31 December 2020 Charge lor Ihe year Disposals 13,039 372 1151 2,011 134 1,128 46 16,178 552 115) Al 31 December 2021 13,396 2,145 1,174 16,715 Nel book value Al 31 December 2021 45,428 1,713 1,043 1,139 49,323 Al 31 Decerllber 2020 45,168 1.252 1,177 1.185 48,782 Freehold and long Assets leasehold under properties construction £'ooo £'ooo Short leasehold Property properties contents £'ooo £'ooo Charlty Total £'ooo Cost or valu81ion Al 31 December 2020 Additions Disposals Transfers 57,846 557 14801 541 1,252 1,002 3,188 2,313 64,599 1,559 14801 15411 At 31 December 2021 58,464 1,713 3,188 2,313 65,678 Accumulated depreciation Al 31 December 2020 Charge for the year Disposals 12,941 370 1151 2,012 134 1,128 46 16,081 550 115) Al 31 December 2021 13.296 2,146 1,174 16,616 Nel book value At 31 December 2021 45,168 1,713 1,042 1,139 49,062 Al 31 December 2020 44,905 1,252 1,177 1,185 48,519 26 The Landmark Trust Notes formlng part of the flnancial statements for the year ended 31 December 2021 {contlnuedJ Horitage assets (continued) Tangible fixed assets with a carrying value of £1,093,000 {2020', £1,102,000) are held as security by Coutts bank. There was no liability lo the bank in either year. In addition, properly charges of £7.0 million and £1.2 million are held by the National Lottery Heritage Fund and Scollish Minsters respectively in relation to projects which they have provided grant funding for12020., £7.0 million and £0.4 million). These charges expire between 15 and 20 years from the date Df issue of the grant. The Iransilional arrangements of FRS102were adopted for freehold, long and short leasehold properties where the valuations of such properties have been brought in 88 cost and the valuations have not subsequently been updated. The properties and their contents are calegorised as heritage assets and are managed and conserved by the charity so as to offer access lo the public through shorl-term lellings and open days. Furlher details of access to the public and thè charity's pollcy for the acquisition, preservation, management and disposal of heritage assets Can be found though the charity's website al www.landmarktrusl.org.uk. 3113120 Consolidated and Charity 31112121 31112120 2019 2018 £'ooo £'ooo £'ooo £'ooo £'ooo Additions: Purchases Donationsllegacies 1,577 732 1.893 3,507 1,660 1,300 1.577 732 1,893 3,507 2,960 There have been no disposals of heritage assets during the 5 year period. other properties and Infrastructure Island Roadl infra-structure Consolidated £'ooo Cost or valuatson Al 31 December 2020 and 31 December 2021 557 Al 31 December 2021 557 Accumulated depreciation Al 31 Decernber 2020 Charge for the year 472 15 At 31 December 2021 487 Ng1 book value At 31 December 2021 70 At 31 December 2020 85 27 The Landmark Trust Notes forming part of the financial statements for the year ended 31 December 2021 (continued) 10 Plant and equlpment Motor vehicles £'ooo Computer Other equipment equipment £'ooo E'ooo Consolidated Shipping £'ooo Total £'ooo Cost or valuation Al 31 December 2020 Additions 795 406 17 494 709 2,403 18 Al 31 December 2021 795 423 494 710 2,421 Accumulated d&pr@ciation Al 31 December 2020 Charge for the year 795 383 18 493 460 52 2,131 71 Al 31 De￿mber 2021 795 401 494 S12 2,202 Nel book value At 31 December 2021 Net book value Al 31 December 2020 24 Motor vehicles £'ooo Computer equipment £'ooo other Equipment £'ooo Charlty Total £'ooo Cost or valualion Al 31 De￿rnber 2020 Additions 255 17 449 348 1,051 17 Al 31 December 2021 272 449 348 1,068 Accumulaled depr8Ci8tion Al 31 December 2020 Charge for the year 246 10 448 178 37 871 48 Al 31 December 2021 256 449 215 919 N8fr book value Al 31 December 2021 16 133 149 N8t book value Al 31 December 2020 170 180 28 The Landmark Trust Notes forming part of the financlal statements for the year ended 31 December 2021 (continued) 11 Asset held for sale The sale of Goldinglon Hall was completed in June 2021, for £1.4 million. Goldinglon Hall was gifted to The Landmark Trust by Manor Building Preseivation Trust, under a Charity Commission order in 2020, following the winding up of the charity. The surplus over the valuation of £1.2 million is included in Charitable Trust Income within Donations and Legacies. See note 3. In December 2021 the Trustees approved the sale of Nelherne Tower, a property held as part of the Charity's commercial eslale. The property will be marketed in 2022 and is expected lo be sold for al least its book value, 12 Stocks Con501idated 31112121 Charity 31112121 31112120 31112120 £'ooo £'ooo £'ooo £'ooo Goods for resale Raw materials and consumables Livestock 100 20 58 107 14 55 178 176 13 Debtors Consolidated 31112121 Charfty 31112121 31112120 31112120 £'ooo £'ooo £'ooo £'ooo Trade debtors Taxation and social securlty 226 360 233 278 219 360 233 253 Prepayments and accrued income Subsidiary undertakings 2,491 1,101 2,232 969 439 3,077 1,612 2,812 1,894 Included within prepayments and accrued income al 31 December 2021 is £1,861,367 relating to legacies 12020 £623,111). 14 Current Investmpnts Consolidated 31112121 31112120 Charlty 31112121 31112120 £'ooo £'ooo £'ooo £'ooo Special interest deposit accounts 15,400 16,150 15,400 16,150 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 wilhoul penalty after this time. Of the funds held on Special interest depo811 29 The Landmark Trust Notes forming part of the financlal statoments for the year ended 31 Docember 2021 (continued) accoLJnls, £239,000 is in respect of reslricled fund5 12020 £441,000) and £12,851,000 is in respect of designated funds12020 - £6,404,000). These funds are lo be used against lulure resloialion projects. The remainder, along with cash al bank and in hand, after taking account of a proportion of customer paymènts received in advance (held in line with our policyl, and also an element of contingency, is also available to be applied to future resloralion projects. 15 Creditors: amounts falling due within one year Consolldated 31112121 31112120 Charity 31112121 31112120 £'ooo £'ooo £'ooo £'ooo Trade creditors Taxation and sccial security Rent receipts in advance Other Gredilors Accruals and deferred Income Subsidiary undertakings 894 99 151 1,525 1,877 572 103 156 2,475 1,434 789 76 151 1,511 1,509 1,105 519 85 156 2,429 1,184 704 4,546 4,740 5,141 5,077 Accruals and deferred income includes £585,000 12020.. £829,000) in respect of Historlc England grant Income that relates lo ftjture activity. The brought forward amount of £829,000 was fully ulilised cluring 2021 and the carried fon￿ard amount of £585,000 by 31 March 2022. 16 Provlslon for1SabilitSes Provision for future pension costs Consolidated 31112121 31112120 Charity 31112120 31112121 £'ooo £'ooo £'ooo £'ooo Al 1 January 362 343 354 326 Current SeNlce Cost 1261 1191 1231 117} Movement on required provision 38 45 Al 31 December 339 362 339 354 The group accounts for the pension costs of three former employees on a basis consislenl with the requirements of FRS 102. An actuarial valuation was cairied out by Broadslone, an independent actuary, al 31 December 2021. The major assumptions used by the actuary were,. Discount rale 1.goA pa RPI inflation rate 3.70/0 pa CPI inflation rale 2.8°k pa Pension increase rale 2.80/0 pa 115hould be noted that given that individual circumstances of pensioners are necessallly not taken into ac¢ounl along with the very srllall numbers of pensioners involved lone of whom accounts for 860￿ of the provision). 30 The Landmark Trust Notes forming part of the flnanclal statements for the year gnded 31 December 2021 {continuedJ there is likely to be a higher amount of uncertainly around the valuation than one might expect in larger schemes. The Landmark Trust Notes forming part of the flnancial statements for the year ended 31 December 2021 (continugdj 17 Statement of Funds General funds £'ooo Designated funds £'ooo R95trlcted funds £'ooo Total consolldatÈd £'ooo Less 5ubsldlarles £'ooo Total ch8rlty £'ooo At 31 December 2020 Income Expenditure Transfers betsveen funds 47.157 17,426 114,0201 6,610 6,418 2,830 11,6591 60,185 20,056 115,6791 16851 13,3931 2,780 59,500 16,663 112,8991 14,5471 6,665 12,1181 Al 31 December 2021 46,016 13,275 5,271 64,562 11,2981 63,264 £2.1 million was transferred from reslricled funds in 2021 in respect of completed osloralion project Semaphore Tower I£0.5m and Goldinglon Hall1£1,6ml, which was sold. £6.7million was transferred from Gerieral to Designated Funds in respect of new restoration projects al Pembridge Castle and Wemyss Bay 2nd slabilising thg sea defences al Fort Clonque lo further protect the building. Statement of Funds- prevlous year General fund$ £'ooo D￿l￿nated funds £'ooo Restricted funds £'ooo Total consolldated £'ooo L88S sub51dlarles £'ooo Total charlty 'ooo Al 31 March 2020 Income Expendiluie Transfers be￿een funds 42.500 8,842 (7,6391 8.810 6,272 2,089 (6891 57,582 10,931 18,3281 12811 11,9891 1,585 57,301 8,942 16,743) 3,454 12,2001 (1.2541 Al 31 December 2020 47,157 6,610 6,418 60,185 16851 59,500 £3.5 million was transferred from reslricled and designated funds in 2020 in respect of completed restDralion projects.. Cobham Dairy. Dunshay Manor and Winsford Hospital. 32 The Landmark Trust Notes formlng part of the flnancial statements for the year ended 31 Decèmber 2021 (contlnued) 17 Statement of Funds (conlinued) Analysls of net assets between funds General Funds £'ooo Deslgnated Funds £'ooo Restricted Funds £'ooo Total 31112121 £'ooo Fund balances al 31 Decetnber are represented by.. Fixed assets Current assets Current liabilities Provisions 44.188 15,472 113,3051 13391 424 12,851 5,001 270 49,613 28,593 113,305) 1339 Total nel assets 46,016 13,275 5,271 64,562 Analysis of net assets between funds - previous year Deslgnated Funds £'ooo General Funds £'ooo Restricted Funds £'ooo Total 31112120 £'ooo Fund balances al 31 March are represented by.. Fixed assets Current assets Current liabilities Provisions 42,956 15,553 110,9901 13621 206 6.404 5,977 441 49,139 22,398 110.9901 13621 Total nel assets 47,157 6,610 6,418 60,185 33 c c<+ co rze ctS0 wco C7JQ C• £ CC¥ ccc The Landmark Trust Notes formSng part of the financial statements for the year ended 31 December 2021 (continued) 18 Flnancial commitments Operating leases 31112121 31112120 The following amounts represent the lolal of future minimum lease payments under non-cancellable operating leases for each of the following periods.. £'ooo £'ooo Property Property not later than Dne year gre21er than one year and less than five years greater than five years 179 560 1,302 179 600 1,425 Other other not later than one year greater than one year and less than five years 31112121 31112120 The following amounts represent the total of future minimum lease receipts under non-cancellable operating leases for each of the following periods.. £'ooo £'ooo Property Property not later than One year greater than one year and less than five years greater Ih8n five years 186 529 952 205 622 1,044 Capltal commltments 31112121 31112120 £'ooo £'ooo As al 31 December the Trust had capital commitments as follows.. Capital expenditure contracted lor but not provided In the accounts 463 1,412 Capital expenditure aulhorised bul not contracted for 4,266 354 Capital expenditure contracted for but not provided relates lo contracts placed for bLJilding costs, Capital expenditure aulhorised bul not contracted for relates to costs approved by Trustees on building projects. 36 The Landmark Trust Note5 forming part of th9 f inanclal statements for the year ended 31 December 2021 (contlnuedj 19 Related party transaction5 Lord Mendoza is Commissioner for Cultural Recovery and Renewal al the Department for Culture, Media and Sport. The DCMS is associated with assessing the performance and strategy ol the National Lottery Heritage FLJnd which awarded grants of £130.661 12020 £18,914) to The Landmark Trust during Ihe year. Sarah Porritt CBE was a Trustee of the English Heritage Trust. Trustees made aggregate donations of £16,396 during the year. There were no conditions allached to Trustees, donations. The National Trust leases a number of properties lo The Landmark Trust including Lundy Island. The rental charges paid under these leases amounted lo £50,871 12020 - £52,820). The balance outstanding al 31 December 2021 was £nil12020 - £15,000). There is an inlercompany balance be￿een the charily 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 lotalled £1,105,14912020 - £266,008) (see nole151. 37 The Landmark Trust Notes forming part of the flnaneial statements for the year ended 31 December 2021 (continued) 20 Patrons The Trust is extremely grateful lo the Patrons of The Landmark Trust for their on%oing support. During the year, those who have supported The Landmark Trust a5 Patrons were.. Llfe Patrons Mr l Andrew and Mrs S Moore Mrs S Andrew Mr N Atkinson and Mr G Reed Mr A Baker and Mrs S Darling Mr G Ball Mr l Boyd Mr D Brownlow CVO Mr R Broyd OBE Dr and Mrs J Bull Mr Hugo Burge Mr M Caporn Ms L Carlledge and Mr P Little MT and Mrs T Cave The Hon E Cayzer Mr and Mrs S Cieslik Mr R Collins Mr S Conrad Mr H Cookson Dr P Corry Mr P Davies Sir John de Trafford Bt MBE Mrs V Dyer Mr R Ealon Mr J Elliot Mrs J Fairbairn Mr J Filius Mrs D Ford Sir Bill and Lady Gammell Mr and Mrs R Gardner Mrs E Gibbs Viscount Gough Mr R Grigson and Mr A Layng Mr and Mrs S Groves Mr and Mrs M Gwinnell Dr A Hamilton Mr R Hare Dame P Harris and R McBrien Mr and Mrs T Hart Miss J Hodgkinson Mr D Holberton Ms B Hollond Dr M Jones Mr and Mrs R Joye Ms V Knapp 2nd Mr G Aldous Miss K Lampard Mr and Mrs F Ledden Mr A Leibowitz and Mrs B Weiss Mrs L Leverell Miss T Little Dr and Mrs C Loll Mrs S Lund Miss E Marsh Mr A Marlin Mr S Marlin Mr D Mccleary and Dame A Gloag DBE Mr A Mead The Lord Mèndoza Mr J Miller CBE Mr P Moorby OBE Mr A Murray-Jones and Ms D Finkler Mr and Mrs A Mylne MrG Neame OBE Revs J and S Pilkin Dr Alexander Pym Mr T Reid and Ms L Ambrose Mr and Mrs J Scott Mr and Mrs M Seale Mr and Mrs R Selchim Mr P Shone Mr W Siegharl Mrs C Spores The Hon Tobias Tennanl Mr O Thomas Mr and Mrs B J Thompson Mr and Mrs C Turner Mr M and Lady S Ward Mrwwhyle and Ms S Vwhilley Mr and Mrs S Worley 18 Life Patrons wish lo remain anonymous 38 The Landmark Trust Notes formlng part of the financial statements for the year ended 31 Decemb9r 2021 (continued) 20 Patrons (conlinu8dJ Annual Patrons Mr P Acland Dr M Airs OBE Mrs C Alderson Miss S Almond Mr M Ashby Mr R Baker Mr N Baring CBE and Mrs E Baring Dr J Barney Mrs A Bartleel Mr M Bennett Mr J Benton Mr J Birch Mr C Bird Mr J Blaikie Mr R Broadhursl CVO CBE Mrs T Brown Sir Hugo and Lady Brunner Mr P Burfool and Mr D Boyd Mr H Channon Ms M Chisholm Mr D Clark Mr G Clayton Mr and Mrs R Conway Mr J Copping Mr R Cotlon MrJCax Mrs K Davies Mr A Dean Mr G Dorey Mr M Drury CBE Mr N Dutton Miss K Edwards Mr L Enriquez and Miss L Tsai Mr D Fagan Mr and Mrs C Farrow Mr J Fell Mr B Foord Miss D Fowler MrPFox Mr A Fraser Mr D Giles Mr F Grimshaw Dr C Guettler and Ms J Graham Dr R Gurd and Ms M Black Mr J Ha51ett Mr M Hancock Mrs S Hands Mr D Haunton Mr P Heighway Dr E Hi¢ks Mr and Mrs S Jordan Dr and Mrs R Jurd Mrs P Kent Mr and Mrs N Kingon Mrs A Kingston Dr and Mrs l Lee Mr C Lewis-Jones Mr S Lowy Mr G MacGregor Sir Laurie Magnus Bt and Lady Magnus Mrs P Mailland Dougall MrA Manisly MrJMay Professor R Mayou Professor R and Mrs S McCleSland Mr P Mitchell Mr P Morris Mr l and Mrs J Murray Ms F Murtagh Mr R Nelson Sir Charles Nunneley Mrs Z Ollerenshaw Ms W Owen Mr M Page Ms F Pentney Ms F Murtagh Mr R Nelson Sir Charles Nunneley Mrs Z Ollerenshaw Ms W Owen Mr M Page Ms F Pentney The Rt Hon the Lord Phillimore Mr C Phoenix Mrs P Plunket-checkemian Mrs P Porter Mr M Power Mr K Prosser Mrs J and Mr G Ranawake Ms G Rawinsky Mr and Mrs N Record Mr M Rice Mr and Mrs J Ringer Mr D Rowe Lord R Russell Dr J Schofield Mr J Hastings-Bass Mr and Mrs J Seekings Mr M Simms Dr D Speller 39 The Landmark Trust Notes forming part of the financial statements for the year endèd 31 December 2021 (continuedj Mr S Hodgson Mr K Holmes Mr J Holmfield and Mrs J Leaf Dr K Holowka Miss P Hudson Mr C Hughes Mr and Mrs C Hutt Dr R Jackson TD VR and Mrs G Jackson Mr A Jardine Mr G Jennings Mr A Johnston Ms A Jolly Professor D Jones Mrs P Spens Mr N Strange and Mr M Brecker Mr M Thomas Mr P Ticer Mr D Trehane Dr R Ward Mr M Wieliczko Mr and Dr L Wilcox Mrs M Williams Ms D Woo and Mr A Child Mrs J Worsfold Mr T Youngman 13 Annual Patrons wish lo remain anonymous 40