The Landmark Trust Report and Financial Statements Year Ended 31 Drfember 2024 Chaiity Number 243312
The Landmark Trust Réport and financlal statèmonts for the year ended 31 DeGember 2024 Gontents Page: Twstee's report 14 Independent audÈtofs report 18 Consolidated statement of financial activitiès 19 Consolidated and charrty balance sheet 20 Consolldaie(J cash Ilow ststement 21 Notes foryning part of the financial 51atetnenis Directors The Landmark Trustee Company Limtied 15 the TtUStee, and its diif>Aors duling the year, or as sialed, ale.. Alan Leibowitz Ptolg.my fjesn Elizabeth Forgan Sarah Hall John Hastings-Bass Brian Millar 14annah Parham Christian Tooley Janet Walker Hèlèn Webb Company Se¢ratary and rogistored offic• Jennifer Harding, Shottesbrooke Park, Maidenhead. Berkshire SL6 3SW Charity number England and Wales .' 243312 Scotland .. SC039205 Auditors BDO LLP, 2 Cty Place, Beehive Ring Road, GaiCk, West Sussex, RH6 OPA BankeT3 Sarrtander, Bridle Road, Liverpool. L30 4GB Coutts & Co.. 440 Strand. London. WC2R OQS
The Landmark Trust Trustee's Report for the year ended 31 Deccmber 2024 Admlnlstrative details of the Charity The Landmark Trust {'Landmark') was estsblished by trust deed in 1965 and is a charity registered in England and Wales, nurnber 243312, and in ScotlarKI, number SC039205. It has one Trustee being The Landmark Trustee Company Limited. There are two wholly owned subsidiaries bng The Lundy Company Limrted and Landmark Trading Ishollesbiooke) Litnited (domiant). The Landmark Truat also has a controlling interest in Landmark Trust {Auchinleck) Limited which is itself a charity registered In England and Wales number 1071185. Objectives and ActlvltieG The Landmark Trust is a historic buildings charity that exists to save extraordinary historn places in jeopardy and to promote Ihe public enjoyment of historic places by making its buildings available for people to stay in and to enjoy. We rescue significant and often difficuti buildings and our approach to their repair and refurbishment is designed to bring out their historic Character and so to provid8 Vlstiors who briefy live there with exceptional experiences. Landmark's charitable objecls, first erohrined in 1965, are: The pre¥ervation of small buildings, structures or sites of historic interest, architactufal morit or amenity valu8 snd where possible finding surtabie uses for them. The proteGtion and prcmotion of the enjoyment of places of historic intorest or natural beaLty. We currently have some 260 histori¢ buildings in our care. in England. Scotland. Wales, the Channel Islands and Itaty as well as the island of Lundy, with its unique histori¢ and natural environment. Of the histori¢ buildings, 202 {2023.' 199) of these were available for short periods for holidays. wrth the remainder let to tenants on a longer- terTll babis. The ilicome they generate is used to pay for their long-temi maintenance and to contribut• to the work of the charity in rescuing further buildings at nsk. Public Banofrt The work of The Landrna Trust is undertaken for the benefft of many dffferent communltles of people. The Trustees have had regard to the Chanty Commission's guidance on public benefft. The work can b8 described under tts two charttable objects: i. The presaNation of buildings A natiors's historic buildings a preciou3 and fragile relics of its past, representing and gblo to illuminatè the lives of oijr Ane.estors. They tell us where we have come from and who we are. Through them the pasl 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 resourca for all, both now and in the futurp Almost 10.000 listed buildings are currently 'at risk. in the UK. The Landmark Trust is usually approached annually in respect of 100 or so properties, of which only one or two of the most important and in need are taken on. In the year to 31 December 2024, we were approached about 106 buildings, of which 42 warranted follow-ups to a greater or lesser extent by the Potentials Committe8, which meets several times a year to review the latest possibilities. Of this latter category, several are still being activety explorej as potential new Landmarks. In making our selection we look at threg. main crileri2.' those which are the most importanl. the most endangered, and the most likely to be financialty sustainable as holiday lets. Our wotk usually involves undertaking a major cempaign of rcpair to an old and dilapidated building. Our approgch is one which accords the greatest respect to traditional building iechniques and, in employiiig Graftspeople in traditional ski113, 3uch as thatching, limtrplast8ring orlgad work, we contribute to the conlinu21ion of these skills which are essential to the survival of hlstorfc buildings in Giedl Bi iiain as a whole.
The Landmark Trust Trtjsteè's R•port for tho year ended 31 DeGember 2024 Piiblic Bonefit {Continu8d) The charity benefits greatly from the support of its volunteers. During 2024, Lundy Island beneffted from 79 volunteers (2023.. 69) supporbng various conservation inltiatives including those relating to marine wildlife and rare birds. Landmark volunteers assisted across 414 shifts, donating a total of 2,040 hours. This total includes 17 active volunteers who undertook 1,708 hours al Crownhill Fort arid volunteer administration at Calverley Old Hall of 110 houis. Also included Is Engagement volunteering totalling 28R hoiirs including Open Oay8 {168 hours), event3 and outreach. Reovjnal teams wore a180 SUPPOrtcd by volunteers who assisted with gardenlng, maintaining the grounds, cutting back over%ruwih and malntaining outdoor spaS across our othp.r Landmarks. ii. Promotlng puts1 enjoyment ofsreci81 places The buildings we rescue do not simpty benefrt people in an abstract or the(Ketical sense but are available to and enjoyed in a profound and prolonged sense by tens of thousands every year. During 2024 57,658 guests stayed in our properties for beeen three and seven nights for the twelve-month period (61.028 guests in ?0231 Guests enioyed an intense, personal experience of the past which required no prior knowlcdge or qualification. To live in an old and important building for a short time has the capacily to itlspire ano to offer a sense Of beauty and peace that ib quite differenl from a fleetinq visrt to a stately home or mu8piim. In the building and online, well-researched histor[8 nf that place and its physical and historical context, plus Cxplorer PaGks <iimed at chlldren, encourage viaitors to leam more. We let our buildings for short stsys yearwround, enabling us to offer the wide range of prices that make our buildings financially accessible to a large portion of society. In 2024. SSOA of our buildings had periods when they could be rented for less than £25 per person per night. while the average cost per person per night across the entire year was £66. A6 well as meking 202 buildings available fDr gue51s who stay, we welcomed many thousands of viqitors to OLsr bulldlngs on free open and changeover days and nn day trips to the island of Lundy. Our educational programmes and resources rèached a wde rangc of people, frcm primary scI)ool pupils to prauilioners and life-long learners. helping Iheni gain a deeper underslan¢Jing and enjoyment of history 2nd architecture from tha places in our care. During 2024 we held open days from April onvRrds. at which we welcomed 16,560 visitors {2023: 15,249) across range of Landmark properties. In addition, Crownhill Fort attracted a total of 639 during visitor days. Local Community groups, individuals, children and adults have taken part in the activity plan at Calverley Old Hall, which is part-funded by the National Lottery Herrtage Fund. This has proven popular wrth 1.512 people taking part. Our 50 ForFree scheme went ahead durlng 2024 offering ftfty charrties midweek (four nights) and weekend (threa nignts) breaks during March at selected Landmarks across England (including Lundy Island), Wales and Scoiland. The 2024 scheme enabd benefiGiary charities to Stay in a selection of our buildings free of charge, resulting in 47 For Fr88 stays, wrth a c]bIned value greater than f60,000.
The Landmark Trust Trustèe's Rèport for the year ended 31 December 2024 PubllG Benefft (Cfflbiiued) Charities benefrtiing from the 50 For Frne scheme during 2024 are listed below. 50 For Free Beneficiaries 2024: Action for Néurodiversty Actton for XP Headway North West London Headway Worcestershire Hospico of St Francis Kintyre Link Club Leaders in Communty Noah's Ark Children's Hr)¥ViGe Nystagmus Network Pete's Dragons Rosemary Foundation SAFE Foundation Age ConGem - Bracknell Forest Alexandar Devine Alexander Devine Children's Hospice Service Autism Early Support Trust mit6d AzuKo Bamardo's Betknowmore UK Brake, the road safety charty Break Charity Sefton Women's and Children's Aid Sefton Young Carers 11 Building Self Belief Campbeftown GramTnar &hix)I Lancer care Isefton Carers Centrel Soldier Art3 Academy 8utvive Connecting Carers Debra Survtve, Strtve, Thrive Teens Unrte Fightsng Cancer The Cavalier Centre Emmaus Oxford FEAST Wrth Us The Restoration Trust Fighting with Pride Florence NK]htingale HOSPlce Charlty Gthick Detainees Welfare Group G1rogpe Gorse Hill Studi06 The Ripple Project The River House Trust Vlslon of Adventure wamiing up ihe Homeless hy Me? Hamieny Educaticfflal Trust In addition to our 50 For Froe scheme beneficiaries outlined above, our Landrna Fiitiirp..% scheme operated to allow those in hiqher or further educatlon to gather in our buildings for study. disGus5ion, teaching and writing. Ten groups were selècted forthe 2024 scheme. with the groups studying at a diverse range ol unrversities andlor higher educatioll organib<ltions.
Tho Landmark Trust Trustee's Report for the year ended 31 December 2024 Public Benefit (Continued) Of the ten groups selected for the Fulures Scheme, all took up stays in Landmarks wtth 56 people benefrting: School of Biodrversty, One Health and Veterinary Medicine. Univet5ty of Glasgow. Auchinleck House. Cerebrovascular Research Group. Centre for Clinical Brain Sciences, Unrv8rÉty of Edinburgh.. Auchinleck House. Nuffield Department of Pnmary Lare Health Sciences. Univprqty of Oxford: Cavendish Hall. CentRIC, Heatth S¢ience6, Universty of Southampton: Sackville House. HistoryTrolllics and Intemational t•tUdies. Queen Mary Univerqty of London: Tixall Gatehouse. School of Education and Social Policy, Cardtff Metropolitan University. Silverton Park Stables. Earth and Environmental Sciences, University of Manchester, Universty College Dublin, Freie Universitat Bedin. and Universita degli Studi di Torino- Villa Saraceno, Itaty. School for PoliGy Studies, Universty of Bristol.. Woodsford Castle. Arch2oology, Universty of York, Astley Castlc. School of Arts, Media and Creative Technology, Universty of Salford.. Astley Castle. Achlevements and PerfornianGe The Landmark Trustees agreed a five-year plan for the charity in 2020. The followlng rategic themes that CLrt across dll our areas of work were idenithed. Strategic themes 2020-5: Weathering the intemational Covit19 pandemic. Putting in place systems and infrastructure that will ensure Landmark can continue to work as rt grows. Capturfng and CC*Jifying what we do, to allow us to managp r.h8ng8 and succession and enable growth. Intensifying focus on our distinctiveness, 'the Landmark difference,, intemally and externally. Exploiing furthei upportunities to Increase income while keeping prices as low 28 pnssible. Seeking to engage with harder to reach groups through projects and other engagement actNities and fostcring diversty wtthin our Gharity. Being demonstrably environmentally responsible in our wo. Harnessing the potential of our staff. Realised under five strategic aims, to: 1. Safeguard our beautiful and fragile environrnent through rescuing and caring for rare and remarkable historic places in the United Kinodom. 2. Ensure we are financialty and operationalty sustainable for the long-te. 3. Raise our profile and attract more supporters to our cause. 4. Make the experience of Landmark as wondcrful as possible for everyone. 5. Develop a dynainic and engaged team equipped to do their jobs within a well govemed charity. The charity achreved a great deal in pursuit of lis charitable objects during 2021 and whilst we began to see a softening in demand for holiday lets following the post covid boom, we sts'll achieved averag8 oG¢upan¢y of 810/, for the year {2023.' 87%). Actiwty in the financial year ended 31 December 2024 was direded by our strategic plan aims and themes, and aGliievemellts included: Complsting and opening to the public the restoration of the Ststion A9enl'5 House in Manchester, our firsl building in Ihe cty, wlnnlng a Civic Trust conservation award The completion of a ES million scheme to renovate and restore Crade-1 listed Calverley Old Hall iii Yorkshire, which was opened by Ihe Chancellor of the Exchequer in October 2024. Delivering a ground-breaking actrvity programme at Calvedey Old Hall, which significantly expanded the range of people who engage wrth our charity. including refugees and homeiess people. Giving tens of thousands of people wonderful experiences of staying in our buildings, achievrng occupancy of 810/0 in a very Challenging operating environment. Undertaking the 1efurbl+lIet of Wortham Manor in Comwall, inciuding the instsllation of new ground- source heat pumps. Embarking upon the complete refurbishment of Saddell Castle, one of our first buildings.
The Landmark Trust Trusteo's Report for the year ended 31 DeGember 2024 Achlevements and PerfonnanGe {GlinUed) Securing a £5.3 million grant from the National Heritage Memrial Fund t¢)wards the saving of Mavisbank House. Fundraising Landmark Is deeply grateful for the conlinued generosity of its many supporters, who contribute through donation8, gifts in wills, and grants_ Their qlippnrt helps us rescue and safeguard buildings at risk and ensures that Ihe unique environment of Lundy Island remains accessible to 811. Fundraising is managed by the Development department, comprising four full-time and four part-time staff, led by the Development Director who Is a Management Board member and reports to the Director of Landmark. Fundraising is strongly supported across the organisation and is, in many ways, a collective effort to which all colleagues and Trustees contribute. The Development team employs a range of ccffimunications, events, and actwf(ies to foster long-temi relationships with Landmark's supporters and to encourage new individuals to engage with and support our wo. Individuals support Landmark in different ways- from one-off donations for Capit projects, to unrestricted gifts, regular giving. playing the raffle, subscnbing as Friends or Patrons, or simpty by booking a holiday. Soiiie Gli¢Jose to play a more significant role by becoming leading supporters of a building re.qr.iJg. and may be recognised as project Guardlans. We are especially thiariklul lo individuals who have the foresight and gener03ty to remember Landmark in their wills Our ch3rity 21sn seeks funding from trusts. foundations. and other grant-making bodies. including the National Lottery Heritage Fund and National Memorial Heritage Fund to help deliver sp8cific projects or activity. In the 12 months to 31 December 2024, fundraising income tot811ed £4.8 million (2023: £9.0 million), with the year- on-year variation largely attributed to the value of gifts of propprty- Of this total, £1.6 million was received as Restricted Fund5, Wttiyi isiiig individual donations, grant5 frcffl trusts and foundation8, and grant drawdowns from the National Lntte.ry Heritage Fund for Calverley Old Hall. Grant payments trom the Rural payments Agency to Lundy are decreasing under the current scheme, prompting the development of a new farm stratogy from January 2026. It was a rong year for UnrestriGted Funds wliich coiiiprise(172% of total fundraising. 33.kn of total income came from a single unrestricted property gift-a lifetime donation of a house in St James's Square. Bath, valued at £1.6 million 30% came from property legacies.. Pool Farm, Devon (valued at £0.5 million)", Blacksmrth's Hill, Aynho (valued at £0.2 million)" and Frederick Road, Cheam (valued at £0.3 million). A further £0.8 million came from a combination of lifetime individual donations, the Patrons and Friends schemes, regular giving, the raffle, and additsonal ieq8¢ies. Due 10 thls exceptional year for property giftb, uniestriGted funds accounted for 72°A of total fvndraising income (2023.. 790AI. Excluding propety-related gifts, Iinrestricted income represented 17V/o of the total. Gifts in wills {legacig.8) are a vital source of unrestricted income, accounting for 31°/o of fundraised income in 2024 {2023'. 14/0). Legacies totalled £1.5 million, including £1.2 million of unrestricted and £0.3 million of restricted legacies. Such legacEs. of all SLzes, make a lasting dIffenCe lo our worf( and whilst a finanGidl gift in a will is the most popular way to support our work, we also accept gifts of buildings which may go on to become part of our Let Estate. These he to drversfy our income by generating commercial property income, or as a Landmark in our holiday portfolio. 1nvpqtmp.nt in ftjndraising grew to £0.6 million (2023: £0.6 million) primarily due to increased staffing and prOSsing costs (e.g. lega administration and VAT compliancé). Of this invostment. 870/0 of total fundraising income wa available torourwork, meaning that 13 pencewas invested forevery £1 raised (2023. 8.7p). In 2024, we introduced a short-tem contrad role focused on Trusts and Foundations, which proved successful. As a result, in early 2025 we created a perTnanenl position foi a Trusts and Philanthropy fundraising specialigt to acrEss more 9rant opportunities for mainly project work. We are encouraged that in 2024, income from supporter schemes (unrestricted) was maintained, albeit with increased costs related to VAT. In the year we reviewed our Friends and Patrons scheme benefits and subscription tevels to optimise net income from this valuable group of supporters, announcing the Ghanges in 2024 to the benefits value and suggested donation levels to join each scheme. We were heartened by the generosity of the
The Landmark Trust Trust40's Raport for the year elided 31 December 2024 Fundraislng (Continued) reswnse from these supporters., thanks to their support, we expect to see an increase in unrestricted income from both schemes in the coming year5, which will make an even greater difference to our work going forward. We complctcd the fundraising appeal for the Sl<ltioll Agent's House in Manchester In early 2024 and celebr2tÈd Ils opening wr(tt supporters in May. Fundraising fnr RAF Ibsley Watch Office, a fomier control tower in the New Forest, reached 77010 of its £2.1 million target by May 2025, with £2.4 tnillion ralsed to dale. This remains our niain fundraising prlorty for 2025 as we seek planning pemiission and aim tn start work on site in gaty 2026. A key activty in 2024 was the development of trte ffrst Phase of a new. major project to rescu8 Mavisbank Hous8 in Midlolhian for which Landmark made a successful applicakn'on to tho National Heritage Memorial Fund {NHMF). In May 2024, NHMF awarded £5.3 million to the project believing the house met the criteria of being of'outstanding importance to the national heritage.. This. one ofthe largest grants ever received by Landmark for a project, enables phase one of a fresh plan to give Mavisbank House a vibrant and sustainable future. In addition to NHMF support, our Trustees made a designation of £1.0 million from unrestricted funds and the H B Allen Fiind, leaving a further £2.5 million to be raised in donations and grants. By July 2024 our application to HistOriG Environment Scotland for £0.5 million was given initial approval, enougli certairty of thls fundlng to include It as a pledge. We asked private donors to support as the first Rescue Guardians of M8visbank (gifts of £10,000 or more) and by March 2025, £0.1 million had bean donated by nine Rcscue Guardian3. We are also deeply yldlefvl for Ihe foresight and generosity of an anoiiymous Landmark Patron who sadly passed away in 2023. leaving a legaey grft of £0.2 million for a Georgian bLiilrling. which has been degignated to Mavisbank. Taken together, the total funds for Mcivisbank (identified, pledged and recEived) to end April 2025 are at 930A of target, leaving £0.5 million to raise. A new appeal was launched in November 2024 for the Landmark Craft Skills Fund. This fresh initiative seeks to ensure that as often as possible Landmark's work involves not just the rèpair or rescue of an individual building, bLrt the training and development of junior craftspeople. Thanks to generous support, Ihe Ciaft Skills Fund has raised £0.1 million to April 2025 and wll contlnue to be promotea as a direct way of grving to suppnrt the traditionsl craft skills that so much of LandmArk's work depends upon. We also welcome donalions to the Greener Landmark Fund in support of Landmark's wide-ranging Environmental Sustainability strategy. Donations restricted to this fund could be used lo support the installatlon of many more renewable eriergy systems in our buildings, improving insulatÈon and draughl proofing. and installing electric car charging points across our estate. along with other measures to increase biodiversty in our landscapes and gardens. Looking ahead. we aim to complete fundraising for RAF IbSY Watch in 2025 and prepare for 8 new appeal for The South Tower at wenorth Woodhouse. Now managed by the Wenlworth Woodhouse Presèrvation Trust, this grand mansion is being restored as a catalyst for regcneration in South Yorkshire. Landmark's planned prolect would restore the South Tower interior and create a new Landmark for two guests. Due to projeet timino changes, the public appeal Inttially pE2nnpd for12tÈ 2024, wll now launch in autumn 2025. Encouragingly, early leading supporters and Guardi8n8 have already Shown strong inteiesL The main area of risk to fvndraising in 2025 is the impact of economic uncertainty and cost of living on disposable incomes which may see reduced support of appeals for rescue projects in 2025. There is continued high competition for grants from trusts and foundations, atthough we are investing more in this area to ensure Landm8rk's need and impad of its work is well articulated and presented to carefully researched potential funders. Fundraising activity and overall strategy are regularty considered by the Trustee Board In Ilne with its duties under CC20. Together wlth the Audit Committee. the Board monitors any signfficant risks and ensures that these are being appropriat@ly managed. Landmark is committed to proldIng high standards of supportor experience. fundraising appropriatety and wtth consideration for our responsibilities towards vtjlnerable people. We voluntarlly registered with. and tollow the Fundraising Regulator's Code of Fundraising Practtce, which emphasises honesty, openness, respect and legality in all fundraising activities. The Development Director is a member of the Chartered InstitLrte of Fundraising, which supports best practice and promotes awareness of developments and regulation within the sector. Our Privacy Policy outlines how we collpct. use and protect personal information shared with us, while our Safeguarding Policy and Complaint3 Policy apply across all fundraisir)y <iilivity, helping to ensure that undue pressure is avoided and that potential vulnerabilities are identffied and respected.
The Landmark Trust Trustee's Report forthg yoar and•d 31 December 2024 FundraiÈlng (Continued) The execution and management of the annual Landmark Raffle is supported by the professional services of an extemal agency which carried out the administration of the raffle on our behalf. This activty was monitored directly by us and is also regulated by the Gambling Commission. We did not use other extemal bodies or professional fundraisers to cary out fundraising activiknes on our behaff. Financial review Consolidated income for the yeai tot<illtxI £20.2 million (2023: £24.3 million). viith inGome from charltable activities decreasing by pfj 4 millian to £14.5 million. This reduction was largely driven by lower occupancy levels Of our holiday lets compared to the higher rates achieved in 2023 as part of thc post covid boom. The reduction in inwmé from charitable activrties was partty mitigated by higher income earned from investments of £1.0 million12023.. £0.8 million). In 2024 Landmark saw a reduction in overall fttndraising inccm@ achieved thmugh donations and legacies primarily due lo Ihe timiiig of property related donations and legaGies, but also due to re¥toration project timing differences in rg12tinn to grant drawdowns. Fundraising income totalled close to £4.8 million for the year. compare(I to a peak of £9.0 million achieved in 2023. During 2024 Landmark received a substantial property gfft of St. James, Squara, Bath. vaiueJ al £l.b million. In addNon, Landmark received three generous legacy bequests of BldGKbrnillib' Hill, Aynho, Pool Famihousa, Warkleigh, and Frederick Road, Cheam, wrih an estimated total v8lLlP of f.10 million. These incre¢Jible gtfts and bequvotb, where retaiiied, help to provide sustainable long-tem income, and where 301d, provide crucial funding for further building rescues and restoralions. Total expenditure increased by £2.5 million against prior year, primarily due to increased project invesbnents for environmental and digital initiatives (£1.8 million) but also increases in holiday let operational costs {£0.4 million). During the year, Landmark purchased Ihe adjoining property to an exi5ling Landmark, Tlie MaGkiiitosh building, Comrie, Perthshirè for £0.2 million, with the aim to re-linitp. the propÈty into one ownership and safeguard its future as a Category A Listed Building. The Gosts associated with fiJndrai3ing relate principally to the cost3 of our fundraising department and revenue related project costs associated with projects for wnich we have fundraise¢J. We had budgeled to deliver an overall deficit for the peritsl in the reglon of £1.6 rnllllon. However, due to strong cost management, higher bank interest receipts, and Iwo generous propety gifts and one bequest of a property, we have achieved a consolidated deficit of £0.2 million (2023: surplus £6.4 million), thus demonstrating the strong performance of fundraising and charitable activrties throughoul the year. Due to substantial investmenl In restoration and repair projects of £3.8 million, cash and cash equivalents de¢reased by £4.$ million to £17.6 million (2023.. £22.1 million). Of this, £16.2 million L8 held on special inlerest deposit accounts (2023: £18.7 million). The increase to thc Bank of England base rate continues to produce buoyant interest rates on our deposit accounts for 2024 and we have been able to Improve on the budgeted inlere5t rale5 Witli final year figures of £1.0 million (2023.. £0.8 million). Of the cash balance, £4.9 million is represented by r.IA8tnmer deposits (2023.. £5.1 million) and £14.6 million 15 either restriGted or designated against identified projects (2023: £1 S.5 million). Our principal trading subsidiary, included in the above numbers, is the Lundy Company Limitad, which is charged with the management of Lundy and the passenger ship which services tt. Visitor numbers were 1,618 higher than the prior 12 mnths (2023". 12,849). as the Oldenburg, Lundy's passenger vessel due to an improved sailing season. Lundy's achieved total revenue for the year of £3.5 million (2023.. £3.5 million) with administrative expenses totalling £2.7 million {2023.' £2.5 million). Overall Lundy retumed a loss for the year of £0.1 million, driven by increased maintenanGe costs for the Okienburg. Looking forward, the key financial challenges are to.. 1) Secure strong and sustainable levels of occupancy on our holiday lets ensuring they cover all costs associated with thelr operational use, as well as all sUPPQrt costs foi the charity. 21 Manage irfflationary cost pressures and maximise opportuntties for savings through greater efficiencies and automation of prccesses. 31 Continue to fundraise for ambitious and challenging projects ak)ngside exploring new fundraising opportunitie3 for non-proicct spccific activities. 4) Continue to invest in our people and processes ensurfng we are best placed lo deliver on our cli<iiilable objaclives
The Landmark Trust Trustee's Report fortho yr ended 31 December 2024 Financlal Review (Cnntinued) 5) Identfy and priorib.se the resources to implement our Environmental Sustainabilty Strategy in order to reduce our @nvironmental carbon footprint and save ¢osts. Reserv8S The General Fund comprises The Landmark Trust's consolidatad net assets excluding those which are restriGted or designated in their u8e, for example, funds reStrLe(l 01 designated to a particular project. As at 31 December 2024, the consoiidate¢J General Fund stood at £57.3 million (?0?3- £57.2 million). Tha General Fund comprrsed £5?.5 million of properti88 and fixtures held for charttable use. During the year we ieGeived three property legacies and donations, purLtl<ised one unrestricted asset ana moved one completed restoratinn property back to Ggneral Funds, however, these funds were largely offset by transfers out for current propety restorations. Across all funds {including restricted). current and non-current net assets stood at £13.8 million, including £20,3 million of current assets less £7.6 million of current liabilrties. as well as three donated assets hekl for sale totalling £1.1 million. The Trustee policy on tts General Fund iq lo apply the net incom8 generated from visitors to Landmark properties to covar operating expcnditure, including the maintenanGe and nidnagetnenl of exlstlng propernes. Any qiirplus may be used to fund restoration projects, undertake special projects at existin9 Landmarks, provlde P8rtnership funding foi restordtion projects or to prime other projects. Net income generated from fundraising activities is predominantty used fnr restor2tion of propertios. The reserves of the Charity are regularly reviewed by the Trustee Board. Designated funds earmarked for new projects, as at 31st De¢ember 2024, have decreased to £14.6 million (2023.. £15.5 million). This refiects further prqect desKJnalions by Trustees of £2.6 million off-set by the project completions of £3.4 million. Re%trirtwl funds increased by £0.6 million sitting at £3.4 million at 31 December 2024 (2023. £2.8 million). Thi8 reflects a movement upwards iii net restricted projeci Income Of £1.4 million. This upwards movemg.nt of restricte(I funds Is partialty offset by the movempnt of project costs of £0.8 million. The complction, in year, of Station Aggnt's House, saw it move from a Re3triGted fixed asset lo a General Fund fixed asset. Restncted and desigiialed funds held at 31 December are spent over the time it takÉg to restore the various proportios to which they havo been allocated. At the year-end free reserves as ¥iewed by management can b& calculated as follows: 2024 2023 General Fund 57.3 Less Fixed Assgt. (56.1) {53.6) Plus ProvFsion Free Reserves Free reserves represent the difference betsveen our current agsets and liabilitios held within the °General Fund. and include a deferred income liabilty of £5.0 million of customer deposits. Tli¢ Landmark Trust held £4.3 million and Lundylsland held £0.7 mllllon of customer deposrts. The above calculation Éxdijdes designated funds. Should the demands of the organisation require tt, thesa funds may be drawn upon. Given the size of the customer deposits and what can be lengthy dèlays in the receipt of aecrued legacies, the Trustee reserves policy is based on cash reseNes and not an accounting definition of reserves. As such the Trustee policy on the amounl of unreslricted {or free) cash that needs to be held in reserve is that Ihe average of unrestricted (or free) cash balances over the year should be at least equal to 800kn of the average customer deposrts over the year. For 2024 the average customer depostts equated to £4.9 million (2023.. £5.5 million) RÉgiilAr rash forecasts are prOdUd to ensure that this will bg. the case. and the policy was complied with throughout the period ended 31 Decamber 2024. As at 31 December 2024 the actual uiirestriGled cash was £5.2 million {2023: £9.1 million).
The Landmark Trust Tru¥tee's Report forthÈ yaar end 31 Decembér 2024 Financial Rèvlew (ConliniJe(l) The provision held on the balance sheet, at 31st December 2024, of £0.2 million is an actuarial valuation of the liability to retired employees to whom we have direct pension obligations. More information can be found in Note 16. Going Concern As part of the general proce33 of financial revicw, thc Executive and Trustees have been reviewing financial plans for future trading penods In liqht of Ihe impact of inflationary economlc pressures and the declining Guslole[ demand within the domestic holiday market. Whilst a cost neutral operation of the holiday lets prp.qg.ntq qome considerable challenges in the foreseeabl¥ fulur¥, the Tiustees are confident that the Gharity can continue its business•critical activities and remsin a going concem. Given the strength of the balance sheet and availabilty of unrestricted assets, totalling £57.3 million, the Tru5tee5 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 £57.3 million of general funds inlludes £56.2 Inillion freehold fixed assets that could b8 sokl or used as security to obtain further fvnding if reqLiirp.d. Included in these consolidated figures is Lundy151and whicti Luiieiitly has in the region of £1.2 million of reseryes. The Tru3tee8' have a reasoneble expectation that the. company has adequate resources to continue in operation81 existence for the foreseeable future. Therefore, they consider it appropriatc for the arKounts to be prepared on a going-concem b4$i$. Plans for the Future Looking ahead we will be completing our identffied Strategic Themes for 202Ck25: Putting in place systems and infrastructure that will ensure Landmatft can conlinue to worf( as it grows. Capturing and btxjifyiiig wliat we do, to allow us to manage Ghange and succession and enable 9rovrth, Intensifying focus on our distinctiveness, Yhe Landmark differenc£', internally 2nd exte.rnally. Exploring further opportunrties to Increase income while keeping prices as low as possible. seeking to engage with harder to reach groups through projects and other engagement activitses and fostering drversty within our ehaiity. Being demonstrabty environmentally responsible in our work. Harnessing the potentia5 of our staff. Slgnlflcant specFfic aspirations for 2025 iiiclude plans to. Completp. the restoration and fumishing of the Mayorfs Parlour. Maison Dieu. MaMiS1ng ihe Impact of Ihe launch for engagetnent dl)iJ publicity. Open Eaddell Castlc on budget and Gchedula, maximising exposura and holding an open weekend. Continue to develop Mavisbank Phase 1- Rescue project by obtaining the necessary statutory consents for the new access drive and Ihe stabilisation works to the House and Pavilions, including raising partnership funds. Further environmg.ntAI nbjectives with installing ground Sour heat pumps at Tixall Gatehouse and Lower Porthmeor properties afid idenlify 5 fuilher propwties for nexl tranche for improving thermal building performance andlor ren6wable switchover. Seciirp. funding for 2nd appoint the next Fumishings Apprentice through the Honeyboume workshop Achieve 82°/0 occupancy across Landmark Holiday Lets. In partnership with the NT, apply for planning pemiission for a renewable energy 6¢heme for Lundy, reducing our reliance and cost of importing fossil fuels. Celebrate our 60th anniversary through a rnarketing4ed plan, including a new handbook, 60 for Free, impactful campaigns and media coverage. Identrfy Landmarks with ground fioor arrLrfnmodation (ground floor bedroom. bathroom. kttchen. sitting room) and promote on the webstte, developing aGGe55ibility guides for len of them.
The Landmark Trust Trustee's Report for tha year end 31 December 2024 Envlronmental Sustainabillty In 2022 Landmark agreed its Environmental Sustainabilty Strategy which is designed to do several things. It is intended to ensure we contribute to preventing further harmful environmenta5 change through reducing our contribution to climate change in carbon emissions. It also sets out how we will work to adapt in response to the changing environment making considered and well-infomied decisions and preparing for a low carbon economy. Thirdly il expreases hcw we Gan hely ensure an Improved environment more broadly through our stewardÉhip and management of our places. people and resourceg. The Str¢ltegy is arranged under five distinct headings.. 1. Enprgy and Carbon Management 2. Climate Adaptatiowi 3. Recycling and Reuse 4. Biodiversty 5. Sustainable Travel WO during yeai, in furtherance of tur Enmronmental strategy is detailed bélow, Rencwable heating systems Landmart( has committed to wciking to 2r.hieve net zero earbon emissions by 2045. A key Gompoiienl of this Is reducing the carbon emissions for our buildings. Our eiivironfflental strategy includes the target to convprt ten of our bigg&bl C02e emittlng buildinqs to renewable systems by 2030. Durin9 2024 a new ground source heatiiig system was installed into one of largest buildings, Wortham Manor, and scoping works begun on Iwo further installations. During 2025 £0.6 million has been budgeled to fund Iow-carbon systems at 4 further properties. Further expendrture has been designated to include ge¢>thermal surveys to assess the buildings. air tightness, the spe¢ffic heating system design, and approaches to installation and testing. S1$)1n8bl8 Trdvol As part of our environinenta strategy. we aim to Install electrFC car charging wints at all Landmarf< sites where we Supply parking. Landmark aims to have eloctiic charging points at all prq)erties with parklng and feasible connectivty by 2030. Thermal curtains To support our heating efficiency and carbon reduction plan we aim to introduce therTnal curtain linings whenever we replace old and worn curtains. Wrth an annual budget of £25.000, this is a long-term programme as it will take some years to replace all Landmark curtains. 8tructurE, Governance and Management Coveming d¢xumeiil The Landmark Tru3t was e3tablished by trust deed in 1965 and is a reqistered Charity (numbèr 2d3312 in England and Wales,. SC039205 In Scotland). The Landmarf( Trustee Cornpany Ltmited, a company limited by guarantee, is the Corporate Trustee of The Landmark Trust, the charitabje trusL Its Directors act, in effect. as Trustees of The Landmark Trusl The overarching responsibilty of the Board of Directors of the Trustee Company rthe Trusteés.) is to dirèct the affairs of Trie Landmark Trust. ensuring rl is solvent, wall run, it£ assets are safeguarded, it complies wtth relevant laws and rogulalionG, and delivers its charitsble objects. The Trustees ali give tneir time voluntarily. Th@y reclaim expenses, which are set out in the noies to the accounts but receiv8 no benefits. The Trustees are appointed for thr years and may t)e r&elected. They may serve a maximum of three temis. The Trustees, focus is on strateoie matters,. they maat at least 4 time8 a year and review Uie organisatlon's long- tenn 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 ju 2012. A fomial scheme of delegation setting out the matters the Trustees reserve to themselves and those delegated to management, 'The Landmark Trust.. Delegation of Authority, was rewewed and updated in 201 &19. Two board committpp.q the Audtt Committee, which meets twice a year, and the Remuneratvjn Committee. whi¢h meets once a year, make I0[[7[endatIOnS to the Board according to their tem)3 of referen. 10
The Landmark Trust Trusteè's Rpport forthe year ended 31 DeGember 2024 Structure, Govemance and Management (Continued) New Trustees are recruited to ensure the board maintains an appropriate balance of skills and experience to allow it to futfil its charitable objects and a fomial recruitment process precedes any appointment Each prospective Trustee ieceives a job de?iLriplioii Lovering the nature of the role and the expectations of Tru3tee3. A thorough indLlCtion into thp wnrk nf the charty follows any appointment, including indwidual meetings with the Director and all the head5 of department, along with visits to 3ee Landmark's buildings to understand the nature of thg charity's work and the experiences it Offers. Regular board effectiveness reviews allow for periodlc conslderatlon of how Ihe board worf%s. The Trustees havè rèviewed and discussed the ftill texl of the Ch21ity Govemance 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. The principle of 'Equalty. Diversity and Indusion, was given priorty in 2021 and a strategy develope(I, piogress against whiGh wtll be an annual ttem on the board agenda. During 2023 the Trustees reviewed and disr.ussÈd Principle 4 of the code 'Declslon maklng, Risk and Contiol., ¢irid *gS an outcome of this discussion agreed to a review of the tem3 of refgrencè and membership of Ihp Trilstee Commtttees. During 2024 the Trustees address Principle 1 of the code 'Organk8ation Purp05e' as part of an away day focusing on Landmarks strategy 2026-2030. There wcre 10 Board members during the financral period and the Board met 4 times between January and December 2024. Remuneration policy In tems of pay policy, we sinve to ensure employees recelve equal pay and reward for wotk of equal value and our pay policy IÉ fair to all. Starting salaries are set been the lower to median qiA2rtilp. nfthe latest Croner Charity Rewards survey and, where appropiiale, adjuslments may be made to refiect the experience of the succe88ful candidate or local circumstanr.p.s affecting the recnjitment. In addition, the Remuneration Commrttee meets once a year to consider Landmark's remuneratTron levels. There is no contractual cntrtiement to an annual pay rise, however consideration is given annually to the level of Inflation as measured by the CPI In determining whether pay increase is appropriate or affordable. Risk management The Trustees formally asse33ed the major risks to the charity's bu8tnaBÉ and decided the stops to be taken should idenb-fied nsks cur as part of their normal rewew. The risk revlew Involved identifying Ihe type5 of ri>k tlie tsharity faces, prioritising them in terms of potential impact and likelihood of occurren¢É. And Klentifying means of managing the rlsks. The prfnclpal risk5 and unGeflainlies idei)lified are.
The Landmark Trust Trugte•'s Roport for the year ended 31 December 2024 Structur•, Govèmance and Management (Continued) Princi al Risk Risk Mana ement Actions Increased costs due to rising inflation *3rid eGonomlc uncert2inty Extemal.. FinanGial and strategic Audft GnMIttee carries out regular financial reviews Forecasts are regutarly revisried and updatg.d Scenario plaiining has been ¢Jevekipe(I and is ongoing Diversification of fuTrdin sources Close monitoring of internal perfomance and benchmarking to macro environment. Competitive pricing and continual I review to maximEe on bookings Continued investment in brand, rnarketlng and donor relationshi Controls at operational level throughout t17e Qtganisatlon Policies in place to comply with legal and ulato re uirements Robust Health & Safety framework Periodic testing and review of our crttiC21 incident plans Policies and PlOLedures in place In-house health and safety advisor inted in 2021 Cyber essentlAlo accreditation Extemal penetiatioii lesting Internal training at regular intervals Multifactor authentication on all systems Insurance su Loss of income either through falling occupancy or reduction in donations Extemal.. Financial and strategic Major Incldenl leadinq to Ioss Of reputation Operational: Brdnd and pUt8tiOn Serious heamh and safety breach Operational.. Legal and regulatory Ri8k of Cyber-attack to Lantjmark's systems or major suppllerslsoare provider3 Operatlonal ort and cover The Trustees have an Audit Committee to monitor risk, review the Trusfs draft Annual Report and Accounls and to make recommendaiions to the Board. The Audtt Committo.p meets formally twice a year and infomially tsvice a yP2r. The extemal environment remains a key risk with continued pressures to co?t of living and a softening in recent years of the UK holiday market. The charity's forecasts are regularly revisited and updated. with the charity's financial reserves and ownership of a large collection of freehold assets (Landmarks and Legacy Estate buildings) giving a signtficant degree of comfort about the chanty's fundamental finala1 securty. In temis of mxjor incidents, the chaiity has a CrisiG Managcment Plan in place whiGh was updated and revlewed by the audit Gommittee during 2023 and supports a cross-organisation cS management team. The TrusY8 Health and Safety Policy (Revision 9 12023> was brgned off by Trustees in November 2022 and has been available to all staff from January 2023. In line wrth HSE recommendations, the policy is reviewed annually with thg. assigtance of our in-housa heaith & safety advisor. Trustees reviewed an uwlate(i version In March 2025 and is scheduled for issue later in the year. 12
The Landmark Trust Trustee's Report for the y@ar ènded 31 Dacembér 2024 Statelnent of Trustee's Responsibilities The Trustees are responsible for preparing the Twstee Report and the financial statements in accordance with applicable law and regulations. Charity law requlres the Tru5tee5 to prepare financial statements for each financial year in accordance wth United Kingdom Genarally Accepted Accnunting Practice (United Kingdom Accounling Standards and appiicabie law). Urider cSiarity 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 tne qroup and charty, and of the incoming re5uufLes and appliGation of resources, including thc income and expenditure, of the group for that poMd_ In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them in a consistent manner, make judgements and accounting estimates that are reasonable and prudent.. state whethe applicable UK A¢runtIng Standards have been followed. subject to any material departures di losed and explained in the financial statements. and prepare the financial statements of the going concern basis unless it is inappropriatè to presume that th charity will continue in bijqiness. Tha Trustees are responsible for keeping adequ2te accounting records that are sufficient to show and explain the charity's transactions and disdose 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 Ghanty and hence for taking reasonable steps for the prevention and detection of fraud and other irregukrities. Financlal stalements are published on the Gharity's websyte in accordance with legislation in the United Kingdom governing the preparatinn and dissemination of financial statements. which may vary from leglslatlon In olher jurisdidions. Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charws websrte In so far as it relates to the charlty. Auditors BDO LLP have expressed their wllinsness to continue in office and a resdution to reappoint them will be proposed at the annual general meeting. Signed on behalf of the Trustees {The Landmark Trustee C¢Jmpany Limited) on ........... -. aoa Alan Leit)owitz Chalr of the Board of ThÈ Landmark Trustee Company Limited 13
The Landmark Trust Independent AudftoVs report INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE LANDMARK TRUST Opinion on the financial statements In our opinion, the financial statements.. give a true and fair viw of the state of the Group's and of Ihe Parent Charivs affairs as at 31 December 2024 and of the GIoup'5 incomlng resources and application of r@qniirces for the year then ended,. have been properly ptepared In accordance vn United Kingdorn eyenerally Accepted A¢¢ounting Practice. and have been prepared in accordance with the requirements of the Charities Act 2011. Charities and Trustee Investment {Scotland) Act 2005 and regulations 6 and 8 of the Charities ACuntS {Scotland) Regulations 2006, as amended. We have audited the financial statements of The Landmark Trust rthe Parpnt Charity.) and its £ubsidiaries ('the Group") for the year ended 31 fjoeember 2024 which comprisc the consolidated ststenienl of fjnancial activities, the consolidated and charity balanGe sheets, tlie consolldated cash flow statement and notpg to the financial slalements, Including a summary of significant accounting policies. The financial reporting framework that has t)een applig.d in their preparation is applicable law and Un¢ted Kiiigdom Accountlng Standards, including Financial Reporting Standard 102 The Financial Reporting SlandaKI applicable in the UK and Republic of Ireland (United Kingdom Generdliy Accepted Accounting Practice). Basls for opinion We coriducted our audr( in accordance with InternationAI Standards on AudFting (UK) {ISAa (UK)) and applicable law. Our responsibilities under those standarda are further desciibed in the Audltorfs responsibilities for the audit of the financial statetner)tS Section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. I[ependence We remain independent of the Group and the Parent Charity in aceordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fuffilled our other ethtcal respon8ibiltb.es in accordance with these requirements. Conclusions rnlated to golng concern In 2iiditing the financial statements. we have concluded that the Trustees. use of tt)e going concem basis of accounting in preparation of the fjnanciai ststem¢nts is appropriati9. Based on the work we have perfomxl, we have not tdentffied any material uncertainties relating to events or conditions that, individually or collectNely, may cast signfficant doubt on the Group and the Parent Chartty's abilty 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 re5ponsibllttles of the Trustees with respect to going concem ara described in the relevanl sections of this report.
The Landmark Trust Independent Auditors report Other Informatlon The Trustees are spOnSible for the other infomation. The other infonnation comprises the infomiation included in the Annual Report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent OtheIse explicitly stated in our report we do not express any fotm of a55uraiiLe conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whglher the other information is materially inconsislent wrth the tinancial statements or our knowledge obtained in the audit or othewise appears to be materially misstaled. If we identify such material inconsistencies or apparent matenai misstatemenis, we are ruIred to detemilne whether there is a material miastatemcnt in the financial statements themselves. If, based on the work we have perfomied. we conclude that Ihere is a maleriai misstatement of thls other infottnalioii, we are iequired to report that faGt. We have nothing to report in this regard. Matters on whlch we are requlred to report by exception We have nothing to report in respect of the following matters in relatln to which the Charities IAceoLint* and Reports) Regulations 2008 and the Gharttles Accounts (Scolland) Regulati(Ins 2008 requires us to report to you rf, in our opinion: the infomiation given in the TrLlStpa8' Report for the financial year for which the financial statements are prepared is inconsistent in any material re8peGt with the financial =tatcments', or adequate and proper accounting records have nol 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 arKI explanations we require for our gudit. Responsibllities of Trustèès As eYpL9ine.d more fully in the Trustees, responsibilities statement. the Trustees are responsible for the preparatlon of the financial statemenls and for being satisfied that they give a tru8 and fair view, and for such internal control as the Trustees detemiine is necessary lo enable the preparation of financial statements that are fr& from material misstatement, wh8th8r due to frdud or error. In preparing the financi31 stAtp.ments. the Trustees are responsible for assessing the Group's and the Parent Charity's abilty to continue as a going concem, di8clo8ing, as applicable, matters related to going concem and using the going concem basis of accounting unless the Trustees either intend to Ilquldate the Group or the parent Charity or to cease operations. or have no realistic amamative but to do so. Audltorfs raGponslbillti•s for tha audit of the financlal statements We have been appointed as auditor und8r 151 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investmerrt (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder. Our objectives are to obiain reasonable assurance aL¥Jul whethtx Ihe finanGial statements as a whole are free from material misstatement, whether due to fraud or errnr, 2nd to issue an auditols report that includes our opinion. Reasonable a55ufdTice is a higli level of assurance, but is not a guarantee that an audit conducted in accordance with IqAq (IJK) will ahways deted a material misststement when rt exists. Misstaiements can arlse trom fraud or error and are considered material if, individually or in the aggregate, thay could reasonabty be expected to influence the economic decisions of users taken on the basis of these finanal statements. 15
The Landmark Trust Independent Auditovs report Extent to which ine audrt was capable of det8cting ifT8gulanii88, including fraud Irregularities, including fraud. are Snstances of non<ompliance with laws and regulations. We design procedures in line wth our responsibilrties, outlined above, to detect material misstalements in respect of irtegularities, including fraud. The extent to which oui prLKedure5 are capable of detecting Irregularrties. including fraud is dp.tailed below.. Non-complisnco with laws and regulatTr5 Based on: Our understanding of tlie Group and tne sector in which it oper8teq', Discussion with managemant and those charged with govemanGe" and Obtaining and understanding of the Group's policies and procedures regarding compliance with laws and regulations., and we considered the significant laws and regulations to be the applicable accounting framework and UK tax legislatioi). The Grotjp is also subjeGt to laws and reyulations vthere the consequence of non<ompliance could have a material effect on Ihe amount or disclosures in the finAncial statements, for oxampl8 through the imposition of fines or litigations. We identifEd such jawa and regulations to be the heallli <ind safety leglslats'on. Our procedures in respect of the above included.. Review of minutes of meeting of those charged with governance for any instances of non-compliance wrth laws and regulations.. Review of correspondence with regulatory and tax authortlies for any instsnces of non-compliance wtth laws and regulations., Review of financial statneI disc105ures and agreelng to supporting documentation; Involvement of tax specialiqts in the audit., Review of legal exFenditure aGGounts lo understand the nature of expendrture incurred.. and Fraud We assessed the susceptibilty of the financial statements to material misstatement, including fraud. Our risk assessment procedures included.. Enquiry with management and those charged with govemance including the Audit Committee regarding any known or suspected instances of fiaud., Obtaining an understanding of the Group's policies and procedures relating to: Detecting and responding to the risks of fraud, and Internal conlrols established to mitigate risks rp12ted to fraud. Review of minutes of meeting of those Gharged with governance foi any known or suspected instsnces of fraud. Discussion amongst the engagement team ea to h(M and where fraud might occur in the flnanclal statements, Perfomiing analytical procedures to identfy any unusual or unexpected relationships that may indicate risks of material misstatement due lo fraud; Based on our risk asscssmen( we considered the area IiK)sl suwtible to fraud to be management override of Gontrols. Our proGedures in respelt gf the above Inclu<led: Testing 8 sample of joumal entries throughout the year, which met a defined risk criteria, by agreeing to 3UPPOrting documentation," Assessing estimates made by management for bias, including significant accruals and the estimate of the pension liabilty. 16
The Landmark Trust Indop?nd•nt Audltorfs Mport Our audil procedures were desKJned to respond to risks of material misstalement in th8 financlal statements, recognlsing that the risk of not detecting 8 material misstatement due to fraud is higher than Ihe rlsk of not detecllng one resulting from error, as fraud may Involve dellberate conceal1nI by, for example. forgery, mlsrepresentations or through collusion. Th8r8 ar8 inh8r8nl limitations in the 8udit proc8dur8s p8rform8d and th8 furth8r rémoved non- compliance yth law3 and regulation3 is from the ¢vent3 and transaGtion3 refl¢cted in the financial 8tat&nents, the 18ss likely we are to become awar8 of rt. A fvrther descripllon of our roswn3ibifrtie8 for Ihe awjit of Ihe finanGIal 8latemenis Is at the Flnanclal Reporting Council's I'FRC'S.) website aL' 11 8.1hm.frc.o .uklaudlti)rÉre8 81bllltle8. Th18 deecdptlon fom18 part of our audmor's report, Use of our report Thls report18 made solety to the CharÉty's trustees. 8s a body. in accordance wilh the Charities Act 2011 the Charittos and Trust89 Investment (Scotland) Act 2005. Our audit work has been undertaken so that might state to the Charity,) trustees tho&8 matter6 we are rtyuired to Stale to them in an audilorfs report and for no other purpose. To the fullest exlent pemirtted by law. we do not accept or a88ume responslbllity to anyone Other than the Charity 8nd the Charitls trust••$ as a body, for our audit work, for thi$ report, or for tho oplnion$ wo havo fonned. 8CeCI&411E9744e... Fiona Condr¢n BDO LLP, statutory audrtor Gatwick, UK 22 September 2025 BDO LLP h eiigitJl8 for appoiniment &8 audttor of the chanty by Nirtue of It8 dlglbllity for 8ppolntment a8 8udltor of a company under sectlon 1212 of the Companles Act 2006. BDO LLP Is a Ilmtted Ilabllity partnershlp registered In England and Wal88 {wlth register8d number OC305127). 17
Tha Landmark Trust Consolldat8d Stat•m•nt of Flnanclal Actlvltle¥ for the year ended 31 DEGember 2024 In¢¢)ffle and Exp8ndlknr• Nol& Unr••tslet•d Reatrleted Total Total Fund• 2024 Fund• 2024 £iooo 2024 £'ooo 2023 rooo Income from: [JJnatio and 3.439 4,793 8.978 Charltabte acti1[$S - Incune frrmn letting8 and olhtr ¢ore operalle 14.451 14,461 14,817 Inlervsl CeNed 829 PrOffu(L8) on dswsal Of8d a8$el8 (290) Total InEam• 18, 1,364 20,240 24,328 EXpondIrn on: Ralslng Charltablè actlvltl8 Expendllw8 molntenance. lèttlry and oth•r eor0 OPW8tlon8 19,349 420 19,789 17,340 Total •JEndItur• 19.829 20,410 17,940 Net {Expendlturnyln¢om• 773 {1701 Trnnthr•b•tw••n fund• 17 181 {181) Oth•r roeognlwd lo•w Aclvari811088 defined nefit Ponelon ts¢h&ne (1) 127) Not movements IH fund¥ 17631 {174) 6.361 Total funds broughl foNard 72.712 2,7W2 76,604 89,143 Tolal fund• c4rrfed folId 71,949 2.384 7&5,333 76,504 income Snd expendrture of charlty may b8 f1nd at note 2. All gethtleS in thg current and proceedlng pgrl¢Jdg ralat4 to Continulng a¢tNitiets. The not88 on psges 21 to 45 form part of these financia statements. 18
The Landmark Trust Consolidated and Charity Balance Sheet as at 31 December 2024 Balance Sheei Note Consolidated Charity 2024 £'ooo 2024 £'ooo 2023 £'ooo 2023 £'ooo Fixed assets Heritage a83el3 Other properties and infrastructure Planl and equipment 61.250 25 505 57.89 40 275 60,995 57 638 10 259 98 61,780 58.210 61,254 Current assets Stocks Debtors Currgnt invèslmonts Cash ai bank and In hand 12 13 1d 215 2,508 16.257 1.316 241 2.606 20.181 1.886 2,211 14,749 1,311 2,187 18.707 1.791 20,296 24.914 18,271 22.685 Non<urrent Assets Donated assel held fof Sale 11 1,119 549 1,119 549 Creditors: amounts falling due within on• y•ar Paymenis receNed in athjance Cieditor8 (4,925} {2,696) IS,121) (? r18} {4,257) 12.2361 (4.45SI 12.2421 15 17.621) 17 8991 16,4931 16.6971 Nei current and non<urrent assets 13,794 17.5 12,897 16.537 Total assets less eurrenl liabilities 75.574 75.774 74,151 74.273 Provislon for liabilities 16 1241) 12701 12411 12701 Total nei assers 75,33J 75.504 73,910 74.003 Sunds Reslncted fvnds Designated fvnds General funds 17 17 17 2.792 15.537 57.175 3,129 14,643 56,138 2.535 15.531 55.931 14.643 57,306 75,333 75.504 73,910 74,003 134b Signed on behalf of the Trustees (The Landmark Tnjstee Company Limrted) on ... ........ Sarah E. Hall Chair of the Audtt CommitteelDirector of The Landmark Trustee Company Limited The notes on pages 21 to 45 fom part of these financlal statements.
The Landmark Trust Consolidated Cash Flow Statement for the year ended 31 December 2024 conlIdated Cashflow Slatement 2024 £'ooo 2023 £'ooo Net (expenditureyincome Gainlooss) on disposal of fixed asa¢aa DepCiatIon ReGeipl uf noTrGash property gifts (170) (8) 603 (1.575) 6,388 296 673 (5.460) F- ji Interest re¢eiNed Decreasel(increase) in stocks Decreasel(InGrease) in debtors Assets held for sale excluded from cash flow IDectease) in payments in adlonce <DeGrea¥e) in credito[5 {Decreasa) in promsion {9881 (829) {22) (334) 98 (570) (195) (85) (29) (1,177) (454) (2) Cath flows used in operatlng actlvlties (2,893) (1,021) Cath flows used in investing aetlvlties Payments to acquire tangible fixed assets Proceed= from salc of tangible fixed a33et3 (2.5971 (1,871) (5,4821 12,892) Cash flows from financlng activits•s Interest reCeId 829 {Docrea) In eath and ca6h aquivalents In the y¢ar (4494) {2,063) Cash and cash equiK•lents at the beginning of the year 22,067 24,130 Cath and cash equivalonts at the and of the year 17,573 22,067 No reconciliation of net debt has been prepared as the charty holds only eAsh and cash equivalents and h9$ no 6xtemal debt or borrowings. The note5 on pages 21 to 45 form pari of these financial statements.
The Landmark Trust Notes forming part of the finanGial statements for th• year 8nd@d 31 December 20241continued) Accounting policies Basis of accounting Tne financial statements have been prepared under the histori(21 c05t conventioii, as modified by the revaluation of certain fixad assets, and are in accordanc8 With 2ppliB2hl@ 2CtOLJnting standard FRS 102 and tne Slatement of Recommended Practice (Cliarities SORP (FRS 102)). effective for reporting periods beginning on or after January 2019. The Landmark Trust is a public benefrt entrty. The consolidated accounts incorr(Jrate the financial statemenls of the Charlty and all of its sub5idi¢lry 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 is 31 December in 2024 to align the financial ye8r with the calendar year to which holiday bookings relate. "I he accounts.ng period under revlew is 12 months from 1 January 2024. Going Concom The financial statements have been prepared on 8 going concem basis as the Trusiees are salisfied that the charity has the resources to continue for at least 12 months from the approval date of the financial statements. The Landmark Trust has experienced a healthy 81Vo occupancy rate. Lundy remained buoyant 8t 880A for the full year. A significant proportion of the reduced lettings income for 2024 was made up in year through addttional 'other income, including bank interest. Due to increased marketing initiatives, wa expect a buoyant 2025 oecupancy regutt, bLIt with a softening of the higher rates received on Inveslmenls duririg 2024. Looking at expenditure, we expect inflationary pressurcs cxperienced in earlier years to qnftp.n 8omewhat across most of our operating cost lines. with the exception of wages and empbyer's national insurance costs, travel and laundry. The Exeoutive Team and Tru8ta8s havo baen reviewing financial pSans for the neyt 12 months to ensure that the charty can continue its businessrItiCal activities and remain a going concem. Given the strength of the balan sheet and avaiEabilty and liquidty of unrestricted investments. totalling £57.3 million, the Ttustees believe that. while uncertainty exists, this does not pose a material uncertainty that would ¢ast doubt on the charty's abilty to continue as a going concem. Included in these consolidaled figures is Lundy Island which currentty has in the region of £1.2 million of reserves. The Trustees have a reasonable expectation that the Landmark group has adequate re50urceb Io Lonlinue in operational existence for the foreseeable fvture. The Trustees. therefore, consider it appropriate for the accounts to be prepared on a golng-concern ba515. The aGGounting policies used in the preparation of the financial statamants are got out below and have been consistently applied during the year. C17tical accounting estimates and Ijg8M8nts To be able to prepare financial statements in accordance with FRS102, Twstees must m8ke certain estimates and judgements that hAvp. An imp2Ct on the policies and the amount reported in the annual aLwuiits. The estimates and judgments are b83ed on historical experiences and other factors including p.xpect2tions of future events that are believed to be reasonable at the tlme such estimates anrj judgements are made. Pension costs in ralation to two {2) fomier employe&q are acrnunted for on 8 basis consistent wrth FRS 102. The Trustee5 etnploy ali aGtuary to carry out an annual valuation u8ing agreed assumptions, details of which may be found in note 16. Many of our buildings are old and require specialist repair and nIntenanCe techniques. Th8 Trustees excrcise discretion in deciding what to ropair and when. 5 yearly inspettion qiJNpy8 are carried out on all our propertles whlch detail the mainlendflLe requiiements over the next 5 years and set a priority level for these works. At the time of writing there are no buildings at short temi risk of becoming non-operational 21
The Landmark Trust Notes fomilng part of th8 Financial Stat•monts for the year ended 31 December 2024 (coiitinued) Accounting pollcie5 (contiiiued) due to eXsSive or unachievable maintenance requirements and therefore the Trustees do not believa that any of our heritage assets require impairment wrthin the statutory accounts. In Odober 2019, a new 50-year Lundy Island lease wrth the National Tmqt (NT) was signed to coincide with the 50th anniversary of1.2ndmark and thé National Trust wort(ing together. Infraslruclure assets on Lundy comprising a road and jetty were builvitnproved In 2008 an¢J 2U09 in accordance wtth LAndmark's obllgatlons under tne 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 ubligation for maintaininq the infrastructure of the island belongs wf(h the NT. As such, this brought into question whether Lundy should be Carrying on its balance sheet assets with a carrying value of £1.2 millK)n. for which it had no responsibility and which it could not sell. The assets had no discemible 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 prior year and opening cost and Umulated depreciation balances adjusted ¥GC(Kdingty. Parnnt charity disGlosuie exemptions In preparing thc separ8te financial statements of the parent charity. advantage has been taken of the followlng disclosure exemptK)ns available in FRS10?_' Disclosures in respect of the parent charty's financial statements have not been presented as equtvalent 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 chartty as their remuneration is included in the totals for the group as a whole., and o Cash ftow of the parent thaiity has not been presentad as disclosure has been provided in respect of the group as a whole. Income All income accounted for in the SOFA when the charity has legal entitlement, there is probabilily of receipt and the amount can be measured with reawnable accuracy. Income government and oth8rgrants, vthether capitsl or revenue, is recognised when Ihe charity has entitlement to the funds, any performance condrtions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably. Our legacy POIY meets FRS102 standards for charitieg. Legacy income is recogni3ed when receipt is considerod probable. Receipt is probable when the amounl be reliabty measured. and the Charity has beeli iiotified of Ihe execLrtors' intention to make a distribution or thp grant of probat• has occurred. Date of rÈcognition is the earlier of..- the dale that probate has been granted- the di4le the estate has been finalised and notification has been made by ihe executor(sl to Ihe Charrty that a distribijtion will be made,. or the aate when a distnbution is received from the estate. Ibthere legacies have been notified to the charity or the charity is aware of the granting of probate. blrt the criteria for recognising income has not been met, the legacy is then treated as a contingent asset and disclosed if material. Gifts in kind of donaled services, by third parties. are included at the value tn the charity whera this can be quantified and therp is a cost to a third party. No amounts are included in the finanGial sid1entS for services donated by volunteers. Rental incomo 1$ recognised in the SOFA over the pertod to which each recelpt relates. Any rnonies reGeived in ddvanGe of the perlod to which they relate are credited tn payments received in advance ond transferred to thg. SOFA over the rebvant period. Expendrture All expendtlure is accounted for on an accruals basis. Mthpre costs cannot be directly attributed to particu12r headings, they have been allocated to activities on o basis Gonsibtent wf(h the use of the re8ources'. premises cosls have been allocaied on ihe proportion of floor space, st3ff costs have bg8n
The Landmark Trust Notes fonning part of the Flnanclal Statements for tho year ended 31 Dccember 2024 (continued) Accounting Policies (contlnued) 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 govemance of the charity and ils assets and are prtmarlly associated with constilutional and sialulory mattets. Heiilage assels The Landmark Trust properti and thcir contents are specialised propertias of substantial historical or other interest. Land and buildinqs are shown at orfginal hlslorlc cost or subsequent vdlu¢ilion up to 1993 and acquisition cost together with restoration costs thereafter_ This treatment 2ccords with FRS102 and the SORP. Those held in the bLX)ks at valuation reflect a 1993 valuation by a former director of The Landmark Trust, a chartered surveyor. All hentage asseis and restoration works are caprtalised and transferred from assets under construction when a project is rnplete. The depreciation period on freehold and leasehold buildings is the shorter of 150 years or the life of the lease. I he deprecBtion period on fixtures and frttings is 50 year5. Lawid is not depreciated and is tested for impaimient. Plant 8nd pquipment 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 a straight-line basis over its expected useful lrfe. The main categories and rates of depreciation are.. Shipping Motor vehicles Computets and IT 0th8r 5t0 15years 4 year6 4 years 3 to 10 years Donated &8sets held for sale Donated assets ar8 rocognised at fair value. If donor4mposed restridions limit the use of donated assets. these will be held as a restricted fund until the conditions are met. Slock Stock is included at cost where possible. Cost is ba6ad on the cost of purchase on a first in, first out basis. Where Individual purchase cost is not known, the value is based oli aJi aggregate selling price less aggregat8 costs to completion and disposal_ The exrp.ptinn is the valuation of Itvestock, which is bas upon an annual valuation. A substantial proportion of the livestock are valued via the Exeter Livestock Market covering, for example, ewes. lambs and hoggs (young sheep). Debto Trade and other debtors are reCo3nisj at the settlement amounL Prepayments a valued at the amount prgpaid. Cash and C88h Equivalents Cash and cash equivalents include both cash in hand and current asset investments. Cash at b8nk and in hand Cash at bank and in hantj Includes cash and short-temi Ilquld assets held with a malurty dale of 30 ddys. 23
The Landmark Trust Not8s forniing part of th• Flnanclal Statements for the year ended 31 Deceinber 2024 (contlnued) AcGounUng pollcles (continued) Current asset inveslments Current asset investments are classtfied as Ga5h equtvalenls ab they are held in 32, 65 or 95aY noti deFxJsfts and 12-month fixed deposrts and are accessible without penalty after this tim CTrditor6 Trade and other creditors are rwnised al ihe setllement amount after albng tor any trade discounts due. Op8rabng le8S8S Rentals applicable to operating leases are charged or credited to the SOFA over the peri(Kl in which thè cost is incurred. Foreian currency trdnslation Ttansactlons In foreign currencies are recorded at the rate ruling at the datp of the transaction. Monètary aqgets and liabilÉties denominated in foreign currencics are retran31ated at the rate of exGhaiiye iulin9 at the balance sheet date. All differences are taken to the SOFA. Pension C¢3sIs Thé Group opgrates three defined contribution pen3ron plans for the benefrt of tlie etnployee5. The cost of providiiiy Ihi5 pension benelll Is charged to the SOFA as incurred. The Group has two (21 ex£mployees (2023. 2) who benefrt from a self-3dministere¢J pension. A fair value provision has been calcuk4ted in respect of thiq liability against which pension payments are charged. Actuarial gains and losses are re¢ognised immediately in the SOFA. Fund 8ccounting General funds Ccjmprise 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. RestrtGted furid5 are created when funds (whether Income ¢N caprtal in nature) are given tn The Landmark Trust far use in a particular area or for a specific purpose only. Designated fun¢JS are unrestricted funds set aside for a particular purpose. 24
The Landmark Trust Notes forniing part of the Financial Statements for the year ended 31 Decembor 2024 (continuod) Flnanciai perforniance of the charlty The consolidated statement of financial acttwties includes the results of the charity's wholly owned subsidiaries (see note 7). The summary financial perfomBnce of the charty ak)ne 15: 2024 £'ooo 2023 £•ooo Income 16.699 20,840 Expenditure on Charitable actiuties {16, 792) (14,412) Net (Expenditurevlrtome (93) 6,428 Total funds brought fi)r•rdrd 74,003 67,575 Total funds carrij forlward 73,910 74,003 Represonted by: Restricted income funds Unrestricted income ndS 3.384 70,526 2,792 71,211 73,910 74,003 2S
The Landmark Trust Notes fomiing part of the Financlal Statemcnts for the year ended 31 DeGeinber 2024 (continued) Analysis of Income 2024 2023 £'ooo a) Unrestricted fundraising income Chatttable Trusts Major and mid.level indiwdual donaiions Patrons R3111e Properti, Grtts Othei (iiiEludin9 numerous indivtdual donations) Legocie$: IAichael Russell 8amard Joan Bellamy Margaret D7dson lan Golthhor Angela Harris Jiidith Ellèn Margden Skines, Matthews Margarel Jane Moore Ras'mond 14oble Elizabeth Noble John Edbyard Olrver M3rgarei Robshaw laichael Fiaricis Thoffle Laurence Walpole P3me12 H WhFt• Marg3rel E Vlilliams Jean Draycott Patricia E Gr¥ES Agnes Kindler¢ Sheil3 A Mplluish Jean Moms Slieila IP4lary) Price Srien Ra99ttt PML Sn411 0$d E UOon Denis Vlhilcombe Bemard H Wildt-meyboom Marian J Cooke Julie M¢C3rtng5' Olhef luable legacies and gnls in memory do 281 85 1.575 241 13 143 74 5.460 215 126 117 220 19 15 475 350 {411 (93) 308 202 145 71 200 95 75 25 10 20 15 7.089 3,439 "Negatlve figures represent adjustsnents to prior year èstimates At 31 st December 2024, The Landmark Trust had been notffEd of a specific legacy from the Late Margaret Robshaw in relation to Brunel Quays, Lostwrthiel, Comwall. The legY did not meet our Accounting Policy recognition criteria for inclusion into the 2024 accounts in that income is recognised when receipt is Ull5idered probable and therelore the £0.45 million v2liJg. has not been induded within the acc£Junts. At 31st December. Landmark had not receved notffication of the granliiig uf probate, whlch occurred post year end, and therefore the estate had not been finaiised. 20
The Landmark Trust Not8s fomiing part of the Financial Statements for the year ended 31 December 2024 (contlnued) Anatysls of Income (continued) 2024 2023 b) Restrictsd fundraising Income Orant&" National Lottery Heritage Fund Naiional Heritage Memorial Fund Historsc En14ronment Scot13nd For Lunty: Rural Payments AgenGy Other restricled grants Lundy Fund legacie& Michael R Thompson Dr. Mafjory A Allen Donationa: Charitable Trusts DlreGt Mail dpyeals (Including the Landmark Fund) Major and MidJPl indÉKidual donations Corporate donations Patrons Other Re*rictsd Landmark lègacles Anorymous "restncted to a Glan property" (Malisbank) Simon Pearson Olher- Lraft Skills Fund £'ooo £'ooo 274 70 820 52 111 62 125 105 25 300 33 167 33 11 lg 216 291 123 238 70 1,3Sd 1,889 T(thl fvndrniang Income 4,793 8.978 c) In¢ome from charitable activitles The inccthe from charitabk activtties was £14.5 million (2023: £14.8 million). all of whith was unrestricted. The charity benefrts groatly from the involvement 2nd enthusiastic support of rts many volunteers. In accordance wf(h FRS 102 aiid Uie Charities SORP (FRS 102), the economic contribution of volunteers is not rec&3nised in the accounts_ 27
The Landmark Trust Notgs fonning part of the Financial Statements for the year en(led 31 December 2024 Icon&"nued) Analysls of Income (coniinued) d) Other Income Other income comprises other relatgd government support reived during the peritNJ as shown below: 2024 Consolidated £'ooo 2023 Consolidated £'ooo Profftl(loss) on disposal of fixed assets (296) (296) The prufil on disposal of fixe(J assets of £8.000 primarily relates tn the sale of a Lundy Island tractor with a net book v2lu8 of nil. The tractor was subÉequenty sold for more than ts net bcmjk value at end of Ilfe. This qain on sale of asset is a revaluation uf Ihal asset. Financlal perfomiance of the charity Stsff aloc•Ted (knrnanc• eo#ts CoBts Dtpre¢lation Totsl 20 Total ¢ts tostÈ 2023 t'ooo £'ooo £'ooo £00 £00 £'ooa £'ooo Fundralsing Ci%ts 152 641 Expendttuwe cfi lettlngs 8rkl oth¥ M operations .114 12.OSS 873 103 19,769 17,34LI Totsl 6xp8ndltu 6,541 11207 953 106 Xl,410 17,940 Fundraising staff cosl5 include £75,000 all¢xated from ntral staff costs (2023.. £85,000). Total fvndraising costs were £641.000 (2023.. £600.000) of which £480,000 was allocated to raising unrestrided income {2023'. £381,000) and £161,000 was alltjcated to raising restricted income (2023: £219,000). Total expÈnditure on charttable activities was £19.8 million (2023: £17.3 million), of %%thich £19.3 million was unrestricted (2023: £16.8 million) and £0.4 million was restricted (2023: £0.6 million). 2024 £'ooo 2023 £'ooo IIiGluded In the above table: Auditors, fees Deprèciation Operating lease rentals 63 573 193 603 191 Operatiiig lease income 197 221 28
The Landmark Trust Notes fomiing part of the Financial Statements for the year ended 31 December 2024 (condnued) Staff costs The average monthly number of regular employees. incILing part_tim@ employees and employees on fixed tenn contracts analysed by function, wa5: 2024 Numb8r 2023 Numbar Charitable actilities Fundraising 174 173 180 181 The average number of employees is calculated on a fulktlme equivalent basls. The average number of employees calculated on an actual headcount basis was 517 {2023'. 518). 2024 2023 Remuneratlon of employees £'ooo £'ooo The <iggreg<ile reriiuiier¥lion of TiplOyeeS Gvrvipiised. Wages and salaries Social security costs Pensions 5,876 428 237 5,443 219 6,541 8,046 Included wtthin these figure5 there 15 £74,000 TElatirTg to termination payTnents (2023". £6,000). None of the temiination p3ymenls rp.lated tn members nf the kp.y managemp.nt perqonnel. Thg. larger th2n normal increasp is due to an operational resttucture that occurred during the year. At January 2024, a 70A pay ri3e was 8warded (there had been no pay rise awardeLI in the prior yearl and where applicable certain other wage increases occurred where benGhmarked against the National Minimum Wage and National Limng Wage. The key management personnel comprisé the Direetor and frve Heads of Department. The total employee benefits of the key nIanaY17enI peisoiii?el weKe £0.6 iiiillion (2023. £0.5 iiiillion). The number of employees whose pay and taxable beneffts exceeded £60,000 in the re8pectNe financial year8 fell wrthin the following bands.. 2024 Numb•r 2023 Numb•r £130,000- £139,999 £120.000- £129,999 £110,000- £119.999 £go,000- £g9.99g £110,000- £89.999 £70,000- £79,999 £60,000- £69,999 29
The Landmark Trust Not8s fom)ing part of tha Financial Statements for the year ended 31 December 2024 (contsnue(lJ S Staff Costs (continued) All the employees eaming more than £60,000 participaled in the pension scheme. The aggregate contribution for these employees was £42,63112023." £39.329). The Dlrectors of the Trustee Company do not rp.r.ewe any remuneration. Trustee expcnsea claimed or reimbursed during 2024 totalled £437 {2023: £1,189). Corporate Trustee The Landmark Trustee Company Limited is a trust corporation and the sole Twstee of The Landmark TrusL It is a domiant company and does ncl trade. It acls as nominee forthe Charity and holds all property deeds and contracts of empbymenL There is no cash flow between it and the Charity. 7 Investment in subsldiarles 2024 £'ooo 2023 £'ooo Charfty Cost as at 1 January 2024 and as at 31 December 2024 The corporate trustee of the chartty is The Landmark Trustee Company Limited. The Charity has three subsidiary undertakings, registered in England.. The Lundy Company Limrted. a wholly owned company limited by Shares. registered number og80421. The Landmark Trustee Company Limtted holds 100 'ordinary' £15hares, wtth a total value of £100. LandmArk Trading (Shottesbrooke) Limited, a wholly owned company (domiant), regi51eied number 0380e682. Landmark Trading {Shottesbrooke) Limited holds 2 'ordinary' £1 shares, wtth a total value of L2. The Landmark Trust {Aud)inleck> Limited, a tharttable company limited by guarantee, registered number 03586531. The r&8ultg of the subsidiaries are as follows: Lanthnark Tradlno ISh(xEeslxooKel Limit•d Landmad( Tnt Lun( cl[ry Lvnitod IAIKhiN&ckl Llmlt¢d £'ooo Total Totsl 2023 2024 £'ooo £'ooo eooo £'ooo Profit and Ios5 account Turno.r 3.208 19641 l of sales 3,2 {1,027> (9611 Gross profit 2.247 2.247 2.179 Administrati exwses Other operatirvj inwi 121 12.e591 333 12,5281 282 333 Net Ic6s before 18xali 121 1791 {67) Retsln¢d 104$ 121 179) {67)
The Landmark Trust Notes fomiing part of the Financlal Statements for the year ended 31 December 2024 (continu Investment In subsidian.es (continued) Landmark L•ndmar Luntty CcThpary Umlted Tfadlng Shotte8brook• Lknknd IAuchlnleckl Lknill¥d Totsl 2024 Totsl 2023 £'ooo t'ooo £'ooo £'ooo Bdlaiice theet 271 2,033 526 474 Current 8S5ets credite.. amounts falling due wthin one year 2.033 2.256 {1,1351 (1) 11.136) (1,2291 Net aswts 1.169 {1) 1,423 1,501 .ngral thnds (1) 962 461 1.244 257 Resiriaed fvnds Totsl fund$ 1.169 11) 2SS 1.423 1,501 31
The Landmark Trust Notes fomiing part of tho Flnanclal Statements for the year ended 31 DKember 2024 (continuedj 8 Heritagè assets Freehold and long Leasehold Propernes £'ooo Short Leaaehold Pfopertles under conrucllon £'ooo Conwlldated Property Fittings £'ooo Totsl £'ooo Cosl valuat At 31 December 2023 Athjitions Dispusalb Transtsrs 86,211 270 (1) {221) 4,914 3,$70 2.314 75,432 3,841 11) (o) 253 At 31 DeceMr 2W24 66,259 8,737 1,962 2,314 79.272 AcGuiiiulaled depcIal1 At 31 DeGemtw 2023" ChArgo fi)r the year Disposals Transfers 14,977 413 {1) 112 1.267 17.537 27 {11 {1121 1,208 Al 31 DecemLr 2024 15,501 1,313 18,022 Net bk value At 31 De¢emLw 2024 50,758 8.737 754 61,2SO At 31 DeeAmbpr ?3 51,234 4,013 701 1,047 57,895 . 2023 accumulaied depreciation openiTha baan¢e has been corrected to includp. É103,¢YJO FreÈholil and long Laasehold Propertie¥ £'ooo Short Leatehold PropertFe8 under conruction Charity Property Contents £'ooo Total £'ooo Cost y bvluation At Jl Decemter 2023 914 2,314 76,072 Addrtions Disp)sals Trangfgfg 270 3.570 {1) (221 > {1} 233 At 31 Decemter 2024 65.898 8.737 1.962 2,314 78,911 Accumulatéd d8pTrciatDn Ai 31 Decemter 2023 Charg¢ k)r the year Disposals Transfers 14,874 410 1,267 17,434 483 27 {11 112 11) {112) 1,208 At 31 DeCeMr 2024 15,3J5 1,313 17,916 Not btk lue At 31 DeG&nter 2024 8,737 754 1.001 60.99S At 31 Decemter 2023 50,977 4,914 1,047 57,638
The Landmark Trust Notes fonnlng part of the Flnancial Statements for the year ended 31 December 2024 (continue Herltage assets (Guiibiiued) The legal mortgage held by Coutts since November 2002 has been voluntarily c8n¢elled on 8th February 2024. As a consequence, during 2024 langsble fixeo assets Vth a carrying value Of £nil12023'. £1.1 million) were held as securty by Coutts bank. There was no liability to the bank in etther year. In addition, propérty charges of £6.9 million and £2.0 million are hekl by the National Lottery Heritage Fund and Scottish Millistet3 respectively, representing the grant funding they have provided towards these restoration projects. These charges expire between 15 and 20 years from the date of issue of the grant. The transitional arrangements of FRS102 were adopted forfreehold, long and short leasehold properties where the valuations of such properties have been brought in as cost 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-temi lettings and open days. Further details of access to the public and the charrty's policy for the acquisition. preseNation. management and disposal of heritage assets can be found though the charty's website at wvM.landmarktrust.org.uk. Conwlldaled and Charfty 3111212024 3111212023 3111212022 3111212021 3111212020 £'ooo £'ooo £'ooo £'ooo Addltions: PUaseS Donationsllegacies 175 2710 1577 732 1,754 5.460 2,710 1,577 732 There have been no disposals of heiitage assets during the 5-year period. othor proportios and Infrastru19 InfraBaruGture Coneolidatod t or ¥Ryluation At 31 December 2023 557 At 31 Decambor 2024 557 Accumulat8d dgpwi8lion At 31 December 2023 Charg¢ for the year 517 15 At 31 December 2024 532 Net bo)k value At 31 Decomber 2024 At 31 DeGeMb 2023
The Landmark Trust Notes fomilng part of tho Flnancial Statéments for the year ended 31 December 2024 (contlnued) 10 Plant and equlpmènt Shlpplng Motor vehicles Computor equipment £'ooo Other equipment Con¥olidat¢d Total £'ooo G)tsl or valuation At 31 tknembÈr 2 Addition [.saL¢ 830 271 2,504 332 1182> 21 11 22 {41 {521 11251 At 31 C£¢mLr 2(Y24 818 976 2.6S4 Accumulat8d (platI At 31 tkcemter 2023 Charse for the ycar tisF¢)saL8 493 604 102 <41 152) V251 1181) At 31 Dxernt 2024 442 2,149 Not book L•lug Al 31 Lcemter 224 41 417 505 AÈI book valu• At 31 Decemter 2023 225 275 Motor v¢hiGle• Cha rity Cornputsr Equipineilt £'ooo Oth•r Equlpment Total £'ooo Cost orvaluatiiyj At 31 Decembèr 2023 Additions 221 1.033 213 23 190 Disposals {81 (891 1971 At 31 Deeémber 2024 221 463 1.149 AccuMu18tedd8plA10n At 31 December 2023 Charge for the year Di3po8ala 193 13 449 2g3 38 (89) 935 52 {gn 18) At 31 Lkceiriber 2024 442 242 890 Nel value cnf Al 31 Decembw 2¢Y24 15 21 223 259 bi1¢ b/f At 31 [*¢emr 2023 28 70 98
The Landmark Trust Notes forming part of the Financlal Statements for the year ended 31 December 2024 (continued) Assets held lor sale Landmark currently has three non-current assets awaiting sale, totslling £1.1 million. During 2023 the Trustees recommended the sale of Forge House. 2 n0n-cuent asset with a net book value of £0.5 million. During 2024, the Trustees approved Iwo further properties for sale as a consequence of the receipt of generous propety legacies: Blacksm"rth's Hill. Aynho, Banbury (£0.2 millK)n) as well as Frederick Road, Cheam (£3.0 million). 12 SIDckJ C•n8olldat•d 2024 Congolld•t•d 2023 Ch•rfty 2024 2023 rooo Gtss for resalè 153 153 maiertals arKI ConSlable8 16 stock 215 241 13 Dèbtors ConwlidatÈd Charity 2024 2024 2023 2023 £'ooo £'ooo Trade detrt¢XS Taxation and social security Prepayments arn1 accrued income Subsidiary undertakings 242 190 192 1232 2,009 2,(Y)9 21 2.508 2.211 2.187 Included within prepayments and eccrued income at 31 Deccmber 2024 is £1.6 million relating to legacies (2023: £1.1 million). At year end there was £80,000 of accrued income in respect to Gafverfey Qld Hail's grant from the National Heritage Lottery Fund. An additional £70,000 was recognised for the Mavisbank House grant receipt from N<ilional Loltery Heriidge Fuiid. Lundy Island had accrued inGoine of £139,000 in relation to the 20?2 businp.qs continiiity inqiir2nce r.12im. which haq bpen agrppd with the insurers. 14 Cunpnt Investwnenls Goiwlldated Charlty 2024 2024 2023 2023 £'ooo sla1 interest deFM)Sit acGuints 11257 20,181 14749 18,707
The Landmark Trust Notes fomiing part of the Financial Statements for the year ended 31 DeGember 2024 (Gontinued) 14 Current Investment (continued) current asset investsnents are Cksstfied as cash equNaients as they are heid in 32, 65 or 95-day notice deposits and 12-month fixed doposf($ which aré accessible without pénalty after this time. Of the funds held on special interest deposil accounts, £0.8 million is in respecl of iestricted fund5 (2023.. £0.5 million) and £11.5 million is in respect of designated funds12023- £11.4 million). These funds are to be used against future restoration projects. The remainder, along wtih cash at bank and in hand, afler taking account of a proportion of customer payments received in advance (held in line with our policy) together with an element of contingency, is also available to be applied to fvturè restoration projects. 15 Credltors: amounts falllng due wlthln one year Conx>lldad Gharlty 2024 2023 2024 2023 £'o £'ooo Trade creditors Taxatic and soGtal seGurity Rent receipts in adnce Other credito[5 Accnjals and defeffed IrMe Subsidifjty UFMJertakings 746 43 147 1,081 678 623 717 115 112 1,129 539 147 112 783 539 27 678 2,779 2.236 2.242 16 Provlon for liablliDes Con*>lidatsd Charlty 2024 2023 2024 2023 £iooo Ai 1 JUary Cent S8rtiC8 CA)St Mo¥emenl on wUlrj pYThqsllJl ZTO 270 (251 27 {25) 27 {21 (2 At 31 December 241 zro 244 270 Thè group accounts for the pension costs of two former employees on a basis consist8nt Wbth the requirements of FRS 102. An actuarial valuation w83 carried out by Broadstone, an independent actuary, as of 31 December 2024. The major assumptions used by the actuary were based around future Inflation: Discount rate". 5.5% p.a. {2023. 4.5%) RPI inflation rate- 3.50A p_A_ (2023.. 3.50A) CPI inflation rate.. 2.8% p.a. (2023: 2.70h) Pension increase rate.. 2.89/0 p.a. 12023: 2.7°/0) The value ofthe FRS 102 liabilities has fallen by £29,000 since 31 December 2023. The main reasons for this are the pension benefits paid OLrt over the period and an increase of I01ts in the discount rate. The inflation rate is used to discount projected benefrts to derive a present value of the liabilities.
The Landmark Trust Notes fornilng part of the Financial Statements for the year ended 31 December 2024 (continued) 16 Provlslon for Llab115tles (conlinued) Liabilities have been calculated by discwnting the promised beneffts using the yields on Suitable A4-rated corporate bonds, which can be volatile betsveen different accounting periods. 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 13 % of the provision), there is likely lo be a higher amounl of UnrtaInty around the valuation than one might expect in larger sch@meg. 17 Stat•mnt of Funds General Deslgnated lunds Resmcwi Total Less Toiai fuftds lunds Charity £'ooo £'ooo £'ooo rooo rooo £'ooo Al 310ecember 2023 ItKonie Expendrture Transfeis betwe furKJs 57.175 15.537 2.792 75.504 11.5011 74.003 16.328 2.448 1,354 20.240 [3.5411 3.619 16,699 117.4381 2.3021 1681) 120.4111 116.792, 12411 11.0601 1181} At 31 December 2024 57,306 14,643 3,3U 75,333 11.423) 73.910 During 2024, £185,OUU was transferred from Restncted ftjnds in respect of the completed restoration Of Station Agent's House. Th8 TruÉtaes approved dasignations 01 £2.9 million, includin9 Laughton Plac8 (£1.5 mlllion), RAF Ibsley Watch Office (£0.1 rnillion) and other environmental and digltal projects. In total, £4.2 million was tranfjferred from RestriGted and Designated funds during 2024, significantly in respect of Saddell Castle (£1.6 million). Station Agent's House (£1.3 million) and Calverley Old Hall (£0.2 million) completed restoratiM projects. Stst•m•nt of Fund#- prÈvlouÈyaar nèrat R•$trk•d Total Tcbtal funos lund8 fund on¥olJdod subskilarlE tharlty At 31 DeCnE 2022 63,401 IrK¢yne 14,SKJ ExP{frtUr0 (17.214) T18f0ra IVeCn furKls 6,488 13,204 1 2,538 69,143 24,828 {17,967) {1,S68) (3,488) 3.555 67,57S 20,840 114.4121 {58) {6.64n (941) Al 31 tcwnl)er 20ZJ 57,175 15,537 75,504 {1,501) 74,Q)3 During 2023. £0.9 million was transfeffed from Restricted funds in respect of the completed restoration of Fairt)urn Tower. Mavisbank recelved £1.0 mlllion of deslgnated funds from the HB AIEen Fund, as well a5 an additional £1.0 million re3Jlocgted from discontinued projects. Post-year end the Trustees supported the decibiUlI tu awiird £0.9 million of Desigiialed funds towards the resloration of Cumberland Gardens, a property received by way of major donation. In total £ti.S million VRS transferred from Restncted and Desiqnated funds in 2023. 37
The Landmark Trust Notes fomiing part of the Financial Statements for the year ended 31 December 2024 (contlnued) 17 Statement of Funds (continuedj Analy313 of netas*ts between fvnda General Funds £'ooo Deslgnatsd Funds £'o Restrfcted Funds Totsl 2024 £'ooo Fund balances at 31 December 2024 are represented ty.. Fixed assets Norikncurrent asset- re-sate Current assets Current liabilities PtDM510r E£,147 1,119 3.148 61,780 11,495 893 20,296 ,621) (241) (1.621) P411 Total net assets 14,643 75,333 Analysis of net assets b¢twe¢n fund•- previous year General Funds Deslgnated Funds Restslcted Funds Total 2023 Fund balances at 31 December 2023 are represented ty: Fixed assots Non4urrent as88t- re-sale 53,824 2,086 $8,758 Current assets Cuirent liabililies Promsions 11,171 (T,899) 1270) 12.489 24,366 (7,899) {270) Total net a86et$ 57,175 15,537 2.792 75,504
Ln > <f• tD C ot o o)
£ o ¢v tvj
The Landmark Trust Not08 forniing part of th• Financial Statemènts for the year ellded 31 DeGember 2024 (coiitiiiuedj 18 Flnanclal commltments Operdtlng lea%5 202A 2023 £'ooo The frJllowng amounts reFKesent the totd of futu minimum lease paymentr undL¥ n(TrcaelIab1e operating leases for exh ofthe bllownq periods: Property Property not ler than one year greater than one year and less than years greaier than fflKe years 1,559 1,643 2024 2023 The followng amoLWrts repyesent the tota of ftrture minimum lease receipts undw norKancellable opering leases ts each of t followng wttjjs". Proporty Prop•rty not18ter than one year greaier tlian one year and less than 17 yea greater than yea[5 197 744 1,237 221 1,757 Capltsl commitments 21)24 2023 As at 31 Decemb the TnFSt had cakyial ccxnmitments as frJlrM'. tAtal exwaffure contracted not prOded in the account5 562 1.798 Captal expenditure aLrthc¥i$&J kxrt not contracted 2.393 Capltal expendtture contiaGted foi but not provided relates to contracts placed for building co3t8. Capital expenditure authorised but not contracted for relates to costs approved by Trustees on buil¢Jing projects.
The Landmark Trust Noto8 fom)ing part of the Financial Statements for the year ended 31 December 2024 Icontinuedj 19 Related party transactions During 2024 Sarah Porritt CBE vras a Director of The Lundy Company as well as a Trustee of the English Heritage Trust. During 2024, the English Heritage Trust awarded grants ot £nil to Lundy (2023: £nil). Hannah Parham is e Trustee of Landmark and is currently appointed ty Historic Enoiand as Head of Partnershlps and Communilies tor London and the South-E2qt Hisloric England acts as both a grant-giving body and is responsible for advIng on consent3 on changes to listed buildings. H<irinah has registered an inteiest witli Hiè+toriG England, from whom we received grants of £nil during 2024 (2022.. Pnil) Hannah was not involved in the gr2nl decision-making process at Historic England and has declared to remove her6etf from any future decisi0Th4naking process at Historic England which involves The Landmark TrusL Janet Walker is a Trustee of Landmarf< and is currently appointed by Eton College as the Bursar. The Landmark Trust holds a long lease on Casa Guidi property which is owned by Fton College. Under the terms of niir lease, The Landmark Trust is required to set asidc eight week3 per year for Eton College, pupils lo use the property in relation to Iheii education. Janet has registered an interest wrth Eton College from whom The Landmark Trust hold the lease on Casa Guidi. Janét was not involv8d in the Casa Guidi de¢tsion-making process and has declared to absent herself from any futuie dibGussions that the Landmark Trustees might have about Ihe lease on Casa Guidi. The Trustees made aggregate donations of £2,234 (including £412 of gfft aid) during the year. There were no conditions attached to Trustees, donations. A generous corporate donation of £33,000 designated to RAF Ibsley Watch Office project, was received donation from Alla Advisers Limited, of which Alan Leibowitz is a director. There 15 an intercompany balance betrNeen the charrty and the Lundy Company Limited. Historically, this 1$ comprised of ftinds held by the charty on bahalf of the Lundy Company Limited. At Ihe year end, Lundy was a net debtor due £G,980 frotn Laiidrnark (2023: £26,777). On 31 * December. Lundy was due 8n immaterial amount ot bank interest and lettings incThne in relation to the final days of the year. 42
The Landmark Trust Notes fomling part of th8 Finanelal Statem@nts for the year ended 31 DeGember 2024 (continued) 20 Patrons The Trust is extremely gratefvl to the Patrons of The Landmark Trust for their on-going support. During the year, those who have SLSPPOrted The Landmark Trust as Patrons were: Life Patron8 Mr P Aceiand Mr G Aldous and Professorv Knapp OBE Mrs S Andrew Mr l Andrew and Mrs S Moore Mr N Atkinson and Mr G Reed Mr A Baker and Dr S Darfing Mr G Ball Miss C Beveridge Mr l Boyd Loid Brownlow of Shurl(th Row, CVO DL Mr R Broyd CBE Dr J and Mrs J Bull Mr M Caporn Mr T and Mrs M Cave The Hon Elizabeth Cayzer Mr S and Mrs H Cieslik The Late 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 Eaton CBE Mr J Elliot Mr L Enriquez and Miss L T5ai Mrs F Fairbaim Mf J Fllius Mrs D Ford Miss D Fuwler MrPFox Sir Bill and Lady Gammell Mr R and Mrs C Gardner Mrs E Gibbs Ms F Grimshaw Dr S and Mrs L (iroves Dr C Guettler Mrs B Gwinnell Dr A Hamirton Mr R Hare Mr C and Mrs P Hart Miss J Hodgkinson Mr D Holberton Ms B Hollon¢J Mrs M Jones Mr R and Mrs G Joye Ms K Lampard CBE Ms F dTi(J Mis A Ledden MsCLee Mr A Leibowitz and Ms B Weiss Mr P Little and Ms L Cartledge Miss T Little Dr C and Mrs L Lott Mr3 S Lund Dr E Marsh Mr A Martin Mr S Martin Mr R McBrien and Dame Pippa Harris Mr D Mccleary and Dame A Gloag DBE MrA Mead The Lofa Mendoza CBE Mr J Miller CBE Mr P Moorby OBE Mr A Murray-Jones and Ms D Finkler Mr A and Mrs M Mylne Mr G Neame OBE DL The Reverend J Pitkin and Reverend S Pitkin DrAPym Ms G Rawinsky Mr S Record Mr T Reid and Mq L Ambrose Mr C Roman Dr E Rosten and Dr S Cox Mr J and Mrs N Scott Mr M and Mrs C Seale Mr R and Mrs E Setchim Mr P Shone Mr W Sieghart Mr M and Mrs S Simms Mrs C Spores The Hon. Tobias Tennant Mr O Thomas Mr B and Mrs P Th(xnpson Mr C and Mrs K Tumer Mr M Ward and Lady Sarah Ward Mrs J Watemian Mr G Whyte and Ms S Whitley Mr P Wllllams Mr S and Mrs A Worley 20 Lrfe Patrons wish to remain anonymus 43
The Landmark Trust Notes forming part of the Financlal Statements for the year ended 31 December 2024 (continued) 20 Patrons (continued) Annual Patrons Professor M Airs OBE Mrs C Alderson Mr M Ashby and Mrs P Nasr Mr H and Mrs S Banister Mr N Baring CBE Mrs A Bartleet MBE DL Mr M Bennett MBE Mr J Benton Mr J Birch Mr C Bird Mr J Blaikie Mr D Boyd and Mr P Burfoot MrA Bradbury Mr M Brecker and Mr N Strange Mrs T Brown Sir Hugo and Lady Brunner Mr D Clark Dr R and Mrs J Clay Mr G Clayton Mrs N Clayton Mr B Colchester Mr R Collier Dr D and the Late Dr S Collier Mr R and Ms E Conway Ms S Cook Mr J Copping Mr R and Mrs C Cotton Mrs K Davies Mr G Dorey Mr M Drury CBE Mr N Dutton Mr C and Mrs A Farrow Mr J Fell Mr B Foord Mr A Fraser Dr P Gould and Professor E Clatk Dr R Gurd and Ms M Black Mr M Hancock Mrs S Hands Mr J Hastings-Bass Mr D Haunton Mr W Heighway Dr E Hicks Mr K Holmes Mr J Holmfield and Mrs J Leaf Dr K Holowka Dr R Jackson TD VR FRGS Mrs E James Mr A Jardine 8 Annual Patrons wish to remain anonymous. End of DUrnent Mr G Jennings Mr B Johnston Ms A Jolly Professor D Jones Mrs R Jordan Dr R and Mrs E Jurd Mr N and Mrs W Kingon Mrs A Kingston Mr J Lambert DrlandMrsCL Mr C Lewis-Jones Mr S Lowy Mr G MacGregor Sir Laurie Magnus Bt CBE & Lady Magnus Mrs P B Maitland Dougall Mr A Manisty MrJMay Professor R Mayou Professor R and Mrs S Mcclelland Mr P Morris Dr B and Mrs R Mulady Mr l and Mrs J Murray Mr R Nelson Mrs Z Ollerenshaw Mr M Page Mr C Phoenix MBE Mrs P Plunket-checkemian Mrs P Porter Mr M Power Mr G and Mrs J Ranawake Mr J Ransom and Ms E Fern Mr N and Mrs J Record Mr J and Mrs V Ringer Mr D Rowe Lord Robin Russell Mr C Sampson Dr J Schofiekl Mrs I Sebba Mrs A Seekings Mr M Thomas Mr P Ticer Mrs A Toms Mr D Trehane Dr J Vestey Dr R Ward Mr M Weliczko Mr L and Dr L Wlcox Mrs J Worsfokl MrT and Mrs C Youngman