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, Ga￿iCk, 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 b￿ng 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 spa￿S 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 be￿een 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 thermal surveys to assess the buildings. air tightness, the spe¢ffic heating system design, and approaches to installation and testing. S￿￿1$)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 I￿0[[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 b￿een 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 G￿nMIttee 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 suppllerslso￿are 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 fina￿la1 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 c￿S￿ 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¢r￿untIng 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 v￿n 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 AC￿untS {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 Othe￿Ise 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 r￿uIred 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 finan￿al 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 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( Tn￿t 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 con*rucllon £'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 DeceM￿r 2W24 66,259 8,737 1,962 2,314 79.272 AcGuiiiulaled dep￿cIal￿1 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 DecemL*r 2024 15,501 1,313 18,022 Net b￿k 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 con*ruction 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 DeCeM￿r 2024 15,3J5 1,313 17,916 Not bt￿k ￿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 V￿th 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: PU￿￿aseS 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 Infrastru￿19 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*£¢mL*r 2(Y24 818 976 2.6S4 Accumulat8d (￿p￿latI 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 L*cemter 2￿24 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 AccuMu18tedd8p￿lA1￿0n 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 bi￿1¢ b/f At 31 [*¢em￿r 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-cu￿ent 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 Gts￿s for resalè 153 153 maiertals arKI ConS￿lable8 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 Nllda*d Gharlty 2024 2023 2024 2023 £'o £'ooo Trade creditors Taxatic￿ and soGtal seGurity Rent receipts in ad￿nce Other credito[5 Accnjals and defeffed Ir￿Me 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 Provl*on for liablliDes Con*>lidatsd Charlty 2024 2023 2024 2023 £iooo Ai 1 J￿Uary C￿￿ent S8rtiC8 CA)St Mo¥emenl on wUlr￿j 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 Un￿rtaInty around the valuation than one might expect in larger sch@meg. 17 Stat•m*nt 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¥olJd*od subskilarlE tharlty At 31 DeC￿nE￿ 2022 63,401 IrK¢yne 14,SKJ ExP￿{frtUr0 (17.214) T18￿f0ra I￿￿VeCn 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 t*cwnl)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 ￿>