2023-01-31-accounts

Annual Report 2023

Burghley House Preservation Trust

Contents

Foreword	4
Review of the year	5
Independent Auditors' Report	22
Consolidated Statement of Financial Activities	26
Balance Sheets (Group and Charity)	27
Consolidated Cash Flow Statement	28
Notes to the Accounts	29
Legal and Administrative Details	48

Foreword

This last year has been one of tremendous improvement and investment in the visitor business at Burghley. Governors have always set great store by giving all our visitors the best possible experience during their time at Burghley and it was recognised that it was time to update and refresh what we offered in line with the expectations of all who come here. A visitor Masterplan commissioned in 2020 by the Burghley House Preservation Trust from Purcell architects identified a series of projects that were prioritised for delivery and this, in tandem with research commissioned in 2021 with BDRC consultants, identified opportunities to reach new audiences and improve customer experience.Accordingly, after many months of anticipation, hard work and upheaval, ‘Hide and Secrets’, our new adventure play area and new car park have opened. This has enabled the restoration of an important area of the park and the protection of one of our ancient lime avenues. There is now a greatly improved aspect on arrival and a palpable sense of new energy in Burghley Park.

These projects are the culmination of careful planning and considered research into our existing facilities and areas for development at Burghley and it is immensely gratifying to see them brought to fruition and buzzing with families enjoying themselves, bringing life to a new area.

One of our key objectives at Burghley is the advancement of historic and aesthetic education and along with our ongoing Education programmes - offered to schools, families and adults throughout the year - we have always made every effort to share information on the history of the estate, the house, and the works of art with anyone who is interested. To do this we have an immense resource at our fingertips: one of our most protected assets is the extraordinary archive at Burghley. This is a collection of documents from the 11th to 21st century containing manuscripts (including diaries, letters, bills and deeds) photographs, drawings, maps, plans, books, newspaper cuttings and brochures. All important documents and those dating from before 1700 are kept in the Muniment Room within the house – the earliest being a charter of William II dated 1094. The Muniment Room houses approximately half a million items contained in eight huge steel safes, and supplementary document storage. Almost every item has now been catalogued and added to a digital database by our archivist, Rosemary Canadine.

We are extremely fortunate that a huge amount has been done to research and document the works of art. While some of our archive manuscripts offer primary source material, on a day-to-day basis, probably the most useful resource is our digital collections inventory. This comprises some 6,000 objects, and enables us to refer to the location, references, condition and provenance of every work of art in the house. Public access has been made available to our digital inventory through a ‘Search the Collections’ facility on our website for anyone who is interested. However, in spite of all the work that has been done to research the history of the collection, very occasionally something crops up to surprise us and leaves us scratching our heads. One unexpected happy outcome of the creation of the new car park was the chance discovery of an unknown treasure.

During the last week of construction, our particularly vigilant digger-driver noticed an unusual lump amongst the piles of excavated spoil. Excitingly this turned out to be a 2nd Century Roman marble head and further exploration revealed the accompanying 17th Century bust and pedestal that it would have been mounted on. How it ended up in the middle of the park, away from the house and formal gardens we can only imagine. We can assume that it arrived here as part of the extensive purchases made by the 5th or 9th Earls of Exeter during their extensive trips to Italy in the late 17th Century or the 1760’s. Frustratingly, as yet no reference to this treasure can be found in any of the contemporary records - was it secretly buried by someone hoping to remove it at a later date? - we will never know. Our ‘new’ treasure is now undergoing careful restoration in London and will be returned to Burghley this autumn and displayed for the enjoyment of our visitors amongst the marble statuary collected by the Earls of Exeter - where perhaps it was originally intended to be.

An immense amount of work goes on throughout the year to make Burghley a wonderful place to visit. A constant programme of restoration, maintenance and innovation requires real dedication and draws on the huge variety of skills that we have amongst our team. It is a matter of great pride for us all here that Burghley continues to flourish and I hope that you will continue to visit or stay in touch with us throughout the year.

4

Review of the year

It seems no time at all since the last annual report was written, yet once again we have had a busy year at Burghley across many areas of our activities.

When considering and instigating change within an historic estate, time must be given to consider the impacts and significance of the change and the ramifications that it may bring. Change, amongst other things, can be disruptive, and that disruption can be a slow and steady realisation that it is time to evolve, and ever increasingly, as the modern world teaches us, change is time-consuming and impactful!

Over the last 12 months we have undertaken significant planning and preparation to deliver our new visitor car park and adventure playground, ‘Hide and Secrets’, which are exciting additions to our House and Gardens visitor offering. Long discussions, debate and consideration have been given by our teams to the impacts that may occur from these development plans, and almost all teams from across the Estate have been involved in some form of contribution, creativity and thought towards the projects.

Construction of the projects is now complete, and both are wonderful new additions and offerings for our visitors. We have been delighted to partner with local firms Burmor Construction and L4 Civils on the new car park, and with Capco from East Anglia on the Adventure Playground. The construction projects will deliver some of the most significant visitor-based changes at Burghley over the last two decades and we hope to encourage visitors both new and old to return to Burghley now and in years to come.

Elsewhere across the Estate, we push forward with our delivery of the urban extension at Stamford North. We continued our public engagement sessions to further understand what is needed throughout Stamford and reflected their input in our outline planning application submitted to South Kesteven District Council and Rutland County Council in January of this year. We hope to see resolution to this application over the next calendar year. Our team continue to consult intensively on education and health provision for the new development, as we see these provisions as key to successful long-term placemaking and development, and a vital addition to Stamford.

Our partnership continues with South Kesteven District Council on St Martins Park as we move forward our delivery of the site through careful collaboration with key partners. Our teams have been busy aligning all infrastructure matters required for a complex site with high design requirements in proximity to both the Railway and close to the River Welland.

Elsewhere across the portfolios, our team have been busy pushing towards completion on our residential development at Welland Farm in Barrowden. When complete in the next few months, this scheme will deliver 5 new market homes and 1 affordable property into the ‘let’ portfolio. It has not been an easy task to balance increasing construction costs against the viability of the overall project, but we are excited to add new homes into our property portfolio which provide energy efficient living, reflecting the growing demand for more cost effective modern homes.

A sustainable approach to our Charitable activities, our land and how we farm is important to us. We have therefore, in the last 12 months, devoted human resource to those goals.It is heartening to see real progress being made with our initiatives, the enthusiasm adopted by our teams estate-wide is contagious and we aim to continue to evolve our ideas and practices throughout Burghley as sustainability, nature, wildlife and farming are hugely relevant to us.

Burghley Horse trials returned in 2022, the first since the start of the pandemic, and was bigger and better than ever. The new team in place delivered an exceptional, world-class equestrian competition, social and lifestyle event. Derek Di Grazia succeeded Captain Mark Philips as Course Designer and we are much looking forward to seeing how his course design will steward the cross-country course forwards over the coming years, as eventing evolves as a sport. A year of many firsts for the team involved, one to note in particular would be the successful launch of our livestreaming capability for subscribers to watch the entire event from wherever they wish, as a significant addition to our BBC contract.

As we look forward to the year ahead, the relocation of our car park will allow us to begin the restoration of important parkland to its historic landscape position. Our teams will concentrate on embedding our new playground and car park within our visitor offering, alongside the long-term property growth on the large urban schemes that is vital to the long-term growth and health of the Estate. Our teams, estate-wide, will continue with the simply excellent management and delivery of our day-to-day operations, all whilst looking ahead to future opportunities.

David Pennell Chief Executive

5

The Governors of the Burghley House Preservation Trust are constantly looking for ways to improve the visitor experience at Burghley whilst being mindful of the impact this might have on the House and collections.

Burghley House opened from 19th March through to 30th October 2022. The gardens were open every day during this time, the State Rooms opened six days per week, closing only on Fridays to enable maintenance and conservation work to be carried out and to allow the House to be used for private events and filming. 83,335 people visited the house and gardens during the open season. Although this was a considerable increase compared to 2021, when the country was still recovering from the Covid Pandemic, it was still approximately 18% down on the pre-pandemic visitor numbers achieved in 2019. While the domestic market has bounced back after the pandemic, international visits and group travel have been slower to recover. The overall number of visitors does not include the many more people who attended private functions, weddings and larger scale festivals and events in the park or those who simply enjoy the park on a regular day to day basis during the entire year, free of any admission charge.

Since 2006 an annual exhibition has been held in ‘The Treasury’ in the Brewhouse interpretation centre. The 2022 exhibition featured The Collections of Two Countesses, Anne Cavendish (pictured top) and HannahSophia Chambers (pictured below), two highly independent and spirited women with a passion for collecting. The exhibition provided a unique insight into the personal collections of the two Countesses, showcasing items from their private quarters which are not usually on public display.

Each year a specially curated temporary exhibition is displayed in the Sculpture Garden to showcase different styles and the versatility of the sculpture medium. 2022’s exhibition featured the work of two artists. Marjan Wouda sculptures took us into the seemingly familiar realm of animals. Going beyond mere appearance, she delivered telling renditions of their characteristics, pose and behaviors. Diane Maclean’s explored lines of light, with sculptures fabricated with brushed steel, to subtly capture the changes in tone and intensity of sunlight.

Marjan Wouda, Diane Maclean, Marjan Wouda, Zachte Kracht Thresholds Daun Russell

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Over the summer our visitors had the opportunity to experience an award-winning virtual reality production called ‘The Light in the Shadow’, which looked at the Life of Artemisia Gentileschi using the latest immersive VR technology. Burghley owns one Gentileschi’s better known paintings, ‘Susannah and the Elders’, which featured in the production and was on display in the Heaven Room while the VR production was on.

Events staged in Burghley Park continue to attract large audiences throughout the year. Approximately 8,000 people took part in the Rat Race’s ‘Burghley’s Dirty Weekend’, a festival style occasion, where competitors are able to camp in Burghley Park before taking part in a gruelling 20 mile, 200 obstacle endurance race. For those who had any energy left the weekend culminated in an evening of live music and revelries in a big top marquee.

Living Heritage staged the ‘Burghley Game and Country Fair’ once again over the Spring Bank Holiday weekend. There was the full range of country pursuits, from angling demonstrations on the lake to clay shooting and from dog agility races to horse boarding - an exciting extreme sport, where a boarder is pulled at speeds of up to 28mph around a series of obstacles by a galloping horse.

Our summer concerts were also well attended. Approximately 5,500 people enjoyed the ‘Battle Proms’ and ‘Classic Ibiza’ sold out with a capacity audience of 7,000 people.

Burghley once again played a staring role for the filming of Netflix’s hit TV series ‘The Crown’. Series 5 and 6 were filmed when the House was closed for visitors at the start and end of the year. Although filming is a huge upheaval, it is always very welcome and now contributes a significant amount of income for the ongoing maintenance and preservation of the House and Estate.

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Burghley is one of the finest examples of a late 16th century ‘prodigy house’, built by one of Queen Elizabeth’s most trusted and important ministers, the Lord High Treasurer, William Cecil (1521-1598.)

The House contains an outstanding collection of fine art, amassed by the Cecil family over a 400 year period. Most areas contain objects of National importance, of which some highlights are:

17th & 18th century Italian Old Master paintings. 17th & 18th century English and Continental furniture. Oriental and European ceramics. Chinese snuff bottles. English portrait miniatures. English & European 17th century tapestries.

Management of the Collection is the responsibility of the resident Executive Chair, Miranda Rock (a member of the Cecil family), and a curatorial department led by Jon Culverhouse, who has been looking after the Collection since 1984. The Collection has been comprehensively inventoried and investigated by a number of the foremost experts in their fields. A computerised record of every object of note is kept: these records are constantly reviewed and revised.

Conditions within the House are monitored and great efforts have been made to ensure stability of temperature and humidity as far as is possible within an historic building. Sensitive objects have been allocated specialised storage areas. A detailed photographic record of all objects was commenced twenty years ago and its preparation continues today. Some 70% of the Collection is now recorded.

The State Rooms of the House are open to visitors, daily, for approximately 28 weeks each year. Other areas are always available for scholastic research by appointment. We have a pro-active approach to loaning objects to other collections, both nationally and internationally. In recent years, major exhibitions have travelled from Burghley to museums in the USA and Japan. A major development of display facilities at the House, undertaken in 2003 with assistance from the Heritage National Lottery Fund, has provided a substantial specialised display area.

Each year exhibitions are mounted to concentrate on aspects of the Collection. This opportunity is used to show visitors objects that are not always on display. There is also an ongoing programme of rotation of objects to ensure that items are exhibited in the public part of the House as much as is practicable.

Acquisitions to the Collection are now rare. However, on occasion, the Governors of the Trust have been able to make funds available for the purchase of an object of outstanding importance, sold or transferred by previous generations. As the Trust exists for the preservation of the House and its contents, there is no need for a disposals’ policy.

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As mentioned in previous reports, The Burghley House Collection frequently lends works of art to other institutions, both in this country and abroad. In late 2021, we received a request from a Danish museum, the Nivaagaards, a small but important museum with an excellent Collection. Their Director planned to hold an exhibition of paintings by a remarkable 16th Century female artist, Sophonisba Anguissola.

Sophonisba was born in Cremona around 1552. Encouraged by her father, and quite unusually for a young woman in her day, she trained as a painter. Her talent, particularly for portraiture, quickly brought her work to the attention of important patrons, including King Philip II of Spain, who brought her to Madrid and appointed her as a lady-in-waiting and tutor to his young Queen. Sophonisba painted the portraits of the royal family, taught the Queen to draw and became very close to the young princes and princesses in the royal court.

Following the Queen's death, Sophonisba returned to Italy, where she became famous for her portraits. She continued to paint until the remarkable age of 93, dying in 1625. She was the first female artist of the Renaissance to achieve international fame during her lifetime. However, after her death her paintings fell from fashion, and it was not until the 20th Century that her genius was again recognised.

Brownlow, 9th Earl of Exeter, purchased 'A Portrait of an Old Man' by Anguissola whilst travelling in Italy in 1763. It has hung in the First George Room at Burghley since then, during which time the canvas had slowly become unstable and varnish applied in the 19th Century had become discoloured, rendering the finer details of the painting almost invisible. Due to its fragile state, the initial decision was that we should not lend the painting. However, on hearing this, the Danish museum offered to pay for half of the cost of conservation. Due to this generous offer, the painting spent four months undergoing expert conservation at the prestigious Hamilton Kerr Institute, a part of the University of Cambridge. The results were spectacular. All damages and weaknesses were repaired, and a wealth of hidden details and delicate brushwork were revealed. The painting travelled to Denmark, where it was a star feature in the exhibition, ‘Sophonisba – History's forgotten miracle’, a show that attracted record numbers to the museum. The painting is about to return to the house, stable and safe to be displayed to our visitors in the future.

Image right: 'A Portrait of an Old Man' before heading to the Hamilton Kerr for repair (2021).

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----- Start of picture text -----
A successful collaboration has enabled an
important painting to be fully conserved.
~ The Burghley House Collection
----- End of picture text -----

Image left: 'A Portrait of an Old Man' during the cleaning process. Old damages clearly visible.

Image right: 'A Portrait of an Old Man' result following a successful restoration at the Hamilton Kerr Institute (August 2022).

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August 2022 saw the completion of one of Burghley’s biggest preservation projects – the restoration of the iconic 18th Century Lion Bridge.

The restoration work to Lion Bridge had been classified as urgent when regular quinquennial inspections revealed the structure was at risk due to water ingress through parapets and road surface causing a gradual and chronic deterioration.

Made possible by funding from the government’s Culture Recovery Fund, the works took eight months to complete and involved a range of specialist conservation and restoration techniques, expertise, and materials. The project progressed using a combination of locally based companies who worked with a very experienced conservation contractor all overseen by Burghley’s own management team. Every element of the works was carried out in close consultation with Historic England to ensure the works were historically accurate, sustainable, and aesthetically appropriate.

Ensuring the Grade I listed Lion Bridge is preserved for the next 100+ years, the repairs involved removal of the modern tarmac road surface and replacement with stone cobbles which are more in keeping with a bridge of this style, along with the re-introduction of drainage channels either side of the carriage way, repointing to the parapet stonework, gentle cleaning of the archways to remove staining and conservation of the metal gates on either side of the bridge.

Administered on behalf of the Department for Digital, Culture, Media and Sport by Historic England, the Culture Recovery Fund was set up to protect heritage, arts and cultural organisations across England from the economic impact of Covid-19. Burghley House was one of 142 Heritage sites in England which were selected to receive funding from the Grants for Programmes of Major Works under the fund to help pay for vital repair projects and conservation work. Burghley Estate was awarded a grant of over £400k for the Lion Bridge restoration and invested a further £110k itself.

Image above: Lion Bridge completed following eight month restoration.

Images above: Contractors laying new stone setts during restoration.

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A Service of Thanksgiving to celebrate the birth and lasting legacy of William Cecil, Lord Burghley, was held at Westminster Abbey on Wednesday 22nd June 2022.

The grand memorial service, organised by the Lord Burghley 500 Foundation, was the culmination of a two-year long programme of events to mark the quincentenary of Lord Burghley’s birth in 1520.

Academics, family members and Burghley staff gathered to remember and celebrate Lord Burghley’s life. The service was given by the Dean of Westminster, the Very Reverend Dr David Hoyle, and HRH Princess Alexandra was in attendance.

Highlights included a specially commissioned Anthem composed by James MacMillan, and an address by Lord Chartres of Wilton and historian Dr David Starkey CBE gave a tribute. The Lord Barnard, Viscount Cranborne and Marquess of Salisbury gave readings, and the prayers were led by the Reverend Mark Birch, Minor Canon and Precentor. The service was sung by the Westminster Abbey Special Service Choir, conducted by James O’Donnell, Organist and Master of the Choristers. The organ was played by Matthew Jorysz, Assistant Organist. There were performances by London Viols before and during the service.

As the Reverend said, Burghley ‘has shaped our history, as he shaped so much of the cultural and intellectual life of the first Elizabethan age. We remember a man of high and disciplined intelligence, a loyal public servant of rare ability, and a man of boundless energy and range’.

The service, in the place where Burghley served as Lord High Steward, was a moving and fitting end to the quincentenary celebrations.

The foundation continues to commemorate Lord Burghley's legacy by promoting projects through education and training. They have endowed visiting research fellowships at Cecil's old school, St John's College, Cambridge, and will continue to work with schools, particularly those areas near Hatfield and Burghley House to build programmes - both academic and technical.

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Burghley Horse Trials returned to the Calendar in 2022 following a three-year absence. The main objectives for the 2022 event were to:

1. Deliver a successful event

2. Run a financially sustainable event

3. Learning & Research

In many ways it was a challenging year with huge cost increases of between 20-30% on some of our contracts, a new operational team and not knowing how our stakeholders would react to the return of Horse Trials. There are many learnings to come out of 2022 but, most importantly, as a Burghley team we delivered horse trials successfully. There was a huge clamouring from our many stakeholders and a great positive vibe on event. All in all, we have hopefully laid the foundations to build on into 2023 and secure the long-term future of the horse trials at our iconic venue.

As part of building for the future it is important that we recognise changing trends and audiences. Whilst horse trials continues to enjoy the support of a committed audience we must also ensure we present our event to new audiences and the younger generations. Presentation of horse trials both on event and digitally is a key focus for us which we recognise must retain balance so as not to lose our committed dedicated followers. The use of new technologies is also vital in the management of event. E- ticketing will be used in 2023 for our public admission which will allow much more flexibility in our box office delivery and supports our drive on Environmental Sustainability. As we move more to digital it is key that the park infrastructure can support that with good connectivity.

Land Rover remain our Title Partner but under a new name! As part of Land Rover’s wider global marketing strategy Burghley Horse Trials will now be known as Defender Burghley Horse Trials. Good conversations continue to take place about a longerterm partnership with an extension to the current contract now in place. We are also currently reviewing all our commercial assets including the successfully launched Burghley TV which came online for the 2022 event. We are very pleased with the launch of Burghley TV which was extremely well received. Our plan is to increase the audience that follow and subscribe. We will continue to invest in Burghley TV to ensure we maintain a high-quality output. It is also vitally important for our future with the changing trends in how people consume content that we have the relevant assets available to commercialise.

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Looking to the future Objectives for 2023/24

To continue to attract a high number of visitors to Burghley House

Our new digital ticketing system – Visisoft – will enable us to understand more clearly the patterns of our existing visitors and encourage them to return. We will also make every effort to reach new audiences this year with a varied programme of events and activities. As well as our established event calendar comprising craft workshops, concerts and food markets, Horse Trials, Spooky Tours and a bigger than ever Christmas Fair, we have introduced an opera evening in the South Gardens, a silent disco that will be held in the Chestnut Yard, Burghley Bat Walks -to learn about different bat species that live in the parkland, ‘Fire and Wild’ outdoor dining experience in the Park and Autumn garden walks with our garden team.

The early success of ‘Hide and Secrets’ and extremely positive feedback has demonstrated that investment into this new attraction for our visitors has been very well received. The success of this project has been the result of a joined-up approach developed by our marketing team to create a uniquely Burghley experience. The invention of a character ‘Cecil the Mole’ – reflecting the history of William Cecil, 1st Lord Burghley as reputed spy-master in the court of Elizabeth I, gave spirit and inspiration to the project. The exceptional work done by our own gardening team to bring this to life through landscaping, planting and ingenuity has provided additional areas to climb and explore, significantly enhanced and enlarged the visitor journey to the towers and is both whimsical and fun. Work will continue to develop child-focussed interpretation of the planting and wildlife in this area and throughout the gardens through creative collaboration between the gardening and the education teams.

To offer a wide variety of educational opportunities for both children and adults

We continued to offer a rich and varied program of events to visiting school children throughout the year. However, this year we have noticed a marked increase in schools taking up gardens-based activities such as our ‘Green Plants’ and ‘Minibeasts’ workshops. We have also noticed an increased uptake in visits from KS1 (infant school) students and KS3 and 4 (Secondary) students. In terms of our informal educational provision; Beastly Boring Burghley family tours and holiday craft workshops have both been extremely popular this year.

The cost of living crisis and high fuel costs are undoubtedly affecting the willingness of schools to plan visits but we have exciting plans for the future to develop new workshops and increase capacity. We have recruited several new staff members who can boost our capacity during peak times.

Our future plans include updating some of our older workshops to reflect curriculum changes. Other exciting plans for the year ahead include looking for ways to increase our EYFS (Early Years) provision following on from successfully boosting our KS1, 3 and 4 provision. Our main obstacle to increasing Early years provision is teaching space, especially in the gardens, and we going to look at this over the coming year and see if we can find a way to resolve this challenge.

To continue to repair, restore and conserve the fabric of the buildings at Burghley House

The work for this year will be based around the priorities for repair highlighted in the quinquennial inspection of Burghley House, more specifically the on-going programme of stonework repairs.

To be mindful of our responsibility to protect our natural environment and to create a more sustainable Estate.

We have worked hard to facilitate positive cultural change that reflects our commitment to sustainability across the entire business.We have made investment to enable significant improvements in day-to-day life, for example in the creation of a new waste separation and management centre which handles all waste from our agricultural and property portfolio.

We have entered an additional 196 hectares of woodland into Countryside Stewardship with the aim to enhance habitat and enrich biodiversity. We have commissioned a carbon impact assessment which will inform the success of our arable reversion in areas of the park and we will continue to monitor this.We are planting 70,000 native species trees across 40 hectares under the Queen’s Green Canopy scheme, which will add to our sequestration of carbon and mitigation of carbon emissions.

Moving forward, Burghley is looking to generate renewable energy for the House, ancillary buildings and the Golf Club. We hope to obtain planning permission for a ground-mounted solar system and break ground within the next year. The above two projects will not only provide us with a degree of self-sufficiency and energy security, but also demonstrate our commitment to reducing our dependence on fossil fuels. We will continue to work on improving our goal to be more sustainable and safeguard the future of Burghley.

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Achievements and performance

The year ended 31 January 2023 was the first full year of business for the Trust since the beginning of the pandemic in 2020. Burghley House and Park was opened to the public all year and a full calendar of events at the House and Park were held.

There was also a successful return of the Burghley Horse Trials. Despite the last two years being cancelled, large numbers atteneded the event and a significant amount of the losses incurred during the cancellations recovered.

The Trust's property portfolio also returned the overall level of income received before the pandemic, although the commercial property sector, especially hospitality, remains weakened due to economic conditions particularly increased utility costs.

The Trust’s achievements for the year are stated on pages 5 to 14.

Income

Income derived from investment properties and other property assets owned by the Trust amounted to £5.1 million (2022: £4.9 million), this was only a 3% increase on the previous year and has not kept pace with the rate of cost increases on property. This was a result in a fall in income from commercial income which has not yet returned to pre-Covid levels.

Income from the showing of Burghley House rose to £857,301, an increase from £191,400 in the previous year. This compares to £868,657 in 2020 which was the last full year the House was open.

Trading activities income rose by £5m due to the return of the Land Rover Burghley Horse Trials, which were cancelled during the financial years ending 2021 and 2022. Other trading income also included an increase in income from functions and exhibitions which almost doubled from the previous year to £628,089.

Costs of raising funds

Expenditure on generating funds increased to £9.1m million (2022: £5 million) this increase was largely due to the costs associated to the Land Rover Burghley Horse Trials noted above. Costs to open Burghley House to the public also increased due to the return of a full year's opening.

Cost of charitable activities

The cost of repairing and restoring the fabric of Burghley House and its collections came to £2,322,695 (2022: £1,731,446) which also reflects a return to previous levels of expenditure, made possible by increased income.

A significant grant from Natural England was received to aid the restoration of Lion Bridge inside Burghley Park. This work has now been completed and the Lion Bridge restored to its former glory.

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Surplus for the year

The Trust showed an unrestricted income fund surplus for the year of £526,146 (2022: surplus £721,090), an unrestricted expendable endowment fund surplus of £2,971,874 (2022: surplus £4,206,794) and a restricted expendable endowment fund deficit of £4,760 (2022: deficit £4,760).

The net surplus is £3,313,260 (2022: surplus £4,923,124) and has been added to unrestricted income, unrestricted expendable endowment and restricted expendable endowment funds.

This result is stated after deciding to revalue the investment properties by £3,000,000 (2022: £4,000,000 increase).

A transfer of £5,778,567 was made from the unrestricted income fund from the unrestricted expendable endowment (2022: £5,393,949 to the unrestricted income fund) in accordance with the reserves policy below.

Burghley Enterprises Limited made a profit for the of £575,438 (2022: £999,156) and is incorporated into these accounts. The profits are paid up to this Charity under Gift Aid.

The Governing Body do not consider it would be appropriate to make provision in the accounts for the significant cost of dealing with the backlog of dilapidations to property owned by the Charity. Nevertheless it is necessary to read the accounts in the knowledge of the quantum of expenditure which is outstanding. These future costs are discussed in the reserves policy below.

Reserves policy

The Governors have reviewed the Charity's reserves policy, taking into account future income projections and expenditure plans in line with the strategic plan of Burghley House Preservation Trust, together with the associated risks and opportunities.

The Governors policy is to maintain a level of reserves which will provide a stable base for the Charity's continuing activities and enable the Charity to adjust to any significant change in financial resources through unplanned events, whilst ensuring that excessive funds are not accumulated.

Governors intend to invest any surplus of income into either its Heritage Asset, to fulfil the Charity's objectives, or to invest further into its endowment to provide increased income in the future. A transfer between the unrestricted income fund and the unrestricted expendable endowment fund is made to reflect this investment.

Advantage has been taken of affordable bank debt to provide working capital to finance the fulfilment of the objectives and property development and as a consequence the income account is overdrawn.

The total reserves of the Charity were £83,933,997 of which £1,099,240 were restricted expendible endowment funds and £87,544,119 were unrestricted expendible endowment funds. The unrestricted income fund was £4,709,362 overdrawn.

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Investment policy

The Governors have reviewed and retained the Charity's investment policy, which states that the Governors of the Trust wish to pursue a policy that provides revenue for its current purposes and enhances income and capital growth over the longer term, thereby enabling them to meet their current and future objectives in accordance with the purposes of the Charity.

The Governors, in delegating their investment security management to Cazenove Capital Management Limited, require the managers to pay attention to the standard investment criteria, namely the suitability of the class of investment and the need for diversification insofar as is appropriate to the circumstances of the Charity. The same criteria apply to the Agents managing their investment property portfolio.

The Governors have a duty to optimise financial returns for the Charity, but may exclude certain types of investment from the investment security portfolio, taking into account social and environmental issues.

During the year to 31 January 2022, the investment security portfolio generated total revenue of £39,073 (2022: £27,885) and realised and unrealised losses of £52,062 (2022: gains £203,976). The investment property portfolio generated net revenue of £3,206,075 (2022: £3,350,339), as referred to in the sections above. Given the prevailing market conditions during the year, the Governors were satisfied with the overall performance of the investments.

Principle risks and uncertainties

Governors have identified areas of potential risk and uncertainty:

The loss or destruction of the Charity's historic property and collections

• The ongoing liability to repair and restore Burghley House and contents Decreasing visitor numbers to Burghley

• The risk of investment income declining as a result of a weak property rental market The loss of sponsorship of the Burghley Horse Trials

Governors have put in place a number of measures to manage these risks. There are regular reviews of the condition of Burghley House by qualified architect. Annual exhibitions and other events are held at Burghley House to attract visitor interest (detailed in this report). Continued inward investment is made to the property portfolio and there is also an ongoing programme of investment diversity. The Burghley Horse Trials is managed with the intention of being the best equestrian event of its type in the world in order to attract commercial sponsorship.

Public benefit

The Governors confirm that they have referred to the guidance contained in the Charity Commission's revised general guidance on public benefit when reviewing the Charity's objectives and planning future activities.

Donations

During the year the Charity made charitable donations amounting to £11,800 (2022: £2,500).

17

Company

The Governors are Directors of the Charity for the purposes of the Companies Act 2006. The Charity is a Charitable Company Limited by guarantee and was set up on 3 April 1969. It is governed by a memorandum and articles of association.

Governors

The Members of the Governing Body who served the Charity during the year were:

~ The Hon Edward Leigh-Pemberton (Chairman)

~ Mr J C S Chenevix-Trench ~ Mr E G Clive ~ Sir Giles Floyd Bt ~ Mr E M Harley OBE ~ Mrs Cressida Hogg CBE ~ Mr W A Oswald ~ Mr W H M Parente ~ Mr S J Richmond-Watson ~ Mr B T J Stevens

None of the Governors had a beneficial interest in any contract outside the normal course of business to which the Charity was a party during the year.

From time to time a panel of Governors will consider the addition of new members to the Governing Body. Any proposals from such a panel is brought to the full Governing Body for its approval. In addition to receiving an induction pack, new Governors undergo an orientation day with the Chairman, Executive Chair and Chief Executive Offcer of the Charity to brief them on the legal obligations under charity law, the decision making processes and the recent financial performance of the Charity. Governors are encouraged to attend appropriate external training events where these facilitate the undertaking of their role and are also provided with legal and accounting updates are required.

The full Governing Body of the Charity meets formally three times a year, and deals with planning and strategy decisions and reviews the activities of the Charity. Important issues arising between meetings are normally dealt with orally or by correspondence by the Chairman. Day-to-day management of the Charity is delegated by the Governors to the Executive Chair and Chief Executive Officer, who report weekly to the Chairman and regularly to the various committees of Governors.

18

The Governors' responsibilites

The Governors (who are also Directors for the purposes of company law) are responsible for preparing the Governors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and the group and the incoming resources and application of resources, including the net income and expenditure for that period. In preparing those financial statements, the Governors are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

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

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business

The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006 and also with the requirements of the Statement of Recommended Practice (SORP) issued by the Charity Commissioners for England and Wales. They are also responsible for safeguarding the assets of the Charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Fundraising

The Governors take their responsibility under the Charities (Protection and Social Investment) Act 2016 seriously and considered the implications on their activities. The Charity does not raise funds directly from the general public and does not actively solicit donations. The Charity does not work directly with commercial sponsors but where commercial sponsorship is arranged for an event, such as the Burghley Horse Trials, a clear contract is in place between the trading company and the commercial sponsor. The Governors are not aware of any complaints made in respect of fundraising during the period.

Auditors

Saffery Champers have confirmed that they are willing to remain in office as auditors of the Charity and accordingly a resolution to reappoint them will be put to the Governors.

Statement of disclosure to auditor

(a) so far as the Governors are aware, there is no relevant audit information of which the Charity's auditors are unaware, and

(b) they have taken all the steps that they ought to have taken as Governors to make themselves aware of any relevant audit information and to establish that they Charity's auditors are aware of that information.

19

Burghley Enterprises Limited

Burghley Enterprises Limited is a wholly owned subsidiary of Burghley House Preservation Trust Limited.

The company's principal activities are the provision of goods and services at Burghley House as well as property trading activities.

The directors of Burghley Enterprises Limitied who served during the year were:

~ E M Harley (Chairman) ~ E G Clive, Esq (appointed 28 April 2023) ~ S J Richmond-Watson Esq (retired 28 April 2023) ~ Mrs M R Rock

Burghley Horse Trials Limited

Burghley Horse Trials Limited is a wholly owned subsidiary of Burghley House Preservation Trust Limited.

The company's principal activity is the management of a five-star rated equestrian event.

The directors of Burghley Horse Trials Limited who served during the year were:

~ W A Oswald (Chairman) ~ The Hon Angela Reid ~ T E Bonham ~ Mrs C Cecil

~ D J Pennell

Burghley Land Limited

Burghley Land Limited is a wholly owned subsidiary of Burghley House Preservation Trust Limited.

The company's principal activity is that of property development.

The directors of Burghley Land Limited who served during the year was:

~ D J Pennell

• ~ S J Richmond-Watson (appointed 28 April 2023)

20

Burghley Barns Limited

Burghley Barns Limited is a wholly owned subsidiary of Burghley House Preservation Trust Limited.

The company's principal activity is that of property development.

The directors of Burghley Land Limited who served during the year was:

~ D J Pennell ~ S J Richmond-Watson (appointed 28 April 2023)

BPGC Limited

BPGC Limited is a wholly owned subsidiary of Burghley House Preservation Trust Limited.

The company's principal activity is that of a golf club.

The directors of BPGC Limited who served during the year was:

~ D J Pennell

~ S J Richmond-Watson (appointed 28 April 2023)

Dormant wholly owned subsidiary companies

Burghley Stamford North Limited

The directors of this company are:

~ D J Pennell

~ The Hon Edward Leigh-Pemberton (appointed 28 April 2023)

St Martin's Park Limited

The directors of this company are:

~ D J Pennell

Remuneration of key personnel

The remuneration of key personnel is monitored and authorised by the Resources and Remuneration Committee of Governors with reference to external factors when appropriate.

By order of the board

J E P Fitch Secretary

21

30 June 2023

Opinion

We have audited the financial statements of Burghley House Preservation Trust for the year ended 31 January 2023 which comprise the Consolidated Statement of Financial Activities, Balance Sheets, Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 January 2023 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

22

Other information

The Governors (who are the directors for the purposes of Company Law and the Trustees for the purposes of Charity Law) are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appear to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based in the we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Governors' Annual Report which includes the Directors' Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Governors' Annual Report which includes the Directors' Report and the Strategic Report have been prepared in accordance with applicable legal requirements

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Governors' Annual Report and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company's financial statements are not in agreement with the accounting records and returns; or certain disclosures of Governors' remuneration specified by law are not made; or

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

23

Responsibilities of Governors

As explained more fully in the Statement of Governors' Responsibilities set out on page 26, the Governors (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under this Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company's financial statements to material misstatement and how fraud might occur, including throuh discussions with the Governors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with management and Governors and updating our understanding of the sectors in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company's include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.

24

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partener drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherit limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or international misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at:

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

Use of our report

This report is made solely to the parent charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that might state to the parent charitable company's members and Governors those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company, the parent charitable company's members and Trustees as a body, for our audit work for this report, or for the opinions we have formed.

Cara Turtington (Senior Statutory Auditor)

For and on behalf of Saffery Champness Chartered Accountants & Statutory Auditors 71 Queen Victoria Street London EC4V 4BE

25

Saffery Champness is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 25

Consolidated Statement of Financial Activitie s Incorporating the income and expenditure account for the year ended 31 January 2023 2023 )23 2023 Unrestricted Unrestricted Restricted Intome Expendable Expendable ErKknvment Endowment 2023 Totsl 2022 Totsl Not Income and endowments from.. Donations and ￿antS Other trading activities Income from investments Income from tharltsble a¢￿VItIeS Other irscome 111.312 7.622.201 5.052,472 857.301 65,789 177,101 7.622,201 5.052,472 857,301 2.4LL) 701905 2,760,718 4,927,016 665,901 Total Income and endowments 13.645,686 6789 13,711,475 9,054540 Expendlture c Expenditure on raising fund5 Expenditure ¢)n charitable a¢tiMties 9.013.496 4.106.044 87.644 134209 9.101.140 4.760 4.245,013 5,052.531 3,284,861 Total expendlture 5 13.119.540 221.853 4,710 11346.IS3 8.337.392 Net plnsl(lossesl on Investments 17 Z947.938 1947.938 4.201976 Net Income/lexperKllturel 524146 1791,874 14,7601 3,313.260 4,923,124 Transfers betsveen funds 17 15,778.5671 5.778,567 Net Movement In Funds 15252.4211 &570.441 14.7601 3.313.260 4.923,124 Balance brought forward 5410S9 7&973,678 1.104,ocn ￿,020,737 75,697h13 Balance carrled fonyard 17,18 14,709J621 87.$44,119 1.099,240 83,933,997 W,620.737 The consolidated ststement offinancial actimties prepared on the basis that all operations are ￿tinUIn8 operations. The notes on page$ 29 to47 form part of thesefinanaa statement> Comparative figures are Includ￿ in note 28. 26

Balance Sheets as at 31 January 2023 Gr￿aP 2023 Grcyjp 2022 Charfty 2023 Charity 2022 Notes Flxed assets Investment curities Tan8ible assets Investment properties Heritage assets 3.359.508 3,388,400 3.4(8.023 3.436,975 306.660 217,KJ2 184.972 ICX),126 72,988,178 65,7QK),737 69,962,152 65,7m,737 12.295.672 10,988,481 12.295.072 10,988,481 io 88.950,018 80,295.280 65,850.819 ￿),226,319 Current asset$ Stocks Debtor5 Cash at bank and in hand li 12 6.490,465 5.253,202 98,445 523.531 920.379 12.066.641 3.494,736 3.870,132 2.5￿.578 77.757 8,434,069 2,736,143 10.508.732 10.043.713 14,725.664 11247,969 Creditors.. amounts falling due within one year. 11.824,7531 11,403,475) 11,363,398) 1986,8501 Net ojrrent assets 8.683,979 8.640,238 13,362,266 10,261,119 Creditors.. amounts fallin8 due after one year- 14 113,700,(X)01 18.314,78I1113,7￿,￿Ol 18,3C().OWI Net assets 83.933,997 ￿.020.737 85,513.085 82,187,438 Funds Unrestricted Income Fund Unrestricted Expendable Endowment Fund Historic cost - Revaluation reserve Restricted Expendable Endowment Fund 17 14,709.3621 543.059 13,130,274) 2,109,760 17 17 18 50.246214 44.637.993 50,246.214 44,637,993 37.297.905 34.335,685 37.297.905 34,335,685 1.099240 1,104.CO) 1.099.240 1,104,000 Totsl Funds 83.933,997 80.620.737 85,513,085 82,187,438 The notes on pages 35 to 52 form part of these finartial Stater[￿lts. As ￿miitted by kction 4CB of the Companies kt 2C(kJ. the parent (haritys Statement of Financial Activities has not been included in these financial ststements. The parent allrity's total irKoming resources for the year were £6.701.181 12022.. £7,237.7631 which includes a &)nation of £575.43812022.. £1￿9.156) from its wholly owned 9Jbssdiary undertaking, Burghley Enterprises Limited. Burghley Horse Tria15 knmited BPGC Lirnited are k)ss makin8 thi5 year. therefore doe5 not feed into the Charity'5 total incoming resources the year. The net 9Jrplu5 for the year for the Charity wqs £3,325,647 12022.. £5.945,377). The financial ststements were approved for ssue by the C￿$vernCS on 30June 2023. Vi JkèQJl IL JteRJ Edward Le￿￿Per￿ert0Tr . Chairman Governor Sir Gile5 Floyd BL G￿rTh)r Company Reglstrath)n Ntx 951524 27

Consolidated Cash Flow Statement for the year ended 31 January 2023 2023 2022 Notes Cash flows from operatin8 activities: Netcash provided by (used inl q)erating activittes 20A 13.048.109) 11354.9671 Cash flow5from kwe5tln8actfvltle Dividends, interest and rents from investments 3.206.075 Proceeds from the sale of propetty, plant and equipnEnt 519,103 Purchase of propety, plant and equipment (Including capits11s￿ b)rrowin8 costs) 11.603.701) Proceeds from sale of investments 881,488 Purchase of investrrtnts 15.710.710) 3.350,339 1,321,741 1224,5111 625,706 11,675,949) Net cash prov5ded by lused kn) Investln8 actlvltl•s 12,707,745) 3,397,326 Cash flowsfrom finantlnl ¥tfvltl¢s: Repayments of borrowng Cashflow from new borrowing Flnance leases 17,649,034) 8.3￿,(x￿) 139,3221 121.5101 Net Cash provlded by lused kn) Ilnanclng artlvftles 5,378.490 611.644 Chan8e In cash and cash equfvalents In the reportlni perlod 1377,3641 1,654,003 Cash and osh equfvalents at the be8lnnln8 of the rep{ytt￿ perfod 1883.480 2,229,477 3,506,116 3.883,480 Cash in hand Cash held in investrnent kX)rtfolio 1494.736 11.380 3,870,132 13,348 Total cash and cash equlvalents 3506,116 3,883,480 28

Notes to the Accounts l Accountlng pollcles Chartty InfOrMa￿on Burghley House Preservation Trust is a (harity domiciled ￿ incorwjrated in EnglaThl and Wales. The registered office is 61 St Martins, Stsmford, knncolnshire, PE9 2LQ. The Charity (kxs not kve share capitsl. but its liabifity 15 limited ￿ the guarantees of its members. Each rrernber has agreed to accept liability ofan amount not exceeding £1. should the Charity ￿w(¥Jnd up. A 31 January 2023 the totsl of such 8uarantees amountsd to£lO. 1.1 Attountln8 Conventlon These financial stat￿ents have teen prepared in accordance with Accountin8 Reportin8 ty Charities- Statement cl Recommended ￿aCtice applicable to tharities preparing their acctxjnts in accordance with the Financial Reporting Standard applicable in the UK and Republic of I￿land IFRS 1021 (second Lxlitionl - (Charities ￿)Rp IFRS 10211, the Financial Reporting Stsndard applicable in the UK Republic of I￿land IFRS 1021 and C(Nnpanies ￿t 2Q￿. The financial stslements are prepared in sterling. vthich is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the rarest £. The financial statements have Eeen under the historical o)st convendon. as mOdif￿d lry the revaluatlon of investment assets appropriated to the Charity ￿ the Burghley Estste Trust under the Deed of Awropriation dated 6 April 1987 and a55ets released by the Executors of the Estate of the 6th Vorquess of Exeter. The freehold Lind and buildin8s held as investment properties forming the major part of the assets appropriated from Burghley Estste Twst and released from the Estate of the 6th Marquess of Exeter. have teen reflected in the &counts at their market Nelue at 31 January 2023. Investment securities are reflected in the accounts at market wdlue. The prir￿lpal accounting Fdicies adopted are set out ￿lOw. 1.2 Basss of consolklatlon The group financial statements consolidate the financial statements of the Charity ￿ its 5ub5idiaries for Ihe year ended 31 January 2023. The statement Of financial activities (SOFA) the balan¢e theet ¢¢nsolidate the finan¢ial statements on a line by line ba￿S where appropriate. No separate SOFA has been presented for the Charity alone as permitted by Section 408 of th Companies A£t 20)6. Detaik ¢on¢ernin8 the subsidi)ry ￿mpanIeS, alon8 Wlth their results and financial position are t out in note 22. In the parent CL)mpany financial statements. the cost of a business ¢ombinat6on is the fair value at the acqui5idon date of the assets given, equity instruments issued liabilthes incurred or assumed. Flus costs direcdy attributable to the business combination. The excess of the costs of a business combination over the fair value of the identifiable asset5, liabilitie5 aKI contingent liabilities acquired is recognised 35 8octhill. The costs of the combination ir￿lUdeS the estimated amount continBent consideratlon that is probabty and can be Measured reliably. is adjusted for than8es in contin8ent consideration after the acquisition date. Provisional fair values recognised for bjsiness combination in previcojs Feriods are adjusted retr05pectively for final fair value5 determined in the 12 months fd10￿n$ the acquisition date. Investment5 in subsidiaries, jolnt ventures and assC￿latiOn are accounted forat cost less impairn￿nt. 1.3 Goln8 concem At the time of approvin8 the fin￿Cial statenwts the 8overTr)rs have a reasonable exFrtation that the Charity INis adequate resources to o)ntinue in operational existence for the foreseeable fvttlre. Thus the govemors continue to adopt the goin8 concern basis ofaccountin8 in preparin8 the finanaal statemen1& 1.4 Tanglble fiKed assets and depre¢latton al Herita8e assets Heritage assets are the tangible assets of the Chartty that are of historical importance arKI awe held to advance the pre5ervaiii, conservation aThJ educational objectives of the Charity thr(￿gh public access contribute to the nation's culture and education. The House,8rounds and chattels transferred from the BU￿hleY EstateTrust and uThJer theterms of theWIll ofthe 6th VArquess of Exeter, and subsequent Ikvelopnnt expenditure ￿ these assets. a￿ o)nsidered to be herits8e assets and are integral tr) Burghley House. Included within improvements to ￿rthleY H(wJse and grounds are fixtures fittinBS in relation to the Brewhou5e and the Garden of Surprises which are included at cost and tlepreciated on a straight line basis calculated at an a)nual rate of 20% 5% respectively. Due to the historic and Lmique nature of the assets concemed conventional valuation approache5 Ixk sufficient reliability. consequencethe irnprovements to &Jrghley HcHJseand groundslexcluding fixtures fithngs in relation to the 8rewhouseand Garden of Surprises) are included at cost and have rK)t Lwi depreciated. a)attels acquired prior trj 2001 are included at their 29

probate value and chattels acquired snce 2(K)l are included at Ma￿et value. neither Fovebeen depreciated. Expenditure on the conseryation and preseryatsn of &Jr8hley HOU￿ and its cdlection is d￿r8ed to the unrestricted income account when it ts incurred. bl Investrnent properties InVestM￿t property, which is propth held to earn rentsls a￿]0[ for capital appreciation. is I￿sure￿ using the fair value model and stated at its fair value as the reporting end date. The su￿lUS (Y defi¢it on revaluation is ￿¢0£niSed in the ststement of financial actiiritie5. AlthoLJgh this 3ccountin8 wlicy is in xcordance with the applic2ble accountin8 St3fMlard. FRS 102 'The Fin3nci31 Repothn8 standard applicable in the UK Republic of Ireland", it is a departure from the general requirement of the Companies A£t 2W6 for ai tangible fixed assets to depreciated. In the opinion of the directors, compliance with the stsndar¢J is necessary for thefinancial ststements to ￿ve a true and fair Mew. Depreciation oran))￿Sation is only oneol many factors reflected in the annual valuation and the am¢JJnt ofthis which might have teen ch3r8ed cannot separately klentified ￿ quantified. Borrowng cost5 on loans tsken out 5FecifKally for the construction of investment woperties are capitsli5ed a5 part of the c05t of investment properties. cl Other tan8ible assets Other tangible assets are those which are Lsed tharitsble purposes but are not considered to be heritsge assets. They are ststed at cost less accumulated depretiation. The costs ot minor additions are not capitslised. Depreciation of fixtures, fittings and equipment. plant and machinery and mtor Vehic￿ is on a straight line basis over ￿riodS ranging ￿e￿een 3 and IS years, or 18-20% reducin8 bala￿t so as to bwite off each asset over thetemi of its expected useful life. The gain or loss arising on the disposal of an asset is determined as the differeKe between the Sa￿ proceeds and the carrying value of the a55et. and reco8nised in the ststement Offinanc￿l activities. dl Goodwll Gfyxjwill arisin8 on the acquisition oftrle a￿ts repl￿nts the excessofthefair ￿alue of the c¢)n%deration over the fair value of the identifiable assets and liabilities acquired. It is initialty recognised as an asset at cost and is subsequently measured at C051 less accumulated amorti5ation and accumulaled impairment105ses. Gocdwill is congdered to have a finite useful life ath is amortised on a systematic basis over its expected life, whith is 3￿ar5. 1.5 Impalm)ent of fixed assets At each reportin8 end date. the Charity reviews the caryin8 arrnunts of its tsn8ibk assets to tstermine whether there is any indication that those assets have ￿ttered a) impaiment loss. If any indication exists, the recoverable amount of the asset is estimated in order to detemiine the extent of the inwaimnt loss lif any). Where it is not possible to estimate the recov•ble amount of an individual asseL the Charity estimates the recoverable amount of the cash-8eneratin8 unil to which the asset belongs. Recoverable amount is the highw of fair value less coststo ll and value in use. In assessin8 value in use, the estimated future cash flows are discounted to their present value using a dixount rate that refleets current market assessments of the time of money the risks specific tothe asset for ￿lch the estimates offuture cash flows Ptsve not teen adjusted. If the recoverable amount of an asset lor ¢ash.8eneratin8 unitl is &timated to t¢ kss than rf(s Carrying an￿Un( the ¢arryin8 amount of the asset lor cash-generating unit) is reduced to its recoverable arThJunL An wnpairment loss is reco8nised immediately in profit cr105s, unless the relevant a55et is wied at a revalued arnO￿t. in which case the impairment 195$ IS treated as a revaluation decrease. Reco8nised impairment losses are rf. and •)dy if. the ￿a$on$ for the impairment loss have ￿aSed to apply, Where an Impairment loss subsequently reverses, the Carrying amount of the asset lor cash-generating unit) is increased to the revised estimate of its recoverable amount. but so that the increased canwn8 amount ths notexceed the carrying arnount that would have teen determined had no impairment105s been reco8nised for theasset lor cash-ger￿rating unit) prior ￿ar5. A reversal an inpairment loss is reco8nisgJ inmediately in the statement of financial activities. unless the relevant asset is carried in at a revalued amounL in which case the reversa of the impairment loss istreated as a revaluation increase. 1.6 Stock Stocks are ststed at the lower of cost and net realisable valu& C05t compri5e5 land and ass(Kiated ￿quisItion c05t5. 1Sre(t materia15 )d 5ubcontrart work, profe55ional fee5 and (rther rfirect costs that have irKurred in brining stock to its present location aThJ condition. induding trDtTowing (osts. 50

At each reporting date, an assessment ￿ made for impairment. Any excess of the carrwng amount of stocks over rtrs estimated selling price less costs to complete and sell is recognised as an inpairn)ent loss in profit ￿ loss. Reversals of impairment bsses are aso recognised in the ststement of financial aetivities (SOFA). 1.7 Cash and osh equivalents Cash cash o]uivalents include cash in hand. deposits held at call with banks. other thort-term liquid investments with origin81 maturities of three months less. bank overdrafts Bank overdrafts are within borrowings in Current liabilities. 1.8 Flnanclal Instruments The Charity kas elected to apply the kY0visio￿ of Serti¢)n 11 'BasK Finan¢iJl Instruments, ¥bd Section 12 '0ther Financlal Instruments155ues' of FRS 102 to all of its financial instrumen Financial assets are recognised in the Charitvs ststement of financial posttion when the Charity LEcomes party to the contractual provisions of the instrument. Financial assets are dassified into specifieil categories. The da55ification depends on the nature and wrpose of the financial assets and is cktermined at thetime of re¢o8nition. Basic fin0￿10{0$3¢ts Basic financial assets, which include trade cther receivables and cash bank balarKes, are initially nra5ured at transaction price includinB transaction costs and are subsequentfy carried at amortised cost using theeffective interest method, unless thearrangement constitutesa financing transaction. where thetransaction is rreasured atthe present Wdlue of the future receipts discounted at a market rate of interest. Cther financial assets cLissified as fair value through the ststement of financial activities are nEasured at fair value. Otherfinancialassets Trade debtors, loans and cther ￿e1vable$ that havefthed tydeterminable payrrentsthat a￿ not qjoted in an active market are classified as'loans receivables,. Loans receivab￿5 are rrtasured at 3mort6sed tost U￿nI the effecdve Interest methcd, less any impairment. Interest is recognised by applwng the effective interest rate, except for short-term receivable5 when the recognition of intwst would k imnvterial. The effective interest n*thod is a methc#J of calcuLitin8 the aM￿Sed cost of a debt instrument and c¢ allocatin8 the interest income over the relevant period. The effective interest rate is the rate that exact￿ discounts estimated future cash receipts through the expected life of thdebt instrun)ent to tEt carryin8 amount on initial reco8nition. ImFalmwnt rffinancialo55ets Financial assets, other than those hdd at fair value through the statement of finarKial actimties. are assessed for indicators of Impairment at each reportin8 end date. Financial assets are inpaired where there is cbjective evldence that as a result of one or n￿re events that occurred after the initial recognition of the financi31 asset. the estimated future cash flows ￿ve been affrerted. The impaim)ent loss is reco8nised in the statement of financial activities. D¢re¢ognlttonof ffnon¢lol4ssets Inancial assets are derecognised On￿ when the contractual rights to the cash flow5 from the asset expire, or when it transfers the financial asset and sub5tsntially al the ri5k5 al￿ rewards of ownership bj another entity. Clossificotionolfinancial liabilities Boslc finonciolliobilitles Basic financial liabilities are initially recognised at transaction price. unless the arrangement con5titute5 a financing trar5action, where the debt instrument is measured at the present value of the future receipts discounted at a marf(et rate of interest. Oth finarKial liabilities da5sified as tair value through the statement of financial activities are rrta5ured at fair value. Otherfinancialliobrlities Other financial liabilities are initially wrEa5ured at fair Wdlue. net of trdllsaction cost5. They are gJb5equently rTEasured at amortised cost using the effective interest method. with interest expenses tecognised on an effective yield ba515. The effective interest Meth￿ s a nEthcKI of cakulating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate 15 the rate that exactly discounts estimated future cash payrnents through the expected life of the financial liability to the net carrying am(yJnt on initial recognition. Financial liabilities and quity instruments are da55tfied according b the substance of the contractual arrangernents entered into. An equity instrument ts any contract that evidences a residual interest in the assets of the Charity after &ducting all of its liabilthes. 31

Derecognitronof finarKiolli¢7bifiies Inancial liabilities are derecognised when, onlywhen, thecharity ￿l83￿On5 are dscharged, cancelled, or they expire. 1.9 Income Income is recognised when the Charity entitlement fvnd& wfomunce o)nditions attsched to the itemlsl of inco￿ have teen meL it is probable that the incomewill be received and the amount can Ee measured reliably. Any income received in relation to future is thferred as appropriate. The following specific p￿l(leS are applied to particular categories of income.. Donations and legxies are included in full in the ststement of financial artivities when receivable. Income from investrnents is included when receivable. Income from tharitable acrivitles is accounted for when earned. Income from pvemment cher ￿ants. whether capitsl. grants or tevenue. grants. i5 recognlsed vlhen the Charlty entitlement to the funds, Ferfomiance condthons attsched to the grants have met, r( is probable that the income will be received the arnount can rrea5ured relialAy and is not ￿erred. 1.10 Expendlture Expenditure is recognised on ￿ accruals ba￿$ as a liability is incLrred. Expenditure includes VAT which cannot Ee fully recovered, and 15 reported 35 part of the expenditure to thich it relates.. Expenditure on raisin8 funds comprises those costs directly attritwjtable to mana8in8 Ihe investment prjrtfolio and raising investment income. Expenditure on charitable acdvities includes those costs incurred by the Charity in the delivery of its objectives. It InCIL￿ both ¢¢sts that ¢•n k allocated directly to such &tivities those ¢osts otan indirect nature netessary to support them. Support costs are those functions that assist the work ol the Charity but do not directly undertske charitsble activities. Supwt costs include back office costs. finance. personnel. payroll and 8overnarKe costs which support the charities d)jectives and acdvitles. All costs are allocated between the expendlture categories of ststement of financial acdvI￿es on a basls de518ned to reflect the use of the resource. Costs relatin8 to a particular actiwty are allocated directly.. other costs are appottionedn tFe ba515 of the proportion of direct expenditure. 1.11 Fund ac¢ountSn8 Unrestricted income and expendable endowment lundsare wailable for ￿ at the discretion of the CK)vemors in furtherance of the objectives of the Charity. Unrestricted income expendable endowmerbt fvnds include a revaluation reserve representing the restatement of investment assets at market rates due to the related assets bein8 included in those funds. Restricted experKiable endowmentfunds are wbjttted to restrictions ontheir expenditure imposed by the donor. 1.12 Taxatlon The Charity ￿ a registered Charity ￿ 15 not liable to ithited KinBdcth income tsx ry corporation tax on charitsble activities, 1.13 Employ•• b•nefits The costs of short.term employee benefits are ￿COgniSed as a liability and an expense. unless those costs are required to be recognised as part ofthe cost of stock ￿ fixed assets. The cost of any unused holiday entitlement 15 reco8fbised in the period in which the employee'5 %rvices are received. Termination benefits are recognised immediately as an expense ¥then the ch￿tY ￿ demonstrabty committed to terminate the employtnentofan ￿nploYee or toprovide termination benefits. 1.14 Retlrement Ixnefits Payments to defined contribution retirement lnefit xhemesare th¥8ed as an expense asthey frall due. 52

Notes to the Accounts 2 Critical accounting judgements and key sources ￿ estimation uncertainty In the application of the CharWs accounting ￿)lIcIes. the directors are required to make judgementi estimates and assumptions about the canwng amount of assets and liabilities that are not ￿adI1¥ apparent from other x)ur¢es. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimate& The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to ￿cOUnting estimates are re(ognised in the period in vthich the estimate is revised where the ￿Vision affects only that pod. or in the peri￿ ofthe revision and futuie periLxls Ythere the revisit￿ affects both current future periods. The estimates and assumpti¢)ns which have a significant risk of a materi31 adjustrnent to the carrying amount of assets and liabilities are outlined Ixlow. Crltkal ludK•m•nts- InveStN￿ttt woptrH•s The Charity accounts for investrnent properties in accordance wth FRS 102. Investment propertle5 are measured uslng the revaluation model with movement in valuation reported through the ststernent of financial activities. The Governors use their jud8ement to determine the lair value of the investrnent properties at the rewknn8 date. 3 Income (excluding income from investments) 2023 2022 Equestrian event incor Funetion and exhibition income Shop sales Film Inco￿ Restsurant income Ineomefrom a8ricultUTe Golf club income rimber and wo¢>Jlands income Other income 4.871.941 628,089 468.083 120.621 134,168 78,6 1.261.962 58,061 13.428 271,790 347.347 812.290 91,056 98.887 ID72,944 52,438 538 7.622,201 2,760,718 Viewingfees -Houseand Gardens 857.301 665.901 Donations and wants 177,101 702.905 8,656.603 4,129,524 The total tt4rnover of the 8roup for the year has been derive(l from its principal aC￿VitieS whollyvndertaken in the United Trfjngdom. Included Trmthin donation aThJ grant income is £83.9C(J12022.. £335,6CQI relatin8 tothe repair olthe Lion Bridge. This income is received on the condition that r( s uged for the repair of the Lion Bridge in the 8r¢)unds of Bur8hley House and ha5 all SFfflt at the year end 4 Income from investments 2023 2022 Incomefrom investment property Incomefrom ni￿ra15 Investment ineome from securities Bank deposit interest 1368.876 1.643.455 39,073 1.068 3,302,352 1,596.048 27.885 131 5.052,472 4,927.016 Les& Expenses 11,846.397) 11,576,677) 3.206.075 3J50,339 33

Notes to the Accounts 5 Analysis of totsl expenditure 2(r23 Direct costs ))23 Support 2023 2022 Total Totsl Expenditure on raising furKIs Equestrian went expenditure Expenditure investment properties House showing expenditure Timber and woodland expenses )If Club expeThliture 3.946,614 1846.397 773.318 299.299 1,321,131 3,946,614 2,424.781 1.015.5&1 393.054 L321,131 639,709 2,057,474 624,589 438,615 1.292,144 578.384 242.242 93.755 8.186.759 914.381 9,101,140 5,052,531 ExPend￿re on charltable actlvltles House showing Maintenance of heiitsge preoerty Donations 1459.446 1768.661 57LK) 457.172 554.034 1,916.618 2,322.695 5.7CO 1,553,415 1.731,446 3.233.807 1.011.206 4.245,013 3,284.861 Total 11.420.566 1.92S.S87 13,346,153 8.337,392 Support costs 2023 2022 Wages salaries Overheads Depreciation Governance costs. audit fee5 1027,968 860,239 866.885 590,209 36,580 33,774 1.925.587 1,490,867 All support costs have teen allocated on the basis ofthe proP￿￿on of direct expenditure. 6 Surplus on current year actlvities 2023 2022 on ¢urrent year artfvltles Is ststed after Ch￿In Depreciation of tangible assets 206,854 173,091 Auditors, remuneration . Audit (Charity £28,5CK)12022: £23.C(K)11 . Taxation compliance services - Other mn-audit ￿rVI￿5 49,8C(J 8,875 31,235 37,8CX) 3,150 3.465 Grant from Natural England Grant from Thejob Retentton Scheme 149,089 526.509 44,473 Thesewere the only ￿ants received from govern1r￿t 9)Ur￿ in the pwi 34

Notes to the Accounts 7 Investment securltles 2023 21y22 Group Quoted invesknents Market value at l February 2022 Additions Disposals (Proceeds: £881,488,10ss'. £14.2821 Unrealised Ilossllgain on investments 1375.112 906,567 1895,7701 I37.7￿) 2.987,781 809,061 1633,6851 211.955 3,348,129 3,375,112 Other urwuoted investments Cash held ondeposlt 11,379 13,348 Market ¥Alue at 31 January 2023- Group 1359.508 3,388,460 Charlty Cost of investment in subsidiaries 48,515 48,515 Value at 31 January 2023 - Charty 3,408.023 3.436,975 Historical cost at 31 JanuJy 2023 2935,033 2,770,896 Quoted Investrnents The quoted Invest￿EntS consist of holdings of equities. boThJs and other managed fijnds a5 selected by Cazenove Capital Mana8ement Limited ￿1n8 their ddeyted authority as set out in the Investment Fl)li¢y on pa8e 24, and lyve been revalued reflect their rnarket splue at 31 January 2023. Subsldlary undertakln85 The ¢05t of investment In subsidiaries represents the cost of ordinary £15hares In the W￿llY owned wb5idiary undertokSn8s, Bur8hley Enterprlses Lirnited. Burghley Horse Trials Limited. BLwghley Land Limited, burghley Barns timited and BPGQimited, all of which are registered in England and Walex The principal activFthes of Bur8hky Enterprise5 timted are theprovi>on of refreshments and the sale of 8oods and services at Burghley House and property trading Ktivitie5. The principal activity of Burghley Horse Trials Limited 15 the management of a four-star rated equestrian event. The principal activity of Burghley Land Limited 15 property The principal activity of Bur8hley Barns Limited i5property thvelopKnenL The principal activity of BPGC Limited 15 a golfdub. Further information is wmmarised in note 22 on pa8e 39. 55

Notes to the Accounts 8 Tangible fixed assets Investment Propetties Freehold Land and Buihlin8S Total Hant and Fixtures At l February 2022 Additions Disposals Surplus on the revaluation of properties 65,7(KJ.737 4,804,145 1516.7041 I￿(1,C￿l) 1.538,382 221,512 175,8841 At 31 January 2023 72.988.178 1.684,010 Depreclatlon Al l February 2022 On disposals Charge for theyear 1,320,780 175,2841 131,854 At 31 January 2023 1.377,350 Net I￿0k value At 31 January 2023 72.988.178 306,600 At 31 January 2022 65,7CQ.737 217.602 Charlty Cost Al l February 2022 Additr'ons Disposals Surplus on the revaluatfon of propertles 65.7TrJ.737 2343,119 11.081,7041 1.139.023 161,153 174,3841 At 31 January 2023 69.962.152 1,225,792 O*pr•¢l8tlon Al l February 2022 On disposals Charge for theyear 1,038,897 174,3841 70,307 At 31 January 2023 1.040.820 Net I￿0k value At 31 January 2023 69.962.152 184,972 At 31 January 2022 65.7(KJ.737 ICQ.126 56

Notes to the Accounts The net carrying Yalue of tsngible fixe(l assets inclth the fillowing in re5pert of assets hdd underfinance lease (Y hSre purchase contract& 2023 2022 Plant and machinery Course improvements Fixture5 3nd fittings 15,286 4.936 577 30,569 9,870 1,152 20,799 41.591 Depreciation charge for the year in resF*d of kased assets 20,792 20.792 9 Investment woperties 2023 2022 Historic cost Revaluation reseNe 35,376,447 37.611.731 31,089,006 34.611.731 Net tx)ok value at 31 January 2023 72.988.178 65.700,737 The Governors ￿Ing their knowledge of the propth FQrtfolio. have irKreased the value of the investment properties at 31 January 2023 ty £3.C(Q.CQ012022.. £4.C(UCCQ irKrease I 57

Notes to the Accounts 10 Heritage assets Burgh House Chattels at probate value Chattels Total Heritsge assets Assets urKler the course of construction mad(et value ounds Group and tharlty Cost As at 31 January 2022 Additions 8,179,286 83,474 3.953.793 284,767 12,417,846 1,382,191 1296,917 At 31 January 2023 1296,917 &262.760 3.953.793 286,567 13,8Q),037 Depreckition As at 31 January 2022 Charge for the year 1.429.365 75,¢XQ 1,429,365 75,000 At 31 January 2023 1.504.365 1,504,365 Net ￿0k value At 31 January 2023 1,296.917 758.395 3.9S3.793 286.567 12,295,672 At 31 January 2022 6.749.921 3.953.793 284.767 10,986,481 In ac¢¢rdance wth the Chartty's a¢countin8 p)li¢y, no value has been included within the financial statements in respe¢t of the freeholds of the public area of Burghley House and Burghley Lake. Recent ¢￿ve10prr￿nt5 to &Jrghley House and grounds are included at cost and and depreciated. TheTrust'5 large cdlection of fineart is made ￿0t many iterrts, includin8 fumiture. paintings, silver, rniniatures, tM)ok5, ceramics, tapestries and jewellery. This collection was acquired ￿ the Earls and Marquesses of Exeter cwer rnany years and is therefore relevent ta the undefstsnding of Burghley House and its history. Th¢Govemors have &cided thaL &ven the lar8e number and diversity of items in the collection. tO8ether with the diffiwlty and wterous cost of estsbli5hing a rnarket value, to include the collection at the probate Kqlue given in October 1981 when it transferred to the Trust by the Executors of the Will of the 6th Marquess of Exeter. House,Brounds and chattels are insured for £326 million. Iterns of fine art and other thattels at Burghley Houseacquired since 2001 are included at market value. The Governors, Follty regardin8 the m3intenarKe, preservation and ￿￿lin8 of the chattels, tO8ether with information on the xce55 8lven to the public 15 Stated on page 8. Five year financial summary of heritsge transartions.. 2023 2022 2021 2020 2019 Bur8hley House& 8rounds. costof *lditions 1,380.391 157.549 131.544 132879 319,744 38

Notes to the Accounts 11 Stocks Grtm 2022 Chartty 2023 Charlty 2022 2023 Showing gjpplies Estate maintenance supplies Livestock Food and teverages Golf equipment Property thvelopment 109.506 L095 97.350 96,891 2.109 75.650 6.187 37.343 5,035,022 1,095 97.350 2.107 75.650 45,498 0,229.472 6.490,465 5.253.202 98,445 77,757 12 Debtors Grtyjp 2023 Gro 2022 Charfty 2023 Charlty 2022 Trade debtors Amounts owed ￿ Sub￿diary undertaknn8S Other &btors Prepayments and accrued income 71014 122.259 53.066 11,583.626 294,728 135,221 30.573 7,636.763 150,261 616,472 28Q224 170,293 151,129 646,991 521531 920,379 12,066,641 8,434,069 13 Creditors: amounts falling due within one year Gro4> 2022 Charfty 2023 Charlty 2022 2023 Trade creditors Taxes and 9xial security costs Other creditors Obligations under finance leases & hire purchase contracts Accruals and deferred irKome 999,451 670.$40 50,337 68.685 772,202 457,734 21,301 68,685 41221 199 14.781 7613 21.510 586.403 590,997 439,130 1,824,753 1,403,475 1,303,398 986,850 59

Notes to the Accounts 14 Creditors: amounts falling due after one year Grf)up 2023 Group 2022 Charfty 2023 Charlty 2022 Bank loans Obligations under finance leases & hire purchase o)ntracts 13,71J).(IxJ 8.3Crf),( 13,7(KI,(KK) 8,3W,CIX) 14.871 13,7CO.¢JKJ 8.314,871 13,71K).C 8.3CO,(XX) The Charity twofixed temi loans with Hoa￿ & Co. One of £6,5W,(XK)Is ￿payOble between 2031 and 2036, a second of £2,250,(XK) is repayable in 2033 -security Fos been provided in the form of a fixed tharge over ￿rtain assets ofthe Charity. The Charity has a revdving credit facility a fixed term loan of£4.950.C((Jwith Nah%st Bank repayable in 2026. Securitv has been prowded in the form of a fixed thar8e over certain assets of the Charity. IS Flnance lease obligatlon5 - Hlre purchase 2023 2022 Future minimum lease F￿yMentS due under finance leas Within one year In tw¢ to five years 14.781 21,510 14.781 14.781 36,291 Finance lease ￿Yments represent fi￿nthlY payments by BPGC Limited for certsin items of plant )d machinery. The leases include purchase ￿ti¢)n$ at the end ofthe lease Feried. and no restrittions ale F4xed on the use of the assets. The average lease term is I years. AJI leases are ona fixed repayment basis and no¥￿3n¥ements have teen entered into for contingent rentsl FOyment& 16 Penslon costs The Charity ¢¥erates a defined contribLrtion pengon stheme. The assets of the Sche￿ are held separately from th¢xe of the Charity in an independently adrninistered furKI.The penon ¢ost¢harge reprents Contributions Foyable by the Charity tothe fund and amounted to£308,87012022: É327,3651. 40

Notes to the Accounts 17 Unrestricted income and expendable endowment ￿ndS Group 2023 Group 2022 Charfty 2023 Charlty 2022 Unrestrtcted Income fvnd lance bn)ught forw¥d at IFe￿ 3r22 Surplus for the year Transfer to the Unrestricted exwndable endowment ftjnd 543.059 526.146 15.571.890) 721,090 2.109,760 467,887 15,027,531) 1,683,433 15.77&5671 5.393,949 15.707,9211 5,453,858 BaLance carried fcwwd at 31Jatwry 2023 14.709.362) 543.059 13.1302741 2,109,760 UnreSt￿e￿d expendable endovnnert fund BaLince broU￿t foNJd at IFeLYu¥y X)22 Loss for theyear Loss on disposal of property and investments Revaluadon of investment property Unrealised 8ain/llossl on investment revaluation Tr3nsfer fromlltol the Unrestricted Income fund 78.973,678 1156.0641 80.1￿,833 2.818 78,973,678 185.4181 80.160,833 62,727 114,2821 17.9791 4.COJ.CQ) 114,2821 3£(i).Ll 17,9791 4.￿Q,Q￿)0 137,7801 211,955 137,78nl 211,955 5,778.567 15.393.949) 5,707.921 15,453,858> BaLarKe cathed fcThxd at 31Jar4ry 20rJ 87.544.119 78.973.678 87,544.119 78.973,678 Realised element of unrestricted expendable endowment fund Unreali5ed 83in5 on investment properties Unrealised gain on investment securities 50.246.214 36.414,455 883.450 44.637.993 33.414,455 921,23) 50.246.214 36,414.455 883,450 44.637,993 33.414,455 921,230 Babnce ¢arried fm¥d at 31Jar¥Jary 20ZJ 87.544.119 78.973.678 87,544.119 78.973,678 Unrestricted income and un￿$t￿Cted expendable endowmentfunds are b)th available for tharitsble purposes, and the distinction is historical, merely to record the allocation of incorr* and movementson income and expendable endowmentfund 18 Restrlcted expendable endowment fund l February 2022 31 January 2023 Income Expenditrjre Brewhouse fund Garden of Surprises futKI L079.7 24,3C() 1079,700 19,540 4,760 1.104.C 4.760 1.099,240 The Brewhouse fund consists prinapally of rr￿leS received from the Heritage Lottery Fund towards the project to convert the Brewhouse at Burghley into a visitor attraction. The related expenditure amounting to £2.606,442, has been capitali5ed as a heritage asset b￿nE an improvement to BUrgh￿Y House and Grounds. The Garden of Surprises fund consists principally of monies recaved from dor￿r$ towards the project to create a) Elizabethan trick 8arden at Burghley as a visitor attraction. The related expenditure amunting to £1.319.345 has been tapitslised as being an improvement to Burghley House aThJ Ground 41

Notes to the Accounts 19 Analysis of assets between funds 2023 Unrestricted Income fvnd 2023 Unrestricted expendable endowment 2023 Restricted expendable endowment 2023 Totsl 2022 Total Fund balances at 31 January 2023 are represented lry.. Invtttment *curities Tangible fixed assets Intangible assets Herita8e assets Investment properties Net ajrrent Iliabilitiesl Creditor5 due between 2 and 5 year5 1359.YJ9 3,359.509 .659 3.388,460 217,602 306.659 11.196.432 72.988.178 1,099.240 12,295.672 72,988.178 &683,979 10.988,481 65.7(x).737 8.640,238 8.683.979 113,7CQ.tXQI 113,70J.C(Ksl 18,314.7811 14,709,362) 87.544,119 1.099240 83,933,997 80.620,737 20A Reconclllatlon of operatlng deficft to net cash oufflow from operatlng actlvltles 2023 2022 Net income/leypenditurel for the reporting ￿riOd las per the statement of financial a¢tivitiesl Depreciation Amortisation Losses/lGainslon Investments Dividends. interest and rents from investments Loss on the sale of fixed assets Ilncreasel/decrea5e in stocks Decreasellincreasel in debto Increase/ldecreasel in creditors 313,262 206,853 4.923,124 174,447 211,426 14,203.9761 13,350.3391 4,158 44,222 1363,3971 205,368 52.061 13,206.0751 11.8001 11,237,263) 396.848 428.C(15 Net cash (used inllprovided by cperatin8 Ktivitie5 13,048,109) 12,354.967) 20B Analysls of net debt 31January 2022 31 January 2023 cash flow Cash in ha￿1 Notice deposits 3870.132 13a48 1375,3961 11,9681 3.494,736 11,380 3083.480 1377,3641 3,506,116 Bank borrowtn8 the in less than t)neyear Bank borrowing the in more than one year 18,3W.C(X)) 15,4(fJ.CCQI (l3,7￿,C￿l 14.416.520)) 15,777.3641 110,193,884) 42

Notes to the Accounts 21 Governors and employees Grnup 2023 Number Group 2022 Number Ch¥lty 2023 Number Charfty 2022 Number The nUM￿r ofGovernors who served the Group the Companydurin8 the year was.. io io io The average monthly number of pe￿On$ employed by the Group ￿ thecomp during theyear was- Office and mana8ement House showin8 Maintenance and forestry Equestrian event Golf Club 29 56 18 35 55 16 29 47 18 25 153 136 106 94 Employment costs Wages and salaries Social security costs Other Fension tosts (note 17) 3,320.405 290.8￿3 3Ce.870 3.139.575 271,396 327,365 2,530. 224,249 264,067 2.224.634 199,252 257,159 3,920.078 3,738,336 3,018.625 2.681,1)45 The numberotemployees wh¢)seemc4uments, as defined for taxation p￿r[￿seS. amounted toover £60.Cth In the year was4 in the range £60.ClXlto £70.￿￿12022 . NIL). l in the ran8e £70.Cm to £80.(￿l2022 - 11, NIL in the rafige £90.¢X￿tQ £IOO,OW12022- 11, 2in the range £I10,C￿. £120.CWI2022- 11 and l in the ran8e £140,CW- £1S0,IXQ12021- 21. Totsl remuneration of kev Fersonnel INas £689.55212022: £580.3991. Total employer's pEnsion contribution5 for key Fersonnel v45 £112,40812022.. £112.4081. No rernuneradon was paid to ￿yGovernor in the year. Travelling accl>mmc￿a￿0n expenses of £1,259 were reimbursts to four Governors in the year12022: £737to Governors). 22 Subsldiary companles Burghley Enterprlses Umlted - Company number 02332264 The turnover of Burghley Enterprises Umited amounted to £1,494,36612022.. £1,622.397), the net profit arisin8 of £575.43812022.. £999.1501 is OJe to ￿ paid under Gift Aid tr) Burghley House Preservation Tfust knmited. [￿rIng the year the parent company char8ed £39,CUI in rent12022.. £39.(xx)I. The resu￿5 of Bur8hley Errterprises ￿mited for the year ended 31 January 2023 are bdow. Audited accounts are filed wth the Re8istrar of Companies. 2023 2022 Tumover (ther income Cost of sales expenses 1,494,366 1918,9281 1,622,397 1623,2411 Profit for the year 575,438 999,156 shareholde￿ funds 48,514 48,514 43

Notes to the Accounts 22 Subsidiary companies (continued) Burghley Horse Trials Limited - Company nwnber 07087188 The turnover of Burghley HofseTrials Limited amwnted to£4071,94112022- £75,￿31, a net profit arising of £447,55512022: loss of£696.1941. During the year the parent compary charged £131.552 in rent12022.. £124,278). The results of Burghley Horse Tria15 knmited for the year eThJed 31January ￿￿23 e shoM) below. Audited accounts are filed with the Re8istrar of Companies. 2023 2022 Turnover (th￿ income Cost of sales and expenses 4.871.943 14,424,380) 75,603 1771,7971 Profit for the year 447,557 1696,1941 Shareholders funds BPGC Llmlted - Company number 12CK15973 The turnover of BPGC knrnited anounted to £1283,81312022: £1.119.9311, ￿ the net1055 arising of£70,10612022.. £184,448). During the year the parent csimpany charged £NIL in rent (2022.. £NILI. The results of BPGC Limf(ed for the period ended 31 January XJ23 are shown below. Audited a¢¢ounts are filed with the Re8istrar of Compans. 2023 2022 Turnover )d Lhef income Cts5t of sales and expenses 1283.813 11,353,919) 1,119,931 11.304,3791 Profitl (Lossl for theyear 170,1061 1184,4481 Shareholders funds Burghley Land Umlted - Company number 08601360 The income of Burghley Land Limited amountcd to £Nil12022.. £NILI. and there wasa loss of £7,590in the Year(2￿22.. £NILI. The parent company charged £Nil in rent (2022.. £NILI. Inter-8roup interest of £273.623 was eliminated on consolidation. Audited accounts are filed with the Registrar of compan￿5. Burghley Barns Umlted - Company number 08601372 The income of Burghley Land Limited amountgj to £Nil12022.. £NIU. and there wasa loss of £123,623 in the year12022.. £NILI. The pa￿nt company tharged £Nil in rart12(Y22.. £NIL). Audited accounts are filed with the Re8istrar of Companie 44

Notes to the Accounts 23 Related party transactions Fdlowing the Charity Commissioners, zereemenL Burghley House Preservation Trust timited the Trustees of the 6th Marquess of Exeter Wll Trust are sharing income and expenditure in relation to the showing of Burghley House in a prOpO￿On b3sed on their respective ownership5 of Bur8hley House. Relative to the Deed ofApportionment *reed with the Trustees of the 6th ￿rques5 of Exeter Wll Trust, they were charged £19,45012022- £19,450) for management maintenance services. The amount owed to the CoM￿nY in respert of these services at 31 January 2023 w3s£NIL12022.. £NILI. Rental income amounting to £13.5(L)12022: £13.%K)I was received from The Tnjstees of the 6th v￿rq￿s$ of Exeter Wll Trust during the year. No amounts weredueat 31 January 202312022- £Nill. TheTrustees of the 6th Marquess of Exeter are aso due to recerve£44.022as a licence feefrom &Jr8hley Horse Tria15 mited12022.. £NIL) the amount outstsNlin8 at 31 janu￿ 2023 amounted to£NIL12022.. £NIU. 24 Capltal commltments At 31 January 2023 The Charity IBd ¢￿tracted capitsl expenditure to completeworks to a newadventure play8round a new car park, these commitments were estimated to be£l.5 Millic￿ 12022.. £NIL). 25 Contlngent IlabSlltle s A grant has been received from the Football Foundatlon to be used on the C¢MStnKtton of facilifjes for a local football clu&hould the terms and conditions of the grant not te adhered to within a specified Feriod ￿ element of the grant may ￿ repayable. The Governors expect the terms and conditions to be adhered to 2nd therefore believe no further th'sclowre is nece￿arY in these financial statement5. Ale8al thar8e ha5 been 8ranted in relation thefeto. 45

Notes to the Accounts 27 Comparative infomiation Consolidated Statement of Financial Activitie s Incorporating the Income and expenditure account for the year ended 31 January 2022 2022 2022 2022 Uniestricted Unrestricted Rettricted Income Expendable Expendable Endowment Endowment 2022 Totsl Notes IrKome and endowmnts from.. Donations and ￿antS Other tradin8 activities Income from investments Income from tharltsble actfvltles 511.996 2.7tQ.718 4.927,016 665.901 190.909 702.905 2,760.718 4,927.016 665.901 Totsl Income and endowments 865,631 19Q909 9,056.540 Expendlknre tx: Expenditure on ralslng funds Expenditure on charitable actiwties Othei expenditure 4,977,576 3.166.965 74,955 113,136 5,052,531 4,760 3,284.861 Totsl experKllture 5 &244.$41 IW091 4.760 8.337.392 Net plnslllossesl on Inv•st 18 4.203.976 4.203.976 Net kncomellexpendlturel 721,09) 4,206,794 14.7eOI 4,923.124 Transfers between funds 18 5.393.949 15,393.9491 Net Movement In Funds &IIS,039 11.187.IS51 14,7601 4,923.124 Balance brought forward 15571,9801 8Q160,833 1,108.700 75.697,613 Balance carrfed forward 18.19 $43,059 71973,678 I,104,￿0 ￿.020,737 46

Notes to the Accounts 27 Comparative infomlation (continued) Analysls of totsl expendtture 22 Direct 2022 Support costs 2022 Total Expendlture on ralsln8 knnds Equestrian event expenditure Eypenditure on investment propertie5 House showing eypenditure rimber and woodland expenses Golf Club expe￿Ilture 639.709 L576,677 478,633 336,118 1,292.144 639,709 2,Q57,474 624,589 438,615 1.292.144 480,797 145,956 102.497 4.323,281 729,250 5,052,531 Expendhure on ¢h•rltable a¢tlvltles House showing MaintenaA¢e of herits8e property L190,408 L326,836 363,(K)7 404,610 1,553.415 1,731.446 2.517,244 767,617 3,284,861 Total 6A40.525 1.496.867 8.337.392 Restrfcted expendable endowment fvnd l February 2021 31 January 2022 Income Expenditure Brewhouse fund Garden of Surprises fund 1079,7CO 29,0 I079.7C#J 24,3 4.760 1.108,7t 4,700 1,104,W) Analysis of assets between funds Unrestricted income fund Unrestricted expendable endowment Restricted expendable endowrnent Totsl Fund balances at 31 January 2022 are represented lry.. Investment securities Tangible fixed assets Intan81b￿ assets Heritsge assets Investment properties Net ojrrent Iliabilitie51 Creditors due betsveen 2and 5 years 3,388.460 3.388.460 217,602 217.¢5￿2 9.884.481 65.7(K),737 1.104, 10,988.481 65,700,737 8,t540.238 8.640,238 18,314.7811 18.314.781> 543.059 78.973,678 I,1(￿.C(M} 80,620.737 47

Governors

The Hon Edward Leigh-Pemberton (Chairman) Mr J C S Chenevix-Trench Mr E G Clive Sir Giles Floyd Bt Mr E M Harley OBE Mrs Cressida Hogg CBE Mr W A Oswald Mr W H M Parente Mr S J Richmond-Watson Mr B T J Stevens

Key personnel

Executive Chair Chief Executive Head of HR Director of Commercial Visitor Operations Finance Director & Company Secretary Head of Land and Property Director of the Burghley Horse Trials

Company Number

Charity Number

Mrs M Rock Mr D J Pennell Mrs J Evans Mr P J Gompterz Mr J E P Fitch Esq Mr J Tusting Esq Mr M Johnson Esq

951524 (England and Wales)

258489

Registered office

61 St Martins Stamford Lincolnshire PE9 2LQ

Solicitors

Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH

Bankers National Westminster Bank plc Cathedral Square Peterborough Cambridgeshire PE1 1XH

Investment Advisors

Cazenove Capital Management Limited 1 London Wall Place London EC2Y 5AU

Independent Auditors Saffery Champness 71 Queen Victoria Street London EC4V 4BE

48