**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_ 

6 



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. 

7 



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. 

8 



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)._ 


9 




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


_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)._ 


10 



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._ 

11 



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. 

12 



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. 



13 



## **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. 


14 



## 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. 

15 



## 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. 

16 



## 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
6*789
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
4,7*10 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￿$vernC*S 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 r*arest £.
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 exF*rtation 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 Ikvelopn*nt 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 oftr*le 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 inwaim*nt 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¢7bifii*es
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 c*her ￿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 l*nefit 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 pen*on ¢ost¢harge repre*nts 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 fc*wwd 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 31Jar*4ry 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 Compan*s.
2023
2022
Turnover *)d L*hef 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