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2024-01-31-accounts

Annual Report 2024

Burghley House Preservation Trust

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Contents

Foreword

Review of the year Independent Auditors' Report Consolidated Statement of Financial Activities Balance Sheets (Group and Charity) Consolidated Cash Flow Statement Notes to the Accounts

Legal and Administrative Details

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Foreward

This year has been marked by the most significant change for visitors to Burghley for over a decade. After considerable investment, planning and preparation, the creation of a new car park and introduction of our new adventure playground ‘Hide and Secrets’ have both been a terrific success. We saw an 86% increase to our visitor numbers, largely comprised of young families who were new to Burghley and this has been immensely rewarding to us all. This new audience has brought a fresh energy and a different level of engagement with both the gardens and the house and their enjoyment of Burghley is great to see.

The restoration of Capability Brown’s historic parkland is now completed after the removal of the old car park and once again the ancient lime avenues planted by London and Cook in the 17th Century, that form the magnificent entrance to the park, can be enjoyed without interruption.

Across the Estate this has been a period marked by unwavering commitment to our core charitable objectives: the preservation and showing of Burghley House and its works of art, education, and the sustainable stewardship of our historic landscape.

In a world where heritage sites face increasing pressures, Burghley is adapting and is resilient. The investments made by the Trust in enhancing the visitor experience and our plans for the forthcoming year are a reflection of the Trust's dedication to the future of Burghley and its preservation for future generations.This magnificent estate, with its rich history and architectural splendour, continues to be a vital cultural asset. From meticulous restoration projects to routine maintenance, our team has worked tirelessly to uphold the integrity and grandeur of this iconic structure.

Equally important is our commitment to education. Burghley offers a huge scope of potential for learning in all areas of expertise and activity across the Estate. Accordingly, this year, we have expanded our educational programs, providing enriching experiences for visitors of all ages and will continue to do so. Through guided tours, educational workshops, and a carefully designed schools’ programme, we have fostered a deeper understanding and appreciation of Burghley House and its historical context. Our collaborations with local schools have been particularly fruitful, offering students hands-on learning opportunities to ignite their passion for history and heritage.

Sustainability remains at the heart of our landscape management practices. The beautiful countryside surrounding Burghley is more than just a backdrop; it is a living testament to centuries of careful stewardship. This year, we have implemented several initiatives aimed at enhancing biodiversity, reducing our carbon footprint, and promoting ecological balance. Our efforts to integrate traditional landscape management techniques with modern sustainable practices underscore our commitment to protecting this precious environment for future generations.

Reflecting on the achievements of the past year, we are reminded that the preservation of Burghley is not merely an act of safeguarding the past, but a proactive investment in the future. This has been achieved through the unwavering commitment of our dedicated team of staff and volunteers and enormous thanks go to them.

Looking ahead, we are inspired by the possibilities that lie before us in expanding commercial opportunities that will enable the Estate to adapt to challenges in the future. This year we hope to see the fruition of plans that have been years in the making while staying true to the vision of those who have endowed the Estate over preceding generations.

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The Visitor Experience
The Visitor Experience
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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 18th March through to 29th October 2023. 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.

The Governors invested in two major additions to the visitor experience during 2023; a new adventure playground called ‘Hide & Secrets’ and a new visitor car park, which now provides hard standing for up to 360 vehicles. Both opened in time for the Early May Bank Holiday weekend and had an immediate impact on visitor numbers. 154,827 people visited Burghley House and Gardens throughout the year, up from 83,407 in 2022, an increase of 86%. As a result, the overall income generated through admissions rose by approximately 66%.

Visitor numbers to the House, Gardens and adventure playground do not include the many more people who attend 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.

Image above: The Hidden Towers, Hide & Secrets Adventure Play

The increased footfall benefitted secondary spend. Retail turnover in Burghley’s shops experienced a 16% increase over the year, assisted by a busy build up to Christmas, especially during the Christmas Fair, which attracted over 25,000 people when it was staged over four days in late November. Catering turnover also substantially increased by 40%, aided by a new refreshment kiosk in the adventure playground and a mobile Citroen H-Van catering unit.

A number of new events were introduced during the year, including Stargazing evenings, ‘Fire and Wild’ gourmet catering under canvas in remote locations in the Park, Opera evenings in the private gardens and two nights of Silent Discos held in the Stable Courtyard, which immediately sold out as tickets went on sale.

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Events staged in Burghley Park continue to attract large audiences throughout the year. 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. The summer concerts were also well attended. Approximately 5,500 people enjoyed the ‘Battle Proms’ in July and a few weeks later, the ‘Classic Ibiza’ concert sold out with a capacity audience of 8,000 people.

The final series of ‘The Crown’ was filmed at Burghley from January through to March 2023 which was aired on Netflix in the Autumn. The production has provided welcome, regular income since 2019 and will be missed in the future.

Image above: Family enjoying Classic Ibiza at Burghley 2023

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

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

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

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

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

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

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

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A mysterious excavation - Burghley Collection

The discovery of a Roman sculpture of a female head, found buried in a field by a digger driver during construction of the new carpark, followed by the finding of the associated 18th century bust buried nearby, attracted worldwide interest, providing a useful amount of publicity at the start of our season in March. Both the head and the bust have been sensitively conserved, reunited and are now on display to visitors.

Image right: 1,800-year-old Roman Bust after conservation in the Hell Staircase

Image above: Greg the digger driver moments after he discovered the Roman Bust

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Image above: Venus with the Apple, 19th Century statue

Venus with the Apple - Burghley Collection

This early 19th C statue was bought by the 2nd Marquess in 1840, together with three similar figures, all after Thorvaldsen. Venus was displayed in a remote part of the garden and suffered considerable damage from weather and vandalism. The statue was found some time ago, having been hidden for years, lying at the back of a store-shed. The marble surface is badly weathered, a hand and foot missing and clumsy amateur repairs using cement have been made.

After being cleaned and stabilised, the piece is now with a sculptor who is carving replacements for the missing sections. We expect her to return, if not quite returned to her original beauty at least glamorous enough to be displayed inside, later this year.

Lady Betty Chaplin - Burghley Collection

Another remarkable discovery was made by Orlando and Miranda Rock whilst visiting a local auctioneer’s showroom. Seemingly unremarked amongst the usual plethora of paintings and prints was a fine pastel portrait of a lady. Whilst the frame carried a clear label identifying the lady as a daughter of the 8th Earl of Exeter, no one had thought to mention this to anyone at Burghley. We were fortunate to be able to bid and buy the portrait for a very reasonable sum.

The portrait is of Lady Elizabeth Chaplin, beautifully drawn in pastel by John Russell R.A. in 1791. She was affectionately known to the family as Lady Betty and was a great favourite of her brother, Brownlow 9th Earl, who entrusted her with the care of Burghley whist he travelled in Italy in 1768. In a notebook of detailed instructions to his sister the Earl wrote, “Lady Betty is to visit Burghley often—unannounced.”

Image below: The portrait of Lady Betty Chaplin by John Russell, 1791

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Horse trials took place in late August/early September with fantastic weather! 2023 brought about challenges post the covid pandemic and a cost-of-living crisis. In still uncertain times and with inflation still high at the start of the year, some of our contractor costs remained higher than expected.

Another great edition from the sport side took place in 2023. Now in his second year as course designer Derek di Grazia produced a great track and a very worthy winner prevailed, Oliver Townend and a now twotime winning horse Ballagmor Class. It was a one, two, three for the Brits which always goes down with the home crowd!

A big focus for us in 2023 has been the development of the onsite fan experience. Increased big screens including in the Main Arena above the West Grandstand, new scoring system, a dedicated onsite production team for the main arena, fan zones and increased Main Arena action with our Masterclasses and displays.

We recognise in the ever-increasing world of digital content that we must continue to engage our onsite audience. It is also important that we provide enough content.

Image above: Oliver Townend, Winner of the Defender Burghley Horse Trials 2023

There has been real progress made in key areas over the course of 2023 as we move into the next phase of development at horse trials. Digital is a key focus for us, and Burghley has made a substantial investment into permanent connectivity infrastructure through the park with Phase 1 seeing secure and working connectivity at all access gates. This investment will pay back by 2027 bringing down some of our temporary overlay costs and vastly improving the visitor experience.

We tested a potential Phase 2 during this year’s event with a temporary solution providing connectivity to all of our outside exhibitors. Whilst there are still tweaks to be made, it broadly worked well and meant each exhibitor had the ability to take cashless payments without relying on mobile connectivity. Phase 1 sat alongside another big project that was rolled out in 2023; e-ticketing. This worked really well and meant a much smoother entry to the site for our visitors. We also had a new box office provider this year in TICKETsrv, who were excellent on the operational side of the box office web site, and very prompt in dealing with any queries or issues that arised. The website itself (built and provided by TICKETsrv) proved to be user friendly, intuitive, and well received by customers on the whole.

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E-ticketing proved to be a huge success with traffic flow greatly improved and customers reporting minimal queuing times and a very easy journey into the car parks due to the speed and efficiency of the e-ticket scanning process. Whilst there will always be customers within our demographic that don’t have the ability to use e-tickets on mobile devices, the introduction of e-ticketing for public car passes and admissions was very well received by our audience.

Now in year two of Burghley TV we built on the success of year one, with high quality, creative and most importantly reliable content produced again by Ye-Ha Productions. The subscriber base grew 44% from just over 13,000 subscribers in 2022 to 18,667 in 2023 and was broadcast worldwide to 113 countries. The scope for developing this service is vast; with opportunities to push the service to mobile apps, further production of year-round content and expansions and further improvement of the on-event offering, all in consideration.

Maintaining a fresh and appealing experience for our guests is paramount. In general, our exhibitors have reported reasonable sales and a bustling weekend, which is certainly encouraging particularly in the current economic climate. However, it's important to recognise that participating in our event entails substantial costs for them. Expenses like labour rates, transportation, accommodation, and electrical requirements all add to the overall investment beyond the site fee. It is becoming increasingly challenging to secure highquality stands, and this challenge is further compounded by the fact that pavilion holders and ourselves are, in many cases, competing for the same pool of exhibitors.

Avenue H traditionally posed challenges, given its horseshoe shape and location at the lower end of the showground. Efforts were made to enhance this area by installing a garden, a bar, occasional seating and renaming it the 'Lime Avenue.' As we continue to develop the event it is important that we invest in the look and feel, customer experience and delivery of horse trials to ensure we continue to move forward and provide for our audience of today and the future.

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Image right: Sporting action against
Burghley House and Lion Bridge
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Looking to the future Objectives for 2024/25

The General object of the Trust is the advancement of historic and aesthetic education and for the purpose of carrying out that general object the primary objects of the Trust are in particular:

A) To preserve as national monuments buildings of national historic or architectural or artistic interest and importance and to protect and improve the amenities of such buildings and their surroundings.

To continue to repair, restore and conserve the fabric of the buildings at Burghley. 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 in the Stable Yard. In addition, this year urgent repair work will be carried out on the Clock Tower, where water ingress has caused damage to the oak frame that hold the bells in place. The tower stands at almost 25m above the central Courtyard of the House, so access has not been without its challenges. Working closely with heritage architects, specialist bell conservators, our in-house joiners and masonry teams, alongside some nimble scaffolders, we have begun to map out the conservation and repair works required, aiming to complete the project over the summer months.

B) To preserve for the benefit of the nation and as an adjunct to any such buildings as aforesaid furniture, pictures and other chattels of national historic or artistic interest.

To continue to repair, restore and conserve the collections of important works of art and furniture and historic interior decorations. We will continue to do research and publish discoveries relating to all areas of the collections and history of the house. Also to constantly monitor the condition of all works of art and undertake conservation projects whenever necessary. We will continue to progress the on-going project of detailed photography of interiors and works of art in the house, both as an historic record and to make more images of works of art publicly available on-line through our website.

This year we are showing an exhibition in the Treasury of works of art from the collection that are not normally available to our visitors. ‘Treasures from the East’ includes items bought by the family made of semi-precious stones, lacquer, porcelain and precious metals. Some items have been on show in the State Rooms which form part of the House tour, but aren’t always noticed, some are normally stored in the archive because of their vulnerability. The Treasury Exhibition offers a chance to view individual items up close and learn more about each one.

C) To conserve, restore and improve for the benefit of the nation the natural environment of property held by the Trust and to promote ecologically sustainable practices in estate management thereon. To be mindful of our responsibility to protect our natural environment and to create a more sustainable Estate.

The last year has focused more keenly on our farms and landscape strategy, helping to support the good work that has already been achieved across the Estate. We have evolved our thinking into three main strands; the management of Burghley Park, sustainable farming, and landscape recovery. In Burghley Park for example, detailed surveys have been undertaken across the grasslands, establishing species baselines and enabling us to plot our way towards a more sympathetically managed and bio-diverse parkland.

Our increased emphasis on sustainable farming, through our four key pillars of soil health, farm profitability, food production and making space for nature, has already bred some exciting changes; we are seeing more acres than ever under environmental stewardship schemes, a greater integration of livestock into arable systems and increased trialling of low input crop production. We have worked more closely with some of our

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tenant farmers to achieve this, measuring change along the way to understand more keenly what is and is not working.

Through our landscape strategy, we have been able to progress our thinking on some key environmental projects and map out where we need to make changes to best effect a positive impact. We are working with two neighbouring Estates to submit a bid for Landscape Recovery funding under Defra’s environmental land management scheme. We are aiming to submit our bid into the competitive process in the Autumn. Our focus is on the creation of a large-scale farming patchwork, with limestone grasslands and woodland interwoven into a productive food producing landscape – an often overlooked, but important representation of huge swathes of rural England.

Building on the success of our woodland countryside stewardship scheme, we have begun talks with Natural England to restore an area of approximately 55 acres of land to wood pasture, linking several ancient semi-natural woodlands long the hillside above the River Welland.

D) To facilitate and encourage the access to and the study and appreciation of such buildings, grounds, furniture, pictures and chattels as aforesaid by the general public.

As a result of the successful launch of the adventure playground ‘Hide and Secrets’ in the Spring of 2023, we enjoyed a significant increase to our overall visitor numbers. This year we hope to build on this by increasing engagement with new family audiences and attract more of our young visitors into the house. We will do this by promoting the ‘Beastly Boring Burghley’ tours on social media and adapting our engagement with our visitors to suit a younger audience.

To aim to continue to attract new audiences and provide wide-ranging opportunities to enjoy both the house and parkland. To do this we have diversified our event offerings and enhanced our established events. Notable additions to our calendar include the Burghley Multi-Sport Weekend and a Dog Festival. We have also introduced a new workshop program supporting the 2024 treasury exhibition 'Treasures of the East,' where visitors can learn about the ancient arts of Kintsugi, Ikebana, Japanese ink painting, and the history and practice of tea ceremonies from a Japanese tea master.

Our Christmas Fair is evolving, not necessarily in size but in the quality of the visitor experience and this is in response to customer feedback. Enhancements include improved accessibility, afternoon teas in the Great Hall, and more investment in decorations and entertainment. Additionally, we will be using the Christmas Fair site for three winter-themed indoor silent disco events. Two of these will be for adults, and one will be a family-friendly silent disco. By taking these events in-house and collaborating directly with the production team, we aim to maximise profitability.

EDUCATION – Engage, Enhance, Enrich.

To offer a wide variety of educational opportunities - the education team has continued to offer a broad program of events to visiting school children this year. Our most popular visits continue to be Tudor themed House tours and workshops for primary school children. We continue to offer ‘Teacher-in-role’ sessions with famous and notable figures and characters from the past such as; King Henry VIII, William Cecil and Dr Mort.

Our Victorian themed visits are ever popular as children learn about the hierarchy of Victorian servants and the rigours of their lives. The children enter into the experiences of the servants in the practical workshops where they fold bed sheets, clean shoes and lay the table adhering to Victorian standards. They enjoy identifying and discussing the purpose of Victorian artefacts in our ‘Handling sessions’ and compare the period with the contemporary; a thrilling way of bringing history to life.

KS3 and 4 visits are building and our presentations on Elizabethan England are well-received. Travel and Tourism groups have also been popular utilising input from our Marketing team.

In the gardens, sculpture workshops continue to be popular. Our wire workshop, in which children design and create their own dragon fly and our clay tablet workshop enable children to explore and appreciate how the natural environment can be used to inspire Art. Our Environment themed workshops are picking up pace being

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both topical and informative, Green Plants is a clear favourite in summer along with hunting for mini beasts.

All our workshops are displayed on our website which this year has had a review and revamp for Key Stages 3 and 4 and Post 16. Later this year we plan to complete a review of KS1 and 2.

‘Beastly Boring Burghley’ tours run throughout the open season during the school holidays enabling families to enjoy the exhibits and collections and learn about some of the key characters and events in the history of the House. Also popular with family groups are our well attended Holiday Craft Workshops. New for 2024 is our ‘Grubby Gardens’ Summer workshops offering three glorious weeks of planned activities for families. Each day follows a different theme, and each can be booked online with a variety of pre-paid and free workshops.

The Education team have expanded this year to a team of nine variable hours staff, all bringing their own interests and expertise to Burghley. The team is still lead by Rachel Starmer and Lynne Denham. The vision is to develop our provision and broaden our appeal particularly into EYFS and Post 16 education but continuing to build on Primary and Secondary themes.

This year making greater use of the Gardens and Outdoors is a focus with the newly purchased Stretch Tent which will be a semi-permanent fixture in the Gardens during the Open season. This will facilitate greater use of the Gardens and provide shelter for both workshops and from any inclement weather. It is hoped it will also lead to the further development of outdoor learning with the creation of new workshops to fully utilise the new space.

Our enduring aim in Education is to provide the highest quality of educational provision for all children and to inspire a love and appreciation of their cultural heritage at Burghley. In the future as we continue to build our audience, programmes and capacity we hope to expand the physical provision by developing new teaching spaces.

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Achievements and performance

The year ended 31 January 2024 was a successful year for the Trust financially speaking. It also saw the opening of the new car park and the adventure playground, Hide and Secrets.

Following an investment of £2.8 million there is now a revitalised gardens attraction and a much larger car park to accommodate higher visitor numbers and which will enable Burghley to host functions and events during the wetter parts of the year.

Governors continued to invest in the planning application for an urban extension to the North of Stamford. This development gives the Charity the opportunity to re-endow itself and ensure that it has the resources to continue the conservation of Burghley House and Park for many decades to come.

The Trust also continues to invest in a development of mixed use and commercial units on the Barnack Road which will improve its commercial property portfolio and improve the approach to Burghley House.

During the year Governors decided to react to increased interest rates by reducing its holding of investment securities and bank borrowings.

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

Income

Income for the year was just over £15 million which was a 9% increase on the previous year. The main reason for this increase was the popularity of the new adventure playground. House and Garden ticket sales were £1.3 million, an increase of some £480k. There were also increases in shop sales and catering income as a result of the increased visitor numbers.

Income generated by the Burghley Horse Trials rose by 10% and Golf Club income 9%. Filming income was also higher.

Income from investments fell during the year, this was a consequence of lower mineral royalties being received. Governors are conscious of the limited life of minerals.

Costs of raising funds

Expenditure on generating funds increased to £10.4 million (2023: £9.1 million) this increase was largely due to the costs associated with the Defender Burghley Horse Trials, overheads to set the event up are growing at a rate above inflation, driven partly due to increased labour costs.

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Cost of charitable activities

Costs associated with the showing of Burghley House and Gardens increased due to the new adventure playground.

Maintenance costs are lower than 2023 due to the significant repairs to Lion Bridge being completed. The level of repairs has returned to a normal annual level of cost.

Surplus for the year

The Trust showed an unrestricted income fund surplus for the year of £917,915 (2023: surplus £526,146), an unrestricted expendable endowment fund surplus of £2,112,722 (2023: surplus £2,971,874) and a restricted expendable endowment fund deficit of £4,760 (2023: deficit £4,760).

The net surplus is £2,947,513 (2023: surplus £2,791,874) 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 £2,000,000 (2023: £3,000,000 increase).

A transfer of £14,045,131 was made from the unrestricted income fund from the unrestricted expendable endowment (2023: £5,778,567 from the unrestricted income fund) in accordance with the reserves policy below.

Burghley Enterprises Limited made a profit for the year of £667,141 (2023: £575,438) 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 Limited, 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 £86,881,510, of which £1,094,480 were restricted expendible endowment funds and £75,611,710 were unrestricted expendible endowment funds. The unrestricted income fund was £10,253,684.

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Investment policy Strategic Report

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 2024, the investment security portfolio generated total revenue of £49,604 (2023: £39,073) and realised and unrealised gain of £25,765 (2023: loss £37,780). The investment property portfolio generated net revenue of £3,024,348(2023: £3,206,075), 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.

Principal risks and uncertainties

Governors have identified areas of potential risk and uncertainty:

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

Governors have put in place a number of measures to manage these risks. There are regular reviews of the condition of Burghley House by a 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 £4,120 (2023 : £5,700).

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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.

Company

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

The Hon Edward Leigh-Pemberton - Chairman

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 Officer of the Charity to brief them on their 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 as 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.

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The Governors’ responsibilities

Strategic Report

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:

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 have 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 LLP 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 the Charity's auditors are aware of that information.

Burghley Enterprises Limited

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

19

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

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

Mr E M Harley (Chairman) Mr E G Clive, Esq (appointed 28 April 2023) Mr S J Richmond-Watson (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:

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

Mr D J Pennell Mr S J Richmond-Watson

Burghley Barns 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 Barns Limited who served during the year was:

Mr D J Pennell Mr S J Richmond-Watson

20

BPGC Limited Strategic Report

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 director of BPGC Limited who served during the year was:

Mr D J Pennell

Mr E G Clive

Dormant wholly owned subsidiary companies

Burghley Stamford North Limited

The directors of this company are:

Mr D J Pennell The Hon Edward Leigh-Pemberton

St Martin’s Park Limited

The director of this company is:

Mr 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

4 July 2024

21

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 Gompertz Mr J E P Fitch Mr J Tusting Mr M Johnson 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 1X

Investment Advisors

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

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

22

Opinion

We have audited the financial statements of Burghley House Preservation Trust Limited for the year ended 31 January 2024 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:

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International 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 the FRC’s Ethical Standard, and we have fulfilled our other 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 Governors’ 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 Governors with respect to going concern are described in the relevant sections of this report.

23

Other information

Strategic Report

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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. 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 appears 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 on the work 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:

Matters on which we are required to report by exception

In the 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:

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.

Responsibilities of Governors

As explained more fully in the Statement of Governors’ Responsibilities set out on page 19, 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 Governors determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

24

In preparing the financial statements, the Governors 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 Strategic Report going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 that 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 through 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 include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

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 partner 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.

25

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial Strategic Report 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 intentional 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 we might state to the parent charitable company’s members 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 and the parent charitable company’s members 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 LLP Chartered Accountants & Statutory Auditors 71 Queen Victoria Street London EC4V 4BE

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

26

Consolidated Statement of Financial Activitie s Incorporatlng the Income and expendlture account for the year ended 31 January 2024 2024 2024 2024 Unrestricted Unrestricted Restricted Income Expendable Expendable Endowment Endowment 2024 Total 2023 Totsl Notes Income and endowments from.. Donations and yants other trading activities Income from investments Income from charitsble activities other income 13,270 8,496,581 5,159,162 1,339,381 1,219 147.809 161,079 8,496,581 5,159,162 1,339,381 1,219 177,101 7,622,201 5,052,472 857,301 Totsl Income and endowments I5,C￿9,613 147,809 15,157,422 13,711,475 Expendlture on: Expenditure on raisin8 funds Expenditure on charitable activities 10,318,039 3.773,659 109,709 272.297 10,427,748 4,760 4,050,716 9,101,140 4,245,013 Totsl expèndlture 5 14.091,698 382,006 4.760 14.478.464 13,34&153 Net galnslllossesl on IbWeStmÉnts 17 2.346.919 2.346.919 2,947.938 Net Incomellexpendlturel 917,915 2,112,722 14,7601 3,025,877 3,313,260 Transfers between funds 17 14,045,131 114,045,1311 Net Movèment In Funds 14,963,046 111,932,409) 14,7601 3,025,877 3,313.260 Balance brou8ht fonNard 14.709.362) 87,544.119 1,099.240 83,933.997 80.620.737 Balan¢e carrled fO￿ard 17,18 10.253,684 75.611.710 1,094.480 86,959.874 83.933.997 The con501idated Statement of financial activities has been prepared on the ba515 that all operations are continuing operations. The note5 on pages 30 to 48 form part of these financial statements. Comparative figures are included in note 26. 27

Balance Sheets as at 31 January 2024 Group 2024 Group 2023 Charlty 2024 Charity 2023 Notes Flxed assets Investment curities Tangible assets Investment properties Heritage assets 1.082516 3,359,508 8.131,030 3,408,023 345,446 306,660 175.5M 184,972 76,156,061 72,988,178 75.779,875 69,962,152 13,667.613 12,295,672 13.667,613 12,295,072 io 91251,636 88,950,018 97.754,062 85.850,819 Current assets Stocks Debtors Cash at bank and in hand li 12 6,829.981 6.490,465 118,CQO 98,445 827,159 523,531 2.609,417 12,066,641 3.797.545 3,494.736 3.283.610 2.560,578 11,454,685 10,508,732 6,011,027 14,725,664 Creditors.. amounts falling due within one year. 13 11,546,447) 11,824,753) 11,114,042) 11,363,398) Net current a55ets 9,908238 8.683,979 4,896,985 13,362,266 Creditors.. amounts fallin8 due after one year.. 14 114,200,CI)01113,700.0(X)1114,20),CO)1 113,700,0(X)I Nèt assets 86.959,874 83.933,997 88,451.047 85.513,085 Funds Unrestrieted Income Fund Unrestricted Expendable Endowment Fund Historic cost . Revaluation reserve Restricted Expendable Endowment Fund 17 10,253,684 14,709.3621 5,162,489 13,130,274) 17 17 18 36.288.040 50,246,214 42.870.498 50.246,214 39.323.670 37,297.905 39.323.580 37,297,905 1,094,480 1,099,240 1,094,480 1,099,240 Totsl Funds 86.959,874 83,933,997 88.451,047 85,513,085 The notes on pages 30 to 48 form part of these financial statements. As ￿rMitted by ￿ction 408 of the Companies Act 2ts)6, the parent Charity's Statement of Financial Activities has not been included in these financia1 ststement5. The parent Charity's total incoming ￿sourceS for the year were £7,486,304 12023.. £6,701,181) which includes a donation of £667,14212023.. £575,438) from f(s wholly owned subsidiary undertaking, Burghley Enterprises Limited. Burghley Horse Trials Limited and BPGC Limited are loss making this year, therefore does not feed into the Charitvs total incoming resources for the year. The net wrplus for the year for the Charity Wds £2,937.9639 12023.. £3,325,6471. The financial ststements were approved for issue by the Governors on 4 July 2024. Edward Leigh-Pemberton- Chairman Governor jonathan Chenevix.Trnth Governor 28 Company Reglstratton No. 951524

Consolidated Cash Flow Statement for the year ended 31 January 2024 2024 2023 Notes Cash flows from operating activltie5: Nel cash provided by (used inl cperating activities 20A 12,878,013) 13,048,1091 Cash flows from Investln8 attlvltles.. Dlvidends, interest and rents from inve5tment5 3,024,348 Proceeds from the sale of property, plant and equipment 2,343,718 Purchase of property, plant and equipment (including capitslised knrrown8 costs) 11,779,8531 Proceeds from sale of investments 2,878,263 Purchase of investments 13,764,8701 3,206,075 519,103 11,603.7011 881,488 15,710,710) Net cash provlded by (used Inl Investlns a￿vItIeS 2,701,6fy) 12.707,7451 Cash flows from flnancln8 acifvltlas: Cashflow from new borrowing Finance leases soo,0 114,7191 5,4W,(KX) 121,5101 Net cash provlded by (used Inl flnanclng actlvldes 485,281 5,378.490 Chanle In osh and cash equlvalents In the reporttn8 perlod 308.868 1377,3641 Cash and osh equlvalents at the beglnnlng of the reportln8 pedod 1506,116 3,883.480 Cash ￿ ¢ash ¢quI￿a￿nts at th¢endofthe r¢portln8 Peklod 3,814.984 3.506,116 Cash in hand Cash held in investment pjrttolio 1797,545 17,439 3,494,736 11,380 Total cash and (ash equlvalents 3,814,984 1506,116 29

Notes to the Accounts l Accounting policies Charlty Informadon Burghley House Preservation Trust is a Charity domiciled and incorporated in England and Wales. The registered office is 61 St Martins, Stsmford, Lincolnshire, PE9 2LQ. The Charity Ibes not have share capitsl, but its liability is limited by the guarantees of its members. Each nEmber has agreed to accept liability of an amount not exceeding £1. should the Charity ￿ wound up. A 31 January 2024 the totsl of such 8uaTantees amountsd to £10. 1.1 Accountlng conventlon These financial statements have ￿en prepared in accordance with Accounting and Reporting ￿ Charities.. Statement ¢ Recommended Practice applicable to tharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (second editionl (Charities SORP IFRS 10211, the Financial Repottin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Compar¢ie5 A£t 2006. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial Statements are rounded to the nearest £. The financial statements have been under the historical cost convention, as modified by the revaluation of investment assets appropriated to the Charity ￿ the Burghley Estste Trust under the Deed of Appropriation dated 6 April 1987 and assets released by the Executors of the Estate of the 6th Marquess of Exeter. The freehold Land and buildings held as investment propertie5 forming the major part of the a55ets appropriated from Burghley Estate Trust and released frorn the Estate of the 6th Marquess of Exeter, have been reflected in the accounts al their market value at 31 January 2024. Investment securities are reflected in the account5 at rnarket value. The principal accountin8 Folicies adopted are ￿t out telow. 1.2 Basls of consolldatton The group financial staternents consolidate the financial statements of the Charlty and its subsSd5aries for the year ended 31 January 2024. The statement of financial activities ISOFAI and the balance sheet consolidate the financial statements on a line by line basis where appropriate. No separate SOFA has been presented for the Charity alone as permitted by Section 408 of th Companies kt 2006. Details concernin8 the subsidiary companies, alon8 Wlth their results and financial position are ￿t out in note 22. In the parent company financial ststements, the eost of a business combination is the fair Vdlue at the acquisition date of the assets given, equity instruments issued 3nd liabilities incurred or assumed, ￿u$ costs di¥eclly attributable to the business combination. The excess of the costs of a business combination over the fair value of the identifiable assets, liabilities contingent liabilities acquired is recognised as goodwill. The costs of the combination includes the estimated amount cé contin8ent consideration that 15 probably and can measured ￿lIablY, and is adjusted for than8es in contingent consideration after the acquisition date. Provisional fair values recognised for ￿sInesS combination in previous periods are adjusted retr05pectively for final fair values determined in the 12 month5followin8 theacqui5ition date. Investments in 5ubsidiarie5, joint ventures and association are accounted for at cost less impairment. 1.3 Goln8 concern At the time ofapproving the financial statements, the governors have a reasonable expectation that the Charity ks adequate resources to continue in operational existence for the foreseeable future. Thus the govemors continue to adopt the 80ing concern basis of a¢countingin preparing the financial 5tstements. 1.4Tanglble flxed assets and depre¢latton al Heritage assets Heritage assets are the tangible assets of the Charity that are of historical importance and are held to advance the preservakn, conseNation and educational objectives of the Charity through public access contribute to the nation's ojlture and education. The House,Brounds and clwttels transferred from the Burghley Estate Trust and urKler theterms ofthewill ofthe 6th Marquess of Exeter, and 5ub5equent development expenditure on these a55ets, are considered to be heritage assets and are integral to Burghley House. Included within improvement5 to ￿rghleY House and grounds are fixture5 and fittings in relation to the Brewhou5e and the Garden of Surprises which are included at cost and depreciated on a straight line basis calculated at an annual rate of 20% 5% respectively. Due to the historic and unique nature of the assets concerned conventional valuation approaches lack sufficient reliability. aa consequencethe improvements to &Jrghley Houseand grounds (excluding fixtures fithn8s in relation to the Brewhouseand Garden of Surprises) are included at cost and have not been depreciated. Chattels acquired prior to 2001 are included at their 30

probate wdlue and chattels atquired sin¢e 2001 are included at market wdlue, neither h3ve been depreciated. Expenditure on the conseNation and preservation of Burghley House and its collection is tharged to the unrestricted income account when it is incurred. bl Investment properlies Investment property, which is property held to earn rentsls and/or for capit31 appreciation, is n￿aSUred using the fair value model and ststed at its fair value as the reporhng end date. The surplus (Y deficit on revaluation is recognised in the statement of financial activities. Although this accounting wlicy 15 in accordance with the applicable accounting standard, FRS 102 The Financial ReportinB Standard applicable in the UK and Republic of Ireland" f( is a &parture from the general requirement of the Companies Act 2006 for all tangible fixed assets to ir depreciated. In the opinion of the directors, compliance with the stsndard is necessary for thefinancial statements to ￿ve a true and fair view. Depreciation or anKithsation is only oneof many factors reflected in the annual valuation and the amount of this which might have Iken Charged cannot separately Klentified ￿ qLJantified. Borrowing costs on loans taken out specifically for the construction of investment p¥opethes are capitslised as part of the cost of investment properties. cl Other tangible assets Other tan8ible a55ets are those which are thed for tharitable purposes but are not considered to be herita8e assets. They are stated at cost less accumulated depreciation. The costs of minor additions a¥e not capitalised. Depreciation of fixtures, fitti ngs and equipment, plant and machinery and ￿tor vehicle5 is on a straight line ba515 over Ffriods ran8in8 Ixtween 3 and 15 years, or 18-20% reducin8 balance so as to WTite off each asset over the term of its expected useful life. The gain or loss arislnB on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the ststement of financial activities. dl Goodwill Goodwill arising on the acquisition of trade and assets represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured al cost less accumulated amottisation and accumulated impairment losses. Goodwill is considered to have a finite useful life ath is amortised on a systematic basis over its expected life, which is 3 years. 1.5 Impalmient of fixed assets Al each reportin8 end date, the Charity reviews the carrying amounts of its tangible assets to &terrnine whether there is any indi¢3tr'on that those assets have wffered * impairrnent loss. If any wch indication exists. the recoverable amount of the asset is estimated in order to determine the extent of the impairment1055 lif any). Where it is not possible to estimate the recovable amount of an individual asseL the Charity estimates the recoverable amount of the ¢ash-8eneiatin8 unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future Cash flow5 are discounted to their present value u51n8 a discount rate that reflects current market asse55ments of the time of money the risks specific to the asset for which the estimates of future cash flows have not ￿en adjusted. If the recoverable amount of an asset lor cash-generatin8 unit) is tstimated to ￿ less than its carrying amount, the carrying amount of the asset lor cash-generating unitl is reduced to its recoverable amount. An impairment 105s is recognised immediately in profit (K loss, unless the relevant asset is carried at a revalued amount, in whieh case the impairment loss is treated as a revaluation decrease. Reco8nised impairment105ses are ￿versed if, and only if, the reasons for the impaiment loss have ceased to apply. Where an impairment loss subsequently reverses, the carying amount of the asset lor cash-generating unit) is increased to the revised estimate of its recoverable amount, but $0 tt)at the increased carrying amount Ibes not exceed the ¢arryin8 amount that would have teen determined had no impairment loss been recognised for the asset lor cash-generating unit) prior years. A reversal an impairment loss is re¢o8nised immediately in the statement of financial activities, unless the relevant asset is Carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. 1.6 Stock Stocksare ststed at the lower of cost and net realisable value. Cost comprises land and associated acquisition costs, direct materials and subcontract work, professional fees and other drect costs that have iken incurred in brining Stock to its present location and Condition, including ixjrrowing costs. 31

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estirnated selling price less costs to complete and sell is recognised as an knpairment loss in profit cr loss. Reversals of impairment bsses are aso recognised in the statement of finan¢i31 activities ISOFAI. 1.7 Cash and cash equlvalents Cash and cash ￿U4valentS include cash in hand, deposits held at call with banks, other thort-term liquid investments with original maturities of three months ￿ less. and bank overdrafts. Bank overdraft5 are thown within borrowings in current 1.8 Hnanclal Instruments The Charity elected to apply the provisions of Section 11 'Basi¢ Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Finantial assets ale recognised in the Charitvs ststement of financial position when the Charity ￿comeS party to the contractual provisions of the instrument. Financial assets are da55ified into specified categories. The classification depends on the nature and wrpose of the financial assets and is &termined at the time of recognition. Bosic finon¢lol assets Basic financial assets, which inc5ude trade and other receivables and cash and bank balances, are initially nEasured at transaction price including transaction costs and are Subsequently carried at amortised cost Using theeffethve interest rnethod. unless the arrangement constitutes a financing transaction, where thetransaction is ￿E3$Ured at the present value of the future receipts discounted at a market rate of interest. Cther financial assets classified as fair value throu8h the ststement of fina￿la1 activities are nEasured at fair value. Otherfinanclalossets Trade &btors, loans and other receivables that have fixed ￿ determinable paymentsthat are not qjoted irs an active market are classified as'loans and receivables.. Loans and receivables are ￿aSured at amortised cost usin8 the effective interest method. less any impaimient. Interest is reco8nised by applying the effective interest rate, except for short.term receivables when the recognition of intfflst would LE immaterial. The effective interest rnethod ￿ a method of calculating the amortised cost of a debt instrument and of allo¢atin8 the interest incomeover the relevant perlod. The effective interest rate is the rate that exactly discounts estimated future cash receipts throu8h the expected life of thdebt instrument to the net carrying amount on initial recognition. Impolrment of financialossets Financial assets, other than those held at fair value through the Statement of financial activities, are assessed for indicators of impairment at each repothn8 end date. Financial assets are impaired where there is objective evidence that, as a result of one or mre events that occurred after the Initial re¢ognition of the financial asset, the estimated future Cash flows h)ve been affected. The impaiment loss is reco8nised in the statement of financial activities. DeTeco8nitionof financiol a55et5 Financial assets are dereco8nised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. aassiftationof fjnancial liabilities Bosic fin¢7nciol liabilitie5 Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing trar5action, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Oth financial liabilities dassified as fair value through the statement of financial activities are measured at fair value. Otherfinancialllabilities Other financial liabilitie5 are initially ryEa5ured at fair value. net of transaction cost5. They are subsequently nEasured at amortised cost using the effective interest method. with interest expenses recognised on an effective yield basis. The effective interest method s a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition. Financial liabilities and ￿ultY instruments are dassified according to the substsnce of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity aftei (kducting all of its 32

tkTKognitionof fin17nd1711117bililles Financial liabilities are derecognised whers, and only when, the Charity c4Jligations are dscharged. cancelled, or theyexpire. 1.9 Income Income is ￿togniSed when the Charity has entitlement to the funds. any performance o)nditions attached to the itemlsl of income have teen met, it is probable that the income will be received and the amount can be measured reliably. Any income received in relation to future periods is (kferred as appropriate. The following spe¢ifi¢ tx)licies are applied to parti¢iJlar categories of income.. Donations and legacies are included in full in the statement of financial %tivities when receivable. Income from investment properties is deferred or accrued by that amount that the rental Feriod Ys Outside of the current financial year. Income from tharitsble activities ￿ accounted for when earned. Income from gvvemment and cther ￿ants, whether capital, grants or tevenue, grants, ￿ recognised when the Charity has entitlement to the funds. ￿rfOrMance wnditions attached to the grants have met. it is probable that the income will be received and the amount can Ee measured reliably and is not deferred. 1.10 Expendlknre Expenditure is re¢ognised on an accruals basis as a liability is incurred. Eypenditure includes ￿Y VAT which cannot I￿ fully recovered, and is reported as part of the expenditure to which it relates.. Expenditure on raising funds comprises those costs directly attributsble to mana8ing the investment wrtfolio and raising investment income. Expenditure on charitable activities includes those costs incurred by the Charity in the delivery of its objectives. It inclwb both costs that can ￿ allocated directly to yjch activities and those costs of an indirect nature necessary to support them. Support costs are those functions that assist the work of the Charity but do not directly undertake charitsble activities. Sukwt costs include back office costs, finance, personnel, payroll and governance costs which support the charities objectives and activities. All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly.. other costs are apportionedn tFe basis of the propothon of direct expenditure. 1.11 Fund a¢¢ounttn8 Unrestricted income and expendable endowment funds are wailable for Lse at the discretion of the Govemors in furtherance of the objectives of the Charity. Unrestricted income •d expendable endowment funds include a ￿valUatiOn reserve representing the restatement of investment assets at market rate5 dueto the related assets being included in those funds. Restricted expendable endowmentfunds are yjbjected to restrictions on their expenditure imposed by the donor. 1.12 Taxatton The Charity is a registered Charity and is not liable to Lhited Kingdom income tax crf corporation tax on charitable activities, 1.13 Employee benefits The cost5 of short-term employee benefits are recognised as a liability and an expense, unless those costs are Tequired to be reco8nised as part of the cost of stock ￿ fixed assets. The c05t of any unused holiday entitlement 15 reco8nised in the period in which the employee's serVi￿S are received. Termination benefits are reco8nised immediately as an expense when the Charity is demonstrably committed to temiinate the employment ofan anployee or to provide termination benefits. 1.14 Rètlrement benefits Payments to defined contribution retirement LEnefit schemes are tharged as an expense as they fall due. 33

Notes to the Accounts 2 Critical accounting judgements and key sources of estimation uncertainty In the applicatron of the Charitls accountin8 FDlicies, the director5 are required to make judgements. estimate5 and assumptions about the carying amount ofassets and liabilities that are not readily apparent trom other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. ktual results may differ from these estimates. The e5tirnates and underlying assumptions are reviewed on an ongoin8 basi5. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that ped, or in the period of the revision and future periods where the revision affects both current future periods. The estimates and assumptions which have a significant risk of causing a mate¥ial adjustment b) the carrying amount of assets and liabilities are outlined telow. Crlttcal lud8ements- Investment propertles The Charity accounts for investment properties in accordance wth FRS 102. Investment properties are nwsured using the revaluation model with movement in valuation reported through the statement of financial activities. The Govemors use thelr judgement todetermine the fair value of the investment properlies at the reporting date. 3 Income lexcludlng Income from Investments) 2024 2023 Equestrian event incorne Function and exhibition incon Shop sales Film income Restsurant income Income from agriculture Golf club income Timber and woodlands income Other income 5.350,242 628,275 543,354 282,751 165.082 80,123 1,372,701 72.993 I,ooo 4.871,941 628.089 468,083 120,621 134.168 78,630 1,261,962 58,061 646 8,496,581 7,622,201 ViewSn8fees .House and Gardens 1,339,381 857.301 Donationsand ￿ants 161,079 177,101 9,997,041 8,656,603 The totsl tyrnover of the Broup for the year has been derived from its principal activities wholly undertaken in the United Kingdom. 4 Income from Investments 2024 2023 Income from investment property Income from minerals Investrllent incomefrom *¢urities Bank deposit interest 1656,313 1,379,456 49,604 73,789 3,368,876 1,643,455 39.073 1,068 5,159,162 5.052,472 Less: Expenses 11,934,0261 11,846,397) 3.225,136 3.206,075

Notes to the Accounts 5 Analysis of total expenditure 2024 Direct costs 2024 Support Costs 2024 2023 Totsl Total Expendlture on ra151nB fvnds Equestrian Event expenditure Expenditure on investment propethes House showing expenditure Timber and woodland expenses Golf Club expenditure 4.886,730 2056,450 847,135 313,254 1,315,463 4,886,730 2,701,299 1,112.774 411.482 1,315,463 3,946,614 2,424,781 1,015,560 393,054 1,321,131 &14,849 265.639 98.228 9.419,032 I,(X)8,716 10,427.748 9,101,140 Expendlture on charltable act5vlt5es House showing Maintenance of heritsge property Donations 1,876,505 L204,096 4,120 588.423 377,572 2,464.928 1,581.668 4,120 1,916,618 2,322,695 5,7 3.084,721 965,995 4,050,716 4,245,013 Total 12,503,753 1,974,711 14.478.464 13,346,153 Support costs 2024 2023 W88es and salaries Overheads Depreciation Governance costs- audit fees 1,102.940 827,555 1,027,968 860,239 800 36,580 43,416 1,974,711 1,925,587 All support costs have teen allocated on the basis of the proportion of direct expenditure. 6 Surplus on current year activities 2024 2023 Surplus on CLtrrent year actlvltles Is stated after char8ln Depreciation of tan8ible assets 367,CK)6 206,854 Auditors, remuneration - Audit (Charity £29,64012023.. £28,50011 - Taxation compliance Services - Other non-audit *rVi￿$ 51,700 9,325 14,500 49,8CKJ 8,875 31,235 Grant from Natural England 147,809 149,689 These were the only yants reeeived frorn govemment source5 in the period 35

Notes to the Accounts 7 Investment securlties 2024 2023 Group Quoted investments Market value at l February 2023 Additions Disposals (Proceeds.. £2.878.263, loss.. £37,182) Unre31ised Ilossllgain on investments 3,348,129 606,627 12,915,445) 25,705 3,375,112 906,567 1895,7701 137,7801 1,065,076 3,348,129 Other unquoted investments Cash held on deposit 17,439 11.379 Market walue at 31 January 2024- Group L082,515 3,359,508 Charlty Cost of investment in subsidiaries 7,048,515 48,515 Value at 31 January 2024- Charity 8,131,030 3,408,023 Historical cost at 31 January 2024 7,972,CXII 2,935,033 Quoted Investments The quoted InVest￿￿ntS conslst of holdings of equitie5, bonds and other managed funds as selected by Cazenove Capital Mana8ement Limited (￿Ing their delegated authority as set out in the Investment Policy on page 24, and ￿ve been revalued to reflect their market value at 31 January 2024. Subsldlary undertakln85 The cost of investment in subsidiaries represents the cost of ordinary £1 shares in the wholly owned ￿b51d1ary undertakin8s, Burghley Enterpri9es Limited, Burghley Horse Trials Limited. Burghley Land Limited, Burghley Barns Limited and BPGC Limited. all of which are re8lStered in En8land and Wales. The principal actfvities of BurBhley Enterprise5 Limted are the provision of refreshments and the sale of Eoodsand serviees at Burghley House and property tradin8 activities. The principal activity of Burghley Horse Trials Limited is the management of a four-star rated equestrian event. The principal activity of Burghley Land Limited is property development. The principal activity of Burghley Bams Limited is property development. The principal activity of BPGC Limited is a golf club. Further information is ￿Mman5ed in note 22 on pa8e44. 36

Notes to the Accounts 8 Tangible fixed assets Investment Properties Freehold Land and Buildings Total Pknt and Fixtures Group At l February 2023 Additions Disposals Surplus on the revaluation of properties 72,988,178 3511,132 12,343,249) 2CK)O,OCK) 1,084,010 191,062 114,6451 At 31 January 2024 76.156,061 1,860.427 Depreck3tlon At l February 2023 On disposals Char8e for theyear 1,377.350 112,5251 150,156 At 31 January 2024 1,514,981 Net b)ok value At 31 January 2024 70,156,061 345,440 At 31 January 2023 72,988,178 306.660 Charlty At l February 2023 Additions Disposals Surplus on the revaluation of properties 69.962,152 &160,972 12,343.2491 2CKJO,OCKJ 1,225,792 62,763 14,0451 At 31 January 2024 75.779,875 1,284.510 Depreclatlon At l February 2023 On disposals Char8e for theyear 1,040.820 14,0451 72,191 At 31 January 2024 1,108,966 Net l￿0k value At 31 January 2024 75,779,875 175.544 At 31 January 2023 69,962,152 184,972 37

Notes to the Accounts The net Carrying value of tsngible fixed assets incluijes the following in respect of assets held under finance lease Qr hire purchase contracts.. 2024 2023 Plant and machinery Course improvements Fixtures and fittin8S 15,286 4,936 577 20,799 Depreciation charge for the year in respert of leased assets 20,799 20,792 9 Investment propertles 2024 2023 Historic cost Revaluation reserve 36,544,330 39,611,731 35,376,447 37,611,731 Net ly)okvalue at 31 January 2024 76,156,061 72,988,178 The Governor5, using their knowledge of the property portfolio, have increased the value of the investment propertie5 at 31 January 2024 b/ £2,OCK),c￿l012023.. £3,000,0￿ increase l. The Governors carried out a valuation of the properties as al 31 January 2024. In carrying out their valuation they were informed by 3 qualified Chartered Surveyor, with vast knowledge and experience of the local area. The value in use method has been used to value the properties, due to the market value not bein8 considered as a key metric in assessin8 the performancrf¢ the portfolio, There is no plan to di5P05e of the portfolio or substantially th3n8e the use, with the focu5 bein8 on rental yields. The revaluations are In line with increase5 in rental income and the return on capital on the propertie5 is comparable year on year.

Notes to the Accounts io Heritage assets BU￿hleY House and grounds Chattels at probate value Chattels at market value Totsl Heritage assets Assets under the course of construction Group and tharlty Cost A5 at 31 January 2023 Additions Transfer of assets 1.296,917 1,499,973 12,796,890) 8.262.760 88.818 2,796.890 3,953.793 286,567 13,800,037 1,588,791 At 31 January 2024 11,148.468 3,953,793 286,567 15,388,828 Depreclatlon As at 31 January 2023 Charge for Ihe year 1,504,365 216,850 1,504,365 216,850 At 31 January 2024 1,721.215 1,721,215 Net Ixjok value At 31 January 2024 9,427,253 3,953,793 286,567 13,667,613 At 31 January 2023 1,296,917 6,758,395 3,953,793 286,567 12,295,672 In accordance with the Charitvs accounting rolicy, no value has been included within the financial statements in respect of the freeholds of the public area of Bur8hley House and Burghley Lake. Recent development5 to ￿rghleY House and grounds are included at cost and and depreciated. The Trust's lar8e collection offine art is made LP of many items, includin8furniture, paintin8s, ￿1ver, miniatures, b)oks, ceramic% tspeslries and jewellery. This collection was acquired the Earls and Marquesses of Exeter over many years and is therefore relevent to the understsndin8 of Burghley House and its history. The Govemor5 have decided that, pven the large nurnber and diversity of itern5 in the collection, together with the difficulty and onerous c05t ol e5tabli5hin8 a market value. to include the collection at the probate value given in October 1981 when it ￿5 transferred to the Trust by the Executors of the Will of the 6th Marquess of Exeter. The House, grounds and chattels are insured for £430 million. Items of fine art and t>ther (hattels at Burghley House acquired &nce 2￿1 are included at market value. The Governors, w)li¢y regarding the maintenarKe, preservation and recording of the chattels, together with information on the access given to the public 15 slated on pa8e 7. Five year financial summary of heritage transactions: 2024 2023 2022 2021 2020 Burghley House &grounds- Cost ofadditions 1,588,791 1,380,391 157,549 131,544 132,879 39

Notes to the Accounts 11 Stocks GroL¢P 2024 Group 2023 Charlty 2024 Charlty 2023 Showing ￿pplieS Estste Maintenan￿ sijpplies Livestock Food and keverages Golf equiprnent Property &velopment 107,593 109,506 1,095 97,350 7,544 45,498 6,229,472 118.OCKJ 7.700 49.960 6,546,668 118,000 97,350 6.829,981 6,490,465 118,0(J) 97,350 12 Debtors Group 2024 Group 2023 Charlty 2024 Charlty 2023 Trade debtors Amounts owed by subsidiary undertakings Other L*btor5 Prepayments and accrued income 385.670 73,014 334,420 1,872,801 210,016 192,174 53,066 11,583,626 294,728 135,221 196.530 244,959 280,224 170.293 827.159 523,531 2,609,417 12,066,641 13 Creditors: amounts falling due within one year Group 2024 Group 2023 Charlty 2024 Char5ty 2023 Trade creditors Other creditors Obligations under finance leases & hire purchase contracts Ac¢ruals and deferred income 695,090 93,584 999,451 42,221 504,541 21 772,202 199 63 757.710 14,781 768,300 549,480 590,997 1,546,447 1,824,753 1,114,042 1,363.398 40

Notes to the Accounts 14 Creditors: amounts falling due after one year Group 2024 Group 2023 Charlty 2024 Charlty 2023 Bank loans 14,200,OCL) 13,7CM),OLK) 14,2CKI,C 13,700,OCL) The Charity has fixed term loans with Hoare & Co. One of £8,CKJO,000 is repayable between 2031 and 2036, a ￿COnd of £4,750,000 15 repayable in 2033. kcurity has been provided in the form of a fixed tharge over ortain assets of the Charity. The Charity has a revolving credit facility and a fixed term loan of £I,450,￿OWlth Natwest Bank iepayable in 2026. Security has been provided in the form ofa fixed tharge over ￿rtain assets ofthe Charity. 15 Flnance lease obllgatlons Hlre purchase 2024 2023 Future minimum lease payments due under finance leases.. Within oneyear 63 14,781 Finance lease payments represent n￿nthlY payments by BPGC Limited for ￿rtain items of plant and Machinery. The leases include purchase q)tions at the end of the lease wriod. and no restrictions are laced on the use of the assets. The average lease term is l year5. All leases are on a fixed repayment basis and no arrangements have been entered into for contin8ent rental payments. 16 Penslon costs The Charity operates a defined ¢ontribution pension scheme. The assets of the scheme are held *parately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £330,68212023.. £308,870). 41

Notes to the Accounts 17 Unrestricted income and expendable endowment fvnds Group 2024 Group 2023 Charlty 2024 Charlty 2023 Unrèstrlctèd Income fijnd BalarKe broughtforward at IFebTuary 2023 Surplus for the year Transfer fromlltol the Unrestri¢ted expendable endowmentfund 14,709,362) 917,915 543,059 526,146 13,130.2741 1,090,261 2,109,760 467.887 14,045,131 15,778,5671 7,202,502 15,707,921) arte carried fornard at 31January 2024 10,253,684 14.709,3621 5,162,489 13,130,274) Unrestrlcted expendable endowment fvnd la￿e brou8ht fonN¥d at IFebruary 2023 Profitlllossl for the year Gainlllossl on disposal of property and investments Revaluation of investment property Unrealised gain/llossl on investment revaluation Transfer fromlltol the Unrestricted income fund 87.544,119 1234,1971 78,973,678 1150,0641 87,544,119 1141,1221 78,973,678 185,4181 321,154 zooo,c 114,2821 3.000,OCX) 132,1821 2.000.CMJO 114,2821 3,(K)O,o 25,765 137,7801 25,705 137,7801 114,045,131) 5,778,567 17,202,5021 5,707,921 BalarKe carried foNard at 31 January 2024 75,611,710 87,544,119 82,194,078 87,544,119 Realised element of unrestricted expendable endowment fund Unre31ised gains on investment properties Unreali5ed gain on investment securities 36,288,040 38,414,455 909,215 50,246.214 30,414,455 883,450 42,870.498 38,414,455 909,125 50,246,214 36,414,455 883,450 Balaffe carried f¢)Nard at 31January 2024 75.611,710 87,544,119 82,194,078 87,544,119 Unrestricted income and unrestricted expendable endowmentfunds are both available for tharitable purposes, and the distinction is historical, merely to record the allocation of income and movements on income and expendable endowmentfunds. 18 Restrlcted expendable endowment fund l February 2023 31 January 2024 Income Expenditure Brewhouse fund Garden of Surprises fund L079,7 19,540 L079,7 14,780 4,760 1,099.2dO 4,760 1,094,480 The Brewhouse fund consists principally of monies received from the Herits8e 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 capitalised as a heritage asset being an improvement to Burghley House and Grounds. The Garden of Surprises fund con515ts principally of monies received from donors toward5 the project to create ￿ Elizabethan trick garden at Burghley as a visitor attraction. The related expenditure anKsunting to £1,319.345 has been capitalised as being an improvernent to Burghley House and Grounds. 42

Notes to the Accounts 19 Analysls of assets between funds 2024 Unrestricted incomefund 2024 Unrestricted expendable endowment 2024 Restricted expendable endowment 2024 Total 2023 Total Fund balances at 31 January 2024 are represented by.. Investment *curitTes Tangible fixed assets Heritsge assets Investment properties Net (llrrent assets Creditors due between 2 and 5 year5 1,082.516 1,082,516 345,446 13,667.613 76,150,061 9,908,238 3,359,509 306,659 12.295.672 72,988,178 8,683,979 345,446 12,573,133 76,156,061 1.094,480 9,908,238 114.200,0001 114,2(J).(J)01 113,700,0(XJI 10,253,684 75,611.710 1,094,480 86.959,874 83,933.997 20A Reconciliatlon of operating deficit to net cash outflow from operatlng activltles 2024 2023 Net in¢omelle¥penditurel for the reporknn8 ￿rIOd las per the statement of financial actlvltlesl Depreciation LossesllGainsl on investrnents Dividends, interest and rents from investments Loss on the sale of fixed assets Ilncreasel/decrease in stocks Decreasellincreasel in debtors Increaselldecreasel in creditors 594,178 367,006 11.416 13,024,348) 2,101 1339,5161 1225,2641 1263,5861 313,262 206,853 S2,061 13,206,075) 11,8(X)I 11,237,263) 396,848 428,005 Net cash lused inllprovided by Operating attivities 12,878,013) 13,048,109) 20B Analysis of net debt 31 January 2023 31 January 2024 cash flow Cash in hand Notice deposits 1494,736 11,380 302,809 6,059 3,797,545 17,439 3,506,116 308,868 3,814.984 Bank borrowin8 the in less than one year Bank borrowing ckne in more than one year 113,700,0001 1500,0001 114.200,OCM)I 110,193,8841 1191,1321 110.385,0161 43

Notes to the Accounts 21 Governors and employees Group 2024 Number Group 2023 Number Charlty 2024 Number Charlty 2023 Number The number ofG¢vernors who served the Group *d the Company during the yeai was.. io io io The average monthly number of persons employed by the Group and the Company during the year was.. Office and mana8ernent House showing Maintenance and forestry Equestrian event Golf Club 35 66 16 38 61 17 35 55 16 72 17 28 30 163 153 116 106 Employment costs Wages and salaries Social security costs Other Fension costs (note I 3.046,745 302,851 330,682 3,320,405 290,803 308,870 2,789,554 233,098 280.353 2,530,309 224,249 264.067 4,280.278 3,920,078 3,303,005 3,018,625 The number ofemployees whose emoluments, as defined for taxation purposes, amounted to over £60,￿0 in the year was 5 in the range £60,0(X) to £70,00012023 - 41, 2 in the ran8e £70,000 to £80,00012023- 11, l in the range £IIO,(K)O- £120.00012023- 21, 1 in the range £130,000- £140,00012023 - NIL), NIL in the range £140,(X)0- £1S0,(X)012023 - 11 and l in the range £160.000- £170,00012023- NIL) Total remuneration of key ￿rsonnel was £884,74512023.. £729.1681. Total employer's pension contributions for key sxrsonnel wa9 £105,74712023.. £96,294). No rernuneratio)n wa5 paid to any Gtsvernor in the year. Travelling a¢¢ommodationexpenses of£98 were reimbursed to one Governor in the year12022.. £1.259 to four Governors). 22 Subsldlary companles Burghley Enterprlses Umlted - Company number 02332264 The turnover of Burghley Enterprises Limited amounted to £1,751,25712023.. £1,494,306>. the net profit arisin8 of £667,14212023.. £575.4381 is due to paid under Gift Aid to 8urBhley House Preseryation Trust Limited. During the year the parent company charged £39,(KK) in rent12023.. £39,(Jx)I. The results of Burghley Enterprises Limited for the year ended 31 January 2024 are shown below. Audited accounts are filed with the Registrar of Companies. 2024 2023 Turnover and other income Cost of sales and expenses 1,751,257 11,084,115) 1,494,366 1918,9281 Profit for the year 667,142 575.438 Shareholders funds 48,514 48,514

Notes to the Accounts 22 Subsidiary companies {continuedl Burghley Horse Trlals Llmlted - Company number 07087188 The turnover of Burghley Horse Trials Limited amountsd to £5,350,24212023: £4,871,941), and a net profit arising of £22.50212023.. £447,555). During the year the parent company charged £320,911 in rent12023.. £306,552) and management charges of £IOO,OLK) (2023.. £125,000). The results of Burghley Horse Trials Limited for theyear ended 31 January 2024 are shown below. Audited accounts are filed with the Re8i5trar of Cornpanies. 2024 2023 Turnover and other income C05t of 5ale5 and expense5 5,350,242 15.327,7401 4,871,943 14,424,386) Profit for the year 22,502 447,557 Shareholders funds BPGC Limited - Company number 12(J)5973 The turnover of BPGC Limited amounted to £1,392,63712023.. £1,283,813), and the net profit arisin8 of£30,16512023.' Loss £70.1061. Durin8 the year the parent ￿MpanY char8ed £NIL in rent [2023.. £NILI. The result5 of 8PGC Limited for the period ended 31 January 2024 are thown below. Audited accounts are filed with the Registrar of Companies. 2024 2023 Turnover and other income Cost of sales and expenses 1.392,637 11,362,472) 1.283,813 11,353,919) Profit/ ILossl for the year 30,165 170,1061 Shareholders funds Burghley Land Limited - Company number 08601360 The income of 8ur8hley Land Limited amounted to £Nil12023.. £NILI, and there was a loss of £3,799 in the year12023.. £7,590). The parent company char8ed £Nil in rent12023.. £NIU. On 14 September 2023 7,tsJO,OOO£I shares were issued to Burghley House Preservation Trust Limited in a debt to equity swap. Inter-group interest of £5,942 was elirninated on con501idation. Audited accounts are filed with the Registrar of Companies. Burghley Barns Limited - Company number 08601372 The income of Burghley Barns Limited amounted to £Nil12023.. £NILI, 3nd there was a loss of £15.515 in the year12023.. £123,6231. The parent ￿MpanY charged £Nil in rent12023.. £NILI. Audited accounts are filed with the Registrar of Companies. 45

Notes to the Accounts 23 Related party transactions Following the Charity Commissioners, ¢reement, Burghley House Preservation Trust Lirnited and 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 proportion based on their respective owner5hip5 of Burghley House. Relative to the Deed of Apportionrnent agreed with the Trustees of the 6th Marquess of Exeter Wll Trust, they were charged £19.45012023.. £19,450) for management maintenance services. The amount owed to the company in respect of these services at 31 January 2024was £NIL12023.. £NILI. Rental income amounting to £13,50012023.. £13,5001 was received from The Trustees of the 6th Marquess of Exeter Wll Tnjst during the year. Noamounts were due at 31 January 202412023.. £Nill. TheTrustees of the 6th Marquess of Exeter are also due to receive £243,410a9 a licence fee from PAJrghley Horse Trials Limited12023.. £44.0221 and the amount out5tsnding at 31 January 2024amounted to £93,41012023.. £NIU. 24 Capitsl commltments At 31 January 2024 The Charity had no contracted capital expenditure12023.. £1.5 million). 25 Contf ngent Ilabllltle s A grant has been received from the Football Foundation to be used on the construction of facilities for a local football cluL%hould the terms and conditions of the grant not ￿ adhered to within a specified period an element of the 8rant may LE repayable. The Governors expect the teims and conditions to be adhered to and therefore believe no further di￿losure is necessary in these financial statements. Alegal tharge has been granted in relation thereto. 46

Notes to the Accounts 26 Comparative information Consolidated Statement of Financial Activitie s Incorporatln8 the Income and expendlture account for the year ended 31 January 2023 2023 2023 2023 Unrestricted Unre5tiicted Restricted Income Expendable Expendable Endowment Endowment 2023 Totsl Notes In¢ome and endowments from.. Donations and yants Other trading activities Income from investments Income from tharitsble activities Other income 111,312 7,622,201 5,052,472 857,301 2,400 05,789 177,101 7,622,201 5,052,472 857,301 2,41X) Totsl Income and endowments 13,645.686 65,789 13.711.475 Expendlture on: Expenditure on iaisin8 funds Expenditure on charitable activities 9,013,496 4.106,044 87.644 134,209 9,101,140 4,760 4,245,013 Totsl expendlture 5 13,119.540 221,853 4.760 13.346.153 Nèt 8alnslllossesl on Investments 17 2.947.938 2.947.938 Net kncomellexpendlturel 526,146 2,791074 14,7601 3.313,260 Transfers between tunds 17 15,778,567) 5.778,567 Nèt Movèment In Funds 15.252.421) 8.570.441 14.7601 3.313.260 Balance brought forward 543,059 78,973.678 1,104,¢M 80.620,737 Balance carrled forward 17,18 14,709,362) 87,544.119 1,099,240 83.933,997 47

Notes to the Accounts 26 Comparatlve Informatlon (contlnued) Analysis of total expenditure 2023 Direct costs 2023 Support Costs 2023 2022 Total Totsl Expendlture on ralslng funds Equestrian £vent expenditure Expenditure on investment properties House 5howng expenditure Timber and woodland expenses Golf Club expenditure 3,946,614 1,846,397 773.318 299,299 1,321,131 3,940,614 2,424,781 1,015,560 393,054 1,321,131 639,709 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 Expendlture on charltsble acdvltles House showing Maintenance of heritage property Donations 1,459,446 1,768,661 5,700 457,172 554,034 1,916,618 2.322,695 5,7(K) 1,553.415 1,731.446 3,233.807 1,011,206 4,245,013 3,284,861 Totsl 11,420,566 1,925,587 13,340,153 8,337,392 Restricted expendable endowment fvnd l February 2022 31 January 2023 Income Expenditure Brewhousetund Garden of SurpTises fund L079,71XJ 24,3(K) 1,079.700 19,540 4,760 1,104,(K 4,7¢50 1,099.240 Analysls of assets between funds 2023 Unrestricted income fund 2023 Unrestricted expendable endowment 2023 Restricted expendable endowment 2023 Total 2022 Totsl Fund balances at 31 January 2023 are represented Iw.. Investment securities Tangible fixed assets Intangible assets Heritage assets Investment properknes Net ajrrent Iliabilitiesl Creditors due between 2 and 5 years 3,359,509 3,359,509 306,659 3,388,460 217,602 306,659 11,196,432 72,988,178 1,099.240 12,295,672 72,988,178 8,683,979 10,988.481 65,7CK).737 8,640.238 8,683,979 113,700,OCKJI 113,7CKJ,0001 18,314,781) 14,709,362) 87,544,119 1,099,240 83,933,997 80,620,737 48