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2022-03-29-accounts

CONTENTS CONTENTS Page
Trustees'
annual report
Independent auditors'
report		 14
Consolidated statement offinancial activities 18
Consolidated balance sheet 19
Foundation balance sheet 20
Consolidated cash flow statement 21
Notes to the financial
statements		 22

Trustees Mr Niall FRDickson CBE(Chairman) Mr Niall FRDickson CBE(Chairman) Mr Niall FRDickson CBE(Chairman)
Mrs Helen Deeble CBE
Mrs Anna Eavis
Ms Ros Kerslake CBE(Appointed September 2022)
Mr Richard GLaing
Mr Jonathan BNeame, DL
Mrs Laura CA Nesfield
Mr Andrew Ross (Resigned December 2021)
Mr Julian Smith
Mr Adrian JTinniswood OBE
Mr Thomas C Wright, CBE
Company Secretary Mr RRicbman
Charity Number 268354
Company number 1172263
Registered Office Leeds Castle
Broomfield
Nr. Maidstone
Kent
ME17 1PL
Statutory Auditors Crowe U.K.LLP
Riverside House
40-46 High Street
Maidstone
Kent
ME14 1JH
Bankers Royal Bank ofScotland
London Corporate Banking Centre
PO Box39952
21/2 Devonshire Square
London
EC2M 4XJ
Investment managers Ruffer LLP
80Victoria Street
London
SW1E5JL
Sarasin &Partners
100St Paul's Churchyard
London
EC4M SBU

Sub-committee Sub-committee membership membership
Finance, Audit and Mr Richard GLaing Chairman
Risk Committee Mr Julian Smith
Mr Thomas CWright, CBE
Investment Committee Mr Andrew Ross Chairman
Mr Richard GLaing
Mrs Laura CA Nesfield
Nominations Committee Mr Niall FRDickson, CBE Chairman
Mr Julian Smith
Mr Richard GLaing
Directors, Leeds Castle Mr Thomas CWright, CBE Chairman
Enterprises Ltd Mr Niall FRDickson, CBE
Mr David Bridgford
Mrs Helen Bonser-Wilton Chief Executive
Mr Robin Richman Finance Director and Secretary
Senior Management Team Mrs H Bonser-Wilton Chief Executive
ofthe Foundation Mr RRichman Finance Director
Mrs DMatthews Head ofSales tk Marketing
MrJJordan Head ofEstate Services
Mrs SPrichard Head Curator

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2022 2021
Notes 0'000 8'000 8'000 E'000
Income and endowments from
Donations
and legacies		 15 640 655 6
Other trading activities 4,597 4,597 1,207
Investments 111 111 92
Charitable
activities		 4,248 4,248 2,460
Total income and endowments 8,971 640 9,611 3,765
Expenditure
on
Raising funds 7 (4,328) (4,328) (2,010)
Charitable
activities		 9 (5,061) (629) (5,690) (4,865)
Total expenditure (9,389) (629) (10,018) (6,875)
Net (losses)/gains
on investments		 22 489 489 1,527
Net income/(expenditure) 71 82 (1,583)
Exceptional
items		 10 202 202 1,208
Other recognised
gains/(losses)
Gains/(losses)
on revaluation		 of
Fixed assets and investment properties 21 940 940 199
Actuarial
gains/(losses)		 on defined benefit
pension scheme (net of deferred tax) 30 431 431 (130)
Net movement
in funds		 1,644 11 1,655 (306)
Reconciliation offunds
Total funds brought
forward		 20,601 20,601 20,907
Total funds carried forward 29 22,245 11 22,256 20,601

2022 2021
Notes X'000 K'OOO OOOO O'000
Fixed assets
Tangible assets 18 3,945 4,536
Heritage assets 19
3,945 4,536
Investments:
Properties 21 8,917 7,352
Listed investments 22 8,280 7,852
Cash held as an investment 22 389 382
17,586 15,586
21,531 20,122
Current
assets
Stocks 23 146 254
Debtors 24 972 870
Cash at bank and in hand 25 2,310 1,417
3,428 2,541
Creditorsi
amounts		 falling due
within one year 26 (2,702) (1,675)
Net current assets 726 866
Creditors: amounts falling due
within more than one year 27 (387)
Total assets less current liabilities 22,256 20,60 II
Funds
Expendable
endowment		 fund 29 2,740 2,729
Restricted income fund 29 78 78
Total restricted
funds		 2,818 2,807
Unrestricted
general		 fund 29 15,288 13,739
Unrestricted
designated		 fund 29 4,150 4,055
Unrestricted
pension		 reserve 29&30
Total charity funds 22,256 20,601

2022 2021
Notes K'OOO f.'OOO K'OOO OOOO
Fixed assets
Tangible assets 18 3,930 4,515
Heritage assets 19
3,930 4,515
Investments:
Subsidiary
company		 20 866 866
Properties 21 8,917 7,352
Listed investments 22 8,280 7,852
Cash held as an investment 22 389 382
18,452 16,452
22,382 20,967
Current
assets
Stocks 23
Debtors 24 273 143
Cash at bank and in hand 25 1,592 951
1,865 1,094
Creditors: amounts falling due
within one year 26 (3,269) (1,456)
Net current assets (1,404) (362)
Total assets less current liabilities 20,978 20,605
Funds
Expendable endowment fund 29 2,740 2,729
Restricted income fund 29 78 78
Total restricted funds 2,818 2,807
Unrestricted general fund 29 14,010 13,743
Unrestricted designated fund 29 4,150 4,055
Total charity funds 20,978 20,605

2022 2021
Note g'000 0'000
Cash flows from operating activities:
Net cash provided
by/(used		 in) operating activities 31 1,376 (576)
Cash flows from investing activities:
Dividends,
interest and rents		 from investments 111 92
Purchase offixed assets (23) (24)
Purchase ofinvestment
property		 (625)
Proceeds from sale ofinvestments 2,846 7,119
Purchase ofinvestments (2,785) (7,102)
Net cash provided
by/(used		 in) investing activities (476) 85
Change in cash and cash equivalents in the reporting period 900 (491)
Cash and cash equivalents at the beginning ofthe reporting period 1,799 2,290
Cash and cash equivalents at the end ofthe reporting period 2,699 1,799
Reconciliation ofcash and cash equivalents 2022 2021
Note g'000 8'000
Cash in hand 25 2,310 1,417
Cash held as an investment 22 389 382
Total cash and cash equivalents 2,699 1,799
Analysis ofchanges in net debt
At 1April 2021 Cash flow At 31March 2022
F000 g'000 R'000
Cash at bank 1,417 893 2,310

for the parent charity (see note 1.1).A s umm ary ofthe company's
trading		 results is shown b elow:
2022 2021
g'000 t'000
Turnover 4,550 1,182
Costs oftrading activities and administrative expenses (3,921) (1,683)
Operafing
profit		 629 (501)
Interest receivable 203 152
Interest payable to Leeds Castle Foundation on long term loan
Other finance income/(costs) 145 455
Profit/(loss)
before donation		 and taxation 977 106
Taxation 108 (22)
Retained profit for the period 1,085 84
Actuarial
gain/(loss)
related to		 pension scheme, net ofdeferred tax 323 (105)
Total recognised losses for the period 1,408 (21)
Distribution
—gift aid		 (124) (1,108)
Retained profit brought
forward		 1,284 1,129
Profit retained
in subsidiary		 1,284

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2022 2021
g'000 g'000 k'000 g'000
Grants 10 640 650
Other donations and voluntary income 5 5 6
15 640 655 6

Other trading activities
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2022 2021
g'000 g'000 g'000 g'000
Income
Concerts and other special events 389 389 10
Functions 1,871 1,871 228
Shops 588 588 143
Golf 299 299 205
Holiday lettings 1,155 1,155 500
Ancillary
services		 199 199 38
Other sundry income 96 96 83
4,597 4,597 1,207
Expenditure on raising funds
Cost ofsales 1,455 1,455 241
Staffcosts (see note 14) 1,755 1,755 943
Property and equipment costs 345 345 296
Administration costs 161 21 10
Marketing
and		 fundraising costs 61 61 30
Finance costs 289 289 163
Investment
management		 costs 51 51 76
Proportion of support costs
(see note 11) 211 211 251
4,328 4,328 2,010
Net income from activities for
generating
funds		 269 269 (803)

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2022 2021
g'000 K'000 K'000 K'000
Income from investment properties 54 54 53
Income from listed investments 57 57 38
Bank interest receivable 1
Net return on pension scheme assets
92
Charitable
activities
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2022 2021
K'000 K'000 g'000 K'000
Income from Charitable activities
Day visitor admissions 4,238 4,238 2,451
Other sundry income 10 10 9
4,248 4,248 2,460
Expenditure
on Charitable
activities
Cost ofsales 283 283 155
Staffcosts: visitor team, estate and
Castle maintenance (see note 14) 1,302 1,302 1,879
Estate and equipment costs 1,960 1,960 1,198
Marketing
costs		 278 278 205
Finance costs 88 88 47
Preservation
and security		 ofheritage
assets 60 629 689 83
Proportion ofsupport costs
(see note 11) 1,090 1,090 1,298
5,061 629 5,690 4,865
Net resources expended
from charitable
activities		 (813) (629) (1,442) (2,405)

10 Governmen t
grants
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2022 2021
k'000 K'000 0'000 K'000
Hospitality k Leisure grant 100 100
Coronavirus Job Retention scheme income 102 102 1,208
Government grants 202 202 1,208
11 Support costs
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2022 2021
g'000 K'000 g'000 g'000
Staffcosts 1,010 1,010 858
Administration
costs		 679 679 647
Corporation tax charge
Deferred tax charge (see note 15)
Governance costs (Auditors' remuneration) 43 43 44
Legal and professional costs
1,732 1,732 1,549
Allocated as follows:
Activities for generating funds 1,642 1,642 251
Charitable activifies 1,090 1,090 1,298
1,732 1,732 1,549

Governan ce
costs
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2022 2021
N'000 K'000 K'000 K'000
Auditor's remuneration (see below) 43 43 44
not ofthe group as a whole.
associated pension schemes,		 The total amount
payable to the ch
is as follows:		 arity's
audit		 ors
by the grou		 p,
including
2022 2021
K'000 K'000
Fees payable to the charity's auditor for the audit ofthe charity's annual
Accounts 29
Fees payable to the charity's auditor for other services:
-The audit ofthe charity's subsidiary
-Tax services
-All other services
Fees in respect ofthe group pension scheme:
-Audit
-TBxservices

assets which have been expensed
in the la		 st five years a re summarised below:
2022 2021 2020 2019 2018
g'000 I'000 g'000 K'000 K'000
Renovation ofCastle Library 11
Renovation ofYellow Drawing Room 12 25
Renovation ofLady Baillie Suite 54 31 41
Renovation oftapestries 5 12
Renovation ofCastle Bedrooms 18 7 29
Castle interior 21 16 56 22
Maidens Tower renovation 39
Stonework repairs 629 18 327 13
Castle representation 58 30 154

Staff costs
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2022 2021
g'000 g'000 K'000 g'000
Staffcosts during the year were:
Wages and salaries 2,841 2,841 2,817
Social security costs 204 204 188
Other pension costs 125 125 220
Redundancy 43 43 324
Training, recruitment and welfare 136 136 121
3,349 3,349 3,670
The average weekly number ofempl oyees,
including
directors,		 during the year was as follows :
Group Foundation
2022 2021 2022 2021
No No No No
Full time 56 51 32 28
Part time 140 113 79 68
196 164 111 96
This equates to a
full time equivalent of 98 89
2022 2021
Full Part Full Part
Time Time Time Time
Admin/Support Staff 12 5 9 7
DV Ops 9 72 9 62
Golf 2 0 2 1
Retail 3 23 4 21
Hospitality 10 35 7 18
Maintenance/Security 17 4 18 3
Grounds/Gardens 3 1 2 1
Totals 140 51 113
196 164
Group Foundation
2022 2021 2022 2021
No No No No
f60,000to f70,000 3 3
670,000to f,80,000
680,000tof90,000
690,000to 6100,000
6110,000to 6120,000
f130,000to f140,000
f,160,000to 6170,000
4 4 4 4

Deferred tax
Group Foundation
2022 2021 2022 2021
F000 k'000 g'000 K'000
At 31March 2021 11 8
Movement
for the period		 3
Deferred tax asset/(IiabiTity)
at31March 2022
The deferred tax asset/(liability) is made up
ofthe following:
Other timing differences
11 ll

Net outgoing resources
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2022 2021
f,'000 F000 K'000 k'000
Net outgoing resources are stated
after (crediting)/charging:
Depreciation: owned assets 597 597 651
Operating
lease rentals:
Hire ofplant and equipment
Consolidated
statement o		 ffin ancial activities for the period ended 31 March 2021
Unrestricted Restricted Total Funds
Funds Funds 2021
g'000 g'000 g'000
Income and endowments from
Donations
and legacies		 6 6
Other trading activities 1,207 1,207
Investments 92 92
Charitable
activities		 2,460 2,460
Total income and endowments 3,765 3,765
Expenditure
on
Raising funds (2,010) (2,010)
Charitable
activities		 (4,865) (4,865)
Total expenditure (6,875) (6,875)
Net gains/(losses)
on investments		 1,527 1,527
Net income/(expenditure) (1,583) (1,583)
Exceptional items 1,208 1,208
Other recognised
gains/(losses)
Gains/(losses)
on revaluation		 of
Fixed assets and investment properties 199 199
Actuarial
losses on defined		 benefit
pension scheme (net ofdeferred tax) (130) (130)
Net movement
in funds		 (306) (306)
Reconciliation offunds
Total funds brought
forward		 20,907 20,907
Total funds carried forward 20,601 20,601

a)
Group
Freehold Land Plant and
and buildings equipment Total
K'000 N'000 g'000
Cost
At 31March 2021 7,559 2,801 10,360
Additions 23 23
Dispossls (272) (273) (545)
At31March 2022 7,287 2,551 9,838
Depreciation
At 31March 2021 3,551 2,273 5,824
Charge for the period 468 129 597
Disposals (255) (273) (528)
At31March 2022 3,764 2,129 5,893
Net book value
At31March 2022 3,523 422 3,945
At 31March 2021 4,008 528 4,536
b)
Foundation
Freehold Land Plant and
and buildings equipment Total
g'000 g'000 g'000
Cost
At 31March 2021 7,559 1,878 9,437
Additions 23 23
Dispossls (272) (188) (460)
At 31March 2022 7,287 1,713 9,000
Depreciation
At 31March 2021 3,551 1,371 4,922
Charge for the period 468 123 591
Disposals (255) (188) (443)
At 31March 2022 3,764 1,306 5,070
Net book value
At 31March 2022 3,523 407 3,930
At 31March 2021 4,008 507 4,515

2022 2021
O'000 g'000
100 Ordinary shares off 1 each at cost 866 866
866 866

2022 2021
g'000 g'000
Market value ofproperties at 31March 2021 7,352 7,153
Purchase 625
Revaluation 940 199
Market value ofproperties at 31March 2022 8,917 7,352
Historical cost value ofassets 2073 I 448

Group Foundation
2022 2021 2022 2021
g'000 g'000 g'000 g'000
Rent received:
Within one year 41 41 41 41
Between two and five years 64 104 64 104
Between six and ten years 1 1
105 146 105 146

These comprise listed investments, Certificates ofDeposit and oth er cash holdings.
2022 2021
g'000 g'000
Market value oflisted investment at 31March 2021 7,852 6,342
Acquisitions
at cost		 2,785 7,102
Disposal proceeds (2,846) (7,119)
(Losses)/gains
for the year		 489 1,527
Market value at 31March 2022 8,280 7,852
Cash holdings
at 31March 2022		 382
Total value offixed asset investments 8,669 8434
Historical cost value ofassets 7,465 7,192
2022 2021
g'000 g'000
UK investments 2,607 1,918
Overseas investments 6,062 6,316
8,669 8,234
2022 2021
K'000 0/ g'000
Sarasin Climate Active Endowments Fund 3,726 45.0 3,546 45.2
UK 0.125%Treasury Stock 2068 264 3.2 155 2.0
Ruffer Hliquid Multi Strategies Fund 417 5.0 555 7.0
Ruffer SICAV Fixed Income ZGBP Cap 727 8.8 874 11.1
Ruffer Protection Strategies 274 3.3 222 2.8
Ruffer SICAV UK Mid &Smaller Cos 233 2.8 235 3.0
5,641 68.1 6,040 76.9
Other investments (all less than 3%) 2,639 31.9 1,812 23.1
8,280 100.0 7,852 100.0
23 Stocks
Group Foundation
2022 2021 2022 2021
K'000 0'000 g'000 g'000
Goods for resale 146 254
24 Debtors
Group Foundation
2022 2021 2022 2021
K'000 g'000 K'000 g'000
Amounts
falling		 due after more
than one year:
Trade debtors 139
Amounts
falling		 due within
one year:
Trade debtors 471 47
Amount
owed by		 group undertakings
in respect of gift aid
Other debtors 126 107 4 30
Prepayments and accrued incmne 364 159 222 110
Deferred tax asset (see note 15) ll 11
972 870 273 143

Group Foundation
2022 2021 2022 2021
f'000 f'000 f'000 f'000
Cash in hand 24 24
Cash at bank —Current accounts 805 688 619 429
Cash at bank —Deposit accounts 1481 705 973 522
2,310 1,417 1,592 951
Creditor s: Amounts falling due within one yea r
Group Foundation
2022 2021 2022 2021
f'000 f,'000 f'000 f'000
Trade creditors 503 300 332 191
Corporation
tax
Other taxation and social security
Payable 89 50 13
Other creditors 43 45 1
Amounts owed to group undertakings 2,366 1,114
Accraals 586 74 493 54
Deferred tax liability (see note 15)
Deposits in advance 1,481 1,206 64 97
2,702 1,675 3,269 1,456
Creditors: Amounts falling due after one year
Group Foundation
2022 2021 2022 2021
f'000 f'000 f'000 f'000
Deposits in advance 1 387

Group Foundation
2022 2021 2022 2021
6'000 R'000 g'000 g'000
Payments made:
Within one year 26 34 12 20
Between two and five years 26 12
26 60 12 32

Restricted Funds Unrestricted Funds
HdrD Chattels M&D General Total
Fund Fund Fund Fund Funds
k'000 g'000 k'000 K'000 g'000
Fund balances at
31March 2022 are
represented by
Tangible assets 2,504 1,441 3,945
Investments 225 3,693 13,668 17,586
Current assets 11 78 457 2,882 3,428
Liabilities (2,703) (2,703)
At 31March 2022 2,740 78 4,150 15,288 22,256
Movement offunds
during the year As at31 As at 31
March Gains/ March
2021 Income Expenditure Losses 2022
(g) (g) (g) (g) (g)
Restricted Funds
Heritage
and		 Development
Fund 2,729 640 (629) 2,740
Chattels Fund 78 78
2,807 640 (629) 2,818
Unrestricted Funds
Maintenance and
Development Fund 4,055 95 4,150
General Fund 13,739 9,173 (9,389) 1,765 15,288
17,794 9,173 (10,018) 1,860 19,438
Total Funds 20,601 9,813 (10,018) 1,860 22,256

Group Funds (continued)
Restricted Funds
Restated Unrestricted Funds
HdrD Chattels M&D General Total
Fund Fund Fund Fund Funds
g'000 N'000 K'000 g'000 g'000
Fund balances at
31March 2021 are
represented
by
Tangible assets 2,504 2,032 4,536
Investments 225 3,693 11,668 15,586
Current assets 78 362 2,101 2,451
Liabilities (2,062) (2,062)
At 31March 2021 2,729 78 4,055 13,739 20,601
Movement of funds
during the year
As at31 As at 31
March Gains/ March
2020 Income Expenditure losses 2021
(g) ('~) (g) (g)
Restricted funds
Heritage and Development
Fund 2,729 2,729
Chattels Fund 78 78
2,807 2,807
Unrestricted funds
Maintenance and
Development Fund 3,060 1,000 (5) 4,055
General Fund 15,040 3,973 (6,870) 1,596 13,739
18,100 4,973 (6,875) 1,596 17,794
Total funds 20,907 4,973 (6,875) 1,596 20,601

Previous v aluation
was performed as		 at 1 April 20 16.
Valuation date 1 April 2019 2016
The value ofthe technical provisions was: 6,260,000 5,468,000
The value ofthe assets at that date was: 4,911,000 4,406,000

2022 2021
K'000 K'000
Defined benefit obligation (4,912) (5,296)
Fair value ofplan assets 6,043 5,889
Restriction on recognition ofasset (1,131) (593)
Net defined benefit (liability)/asset

the year are included
in profit or loss.
in other comprehensive
income.		 Re-me asurements ofthe net defin ed benefit liabilit y
are included
Period Period
ended ended
31/03/2022 31/03/2021
g'000 g'000
Service cost:
Current service cost (net ofemployee contributions)
Administration
expenses		 46
Restriction ofrecognition ofasset deemed irrecoverable 140
Net interest expense/(credit) (13) (14)
Charge/(credit)
recognised in profit or		 loss 33 126
Re-measurements
ofthe net liability:
Return on scheme assets (excluding
expense)		 amount included in net interest (134) (544)
Actuarial
(gains)/losses		 (297) 674
Charge/(credit)
recorded in other recognised		 gains or losses (431) 130
Total defined benefit cost/(credit) i398i 116

Pension scheme (continued)
The principal
actuarial
assumptions		 used were:
31/03/2022 31/03/2021
Liability discount rate 2 75o/ 2.00'/o
Inflation assumption
-RPI		 3.80o/ 3.30'/o
Inflation assumption
-CPI		 3.25o/ 2 70o/
Rate ofincrease in salaries n/a n/a
Revaluation ofdeferred pensions:
all benefits accrued 3.25'/o 2.7P/o
Increases for pensions in payment:
benefits accrued prior to 6April 1997 0.00'/o 0.00'/o
benefits accrued after 5 April 1997 3.15'/o 2.65o/
Proportion ofemployees
opting for early retirement		 0.00'/o 0.00'/o
Proportion ofemployees
commuting
pension		 for cash 50.00'/o 5p pp'/0
Expected age at death ofcurrent pensioner
at		 age 65:
Male aged 65 at year end: 86.9 86.9
Female aged 65 at year end: 89.3 89.2
Expected age at death offuture pensioner at age 65:
Male aged 45 at year end: 87.9 87.9
Female aged 45 at year end: 90.4 90.4
Reconciliation ofscheme assets and liabilities
Assets Liabilities Total
g'000 g'000 O'000
At start ofperiod 5,889 (5,296) 593
Benefits paid (191) 191
Administration
expenses		 (46) (46)
Contributions
from the employer		 140 140
Interest income / (expense) 117 (104) 13
Return on assets (excluding amount included in net interest 134 134
expense)
Actuarial
gains/(losses)		 297 297
Gain/(loss)
on plan introductions		 and changes
At end ofperiod 6,043 (4,912) 1,131

31/03/2022 31/03/2021
f,'000 g'000
Interest income 117 120
Return on scheme assets (excluding amount included in net interest
expense) 134 544
Total return on scheme assets 264 664
31/03/2022 31/03/2021
f.'000 2000
UK Equities 626 705
Overseas Equities 775 803
Gilts 910 665
Index Linked 2,344 2,518
Alternative Assets 924 893
Cash 454 305
Total market value ofassets 6,043 5,889

Reconciliation
ofcash flows from op		 erating
activities
2022 2021
K'000 g'000
Net income/(expenditure)
Net (gains)/losses
on investments
Depreciafion
charges on fixed assets
Write offof fixed asset		 715
(489)
597
16		 (375)
(1,527)
651
80
Tax charge
Dividends,
interest and rents &om investments		 (92)
Movements
on defined benefit pension		 scheme (130)
Movement
in components ofworhng		 capital:
Decrease/(increase)
in stocks
(increase)/decrease
in debtors
(Decrease)/increase
in creditors		 108
(102)
642		 5
671
141
Net cash inflow/(outflow)
from operating
activities		 1,376 i576i