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2023-03-29-accounts

CONTENTS CONTENTS Page
Trustees'
annual
report
Independent auditors'
report		 14
Consolidated statement offinancial activities
Consolidated balance sheet 19
Foundation balance sheet 20
Consolidated cash flow statement 21
Notes to the financial statements 22
Trustees Ms Ros Kerslake CBE(Chair) Ms Ros Kerslake CBE(Chair)
Ms Judith Armitt
Mrs Helen Deeble CBE
Mrs Anna Eavis
Mrs Ruth Knight
Mrs Sarah Masotti
Mr Richard G Laing
Mrs Laura CANesfield
Ms Sarah Roots
Mr Julian Smith
Mr Adrian JTinniswood OBE
Mr Thomas CWright, CBE
Company Secretary Mr RRichman
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
38Market Place
Wigan
W] 1PJ
Investment managers Ruffer LLP
80Victoria Street
London
SWlE 5JL
Samsin k.Partners
100St Paul's Churchyard
London
EC4M 8BU

Finance, Audit and Finance, Audit and Mr Richard G Laing Chairman
Risk Committee Ms Judith Armitt
Mr Julian Smith
Mr Thomas CWright, CBE
Investment Committee Mr Richard G Laing Chairman
Mrs Laura CANesfield
Nominations Committee Ms Ros Kerslake, CBE Chairman
Mr Julian Smith
Mr Richard G Laing
Directors, Leeds Castle Mr Thomas CWright, CBE Chairman
Enterprises Ltd Ms Ros Kerslake CBE
Mr David Bridgford
Ms Sarah Roots
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 dt Marketing
Mrs SPrichard Head Curator
Mrs LHutchings Commercial Operations
Director
Mr N Johnstone Interim Head ofEstate
Services

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2023 2022
Notes K'000 k'000 K'000 K'000
Income and endowments trom
donations
and legacies		 6 15 20 655
Other trading activities 7 5,829 5,829 4,597
Investments 8 100 100 111
Charitable
activities		 9 4,973 4,973 4,248
Total income and endowments 10,917 5 10,922 9,611
Expenditure
on
Raising funds 7 (5,196) (5,196) (4,328)
Charitable
activities		 9 (5,555) (5) (5,560) (5,690)
Total expenditure (10,751) (5) (10,756) (10,018)
Net (losses)/gains
on investments		 22 (185) (185) 489
Net income/(expenditure) (19) (19) 82
Exceptional items 10 202
Other recognised gains/(losses)
Gains/(losses)
on revaluation		 of
Fixed assets and investment properties 21 680 680 940
Actuarial
gains/(losses)		 on defined benefit
pension scheme (net of deferred tax) 30 (173) (173) 431
Net movement
in funds		 488 488 1,655
Reconciliation offunds
Total funds brought
forward		 22,245 11 22,256 20,601
Total funds carried forward 29 22,733 11 22,744 22,256

2023 2022
Notes s'000 f'000 K'000 F000
Fixed assets
Tangible assets 18 3,556 3,945
Heritage assets 19
3,556 3,945
Investments:
Properties 21 9,597 8,917
Listed investments 22 8,379 8,280
Cash held as an investment 22 49 389
18,025 17,586
21,581 21,531
Current assets
Stocks 23 170 146
Debtors 24 1,288 972
Cash at bank and in hand 25 2,113 2,310
3,571 3,428
Creditors:
amounts		 falling due
within one year 26 (2,274) (2,702)
Net current assets 1,297 726
Creditors: amounts falling due
within more than one year 27 (134)
Total assets less current liabiTities 22,744 22,256
Funds
Expendable
endowment		 fund 29 2,740 2,740
Restricted income fund 29 78 78
Total restricted
funds		 2,818 2,818
Unrestricted
general		 fund 29 14,178 15,288
Unrestricted
designated		 fund 29 5,748 4,150
Unrestricted
pension		 reserve 298r30
Total charity funds 22,744 22,256

2023 2022
Notes %'000 K'000 F000 f'000
Fixed assets
Tangible assets 18 3,549 3,930
Heritage assets 19
3,549 3,930
Investments:
Subsidiary
company		 20 866 866
Properties 21 9,597 8,917
Listed investments 22 8,379 8,280
Cash held as an investment 22 49 389
18,891 18,452
22,440 22,382
Current
assets
Stocks 23
Debtors 24 591 273
Cash at bank and in hand 25 835 1,592
1,426 1,865
Creditors: amounts falling due
within one year 26 (2,058) (3,269)
Net current assets (632) (1,404)
Total assets less current liabilities 21,808 20,978
Funds
Expendable
endowment		 fund 29 2,740 2,740
Restricted income fund 29 78 78
Total restricted
funds		 2,818 2,818
Unrestricted
general		 fund 29 13,242 14,010
Unrestricted
designated		 fund 29 5,748 4,150
Total charity funds 21,808 20,978

2023 2022
Note g'000 g'000
Cash flows from operating activities:
Net cash provided
by/(used		 in) operating activities 31 (305) 1,376
Cash flows from investing activities:
Dividends,
interest and rents		 from investments 100 111
Purchase offixed assets (48) (23)
Purchase ofinvestment
property		 (625)
Proceeds trom sale ofinvestments 4,099 2,846
Purchase ofinvestments (4,383) (2,785)
Net cash provided
by/(used		 in) investing activities (232) (476)
Change in cash and cash equivalents in the reporting period (537) 900
Cash and cash equivalents at the beginning ofthe reporting period 2,699 1,799
Cash and cash equivalents at the end ofthe reporting period 2,162 2,699
Reconciliation ofcash and cash equivalents 2023 2022
Note g'000 K'000
Cash in hand 25 2,113 2,310
Cash held as an investment 22 49 389
Total cash and cash equivalents 2,162 2,699
Analysis ofchanges in net debt
At 1April 2022 Cash flow At 31March 2022
g'000 g'000 g'000
Cash at bank 2,310 (197) 2,113

for the parent charity (see note 1.1).A summ ary ofthe company* s trading results is shown b elow:
2023 2022
k'000 g'000
Turnover 5,788 4,550
Costs oftrading activities and administrative expenses (4,639) (3,921)
Operating
profit		 1,149 629
Interest receivable 203
Interest payable to Leeds Castle Foundation on long term loan
Other finance income/(costs) 145
Profit/(loss)
before donation
and taxation		 1,235 977
Taxation (2) 108
Retained profit for the period 1,233 1,085
Actuarial
gain/(loss)
related to pension scheme, net ofdeferred tax		 (173) 323
Total recognised losses for the period 1,060 1,408
Distribution —gift aid (1,409) (124)
Retained profit brought
forward		 1,284 1,284
Profit retained
in subsidiary		 935 1,284

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2023 2022
g'000 g'000 g'000 g'000
Grants 650
Other donations and voluntary income 15 5 20 5
15 5 20 655

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2023 2022
g'000 g'000 g'000 g'000
Income
Concerts and other special events 464 464 389
Functions 2,547 2,547 1,871
Shops 771 771 588
Golf 335 335 299
Holiday lettings 1,329 1,329 1,155
Ancillary
services		 231 231 199
Other sundry income 152 152 96
5,829 5,829 4,597
Expenditure
on raising		 funds
Cost ofsales 2,175 2,175 1,455
Staffcosts (see note 14) 1,720 1,720 1,755
Property
and equipment		 costs 382 382 345
Administration
costs		 158 158 161
Marketing
and fundraising		 costs 109 109 61
Finance costs 383 383 289
Investment
management		 costs 54 54 51
Proportion ofsupport costs
(see note 11) 215 215 211
5,196 5,196 4,328
Net income from activities for
generating
funds		 633 633 269

Unrestricted Restricted Total Funds Total Funds
Funds Funds 2023 2022
g'000 g'000 g'000 g'000
Income fmm investment pmperties 54 54 54
Income from listed investments 57 57 57
100 100 111
9 Charitable
activities
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2023 2022
g'000 X'000 g'000 g'000
Income from Charitable activities
Day visitor admissions 4,958 4,958 4,238
Other sundry income 15 15 10
4,973 4,973 4,248
Expenditure
on Charitable		 activities
Cost ofsales 368 368 283
Staffcosts: visitor team, estate and
Castle maintenance (see note 14) 1,387 1,387 1,302
Estate and equipment costs 1,945 1,950 1,960
Marketing
costs		 449 449 278
Finance costs 79 79 88
Preservation
and security		 of heritage
assets 217 216 689
Proportion ofsupport costs
(see note 11) 1,110 1,110 1,090
5,555 5 5,560 5,690
Net resources expended
from charitable
activities		 (582) (5) (587) (1,442)

Governmen t grants
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2023 2022
W'000 k'000 K'000 g'000
Hospitality th Leisure grant 100
Coronavirus Job Retention scheme income 102
Government grants 202
Support costs
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2023 2022
g'000 g'000 K'000 k'000
Staffcosts 683 683 1,010
Administration costs 601 149 679
Corporation tax charge 2 2
Deferred tax charge (see note 15)
Governance costs (Auditors' remuneration) 39 39 43
1,325 1,325 1,732
Allocated as follows:
Activities for generating funds 215 215 1,642
Charitable activities 1,110 1,110 1,090
1,325 1,325 1,732

Governan ce
costs
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2023 2022
f'000 g'000 K'000 g'000
Auditor's remuneration (see below) 39 39 43
associated pension schemes, is as fol lows:
2023 2022
F000 f'000
Fees payable to the charity's auditor for the audit ofthe charity's annual
Accounts 22
Fees payable to the charity's auditor for other services:
-The audit ofthe charity's subsidiary
-Tax services
Fees in respect ofthe group pension scheme
-audit

2023 2022 2021 2020 2019
g'000 g'000 g'000 f.'000 g'000
Renovation ofCastle Library ll
Renovation ofYellow Drawing Room 12 25
Renovation ofLady Baillie Suite 54 31 41
Renovation oftapestries 5 12
Renovation ofCastle Bedrooms 15 18 7 29
Castle interior 21 16 56
Stonework repairs 190 629 ll 18 327
Castle representation 1 58 30
Castle Roof 12

Staff costs
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2023 2022
g'000 0'000 I'000 g'000
Staffcosts during the year were:
Wages and salaries 3,441 3,441 2,841
Social security costs 262 262 204
Other pension costs 129 129 125
Redundancy 43
Training, recruitment and welfare 187 187 136
4,019 4,019 3,349
The average weekly number ofempl oyees,
including
directors,		 during the year was as follows :
Group Foundation
2023 2022 2023 2022
No No No No
Full time 63 56 42 32
Part time 137 113 75 79
200 169 117 111
This equates to a
full time equivalent of 110 98
2023 2022
Full Part Full Part
Time Tlllle Time Time
Admin/Support Staff 13 6 12 5
DV Ops 11 65 9 72
Golf 2 1 2 2
Retail 5 25 3 23
Hospitality 14 36 10 35
Maintenance/Security 15 4 17 4
Grounds/Gardens 3 1 3 1
Totals 63 137 56 140
200 196
Group Foundation
2023 2022 2023 2022
No No No No
f60,000to f70,000 1 1
670,000to f80,000 1 1
f80,000 tof90,000 2 2
f130,000to f.140,000
f150,000tof160,000
f160,000to f.170,000
f.170,000tof180,000
6 4 4 6

Deferred tax
Group Foundation
2023 2022 2023 2022
K'000 g'000 K'000 K'000
At 31March 2022 11 11
Movement
for the period		 (2)
Deferred tax asset/(liability)
at 31March 2023
The deferred tax asset/(liability) is made up
ofthe following:
Other timing differences
9 11

Net outgoing resources
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2023 2022
g'000 K'000 g'000 K'000
Net outgoing resources are stated
after (crediting)/charging:
Depreciation: owned assets 421 421 597
Operating
lease rentals:
Hire ofplant and equipment

Consolidated
statement o		 ffina ncial activities for the period ended 31 March 2022
Unrestricted Restricted Total Funds
Funds Funds 2022
g'000 K'000 Z000
Income and endowments from
Donations
and legacies		 15 640 655
Other trading activities 4,597 4,597
Investments 11] 111
Charitable
activities		 4,248 4,248
Total income and endowments 8,971 640 9,611
Expenditure
on
Raising finds (4,328) (4,328)
Charitable
activities		 (5,061) (629) (5,690)
Total expenditure (9,389) (629) (10,018)
Net gains/(losses)
on investments		 489 489
Net income/(expenditure) 71
Exceptional items 202 202
Other recognised
gains/(losses)
Gains/(losses)
on revaluation		 of
Fixed assets and investment properties 940 940
Actuarial
losses on defmed		 benefit
pension scheme (net ofdeferred tax) 431 431
Net movement
in funds		 1,644 1,644
Reconciliation offunds
Total funds brought
forward		 20,601 20,601
Total funds carried forward 22,245 11 22,256
18 Tangible fixed assets
a)
Group
Freehold Land Plant and
and buildings equipment Total
g'000 g'000 g'000
Cost
At 31March 2022 7,287 2,551 9,838
Additions 48 48
Disposals (63) (63)
At31March 2023 7,287 2,536 9,823
Depreciation
At 31March 2022 3,764 2,129 5,893
Charge for the period 319 102 421
Disposals (47) (47)
At 31March 2023 4,083 2,184 6,267
Net book value
At31March 2023 3,204 352 3 556
At31March 2022 3,523 422 3,945
b)
Foundation
Freehold Land Plant and
and buildings equipment Total
K'000 g'000 f'000
Cost
At 31March 2022 7,287 1,713 9,000
Additions 48 48
Disposals (63) (63)
At31March 2023 7,287 1,713 9,000
Depreciation
At 31March 2022 3,764 1,306 5,070
Charge for the period 319 94 413
Dispossls (51) (51)
At 31March 2023 4,083 1,349 5,432
Net book value
At 31March 2023 3,204 345 3,549
At 31March 2022 3,523 407 3,930

2023 2022
g'000 F000
100 Ordinary shares offl each at cost 866 866
866 866

Investment
land and prop		 erties
(Group and Foundation)
2023 2022
g'000 g'000
Market value ofproperties at 31March 2022 8,917 7,352
Purchase 625
Revaluation 680 940
Market value ofproperties at 31March 2023 9,597 8,917
Historical cost value ofassets 2,073 2,073

Group Foundation
2023 2022 2023 2022
0'000 0'000 K'000 K'000
Rent received:
Within one year 41 41 41 41
Between two and five years 23 23 64
Between six and ten years
105 105 105 105

These comprise listed investments, Certificates ofDeposit and oth er cash holdings.
2023 2022
0'000 F000
Market value oflisted investment at 31March 2022 8,280 7,852
Acquisitions
at cost		 4,383 2,785
Disposal proceeds (4,099) (2,846)
(Losses)/gains
for the year		 (185) 489
Market value at 31March 2023 8,379 8,280
Cash holdings
at 31March 2023		 49 389
Total value offixed asset investments 8,428 8,669
Historical cost value ofassets 7,911 7,465
2023 2022
0'000 0'000
UK investments 2,270 2,607
Overseas investments 6,158 6,062
8,428 8,669

2023 2022
g'000 '/o g'000 s/o
Sarasin Climate Active Endowments Fund 3,582 42.7 3,726 45.0
UK 0.125'/0 Treasury Stock 2068 145 1.7 264 3.2
Ruffer Illiquid Multi Strategies Fund 422 5.0 417 5.0
Ruffer SICAV Fixed Income Z GBP Cap 1,299 15.5 727 8.8
Ruffer Protection Strategies 362 4.3 274 3.3
Ruffer SICAV UK Mid 8's Smaller Cos 162 1.9 233 2.8
Wisdom Tree Brent 275 3.3
6,247 74.4 5,641 68.1
Other investments (all less than 3'/0) 2,132 25.6 2,639 31.9
8,280 100.0 8,280 100.0
23 Stocks
Group Foundation
2023 2022 2023 2022
g'000 g'000 g'000 g'000
Goods for resale 170 146
24 Debtors
Group Foundation
2023 2022 2023 2022
g'000 'OOOO g'000 g'000
Amounts
falling		 due after more
than one year:
Trade debtors 158
Amounts
falling		 due within
one year:
Trade debtors 473 471 46 47
Other debtors 17 126 10 4
Prepayments
and		 accrued income 631 364 535 222
Deferred tax asset (see note 15) 9 11
1,288 972 591 273
Cash at bank and in h and
Group Foundation
2023 2022 2023 2022
K'000 g'000 0'000 OOOO
Cash in hand 8 24
Cash at bank —Current accounts 965 605 281 619
Cash at bank —Deposit accounts 1,140 1,481 554 973
2,113 2,310 835 1,592

Creditor s: Amounts
falling due within o		 ne year
Group Foundation
2023 2022 2023 2022
K'000 g'000 K'000 g'000
Trade creditors 655 503 462 332
Other taxation and social security
Payable 154 89 69 13
Other creditors 35 43 1 I
Amounts owed to group undertakings 1,360 2,366
Accruals 239 586 95 43
Deposits in advance 1,191 1,481 71 64
2,274 2,702 2,058 3,269
Creditor s: Amounts
falling due a		 fter one year
Group Foundation
2023 2022 2023 2022
OOOO g'000 g'000 g'000
Deposits in advance 134 I

Group Foundation
2023 2022 2023 2022
8'000 8'000 f.'000 8'000
Payments made:
Within one year 39 26 26 12
Between two and five years 148
187 26 26 12

Restricted Funds Unrestricted Funds
H6eD Chattels M&D General Total
Fund Fund Fund Fund Funds
W'000 J'000 g'000 K'000 g'000
Fund balances at
31March 2023 are
represented by
Tangible assets 2,504 1,052 3,556
Investments 225 5,291 2,509 18,025
Current assets 11 78 457 3,025 3,571
Liabilities (2,408) (2,408)
At 31March 2023 2,740 78 5,748 14,178 22,744
Movement offunds
during the year As at31 As at 31
March Gains/ March
2022 Income Expenditure Losses 2023
(g) (g) (g) (g) (g)
Restricted Funds
Heritage and Development
Fund 2,740 (5) 2,740
Chattels Fund 78 78
2,818 (5) 2,818
Unrestricted Funds
Maintenance and
Development Fund 4,150 1,598 5,748
General Fund 15,288 10,917 (10,924) (1,103) 14,178
19,437 10,917 (10,924) 495 19,926
Total Funds 22,256 10,922 (10,929) 495 22,744

Group Fund s (continued)
Restricted Funds
Restated Unrestricted Funds
HdrD Chattels MdrD General Total
Fund Fund Fund Fund Funds
O'000 K'000 g'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 13,688 17,586
Current assets 11 457 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 at 31 As at 31
March Gains/ March
2021 Income Expenditure losses 2022
(~) (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

2023 2022
5'000 g'000
Defined benefit obligation (3,855) (4,912)
Fair value ofplan assets 4,534 6,043
Restriction on recognition ofasset (679) (1,131)
Net defined benefit (liability)/asset

in other comprehensive
inc		 ome.
Period Period
ended ended
31/03/2023 31/03/2022
k'000 g'000
Service cost:
Current service cost (net ofemployee contributions)
Administration
expenses
Restriction ofrecognition ofasset deemed irrecoverable
Net interest expense/(credit) (33) (13)
Charge/(credit)
recognised		 in profit or loss (33) 33
Re-measurements
ofthe net liability:
Return on scheme assets
expense)		 (excluding amount included in net interest 1,523 (134)
Actuarial
(gains)/losses		 (898) (297)
Charge/(credit)
recorded in other recognised gains or losses		 625 (431)
Total defined benefit cost/(credit) 592 (398i

Pension scheme (continued)
The principal
actuarial
assumptions		 used were:
31/03/2023 31/03/2022
Liability discount rate 4.80'/o 2.75'/o
Inflation assumption
-RPI		 3.35'/o 3.80'/o
Inflation assumption
-CPI		 2.80'/o 3.25'/o
Rate ofincrease in salaries n/a n/a
Revaluation
ofdeferred pensions:
all benefits accrued 2.80/o 3.25/o
Increases for pensions in payment:
benefits accrued prior to 6April 1997 0.00/o 0.00'/o
benefits accrued after 5April 1997 2.75/o 3.15'/o
Proportion ofemployees
opting for early		 retirement 0.00o/o 0.00'/o
Proportion ofemployees
commuting		 pension for cash 50.00/o 50.00'/o
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: 89.1 89.3
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: 90.2 90.4
Reconciliation ofscheme assets and liabilities
Assets Liabilities Total
K'000 X'000 g'000
At start ofperiod 6,043 (4,912) 1,131
Benefits paid (290) 290
Administration
expenses
Contributions
Rom the employer		 140 140
Interest income
/ (expense)		 164 (131) 33
Return on assets (excluding
amount
expense)		 included in net interest (1,523) (1,523)
Actuarial gains/(losses)
Gain/(loss)
on plan introductions		 and changes
At end ofperiod 4,534 (3,855) 679

31/03/2023 31/03/2022
g5000 K'000
Interest income 164 117
Return on scheme assets (excluding
expense)		 amount included in net interest ~((,523 134
Total return on scheme assets (1,3593 251

The major categories ofscheme assets are as follo ws:
31/03/2023 31/03/2022
K'000 K'000
UK Equities 626
Overseas Equities 775
Gilts 1,342 910
Index Linked 3,119 2,344
Alternative Assets 924
Cash 73 454
Total market value ofassets 4,534 6,043

Reconciliation ofcash flows from operatin g
activities
2023 2022
g'000 g'000
Net income/(expenditure) (192) 715
Net (gains)/losses
on investments		 185 (489)
Depreciation
charges on fixed assets		 421 597
(Gain)/Write
offoffixed asset		 (3) 16
Tax charge 2
Dividends,
interest and rents from investments		 (100)
Movements
on defined benefit pension scheme
Movement
in components ofworking capital:
Decrease/(increase)
in stocks		 (24) 108
(Increase)/decrease
in debtors		 (299) (102)
(Decrease)/increase
in creditors		 (295) 642
Net cash inflow/(outflow)
from operating		 activities (305) 1,376