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|CONTENTS|CONTENTS|Page|
|---|---|---|
|Trustees'<br>annual<br>report|||
|Independent|auditors'<br>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||





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





## 

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|||||||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:<br>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<br>endowment|||fund|29|||2,740|||2,740|
|Restricted income fund||||29|||78|||78|
|Total restricted<br>funds|||||||2,818|||2,818|
|Unrestricted<br>general|fund|||29|||14,178|||15,288|
|Unrestricted<br>designated||fund||29|||5,748|||4,150|
|Unrestricted<br>pension|reserve|||298r30|||||||
|Total charity funds|||||||22,744|||22,256|





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|||||||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<br>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<br>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<br>endowment|||fund|29|||2,740|||2,740|
|Restricted income fund||||29|||78|||78|
|Total restricted<br>funds|||||||2,818|||2,818|
|Unrestricted<br>general|fund|||29|||13,242|||14,010|
|Unrestricted<br>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<br>by/(used|in) operating||activities||||31|(305)|1,376|
|Cash flows from investing|activities:|||||||||
|Dividends,<br>interest and rents|from investments|||||||100|111|
|Purchase offixed assets||||||||(48)|(23)|
|Purchase ofinvestment<br>property|||||||||(625)|
|Proceeds trom sale ofinvestments||||||||4,099|2,846|
|Purchase ofinvestments||||||||(4,383)|(2,785)|
|Net cash provided<br>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||





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|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<br>profit||1,149|629|
|Interest receivable|||203|
|Interest payable to Leeds Castle Foundation|on long term loan|||
|Other finance income/(costs)|||145|
|Profit/(loss)<br>before donation<br>and taxation||1,235|977|
|Taxation||(2)|108|
|Retained profit for the period||1,233|1,085|
|Actuarial<br>gain/(loss)<br>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<br>forward||1,284|1,284|
|Profit retained<br>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|





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## 

||||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<br>services|||231||231|199|
|Other sundry income|||152||152|96|
||||5,829||5,829|4,597|
|Expenditure<br>on raising|funds||||||
|Cost ofsales|||2,175||2,175|1,455|
|Staffcosts (see note 14)|||1,720||1,720|1,755|
|Property<br>and equipment|costs||382||382|345|
|Administration<br>costs|||158||158|161|
|Marketing<br>and fundraising||costs|109||109|61|
|Finance costs|||383||383|289|
|Investment<br>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<br>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<br>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<br>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<br>costs|||||449||449|278|
||Finance costs|||||79||79|88|
||Preservation<br>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<br>activities|||||(582)|(5)|(587)|(1,442)|





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|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<br>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,<br>including<br>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|





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|Deferred tax||||||
|---|---|---|---|---|---|
|||Group||Foundation||
|||2023|2022|2023|2022|
|||K'000|g'000|K'000|K'000|
|At 31March 2022||11|11|||
|Movement<br>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<br>lease rentals:||||||
|Hire ofplant|and equipment|||||





## 

|Consolidated<br>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<br>and legacies|||15|640|655|
|Other trading activities|||4,597||4,597|
|Investments|||11]||111|
|Charitable<br>activities|||4,248||4,248|
|Total income and endowments|||8,971|640|9,611|
|Expenditure<br>on||||||
|Raising finds|||(4,328)||(4,328)|
|Charitable<br>activities|||(5,061)|(629)|(5,690)|
|Total expenditure|||(9,389)|(629)|(10,018)|
|Net gains/(losses)<br>on investments|||489||489|
|Net income/(expenditure)|||71|||
|Exceptional items|||202||202|
|Other recognised<br>gains/(losses)||||||
|Gains/(losses)<br>on revaluation||of||||
|Fixed assets and investment|properties||940||940|
|Actuarial<br>losses on defmed|benefit|||||
|pension scheme (net ofdeferred tax)|||431||431|
|Net movement<br>in funds|||1,644||1,644|
|Reconciliation offunds||||||
|Total funds brought<br>forward|||20,601||20,601|
|Total funds carried forward|||22,245|11|22,256|





|18|Tangible fixed assets||||
|---|---|---|---|---|
||a)<br>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)<br>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|





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



## 

|Investment<br>land and prop|erties<br>(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<br>at cost||4,383|2,785|
|Disposal proceeds||(4,099)|(2,846)|
|(Losses)/gains<br>for the year||(185)|489|
|Market value at 31March 2023||8,379|8,280|
|Cash holdings<br>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<br>falling|due after more||||||
||than one year:|||||||
||Trade debtors|||158||||
||Amounts<br>falling|due within||||||
||one year:|||||||
||Trade debtors|||473|471|46|47|
||Other debtors|||17|126|10|4|
||Prepayments<br>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<br>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<br>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<br>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<br>expenses||||||
|Restriction ofrecognition ofasset deemed irrecoverable||||||
|Net interest expense/(credit)||||(33)|(13)|
|Charge/(credit)<br>recognised|in profit or|loss||(33)|33|
|Re-measurements<br>ofthe net liability:||||||
|Return on scheme assets <br>expense)|(excluding|amount included|in net interest|1,523|(134)|
|Actuarial<br>(gains)/losses||||(898)|(297)|
|Charge/(credit)<br>recorded in other recognised gains or losses||||625|(431)|
|Total defined benefit cost/(credit)||||592|(398i|





## 

|Pension scheme (continued)||||||||
|---|---|---|---|---|---|---|---|
|The principal<br>actuarial<br>assumptions|||used were:|||||
|||||||31/03/2023|31/03/2022|
|Liability discount rate||||||4.80'/o|2.75'/o|
|Inflation assumption<br>-RPI||||||3.35'/o|3.80'/o|
|Inflation assumption<br>-CPI||||||2.80'/o|3.25'/o|
|Rate ofincrease in salaries||||||n/a|n/a|
|Revaluation<br>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<br>opting for early||||retirement||0.00o/o|0.00'/o|
|Proportion ofemployees<br>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<br>expenses||||||||
|Contributions<br>Rom the employer|||||140||140|
|Interest income<br>/ (expense)|||||164|(131)|33|
|Return on assets (excluding<br>amount<br>expense)||included in net interest|||(1,523)||(1,523)|
|Actuarial gains/(losses)||||||||
|Gain/(loss)<br>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<br>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<br>activities|||
|---|---|---|---|
|||2023|2022|
|||g'000|g'000|
|Net income/(expenditure)||(192)|715|
|Net (gains)/losses<br>on investments||185|(489)|
|Depreciation<br>charges on fixed assets||421|597|
|(Gain)/Write<br>offoffixed asset||(3)|16|
|Tax charge||2||
|Dividends,<br>interest and rents from investments||(100)||
|Movements<br>on defined benefit pension scheme||||
|Movement<br>in components ofworking capital:||||
|Decrease/(increase)<br>in stocks||(24)|108|
|(Increase)/decrease<br>in debtors||(299)|(102)|
|(Decrease)/increase<br>in creditors||(295)|642|
|Net cash inflow/(outflow)<br>from operating|activities|(305)|1,376|



## 

## 

## 

## 

## 

## 

## 

##