2024-03-29-accounts

LEEDS CASTLE Company Re¥istration Nv. 1172263 (Englalld and Wales) Charity Registered No. 268354 (England and Wales) LEEDS CASTLE FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 MARCH 2024 Tèlephone.. +44 IU)1622 Jof400 Fac51mllÈ: 4J 10)622 73-616 Webslte.. YVII;: joh￿￿?.1*(..cJ-',.. .17ry4IATI4..3038IOJe4i

LEEDS CASTLE FOUNDATION

CONTENTS	Page
Trustees' annual report	4
Independent auditors' report	17
Consolidated statement of financial activities	21
Consolidated balance sheet	22
Foundation balance sheet	23
Consolidated cash flow statement	24
Notes to the financial statements	25

LEEDS CASTLE FOUNDATIor4 ADMINISTRATIVE DETAILS Trustee Ms Ros Kerslake, CBE (CkLair) Ms Judith Armitt Ms Helen Dccble, CBE Ms Anna Eavis Ms Ruth Knight Ms Sarah Masolli M$ sarah Roots Mr Julian Smith, CVO Mr Adrian J Tinniswood, OBE Mr Thomas C Wright, CBE Company Secretary Mr R Richman Charity Number 268354 Company number 1172263 Registered Office Lccds Castlc Broomfield Nr. Maidstone Kent ME17 IPL Statutory Auditors Crowe U.K. LLP Riverside House 40-46 Eligh Street Maidstone Kent Bankers Royal Bank of Scotland 38 Market Place Wigan wi IPJ Investment managers Ruffer LLP 80 Victoria Street London SWIE 5JL Sarasin & Partners 100 St PLul's Churchyard London EC4M 8BU

LEEDS CASTLE FOUNDATION ADMINISTRATIVE DETAILS Sub-committee membership Filla￿e￿ Audit and Risk Committee Ms J Arniitt MT J Siniih, CVO Mr T C Wrigh¢ CBE Chair luvestment Committee Ms H r)¢cblc, CBE Chair NomiDatioJJs Committee Ms R Kerslake, CBF. Mr J Smith CVO Ms A Eavis Chair Dire¢tOT8, L*ed$ Ca8tle Ellterpri8es Ltd Mr T C WrigbL CBE Ms R Kerslake, CBB Mr D Bridgford Ms S Roots Ms H Bonser-wilton Mr R Richman Chair Chicf Executive Trinance Director and S¢cr¢tary Senior iM&J)agement Team of the Foundatio Ms H Bonser-wilton Mr R Richman Mr5 D Maiihews Chief r,xecutive Financc Director Head of Audience Development & Fundraising Ilead Curator Commercial Operations Dir¢etor interim Ilead of Eslu Serviees MArketing Director Ms S Prichard Ms L Hutchings Mr N Johnstonc Mr M Dclin

LEEDS CASTLE FOUF4DATION TRUSTEES, ANNUAL REPORT FOR THE TrTAR ENDED 28 MARCH 2024 The Trustees of the Leeds C&%tle Fnundation, (C.harity number: 268354 and company registration number.. 1172263). who arc also the directors of the charity, present their report and the fLnalleial ytatement5 for die Follndation and its trading subsidiary (th¢ group) kor the period ended 28th MurLh 2024. These have been prepared in ￿COrdance with th¢ A¢¢ounting and Reporting by Chariti¢s: Statement of Recommended l)ractice applicable to charitles prepariiig their &ccourtts in &ccordance with the Financial R¢porting Standard applicable in the UK and Republic of Ireland (FRSI 02) (¢ffe¢tive 1st January 2015) and the Companics Act 2006. Accounts have been prepared this year tor the period Irom 1st April 2023 10 28th March 2024. The Foundation regularly alters its financial year end to ensurethere is only one E￿¢r Bank Holiday weekend within each financial year, this was necessary for 2023124 but not the comparativc year of 2022123 which are covered by thi5 repurt. Objects The Foundalion's objects are wide rangin& llnd are set out in fvll in the memorandum and articles. However. the key focus of the eharity is summ&rised as follows: l. To preserve the Castle and its estate for public benefit. 2. To provide an excellent, enjoyable and authentic exp¢rienee for every visitor. 3. To inspire visitors of &ll a8¢s through edu¢alional r#sourc¢s and facilities. 4. To promote health and other charitable purposes. Trustees 'I'he following'l'rnstees have held olTice in the twelve months from 1st April 2023. Ms R Kerslake, CBE Ms J Arfflitt (uppoint¢d 29, Scptember 2023) Ms H Dccblc, CBE Ms A Eavis Ms R Knight (appoint¢d 29, Scplember 2023) Mr R Laing (retired 15 December 2023) Ms S Masotti {appointcd 29, September 2023) Ms L Nesfield (retired 15 December 2023) Ms S Roots (appointed 29 September 2023) Mr J Smith, CVO Mr A Tinniswood. OBE Mr T Wright, CBE Strategic Report Sections in this Teport noted below constitute the Strategic Report for the purw>5cs of the Companies Act 2006: Review of the year. Incoming r¢sources. Costs and application of operating surpluses. Reserves Policy. Investmeni Policy and Objectives Core Aclivitics- Public Benefit. Plans for the Future. Risk. Section 172 Statement.

LEEDS CASTLE FOUNDATION TRUSTEES, ANNUAL RII PORT FOR THE YEAR EIYDED 28 MARCH 2024 Review of the year The year saw a.qignificant recovery in visitors to the Castlc which were up by thirteen percent year on y¢aT. This largcly r¢$ult¢d from th¢ 5ULC¢55 of value-a(Ided events reintroduced into the day visilor programme. Of notable succcss was the Christmas prcscntation of N8Jll?a in the Castle which achieved more than twice the number of visitors to the previous year. Overall, during the year we welcomed 399.604 gucsts to thc site, which reversed the fall in visitor numbers sccn in 2022ll3 and was 15.000 mor¢ than in 2021122. 'Iliis number benefffted greatly trom group visitors which have returned more quickly and more Strongly than most in thc scctor had anticipated. Ln July RA Venues ceased to b¢ the exclusive catering provider LO the site. After a thorou￿ tendering process Grayson's We￿ awarded the cOn￿¢t. While a less than ideal time to makc such & change, their mobiiis&tion was efficient and successful wilh no interruption to thc provision of seryices. 'I'here followed a steady increa8e in turnover from all ¢at¢ring outlets. The annual Leeds Castle Con¢¢rt was well attended. Heritage Events have a furth¢r two years on the contract for the event. The Fireworks Spectacular went ahead in November. in spite of EK)or weather attracting sell out audiences both nigbts and receiving highly lavourablc revicws, Trustc¢s agaiD took the d¢¢ision lo self-insure this ¢v¢nt as insurance mark¢t rat¢s were prohibitive. The major new activity introduced in 2022123 was a joint venture with Raymond Gubbay Limited, a subsidiary of Sony Music, to run a Christmas Lights Trail through the grounds. In its second year it attracted over 85,000 visitors, up from 66,500. This produced a positive return in the second year of a fiv¢-year contract ¢quivalellt to that generated alluually from ihe Fireworks Spectacular. Hospitality Function5 and Accommodation both had less successful years. Hospitality had benefitted from a carry forward of events from the Covid-19 period in 2022123, but with less advance bookings carried fonvard. coupled with a tightening of the inarket following the cost of living crisis, the year failed to match budget expectations. 11 was also noti￿ablE thai function5 thai did take place were utilising l¢ss on-51t¢ accommodation than that .8een in recent years. However , the year saw the investEnent in the I,akeside Lodgcs aceommodation product. The Leeds Castle (Folf Club has continued to benefit from the desire to partake in outdoor exercise whi¢h saw a resurgellce in the pandemi¢ period. Establishing as a Membership club has reduced thc dependence on green f¢¢ incom¢, whi¢h can be heavily w¢ath¢r and compclitor activity dependent. Golf generates 8 modes1 profit, sufficient to pay b&ck the earlier capital inv¢stment made in the course. This return to a surplus was pleasing affinnation of the investment in thc coursc 2nd facilities, as well as thc WQTk of the PGA Prof¢5sional to establish an ¢njoyable club ¢xp¢rience for members. In another uncertain year, the business overall was manag¢d with agililv and car¢fully controlled costs. but difficulties surrounding ihe borehole water supply and a major leak on site added to the ¢ost of utilities. The current gas and electricity supply contracts will tsrn?in&te in Oetobcr 2024 and a signifLcant redu¢tion in cost 15 anticipated, as Whole￿Ie price5 are consid¢rably low¢r than at th¢ previous renewal. Volunteers havc bccome an essential part of the C&stle's worK providing learning & social inclusion, with 80 people currently volunteering across ￿eaS such as falconryj gardens, grounds. wildlife & conservation, education. visitor operations and, of course, the main Trustee Board. Financial modelling using prudent ￿o￿th assumptions confirtns that the estate can generate sufficient cash to invest in herit2gc assets, facilities and ¢xpcricnccs ovcr the next few years, although larger projects will require drawing on R¢s¢rv¢s.

LEEDS CASTLE FOUNDATION TRUSTEES, ANNUAL RF.PORT FOR THE YEAR ELYDED 28 MARCH 2024 Chief Ex¢cutiv¢ Helen Bonser-wilton has continued to lead WOTk to review the Foundation's business model & to deliver the approved strategy with Board and staff team in year. Incoming resources Total incoming resources increased by £1,099,000 over the previous year as operations continue lo relum to more regular levels than those seen during ihe pandemic. However, wtth incre&ses in costs thc tr&ding result was a relatively sm211 surplus and a loss aftcr cxrxptional ilen￿. The Fireworks Spectacular, Lccds Castlc Concert and the Christmas Lights Trail continuc to suppl¢m¢nt th¢ standard visitor and hospitaIity income streams. IIospitality and accommodation ix)th had a siguifIcantty less successful year, but remain alM)ve pr¢-pandemi¢ l¢v¢15 ol¢ontribution. "I'he inv¢stm¢nt portfolio benefited frorn the division of the fund to two inveslm¢nt manager3 as Ruffer, nusually, rethrned a signlficant los4 however this was largely offsct by Sarasin's perforniance. The inv¢stment Properties were revalued. but Saw a significant fall in values. Costs and appIl￿tion of operating surpluses Our focus remained on managing the cost base in a climatc ofcxtrcmc cconomic uncertainty. while ensuring visitor and guest service levels were maintain¢d and investment in the product continued. Further lo the heavy reduction in stalTing numbers that took place in 2020 as a result of th¢ d¢vastating financial impact nf thc pandemic, we continued to gradually increase staff numbers to cope with the restoration of year round full tradin& but vacancies &$ a result of the challenging recruiting environm¢nt r¢suSted in I l O full lime equivalent st&tT in the year whi¢h was identical to the 2022123 full tim¢ equivalent staff. There will dlwdys be a need for considerable investment pmgr8mmes. not le&qt in the fabric of the C&qtle buildings. In addition to planned and prcvcntativc mainlenance, there are times when unexpected repairs ar¢ required. The opcrattng surplus will be used to continue the preservation of the Castle, th¢ ¢stale and the collections, aT]d the ongoing enhanccmcnt of the visitor experience, which ne¢ds regular r¢freshment to cnsure that there is always a new reason to visit and to updatelreplace facilities as needed. In line with the agreed three-year pension deficit reduction plan, there was a thrther speciaI contribution of £140,000 towards th¢ L¢¢ds Castlc Rctircment Benefits Scheme. 'I'he scheme has been clused to new membe since 2005. A triennial revaluation was undcrtakcn as al 1° April 2022 and contributi()n8 remain at £140,000 which are planned to eliminate the scheme liability on the technical provisions basis by 31. October 2024. Rescrve8 policy Th¢ reseryes policy is r¢viewed annually by the Trustees, taking into 8ccount the predominant risks to the Foundation and its anticipated working Capilal requirements. The r¢view of risk hi￿lIghtS major ¢v¢nts. (e.g. a fjre), causing severe impact on tncome. mitigated by Ix)th dityct and bu.sine￿* Inte￿uption iniurance cover. The impact on incomc of othw risks, such as closur¢ or periods of low visitor numbers due to prulonged bad weather or oth¢r factors, are uninsurable. In recent years. to mitigate these risks. Trustses have invested to diversify income generation, r¢ducing the dependence on d&y visitors. Thc Trustees have concluded that funds are required to be held as free reserves to ¢nable us lo me¢t regul￿ Cornmitmenls und working capital requirements, should there be short terni volatility in revenues.

LEEDS CASTLE FOUNDATION TRUSTEES, AThNUAL REPORT FOR THE YEAR FNDED 28 TrIARCH 2024 Taking into accoullt core cost needs. the Trustees consider it is appropriate to hold free rescrvcs representing two year5 of charitable activities expenditure. At 3 IstMar¢h 2024 th¢ total coDsolidatcd funds in the accounts sLqDd at £22.2m (2023 - £22.7Jn). of which £2.8m (2023 - £2.8m) is restricted and £1.8m (2023 - £ l.Ilm) relates to unrestricted tangible fixed assets. After deducting these amounts and the designated funds of £3.8m (2023 - £5.7m), this leaves general frc¢ rescrves of £13.8m (2023 £13.2m), which is in line with the aiin of holding two year5 of charitable activities rxpenditure, currently rwwing at £5.4m (2023 £5.2m) per Ye￿ as general free reserves. The free reserves includc invcsttnent prop¢rties with a value of £9m {2023 £9.6m} which are not readily rcalisablc, thus Icaving £4.8m (2023 - £3.6m) as liquid free rescrvcs. This in lin¢ with thc TrustC¢S target of holding £1.4m {2023 - £1.3m), based on three months of charitable activitics expendi￿r¢. The Foundalion's funds coJnprise a number vf restricted and unrestricted funds, within which a number of designations have been made by the Tru.8tees. Restricted fund8 comprisc thc Hcritage and Development F¢und and th¢ Chattels Fund. The H¢rilag¢ and Dcv¢lopm¢nt Fund is an Expendable Endowm¢nt Fund and represents frcchold land and buildings classificd as functional tangible asscts, considered to be integral to the bequeathed estate. The Heritage and Development Fund relates entirely to the Foundation. The Chattels Trund represents proc¢¢ds froTll th¢ disposal of h¢ritage assets. These proceeds are to be used solely for the purpose of &Gquiring replacement heritage assets. The Trustees have concluded that Designated Reserves should be set up to cover the estimate of potential spcnding on spe¢ifi¢ projects which have been identified as part of the five-year planning process. in ordcr to.. Fund the Found&tion's primary rcsponsibility of pffserving the Castlc and its collection5 forpublic benefit. tnvest in developments to enhance the visitor expeTience and enjoyment of the Castle. Develop inc<)me generating opportunilies. Improve or replace operating facilitics and infrastructure. As at 28th March 2024, the Designated Reserves have been assigned to.. Income generating Accommodatian Development- Pods to r¢pla¢e glamping tents (£1,500k). Continuing th¢ r¢maining phases of Castle stonework repairs, initially the West and Southwest elevation8 (£2,250k). In &ddition, the Foundation carries business intemiption insurance to cover the cost of core liabilitlcs Ill the event that the Castle was unable to generate income as a consequence of exceptional insurable incidents. In discussion with Trustees of the Lee<L8 ca￿le Retirement Benefits Scheme. thc Foundation is reviewing options to secure the future liabilities of the Sch¢me. Should this proceed it would be funded trom R¢s¢rves.

LEEDSY CASTLE FOUNDATION TRUSTEES. AIYNUAL REPORT FOR TIIE YF.AR F,NDF,D 28 MARCH 2024 Illvestment policy and obje¢tive a) Inve5tmeDt land and properties Investment land and proiKrti¢s r¢lateto interests in land and buildings which are hcld fortheir investment potential, and which are not used by the Found&lion or its. subsidiary ID thc course of their operations, other than for generating rental income. These propertie.s are considered annually by thc Invcstment Committee &$ part of its review of the combined portfolio of properties and other investments. The 2022 PUTchase of Forge House and surrounding land has added to this investment land bank and has secured vulnerable boundary of the estate. removinE significant noise pollution. Altcrnative uses for th¢ property ELave not been identified, so intent is to dispose of property with restrictive c()venants, rctaining the surrounding land as buffer for the cstAte. While this currently remains unsold the building value has been reduced io ¢stimated resale value and land recorded at agricultural values removing any purchas¢ premium. b) Cash And managed illvestments Thc fund￿llental objectivc in managing the investment assets is to generate a good rate of return to help fund the Foundation's charitable objectives. In 202Q the Trustees reviewed and r&tified the investment policy. which states that the w)rtfolio should airn to achieve a raie of return of RPI plus 20/0 uver the long terni and that the rat¢ in any particular ye8r should not be negative. The Trustees also undertook a tender proccss and decided to split the portfolio equally betsyccn Ruffer LLP and Sarasin to mitigatc management risk with effect from March 2021. The policy remains under review. Corc ActI￿lIeS Publle bellefit The Trustees r¢f¢rr¢d to the Charity Commission's guidaTrce on public benefit when reviewing how to deliver its mission of Caring for Leeds Casile & Estate for ever, for public benefit. In particular, th¢ Trustees considered how plamied activities will deliver against core charitsble objectives, which ar¢ as follows.. To preserve the C&stle & E.state for public benefit, to provid¢ an cxccllcnt, cnjoyable & authentic expericnct, to inspir¢ visitors with educational iesources & to promote health and other charitable purpos¢s. The Trustees have agreed a stfdtegic plan which seeks to deliver core charitable objcctives und¢r the following four slrategic headirlgs. Iyelcome andEp7gage (staff, volunteers. guests, ¢ommunity) Surprise andDeligkn (with amazing & relevant experiences) Aturlure & Caye (for land, buildings. collection, staff, volunteers, visitors, wildlifc) Grow & Develop (finances. new business streams, experiences. environmental sustainability, audiencey, reputalioll, Ch￿Ilable support). Rcview of activity will the￿f0￿ be outlttled against these strntegic objectives. Business Performall¢e Busineqs was negatively affected during the year by the impact ofthe C.￿t of J.iving Crisis on consumer disposable incom¢s, leading to a particularly sharp downlum in hr)spilalily buukings, as well as a challenging ]narket for day visiting. Severe adverse impacts were alga qeen frnm Operation Brock at pcak times. as well as closure of all of thc roads 8round thc Est&te for thrce months from sehool summer holidays. to replace water main in L¢cds Village.

LEEDS CAS'TLE FOUNDATION TRUSTEES, ANNUAL REPORT FOR TItE YFAR F.NDF,I) 28 MARCH 2024 Added to this, climatc ¢hange-induced extreme weather led to extensive downpours. galcs & heatwaves, which negatively affected visiting. Business perforniance in year was as follows.. 399,604 day visitors welcomed, versus budget of 427,075. £5,239,170 generated in ticket income versus budget of £5,846,655. Ticket Yield increased to £13.21 (budget of £13.80), an increase from £1 1.84 in prior ye8r. Onlille advallLe tiLket sales increased to 74Q/o of individual non group visitors. 79,667 grou￿$ visitOTS welcomed (budgct 51,249). comparcd with 54,728 in the prior ycar. A furthcr 85,000 visitcd Christmas Lights, generating a profit of £196,710 v¢rsu5 budg¢t of £96.000. £144,261 generated in Retail Net Profit versus budgel of£1 i 1,818. £617,913 generated in Gift Aid income versus budget of £553,000. £273,397 gcneraled Hospitality Net Profit versus budg¢t of £388.431. Accommodation generated £410,105 in Net Profit versus budget of £398,694. The ¢harity employed 110 staff (FTES) and worked with 80 volunteers. Charity hosted 15 work placemeDts. £20,080 generated from funding bids and on-site ￿ndraising. EBITDA of £264,809 Y¢r5us budget of£452,QO I. Silver Award for Large Visitor Attraction of the Year at Beautiful South Tourism Awards. Ivelcome andEn a e (stsff, volunteers, guests, community) Having rolled out a new vAsual ideotity & re-built websitc during 2022123, we have continued io build a compelling, wel¢oming identity in our CaMpai￿S. including using models from a variety of backgmunds and ethnicities to better represent the audien¢¢s that w¢ s¢tv¢. Catnpaigns are aligned to interests of different customer segments. & use people-led imagery & video to provide a more immersive approach that reflects the high-quality experiences that w¢ provide. We were al80 pleased to start our journey towards hecoming more a¢c¢ssiblc for all. with work starting on a full Estate A￿esS Audit. Leeds Castle already offers wheelchair lifts in the restaurant & Casil¢. as well as a full Changing Plac&F adult changing facility on site. This work will report on fjndings in mid-2024 and will be followed by training & irnplementation of priority measures. Sur r￿e andDeti ht (with amaztng & relevant experiences) 'lli¢ Castle experi¢nc¢ was T¢launched in April 2022, re-presenting to the era of the 1930's House Party. This is in lille with our Spirit of Placc, 'A Glamorous Retreat throughozlt 900 Years.. D&8Pite th¢ medieval appearance of parts of the Castle, very little fabric dates from earlier than 1926. Inauthentic 'm¢dieval' sets w¢re removed from the GIDrietie in 2022, with set dressings & soundscapes intri)duced. In SuJnrn¢r2022, we laun¢h¢d 'Queens wilh Means'cincJDatic projected experience in the Gatehouse. to introduce the history of our six medieval Queens. Having ¢stablished the baselin¢ story in 2022, we introduced additional layers of story during 2023r24. A new multilnedia guide launched in Spring 2023, with & 45-minut¢ tour of 900 years of Castle history. This is available in English and ¢ight oth¢r languages. giving better provision for international visitors. I'o provide a better experience for families, a UV Torch Trail was also introduc¢d at Easter 2023. This story uses thc chardcters of Boots & D&llny* Lady Baillie's Great Danes, to set children off on a trttil around the Castle, finding hidden UV bones.

LEEDS CASTLE FOiINDATION TRUSTEES, ANNUAL REPORT FOR THF. YEAR E]MDED 28 MARCH 2024 New playgrounds were installed in 2019 at Leeds C&8tle and have been very well received, cxcept for comments about die lack of slides. In 2023 we invested in thrcc n¢w slidcs lo complete the playgrounds, including companion slide (to broaden access for those who require a cotnpanion to support them) and a giant tunnel slid¢ from thc high¢sl point for the more adventurous children. We fi￿her boosteLI the family offer in the Maze area of the Estate by in8tAlling a Pop-up Beach, providing a large area of sand overltsoking the Grcat Water. Major events at l.c¢ds Castlc havc bccn instrnmental in driving visiting over the years. JJ] 2020, with COVU) lockdowns. all events ceased, wtth only Concertand lireworks events returning in 2021. In 2022, we re-intr(xluced the popular QueerLs Jou¥1 event, as well developing a new Duign Manth in Sept¢mbcr & Year l of a Chrislmas Light.$ partnership with Raymond Cyubbay T.imited. For Year 2 of the Christpnas I,ighis in 2023, wc invcsted more in light installations & greatly improved catering provision, creating a large covered area on the Cedar Lawn, with multiple catering ouil¢ls and fairground rides. These Amprov¢ments drove a signifi¢anl improvement in LUStom¥r Satisfaction and attendance, with over 85.000 tickets sold versus 66.000 in 2022. During 2023, we re-]ntr(￿uCed perfomer-led events to cater for the loc&1 family market with Punch and Judy & Sand Sculptur¢ on the Bea¢h & a new interactive Spell Seekers Hallowe'en event. At February Half 'l'erni we ran a week of p¢rfornier led 'Butler Games, in thc Castl¢, Iclling the sloTLes of some of our Below StHirs Char￿terS and running napkin folding & other interactive butler activities. 'or l)esign Monih, w¢ ran an anim&l th¢med S¢ulpture Trail, along with a programme of craft workshops and a stunning floral jungle created in the Inner Courtyard ofthe Castle. For Christmas, we cre&t¢d Nanzia in ihe Custle. running from end November to early January. Visitors pllssed through the wardrobe and entered a snow-cover¢d Ngrnii ivith thc story of the Lion, the Wit¢h & thc Wardrobe playirkg out ihrough different rooms, with live perforniers playing Mr'l'umnus, Mrs Beaver, th¢ White Witch and Father Christm&s. This Stronger events progratnme has driven higher ticket purch&se, provid¢s better reason for groups to visit the Castle & from January 2024, converted into a higher level of return visits. I'he other major change area was catering. The Castle has operated with th¢ satll¥ major c&tering contractor foT oN'cr a decadc, with thc contract ternjinaled in the year, we ran a full re-tender for the day visitor, restaurant dinner & breakfast contract in Spring 2023, appoiiiting Graysons as the successfijl calldidatc. Graysons, took over in July 2023 & thi5 has led io signifiLdllt improvemenls in quality, range. coffee offer & spcnd per head. as well a8 more creative interventions. such as the successful Narnia Aftcrnoon Tca during December 2023. Previously> the catertng contractor had cxclusivc rights to hospitality events, but we have noiv recn]iled a list of events caterers to give customers more choice of range & pricing. This list includes Graysons, who successfully ¢ater¢d th¢ ¢xisting hospitality cvcnts already in diary duritlg Summer/Autumn 2023. NurtKire & Care (for land, buildings, collcctio￿ staff, voluntccrs, visitors, wildlife) A number of initi8tives and projects were completed during the year, to care for our assets And pcoplc" Over lim¢. the pipework leading tv ynd on Casile Island had deteriorated to such an extent thal we experieneed major pipe break, meaning we could no longcr conncet to Estttte boreholc water. A progratnme of pipe replacemenl: requiring lifting & re-laying of ancient cobbles ov¢r the Moat bridge was completed in early 2024, with Island reconnected to the borehole in Spring 2024. At the same time. a mor¢ fit for purpos¢ rnmp was installed at the front d(K)T. to gtve better access into the Castle. 10

LEEDS CASTLE FOUNDATION TRU.STEES' AYJ NUAL REPORT OR THE YEAR ENDED 28 MARCH 2024 Work has continued to improve Collections Management Policie4 Systems and Practi¢¢s. A Collections Management System was buili by the in-house IT i¢am lo ¢nabl¢ Ih¢ r¢¥ording of information on artefaLI provenance. conservati()n treatment & current location. Work to popvlatc this database wtll progress over th¢ ncxt o years. Foundation Board also signed off updated poli¢ies for Collections, Acquisttion and Disposal. A further twenty managers & .supervisorn attended multiple mc)dules cjf a Management Development Trainillg Programme developed for Leeds Castle & delivered over six months by Im ¢xt¢rnal facilitator. An Employee Asslstance pro￿3MMe was introduced to provide free advice and counselltng for staifon matter$ as varied as finances, relationships & mental health. It has been well received. Grow & l)evelo (rU￿]CeS, new business streams. experiences, environm¢ntal sustainability. audiences, reputation. charitable support). A number of initiatives to grow and develop the charity's activities & income w¢re completed in-year. A review of ticket pricing was carried out with the support of Attractions Pricing Specialist Baker Richards. This resulted in the introduction of a new pricing matrix. introducing a higher priccd Uliimat¢ Explorer Ticket (including train, boat and advcnturc golD to show the valuc of standard Explorer annual ticket. A number of other discounts were removed & replaced with a £5 discount on Explorer ticket if bought online in advance. This approach resulted in a sigrtifieant uplift in &verage ticket yield and increased onlin¢ sales from 150/D to 74￿/￿￿, resulting in higher Gift Aid Conversion and better Lustomer data capture. Four ucw Lakeside Lodges wer¢ built aT]d launchd in Dexcmbcr 2023, opcning in time for the Christtnas Lights season. This stunning liixury accommodation overlooks the Great Water and will Provide an unparalleled wildlife experience. Payback is expected over six years. OUT first majoT funding application to National Lottery Heritage Fund for £225,000 towards organisational resilien¢¢ work was successful. This enabled the following work to start: A Whol¢ Estate Access Audit. A market audit & complete review of Hospilality Business with future action plan. Green Transport Options improvement work. An energy e￿icIencY audii & options dppraisal for renew&ble energy options. Audience Development ReseArch with local community org&nisations. Employment of12-month Audience D¢v¢lopment & Strategic Pro￿amMe5 ManageT rol¢s. We will assemble all the research & insight needed to build a major external fi￿dIng bid for Castl¢ Stonework & State Room Repairs. renewable heating systern & programme of visilor experience, volunteerin& access improvements & audience development work over the coming few years. Fwidraising also raisedmoney during the year to enable planting ofa Wtld Flowermeadow overlookingthe c.astle. This will be planted in Spring 2024 and we hope to see results over surnmer. OutWTnes frurn energy ¢ffiLi¥nby audit will come in new financial year, in interim, inv¢sttnenl was made in secondary glazing for Castle Turret Bedrooms & estate ¢ottage4 to increas¢ thcrmal efficiency. Plans for 2024125 tn Y¢ar 3 of strategy, a¢tiviti¢s that will d¢liv¢T our strat¢gi¢ objertiv¢s include..

LEEDS CASTLE FOUNDA'rIoi TRUSTEES, ANNUAL REPORT FOR THE YEAR EI¥DED 28 MARCH 2024 Welcome & Engage Debrief of the Estate Access Audit & completion of quick WAns. Access Champion Iraining & prioritisation of future initiativcs. This will seek to provide better access for p¥ople of all abilities, with inyestmcnts to be embedded into future budgets & external funding bids. Stagecoach Ashford_Maidston¢ IOX bus will stop inside the Leeds Castle EstAte from June 2024, to provide direct transport links for those who wish to arrivc by grccn means. 3604legree IPad tOUT will launch in Spring 2024, to enable people with mobility problems to see the first floor of the Castle. Work on finalising the scope of car park improvement programme will bc complet¢d. 'I'his will include comprehensive ground surveys, evaluation of differenl surfa¢ing option5, drainage & electrical infrastructure. Tranches of work will then be completed over a number of years. Wc will coJnpl¢tc Audience Development reSe￿ch with th¢ support of external consultants. Alongside this. we will complete & evaluate pilot activity with selccted community partners to inforn) our future pIMns & target Audicnces. Surprise & Dellghi Work will k ¢ompl¢t¢d in April 2024 to move QueepLs with Meaw cin¢mati¢ projected ¢xperi¢nce into Castle Servants Hall, to inerease nutnbers of visitors viewing. This will free the Gatehouse up for us¢ 8$ another eoryorAte functions or breakout sp&cc. Further to th¢ launch of the Mu]tirnedia Guide in 2023, we will introduce an additional tour focussing on the 1930's Above/B¢low Stairs County House Weekend during Winter 2025. Work will progress during the year on dev¢loping our 3-y¢ar Mcdieval Queens exhibition plans. with first exhibition scheduled to launch in Spring 2025. Major F,vents will be dcvelopcd furthcr, with thc rcturn ofthe popular Motors by the Moal event in August 2024. Christmas 2024 daytime off¢r will ￿ llie Nuicra¢kEr in ihe C'asrle. Refurbishmcnt of C&stle View Rest&uranl & Stable YaTd Café will be completed in Spring 2024, with new menus launching in Summer. This development will include a new cocktail bar and drit)ks seating area in Castle View. tKarning from the Hospitality Audit &ction plan. we will relaun¢h the Hospitality offer from Sumtllcr 2024 with new web pages. videos & photography. Offer will b¢ relaunched io Corporate & Wedding Planners through residenti&l fatniliarisation events. Work will also be completsd to r¢fr¢sh functions spacc5 & accommodation as nceded. Falconry and Wildlife TeatrL will launch a new bookable Wildlil¢ Hide in the Woodland. Nurlt4re and Care Repair work will be carried out to the Moat Bridge and to the Moat Sluice Gate during AutumnlWint¢r 2024125. Annual audit of Castle stonework condition highlighted work needed to Castle Plant Roon) and repairs to Bell Tower, wliich will be completed in-year. Work to renovate redundant Pavilion building and conycrt into a second-hand book shop will pro8Tess over Winter 2024125. through generous donation of laix)ur from PAYE Stonework. Fundraising bids to r&ise funds for purchasc of Secrct&irc (eommissioned in BoudirLIMaison Jansen decorative sch¢m¢ for Cr¢am Bedroom in 1937) will be submitted in Sutnmer 2024. All key Managers and Supervisors will complete IOSHH Managing Safely course. In-house Healtb & Safety Manager & Gardens & Groiinds Manager roles will be introduced to reduce & ultimately phase out use of extsrnal consulianls for this work. Work will progress to revise Estate Fire Strategy, rehear8e evacllation procedurc & incident response with Fire Servicc. Fire Stopping actions will contirLue to be addressed & solutions identified for sensitive improvements to Heritage Fire Doors. Updatcd asbestos survcy will bc carricd out encompassing all estate assets. Work will start witli new Eststes Comtnittee to develop plans for land use, sl￿Inab]Iity, habital enhancement & new visitor experiences. 12

LEED5 CAtiTLE FOUNDATION TRUSTEES, ANNUAL REPORT FOR TItF YFAR FNDFD 28 MARCH 2024 Grow andDevelop Learning from the Energy Efficiency Audit & Renewable EinerEJ Option& Andlysis. we will complete 4UILk wins to reduLe energy usage, {e.g. sub-metering & LED light yeplacemcnts). Work will progress to design water source heat pump hcAting solution for the Castle. We will ¢stablish the carbon footprint of the Estate. plan a realistic route lo Nei Zero & establish a modelling solution to en&ble ongoing monitoring of piogress. This work will larg¢ly be funded by National Lottery I leritage Fund Resilience Cjrant. W¢ wtll d¢v¢lop Castle Repair & Kitchen Garden Projects. to enable external funding bids to be written during 2026. We will seek plaDning perniission for eight n¢w y¢ar-round lodges to replace the season&1 glamping tents at Maze end of Estate. If successful. we will progress infrastructure works in Autumn 2024 & Lodge Build/installation in Spring 2025. Risk Th¢ Ch&rity manages risk activ¢ly through a dynami¢ Risk Register that is reviewed and amended quartcrly at Finan¢e, Audit & Risk Committee (FARC). This enables Staff and Truste¢s to m￿agC risk proactively and flag ¢merging tssues to the Board. The top risks idcntificd in ycar were related to income 8ener&tion in the post pandemic period and the substantial incre&ses in laEK)ur and energy costs, given the heavy. largely f￿ed cost of ¢aring fur the Castle and F8tat¢ that must be borne irrespective of the fortunes of our trading activities. Aside from a cat&qtrophic disaster such as fire, income generation not meeting cotnmitments remains the most Critic￿ risk for th¢ boundation. To manage any cata8trophic occurrences. business continuity measures arc in place (e.g. a new generator has been installed to supply electricity across the 51te should the supply from the National Grid fail). The year saw the introductton of Vipre Security awareness trainin& a eompulsory onlinc training platform to educale ¢tDpIoy￿S on inforniation s¢curity Fxst praclices and current securily threais. Th¢ FoundalioJJ tak¢s the health and safety of its staff, volunt￿r$ and visitors very seriously. Th¢ Leadership Team is committed to ensuring that staff operate safe systems and processes and that visitors able to enjoy their timc with us without incident. All activities on the estate are risk-assessed and incidents logged, with follow-up action closely monitored. A quarterly Health and Safety Committe¢ monitors progr¢ss, with th¢ aid of an external Health and Safety consultant and staff are encouraged to submit concerns and ideas for action. However, Mpith inere&%ing risks highlightcd it is planned to rctllrn to having a Health & Safcty MAnagcr on the payroll. Given th¢ level of complexity in the Leeds Castle operation and the need for ongoing statutory training, a Training Officer has been recrnited to ensure staff are trained in All aspects of delivering a safe environment for everyone. The backlog of necessary training is being ad(tressed in a systematic fashion and is proving effective. There will always be extraneous risks over which we have little control. Th¢ m05t significant of th¢s¢ is poor weather. Hthich affects the number ot. visitors. but increasingly, issues such as traffic congestion and controls relatingto Dover Port are also having a SI￿]ficant negative impact on visltor numbers too. The situation may well worsen when the new entylexit system comes into torce during winter 2024. Section 172 StP4tement Th¢ Board of Trustccs arc aw&rc of their duty undcr s.172 of thc Companies Act 2006 to act in th¢ way which they consider, in good faith, would be most likely to promote the Success of the Company lor Ihr benefit of its members as a whole and, in doAng so, to hai'e regard (amorlgsl oiher mallers) lo- The likely consequences of any decÈsion in the long term. Th¢ interests of the Company's employees. 13

LEEDS CASTLE FOUNDATION TRU.STEES' ANiYUAL REPORT FOR fHE YEAR EINDED 28 MARCH 2024 The need to foster the Company's business relationships with suppliers, customers and uthers. The impact of the Company's operations on the community and the environment. The desirability of tFte Company maintaining a reputation for hi01 standards of business conduct. The need to act fairly as between members of the Cotnpany, {the"5.172{1) Malt¢rs' ¢fflent with em Enhancing employee engagement is an integral part of the ¢ultur¢ of the Foundation. Senior Leaders provide rcgular communications and rcvicw input of staff rcprcscntstivcs to thc St&ff Consultstion Fonlln. A cyclickl staff survey is Carried out and action taken on th¢ results. Much fo¢us has been given to ensuring a ￿f# working environment following the pandemic, including supporting employees, physical and mentsl health Imd wcllbcing, whilst working or in their private lives. The Chief Eixecutive shares a frequent blo& which is ¢ompl¢m¢nled by a stsff newsletter produced by the HR Department. Li¢m¢nt with stakehold¢rs Th¢ Trustees recognise the importance of external st8keholders and The Foundation will engage and collaborate with these institutions and individuals on an ongoing basis with the aim to becom¢ morc wclcoming to our I￿al commuDlti¢s and indusfry colledgues. This includes liaising with loe&l parish councils. Maidstone &nd Kent County Council, Visit KenÉ Association of Leading Visitor Attractions and other local industy stakeholders as appropriate. Strueture, Governance and Management The Leeds Castle Foundation was established as a company limited by guarantee by th¢1oSt priv&te owner of the Castle, Lady Bailli¢, to pr¢serv¢ thc Castlc for thc bcn¢fit of th¢ public. It is govern¢d by its Metnorandum and Articles of Association (1974) and it is registered as a charity with the Charity Commission. The Charity is administcrcd by a Board of Trustees. As sel out in the Articles of Association, thc Chair of the Trustees is clcctcd by their tellow Trustees. The foundation uses avariety of methods to recruit new Trnstees and is committed to an open and inclusiv¢ fornial applicationlinfrrview process for all vacancies. This usually involves external headhuntsrs to broaden the pool of potential Applicants. There is a Nominations Committee chaired by the Foundation Chair, supported by two other Trustees. Aft¢r int¢rvA¢ws with thts suL>Committ￿. a r¢comm¢ndaTion is mad¢ to the full Board. At the end of 2023, Mr Richard Laing concluded his tenure as Foundation Vice Chair, as well as Chair of both the Finanec and Invcstmcnt Committccs, aftcr ttvo succcssful tenns and I l ye￿S of dcdicated service on the Leed5 Castle Board, including during the challenging pandemi¢ period. Ms Laura Nesfield also siepped down after completing two su¢cessful terms and 10 years of service, during which she provided invaluable expcrtTSC in estate and property matters. The Tn]stees extend their deep gratih]de to both for their vnwavcring dedi￿tIon. commitment. and the sp¥¢ialist skills thai hav¢ signifioantly contributed to th¢ leadership and success of the Foundation over the past decad¢. In 2023, four new Trustees began their ternis, bringing expertise in key areas identificd during a rec¢nl skills audit. Each new Trust¢¢ r¢ceiv¢d a comprehensiv¢ induetion prior to joining the BoaTd to ensure a smooth transition and effectivc colltribution. The Board's standing subcommittees cover Finance, Audit & Risk. tnvestmenL Remuneration, Curatorial & Nominations. An est&tes committee will be introduced in 2024. Activities outside of the main objects of the Ch￿lty are undertaken on its behalf by Leeds Castle F.nterprises Limited: a wholly owned subsidiary. 14

LEEDS CASTLE FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR EIWED 28 MARCH 2n24 Two I"rustee nominated individuals also sit on the Leeds Casile Relirement Benefits Schcme Board. Ihe liability for tlie schcvne being IK)rne by LL¢ds Castle Enterprises Limited. The Chief Executive is appointed by the Trnstees to advlsc on stratcgy and developmenl and manage the day-t day opcrations of thc charity. To facilitate effective operations, the Chief Executive has authority, within temis of delegation approved by the Trustees, tor all op¢ralional mallers. She is supported by a tcam of s¢nior managers. including Ihe Finance Director. who is also companj. secretary. The Foundation derives the vast majority of its income from day visiting and hospitality and balanccs this income gcneratinn need carefiTlly with thc impact on the historic buildings and environment. Remuneration of key m#nagement personllel Salaries for the Senior L￿tership team are reviewed annually by Trustecs and benchmarked against other members of the Tre&8ure Houses Association as Tcquired. Employee illvolvemellt And disabled per50n5 The inanagement of Leeds Castle Foundation and its subsidiary L£eds C&8tle F.nte￿riseS Limited, (which together form the group), establish and maintain Close communication with stsff and volunteers. to ¢n¥urc all are fully inforffl¢d about the progrcss of the group's activities. There are inforn)&l and fornial two-way bTicfing sessions and Con.8ultstinn Forum, which mccts quartcrl>' with the Chief Executive to discuss statT suggestions for improvements. Each employee rectives at least one forn]al perforniance review with their man&g¢r each year. We strive to provide a workpla¢¢ that offers equality of upportunity for all our staff, whatever their gender. race, nationality. religion. sexual orientstion. age or ability. Fundraising The charity carries out its fundraising in a fair and r¢sponsibl¢ way in line with th¢ requirements of the Fundraising Regulator. The Foundation ensures that funds raised are 8pent effectively to bring maximum benefit to thc beneficiaries. Whilst all effort8 will be tnade to pcrfonn to th¢ highest stsndards, occasionally issues happ¢n. Any complaints made are fully invcstigated and actioll taken to deal with any problems. The ¢harily re￿ived no complaints during the year under review. The Trustees recognise the importance of the reputation of the charity in maintaining thc trust and confjdence of its donors and ￿ant givers and this principle sils at the heart of all fundraising activiti¢s. Governance The Trustees note the importance of the Charity Code of Governan¢¢ and are committed to reviewingthe Charity's governance procedures based upon its recommendations. Trustees Resp)nsibility The Irust¢¢s (who are also directors of Leeds Castle Foundation for the purpos¢s of company law) are responsible for preparing the Trustecs. Report and the financial statements in accordance with applicable law and Unit¢d Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prnctice). Company law requires the Truste&8 to prepare financi&l statements for each f￿ancial year which give a tru¢ and fair view of th¢ state of dffairs of the ¢haritabl¢ ¢ompany and the group and OC Ihe incoming resources and application ofresources. including the incotne and expenditure, of the charitable group forth&t pcriod. In preparing these fillancial stutcments, the Trustees are required to.. L5

LEEDS CASTLE FOUNDATION TRUSTKES, ANNUAL REPORT FOR THE YEAR ENDED 28 MARCH 2024 Select suitable ￿OuntIng policies and then apply them consistently. Obs¢rv¢ th¢ methods and principl&q in the Charities SORP. Make jud8¢m¢nts and estimates that are reasonable and PTuden¢ Stats whether applicable accounting stand￿S have been follow￿, subject to any material departures disc105ed and explained in the financial statements; Pr¢pwt the financial stateM￿ts on the going ¢¢)nc¢rn basis unle&s it is appropriat¢ to presume that the Charity will ￿ntIllu¢ in business. The Trustees alt rsp)nsible for keeping proper accounting record8 that disG105¢ with reasonable accuracy at any tirne the rtnancial position of the charitable company and enabl¢ th¢m to ensujr that the fittancial ststrnents comply with the CompAnies Aet 2006. They 8re also responsible for saf¢guarding the assets of the clwitable ¢ompany and the group and hence for taking reasc*)able st¢P5 for th¢ pr¢vention gnd d¢t¢¢tion of fraud and oth¢r irregularities. In so far as th¢ Trustees ar¢ aware: Th￿r is no relevant audit infornmticfi of whioh the charitsble company's auditor is unaware" and The trustses hav¢ tsken all step5 that they ought to have takeD to make themselves aware of any relevant audit iufoJTDatioD and to establish that the auditor is awaT¢ of that infoTmation. Auditors Crow¢ U.L LLP wor¢ apFK)inted ￿ auditors in the year and have expressed their wlllinglle￿ to remain in offi¢¢. The Report of the Tnrt which i￿ludeS the Strnfrgic Report was approved by the Board on 27 Septejnber 2024 and signed on their behalf by: Ms Ros Kerslake CBE Chair of Tn￿e¢S 16

LEEDS L￿TLE FOUNDATION INDEPENDENT AUDITORS, REPORT FOR TIIE YEAR EIYDED 28 MARCH 2024 Opinion We have audited tlie financial statsments of Leeds Castle Foundation tor lh¢ year ended 28 March 2024 which comprise the consolidaled statement of financial activities. consolidated balance shcct, foundation balance sheeL consolidated cashflow statement and notes to the fmancial statements, including a summary of significant accounting policies. The financial reporting framewark that h&£ been ipplied in their prepardtion is applicable law and Unitcd Kingdom Accounting Standards, including Trinancial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ir¢land (United Kingdom Generally Accepted Accounting Practicc). In our upinion the finxncial statements: give a Iru¢ and fair view of the state of the group's and the ckthTitable company's affairs as at 28 March 2024 and of the group's incoming resources and application of resources for the year then ended. Have been properly prepared in accordance with United Kingdom Genera]ly Accepted A￿o￿nting Practice. and Have been prepared in aceord8nce with the Tequir¢ments of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibililies under those standards are further described in the Auditor's regponsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ¢thi¢al T4uiretn¢nts that ar¢ relevant to OUT audit of the finatLcial statement5. in the UK. including the FRC'S Ethical Standard and we have ￿lfilled our other ethical responsibilities in accordancewitb these requirements. We believe that the audit evidenec we have obtained is sufficicnt and appropriate to provide a basis for our opinion. Conclusions relgting to goAJ)g concern In auditing the finllncial statemenls, we have concluded that the directors, use of th¢ going concern basis of accounting in the preparation of the financial stAtcmcnts is Appropriate. Bascd on the work we have performed, we h&v¢ not ideJ)tified any material uncertainties relating lo cvcnts OT conditions that, individually or collectively, may cast significant doubt on the Comp&ny's ability to continue as a going concerD for a p¢riod of at l¢ast twelv¢ months from when the finat]ci&l statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are d¢￿ribed in the rclcvant scctions of this rcport. l7

LEEDS CASTLE FOUNDATIOh' INDEPF.Nf)F.NT AUDITORS, RF,PORT FOR THE YEAR ENDED 28 MARCH 2024 Other inforniatinn The trustees are responsible for the other infomiation. The other inforniation compri%es the infortnation included tn the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the finanuial slalemenls does not cov¢r the other inforn]aliun and. ex￿pt tv the extent otherwise explicitly stated in our rcport, we do not express any forni of assurancc conclusion thcrcon. In connection with our audit of ihe finatieial statement& our responsibility is Io T¢ad the other inforn]alion and. in doing so, consider whether the other information is materially inconsistent with thc fLnancial statements or our knowledge obtained in the audit or otherwise appears to be materially misslalcd. If we identify su¢h material incongistencies nr apparent material misstatements, we are required to detemiille whether there is a matcrial misstatement in the financial statements or a material misstatement of the other infonnation. If, bl￿d on the work w¢ have performed, we conclude that there is a material misslatem¢nt of this othei information. wc arc rcquired to report that fact. We hav¢ noihing to r¢port tn this regard. Opinions on other matters prescribed by the Comp¥ni¢s Act 2006 In our opinion based on the work undertaken in the course of our audit Th¢ inform&tion givcn in the trustees, report, which includes the dircctors, report and the strategic report prepar¢d for the purposes of company law. for the financial year for which the financial statements are prepared is consist¢nl with the financial statements" and Tkne strategic report and the directors, report iThcluded within the trustees. report have been prepared in accord&nce with appliLablc Icgal rcquir¢m¢nts. Matters on whlch we are required to report by exceptloll In light of the knowledge and understanding of the group and tlie charitable company and their environtnent obtained in Ihe course ot-the audit. we have nol identified material misstalemenls in the directors, report included within the tru.￿eeS, report. We have nothin8 to report in respect oftbe follnwin8 m8tter.s in relatinn to which the Compani¢s Act 2006 requircs us to report lo you if, in our opinion.. The parent company has not kept adequate accounting ￿0rd8- or Th¢ parent company financial statements are not in a￿C¢M¢llt with the accounting records and rethrns" or Certain disclosures ot-trust¢¢s' r¢mun¢ration spx¢ifIed by law are not made. or We have not received all the inforniation and explanations we require for our audit.

LEEDS CASTLE FOUNDAYJON ll%1)F.PF.￿ry)E￿T AUDITORS, REPORT FOR THE YLAR ENDED 28 MARCH 2024 Responsibilvties of tr￿Stee9 As explained more fully in the truslees, responsibilities slalement set out on page 15. the Irust¢es (who are alsu the directors of the charitable company for the purposes of company law) are Tesponsible for the preparation of the fjnancial statements and for being satisfied that they give a truc and fair vicw, and for such internal ¢ontrol as thc trustee4 detemjine is nece55ary to ¥nable the preparation of fllwicial statements that are fre¢ from malerial misstatement, whcth¢r due to fraud or error. In preparing the financial statcmcnts, the trusteeg are responsible for assesssng the gToup's nr the charitable ompany's ability to Continue as a going concern, disclosing. as applicable, matters rclatcd to 80ing concern and using the going concern basis of accounting unl¢ss the trustees either intend to liquidate the charitabl¢ ¢ompany or to ceasc opcrations, or have no realistic alternative but to do so. Auditor's respon5ibi]ities for ibe audit of tbe fiDan¢ial statetllents Our obj￿tiveS are to obtsin r¢asonabl¢ assurance about whether the financial statements as a whole are free from material misststemenL whether due to fraud orerror, and to issue an auditovs report that includes our opinion. Reasonablc assurmce is a high Icvel of assurdnce, but is not a guarantee that an audit conducted in accordallce with ISAS (UK) will always detect a mateTÈal mi5StaÉement when it ¢xists. Misstatements can arise from fraud orerror and arc considered material if, individually or in the aggregate. thev ¢ould reasonably b¢ expected to influence the economic decisions of users taken on the basis of these rinancial statements. Irregularities. inLluding fraud. are instances of non<otnpliance with laws and regulations. We dcsign procedures in line with i)ur responsibilities. outlined above. to detect material misstatement5 in respect of irregulariti¢s. including fraud. Th¢ cxt¢nt to which our proccdures are capable of detecting irrcgularities. including fraud is detailed below: Irregularitie4 illcluding Iraud, instsnces of non-compliance with laws and regulations. We desig procedures in linc with our re.spnnsibilities. outlined abovt, tu Lletect maleri&l misstatcments in respect of irregularities, including fraud. The extent to which our procedures Are capable of deteetsng irr¢gUl￿1tIcs, includin¥ fraud is detsil¢d below= the engagement partner ensured that the engag¢ment team collectively bad the appropriate competence, capabilities and skills to identify or TeLogthise non4ompliance with appli¢able laws and regulations- we identified the laws and regulation8 applicable to the company through discussions with directors and other managemenL and from our commercial knowledge of tkne business. we focused on specific laws and regulations which we wnsid¢red ma). have a direct material effect on the rinancial statements or the operations of the company. including the Comp8nies A¢1 2006, Charities Act, taxalion l¢gislatiun employm¢nt l¢gislation' we assessed the extent of cnrnpliance with the laws and regu18tions identified above through making ¢nquiries of management and inspccting legal corrcspondence", and the idenlified laws and regulations were communi¢at¢d withsn the audit team regularly and the team rem&ined alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's fmalleial statements to material misslal¢m¢nt, including obtaining an understsnding of how fraud might occur. by.. making cnquiries of rnanagement as to where they considered there was susceptibility to fraud, their knowlcdge of actual, suspected and alleged fraud" and considering th¢ inlernal controls in place to rnitigate risks of fraud and non-compliance with laws and regulations. 19

LEEDS CASTLE FOUNDATION INDEPENDENT AUDITORS' REPORT FOR THE YEAR ENDED 28 MARCH 2024

To address the risk of fraud through management bias and override of controls, we:

• reviewed the design and implementation of controls over significant audit risks; and

• we reviewed the revenue recognition policy and considered whether this was being applied correctly for a sample of transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance where meetings took place;

• enquiring of management as to actual and potential litigation and claims; and

• reviewing correspondence with HMRC and relevant regulators;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

;:c.�

Ian Weekes (Senior Statutory Auditor) For and on behalf of

Crowe U.K. LLP

Chartered Accountants Statutory Auditors

Maidstone, Kent

Date: 30 September 2024

20

LEEDS CASTLE IIOUNDATIO CONSOLIDATED STATEIWILNf OF TrINANCJAL ACTIVITIES (INCORPORATING THE INCOME AND E￿Ef4DITuRE ACCOUNT) FOR THE PE]UOD ENDED 28 LVL4RCH 2024 Unreslricled Funds £'ooo Reslri¢t¢d Total Funds Total Funds Funds 2024 2023 £'ooo £'ooo £'ooo Not Income and endowments from donations and l¢ga¢ies OthcT tr&ding activities Investmcnts Charitsble a¢tivities Total income and enduwments 17 5.760 117 6,012 11.906 21 5.760 117 6,012 11.910 20 5.829 100 4.973 10,922 Expenditurc o Raising fiinds Charitable activities TotaI expendilure (5,353) (6,530) (11.883) (5.353) (6.568) (11.921) (5,196) (5,560) {10,756} (38) (3X) Nct (losscs)1gAins on investmcnts Net incomel(expenditure) 21 150 173 150 139 (185) (19) (34) Exceptiottal itsTns Othcr rccognised gaIn￿(lo$scs) GainO{Ios8es) on revaluation of Fixed ￿set5 and irLvestment properties Actuarial gains1(10sses) on defined benefit pension scheme (Det of deferred tax) Net movement in funds 20 (537) (537) 680 29 (167) (531) (167) (565) (173) 488 (34) Reconciliation of funds Total fwids brought fonv8rd 22.733 22.744 22,256 Total funds carried fonvard 28 22,202 {23) 22,179 22.744 The notes on pages 25 to 49 fornj part of these financial statements. The Charity has no r¢L'ognis¢d gains and losses other than those included in the results above and therefore no scporatc statcment of total rccogniscd gains and losses has been presented. 21

LEEDS CASTLE FOUNDATION CONSOLIDATED BALANCE SHEET AS AT 28 MARCH 2024 2024 21J23 Notes £*O(M) £'(KJo FI￿1 &4qets Tangibl¢ a5s¢ts Heritage assets 17 18 4295 3,556 4295 3,556 Investrients.. Properties Listed investments Cash held as an investment 20 21 21 9,060 8.366 147 9,597 8,379 49 17.573 21,868 18,025 21,581 Current assets Stocks Debtors Cash at bank and in hand 22 23 24 245 1,216 914 2.375 170 1,288 2,113 3,571 Crediton: amounts falling du¢ within one year Net current assets Creditors: amounts falling due within more thgn one year 25 (1.958) {1274) 417 1.297 26 (106) (134) Total a88ets leo5 ¢vrr¢nt liabilities 22,179 22,744 Funds Exp¢ndable ¢ndowm¢nt fiuMI Restricted Income fund TotAI restrlcted fullds 28 28 2.740 2.740 78 2,818 2,784 Unrestricted genernl fimd Unrestricted designated fimd Unrestricted pension reserve Total charity fvllds 28 28 28&29 15,645 3,750 14,178 5,748 22,179 22,744 The notss on pag¢5 25 t() 49 foTm part of th¢$¢ fllwi¢ial stat¢m¢nts. The financial ststem¢nts We￿ approved and authorIs￿ for issue by th¢ Board of Trnstees and Dir¢¢tors on 27 September 2024 and wer¢ signed on its ￿half by: Ros KerSIA￿ CBE Chair of Tn￿ 22

LEEDS CASTLE FOUNDATION FOUNDATION BALAF4CE SHEET CHARrrY BALANCE SHEET AS AT 28 MARCH 2024 2024 2023 NotrB £.￿0 £'o Fixed 08sets Tangibl¢ a55ets Herits8e assets 17 18 4295 3,549 4295 3.549 Investsnents: Subsidiary company Properties Listed investtnents Cath held as an investment 19 20 21 21 866 9,060 8,366 147 866 9.597 8,379 49 18,439 22,734 18,891 22.440 Currenl assets Stocks Debtors Cash at and in hand 22 23 24 366 467 833 591 835 1,426 Credltors: amounts falling due within one year Net current assetj Total A58ets less Current liabilitse8 25 (2,201) (2,058) (lJ68) 21J66 (632) 21.808 Fund Ex￿nd&ble ¢ndowment fund R¢stri¢t¢d income fvnd Tot41 restricted thllds 28 28 2,740 2.740 78 2,818 2.784 Unrestrictsd genernl fimd Unrestrictsd desi￿ fund Totsl tharity hnd8 14,832 3,750 21.366 13.242 5.748 21.808 The surplus for the fmancial year dealt with in the fmanciai statements of th¢ parent Company w&8 £442.000- (2023.. SuTplus of £579,000). The notss on pages 25 to 49 fonn part of these fllwLcial statem¢nts. The financial statements were approved and authorised for issue by the Board of Trnstees and Dire£kns on 2P Septem￿r 2024 and were signed on its behalf by: Kerslak& CBE Chair of T￿￿CeS Company number: 1172263 23

LEEDS CASTLE FOUNDATION

CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIOD ENDED 28 MARCH 2024

Note Cash flows from operating activities: Net cash provided by/(used in) operating activities 30 Cash flows from investing activities: Dividends, interest and rents from investments 8 Purchase of fixed assets Purchase of investment property Proceeds from sale of investments Purchase of investments Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Reconciliation of cash and cash equivalents Note Cash in hand 24 Cash held as an investment 21 Total cash and cash equivalents Analysis of changes in net debt At 1 April 2023 Cash flow £’000 £’000 Cash at bank 2,113 (1,199)	2024 2023 £’000 £’000 (185) (305) 117 100 (1,196) (48) - - 3,762 4,099 (3,599) (4,383) (916) (232) (1,101) (537) 2,162 2,699 1,061 2,162 2024 2023 £’000 £’000 914 2,113 147 49 1,061 2,162 At 28 March 2024 £’000 914	2023 £’000 (305) 100 (48) - 4,099 (4,383)
		(232) (537) 2,699
		2,162
		2023 £’000 2,113 49
		2,162

The notes on pages 25 to 49 form part of these financial statements.

24

LEEDS CASTLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 MARCH 2024

1.1 Company information

The company is limited by guarantee, registered in England and Wales, and a registered charity. The registered office is Leeds Castle, Maidstone, Kent ME17 1PL.

2.1 Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention, in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities SORP (FRS102) as it applies from 1 January 2015 and the Companies Act 2006. The statements have been prepared on the basis of a going concern. The principal accounting policies adopted in the preparation of the financial statements are set out below and are consistent with those of the previous year.

Leeds Castle Foundation meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The Trustees have assessed whether the use of going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. In particular, the Trustees have considered the charitable company’s forecasts and projections and have taken account of pressures on income. After making enquiries, the Trustees have concluded that there is a reasonable expectation that following the approved structural and cost saving measures that have been agreed, that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.

The Trustees have assessed the consequences of the current Covid-19 pandemic and recognise that, whilst this will impact the operating climate, the Foundation’s reserves are such that it expects to maintain positive cash flows and reserves for at least one year from the date of approval of these financial statements and, as such, the Trustees are confident that the Foundation will continue to operate as a going concern.

The individual entity accounts of Leeds Castle Foundation have taken advantage of the disclosure exemption under FRS 102 to separately disclose categories of financial instruments and items of income, expenses, gains or losses relating to instruments as these have been presented on a group basis in the notes to the accounts.

2.2 Basis of consolidation

The group financial statements consolidate the financial statements of the Foundation and its subsidiary for the period ended 28 March 2024. The statement of financial activities (SOFA) 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 the Companies Act 2006 and paragraph 397 of the SORP 2015. Details concerning the subsidiary company, results and financial position are set out in note 5.

2.3 Stocks

Stocks are valued at the lower of cost and net realisable value.

25

LEEDS CASTLE FOUNDATION NOTFS TO THF, FtNANCIAL STATEIWFNrs FOR THE PEIUOD LINWED 28 fTrWiCH 2024 Aecounting policies (continued) Foreign currencie8 Assets and liabilities in foreign currencies are translated into sterling al the rates of exchange ruling at the balance sheet date. Tr&nsactions in toreign currencies are translated into sterling at the rate rultng on th¢ date of the transaction. Exchan8e difference£ are taken into account in attiving at net Incomin￿{out8olng) r¢sourc¢s. orm of fingncial slatements The tllnds of the Charity cornprise four distinct categories, which are: Heritage and Development filltd Thi.q restricted expendable endowment fund rel&te8 to changes to the infrastruclure of the estate Ca￿led out to improve the facilities available to support public access. Such assets are, for 411 practical purposes, integral with the bequeathed estate and are therefore also regarded as being inalignabl¢. See note 28 for more information Tegarding this fund. b) Restricted funds Restricted funds are those funds subject to specific trusts declared by the donor, or in relation to funds generated from the sale of certain heritage assets. The funds are expenddble by the Charity at the discretion of the Trustees in accordance with the ternis of their receipt. eneral unrestricted fLmd The Fund WAS created froJn a pecuniary legacy bequeathed by the late Lady Baillie, together with additional funds rcaliscd from tb¢ authoriscd 5alc of ccrtain items included in the origillal transfer of the property. Thc capitsl and incom¢ of th¢ Fund are availablc for expenditur¢ by the Trustees on the Foundation's charitable objective4 including development expenditure. d) Designated funds Designated funds those funds set aside by the Trust¢¢s out of unrestricted gcncrAI fimds for specific ￿t￿e purposes or projects. Incoming resources Incoming resour¢¢s r¢pr¢s¢nts total in¢om¢ r¢ceivabl¢. excluding value added t￿ from admission fees, the sale of goods, services supplied, investmcnt income and sundry ineome. Donations Are recogniscd when received. All incoming resources are included in the SOFA when thc Charity is l¢gally enritled to r¢¢¢)gnise ihe income and the 8mouTrt can be quantified with reasonable accuracy. Any income received in relation to future periods is deferred as appropriate. Turnover represents amounts reeeivable for goods and services net of VAT and trade discounts. Retail income is recognised at the point of sale for sales in shops. Event income is recognised on the date of the event. Lettings and accommodation income is recogntsed on the dale the lettings occur. Investment income Dividends dnd interest on lisled investments are accounted for on an ￿CrUalS b&sis. Int¢r¢st on bank deposits is accounted for on an a¢¢ruals basis. 26

LEEDS CASTLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PEIUOD EIYDED 28 IVIARCH 2024 Accounting pollcies (continued) Resourees expellded All expenditure is accounted for on an accruals basis and has been classified undcr headings that aggregat¢ all costs related to each of tlle Charity's activities. Support costs whi¢h ¢annot be directly attributed to a specific activity have been allocated to activities on & b&sis consist¢nt with their use of the resources. Govcrnancc costs arc includcd within support costs. Costs of raising funds includes all costs associated with th¢ trading and managcmcnt of the Charity's subsidiary. Governance costs are incutted in meeting thc constithtional and statutory requirement5 of the c]wity Bnd are included within support Costs. Operating Ic&ses Rentals applicable lo operating leases where substantially all of the b¢nefits and risks of ownership remai with the le88or are charged to the profit and loss account on the straight-line basis over the lease terni. 2.10 Deterred taxation Deferred tax ts provided in ￿11 in resrttt oftaxation, deferred by timing difference bctween the treatment of cthain it¢ms for tsxatioll and accounting purposes. Deferred tax balances are not discounl¢d. 2.1 I Pension scheme arrangements The group accounts for pension scheme5 in accordance with Finan¢ial Reporting Standard 102 "Retirement Benefits" For d¢fin¢d ¢onlribution s¢h¢mes. contributions are charged to resources expended in the slatement of financial aclivities as payablc in rcspcct of thc accounting peTiod. This includes ¢ontributions made to the personal pension s¢hem¢s of employees. FOT defined b¢nefir schemes the amounts charged to resources expended include the current service costs and gains and losses on settlements and curtailmenis. They Are in¢ludcd as part of statt'costs. Past serviue costs are recognised immediately in the gtstement of fingneial activitics if the benefits have vested. If the benefits have not vested immedialely, the costs are Yecognised over the periixl until vesling occurs. Thc interest cost and the expected return on assets are shown as part of inv¢5tmenl income. Actuaria] gains and losses are recognised immedi&tely as part of other recognised gains and losscs within th¢ statement of financial activities. The assets of the group's defined bencfit scheme are held sep8rat¢ly from those of the group, in separate trustee administered fi]nds. Pension scheme a&sets are m&qsured at fair value and liabilities are measured on an actuarial basis using the projecled unit ]nethod and disL'ounted at a rate equivalent lo the current tate of remrn on a high-quality eorporate bond of equivalent currency and terni to th¢ scheme liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance 5h¢¢t date. The resulting defined benefit asset or liabilty, net of the related deferred taxation, is presented after other net assets on the face of the balance sheet and is represented by the unrestricted pension rcserve. If ihe aCt￿ana1 valuation of th¢ d¢fin¢d b¥n¢fit pension scheTne results in a surplus then no asset is r¢¢ogni%ed in ￿0rdanCe with the requircm¢llts of FRS 102. 27

LEEDS CASTLE FOUIIDATION OTES TO THE FINANCIAL STATEMEI NTS FOR THE PEIUOD ENDED 28 MARCH 2024 Aceountillg policies (continued) 2.12 TAngible fixed &88ets and depreciation Heritage assets Heritage assets are the tangible assets of the Charity that Are ofhi5torical importance and are held to advan¢¢ the pres¢rvation, conservation and educational objeetivcs of the Charity and, through public acce8s, contribute to the nation's cultllrc and education. The C&8tle, grounds and contents bcqucathcd by thc late Lady Baillie, in 1974 and subsequent development expenditure in these assets, are considered to be heritage assets and are integral the Leeds Casil¢ Estat¢. Due to the historA¢ and uniqu¢ natur¢ of the assets concerned convenlionaI valuation &pprO￿heS lack sufficient reliability. As a consequence, the v￿ue of heritage asseL8 h&8 not been included in the financial statements. JJ)clud¢d in the assets bequeathed were certain inalienable asscts which are not consider¢d to heritage assets but cannot be realised and so no valuc is attributed to these assets. Costs incurred which, in the Trustees, view. are required to presery¢ the heritage assets are recognised as expenditure as incurred. Capital improv¢m¢nts to Ih¢ Maidens Tower have been c&pitalised at cost and in¢luded as fixed assets since the Truqtees consider that the improvements are operational in nature. further inforni&tion on th¢ maint¢nance of the h¢ritage assets is giv¢n in note 12 to the ￿CoUnts. b) Oth¢r tangibl¢ asscts Functional ￿setS are those tangible assets which are used for eharitable purposes, including fundraising, but are not considered to be heritage assets. This in¢ludes modern buildings ulilised for Qharitablc purposes, such as educdtion, artd ancillary purposes such as c&tering outlets. It also includes plant and equipment used for eharitsble PUTPOSCS. Depreciation has been provided on buildings on a straight-line basis ovcr their remaining economi¢ lives of len or twenty-five years. Plant and equipment are included in the balance sheet At cost 2nd depreciated on a straight-line basis over their llsefi]l economic life estimated to be 4 y¢ars. Assets ¢osting les5 than £l.000 are writt¢n off in the year of pll￿haSe. Assets are disposed of and replaced when it is no longer econojnically viablc to keep them in working use. 2.13 Jnvestmellt tllvesitneni land and properties Investment land and properties relate to interests in 18nd and buildings which are hcld for their inyestmcnt potcntial, and which are not utilised by the company or its group in the course of their operations. However, sotne of these holdings have strategic value to the Foundation, securing boundaries from unwanted development. The property assets arc included within inv¢stmcnts al their open market valuation, based on a professional valuation undertaken at 28 March 2024. The land at index lillked valuation is pending further review. Further professional valu&tion$ will bc obtained cvcry fivc ycars. Ill the intcrnlcdiatc years the carrytng valuc of the inv¢stment propertie8 will be r¢view¢d by th¢'l'rust¢es and any material movement in their valuation recognised. 28

IEEDS CASTLE FOUNDATION NOTES TO THE FINANCIAL STATEIVIENrs FOR THW, PF,RIOD Ff4DED 28 MARCH 2024 Accounting policies (continued) 2.13 Investment (continued) b) Lis*d invesmients These are iDclud¢d in the baI￿le sheet al maTket valuution. ReaIised and unrcalised gain￿{10sses) arising on the digpa.lal or revaluatinn nf inve.%tment$ are ineludcd in the Staternent of Financial Activiti¢s and crcdit¢d or charged to the Unrestricted General Fund. The fees charged for the purchase and sale of investments in the portfolio &rc includcd within the Foundation's rcsourccs expended. Financial instruments L¢eds Castl¢ Foundation has financial asscts and financial liabilitlcs of akindthat qualify as basic financial instruments. Basic financial instnunents are initially recognised at transaction value and subsequcntly measured al 8mortised cost using the effective interest method. Financial assets hcld at amortised c05t compris¢ stock, cash aud bank and in hand, together with trade and othcr debtors. Financial liabilities held at amortised cost comprAse. trade. other creditors and accruals. Inv¢stm¢nts. including bonds held as part of an investtnent portfolio are held at fair value at the Balance Sheet dale, with gains 8nd losses being recognised within income and expenditure. Investments in subsidiary undertakings are held at eost less impairment. Critical accounting judgem¢nts and Itey sources of es¢imatioll Mneertainty n the application of the charty's accounting policies. whi¢h ar¢ describ¢d in note 2. Trustees arc rcquiTed to make judgements, estim&t¢s, aswmptions about the carrying values of asscts and liabilities that are not readily apparent trom other sources. The est3m&tes and ullderlying assumption5 are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these eslimates. The estimates and underlying assumptions are reviewed on an on-going basis. Rcvisions to accounting estimates are recognised in the period in which the estimate is revised if th¢ rcvision affects only that period. or in the period of the r¢vision and fvtur¢ periods if the revision affects the current and firture periods. The key 80urces of estitnation ullcertainty that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies and are summ8ris¢d below.. Pension assetslliabllities - The charity recognises its assetlliability to its defined benefit pension sch¢m¢ which involves a number of estimations a5 disclosed in note 29. Valuation of invesimenl propertie&. Th¥ charity's investment properties are stated at their estim&ted fair value based on professional valuations as dis¢los¢d in Thote 20. 29

LEEDS CASTLE FOUNDATION IYOTES TO THE FINANCIAL STATEMENTS FOR THE PERJOD EIYDED 28 MARCH 2024 Net income from trading activities of subsidiary The Charity has one wholly owned subsidiary, Leeds Castle Enterprises Limited. Company no.. 01413563, which is registered in Engl&nd a￿d Wales. The registered office ot. the subsidiary is the same address as for the parent charity (see note l. l ). A summary of the company's trading results is shown below". 2024 £'ooo 5,721 2023 £'ooo 5.788 Turnover Costs oFtrading activities admlnistralive expenses Operating prnfrt (4,714) 1,007 (4,639) 1.149 Interest receivable Interest payable to Leeds Ca511e Foundation on long lerm loan Other finance incomel(costs) Profit/Ooss) before donation and taxAtion 109 86 1,116 1.235 Taxation Retained profit for the period (2) 1,233 1,116 Actuarial gaiThl(1055) ￿latEd to F￿￿51011 SLhcm¢, n¢t of def¢rr¢d thx Total reeoEnised losses for the perfod (176) 940 (173) 1.060 Distribution- gift aid Retained profit brought forward Profit retained in subsidiary {1,063) 935 812 (1.409) 1,284 935 The net current assels of Leeds Castle Enterprises Limited are £1.785,000 as at 28 March 2024 (2023.. net asscts £1,928,000 Leeds Castle Enterprises Limited's activities are those trading activities of the group deemed to be non- charitsble. such as shop trading, golf, certain special events, conferences and weddings with the inlenlion of any profits generated being donated to the foundation for the fi￿heraThce of its. ¢haritable activities. Income from donations and legaci Ullrestricted Funds Restricted Total Fundi Total Fund5 Funds 2024 2023 £'ooo £yano £'ooo Grants Oth¢T donations aTLd voluntsry income 17 17 21 21 20 20 30

LEEDS CASTLE FOUNDATtON NOTES TO THE FtNANCIAL STATETriEf4TS FOR THF. PF.RTOD EIII>ED 28 MARCH 2024 Other traditig activities Unrestrict¢d Funds £'ooo Restricted Total FDJJds Tolal Funds Funds 2024 2023 £'ooo £yooo £'on IDenme Concerts and other special evenL8 Functions Shops Golf Holiday lettings Ancillary services Other sundry income 664 1,964 873 349 1,353 257 300 5,760 664 1.964 873 349 1.353 257 300 5,760 464 2,547 771 335 1,329 231 152 5,829 Eipejjditure on r2l8ing funds Cost of sales Staff costs (see note 13) Property and equipment costs Administration costs MarketÉng &nd fundrnising costs Finance costs Investment management Losts Proportion of support costs (see note 10) 2,028 1,800 562 169 147 335 52 2,028 I,800 562 169 147 335 52 2,175 1,720 382 158 109 383 54 260 5,353 260 5.353 215 5,196 Net income frnrn ￿tIvItieS for Ecnerating funds 407 407 633 Activities for generating funds arc those trading and other fundraising activities carried out by the oundution and its subsidiary undertaking Leeds Castle Enterpriscs Limited primarily to generate incoming ￿soUr￿$ which will be used to und¢rtAke the charitable activities of the Foundation. It includes trading activitl&%.8ueh as shop tradin& golf. certain special events, conferences 8nd weddings. 31

LEEDS CASTI,F. FoU￿￿ATION NOTES TO THE F￿ANCIAL STATEMENTS FOR THE PEIUOD ENDED 28 IIqARCH 2024 ncom¢ from inve5tmeDts Unrestricted Funds £'ooo 53 64 117 Restrieted Total Fund$ Tolal Funils Trunds 2024 2023 £'ooo £'ooo £'ooo 53 54 64 117 In¢ome from investment properti¥s Income from listed investments 46 loo Charitable activities Unrestricted Funds £'ooo R￿tricted Total Funds Total Funds Funds 2024 2023 £?000 £'ooo £,￿0 Ineome from Charitable aetivities Day visitor admissions Other sundry income 5,999 13 5.999 13 6,012 4,958 15 4.973 6.012 Expenditure on Charitabl¢ *ctivitie8 Cost of sales Stsff costs: visitor team, estate and Castle maint¢nan¢e (s¢¢ note 13) Estate and equipment costs Marketing cosls Finance costs Prcs¢rvation and s¢curity of heritttge assets 575 575 368 1,655 2,290 489 102 1,655 2,328 489 102 1.387 1,950 449 80 38 122 122 216 Proportion of support costs (see nute 10) 1,297 6,530 1,297 6,568 1,110 5,560 38 Net resourLes expended from ch¥4ritable activities (518) (38) (556) (587) Income from charitable activitlC5 comprise5 incomc frorn thc admission of day visitors to L¢¢ds Castle (prlmary purpose trading) and related ancillary income. In addition to exp¢nditure related to these adiviti¢s. Costs include amounts incurred in acquiring new herit&8e assets. m8intaining the Coslle and other existing heritsge and assets and ensuring their Security (Se¢ not¢ 12). 32

LEEDS CASTLE FuU￿'DATIo[1 NOTES TO THE FtNANCIAL STATEMENTS FOR TIIE PERIOD FNDED 28 MARCH 2Q24 io Support eosts Unrestrieted Funds Restricted Total Funds Total Funds Funds 2024 2023 £'oTro £'ooo 785 683 714 601 £'ooo 785 714 £,(￿0 Staff custs AdminislralioTr costs Corporation t&x chargc Deferred tax charge (see note 14) Governance costs (Auditors. remuneration) 49 1,557 49 1,557 39 1,325 Allocaled as follows= Activities for generating funds Charitsble activities 260 1.297 1,557 260 1,297 1,557 215 ],] 10 1.325 Wherever possible costs are allocated to a specific activily as they ar1￿. Those costs that cannot be 8llocAted to a specific activity are deetned support costs. Support costs are &llocaled to the activities ofthe Foundation on the basis of their level of activity during the year under review. li Govern&nce Costs Unrestricted Funds £'ooo Restricted TotAI Funds Total Funds Fllnds 2024 2023 £'o(K) £'ooo £'ooo Auditor's remuneration (see below) 49 49 39 Auditors, Temun¢ration compris¢s amounts in¢urr¢d by th¢ ¢harity itself in respect of its governance aJ)d not of the grollp as a whole. The total amount payable to the charity's auditors by the group, including associated pension schemes, is as follows.. 2024 £'ooo 2023 £'ooo Fees payable to the charity's auditor for the audit of the charity's anllual Accounts 26 22 Fees payable to the charity's auditor for other services.. The audit of the charity's subsidiary - Tax services Fees in respect of the group pension scheme audit 33

LEEDS CASTLE bour41)A'l'lO NOTF,S TO THF, FINAJYCIAL STATEMENTS FOR THI PEIUOD EI NDID 28 MARCH 2024 12 Preservation and security of heritage assets In compliance with the dI￿105Ure requi￿MentS of Financial Reporting Standard 102.. Heritagc Assets, CO.8ts relating to the preservation 8nd security of the Castle, grounds and contents. classed as being heritage assets which have been expensed in the last five years are summaTis¢d below: 2024 £'ooo 2023 £'ooo 2022 £?000 2021 £'o 2020 £'ooo R¢nvvalivn ufcasilE Library R¢novation olyellow Drawing Room REnovation of Lady Baillie Suite Renovation of tapestries Renovation of Castle Bedrooms Castle interior Siunttwork repairs Casile representation Castlc Roof Moat Bridge repairs 12 25 41 12 29 16 18 58 54 16 15 18 21 36 190 629 12 71 13 Staff costs Unrestricted Funds £'ooo Re$trALted Total Fundy Total Funds Funds 2024 2023 £'ooo £'ooo £'o Staff costs during th¢ y¢8r were: Wages and salari&% Social security costs Other pension costs Redundallcy Training. recruitment and welfare 3,747 291 153 ioi 184 4,476 3.747 291 153 ioi 184 4.476 3.441 262 129 187 4,019 The average weekly numbcr of employee5, including diTeclors. during ihe year w&s as follows: Group 2024 Foulldation 2024 2023 2023 Full tim¢ Part time 71 130 201 63 45 75 120 42 75 137 200 117 This equates to a 11 time equivalcnt of iio iio 34

LEEDS CASTLE FOUM)ATJON NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 MARCH 2024 13 Staff Costs (continued) AnalysAS of average cfflploycc numbcls for thc group by dcpartm¢nt is as follows: 2024 2023 Full Time 13 Part Time Part Time Time Adminlsupport Stoff DV Ops Golf Retail Hospitality Mainlenancelsecurily Grounds/Gardens 15 12 66 65 21 34 25 36 16 17 14 15 Totals 71 130 63 137 201 200 The number of employees with annual remuneration packages in ex¢¢ss of £60,0(M) was as follows". Group 2024 Foundatio 2024 2023 2023 Iyo £60,000 to £70,000 £70,000 to £80,000 £80,000 to £90,000 £90,000 to £lOO,000 £IOO,000 to £1 l 0,000 £1 10.000 to £120,000 £120.000 to £130,000 £150,000 to £160,000 £170,000 to £180,000 During th¢ ￿rIOd the group paid contributiolls totalling £131,876 (2U23: £96,539) in respect of the peTsonal pension schemes of seven of thc above higher-paid employees (2023.. six). Pcnsion contributions to dcfin¢d contribution schcmcs in thc pcriod iotalled £344.138 (2023 - £268,236). No Temun¢ration was paid to th¢ Trustees and Directors of the Charity orany persons connected with ihem during this period or the previous period. Travelling and other costs amounting to £1.782 (2023.. £965) were reimbursed to four trustses (2023: two} The company Considers that the key managementpersonnel comprise the Senior Leadership Team as listed in thc administrativ¢ d¥tails. During th¢ p￿10d the group made remuneration p&yments to key management personnel totalling £772,129 {2023: £655,771). 35

LEEDS L￿￿TL[l FOUI¥DATION NOTES TO THE FINANCIAL STATEMENT.S FOR TTIF, PF,RIOD ENDED 28 MARCH 2024 14 Taxatloll 'I'he Foundation, as a charitable company, is exempt from coryora(Aon tax on its charitable activities. including primary purpose tradin& and investment income. Leeds Castle Enterprises Limited, the Foundation's operating subsidiAry is subject to ¢OTporation tsx on its trading profits, in as far as they are not donated to the Foundation. Details relating to the tax charge of Leeds Castle Enterprises Limitsd ar¢ disclosed in that company's financial sthtements. The COTK)ration tax liability in the period for the cr)mpany was £nil (2023.. £nil)- Deferred lax Grollp 2024 £'ooo FoundAtloll 2024 £?000 2023 £'ooo li 2023 £'ooo At 31 March 2023 Movement for the period Deferred tAx As8eilOiabiiity) fdt 28 March 2024 The deferred tax assetl{liability) 15 made up of the following: Oth¢i timing differences The credit tor the period for deferred tsx is includcd within support costs (see note 10). 15 Net outgoillg resources Unrestricled Funds £'ooo Restrilted Total Funds Total Funds Funds 2024 2023 £'ooo £'ooo £'o(K) Net outEoiDg resoure49 are Sfrated after (ereditin£)l¢hargiug: Depreciation.. owned assets Operating lease rentals.. Hire of plant and equipment 458 458 421 38 38 36

LEEDS CASTLE FOUNDATION IYOTF,S TO THF FINANCIAJ, STATEJtENTS FOR THL PERtOD ENDED 28 MARCH 2024 16 Consolidaied 8tatement of financial activities for the period ended JI March 2023 Uure5tricted Fujjds £'ooo Restricted Tutal Funds 2023 £'oo £'ooo Incomc and endowments from Donations and legacies Other tradlng activitics Invcstm¢llts Charitable activities Totsl illcome and endowments 15 5,829 loo 4.973 10,917 20 5,829 loo 4,973 10,922 Expenditure on Raising lillLds Charitable activities Total expenditure (5.196) (5,555) (10,751) (5,196) {5,560) (10,756) (5) (5) Net gains/(losses) on investments Nct incomel(cxpenditure) (185) (19) (185) (19) Exceptional items Other recognised g8insl(losse8) Gainsl(losses) on revgluation of Fixed asset5 and investmenl properties Actuarial losses on defined benefit pcnsion scheme (net of dcfcrrcd tsx) Net m(￿ernent in funds 680 680 (173) 488 (173) 488 Reconeili*tion of fund$ Total funds brought forward Total funds carried forward 22,245 22,733 22,256 22,744 37

LEEDS CASTLE FoifNDATION NOTES TO FINANCIAL ST ATF,IWtF.NTS FOR THE PERIOD Ef4DED 28 MARCH 2024 17 Tan%ible r￿ed assets Group Freehold LAnd nd buildings Plallt and equipmellt £'ooo Total £?000 £'ooo Cost At 31 Ma￿h 2023 Additions Disposals At 28 March 2024 7.287 849 2.536 347 (3) 2,880 9,823 ,196 (3) 11,016 8.136 Depreciation At 31 March 2023 Charge for the period Disposals At 28 Mareh 2024 4,083 338 2,184 119 (3) 2.300 6267 457 (3) 6,721 4,421 Net book value At 28 March 2024 3,715 3,204 580 4,295 At 31 Marell 2023 352 b) FOl￿datiOn Freehold Land and building8 Planl alld equipment Total £'ooo £'ooo £'ooo Cost At 31 March 2023 Additians Disposals At 28 M#reh 2024 7.287 849 1,698 347 {3) 2,042 8,985 1,196 (3) 10,178 8,136 Depreciation At 31 March 2023 Charge for the period Dispos￿$ At 28 Mar¢h 2024 4,083 338 1,353 112 (3) 1,462 5,436 450 (3) 5,883 4,421 Net book value At 28 March 2024 3,715 3,204 580 4,295 3.549 At 31 March 2023 345 38

LEEDS CASTLE FOUNDATION NOTES TO THE FINAIYCIAL STATEMENTS FOR THF PERIOD ETr4DED 28 IWIARCH 2024 18 Heritage assets (GTOUP and Found8tion) In accordance with the Foundation's accounting policy, heritage assets are not included in the financial statements. because du¢ to their historic and unique n&tUTt, conventional valuation approAches lack sutyicient reliability- Furthennore, they arc inalicnablc under the tern￿ that created the foundation. The Castle island buildings ore insured for £52.Om and other estate buildings for £17.2m. C&stle cont¢nts which include various pieces of fi￿nitur¢) PiCtUfCs and prints, silverware and textiles have been valued for nsupdnce purposes with EcLlesiastical Insurance at £26.4m, which includes loaned items valucd at £ll.Im. 19 Investment in subsidiary company 2024 £'ooo 866 866 2023 £'ooo 866 866 100 Ordinary shares of £1 each at cost Leeds Castle Foundation owns IOOO/o of the vuting rights and nominal sharc capital of Leeds c.astle Entetprises Limited. The subsidiary's accoltnts have been consolidated with the Foundation's accounts. 20 Investment land And properties (Group and Foundation) 2024 £'ooo 9.597 (537) 9.060 2023 £yooo 8,917 680 Murkel value of properties at 31 March 2023 Rcvaluation Market value of properties at 28 March 2024 9,597 Historical cost value of assets 2,073 2,073 All investment A￿d and propvrti¢s ure located within the United Kingdom. The land and properties were valued bj Hen & Duckhurst Profes%ional Services Ltd, a firni of indcpendent survey(Jr8 and valuers on ark opcn markct basis a5 at 28 March 2024. 39

LEEDS CASTLE Foiif4DATION NOTES TO THE FINANCIAL STATF.NfF,NTS FOR THE PERIOD EI¥DED 28 MARCH 2024 20 Investment land and propertie$ (Group and Foundatioo) (continued) Five properties are provided with a lifetime occupancy at zero rent and seven are used for job related accommodation. Other pri)perty and land i.s rented out at a c()mmercial rent. Future minimum Icasc reeeivables under non-cancellable operating leases are as follows: Group 2024 £'ooo Foundation 2024 £'ooo 2023 £'ooo 2023 £'ooo Rent received: Wtthin one year Between two and five years Between six and ten year. 21 41 21 41 23 23 64 23 21 Listed investments (Group and Foundation) These compri5c li5tcd invesiments. Certificates of Deposit and other cath holdings. 2024 £?000 8,379 3,599 (3,762) 150 8,366 2023 £'ooo 8.280 4,383 (4,099) (185) 8,379 Mark¢l value of lisled inv¢stmenl al 31 March 2023 Acquisitions at cost Disposal proceeds (Losses)Igains for the y¢gT M2rke( value at 28 Mareh 2024 Cagh holdings at 28 March 2024 Totsl value of r￿ed asset investments 147 8,513 49 8,4211 Historical cost value of assets 8.270 7,911 As at 28 March 2024 the market value ofthe investments split between UK investment &8s¢ts and overseus. assets was as follows: 2024 £?0 2,869 5,644 8.513 2023 £'O(K) 2,270 6,158 8,428 UK inve.thcTbts Ovcrs¢as investments 40

LEEDS CASTLE FOUNDATION IYOTES TO THE FINANCIAL STATEIVIENTS FOR THE PERIOD ENDED 28 MARCH 2024 21 Listed investments {Group and Foundatioll) (continued) The porrfolio at 28 March 2024 contained inv¢stments managcd by Ruffer LLP and Sarasin & Partners Ll,P. The following investmeJ)ts exceed 30/0 by value of the total portfolio and are dcemed to be material.. 2024 £'ooo 3.972 336 296 ,334 296 72 6,306 2023 £'ooo 3.582 Sarasin Climat¢ A¢tive EndowmcDts Fund 47.5 42.7 USA FRN 3111012025 Ruffer Illiquid Multi Strategies Fund Ruff¢r SICAV Fixed Income Z GBP Cap Ruffer Protection Strategies Wisdom Trcc Brent 422 1,299 362 275 5,940 15.9 15.5 75.3 70.8 Other investments (all less than 39/•) 2,060 8,366 24.7 ioo.o 2,439 8,379 29.2 ioo.o Stocks Group 2024 £'ooo 245 Foundation 2024 £'(K)o 2023 £?000 170 2023 £'ooo Goods for resale 23 Debtor8 Group 2024 £'ooo Foundation 2024 £'ooo 2023 £'ooo 2023 £'ooo Amounts falling due after more than one year: Trad¢ d¢btors 48 158 Amounts falling dtte withi Olle year: Trade debtors Other debiors Prcpayments md accrued income Deferred tax asset (see note 14) 760 55 473 17 631 74 22 46 io 535 344 270 1.216 1.288 366 591 41

LEEDS CASTLE FOUNDATKON NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 MARCH 2024 24 Cash at bank and in hand Group 2024 £?000 Foundation 2024 £?000 2023 £'ooo 2023 £'O(M) Cash in hand Cash at bank- Current accounts Cash at barth- Deposit accounts 390 515 914 965 1,140 2.113 251 216 467 281 554 835 In addition to the cash at bank and in hand and deposits abov¢, included withill the investment portfolio were uash holdings of £146,651 (2023: £49,178) (see note 21). 25 Creditors: Amounts falling due within one year Group 2024 £'(wo 520 rioundatio 2023 £'ooo 655 2024 £'ooo 435 2023 £'OOD 462 Trad¢ creditors Other taxation and social secuTity Payable Other cr&Jitors Amounts owed to group undertakings A¢crL￿S Deposits in advance 105 42 154 35 31 69 1.486 146 99 2,201 1.360 95 71 217 1.074 1,958 239 1,191 2,274 2.058 26 Creditorg: Amounts falling due Ydfter one year Group 2024 £'ooo 106 Foundation 2024 £'w)o 2023 £.￿0 134 2023 £'ooo Dew)sits in advan¢¢ Th¢ company has received deposits in advance for events o¢ourring in over one year of which £94.466 (2023- £134.685) rclates to events occurring within 1-2 years and £12,083 (2023.. £0) relates to events occurring within 2-5 years. 42

LELDS CAS'ILL J OUNDATIOIY NOTES TO THE FINANCIAL STAILMLN'IS FOR THE PERIOD EY4DED 28 NtARCH 2024 27 Financi21 commitments At 28 March 2024 thc group had future minimurn payments under oon-cancellable operating leases of plant and equipment as follow5.. Group 2024 £'ooo Foundation 2024 £'oou 2023 £yooo 2023 £'ooo Payments mad¢: Withijj one year Belween two 2nd five year8 38 iio 148 39 148 187 26 26 43

I￿EDs CASTLE FOUNDATION NOTES TO EINAJ¥CIAL STATEIVJINTS TrOR THE PERIOD ENDED 28 MARCH 2024 28 Group funds Restricted Fullds H&D Chattels Fuud Fund £'ooo £'ooo Unrestricted Fllnds M&D General Fund Fulld £'ooo £'ooo NLHF Grallt Total Funds £'ooo Fund balances al 28 March 2024 are rep￿ented by Tangible assets Investments Current assets Liabilities At 28 March 2024 2,504 225 1.791 13,598 2,286 (2.030} 15,645 4,295 17,573 2,375 (2,064) 22,179 3,750 78 (34) (34) 2.740 78 3.750 Movement of funds during the year Asat31 March Asat28 March 2024 (£) Gain51 Losses 2023 {£) Income Expenditure (£) (£) (£) Restricted Funds Hcrit&gc and Development Fund Chattels Fund NLHF Grant 2.740 7¥ (4) 2,740 78 (34) 2,784 (34) (38) 2,818 Unrestricted Fullds Maintcnance and Development Tr'und General I,und 5.748 14.178 19,926 22.744 (1,998) 1,611 (387) (387) 3.750 15.645 19,395 22.179 11,906 11,906 11,9lO (12,050) (12,050) {12,088) Totsl Funds 44

I.F.FDS CASTLF FOiJNDATION NOTES TO THE FJNANCIAL STATEI Mli NTS FOR THF. PERIOD EIYDED 28 MARCH 2024 28 Group Funds (continued) Restricted Fund8 Restated H&D Chgtlels Fund Fund £'ooo £'ooo Unregtricted Funds M&D Fund £'ooo General Fund £'ooo Total Funds £'ouo Fund balanccs at 31 March 2023 are represented by Tangible assets Investhients Current assets Liabilitics At 31 March 2023 2,504 225 li 1,052 12,509 3.025 (2,408} 14,178 3,556 18.025 3,571 (2,408) 22,744 5,291 457 78 2,740 78 5.748 Movcment of funds during the year Asat31 Mar¢b 2022 (£) Asat31 MArcb 2023 (£} Gainsl 10.qses Income Expeuditure {£) {£) (£) Restricted funds Heritage and Development Fund Chdtttrls Fund 2.740 78 (5) 2,740 78 2,818 (5) 2,818 Unrestricted funds Maintenance and Development F'und General Fund 4,150 15,288 19,438 22,256 1,598 (1,103) 495 495 5.748 14,178 19.926 22,744 10.917 10.917 10.922 (10,924) (10,924) (10.929) Total ￿llds The H&D (H¢ritag¢ and Development) liUn￿ which is an expendable endowment fund, reprcsenls freehold land and buildillgs classified as functional tangible assets, as these arc considered to be intsgral to the bequeathed estate (see note 2.5(a)) 2nd investment properties included within investment properties. 45

LEEDS CASTLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 MARCH 2024 28 Group Funds (¢ontinu¢d) The Chattels Fund, which is a restricted incomc fund, represents the proceeds from disposal of items fornierly held for display and presentation purpose8. Thi.s fund is utiliscd to acquire furnitllrc, works of art or other antiques. The unYestri¢ted Gcneral Fund represents surpluses generated from activities for generating funds. ¢haritable activities and investment perforrnance. This fund is utilised in a¢quiring new heritage assets and the preservation and maintenance of existing heritage assets. The LVI&D {mainlenan¢¢ w)d d¢v¢lopment) fimd is an unrestricted, designai¥d fund which the trustcas have allocated fnr future capital dcv¢lopm¢nt and the ongoing maintenance prograinme of the Castle and the wider estate. Details of the planned expenditure of £4,150,000 are delailed in the Trustees report. The Herit&ge and Development Fund and the Chattcls Fund relate entirely to the Foundation. The proportion ot-the Unrestri¢t¢d General Funil uttributable to the Foundation amounts. to £12.636,000 (2021.. £11.742,000). 29 Pension scheme LKeds Castle Enterprises Ltd (LCE) sponsors Lecd5 Castle Retirement Benetits Scherne. a funded defined benefit pension scheme in the UK, whi¢h was closcd to futUTe accrual in 2005. The scheme is set up on a tax rclicvcd basis as a separate trust independent of LCE and is supervised by indcpendent trustees. Th¢ trustees are responsible for ensuring that the corrcct bellefLts artt Pdid, that the scheme is appropriately fimded and Ihal sChe￿e 85sets are appropriately invested. The Trustees are required io us¢ prudent assumptions to value the liabilities and costs of the sch¢me whereas the accounting assumptions must be best estimates. A fortnal actuarial valuation was carried out as at l April 2022. The results of th&l valuation have been projcLt¢d to 28 March 2024 with allowance for payroll and ben¢fil infomjation and using thc assumptions set out bclow. Thc figurcs in the following disclosvre w¢r¢ measured using the Prujected Unit Method. Valuation date l April The value of the technical provisions was.. The value of the assets at that date was.. 2022 7245,000 5,927000 2019 6260,OIKI 4.911,000 To ensure the Stalulory Funding Obj¢ctive is met the .1 rustses and Employer have agreed that additionttl Employer cantrihutions will bc paid to thc Scheme of £81,666 in 2024ll5 underthc Scheme's subsequenl Teeovery plan dated 6th July 2023. The amounts re¢ognised in the ststement Df fin&neial position are ￿ follows: 2024 £'ooo {3,736) 4,355 {619) 2023 £'ooo (3.855) 4.534 (679) Defined benefit obligation Fair value of plan assets Restriction on rccogllition of asset Net defined benefit (liabtlity)lasset 46

LEEDS CASTLE FOUNDATION NOTES TO THE EIJYANCL4L STATE1￿￿Ts FOR THE PERIOD ENDED 28 MARCH 2024 29 Pension scheme (continued) The current and past service costs, s¥iilements and curtailments. together with the net interest expense for the year are included in profit or loss. Re-measurcmcnts of the net defined benefit liability ar¢ included in other comprehensive income. Period ended 2810312024 £'ooo Period ended 3110312023 £'ooo Service cost: Current service cost (net of empl(iyee contributions) Administration expenses Restriction of recognition of asset de¢med irrecoverable Net interest expense/{¢r¢dil) (36) (33) ChaTge/(credi¢) rewgnis¢d in Profit or loss (36) (33) Re-me&surements of the net liability: Return on scheme assets (excludinE amount iTrcludcd in n¢t illterest expense) Actuarial (gainsylosses 367 1.523 (131) (898) Charge/(credit) rccordcd in other recognised gains or losses 236 625 Total defined benetit cost](credÉt) 200 592 47

LEEDS CASTLE FOLllYDATIOIY NOT￿ TO TIIE FINANCIAL STATEMENTS FOR THE PEIUOD E[￿ED 28 MARCH 2024 29 PensioD scheme (continued) The principal actuartal assumptions used were: 2810312024 3110312023 4.85/0 4.80Y. 3.250/ 3.35Yo 2.750/ 2.80% Liability discount rate Inflation a&8UmPtion- RPI Inflation assumption~ CPI Ratc of incrcase in salaries Revaluation of defetTed pensions.. all benefits ac£rued 2.80010 Increases for pensions in payment: ben¢fits accrued prior to 6 April 1997 b¢n¢fits aL¢ru¥d after 5 April 1997 O.OOO/o 2.70 /0 O.OOD/ Proportion of ¢mploy¢es opting for early retirement Pmportion of employ¢es commuting pension for cash o.oo/. 0.00% 50.00% Expected age at death of current pensioner at age 65: Male aged 65 at year end.. Fcmalc ag¢d 65 at year end-. F,xpected age at death of future pensioner at age 65: Male aged 45 at year end-. FettLale aged 45 at year end.. 86.4 88.7 86.9 89.1 87.4 89.8 87.9 90.2 Reconcitiation of scheme a&gets liAbilities Assets £'ooo 4,534 (169) Liabilities £'ooo (3,855) 169 Total £'ooo 679 At start of period Benefits paid Administration expenses Contributions from the employer Intercst incomc l (expel￿e) Return on &8sths (excluding amount included in net interest exp¢n5c) Actuarial gainsl(losscs) Gainl{loss) plan introductions and ¢hang¢s At end of period 140 217 140 36 (181) (367) (367) 131 131 4,355 (3,736) 619 48

LEEDS CASTLE FOUNDATION P40TES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 MARCH 2024 29 Pension schem¢ (conlAnuuI) The return on scheme assets way: 28103r2024 3110312023 £'ooo £'ooo 217 Interest income Relum on sohem¢ assets (excluding amount included in net interest expense) Toral return on scheme assels 1367 (150) (1,523) (1,356) The major categori￿ ofscheme assets are a5 follows: 2810312024 £'ooo 3110312023 £'ooo UK Equities Overseas Equities ilts Ind¢x Linked Ali¢mative Assets Cash Total mark¢t value of assets 1.341 2.964 1,342 -3,119 50 4,355 73 4.534 Thc Schcmc has no investments in the Company or in propety occupied by the Company. 49

LEEDS CASTLE EOUPIDATION NOTES TO THE EJJ*ANCL4L STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 30 Reconciliation of cash floiys from operating activities 2024 £'ooo 139 [phone] £'ooo (19) 185 421 (3) 10 (100) (140) (33) Net incomel(expendit￿rÈ) Net (gainsylosses on inveskn¢nts Lkpr¢ciation Charges on fixed assets {Gaill)IWrite off of fixed asset Tax charge Dividends, interest and rents from investments Contributions on dcfincd bcncfit pension scheme Finance expense on defmed benefit pension scheme Movement in components of working capit21.. Decrease/(increase) in stocks (Increase)Id¢¢r¢ase in debtors (Deerease)lincre4se in creditors Net c2sh iDflow/(outfloiv) from operating a¢tivi¢ies (117) (140) {36) (75) 72 (344) (185) (24) (307) (295) (305) 31 Llmited by GuarAntee The company is limited by gLwantse And does not have a sharc capitsl. The liability of each membcr is limitcd to £1. 32 Capitsl commitments alld eontlngent Uxblllty At 28 March 2024 the Folmdation and the group had no contractual commitments for d¢vclopmcnt cxpcnditurc {2023'. nil). 33 Rela¢ed party travsac¢ion8 At the year end lh¢ trading subbidiary> Lccd5 Castlc EntsTprises Limited had a net intercompany debtor balance, owing £1,486.000 by the Ch￿lty {2023.' ncl dcbtOT balance of £1.360.OnO). T)uring the period the Charity received gift aid payments totalling £1,063,000 from Leeds Castle Enterprises Limited, but with no further payment a¢¢rued at th¢ year end. 34 Parent company ￿mptIon As pennittcd by Se¢tion 408 of the Companies Act 2006, tke parent compAny's statement of financial activities has not been included in the finan¢iaJ stat¢m¢llts. 35 Financial instruments At the balance sheet date. the consolidated group held financial assets at amorti.sed cost comprising cash and short-terni deposits. trade debtors. otherdebtors and accrued income of £1.921,000 (2023: £2,872,000) atLd f￿ancial liabilities at amortised cost, cornprising trade ur¢ditors, other creditors accruals of £846,000 (2023- £1.029,000). Total interest income received in respect of financial hssets held at amortiscd costtota]Icd £nil (2023.. £nil). 50

LEEDS CASTLE FOUNDATION Th¢ charity held ass¢ts at fair value through income and expenditure of £8,366.000 (2023.. £8,379.000). Movements in the year through the statement of financial activities comprised income of £nil (2023= £nil) and gains of £249,000 (2023.. gains of £494,000). 51