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`CONTENTS`	`Page`
`Trustees’annualreport`
`Independentauditors’report`
`Consolidatedstatementoffinancialactivities`
`Consolidatedbalancesheet`
`Foundationbalancesheet`
`Consolidatedcashflowstatement`
`Notestothefinancialstatements`

`Trustees`	`MsRos Kerslake,CBE(Chair)`
	`MsJudithArmitt`
	`MsHelenDeeble,CBE`
	`MsAnnaEavis`
	`MsRuthKnight`
	`MsSarahMasotti`
	`MsSarahRoots`
	`MrJulianSmith,CVO`
	`MrAdrianJ Tinniswood,OBE`
	`MrThomasC Wright,CBE`
`CompanySecretary`	`MrR Richman`
`CharityNumber`	`268354`
`Companynumber`	`1172263`
`RegisteredOffice`	`LeedsCastle`
	`Broomfield`
	`Nr.Maidstone`
	`Kent`
	`ME17IPL`
`StatutoryAuditors`	`CroweU.K.LLP`
	`MedwayBridgeHouse`
	`1-8Fairmeadow`
	`Maidstone`
	`Kent`
	`ME141JP`
`Bankers`	`RoyalBankofScotland`
	`38MarketPlace`
	`Wigan`
	`WIIPJ`
`Investmentmanagers`	`RufferLLP`
	`80VictoriaStreet`
	`London`
	`SWIE5JL`
	`Sarasin& Partners`
	`100StPaul’sChurchyard`
	`London`
	`EC4M8BU`

`Finance,Auditand`
`RiskCommittee`	`MsJ Armitt`	`Chair`
	`MrJ Smith,CVO`
	`MrTCWright,CBE`
`InvestmentCommittee`	`MsH Deeble,CBE`	`Chair`
	`MsJ Armitt`
	`MsR Kerslake,CBE`
`NominationsCommittee`	`MsR` `Kerslake,CBE`	`Chair`
	`MrJ SmithCVO`
	`MsA Eavis`
`Directors,LeedsCastle`	`MrTCWright,CBE`	`Chair`
`EnterprisesLtd`	`MsR Kerslake,CBE`
	`MrD Bridgford`
	`MsS Roots`
	`MsH Bonser-Wilton`	`ChiefExecutive`
	`MrR Richman`	`FinanceDirectorandSecretary`
`EstatesCommittee`	`MsL Nesfield`	`Chair`
	`MsR Knight`
	`MsS Roots`
`CuratorialCommittee`	`MrA Tinniswood,OBE`
	`MsA Eavis`
`SeniorLeadershipTeam`	`MsH Bonser-Wilton`	`ChiefExecutive`
`oftheFoundation`	`MrR Richman`	`FinanceDirector`
	`MrsD Matthews(to31StMarch25)`	`HeadofAudience`
		`Development& Fundraising`
	`MsS Prichard(to318March25)`	`HeadCurator`
	`MsL Hutchings`	`CommercialOperations`
		`Director`
	`DrD Bouchard(from3"March25)`	`Heritage& Engagement`
		`Director`
	`MrD Hedges(from15“September25)`	`EstatesDirector`
	`MrM Delin`	`MarketingDirectorOBE`

`LiquidFreeReserves`	`2025`	`2024`
	`£000’s`	`£000’s`
`Totalfunds`	`22,089`	`22,179`
`Less:`
`Designatedfunds`	`(3,053)`	`(3,750)`
`Endowmentfunds`	`(2,740)`	`(2,740)`
`Restrictedfunds`	`2`	`(44)`
`Freereserves`	`16,298`	`15,645`
`Lessilliquidreserves/assets`
`InvestmentProperties`	`(9,144)`	`(9,060)`
`Tangibleassetsnotalreadyincludedinabovefunds`	`(2,045)`	`(1,791)`
`LiquidFreeReserves`	`5,109`	`4,794`

18 December 2025

		`Unrestricted`	`Restricted`	`TotalFunds`	`TotalFunds`
		`Funds`	`Funds`	`2025`	`2024`
	`Notes`	`£7000`	`£7000`	`£7000`	`£7000`
`Incomeandendowmentsfrom`
`donationsandlegacies`	`6`	`24`	`167`	`19]`	`21`
`Othertradingactivities`	`7`	`5,795`	`-`	`5,795`	`5,760`
`Investments`	`8`	`285`	`-`	`285`	`117`
`Charitableactivities`	`9`	`6,422`	`-`	`6,422`	`6,012`
`Totalincomeandendowments`		`12,526`	`167`	`12,693`	`11,910`
`Expenditureon`
`Raisingfunds`	`7`	`(5,349)`	`-`	`(5,349)`	`(5,353)`
`Charitableactivities`	`9`	`(7,304)`	`(213)`	`(7,517)`	`(6,568)`
`Totalexpenditure`		`(12,653)`	`(213)`	`(12,866)`	`(11,921)`
`Net(losses)/gainsoninvestments`	`21`	`105`	`-`	`105`	`150`
`Netincome/(expenditure)`		`(22)`	`(46)`	`(68)`	`139`
`Otherrecognisedgains/(losses)`
`Gains/(losses)onrevaluationof`
`Fixedassetsandinvestmentproperties`	`20`	`84`	`-`	`84`	`(537)`
`Actuarialgains/(losses)ondefinedbenefit`
`pensionscheme(net ofdeferredtax)`	`29`	`(106)`	`-`	`(106)`	`(167)`
`Netmovementinfunds`		`(44)`	`(46)`	`(90)`	`(565)`
`Reconciliationoffunds`
`Totalfundsbroughtforward`		`22,202`	`(23)`	`22,179`	`22,744`
`Totalfundscarriedforward`	`28`	`22,158`	`(69)`	`22,089`	`22,179`


	`Notes`	`£000`	`£000`	`£7000`	`£7000`
`Fixedassets` `Tangibleassets`	`17`		`4,549`		`4,295`
`Heritageassets`	`18`
			`4,549`		`4,295`
`Investments:` `Properties` `Listedinvestments`	`20` `21`	`9,144` `8,202`		`9,060` `8,366`
`Cashheldasaninvestment`	`21`	`2`		`2`
			`17,348`		`17,573`
			`21,897`		`21,868`
`Currentassets`
`Stocks` `Debtors` `Cashatbankandinhand`	`22` `23` `24`	`279` `1,689` `680`		`245` `1,216` `914`
		`2,648`		`2,375`
`Creditors:amountsfallingdue` `withinoneyear`	`25`	`(2,219)`		`(1,958)`
`Netcurrentassets`			`429`		`417`
`Creditors:amountsfallingdue` `withinmorethanoneyear`	`26`		`(237)`		`(106)`
`Totalassetslesscurrentliabilities`			`22,089`		`22,179`
`Funds` `Expendableendowmentfund`	`28`		`2,740`		`2,740`
`Restrictedincomefund` `Totalrestrictedfunds`	`28`		`(2)` `2,738`		`44` `2,784`
`Unrestrictedgeneralfund` `Unrestricteddesignatedfund`	`28` `28`		`16,298` `3,053`		`15,645` `3,750`
`Unrestrictedpensionreserve`	`28&29`
`Totalcharityfunds`			`22,089`		`22,179`


	`Notes`	`£°000`	`£°000`	`£7000`	`£7000`
`Fixedassets`
`Tangibleassets`	`17`		`4,549`		`4,295`
`Investments:`
`Subsidiarycompany`	`19`	`866`		`866`
`Properties`	`20`	`9,144`		`9,060`
`Listedinvestments`	`21`	`8,202`		`8,366`
`Cashheldasaninvestment`	`21`	`2`		`147`
			`18,214`		`18,439`
			`22,763`		`22,734`
`Currentassets`
`Debtors`	`23`	`381`		`366`
`Cashatbankandinhand`	`24`	`396`		`467`
		`777`		`833`
`Creditors:amountsfallingdue`
`withinoneyear`	`25`	`(2,249)`		`(2,201)`
`Netcurrentassets`			`(1,472)`		`(1,368)`
`Totalassetslesscurrentliabilities`			`21,291`		`21,366`
`Funds`
`Expendableendowmentfund`	`28`		`2,740`		`2,740`
`Restrictedincomefund`	`28`		`(2)`		`44`
`Totalrestrictedfunds`			`2,738`		`2,784`
`Unrestrictedgeneralfund`	`28`		`15,500`		`14,832`
`Unrestricteddesignatedfund`	`28`		`3,053`		`3,750`
`Totalcharityfunds`			`21,291`		`21,366`

		`2025`	`2024`
	`Note`	`£7000`	`£7000`
`Cashflowsfromoperatingactivities:` `Netcashprovidedby/(usedin)operatingactivities`	`30`	`(139)`	`(185)`
`Cashflowsfrominvestingactivities:` `Dividends,interestandrentsfrominvestments` `Purchaseoffixedassets`	`8`	`285` `(794)`	`117` `(1,196)`
`Purchaseofinvestmentproperty` `Proceedsfromsaleofinvestments` `Purchaseofinvestments` `Netcash(usedin)/providedbyinvestingactivities`		`2,413` `(2,144)` `(240)`	`3,762` `(3,599)` `(916)`
`Changeincashandcashequivalentsinthereportingperiod` `Cashandcashequivalentsatthebeginningofthereportingperiod`		`(379)` `1,061`	`(1,101)` `2,162`
`Cashandcashequivalentsattheendofthereportingperiod`		`682`	`1,061`
`Reconciliationofcashandcashequivalents`	`Note`	`2025` `£7000`	`2024` `£7000`
`Cashinhand` `Cashheldasaninvestment`	`24` `21`	`680` `2`	`914` `147`
`Totalcashandcashequivalents`		`682`	`1,061`

		`At`	`29`	`March2024`	`Cashflow`		`At`	`31March2025`
				`£7000`		`£°000`		`£7000`
`Cashat`	`bank`			`914`		`(234)`		`680`

`2.8`	`Resourcesexpended`
	`Allexpenditureisaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate`
	`allcostsrelatedtoeachoftheCharity’sactivities.Supportcostswhichcannotbedirectlyattributedtoa`
	`specificactivityhavebeenallocatedtoactivitiesona basisconsistentwiththeiruseoftheresources.`
	`Governancecostsareincludedwithinsupportcosts.`

		`2025`		`2024`
		`£7000`		`£000`
`Turnover`		`5,752`		`5,721`
`Costsoftradingactivitiesandadministrativeexpenses`		`(4,817)`		`(4,714)`
`Operatingprofit`		`935`		`1,007`
`Interestreceivable`		`115`		`109`
`InterestpayabletoLeedsCastle`	`Foundationonlongtermloan`		`-`		`-`
`Otherfinanceincome/(costs)`			`-`		`-`
`Profit/(loss)beforedonationandtaxation`		`1,050`		`1,116`
`Taxation`			`-`		`-`
`Retainedprofitfortheperiod`		`1,050`		`1,116`
`Actuarialgain/(loss)relatedtopensionscheme,netofdeferredtax`		`(114)`		`(176)`
`Totalrecognisedlossesforthe`	`period`	`936`		`940`
`Distribution— giftaid`		`(951)`		`(1,063)`
`Retainedprofitbrought forward`		`812`		`935`
`Profitretainedinsubsidiary`		`797`		`812`

		`Unrestricted`		`Restricted`		`Funds`		`TotalFunds`
		`Funds`		`Funds`		`2025`		`2024`
		`£7000`		`£7000`		`£000`		`£7000`
`Grants`			`-`	`167`			`-`		`-`
`Other`	`donationsandvoluntaryincome`	`24`			`-`	`19]`		`21`
		`24`		`167`		`19]`		`21`

`Othertradingactivities`
	`Unrestricted`	`Restricted`		`TotalFunds`	`TotalFunds`
	`Funds`	`Funds`		`2025`	`2024`
	`£000`	`£000`		`£000`	`£000`
`Income`
`Concertsandotherspecialevents`	`690`		`-`	`690`	`664`
`Functions`	`1,766`		`-`	`1,766`	`1,964`
`Shops`	`932`		`-`	`932`	`873`
`Golf`	`373`		`-`	`373`	`349`
`Holidaylettings`	`1,483`		`-`	`1,483`	`1,353`
`Ancillaryservices`	`259`		`-`	`259`	`257`
`Othersundryincome`	`292`		`-`	`292`	`300`
	`3,195`		`-`	`5,795`	`5,760`
`Expenditureonraisingfunds`
`Costofsales`	`1,979`		`-`	`1,979`	`2,028`
`Staffcosts(seenote13)`	`1,972`		`-`	`1,972`	`1,800`
`Propertyandequipmentcosts`	`427`		`-`	`427`	`562`
`Administrationcosts`	`105`		`-`	`105`	`169`
`Marketingandfundraisingcosts`	`324`		`-`	`324`	`147`
`Financecosts`	`261`		`-`	`261`	`335`
`Investmentmanagementcosts`	`13`		`-`	`13`	`52`
`Proportionofsupportcosts`
`(seenote10)`	`268`		`-`	`268`	`260`
	`5,349`		`-`	`5,349`	`5,353`
`Netincomefromactivitiesfor`
`generatingfunds`	`446`		`-`	`446`	`407`

`8`	`Incomefrominvestments`
		`Unrestricted`	`Restricted`	`TotalFunds`	`TotalFunds`
		`Funds`	`Funds`	`2025`	`2024`
		`£000`	`£000`	`£000`	`£°000`
	`Incomefrominvestmentproperties`	`64`	`-`	`64`	`53`
	`Incomefromlistedinvestments`	`221`	`-`	`221`	`64`
		`285`	`-`	`285`	`117`
`9`	`Charitableactivities`
		`Unrestricted`	`Restricted`	`TotalFunds`	`TotalFunds`
		`Funds`	`Funds`	`2025`	`2024`
		`£7000`	`£7000`	`£7000`	`£7000`
	`IncomefromCharitableactivities`
	`Dayvisitoradmissions`	`6,400`	`-`	`6,400`	`5,999`
	`Othersundryincome`	`22`	`-`	`22`	`13`
		`6,422`	`-`	`6,422`	`6,012`
	`ExpenditureonCharitableactivities`
	`Costofsales`	`724`	`-`	`724`	`575`
	`Staffcosts:visitorteam,estateand`
	`Castlemaintenance(seenote13)`	`2,014`	`-`	`2,014`	`1,655`
	`Estateandequipmentcosts`	`2,297`	`163`	`2,460`	`2,328`
	`Marketingcosts`	`661`	`-`	`661`	`489`
	`Financecosts`	`102`	`-`	`102`	`102`
	`Preservationandsecurityofheritage`
	`assets`	`120`	`50`	`170`	`122`
	`Proportionofsupportcosts`
	`(seenote10)`	`1,386`	`-`	`1,386`	`1,297`
		`7,304`	`213`	`7,517`	`6,568`
	`Netresourcesexpended`
	`fromcharitableactivities`	`(882)`	`(213)`	`(1,095)`	`(556)`

	`Unrestricted`	`Restricted`		`TotalFunds`	`TotalFunds`
	`Funds`	`Funds`		`2025`	`2024`
	`£7000`	`£7000`		`£7000`	`£7000`
`Staffcosts`	`765`		`-`	`765`	`785`
`Administrationcosts`	`820`		`-`	`820`	`714`
`Corporationtaxcharge`	`-`		`-`	`-`
`Deferredtaxcharge(seenote14)`	`8`		`-`	`8`	`9`
`Governancecosts(Auditors’remuneration)`	`61`		`-`	`61`	`49`
	`1,654`		`-`	`1,654`	`1,557`
`Allocatedasfollows:`
`Activitiesforgeneratingfunds`	`268`		`-`	`268`	`260`
`Charitableactivities`	`1,386`		`-`	`1,386`	`1,297`
	`1,654`		`-`	`1,654`	`1,557`

	`Unrestricted`	`Restricted`		`TotalFunds`	`TotalFunds`
	`Funds`	`Funds`		`2025`	`2024`
	`£000`	`£°000`		`£°000`	`£°000`
`Auditor’sremuneration(seebelow)`	`35`		`-`	`35`	`49`

	`2025`	`2024`
	`£000`	`£000`
`Feespayabletothecharity’sauditorfortheauditofthecharity’sannual`
`Accounts`	`35`	`26`
`Feespayabletothecharity’sauditorforotherservices:`
`-Theauditofthecharity’ssubsidiary`	`12`	`9`
`-Taxservices`	`5`	`6`
`Feesinrespectofthegroup pensionscheme`
`-audit`	`9`	`8`

	`2025`	`2024`	`2023`	`2022`	`2021`
	`£000`	`£7000`	`£000`	`£7000`	`£000`
`CastleFireStrategy`	`16`	`-`	`-`	`-`	`-`
`RenovationofYellowDrawingRoom`	`-`	`-`	`-`	`-`	`12`
`RenovationofLadyBaillieSuite`	`-`	`-`	`-`	`54`	`31`
`Renovationoftapestries`	`-`	`-`	`-`	`5`	`-`
`RenovationofCastleBedrooms`	`44`	`16`	`15`	`18`	`7`
`Castleinterior`	`-`	`-`	`-`	`-`	`21`
`Stoneworkrepairs`	`94`	`36`	`190`	`629`	`1]`
`Castlerepresentation`	`-`	`-`	`-`	`-`	`1`
`CastleRoof`	`-`	`-`	`12`	`-`	`-`
`MoatBridgerepairs`	`16`	`71`	`-`	`-`	`-`
`PurchaseofSecretaire`	`65`	`-`	`-`	`-`	`-`

	`Unrestricted`	`Restricted`		`TotalFunds`	`TotalFunds`
	`Funds`	`Funds`		`2025`	`2024`
	`£000`	`£000`		`£000`	`£000`
`Staffcostsduringtheyearwere:`
`Wagesandsalaries`	`4,130`	`72`		`4,202`	`3,747`
`Socialsecuritycosts`	`33]`		`-`	`331`	`291`
`Otherpensioncosts`	`193`		`-`	`193`	`153`
`Redundancy`	`35`		`-`	`35`	`101`
`Training,recruitmentandwelfare`	`226`		`-`	`226`	`184`
	`4,915`	`72`		`4,987`	`4,476`

		`Group`		`Foundation`
		`2025`	`2024`	`2025`	`2024`
		`No`	`No`	`No`	`No`
`Full`	`time`	`77`	`71`	`51`	`45`
`Part`	`time`	`130`	`130`	`77`	`75`
		`207`	`201`	`128`	`120`
`This`	`equatestoa`
`full`	`timeequivalentof`	`119`	`110`

	`2025`		`2024`
	`Full`	`Part`	`Full`	`Part`
	`Time`	`Time`	`Time`	`Time`
`Admin/SupportStaff`	`15`	`5`	`15`	`7`
`DVOps`	`16`	`68`	`12`	`66`
`Golf`	`3`	`-`	`3`	`-`
`Retail`	`6`	`23`	`5`	`21`
`Hospitality`	`19`	`32`	`16`	`34`
`Maintenance/Security`	`18`	`1`	`17`	`1`
`Grounds/Gardens`	`3`	`1`	`3`	`1`
`Totals`	`77`	`130`	`71`	`130`
		`207`		`201`

			`Group`		`Foundation`
			`2025`	`2024`	`2025`	`2024`
			`No`	`No`	`No`	`No`
`£60,000`	`to`	`£70,000`	`1`	`-`	`1`	`-`
`£70,000`	`to`	`£80,000`	`1`	`1`	`]`	`1`
`£80,000`	`to`	`£90,000`	`1`	`1`	`1`	`1`
`£90,000`	`to`	`£100,000`	`1`	`1`	`1`	`1`
`£100,000`	`to`	`£110,000`	`-`	`1`	`-`	`1`
`£110,000`	`to`	`£120,000`	`1`	`1`	`1`	`1`
`£120,000`	`to`	`£130,000`	`1`	`1`	`]`	`1`
`£180,000`	`to`	`£190,000`	`1`	`]`	`1`	`\|`
			`7`	`7`	`7`	`7`

	`Group`		`Foundation`
	`2025`	`2024`	`2025`		`2024`
	`£7000`	`£000`	`£7000`		`£7000`
`At28March2024`	`9`	`9`		`-`		`-`
`Movementfortheperiod`	`-`	`-`		`-`		`-`
`Deferredtaxasset/(liability)`
`at31March2025`	`9`	`9`		`-`		`-`
`Thedeferredtaxasset/(liability)ismadeup`
`ofthefollowing:`
`Othertimingdifferences`	`9`	`9`		`-`		`-`
	`9`	`9`		`-`		`-`

	`Unrestricted`	`Restricted`		`TotalFunds`	`TotalFunds`
	`Funds`	`Funds`		`2025`	`2024`
	`£000`	`£°000`		`£°000`	`£°000`
`Netoutgoingresourcesarestated`
`after(crediting)/charging:`
`Depreciation:ownedassets`	`540`		`-`	`540`	`458`
`Operatingleaserentals:`
`Hireofplantandequipment`	`38`		`-`	`38`	`38`

	`Unrestricted`	`Restricted`	`TotalFunds`
	`Funds`	`Funds`	`2023`
	`£7000`	`£7000`	`£7000`
`Incomeandendowmentsfrom`
`Donationsand legacies`	`17`	`4`	`21`
`Othertradingactivities`	`5,760`	`-`	`5,760`
`Investments`	`117`	`-`	`117`
`Charitableactivities`	`6,012`	`-`	`6,012`
`Totalincomeandendowments`	`11,906`	`4`	`11,910`
`Expenditureon`
`Raisingfunds`	`(5,353)`	`-`	`(5,353)`
`Charitableactivities`	`(6,530)`	`(38)`	`(6,568)`
`Totalexpenditure`	`(11,883)`	`(38)`	`(11,921)`
`Netgains/(losses)oninvestments`	`150`	`-`	`150`
`Netincome/(expenditure)`	`173`	`(34)`	`139`
`Exceptionalitems`	`-`	`-`		`-`
`Otherrecognisedgains/(losses)`
`Gains/(losses)onrevaluationof`
`Fixedassetsandinvestmentproperties`	`(537)`	`-`	`(537)`
`Actuariallossesondefinedbenefit`
`pensionscheme(netofdeferredtax)`	`(167)`	`-`	`(167)`
`Netmovementinfunds`	`(531)`	`(34)`	`(565)`
`Reconciliationoffunds`
`Totalfundsbroughtforward`	`22,733`	`1]`	`22,744`
`Totalfundscarriedforward`	`22,202`	`(23)`	`22,179`

`a)` `Group`
	`FreeholdLand`	`Plantand`
	`andbuildings`	`equipment`	`Total`
	`£7000`	`£7000`	`£7000`
`Cost`
`At28March2024`	`8,136`	`2,880`	`11,016`
`Additions`	`713`	`81`	`794`
`Disposals`	`(173)`	`(32)`	`(205)`
`At31March2025`	`8,676`	`2,929`	`11,605`
`Depreciation`
`At28March2024`	`4,421`	`2,300`	`6,721`
`Chargefortheperiod`	`375`	`165`	`540`
`Disposals`	`(173)`	`(32)`	`(205)`
`At31March2025`	`4,623`	`2,433`	`7,056`
`Netbookvalue`
`At31March2025`	`4,053`	`496`	`4,549`
`At28March2024`	`3,715`	`580`	`4,295`
`b)` `Foundation`
	`FreeholdLand`	`Plantand`
	`andbuildings`	`equipment`	`Total`
	`£°000`	`£7000`	`£7000`
`Cost`
`At28March2024`	`8,136`	`2,042`	`10,178`
`Additions`	`713`	`81`	`794`
`Disposals`	`(173)`	`(32)`	`(205)`
`At31March2025`	`8,676`	`2,091`	`10,767`
`Depreciation`
`At28March2024`	`4,42]`	`1,462`	`5,883`
`Chargefortheperiod`	`375`	`165`	`540`
`Disposals`	`(173)`	`(32)`	`(205)`
`At31March2025`	`4,623`	`1,595`	`6,218`
`Netbookvalue`
`At31March2025`	`4,053`	`496`	`4,549`
`At28March2024`	`3,715`	`580`	`4,295`

				`2025`	`2024`
				`£°000`	`£000`
`100`	`Ordinarysharesof` `£1`	`eachat`	`cost`	`866`	`866`
				`866`	`866`

	`2025`	`2024`
	`£7000`	`£7000`
`Marketvalueofpropertiesat28March2024`	`9,060`	`9,597`
`Revaluation`	`84`	`(537)`
`Marketvalueofpropertiesat` `31March2025`	`9,144`	`9,060`
`Historicalcostvalueofassets`	`2,073`	`2,073`

	`Group`		`Foundation`
	`2025`	`2024`	`2025`	`2024`
	`£000`	`£000`	`£000`	`£000`
`Rentreceived:`
`Withinoneyear`	`49`	`21`	`49`	`21`
`Betweentwoandfiveyears`	`73`	`2`	`73`	`2`
	`122`	`23`	`122`	`23`

	`2025`	`2024`
	`£7000`	`£7000`
`Marketvalueoflistedinvestmentat28March2024`	`8,366`	`8,379`
`Acquisitionsatcost`	`2,144`	`3,599`
`Disposalproceeds`	`(2,413)`	`(3,762)`
`(Losses)/gainsfortheyear`	`105`	`150`
`Marketvalueat31March2025`	`8,202`	`8,366`
`Cashholdingsat31March2025`	`2`	`147`
`Totalvalueoffixedassetinvestments`	`8,204`	`8,513`
`Historicalcostvalueofassets`	`7,989`	`8,270`

	`2025`		`2024`
	`£7000`		`£7000`
`UKinvestments`	`8,204`		`2,869`
`Overseasinvestments`		`-`	`5,644`
	`8,204`		`8,513`

		`2025`		`2024`
		`£7000`	`%`	`£000`	`%`
	`SarasinClimateActiveEndowmentsFund`	`3,614`	`44.1]`	`3,972`	`47.5`
	`CharityAssetsTrust`	`4,588`	`55.9`	`-`		`-`
	`USAFRN31/10/2025`	`-`	`-`	`336`	`4.0`
	`RufferIliquidMultiStrategiesFund`	`-`	`-`	`296`	`3.5`
	`RufferSICAVFixedIncomeZ GBPCap`	`-`	`-`	`1,334`	`15.9`
	`RufferProtectionStrategies`	`-`	`-`	`296`	`3.5`
	`WisdomTreeBrent`	`-`	`-`	`72`	`0.9`
		`8,202`	`100.0`	`6,306`	`1a`
	`Otherinvestments(alllessthan3%)`	`-`	`-`	`2,060`	`24.7`
		`8,202`	`100.0`	`8,366`	`100.0`
`22`	`Stocks`
		`Group`		`Foundation`
		`2025`	`2024`	`2025`	`2024`
		`£°000`	`£000`	`£000`	`£000`
	`Goodsforresale`	`279`	`245`	`-`		`-`
`23`	`Debtors`
		`Group`		`Foundation`
		`2025`	`2024`	`2025`	`2024`
		`£7000`	`£000`	`£000`	`£000`
	`Amountsfallingdueaftermore`
	`thanoneyear:`
	`Tradedebtors`	`121`	`48`	`-`		`-`
	`Amountsfallingduewithin`
	`oneyear:`
	`Tradedebtors`	`95]`	`760`	`34`	`74`
	`Otherdebtors`	`167`	`55`	`4`	`22`
	`Prepaymentsandaccruedincome`	`44]`	`344`	`343`	`270`
	`Deferredtaxasset(seenote14)`	`9`	`9`	`-`		`-`
		`1,689`	`1,216`	`381`	`366`

	`Group`		`Foundation`
	`2025`	`2024`	`2025`	`2024`
	`£000`	`£7000`	`£000`	`£7000`
`Cashinhand`	`9`	`9`	`-`	`-`
`Cashatbank— Currentaccounts`	`535`	`390`	`292`	`251`
`Cashatbank— Depositaccounts`	`136`	`515`	`104`	`216`
	`680`	`914`	`396`	`467`
`Inadditiontothecashatbankandinhandanddepositsabove,`		`included`	`withintheinvestment`	`portfoli`
`werecashholdingsof£1,989(2024£146,651)(seenote21).`
`Creditors:Amountsfallingduewithinoneyear`
	`Group`		`Foundation`
	`2025`	`2024`	`2025`	`2024`
	`£000`	`£°000`	`£000`	`£7000`
`Tradecreditors`	`770`	`520`	`650`	`435`
`Othertaxationandsocialsecurity`
`Payable`	`148`	`105`	`64`	`3]`
`Othercreditors`	`70`	`42`	`13`	`4`
`Amountsowedtogroupundertakings`	`-`	`-`	`1,381`	`1,486`
`Accruals`	`137`	`217`	`78`	`146`
`Depositsinadvance`	`1,094`	`1,074`	`63`	`99`
	`2,219`	`1,958`	`2,249`	`2,201`
`Creditors:Amountsfallingdueafteroneyear`
	`Group`		`Foundation`
	`2025`	`2024`	`2025`	`2024`
	`£000`	`£7000`	`£000`	`£000`
`Depositsinadvance`	`237`	`106`	`-`	`-`

	`Group`		`Foundation`
	`2025`	`2024`	`2025`		`2024`
	`£°000`	`£000`	`£7000`		`£°000`
`Paymentsmade:`
`Withinoneyear`	`38`	`38`		`-`		`-`
`Betweentwoandfiveyears`	`73`	`110`		`-`		`-`
	`111`	`148`		`-`		`-`

	`RestrictedFunds`	`RestrictedFunds`	`Unrestricted`	`Unrestricted`	`Funds`	`Funds`
	`H&D` `Fund` `£°000`	`Chattels` `Fund` `£7000`	`Misc` `Grant`	`M&D` `Fund` `£7000`	`General` `Fund` `£7000`		`Total` `Funds` `£°000`
`Fundbalancesat`
`31March2025are`
`representedby`
`Tangibleassets`	`2,504`	`-`	`-`	`-`		`2,045`	`4,549`
`Investments`	`225`	`-`	`-`	`3,053`		`14,070`	`17,348`
`Currentassets` `Liabilities`	`11` `-`	`78` `-`	`-` `(80)`	`-` `-`		`2,559` `(2,376)`	`2,648` `(2,456)`
`At31March2025`	`2,740`	`78`	`(80)`	`3,053`		`16,298`	`22,089`
`Movementoffunds`
`duringtheyear`	`Asat28` `March` `2024`	`Income`	`Expenditure`	`Gains/` `Losses`		`Asat31` `March` `2025`
	`(£)`	`(£)`	`(£)`	`(£)`		`(£)`
`RestrictedFunds`
`HeritageandDevelopment` `Fund` `Chattels` `Fund`	`2,740` `78`	`-` `-`	`-` `-`		`-` `-`	`2,740` `78`
`NLHFGrant`	`(34)`	`115`	`(163)`		`-`	`(82)`
`NLSectretaireGrant`	`-`	`50`	`(50)`		`-`	`-`
`StanleySmith` `HorticulturalTrustGrant`	`-`	`2`	`-`		`-`	`2`
	`2,784`	`167`	`(213)`		`-`	`2,738`
`UnrestrictedFunds`
`Maintenanceand` `DevelopmentFund`	`3,750`	`-`	`(697)`		`-`	`3,053`
`GeneralFund`	`15,645`	`12,526`	`(12,062)`	`189`		`16,298`
	`19,395`	`12,526`	`(12,759)`	`189`		`19,351`
`TotalFunds`	`22,179`	`12,693`	`(12,972)`	`189`		`22,089`

`GroupFunds(continued)`
	`RestrictedFunds`		`Unrestricted`		`Funds`
	`H&D`	`Chattels`	`Misc`	`M&D`	`General`	`Total`
	`Fund`	`Fund`	`Grant`	`Fund`	`Fund`	`Funds`
	`£7000`	`£7000`		`£’000`	`£7000`	`£°000`
`Fundbalancesat`
`28March2024are`
`representedby`
`Tangibleassets`	`2,504`	`-`	`-`	`-`	`1,791`	`4,295`
`Investments`	`225`	`-`	`-`	`3,750`	`13,598`	`17,573`
`Currentassets`	`11`	`78`	`-`	`-`	`2,286`	`2,375`
`Liabilities`	`-`	`-`	`(34)`	`-`	`(2,030)`	`(2,064)`
`At28March2024`	`2,740`	`78`	`(34)`	`3,750`	`15,645`	`22,179`
`Movementoffunds`
`duringtheyear`	`Asat31`				`Asat28`
	`March`			`Gains/`	`March`
	`2023`	`Income`	`Expenditure`	`Losses`	`2024`
	`(£)`	`(£)`	`(£)`	`(£)`	`(£)`
`RestrictedFunds`
`HeritageandDevelopment`
`Fund`	`2,740`	`4`	`(4)`	`-`	`2,740`
`ChattelsFund`	`78`	`-`	`-`	`-`	`78`
`NLHFGrant`	`-`	`-`	`(34)`	`-`	`(34)`
	`2,818`	`4`	`(38)`	`-`	`2,784`
`UnrestrictedFunds`
`Maintenanceand`
`DevelopmentFund`	`5,748`	`-`	`-`	`(1,998)`	`3,750`
`GeneralFund`	`14,178`	`11,906`	`(12,050)`	`1611`	`15,645`
	`19,926`	`11,906`	`(12,050)`	`(387)`	`19,395`
`TotalFunds`	`22,744`	`11,910`	`(12,088)`	`(387)`	`22,179`

`Aformalactuarialvaluationwascarriedoutasat` `1April2022.Theresultsofthatvaluationhavebeen` `projectedto31March2023withallowanceforpayrollandbenefitinformationandusingtheassumptions` `setoutbelow.ThefiguresinthefollowingdisclosureweremeasuredusingtheProjectedUnitMethod.`
`Valuationdate` `1April` `2022` `2019`
`Thevalueofthetechnicalprovisionswas:` `7,245,000` `6,260,000`
`Thevalueoftheassetsatthatdatewas:` `5,927,000` `4,911,000`

	`2025`		`2024`
	`£000`		`£7000`
`Definedbenefitobligation` `Fairvalueofplanassets`	`(3,345)` `3,970`		`(3,736)` `4,355`
`Restrictiononrecognitionofasset`	`(625)`		`(619)`
`Netdefinedbenefit(liability)/asset`		`-`		`-`

	`Period`		`Period`
	`ended`		`ended`
	`31/03/2025`		`28/03/2024`
	`£7000`		`£7000`
`Servicecost:`
`Currentservicecost(netofemployeecontributions)`		`-`		`-`
`Administrationexpenses`		`-`		`-`
`Restrictionofrecognitionofassetdeemedirrecoverable`		`-`		`-`
`Netinterestexpense/(credit)`	`(32)`		`(36)`
`Charge/(credit)recognisedinprofitorloss`	`(32)`		`(36)`
`Re-measurementsofthenetliability:`
`Returnonschemeassets(excludingamountincludedinnetinterest` `expense)`	`460`		`367`
`Actuarial(gains)/losses`	`(352)`		`(131)`
`Charge/(credit)recordedinotherrecognisedgainsorlosses`	`108`		`236`
`Totaldefinedbenefitcost/(credit)`	`76`		`200`

`Pensionscheme(continued)`
`Theprincipalactuarialassumptionsusedwere:`
			`31/03/2025`		`28/03/2024`
`Liabilitydiscountrate`			`5.75%`		`4.85%`
`Inflationassumption- RPI`			`3.10%`		`3.25%`
`Inflationassumption- CPI`			`2.65%`		`2.75%`
`Rateofincreaseinsalaries`			`n/a`		`n/a`
`Revaluationofdeferredpensions:`
`allbenefitsaccrued`			`2.65%`		`2.75%`
`Increasesforpensionsinpayment:`
`benefitsaccruedpriorto6 April1997`			`0.00%`		`0.00%`
`benefitsaccruedafter5 April1997`			`2.65%`		`2.70%`
`Proportionofemployeesoptingforearlyretirement`			`0.00%`		`0.00%`
`Proportionofemployeescommutingpensionforcash`			`50.00%`		`50.00%`
`Expectedageatdeathofcurrentpensioneratage65:`
`Maleaged65atyearend:`			`86.4`		`86.4`
`Femaleaged65atyearend:`			`88.7`		`88.7`
`Expectedageatdeathoffuturepensioneratage65:`
`Maleaged45atyearend:`			`87.4`		`87.4`
`Femaleaged45atyearend:`			`89.8`		`89.8`
`Reconciliationofschemeassetsandliabilities`
	`Assets`		`Liabilities`		`Total`
	`£°000`		`£7000`		`£°000`
`Atstartofperiod`	`4,355`		`(3,736)`		`619`
`Benefitspaid`	`(215)`		`215`			`-`
`Administrationexpenses`
`Contributionsfromtheemployer`	`82`			`-`	`82`
`Interestincome/ (expense)`	`208`		`(176)`		`32`
`Returnonassets(excludingamountincludedinnetinterest` `expense)`	`(460)`			`-`	`(460)`
`Actuarialgains/(losses)`		`-`	`352`		`352`
`Gain/(loss)onplanintroductionsandchanges`
`Atendofperiod`	`3,970`		`(3,345)`		`625`

	`31/03/2025`	`28/03/2024`
	`£7000`	`£7000`
`Interestincome`	`208`	`217`
`Returnonschemeassets(excludingamountincludedinnetinterest` `expense)` `Totalreturnonschemeassets`	`(460)` `(252)`	`(367)` `(150)`
`Themajorcategoriesofschemeassetsareasfollows:`
	`31/03/2025`	`28/03/2024`
	`£7000`	`£7000`
`UKEquities`
`OverseasEquities` `Gilts` `IndexLinked`	`1,325` `2.798`	`1,342` `3,119`
`AlternativeAssets` `Cash`	`(83)`	`2B`
`Totalmarketvalueofassets`	`3,970`	`4,534`

	`2025`		`2024`
	`£000`		`£000`
`Netincome/(expenditure)`	`(174)`		`(28)`
`Net(gains)/lossesoninvestments`	`(105)`		`(150)`
`Depreciationchargesonfixedassets`	`540`		`457`
`(Gain)/Writeoffoffixedasset`		`-`		`-`
`Taxcharge`		`-`		`-`
`Dividends,interestandrentsfrominvestments`	`(285)`		`(117)`
`Movementsondefinedbenefitpensionscheme`		`-`		`-`
`Movementincomponentsofworkingcapital:`
`Decrease/(increase)instocks`	`(34)`		`(75)`
`(Increase)/decreaseindebtors`	`(473)`		`72`
`(Decrease)/increaseincreditors`	`392`		`(344)`
`Netcashinflow/(outflow)fromoperatingactivities`	`(139)`		`(185)`

2025-03-29-accounts

18 December 2025