KING JOHN'S HOUSE AND TUDOR corrAGE TRUST LIMITED (A Gompany limltod by guaranto0) Company Numbor 1441318 Charlty Number 276961 Dlrectors. Report and Flnancial Statements for the yoar ended 31 March 2025 KING JOHN'S HOUSE AND TUDOR corrAGE TRUST LIMITED ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 ONTENTS Poges Company Inforniat￿jn TN•lees report Int1è￿nd£nI Examin8rfs Report Stsiemenl of Financial Aciivilies {Including wofil and 1088 ac£ounll B818nc8 Sh081 N￿85 io the Financ1￿ Sialemenls 10-12 The l0llTh￿n9 pa￿$ do nol lorm FQrt of Ihe 8lalulory accounts:. Detsll•d Profft and Loss Acel￿rrt 13-14 KING rrAGE ED COMPANY INFORMATION PArKA a•tThldL Mrn J D Hwgr••¥w V J MrJsp4thw MrNR14Ji Mrn KV Warthby Mrn F C E IY*-Tunv Iwc4rrt•d > J•r*￿2(&s8 fo F•brwy 20251 IAr M R Puttoc* 1441314 27ts31 R•ght•rnd Off Parnmy S051 WT L47tt 1 Ath ommy S0516FU ING JOHN'S HOUSE AND TUDOR COThAGE TRusf LTD REPORT OF THE TRUSTEES AND DIREcro FOR THE YEAR ENDED 31 MARCH 2025 Orpnlsatlon and Governance The Trust was formed in 1979 under its Memorandum and Artlcles of knociatlon. whlch establlshes the oblects and powers of the chariiable company. These were amended twice In 2014 to accommod8te the running of number 13 Church Street. and lo Include the care ol Ihe Tru5t'5 museum collettlons as a prlmary responslblllty. The Trurt Is a company limited by 8uarante¢. and in the event of the Company bein8 wound up. members would be requlred to conir6bule an amount of £1 eath. The director5 of the cornpany are alx> the trustees of the charity. The trustee5. a5 listed on page l. are elected by the members at the annual Eeneral meellns. The irustees are resPOllsibSe for th2 pollcles adopted by the charlty. The charltyls a publlc benefil enilry. Since 2022 the 8overnance Structure 5upponin8 the Board of Trusiees Includes ali Operalion5 Commlllee. Bulldings Committee, Collections Commltlee and Gardens Cornmittee Iwhlch dealt speclflcolly wlth the gardens on sitel. Each commlttee comprlses of trustees supported by staff and volunteers. The Structure of commlttees was changed In February 2025 when operational responsibllities were a5518ned to the Chalr of Trustee5 reportlng to the full Trusi Board. objecti￿ and Artl¥ltl The charity's object5 and principle actiiAile5 are to advance the educaison of the publSc by the preservation fof the people of Romsey and of the nation at large. those buildln8s and premises of historical. culiural and archSteciural iriterest known as King John's House. and Tudor Cotta8e, Romsey and to operate as a museum and malnialn and develop Its mu$4um collectlons and to offer the widest P0$51ble public access to Kin8 John's House and Tudor Cottage and il5 collectlons and the 8arden5 that surround ihe buSldln8s- known a5 KlnB John's Garden. which the Irust malntalns. Achlevements, PerfomMnce •nd Flnancial Revrew The trust operaieo ai a surplus of £8.580120211 deifrcli of £7FJOI represented by an operatlonal de(icll ol É28,17912024 deflclt DI E16,3741 after charBlnB an Inier-company provision of E18,C(JO12024 É11,woI supported by net Sncfeases In fesiflcted funds of £36.75912024 £15.6141. The trustee5 Previousty reported on process behind developln8 the Spr5n8 2023 Strate8lc Plan, formal approval of the plan and cornmunlcation to stakeholders wa5 deferred pendlng clarification of certain fundin8 con5iderailons, wlth an inierlm announced and presented Io staff and volunteers In January 2024 wlth further work on Ihis wlih TVBC was annoynced in November 2024, See Fulure Dlrertion headin8 below for further detail. As previously reported Jade Poulion was appolnled as the Mtsseum Manager on 31 July 2024 and with her fresh approach, workin8 wlth irustees. volunteers. 5takeholder5 and visitors ihe company has benefltted from new Inltiatlves. Wlih all bul the final few elements ot the signage prolert remalnlnÉ to be completed, a fomial launch of the new sl8nage was celebrated ai an event in July 2024, raising good media covera8e, where Ihe Mayors of Test Valley 3nd Romsey unvelled ihe nèw hanElnÉ slgnage above the entrance. In the early hours of Sunday 23 February 2025 the Herlta8e House suffered a sb8nlficant flrt and 411 activltles Includlng the rnu5euffl, gaidens and caiorlng have c105ed. PAp2 I￿QLll￿￿AND.TUD￿R.C.OvBGE TR.UST LTD REPORT OF THE TRLISTEES AND DIRECTORS FOR THE YEAR ENOEO 31 MARCH 1025 (Continued) In the year lo 31 March 2025 up until the date of the flre the trust wa5 able to continue to offer a full, year round pro8ram of cvents and activities. There continued to be a significint level of en8agement with the rnedieval house and museum through evenls, with Income 8eneraled from the Open Art Exhibiiion, monthly talks and exhibitions. In tems olvislts io the House ond Mv5eurn. a5 a herita80 destination. nurnbor5 have remained level, desplte increase5 in marketin8 and the coritinijed focus on guided iours and costumed Interpreters. Inlerest In tours that are orBan15ed on behall of hlstodcal groups and branches of U3A has conilnued during the year under revlew. Wlth froe of char8e atctss to the Moody Museum and reliance on 8uided tours 10 8ÈnèraiÈ intome, fundrai5in8 opportunit￿5 have been limited. The subsidlary company has now Suffered cumvlitl¥e losses in rhe p•st four •ccounlin8 period5 of £53.260 lfttrther loss in ypar to 31 March 2025 of £16,129). The inter-company loan due to Its parent company stands ai £53,210. The company has provided a lelter of support to 115 subsidiary. An increase 01 £18,000 the provlsion, to £53.1XIO, has been made in these accounts for the potentlal non-recovery of the amount due from the subsSdiary. The trust has benefltted from two le8acic5 of El.897 fir511y the balance of a 8gnerou5 leuacy of £9.272 lof which £8.375 received in the year ended 31 March 20241 from an estate in recognition of a lonB connection wlth Kin8 John's House and the second from the admlnistraiors ol a former KJH volunteer and sUPPQrter. Further slgnage prolect Costs were incurred In the year lo 31 March 2025 of £IO.116 iolalllng £32.07412024- E21,9581 and are capiiallsed on the balance sheel with the equlvalent fundln8 from Test Valley Borou8h Councll refleaed In restrlrted 8ranl Income Sn the Siatement of Flnanclal Acllvliles, The 518naie project was launched io the Publlc In July 2024 The operatlonal actlvily of the House. Museum and Gardens Is only posslble wlth the valued support of Its volunteers. The range of acilvlty Is exienslve Includin8 the dellvery of 8vlded iours. maSntalnln8 the premlses, enhanclng exhlbltlon displays and maintaining the historic gardens. The Trustees lake thi5 0PPOrtunlty to give Ihanks to all those t04ho have helped durSng the year. From iecords mainlained the volunteer lime Sn the year to 31 March 2025 ft)r House, Museum and Chapel Storage Faci1Sty was 889 hours12024482 hoursl and Garden5 942 hoLtts12024 833 hours), It should be noted th41 time devoted by trustees as Volunteers Is Included In the recoids above but not the additional time necessary in performing their responsibilities as offiter5 of the trust. Future Dlrertlon Wlth the appointment Df Freddle Law-Turner as Chalr of Trustees She announced to tru51ep5 at a board meetin8 held Dn her appolnimeni plans 10 Set out a new v15ion and 5tFate8y review Pfotess 10 enhance the vlsllor offerln8 at King John's House. Sadly due to the si8nificant flre later that month, much focus has been directed to dealin8 wllh the Immedlate aftermalh Indudin8 Insurance. media and reconstruction and recovery. Tru5tee5 are now Invesllgailng potentSal grant maklng t)odlcs to hjrther the straie8y revlew and the KJH2030 Masterplan. which alms to relnvigorate the fflu5eum and make li financially susiainable and independeni of LA funding through developing a variety of revenu? stream5. We are settlng up a dedicated Fundts151nR Commlttee lookln8 to appoln( a new Trustee wllh lundra131ns experlence to help drive straie8y dnd ensure a vlable future for the Trust. Golfi8 C•nc•rn The tlUStee5 have remalned focused on cash flow5 over Ihe past iwo years ¢Jrid wh115t re5erve5 have been exhausted th@ company had operated wlthin its 2024 and 2025 deficit budRets. KING JOHN'S HOUSE AND YUDOR corrAGE TRUST LTD REPORT OF THE TRUSTEES AND DIREcfoRS FOR THE YEAR ENDED 31 MARCH 2025 (Continued) An updated bu51ne55 plan together wlth the budBEt for year to 31 March 2026 was approved by ITustee5 in October 2024 and TVBC Brant fundln8 conflrmed in Ntsvembèr 2024. PrSor to and sincÈ thè fire in February 2025 the trusiees have re budgeted through to 31 March 2028 and reviewed cash How projections and remain confident that the trust can meet Its Ilobllllie5 as they fall due for a perlod of 12 months from the date of appro¥al of these accovnts. PolScles The trustees operated their investments themselves and pursued a Iow.ri5k pollcy. investin8 wllh CAF, Santander and Scottlsh Wldows. At 31 March 2025 all general reseThes had been emhausted and no Inve5trnentS therelore held. Resirlcied lunds wlll be held in a short term CAF deposlt account. Durlng the year under revlew the tru51ees have complied wlth their duty under Ihe Charilles Act 2011 to have due re8ard to the 8uidance on publlc benefit publlshed by the Commission In exercisln8 thelr powers or dulle5. Post Balance Sheet Event The subsidiary company wos Set up In Ortober 2019 to 5eparale the te? roorn operations from the actNIty of the tharity. however for a number of years it operated wSth annual losse& Wlth a fire at Kln8 John's House on 23 February 2025 lea room operatlons were necessarily suspended. Furthermore wilh financial support from the parent company to the tune ol clrta £53k ai 31 March 2025, thtr future tafé style operailons to be reestabllshed will be considered ancillary trading of the charity• an a8reement h05 been concluded to hive up the business of the subsldlary company with its assetsliiabililles lo the parent company wlth effect from l Aprll 2025. The Intèrcompany debt referred to above ha5 been waived, Accordin8ly the dlrectors of the subsidiary will now be In a position tu slate that there are no assets or Ilablllties and ihat o process shall be commenced io dlssolve the company. AesponslbllStles of the Board ol Trusttts Company law Tequlres the tru5tee5 to prepare fbnanclal statements for pach financlal year whlch 8lve a Irue and falr vSew of the state of affaSr5 of the charltable cofflpany as at the balance Sheet dale and of Its Incomlng resources and application of resource5. includinB income and expenditure. for the tinancial year. In Preparin8 those financial Statements the Irustees should lollow besi praciice and- select suitable accounting pollcies and then apply them con515tently make ludgements and e5tlmates Ihat are reasonable and prudeni prepare the financial statements on the 8oin8 concern basis unless it is inappropriate to assume that the companv will continue on thai b8s1s. The flnanclal statements have been prepared In accordance wlth the accountlng pollcles set oul In the notes lo the accounts and comply with the charity's 8ovèrning document, the Chariiles Act 2011 and Accouniln8 and Aeportlng by Charltles.. Statement of Recommended Proctlco appllcable to charltles prepafln8 thelr account5 In at¢ttrdan¢e wlih the Financial Reportln8 Stondard for Smaller Enlitle5 published on 16 July 2014. The trustee5 are re5ponslble for malniainlng accounting records which dI￿105e wblh reasonable accuracy at any tlme. the financlal p051tlon of the charitable company and to enable them to ensure ihat the financlal statements comply with ihe Companles Act 2006. The trustees arc also responslble for 5afeÉuarding ihe assets of the charitable company and hence for taklng reasonable 51eps for Ihe preventlon and detection of fraud and other Irregularitles. Members of the Board of Trustees The Trustees. who are also directors lof the purpose of ¢ompany law and trustees for the purpose of charity law, who served during the year and up to the date ol thls report are sei out on the company Infofmaiion page. FreddSe Law-Turner was appjinted as trustee on 23 January 2025 and wa5 appointed chalr of trustees on 10 February 2025. PAgo 4 KING JOHN'S HOUSE AND TUDOR corrAGETRUST LTD EPORT OF THE TRUSfEES AP4D DIRECTORS FOR THE YEAR ENDED 31 MARCH 2025 (Continued) The members of the company are the trustees and from timo-to-time others upon application and duly recoBnised by the trustees. However, lor some years n¢ other Indlvlduals have sought membership by written appllcarion. This report has been prepared In accoidance with the Statement of Recommended Prartice.. Accountin8 and Reportlng by Charitie5 IfRS 1021 and In accordance wlth the special provislon5 relatinB to companSes subS¢rl tu the small companles reglme. Approved by the Board of Trustee5/Dlreciors on 23 June2025 and sl8ned on Its behalf by: Freddle Law-Tumer Ichalr of TfU51ees1 Pa98 5 KING JOHN'S HOUSE AND TUDOR corrAGE TRUST LIMITED IA company Ilmlted by guarant￿1 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KING JOHN'S HOUSE AND TUDOR corrAGE TRUST LIMITEO a0)￿￿$ rJliiN¥ IDr IhB 31 Mwth 2025 WA￿1 4r• 7 IC* 12. ol th¢ nffjio•9 Ujrtsidvr Ihal an iequtred Ns yaorurdw S•ditsi 144 Pl d tho Chart￿5 Act 2011 Ilhe 2011 Adl arwj knq18n Ind￿￿¢ exHmlnalbJnl8 . raiyjiii 145 al bl• 2011 ACJ ' rr41y* pr¢￿1&ye5 lakl dtMTb tknwihy•g1¥kn by tt* ejthty cc•nMts*￿ 1451511ts1 011￿4 2011 AEL ¥r BoTl• g11nd•p•n￿rt wIMw•' rnpon ()Jr•MrnIna￿On ¢wrled oul wllh tmo Thredcm the Cwty C4mrfssth. •Xdffllna ol acLXXffttiry kopt by tho (nonty 8twJ 4 LY)mpDnson c4 the gLy)xtn￿ rye5enitrJ Ihuse rncor It I￿￿￿0$ con&hJerukn ol JnLuoI IIQMS ¢1 In the dCO)LmlS. arn oxpliknallOT)s trom 35 tru5108% any rn01lfrf¥ Tho ptoc•durnB wMlart•kwi th*101￿ ih81 rp4thrwJ I￿11 8r•J orwwwnily ￿ wnkjn 1$ giwn as lo the xcwnts law rwDrt 15 Ilrniiad Io I￿9 1ndl￿nd￿l Exafflln•f• Sl*Thnl In crmnocllm our oyAmln8ttM. no ctsno to OLfv att￿￿￿.. i. ty%*s us cauyo lo bdivvu Ihlll In mo1￿￿1 Ihe r•omrn￿ . bj *ct•MIr￿ WVI 39B ol Ad 2(>)8. . 10 piwanj iccotsntswttlGI a￿0[￿ the ac£￿ting re￿￿6 ar¥J crynpty *4th acojununy olS•thin 396 ul the Comoath At# 20N aryl *1lh Ihe metht¢ts￿ of the SW•Ywi ol Pr¥clk&" 4r 2, to*tdch. ¢4riw. ¢lrv*n ￿•bIl 4 •￿I￿tr b) boio•dW. T & S Lld Ltrdl 1 Hlll Cornffl Sherfdd Enall8h A￿38￿ Hampsh*m 5051 eFV KING JOHN'S HOUS OTT A¢om an Ilmited b uarantee Statemont ol Flnanclal Actlvltles For thè ear onded 31 March 2025 Totsl Funds 024 Fund 202 Funds 02 Incomlng r••ourc•• 202$ G•noratod by Voluntsry Incom•: Grants. dc￿￿tionS and legarAe¥ Oth•r tradln acllvltles Shop Income and sales Investrnenl InccYn• 56.581 42.196 98.777 71,947 7.465 302 13.305 328 16,511 409 Total Incomlng ￿QUre 64.348 48.062 112,410 88.867 R•8ourco8 expendgd C05tB ol gon&rdllng fund$ Slonage aM0￿$allOn Cog1 ol gc4)ds 8old and olh8r Lxi¥ts Ch8n18ble 8CtSvilies Gov¢rnance costs Other- provision 8galnst amouni due from sub51dlwy Le5s'. servlce chargg lo subsi(Jlary Total r•sourc•8 •xpondad 6.014 5,290 6.014 6,063 76,998 1.980 18,000 5,2251 103.830 773 76.998 1.980 18.DOO 5.2251 92.526 7.176 75.291 1.800 11.000 5,700 89,627 11.304 Net Inc¢mlnglloutgolngl resourc•s Tr*n$f•rs batw•en lund* Total fund• brought forwa {28.1781 36,7S8 (7601 24,472 34,976 Total lunds CoTrI￿ lorward 10 3.707 59,448 Tho statomenl of Fin8ndg1 Act￿lie￿ includes all gains and1098tt In th• y•8r All inctsning r•*ource• deriv• from c¥Jnlin*Jing ￿kn¥1he¥. KING JOHN? HOUSE AND TUI)OR cO￿￿E TRUST UIIITED IACompry Ilmlt•d by guar￿￿) BALAJ4CE SHeET AS AT J1 IAAIICH 2025 In Flx•d A•••is 21.9SY Cun•nt A•••l¥ Sto¢ 1.281 42,1SS 44.321 Ctth At bord( h• 49.118 U*bllltt•# Crvjltorj: Idllrvj duo vthhlntyA )* 17,1511 10,&32} 41,gST 37.409 Th• Fund• ol th• Chwltr. RegtnLY•J fvnds DoswJnatwJ I￿rest￿led) IWK UnrMtrta￿ bJr#Ys 10 io io 34.978 10.C 14.4n 71.734 68.028 KING JOHN'S HOUSE AND TUDOR COThAGE TRUST UMrrED (A company Ilmitod by guaranto•) Balance Sheet as at 31 March 2025 In approlthg Ihesè IinMnoa5 9tstoments as Tru51ee Otrectors ol Ihe Cofflpany we ￿lebY thinfim tho loll￿n9'. For Iho finonud ended 31 Mdrch 2025. tho 0)ryanyw￿ 10 ex8mpiw Irom audtl und•t ￿L¥ 477 01 the Companles 2CK16 relBI1ry l L¥JrnPdni*g. TnMlee Director¥ rnspow"bilAi•s.' 11 Tho Mèrnbws havo th)1 wuml Ihe canpanylo obtatn Bn for Its #(£ounM lor Iho year trl l]1108llon In eC4xdBncY* wilh yeclKin 478 01 tha &im?¥nlty* kn 2006, 21 The Tr>J8lees acknowledge I￿r ￿8￿nSIbilI119s Iw ￿mp￿Ir￿a wlth tho roqulr4m8nts ol Comp￿18$ A¢(2006 res￿ to bCfA)unllng rots)th and the proparayon ol nttounts Th•se Ktsjunts ha¥• ifv the prpvYdvJn• applkoblo th tompènleJ 10 lh• 4mall cixnpan& reglmè, were approv￿ by IP• trAiaffl on 23Jun&202J siuned on ItB Ur K A Barwbc Tieasurw Th* nol•sw p4ye5 10 10 12 lorm pan c4thw xo>JTrts. UST LTD Acom Ilrnlt•d b u•r•nt•o Not oth•fi Inclal •t•t•m•nt8 lor th• ar •nd•d 31 M*rch 2025 1.1 kcountlng Gonv•ntlon The (Iccounts have been p￿pared und8f thè h1810n￿l cost Conve￿110￿ a5 ￿0￿1110[[ for valualionB, In accordan¢4 vAlh the Stsiemeni ol Recommendod P(acbce: Accounling 8nd Reporbn9 by Chariti98. The accxlunts have bean wopared in ac£oTdanco vAth FRS 102 in 8ccwd8nce wtlh oppllcoblo ch8rlty and company ￿w. 1.2 Flx•d as•els and d•preclation The Trust oym lQng Jolin's Hwse and the Inledinked Tudor Cottage, vknltrt was aokl lo th Tntsi by HampsNre County Coundl In 1979 lor Ihg nolionol Purchase pr￿￿ of £1. Thè asset Is 8 "heri18qe as8èt' Ythlch, In Iha oplnion of the Iru91ees c8nnDI be 3ensibly valuod lor the lojlownu reason8-, 1. The property Is Inalienable, hbving b88n glftod io the ol Romsey by Mis5 M.A.M. Nloody. the ￿st ol h•r branth ol lh8 lamlly which had ¢>wnèd the proF*ty sinco 1918. Should lh8 pre8onl Trusl lotl then the propety VKSLAd dofaull to Romsey Town Cwnal. 2. Tho proporty Is Gr8do I Ilsted and cannot be adaptod for any onlemporary use, evgn minor changes Bre subJ8cI ID S(xupulouB con￿￿or3￿0n by H1810de England. 3. The propty i818ndlockod Vjith no right ol way exopt by way ol tho msbn foyw There 18 also B histonc rlgmt of w8y lo the South 81(So via the enlrBn¢o way lo tho AbbBy Hotel. Equipfflent costing more than t1,000 Is capll8118ad 8r•J dopr8d8ied over 5 ￿rfj on o stralghl Ilni bast8. 1.3 Incom• In￿￿0 r818le¥ ￿tirelY to the pdncipol confjnulno aCtI￿￿eS. Donatson5 and Legacles rgpreswl donation8 *KI grants, Ihay we rpwanised tho donalion is glven oi grant becomes unconditi￿al, Olh¢r tradlng Inwne reproseni Gllt shop saSg3. 8nd 18es fDr hinng. events and lourn. the inc￿0 ol rKognised n the ￿161$ made. or the avanl 0￿r8. Inve8lm8nl Income rdates enlwely lo bank Interesl recelved on balk dewlts. 1.4 Fund ￿￿O￿n11Th9 111 Unreslriclgd fuT)ds are available lor u80 al Ihe drncrelth ol the Iruslèos in futthèrÈnce al thè genoral obi6clivo8 of the chanty, lill Restdcte