2023-08-31-accounts

Dartington Trust The Dartington Hall Trust Annual report and financial statements for the year I September 2022 to 31 August 2023

The Dartington Hall Trust Annual report and flnanclal statements for the year I September 2022 to 31 August 2023 Contents Pago Chairfs Ststement strateglc Rèport F5nanclal Revlew io fj0vernan￿ & Risk Management Thank you to our 5UPPOrters Independent auditsrg report to thè members of Thè Oartington Hall Trn5t 18 19 Consolldated Statemert of Flnanclal Actiwtlesfor the year ended 31 August 2023 23 Consolidated and Charity Balance sheèts a$ at 31 August 2023 Consolldated Statement of Cash Nows forthe year ended 31 Au8U5t 2023 Notes to the Financial 5taternerts forthe year ertded 31 August 2023 24 26 Legal and Admlnlstratlve Informatlon 50

The Dartington Hall Trust Chal￿$ Statement Annual report of the Trustee5 for the year ended 31 August 2023 The Trustèes of Thè Dartiiwn Hall Trust l-Darbngtorf, thariif or Ihe Trusfl are ple&sed to present thelr Annual Rewrt together with the cMsd1dat￿ Ilnantial statements of the charity and its subsidlary companies for theyear ended 31 August 2023.These have aLs0 been prepared to meetthe requirementsfora direttorg report and ftnandal ststementsfor CompaniesArt purpose5. The Ana￿1315tateMents comp￿wTththe CharibesAct 2011,theCompanle9AL 2006 and'Accountlngand Reportlng by Charitieg, the 2019 5tstennt of Recomrnended practi￿ applicable to charities preparlng their financlal statements In accordan￿ wlth the Finanual Rwting Stsndard appl￿ble In the UK aThJ Republic of Ireland IFFS1021, The legal and admimtstrat￿ infomutlon set out page 50and the Rer￿ oftheTnJsteesset out on pages 4 to 17 form part of thls report. Chairfs statement l am pleased to present the Annual Report and Financial St3tements of the Dartington Hall Trust for thè year ended 31 Augusl 2023. These documents have regrettably but Inevitably been delayed bythe complexlty and scale of our present financial and operational restructurTrn& whid) are covered in greater detall within the interim CEQS revtew below. Th15 Report detall$ 3 8reat dèal that is Posttive and encouraElng about the present and f￿ule, whllst 8c*nowledglngthat we are 5tlll In the proces5 of tr3n5itioninBthe Trust to a posiknon of financial sustairbability. By contra5tr, the Finanu81 Statements refiect the drfficult thallenges l encountered on becomlng Chair in January 2023, and theresults predate the workof thettEmaround teaffl that began to replacetheTmst'ssenior executive management from July 2023. These financlal troubles are well documented and there is Ilttle to be galned from revSsitlngthem more than a year afterthe turnaround commenced. Nonetheless, I must make an important point about our strategy-. It Is aimed at secudng a sustainable future for Dartin8ton Estate which 15 not dependent on a perennlal comblnation of disposals. unpredictable benefactlon and hope. While thè Trust Is a reostered charity, our ststus is not 8 ¢harterto make contlnual losses. That is a fast route to destroying value and all that we hold dear about our beautiful estate. We would be abusin8 our role as CU5todiaNs. Durlng 2023 we were plunged into surv￿al mode.. our modest re5Erves, depleted by a succession of extemal events such as the C£wid pandemic, war in Ukraine and the cost of living crisis, were no longer able tu sub5idi5e i preponderance of loss-makSn8 events, enteTpfi5es and initiatwes offered by the Trust. Our oblectlve Is not to generate significant profits. me￿lY to recover the unsurprlsingly hlgh cost of malntalnlng a hlstoric estate and toallow usto invest from timtrto-timeto irnproveour offerfor member5. V15itor5 and other Stakeholders, Internal or extemal. These applitatlons are the prlorltles for the Trusys commercial activitles which do not exist lo prop up unviable proposf(ions. howe¥er long their assoclation ￿th the Trust may be. The turnaround team, supported by staff right across the Trust, has worked extremely hard to athieve early succe55 in reducing monthly losses and developing 3 workable route to breakeven. l am extremelythankful to our staff for their loyalty, forbearance and COMM￿Ment to keeping Dartin8ton so special. I must also

The Dartington Hall Trust Chays statsmont acknowledge our manyvolunteerswho 8tvethelrtime 8enerousty in 5UPPOrt of our m15siDn. We wll continue to work wth the best peopk to delfverthe eXperten￿ that makes vbltors return, stayand spend. Extemal engagement is dearly crttical in maintainlng support for our misslon and we strlve to enrich local relatlonshlps by 8o¢xI communication. We are pleased to have invested very considerable time and effort in our st8kehotder relationships, not least wfth local counclllors and the buslness communfty. These tles have been Invaluable in achieving OUT goa15 50 far and we are hugefy grateful forthe very positive inbound interest we re￿1vè Èvery daythrough thesè and other channels. I remaln encuuraged bythe manytools at ourd5sposal to work to our tharltable objectfves and to restore and enhance the reputstion of the Dartington Estate as a destination for pursuing a huge range of inteTest5.' heiitagè, natural bèauty, hospltallty, entertalnment, cu￿ure, retall, courses, sustalnabllity, buslness tenancles these elements are all in placè now and wè welcome the opportunlty to expand thèm as our recovèrygalns momentum. The team Is busy developlng newconcepts and Initiatfves, in Fnany cases partnerfngwlth best4n- class speclali5t Dperators to accelerate ideas and host or curate compelling new offerings. In the same way that our new day-t¢41ay management Is actlnE gwfftty to progress many exciting plans. l am determlned to ensure that the Board of Trustees achieves the best possible balance of g0verfian￿, ConnertI￿ty, good buslness sense and deep aPPTeuatlon of our pla¢e in the ¢ommunty. We have lost five valued Trustees slnce 31 Atjgust 2023. Sadly, following a short illness, Emma Gladstone OBE passed away In January. Amanda Jordan OBE retired in May, having completed a four year temi and Glenn Woodcoth and Sally Baskér reslgned in October 2023. Sylvle Plerce, who j￿ned as a Trustee In 2014, retl￿d at the start of 2025. We thank Amanda. Glenn. klly and Syfvie for their excellent tontribution. while welcoming 83rone55 Arnanda Sater to the board. Also a south t)evon resldent, Amanda brin85 a wealth of experlence In charlty management. fundralsin& marketing and the arts, as well as a highly relevant network Whlle we are not completely out of the woods. thè most pressing finandal Issuès that might have posed an existentlal threat to Dartlngton are beln8addressed. We musl remain CO￿l0u5 in our optimism, though not In our ambition. Alongside the executlve tearn. I look forward to reporting lurther pro8re55 during 2025 and making surè It Is recognlsed far and wlde. JJJJ Lord Davld Trlesman Chair ijfthe Dartingtun Hall Trust i& Z¢02f

The Dartington Hall Trust StrateNk Rwort Strateg1¢ Report rhe StroteglcReportshouldbe reodln conjunrtlon wlth the RnanclolRevlewund Incoryjomtes thelmport revlewfvr the yeur. Impact hl8hll8hts lorthe year 2022-23 A key focus for theTru5tees Is the extentto which the Trust is delivering against Its oblectfve of supportlng the arts, envirenmentsl pursults, herttage ènd leamin& Asummary of some of the key aieas in which the Trust has done thi515 a5 follovJ5= Arts programme, after a return to pre-par￿¢MI¢ levels, expanded to athieve greater diversity and accessSbillty ol genres More than 10.(￿ tickets sold to live arts èvents across the wholè year, up 30% on 2C121-22 Four festlvals, wth Byline attrarting visitors from the whole of the UK Dartlngton International Summer School and Festlval delfvered 77 concerts and provlded 88 course options Supported Research In Prdrtlce as it 8Tew its Partner network of over 220 local authorltles, national and voluntary organisations, and helped it prepare for the next phase of tts development Scheme of curatlon be8un for environmentalfy focused, eady-sts8e enterprtses wlth Innovatlve approaches to work together in tlose pr0￿MIt¥ on the estate Member numbers continued to in¢rease steadity. up 10% in the year tt> 2.2Q) Th15 yearfs re￿eW report5 on progrw and plan5 for DartingtDll'5 keyareas of focus, and their need to develop self-sustalnlng revenue supplemented by external partnershlps, whlle balanclng a commitment to supportin8 heritage, conseryation. environmental Initiatives. the art5, and the provision of cultural events and courses. Thls aspect of balan￿ Sn our turnaround ts crftl(al- full cost recovery must be possible If indivldual operations areto remain part of our activitie5, or new initiatives approved for strategic investment. The long era of major land dIspl￿al5 from the estate to cover tradln8 losses from commercial operatScins or other subsidlaries has corne to an end. Long term sale5 already undep*ay before thè turnaround Cornmen￿d have now been Completed and there Is no Intentlonto keep shrfnkln8 ourtreasuredestate, In the mannerof prevlous decades, to meet financial commitrnènts. The financial performance for the year to 31 Augusl 2023 refletts the difficultfinanclal posltion that the Trust was In when the Trustees appolnted me asthe interim CEO in lune 2023. After assemblln8 a small senlor team to replatedeparted previous management, workbegan tfteamestto address the immediate operational issues faced by the Trust at that tlme. including enhanclng the mana8ement Informatlon avallable and, critlcallvft reviewlng the tenaney arrangEments across the estate and Improvlng occupanty levels. Supported by a new, flr5t-class interim Chief Flnanoal offi￿r. l am now confident thatthe Executfve tearn and Trustees have a much clearer and more accurate picture of the 85tate's operations and finances. Moreover. we are much bètter placed to managè these operatlons successfully, helplnÈ Individu81 revenue stream5 to develop self-suffiaenry, wthout re50rtto the Trusys Ilmited re5erve5. ARTSANO CULTURAL EVEp¥rs Summor Sthool The 2022-23 financial year ended wlth our 7￿ear-Old DartlngEon Intsrnatlonal Summer Sthool IDISSI, with then relativety new management team, again incurring considerdble losse5 while dominatin8 the estatrfs a¢¢ommodatlon and central facilftiesforthree weeks at a slgnrflcant opportunity Cost. In recent decades, DISS had been subsldlsed by a high degree of forbearance from the TNst, supplemented by a number of bursaries for students prowded by a separate chartty. the Dartington Inlemational Surnmer Sthool Foundation. This model was Inconslstent w6th the 2023-24 drive for full c05t recovery In all actlvltles.

The Dartington Hall Trust Strategk Report Au8USt 2024 Saw a shorter. elBht4ay programme wtth a choralfocus. It was devlsed by new Creatlve Dlrettor, Mark Stone, a celebrated internatlonal operètlc barirone wlth a successful business background. He was jolned by an impressive roster of world4a55 tutors to le8d study and performarbce of Rachmanlnovs Vespers. Encouraged by our experTence of brfnging costs and revenues Into line fDr a key annual event that has lor beon synonymou5 With Dartlr7gton, we are repeatlng Chordlfest in August 2025 and contlnue to examlne the potentlal for further muslc summer schoots, p￿￿bty wlth a drflerent focus yet agaln. and on a larger scale If they are ffnan¢lalJy vlable. Gallery The gallery In The Granary tOmFAeted another year-rgund programme in 2022-23, wth arts and ecology. and Dartlngton's herltage, as the focus for curation. This continued until April 2024, th final presentation belng the Rachel Nicholson year Retrospective Exhibftion. Many of the works on dlsplay- some of whlch had never been exhlbfted outslde Rachevs famlly- were for sale and found enthusiasiG buyer5. The Executlve team is explorln8 Potentlal gallery space elsthvhere on the estate. intludlng In the Elmhlr5t Centre arèa of the histor[¢ courtyard bulldings. and considerin8 extemal fundlng options for necessary refurblshment and Internal remoddllng. Events The nature of cukural and artisuc events at DariSngton contfnues to be fin&tuned for the grealest Indu51ve appeal 3nd participation, not least from our local communrty. The 2024 ChoralFest format for the DartSngton Summer School saw stron8 bookln8s and excellent levels of local particlpatSon. Thls Is Instructlve as WÈ plan for 2025 and tontlnue to avoid loss maknng formats, as had been thè C35E with pre-2024 Summer Schools in recent years. Elsewhere. large, underutllised venues such as the Great Hall and sultable outdoor spaos, have provided the opportunity to stage events of broader appeal, such as the summer tswn Sesslons of free live mu51c, sllent dlscos and the Euro 24 flnal. Local mu%dans and arttsts, from all geJ)res and appeallngto all age5, hav¢ been prioritised for boowngs and perf)rmanres. Th• Barn Cknema The Barn fjnema continue5 to be arh important part gf ihe estate'5 broad entertalnment offer. Its pro8ramme has been made more access5ble to a wlder aUdIen￿ by developln8 a compelllng mlx of arts and envlrtsnmentally ￿USed features, mainstream releases and lfve sueenin85 of National Theatre and other sts8e or muslc produrtion5. Football fans enloyed a break fromtraditlon aswesuccesSful￿ screened a number of England games duringthe Euro 24tournarnent. We continuo to explore how best to utlli5e the Barn's space as not only a clnema, butfor its own live events (>n a relativety Intlmate scale. suth as monthly comedy night5 nd small contsrt5. LEARNING Sthumacher CoMe8e The Schurnè¢her College Fourdatlon, dedded at a board meetlng on 27 Au8USt 2024 to close all BSC, MA and PGDlp courseg presendy accredlted by Unjverslty of PlynM)uth IUOPI. The course5 were alfeady c105ed to new students: agaln5t a well documented background ol course dosuresècross the higher eduutlon sector, and In view of DHfs financlal ¢hallenges, UOP had informed DHT In autumn 2023 that it would cease accreditstlon In 2026 and ￿1Th a teachw0￿ w￿h immedlate effecL Schumacher Co'llege was Incurrtn8 Substan￿al and Browin8 monthty105ses. ￿rtIngton was clearly unable to nderwrite thi5 del1¢￿ Indefinltely from its limited reserves. The ¢ollegd5 Leamin8 Leadershlp team had, for some months, been reviewSng and conslderlngthe accommodatlon and resource footprint tsrthe dell¥ery of Dartln8ton's learnlng provlslon. Plowever, 5h¢xter, una¢¢reditÈd uurses planned by Schumacher for 2024125 met wfth poor booklngs. The DartJn$ton Board continuesto¢onslderviableoptSons forthe Collegeto Sustsin itself, Including a proposal from certaln former members of the Leamlng Leadershlp Team to seujre Indepondence from Dartlngttsn, 35

The Dartington Hall Trust 5tr*e#l¢ Report well as contlnuatlon of flnandal￿ vlable. unaccredfted courses. Some 46 students were expected to contlnue Into the 2024n5 academic year wlth Schumacher. The vast malority of these have been supported to find new tour5es and many have already begun these èt different institutions. DHT has worked dosely with the Governmenf s Office for Students throughout thls process. We are unde￿rItInganY higher elementof fee5 incurred by5tudentsat new places of S￿dy, a5well as reimbursin8 short-term, 0￿-of-p0cket expense5 and offering compensation for dlsruption. in Ilne wlth leve re¢0mMend￿ by the Offio of the Independent Adludltator In Hl8her Educatlon. HosprrALITY The Whlts Hart At present the prfncipal bar-and-dlning optjon on the e5t3te, the White Hèrt pub stru88led to maintèln acceptable l¢vets of revenueoutside the summer monthsof 2022-23. Asa focal polnl of ourbroader hDSPitality offering, the challenge was to expand customer interest béyond ea¥fy weekday eyenlng dinlng, Sunday lunch and drlnks before, after and during staged events. Sinte Au8USt 2023, the White Harvs proposltion has b¢en reflned conslderably. Recent experfence has confirnied that White Hart bookln8s respond well to a full alendar of compplling events on the estate, relnfordng the Imperative to become mtsre ambitious and accessible In our presentatlons. The Green Yable Our centrally located café, The Green Table, contlfiued to operdte at a 105$ in 2022-23, owlng to a si8nlficant imbalance between the costs Incurred In presenting a good quallty offerin& and customer demand at the chosen prlce point. Afterthe yearend an Interfm 501ution of morè ba5icf3re pursued, ahead of a Juty 2024 reoponing with a tenant partner in the form of a respected local hospitslity entiepreneur. A much improved menu at SU5talnable prices w¥th extended opening hours ha5 been well received by visltors to the estate. We look forward to reportingstronger resujtsas The'nev/ GreenTable becomes establlshed and further develops its conc&pt. Montr•al Ba8els A succe55fv1 tenant durln8 202>2023, Montreal Bagels has since Yacated it5 Roundhouse venue at The 8afn 8nd returnpd closeto tts bakery locatlon behlnd The Granary. It condnuesto be a well p8tronlsed concept and ear￿ indicatlons su84&st a satlsfrdrtory coéxlstencè with Its fjreen Table nelghbour. The Roundhouse remains vacant andthe ExecutlvEtsam ￿ preSent￿eXPlO￿ng use ca5Es ¢on5iStEnt wlth both vlsltor arrlvals on the estate and Barn clnemagoer custom. A¢¢ommodatlon Our 54 courtyard bedroom5 rontlnue to experlence Inconslstent occupancy post-Pandemi¢. Whlle well- appointed, pleasantly located within the estsle and falrty priced, we believe that 8reater homo8eneity and Sl8nfflG3rtt refresh In tourse wlll improve marketsblllty and subsequent referrals. CONFERENCESAND WEDDINGS Our herltage and beautiful setting continue to drNe demand for conferences and weddings, and these wlll rernain a ￿re element part of the estate's overall offer. The hospltality team has been strengthened w￿h slgnlfTcznt experlence of selllng and deliverin8 wedding5 and corpordte events of all 5ize5. RelurnSn8 conferen¢e and semlnar dlents. such as the Duchy of Cornwall, give us a strong platform from whlch to grow the private events income strearn. partlcularly in the quieter wlnter months. We expert refreshed brochures, a8ency11stlngs and wedding fairsto fvrther enhante Interestln weddlngs and cOnferen￿S, from both at home and overseas.

The Dartington Hall Trust Strat* Report R￿AlL ader Prejs Centr¢ Costs at our edge-of4stste rètail ￿te dost to Dartington vlllage have been slgnlffcantly redU￿d by new management while malntslnln8 operatlonal ac￿vIty. The enterprfse c4)ntinues to operate at a much-reducecs loss. All oversttscked. slow-mowng lines have been cleared. TheTrust is in advanced dIsCL￿00n$ wlth a number of potential strategic partners who have submltted prokM)sals for occupylngthè entire Clder Pres5 as tenants, malntainlng a focus on sustsinabfy sourced food. r>artlngton Bookshop-Totne5 Our town centre bookshop is Centrally located wth Strong potential footfall. Whlleth15 ènterprise, through Its publlsher contacts, has helped to dellverseveral PTofftable speaker events to the main estate In the past year, its role a5 a window on Dartin8tgn's broad?r rangeof activltie5 and experlences may be better leveraged. Th15 objertive may be assisted by the plan, a8reed wtth the Town Coundl. to host the tQUri5t information centre forTgtnes In our premlse$ follov/Jnglts closure. Wé believe thlsdevelopmentwill be beneflclal to both parties, In additlon, we continue to review and optimlse product range, and space in the shop. TENANCIES, PROPERTY AND ESTATE SERVICES Granary and Pr•)t StsKI Co-working 5peuili5t Regenworks be8an to tske Oc￿pancY of the Grnnary and Prlnt studio, as well as the fomier Book Binders space, in Mard) 2024. Regenworks 15 acting as master tenant, hostln8 more than 60 worker5 on 51tefrom a number oldlfferent businesses, all focused on areas related to regenerative technoloBV areas, such asAI teth to harvest ￿8$t1tfrorn the sea. aquatic engineer5 and seaweed farmers. Our re13tlonshlp wtth Regenworks ha5 been benefidal In kkntifying potential tenant profiles for ￿her va¢ant or di5L45ed properties on the estate. Old Parsonage Fami On 22 October 2024, How Now Dairy began a 21War farm tenanty on the Dartington Estate, 5ecurlng 400 acres of land. As the UK'S pioneerin8 and On￿ cathn-ne8atfve dairy, How Now prioritises sustainability and organlc familng practlces. The businèss operates a dire¢t-tO-con5urner delivery service wTthin a ten-mlle radlus, utllisingan all-elertrfc fleet to mlnimise Its ￿rbon footprlnt. Curyently housln8 a small herd of 30 Ayrshire cattle at Dartlngton, the farm plans to expand to I￿Stron& Milk productlon, commencing in Spring 2025, ￿11 be facilitsted by robotic milking5YStem5. Each anlmal, w￿h its own RFID ta8, autonomously presents ttself for milkln& Al technolo8y reads the tags to dètermine milking sultobllfty, mlnlmlslng hurnan-anlmal Interadlon. How Now Dairy demonstrates a degree of innovatlon in $￿tainable and ￿h1o1 dalry farmln6 that brln8S UP to date the ElmhSrst vlslon for a6riculture on the Dar￿ngton Estste. We are proud to host th15 unlqu• enl¢rpr15¢ as It produ￿ hlgh-quallty mSlk whlle mlnlmising envlronmentsl impact. HIBh Cross House Followlng a relative￿ low cost refurblshmenL negotlatlons areat an advat)ced stage wlth a bUsIne￿ tenantto EXCUPY the whole of thls well-known and pfomlnent 1930s Modernlst bulldlng. Lower a05e 5tudlos In Ottober 2024, two Ilghtly-U5ed studios ytelding very little Mtsl income were let to LED Lelsure. a prominent Devon gym operator. Yhe Space, was opened in January 2025, providing a 4,500 sq ft, State-of-the-art gym whlch ImmedSately met a need In the local community. Growth in inltial memberships sold has ex￿eded expectauons and thè offer of rèduced rates for Dartlngton members and residents h35 been well received. Hotel guests use thegym free of char8e, enhanan6 the appeal to Msitors of our courtyard bedrooms. The

The Dartington Hall Trust str*eÈl¢ Rep(vt Spate has introduced newvisltors to the Estate and manyare us]ng Its otherfatslitie5. Or8anlsers of regular artlvftles preylousty place In these studlos remain able to b￿k space throu8h LED Lelsure. Discusslons wTth a fvrther lelsvre operator are at an adVan￿d #age wth a view to occupylng 5epardts studlo Spa￿ In Lower Close and launthing a sports based offering complementlng theBy￿S aL1ivltie5 and, a8aln, appealln8 to members, Estate wi5￿0r5, hotelguests and tenants. MARKrfiNG AND COMMVNICAIIONS Membershlp Our membershlp base continues to 8rowsteadlly and nowstands * 2,231. wlth hlgh levelsof renewal. We are presently reviewln8 our offer to members. with a view to enhanun8 the package of benefits and pre5entln8 etsmpellingargurnentforjoinins. A8rowtn8 malorTrtyof members isoptingfor a higher-prlced, parking-indu5ive offer, demonstrating recognition of a key value benefit alongslde free garden entryi redU￿d tlcket pri￿5 for events and diKounts In our hospltsllty operatlons. Wecontinue to expand our afflliate pèrtnersand reclprocal membershlp arrangements, Indudlng the Roy31 Horticultural Soclety relationship whith has 8enerated good vlsftor Interest. Membershlp, whlch apart from representing a valuable recurrin8 Income stream is tritical to supporting (lis¢retion£ry spending on the estate, remalns an 5mportant'call to act￿n. in our messagin8 and our conversations at external marketln8 OPPOrtunrtles, suth as the Devon County Show. An addltlonal database of more than 30,C(A) Trdpients of Dartin8ton markeUng communicatlons, including the weekty WhaV5 On newsletter, 15 a valuable resource for VISI￿ engagement, while promotSng tsctlcal new membership offers such as'14 months for 12,. which In 2024 enabled purchaser5 to straddle two school summer holldays. Mgdla Ro14tlon5 Faced wtth several erternal m15conceptlons about Dartln6ton's actlvloes and rfiabte future, In late 2023 the turnaround team embarked on a programme of proactive en8a8ement ￿th local medl3, locally based national online media, n8tlonal broadcast and vertScal medla relevant to oursectors of tsperation, such as muslc, nature and hospltallty. This engagement has taken the foim of 'open ￿tterf update5 from the Chalr and CEO, one-to- one meellngs and intervfews on the estste wtth Journallsts, and regular press releases on p051tlve developments. Our outread) has delNered almost entlrely 5UPP(Jrtlve coverage, reInf9r¢￿ by a balance of POSltive romments submitted by readers below LJn15ne artlcle5. The approach to media relatlons wlll remal open, collaboratlve and relatlonshlp based to foster greater understsndin8 of our misslon and the strategy to athleve It. Webslie Our effortsto position Dartin8lon as an appeallng destlnattonwlth broad appeal, Increasevisltor numbers and develop hlgher levels of sust8inable revenu¢s are not, at present. adequatety supported by our weL151te.' it15 okl, with t￿hnICal fau￿5 beyond repair, and presents an unhelpful customer joumey. In addltlon, the structure layout and emphas￿ of muEh of the copy do not accur3tety represent the present range of artivitie5 available to vlsltors and our plans to develop More. In order to rèath our many publics more effectlvely, we have Inltlated a process of bulldlng from scratrh a new website on a bespoke platfom). ￿ will be better optim15ed for our very high Pfoporuon of mobSle users and for search engne5. CrtLfcalty. the user experlence and e- ¢ommerce plug-lns will be strurtured to speed and ease bookings, purchases, nèw member5hip5 and other Important transa¢tlons. The new webslte Is expocted to be13unched during February 2025. FundralsS In the year to August 2023, beyond dlstrete èlements of benefrdrtion sratefvlly recolved dIre￿lY from donors, formal processes of fundrai5in8 failed to deliver any donaUons. Thls was despTrte the engagement of pald speciallsts. Now that thè most urgent opèratlonal tashflow issues have been addressed, donor outreach has become a greater prlorlty and we are activety engaged In dlscusslons with o ran8e of parties Interested In supporting speciffc Inttiativp5, or our artiwties mLire gener41ty- Working d05ely with Tmstees, the team Is accesslng a 8rowlnB network of members, local buslness leaders, Dortlngton alumni, Hith Net Worth Indlvldua15 from near and fai, and others. We look forward to updatln8 all stskeholders On progress In thls

The Dartington Hall Trust Strategk Report endeavour. RESEPthCH IN PRAcncE Followin8 another strong year in 2022-23. In which It grew to support a Partner network of over 220 local authorlties, national andvoluntaryorBanisations, Research in Practice IRIPI was presentsd with an opportunity to ¢omblne its Tesources wth another Charjty. National Chlldren5 8ureau INCBI, the two organisatlons collaboratlng and contlnulng thelr work on a larger platform. Whilst RIP had been operated as a dlvlsion of DHT, It had little or no syner8y wlth the Trust's other acttvldes. A transfer of staff and operation5 to NCB was completed In February 2024. It was an honour for Dartington to be part tsf ￿p,S Incubation In re￿nt years. We watched the orgonlsatlon develop a depth of 5klll and a breadth of Important workwhich Impressed throughout our journey wTth them. and they contlnue to exempllfy best practice in the sertor. The timln8 for this transfer made good sense for all partles, Wlth Rip's next phase of development beginnlng as we at DartIn￿on enter ovr5. We extend ourthank5 to RIWS Oirertor, Dez Holmes, and herteam. whose professionalism in their mlsslon has always refflected well on Dartlngton. W¥ wish them every suc￿￿ working withln NC8. SUPIMARY Our new full cost recovery model for Dartlngton's Istholly owned and operated athities Is supplemented by a contlnuous review of opportunltles to der1sk our finanoal posttion by tKrtnerin8 wlth external specialists, posslbly as tenants,lo deliver Profes￿OnallY developed products and serwce5.This curation approach has seen early success in a numbe¥ of our hospitaltty and events offerings and we contlrjue to pursue dlscusslons with several best PfaCtiTr operators. The estate overall containsa good deal of nO￿f0￿ land, a5 well as dlsused or dllapldated bulldin85, that remain unproductive In terms of income. This element forms a longer term phase of our strategy for recovery and subsequent 8rowth, whlch wlll allow the Ttust to invest In its charftable actIV￿leS, nctt least ecause of tts need for substantlol tapital. Robert F Chlef Exeartlve cer Ilnterkn IÈ fkngfjJJb

The Dartington Hall Trust G¢)vernance & Risk management Financial Review Overview of financial performance The Trust incurred net expendlture of £4,691k for the year ended 31 Au8USt 202312022.. £4,636kl. This result includes £158k of net investment losses12022.. £85kl. The 2022 result included exceptional costs of £1,730k in respect of the wrlte down of a current receivable balance. . Income Totsl Income Charitsble artivities Trading activities Iyonations and legacies Investment and other income Totsl kncome Ratlo % 8.936 59.7 4.605 WI 30 161 Wl 1.1 1.263 MII 8A 14965 Varfance 11,5841. 715, 39 12891. 7,352. 53.111 38AII " i.sll Total incorne decreased by £1,119k17.5%1 from £14.965k for thè year to 31 August 2022 to £13.846k for the year to 31 Au8USt 2023. Charltable income decreased by £1.6m118%1 over the year. Grant income was down £747k compared to 2022 which included a Special grant from the Salvia Foundation of £489k. Research in Practice incorne fell bv £1,170k, primarily due to the completion early in the year of the Practice Supervisor Development Programme which contributed £1.2m of income in 2022. However, Course fees increased by £173k Ill%) and Adrni55ions income increased by £122k128%1 as external eng3gement with the core estate increased. Tradin8 income increased by 16%, in line with additional engagement with estate facilities already Mentioned above. coupléd with more general post-pandemlc increased activlty. Expendlture (excludin8 exceptlonal costs) Total •xpendltur• Charitsble activitie5 Trading artivities Investment5 Raislngfunds Defined benefft pension scheme 421. T¢)tal ￿PendIture bèfore 67.4 1. , ￿ 12,637 Imlll•lL SAW 29.9 1 .• 4.701 42 45 11110.3- 2.3 1 lll 361 2.0 71.1. 12501 802 111 23 17.786 . .159 Total expenditure at £18.379k is £593k higher than in the previous year (excluding exceptional costs of £1730kl, an increase of 3.3%. Trading artivities have benefitted from increases in Scale, but this has been mitl8ated by increased input cost5. . Net losses on Investment and actuarial lossès on the definèd benefit penslon sthemè Net losses cn investments in the year totalled £158k12022.. £85kl relating to an impairment provision on certain investment properties which are not currently in rentable condition. The Trustee5 have considered the residential and commercial prop&rtie5 held by the Trust and have concluded that no revaluation increases should be recorded in the current year. South West commercial property market reports note that activity in 2L123 was relatively subdued with caution being exercised around the ongoing economic conditions. However, market improvement5 were anticipated during 2024 and the Trustees have therefore concluded that the overall investment property portfolio valuatlon should be reassessed next financial year. The actuarial loss on the closed deined benefit pension scheme for the year was £406k12022.' actuarial 8ain of E817kl. io

The Dartington Hall Trust Govemance & R15k management Overall, the totsl movement In funds ftrrthe yearto 31 Au8USt 2023 was a decrease of £5,097l redu¢ln¥ the total lund5 balance to £27,567k at the end of the year. . Flxed assets The 8rantfunded restoratlonwork on the Old Postem roof w#5£0mpleted durfn8the yearand wastransfÈrred at ￿5 total c05t of £2,22C from assets under Construc￿On to freehold land and bulldlngs. Other addltlon5 In the year amount5ng to £201k related to website development, C05ts of connectlng Hl8her Close to the On$￿e bloma55 boller and fixture5 and fftt5n8s In the Old Postem. - Investments Under its Memorandum of Assoclaoon, Danlngton h$s the power to Invest funds not Immedlatgty requlred for charbtsble purposes. The investments mainly comprlse Investment propert5es, held atvaluatlon of £19.212k12022'. £20,095kl, two propért1é5 having been transferred to assets held for resale during the year. An Impalrment prOV￿10n of £130k was recorded durlng the period under revlew. - Delned Benefft Penslon Scheme An actuarlal valuation for the stheme was conducted as at April 2022, and updated as at 31 August 2023 ftr Incluslon ITh these financial statements. The Tesult of that assessment detÈrmined a deficlt in the 5cherne of £715k. It ts anticipated that thi5 deficit will be made good over a 5-year peflod vla a recovery plan whlch ¢ommenced In the 2022123 flnandal year. Reserve5 poll6y Dartlngton relles on a mixture of Income from a variety of sourtes to fvnd core pro8ramme5 as well as a ¢ontlnued Investment in ourland and buildlng& We are committed to achlevln8a fflnanciallysustainablefuture for the estste through our new stratègy and it is Important. therefore, that we hold sufficlent reserves to ensure we can continue to fvlfil our commftments whlle we work towards thatfuture. - fjeneral fund Thegenèral fvnd Is not restrlcted nor dssignatrd for usè on a partl¢ular programme or some other PUfP05e. TheTrustees contlnue to detemilne that tt Is approprfate to hold general reserve5 at a level of 2 to 3 month Core oper8ting expendlture. Thls is considered to be an appropriate level ￿ven the variety of the Tru5Ys Income sour¢es and the Tntsvs ability to quickly reduce variable costs in the event of reductlons In Income. General funds at 31 August 2023 were Sn defictt by £0.8m. As explaln&d further under Golng Concem on page 12. the Trust expects to rnake a deficit durin8 2023124 but the crystslllsatlon of gains on ¢ertaln property disposals ￿11 enablé the transfer of an amount from thè revaluation re5eNe fund to general funds. Durfng 2024125, the Trust is projecting an operatln8 surplus which will further reduce the deflcit on general fvnd5, Thereafter, theTrusteeg hope to rebuild an approprrate level of general reserves through opernting surpluses, supplemented as Tre￿sary by the realisation of Investment galns. releaslng further transfÈrs from the revaluatlon roserve fund. - De5*nated fund5 Designated funds are those u￿r￿tri￿ed fvnds that have been allocated for a partlcular purpose by the Trustees. The main deslgnated fundscurrently held bythe Trust are Set OLrt below. The others are disclosed In Note 20. The fixed asset fund, amountln8 to £IOm at 31 August 202312022: £8ml, is equivalent to the net book value of the land and bulldln85 and her￿age assets used to support DartÉn8ton'5 char(table and tradlng operatlons and the Dartfngt¢n collectloft and as a consequence is not avallable to be spent on our on-8oin¥ artivitles. li

The Dartington Hall Trust fjo¥emono & Rlsk management Revaluat This fund renectsthe unreallsed galn In value of our Investment assets and an)ounted to £17￿[￿ at 31 August 2023. . Regtrkted fund5 These fvnds are tied tc* a partlcular actith by the funder or the nabjre of the appeal and ¢annot be used to fund other actlvTtles at Dartington. Deta115 Of all OUT restrl¢ted fvnds can be fouDd in Note 20 of the ftnanclal statements. Golng CobKern The Consolldated and Charlty flnanclal statements have been prepared tsn a golng conwn bas15. The Trust has reported a deficit of £4,691k for the year to 31 August 201412022: £4,636kl. Net cash oufflow from operatlng actfvitles was El,796k12022.. £3,810kl and after Investlng athlties but before flnanclng activltles was £891k12022: £3,165kl which indude5 £926k12022'. £1,109kl receipts Irom asset sales. Cash at bank as at 31 August 2023 amounted to£3,45Tr12024: £4,423kl. Net assets at 31 August 2023 were £27,567k 12022.. £32,664kl, refleLting the strength of the balance sheek notwith5tsndlng a number of years where the Trust has operated at a deficlt. The Trustees appolnted a Interlm management team durln8 the summer of 2023 led by Robert Fedder, Robert and his team were tasked wjth developlng a plan whereby the TrtE5t could operate on a cash p051tive basls, to allow tt to relnvest In the estate and furtherfuffil Its tharttable oblectfves. The plan, whlch has the full support of the Trustee5, is naw In the coutse of belng Implemented and since 31 Au8USt 2023 numerous actlorts have been put In pla￿ Indudin& Completion of sale of non-rore estate land for £2.7m Completlon of other non-core propty sale5 and some surplus art sales Sl8nSffcant operating Cost reduction5 Di5P05al of the Research Én Practice bu￿ne$stO another charlty a05ure of Schurnacher College Rèvlewlng occupancy across the estate, r&lucln8 the footprint of the Dartln8ton admSnlstratlve actlvltles, rentln8 Out unused space for market rents and atttsding landmark tenants Onto the estate Identifying flrst class operators for the Trusys caterin8 and h05pitaltyfaalities Attracting a new tenant for farmland on the estate Replaclng the fTnancial and management systems Used acrgss the estste Reenergizing the wprkforce to makethè estste an attractfve destSnatlon for vlsltors The profltabllity of the Trust durlng 2023n4 has been greatly impacted by ￿$t￿￿turing costs. Thè Trust therefore experlenced a deficlt and ne8atlve ￿$h outhow for the year to 31 Au8USt 2024, albelt the cash oufflow was offset by the sales referred to above. The rt5k of the Trust b￿athIng It5 bank covenants with Trlodos Bank has been averted through the support ofthe bank a8reein8 to amend the covenants. In addition to the above, tn Fèbruary 2025, the Trust entered a £3m, thretryear term loan arrangement w￿h wholly owned subsidiary of UK Agricultural Finance Llmlted In order to prO￿de the Trust with sufficient working tspltal to complets the prO￿sS whereby the Trust wlll become self-finandn8. The loan ts secured by way of fixed and floatlng charges overcertain a55ets of the Trust. Thè nèxt phase olthe plan focuses on Sncreasin8furtherthe utilisation of the land and buildings on thee5tate. worklng wlth partners as appropri3te, to further ènhance the abillty to generatè incrementsl revenues and contsnue to attract visitors to the historlc estate. The Trust has prepared Income and expenditure and cash flow forecasts for the 12 months to February 2026 whlch shtsw thatthe Trust can continue to operate and pay Its debts as they fall due. In preparlng these foreca5t5, the Trust has reflected on, for example, the challenges currently faclng the hOSp￿alltysertof and a number of opportunltles to fuTther5trengthen the operatlng performance of the Trust have been excluded from the income and oypendlture and cash llow forecasts a5 there is not yet sufficient 12

The Dartington Hall Trust fj(weman￿ & R15k mJna8ement certalnty as to the outcome, sublecl asthey are to extemal fac￿r& The Trustees have also tsken Into conslderatlon the tt*nslderable 5tren8th of the balance Sheet and the fart that hlstoric book values undèrstsie the true value of the asset base. Whi15t the￿ arè no current plans to reallse s18n1fT￿nt fund5 vla a55et sales, the TNstee5 In thelr os5es5ment of the goln8 concern 5tstu$ of the Twst, have taken Into ¢on$lderatlon the oblltty to do so. After ¢on$ideration of the Trusvs plan5 and castFflow forecasts, the Trusteès arè satysfled that the Trust wlll be able to contlnue to settle its liabilities as they fall due fry a perlod of at leas112 months from the date of slgnlng the$e flnan¢lal statements. On the basls described abovè, the Trustees have conduded that they have a reasonable expe¢tatlon that the Trust has adequate resources to contlnue In Operatlonal ￿$t￿nce for the foreseeable future. For thls reason, they Eontinue to adopt the going concern bagls In preparlngtheflnandal statements. However, the Tru5tee5 acknowledge that the Implementatlon of the new stratsgy is not wthout rlsk, partlojlarly consldering the current etonomlc eiicumsiances and their Impact on the hospitallty sector, and that thls trnevttabw means that there Is the exISten￿ of a material uncertainty overthe TrusV5 ability to contlnue as a 8olng cOn￿rn. Governance & R15k Mana8ement Key risks and un¢ertalntJes The Board of Trustees Is responslble forthe oversight olthe risks faced by DartlnBton. The Trustees and Audlt and Risk ManagemEnt Committee regularly revlew the Trusvs rbk posltlon, Internal contro15 assessment and compllance wtth tslevant statutory and finance regulation Our rlsk rnanagement proce55 Is designed to Identlfy the malor risks that wuld impart on the Suc￿55￿1 delivery of our strategy. Thls process Identlfie5 the major rfsks Darttngton face5, the1Skellhood of occurrence. the sl8nlficance of the risk and any mltl8Htlng ¢ontrols that are in platè or are planned to be In place. It 91 Seeks to identify any 8rtlons and resourc£s requlred to mana8e these rtsks fijrther. The Board of Trust￿ carefully considers tts key operatlonal. finandal, Compl18n￿ and other risks In drawlng up Its rlsk re¥ster. An assurance framÈwDrk has also beèn devised. which covèrs a1135pects gf the Trusys activitle5, in order to provide a med)anlsm to conslder the processes and mJtigatlon5 In pla￿ to revlew and evaluate rlsk. Dartin8torfs ITnanclal sustalnabillty and lon84em Ilquldity a￿ its maln sttste￿c rlsk5. The Board of Trustees have identlfied the following key risk areas: Shortfall in Income and casmow threatening financial So￿en Inabillty of the Trust to fvnrtion normal￿ in the short temi whllstthe restructurlng continues Failure to delSver capStal Snvestment projects wlthin budget Failure to realise planned propeEty disposals The overall fln?ncial risk h35 been signffjcan￿Y reduced by the restructurfng actions taken slnce the year end as outllned on paBe 12, but as refiected elsewhere in this report, the Trust rontinues to face thallenge5 in hs ambltion to become financially 5elf-sustainlng and the Trust has contlnued to record a deflcit In Sn 2023124. Work therefore coniinues to closely rJ¥)nitor these rfsks; with monthfy management information, regular reforecastin8 of performance and frequent assessment of short-term cash fiow requlrements all critical In ensuring thé Trust Is able to manage wlth ￿5 resource5 and hi8hllght early when additlonal cash flow needs arlse. G¢Jvemin8dLKument and structure The Dartingtori Hall Trust I"Dartingtorfl is a company Ilmfted by guarantee and b reglstered In England. It Is a150 a charity ￿gistered In England and Wales. Dartitl8ton was incorporated on 14 March 1980 and i5 govemed bythe company's Memornndum and Artide5 ofAssotiation. whlth were last ￿¥1$£d In December 2016. Under its Memorandum of As50dation. the Trust is estsblished for all purposes as are recognised 35 charttable bv

The Dartington Hall Trust Governance & Rlsk management En8llsh law. Its prlmary charltable purposes are the athncement of education, art5. culture and heritage. Board of Trusteeg D8rtlngton's TNstees are 11sted on page 50 of thEs reporL The Trustees set and oversee the dellvery of Dartln8ton's strate8y, declde pollcyand provide leadershlpand dlrectlon forthe organlsation. The Board usually meots at least four times each year. In view of the Trusvs financial sttuation. the Board has been meetlng at least monthly slnce lune 2023. Audlt and R55kmE￿ageme￿cQm The Audlt and Risk Mana8ement Commlttee usually meets at leastfour times a y¢ar and Supports the Board of Trustee5 In thelr re5pon5lb1ll￿e5 regardln8 Issue5 of risK Internal control and audlt. It also revlews the draft Annual Report and Financlal Statements and meets wRh Dartington's external auditors. The commlttee comprlses Chrls Maw Ichalrl, Peter Gold5brouth and Lord Da￿d Trlesman lex offlclol. Internal Control 5￿pe of responsibility The Board of Trustees are ummately responslble fortheTrusYs system of Internal control and for revlfrwlng Its effectiveness. The Board of Trustee5 has detegated to the DIr￿rate the day-tQ-day reSpO￿lbIlity for malntslnlng a sound system of internal control that supports the achievement of the Trust's pollcles. alms and objettlves whllst safegu8rdin8 the Trusvs assets. The purpose of the system of knternal contnA The system of Intemal control Is designed to manage rlsk to a reasonable level rather than to ellmlnate all rtsk of failure to achleve policie5, aim5, Ind objectNes: It can therefore only provide reasonable and not ab501ute assuran￿ of effettiveness. The system of internal control is based on an ongoing process designed to Identlfy and priorriiise thè risks tothe achievement of the Trusvs pollc4es, aims and objectives, io evaluate the likelihood of those rlsks beln8 reallsed and the Impacishould they be reallsed, and to mana8e them efficiently, effectively, and ewnomically. The system of intemal control has been In place forthe year ended 31 August 2023 and up to the date of approval of the annual report and finanoal statements. Copa¢lty to handle rlsk The Board of Truste&s has revlewed the key rf5ks to whlth the Trnst Is ew05ed together wlth the opefatlng, flnancSal and complSance contro15 that have been Implemented to mitigate those ri5k% The Board of Tru5tee515 of the viewthat there Is a formal ongoing process for identlfylng, evaluatingand maTha8ingthe Trusvs slgnlficant rlsks that has been In place for the period ending 31 August 2023 and up to the d*e of approval of the annual report and accounts. This process is regularty rLw5ewed bythe Board of Trustee5. The rf5k and mntrol framework The system of Internal control Is based on a framework of regular management infomiation, administratlon procedures including the 5egregaiion of duties. and a system of delegation and accountabllity. In partlcular, It inGludes'. Re8ular review5 by the Board of Trustees of periodlc and annual financlal reports which Indlcate financial performance. Setting t3rBets to measurè finahdal and other performance. The adoptlon of fomial project management disciplines. where appropriatè. Nomknatlon$ Commltte• The Nomination5 CommltteÈ léads on Trustee recruitment and makes recommendation5 to the Board on the appointment tsf new Trustees. The Comm￿tee comprise5 Lord David Triesrnan 3rtd Rachel Watson. RKrthlngTrustees Attractlng and recruftln8Tru5tees with the rfghtSktI￿. experlence and knowled8e is Important to us. As a result, we have adopted best practice in terms of Trustee recruttment, usin8 an open and transparentproce5s Includin8 advertlsement and othertechnlques to attract 5uitsble candidates with thè right skills, experience and diversltv to fulfil their purpose. Under ourArtlcles ofAssodation, Trustee terms of office ale USual￿11M1ted to a maxlrnum 14

The Dartington Hall Trust Go¥ernan£è & Risk management of three terms, each of three years, but a Trustee Is eligible for a final fourth term if the Board resolves that exceptlonal circumstances exist. TrainingTru5tees Dartington recognises the significant responsibilities placed by law on charity Trustees and ther&fore offers a programme of training for all Trustees including 3 cornprehensive induction programme for new Trustees. which includes orientation days to learn more about Dartington's work and opportunities to meet staff. All Trustees are encouraged to takè part in events and course5 that 3re run during the year at Dartlngton. Man3gÈfflent Responsibility for day-tTrday management matters and the implementation of policy 15 delegated to the Directorate. Our Peoplè We would not have been able to start on this journey of chan8e and transition without the passion. dedication and energy Of our staff and regular volunteers. Our people are key to our success. Despite much uncertainty, and the impact of Covid, our stsff and volunteers have continued to work to exemplary standèrds. The Trustee5 are incredibly proud of their wtsrk and what they have achieved in this period of transition. It is with their comrnitrnent and willingnessto embrace new ways of workingthat we have tyeE￿n to shift our approach, workingco113borativelv with our rnany communities to create a new strategy and future for Dartington. Our commitment to dlverslty Dartington strives to be an equal opportunities employer. ￿1 of our policies and processes are designed to be Our people, bygender All employees F•ma￿% 55.6 l Trustees I Senior Management Team l other ernployèes Toble above presented os ot31 August 2023 25. 1111 75.0 1 Employment of people with disabilltles Dartington gives full and fair consideration to applications for employment from people with disabilities. bearing in mind their particular aptitude5 and abilities. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with Dartington continuès and that appropriate training 15 arranged. Pay and beneflts We are deterrnined to provide a good employee package and ensure that all our staff. regardless of houts, receive the same good terms of employment, Comrnunication aml Invo￿ement We provide a range of opportunities for our people to meet and share information, including staff Meetings, emails and the intranet. These help us share news, our successes, our disappointments and how well we are performing financially. Volunteers Dartin8ton'$ 307 regular volunteers gave more than 15.700 hours of their time during the pèriod12022.. 290 and 20,285 hour51 with cornmittnent and dedication. We involve people locally, nationally and internationallv in our work. Volunteers support conservation and woodland activity, event5, festivals, films. gardening and community project5. administrative work, Deer Park historical research and school learning days, assisting the runnin8 of Schumacher College a5 well a5 promoting Dartington to visittsrs. 15

The Dartington Hall Trust Go¥ern8n¢e & RL%k manwment Fundral$1 The Trust belleves in rnalntslnln8 the hlghest prfndples when lundraislng. In thè period, we aimed to do th15 by makin8 sure èll our fvndrdising acknvitses were compliant re8ulatory standards Includlng adherence to the guldance set out bythe tharitles Act. The Trust pollcles and practlces guard agalnst- unreasonable intrusion on a person's prfvary; unreasonably perslstent approach￿ for the purpose of solldting ur ¢)thorwkse procurln8 money or other property on behalf ofthe charty. pladng undue pressure on a person to glve money or (Fther property The Trustees are plèased to n¢rtè th* we rÈcèlvÈd no complaints abolrt ￿r fundrai5in8 artTvlties durfng the year. Publk benefit When shaplng our oblectTves and pl8nnlng our acttvlues, the Trustees have considered the Charlty Commisslon's guldance on public benefit and fee charging as required by the Chatlties Act 2Qll. Oartlngton reliés ¢n v¢luntsry income, grants, fees and charges, along vAth proffts made by our tradlng èctryitles and Investment retumsto cover our on8oin8 operating costs. WegSve consideration to howaccesgble Dartington istoth05eon low income5when conslderlngfees, charges, etsncèsslons and Sn the bursaries we offer. The estate as a whole is fieely accessible to all, with many publlc footpaths. Bursary schemes and scaled fee5 are offered on many educatlon programmes. The wlder beneflts Qf the Trust, Its estate and actfvltles are open to all unless the course relates to a partlcular group (such as chlldren, in which case it would be open to all children). If there is 3 geographical restriction, It Is never smaller than south West Endand. We work wlth local schools, offer bursarfes for our educatlon programmès and reduced price 5eatin8 for conce&sion5 and young people at our ￿eThts. Ea¢h year, we expand the ran8e of learnin8 resources made avallable onllne- enablin8 more people to beneflt from them, both In the UK and worldwide. We also publLsh our archfve and collection tatslogue online. broadening their reath. Statement of Tru5teel Resp•nslbilhle5 The Trustees (who are also dlrectors of The Oardn8ton Hall Trust for the purposes of compariy lawl are responsible for preparin8 the Trusteeg Annu31 Rewrt lincluding the Strategic Report) and the flnanclal 5totements in arcordance with appllcable law and regulatlon. mpany law requires theTrustees to preparefinanclal statements foreach ffinandal year. Under that law the trustees have prepared the financial ststements in accordance with United Klngdom Accountlng Standards, cornprising FRS 102 The Mnandal Reporting Standard applicable in the UK and Republlc of Ireland" and appllcable law (United Kingdom Generally Accepted Accounting PraLticel. Under cornpany law the Trustees must not approvè the f[nan￿1 statements unless they are satisfEed that they give a true and falr vlew of the state of the affairs of the charitable company and the group and of the incoming resource5 and applicatS0Th of resources, Includlng the Income and eXpend￿￿re, of the charitsble company and the 8roup for that perlod. In preparln8these financlal statemerts, the Trust￿ are required to: selert sultable accountin8 pplioe5 and then applythem consistentlv; observe the methods and princtples Sn the Staternert of Recommended Practlce: Accountlng and Reportin8 by Charitles120191,' makejudgments and estlmates that are reasonable and prudent: stste whether applicable UKAGcvunting Stsndards, comprlslng FRS 102, have been followed, sublert to any materfal departures dlsdosed and explalned In the finanaal ststements,. and prepare the finan¢ial statements on the goln£ concem basis unloss it ￿ inapproprlate to presume that the tharltable company wtll contlnue In buslness. The Trustees are responsible for keeplng adequate ac£ountin8 records that are sufficient to show and explaln the charitable companvs transaction5 and disc105e w￿h reasonablè accurary at 3rty tlme the financial p05iUon of the tharit8ble company and the group and enable them to ensure that the financial ststements comply wlth 16

The Dartington Hall Trust Gthffjman¢e & Rlsk management the Companles Act 2(X)6. They are also responsible for safeguardlng the èssèts of the tharitable company and the group and hence for tsklng reasonable steps for the prevention and detectton cif fraud and other Irre8ularftles. The Trustees are re5pon51ble for the molnten3ncè and Integrtty of the charftsbl¢ ¢ompany's webslte. Leglslatlon in the United Kln8dom governing the preparatlon and disseminatlon oltlnandal statements may dlffer from leglslatit)n in other jurisdictions. So far as the Trusts4s are aware.. therè i5 no rele￿nt audr( Infomiatlon of which the companvs audltors are unaware-, and theTrustees havetaken all the steps that they oughtto have taken as a Trustee in order to make them5efves aware of any relevant audlt Informatlon and to establlsh thatthe companvs aud￿OrS are aware of that Information. DIrectOr￿ kndemnltles As permltted bytheArticle5 of AS￿ri￿10n, the Directors havethebenefft olan indemnltywhich Is a quallfylng thlrd-party Indemnlty provtslon as deflned by Section 234 of the Companies Att 2006. The indemnity was In forcethroL¥houtthe lastflnancial year and currently remalnsso.The company 3Eso purchased and malntained throughout the financlal year Director¥ and Offlcers. liabillty insurance in respect of itself and its Dilectors. The report of the Trustées, whlch Includes the Strategic Report on pages 4 to 9, wa5 approved bythe Trustees on 18 February 2025. JJJJ Lord David Triesman Olrector &TNstse 17

The Dartington Hall Trust Thank)vu to our 5UPPQrter5 The Dartlrtrgton Hall Trust are yateful for all le8arks we recefv& Here are some of the Benèrous 10Èocles from whlch we have received I￿￿th&Year. Thts year we received fund5 to support Dartlngton Trust from the estates ofr. Geoffrey Cooper Peter Gell A I White And we re￿Ived fund5 to support Sthuma¢her Collegèfrom the estate ofr. Rlchard Allen Trusts. Fo￿datIons, Instltutlonal Grab￿ and Indl¥lduals We are fortunate to have the suppwt of go many genÈfous ¢haritablÈ organlsatlons, Instltutions and Indlvldua15. Manyof these 5UPPOrt us a regularbasls or phasetheli8lftsover several year5. The followlng generoustysupported our work last year. Arts Councll England The Arts Society Totnes Mrs L F Barlow Be Thp Earth Foundatlon Mr Rlchard Creed Dartlngton International Summer School Foundation The D'oyty Carte Trust Mr N Eintmnder The ElmgrantTrust The Everslay Trust Exeter Sclence Park ￿M￿ed E5mEe Fairboiin Foundatton Mel Harvey Hau5er and Wirth The Derek Hill Foundatlon The Howe Gre￿n Trust NLIU Mr Michael Mott Oxygen House Thè Radcliffe Trust The Rathbones Trust RPA The sa￿la Trust Schumarher College Foundatlon The Mardn Smlth Foundatlon Martin Stanley Trust The T L Trust The Vau8han Wllliams Foundatlon The Wakefleld Trust The Watershed Arts Trust The Barbara Wh*more CharttableTrust Mr Davld Whitrldge Mr G Woodcock Also, thank you to all of our Summer Sd￿1 Patron5 who supported thè 2023 Dartlngton Musl¢ Summer School. 18

The Dartington Hall Trust Independent aud]tor< report Independent audltorg report to the member5 of The Dartin8ton Hall Trust Opinlon We have lud￿ed the ffinanctal ststements of The DartSngton Hall Tnjst lthe'parent charltable ¢ompanrfl and its subsldiarles Iihe'group'l forthe year ended 31 August 2023 whith comprise the Consolldated Statement Ctf Flnanclal ACtIv￿leS Ilncludlng the Income and expendlture account), the Con501idated and Charity Balance Sheets, thE Consolidated Ststement of Cash Flows and note5 tothe financl21 statements, Includln8 slgnlflcgnt accourrtlng pollcies. Theflnanclal reportln8 framework that has been applled In thelr preparation is appllcable law and United ￿ngdorn Accountingstandards, induding Financial Reportlng Standard 102 The FinoncFtsl Reportinp Stundordopplicable in the UKand Republic of Irelt7nd Iunlted Klngdom General￿ Accepted A¢¢ounting Practi¢el. In our op5nSon the flnanclal ststements- give a true and fair vlew of the st*e of the group's and parent tha1)tsb￿ companys affalrs as at 31 August 2023, and of the grou￿5 Incoming resourcesand appllcation of resourre5, inrluding Its Income and expendlture, forthe year then ended,. have been properly prepared In accordan￿ wfth Unlted Klngdom Generally Accepted A￿OUntIng Prdctice,. and have been prepared in accordan￿ with the requirements of the Companies Act 2LK)6. asls for OF4nlon We tondutted our audlt In accordan¢e wlth Internatlonal Stsndards on Auditing IUKI IISAS IUKII and appllcable law, Our re5pon5ibilitie5 under those standards are fvrther described in the audltor responslbilitSes for the audit of the flnancial statements section of our report We are independent of ihe group and parent charrf(able company In accordance with the ethlcal requirements that are relevant to our audlt of the flnanclal statements In the UK, Ineludlng the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsiblllties In iccordance with these requirements. We believe that the audit evidence we have obtalned Is suffldent and approprlate to pro￿de a basls for our oplnlon. Matsrfal uncertalnty relatod to goingconcern We draw attention to note I"Prepardtion of theAnnual report and financial statements on a 8olnB con￿rn basls- In the financlal statements, whith indlcates thatthe Group is Inthe prC￿ of Implementlng a new strate8y. As stated in note I, these events or cornditrons. alon8 W￿th the other matters as set forth In note I, Indlcate that a materlal uncertalnty e￿sts that may cast S18Th￿cant doubt on the Group's ablllty to continue as a golng concern. Our oplnion 15 not modrfied in respect of this matter. In auditin8the finanual staternents, we have conduded that the Tru5tee< use of the 80in8 concern basss of a¢¢ounting in the p￿paratIOn of the financlal ststements Is approprlate. Our respofislbllitles and ihe responslbillties of the Trustees w]th respett to golng tDntern are described in the relevant sections of thi5 report. Other Informatlon The other Infomiatlon comprlsesthelnfomiatlon Included In thetrustee$ Annual Report, otherthan the flnanc1al slatements and our auditor's report thereon. The twstw are responsible lor the other informatlon contalned within the Annual Report. Our opinion on the ffn3ndal statements does not cover the Dther informatlon and, except to the extent otherwise expl1c5t￿ stated In our report, we do not expre55 any form of assurance conclusion thereon. Qur re5ponsibillty is to read the other Informatlon and, In dolng so, Eon51der whether the other infom)ation Is materlally Inconststent ￿th the financlal statements or our knowledge obtained in the course of the audlt or otherwlse appearsto be materfally mlsstaled. ff WE Identify such material in¢onststencles or apparent materfal m1s5tatemet)ts, we are requlred to determine whether thls glves rlse to a materlal rnlsstatement In the flnanclal statements the￿$￿ve5. If, based on the work we have performed, we conclude th8t there Is a matsrial mlsstatement Df thls other Informatlon. we are required to report that fact We have nothing to rwort in this regard. 19

The Dartington Hall Trust Ib￿peTrdent audltors, report Oplnlons on other matters pre5ubed bythe Coiiyanles Acl I￿6 In tsur oplnltrn, based on the work undertaken in the course of the audlt: the infgrmation given In the trustees, report (intorporatlng the strate8tt report and the dlrectors, reportl for the financlal year for which the flnanclal ststements are prepared is consistent wlth thè finanaal statements; and the strate85¢ report and the directors, report have been prepared In att¢rdan¢e wlth appli¢able legal requlrements. Matters on whkh we are requlred to weport by x￿pthn In the 118ht of the knowledg& and understandln8 of the group and parent ¢harftable company and Its environment obtslned Sn the courseof the audlt. wè have not identthed materfal mlsstatements In the strateglc report and the directors, report. We have nothin8 to report In respect of the followlnB matter5 In relation to whlch ihe Qjmpanies A¢t 20 require$ u5 to report to you If, Sn our opinion: adequate and svffldent accountin8 records have not been kept by the parent charftablè company, or returns adequate for our audlr have not been recelved from branches not W51ted by u5,. or the parent charltsble companls flnantial ststements are not In agreement with the accountin8 records and returns,. or certasn dlsclosures of dlrettorf remuneratfon specffied by law are not made; or we have not reteNed all the Infom)atlon and explanations we require for our audit. Oplnlon on other mattérs prescrlbed by the Office forstwlenw A£¢ounts Dlrettlon In our oplnlon, lunds from whatever sourre adrninistered by the parent charitable company for the specific purposes have been applied to those purposes and manawl in accordance with relewdnt legislatlon. We have nothing to report In respect of the follo￿n6 rnatter in ￿lati￿rt to whlch the Offlce for Students, Account5 Dlrection requires us to report to you If, in our oplnlon the parent charitable compan5 8rant and fee Income, as disclosed in the notes to the flnanual statements. has been materially misstatecs. flesponslbllttles Ottrustees As explained more fully in the Statemènt of Tmstees. Regponslbllltles. the truste85 (who are a150 the dirertots of the parent charitable company for the purposes of company lawl are responsible for the preparatlon of the flnanclal statements and for being satisfied that they gfve a true and fair vlew, and for such IntÈrn81 control as thetru5tees det•rmlne Is necessaryto enableihe preparation of flnanclal statsmentsthat are free from materlal ml$statement, whether due to fraud or error. In preparlngthe ftnanclal statements, the trustees are responsible for assesslng the group and parent ¢harltable companvs abilityto ¢tsntlnueas a 8oin6 concem, dlxlosin& a5 appliceble, matters related to golng concern and uslng the golng concern b35is of a¢countlng unless the trustees either Intend to liquidate th& group or parent charitsble company or to cease operations, or have no reallstit altematlve but to do so. Audltor rewn51bllJtles for tho audlt of the flnanclal statements We have been appolnted auditor under the Companles Act 2c(￿ and repJrt In a¢cordan¢e thts Act. Our oblectives pre to obtaln reasonable assuraAC* about whether the flnandal statements as 3 whole arp free from materlal misstatement, whethÈr due to fraud or error, and to i55ue an audrtorfs report that includes our opinion. Reasonable assurance is a high level of 35surnnce, but Is not a guarantee that an audlt conducted In ￿￿ordanCe wlth ISAS IUKI will always detect a material mlsstatemeni when it exists. Mis5tatement5 can arlge frorn fraud or error and are consldered material rf, indivldually or In the aggregate, they could reasonably be expècted to Snfiuence the pconornic dedsions of user5 tsken tsn the basis of these flnancial statements. Irrégularities, Includln8 fraud, are instances of non-comp15ancewlth law5 and regul)tlon5. WE design procedures In Ilne wlth our responsibllitles, outllned above, to detect materlal mlsstatements In respect of Irregularities, Includlng fraud. 20

The Dartington Hall Trust Independent audltDrrf report The procedurés undertaken In ordw to identrfy and assess risk5 of material mSsstatsment In respect of irre8ularl￿eS, Sncludln8fraud and non-compllance wFth laws and regulatlons, are a5 follow5.' We have ¢onsldèred the nure of the indusw and sertor, control envlronment and buslnes$ performance,. We have consldered the results of our enqulrles of management and the Board about thelr own identification and assessment of the rfsk of irregularities,. For any matters IdentkfSed we have obtalned and re￿ewed the parent charttable compan¢s docurnentatlon of their policles and procedures relatlng to; IdenUfyln& evaluatlng and complylngwlth laws and regulatlons whetherthey were aware of any Inslances of non-complian￿,. o Detecting and responding to the risk of fraud and whether they have knowledge of actual, susperted or alleged fraud,. and The internal contro15 establSshed to mitl8ate the risks of fraud or non-eompllan¢e with laws and regulatlons. We have considered the matters d15cussed amon8 the audlt engagement team regarding how and where fr8ud might occur in the finana31 #atèments and wtentÈal indicators of fraud. AS a result of these procedures, we have con&dered the opportvnities and In¢entlve5 that may exlst wrthln the organ158tlon for fraud and Identlfied the hl8he5t area of risk to be In relatfon to Income recognition, with a partlcular rfsk in relatiDn to yearnd cth (rff, In common wlth all audits under1SAs IUKI we are also requlred to perform 5peclltc procedure5 to respond to the rlsk of management overrfde. Wealso obtalned an understandln6 of the legal and re8ulatoryfrarneworksthatthe 8roup and parent ¢harkable ¢ompany Dperates in, focusing on provision5 of those laws and regulation5 that had a direct effect on the determination of material arnounts and disdosure5 in thefinan¢ial ststements. The key laws and regulatlons we consldeied In thls context Included the CharltSes 50RP IFRS 1021- Accountlng and Reportln8 by CharSties and the Flnancial Reporting Standard appIl￿ble in the LIK and Republic of Ireland IFRS 1021. In addltion, we have consldered provisions of other laws and regulationsthat do not have a dirert effert on the ftnanci81 statements but ¢omplianGe wlth which may be fundamentsl to the group'5 and parent charitable companvs abillty to operate orto avold a materlal penalty. These Indude dats wotectlon regula￿On$, heath and Safety regulatlon5, licenslng acls and employment le8is18tion. As a result of performlng the above procedures. we have tut-off of revenue recognltlon as a key audlt matter related to the potentlal rlsk of fraud. Our procedures to respond to rtsks identffjed included the followlng: Documenting and Yalidating the control environment for Income and debtors and cawing out walkthrough testln Undertaking 5ubstsntlv* sample-base(I testlng or pr¢)of In totsl calculation5 on all materlal revenu& strearns to ensure revenue has been fecognSsed approprfately and accuratelyi Considersng manual Intome joumals as part of our work on fraud risks d(Kumented above,. Revlewing the financial statement disclosures and testing to supportln8 documentatson,. Enqulrln8 of management concemln8 actual and potentlal ltti8ation clalms,. Perforrninganalytical prOC￿UrestO identifyany unusual or unexpected relationshlpsthat maylndlcata risks of materlal m5sstaternent,' Rtadlng mlnutes of meetlngs of those charged wtth govemance,. and ITh addressln8 the rbk of fraud throu&b management overrlde of ￿ntrolS, tsstlng tho approprlateness ol journal entries and other adju5tnents; assesslng whether the Judgements made In maklng accounting estimates are indicttNe of a potentlal blas and evaluating the bLLSin?55 ratlonale of any signlficanttrnnsartion5 that are unusual oroutslde the norrnal course of business. These procedures were considered at both the parert tharttable company and subsldlary level as approprlate. We also communlcated relevant laws and re8ulation5 and potenttal fraud risksto all en8agementteam members and remained alert to any 4ndlcatl0￿s of fraud or non-compllance wrth law5 and regulations throughout the audlt. 21

The Dartington Hall Trust Independent audltor< report Our audit prO￿d￿r￿ werè deslgned to respond to rlsks of materlal mlsstatement In the ffnanclal statement5, re¢ognislng that the rfsk of not detecting a materlal mlsstatement due to fraud Is hlgher than the rlsk of not detecting orte resulting from an error, as fraud may Involve dellberate concealment by, for example, forgeryi mlsrepresentatlons or through collu5i9n. There are inherent Ilmitations In the audit procedures performed and the further removed n¢n4ompllance w￿h Laws and re8ulatlorns 15 from the events and transactlons reflected In the ffnancial statements, the le55 likely we would become aware of tL A further description of our reskK)ns]bilt￿eS for thè audit of the ffnancial ststements 55 located on the Flnandal Reporting Coundl's webslte at.. vMv.frc.or Th15 de%rlptlon forms part of our Audltorg Report. Use of our repc This report is made sDIe￿ to the charitable companvs members, as a body, in accordance wlth Chapter 3 of Part 16 of the CompaniesAct 2CX)6. To the fullestextent permitted by law. we do notattept or assume responsibility to anyone other than the charltable company and the charitsble compan￿$ membersas a body, for our audit work, for this report, or for the opinK)ns we havé formed. Cralg Sullfvan (Senior StstutoryAudttorl for and on behalf of 815hop Flemlni LLP Plymouth Date.. 19 February 2025 22

The Dartington Hall Trust Consolidated statement of financial artivitles for the year to 31 August 2023 lincluding the income and expenditure account) nth Totsl Ye4r efid 3VO812023 YeK*nd•d 3V0812022 3V0812021 3V0812023 l)Dna￿O￿$8￿d legacles Incomefr¢m <hartt•bJeactfv￿I¢s 7J5Z In¢omefrun tradlngadvlties Investment Income 748 oiher Income 272 272 Totsl Income Expendllure M: Eypendlture on (￿ri￿lIe8Cl￿rIes ExpendttuR on ￿dIn8 actlvltles Expendlture on Irwestments Expend4ture on ralslnglunds (105ed defined ￿nefit penslon xhemec05t 4701 14al Exception31 costs rotsl Expendllyre losses) on Investments 118A791 I9￿1$ Net 8a1 P4eiin¢wne IleNpendlturel Othw r¢CO￿lSed Ilosse51: A¢tu#rfo18alns/ Ilossesl on defined beneflt pension scheme 14061 817 Ilet movement In fvnds 11,27 13A19 Transfe￿ betweenfunds Totsl fvnds bro tforwafd 30.355 2,309 32,664 a6483 The Statement of financial activities includes all gains and losses reco8nised in the year. All income and expenditure relates to continuing activilies. The notes on pages 26 to Sl form part of these financial statements. 23

The Dartington Hall Trust Consolidated and Charlty Balance Sheets as at 31 August 2023 31 Aw5t X>Z2 Tawlble assets Her(tage assets Investments 10.703 621 621 .111 111 2Q133 19212 -. 20.133 345 Imiestments in 5ubsldlary undert•kln8s A55ets held for resale Totsl Ilxed •sse¢s 240 Currertasts Stock Debtors 3,621 Cash at bank and sn hand 4,423 3,013 3,023 Tot41 •ssets Creditors.. arnounts hllln8due wlthlrt one ear 8,473 6,093 17 14,9601 510 14,9891 3.484 14,9521 14,7201 1373 current assets Total assets less current Ilabillues Credltors.. amounts fallin8 due after one ar 35.724 30Aa8 33.815 12.8371 12.8941 12,8371 12,8941 Neta55tts exdudlw Mak￿1￿ty Defined benefit nstonscheme liabil I7￿1 . 30,921 1661 11661 Total net Isse The funds ofthe Charfty.. Restrkled ID¢ome funds 2,509 621 Vnrestrltted funds 12.565 *1S4 17026 IL967 Revaluation re5erye 17,816 17,956 17,956 Pension resetwe (7151 I6￿05 11661 30.355 rjisi 26265 1661 29,757 Total unrestrlcted fund5 Total charityfur 30.755 These financlal statements were approved by the Board of Trustees on 18 February 2025 and were signed on their behalf by.. Lord Oavld Trlesman Dlrector &Trustee Registered number.. 01485560 Th& note5 oll pages 26to 51 form part of these financial Statements. 24

The Dartington Hall Trust Consolldated statement of cash flows for the year to 31 August 2023 Y••r•nd•d 3110812022 3110812023 C4th Ilowfr¢m opeAUni•¢tl¥lU•k' Net cash used In operatlrtB art￿rtIeS (ash Ilowfrom Irbvesttry acthltte%' lrtere5tarKI rentsfrom Investments n7 Purchaseoffixed a55ets IL1811 Proceedsfrorn sale of herft•8e as Proceeds from sale of Imiestments Proceed5fr0rn sale of assets hdd forresale 63 N¢ttssh milded by InvestlnB a¢tlvltle5 Cash Ilowfrom fflnandry acththles: Capkal repa entsoTh loan facll Net¢ash Iwklll Inflnand •rllvMes Change In ￿$h and cash e Cash and cash equivolent5 at the beginning of the reporting period ulvalents Inthe re ortln erlod 4.42 sh and cash equlvalents ?1 the end of the reportlng perlod 25

The Dartington Hall Trust Notss tothe finwn¢lal statements Accountlng policles Basls of accountlng These financial 5ts1ements have been prepared in compliance wlth Accountln8 and Reporting by Charltle5'. Statement of Recommendèd Prartice applicabletocharftles preparlThgth￿rfln4n(Ial statements In accordance wlth the Flnancial Reportln8 Standard appllcable in the UK and Republic of Ireland IFRS1021- Icharftles SORP IFRS102I1, the Flnancial Reportin8 Stsndard applScable in the UK and Republic of Ireland IFRS1021 and the Cornpanles Art 2rJ)6. The Dartln8ton Hall Trust rneets the deff nftlon of a public benefft entity under FR$102. Assets ahd Ilabilltles are Inltlally rècognlsed at h15torfcal costortransactlon value unlessotherwise5tsted In the relevantaccountlng pollcy notdsl. Pmparatlon of th¢ Annuol report and flnandal statements on a Wn8 tonm ba515 The Consolldated and Char5ty financial statements have been prepared on a golng ¢onGern ba51s. Th¢ Trust h8$ reported a defidt of £4,691k for the yearto 31 August 202312022.. £4,636kl. Net cash outflow from operatlnB artlvStles was £1,796k12022- £3,810kl and after investln8 activltSes but before financin8 actlvltles was £891k12022.. £3,165kl which indude5 £926k12022'. £1,109kl recelpts from asset s8le5. Cash at bank as at 31Au8USt 2023 amountedto £3,457k12024.. £4,423kl. Netassets at 31 August 2023 were £27,567k 12022.. £32,664kl. réflerting the stren8th of the balance 5heeL notwlthstsnding a number of years where the Trust has operated at a deficit. The Trustees appolnted a new Interim management team during the summer of 2023 led by Robert Fedder. Robert and his team were tasked with developin8 a plan whereby the Trust could operate on a cash p051tlve basls, to allow It to relnvest In the estate and further fulfil Its charitable objectlves. The plan, whlth has the full support of the Trustees, Is now In the toutse of belng implemented and slnce 31 August 2023 numerous action5 have been put in Pla￿ indudin8: Completlon of sale of non-core estate land for £2.7m Completlon of other non-core property sales and some surplus art sale5 Significant operatlng cost reductlons DIsp05al of the Research In Practlce I"RIVI buslness to another charlty Closure of Schuma¢her College Revlewlng occupancy across the estste, reduclng the footprtnt of thÈ Darttngton admln15tratlve artlvlties, renting Out unused space for market rents and attractlng landmaeK tenants onto the estate Identlfyln8 ffrst class operators for the Trusvs caterlngand h05Pbtallty fradlltles Attra¢ting a newtenant for farmland on the estate Replaclng the flnancial and management systems used acr055the estste Reenergiztngthe workFor¢e to make the eate an attrdrtwè desttnation foT Vtsltors The profitability of the Trust during 2023124 ha5 been gready impacted by restructuring costs. Thè TrLL%t therefore experienced a deficit and negauve cash Olrtllow for the year to 31 August 2024, albelt the cash outflow was offset by the sale5 referred to above. The risk of the Trust breaching Its bank covenants with Trlodos Bank has beèn averted through the support of the bank agreeing to amend the covenants. In addltlon to the above, In February 2025, the Trust entered a £3m. threèwear term loan arran8ement wlth a wholly owned subsldiary of UK Agricultu￿1 Flnance ￿Mited In order to provlde the Trust wrth Sufficient worklng capital to complete the Pro￿$S whereby the Trust will become Se￿-financIns. The loan15 secured by way of flxed and floatlng charges over certain assets oftheTru5t. The next phase of the planfocuseson increasin8 furtherthe LrtllSsatlon of the land and bullding5 on the estate, workln6 Wlth partners as approprbate, to further enhance the ability to generate Incremental revenues and ¢ontlnue to attrart vlsltOfSto the hlstorfc estste. The Trust has prepared Income and expendrf(ure and cash fflow foreLasts for the 12 months to February 2026 26

The Dartington Hall Trust Notes tot￿ fina￿101 stat¢ment5 whi¢h show thatthe Tfust can contlnue to operate and paylts debts as they fall due. In preporlng these forecasts, the Trust has refieded on, for example, the challenge5 currently facln8 the hosp1ts1￿Y sector and a number of oPPOrtunitiestofurther strengthen the operntlng performance of theTrust hove been excluded from the Income and expendtture and cash flgw forecasts as the￿ is not yet SLrfficSent certalnty as to th¢ outr¢me, subject a5 they are to external fartors. The Trustees have also taken Into con51deration the con51derable strength of the balance sheet and the fact that hlstorlc book value5 understate the true value of the a55et b05e. Whllst there are no turrent plan5 to reallse slgnlflcant funds via asset sales, the Trustee5 in their asse￿ment of the golng concern sta￿S of the Trust, have tsken Into consideratlon the abllhy to do so. After conslderation of the Trusvs plans and cash-flow forecasts. the Trustees are satlsfied that the Trust wlll be able to continue to settle its Ilabilltles a5 they fall due for a perlod of at least 12 months from the date of sl8nlng these flnanclal ststements. On the basls descrlbed above, the Trustees ha¥ condudèd that they have a reasonable expeEtatlon that the Trust has adequate resources to contlnue in operational exlstence for the foreseeable future. For thls reason, they contlnue to adoptthe 8olng concern basi$ In preparingihe financlal statements. However, the Tru5tee5 acknL7wledge that the implementation of the new 5trate8y Is nol wlthout rlski Particularly conslderlng the current economlc ¢lrcum5tsnces and thelr impact on the hospttaltty s&tor, andthat thls Inevitsbly mean5 that there Is the ￿StenCe of a materlal uncertalnty over the Tru5Vs abilityto contlnue as a golng Goncem. Company status The Ch3rlty15 8 company Ilmlted by guarantee and Is reBlstered In England. The re8iSteTed offlce of the entity Is The Elmhlrst Centre, Darungton Hall, Totne5, Devon, TQ9 6EL In the event of the Charity beln8 wound up, the Ilabllity In Tespert of theBuarantee Is Ilmtted to £1 per rmmber of the Charity. Group financSal statements Consolldated financial ststements have been prepared In respect of the rharitable company and Its subsldSarles, on a Ilne by Ilne basis. All irtra group tsan53ttions and balances have been ellmlnated on ons011da￿￿n. In accordance with section 408 of the Companles Act 2(￿. a separate statement of flnanclal actfvltles forthe haritable cornpany has not been presented. The prlncipal accounting poliaes. whith have been applled conslstently throughout the group companies In the year, arè set OLrt below. Incomlng re50UT¢es and deferred Incom¢ Voluntary Income Including donations, gifts, lègacies and grants Is recogTh15ed where there Is entltlement, receipt Is probable and the amount can be measured with suffident rellabillty. Such incgme15 only re5tricled or deferred when: The donor has Imposed condllions whlch must be met berore the Charity has uncondltlonal entitlements or The donor speafies It must onty be used In future accountlng pedods. Income from charltable actIV￿leS, whlch Intludes Income re￿IVed under contrart or where ertltlement to grant funding is subjett to specrflc perforniance conditlon5, Is reco8nlsed as earned as the related gtsDd5 or 5eNices are prctvlded. This income istreaitrd as deferred when it is reoived in advance of the actI￿ty towhlch It relates. Income frorn government grant$ is recLV￿ed in the period In which it b￿QMe$ recelvable. The Trust receives the benefit of work carried out by volunteers, the value of whlch Is not Included in the financial Statements. Gifts in kind are induded as Income In the financial ststements where the donated goodslserviw can be rellablyvalued and beneftt our charitsble objectives. 27

The Dartington Hall Trust Notss tothe financlal statomènts Income from tradlng aCt￿￿tIeS represents the amounts sold durlngihe year, excluslve of value added tax, and the revenue Is rÈcogni5ed in the flnanclal statements when the good5 are sold to the customer. Retall sales are made In the UnSted Klngdom. Rents recdvable are accounted for on an accruaLs basls and Investment Incorne 1$ recognlsed on a recelvable basis. Taxatlrjn Dartln8ton, as a registered charity. is exempt from taxatlon on Income fallin8 wlthln sectlon 505 of the Taxes Act 1988 or se¢tlon 256 of the Taxation of thargeable Galn5 Art 1992 to the extent that thts Is applled to Its charltsble oblectlves. No tax ¢harge ha5 arisen in its trading subsidiartes because of thelr pollcy of 6iftlnB taxable profits to the parent charlty each year. Dartln8ton hè5 no slmilar exemptltsn from value added tsx. Irrecoverable valufr added tax Is included In the cost of those Items to whKh it rglat25. All other Income and expénses are net of value added ta Resour¢e5 expended Expenditure is recogni5ed once there Is a le8al or constructlve obllgation to make a payment t¢ a thlrd party, It15 probable that settlement wlll be required and the amount of the obligation ¢an be meaSu￿d rellably. ￿1 expendltstre is a¢wunted foron an accruals baslsand has been classffied under approprlatecategory headin85. Costs of rdi$ing fund5 comprtses the costs of attract4n8 voluntary Income together wlth investment management. Costs of charitsbleartivittes indude core expendfturelncurred In support of ourcharftablfr oblettives and Snclude both dlrect and support Costs. Governance costs includeth95e Incurred in the 8overnance ofthe charityand 3re prlmarlwassodated wlth constilutlonal and statutory requlrements. Support costs include funLtlgn5 that a55i5t the work of the tharlty but do not directly undertake charitableactivitle5. Support costs Snclude flnance, Infonn3tiontechnolo8y, telecommunltatlon costs, human resources, payroll, hèalth and 5alety and 5ecurty costs. and have been all¢cated to activlty st ￿tegorieS on a basls conslstent wlth the use of resourte Where costs cannot be directly attrfbuted to partlujlar headlngs. they have been apwtloned to artlvltles on an appropdate ba91s. Termlnatlon beneffts Paymènts made to èmployee5 when their employment is tsrn)Inated are retognlsed as an expense Immedlately. Exceptlonal Items Certain one-off charges or creditsthat have a material impact on Dartlngton's finan¢ial results are dasslfled as 'exceptlonal Items,. These are disclosed sÈparately to provide further understsndlng of Dartlngton's financlal performance. Flxed assets Tanglble flxèd a￿et£ are statÈd at historic purchase cost less accumulated depreclation. The c05t of t3n8lble flxed assets Is thelr purchase cost, together wlth any costs attributable to tyringlng the asset to rts worklng ctsndition for its interkded use. Property utili5ed by the charivs artwities in support of Its charltable objettives Is stated at cost In the ffnanclal statements. No depreclatlon has be*n charged on those propertles where the Ilves tsf the propÈitiÈs are trJnslde￿d to be 50 long and residual values hlgh enough to ensure that there is no slgnSflcant depreclatlon. An annual revlew tskes place to establish any permanent diminution In the value of these propertlP5. This treatmEnt may be a departure from the requirement5 of the Companies Act 2W concemlng depreclatlon of ffxed asgets. However, these propertles a￿ not held for consumptlon but for Investment and the Trustees conslder that syrtematic annual depreoation would be inapproprlate. The accountlng policy adopted is therefore n¢¢essary for the financial statements to 8lve a true and falr vièw, Depreclatlon or amorbsatlon 15 onty one of the many facior5 reff ected In the property valuations and the amount whlch mlght otherwlse have been shown txnnot be 5epardtely identified or quantlfied. Fixed asset improvement costs are capttallsed at C05t where the expendf(ure provldes tnhÈn¢ed revenue generatlon or reduces future ¢osts. All other expendfturè Incurred In repairfn8 and malntainlng our land and bulldin8s Is reco8n15ed in the finandal st8tements as It is IncuTred. 28

The Dartington Hall Trust Ntsts5 to the financlal statem•nts £xpendtture on fmed asset Improvements plant and equlpment MUSI￿1 Instruments, coMp￿er equlpment and motorvehldes costin8 over £5,OCKJ ￿ capftalised. A full yea¢s depredatlon Is tharged In the yeai of acqulsltion and no charge Is made In the year of dlsp05al. Depredation 15 p￿ded to wrfte off the cost of these assets by equal annual Instslments over thelr useful lives, as follows: Freehold property, fixed asset improvements Plant and equipment Muslcal instruments Computer equipment Motor vehl¢les Assets under constructlon 5- 10 years 4- 40 years 4 years 4 years 4-5years Not depredated untll asset 15 complete Free￿￿d land is not depreclatsd. Herlta8e 355ets The Trust holds a colle¢tlon of fvmfture and works of art whith refiects Oartlngton's heritage ag a plate of experiment and provides conteKt for our current programme of actlvttles. ThÈ Collectitsn ha5 been assembled overmanyyears and wmpri5e5 books. furnlture, ceramic5, paintln85 and otherworks of arts such as s¢ulpture. The Dartington Collectlon is dassiffed as a heritage asset and Is valued In the fjnancial Statements at cost. Expendlture requlred to preserve or prevent further deterioration of individual collection Items Is recognlsed In the flnandal staternents as It Is incurred. Stock stocks which arè goods held for resale arè valued at thè lower of cost and net real￿able value after maklng due allowance for obsolete and slow-movlng items. Cost b detemlned usin8 the wèighted average method. Oebtors Trade and other debtors are reco8ni5ed at the 5ettieTnent amount due after any trdde dlscount Offe￿d. Prepayments are valsjed at the amount prepaid net of any trade discounts due. Where trade andlor other debtor arran8ements represent a finanang tran5artion. Ihe iransartlon Is measured at the present value of future recelpts dlscounted at a market rate of Interest. Cash at bank and In hand Cash at bank and in hand includes cash and short term highly liquid Investments wlth a short maturlty of three months or less from the date of acqulsltlon or openln8 of the deposfc or slmilar a¢count. Flxed asst Snvestments All Ilsted Investments are stated at market value atthe balan￿ sheetdate. Investments Sn group undertaklngs are stated at t05t less any impairment losses. Investment propertles Investment propertles are included at valuation on an existing use basls. ValuatSons are carrled out on an annu31 bBsis. These are done either by professionally qualKfied survèyors external to the Trust or by desktop reviews by management of theTrusL For 2022123, management undertook a desY(oprevlew whld) had re￿rd to an external valuation carried out by RICS registeredwdluèrs on behalf of Triodos between February and Aprll 2024. 29

The Dartington Hall Trust Note5 to the financlal statements In accordance wlth Ststement of Standard Accountlng Pract{￿ No. 19.. 111 Investment properUes are revalued annualty at open marketvalue. ￿1 suTpluse5 and deftctts arfslng on valuation are taken direttly to the financlal 5tstements; and 1111 no depreclatlon or amortlsatlon ts provlded In respettof freehold investment propertles and leasehold Investment propertles wth ¢wer 20 years t¢ run. The Trustees from tlme to time approve the dtsposal of ¢ertain residentlal and commerclal assets. The assets are accordin8ty (la￿thed as Assets held lor Resale. Credltors and provSslons Credltors and provisions are ￿(￿gnISed where the tharfty has a present obllBatlon resultlng from a past event that wlll probably result In the transfer of fvnds to a thlrd party and the arTh)unt dueto Settle the obligatlon can be measured orestirnated reliably. Creditors and prowsions are normally recognlsed at their settlÈm&nt amount after allow1n8 for anytrade dlscounts due. Opwatln8 leases a8mments Rentals appliable to operating ￿Se5 where substantially all of the benefits and rlsks of ownershlp remaln w￿h the lessor are charged to the Ststement of FlnancSal ActlvJtles1"50FA"l on a Stralght-line basls over the pedod of the lease. Pen51on ¢osts Oefkned ben•fft p¢nslon sch•m• Penslon as5et5 and liabl1￿leS are reC￿ded in Ilne FR5102, wlth schemevaluatlons updated bylndependent a¢ru4ries ht the balance sheet date. The most retent full attuarial waluation was prepared to 6 April 2022. FRS102 m¢asure5 the Ydlue of pension assets and liabilities at the balan￿ sheet date and determlnes the beneflts accrued In the year and the Interest on assets and113bilkies. Ih15 scheme. whlch 19 Closed to new entrants and to future accrual, provldes beneffts based on flnal pensionable salary. The operatlnB costs of the scheme and of providing benefits are apportioned to expendtture headln8s in the SOFA. Sthemè assets arè measured at fair value at the balance sheet dalè. Schème Ilabllttie5 are measured on an actuarial basis * the b31ance sheet date and discounted at a rate equivalentto the current rate of return on ¥ high-quality corporate bond of equlvalent tem) to the scheme Ilabllitles. The re5ultingdefined benefit 35set gr liability is presented 5epar*dy on theface of the balance sheeL Defined beneff( assets are recognised to the extent that they are consldered recoverable through reduced contribution5 in the f￿ure, or through refunds from the scheme. Actuarlal 8alns and losses arisin8from experlence adjustments and changes Sn artuarfal assumptions, together wlth the return u)n plan assets, less amounts Included in net interest, are tharged or crèdited to other recognlsed galn5 or105ses. These amouFtts are disclosed in the SOFA as actuarlal galnsllosses on definèd benefit pension srhemes. Defined ¢ontrll>utlon penslon xheme Pension Costs In respert of the defined contrlbutlon scheme are charged to the 50FA In the perlod for whlch they are payable. Such costs are allocated to attivibes and between fvnd5 according to an ernployee's normal job funttion. 30

The Dartington Hall Trust Notes to the financial statements Estimates and judgements Preparation of the financial statements requires the direttors to make signlficant estirnates and judgement5. The areas in the financial statements where these estimates and judgements have been made include.. reviewing the inventories held at the year end, in particular of slow moving or obsolete stock, where provisions are required., determining the valu3tions attributable to investment properties,. deciding ihe expetted useful Ilfe of tangible fixed assets. The organisation's experience is considered together with generally accepted best pr3Ctice when establishing useful life and the appropriate basis on which to prepare the financial statements,. determining whether tangible fixed asset5 are subject tts impairment.. and Iculatin8the deficitarising on the defined benefitpension schernewhich involves slgnificantestimation. Fund accounting Unrestricted fund5 are used to further the charitable objectives ai the discretion of the Trustees and include desi8nated funds set aside for specific purposes as decided by the Trustees. Restrltted funds are used for specific purposes as specified by the donor or by the nature of the appeal. Donations and legacies Y•arend8d Yeirended Yearended Do￿tIOnS 82 161 Income from charitable artivities rnsIrfL•d T&1 Totsl Iyeir ended ¥evend•d Y•wendod Yearended Year ended Year ¢nded 311W2022 31IW2022 3V0812022 Grant Incorne 98 922 1,020 Partner in¢ome Contract iTKome forservi¢es 2￿11 2.611 3.112 1,845 432 3.112 Coyrsefees 1 Ik": &645 Admlsslons 432 Rents Other 56 56 Total £678k included in incom& from ch8ritable activitie5 in 2022 has been reclassified as investment income or trading income in this yearfs comparative figures. 31

The Dartington Hall Trust Notes to the financial statements Grant income comprlses.. ear en 31/￿/20￿ 31108120L2 Arts COU￿¢11 Enland Br￿Sh Film Institute Oevon Garden Trust srnee Fairbaim Foundation au5erand Wirth Howe Green Trust Salvla Ftsundation erpentlne Gallerie5 ummer School Found3tlon I Watetshed Arts Twst Educ3tion31 Institutions, charitie5 and private trusts 19 24 l Totsl Course fee income comprises.. 3110812013 3VOg12022 917 5 Fee lThcomefor non-qualifyinB COu￿e5 Totsl 728 L645 Income from trading activities Ywrffid•d 3V08ft022 Hosphllty Tot•1 Turnover 3,38t. Costs 14,7011 1961 TNdln8 Ilossl Iwofft Contdbution to estste rnaintenaoce pald directty to Dartl on Hall Trust Tradln¥ contrfbuuon to Dartlngttyi {17* 72 Retail trading income for 2022 includes £95k previously included in incorne from charitable activities. 32

The Dartington Hall Trust Notes to the financial Statements Investment and other income Yew ended Intereston ¢o$h at bartk Intereston Seedbed ban5 Rentsl In¢ome 712 OiTh On5ale of investments 31 .Trtallnvestmentlncome OtherlrK¢xne .Government grant . Estate utilities irKorne 260 Otherlncome 210 ' Totsl otherlncan 515 Totsl Rental income excludes any rents received from the Charity's trading subsidiaries. Estste utilitie5 income and other income wa5 cla55ified as investment income in 2022. Expenditure Y•*￿dId ..¥w•nd• Yagr ended., 31rn12022 Expendtture on ralslngfunds EXpendItu￿ ot) tharltable a￿¥￿tIeS.. 747 LearnlThg Property Total expenditure on charitsble a¢tivltles B.156-, 2,764 9,477 3.575:. 12.637, 2,910 12J87 Expendlture on Investments C05t of ¢losed deflned benefit penslon 5cherne Exce lonal costs Note 7 1.730¥. Totsl 33

The Dartington Hall Trust Notes to the fEnantial statements Indirert support costs are directly allocated to charitable activities where possible for example, insurance costs on actual allocations. All unallocated support costs are then apportioned on the basis of a proportion of charitable cgsts incurred. Y•rMd 311￿110￿ pportfosts Flnart¢e Hurnan Resource5 & Paymll Informatlon Technology Central Management Cornmunsratlons 301 362 877 473 Governance Exceptional costs ear en ear en 31108120 JV08n022 Write d¢)wn of Current re¢eniable balance 1,730 Total An evaluation and negotiation of the additional payment due at the final stage of a sale of land resulted in the Trust realising £1,730k less than was originally anticipated. This was due to unhelpful shifts in both the mortgage and property markets which caused a significant fall in the post-planning contractual cash flow from that originally assumed at the point the sale was agreed over two year5 earlier. Trustees, remuneration The charity Trustees were not paid and did not receive any remuneration or other benefits from employment with the Trust or its subsidiary company in the year12022.. Enlll. Trustees incurred out ol pocket expenses for travel, SL¢bsistence and accommodation in the year and were reimbursed as follows.. Ye4r4NknI Wl Y#r•rA•*.:' 3110812012 all(￿￿022 Numbw 31 202J NLbmber 023 Total Group staff costs Y••rqMhd," Wa8e5 and ￿lar(e$ Solal securltycosts Other pen$K)n costs Apprentice levy Cosi of closed defin￿ beneflt xheme 7.774 361,, 34

The Dartington Hall Trust Notes to the financial statements Redundancy and loss of office payments of £28k12022.. £75kl are included within the wages and salaries amount. The number of employees whose emolurnents arnounted to over £60.000 in the year were as follows.. 3VO81201J 3V0812022 £6O,C￿.£69.999 É70.CW- £79.999 £80.C¢Q-£89,993 £90.CAII. £99.999 £IIxI,¢J)0-£109,999 p)0. £1￿?95 Key management includes the Trustees (none of whom are rernuneratedl and the members of the senior management team. as detailed orn page 50. The compensation paid or payable to key management is shown below.. ear en 31108A023 311oBn022 Remuneratlon ltys¢r¥l¢es employm¢nt Toi•l. Tr3din6 kty manarnent Total Group Key manizefflent Redundancy and loss of Offi￿ costs of £28k12022.. £75kl for key managernent are included in remuneration for service5 above. The above emglurnents irlclude amount5 payable to the Chlef Executlve Offlcer of.. Y*arend￿... S8larles and othersknrt-terrn ernptoyrnent benefits Employers Nl Pension contrfbutlons Totsl The pension contributions in respect of the Chief Executive Officer and senior post holders are paid at the same rate as for other employees. Relationship of Chlef Executive Officer pay and remuneration expressed 35 3 multiple 3VIW202W ' 3V08n022 a)lef ExewU¥e Officerfs baslcsalaryas a MU￿[ple ofthe median tsf all stsff thief Exec￿l¥e Officerfs totsl reMUnera￿On asa MuhIp￿ of the rnedtsn ofall #aff 35

The Dartington Hall Trust Notes to the financlal statement5 The remuneration of the Chief Executive Officer represents a multiple of 4.7 tirnes12022.. 4.9 tlmesl of all employees las adjusted to reflect non-full time workingl, reflecting the particular responsibilities of the Chief Executive Officer and the ski115 and experience to undertake the role. In 202212023, 1 member of the staff earning in excess of £60,CX)012022'. one) participated in the defined benefit pension scheme. Pension contributions of £30k12022.. £29kl were made in relation to members of staff earning in èxcess of £60,000. The average monthly number of ernployees. which includes dirertors, calculated on a full-tlme equivalent basis, analysed by function was.. 3110812023 3V0812022 Number Generatingfur Tradlngactlv(t6es PIOperrya￿ Investyment Charitable ac￿￿e5 iio 33 175 io Net (expenditure) / income Net lexpendhurel I In¢¢￿e Is st•ted 4ftercharth8 th? followlng: Auditor rernuneratlon Ch•rfty., Y•vqndod 3V08A022 3110812023 3y0812023 31108121n2. Audit fee5 VAT& Tax advis0ry5ervlces Operatln8 ￿ose rentals: Land ?nd bulldln8s Depreuation of owned assets Lossl Igalnl on dlsposal of assets 470 Hefft•ze amets 36

The Dartington Hall Trust Notes to the financial statements Ila Charity: Tangible assets At 31Ayst 2022 A¢¢umulated depre¢laiion Net I￿k¥alue At 31 A¥ust zoz OpeninB netbookarnount Additlons DIspDsals TTrn5fers 315 1503 C1051n8 ntt book •moU At31 Ausu5t2023 Cost A¢¢urnul•teddepre¢iaJoA ClO￿n Ilb Group: Tangible assets At 31Auyst 2022 £cumulated depredatlon P4 bookvalue At 31AuBUSt 20 OpeTr1n8r￿t tookamount Addit(ons l L .11111153é.MI M.IL .IL 741 DIsp05als Transfers IIIIIII￿lI -A203111 . .￿22& (I 15251 Depreciatio aosln8 net book amount At JIA￿U$l 2023 133 kcumulated depre￿•￿¢ a0s1￿net bookamo￿t Freehgld property, equipment, plant, muslcal Instruments and motor vehicles are stated at historical cost. Freehold land and buildings with a carrying value of £3.2m are pledged as security for the group's pension fund 37

The Dartington Hall Trust Notes to the financial statements Ilc Further information on the Trust's collertion of heritage assets Furniture and worksof artheld as part ofthe Dartington collection are considered heritage assets and are included in the financial statements at historical tost. Dartlngton colle¢tlon The Trust hold5 a collertion of furniture and works of art which reflects Dartington as a place of experiment and provides context for our current programme of activities. The Collection h85 been assembled over many years and comprise5 books. furniture. ceramics. painting5 and other works of arts such as sculpture. Preservation and management Dartington rnaintains an electronic catalogue of all items in the collection and all conservation work performed on the collection 15 recorded in this cat31ogue. Items of the collection are displayed throughout The Dartington Hall estate and on loan to 8allefie5 to wlden access further. 12 Charity and Group Investments Irwestmem In bskllwv Cosi orwaluatlon At 31 Au8ust 2022 Transferto assets forresale 531 . JLI753L..L . Seedbed loans ￿paId Increase in impairrnent rO￿$10n At31 Illstorlcal c4%t At 31 Au8USt 2022 At31 urt2023 Investment property is included in the financial statements at valuatlon, based on existing use. Valuation5 as at 31 August 2023 have been assessed and supported by a review undertaken by a RICS chartered surveyor. Investment properties with a total carrying value of £8.2m are pledged as security for the group's pension fund liability1£3.Qml 3nd the group's bank loan51£5.2ml. Investments kn exce55 of 5% of total Imiestments I Chartty and group: Inve5tmert propert5es Zq095 38

The Dartington Hall Trust Notes to the flnanclal ststèmÈnt5 13 Assets held for resale 2022 2022. At 31 August 2022 Transferfrorn Invertment$ Transferfrom tsn8ible a55ets Dlsposals Revaluation / Iimpairmentl At JI A ust 2021 IL050) 11 IL0501 185 Assets with a total ￿rryIng value of £0.5rn are pledged as security for the group's pension fund Ilablllty I£0.4ml and the group's bank loans I£O.Iml. 202 2022 ZZ orlral Co Openin8 Balance aoslng Balance 14 Subsidiary undertakings SubsidSary undertakings are shown below. NaturÈ of busine55 Nature of control Dartington Tradine Company Limited (Thel Retail, Accommodation & catering Wholly owned by The Dartington Hall Trust-IOO% of ordinary shares Wholly owned by The Dartington H311 Trust-IOO% of ordinary shares Oartington Hall Pension Trustees Limlted Corporate Trustee Schumacher College Foundation Support Schumacher College Wholly controlled. Majority of trustees are either Trustees or Senior Personnel of The Dartington Hall Trust Dartington Accommodation and Catering services Limited Dormant Wholly owned by The Dartington Hall Trust-IOO% of ordinary shares. The wholly owned trading subsidiarie5 3re all incorporated in the United Kingdorn. These enterprises pay all taxable profits to the Charity by gift aid. Dartington Accommodation and Caterlng Servlces Limited ceased to trade on 31 August 2021 at whlch date thè trade, assets and liabilities were transferred to Dartington Trading Company Lirnited. Dartlngton Trading Company Limited (Company Number-. 012183781 runs the Shop5 at Dartington Ithe Cider Pre5S Centrel, a visitor attraction with shops, eating places and workshops, and provides hospitality services for the charity and external custorners including catering, conference and accommodation fac￿litieS. 39

The Dartington Hall Trust Note5 to the flnanclal 5tatement5 Schumacher College Foundation (Company Number.. 2654912, Chèrity Number.. 10579151 promote5 and organises schemes to provide education for the benefit of the public and in particular to supptsrt and encourage the work of Schumacher College lan activity of The Dartineton Hall Trust). Dartlngton Hall Pension Trustee5 Limited (Company Number.. 069578081 is also 3 wholly owned subsidiary. It is currently dormant and has net assets of £1. The Director5 of the Dartington Hall Pension Trustees Limited are listed on pa8e 51. The registered office of the subsidiary cornpanies Is the same as the Dartington Trust and is stated on page So. A Summary of the 5ubsidiaries' financial statements is shown below.. Th¢ D•rtl Trndlni Campary Attornmodatlon *fid C•terf S¢hum4th•r Coll Yt•r end￿ 31AuBu5t2023 Tufnover Other Irthne Totsl income Totsl costs Profft/lLo¥1 ￿t￿Ned In substdl•ry The assets and Ilabllltlesof .. the subsldlarieswere- Totsl a55ets Total Ilabllftles Total net355et5 regats share (apltal and 293 292 441 um er Colle1• F￿ndthTr Tr•dtn8 Comp•ry and Catedn¥ Y¢•r ended 31AyBurt202Z Tumover Otherlncome 6n Total Income Total costs Proffltl (Lossl retalned In suI)sldkry The assets and Ilabllhles of the 5ub5idiarfes were.. .15,45 Total assets .,11,14b, 628 17t 1,843 Total net assets A￿re￿ate share ¢apii•l and reserves 292 22 40

The Dartington Hall Trust Notes to the finzncial st?tements 15 Stock 2022 2022 Lfvestock 25 25. Consurnable stye5 RetailinB Raw materlals 347 55 55 T•ial 16 Debtors Gr￿P Trade debtors 1785 L211 89. Amounts due from group undertakln85 Other debtors 115 L526 310 1,476 206 Pre ments •nd accrued Income Totsl 17 Creditors: amounts falling due within one year 2012 ,4431111111 ￿,.1￿ - Anounts owed to group undertaMn8S TaxatsoA and so¢lal sE¢urlty Otherueditor5 141 3p111111 Trlodos Bank loan A¢¢rua15 and deferred Income 2,938 3.129 Totyl Deferred income include5 fees received in advance of a course taking place. Partner grants, contract income and grants when the income 15 subject to performance related conditions and events and when these conditions have not been met within the accounting year. Fee$ retei¥ed In adv•n¢e 1190. 111 Partner Grants rece1￿ In advance IIIWI 111 . Contrart income Gfant income Rentsl Income Total 41

The Dartington Hall Trust Notes to the financial statements 18 Creditors: amounts falling due after one year Grnp 2022 B•#k103ns Totsl 8ank103ns due after one year are repayable as follow5.. 2022 1-2 years 2-5 years After 5 years Totsl 96 96 325, 2,362 2.475 The bank loan (original principal of £3ml, provided by Triodos Bank UK Ltd, is secured by fixed charge5 over properties valued at £5.4m. Interest accrues at 3.5% above base rate per annum. The loan is repayable by monthly instalments on a reducing balance basis over 8 20-yea¥ period. commencing in July 2022. 19 Analysis of group net assets between funds fvnds fjrwplwKI ￿1￿￿e$at31AUBU$t ZOZY •re rewektted by: Tanwble assets Assetsfor resèl¢ IL647 Inve5trnents Net oJrreTht a55etsaThd ltsbil￿esf31lIfi6 due whhln oneyear U¥bllltles fallln8due afterone year LonBterm peTr5￿n Ilability 17151 Charltyfund bJl•ncw w SiAuoust2023 •re reprerted .- . Tan8lble assets A55etsfor resale Investments Net currerrt assetsond liabilittes frdlllr8 due ￿th[TrOne year Llabilitie5 fallin8 due after oneyear l (w71 17151 temi 715 42

The Dartington Hall Trust Notes to the financial statements 20 Group statement of funds 20ZZ Unrestrlrt¢d Funds General fund Denated funds: Flxed assetfvnd 7.962 maInten8￿ fvnd bsldiaryfu￿j RIP fund $08 If$3201r￿j£B ." 117tr. "f240 1,556 1.556 Totsl dest8nattdfvnd5 Rewaluation fund 11.163 532Q 763 10217 17.956_ Pe￿10Th re5or¥e Total unrestrltted nds 14rA. lll (u*. lil (n51 Residrted fwds Summer khool SEEDbed Esrnee fatrbaim Caddy Le8acy- mlxed Gyanl-cabln Wilson Le8acy~11sted bulldin8S 5¢huma¢herColle Schurnacher Colle8e Foundatlon 95 71P .111 Gardens Centenaryfvnd Wllll111111 . l•.-: Other T¢t•l restrict¢d fvnd5 L062 Totsl funds De54gnated funds Flxed assets fund: This fund represents the net book value of our land and buildings fixed assets in the DartingtDn estate and the Dartington collection. The Trustees have designated this fund to represent the proportion of the Dartington unrestricted fund5 not readily transferable into cash and, as a ctsnsequence, unable to be spent on our ongoing charitable activities. The in-year transfer represents the rnovement in value of these assets during the year. Sub5idiaryfund.. This fund repre5ent5 the reserves held in Dartingion's subsidiary companie5 and is therefore not accessible to fund Dartington's day-ttrday activities. 43

The Dartington Hall Trust Notes to the financial statements RIP fund.. This fund was held to invest in the development and operating activities of Research In Practice and Research in Practice forAdults, including amounts to fund the ongoing development of the RIP and RiPfA web presence. This fund was undesignated and tran5ferr&d to gener31 funds during the year. Since the year-end, the Research in Practice business has been transferred to another charlty and this fund will therefore not be reinstated. Revaluation fund: This fund represents the unreali5ed gain in value on our investment assets. 21 Charlty Statement of funds The statement of funds for the Charity is the same as the table for the Group after removing the Subsidiary Fund in designated fL¢nds of £240k 12022.. £598kl and Schumacher College Foundation restricted funds of £441k12022.. £1,311kl. 22 Cash flow information for the Group Ye•ronded (•) Re¢ondllatl¢n of nrtln¢tynellexpendlWrtItO Mt cash ouffiowfrom operat1￿ adlvltle5: Nei irt¢(xne/ lewndtturel forthe perfod Depreciatlon 470 P171 1 Investment Income l Loss on dlsposal of fixed assets I IP¥offtl on disposal of herfwe a55ets I (Piofftl on dlspwl of Investments l Loss dlsposal of assets held fw resale mpairmentllrevaluatior51 of investments Reversal of previous Investsnent impalmient provlslon mpoirmentl Irevaluationl of assets held fty ￿5•le Pension stheme retum/lcontrlbutionl in exce55 of hat8e to SOFA Ilncreaselldecrease In stOL*s Decreaselllncreasel In debtors ncrea5elldecrea5el in credltors

The Dartington Hall Trust Notes to the flnanclal statement5 Ibl Reconclllatlon of net ¢a$hlloww mwements In ntt funds and debt.. e£rea5e in cash and cash equNalents In theyear Trlodos Loan Loan prlncipal Capital repayrnents Movement In netfunds and debt Inthe Netfunds atthe be Innlngof the period l Netfunds atthend of the reportln8perlod Cmh Ilv Q AnatyslSolnetf￿￿s4nd debtr. Cash at bank and in hand Trfodos loan Totsl 23 Capital commitments At 31 Au8USt 2023, the Trust had financial commitrnents on building contracts of £nil12022.. £26kl. 24 Defined beneflt penslon scheme liability Pènsion commltments stakeholder Penslon Scheme The charity operates a defined contribution pension scheme. The assets of the scheme are held separatelv from those of the company in an Independently administered fund. The p&n5iOn Cost charge represents contribution5 pay3ble by the company to the fund and amounted to £247k for the year 12022.. £231kl. Contributions iotalling £19k were outstanding at the year-end12022.. £18kl. There were no amounts prepaid at the year end. DartlnRton Hall Estste Pensbon Fund Dartington oper3te5 a funded pension scheme providing benefits based on final salary. The total contribution5 made for the year ended 31 August 2023 were £57k12022.. £57kl of which employerfs contributions totalled £57k12022.. £57kl 3nd employees, contributions totalled £nil12022.. £nill. The most recentfull actuarial valuation ofthe pension fund was prepared to 6 April 2022 ènd showed a deficit amounting to £214k. This is currently being made gotsd via a 5-year recovery plan which commenced in 2022123. This defined benefit pension scheme was closed to new members on l October 2006 and to future accrual on 5 October 2010. Legal and General and Aegon act as Investment managers to the Pensign Trustees. 45

The Dartington Hall Trust Notes to the financlal statements The financial assumptions used by the actuary to calculate the sch&rne liabilities under FRS102 were as follows.. ear en Year ended 3110812022 311081202:.: RPI Inflatlon CPI ififi•tion Rate ol increase in pensions in payTrent.' In yearfollowlrvd dlscbsure Thereafter l D15count rate forlablll 24-3.0 The rate of increase in pension payment are subject to different rates as ftslltsw.. Pension accrued up to S April 1997 (tranche 11.. discretionary increases Pension5 accrued between 6 April 1997 and 4 April 2006 (tranche 21.. CPI capped at 5.0% Pensions accrued from 6 April 2006 (tranche 31.. CPI c3pped at 2.5% Mortality table.. Year Males Females Retirin8 in 20yews Males y.?) Femaks The value of assets in the scheme and the present value of liabilities at the balance sheet date were.. Fa F4kva Equ￿¢$ Bonds 10.714 LDI funds 193 rinuity pollcles Cash 738 , Net currentassets 318 Tthl M¥ketnlue ofassets 16 I Pre5ent¥alue of scherne liabilities l Oefith IDthe xh¥ne 114,671k 116.998 The pension fund holds a ffxed legal charge, secured on charitable and investment properties valued at £7.6m. The pension fund does not occupy any property or use any tsther assets. 46

The Dartington Hall Trust Note5 to the financial statements The amounts charged to Statemènt of Incomè & Expendlture Is as follows- Y••r 3JIW1022 Past seNice cost Adrninistrativeexpenses Interestcost Inte￿5t Income Total cosl ofdthd berfft penslonfvnd stheme In addition to the costs above. the Trust incurred direct costs of £221k12022.. £163kl for the adminlstratlon of the pension scheme. Therefore. total c05t5 of the closed defined benefit pension 5cherne were £421k12022.. £361kl. Analys1$ of amount recognised in StatemÈnt of Financlal Actlvltles JVNn022 Total aciuarfal I1¢￿)1881n Total actuarfa111055ll￿n Total tumulètlve actuartal1055 reco8nW In SOFAat I Septernber Total cumulati¥eactuarial1055 recoBni￿ inSOFAt 31 August 817 14 5B6 Movement in deficit in thè ￿rIod. 311OBIIOU 3V0811022 Deflclt In scheme atthe stsrt of the petfod Employer Contr(bu￿OnS 1841) 57 Past servlce c05t Iw} Other finart¢e ¢0 S¢heme expenses Actuarial Ilossllgain D•lkft Ins¢kwxatend ofthe pqrlod 1161 817 47

The Dartington Hall Trust Notes to the financial Statements Llabllity and a$5et reconciliation ren earen 311(W2022 JII08Ao Re£ondllatlon of llabllltles Uabilities at the #artof theyear Intere5tcost 23254 386 A¢tuarfal Igalnl/loss Benefits paid Past servlce cost (5,7091 Uabllttlesattheend of the pertod Yearended /W2022 Rtton¢llliiion of •ssets Ittterest Income 372 Retum on assets le55 interest irKorne IU9ZI Employercontributions heme experbses Benefits paid 25 Financial commitments The group had the following annual commitments under non-cancellable land and buildings operating leases.. ZOZ2' L•nd •nd l>uldln45.. l•nd *MI Tr￿IldI￿% ie55than oneyear iaterthan one Yeara[￿ [￿t laterthanfi¥e year5 Overllve years

The Dartington Hall Trust Notsstv thelln•nclal 5tstements 26 Related party transartlons Advantage has been tsken of the eKemptit>n not to provlde details of thetran5aclions between members of the consolldated group. 27 Ultlmate control No one Ind￿ldual has ultimate control overThe Dartlngion Hall TrusL 28 Events occurrlng after the end of the reportlng perlod A 2 year re5trurturin8 plan was COMrnen￿d in the final quarter of 2024 whrch is intended to enable the Trust to generate surplus hjnds from its operatlon5 rather than continue the decades long practlce of fundlng operatlng105ges through dSsposals of land and other assets. The restructurfn8 plan broadly seeks to transfer the Dperatlon of the dwerse artNities acr05S the e5tste to third partyes and ieduTr its actNltles to those of a landlord promoting the legaLry of the estate and investing surplus funds into ¢h)ritsble a¢tivit1tt5. The Trust expects that the number of people that it employs VMII reduce but that employment across the estate through thlrd partles. as well as actlvlty and footfall, wlll sIgn￿cantIy Increase. On l February 2024, Ihe buslness of Rèsearch In Practice was transferred tothè Natlonal Chlldren's Bureau, a charltable companywh05echarftable purpow areto advance the well-beln8 of all chlldren andyoung people, On 28 March 2024 the Trust completed the sale of land known 35 Yarner Peak and Coplands sltuated In South Devon for proceeds of £2.66m. On 23 August 2024 the Trust took the decision to ￿ase fvndlng of loss making academic cgursp5 run under the brand name of Sthumacher colSege, and has subsequentty exited from the provSslon of academlcal accredlted educational provlslon. On 3 Febrnary 2025 the Trustentered Intoa loan agreement a wholty owned subsidlary of UKAgrf¢ultural Flnance Ltmlted to borrow £3m repayable in 3 years. 49

The Dartington Hall Trust Legal and administrative inforniatlon Legal and administrative information Reference and admlnlstratlve detalls Charity number: Company number: Reglstered offi¢e- Wèb51te: 279756 01485560 The Elmhirst Centre, Dartington Hall. Totnes, Devon TQ9 6EL www.dartin on.or Directors and Trustees The Trustees of the charitable company Ithe charity) are its directors for the purpose of the Companies Act 2006 and throughout this report 3re collectively referred to as the Trustees. The Trustee5 who were in office during the year and up to the date of signing the financial statements were as follows.. Lord David Triesman (Chairl lappointed 10 March 20231 Charlotte Alldritt (resigned 16 September 20221 Dr Sally Basker lappointed 10 March 2023,. resigned 27 October 20231 Emma Gladstone 08E Iresigned 6 October 20231 Peter Goldsbrough Amanda Jordan OBE Iresigned 24 May 20241 Chris Maw Or Greg Parston (Chairl (resigned 10 March 20231 Chai Patel (appointed 17 September 2021,. resigned lo March 20231 Baroness Amanda Sater (appointed 26 April 20241 Sylvie Pierce (resigned 10 January 20251 Andrew Ward (resigned 10 March 20231 Rachel Watson Glenn Woodcock Ire5igned 6 October 20231 Senlor mana8ement personnel Directorate Robert Fedder (Chief ExecutNe Officer- Int&riml (appointed June 20231 Chris Carr-Barney (Chief Commercial Officer- Interim) (appointed July 20231 Adri3n Walters (Chief Administration Officer- Interiml13ppointed july 2023- resigned March 20241 Philip Owen Ilnterim Chief Financi31 Officerl- Interim lappointed January 20241 Amanda Browne Ichief People Officer- Interim) (appointed July 20231 Nick Harris (Chief Operations Officer, Estate) (appointed January 20241 Alan Boldon Ichiel Executive Officer) (resigned March 20231 Pavel Cenkl (Director of Learning & Landl (resigned September 20231 Emily Hoare (Creative Director) Iresigned D&cember 20231 Gemma Loverock (Director of People & Seryicesl (resigned October 20231 lan Trisk-Grove (Finance Directrjrl (appointed September 2022.. resigned February 20231 Senior management Gavin Hog8 IHead of Commerciall Ireslgned February 20241 Dez Holmes IDirector of Research in Practi￿) Iresigned13nuary 20241 Stephen 8En2ikie (Chief Sales and Marketing Officer- Interiml lappointed December 20231 Mark Stone (Creative Director) lappolnted December 20231 50

The Dartington Hall Trust l¥1 and adminlstratl¥e informatlon Dlrectors oFDartlb18ton Hall Penslon TnsteE5 1 Alan D Reld lthalrl Mrs trgela Patrlcia Stlohn Palmer lappolrted 12 November20241 Stephen Benzlkle (appointed 20June 20241 Susannah Bowyer lappoÉnted 18 May2023,. res[￿)&￿ 20June20241 Andrew Christlan Ire5i8ned 18 Mty 20231 Gemma Lovero¢k lappolnted 29Jun 2022; red 12Juty 20231 Gareth l Keene Paul Kemmer Phlllp (Trwen (appointed 20June 20241 lan Trlsk.Grove lappolnted 2 November 2022: re51Kned 28 February20231 Bank•r&' Barclays Bank PIC 3 Bedford Stieet, Exeter EXI ILX SoBdtor5: Mlchelmores Solidtors LLP Woojwater House, ￿eS Hill, Exeter, Devon EX2 5WR Ito Bishop Flemin8 LLP Salt Quay House 4 North East Quay, Sutton Harbour, P￿rnoUth, Devon PL40BN 51