Viitsol&gnJfftTr4rwtyhJn Ref DXGT.X71W2XB 28kn W25 15."46.OT c4rfritirc *O}0¥2 P 1149
Dartington
Trust
The Dartington Hall Trust
Annual report and financial statements
for the period I September 2023 to 28 February 2025
•AEG4A3HG*
28d11r2025
COMPANIES HOUQE
llllll
#133

wir1tr*&rpiath￿tt A81 DxGr.X7￿Y2%o 28 Ntyl 2025 15 1GtTrIl-￿Tl1jTC +01 O J2 P *49
The Dartington Hall Trust
Annual report and financial statements
forthe period I September 2023 to 28 Fetrffuary 2025
C¢)nterts
Chai¢s Statement
strategic Report
Finandal Rewew
io
Governance & Risk Malla8lrnt
13
IrAependent authtorfs report io the ff*mbers of The Dartin￿On Ham Trust
Con501idated Strtert￿tO1 lin•noal Acti￿(￿ kn theppJiod **led 28 FÈl¥uary
2025
22
ConsolKlated and tharity Balance sheets asat 28 February2025
ConsolKlated Ststen*ntof Cath FIow5forthe Per￿ ended 28 Februxy 2025
Notesto the fvnancial StatemeDts the peri(4J ended 28 2025
24
25
26
al and Admini5tratNe Informaiion
47

Vim￿1$￿￿81j19 Trdnsatyw Rof. DXGT.XT￿92Xts 28 15."46*)TtWT(UTC 2r2P *49
The Dartington Hall Trust
Chalrfsstatemeni
Annuol report of the Trustee5 forthe Fwiod ended 28 Febrnary 2025
The Trustees ofThe Darting￿ Hall Tnjst I"Dartington-. Tr Chawiif Ix Ihe Tntst-l are pknsed to pwent th*r
Annual Rew)rt together ￿th the consolwjated finarthl ststements of rhe tharity its 5ub5ith.ary companie5
the period ended 28 February2025.Theseha%ta￿0been preparLxlto meetthe rffjLMruwtsfora directtys,
and fjnancwl 5tstemwtskn Q)n¥￿ie$Attpurg￿
￿tfi￿n￿al Sratemerbts(orby￿wIth thethèMiesArt201i.theCcrfnwiesN£t21Kfj￿d A￿￿￿tin￿aTrY RekvtiTh
by tharities,. the 2019 Statem￿1 of ReLX)mmendÈd Pwart*e appr￿￿ to charib.es preparing thw"r financial
Statements ￿ accordarKe with the ￿n￿cial Rwb"ng gandard applica￿￿ fft the UK and Republic of Irdand
IFRS1021.
The and administraknveinfrMmètionSetwt￿p3gc547OTrj 48￿tr* Re&KMtofthe Tw#wsetwtw pates
4t0 17form ofthi%
Chalrfs 51atement
l arn ple•sed to K*esentihe Annual Reportand FinarKral stsrernentsof the Dartiwton Hall Tn￿ IDHTi lorthe
period ended 28 February 2025. Our year end has thanged to February. fdlownE se￿ra1 years of reporting
12 menths ro AuKusL a requirern￿t of our then st¥bJs a$ an education provider in keepiftg with the annual
calendar of that sector. FdlowinA the Trust's exil in Aiyiist 2024 from direcr provision of Ihigherl thluc•tlon.
rhe Board. and specifically the Audit and Ri5kCixnrrwttee. COhSKlered itapprok¥i*e to r￿alibratt0ur cycle of
hnancial reportin8 io a date rnore aligned our oTrgoinK actiNltbEs.
N￿thStandIng thÈ e¢xnplexity and scale ol tyJr wesent financ￿ and oFeraiional re5truciurinE. which are
covered in greater detail wthin the interim CEIYS review bdow, these aciounts have been produ¢ed in hne
with the statutory schedule. èn improvement on last ¥eaf ihai has been ffl•de p055ible by a greater on
reli3ble financial 5y5terns and accutate management inf￿m31th.
This report is aft*d Centenary celebrations ai DartKwon, a5 rellect on the i£#P anniversary of the
Eknhir5téamily t¥knn8 ownership of the EststeaThJ pursuin8 a remarkable viyon.. trrtJihlinE and accommodatin8
a unique community for supporting ihe arts. progrewye educatK)n. innovative and suttain4lAe •8ri¢ultyr•l
practi¢es. radi¢•l thinkin8. While ¢mioyin8 several speoal Cenienary events, whKh wll continve into ne
year, it occurred to me that ihose hundredyear5 have been roughty. vkn•tthe foottsam worltE I have wryked in
might call."4 B•me of two halves".
TheTrustwasestsblishedasa tharityin 1932.tyJtafterthedeathsof Dorothyl1968land herhusb3nd LeoTrard
119741. it was run by independent tnJstees- atthough critically, *ith no endov•ment. The second So years or
$0 of that centenary period were akin to a wealthyfamily ha￿n6 left a vast amount of14nd Ind phyyr41 assets
to its children. yet wth no finaThool ￿￿an$ of mEetin8 the crip￿1￿1 annual costs of maTntainin8 them. Add in
the legacyof commitments to pursue theabove laudable interestsano it is rbo su¥pri5e that surce55Ne bDard5
oftru51ee5, and the rnonagErnent team5they appointed. took the eas*st and qu￿ke5t route to keepin8 all the
plates spinnin8." a perennial pro8rammeol land aThJ asset disp05alx eventU411yshrinking the 5.C4XI acretstste
by rnore than 81

viTts￿ls￿n*uft TonsacivJffl FW OXGT-X7￿-52x8 28 Fth)•202S 15..46.07 LWTIVTC +010 zr2 P4M9
The Dartington Hall Trust
Cha￿$ ststement
By year 98 of mlintsiningthe Elmhirst dream. OHT had run outof rood and wasf•cin8 ifftsol¥Èncy. In July 2023
theexist1ngturnar0u￿ besan to r￿1(etheTn$YssWTriOreXe￿1Ye manatement. This ann￿1 report reviews
thefirstfull period. and the ine￿table costs, ol securinga sustainablefviure for )arbn8ton Estste %*thich is not
dependeni on a perenfiial ctynbinatK)n of disposals. unpredirtable benefact￿￿ and hope.
I cKcasionalIyread¢onN￿ntsons0c7al medA fromthosewh) ruethedaythatthi5strd￿W￿5 4dopted. Th
seem to refvse to believe the fate that was appfoachifig tl* Ttyst in summer 2023. Why coukl we not have
just left things 35 they were? Many of the same naysayers have lost Si8ht of the f•ct that the E5t41e thry have
enloyed so much, often forfree. i5PriVllte, albeit hekl withinacharitabletrusr. It isntythera municipal am2nity
nor a public resourte. Nonetheless. it will continue to welcrmre ¥enwoustythe local communityand the wider
public toenjoy its beauty afid sevefal free acknvit￿s.
While theTrust is a rewtered char￿. our5tatusisThJt acharter to mJkEcontinual losses.That is a fast Murn
to destroying value and 411 that we hokl dear abo￿ the wonderful esiate. At the same time. our objertive is
not to Benerate si8nifKant prolits. merdy to recover the urbsurwsingty high cost of maintsining a historic
estate and to allow us to invest from tsmtrttrtime io improve our offer for members. ￿SitOrS and other
stakeholders, intemal orexternal. The5eappli¢ationsrernasn theworitiesfortheTrusfscornmer£ial activities.
now lèrgdy focu5Èd on business fwtal income. This revenue wll noi prop yp unviable propositions. however
longiheir asSociaty(￿ wththeTwsi m•y be.
The tymaround team. yjpported by excellent stsff c4d and r* ri8ht across the Trus¢ has achieved
commendable succe55 in 5ub5tantialty reduti￿ mnthly losses and ideniifying a stra￿&V to breakeven. We
owe a huge debt of gratitude io our 5t4ff for thtyr knyalty. 10￿eal3nce and commitment to safeguardin8
Dartin8ton for future generations. It is al￿ important io ackn*rfedge our marbv Va￿￿teers who live the
time g•ier0U￿Y to the Same mi5SiDn.
E¥ternal en8a8ement remains critical in Maintaining support for the retovwy plan and we Strive to invest in
local relaiion5hips ￿￿0￿1 cornrnunicati¢)n. Weare ￿eaSed to haveinvesttd vtrycon5iderabletirneand 2ffort
in our stakeholder fdationships. not least with local cwncillar5 and the I￿$1￿￿$S community. These ties
continue to be invalUa￿e in achwngour8oals and we a￿ thaThkfvl forthe very positsve inbound interest we
receNe reE￿ar￿throuefv these ahd other£hannel
Just a5 executive manaqemeDt is proves51r￿ many exciting the 8oèrd of Trustees is *rrkin8 ￿rd to
achiLwe the best possib￿ balance ol govemance. conneciivity. gty)d business 5en5e and le8aty, oft¢e
sustainable recovery has been ach￿d. &"nce the ￿$t Annual ReporL thÈre has boen further £hange to the
Board. Three trvstees resi8nÈd after servin8 beyond their thretryear terms to a5Y5t Mrith the turTraround. We
thank CThris Maw. Peter Goldsbrgugh arid R•thel Watsth) for their valuable c0ntnbu1￿ns durini an intense
period tsf transition. 8aroness (Amandal Sater. appoinied in April 2024. res¥ned in April 2025 t0 spend mDre
time hermanyother interests. Dwid Loveti Whol￿ned in April 2025. sadly stepped down in August owin8
to unforeseen personal commitmerits. We are verygraieful to both lor their Inp￿ in a portitulaity busy time
for theTru5t_
Our mission may not be Com￿￿te. but rt is progressing kn*ll and ihe severe fi￿r￿1 pre55ure5 th* p05ed an
e￿$tential threat to DarbnKton in 2023 are fimily behind us. It is important to remaln focused and continue
cautiously. although *ith vis¥)n and ambition for the shape of eventual recovery. Alonggde the executive
team. I look forward io feportinefvrther pro8re55 dwinB 202>26.
Lord Da¥id Tr1¢9￿￿￿
Cha¢rol the Dartington Hall T￿$t 28 November 2025

WKliiaISiDDaiureTr*)Gac￿ w. OXGT.X7MiTr92X8 78 15461JTC44Tiufc *OJ D 2n PY49
The Dartington Hall Trust
Strateglt Report
strategic Report
Thestrotepic Aep(¥tslwld)e reodin (L￿ju￿¢t1￿) *irh lhefirtoNi¢￿ReWthVl7ndinc￿rnres thelmport
viewfvr the yeor.
part hWl¢hts for the perfod eTrdv￿ a Felxu¥y2025
A key focus for theTrustee5 istheextent to which the Trust is delivering its tharitatAe ¢)bj*ts. A
5￿mary of 5omeof the keyareas in which the Tru# hasdone this isasfollows..
Member numberscontinued to increase steadity. froffl j21Xlat the tirne of tht hst anTh￿l reporL to
Maint￿anCe and preservation of8D)aues ofwkland. erntire￿ fvnded fromtheTrusYsowTh
resources. for the enjovrnent and tenefit of the pu￿1
Wisitor numbers ￿ the period. based on occupaN5 of recorded cars. irKreosed to fourtirne5 the 2023
level
Inaugural ChoralFe5t re￿O￿d the eadierfomiat of thedramatically lossmaknng Oartin8ton
International Summer5(hool. inNxslwng local. not￿nal and intematiorsol partiopants, and roverirvd all
cost5
Retum of 8Oine Festrval m sufflmEf 2024 forthe set+*d ye•r. Ittrartinivtsrtotsfmm the whole ofthe
UK
HO$ting and supportingihe openine of siat+of-Ihe-artgym. The Spxe. in underused estste premise5
to e5tsbli5h an 4fford•bk 3nd popular community resource
Continuing the Trv5Y5 interest in educatK)n by agreein8ten•wt¢rms with new speoal ￿edS school
Re￿o￿d River School for its inaueural premises on ihe Estsie
Expanded scheme of curation lor ewronmentally focused. earl¥-5ta8ewterprt5es with inr￿•1•ve
approaches working together in cJ05e proxirnity. Tesuhin8 in commercial tenantoccupaw 8rowin8
fvum 57% to 95%, represwting thèn 21x1 businesses ￿th approximately l.OtKJ staff.
This¥earfs ￿eW report50n proEre55•nd pi)nsforD•rtMigityi'skeyèwsof fo¢us".develos*ne seff.sustaining
revenue estate commercial tenanoes. Su￿emented by activities funded and executed by external
partnerships. whde balancing a (￿mitment to supporthn8 heritaie, C￿Servation. environmental initiatives.
the arts, and cultural events. As existin8 management and Trustee5 hgve said Eon5iStently sin¢e lite 2023.
theTe is no intefition to keep shnnking our treagJred estate. in the manner of previous decades, to meet
financial comrnitments. as a way of proJon8inB1055 rnaking and avo1&"￿t￿￿8h decisions.
The financial ptrfomiance for the ￿rIOd ￿ 28 February 2025 rtftetts the fvsi fvll Fer1￿ under r*ew
management and the 51K•rt terrn restructuring costs of executing the tumaround lor Ion8 temi
3LJStain•bility. Workin8froma m￿h clearerand more acoJrate pictureof theestate'soperationsandfinances.
l am now confident that the Executbve team and Tru5tee5 are rnuch bEttÈI placÈd to manage opeiations
s￿ressfUlty and develop self.suffiuerKy. wthout resortto theTrusV5 limited reser¥t&
ART5 AND CULTURAL EVEP4fS
August 2024 Sow the eat11￿ formèt of the tha￿￿tIcal￿ knssmakin¢ Oarrinyon Iniernaiional Summer School
¥epl4ced by shorter. eight-day wo¢rornrne wth a choral focus. It Wa5 devised by Mark Stone. a cdebrated
international Operèt￿ baritone with a successful bu￿neSS background. He wèsjoined bvan Impressive roster
of world<lass tutors to lead study and perfotmance of Rathmanino05 Vespers. ￿th emcellenl leve15 of loral
rticipation. ErKour4ged by our experience of brin8ing costs and revenues into line for a key annual event
that has long been synonymous wr(h Dartinyon. Choralfest was repeated in August 2025. under the sarne
Dirertor, Ga¥in Carr, and DHT corbtinues to examine the potentrdl for further music summer schools, possibly
with a different focus yei again. and 01 • Wgerxale rfthey •re finaThualty viable.
Gallery
The gallery in The Granary delivered its final presentation in *4)ri12024.' the Rachel ￿ChoI50Th year
Retrospettive Exhibifion. Many of the works ￿ thsF4ay- Some of wthich hod never been ethbrted oJts¢de

irtu￿s1£￿lU￿Tfyl$•ty￿ft Rel. DXGT_XTh•i.92Xè 1&4fj*)i c4Arryrrc 40102PPfy49
The Dartington Hall Trust
stratepc Report
Rachd's family- *Ere for sale entlw.asti knrs.
Ourin8 the period ￿der review. ahead of an Au8USI 2025 grand oren1￿ ihe Elmhirst Centre. knc3red in the
south west £orner of the estste'5 st￿Oing rne¢lieval CoU￿ard. wa5 extengvdy remoddled 4nd refurbished
a5 the Elmhir5t Herii4e Centre IEHCI. ￿lowIng ￿sitorS to exPer￿(e the period-refvrbished former pftvate
residence ol the Elmhir5t family. thi5 beautrful space i% exhibiiing Dartington's core collection of Modern
British and Ameri£an painiings and ceramics to the publ* lor the first lime. Offerin¢ three bookable tours
every week. the ÉHC ha5 reteNed 5uptrb feedback from the lotal tommunity. aswell as from art enthusiasts
visitin8 from further afield. OHT is grareful to JenTha Budingham and her gallery. and to the Eknyant Trust for
their invaluaNe assistsnce and contribjtions ￿ eStsb1th￿(the EHC: otsf thanks alw to the Howe Green Trust
for its ongoing support.
Events
The produciion of cuftural and art￿ events at Da￿n￿On has been iefocused ofi risk-ffft offeriAg5 fvn(*d
by independeni promoters u￿Th8 rented DHTwemises. princip311ytheGreat Hall and gardens. Theseconiinue
to be mar*aed io members and the public. and curated for the ¥reate5t inrlu5ive appeal and partKipation,
r￿t least frorn our local community. Elsewhere, lary. underutilised venues and 5Uitableoutdoor spaces. ha¥t
provided the opportunity to st•8e events tyf br¢ader apwl. su¢h as SUMM￿ Lawn Sessions of free INe
music and silent dixos. Local muyoan5 and artists. from all Benres and appealing to all 4ges. have bee
prioriti5ed lor bookwand pe￿Martes. .
The November 2024 Bonfire Ni8ht event attraaed 1.3(Xl paying cusiomers to form the largest yn8le event
ever staged •t Dartington. For 202S. thi5 was a1ffl05t dDUt￿ed to 2.SC#) wsitorsamid soafintdemand from the
local commnity seeking to enjoy a safe. wellffjrRarused display abnEyde se¥erol other ortivities for all the
faMIy.
The 8*h C*)em•
The Barn Qnema continues to be an rfnportant part of the estate's broad wtertainment offer. Its pro8ramme
has been made more accessible to a audience by devdoFMng a campplling rnix of arts and
envIr￿mentally focused features. mainstream releases and live sueenin85 of National Theatre and other
5taEe or rnusic productions. We continue to explore how be51 to utili5e the Bam's as ngt only • riThErna,
but for rts own live events on a relatively intimate xale. such a5 small concuts. and potentially corporate
events. The cinerna benEfits fvom a significant 3udi0-￿SUal equipment UP8rade and ¥ve are gr3tefvl to the
Howe Green Trust for its fin￿0a1 a55iswce in fflaki￿ this possible.
LEARNING
Sthumather CoHt
The Schumacher College Foundatron deoded at a boord rnttting on 27 AuEUSt 2024 to dose all BSC. MA and
PGDip courses presently acuedited by University of Plymouth IUOPI. The courses were already dosed to new
students.. against a well docury*nted background of c¢Jitrse closures across the higher educètion secior. dnd In
View ol DHT'S fina￿1•1 challenges, UOP had informed DHTin aulumn 2023 that it would ceaseac£reditation in
2026 and bewTh a teac￿lut with immediateeffert.
Schumacher College was ir￿Umne substantial and ¢rowing rnoThthly b55e5. Dartington was clearly unable to
underwrrte this defKtt indefinitely from its limited reserves. The coll4e's Learning Leadership team had. for
some Months, been rewewing and con5Klering the accomrnc4Jation resource footprint for the delwery of
Oartin8ton's leamin8 proviwn. However, sknrter. uroccredited Cour￿ F4aMed by SchumKherfor 2024125
met wth poor boo*in85.
Some 46 student5 were expetted to Continue into the 2024125 academic year with khurnacher. The vast
m•jority ofthe5e have been supportedto find new£oLY5e5 and a number have already completed at different
institutions. DHT has worked closety ￿th the Go¥wnmenVs Office for students throughr￿1 th¢s process. We
are Unde￿￿tInganyhIgher￿ementof1ee5IftCurred by student5 •tnewpl•tesof study. •swellasrwrnbur5inE
short-term. 0￿-01-pO¢1￿ expenses and offerir* ctynpwsation fw disruptKM. in nne wlth levels

mI￿S￿n￿lU1&T￿SèClI￿ Rel OXGT-XlklW2X8 Z8kn 2Wd5 15.46.'OT LWTlUtC •OI P 7M9
The Dartington Hall Trust
Strnielit Report
recommended ty the Owtceof *¥1ep￿dentAdjlK1¢ats￿ ￿ H4her EdLution.
Injuly 2025 DHT aThJ the Satish Kumar Foundation announced the Indtyendence of khumacher College vAth
the F￿J￿￿tIOn acquiring the buyne55 assets from the Tru5t_ OHT 15 delighted to have ￿l¢he￿ ah agreement
very amicabty V•ith the F¢)Jndation. and to iransfer inio lhe£￿ett hands a great deal of ur¥que educarional
collateral and other resources bwlt overthe year5 a5 partof LWIT. We wp5h thE Fowd•tyE¥n ￿11 in its mi5Ston
foT Schumacher Colley.
In April 2025 DHT was proud tt) tontinue its assotiaiion with high quakty. swialist edutation by **lcoming
neurodivergent learning provider Redwwd S(1￿1 to ellate.
Occupyin8 The Old P05terrb, fofmer h￿e of khum4ther College. the rw independent school will offer a
deepty personalised, therape￿￿. and outdoor-foojsed education for autistic and neurodiverse wpils aged 5
to 18 Redwood River. which opened tts its fitst pupils in November 2025, is being de%tloped in response to
orowng need for outstandin¢ specialist provigon for AOHD. sensory prctt5y￿ PDA and trauma.
•tr05s De¥ofi and the South West.
HOSPTrAU
The White Hart
Still the principal bar-and-dininE<VtiDnonthee5t4te.theWhite Hèrt Fxjb, in linE *rythmostothws inthese¢tor
locally and nationally. continue5 to stru￿le rnainiaining acceptable levels of revenue. despite a food
opowtion thot ha5 been ￿ned ton*dÈrabtyènd ret¥ved wtrll trytustomÈrs. NonÈthdess. the pub r￿aInS
an integral part of DHf5 reydential and day ronfweNre/event offerinB.
The Green Tabl¢
Our centrally located café. The Grttn Yable. reopened in July 2024 WTih a t*iant part￿r in the forrn of a
resperted local hospitality entrepreneur. Affl￿h Improved menuai susiaiftable priceswith extended openi
hoursha5 been well received by v15itorstothe estate. The'new GreenTabbe hasfurther<levelt>PEd itscon¢ept
very si8Nficanly sIn￿open1r% wesenting rKtswnal e¥eniThE eb*nisand Iwe muslc.
Montreal Baqels
ontreal Bagels vacated its Rojndhouse venue at The Barn duri￿ the year and rebjrned close to its bakery
Ic<ation behind The Granary. It continues to be a wdl patronised café c{￿ePt with a 5ucie551ul vknolesalt
business.
The Garden Calé
The Roundhouse has been reoccuped and re￿￿•Shed to a hith standard by a professional h)£al caterin8
operator wth e￿slIng links to the Estate. Reopwryl as The Garden Café. a trath"tion41, hFzh quality offerin8 of
cakes, light savoLMy meals and hot drinks has woved popular with visitors and presenis a differentiated
aliernati¥eto the Green Table.
Hotd ac¢ommodatson
Our 54 courtyard bedroom5 continue to e4￿Dence tnconsistent leisure c<cv￿oCv. as distinct from
confereThce5and ￿ent rdatedl large bookin8S. Whibe ¢omfortaWe. plea5antlylocated vrithinlheestate
and fairly priced. a synificant review and refresh in due cowse*iM OPEifflise usage and EL￿1 experience_
caNFEAENCESANOWEDDINGS
Our heritage and beautrful settini continue to drive demand for conlerences and weddings. and these ￿11
remain a core dement of the estste'5 remaining owned and operated artI￿tIes. The team has been
strengthened S￿n￿tafit tywence of sellin8 and dÈlinini weddin8$ and corporate events of all sites.
Retuming Conferen￿ and 5emin•r ¢lientS. 5u¢h •5 the Duthy of Cornwall #rbd King5 Fund, 8ive us a Strong
platlorm from whi£h to erow the pnvateevents income stream. particular￿ in the quieter winter months. We
expect refreshed brochure5. agenry li5tynES and weddinK fairs to further enhance interest in weddiny and

Vlitsols￿Nwjle TraiWN DXGT-X7h￿92xts 281*¥ 2tr25 1&4&.07c4iriirrc *OIE) Y2 P&49
The Dartington Hall Trust
Stratets Rwt
conferences. from both at home and o¥erseas.
ader fvtsscentre
ReEeneratiM pl•ns for the year under rthfithv at ouredg&of-est*e retail site close to Oartinoon village were
delayed.. an anchortenant of the PTOP05ed Caurbcik5UPWrtwJ partner c{￿S0￿￿mIe1I into insol¥en£y, leavini
the partner unable to proceed. Nonetheless. costs were re￿￿ed by rn•n4Bement while
rnaintsining operatyonal 3¢ti¥ity and the Cent￿ 0￿ftted ai a rn￿h smaller loss.
A fvll relaunch of the CKler Presscentre is advanced. the vast majority of new tenants secured expected
to be open irb December 2025. Cornts'ned with twe hours of free parking lor visitors, this revitalised, hi8h-
quality olforing of eatinL drinkinL retail and art is exrected to retum the yte to its lormer ststU5 as
destinati￿al Shopping and leisure experitncè. repl￿ating the newwbrary of a£ti*ties and operations at ihe
top ol Oartington Estate.
TENAN￿. PROPERTY AND ESTATE SERVICES
anwyand Pmt Studio
Co-workin8 5peu4list Relenworks began to take (wwarLy of the Granary and Print *udio. as well as the
former8ook &'nders space. in March 2024. Re£enwor*sactsa5 masierienani. hostingmore iharb 60 worker5
on site frorn a nurnber Of diffetent bU%￿e$s*S. all focused on areas ￿Lated to re8eneraiive technolo8y. such
as Al tech to harvest pl?stK froffl the sea. aquatK enwneers and seaweed farmer> These are (￿arlY area¥
k)seto DHf5charitable intwestinsupportin8ecologKal pursuit& Otsrrelationshipwith Regenwortsha5beeTh
beThefioal in identifyt"nE Potential tenant profilesfor othervatant ordisustd properties ¢)n the ertate.
Old F¥m
On 22 Orteber 2024. How Pk•w Dairy Iwn a 2￿Year farm tenancy ¢yi the Dartin8ton Estate. se¢wifft8 41K>
ues of land. As the UK'S poneeriry and only caibon-rbe8ative dairy, How Now PTioriti5e5 5U514ina￿11ty 4fKI
vrganic farming prartices. The bjsiness operaies a direct-tO<oThsur￿r. six day ddNery service wthin a ten-
mile radius- eventually extenthng to Torbty- ￿111$￿8 an Ile* to minimise. if hoi tlimnate. its
carbon footprint.
Currently hovsint a small herd 0160 Ayr5hKe cjttle at Oartintr￿. the farm plan5 to expand to I2￿Strong.
Milk pfodurtion commenced in swin8 2025. faolrtated by robotK milkbne systems. Each animal. with its owTh
RFID ta¢ aL￿￿OrnoU5ty presents itself for rrmlkiry. Al teChr￿ ￿ad$ the to detemiine milkJ'Ng
suitability, minimising hurnan-anirTral interattion_
The dairy rurrendy prcdutÈS V4hde ahd sempskiNThed nwlk. cream, and a recentty Ileveloped cream theese,
with further produrt developmerbt ￿l￿ned. The milk is pasteurised. but othenvise untouched, ensuring
exceptiofjal tsste and punty. The business also 5upF4ies local favourites on the DartinÉton Estate including The
G￿er& Toble Café. The White H¥t pub Jnd resi4ur•nt. •nd Montreal Stwe 8a8els- ehsuring wsiiors enjoy
hyper-local dairy every dav.
How Now Pèiry dernon5trate5 a deyee of inrrfwotyon in 5USt•inable and ethical dairy farrnin8 that brin85
to datt thÈ Elmhirst VI￿On lor a8ri£ulture on the Dartiwton Estaie. We are proud to host this unique
enterprise a5 It produces h11￿ul11tyrrN1k while wninimiyn8 env*wmefitsi imprt.
Hi8h Cross House
Following a rdatNely low cost refu￿lshmenL this well-known and womiTrent 19305 Modernist building was
succe551ully let in January 2025 to Oevon-fourLded. national ts5hion retsil chain 8usb¥ & Fox a5 its
headquarters.

1TLa*k&tyiawTeTo￿athOn Rel. DXGT4ThtrYdXB28P4y 2tr15 1$4601GIAT{VTC •0}0 2r2 P949
The Dartington Hall Trust
Strwit Report
In October 2024, two IiEhtty-U5ed stwlioswekling wy little Ttntal income linsuffK*nt to cover costs) were let
to LED L•5ure. a prominent D*on 8ym operator. The Space. was opened in January 2025. prowding a 4,5￿$ll
stste-of-thtrart gym which irnrnediately met a need in the l¢nl comrnunrty. GrovAh in Initial memberships
sold ha5 exeeeded expettations and the offer of reduced rates for Darrington Inemb￿S arbd resident5 hès been
well received. Hotel guests the gyrn free of charge. Èfihanong the appeal to vvitors of our courtyard
bedroDm5. Spate has introduced new ￿sItOrS io the Estate and manyare uw8 its otherfacililies. Organtsers
of reeukr acriviries pre￿0￿$1¥ taking pla¢e in tt*se studios remain ableto book Space through LED Leisure.
Before the year4nd, OHT agreed rentsl ierms at Lower 005e with MiGolf, a Sfate￿-the.art indr*)r gow
simulator andeThtertainrnentvenueopErator. Thefaci￿itY opened tothepthlic in May2025. offertngan enEa8ln8
new experience for gdfers. families. social Broups. •fid buynesses althe. The launch of MiGolf builds on
Darbngton'5 8rown8 ¢ommiiment to innovation. hea￿h, wdlb*"nK and acttve lrfesWe5. To8ethET. The Space
and Mify)If proTrAde a diverse and inclu5i¥e en￿r0￿￿ent for rrK>vemetrt. exercise. and social conr￿110n.
einf¢Kcin8 D4rtin8ton as an increas1w￿ dynamic desiiTraith)n for he0￿￿OnsCIoUS ￿SItOrs and lecal residents.
aswell a5 serving members. Estatt visff<ors. hotd 8uests and tenants.
MARKETrNfj ANO COl4WUMC4T1014S
Men*ershlp
Our membership base(ontin￿$ togrow5teadityand rbowstsnd5 at 2.604, 7Mth high levelsof renewal. We are
presently reviwng our offer to membefs. ￿th a YTew to enhancing the packaEe of ￿Trefits. linked to our
expanded con5umer-fKinE tenant b•5e, •nd presenting a Compellin¢ argument lor joining. We continue to
exwAd our affiliate partners ènd reciprocal membership arran8ements. includini tt* Royal Horticultural
Society rdaiion5hip which has ienerated good ￿*tOr interest. Membership. which apan from repre5entin8
valuable re£urrin8 Incorne siream is uitical io supponin8 di%￿lI￿l3ry spending on the estate. remains an
important'Eall to artion. in our messaging and ourconversations at extern•l marketiw Opportunit￿S, such as
the Devon County S￿>w. An additional databa5E of more than 30,(MJO recipi￿t5 of Dartington morketiThg
communicatiorns. incl￿ding rhe bkweekly whaY50nneW￿etter. is a valuable resource for visitor enygement.
while womotin8 tartical new membership offer5 such a5.14 months for 12.. %¥hith ih July 2024 and again in
July 202S eDabled purch•setsto st￿dd￿tWO school gm7)er hoh"days.
Medio Retatiryb5
years into the demandini tyrnarour*l. external fi*￿0￿￿ept￿s at#)Ul Dartin8Eon's acti¥itses and ¥wb
future are greatly reduced. The EMe(trti¥e Team. supporteis by Tru5ttts. m•int4ins • pr¢)yamrne of proactive
en8aiement ¥￿th local media, I￿111Y based natK)nal online media. naiional broadcast and vertical ￿dia
relevantto our settors of operation. suth asarts. culture. Eardensand natu¥e. Thi5 eng38ement taken the
forrn of 'open letterf updates frem thechair and ￿0. Ontric￿ meeting5 and interview5 on the estate with
Joumalist5. and regular pre$5 releases on w>sthedeveloKthents. outreach.whrth akn encompasse5 lecal
polit￿13Th$ at pansh Council. distntt C￿nty and Westminster levd. ho5 ddi¥ered almost entI￿lY supportive
coverage, reinforced by a balance ol positfft comments subrnitted by readers bek)w online article5. The
approach to media relations will remain open. collab¢ratNe and relatioftship based to foster yeater
under5t•ndinBof <wr MissW￿and the strate¢yto athie¥*iL
Web5it¢
ihJfin8the pedod under re¥iew. in wderto rwh QL5rmany pu￿IcS more eflectively. weinitiated a woce5sof
buildiTr8 frorn stratch a new website on a fit-for-purp05e ￿atforni. (Kjr effort5 to P05i¢ion Dartington as an
aFyealin¢ destination with broad appeal. increast ￿Sitor numbers and develop higher lewels of sustainable
revenues are not adequately 5UPPOrted by wr former webyte which was old, with technital faults beyond
repair. and presented art unhdpful tustomerjoumey. In addrtion, the SIr￿lUre layout and ernpha515 of muth
of the copy did not accuratefy represeni ihe present ranEe of activities avalawe to ¥iytor5. The new web$ite
Wa5 launched in May 2025 and has been well r￿eNed all stskeholderRfovp5. 11 is better optimised forour
very hi8h Pfeportion of rnobile users and for search engine& Crilic•lly. the user experience e-commer
plu¥.Ins have been 5trurturedto speed •nd*ase bookifi8s. wr£hases. newff*rnberships and other impowi
Iransattions.

Vi(t1i*SxJ￿l￿l¥T18NS￿li￿ Ref. DXGT.XlhW2XB 2Bl*w2025 1S.46".0TL￿1TlIjTC •0I02np I(￿9
The Dartington Hall Trust
Strateeic Repwt
SLThIMARY
Our new lèndlord mc4Jd' fw generatini stable. reoJrring rental as the majority ol the TrusV5 total
revenue is supplemented by a full cost retovery èpproath io •ur ri￿a{nIrV4 Wh*o1￿￿w￿ed and operated
activities. We continue to pariner wth enernal specialisis. lar8ely as tenants. to deliver professK)nally
d￿eloped products and 5er¥ices. Thiscuration 3pproach has sÈ2n eartysuctÈ$5 in a Mmber of our hospitalrty
and evenis offeri045 and contiDue to pursue discussions with several best practice opeiator5. The e5t•te
o¥eTrll still contains a gwj deal of non-lami knd. as well as disused or diLaF4dated trtJildings. thai remain
unpfoductsve in terms of income. This demwt forrns a lonEer term ph45e of our Strategy ftjr recovery and
Subsequent 8rowth, whKh wryll allow the Trust to pay down trx>rro*in8s and invell In its chèriiable acti¥rtie5.
not least the preservation for the nati¢)n of its fflediev•l b￿￿nIS. 4tsthich absorb 5ub5t4nti41 c4ptal year-¢)h.
year.
Rob¢rt Fedd
thfjef Exevjtivtoffiur Ilnlvtm) 28 No¥e￿r 2025

Ref. DXGT-Xrntr92X6 2&F￿￿2$ 15.4&"07 GTr4TIUTC +010 2Q P 11M9
The Dartington Hall Trust
rmanri•l Re¥iew
Financial Review
(>4eThlewof flnanclal
As noted in the Chairfs Statement on paBe 2. the Trust ha5 changed its year end date 4nd these finan¢i41
statements are for on 18-rTh)nth per￿. The comparative amounts wesented in the ffinancial statements
lincludin8 the related notesl are therefore not envrdy C{Th￿rable. TheGroup 15 Teportinga surplus of E681k
for the period erbdEd 28 February 2025 lyearended 31" Au8ust 2023." defi£it of £4.691kl. after net investment
gains of £7.442k12023'. net inYe5trnent k)5￿5 £158kl, tomprising realistd gaifis on disposals of E3,S59k and
investrnent woperty revahJaiionsof £3.883k.
- Ihton
L8 rnonthsto 28
Fel￿a
2025
Ye¥to 31 Auwst 2023
Ratio %
53.1
38.4
Totsl inc¢Kne
Chantable3rtivitie5
Trading activities
[Llonations and leEacie5
Inve5trnellt and other inccmE
Total ihcome
Varian¢e
1,0281
1.3351
15
1.435
48.9
30.
5.320
200
974
215
18.6
ith).o
loo
Total incomederyeased bY￿13k from £13.846k for t￿yeart• 31 Au8ust 2023 to £IZ.933k for period to
28 February 2025.
Charitable Inc￿ decre45ed by £l.(kn. The bugness of Resw¢h in Pracb* was transferred to the National
Children's 8ureau on l* February 2024. ftesearth in Pracrice lor the tsve fflonth5 to 31° January 2024
w•$ £2.Om ¢ompafed to £4.5m in the year to 31 Au8USt 2023. Income from course fees and admissions
decreased by £262k follo￿n8 the d05we of schUrn¥heJCd￿e({)UrIeS in Au8u512024.
Trading income lell by 25% 4$ a wlt of the wrthdrawal of The Trust and its subsxl*nes from runnini
operations itsell35 discussed ￿ ihe (hairf5 ststtyn￿t ond Strdtwc Report.
. Empeftdfjiure
18 m¢Mths to 28
Februa
2025
Ratio %
70.6
26.5
Yearto 31 AuBvit 2023
Ratio %
67.4
29.9
Totsl expEn&rture
Charitable attivities
Trading aLtivities
Raising funds
Oefined benefit pensTon scheme
Totsl ex
endiiure
Variarbce
13.896
12.387
5.503
68
421
18.379
1.509
2731
147
is
Ic*J.o
I￿.0
Total eynditurÈ at £19,694k is £1,315k hieher than in th2 ￿ar to A4ust 2023. Expenditure on charitable
activitie5 and trading activrtie5 reduced on a pro rata bay5 Icornparin8 the 18 months period to the prior 12
months periodl as the Trust withdrew from0peratio￿l rnana8erneni as dixussed in the Strate8K fte￿rL
- Net Vinson investmtntsamd a£￿*￿1*1 laNi$4￿ the defined beneffi pension stheme
Net g3in5 on investments tn the period totslled £7.442k comprising É3,883& 01 revaluation g•ins12023: 1055e5
ol E130klènd £3.559k of profitsfrom saleof nc*)-cc*eestate land. thhernon<ore property salesand some
surplus art sales. The Trustees have considered the re5identv41 and comrwoal properbes held by the Trust
nd have cvntltmled thèt value$ 5houkl bE uplifted in line Mth the extemal valuations urKlertaken in October
2024. The10s5 in 2023 related to an inpairrneThi prO¥15￿n on Certa￿ In¥estrnent propertie5 *thich are not
cvrrentty trn rentsb￿ condilioA.
io

VbwalSiWiwoTr4ns￿lDn Ref oXGT.XIP￿2XB 2025 15."46.fj7 GMTIUTt ￿TrO￿Lp 12Mg
The Dartington Hall Trust
Dandalfte¥i•w
The actuark11 gain onthe cbsed derW￿d beThefitpens￿n sch*nefor the peric#J wa5 £256k12023.' •ctua¥ial loss
of £406kl.
OvErall, the tot¥l movement in fu￿$ fotthe period to 28 February Z025 wasan ir￿reaSe of £937L Inueasl
the total lunds balanceto É28,$04* at the end of ihe period.
- Fixed assets
Freehold land and buiklings T￿th a book ¥￿ue of £3.301K includin8 the LNd Postern. were transferred to
in¥estment prorerties dunng the pervJd a5they are no Irffigerc<cupied by the TTUSt for tts ¢>vm purposes bul
I￿ letto third parttesfof charitable orcommercial use.
Under its Memor4ndum of Association. Dartin8ton has the power to irbvest not irnmedMtdy iequired
lorcharitable purposes.
The in¥estrnent5 rnainly ccffiprise irwestffl￿t properties. hdd ot valuation of E26.819k 12023.. f 19.2121,
intludingthe FrfOpert￿Stran$ferredlrorn fixedassetsasnotedaboveandonepropertytrènsferred from355ets
held for resale during the perK￿. A rev4lu•Don Surp￿5 of U.883k12023'. impabmwit w0visi￿ gf £130kl was
recorded during the perul under review.
4rtuari•l valuation forthe scheme was conducted 35 at￿.1 2022, and updated as at 28 Febrnary Z025 for
inclu5+0n in these financial stslements. The result of that asse55merbt deteTminÈd a defitit in the scheme of
£524k. It is antKipated that this defiot ¥AII be made good over a 5-year per￿d a recovery plan wthich
commenced in the 2022n3 finan¢ial year.
ReseNespoliey
Oartineton retie5 on a ￿￿t￿t of in¢omt Irom a variety of sourtes to fund core pro8rnn*nes as well as a
continued investment in our ￿nd and building> Weare ￿￿mIne￿10athie￿nEa financiallysv5tainableftJrure
for the estate thiough our new strategy and rt is importanL therefore. that we hdd suffKient re5erve5 to
ensure we can continue to fulfil our cornrnitsnents ￿hl￿we tH(Kk t¢)W•rdSthatfutu￿.
. Generalfund
The8eneral fund 15 not restdcted nLYde5¥nated lor a partiCu￿r proyarr¥ne wsomeotherpvrFQ5e.
TheTrustees continue to detumiTre that rf¢ 15 •pproprk4te to hold 8erbErnl resevve$ 31 a level 012 to 3 rnonths,
c￿e operating expendlture. This is considered to be an approprk?te level given the Variety of the Trusvs
inrorne 50urees and the Trusys ability to Quickly redy£e variabk costs in the event of redurtions in I￿Orne.
General furKt5 4t 28 February 2025 were £l.Om12023.. deficitol £O.8ml. Net operatiTr8 Èxpenditure lextludinB
net tradinz expenditure in the 5ub5idiary fvndl was E3.9m whilst rea115ed gain5 on irbvestrrents were E3.6m_
The transfer to investments of properties no lonier oecupied by the Trust for its own purposes. and the
disposals of some non-core property and heritOEe o55ets enabled £3.8rn io be rdeased from the fixed a55ets
designated fund. £l.C*)) was translerred to the subsidbary ftsnd and £0.7m to the Schumacher Colle8e
Foundation restricted ftjnd lo offset defictts tsn reserves in 5ubydiary c￿panies.
- DesI￿ated lunds
Designated fund5 are th¢)se unreStr￿le￿ fvrbd5 that have been albuted for a pjrtitubr purpose the
Trustees. The main designated fundscurrenttyf hekl bythe Trusi are sei tyjt below. The others are discfv)sed in
Note 19.
d assei fvn
The fixed asset fvrtd, amountsng to ES.2m at 28 Febru•ry 202512023.. £ICknI, is e4ur¥4l￿t to the net book
value of the land and building5 and heritage a55ets used io supw>rt Daningion's charitable and tradin6
operations Ind the Dartinyon £ollertion and as a cMsequeKÈ is not av3ilablÈ to be spÈnt on {￿r on-going
attivities.
li

Ir
¥a

WithLgI&gnJbnTiar4a¢t￿n Ref. OXGT.X7￿￿V2x6 28 F•)4202$ 15.46.OIGIATIUTC •OIDV2 P 14119
The Dartington Hall Trust
Governance & Risk Management
Key risks and un¢trt*lnties
The Board of Trustees ￿ respMsitAe for the oversight ofthe risks fa￿d by Dartingion. TheTrusiees and A￿lIt
Risk Mana8LYniYit Committee regular￿ revivw the Trusvs risk position. internal Controls assessment and
c￿PIlance vlith relevant Statutory finance regulations.
Chjr rfjsk m?na8errent proctss is desi8ned to identrfy the mapr ris*s ihot coukl import on the SUC¢e￿fvI
delivery of our straiegy. This proce55 iderbtifies the rnajor ri5k5 Dartingtom faces. likelihood of rKcurrence,
the significance of the risk and any mthgatin¢ controls that are irb place or are ￿afined to bÈ in ptace. It a15Q
seeksto tyJentlfyanyact￿SaTr￿ resourtes reqimred tc¢man4e these rtsks further.
The Board of Trusiees carefulty ron5ider5 Its key ¢peratit)n￿, financial. com￿lance and other risks in dra￿D8
up its risk re8tsttr. An assurance Framewwk ha5 a150 beeTr devised. whith tovers all aspects ol the Trusi's
actiwties, in order to wovide a fflechanism to consider the wocesses and mit%ations in ploce to r￿jeW and
tvaluate risk.
OartiThgton's financial 5U5tainability and Ion8-temi Igimthty are its main Mrategic risks. Ihe Board of Tru5tee5
hove identthed the f￿10￿nE key ris* area5:
Shorrfall in irKome and cashfl¢>wthreatening financial solvenry
Inability of theTrust to function nrffmally irb the 5hryt term whilstthe restructufing continues
Fadure to deliver capital in¥esiff*nt woierts ¥Mthin bwJ8e¢
Fa￿Ure w realise planned property di$[￿sa
TheTrusi is ￿thIngtheernl ofthe restruc￿￿￿ experts to rrK)veto Fxofitsbilityol operations in
2026.
The Dartinnon Hall Trust l-oartlngt￿-> is a company limited by guaraniee and is rewstered in England. It is
also a charityreElStered in EnKlandand wa￿$. 04rtyngt0nwisin¢o￿raIed￿ 14 March 1980andi58overned
bythe comparbTrl5 Memorandum and Articles ofAssociation. %hthKh ￿rP last reviseil in Dwember 2016. Undtr
its Memorand￿￿ of A550CiaiiOn. the Trust 15 e5tsbli5hed for all purposes as are recognised as charitsble by
English law. its wimary charitsble purposes aretheadvancement of eiluration. •rts, ¢UhU￿ and heritage.
Bo*d dTNsteÈs
Oartington'5 TrustÈÈs are listed on page 47 of this report. The Tn￿tee5 Set •nd o%tr5ee the delivery of
Dartington's 5traTrgy, decide pol￿ •nLI prO￿￿e leadefshipand direction fortheor8anisaiion. The Board usually
meets at least four times each year. In view of ihe Trusvs financial ytU4tion. thv Board met weekly 01 monthly
through0￿ the Feriod and 15 cwrently meetiry Every two months.
Audit and Risk Management Committee. dwired by Buth￿. usually meets at least fourtimes a year
aThJ 5UPPOrtsthe Board of Trustee5 in theiT re5pm￿bIltheS regarding issues of rt5K interTral coDtrol and oudit. It
also rewews thedraft Annual Report and Finanoal Srattynethtsat)d meets with Dartington's external audit￿$.
Intemalconiml
kop¢ ol r•5ponsibiFIy
The Board of Trustees are ultimately respon5iblel(x Trusfs systemof internal contrd and for revie￿￿& its
effectivene55.
The Board of Trustees has ddegated to the D4rrftorate the dayto• respon&bih"ty for mèimaining a sound
system of internal control that supports ihe achieverrent of ihe Tiusi's policies, aims and objertives whilst
Safeguardi￿ ihe Trusys assets.
13

Irlrnol&on*￿Tw8￿S￿tykn￿ Ref. 0XtsT.XIF￿92XB 28Pkn 13.46.111 GUTIVTC 4OID2QP 1Y49
The Dartington Hall Trust
The purpose oftht s¥stem of knternal contr
The system ol Internal control is deyeneil to manage risk to a Teasonable level rathef than to eliminare all rt5k
of failure to achieve ￿l￿e$. aims. and oty"ethves.' it can therefore only prwde re4Y￿•ble and not 4l>solute
assurance of effettiveness. The system of internal control is based on an on8oing process d￿￿r￿d to Identify
and priorrtise the risks to the achi*f￿eThr of ihe frust's wlicies. aims and objective5. tDevaluate the likelihood
of ihose risks bwng reali5ed a￿1 the impact should they be realisod, and to managethem efFicientl¥. elfecti¥dy.
ecMomirally. The system of iniernal control has been in ￿ace for the Period ended 28 February 2025 and
p to thedate of approval of the annual re￿ a￿1 finanthal statements.
C•p•cltytohandle risk
The Board ol Trustees has rewewed the key risks to which the Tw5t ts exposed together with the operaiin&
financial and compliarKe ¢￿trOl$ that have been implemenied to miti8aie those risk5. The Board of Trustees 15
oftheviewthat thefeis a formal ongoingproce551or ideniifyin& evaluating and managin8theTrusVs &gnificant
risks that has been in place for the period eftding 28 February 202S and up tothed•teof approval of theannual
report and accounts. This proce55 is regularty re￿e*￿d tythe Board of Tru￿ee$.
The 11sk and cwtrol frlrnework
The 5y5tem of internal conird is based C￿ a fraMe￿[k of ￿ul¥r rn•nagement in1￿MatiOn, administration
prccedures includin8 the segregation ol duties. and a swem of delewion •TrJ arcoL￿tablIitV. In ￿￿t￿l&r, it
irb£ludes".
Regular re¥lews by ihe fi￿rd of Twstees of per&￿iC and annual financial reports indicate
financibl perfoimante.
S￿tIng targets to rnetysuteffihancial and Oth￿ wfom)ance.
Theath)ption of formal project management disCi￿•￿t$. whL¥e appropriate.
The Nominath)ns Committee. chaired ty lord Dwd Trie5m•A. kads on Tfttstee fecrultment and makes
CO￿endI1￿ns to the 803rd ￿ the appOint￿lto1ne￿Tru5tee5.
Awuilin6Trustees
Attractingand recruitiniTrustees th the ritht skills, experience and *nowledEe isirnportantto us. AS • ￿￿1t.
wehave adopted best practice in termsof Trustee recruitmenL u5inzan opEn andtranspareftt process includlnE
athertisefflent and othertechniques to attrattsuitaNecandKlates the riihi skd15. experienceand ¢Jtversity
tolulfilth*r purpose. Under ourMicle50fA5X>Ciation. TrusTretetmsofOffi￿3reus￿aIfyIlM1IedtD3 mèximwi
of three terms, each of three years. but o Trustee is eligible for • final fourth terni if the Board resolves thai
excepiional circuffl5tsnces eyisL
TiaininETThstees
Dartin￿on recognises the ￿SponSit￿lths pl¥ed ty lèwon thanty Trustees and therefore offers
progrofflffle of trainin8 for all Trustees irKludI￿ a comprehensive indurnic47 programme for new Trustees.
which Indude5 orientstion day5 to learn mtye about Dartifi8ton's work and opportunitses to meet staff.
Trusiees are en£ouraied totake part in vlenisand courses that are ￿ durirytheyear 4t Dartin8ton.
Manwtnt
Responsitxlity for day-l0￿Y Man48•￿￿1 matters and the implementstth of policy 15 ddegated to the
Directorate.
r Peopl¢
We r￿thaVe been al)le t05t4rton thisioumtyof chan8e and tran￿1￿￿ without ihe passbn. dedicaiion and
ellergy of our staff ènd re8ulai ¥dunteers. l)Jr peO￿e are kry to our succe55. De5Pte muth ￿￿￿tsinty our stsff
and volunteers have continued to to exem￿ary stsndard* The Trustees are Incredib￿ proud of their work
and what thty have in this peft￿ of transition. ft is Iwth th•"rcommitment and wlliTrEness to embrnce
new ways of working thot we have begun to Sh￿ our approach. wothin8 cc4lattyJratively with our man¥
tommunltiÉsto createa ne*strat￿aTr￿ future1￿ Dartinson.
14

vth3IS￿narUivTNlYU&0n IW. OXGT.X71A&WdXB 2e 15 1fj'.OTLaAI(vrc *oI0 212 P 16Mg
The Dartington Hall Trust
I￿r ¢4mmltment tod5%￿
Dartington stri¥es to bean equal opsw)rtufii¢ies•nployer. Al of ￿lItieS3nd wocesse5 are desi8ned to be
irKIu5ive to all.
r people. byeender
All employee5, Includinz irlterim con5ullants in the Senior manaÈemeni te*
Male
Male %
Feffl4le
Femalt %
TTUStees
Serbior Mana8ement Team
All othei employees
Toble obo¥ep￿Se￿Ied￿s0t23 Februory 2025
83%
iv
59
59
Érnployrnent of pe4rte with disabilfjlles
Dartin8ton 8ives fvll and fair conyderatim to emptyment from ￿*0￿e with disabilities.
bearing in rnind their particular aptsiudes and ab"lities. In the event of ￿rnber$ of staff bEtomifi8 disabled.
every effort ￿ made to ensure that th•r employment Dartinoon ccffitinues and that appropriate tr•inin8
15 arran8ed.
Payand benefits
We are deter1nln￿ to provide a good employee package and ensure th•t ill wr skff. iewdlÈss of hours.
receive the sarne Ec4)d terms of ernploymert.
We prowde a range of opportunttie5 forour people to rneet and share information, inClud￿g staff meetin8s.
emails and the intraneL These hdp us thère news. our successes. our dl5oppointm￿ts and how well we ale
performing finar1oal￿.
DartIn￿on'$ 203 regular ¥dunteers gave rnore than 9.2￿ hours of their time durin8 ihe period 12023.. 307
15,700 houTsI wilh commitment and dedication. We in¥0￿e people localty. nationalty and internationallv
in our work. Volunteer5 5UPPOrt Canseivation and woodland actTwty. events. festivals. films. gardenin8 and
corrimunlty proj'ects. administratNewr•rk. Deer Park historic￿ rese4rch•nd ￿3￿1￿8 days. asststingthe
ruming ol Sthwnacher ColleEe •$ wdl as promoting Dartington ￿viSitOr
Furdra15i
The Trust belie¥e5 in maintaining the highest Princi￿eS when lundraisin8. In the period. we aimed to do this
by maknn¥ sufe all our fundrai&n8 a(tiwtie5 were compliant with re8ulat(WY 5tarKl¥rds intluding attheremceto
the8uidance set out bythe(haritie5Art.
TheTrust policie5 and prxtresguatd a8aintt'.
unre¥son•ble ihtriisK)n tyi a pwson'sprrvary.
unrea50nably peryrtent approaches for the purpose of sofKttinR or oihenlyse procuring money or
other woperty on behalf of the chartty..
cin8 undue pressure on a person tO8lNEmoney or otherwokvty
The Tru5tee5 are pleased to rwte that we recer¥ed no complaims at￿J1 our fvndrat5inK acli¥ities dwng the
year.
Th•hk you toour supporters
The Dartinoon Hall Trust are Ératefd for all lewes recei¥e. We are fortunate to have the 5LlPPOrt of 50
ny genefou5 Charitable or8anisations. in5r¢tution5 indiv¢du415. Many of Il*se support us ¢yn a regular
basisor phaseth•rEifts overseveralyeats. Also. thankY￿1¢al9f￿Jr5UmMersch0oI Patrons whosupFQrted
the 2024 D•rtim8¢on Chornl Fest.
15

Ref OXGT-XII•J.42X828￿￿ 2025 154s￿l W(urc •OlD Tr P ITI49
The Dartington Hall Trust
Public benefft
When 5hapin8 our ubierltbEs arhj planninB Our aCtiwtie5. 'the Trustees have conydered the Char
Commission's guidance on publK benefit and fee thar81￿ as fequifed by the Charities 2011. Dartin8ton
relie5 on voluntary income. grants, fee5 alld charge5. •low with profits m4de by our tradin8 •¢tyvitie5 and
investment returnsio co¥erour ontoinK operatingcosts.
Wew¥ec0Th5hderationto howaccessiwe DWon istothose on I￿orne5when con%derin¢fees, charges
and con¢ession& The estate as a whole Is attessible to all. Ymth mafty publi£ fotstpèths. The wider
nefits of the Trust. its e5tare and artivities are open io all wless the course relaie5 to a particular group
(such as¢hildren. in which case itwould beopen io all thildrenl. rfthere isa 8eo8raphical restrittion, it ￿ never
5rnaller than South West England. We work ¥rith loc415chod5. offer IxJrsarie5 for our education proEramrnes
and reduced prKe seatin8 for concessions andyoung people attyjr evwis. Each year. we expand the fan8eof
learning resources made 3vail3ble online- enat4in8 rnore people to bonÈfrt from them. both in the VK Ind
world%wde. We also publish ourarthive and colknton catalogue onli￿. broadenin¢ their reach.
ststementof Tru￿**￿ Re5PWgbdilie5
The Trustees (who are also diredors of The Dartington Hal Trust for the purposes of cofiwany lawl are
responsible for preparin8 the Trustees. Annual Report lindud￿l the Strate8K Wrt) and the fiNn¢ial
statements in accordarKe wth applKable lawarKI ceKulaiion.
Cornparhylaw require5 theTnJstee5 to pryiarefmancial statementsforeath thnancwlvear. Underthatlaw the
trustees have prepared the finanoal statements in accordance Llnrted Kingdom Accounting Standards,
tomprisin8 FRS 102 The Finanoal Reportin8 stsndafd applica￿* in the UK and Rtyublic of Ireland". and
applicable (Llnited Kingdcffi Generally Accepted Accounting PracrKel- Under cory>•ny law the Tru5tee5
must n¢X approve the financial statements unless they are satisfied that they gNe a true and fair v*w of the
state vf the affair5 of the Iharitable campany and the8r(Trup and ofthe i￿ornIng re50wres and 4ppIic4tion of
resources. including the income and exFendiiure. of the chafltable conwaThy and the4roup forthat perK*d. In
preparin¢thesÈhnantial ststements, the TrnstÈes are re4illTed to..
select 5111talJe accounting policie5 and then apptythem con5i5tentty:
observe the methods and prinoples in the state￿nI ol Recommended Practice.. AccountiNd and
Reporting by ChafitTes120191.,
make judgrrents estimatesih•t Ire wsonablE•nd pwdEnt.'
stste whetherap￿ICab1e UK AccountinEStandard5. compriyng FRS 102. havebeen followed. gjbjectto
ar)v material departures di￿10$ed and exF43ined in financial statements.. and
prepare the finanoal 5tstements on the goi￿ ¢ontern b4515 unless it is in•ppropYiateto presurnet￿t
the charitable comparhy will conbnue in bus1r￿.
The Tru5tee5 are resPQn5ible for keepin8 adequ•¢e •ccounting record5 that •re sufficient to show and e¥plain
the charitaNe companrfs transartions and dixlose *ith reasonable accuracy at any time the financial pDsIti
of the charitable company and the and enable them to Ènsure that the finanEial 5taternent5 comply with
the Cornpanies Act 2ffl6. They are also respoTrgble for safeguarding the assets ol the charitable £ompa4)v and
the group and hen£e I¢Y tskin8 feasonable tteps for the prev￿tth and 4JetertK+n of fraud and other
irreiularths.
The Trustee5 are responyble for the fflaintenance and integrity of ihe tharitable company's websire.
Le8islation in the United Kingdom governing the prepar•tyon dissem1rt•ts￿ of financial staterents may
differ frorn legislation in othwjuri5dictK)n>
So far asthe TrLJ5tees ore •ware=
there is no rdevant audrf( information ofwhsch thecoffwn￿5 •Jdrf(orsare u￿ware,. and
the Tru5tee5 haveta*en all the steps that ihey¢)J8ht to havetaken as a Trustee In order io make
Ihemsdvesawaie of any relevantaudit informoticn andtoe5tab1i5hthatthecornpan￿saUd1tors
are aware of that iTrformation.
16

Ref. DXGT.%7kI￿x8 20 trkn*2025 15.46".07 GIITIUTC +010 2r2 P 18149
The Dartington Hall Trust
Dlreaorf Indemnities
As permitted by theArticlesolAssociation. the r*reo*y$h•vetheb￿efft of an indemrmtywlith is a qualifwn8
third-party indernnitv prowsion as defined by Sert1￿ 234 of the Companies Ad 20(￿. The indemnity was in
lorcethroughout the lastffinancial yearandcufrentlyremaiftsso. Thecompanyalso purchased an¢Ymaintained
throughout the f￿ancY41 year DlrertOr￿ and Officer5. liobility insurantt in respert tsf [ts￿f and it5 Dirertor5.
The report of theTrustee$. which indudesthe Slvotwc Aeporton p4es4 to 9. *4sapproved bythe Trustee$
on 2￿ November 2025.
Lord Da*id Tr￿p￿Tr
Direaor ￿Tn￿lee
28 November 2025
17

Viril￿1&9￿31uIeT1Urrfa¢l￿J￿Re￿. DXGT-XIW2XB 28 15..46￿? GIITILITC 40102n P 19149
The Dartington Hall Trust
Indwwjdentaythtorfs reptyt
Indtp¢ndent AUdI￿S Rewt tothe Mernbe￿ ofThe DartinIt￿ H￿T￿St
Opinion
Independent Audlti¢s Repryt to th¢ Mtmbas dThe HaMTrurt
Opini4
We have authted thefinaroal St￿e￿￿nts ofThe Dortington Hal Tru# lthe'p8rent£haritable company'l aTrJ
it5 subsi¢Jiaries Ithe'yfyjp'l lorthe 18-mMth period ended 28 February 2025 whith compr¢sethe
Consolidated Statement of finaniial A¢tivrties lincludiN4 the income and expenditureaccountl. the
Conx)lidated and Charity Balance Sheets. the Consdidated Ststement of C•sh Aow5 4rKI notes to the fihancial
statements. indudin&518rAfiunt arcwntin8p01ic￿S. The financial reportln8 framework that has been applied
in their preparatK)n is ap￿1¢able law and United ￿nEdoM Accounting St4ndards. includiry FinanEial RepDrtift8
Standard 102 The Finantiol Rewrting Stoftdordt¥pplkoble fft the UKondRepvbltcof Irelund Iunited KinEdom
GenerallyAccepted Accounting Prarticel-
In our opinion the financvdl 5tatements=
give a true and fair￿eWolthe State of theyow'$ and P•Tent chariiabkcompanrfs affairsas at 2B
February 2025. and of the8roup's inCL￿1n8 resources and applKation Of re5our¢es. ifi¢luding its
incorne and expenditure. forthe l&month period thefi ended.
have properfypreporeil in arcordancewith United King￿M General￿ACCePted Accounting
Pradiie. a￿1
have been prepared in att￿&￿e with the requirements ofthe Comwies Act 2(￿76.
We c¢￿dUtted our audit in accordancewith Intemaiional Standards on Auditing IUKI IISAS IUKII and applKable
law. l)Jr responsibilrtie5 under th05e5tanthrd5 arelurtherde5(ribed in the auditor responsibilitieslor the
a￿lt of the finan¢i41 statements settKJn of our report. We are independent of the group and parent charitable
company accordancewith the eth￿al requrefflentsthat are relevanttoourauditofthefinancial statements
in the UK. includin8 the FRC'S Ethical SEandard. and we have hjlfilled our othere1h￿al TÈsponsibilitiÈs IN
accordance vAth these requirwnents. We beIi￿ethatthe •Jtht e¥thr*ewe ha* obtained is sufficient and
amropriate to prowde a basis for our opinion.
Mitertal ￿n￿rtaIntyre1•tQ￿I￿￿wY¢O￿¢zrn
we draw attention to note I"Preparètion of the Annual report and finanoal statements on a goin8concern
ba5i5- in the finanri41staterner￿. whith ind*ates thattheGroup coniintsestocompkne ihe implementation
of the r*w strategy.
As stated in note l. these e￿tsU(0￿dltth% otherfflatt￿ as setlorth in note l. indicate
that 3 material Uncertaintye￿StS thai may casi &Enificant dDubt on the Group's abilityto ￿tinUe 45 4 goinB
concem. Our opinion 15 not rn0(￿rIed IA resp¢¢tof this matt¥.
In auditing the financial st•ternents. havecontluded that the Trustees. use of thegthn8 concern basis of
accountin8 in the preparatwn of ihe finanoal 5tstemerbts 15 appropriate.
Our respOn￿bilItIeS and the ￿5r￿￿b￿1tle5 of theTrustees ￿ respertto 8OMI8 Concern aredescribÈd in the
relevant sections of thi5 rep(rt-
Otherlnftym•tkni
The other information comprises the inforniat￿n irKSuded in the trustees Annuol Report, other than the
financial statement5 and our •uditorfs rewt thereon. ThetruMees are resPOn￿bIe for the other
information Contained within the Annual Report. opinw on the financial 5tstement5 does not cover the
other informatiw ond. exttpt to the extent Otherwise expli¢tdy #ated ih our reptyt we do not express anv
forrn of 4Murance ¢on¢lusion thereon. ourresponwts.lity isto read the other information aTrJ. in doin¥ so.
£￿sider whether the otherinformabon is mateTially intong5tent with the finarbcial StateM￿ts or our
knowledge obtained wt the course of the audit or oihewse appear5 10 be maierially misst3ted. If we identify
Such material inconsisienciesor appO￿TrI m•t*i4 misst•temtnts. Wea￿ Tequ*ed io determine vknether this

y1th￿L￿gI￿)iW*Ir￿Su￿Kffi W DxGT.X/PAY￿2X0 28 202S 1S..46."07&ATIUTC 40&02fLpaw49
The Dartlngton Hall Trust
Independent audttoes report
give5 ri5eto i m•teri•l misst•tement in the fin•nc4151•temeiitsww￿seI￿e$. If. based on the work we have
performed. we cO￿lUde that there is a rnateri￿ misstatement ofthi50ther infrfflwtion. ￿ are rewired to
report that fart.
We have nothingto rem in this fe8ard.
Opinlons on othv matter5 Prn5ryl￿d bytheCtyTrpaniesAcl 2￿5
In our opinion. based on the wort undertaken in ihe course of thtiudit..
the information gwen in thetrustees. report lincorporatTni the strategic report and the director5.
report) for the fina￿tal ￿0d for whith the finorKial 5tsteffents •re is ¢ohSlStent with the
ffinancial statements,. and
the strètew¢ re￿￿ and the thrertrxs. rep)rt have been prepared in accordance ￿th ap￿ICable legal
requirefflents.
Manews on %*•th we are rryared to report byexcepl
In the light of the knowledge and understanding of the Krwp and parent charitsble cornpany aTrLS it5
environment Obtair￿ irb the cour5È of the alKliL we have not idth)tsr￿ Mat￿la1 ftmsstatements in the
strateglc report and the directors. reFort.
We have [￿th￿£ to repcrt in re5pert ofthefollo*ir¥ matter5 in ret4tim to whith the fympanies Act 2006
qui￿$ us to report to you if, in our O￿n￿)n'.
adequate and suificieni accounting records have not been kety by the parent charitable company* or
raurns adequate for ouraydit have not been rece&ved from branches not visited by us.. or
the parent charitablecompany's finanoal $￿t￿nts8re r&)1 in agrttrrent vAth the •ccountinB
record5 and retuTns; or
certain disc1(￿re5 of direclors. remuneration 5Petified by are made.. or
we have not receNed all the inforrnatiw and eX￿a￿attOrl5 ￿ require for our audit.
Opinion other m*ttersprestiibed bythe Offiee lor studett￿ Act¢￿￿ts Olrectoon
In our opinion, fvnds from whatever Source administered bythe parent chantawecornpfiyfor the specific
purposes havebeen applied io those purr*)sesand managed in a(Crffdar￿ Iwth rdevaTht legi￿at￿)n.
We have nothing to rerM)rt in respett of ihefollowng matterin rdatioTr to whith the Office fDrStudent5'
Accwnts Dirtttion reguiies usto reptrrt to you if. in our opinKJn theparent charitable companvs grant and
fee inccme. as disclosed in the notesto the financwl StsteM￿t5. has been materiolly rnb55¢4ted.
RespMsibilitie5 0ltrurtrt5
s explained morefull¥ in the Statement of Trustees. Responskn"liiies. Ihe trustees (who are also the direuors
of the parentch•rit¥We coffip4rbY forthe purposes of ¢i)mpafiy lawl are ￿Pon￿bIe forthe prepafètion of the
financial staiements and for being Satisf￿ thai they &i¥e a true and fairview. and for such internal control as
thetruste*s deteimine is nÈtessary to enable the preparatH)n of finantial statements thatare free from
material misststemenL whether d￿10 fraud or error.
In preparingthefinanoal ststernentx the trustees ¥e TesponytAe for455essim8 thEgroup and parent
charitsble company's ability io continueas a concern. disc￿51Th& as applicable, matiers related to going
concern and using the goin&corKem ba515 of accounting unless tI￿t￿ste25 wther iniend tt> liquidate the
8roup or parent charitable c(¥npany or to ceaseoperations crf havem realistic èhematNe bjt to do so.
Audilor respons*itstiesfr# the *dit ol thtfifiancl￿ smements
We have been ap￿nted auditor urKlerthe Comp•AiesAct 2(K)6 repjrt ￿ accord￿e￿th thi*Att.
Our objectivesare toobtsin rea￿a￿e assurance about ¥thether the financial ststements 45 a whole are free
from Material misstatement. Yfythether due to fraud or error. and to issue an au¢fitorfs report that includes our
opini￿. Rea50naNe assuran￿ is a hi8h level of assurance but is not a Iuaraniee thai an audit c¢)nducted in
accordarKe With IUS IUKI wll always detert a material misstatementwhen it exists. Misstatements can arise
from fraud or error and are cOn￿dered rnaterkal if. individually or in ihe a￿relate, they could rea50nabty be
expecied to infiuenre thEecorwJfflK deosionsof u5erstoken on theb•y5 01 the5efinonciJl $14temeh
19

riua1&￿atut¢ Tr•saty¢nllef DXGT-X7htr¥2XB28Pkn 2ty15 15461)I wrc •010 ¥2 P ?IM9
The Dartington Hall Trust
Indepenknt audito¢s¥eport
Irregularit￿. irKludin8froud. are inSt￿ceS of rLw<iffiplk1nce IM and reEuLlt￿ns. We de51En
proredures in line wth our reSpl￿￿ts11iIle$. tyJtlI￿ above.to detett material misststements in respertof
Ir￿Su1aritie5. induding fraud.
The procedures undertaken in orderto Klentify and a55e55 r￿￿$ of material misststement in re5pecl of
irregularities, including fraud and non<ompliance with laws and tegulations. are as lollows=
We have con>dwed the nature oftr* fftdustry and settty. ¢tyitrol envinift*nt and buwess
performance..
We have Con￿der￿ the resulis of ¢>Jr enquiries of mana8eff*niand the Board ab£￿t iheirowTh
identification and asse5srnent of the risk of irregulariiie5-
For any matters idenrthed we hoyeobiained and rewe**d the parent Charitab￿ company'5
documentation oltheif policies and pr￿￿ule$ rdatin8 to..
Identifyin& e¥aluatinE and complwnE wih laws and regulations *thethertheywere aw•re of
any instarKes of n￿-COmplIance.'
Detetting and responding tothe risk ofhud and thetherthty h•ve k￿e*e of att￿1.
suspeded or alleged fraud.. and
The internal tohtrobs established tr4 miti8ate the risks of fraLKI or MfvcomF4rdnce with laws
and re8ulations.
We haveconsidered the matters dtscussed amon8the auot en8a8ement ieam reiardinihow and
where fraud mi8ht ¢)ctur in thÈhnancial statements ènd potenbal indicators olfraud.
As a re5vIt of these PTo¢eduTeS, we haveconsidered the opportunrti* and incentives that may e￿$t ￿thIn ihe
LVEanisath?n for fraud and Klwtified the hvdhest area of risk to be in relation ￿ inc(xne recoinitK)n, wth a
partirular risk in relation to ￿￿10d-end cut off. In common With all audits under ISAS IUKI we arealso required
to perform specific procedure5 to respmd to the risk gf ffl4nagen￿t overTKIe.
We a150 1)btained afi undetstandiw ofthe leyl a)d rel￿atOryfrarne￿￿ths thattheyoup and parent
chantable company operate5 in. Iocu5int on prow$￿tin5 of those l•ws and regulations t￿t had a dire¢teffert
¢n the determination ol material amtyJnts and disdosures in the financial statements. The key laws and
regulation5 we considered in this context induded thecharities SORP IFRS 1021- Ac£ounting and Reporting bv
Charities and the Financial Reporting S￿ndard applicable in the UK and Republic of Ireland IFRS 1021. In
addibon. we hove considered provisi¢)ns of other laws and re8ulaticffis that do not have a direct effett on the
financial Stalery￿n1s but con¥)liancewith whith moy befundaffental tothe grovp's and parent charitable
tompanrfs ability to operate orto a¥￿d a material penalty. These indude data protection re8ulaiion5. health
safety regulations. li¢ensin8 actsand empknymert lewslation.
A$ 3 resuh of performln8 the abO¥eWo￿dUres. have cui-off of rwenue reco8nitiOn as a audlt matter
reloted tothe potential riskol fr4ud. Our Pr￿ed￿re$ to ￿SpOnd to r￿kS Klwlifie(l inclwled the fdlowing:
Documentin8 and validatin8 the cMtr4Y environment for income and debtors and carrying out
walkthfou8h te5tin&
Undertaknn8 5ubstantbve Sarnpl￿￿sed teStinuorpr￿f in total calculatt￿30n all m4ter+al revenue
streams to ensure re￿nve has been recognised appropriately and accurate￿."
Qm5iderin8 manual inc£¥nejoumals as partof our work on fra￿1 risks documented above..
Reviewing thefinanrial Statern￿l di5do5ure5 and te5tin8tO 5UPPQrtiTrg documentstiDrb'
Enquiring of rnanagerrent concvning 4Ctu41 and potential libgation daims..
Perfermin8 analytKal yocedures to identify any unLtstsal cv unexpeaed Telaiinships that may
indicate risks of material fflisstaternent.
Reading rninvtes of Meetings of those thorged Mrith governance." and
In addressin8 the risk ol fraud thiou8h mana8ement override olcontrols. tesiin8theappropr¥ateTresS
ofjournal entries and other adjustrnents. a55e5yThgw￿theTthe judgements mode in making
accttLthtint estimates are indKative of a potentkal bias evaluating the ￿￿rte$s r•ti¢male of any
significanttransa(ti0Ths that are ￿￿￿JaI0To￿5Ide the Dornial course of business.
These procedweswerecon5idered at both the parent thaiitsble companyand subs¥&ary level a5 akyroprwte.
20

Viftri*Swn&1weTr￿$aCt￿JftAef. OXGT-X7ktr92XB28 ￿ 202S 15..4&117GMTIVTC 40)D2ttP22149
The Dartington Hall Trust
Independent auditorfs repwl
We also communicated ielevant laws and regthtions and pothrtkal fraud risks to all engagement team
member5 and rernained alut to any inth't•tionsoffraud or n(¥FcorrWv4Thce with law5 and regulotion5
throughout the audit.
Our audit procedures wefe de&gned to respond to risks of material misstatement in the financial ststements.
recogni￿n8th￿l the risk of not detecting a rn•ierial mi5Statement due tofraud 15 hi8herthan the risk of not
det￿11￿8 one resulting from an error. asliaud mayinvdve deliberatÈ£on¢ealment by. for exarnple, forgery,
misrepre5entatlOn5 or throu8h collusion. There are inherent limitation5 in the •udit procedyTe5 perforrned aThd
tho further removed non-com￿lance with lawsand re¢vlations is Irom ihe eventsand iran￿rtionS refiected in
the fin•n¢itil 5tstements. the le￿ likety Yh*ukl become3￿are of IL
Afurther de5CriPtion of <)ur respongbilitiesfor the èudit t>f the fir￿n¢la1 statements is Iwated on the Financi¥l
Reportin8 Council's website at.. wrnw.frc.
audr(orsres
ngbilifies. This de5UiPtion forms part of our
Auditi)rs' Report.
Use of47ur rewt
This report 15 rnade 501ety to the eh•11t•b￿ ¢tymponTrKs mernbers. 0$ • body. In •ttOfd•n¢e wrth thapter 3 of
Part 16 of the Compan￿5 AU 21YJ6. To the fullest extent permitted by law. we do not accept or assurne
resw)nskn'lity to artyone otherthan the charitable Cl￿PaThY and tl* Ch￿table ¢omp¥rfs M￿ber$I$* body.
for Our audit work, for thi5 report. or forthe opnionswe have forrned.
CraiE Suifi¥an (Seniw Ststutory￿dItor1
for and on tehalf of
Bishop FleminKAudit Linmted
Plyrnouth
28 November 2025
21

R¢f. DXGT.X7kts92X82a Trkn2O25 154$1J7 L41Tiufc +OID ¥2 P2￿9
The Dartington Hall Trust
Consolidated statement of fin￿0a1 adi¥itse5 lor the period to 28 February 2025
linduding the irKome andexpenditureaccoJnt)
Llnrestv￿e&
Re5trKt
70ts1
Periodto
Total
Yearto
Perh￿ to
Putod to
W0212015
WQ21202S
311LI912023
IR(ome frorrL
215
IrKomefrom charir3ble3ai￿
359
24
IKomefrom tradryartNtrS
InvestTh￿Thf irKon
702
orher Income
715
715
272
Toial iTh¢ome
846
E4>enditure on:
EMwdrtu￿on ¢haritat4eartMties
12.387
Ewditvteon l￿ding artiwries
EMppndi¢ureon ra151n8fund5
Closeddefined benefrt
schemems¢
4ZI
Total E¥end*ure
jnslllosses
17
79
Nel
IV12
7.442
11581
Pletlnromel lewpenrfitwe
ot1￿1 re¢o¢ntsed11055esl:
AcLuarialBainslllosse5jon defined
beneftt
ngon stheme
l Netm¢wemeffitiTrlvnd5
23
256
256
36
937 j
Transfefs beiween fund5
Total fund5
rfor*ard
l.C62
27.S67
32.6fy1
Total fund5arried foThMvd
19
370
ia4
27
The ststement of fth4n¢ial •¢tivities MKludes •ll gaihs and losses recoEnised in the year. IrKome and
expenditure relates to continuing and disconiinued attry1t￿$. a5 analysed on page 23.
The notes on pages 26t046f￿rn part 01t￿￿nan￿aI Stste￿t*
22

Trans￿kn Ref. OXGT.XT**W2Xe 28kn 15".4fj."OT GMT(VTe •OID 2r2 P24149
The Dartington Hall Trust
Consolidated ststement of finanoal aclivltles for the period to 28 Felyuary 2025 It￿￿T￿ed5
Analysis of cofitinuing and (ffi5continued artivitses
Perlod to Z
2025
Total
tsoDation5 and IEW*5
lrtornèfrom ¢hariiableattr¥
12
215
66
6.324
IrKomefrom tr•Jin8
Inve5trnent
Other incorne
715
715
Total In(offle
Expenditu¥e oTh£haritatleactI￿1le5
Expenditu￿ on tradin8ackn￿l￿s
losed del￿ned t*rtr¢F￿%A?n 5chEmQCO
38
13
5230
568
Total Expendkure
inslllossesl on irt¥e5tments
13
Ne¢
11112
7.442
7.442
Year to31L
activi
las**stsied)
Totsl
rknTrat￿nSand le83ues
Inc¢mefrim ch3rit*eaar**bes
6,502
In¢tYnelram tr￿￿1¥¢￿￿$
InVestM￿ti￿arne
5.320
n2
Other in¢ome
272
272
Expenditureoncharira￿eJ£tith1ie5
Expenditureontradiry_acb
ExpendItu￿On(aISnSIthds
Closed defined benefrt penygn5cheme¢osL
l Totsl Expe_ndltWE
ITr51(lo￿s) on Inves￿nts
Netln¢•rt*IleX￿fidrtWeI
5503
421
411
IV12
158
The notes on pa8es Z6 to46fomi ofthese financial ￿¥tements.

Rrf OxGT.xiM&￿X￿ I5".16￿7 NITwfc 4010 212PYJ149
The Dartington Hall Trust
cort￿11dated and Charity Balance Sheets as at 28 February 2025
Grou
28 Wuary
Z025
Cha
28 F¢￿￿ry
2025
31Atrpst
20
FlxedA5*ts:
TèwblEa5set5
11.026
Herita8eassets
IrtVe5rmer*ts
io
550
611
5SO
621
LL
19
Invesrments insub%diary.undert*JryF_
l A55etsheld for resale
TOtsifthedaS￿ts
li
345
12
133
770
133
CuFrenta5sets
Stock
14
114
331
30
ors
662
494
3.457
20¢
3.013
Total¢urrEnt ￿ets
Creditors.. •n¢YJhtstslliry¥Ouewithin o
ear
I P4•t ¢uiventos%ets
l Tot•1 as*ets *ss¢wr*rtUab
Creditor5." amoyAtsfallin8 dutafter
year
3537
16
1.281
4.952
sio} |
Ju
1.4151
J45
34￿97
17
837
18
13401
14Èt0ssetsexd￿dITh￿.pen$￿￿ ￿bIrtY
Delinedt*nefii pen¥ort Scheme ITability
106
23
1524}
{7151
17151
Totsinrfassrtf
I7￿67
The •fihtCh•ii¢r.
ReArf(thd in(ont*fvnd5
134
134
621
Unresrrinedfunds
Revaluètithi rese
PensKTrn teserye
l Total ufftresiritiedfvfids
7ot*lcharitylw
171$
28.370
26.265
17
These finèKièl slaternentsw￿arVtyed b¢theBoarddTfttstseson 2P Ncwembw 2025atsJ were their beha
Lord D*ldTrfesm
Birtered fiurnber: 01485510
The note50n WEe$ 26 to46form ￿ ofthe5efinancialststemeiits.
24

Twisxtion Ref. OXGT.XW92X820 tr&y*2Q25 15..46117 (UTC ￿10 2r2 p 26149
The Dartington Hall Trust
Consolldated statement of cash Ilows forthe wi*xl to 28 February 2025
Perwto
W02IZ025
Ye•rto
WW2023
Nei cash used in operatin¥•￿I￿t
796
IntereM aThJ rentsfrom in¥esim
714
Purchèse of fiyed a￿et$
ProceEd5from Sale offTxed•WIS
Proreedsfrorn 5aleof herita8ea55ets
Proceed5fr¢rn5aleef iThvwmen15
647
ZB6
io
Proteeds frorn 5aleof a55ets hddfotresale
630
14etca5h prn¥idedty invethg artv¥it*S
55
)5
Cashllowlr4)Mfittart
Loan principal draw
avmentson kianfatslity
Captal
Ilet cashlrt
1318
1751
Incath a¢wJ ush
I Cash3rQcash
Cash •ndr4sh e4UiW41•ntsattr*eAdofth• rnWllw.pvh)d
kn15inthe
J249
vivalentsait
Oft￿ ￿￿rtI
3.457
4.423
25

Ref. DXGT.XII•￿2X8 28 15.46S)T Gk•Tiufc +010 112 P J149
The Dartington Hall Trust
Notesto the flnantial statements
Accounting policies
8a515 of accountini
These financial statements have been prepored in CLxnpliance and Rewrtini by tharthes..
StatemeTht tsf Re£ommended PractKeapplicabletocharitses weparing theirfinancial statementsin accordance
th the Fmancial ReForting Standard appliCa￿e in the UK and RepublK of IrdaThl IFR51021- ICharitie5 SORP
IFR510211. the Financial Reporting stsndard a￿￿able in the UK and Rewblic of Ireland IFR51021 and the
Compan*sAct 2006.
The Dartington Hall Trust meets ihe defin1kn￿ of a wblic ber￿fil enmy uTrJer FRS102. Assets and liabilities
are initiallyrecognised at historKal c05tor transartion value ￿￿￿$50ther¥rt5es￿le￿In the relevant accounting
policy note[51.
Preparation ol the Annual rewt Ind financial st•ternents on wncem b￿15
The Consolidated and Charityfinancial statements have been prepared on a ￿lAg corKem basrs.
The Trust has reported a swplus of £681k for Ehe period to 28 February 2025 lyearto 31 August 2023.. deficit
of É4,691kl. Net Cash outflow Irtyn operating 3ctiTr1it￿ was £12,122k12023.. £1.796kl and after investing
aciivities but before finanon8 acil¥it￿$ was £5.567k 12023.. £891kl vthich iThdude5 £4.210k 12023. É926kl
receipts frorn asset sales. Cash at bank asat 28 February 2025 amtyjnted 10 £208k131 A¥ust 2023.. £3.45ThI.
Followin8 a revaluation OF the investment property portfolio. net assets It 28 Febrvory 2025 were £28,504k
12023.. £27,567kl. reflertsng the strength of the balance sheet. notwrthstanding a number of years where the
Trust has operated at a defiol
Following the 4PFK)intrnentofthenew interim management ieamdwinithegJmff*r of 2023. the focus in the
period has been on iM￿•￿ntIng a plan whereby the Trust operate on o cash positNe boy5. to ill¢)w ittt>
Iiivest in the estste and further fvlfil itstharilab￿ objeal￿5.
This has i￿￿Jded cornp1ei￿n of ihe sale of rnn<ore esta￿ knd. other non<ore property and surplus art..
Y8nifi¢4nt operating cost reduct￿n$.. disposal of the Researth in Practice l-RiVI tsJsine5S to another charity
nd the closure ol Schumather College." re¥iewin8 (xcyp•ncy au055 the estate. red￿ing the footprint of the
Dartington administiative act[￿lIeS. attlacling ienants for farmland and Unused space on the estate
Sdentthini first class operotors for Tru5f5 CaterinK•nd hoswiityf•tilitie>
The siBnififant Costs of restruttuftng have resulted in a net cash oufflow for the period. The Trustees are
managin8 the r￿k of breaching bank rowiants through ffi8oing di5CU55K)ns its banker5 to amwd
¢ovenants where net*S5ary to feflert the timin8 of the restrurturin8 process and obtainin8 additional loan
finance secured by way of fixed and floatin8iharges over cértaifi assetsof tht Trust.
The next pha5eottheplan focu5e5 tsn In¢￿aSIng furthw the utilisation tsfthÈ land arKI buildings on theestate.
working ￿th partnefs as apwopriate. to enhance the abilty to genwate incremental reveThue5 and coniinue
to attra￿￿￿¢¢)r5 to the hi#Ori¢ exate.
The Trust *a5 prepared income and expwditure and cash flow forecasts to December 2026 which show that
theT￿￿t can continue to operoteand ply itsdebts a5 thEyl•ll du
The Trustees have taken Into conyderation the cwsidernble 5treneth of the baiirtt sheet and the fact that
histaric boDk Va￿￿5 undÈrstste the true value of the asset base. Whilst there are no current ￿anS to realise
gnificant fundsvia asset sales. the T￿Slee$in theK•5sess￿nI ofthe 1¢Y￿cOncern 5tstU5 of theTrust. have
tsken iThto wnsider4tllXl Ihe ability todo so.
After c￿yderatiOn of the Trusvs and cash-flow lorecasts. the Trustees are satisfied that the Trust ￿11
be able to continue to settle Its liabilities as they fall due for a pe￿d of at least 12 months from the date of
siEn1￿ t￿Sef1￿￿1•1 statements.
26

RLV. OXGT.x￿g2XB 28 F*w2025 15."WIL￿1UTc ￿￿02r2 P 28f49
The Dartington Hall Trust
Nrtestothefinan(4al Statements
On thE b•515 described 41)ove. the Trustees have conduded that they have a reasonable eXp￿￿tiOn that the
Trnst has adequate resources to continue in operational existÈnce for the lofeseeabkfuture. Forthis reason.
they continye to adoptthe ityng cwcem basi5 in preparing the ffiTrar•oal staternents. However. the Trustees
acknowled8e that there is still risk invd¥ed as they compkte the impkmentation of the new strète8V,
Particularly con5idefin8 the current econornK circumstarKe5 and their impart on the h05pitslity sector. This
inevitably means that there is the e￿sth￿Ce of a mètwial uncertaintyoNv the Tfust's at¥lrty to Continue as
80inE toncem.
Companystaths
The Charity 15 a compan¥ IirNted by waramee and 15 reEiStered ￿ Englar￿_ The rewllered office of the eniity
is The Elmhirst Centre. Dartington Hall. Totnes. Devon. TQ9 6EL In the event ol the Charity beini woynd up.
the liabilmi in respert of the8uaranlee is limrted to Él per member of the Charity-
Group flnanoal rtaternw
Con501idated financial staiemtrits have been in respe¢t of the ¢haritaty￿ ¢¢)rnp•ny #nd Its
subsidiarie5. on a line by line basi> AU inira group transactions and balances have been elinNnated on
consolidation.
In a<cord4nre with 5ertion 408 of the ComwMe5Art 2LM)6. • sewr•te 5tsternent oéfin•nck41 irtimtyes forthe
charitat4e company has not been presented.
The printipal accountin8 politres. whKh been ippl*d Consisten￿V thro4hout thè 8roup companiE5 in
theyear. are5et Iyjt bebw.
resources and delerred Inc4%ne
VoluThtary into￿ in¢lvdint doTh•tions, ￿ft5. legacies and grants 15 recoEn15ed where there is entitlement.
rec*pt is probable and ihe amouni can be measured with yJffKient reliat¥lity. ￿ch ir*ome Is only iettri£ted
delerred when:
The donor h45 ifflposed ti)ndibon5 wluth mustben*t beforethe Charity has unconditional
eTrtitlemenis or
The donoi specifiesit MU￿ onlybe Ltsed in fvwre a¢￿￿ting period>
Intome fron) tharitable auiwties. whrfh includes income rec•ved under contratt or wheTe entitlÈmeftt io
grani lundin8 is subje£t to specific performance corvJitK)ns. is re£o8nised as earned a5 the Telated good5 or
services are pr￿Ided. This iTrcryr￿ i5treatedasdeferred when itis received in ad¥arKeof the attl￿tytowh￿h
it relates.
Intryne from lov￿rnent Iraiits 15 retoenised in the per•)d in whKh it becOff￿$ recei¥at4e.
The Trust receives the benefit of carried by ¥rAurfeers. the value of whi¢h is r￿t indLNJed in the
financial ststements. Gift5 in kind are Included a5 income in the finarKial statements where the donated
goodslservices can be reliab￿ valued and benefit our£haritsbSe objÈ£tives.
In¢ornelrom tradiftiècti￿tleS ￿pIeSents1ht •mounts501d durinzthe year. exelu5Ne of value added tax. and
the revenue is recognised in the financial statements when the goods are sold to the tustomer. Retail sales
are made in the United KI￿d0M. Rents rec*v•l* ¥e ac¢wnted • acrn¥15 basi5 in¥estrneTht
income is recognised on a receivable bays.
T•thii)11
DartinEton. as a registered charity. is eyernpt taxation on irKome falling wihin settion 505 of the Taxe$
A¢t 1988 Or sertion 256 of the TaxatK)n of (h•rge¥ble G4in5 kt 1992 to the extent that thi5 is applied to its
charIta￿e objectives. No rax char8e has wisen in its tradin8 SU￿"dorieS be£ause ol th•r policy of 8iftin8
tathble profrts to the parent charity each year. D•rtin8ton h45 no 5iffAl•r exemption frorn value added tax.
Irrecoverable Value added tax is induded in the cost of those rtems io which it rdaies. All tsth2r intorne and
expEn5es•re net Of value addedt•x.
27

vim0￿￿}￿AtL¥er1brtSaeIthl Rel. OXGT.X7KIWXB 26Nty 2025 1546•TC4ATiiifc •Ql D ¥kP2W49
The Dartington Hall Trust
Notesto the fthancial ststements
Re5aurtes eynded
Ewendrture is recoEnised oTrre the￿ i% ¥ Wl or ¢onttructrve obliiation to make a payment to a third partv.
"it is prob3blethat Sett￿meTht YMII be required and the amount of theobfigation can be measured reliably.
expendiiure isaccwntedforoll anaccwa15baysand has been da55thed under4pwopfiatecategoryheadin8S.
Cow of raising funds comprises the costs of attrattini w￿ntary towher with investr￿nt
mana8erneni.
Costs OfCharitab￿ inchjde core e¥w￿rt￿e¥￿wred inyJpFort of owtharitslAe obtrective5
and include both dirert and 511PPOrtCOSt5.
Governance costsindudeth05e incurred inthegovunanceofthecharrtyand arÈprimarilyassociated
with constitutional and ststutory reguirements.
Svpport costs include function5 that assist work of the chaiTty but do direc￿ undertake
eharitsble acttvities. Support costs1￿1￿definav￿e. informab0ntech￿1ogy.IelecomrnU￿Catl0n costs.
human resource5. payroll. health and safety and wurtty tosts. aThJ have been allocated to activity
costoteEones on a bays£ony5tent the use of resources.
Where costs cannot bedirecyy attributed to wrticulirhe4din85.they have beofi apportK)ned io actNitiesoTh
an appropriate basis.
Terminaiiots beneffts
Payff*nts made to a*ployees when eryloyment is temiinathd are reco¢nised as an expense
immediatelv.
Flxed assets
Tangib￿ fixed assets are S￿ed at historic purchase co# ￿$S aCcumu￿ted depreCiat￿Tr. The cost of tangible
fixed assets ￿ their wrch•se ¢ort, to8ether ￿ any costs attritvjtsble to bfin&n8 the asset to rts workirrf
condition for its intended use. Propvty utili5ed by thech•rity'5 4ftivrtie5 ￿ 5LlPPOrtof its tharftabletsbjethves
15 Stated at tost in the linanckal ststement> No depreciation has been charged on those propert*s there the
lfves of the properbes are consdwed to be 50 long and re*dual values high erbouth toensure that there ts no
significant depreciation. An annual review takes place to e5tsbli5h any perfflanent diminution in the value of
these properties. This treatmÈnt may be a departure from the requirements of the Companies 2LNJ6
cofiterning depreciation of fi¥ed a55ets. However. these propertie5 are rK*t hdd lor consumption but for
iThVeSt￿nt and the Trustees Com￿￿*￿ that syrtematic annual depreckation would be inappropriate. The
accounting policy adopted 15 therefore rece55ary for the tinancial statÈmÈnts to yve a true and fair view.
Oeprtciation or amortisation is OTh￿ one of the many factors reflerted in the property valuat￿$ and the
whith rn￿hl otherwisehave been shtswn tannot be separately identsfied or4uantified.
Fixed asset improvement costs are captalised * cost where the expenditure pro¥ide5 enhanced revenue
8eneratlOn OT reduces future £osts. other expendTture incurred in repairing and maintaining our land and
bulldin85 is re(o¢nised in thefin0￿]aI ststerrentsas it Is IIKurred.
Expenditure on fixed asset imwovements. ￿afit and equirMnenL mu&(al ￿$truments. computer equipmeni
and motor vehicles costin¢over £S.LIM is capiialised.
A I￿1 yeorfs depfetiati¢)n is ¢harged IN the vear of a£tyisitr)n artd M charge i* made in the year of disposal.
Depreciation is pfowded io ￿lIe off ihe mst of these a55ets ty eiwal ann￿1 ￿$talMentS over their useful
Ives. asfdltsw5'.
Freehold property. fixed asset imwovemeTrts
Phnt and equiprnefit
MU￿clI instruments
Computer equipment
Motorvehith5
ssets wdef cOnStr￿tion
S- Ioyears
4-40ye¥s
4 ye¥rs
4 years
4-Syears
Not depreciated until asset is
complete
Ffeehold land Is not deweciated.
28

V¥tLKgkilg￿l￿￿Tr8lIÈRe¢ljn Rèl. DXGT-XThtsWkX8 28 ))25 15..46.07G14TILITC •O}D 2r2 pJts149
The Dartington Hall Trust
Not•5 ty the flnandal 5tat•m•nts
Herita4e •5sets
.ThE Trust hold5 a coi*tiMof IwnitU￿ and works ol art wthith"refittts DartiWOlI'S heritage as a place of
experiment and provBles context forourcurreni programme of actmiies. The Cdlecrion ha5 been a55embled
o¥ermanyyear53nd cofflpri5esbooks. furniture. ¢etamic5. pa￿tIl￿and0thÉr wwks ofartssuth assculpture.
The Dartington Collethon is dassthed as a heritage asset and is ¥alued In ihe financial statements at co￿.
Expenditure required to preserve w prevent further detÈrioratioA of Indi￿d￿31 Collection items is reco8nised
in the finanoal ststementsasit is incuryed.
Stodt
siocks which are goods hekl for resale are valwl at the Wer olfom arKI reall￿ble vahje after rn•ki
Ilue allow•nce forob501Ete and dow-rMvw)8 iiems. Cost is ddennined U￿￿8 ihe wei8hted average method.
Debto
Trade and other debtors are reco8nised at the settlement affwjuni due after èny trade discount offered.
Prepayments are valued at the amwnt prepaid net of any trade distounts due. Where trnde andlor other
debtor arrangements represent a financing transartion. the transattion 15 measured at the present v*ue of
fvture receipts di4counted ata market rateol intefest.
Cash at b*nkafid irt h*d
Cash at bank aad in hand indudes cash ond short turn hi8hty liquid inve5tmentswith a Short mJturty ofthreÈ
months or lessfrom the dateof acquisition or¢)penin¢ of ihedepogt or5inikraccount.
All listed ifiyestments afeststedatmarkeivalueatthe balan￿ shed dath. Investments in group tsndertakings
are stated at C05t less any 1fflpa1rm￿t b5ses.
In¥o5tm•ntpropvli
Investment properties are included at viluation on •n existin8 use basis. ValuatKtins a￿ carried out on a
annual basis. Those ère done either by woleSs￿nalIf qualthed sur¥eyors ertemal to the Trust or by desktop
review5 by rnana8ernent of the Trust. For 2025, rnona8ernent undertook a desktop wew which had regard
to external valuations carried by RICS re8iStered valuers on behalf of Triodos aTrJ UKAL No. 3 between
February and (ktober 2024.
The Trustees from time to time approve the disp￿1 of Certa￿ residential and commercial assds. The assds
ve accordingtyc1o55ified as Assets held lor Resale.
edltors and prwyw5
Creditors and provisi￿$ are recoBni5ed there the charity ha5 • FYe5ent obl￿•tH)n resultiw from a past event
that will probably result in the iransler ol funds to a third party the arnount due io settle the obli8ation can
be rnea5ured ore5timated rd&atrJy. Creditors and provi￿rA￿S￿re norrnamy rec0gni&edatth￿T settlement arnwnt
after allown8 for any iradedisctyJntsdue.
Renta15 applicable to operating leases where subsiantialty all of the benefits and risks of ownership remain
%wth the lessor are char8ed to the 5taterr*Tht ol Financiaf A£1￿11￿(-S0FA"} on a stra¥ht-line basss over the
perlod of the lease.
Pensh)n costs
Defined benefit p•nsiQn 5th•n
Pension assdsand liabilities*erecorded in linewith FRS102.*7th xheme¥aluationsupdated byiThJependent
actuariesatthe balance sheet date. The fflost recent fvll actuoriol valuotKbfb was p￿pared to 6 Awl 2022.
FRS102 measure5 the Yalue of pension assets and liabilit￿ at the balan£e sheet dètÈ and detemiihÈs the
beneffts ac£rned in the year and the interest on assets and liakn"litie> Thi5 Scheme. which is closed to r*e
entrants and to future accrual. provKle5 beneffits b•sed tsn fin41 pen5iunaWe salary. The operatirvd ¢o#s of the
scheme and of pmxling benefits are apporboned to e4)onditure headiry in the SOF
29

vi￿31s￿Da1w￿TI￿ts￿￿0￿ Rer. oXGr.x7M￿xO28vkn 15."4G.I)T Lwrivrc 4OID ￿ P?1M9
The Dartington Hall Trust
Notests7the f￿•n¢la1 SLTtements
he￿ a55ets ore measured at fair wdlue at the balance SI￿ dote. kheme lia&lities Jre measured on On
attuarial ba%s at the balance shtttdate and disctyJnted èt a raie equivalent to the current rate of return on a
higlpqu41ity corporate bond of eouivalefit temi tothe st￿rne li•biSthes.
The resulting defined benefit assd orliabilityis presented Separate￿On ihefaceofthebalancesheet. Oefined
benefit assets are rero8ni5ed to the Extent that they are consKlered rectsverable thrw8h reduced
Contributions in the futu￿ orthrough re(￿d$froM the xheme.
Actuarial gain5Ind1055e5 ariynvfr￿ eXperi￿read1V5¢rnents1n￿ chan8e5 inhrtuariala$5umption5. together
wilh the retum on plan assets. less amounts iThduded in r*t interesL are charged or credited to other
ie¢o8nised gains or losses. These an￿lJnts are dtsdosed IA the SOFA as attuarial 8ainslosses on defined
benefit pension schemes.
oaned untsibution pensiLm schemE
Pensiw costs in respect of the defined contrknuuon schemearethar¢ed to the SOFA in the wric4J for which
they ère payable. Such costs are allocatsd to attivitses between funds accordln8to an empws normal
job function.
EsWm*¢$ and jud8•nen
Preparation of the financi•l 5tsterrentsrequires thedirertorsto make si￿￿Kant e5timate5and Judge￿nts. The
areasinthefinancial ￿atements where theseestimatesand J￿eMentS have been madeir*lude".
revitr￿Ing the inveniories hdd at the yeaT en￿ in particular of 5k)w mo￿n@ or ¢)bst)lete 5t(xk. where
pm1s1onsa￿ re£wired..
deternwninEthe Valuab￿satt￿￿tstle io in¥erntwcwbes:
deciding the eypetted useful life ol taryble fixed assets. The wynisatson's eAFerience i% c0Th￿de￿d
togetherwth genefallyèc¢epted bertpractKewthw e5tsblthnEU5eéullife¥nd theappropriate ba5i50n
whKh to preparethe financial si*ements-
determiningv4hether tan&blefiMed assetsare yjbjettto iMpam￿t. and
cakulatin8thedeficit3riswvdonthedefinedbenefftper￿nXhÉmQwhIchlnm)￿￿￿wfitènt*ImaIx)rt.
Fund atcoumlni
Unre$trl¢ted funds a￿ to further the ¢harii•tyt obJertive$ It the di5¢retson of the Trustees 4nd include
de&8nated fvnds set èSK1e for spedfit purposes as declded by the Trullee5. fte5trfcted lund5 are used for
5petifit wrposes as Spe£rf￿ bytho donor Or bythe nature of the appeal.
Donations and legacies
Restrthd
Totsl
Totsi
Periodto
Peipjdto
Year
Ye•Tto
Yeaf to
3gW2021
2810212025
2810212025
2810212025
JVMI2023
3￿12013
Donatiws
72
120
192
65
148
LeEac
23
29
Total
215
iQ6
30

Vi{tIi31S￿naI￿le Traly￿rI￿)N Ref. OxGT.x7Mfy92X828Nw￿2s 154fj07 wIL￿c 40102QP32Mg
The Dartington Hall Trust
Note5to the fina￿14 sl•tement5
Income from charitable activities
Petp>d 10
Period
2810¥202S
Ve4rt•
Yea¥ to
Vthvto
ju081￿￿
£'otyJ
ZBiOii1025
3VWOIJ
Grnnt income
114
127
229
273
Partner irmme
Coniptt incor
forseNce5
969
Course fees
983
245
lJ18
Acknisstons
sy
Rents
Chants￿2 events
and hospitality
Other
L38
138
100
Totsi
52
Income from trading activities
Periodto
Yearto
10¥2025
1 3U081102J
phalftv
Totsi
Ttytsi
Costs
13,7461
11.4841
152301
15.S031
Z5D
183
Investment and other income
Perndtr>
10212Q25
311OVIOZ3
lThtere5t on cashat bank
16
Rerrtal incor
696
Gain on saleof investsxerfs
12
702
Otherlncoffle
Estate Utilit￿ incomE
223
Otherintome
49
r4)t¥l*JtherlrK•me
Is
272
Tthal
974
Rentsl income exdwjesany rents recty¥ttl from the Chèrrfstrading 5ubsth"aries.
31

V￿¢￿4s￿O8lu￿ Ref. DxGT.X￿s2XB2o F4J¥3025 15..46n7G•ATILITC •OtrD2f2 p3Y49
The Dartington Hall Trust
14ote5tDthe fManri•l st•t•rnents
Expenditure
pport
Totsi
Yearto
Pericoj io
Pet￿dI0
ZWWZV25
Period io
28iOS1025
2010212025
3110812023
Expenditureon rai>nÉ fvnds
EX￿ndit￿reon ch8riiaWe a¢bfft5-
9S9
LearnjnÉ
prO￿rty
TOtsieKpenditu￿0NchaIlla1￿e
athities
4.332
6.838
Expe￿Iture0￿tr4din
actmties
Costof closed definEd benefit
pensx)n scheTr
Toral
421
19
Indi￿¢1 ¢osrs are direciiy allocated to charittNe •dMbes where poss*le. unal*ated support
Costs are then apportioned the bay5 of • pror•Ytion of tharitalle costs incurred.
riod to
2810212025
Year to
3V0812023
Supptyt(05ts
Finan
67
532
HUn￿n Resour￿s& Payrcl
473
293
Informat￿)nT*£h[X)IQ8v
Central MaTha8ernent
349
464
GovÈmarKe
252
Total
Central mana8ement supportcosts include £616kof insLY4rKec0515and £297kof trrrecoveratAeVATPre*igL￿Y
allo£ated direcdy to charitabje acti¥it￿$.
Trustees. remuneration
The charityTTU5tee5 were not paid and did not rEteive anyremuneration Orot￿ btnefitsfrorn employment
with ihe Trust or it5 subsidiary company in the year12023". £nill. Trustees incurred of pockei expenses lor
travel. Sub￿Stence and accomnv)tslion in the and wtre reimbutsed asfollows..
Perltylto
2810212025
PEADd to
Y*orto
3110111013
Ythirto
JUW202J
Totsi
32

Ref. oXGT.X7M&￿XB 28 IS..46."07 L¥ATIUTC +010 2r2PJW9
The Dartington Hall Trust
Notsstothe lIn￿￿11 swements
. Group staff costs
perh￿ to
W02n02S
Ve¥to
aW12023
Wa8e5and s*ries
Sooal secwty costs
71
513
247
osiofc105ed defi￿￿ t**fit scwie
421
Totsl
Redundanry and loss of office payrrthts 01 £189k 12023.. £2811 are in¢luded within the wales and salaries
amwTht.
The number ofemFAoyees whose emolvmentsamounted io o¥er £W.CrfX) in the period 4weas follthws..
Ptriod 10
Year to
JVIW2023
Ftsmbtr
2810212025
E60.OC(S- E69.999
É?O,LW- E79.999
É80.(J))- E
.999
£90.CQO- É99.999
EifiJ.000- É109.999
ÉLIO.Q))- É119.999
In the penod to 28 February 2025. Aty mefflber5 of staff Èarnin8 in excess of £60.WO12023'. ￿e) participated
in the defined bonefit pensiL¥) scheme.
Pensim contribtitions of £2* 12023: £30kl *Yre rthje in retstion tts membws of staff eaming in exce55 of
£60.OCQ.
Key rnanagemenl intlude5 the Trustees Inooe of whom are remunerated) and the mErnber5 01 the Senior
mana8emeni ieam. as detri￿ on page 47. The compengtion paid ar Payab￿ to kty marsa8ement is shown
below..
Pewvjd to
28102n025
Y￿rt9
3Vu#12023
Trfal
Charity kry manapwt
Tradin8key manawient
TotsiGmupK¢Y
mana8emert
16
S2
3S
Redundancy and IDSS oloffi£e costs of£nd12023.. £28kl tor key M￿age￿￿tare1nduded in rernfftr•t￿n for
serwces above.
33

Rof. DXGf.%7F4WXB 21 15."46..QT(wfiuTC 40) D 2r2 P3%149
The Dartington Hall Trust
Notesto thellnandal staternwts
The average rnonthtyT number oferyknyees was..
Pèritidto
2VOZI2025
Number
Y•ar•nded
311IW1013
Flumbor
7Trdin6 ￿t￿litIeS
Ch3ritable attivit
216
Toial
214
364
Net (expenditure) / income
etlewnthtur*ll
tsstatod
aftertharyin
Gro
PErhJdt
28102IZ025
Ye•r¢o
Yearto
JVoii202J
rwo
folbwini-
Avditors.
remuneratic
Avditfees
VAY&fa
athfisorysei¥i¢es
Opetabnglease
si
31
li
io
Land and b￿l￿41Th
PepreciatK47 of
owned assets
L0551 (g3inl on
dispo$3lorè￿ts
F￿*d assets
525
378
65
13
Herit38e assets
A55etsforres
io
io

Iri￿￿￿￿a1UI￿ TTBrI5ad￿n Rd. DXGY-X7W.92XB 28trkn4 2D25 15.46¥J7 CWTIUTC +0102r2PX14
The Dartlngton Hall Trust
Notes tothe ststemeDts
loa Charity: Tangible assets
At31AWZOZJ
Cost
16
A¢cvmulaied de
I Il*tbo0k¥al￿•
14.0791
9.356
6Zi
11.516
Openin8 net affKJLmi
Addltions
621
233
162
?L
466
Transfers- cost
Transfers-¥CumuL?teddeprwa
reciation thar
efc
427
181
1262
oyn
TrEtbvrAL•rntwnt
550
At I#F•bNarylO?S
C05t
Accumvlaredde
retK)t
14.3411
15,lJ81
S￿n
I.IB9
550
7MIO
lob Group.. Tangible assets
Tatrl
E'ooo
AI JI Aw8y#2023
Cost
621
umulatedde
L.2L
16.0111
11.647
1ffi70
621
At 21 Fobru•ry_ZOts
Openjn¥n2t bDD*arnouryt
A&Jition5
670
621
Diwsals
Translers-cost
Transler5- aCC￿￿Ul￿ted
427
427
Depr£cRtion ¢harEefot period
Iiei bo•k4mwrtt
5.671
1281
550
7.502
At28 Felv
Cost
Accum￿teddEpret1atm￿1
l aosltynet bookamount
17971
Sh71
15.1031
1281
550
7.502
Freehow knd and build￿85 with • c¥ryry vJluE of ￿.2rn are pledged a5 5ttuntyfor the youp'5 PEn5ion fuTrJ
liab4￿.

WirWal&DI)ture TrJiisatyw Rgf. oXGT.X7K￿92%8 28 P&yrf2D25 15".4fv01GuT￿c +010 2r2 P37M9
The Dartington Hall Trust
Nots5to the 5taternw
IOC Further information on the Trusvs collertion of heritage assets
Furnitureandworksofartheldas part0f1heDart￿ltOn¢ti1be¢b￿jrt<c￿￿eTed htrrtw¥ssetsaMlJreindwJed
inthe frn•noal strt￿ts at hi5torKal c05t.
Da￿￿8¢￿ ¢ol¢¢t*
The Trust hdds a cdleCt￿n of furniture and *Drks of art refietts Dartington as a ￿aCe of experimeni
and p¥ovides context for ourturrent programme of adivitie5. The Collertion h•$ been a55embled over rn•ny
years3nd comprise5 books. furniture. ceramK5. PaiThtin8sand other works of arts such as sculpture.
Presevvatitih m••yment
Oartington maintainsan electronic calaloqueofallrten￿In the collecti￿ and all conservation work perfomied
on thecollection is Tecwded inthi5 r*4108ue. Item50f thEccllectN)Tr4re displayed throughoutThe Dartington
Hall estate and on loan to 8alleries to wden access fvrther.
li
Charity and Group Investments
nty." Investment I
nd rtaki
rties
At 31 August 2023
Tran￿erfrOffl Freehokl landand builjin
T￿nSfer￿roM 3ssetsf¢v re5a
423
Aewdluationll¥
irmentl
3.883
13451
Al 28 FobNary1025
to￿(01 c05t
At 31 August 2023
I At28Febry•ry 2015
2ffi22
345
s.ilo
345
Investment property is induded ￿ the financial ￿atements at valuation. based on existing Use. Vilu•tion5 as
t 28 February 2025 have been assessed and 5UPPOrted byre¥iew5 undertaken by RICS reEi5tered valuefs.
Investmeth yopefties Ymth a total orryirvd Yalue of£18.4m ae pkd8ed as se¢wity for 8rourfs pe￿0￿ fund
liability1£3.4ml andthegroup s bank k)èn51£15.Iml.
28102115
Ch4rityart4 ¢t¢￿-.
l¢westmenr propw

tuJaisi￿al￿￿T￿S￿￿￿ A8f. OXGT.X71￿92X6 M)25 15"IGITrXC4IT(UTC 4010 2r2P38149
The Dartington Hall Trust
Note5tothe 5tatemenlS
12
Assets held for resale
Groy
Is
JiIWz3
Jilo8121
£'ooo
At 31 August 2023
Tr3n5ferltollfrom ifNeanwts
Transfer fromtan8ibleassus
770
423
753
753
133
133
L7
17
3471
13471
16aOI
I At28F•bNa 2025
133
770
Assets held lorresale with • carrwnAvalueof £133kareplEdBed asseuwrtyfarthegrDurfsbank loan
Gro
31108121
rth)o
02125
2810212S
311OV23
Openin883laKe
19
19
133
156
13
Subsldlary undertaklngs
Subsidi¥ry undertakinos are sknbii bel¢￿.
NaturEof contr4A
Dartihetoh Trading Company ￿miled
(The)
Retail. knomnN)dation & I￿01¢Y owned byThe Oartingron Hall
¢aterin#
TrLtst-IOO% of ordinary shales
Whollyowned byThE Dartington H•ll
Trts5t-IOO% of ordinary shares
DartlngtoTh Hall Pen￿on Tru5tee5 Limited
CrypcKateTru5te
Schumacher College Foundotion
gjpport Schumod
Colle8e
Whojlyrontrolbed. Majority of
trustees are either Trustees or Senior
Persomel ol The Dartin8ton Hall
Trust
Dartington Accornrn<¥dation and
Caierin8 Service5 Lirnited
Dormant
Vlhotlyowned byThe Dartin8ton Hall
Tru5t.l(XMof oydinary Shares.
ThewhollyownedtradingsubsKliaiiesareall inCor￿rated in the Uniied Theseenterpri5es payall tsxable
profrtsto the Chwity byBift I￿.
Darbngton ACcOn￿Odati￿ and Caierifig knmited (eased to trade on 31 August 2021 at which date the
trade. assets and lia￿litie$WeretraThSferfed to DartiTroon TradinK Company Limited.
Dartington Tradin8 Company Limrted {Com￿nY Number.. 012183781 continue5 to rnn the tradin¢ artNitie5 on
DartinEton Estateand has artivity in the fjder P￿$$ Centre arKI IN The Courtyard.
Schumachtrcollege Fwndation Icompony Number." 2654911 tharity Nurrthr". 10579151. whdstno l0ngeratt￿efy
supportMKg Schumacher Cd*, intends to cOnt￿￿e to worn￿e ¢xganise schemes to prowde education lor
the benefit of the put￿10
37

T¢n$￿il￿ Ref DXGT.XTIAWXB 28 ￿•￿￿)2$ 15."46QTL*fwTC +0) 0 2r2p3Y49
The Dartington Hall Trust
Not¢5to the fminck415tatEmvnts
Dartinlton Hall P￿￿￿n TrusteE5 knif¢td Ictmnpany Nwnl*r". 069S78081 is also a wholly owned sub5idlary. It is
currentlydormant and has netasset50f £l.The ￿"TeCtorS ofthe Dartingtorb Hall Pertsion Trustees Limited ale listed
on pa8e 48. The regi5teied offi<e of the subs￿*8ry¢OmPa￿1tS isihe sameasthe Dartington Trust and is stated on
p•Ee47.
A SL#wmary of the sub5idlaries' t￿r￿131 51atements is Shown below.
Sthumather
C¢le8¢
Twathnc CompamT
•nd Catedrf
Se￿ill￿rted
T¢tal
1025
Turno¥er
36S
Otheriniume
Totalincome
370
Totalco
Profitlllossl ￿trI￿d
subsldlary
The assets and liabilrtiè50f
thE subs￿lariesWere".
15.2711
Il4821
6,753
Totsi assets
292
6711
1.997
Total net a55et5
A88regato tharn Ca￿￿1•￿1
19921
292
671
292
671
71
ThÈ Darbno
Cortywfty
Lirrrited
5thumather
Serykes
F•¥nd•ib
Tot•1
Yearer4ed31A*JSt 2023
Tvrno¥er
131
her jncLwne
Total income
134
17
T¢xal Cl￿t$
ProfitllLoss1 ret•1[￿d.
16.2031
11,0361
17.2J91
The assetsand Iiablitiesoi
the svbsidi3fieswere'.
Totalas5ets
292
450
11.6881
IL6971
l Total netassets
293
292
L026
andfuew¥es
291
441
016

vilth18l&wJiurfyT¢￿tsaJj￿ Rd. DXGT-X7klb.92XB 28 N￿￿25 15".46•1 GMTiufc 4010 2Q P41W49
The Dartington Hall Trust
Notesto thefmandal slètemeDts
14 Stock
(￿r
31108123
15
31108123
Reta4ir
aol
Raw materials
30
Troi
114
15
Debtors
Charf
3VO8121
28IOZIZ5
281WZ5
311W2y
Trade dEbto
215
150
245
121
Amount5due aroup wdertakM*5
Otherdetstvr5
119
153
123
lis
enis arAI acuued *xome
670
294
258
l Totsl
16
Credltors: amounts falling due within one year
Grou
IS
Char
Gr￿P
3VIx123
Ch•
JiIOW23
2$
Tradeuedit<Ns
71
523
243
Amountsth¥edto
oup urnderrakn
Taxationand social 5ecuti
16
03
129
Other ueditors
87
377
130
Bankl¢ans
77
77
73
73
229
182
2,938
2.824
l Tot•1
1Tr7Z
4952
Oeferred incorne Tncludes fees te¢eNed ￿ advante of a course takin8 place. Partner grants. contratt income
•nd irants when the income 15 subjett to perforrnarKe related CO￿11￿0￿$ and events arKI when these
condition5 h3¥e rk)t been met w1thinthÈa£U￿ftknn1 year.
Released
rred
18 1015
Fees receNed In athance
257
PartnerGrantsreceNed inadvan¢e
1442
CoDtracLinccme
103
ntal i￿￿￿e
l T4)1•1
39

Vi[kn￿￿1￿#￿W7I￿lwckn R81. DXGT.Xlh•M2Xg 28 15.464)7 C44TIUTC +O)D 2r2 P411&9
The Dartlngton Hall Trust
Notestothe Ionafidal siaternents
17
Creditors: amounts falling due after one year
Gn
3yOI123
18102125
iW25
Jiiwij
8ank kon5
| T4t•l
5.151
5.151
s.￿1
s,Isi
1837
1837
Bank loans due aftef oneyear are repayable asfdk)w5.'
Grr
iOV25
28￿￿25
JIrnIZ3
aiioy2a
8D
2-5 years
After S
295
295
395
395
4.772
5.151
2.362
2.362
5.151
The bank loan loriiinal principal 01 £3m' ¢Jvtstandiniamount at 28 February £2.8ml. prowded by Triodos 8ank
LIK Ltd, is se¢ured by fixed charges over properties valued at £5_6m. Interest #t¢rues at 3.5% above base rate
per annum. The loan 15 repayable by monthly instalments on a reduc1￿ balarKe ￿515 ovei a 2￿year period,
¢tynmenonG A)Jul¥ 2022.
On 3 February 202S the Trust entered intg an agreement with a wholly owned subsidiary of UK N4ricultural
F*)ance Limited to b)rrow a gross orTh)unt of £4.Im repayab￿ in 3 years. The first tranche, comprising a net
loan ol £1.85rn plus prepaid interest of £579k was drawn down in February 2025. Interest Is poyable at6.49%
above base rate per anrstsm. The loan is secured try fixed thar￿ over woperties v*ued at E13.5m and
floatiri8 thafge overall the assets of the charity.
Provisions for liabilitie5
Grou
25
Char
wo
Gmup
Ju￿/23
31109113
Pro￿￿Onfort￿sts ineer**rt•)n vffjth IF*tbweor
schuma(￿ CfAI
Total
19
Analysis of group net assets between funds
fvnd5
fund5
d5
GwoupfvThl baknnEeJ4tl8Fe￿V*V10ISIWV0*n￿_trl.
TanBible assets
Assetsfor ￿531e
133
134
In¥estments
26
Netcurrentassers andlrdt•1it￿5faMl￿EdUÈWiIIukn￿eI*ar
due afteroneyear
69
491
LongterTh
15241
28504
370

VliN￿1&r￿tur9 R•f. DXGT.XP1tr92XB 26 194&1)7 GMTIUTC 4010 2r2 P 12119
The Dartington Hall Trust
19 Analysis of group net assets between funds
Totsl
fvTrds
fvThd5
Char*fvnd baknre$4t2S Febru•ry102S trf.
Tangibleas5ets
Assetsfof re$3le
io
133
IJJ
In¥estments
26
19
Nett4¥rentasstts and liaknlitjes1all￿I duetmhhin
abiliieslallir¥ due afteroneye¥
ieim
ioi
134
135
514
134
28582
ZO Group statement of funds
GaiR5and
Tr•nsf*s
Z8 FebNary
2023
Umtestrlctyd Fur
General lynd
I￿381)
3.559
E45
964
Ow¢n*ted fvnds:
Xed35￿ lund
77
diarylund
*edluThds
3.985
15.2301
15
I.CO5
T•t•l desi
10.117
4985
ftevaluativn fund
Penstyjn re5eNe
n5
524
fvnds
2Ay
i7￿1)
16711
2B.370
Restrktedfw
Symmer kh￿1
zzi
222
8aM Cineffja
75
Esmee Faithirn
Gyahi-cabin
Wilson L4•-listed
buildin85
S¢hum¥herQ4lege
SchumachErCdlege
Fowdati
35
199
15
15
441
370
71
Gardens
27
36
47
16
Centenaryfund
ElmErJnt-re5torin
p￿titi￿s
ioj
Other
l Total rtstrthdfv￿S
Torallw
671
41

itsASrfpia¢weTrart￿￿ Rgf. OXGT.X7WffjXB 28 Nryl th 1S."464)7 LWTIUTC •O)D2Q P4JI49
The Dartington Hall Trust
Notestothe kn•*i•l rt•tements
Desl8nated fund5
Fl*ed a￿ets fvnd.. Thi5 rewesents the net book value of i)ur land and buildin8s fixed assets in the
Dartin8ton estste and the Dartirwon colleuv)n. The Trusiees ￿Ve desiEnoted thi5 fund to represent the
proportion of the Dartington unrestricted funds hot ieadily trJnsferablÈ into tssh and. as a consequence.
unableto be spentonour Cngo￿£ chaMableacb¥it￿. ￿-Year￿ansfeTrepreSerttsthe movemwt invaltse
of these a55ets the year.
dl•ry l￿d. This fvnd represents the re5eryes held in Dartin8ton'5 substhrycornpanies ind istherefwe
notaccessibletofvnd DartinKton'séay-to4ayactivitiEs.AttheeThlofthE PEwiod, the reservesofthesubsidiary
tompan*swere in deficitsoa rranslerfrorn unrestrKted fvnd5 wasmade lo bringthe 5thidiary fund balan
to nil.
Rev4u*tioti hmd: This fund represents the unrealised EaiD in ¥alJe on ow invest￿t assets.
21 Chaiity statement of funds
The statementof funds for the Charity is the sameasthetable for the Group ljl August 2023.. after￿moving
the Sub51di3ry Fund in desi￿ated funds of £240k and 5thurnather Cdlege FouTrdaiion restricted fund5 of
£441kl.
22 Cash flow inforniation for the Group
Yoar to
311OBIZOZ3
2810212025
181 Re¢tyYilbt•n of Trrtlncon￿l1txPendItWeltOrnt
(ash ouffiowfrDrnopeW*inÉ¥¢ti￿f*&.
Net lrfomellex￿nd((Ure] fOrthe￿￿d
Depreciatson
525
IPrOlitl￿QS￿￿dI5￿5aI of fMedas5ets
(Profitl on th5posalolfveritsge355ets
(prof￿)￿O$s￿￿￿￿x)SaI olassrts hdd lor resa
IRevaSuation1[Impairn￿ThI of inVe￿mentS
2￿0￿ xh•ne retur￿(CO￿nbUljul) in excessof
h3r8eto SOFA
Ilncrea5elldEcrea5e Insto¢*s
Decreasellincreasel in detytors
Increa5elldeueasel in crethors
576
4S6
io
143
217
36Z
959
Increase in prov.i5ion5
340
42

VKiii*ISy￿￿￿fyTrn1l￿￿m Rel. DXGT.XTU￿92xB2U ￿35 15".16I>7 GMT(urc DY￿P 44149
The Dartington Hall Trust
Yeario
1810212025
3110112023
Ibl Re￿￿{matI￿n olnEtA5h ftowtti nEt
hjndsand
Oecrea* in ¢a5h and cash
4*alent5inthè
Bank Loans
- Loanp.rincipal
Ca 'tal re
ments
429
iii
75
MMrn•rtlTr Mtfunds*MldebthbthEye•r
5.$67)
et lunds•t the b
of thè
547
E.438
M*td*￿ attho end ofthereportw¥.puwd
547
Ji
IB Febrnary
2023
Cash
Analsryls of netfund5Ipddebt
Cash at bartkand inharvj
Bartk Lfjans
2.910
2.318
51281
l Totsl
547
71
23
Defined benefft pension scheme liablllty
Pons1￿ wmnwtmenls
S¢*•hold¢r Pen￿on Stheme
The charity operates a defined contritsjtion pension s(hvne. The of the Yheme •re held separately
from those of tht company ih an independendy administered fund. The pension cost thèr¢e represents
tontributims payable by the £oftwny to the fund and amounted to £179k for the period 12023.. £247kl.
Contributions iotalling £nil were OLrtstsnding at the peno&end12023.. £19kl. The￿ were no amounts prepaKI
aithe period end.
Dartihgton Hall Ertaie Penslon Fund
Dartington oper4te5 a funded pension sthEme pl￿di￿ ber￿fitS based final salary. Thetotal contributions
made for the period ended 28 February 2025 **re £208k 12023.. £57kl of whtth vnployerfs contr￿ut1￿5
totalled £208k12023.. £57kl and ery¥loyees' contritroJtionstotalled £nil12023.. £Trill.
The most ￿te￿￿lIattUaria1yaluatiOn Of￿￿pensi￿ fundwas prepared to6 April 2022and showed a deficlt
arnounting to £214k. Thi5 15 currently bein8 madÈ good via 3 S-year retovery Oan which commenced in
2022123.
This defined benefit pension scheme was dosed to new members on l October 21))6 andio futwe xcrual
5 October 2010. Legal and General and Ae8on ad as Inve￿Ment maAa8efS to the Pension Trusiees.
43

vimaSiwiur8Tr*wxl￿nR9f. OXGT.X7￿92XS 28 Pkna12S 1S..4&O7C4ff (UTC 4010 2r2 P45149
The Dartington Hall Trust
N1ts5to the th•r￿la1 ststsments
Thefinan¢ialassumptH)ns Ltsed by theactuarytocalculate ihe stherne liabilities wderFR5102were asfdlow5'.
Yeaw to
281OZ125
3VW2023
CPI Inflation
Rote of inuease in
ityyeatfollLN7ngdithgJrt
The￿fter
15-5.
11-2A
rxscwntTrteforlkibdtrS
The raie of i￿￿e8$e in pensiM paymtht are subiert toi*fferent r•tes •sfolltyw.'
Pension accrued upto 5 April 1997 (tranche Il". discretv)nary increase5
Pensions accrued bet*en 6 Aw"11997 and 4 April 2CI)6 Ilran£he 21-. CPI capped at S.0%
Pen￿¢￿$ attrued frorn 6April 2Q)6 Itranthe 31.. CPI capped at 2.5%
Mortality table..
Ye¥
2023
MalE5
Fema￿5
Retirin8 in 20￿ar5
Malps
22
Z&9
The value of assets in thes(heme ￿ the wesent value011k￿lknIle5 atthe sheet datewere..
Bond5
LDI funds
933
Annyity pdKte5
Cash
455
Netcurrent a55et$
293
213
Totsim*keiv•l*ofa55ets
13J56
Present valuèof stheme IK*Alit*s
14
71
SZ4
715
The pension fund hokls a fixed ￿31 charEe. secured on tharitoble and inve5trrent properbesvalued at £8.Im.
The pen￿OTr fund does not occupy any WOpe￿ or use anyother asset&

rr*itsathW A￿. DXGT.X￿92xB28 Pkn 2025 15..4&￿7 GUTIVTC +010 2r2 P W49
The Dartington Hall Trust
Notes tothe P￿•￿01 statements
The amounts charyed to Stateffl￿ of In(c•ne & Ewndilure is •$f¢lty*s:
Perl¢4 10
WW25
Year to
JIM1￿11
É'oty)
Past cost
thWnI5t￿tlVeeX1¢￿5es
Interè# co
In*reA Micome
11,0341
17021
27
In addition to the costs èbjwè. the Trusi incvrred<lirett co5tsof f295k12023.. £221kl forthe admini5tr4tvTh of
the pension scheme. Therefote. total tosts of tlo*ed defined benefit peTr5￿n stherne were £568k12022..
£42111.
Yeai to
WQ2125
Totalaayar*l
256
14061
Total attuarfal iakn Ilk651
Tot•l¢umuLiti¥eactu•rfal Iw recog￿ ￿￿&FAat I
Sewernber
Tot31cumULiti¥eactuanal105s￿r￿Sed mSOFAat 31
*Iuiu5t
15J751
I4￿69>
Mowementln defidl In the wfjo&.
Yearto
Jllini2023
£'oN)
28102125
Deficit inschemeat ihe 51•rtof the pewd
Empltyertotitritmrtions
71
1fj6
57
StseN¢ecog
11681
OthE¥fir4ncec05t
49
khemew.w
Actu¥iallkissV
256
715
45

v￿¢1191s￿￿¥￿rÈ T¢lL$aty￿fi Ref. DXGT-X7MfyQXB 28 IS.46ffj7 GtrITiUTC +010 2r2 P 17149
The Dartington Hall Trust
Notes to thelknknd¥ tht•ffl￿ts
u*iityand ¥s*t re{￿￿11111
a+*itssatthestsrtolthEyEar
IntereAcost
A¢tu3rial
IZ.1661
enefits
Past 5eryiothst
U•bllitlesaith¢¢tyJ ttf the pew
671
F￿¢¢Ne￿Won of a55e15
Assets3t the start ofthepew
Interest itKome
160Jt
Return tyi awts*ssinttrest
102
Ern￿OYer£0TrtsbU￿1ns
hemeexpeTh5es
Benelits paid
S7
25
11.5621
11.03B)
•t endofthe
24
Financial commitments
The Iroup h•d the following aTrrwèl comrrritmefits uryler nonorKellaNe land and buiklinBs operatiw leases."
31108123
tt•nd knlld¥
Lessthan oneyear
Laterthan One yearand noi ￿terthar•f1%*Yea￿5
25
24
25
Related party transactions
Ad¥anta8e has be￿ taken ofthe txemm•)n to pro¥th detaikolthe transactions be￿en member5 of
the consolidated8mP.
Lord David Triesman rtnted a pyoperty from the charity on •n •rm'5 I￿&th bas$4nd paKI rtntsl and utilitv
charyes totalling £18k dwin&th2 pnth4.
26
Ultimate control
No we indivKlual has ultimètecontrol overThe OartHl8ton Hall Trijst.
46

vthJISwJrL)￿ Ref. DXGT.X7NM2XB 28 Pkn%)25 15."46."0f￿ff IUTC D2f2P 4&4J
The Dartington Hall Trust
Leral •nd •dministr•ii4Y infr*mi*tioft
Legal and admini5tr•ti¥* inlorfflation
RefÈren¢e and administrnfive deta
Ch*lty number:
Coffi￿ny nufflbw.
Re8i#ered office:
Wzbsite..
279756
01485560
The Elrnhirst Centre. Dartinnon Hal. Totnes. Ov4on TQ9 6EL
DIreC￿r5 •ndTnthes
The Tru5tee5 of the charit•We tompany (the Charity) are its th'rertors ftythe purpose of thecompanies Att
2006 and throu@hout this report are coHectr¥ely referred to asihe Trustee5. The Trustee5 whowere ih offke
rir¥ the period and up to the date ol ￿£ThInE the financsal statementswere as follo￿..
Lord Oavhl TriesmaTr Ichairl
Geor8ina Allen lap￿inted 9 June 20251
Dr Salty Basker (r￿￿ed 27 Ortc&er 20231
David Buchler (appointed 5 November 20251
Jame5 G4i5ford lappDinted 26 June 20251
Emma Gladstone OBE (re￿iDed 6 October 20231
Peter Gotd5brou6h (resigned 15 April 20251
Amanda J¢￿d•￿ OBE Ire5yed 24 May 20241
David Kempton lappoinied 9 June 20251
Da￿d Lovttt (appointed 15 April 2025- re54ned 22A￿￿$t 20251
Chris Maw IresiEned 14 March 20251
Baroness Amanda Satef lappointed 26•4ri12024: r￿￿e￿ 22 Awil 20251
SylTr*ie Pierce Iresi8ned 10 January 20251
Syra SLswe (appointed 5 November 20251
Rachel Watson Ire5igned 23 May 20251
Gltnn W¢)odtock Ires1￿ed 6 oaober 20231
Oirettowate
Robert Falderlchief ExecutNeOfficer. lftteriml
Chris Carr4ame¥ (Chief Comrrerci61 Officer- Interimllre5yed Awil 20251
Adtianwartws I￿￿&￿mInIStratI￿ Officer. Interim) (reg8￿ Marth 20241
Philip Owen Ilnterirn Chief FI￿￿￿41 OfficerF Interim l•pwynted J4fLuary20241
Afflafftda 8rowne Ichief Pec* Officer-lnieriml
N￿k HarrisICFMef ￿rat￿)nS Officer. Estatel lappointed Ja)uary 20241
Emity Hoare (C￿t￿e Oirertorl Irey￿ed Oecernter 20231
Gemma Loveroth IDirertord Peop￿ & Serb%esl Iresyd Cttober2023
Senior manag•n￿l
Gavin HoEglHead of Corr￿(￿) (re$w￿ Felw20241
Dei Holmes I￿re￿or of Researth in Prarticel (rey￿ed January 20241
ste￿en 8enwkie IChEf Salesand Wrketifi8¢)ffi¢er- tsrtwiml lapptynt•J l)e¢wkn 20231
Marksione ICreatNe Dwectorl lappc4nted De(ember2023: reygned No¥ember202411
47

Ad. DXGT.X7Wi.92XB 28Pkn ￿ 15..I6t17G14T(UTC +010 32 P IA149
The Dartington Hall Trust
and admlnistrafj¥¢ knfomiaiion
an D kn"d Ichairl
An8eLI Stjohn Palmer lappcinted 12 N0¥•7*er20241
Stephen 8ewikie14ppointed 20Jure 20241
Susannah Bwer (re￿ened 20June 20241
Andrewchnstian Ire5w*d 18 May20231
Gareth J Keene
Paul Kemrner
Phillp Owen lapwnted 20￿ne 20241
Banktr
Barclays Bank PIC
3 Bedford Street.
Exeter EXI ILX
AuditW5:
"shop Flernin£ LLP
Salt Quay House
4 North East Quay. ￿tton Harbour.
ymouth. Devon PL4 OBN
m￿heIrl￿VeS Sdicitws LLP
WoothwaterHw5e. Hill