REGlSTÉREts"¢OMPAy NUMtsER-. 01$87910 REGISTERED CHARITY NUMBER: 2B4944 IENGLANO ANO WALES) REPORT OF THE TRUSTEES AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARENDED 31 DECEMBER 2024 PAINSHILL PARK TRUST LIMITED
Pain5hill Park Trust Limited Contents Trustees, Annual Report 3-12 Independent Auditor's Report to the Members 13-15 Consolidated Statement of Financial Activities Balance Sheets Consolidated Statement of Cash Flows Notes to the Consolidated Accounts 19-33
Painshill Park Trust Limited Report of the Trustees For the Year Ended 31 December 2024 The Trustees, vvho are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024 The Trustoes have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Piactice pplicable to charities preparing their account5 in accordance with the Financial Reporting Standard pplicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. OBJECTIVES AND ACTIVITIES The Trust's objectives remain to preserve and restore Painshill as closely as possible tc> the concept of its creator, the Hon. Charle5 Harnilton,. to provide understanding of and insight into that original concept,. and to maintain the gardens and their acces5 for the benefit of the public. Within these objectives we aim.. to make Painshill properly known as a significant part of our national and international heritage to complete the restoration of the landscape and its buildings to make Pain5hill Park Trust financially sustainable in perpetuity Background Painshill Park Trust Limited was established in 1981, at which time the landscape had been left virtually untouched for over 30 years, reverti ng to native scrub Interspersed with some beautiful treès and some derelict structures. Other buildings existed only on plans or In paintings. Painshi11 first opened to the public in 1983. Gradually the land was restored to its former glory. The original car park and entrance bridge were opened i n April 1997 Since then, the policy at Painshill has been to open every day, weather permitting, except Christmas Day and Boxin9 Day. In 2001 the visitor cèntre, gift shop, tearoom, conference and éducation facilities were opened and, in 2022, a new purpose built car park was constructed. Over the last 40 years, the landscape has been substantially restored to its former beauty, including the replanting of the Vineyard, Amphitheatre and Walled Gardens. Many of the major garden buildings have a150 been resttsréd including the Gothic Tower, Waterwheel, Chinese Bridge, Ruined Abbey, Gothic Temple, Turkish Tent, Hermitage, Ice House, Five Arch 8ridge, Crystal Grotto, Boat House, the exterior of the Temple of Bacchus and the Woollett Bridge. ACHIEVEMENT AND PERFORMANCE Overview of 2024 2024 was a year of change at Painshill. We started the year with the new car park fully operational and endèd it with increased concerns about flooding and a process of change in the executive leadership team. The year also allowed a fuller consideration of the 2023 masterplan Pfoposal and a determination to 5etthe stage to move the Charity, and the development of Painshill, into its next phase. We were particijlarly delighted that the King agreed to retain his patronage at Painshill in 2024 and the news was enthusiastically received and welcorned by our many visitors and stjpporters. Alongside this another of our key features, the Chinese Bridge, required urgent replacement and campaign was launched to raise the funds and sét the stage for the work. Our most loved and enjoyed featurè, the extraordinary grotto, was also surveyed and we will begin to work throu9h the inevitable hallenges of maintaining and restoring such a magnificent and important structure. The Painshill 9rotto is rguably the finest in the UK and we are continually balancing our commitment to keep it open for as many visitors as posgible alongside the need to maintain and conserve it- thi5 15 a challenging balar)ce for us and we will need to address it carefully In future years.
Painshill Park Trust Limited Report of the Trustees Forthe Year Ended 31 December 2024 2024 saw us focus our attention again on one of the most important and unique aspects Df Painshill- the Bartram collection of plants. Hamilton's relationship with Bartram, and his innovation as a plantsman, have always been 3 key part of the Painshill story and the establishment of the Bartram border in the Walled garden and the work to document the collection using the widely reco9nised Persephone database marked significant steps forward in 2024. Visitors and Communities have always been at the forefront of Painshill's purpose and provide the backbone to our finances and in 2024 we had 188,000 visltor5. The wider visitor Èctsnomy and ecology continues to adapt to the post Covid landscape and the wider economic situation and whilst the Heritage sector continued to perform well against other sectors it was noticeably constrained by a cooling off in domestic visitors accompanied by the cost of living crisis. There was also 4 notable increage in energy, supplier and staff costs across the sector, and all of these are re*lected in Pain5hill'5 performance In 2024. As part of our response to thesè challenges we were delighted to launch our new Education Access Fund nd the initial fundraising &ffort 5UPPOrted visits by 450 school children that would otherwise not have occurred. A5 noted, thé nèw car park, opened at the end of 2023, has been a si9nificant improvement but several aspects of the project remain ongoing and will require addressing in futuie year5. Thè ongoing A3 roadworks also had a significant presence 2024. This major road gcheme, on our border, inevitably impacts not only our visitors travel, but also th& amenity of Painshill, and wè continued to work closely with the main contractors to mitigate this to the best of our ability. Finally, it is vitally important that we recognigé the many people that make the restoration and opening of Painshill possible each and every day. The committed gtaff team, supported by a significant group of volunteers and our 5,000 members, continues to allow us to opèn Painshill lor the enjoyment of everyone. VISITORS AND MEMBERS Our 2024 visitor numbers wèrè 188,501 compared to 193,976 in 2023. Painshill ended 2024 with 4,915 memberships comparèd to 5,185 at the previous year end. Membership income from 2024 was £349k compared to 2023 income of £417k. LANDSCAPE AND RESTORATION Landscapes never standstill and we continued to work diligently to maintain and restore Painshill throughout 2024. Our new Head of Landscape, Simon Akeroyd, gtarted in August and brought his expertise and energy to the many tasks in hand. In keeping with many other landscapes, we continue to address challenging areas of modern horticulture including the removal of the Box hedging from the various parts of the park because of blight and we Continue tts manage those ash trees stru991ing with Ash die back. However, we were delighted to acquire three Franklinia alatamaha trees significant because thèy are now extinct in the wild bLJt were originally discovered by plant collectors John / William Bartram. These are very rère trees and a good illustration of our determination, where possible, to restore Painshill in line with Hamilton's own ambitions. Similarly, we created a John Bartram border in the large walled garden Using a mix of herbaceous perennials and shrub5. Some of the collection was removed from the kitchen garden to clearly define the two distinct planting areas. These were either propagated or replanted.
PainshS11 Park Trust Limited Report of the Trustees For the Year Ended 31 December 2024 The Painshill gardening team also worked with the garden team at Hampton Court Palace. Members of Hampton court propagation department visited to collect plant material from our Collection to propagate back at their specialist facilitie5 at Hampton Court Palace. We also started to use the UK Plant Heritage collections database, called Persephone, to make our contribution to the national project documenting significant plant collections around the UK. Painshill continLJes to attract significant media interèst and two high profile garden television shows, Gardener's World and Channel Five IGreat Gardens of Europe), filmed at Painshill for future bioadcasts. Autumn is spectacular at Painshill and in 2024 we planted trees around the lake to improve the future autumn colour- trees included Nyssa sylvatica, Acer rubrum and Liquidambar styraciflua. FUNDRAISING A critical aspect of any year at Painshill will be itg ability to secure the necessary funds to meet the Charity mission and in 2024 there were a number of notable successes. The fundraisin9 campaign for thè Chinese Bridge secured £166,000 with major donations from the Wolfson Foundation and the Aslackby Trust matched with a public fundraising campaign and smaller grant donations. These funds will be suff icient to underlake the replacement and restoration of the bridge and bring an excitin9 and pivotal part of the Hamilton tour back into daily use. We were also pleased to refurbish our ever popular children's playground with 5UPPOrt from the Community Infrastructure Levy managed by Elmbridge Borough Council. The playground is a very popular part of the Painshill offer and something that we will look to develop further in future years. We also remain committed to providin9 access to as many people as possible and a generous donation from the Your Fund Surrey allowed us to purchase a new 8 5eater electric buggy allowing us to take even more people out in the garden landscape as often as possible. This is also a critical service provided by our volunteers who often act as drivers and support staff. Thi5 is just one many ways that the Painshill community comes together if we can secure the resources to deliver the service. Overall, we secured over £200,000 from Trusts and Foundations and over E12,500 in corporate giving plus 148 hours of corporate volunteer work. EVENTS We continued to offer themed trails in the landscèpe with oLJr Easter Statue trail and 'in-house irails" such as the Science, bugs and butterfly's trail and the Fairy Door5 trail which continued to prove very popular. Our winter Alice in Wonderland trail was built on a similar trail from the previous yeai and received 20,500 visitors during the wintèr period and was enjoyed by visitors of all ages. 2023 saw the introduction of a number of new marketin9 schemes that aim to reach new audiences to support our events programme. For the first time, we utilised outdoor advertising and our posters were displayed at 51oane Squaie on the London Underground and at main line iailway stations during the Chèls¢a Flower Show and Hampton Court Flower Show. For the secorTrd year running, our summer series of events were launched in the Amphitheatre and Large Walled Garden and weré well supported by our media partners BBC Radio Surrey. WEDDINGS, EVENTS,VENUE HIRE AND FILMING Painshill continued to develop its weddings and hirès business in 2024. We hosted 6 weddings and secured our licence for the Grotto to allow us to grow this income area in the future. We continued to develop our
Painshill Park Trust Limited Report of the Tru5tee5 For the Year Ended 31 December 2024 filming offer and secured various commercial opportunities aSongside high profile tv shows includin9 Taskmaster and Gardeners World. We continue to hire the Abercorn room for a variety of functiong including business meetings, wakes, talks and workshops. Alongside this we continued our long-standing relationship with the Walton Angling Club and successfully hired out the landscape for events including the Alzheimer Society walk. Our summer serie5 of evéntg includèd concerts on the great lawn and in the grotto and theatre in the walled gardens. These summer events contributed to our overall income for the year and also create access to the landscape for many new vi5itor5 OUt5idè of our standard operating hours. EDUCATION Painshill's Educatiorn department had a busy 2024, with a wide range of engaging, interesting and fun activities run across our school visit, holiday camps and Forest School sessions. We welcomed 6,223 students from 233 schools. The most popular school visit session this year was Living Things and Habitat5, and we saw an uptake in our newer historical and gèography activities. Spring and Summer had particularly good school visits bookin95, though the Autumn term was slightly disappointing To address this in 2024 we started work on thé Access Fund, to be launched for 2025 and developed enrichment sessions with local schools with pupils who perhaps learn better outside the classroom. Vikings and den building being the m05t popular sessions. In addition, from October-December we ran regular weekly sessions with a local SEN group. These sessions enable the nonverbal pupils a chance to explore nature and gain everyday skills in a less restrictive environment. Holiday camps proved popular with Summer and October half term holiday camps selling out with waiting 11st5. We providèd extracLirricular opportunities for over 384 children with the children den building, foraging for campfire cookouts and taking part in bushcrafr activities. Our parent and child Forest School ran in Easter and Summer Holidays as well as weekly from January- April and from September to December. There was room for improvement on the Forest School Winter bookings but the September, April and holiday sessions proved very popular. MARKETING AND COMMUNICATIONS We continued to devèlop our marketing and communications throughout 2024 deploying a wider range of approaches to support the many activities and the various facets of our work outlined in this report. We saw good growth in our online presence with a particular focus on Instagram numbers rising from 13,700 followers to over 21,000 followers by the end of 2024. FUTURE PLANS Painshill will always be an evolving and dynamic project and in 2024 the Trust began to work on a plan for the next decade of development. This work saw further review and consideration of the 2023 masterplan and the initials steps required to bring the next stage of dèvèlopment into focus. These ambitious plans include the further restoration of the historic landscape, challenging work tts address the impacts of climate change on the landscape and in particular, the increased frequency ol flooding. A5 With any project of this scale and complexity the Trust continues to draw ambition and energy from its achievements over the previous forty years alon95ide a strong recognition ol the challengès of the current operating environmént.
Painshill Park Trust Limited Report of the Trustees For the Year Ended 31 December 2024 We are also determined to put visitors and communities at the forefront of our plans and recognise that alongside the renewal of our building5 and visitor amenities we will develop plans that encourage and support an increasingly diverse visitor profile. In 2024 the Trust began to put In place the new governanc& ènd management structures to facilitate these arnbition5 and to dèvélop a new momentum to take it forward into a decade of development and renewal. The Trustees fully recognise that to achieve their ambitious plans for Painshill would require a fundamental review of the operating model, and clear commitmènt to seeking improvements in every aspect of its work, nd in 2024 they took the important initial steps through their approach to leaclership recruitment and organisational review. PUBLIC BENEFIT STATEMENT The Trustees have due regard to their duties under section 17 of the Charities Act 2011 in relation to public benefit and have reviewed Charity Commission guidance. The Trust has continued to embrace education as an important part of our activitie5. Our aim is to encouiage people of all ages to enjoy the landscape and to benefit from a wide range of courses, lectures and activities. Many visitors, group5 and schools tell us of their enjoyment of the rewarding experiences provided by the Trust. For adult and family visitors we provide discovery trails, talks and guided tours. In addition, paid èctivities include lectures, workshops, art and small events - examples being music evernts, watercolour workshops, seasonal photography, bat walks and bird song walks. We have developed opportunities for volunteers, s¢hools and corporate organisations to join a programme of 5andscape maintenance and conservation. We continue to attach great importance to a close relationship with the locèl community. We continue to make Painshill available to local charities in support of their fundraising activities, and to arrange vissts to Painshill for some of their beneficiaries. n addition, many complimentary family ticket5 were donated throughout the year to local schools for fundraising events and to local charities to support vulnerable families. FINANCIAL REVIEW 2024 was a fLJrther challenging year. The chan9es in c5imate and increasing flooding on site had caused us to close the park to our visitors on several days with a consequential impact on our income. In addition, higher ticket prices were offset by rising costs for products and services. We are continually reviewing all our contractg and Èxploring new sources of income to ensure oui financial viability. In keeping with best practice, we have taken the decision to put in a provision of £500K for the potential outstanding liability of our capital project for the new car park which opened in 2022. Our decision to do this is in line with our approach to good governance and prLJdent management of our resources. We continue to explore options for financing the liability should it eventuate. It should also be recognised that we continue to explore other way5 of mitigating this liability. Our unrestricted income of £2.4m from operations increased compared to the previous year, primarily due to an increase in admission/membership as well as an increase across all areas of trading income. Unrestricted expenditure increased to £2.8m due to the car park provision detailed above and general increases in costs across all areas from suppliers.
Painshill Park Trust Limited Report of the Trustees For the Year Ended 31 December 2024 Restricted income received in the year totalled £106k12023.. £14kl. The increase of £93K was due to several projects including replacement of the Chinesè Bridge and building of our new CRM system which was Installed In 2025. Our restricted expenditure cost5 during the year amounted to £112K12023.. £22KI. This gave an overall net expenditure Ioss of £4k which was lunded from unrestricted funds from the previous year. The overall positivè reserves balance of £4K include5 restricted funds and it should be noted that if YOLJ remove restricted funds, we have negative unrestricted reserves o E31 K. Going Concern As noted above the Trust has incurred a substantial deficit for the year and now has a deficit on its unrestritted reserve5. The Trustees recognise that the financial position is not 5UStain3ble and in relatiori to the liability In respect of the car park project are exploring all options to reduce or mitigate the liability in the twelve month5 following the approval of these financial statements. If the liability is to be paid in full then th15 placès considerable strain on the cashflow p051tion ar)d options are being considered as to how to fund this debt. A strategic plan covering thé nèxt three years has been approved by the Trustees that includes a fundamental review of the operating model of the Trust and demonstrate5 a clear itnprovèment in all areas and thi5 includes signilicant cost savings and restructurin9 of the busines5 activities that is now being implèméntèd. The implementation of the plan will restore the financial position of the Trust and ensure that it will conti nue to meet is charitable objectives. In light of the actions being taken by the board the Trustees are of the opinion that thè Trust remains a going concern and the financial statements have been prepared on this basis. Reserves policy The Trustees of Painshill Park Trust Limited have Bgreéd the following policy in relation to reserves. This will be reviewed annually. Our objective is to make the Trust financially sustainable in perpetuity and thus to hold funds in reserve in case of unforeseen problems. We raise unds to maintain and preserve the landscape, garden buildings, visitor centre and other facilities, and to retain the beauty and vision of the Hon. Charles Hamilton in the landscape. Funds donated for specific projects are held as restricted reserves, in accordance with the wishes of the donor. We designate funds from our unrestricted reserves for specific projectg in accordance with our key priorities at the time. Our designated funds were depleted during the year due to the construction of the new car park which will greatly improve the visitor experience and help reduce running costs. In addition, we aim to maintain a contingency reserve of approximately 3 months of annual operating expenses. The Trustees consider that there are potential major threbts to our long term ability to operate Including climate change, flooding, pandemic situations or serious interruptions to our visitor levels, èach of which would result in loss of revenue or significant cost burdens. The contingency reserves calculation is based on current operating budgeted expenditure and will increase with inflation over time. These funds will be invested appropriately balancing growth and security.
Painshill Park Trust Limited Report of the Trustees For the Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Painshill Park Trust Limited is a company limited by guarantee govérned by its Memorandum and Articles of Association dated 26 August 1981. It 15 registered as a charity with the Charity Commission. Each member of the Board ol Management is a Trustee, and each member 15 liable to contribute an amount not exceeding £5 in the event of a winding up of the charity. The members of the Board of Management constitute directors of the charity for Companies Act purposes. This Board meets bi-monthly or more frequently, if requiréd, and administers the Charity. There is also a salaried Director with delegated authority within terms approved by the Board. The trustees who served during the period were.. Sir Stephen Lamport GCVO DL Chair HH Christopher Critchlow DL Vice Chair M5 Kirsten Arnould (appointed 28 June 20241 Mr Neil Harnby lappointed 28 June 2024, resigned 22 February 20251 Mr David Hingley Mrs Shweta Kapadia Mr Peter Kelly Mr Peter Pearce Mr Henry Pearson Mr Richard Reay-smith DL Mr lan Sampson JP Dr David Taylor Mr Paul Tiller Treasurer lappointed 28 June 2024, resigned 22 October 20241 (appointed 28 Juné 20241 Treasurer (resigned 28 June 20241 The directors who served during the year were.. Mr PaLJI Griffiths Mr Peter Pearce (resigned 5 December 20241 Ilnterim Director,. appointed 11 November 20241 Mr Peter Pearce resigned as a trustee and was interim director as at 31 December 2024 Thè sénior management team who served during the year were.. Mr Simon Akeroyd Ms Liberty Billington Ms Yolynnda Delugar Mr Adam Langendoen Mrs Hannah Liles Mr Jake Lovick Mr Steven Roach Mrs Louise Webb Head of Estates & Historic Landscapes lappointed 28 May 20241 Marketing & Brand Manager Iresigned 11 September 20241 Finance Director (resigned 8 August 20241 Head of Learning Head of Development (appointed 12 February 20241 Hèad of Estates & Landscape (resigned 7 June 2024 Head of Visitor and Commercial Operations Head of Finance & Administration (appointed 23 Sept 241 Recruitment, appointmen¢ induction and training of new Trustees The Board of Management has the power to appoint any rnember of the Trust as a Member ot the Board, either to fill a casual vacancy or as an addition to the existin9 Member5 of the Board., any member 50 appointed holds office only until the next Annual General Meeting IAGMI and is then èligible for Èlèction by thè Trust at that meeting as an additional Member of the Board. such appointments are taken into account when determining the members who are to retire by rotation at such meeting.
Painshill Park Trust Limited Report of the Trustees For the Year Ended 31 Dernber 20Z4 At every AGM, one third of the elected Mèmbèrs of the Board retire Irom office. The members to retire are those who have been longest in office since their last ttlection. A retiring member of the Board is eligible for re-election. At the 2024 the following Trustees were re-elected.. Peter Kelly Christopher Critchlow David Hingley Shweta Kapadia and four new Trustees were elected.. Kirstie Arnould Neil Harnby Péter Pearcè Henry Pearson The Board of Management seeks to identify new Tru5teÈs who share their enthusiasm for the restoration of Painshi51 and who bring qualities which will help to achieve the Trust's defined objectives. New Truste&5 receive appropriate induction from the Trustees and the Director, which includes briefing them on the content of the Memorandum and Articles of Association, the business plan and recent financial performance of the Trust, ènd also during the induction meeting key employees. Related organisations Painshill has maintained excellent working relationship5 With Elmbridgè Borough Council, the freeholders of the land and hence its ultirnate guardian, and with Surrey County Council. The Charity's wholly owr)ed subsidiary, Painshill Entèrprises Limited, was established to operate the retail gift shop, the Hamilton tearoom and other tradin9 activities. It has an appropriate licence from the charity and donates its profits to the charity. Its accounts are consolidated with thoge of the charity. Risk management The Trust ha5 a low appetite for risk and has measures in place to ensure that wherever possible a particular risk can be responsibly managed or mitig3ted. The Trustees have conducted a review of the major risks to which the Charity is exposed. A risk register has been established and is updated annually or more frèquéntly as circumstances require. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. The key risks Painshill is exposed to are.. its dépendèncé on visitor income." the effect of the weather and seasons,. the continued risk of flooding from the adjoining River Mole", other national events which may affect visitor numbers,. and the limited number of significant income strèams available to us. Substaniial management effort is devoted to maintaining and increasing income. Procedures are in place to ensure compliance with health and safety regulations by staff, volunteers and visitors to Painshill. Detailed risk assessment and fnethod statements are regularly reviewed. Up to date training is in place for the use of mechanical equipment and plants. Regular servicing and programme maintenance is in place and service contracts are in place for all principal service systems. io
Palnshlll Park Trust Limlted Report of the Trustees For the Year Ended 31 December 2024 REFERENCE ANDADMINISTRATIVE DETAILS Registered Comp•ny number: 1587910 R•9lst•r•d Charky number: 284944 Registered offi<e Portsmouth Road, Cobham, Surrey KT111 JE Trustees Sir Stephen Lamport GCVO DL Chair HH Christopher Critchlow DL Vice Chair M5 Kirsten Arnould Appointed 28 Jun 2024 Mr Neil Harnby Appointed 28 June 2024, Resigned 22 February 2025 Mr David Hin9ley Mrs Shweta Kapadia Mr Peter Kelly Mr Henry Pearson Mr Richard Reay-smith DL Mrlan SampsonJP Dr David Taylor Appoirlted 28 June 2024 Company S•cr•tary Mr Peter Kelly Interim Director Mr Peter Pearce Appointed 11 November 2024 S•nior Manag•m•ntT•am Mr Simon Akeroyd Mr Adam Langendoen Mrs Hannah Liles Mr Steven Roach Mrs Louise Webb Head ()f Estates & Historic Landscapes IAppDim@d 28 May 241 Heèd ol Learning Head of Development IAppointed 12 February 20241 Head ol Visitor and Commercial Operations Head of Finance & Admin151ration (Appointed 23 Sept 241 AuditOTS Lewis Brownl8e Ichichesterl Ltd, Appledram Barns, Brdhar Road, Chi¢hesLer, West Sussex P020 7EQ Sollcltors Knights plc, The Brampton, Newcastle-under-Lyme, Staffordshire ST5 OQW B•nker$ National Westminster Bank, 7-10 Brindley Place, BirFnin9ham B12TZ M•mb•rs M5 Kirsten Arnould. (Appointed 28 June 20241 HH Christopher Crr£chlow DL Mr David Hin9ley' Mr Neil Harnby. IAppoinled 28 June 2024, Resigned 22 February 20251 Mrs Shweta Kapadia. Mr Peter Kelly. Sir Stephen Lamptsrt GCVO DL Mr Henry Pearson. IAppointed 28 June 20241 Mr Richaid Reay-smith DL" Mr5 Louise Russell Mr lan SarTrp50n JP" Mr5 Cherrill Sands Mr Michael Symes Dr David Taylor" Chairman of Surrey County Council- ex officio Mayor of Elmbridge- ex officio Those members who are Trustees and also members of the Board of Management are indicated by an asterisk.. li
Palnshlll Park Trust Llmlted Report of the Trustees For the Year Ended 31 December 2024 STATEMENT OF TRUSTEES RESPONSIBILITiES T'he Trustees Iwho are also the directors of Painshill Park Trust Limited for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordance with pplicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare fir)ancial statements for each financial year which give a true and fair view ol thè statè of affairs ol the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing those financial Statements, thè Trustees are required to select suitable accounting policies and tkien apply them consistently,. observe the methods and principles in the Charity SORP., make judgements and estimates that are reagonable and prudent," prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable cornpany will continue in business. The Trustees are responsible for keeping adequate accounting iecords which disclose with reasonable èccurècy at any time the financial position of the charitable company and to enable them to ensure that the financial siatements comply with the Companies Act 2006. Thèy are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps lor the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware," and the Trustee5 have taken al I steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors Lewis Brownlee (Chichester) Limited will be proposed for re-appointment as the annual general meeting. This report has been prepared in accordar)ce with the special provisions of Part 15 of the Companies Act 2006 relating to small companies_ Approved by order of the Board of Trustees on 24th Séptember 2025 and signed on its behalf by.. Mr Petèr Kelly- Treasurer Sir Steph DL- irman 12
Painshill Park Trust Independent Auditor's Reportto the Members For the Year Ended 31 December 2024 Opinion Wé have auditèd thé financial statements of Painshill Park Trust Limited Ithe 'parent charitable company'l nd its subsidiary Ithe 'group'l for the year ended 31 December 2024 on pages 16 to 33. The fi nancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements.. give a true and fair view of the state of the grou p's and of the parent charitable company's affairs ès t 31 December 2024 and of the group's i ncoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prattice," and have been prepared in accordance with the requirements of the Companies Act 2006. 88515 for opinion We conducted OLJr audit in accordance with InternatiOT)al Standards on Auditing IUKI IISAS IUKII and applicable law. Our re5POn5ibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independer)t of the group and charitable company in accordance with the ethical requirements that are relevant to our audit of the group financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believ& that the audit evidence we have obtained is sufficient and appropriate to provide a ba519 for our opinion. aterial uncertainty related to going concern We draw attention to note l in the financial statements, which sets out matters which indicate a material uncertainty exists that may cast significant doubt on the group'g ability to continue as a going concérn. Our opinion is not modified in respect of this matter. In auditing the group financial statèménts, we have concluded that the trustees, use of the going concern ba519 of accounting in the preparatorn of the financial statements is appropriate. Our responsibilities and the responsibilifies of the trustees with respect to going concern are described in the relevant sectioris of this report. Key audit matters Except for the matter described in the material uncertainty in relation to going concern section, we have determined that there are no other key audit matters to be communicated in our report. Other information The trustees are responsible for the other information. The other information comprises the information included in the 3nnLJal réport, other than thè group financial statemènts and our Rèport of the Indépendent Auditors thereon. Our opinion on the group financial statements does not cover the other Information and we do not express any form of assurance conclusion thereon. In connection with our audit of the group financial statements, our responsibility is to read the other information and, In doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistences or apparent material misstatements, we are required lo determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatémént of this other information. we are required to report that fact. We have nothing to report in this regard. 13
PainshS11 Park Trust Independent Audltorfs Report to the Members For the Year Ended 31 December 2024 Opinion on other matters prescribed bythe CompaniesAct2006 In our opinion, based on the work undertaken in the coursè of the audit.. the information given in the Report of the Trustees for the financial year for vvhich the financial statements are prepared is consistent with the group financial statements,. and the Report of the Tru5tee5 has been prepared In accordance with applicable legal requirements. Matters on which we are required to report by exception n the light of the knowledge and understandin9 of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in re5PeCt of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company or returns adequate for our audit have not been received from branche5 not visited by us," or the parent charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of tfUSteè8' remuneratior) specified by law are not made,. or we have not rèceived all thè information and explanations we require for our audit. Responsibilitiès of trustees As explained more fully in the Statement of Trustees Responsibilities set out on page 12, the trust&es (who are also the diréctors of the parent charitable conipany for the purposes of company lawl are responsible for the preparation ol the group financial statements and for being satisfied that they give a truè and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of group financial statements that are free from material misstatement, whether due to fraud or error. In preparing the group financial statements, the trustees are responsible for asse55ing the group and parent charitable company's ability to continue as a going concern, discloging, as applicable, matters related to going concern and using thè going concern basis of accounting unless the trustees either intend to liquidate the group and parent charitable company or to cease operations, or have no realistic alternative but to do so. Our re5pon5ibilities for the audit of the financial statem8nts Our objectives are to obtain reasonable assurance about whether the group Pinancial statements as a whole are free from material misstatemont, whether due to fraud or èrror, and to issue a Report of the Independent Auditors tkiat includes our opinion. Reasonable assurance is a high level of assurance but Is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstatements can arisè from fraud or èrror and are considered material if, Individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined abové, to détect material misstatements in respect of Irregularities, including fraud. The extent to which our procedures ère capèble of detecting irregularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of iiregularities, including frhud and non-compliance with laws and regulations, was as follows.. the en9agèmént partner ensured that the engagement team collectively had the 3ppropriJte competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws Ènd regulations applicable to the company through discussions with directors and other managetnent, and from our commercial knowledge and experience of the sector,. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, the Charities Act 2011 and taxation legislation we assessed the extènt of compliance with the laws and regulaiions identified above through making enquiries of management and inspecting legal correspondence, where applicable., and 14
Painshill Park Trust Independent Auditorfs Report to the Member5 For the Year Ended 31 December 2024 Identified laws and regulations wére communicated within the audit team regularly and the team remained alert to instances of non-complionce throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understand ing of how fraud might occur, by.. making enqLAiries of management as to wherè they considered there was susceptibility to ffaud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and overrid& of controls, we. performed analytical procedures to identify any unusual or unexpetted relationships., tested journal entries to identify unusual transaction5', ssessed whether judgements and assumptions made In determining the accountin9 estimates set out in the accounting policies were indicative of potential bias,. and investigated the rationale bèhind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation,, enquiring of management as to actual and potential litigation and claims," and reviewing correspondence with HMRC, relevant regulators and the company's legal advisors, where applicable. Because of the Inherent limitations of an audit, there is a risk that we will not detect all irregularities, inclLJding those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk Increases the more that compliance with a law or regLJlation is removed from the events and transactions reflected In the financial statemènts, as we will be less likely to become aware of instances of non-compliance. The risk is a150 greatèr regarding irre9ularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collLJsion, omission or misrepresentation. A further description of our responsibilities for the audit of the group financial statements is located on the Financial Reporting Council's wébsitè at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditois. Use ofour report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. OLJr audit work has been undertaken so that we might State to the charitable company's members fhose matters we are required to state to them in an auditors, report and for no other PLJfp05e To th& fLJllegt èxtent permitted by law, we do not accept or assume responsibility to nyor)e other than the group and charitable company and the charitable company's members as a body, for our audit work, for thi5 report, or for the opinions we have formed. Sarah exander FCA FCCA lor and on behalf of Lewi5 Brownlee (Chichester) Limited Chartered Accountants Statutory Auditors Appledram Barns Birdham Road Chichester West Susgex P020 7EQ Date.. 15
Palnshlll Park Trust Limited Consolldated statement of flnanclal actlvltles (Incorporatlng Income and expendlture account} For the year ended 31 December 2024 Unrestricted Funds 2024 Restricted Fund5 2024 Totsl Funds 2024 Total Funds 2023 Note Income and endowments from.. Donation5 and legacies Charitable activities Trading activities Investment income Other income 32,271 1,553,816 823,798 403 106,853 139,124 I,SS3,816 823,798 403 36,466 1,385,718 732,056 276 8,456 Total income 2,410,288 106,853 2,517,141 2,162,972 Expenditure ON.. Raising funds Charitable activities Trading activities 114,609 2,031,394 699,082 114,609 2,143,043 699,082 94,900 1,708,071 575,599 111,649 Totsl expenditure 2,845,085 111,649 2,956,734 2,378,570 Net Ilossesl/gains on investments 11,072 11,072 31,894 Net income/ lexpenditurel 1423,7251 14,7961 1428,5211 1183,7041 Transfers between funds 13,8751 3,875 Net movement in fiJnds 1427,6001 19211 1428,5211 1183,7041 Reconciliation of funds= Funds brought forward 396,210 36,246 432,456 616,160 Funds carried forward 131,3901 35,325 3,935 432.456 The notes on pages 19 to 33 lorm part of these linancial statements. The statement of financial activities contsins all recognised gains and losses for the financial year. The resulis for the period all relate to continuing activities. 16
Palnshlll Park Trust Llmlted Balance sheets As at 31 December 2024 2024 2023 Group Charity Group Charity Note Fixed assets Tangible fixed assets Investments 189,683 228,752 189,683 228,753 183,815 217,680 183,815 217,681 10 418,435 418,436 401,495 401,496 Current assets Stocks Debtor5 Cash at bank and in hand 43,991 211,753 175,217 430,961 40,298 164,574 178,086 382,958 306,582 93,432 400,014 242,322 106,654 348,976 Current liabiliti8s Creditors.. amounts falling due within one year 12 1839,1441 1808,1981 1335,3051 1301,3241 Net current a55ets 1408,1831 1408,1841 47,653 47,652 Creditors.. amounts f311in9 due after more than one year 16,3171 16,3171 116,6921 116,6921 Total net assets 3,935 3,935 432,456 432,456 The funds ofthe charity.. Restricted fund Unrestricted fund 13 35,325 131,3901 35,325 131,3901 36,246 396,210 36,246 396,135 Total charity funds 14 3,935 3,935 432.456 432,456 As permitted by Section 408 of the Companies Act 2006 no separate Statement of Financial Activities for the charity alone has been presented. The net income of the stand-alonè charity for the year was a deficit of £378,52112024.. deficit of £183,702). These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Approved by the Board of Trus 26lh September 2025 and 51gned on its behalf by Sirsl ph Chair af T Company number 01587910 port GCVO DL Mr Peter Kelly Treasurer and Trustee The notes on pages 19 to 33 form part of these financial statements. 17
Painshlll Park Trust Llmlted Consolldated statement of cash flows Year ended 31 December 2024 2024 2023 Cash flows from operating activities Isee below) 28,262 1316,9851 Cash flows from investing activities Purchase of tangible fixed assets Sale of tangible fixed assets Sale of fixed asset investments Interest received Capital repayments in year 133,1011 19,2751 17,738 100,000 325 13,8561 403 1,567 104,932 Change in cash and cash equivalents 12,8691 1212,0531 Cash and cash equivalents at 1 January 2024 178,086 390,139 Cash and cash equivalents at 31 December 2024 175,217 178,086 2024 2023 Reconciliation of net income to cash flow from operating activities.. Net income Adjustments for.. Depreciation (Gainslllosses on disposal of fixed assets Iriterest received (Gainsllltssses on investments Ilncreaselldecrease in stock Ilncreasel/decreèse in debtors Increaselldecreasel in creditors 1378,9071 {108,4191 27,233 30,622 18,4561 13251 131,8961 12,8181 1196,1861 1316,5961 1316,9851 14031 111,0721 13,6931 152,0441 4S7,501 28,262 18
Painshill Park Trust Limited Notes to the flnancial statements For the year ended 31 Dernber 2024 Principal accounting policies Accounting conventio The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwige stated in the relevant notelsl to these accounts. The financial statémènts have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable in the United Kin9dom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The functional currency is sterling. Monetary amounts in these financial statements ale rounded to the nearest £. The charity constitutes a public benefit entity as defined by FRS 102 Going concern As noted in the report of the Trustees the Trust has incurred a substantial deficit for the year and now has h deficit on its unrestricted reserves. The Trustees recognise that thè financial position is not sustainable and in relation to the liability in respect of the car park project are exploring all options to reduce or mitigate the liability in the twèlve months following the approval of these financial statements. If the liability is to be paid in full then this places considerable strain on the cashflow position and options are being considered as to how to fund this debt. A strategic plan covering the next three years has been approved by the Trustees that include5 a fundamental review of the operating model ol the Trust and demonstrates a clear improvement in all areas and this includes significant cost savings and restructuring of the business activities that is now being implemented. The implementation of the plan will restore the financial position of the Trust and ensure that it will conti nue to meet is charitable objectives. In light of the actions being taken by the board the Trustees are of the opinion that the Trust remains a going concern and the financial statements have been prepared on this basis. Group accounts The financial Statements present the consolidated statement of financial activities ISOFAI, consolidated statèment of cash flows and the consolidated and charity balance sheets comprising of the consolidation of the Charity with its wholly owned subsidièry Painshill Park Limited (company registration number 103150411. Company status The Charity is a company limited by guarantee and has no share capital. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £ I per member of the Charity. At 31 December 2024 the total of such guarantees was £1012023.. £101. Income Income is recognised when the Charity has entitlement to the funds, any perforTnance conditions attached to the Item of income have been met, it 15 probable the income will be received and the amount can be reliably measured. 19
Palnshlll Park Trust Limited Notes to the flnanclal statements Icontinuedl For the year ended 31 December 2024 Donation income is recogni5ed in the year in which the Charity is entitled to receipt and the amount can be measured with reagonable certainty. If a donation has any restrictions attached it Is credited to the relevant restricted fund Gifts in kind are valued at estimated open market value at the date of gift or at thè valuè to the Charity in the case of donated services. Expenditure Liabilities are recognised as expenditure when there ig a legal Dr constructive obligation committin9 the Charity to make a payment to a third party and it is probable that a settlement will be required. and the amount of the obligation can be measured reliably. All expenditure is accounted for on an acciuals basis. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Raising funds includes direct marketing c05ts and their associated support costs. Charitable activities comprise direct costs of maintairning and restoring thè landscape, visitor services and education activities undertaken to further the purposes of the charity and their associated support costs. Expenditure not directly attributable to charitable activities, including support and governance costs, are allocated to each activity on the basis of the direct costs of each activity as follows.. Raising lunds Landscape Visitor manègÈmÈnt Education 11 %12023.. 9°AI 30%12023.. 25%) 49°A12023.. 55%) 10%12023.. 11%) Tangible fixed assets Expenditure on the acquisition ol individual fixed assets that cost more than £2,000 are capitalised at cost. Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value in equal instalment5 over their expected useful economic lives as follows, all straight line.. Motor vehicles Landscape equipment Tea room equipment Fixtures and fittings Computer equipment 10 years 5 year5 5-1 O years 3 years 3 year5 The gain or loss arisirng on the disp05è1 of an asset is determined as the difference between the sale proceeds and the carrying value of thé assèt ènd 15 recognised in the SOFA. Investments The invèstment in the subsidiary undertaking is shown at cost on the charity balance sheet. Other financial investments are stated at mid-market value at the balance gheet date. Realised and unrealised gains and losses on investments are accounted for in the statèment of financial activities. P38e 20
Palnshlll Park Trust Limited Notes to the financial statements (continued For the year ended 31 December 2024 Stock Stocks are valued at the lower of costs and net realisable vèlue, after making due allowance for obsolete and slow moving items. Debtors Trade and other debtors are recognised atthe settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts. Creditors Creditors and provisions are reco9n15ed where the group has a present obligation resulting from a past event that will probably résult in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing lor any trade discounts due. 1.12 Taxation Pain5hill Park Trust is a registered charity and is not liable to United Kingdom income tax or corporation tax orn charitable activities. 1.13 Funds The charitable trust funds of the Charity and its subsidiary are accounted for as unrestricted or endowment capital, in accoidance with the terms of the charity. Unrestri¢ted funds Surplus income rècéivéd with no restrictions attached is credited to the unrestricted fund. Expenditure from this fund is at the discretion of the trustees In furtherance of the 9eneral objective5 01 the Charity. Restricted funds Restricted funds are amounts which are specified by the donor to be used solely for particular project5 undertaken by the Charity. 1.14 Financial instruments The group only has financial assets liabilities of a kind that qualify as basic finèncial instruments. Basic financial instruments are Initially recognised at transaction value and subsèquently mèasured at their 5ettlemÈnt valLJe with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. There were no bank loans in the year. 1.15 Key judgements arid uncertainties In application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual iesults may differ from these esti mates. The estimates and underlying asstjmptions are reviewed on an ongoing basis. Revisions to accounting estimates are reco9nised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affect5 both current and future periods. Page 21
Painshill Park Trust Limited Notes to the finala1 statements (continued) For the year ended 31 December 2024 Income from donations and legacies Unrestricted funds 2024 Restricted Funds 2024 Total Fund5 2024 Total funds 2023 Cash donations Gift3id Grant income 15,661 2,610 14,000 32,271 52,656 1,551 52,646 106,853 68,317 4,161 66,646 139,124 22,262 204 14,000 36,466 Income from charitsble activities Totsl and unrestritted funds 2024 Total and unrestricted funds 2023 Admission and membership Education Events Other park income 1,320,451 91,346 112,382 29,637 1,553,816 1,190,435 77,850 93,516 23,917 1,385,718 Income from trading activities Total and unr8Stricted funds 2024 Total and unrestricted funds 2023 Other trading income 823,798 823,798 732,056 732,056 Investment income Totsl and unrestricted funds 2024 Total and unrestricted funds 2023 Inteiest income 403 403 276 276 Page 22
Palnshill Park Trust Limlted Notes to the financial statements {continuedl For the year ended 31 December 2024 Other income Total and unrestricted funds 2024 Total arid unrestricted funds 2023 Proceeds from sale of fixed assets 8,456 8,456 Expenditure Current year Direct costs Support and govemance costs (see below) 2024 Totsl 2024 2024 Raising fijnds 65,424 49,185 114,609 Charitable athvities Visitor Management Education 752,937 70,068 893,718 699,082 234,624 47,302 144,394 987,561 117,370 1,038,112 699,082 Landscape Trading Activities 2,481,229 475,505 2,956,734 Comparative year Direct costs Support and governance costs (see below) 2023 Total 2023 2023 Raising funds 62,267 32,633 94,900 Charitsble activities Visitor Management Education Landscape Trading Activities 725,144 73,325 559,636 575,599 211,155 42,831 95,980 936,299 116,156 655,616 575,599 1,995,971 382,599 2,378,570 Page 23
Painshill Park Trust Limited Notes to the financial statements {continued) For the year ended 310ecember 2024 2024 2023 Staff costs (note 71 Legal and professional fees Information techr)ology Depreciation Other costs 364,134 52,931 30,129 1,125 21,357 290,579 30,330 23,357 25,913 Governance costs.. Audit fees Accountancy and professional fees 5,250 579 5,013 5,682 5,829 10,695 475,505 381,999 2024 2023 Audit fees- current year 5,250 5,013 Page 24
Palnshill Park Trust Limited Notes to the ftnanclal statements Icontlnued) For the year ended 31 Dernber 2024 Stsff costs Group 2024 Group 2023 Salaries and wages Social security costs Pensions 1,061,334 74,030 17,550 864,727 65,868 17,062 1,152,914 947,657 During the year the average number of employees was 2812024.. 271. The Charity considers Its key management personnel to be the diredor and senior management team. Total rernuneration paid to key management personnel in the period wa5 £329,55712024-. £309,587) The number of èmployees whose employee benefits lexcluding employer pension costs) exceeded £60,000 was.. 2024 2023 £70,001 £80,000 During the year r)0 trustee received any remuneration 12024.. £nill. During the year, no trustees received any paynient for expenses12024.. £2,280). Page 25
Painshill Park Trust Llmlted Notes to the flnanclal statements Icontlnued) For the year ended 31 December 2024 Tangible fixed assets Group and charity Motor Vehicles Landscape Office Equipment Equipment C05t At 1 January 2024 Additions t)isposals At 31 December 2024 70,387 43,168 36,737 16,995 14,0001 39,168 16,9721 29,765 87,382 Dèprèciation At l January 2024 Charge for the period Eliminated on disposal At 31 December 2024 29,554 7,180 29,376 5,878 14,0001 31,254 34,956 1,125 16,9721 29,109 36,734 Net book value At 31 December 2024 50,648 7,914 656 At 1 January 2024 40,833 13,792 1,781 Group and charity Tea Room Equipment Work5 ofArt Total Cost At l January 2024 Additions Disposals At 31 December 2024 120,234 60,000 330,526 16,106 33,101 110,9721 352,655 136,340 60,000 Depreciation At 1 January 2024 Charge for the period Eliminèted on di5pDsal At 31 December 2024 52,824 13,051 146,710 27,234 110,9721 162,972 65,875 Net book value At 31 December 2024 70,465 60,000 189,683 At 1 January 2024 67,409 60,000 183,815 Page 26
Painshill Park Trust LimÉted Notes to the flnanclal statements Icontlnuedl For the year ended 31 December 2024 10. Investments Current year sted investmer¢ts Grovp Total Investment in subsidiary Charity Total Valuation At 1 January 2024 Unrealised gain/loss At 31 December 2024 217,680 11,072 228,752 217,680 11,072 228,752 217,681 11,072 228,753 Comparative year Listed investments Group Total Investment in subsidiary Charity Total Valuation At l January2023 Di5POsals Unrealised gainlloss At 31 December 2023 285,783 1100,0001 31,897 217,680 285,783 1100,0001 31,897 217,680 285,784 1100,0001 31,897 217,681 Investment in subsidiary The charity owns 100 /0 of the share capital amounting to l ordinary share of £1 each. Painshill Enterprises Limited (company registered no.. 036808391 15 located at Portsmouth Road, Cobham. Surrey KTI 1 1 JE and is engaged in activities to support the charity. The subsidiary donates its taxable profits to the charity each year and its trading iesults for the year as extracted from its audited financial statements are summarised below.. Profit and105S 2024 2023 Turnover Cost of sales Gross profit Administrative expenses Profit for the year 823,798 1349,8711 473,927 1349,2111 124,716 732,056 1297,8581 434.198 1277,7401 156,458 Gift aid payment to Painshill Park Trust 1124,7161 1156,4581 Balance sheet Called up share capital Profit and loss reserve Total reserves Page 27
Painshill Park Trust Limited Notes to the financial statements Icontlnued) For the year ended 31 December 2024 DebtOTS Group 2024 Charity 2024 Group Charty 2023 2023 Trèdè debtors 30,777 175,976 5,000 25,289 175,576 5,000 100,717 47,321 112,185 5,068 29,568 111,785 5,068 95,901 Prepaymentg & èccrued income Other debtors Amount due from subsidiary 211,753 306,582 164,574 242,322 12. Creditors= amounts falling due within one year Group 2024 Charity 2024 Group 2023 Charity 2023 Trade creditors Other creditors Accruals and deferred income Other taxation and social security Bank loan Hire purchase 147,110 3,497 634,414 43,747 10,376 133,986 3,497 616,592 43,747 10,376 120,749 3,182 163,002 25,480 9,517 13,375 101,976 3,182 147,794 25,480 9,517 13,375 839,144 808,198 335,305 301,324 Accruals and deferred income include incorne received in advènce of £74,528, of which £68,901 related to the charity12023.. £68,794 of which £60,934 related to the charityl. Accruals include a provision of £500K for the potential outstandin9 liability of our capital project for the new car park which opened in 2022. Creditors- amounts falliF)g due within one year Group 2024 Charity 2024 Group 2023 Charity 2023 Bank loan 6,317 6,317 16,692 16,692 Page 28
Pain5hill Park Trust Limited Notes to the flnanclal statements (continued) For the year ended 31 December 2024 14. Movement In funds- group 14.1 Current year At1 January 2024 Income Expenditure Transfers and gains/ lossès At31 December 2024 Restricted fund Temple of Bacchus Other landscape donations Education programme Chinese Bridge Access BerEch Playground Grotto Taps Vennersys project Buggy 34,800 1,446 130,0001 4,800 1,446 5,000 42,809 75 6,323 10,925 4,000 5,000 18,988 13,733 15,0001 150,3851 30,000 22,424 75 2,500 13,8231 114,8001 3,875 4,000 80 14,9201 118,9881 113,7331 36,246 106,853 1111,6491 3,875 35,325 Unrestricted fund Designated Temple of Bacchus General funds 25,000 25,000 contingency 371,210 2,410,288 12,845,085) 7,197 156,3901 396,210 2,410,288 12,845,0851 7,197 131,3901 432,456 2,517,141 12,956,734) 11,072 3,935 Page 29
Painshill Park Trust Limited Notes to the financlal statements Icontlnued} For the year ended 31 December 2024 14.2 Comparativè year At1 January 2023 Income Expenditure Transfers and gainsl losses At31 December 2023 Restricted fvnd Temple of Bacchus Landscape equipment and vehicles Hermitage restoration Landscape restoration EdLJCation programme Other landscape donations 34,800 4,000 34,800 14,0001 9,236 19,2361 17,640 117,6401 5,000 15,0001 13,5541 5,000 1,446 61,440 14,236 121,7901 117,6401 36,246 Unrestricted fijnd Designated - Painshill Developments Designated - Temple of Bacchus Genèr31 contingency funds 2,000 12,0001 25,000 25,000 527,720 2,148,736 12,354,780) 49,534 371,210 554,720 2,148,736 12,356,780) 49,534 396,210 616,160 2,162,972 12,378,570) 31,894 432,456 Notes to designated funds The Temple of 8a¢chus designated funds were ring-fenced for completion of the relurbishment work5 which commenced in 2017. The exterior structure is now complete, and the interior refurbishment W11 commence as soon as sufficient funds have been raised. Notes to restricted funds The Temple of Bacchus fund5 are in support of the ongoing works to refurbish the Temple of Bacchus, in particular, the interior. Education programme- During 2024 Cargill Inc. gave a £5,000 grant specifically towards Painshill's education programme. The Education Access Fund was laijnched in late 2024 to be developed in 2025. Chinese Bridge Restoration An appeal was launched in 2024 to support the replacement of the Chinese Bridge. Donations were received from membe15, volunteers, trustees, Charitable Trusts and anonymous donations. Page 30
Painshill Park Trust Limited Notes to the flnanclal statements {contlnued) For the year ended 310ecember 2024 Notes to restricted funds Icontinuedl Restricted bench income was set aside for the upkeep and maintenance of both new and replaced ber*ches purchased throughout 2024. Funding received from CIL enabled us to replace our Natural Play Area with a more substantial and in keepin9 play equipment. A commissioned scan of the Crystal Grottts Bridge received 40% funding through the continued support of the Leach Trust. Elmbridge sustainability grant of £5,000 supported Painshill's commitment to reducing water usage by replacing outdated taps with modern sensor versions. A successful bid to a Charitable Trust secured funding for a new CRM system to be completed in 2025. Your Fund Surrey generously supported Painshill's dedication to increasing accessibility through funding an 8 seater buggy and storage space. 15. Analysi5 of funds by asset clas5 15.1 Current year- group Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Tangible fixed assets Investments Net assets 189,683 228,752 1449,8251 189,683 228,752 1414,5001 35,325 131,3901 35,325 3,935 15.2 Comparative year- group Unrestricted Funds 2023 Restricted Funds 2023 Total Funds 2023 Tangible fixed assets Investments Net assets 183,815 217,680 15,2851 183,815 217,680 30,961 36,246 396,210 36,246 432,456 Page 31
Painshlll Park Trust Limited Notes to the financial statements Icontinuedl For the year ended 31 December 2024 15.3 Current year- charity only Unrestricted Funds 2024 Restritted Funds 2024 Totsl Funds 2024 Tangible fixed assets Investments Net assets 189,683 228,753 1449,8261 189,683 228,753 1414,5011 35,325 131,3901 35,325 3,935 15.4 Comparative year- charity only Unrestricted Funds 2023 Restricted Furkds 2023 Total Funds 2023 Tangible fixed assets Investments Net assets 183,815 217,681 15,2861 183,815 217,681 30,960 36,246 396,210 36,246 432,456 16. Related party transactions For the yéar ended 31 December 2024, Painshill Park Limited, the wholly owned subsidiary of the Charity, made a gift aid payment of £124,71612023.. £156,458) to the Charity. As shown in the debtors note, at the year end the subsidiary owed the Charity £100,717 12023.. £95,901). Operating lease5 The charity's tot31 future minimijm lease payments under non-cancellable operating leases 15 as follows for each of the following periods". 2024 2023 Le5S than one year 13,375 13,375 Page 32
Painshill Park Trust Limited Notes to the financial ststements (continued) For the year ended 31 Decernber 2024 18. Comparative consolidated statement of financial activitie5 Unrestricted Funds 2023 Restritted Funds 2023 Total Funds 2023 Income and endowments from= Donations and legacies Charitable activities Tradin9 activities Investment income Other income 22,230 1,385,718 732,056 276 8,456 14,236 36,466 1,385,718 732,056 276 8,456 Total income 2,148,736 14,236 2,162,972 Expenditure on- Raising fu nds Charitable activities Other trading activities 94,900 1,686,281 575,599 94,900 1,708,071 575,599 21,790 Total expenditure 2,356,780 21,790 2,378,570 Net Ilossesllgains on investments Net incomel lexpenditure} 31,894 31,894 1176,1501 17,5541 1183,7041 Transfers between funds 17,640 117,6401 Net movement in funds 1158,5101 125,1941 1183,7041 Reconciliation of funds= Funds brought lorward 554,720 61,440 616,160 Funds carriad foThvard 396,210 36,246 432.456 Page 33