REGlSTÉREts"¢OMPA￿y 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 De￿rnber 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