Docusign Envelope ID: 4C94ABE8-9627-4BD5-83F2-FD70AFC21D40
Charity number: 289346
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
KNEBWORTH HOUSE EDUCATION & PRESERVATION TRUST
Docusign Envelope ID: 4C94ABE8-9627-4BD5-83F2-FD70AFC21D40
KNEBWORTH HOUSE EDUCATION & PRESERVATION TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 17 |
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KNEBWORTH HOUSE EDUCATION & PRESERVATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 28 FEBRUARY 2025
| Trustees | The Hon. R Lytton Cobbold |
|---|---|
| Mr R H I Rutter, Chair | |
| The Hon. E Lytton Cobbold | |
| Mayor of Stevenage | |
| North Herts Council | |
| Knebworth Parish Council | |
| The Hon. M G Lytton Cobbold Bush | |
| Mr J F D Hoy, Vice Chair | |
| Mr M L Taverner, KC | |
| Charity registered number 289346 Principal operating office The Estate Office Knebworth House Knebworth SG3 6PY Accountants Menzies LLP Chartered Accountants Richmond House Walkern Road Stevenage Herts SG1 3QP Investment Managers Rathbone Investment Management Ltd 159 New Bond Street London WIY 9PA Solicitors Farrer and Co, 66 Lincoln's Inn Fields London WC2A 3LH Independent Examiner Janice Matthews Menzies LLP Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP |
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KNEBWORTH HOUSE EDUCATION & PRESERVATION TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025
The trustees present their report with the financial statements of the charity for the year ended 28th February 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
a. Policies and objectives
The object of the Trust is to preserve, conserve, restore and maintain for the educational and aesthetic benefit of the public now and in the future the Mansion known as Knebworth House, Knebworth in the County of Hertford, its historically associated chattels, monuments and other contents, the surrounding gardens, outbuildings, forest and parkland including neighbouring buildings of historic, social, aesthetic and architectural association with the Mansion in particular St Mary's Church, the Mausoleum, the Manor and Lodge Barns in Knebworth Park.
In addition, within the boundaries of Knebworth Parish the Trustees seek to: a) promote high standards of planning and architecture in or affecting the said area and b) secure the preservation, protection and development and improvement of features of historic or public interest in the said area.
b. Charitable public benefit
In line with the objective/aim of the Trust as stated above, and as detailed in the Deed of Creation dated 9 April 1984, the Trust has been successful in completing 5 (out of 10) phases of structural restoration on Knebworth House; 80% of the Formal Gardens have been restored; the Mausoleum received substantial restoration in 2001; St. Mary's Church has received assistance; and the historic deer park, avenues of trees, and woodland are managed. The Trust continues to manage the restoration, preservation and maintenance of its principal objective areas through the assistance of its appointed managers following the guidelines of its Conservation Plan published in May 1991, and a prescriptive maintenance plan overseen by quarterly visits of a conservation consultant, and the full-time maintenance, gardens and administrative teams. The public benefit by the maintenance and preservation of the historic site through public visits, educational visits, and public footpath access. Any potential environmental detriment is assessed, is currently considered to be minimal, and is managed.
Beneficiaries are the public at large. The educational opportunities appeal to all ages. Opportunities to support other charitable aims are considered and many accepted annually. The admission fees charged are regularly reviewed and considered to be of good value and an average price for similar experiences nationwide. Discounts are available for families, groups, whether educational or general, and for seniors. Accompanied children under the age of four are admitted free of charge. Complimentary admission vouchers are granted to numerous groups, schools and societies to meet their fund-raising aims and in some cases to provide days out for the underprivileged. In recent years, a free annual admission day has occurred for Knebworth Parish residents.
c. Public benefit
The trustees have complied with the duty in section 4 of the Charities Act 2011 and have regard to the public benefit guidance as issued by the Charity Commission as shown in the objectives above.
We have referred to the guidance on public benefit when reviewing our aims and objectives and in planning our future activities in particular, the Trustees consider how planned activities will contribute to the aims and objectives that they have set.
This public benefit statement forms the basis for all judgements regarding operational reports to the Board meetings, in order to be reassured that the facilities and services currently managed by the charity continue to meet these criteria. At these meetings, the Financial Controller also presents the quarterly financial position including taking account of any restricted funds and the Charity's status as a going concern.
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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
Achievements and performance
a. Charitable activities
It was a positive trading year with a 29% increase in group and education bookings, in addition to maintaining the YTD day visitor numbers. A large film location booking occurred in the Autumn and previous productions have begun to be aired which has grown film tourism as well as production interest.
Local history units of work for schools to supplement visits, are available for free on our website and have been accessed over 2000 times, downloaded around 300 times this year. These were created in conjunction with teachers from our partner schools in Stevenage.
The Home Office takeover for Asylum use of the Novotel hotel has entered a third continuous year and has caused further negative effects on sales, weddings, day visitors, filming and events as it remains unavailable to the public in any context. This matter is being actively pursued by the Trustees, by the Trust Managers as well as by Stevenage Borough Council.
KHEPT has offered support for local initiatives, hosted an opera performance for Hertfordshire Sheltered Residents in the House, donated to the National Garden Scheme, supported the Stevenage Community Trust, Hertfordshire Community Trust, and Knebworth Twinning Association, and issued complimentary entrance vouchers to local schools and charities to support their fund-raising initiatives. The Parish Open Day was held on 24th March, to encourage local awareness, greater village inclusion and public benefit.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Financial position
A total of £361,033 (2024: £433,653) was expended on the maintenance and running costs of Knebworth House and Gardens. The Trustees continue to keep administration costs as low as possible, as in the current economic climate the Trust has no wish to realise any of the investment portfolio unless it is absolutely necessary. Rathbone Investment Management Ltd manages the investment portfolio, and the year end investment values had decreased by £103,128 to £366,883 (2024: £470,011). There were a number of sales producing net proceeds of £20,356. The Trustees have worked to concentrate their investments in Blue Chip equities and fixed interest securities to give a balanced portfolio but maintain income levels and minimise overall risks. The Trustees are aware that they sometimes need to react quickly to particular emergencies and as a result include in the portfolio investments that can be readily accessed. The Trust also has a property portfolio receiving rents.
Unrestricted funds as at 28 February 2025 amounted to £2,206,272 (2024: £2,597,774). The Trustees endeavour to maintain free reserves sufficient to produce an income to meet annual expenditure, including routine repairs and maintenance on Grade II* Knebworth House and its formal gardens.
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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
c. Reserves policy
KHEPT's policy on reserves has been to maintain them at a level of four months' non-discretionary expenditure. This meets the Charity Commission's recommendations. Unrestricted reserves at the end of year were £2,206,272 (2024: £2,597,774), representing over four months' non-discretionary expenditure.
The Trustees maintain and review cash levels to meet its ongoing requirements.
The Board considers that the reserves at the end of the year satisfied this policy.
Structure, governance and management
a. Governing document
The Knebworth House Education and Preservation Trust (KHEPT) was created by a deed dated 9 April 1984 and is entered in the Central Register of Charities at number 289346.
The Trustees in office during the year and at the date of this report are set out on page 1.
The Trustees appointed to pursue the objectives of the Trust comprise three members of the Lytton Cobbold family, three independent Trustees and three ex-officio Trustees representing the local community.
The independent Trustees meet on a regular basis to review the financial data and agree spending priorities. Budgets are set at the beginning of each financial year and monitored throughout the year. The day-to-day control is delegated to the Trust Managers (Lytton Enterprises Ltd and Knebworth Estates).
The Trust has appointed Rathbone Investment Management Ltd to optimise the level of return on all its quoted investments, subject to minimal perceived risk.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affiars of the chairy and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The trustees are responsibile for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the chairty and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the chairty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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KNEBWORTH HOUSE EDUCATION & PRESERVATION TRUST
INDEPENDENT EXAMINERS' REPORT
Independent examiner's report to the Trustees of Knebworth House Education & Preservation Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 28 February 2025.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated:
01-Dec-2025
Janice Matthews FCA
Menzies LLP Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2025
| Note Income from: Donations and legacies 3 Investments 4 Other income 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net (expenditure)/income before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Losses on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 4,274 153,686 150,973 308,933 402,569 402,569 (93,636) (2,866) (96,502) (295,000) (391,502) 2,597,774 (391,502) 2,206,272 |
Total funds 2025 £ 4,274 153,686 150,973 308,933 402,569 402,569 (93,636) (2,866) (96,502) (295,000) (391,502) 2,597,774 (391,502) 2,206,272 |
Total funds 2024 £ 493,122 150,676 112,715 756,513 |
|---|---|---|---|
| 473,498 473,498 |
|||
| 283,015 872 |
|||
| 283,887 - 283,887 |
|||
| 2,313,887 283,887 2,597,774 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 17 form part of these financial statements.
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KNEBWORTH HOUSE EDUCATION & PRESERVATION TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. General information
Knebworth House Education & Preservation Trust is a charitable organisation, registered in England and Wales. The charity's registration number and principal address can be found within the reference and administration details on page 1.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
It meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
2. Accounting policies (continued)
2.4 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Neither the original value nor improvements to Knebworth House and Gardens are capitalised because the buildings are historic and inalienable.
For Freehold property and Long-term leasehold property the revaluation policy has been adopted and the last valuation was carried out in November 2024.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Freehold property not depreciated - Long-term leasehold property not depreciated Other fixed assets - not depreciated
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.6 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.7 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
2. Accounting policies (continued)
2.9 Taxation
The Trust is a registered charity (No. 289346) and accordingly is not liable to taxation on its income, which is shown inclusive of tax recoverable.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Donations | 4,274 | 4,274 | 493,122 |
4. Investment income
| Rents received Income from local listed investments |
Unrestricted funds 2025 £ 139,556 14,130 153,686 |
Total funds 2025 £ 139,556 14,130 153,686 |
Total funds 2024 £ 135,298 15,378 150,676 |
|---|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
5. Other incoming resources
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2025 | 2025 | 2024 | |
| £ | £ | £ | |
| Income from house opening | 150,973 | 150,973 | 112,715 |
6. Analysis of expenditure by activities
| Garden upkeeps House maintenance Building and contents insurance Management overheads Education programme and direct trust costs Strategic repairs Investment managers fee Professional fees Sundry expenses Accountancy fees Interest payable on loan Trustees' indemnity insurance Total 2024 |
Charitable activities 2025 £ 125,866 88,983 42,992 62,356 36,945 3,891 - - - - - - 361,033 433,653 |
Support costs 2025 £ - - - - - - 2,107 27,835 2,589 3,825 3,819 1,361 41,536 39,845 |
Total funds 2025 £ 125,866 88,983 42,992 62,356 36,945 3,891 2,107 27,835 2,589 3,825 3,819 1,361 402,569 473,498 |
Total funds 2024 £ 120,446 82,084 33,729 47,493 35,051 114,850 2,855 21,722 3,012 4,600 6,367 1,289 473,498 |
|---|---|---|---|---|
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 28 February 2025, no Trustee expenses have been incurred (2024 - £NIL) .
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
8. Tangible fixed assets
| Cost or valuation At 1 March 2024 Revaluations At 28 February 2025 Net book value At 28 February 2025 At 29 February 2024 |
Freehold property £ 1,390,000 (70,000) 1,320,000 1,320,000 1,390,000 |
Long-term leasehold property £ 775,000 (225,000) 550,000 550,000 775,000 |
Other fixed assets £ 16,506 - 16,506 16,506 16,506 |
Total £ 2,181,506 (295,000) 1,886,506 1,886,506 2,181,506 |
|---|---|---|---|---|
Lytton Arms Public House
This was valued as at 29 November 2024 at an open market value of £830,000 by Fleurets. The original cost in 1985 was £281,302.
The property was initially subject to a 30 year lease granted on 29 May 1985, with a further 10 year extension granted on 25 March 2015. A revised lease for a 15 year term was issued in March 2018.
Novotel
This was valued as at 29 November 2024 at an open market value of £460,000 by Fleurets. The original cost was £69,585.
Under the terms of the lease, peppercorn rent is payable to the Lessor until 31 March 2054, market rent is payable thereafter.
Knebworth House and Gardens
In the year ended 31st October 1985, the Trust received a 70 year lease of Knebworth House and Gardens. In the opinion of the Trustees, as the property is held as part of the objects of the Trust it is not considered appropriate to place a value on the Trust's interest in the property.
Land at entrance to Knebworth Park
On 6th February 1985 the Trust was gifted a 70 year lease of land at the entrance to Knebworth Park (the original hotel site). The land was valued in May 2020 on an open market value basis of £90,000 by Land Partners LLP, Chartered Surveyors. The land is let to Lytton Enterprises on a short term lease.
KB2 Land
During the prior year land (known as KB2 land) was donated by the late Lord Cobbold. This land had a value of £490,000.
Chattels
Chattels acquired by the Trust are stated at cost.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
9. Fixed asset investments
| Cost or valuation At 1 March 2024 Additions Disposals Revaluations At 28 February 2025 Net book value At 28 February 2025 At 29 February 2024 |
Listed investments £ 470,011 20,555 (120,760) (2,923) 366,883 366,883 470,011 |
Unlisted investments £ 79 - - - 79 79 79 |
Total £ 470,090 20,555 (120,760) (2,923) 366,962 |
|---|---|---|---|
| 366,962 470,090 |
The Trust's assets continue to be managed by Rathbone Investment Management Limited. As at 28 February 2025 the portfolio has been invested in the following assets:
U.K. Fixed Interest Securities - 0.00% (2024: 0.00%) U.K. Equity Securities - 99.09% (2024: 99.26%) Cash - 0.91% (2024: 0.74%)
The Trust holds a 79% interest (2024: 79%) in the issued share capital of Old Knebworth Amenity Company Limited, a non profit making management company which is registered in England. This company manages the Village Green in Old Knebworth. This is valued at cost, being £79.
10. Debtors
| Due within one year Other debtors Prepayments and accrued income |
28 February 2025 £ 12,182 38,332 50,514 |
29 February 2024 £ 19,067 34,518 53,585 |
|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
11. Creditors: Amounts falling due within one year
| Bank loans Trade creditors Other creditors Accruals and deferred income |
28 February 2025 £ 10,825 2,619 93,896 3,825 111,165 |
29 February 2024 £ 10,829 9,917 102,991 3,825 |
|---|---|---|
| 127,562 |
12. Creditors: Amounts falling due after more than one year
| Bank loans Other creditors |
28 February 2025 £ 6,675 35,000 41,675 |
29 February 2024 £ 16,675 70,000 |
|---|---|---|
| 86,675 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
13. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Revaluation reserve Statement of funds - prior year Unrestricted funds General Funds Revaluation reserve |
Balance at 1 March 2024 £ 1,363,661 1,234,113 2,597,774 Balance at 1 March 2023 £ 1,079,774 1,234,113 2,313,887 |
Income £ 308,933 - 308,933 Income £ 756,513 - 756,513 |
Expenditure £ (402,569) - (402,569) Expenditure £ (473,498) - (473,498) |
Gains/ (Losses) £ (2,866) (295,000) (297,866) Gains/ (Losses) £ 872 - 872 |
Balance at 28 February 2025 £ 1,267,159 939,113 2,206,272 |
|---|---|---|---|---|---|
| Balance at 29 February 2024 £ 1,363,661 1,234,113 2,597,774 |
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 28 February 2025 £ 1,886,506 366,962 105,644 (111,165) (41,675) 2,206,272 |
Total funds 28 February 2025 £ 1,886,506 366,962 105,644 (111,165) (41,675) 2,206,272 |
|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
14. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 29 February 2024 £ 2,181,506 470,090 160,415 (127,562) (86,675) 2,597,774 |
Total funds 29 February 2024 £ 2,181,506 470,090 160,415 (127,562) (86,675) 2,597,774 |
|---|---|---|
15. Related Party Disclosures
The Trustees have appointed Lytton Enterprises Limited to act as the Trust managers. The managers submit an annual expenditure budget to the Trustees and account on a monthly basis for the actual expenditure. Lytton Enterprises Limited also manages all the visitors to Knebworth House and Gardens and is remunerated on a revenue share agreement by the Trust. This amounted to £150,973 (2024: £111,946) for the year.
Included within charitable expenditure are expenses recharged by Lytton Enterprises Limited at cost of £313,787 (2024: £284,135) made up as follows:
Garden upkeep- £125,866 (2024: £120,446) House maintenance- £88,983 (2024: £82,084) Direct trust costs- £36,945 (2024: £35,051) Management overheads- £61,993 (2024: £46,554)
Lytton Enterprises Limited paid rent to the Trust of £16,200 (2024: £15,000) in respect of the family occupancy of the private areas of Knebworth House and Lord Henry Lytton Cobbold paid rent of £1,200 (2024: £1,200) to the Trust for the occasional private use of public rooms within Knebworth House.
All rents are considered to be at market value and subject to regular review and negotiation.
The Trustees are pleased to report that the late Lord Cobbold left farmland in the village of Knebworth to the Trust, such land was formally transferred in March 2023 following which the Trust receives an independently valued rental income.
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