## **STRATFIELD SAYE PRESERVATION TRUST** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ The trustees present their report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). ## **Objectives and activities** The Stratfield Saye Preservation Trust is constituted under a trust deed dated 26 June 1984 and is a registered charity (number 289822). The main objectives of the charity are maintaining and restoring Stratfield Saye House and chattels and archives relating to the First Duke of Wellington and opening the house to the public. The trustees who have served during the year and since the year-end are set out on page 2. The minimum number of trustees is three, and additional trustees may be appointed at any time. The trustees meet once a year where decisions are discussed and taken with any minor decisions being taken by the trustees' agent following consultation with a minimum of two trustees. ## **Relationship between charity and related parties** A majority of the trustees are independent of the Wellesley family. All transactions with Stratfield Saye Estate are carried out on an arm's length basis. ## **Investment Performance** The trustees' investment portfolio is held and managed by a leading investment bank Rothschild & Co and the portfolio is regularly reviewed. The total value of investments increased in 2024 from £5,300,089 to £5,741,163. During the year £280,000 was drawn down and there were unrealised investment gains of £706,275. Income continues to be generated by let property, admissions and donations. ## **Review of the year** The charity carried out normal repairs to the fabric of Stratfield Saye House and works of art. Stratfield Saye House was open to the public during the Easter and Summer of 2024. It also accepted a limited amount of tours for local art and historic groups. Stratfield Saye House and its grounds are maintained by the trustees in a good state of repair without recourse to any grants. The house is open to the public and the level of visitor satisfaction is high. The trustees confirm they have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. ## **Achievements and performance** ## Fundraising activities The charity's main fund raising activities are from donations and from investment income. No professional fund raisers are used by the charity. - 1 - ## **STRATFIELD SAYE PRESERVATION TRUST** ## **TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **Financial review** ## Reserves Policy It is the policy of the trust to maintain a fund sufficient to produce an income to maintain the fabric and grounds of Stratfield Saye House. The trustees hold an investment portfolio and drawdown 4% of this each year for the annual expenditure of the trust. The income for the year was £424,289. Total expenditure for the year was £648,682. The investment gain of £706,275 resulted in a net gain for the year of £481,882. At the year end free reserves including investments of £5,741,163 and a loan of £700,000 totalled £5,897,880. The trust holds a fund sufficient enough to cover half of the annual expenditure of the trust. It is the medium term aim to reach enough to cover all costs of approximately £550,000. The trust currently holds fixed assets of £6.6m including investments. It is the intention of the trustees to try and add to this figure so as to provide for the full running costs of the charity, but in the medium term will need to rely on donations. ## **Risk assessment** The house has a modern fire and burglar alarm system. An annual health and safety inspection is carried out together with a risk assessment. An electrical installation inspection is carried out 5 yearly, with portable appliance testing being carried out annually. All staff receive appropriate training. ## **Plans for the future** The trustees will continue to maintain Stratfield Saye House and the collection of works of art in the Wellington Collection and to open the house to the public. ## **Structure, governance and management** The trustees who served during the year and up to the date of signature of the financial statements were: The Duchess of Wellington Baron Piers von Westenholz The Hon. Edward Clive Lady Rachel Billington Earl of Antrim Trustees are appointed by the Duke, as per the Trust Deed. A skills audit is carried out annually to identify gaps in the skills sets of existing trustees. None of the trustees has any beneficial interest in the charity. All of the trustees are members of the charity. The trustees' report was approved by the Board of Trustees. .............................. Trustee Dated: ......................... - 2 - Ch•rfty r•lll8tr8llon numb•r209822 STRATFIELD SAYE PRESERVATION TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER2024 STRATFIELD SAYE PRESERVATION TRUST LEGAL AND ADMINISTRATIVE INFORMATION ofweil Th• Hcm. Ethward Cfve L￿ R¥hd Blmrwn Tho Earf ofAJ l*•rtty nwnb•r Audltor Az•t6Aud* Sw GAtth¥ay Hou Chandlors Ford S053 3TG Bl•ndy & Blondy 1 Frfar Stroet R￿lThj BthBhbp Untted lQwkyn RG1 1DA ROth8ch1￿ & Co. Ngw Court St Swlth&n'# Lan• EC4N 8 STRATFIELD SAYE PRESERVATION TRUST CONTENTS 8tsm8nl cArmr￿lI1 9-18 STRATFIELD SAYE PRESERVATION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Thtr trwtees pr¢g*tt arml *It￿8n￿ forlhe y•ar •nd•d 31 O•r•Tr&>or 2tr24. The fft*r•*l 8talThnts ha¥• bwn FT•POrod In •etoYthn¢• ￿th tho accr￿lI¥j lot eArt h not• I b) th fffjand&l •tatomgnts and trusts govemknu docurnoni Chart*8 Act 2011 AThJ by Statgmont of R4ttffirMnd•d PAc*e• *ithl• to chariuu prepar*¥ IhBtr accty¢knnr• tr* Financbl Raporung S￿d￿rd •pplW• In the UK and Rvpth1￿ ol IrthE IFRS 1V2)' loffoth• 1 2019). Tho Stratfièk1 PT05ervatiLm TnJ6t l• Co￿ti￿￿•d undw • trust deed dated 26 kn• 1984 • rrylater•d dwiity {nunthr289822). Th# rroln 4*Jecllves of th• ch8rty ¥6 makntthkng fjnd Stroffield S•yo Hcxme and wK1 arthl r•latkng to thg Fr•1 ofwdllnobjn openkng the h￿80 wblk. Th• vhb) hav• sthv•d durfng thè yegr And the yoar-•nd are 88tout ¢m P•9e l Thè mlntrrmn numbw ol tNstaè818 thrno. and addmLmwI trust•o8 may be •ppotrrted at any twm. trust￿ mwt (mc• a year d•chkn8 are dla(ths•d and taken wlth d•cknkTh ￿kn9 tak8n by tr￿•8&. fr)IWr onsdtallon ¥A1h a mknlmum truJtèo8. R•lattonthlp b•twwn ¢hwXy and Y•lat•d ￿rIl•S A malcty of the 1vJJtg85 aro 5ndyndont of th• f4M1￿ Al tromaourm 7hllh Stratridd Sffj• carTW (Art￿ an am's b￿1￿ The tr￿1•￿, knv•6ts￿n* p¢*thlo kn hokl and managed by o h)N••I￿ t•nk Roth8(*4kJ & Co the Tho vAlu• rf Inve8ts￿lI knuoo8od kn 2024 from £SAQO.089 to £5.741.163. Duthq fv par É280.000 was drawn do￿ and there wYr• UnT￿lL￿d IThvth￿nt gdn8 of r106,275. IncLWrn tcdthuos to b• 9￿￿￿t•d by lot Fryiwty. Ind +SJnobDn R•vlN trf th• y•v Th• Charitycwriod (Art trtrthefabrfo ofstrafflold Sa>Tr Hou89 wjd ofarL Str¥lfi¥ld Hougo open kn the publlc durkng tho Ea*r 2024. tt 0150 a lI￿thd Jni of lours fty loca artand hl$twK Fun¢*al$lng •thlU•s Thg Thln fur￿ r•lthg ethAtlg9 •• from dDnth* from inYaBlm•Ybl 5np)m•. No *Jnd r¥L¥•rn *r• US￿ by th• clwlty. STRATFIELD SAYE PRESERVATION TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2024 R•tyoFvrD Pollry tt 1$ the pollcy of the tr￿1 ti> mllnlakn # lund SLtfflclent ID wodLU lo malrrtaln tho fabit ttnd ￿ftd￿ of SIMtN•id S8y• H￿al•. The tNstoe6 hdd an in¥•sbYont pDrtrc40 and dravth4bf 4% of thb oech ybw for Ihe anNal &xr*rdt￿ of IMSL Thè Incom• for Iho yew was ￿24.269. T(thl for the yw £048.682. The Invèstment gakn Of£7￿.275 rwJlt¢d in o Mt gdn ￿)rtt￿ yew of£481,882. A ** fm raw¥gB in01￿t Imants cA£S,741,163 a lo￿ rJ£700,000 tcldl•d £S.897.880. Th• truBt holdB a ¥ufvonl enough trj cav•r hair of the annu81 of ts trust It18 th& ts to r•9¢* to cwall Lx*ts olappToxknr• £5fyJ,000. Thg IW5t￿rrenty Iwlds fthod aM•ts ofÈ8.6m ￿Ing knw8ln￿. tt l& th• Int￿tIon In•kn•J lo ty *nd add lo thL8 I￿u￿ so ts to provlde tr the fvll runnkng o)sts ul thg iwt rnodlum temi need to rnjy on The I￿￿se has • modern fflre and Miknr 8lm vi81gnL An •Mual hoth and tsthty IB tX￿•d ￿t Joothor wlth o Tl¥k ass￿*m￿l. kn 4•¢knlcal In$t•7￿C￿ Is cafflod out 5 yty. TAth aF91￿￿ete81￿9 bekng Lxrt 8nnudty.N staff *pproFrfl*traknkN. The trustees knyl ￿n￿nU8 ￿ mok**kn Straffidd th8 eolecth)n of Wa￿ of art In th• IV•yi Th8 In￿1•?8 %%tK* 8•rwd tt*y•ar ond ￿ io th• dot• of•kdn•knr• ofthefmndal stst•m*ts Tlw of W•llliigkni Bar￿ Pi¥rs V1•8twthL Th• Hon. Edwwd a Laty Rach81 Blllng Th• Eart thknlrin (rn81gn•d 26 iIy24) Thst•es are appc4ntgJ by tho Duk•. as w th• Thwt Doed. A 8klkN autht18 cthed out Thjoly lo kjrfy 9•￿ In thg *dlls ￿ of•xWr¥J trpxtees. Nong ofth trustwg hA8 w b*wfKlal Int•r•st kn th0 thorIty.￿ ofthe truthw we rfthè tharty. STRATFIELD SAYE PRESERVATION TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The tnMte08 are 1wp￿1bre *>r prBp¥rkYJ fv Tn*tg•5' Rwt and the flnaMJal statThts in accl￿d￿￿e *lth apF4lcablJ Iw and Unw Klngdom Stsdavth Iunlted KSwd(¥n knptsd *4xXY￿tI1v4 Prnchco). Thv law to dwrlU•• kn En*rnl arnl Wakn tequ*•$ th• tru8to88 to PT¥PW• fmndal ¥tot•m•nts for eaL* fin•rthl ye•1 whk* g￿e tt In* •nd f•tr ot tho 8lat• of of tho Iru•l and rl thè Imimkng reB¢Krn p￿11%￿ of f•WJL¥C•* of#* tnjst for that yoor. In tY•p¥lng thow fmnclal ￿￿t￿ner￿. tho arn r•quked i . 5ol•d wlt•bl• pollctel and then App￿ them CLThIs￿ty. - obEor¥• rrnttKKl# aThJ prfrKye8 in lh• ChfjrSU96 SORP.. •nd ewldne(I In th* fflmndwl stat•m￿., and . ￿pare th• 8t*monts on tho Onll Mncem b￿$ urlou ￿ IB knapprofv *> that fv chn 11 cy•rallon. Th• tr(*ts•& arn wewffjiblè for kwlng sufflc4ont acwJntirvJ r•tyyts that dsdo8e wjth rwonttblo at any lino tho fina￿￿ pNIIkn ol the Inwt •nabbg I￿•M to en64w• tsl th• statomonts cL¥nrAy ￿ the Charftkn Act 2011. th? Chwlty (ACtt￿nts and Rem) Regulatth& 2(th arAI tho provl8kvw clth• tnmt ￿•d. They arè r•spL￿$ll3kn for s*uardkng the ass•ts of ts tru•t •rnl h￿¢4 for laklno rn08on8bl8 stw w•￿On and d•t•clon of fr8￿1 and oth•r IrrngWArlll• Dat•.. a41.das................... STRATFIELD SAYE PRESERVATION TrUST INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF STRATFIELD SAYE PRESERVATION TRUST OplAIoTh W8 audit•d th• I{n￿￿11 stat•mgnts of Straffdd Prn8wvaUcffi TnNt (tt* YNSVI fly th• yoar ￿￿9d 31 D￿btr 2024 *thlL* (mprkn ihe 8tatern￿ of Itnand•l •¢bMW. tho bAkn¢g ¥hgot and rths to fv flrffjndal statom￿lS. Indudng dgnNkanl O¢c￿n￿o Tho fmancial r•wlwvJ frAm•¥th Ihai h¥$ b•gn aFpli•d in th8lr pr8p3r8tton L8 Im¥ Unlled Kkngdc*n knnllng Stsrbdard8, tnc*Jdlng Flnandal Rpwong *rderd 102 Tho Fln8ndal Rwrtkng Standard appl￿￿? In th• UK •nd ol l&*and (Unit•d KiyS)m our cylth, tho fflnan¢Jal stsknnts: •nd l•k vhw of th• 418te (rf the 4ffatrs 88 at 31 DerAnb•r 2024 and (rf Ils Inoomkng ruoinx8 ond lpplicakn of rwewc*s. fcrlh y•8rthen ended. B*1• fw oplnlgn W• CAN audh In a¢Yudanc• wllh Inthmatknn•l kndArds on Authtkng (UK) (ISAS IUKII 8fbd appJtC4ti 18w. Ow rBWImlbll￿w6 urttlor th08• Standards are furthor d￿ts￿d Authrf8 rowslbWll•s forth• •1￿& of r9¢wIr•m￿1B Iht are rthqnl to our of ￿n￿t$s1 BtAtaThrts tn the UK IrKfudkna th8 FRC* Etrar*l Stsndwd. sjnd wè hav• I￿￿1•d our other ethK%I In •¢¢tyd8nR wlth thos• rewlr¢mants. W• bdt¢¥e oudk ha¥e Obtsk￿d •nd •woW￿l0 lo a b•s18ftyour opthtcffl. Conclu¥lon• Trl•Ung to gging ¢onr•rn In the fIn￿cL41 Staten￿ts, wg (%¥K*Jd•J tst the tnMte6S' U8• (rf the goh¥ c&￿¢•M basLB ol •minOrvJ In Frtp•Trtb)n of tr* ffln•nolg1 8t0t•m￿ IB apFvoprt•to. Ba8od on Iho ￿Tk wo havo pork¥rnod. h8ve not hJ8nUfi8d any materfal uncartakntth relaung to •v•nts Cf ts)ndmon8 thai IpthbJu81ty ￿ (dlaclv*y. txst *nlficarrt d¢x*t on lh• Iw•f8 •t4ty lo 88 a c*)nc¢rn fora pwbd dst Ita¥t rM*nlhsfrom vknon tho ffnandal staknnls org outhurwd ffi)r tssu•. r¢wwbSlW•8 Imd Ih ￿p￿sIb￿raBB af th• Inffjt••s wNh Y•spf£t lo golng •r¢ )ndLKAKYI thO￿Tr. ChJr r8¥pon￿lI1ty IJ to the olher Infmoon arnl. In g). (x)nBkJer wJ*tsr knfLYmth IB matwknlty In¢¢Mlthnt with th• flrwidal •tateM￿ts or our obtsln•d In thg (yJm• oftr* audtt. or othepArf80 to be mls8lat•d. I1￿ ￿￿10[￿[ knc4)nd8t• th• ￿n￿¢bRI Siatemenis M. bas￿ ¢)n th• havo perf(X￿d. we (x)n(*Jde that thero mlsstst•m•)t ofthii other wrfLrntion, r4uked to rrf*xttst faoL W• hav• to rwt In r•gwd. We have nolhlw to rnport In rag* of tho folty*AThJ matters In r4lath)n to th• Chwltkn (AC￿1Thts and R•pottsl R8wLthB 2008 r•qutr• ￿ to rryort to If. In ￿r(￿lI￿10n". tho Infonnth gk•n In th# ffimnrxal 81atsm•nts l& in any mJt•l•l th truth￿, rL' or Nrffid¢nl K(¥)unUrrfJ r•sxYd• hw not beon W or th8 fhancial •latwnryrf• u• not tn egreementwlth tho rnoords: wo h•¥? rvjt all the IrrforrnaUc4) •r*J •XFlondons ￿ r8quSr• lorow•￿Ill. STRATFIELD SAYE PRESERVATION TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STrATFIELD SAYE PRESERVATION TRUST RMpon#lblltl•• of In•t A• èxplalned In thè 8latement oftru*u' ￿4￿61b1111[K tntstees afB lor thi w•par8t of the financ￿ slatsThThts and fly b¢lrvJ salsffi•d thBt thèy glv8 a tru• BrKI f4kYlvK oThl for #Lth htemal con1￿4 as th• Irustee8 detemlne Is to thè prepgrBkn d fmandel Bt8temgnts that we 1rn8 from maloml rn156tsknTWrt vthoth•r Ij￿ to lrnud {* error. In Frfgxrfng th• ￿￿n￿oI stthrnents. th• hwstèos arg for ¥8B31ng thB Inmt's &llty a6 Q go￿ d15rj0￿nll. gs re18ted Io 901 con(*m u5kn9 ths golThJ ba811 of Kc¢¥JntivvJ thfr t￿¥t￿ IntarKI to c•as• ¢pWatk￿l, or h•vg no rpallBlk aKemal¥e Ixrt to do so. W• have b$8n apFolnt•d aB audknr undgr 50don 144 01 th• ChortU80 *412D11 ond rBF*)rt h) xaxthnL¥ T￿th th• Our Ot1#¢¥v￿ Ar• to obt•ln Mason￿• tht wholh•r Ihe sletements a• a frryn miB8t*rr￿l *th8ther du• to fraud ¢¥ and to 188uo an that IrKlthJes our ¢Jplnlon. R••sonable a8guron¢• 1$ a hh3h leb￿ aBsurBnc• but l• not J bw•r•ntee th•t an •Jdh ￿￿Ju￿8d kn 8fyxrd•nco th ISAB (UKI wlll d•ts¢i • makn'al mbstat•mert lthen tt othts. PA0$tai•ry￿ from frnud or 4yror •nd $rn ¢t￿￿￿￿oI8d rf. indNldualty or In thg *ggr•g•te. Ihey Ubutd roawnabtybe e¥po¢t•d to Infiuw¢• thw 41ecWoM ofuo8rn t&knn on tho 0fth￿OI￿andIl slatrnt& A fittthor d•xrlplon of I¢8pon￿bllrtl9B LB av•lWA on Ih• Fkn￿¢￿ RfjFtyNdng C(wndf• ¥L. hlty6Jl ww.fr&Org￿k/aUdl1ryWp￿mlb1￿. thscriFltJn f¢fft$ wt of our 0￿J1101% r•port Extont to whl¢h th• ¢ort￿r•d ￿Pabl• ol delDGtho Irrnqulwlllo4 Inthdkng hud I￿UdIng f￿1, ar8 Instsn￿$ of non-L¥ynpllanc• w5th laws and r•gukntknn5. ￿ do8￿Tr proc•thJm In lino with our rowi¥biltw, abtsv8 on the FIn0n￿al CouA¢M$ y￿bIle, ￿ d•t•ra rrAt• In resF•¢t of IN•9￿aT11￿￿. Ir¥￿y￿lng fraud. Wo obtath updat• our of th• •th, Itk ilts (ortrd •nvknmgnt. w#J Ilkely I￿1¢ dMlopm•nts, iAdwling to the legal ono rog￿ry frAff£work applkAblg wd howthfr wtity l• Ih¥t fr8mwork Bas•d on thIB Und￿Standby￿. Id￿tIfy and the rtsks gl fflatsNg1 of ftr$arK￿ 8tptern•nts, whethw du& to cr dtr8bJn and ￿Trn proc•dw•s r•Ton91hYi to ¢bI￿n •udit 8vld•ne* ihat 1$ •ufficiont and aPPTopri¥lo to wovlde our 4>In1￿. ThL6 COMl*•kn ofth• tskofaetl by th• onytythetwgro contraryto la￿ •ThJ Includln9 froud. ]n respon￿ to the rtsk ol kT•gu*rllleg •nd Mnwrnplarte Iwln Jrwj regulikn$. freud, wa d•s&nod . Enwwy of rnnagement t1￿0 tharg¢d wlth ar¢urrtl •Gknal potsrthl and rJe*n8 08 Twqll ag grknl, alknwj frwd" . A06￿$￿g tho •xt•rt of ccmplL4rKo with thè Ibws orKI req￿all0n• ra￿SkI￿*d I) hwo a dlTrL* mbtwl elknl on the froKlal statOnWrt8 ry tho operath)n* ofth? enlltythr¢ugh erWIry￿d in¥•th; . ffi￿nd￿ stoterr•nl dlsdosures and 1gBllng ¢0 supporonp dowm•ntakn to 06*86 Lwlanc• th •￿Icab￿ la￿ •nd rOg￿8￿OnI. . Pirfomihw autht over the rtsk of mngu•rr•nt b*B 8fKI ovwrfdB (Kf ￿r￿mI6. ￿￿￿111￿ l•¥Ory of erth¥ ond adJu$tsMnts for apprOpriatsr￿S8, •vaKwtin9 lh• tAMheB8 of ofthtr Im1•OJ￿ ol an audlt, thorn i• a rhk that w• tht•ct dl IrWU￿11e￿ 1x4￿lIng tho In fmnc4al 8tatsmenty 88 ¥* ￿11 bo less Ilkety t(> ol knstsnces of nThFi*mpILance. Th? rf¥k ol not d•t•thr¥ • rT¥tsri41 rttht•tenw* fr￿￿ frJLtd li hlgher them tr Lv r88ultkng from •rKY, as fra￿1 MAY STRATFIELD SAYE PRESERVATION TRUST INDEPENDENT AUDrroR'8 REPORT (CONTINUED) TO THE TRUSTEES OF STrATFIELD SAYE PRESERVATION TRUST UB•of our r•pwt TN6 rep)rt1s made K41fy kn th• tnMtO•8. av a l))dy, in •to)￿￿r* pert 4 of th• Charftl88 {Att4xmts and R8p¢¥tsl Regthtkm 2008. Our audSt been ￿rtak￿ so that w n*Jlt tho thaws tru&t•gs th058 mattorF aT• r•qulrad to stste to Ihwn in gn auditoe* Iwrt and ft>r no (ther PWPOBO. To the ￿leSt extent law. wè do Mt a(wl or r99tTh$lbllty lo an>vne otlw than ¢twlty •ThJ tru￿t￿￿ a¥ a b(*. for our wdft wcffjK the rUff￿d. A,1 /LU I e/viLu for and on boh￿10¢ Az•l• Audlt 8•rvk Thtrd Fknr. Gateway HCAM Toloate Chandl£rn Ford Unft•d lthrydom knts ALXIII Sm**s Is dlgble *Jr appoknbn•nt •s a￿AllOr of the tswt ty vitiJe rf Its •iknlbllty ftw 4ppokn* audttor ola under 8•cOon 1212 ￿th0 corn￿￿￿ Act20(fi. STRATFIELD SAYE PRESERVATION TRUST STATEMENT OF FINANCIAL ACTNMES INCLUDING INCOME AND EXPENDMJRE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2Q24 fund fu Donouons and kn9￿0A 272.500 29.047 284.1 31.168 75,354 34,179 Invwknonts othor Incom 42.D18 Tot•1 Inc4* R•lglng fuThls 20.723 Charllobkn 28.220 641.708 Totsl •xp•ndttw• 648,M2 061431 Nei galrAllbyg08) on InbwbThints 13 7(ffj275 388,856 N•t mgv•m•rt lfi 481082 151.231 FUMI bolarrth At 1 Janwy 2024 5A15.998 s￿,767 Fund balafte•• al 31 D•c•rnb•r2024 5,497.880 5.415,998 Thè staten￿l c1lln0nc￿ aotfvth6 IrK4udo5 all gal￿ •nd kw•8 fWAyJnkwd In Ihe yw. JI In￿Nn• ar￿ •xpendltur• dwlvo frnm Jxn¥nulw ￿lMt￿. STRATFIELD SAYE PRESERVATION TRUST BALANCE 8HEEr AS AT 31 DECEAIBER 2024 TaTrJlbl8 Bss•ts 6,741.183 5.3W,089 6m,122 6.138.890 17 3.058 48249 1.737 Cash al b￿k •YJ kn t4nd 51.044 Gr•dltorn: •mourA•hlllng du• wllhln on•y4•T (ll9,54T) ff73,Ya6} N•t ¢wnw*11obHths 1674242) c￿892> T*1 •b••ts 1••8 ourr•nt Ilablllu S.￿7. 415.898 Inoam fvnd• Unr•Str￿ fundi 5,897.880 5.41&998 5.897,880 4415.998 knfindel oiatom￿￿WorV tyth•Th*tws On8.￿.101aS STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR TNE YEAR ENDED 31 DECEMBER 2024 AcEounllno pDllcl•• 8traffield S8yo Pr•8•r4alk>n Tru* IB a tharknblo trwl gstablhhed on 2fj 1984 ￿dIe a r•ul8tor¥d thr*y {nty 2898221. 1.1 Accountlng ¢onv•ntkn Yhe finan￿41 ¥tat•mont• havo bwn prepgrnd kn A(￿rdEn￿ wlth the trusvs gov￿kng documenl, the Chorfdes Act 2011. FRS 102 7ho Fingnwl Ropkvtsrvj Sl#rHl8rd amjlcablè In Ihe UK and Repu￿{C of Irdw(r rFRS 10r) •nd th• Charlb•s SORP 'Acawnlng and Rs￿rt￿O by Chartsg5." Statemwl ol Rec*￿M￿ded Prnclltè ar•1￿8 kn tharilio¥ 0¢￿nts kn Aethyd8nL% vjllh tho Fkn8ndd Rop￿ Stsndard a￿￿8t￿8 In Ilw UK and Rep￿)1￿ of It•land (FRS 1D2r (•ffocU¥v 1 Jwuwy 20191. Th• InMt IB a P￿1) Be￿￿ Entty as by FRS 101 Th• tru•t hal 1ok•n ooWag• oflha prov*lTh kn tm 50RP th•*08 not to a St&am￿ of C•sh •moLhits kn thaaè tht•m￿ r￿nded to th• nwr•¥l£. r•vA￿at￿n offr8ohtJld prop•ts• to Wide Invthnt arKI c•rtih fili￿1•1 Instruments at T￿r Tho txlnc4pal amnonq pc4k498 0(Wvd ¥•t (rtrt b8kn Al th• tlmg of typroty th• fknancknl tho InHt•Bs h¥¥* • r•a8on•bts that the tru81 ¢(fflIIr￿fy kn >Jr•tth• Ong conlxn b86L8 of kn pr•p•rlNJ fv f￿r￿kn1 Itatrnits. l.¥ Ch•rkth fvnd• Unrè#M¢4¢d fvndB 4rp for UB• at th• ¥knllDn of t￿ INgi•e# l) furthgranc• of thlr th•rl•bl• R8strid•d )Imds arn $￿•Cl tr) wNlc e4JThllUo￿ ty a6 to th•y may t• uxad. Th• ￿1P0s08 0Th1 ot lh¥ TrslKi•d 8ètiWt in the notss Lh• Inerwl r¥tatsThi nt& Endolwnontfwth m subi•ct to C￿￿1kM by dorm thotthp iapltal bè byts 1.4 kn¢om• Incomo is r•(xwlMd thg trwt l&1•oaHy •nUU•d to It ts any p•rf0m1￿ con(¥￿r* been m•1 th• arr4yJnts m••aw•d Telabty. and li IB th￿ IrKom• TAryI bo rn￿[¥8d. C•sh do￿￿on$ aw• r•￿￿[¥1￿ Crfb r•*L w• recogni?￿ the tru•t been no￿￿•d of th• ￿r[Om￿rth ￿ndulDn* rnqulr• deforr8101th• •rn(wJnL Ine(th• rocovgth in I￿alOn roCoIvod ￿d•r or daods ofeovgn•nt l• atthg lkne rfth de1￿10n. Leg•c*¥ arg rwintspfftj on r•c*lpl or othar*ts• tru•l has b•8n IK￿ of•n IM￿￿¥ d￿bullL￿. th 469•t. InfW￿ trcm gtymnmni w•rrt# b r•L>3gnW ot the falr valuo of f•c•lvtd or r•cthImt￿ vA*n 1$ reosonoblo aBBurnnc• that the w¥nt condltknns wlll b• •nd ts grAnt8 wll be rorfjpml. A gront Ihot grant does t)Jt 8podfy pwknnwKfj I￿ndlIkTh R Is r•rxsnlsed In Incm th• ￿J￿¥d8 we rncdvabL•. Agrnnt reuived bofuY• the rocognlllun dtsrla v•s•llbW l• r•ccgrfBod ag 011gbllty. STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMB&P 2024 (Conlknu•d) Exp￿dIb￿r0 k TroJgn180d On￿ 1$ a *al or cenBlnKtlv• obllgthri to Irarth 01xn￿ni￿ b8n•fft to lh1￿ porty. It kn probable that a transforrf 9¢￿0Mle ber*fits b• rnqulrnd kn 8old8m•nt. •r•J tho Amtxmt ol lh• obll9akn m•A8w•d r•llatty. rknlfod ty athty. The coslB Of •xlt athlty arn mAd• ￿ of Ih 1DtsI of dlrncl qJsl¥ and $hBred C￿ts, Indudlng wpp¢yl ¢••ts Inv¢lvod In ￿￿orta￿lI¥j •cJvlty. Dk•ct ¢c&ts 8ttdImrt￿r• vrty aro 8fkKotsd dirrt to that actI￿ty. Shw•d costs ￿ch sxnlrfbute to than on• and wpport c<6ts not to a ￿n9￿ astivKy •r• apFortsoMd b•l*wn th08• on 8 bad8 oNl8t•nt with thè us• cf ra$Dur￿*. Central Jtaff costs am ￿￿x41¢d on th• ￿1¥ of tlme swrt And d8wocFatk>n •lcrt•tsd tsn tha ol thé au•t'• u￿. IA Tw4¥bl• Ilx•d u••l• Tangbl• tIMI o1¥01$ •• IrldÈlty m•agur•d 01 WKI rywur•J at CO￿ ￿ tR￿Ja￿, not of d•pmciallon and any ￿￿¥M•￿tIO08• Dop￿1￿￿ Lq r•ttrfJnL8ed so as off th• C¢At ofaBsoth l•w thelr r••ldual over Ihlr u80fiI lè￿ on folDwkw bas•s: Fr•tlth knd ond buldkng5 FLxtLtM. ffltlkng8 And Hgrll•Je 88$8ts 20% str•loht11 Nl HgTttog• nDtdeprwlatod as Ih•y •T• cx>ndd•rnd *) knd•lnlt• u*lul Ih. Th• 94ln or loss wl8lThJ on the th6FQBal cl an aSB•t IJ dvi•rmkned a6 the dknco b￿*￿n th• ycu8dB and th• c•rylng value oftho aJ8eL and18 In ￿ statThntolflnAndd atthtlkn8. 1.7 Flx•d •M•t Inv•strnenl& FW a888t llwe81￿ aro kn5Ially m•uur•d •t trw••cllon pr[(¥ exctudlry trqnBxlon a ubB¢quenty measured at falr value at o•* rnp>rting dAt•. Ch•ng#¥ kn f•lr Y•1￿ Arn r•r4nl*l in Mt Ir￿Orne1{0ypwdHurèl for tr¢ yèar. c08t8 •r• 8xpÈn&ad as kn￿rrOd. A S￿)91dlery h On ontty control8d by thB tNsL C￿b￿r Is th? pcwor ty s¥)wm Iho flnarKa•14nd owixyng oftho enlty Bo a8 to obtsii b•nolN¥ from rtsadlvldes. 1.8 1M￿lrn￿nt Offmd ••••ts At ea¢h rnpc¥thw wd dat•. the the C￿llv4 •rMinkn d Its l•wl>le a8Jets b d•tsmilne T*h•th•r r• IB ary Indk4llcm that trth)$0 asB•ts hw• 8ull•rnd on Im￿lm￿nI ¥uth IrKII(th &xlBts, tt re(¥)wrablo arwjnt of Ihg •88•t18 osUm•tod In ¢yd•rto d•t•rmlne the exientofthe knpoirn•rt Itlany). 8tod(8 we st•tsd al ts kfivor crf 4X8t end Mllmat•d *1kno ￿¢& 1088 ciwl¥ to And 8011. Cc4t +xAnprtS•B mator41$ Y4hBrè •pplc•blo, diroct Lgbwr cos18 and thoso overt￿ld8 that hav• b•eTr Incurr•l In bdnglng the stock6 to tslr prtsènt hx*Yon condttlon. IbmB hold tr dhtrlbjtbn at no or nonknl mkknlk)n •M mMsur•d tr* hxerof r•plx•ngrt &rysL N•t r•81[89L￿ ¥atuo 18 th• •8drnat•d s￿￿19 pru al 8sttmaknd ol eompletion and costs to be yjrnd kn markthg. 8ellkng and dl•trtlyJlkm. 10- STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ourtlng pollcl• {cO￿knU•d) 1.1• C*8h and u•h •qulval•nts Cash aTbJ cash eqthi•lents Indudg ea8h In h￿d, deposh h•ld •t call Wrfth bonkn. 8horktsm Iltwld Ihin borrO￿n98 In CAwront IlablMg& 1.11 FIn￿lI1 In•lrwn•nts Thg trust hos electsd to *y Iho of S•dlon 11 'Boslc Fhw¥Jql lrntrurn•rts' •nd SKtk)n 12 FhÈrthl IrAtnvn￿I9s￿￿ OIFRS 102 offts ffflard41 InstrLtrry￿l Fiwnd•l kn81nwn•nts •r• r•Gognl¥•d kn It* tho trus1 wty ID th• cvntrn¢tvd ofth& ￿ls1￿ment thgro Onfo￿abl* ￿ht to Sot dlth? rgeognJ*d t4nounts th•rn1g • w*t basiB or to th• assèt and 80th• tho Il•b41ty 8bThrtknouity. Bath ￿r￿OI 888&ts. wh*h Inthd• tJebtor8 g1KI c48h 8n+J bank bd*c••. ar• m•asurnd al wk• Iransxlcffi c￿ts •r¥J 8r• yjbwuenty caffjed at Brr￿ oogt U51ng the off•th• trrteresl urAeJs the aThan9¥n￿ CL￿31￿1￿9 & fnanckng trwnwlkjn, transacknn i m•a6ured •t the Pro￿rt volue ofthe firture Ye￿Ipts d*￿rIod at a m•tsl rnt• of Intwe¥L Fk•rKA•l os$0ts das6hlod ￿ roravablo arp not •no￿¥•d. BaBk flnwdal1￿Iltt1O￿, Indu¢JNJ 6Y•dltOf6 wvj Trlatod party loan• •r• f•cryni*d at pr*• urd•s8 tho •lrnr0•Nb￿t cimstitulès a lIn￿e￿9 whor6 the dabt k£tnThinL IB m•alw￿ 8t th• present volug ol the futtTr paY￿￿nI* at a m•rtst ￿ of Interesl. knndal IlabllMo8 (knffjgd pw•bl• wthln one arn Tr)t on￿11*Y. D•bt arn camgd al th• offBLth• h*rwt r•t• mDthod. Tr￿ts ¢xodltorn are obltgallonF to pay kn gocd% or that hav• bw acqulrod In th* cKdlnary com of *)p•r4tlon5 trom 8upplkn¥. PAyth tn da1￿11•d ￿ curnnt 11oblllU88 Sf pwyfjwnt Is du8 wlthln o yw or I￿. K noL Ihoy 4rn w8*oritsd as non-QUfTont 11obllttl•s. Trade uedlti*s are reooonlsad In￿aty at 1•bIl￿¥S deT•trJgnkned Iho tru8ts eorthchRI oblWkn$ •xph (r or cancol￿d. 1.12 b•n•lll• Thg cost of ¥ry hollthy •ntidwr*nt kn t•ewwd In whkth h •rnth••'6 $gnlc 1orNdnai• th• •￿￿1)Ym•nI of•n ernployo0 or to twrfthAtk)n bo￿1￿ 1.13 R•drnrn•nl b•n•fft• Paw*8nlB to d￿ned C¢ntrkn￿on ¥rn dwrgwj aB ￿ •xyn8• as Ih•ylal du•. 11 STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTrIUED) FOR 711E YEAR EMDED 31 DECEAIBER 2024 crtlc•l aeeounthw •stlm•t•• andJudq•m•rt• In th& a￿lICall￿ of th• trusfl accountkng th& truts•¥ 8rn mqulrnd to mak• hidg8mrt 9sUmat•8 8swmp¢knM Ab￿1 lh• canykng amount ol a8s•ts arnl IlalA¥ts8 ttHt are not app8r•nt Ircfft otr*r aré c4ThhJored to be Televent. A￿al rowAs maydMlèrfrDm th￿0 9sUm8t•$. A koy •thntitth h) thè th•t th• •sJets hth*8 an IrKI￿rNI0 us•fi￿ If•. li￿ tr> nD Don•fl•n• •nd *•¢1gs fund• 272S00 2B4.1( Ch•r1td￿t •dl¥ilieB UAv••trlthdUnr•*tFletthY lund• fvnds 2•24 2023 Adm1$￿¢￿# Pth(¥> 17A25 11A2 18,082 13.1 29.047 31.1fj8 knv•#tmnts fvnd* 43.23S 37,281 37.944 37,143 287 from llstod In4wbme .724 75.354 12- STRATFIELD SAYE PRESERVATION TRUST NOTES TO ThE FINANCIAL STATEMENTS (CONTINUED) FQR THE YEAR ENDED 31 DECEAIBER 2024 Olh•r IncMI• lund• fvndo athor InL¥ 42.018 a4,179 RthIDg fundè UNwtrlGt•d UN••trlct•d fund• fvnd 462 Charltablo actlvld•s Unmtrf¢t•dUrn••trktsd lund• 20ZJ 2024 Dlr•¢t co•1• 143,329 96A49 223.017 62.045 299.778 285.iF2 8harn of supp￿ and 9￿m￿n¢• ¢••ts (s•• nol• •) S(ypr*t 376.692 9.750 347.371 9,276 826.220 641,70B 13- STrATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support£¢ support Gw•m•rw 21123 229,46& 229A68 228291 7.839 74.743 228291 Depredatknn R￿( Tatej, ￿1￿ 86.161 351 20.378 5,821 88.161 351 1,378 5,821 1,858 74.743 20,384 4.618 4,818 1,636 6A67 InwrAnc Bank charg Log￿ and wofeBdonAI 9,750 9.750 9,275 9,275 376,892 9,750 347.371 927 351648 Charftablo a¢trAb 3Th 9.￿ 388.442 347.371 9275 356.046 GwrMnr* Fwntstrl ts •￿IllI￿5 of £9.750(20￿ £9,275) fc* w¢Jif••s. 10 N•t mov•m•Trt In fund• N•t fvnd8 h st4l•d •ftwdwgkngl{u•dhlrg) Doproclallon ol Mi•d t•n9lbl•ftt•d 8s*•ts 7m9 thg (2023.. n(￿8 werg relmbw50rfJ. 12 Empl•y• Th avernge m(thly number Of•ThW￿ dudbvj th• >wr w Numb•r NINnb•r Full staff 13 11 14- STRATFIELD SAYE PRESERVATION TRUST NOTE8 TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECWA8ER 2024 12 Empl•y• IConllny•d) 24 7,944 17.049 4A75 208280 15,859 4,152 Soc4al ¥4￿rtty costs 0thWpord￿ L¥>sts 229.468 228.291 The •ThWoyeo n￿yth8r for Guld•s •bove IB ts 8v¢rage ovwthé yoar. Guldx Iwfft•r. onty used OJrfrvJ month8 ol￿rI and Septsmbw, th 18 22 8rrWoyed, re8peGtWI.A8 A ro￿￿( th•y •r• #tll Induded In th• aver¥e ￿￿10y•8* cAtcul8lw)n. R•mun•rAdon ol k•y m•n•gfflMnt ￿￿)n•1 l¢by mlnagwnwrt prxmn•l recalv￿ 1pmw￿￿ ofÈnH (2023: £nll 13 14rt galn•lllo•M•) OA Inv••l Unr••trlctqd ihw••trlcl•d 2024 7C￿.275 388,856 14 TaYAtlon Th• thorfty Is 8￿11￿tIr￿n tax ￿ In¢>ynè and gahB fqling ￿1n 8Ktknn 505 of ￿ Taxe8*d or sect 252 ofthg Taxalon ol ¢haru•¥blB Gains*A 1992 to the extentllwt th•50 are appllod to118 (hrftable vbJ•Gts. 15- STRATFIELD SAYE PRESERVATION TRUST NOTE8 TO THE FINANCIAL STATEMEKfs ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 T￿gIbl• r￿d I•￿15 Fr••*old H•rfbq• At1 JaN•ry2Q4 26A(X) 357272 779.026 1.161.798 At 31 DeL¥rTl>or2024 245CKI 357272 rn1,￿ 1.161.798 D•pr•d•tlon •nd knpth•nt At f January 2024 cJwg•d kn th• 322,997 322.997 At 31 D￿￿1T￿r2 330,839 330.839 CiThylng amown¢ 25,500 26h33 779.tr28 830,969 At 31 DgcwT*w 2023 25.51x1 34,275 779.026 838O01 £189.844. 11 FS*id M#•t In¥•thnts Ca•h In lThv••tm•nl• pjrtlollo Colt arv￿1¥ At 1 Jww8ry 2024 A¢klltlonsl(D16pJ8wIB) 091288 20&,8txJ (274.993) 274,993 705,804 671 37261 A621 1280.OCO) s￿[￿).080 7￿.275 37281 122.462) I280.0￿> Dthdgnd inc¥y Pkn8g•m8ntfoè At31 D•C¥￿)Ir2tt￿4 4521,899 219263 5.741.163 At 31 Der￿beT24)24 5.521.899 219,283 6.741.163 At 31 DK•mbw2Wa3 5.(91288 208AOO SXI.¢)89 Nolol Inv8thients In 16. STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMEKfs ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Sknck* 2024 2•23 Fknlth•d gocqlo 8nd resd• 11 D•btorn Ampurts f•Hlry du• y•w. 14.124 3.023 40.682 18,727 57. 48249 19 L••n• and 2024 700,C ao Cr•dhm: •mwnl• I￿Ing kn vthhln on• y•v 700.000 Othw tsxatlon •oclol 4•oJlty Trade mdlior8 39,433 699 18113 TJ9,547 773,936 17- STRATFIELD SAYE PRESERVATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 R•l•t•d p•ty •y4nH#d•n* Th• has a £700.QIY) loan a fwrlty fntstvthkh hao be￿ foro4v20 yaws rnp•yablo on Th•r• alw ￿me tranaackn oth•r ￿thIeF a171th1th thg InwieB9 la a tru•t•o ry 8 dtrect¢r. N•t (fty ¢•sts and wa9•sI m•de from tha Straif￿￿ Saye Eslat• to the trust totamed £90,17212023: £164,282). Al the >parend £3,88412023: £1.9991 by th• tru8t of£20,740 (2023.. En￿ w8r• madè fr(m ts tru# Ip Str#ffl•ld Fm At the yew •ThJ netof£916I2￿. £2221 wa8 tho tru81. Nat af £4.180 P023: £4,870) w•ro mad• from Wolllr*tth County pa￿ L￿n￿d *> th• *u8t At th• >wr•rKI 4 n•tofqT20120ZJ: £1.4421 was ¢Awd bytho trurt Not thaYg68 Of£3O,e￿8 ￿23. £37.944) woro charged by Iho trust to W*ton EBtatss EducattoTr UmFt•d notof ciffjts wagg$. Al ts yw 8rwJ a n•t of£1,089 {2tr23: £744) rhv•d loth• INst N•1 rgchorgeB of £1.198 {aYZJ: £81) rnado fr(Yn th8 trust l) w￿11*￿ Rldkng. At Ihe yaar end • not of 112023: £nlll T￿$ th• bi*t Net recharyeB of £l,IXIS 12trfJ: £nlll were made frthn the trwt kn Tho *on ￿￿•. At the erkl o net ol £1.OOS {2023.' £nlD ¥A6 0￿*d to lh• IML Not rodwg08 of£2.311 (2023.. £nll) w•r• m*la fr(*n Wolknokn F•m Shop tn*LAt tho year a rnt of£B89 {2W23: £nll was bythe In￿L Not retharw crf £6,663 {2023.. £nll) ww• mad• from Dwro k11 $otdgrr￿t to tho At th• yw •rKI i Y*t of £nll (2023: £nll) I¥llB md by lh• Nel of £200 (2m: £nll tm m•d• Irtmn Th• Dukes Settkd Estate to tr* trugL At tl* yewr •rnl a net of £nll12023.. £nlll W&B by Ngt rothaTgos of U.600 (2023: £nll) m•d• trwt lo H* Th• Oukg ol At th• yèw •nd 8 not of£nl12023'. £nlll w•8 ow•d lo trb• trujl. 22 8ub•ldl•rf Tho8• flngnd•l 8t•tsm•nl•w• trubt tru￿ flnAndg1 Btat•m•nl¥ for Slrtffl•ld Prw¢pAllon TN ofthe truNttNsf$ s￿￿d￿rfOfy 4131 DK6n*er 2W •r• 91 fola￿. N•DW ¢1 yrthrt•k* R•glthr•d N•kn• ol #hrn h•ld Dlfvot Stralll8lJ Say• Pr•8•Nalon The Esiale Umrtad Tradww Ordin•ry 100. Hampthkn, RG7 -18-