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2024-12-31-accounts

The Denys Eyre Bower Bequest

Annual Report and Accounts

31 December 2024

Charity Registration Number 291203

Contents

Reports
Reference and administrative information 1
Trustees’ report 2
Independent auditor’s report 7
Accounts
Statement of financial activities 14
Balance sheet 16
Statement of cash flows 17
Principal accounting policies 18
Notes to the accounts 23

The Denys Eyre Bower Bequest

Reference and administrative information

Corporate trustee Bower Bequest Trustee Company Limited
Directors of the corporate trustee Timur Coskun
Bower Bequest Trustee Company Limited Graham Dixon
Vivienne Lawes
Nancy Olden
Rebecca Nuotio
Alan Smart
Rachel Yates
Estate Manager and Company Secretary Mike Glossop (resigned 26.02.2025)
Nancy Olden (from 26.02.2025)
Principal office Chiddingstone Castle
Hill Hoath Road
Chiddingstone
Edenbridge
Kent
TN8 7AD
Charity registration number 291203
Auditor Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Principal bankers National Westminster Bank plc
89 Mount Pleasant Road
Tunbridge Wells
Kent
TN1 1QJ

The Denys Eyre Bower Bequest 1

Trustees’ report 31 December 2024

The trustees present their statutory report together with the accounts of The Denys Eyre Bower Bequest for the year ended 31 December 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 18 to 22 of the attached accounts and comply with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) 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 United Kingdom and Republic of Ireland (FRS 102).

INTRODUCTION

Chiddingstone Castle is a well-loved local landmark and offers insight into local history and an unexpectedly wide range of benefits to the public.

The building itself is of modest historical and architectural importance located in an area of Kent studded with prestigious and well-known historic houses.

The collections housed within the castle contain artifacts of a quality and with historical and cultural significance that would normally be associated with a national museum located in a major city. As such they provide a valuable educational resource to local schools, the local community and special interest groups, both national and globally.

The grounds provide a free-of-charge open air recreational space consisting of lawns, woodlands, trails and a lake which are enjoyed by all age groups. The grounds are sympathetically managed to promote both recreation and wildlife, providing an opportunity to connect with the natural environment.

The castle viewed in conjunction with its collections and the story of how they were assembled gives an important insight into the history of the Southeast of England and its place within Britain and the wider world.

The trustees are keenly aware of the wide range of public benefits Chiddingstone Castle provides and are determined to promote and enhance those cultural, educational and recreational opportunities.

The castle and its collections were bequeathed to the nation without an annuity to maintain the building, its grounds or artifacts. As a small independent charity, Chiddingstone Castle relies upon visitor receipts, profits from its tearoom and tenancy rental for income. In addition the charity has invested in an events company which is licenced to use the castle and grounds to conduct weddings and other events.

Matching the repair and maintenance needs of the charity with these income streams is a delicate balancing act. The trustees and staff of Chiddingstone Castle are actively pursuing grant funding and the support of patrons to further its work to deliver benefit to as wide a range of the public as possible.

The Denys Eyre Bower Bequest 2

Trustees’ report 31 December 2024

OBJECTIVE

The primary objective of The Denys Eyre Bower Bequest is the preservation and maintenance of Chiddingstone Castle and its contents, including the collections of the late Denys Eyre Bower, in perpetuity for the benefit of the public, in particular by ensuring reasonable public access.

The charity ensures that, at all times, it is acting in the public benefit and the trustees confirm that they have paid due regard to the Charity Commission’s public benefit guidance.

GOVERNANCE, STRUCTURE AND MANAGEMENT

Constitution

The charity is governed by a Scheme of the Charity Commission dated 13 August 1984, as subsequently amended by further Schemes. It is a charity registered in England and Wales, Charity Registration No. 291203.

Trustees

Following the sealing of a Charity Commission Scheme, on 19 September 2008, individual trustees were replaced with a corporate trustee, the Bower Bequest Trustee Company Limited. The directors of the corporate trustee (referred to in this document as the ‘trustees’) who were in office during the year and/or at the date on which these accounts were approved are as follows:

Trustee Appointed / resigned
Timur Coskun Appointed 10 June 2025
Margaret Cooke Resigned 26 February 2024
Graham Dixon
Richard Gilbert Resigned 20 March 2025
Ruth Goldman Resigned 21 October 2024
Mark Hinton Resigned 26 February 2025
Julia Hutt Resigned 26 February 2025
Vivienne Lawes Appointed 10 June 2025
Nancy Olden
Annabel Narayanan Resigned 26 February 2025
Rebecca Nuotio
Alan Smart Appointed 10 June 2025
Rachel Yates

No trustee received any remuneration from the charity in respect of their services during either the year ended 31 December 2024 or the year ended 31 December 2023.

One trustee receive reimbursement of £50 for out-of-pocket travel expenses during the year, which was subsequently donated back to the charity (2023 - £50). The trustees take responsibility for monitoring the charity’s activities in all operational areas, working to achieve a skills mix of the trustees to ensure that the board of trustees has all the necessary skills required to contribute fully to the charity’s development. The trustees have put robust governance and financial procedures in place to ensure the sound stewardship of the charity and its assets.

The Denys Eyre Bower Bequest 3

Trustees’ report 31 December 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts 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 requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources of the charity for that period. In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the charity’s governing Scheme. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from other jurisdictions.

Risk management

As part of the work towards building robust governance procedures, the trustees assess the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity, its heritage assets and its finances. The trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they will ensure effective systems to mitigate those risks.

The Denys Eyre Bower Bequest 4

Trustees’ report 31 December 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Risk management (continued)

The key risks identified by the trustees and the controls in place to mitigate them are summarised below:

Senior executives

Name Position Mike Glossop (resigned from role 26.02.2025) Estate Manager (and Company Secretary) Clare Proctor (resigned from role 26.02.2025) Finance and Operations Manager Faye Kelly Chief Executive Officer

Key management personnel

The key management personnel of The Denys Eyre Bower Bequest, responsible for directing and controlling, running and operating the charity, comprise the Trustees and the Senior Executives referred to above.

The Trustees do not receive remuneration in respect of their services to the charity. The remuneration of the Chief Executive Officer, Estate Manager, and Finance and Operations Manager is determined by the Trustees having regard to market conditions, individual performances, and the financial situation of the charity.

The Denys Eyre Bower Bequest 5

Trustees’ report 31 December 2024

DEVELOPMENTS, ACHEIVEMENTS AND FUTURE PLANS

The trustees hope that 2024 will prove to be a pivotal year in the Charity’s fortunes. Considerable effort has gone into reshaping and streamlining the management of the organisation. The board of trustees has been reduced in size to speed up decision making. A new Chief Executive with a background in the heritage sector has been appointed.

A new visitor opening times regime for The Castle has been instituted and the events programme for The Castle has been extensively overhauled. This has been done to raise visitor numbers and to boost revenues from admissions and secondary spend in the tearoom and shop. It is also in line with the Charity’s mission to make the collections and the grounds more widely available to the public. The single-entry ticket price has also been replaced with an annual ticket to enhance the value to potential visitors.

At the same time the operation of the Charity’s events company has been fundamentally reshaped. It is hoped that this will lead to a greater number of private events held in The Castle and grounds and a corresponding increase in funds to support the work of the charity.

As with most projects of this sort, costs are incurred in advance of the expected increase in revenues. This is evident in the 2024 results for the charity. The extra wages of the new appointment have increased cost in the year. The expected benefits should start to accrue in 2025. The trustees will closely monitor developments in 2025.

This has been a particularly challenging year for the charity. A combination of rising energy prices and the cost-of-living crises have had a considerable effect on results. Chiddingstone Castle was not designed or built with energy efficiency in mind. This combined with the need to provide a suitably controlled environment for the delicate objects in the collections make the charity vulnerable to changes in energy costs.

It has proved difficult to attract more visitors to the castle or to increase other forms of revenue in a depressed economic climate when recreation and heritage are not at the top of people’s expenditure priorities. The trustees are concerned that the charity’s financial performance should improve despite external conditions and have instituted changes to the way day to day operations are managed. In addition, new operating strategies are being developed in conjunction with the management team.

During 2024, a new Chief Executive Officer has been appointed to run the business of Chiddingstone Castle Events Ltd. Thay have been tasked with reinvigorating the events programme, overhauling the weddings operation and making changes to the visitor and tearoom experiences. Early indications are encouraging.

Behind the scenes cataloguing and conservation work in respect of the collections continues. A number of grants were obtained for the restoration and preservation of some of the most vulnerable items in the collection.

Within the grounds a great deal of work has been done, particularly by our dedicated volunteers, to improve both the presentation of the Castle grounds and their value as habitat to support biodiversity.

The Denys Eyre Bower Bequest 6

Trustees’ report 31 December 2024

DEVELOPMENTS, ACHEIVEMENTS AND FUTURE PLANS (Continued)

The trustees are researching wider trends within museums, historic houses, heritage fundraising and environmental and social responsibility governance to create an updated conservation management plan action plan for Chiddingstone Castle so that it can continue to meet its mission in a responsible and sustainable manner.

FINANCIAL REPORT FOR THE YEAR

A summary of the year’s results can be found on page 14 of the attached accounts.

Total income for the year ended 31 December 2024 amounted to £423,846 (2023 – £393,915). Expenditure totalled £519,129 (2023 – £441,953) reflecting expenditure on staff costs, building and grounds maintenance and other costs associated with the preservation of the Castle and collections). The resultant net expenditure is £95,283 (2023 – net expenditure £48,038).

Reserves policy and financial position

Reserves policy

The trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the fact that the major maintenance work will need to continue over the next few years, the level of free reserves should be equivalent to 3 months’ annual expenditure at the very least. The trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in income due to timing differences in income flows, adequate working capital to cover core costs, and will allow the charity to cope and respond to unforeseen emergencies whilst action plans are implemented. Therefore, it is the trustees’ intention, as the charity improve its surplus, to maintain a free cash reserve of at least £100,000.

Financial position

The total funds of the charity at 31 December 2024 amounted to £18,055,629 (2023 – £18,150,912).

These funds included endowment funds of £19,040,501 (2023 – £19,040,501) including expendable endowments of £161,272 (2023 – £161,272). Whilst income from the permanent endowment funds may be used for general purposes of the charity and is credited, therefore, to unrestricted funds, the permanent endowment fund balances themselves are deemed ‘capital’ and must be invested and held indefinitely by the charity.

Funds restricted to specific purposes amounted to £3,701 at 31 December 2024 (2023 – £3,701).

The Denys Eyre Bower Bequest 7

Trustees’ report 31 December 2024

FINANCIAL REPORT FOR THE YEAR (continued)

General funds of the charity at 31 December 2024 were in deficit by £988,573 (2023 – £893,290). The trustees were aware that the charity’s general funds would be in deficit and they expect this position to remain for many years. In the meantime, following the sale of the Lely painting in 2007, the charity’s endowment funds has advanced funds to the general funds to enable the charity to continue to work towards meeting the purposes for which it was established. In 2021 the trustees took the decision to sell ‘the Lodge’ to support the charity’s objects; the sale was completed following the year end for consideration of £575,000 leading to a gain on disposal of £375,445.

The interfund indebtedness has been created with the permission of the Charity Commission. In due course, if possible, the funds will be repaid to the endowment funds with interest. The accounts have been prepared on a going concern basis. This is based on a mixture of actual performance and projections to December 2025. The trustees have given consideration to December 2026. The key projections relate to a number of initiatives including the loaning of part of the collection to Houston Museum of Natural Science, continuing rental income and taking account of the matters discussed in the Risk Management section above.

Raising Funds

The charity aims to achieve best practice in the way in which it communicates with supporters. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. The charity is registered with the Fundraising Regulator and adheres to the Code of Fundraising Practice. It applies best practice to protect supporters’ data and never sells data, it never swaps data with other organisations and ensures that its communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During 2024, the charity received no complaints about its fundraising activities.

Approved by the trustees and signed on their behalf by:

Nancy Olden Trustee

Approved by the trustees on: 22 July 2025

The Denys Eyre Bower Bequest 8

Independent auditor’s report 31 December 2024

Independent auditor’s report to the trustees of The Denys Eyre Bower Bequest

Opinion

We have audited the accounts of The Denys Eyre Bower Bequest (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies, and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

The Denys Eyre Bower Bequest 9

Independent auditor’s report 31 December 2024

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities contained within the trustees’ report, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

The Denys Eyre Bower Bequest 10

Independent auditor’s report 31 December 2024

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error 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 basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The Denys Eyre Bower Bequest 11

Independent auditor’s report 31 December 2024

Auditor’s responsibilities for the audit of the accounts (continued)

We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur. Audit procedures performed by the engagement team included:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The Denys Eyre Bower Bequest 12

Independent auditor’s report 31 December 2024

Use of our report

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. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

The Denys Eyre Bower Bequest 13

Statement of financial activities incorporating the income and expenditure account Year to 31 December 2024

General
funds
£
Restricted
funds
£		 Endowment funds Endowment funds Endowment funds Total
2024
£		 Total
2023
£

Freehold
land and
buildings
£
Permanent
collection
£
Reserve
collection
£
Income from:
Grants and donations
1
Other trading activities
. Rental income
. Licence fee
Charitable activities
. Preservation of the Castle
and collections
2
Other sources
. Interest income
. Insurance income
Expenditure on:
Charitable activities
. Preservation of the Castle
and collections
3
Net expenditure and net
movement in funds
6
Reconciliation of funds:
Balances brought forward
at 1 January 2024
Balances carried forward
at 31 December 2024
34,215

97,920
9,000

274,959
2,182
—
5,570



—

—

—

—

—
—



—

—

—

—

—
—



—

—

—

—

—

—



—

—

—

—

—

39,785



97,920

9,000


274,959


2,182

—		 57,474
92,100
9,000
232,188
246

2,907
418.276
5,570
—
—
—
423,846		 393,915

513,559
5,570
—
—
—


519,129		 441,953
513,559
5,570
—
—
—
519,129		 441,953

(95,283)
(893,290)
—
3,701
—
11,396,512
—
7,482,717
—

161,272

(95,283)


18,150,912		 (48,038)
18,198,950
(988,573) 3,701 11,396,512 7,482,717
161,272		 18,055,629 18,150,912

All of the charity’s activities derived from continuing operations during the above financial year.

A full comparative statement of financial activities for the previous year can be found on the next page of these financial statements.

The Denys Eyre Bower Bequest 14

Statement of financial activities incorporating the income and expenditure accounts Year to 31 December 2023

General
funds
£		 Restricted
funds
£		 Endowment funds Endowment funds Endowment funds Total
2023
£
Freehold
land and
buildings
£		 Permanent
collection
£		 Reserve
collection
£
Income from:
Grants and donations
1
Other trading activities
. Rental income
. Licence fee
Charitable activities
. Preservation of the Castle
and collections
2
Other sources
. Interest income
. Insurance income
Expenditure on:
Charitable activities
. Preservation of the Castle
and collections
3
Net (expenditure)/income and net
movement in funds
6
Reconciliation of funds:
Balances brought forward
at 1 January 2023
Balances carried forward
at 31 December 2023
49,247
92,100
9,000

232,188
246
2,907		 8,227
—
—
—
—
—		 —
—
—
—
—
—		 —
—
—
—
—
—		 —
—
—
—
—
—		 57,474
92,100
9,000
232,188
246
2,907
385,688 8,227 — — — 393,915

435,726		 6,227 — — — 441,953
435,726 6,227 — — — 441,953

(50,038)
(843,252)		 2,000
1,701		 —
11,396,512		 —
7,482,717		 —
161,272		 (48,038)
18,198,950
(893,290) 3,701 11,396,512 7,482,717 161,272 18,150,912

The Denys Eyre Bower Bequest 15

Balance sheet 31 December 2024

Notes
2024
£		 2024
£		 2023
£		 2023
£
Fixed assets
Tangible assets
9
Heritage assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due
within one year
12
Net current assets
Total assets less current
liabilities
Total net assets
The funds of the charity:
Capital funds:
Permanent endowment funds
. Freehold land and buildings
13
. Permanent collection
14
Expendable endowment funds
. Reserve collection
14
Income funds:
Unrestricted funds
Restricted funds
15




79,353
162,514
689
17,849,012

116,746
214,065		 1,748
17,849,012
17,849,701










205,928		 17,850,760



300,152
241,867

(35,939)		 330,811
(30,659)













18,055,629
 18,150,912
18,055,629 18,150,912





11,396,512
7,482,717

161,272		 11,396,512
7,482,717
161,272
19,040,501 19,040,501


(988,573)
3,701		 (893,290)
3,701
**(984,872) ** (889,589)

18,055,629 18,150,912

Approved by the trustees and signed on their behalf by:

Nancy Olden Trustee

Approved on:

The Denys Eyre Bower Bequest 16

Statement of cash flows Year to 31 December 2024

Notes 2024
£		 2023
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities
Interest received
Net cash generated from investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January 2024
B
Cash and cash equivalents at 31 December 2024
B		 **(53,733) ** (41)
2,182 246
2,182 246
51,551
214,065		 205
213,860
162,514 214,065

Notes to the statement of cash flows for the year to 31 December 2024.

A Reconciliation of net expenditure to net cash flows from operating activities

2024
£		 2023
£
Net expenditure (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Interest receivable
Decrease in debtors
Increase/(decrease) in creditors
Net cash used in operating activities		 (95,283)
1,059
(2,182)
37,393
5,280		 (48,038)
1,340
(246)
59,405
(12,502)
**(53,733) ** (41)

B Analysis of cash and cash equivalents and net debt

Analysis of cash and cash equivalents and net debt
At 1
January
2024
£
Cash flows
£



(51,551)

(51,551)

—

(51,551)		 At 31
December
2024
£
Cash and cash equivalents
Cash at bank and in hand
Borrowings		 214,065

162,514
214,065
—
162,514

—
214,065 162,514

The Denys Eyre Bower Bequest 17

Principal accounting policies 31 December 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of accounting

These accounts have been prepared for the year to 31 December 2024 with comparative information given in respect to the year to 31 December 2023.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Consolidation

Group accounts have not been prepared for the charity and its subsidiary company, Chiddingstone Castle Events Limited, as the group qualifies as a small group as defined by Financial Reporting Standards.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Assessment of going concern

The trustees assess whether the use of the going concern basis in preparing the financial statements is appropriate i.e. whether there are any material uncertainties related to the events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of approval of the accounts.

The Denys Eyre Bower Bequest 18

Principal accounting policies 31 December 2024

Assessment of going concern (continued)

In assessing going concern, the trustees have reviewed actual performance to August 2024 and projections to December 2025 and thereafter. The projections include a number of continuing initiatives such as the loaning of part of the collection to Houston Museum of Natural Science, as well as annual rental income and the resumption of donations from the operating subsidiary based on an overhauled weddings business and a revitalised public events program. The trustees are also confident that a revised visitor and tearoom experience will further enhance income.

Whist the trustees are aware of the risks associated with the current cost of living crisis and higher energy costs they believe the charity is in a sufficiently strong financial position to weather these conditions and therefore that it is appropriate to prepare the financial statements on a going concern basis and there are no material uncertainties in relation to this.

Income recognition

Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured reliably and it is probable that the income will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Income comprises grants, donations, rental income, licence fees, visitors’ fees, income from fairs and festivals, fees from the loaning of items of the collections to other museums and insurance claims.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Grants from government, other agencies and voluntary bodies have been included as income from charitable activities where these amount to a contract for services, but as donations where the money is given in response to an appeal or with greater freedom of use, for example monies for core funding.

Rental income, visitors’ fees, licence fees, fees from the loaning of the collections to other museums, income from fairs and festivals, and insurance claims are recognised to the extent that it is probable that the economic benefits will flow to the charity and the income can be reliably measured. It is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Receipts from insurance claims are recognised gross of any expenditure required to rectify related damage and classified as miscellaneous income.

The Denys Eyre Bower Bequest 19

Principal accounting policies 31 December 2024

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings.

Expenditure on charitable activities comprises those costs (direct and support) relating to the charity’s primary charitable purposes i.e. the maintenance and preservation of Chiddingstone Castle and the collections.

All expenditure is stated inclusive of irrecoverable VAT.

Support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel, financial procedures, provision of office services and equipment, and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs and governance costs are included as part of the costs of preserving the Castle and the collections.

Tangible fixed assets

Assets costing more than £1,000 with an expected useful life exceeding one year are capitalised.

Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life.

Heritage assets

Heritage assets have historic, artistic, scientific, technological, geophysical or environmental qualities and are held and maintained principally for their contribution to knowledge and culture.

The Denys Eyre Bower Bequest 20

Principal accounting policies 31 December 2024

Heritage assets (continued)

Freehold land and buildings

The freehold land and buildings comprising Chiddingstone Castle are included in the accounts at deemed cost, based on a valuation determined by the trustees with professional assistance in 2007. This valuation was based on replacement cost for existing use. Subsequent additions are included and carried at historic cost. No depreciation is provided on the freehold land and buildings. The charity’s objects relate to the maintenance and preservation of the Castle for the benefit of the nation and future generations. As such the trustees ensure that the fabric and structure of the Castle is preserved at all times and that there is no diminution in the value of the asset.

The Collections

The permanent and reserve collections comprise Japanese armour and swords, pictures, prints, furniture, lacquer works and other antiquities. The items are included in the accounts at a deemed cost, based on a valuation determined by Messrs Christie Manson & Woods Limited in June 2007. This calculation was based on auction estimates as at that date. No depreciation is charged on the Collections given the nature of the assets and the fact that the charity’s objects relate to their maintenance and preservation. The assets are preserved and maintained to a high standard at all times, but a review for possible impairment as a result of unintended damage is undertaken annually.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

The Denys Eyre Bower Bequest 21

Principal accounting policies 31 December 2024

Fund structure

The endowment funds comprise monies which must be held indefinitely as capital, and are represented by the Castle and collections. Income therefrom is credited to general funds and applied for general purposes. Amounts arising as a result of revaluations of assets held as part of the funds are retained as part of the relevant fund. Amounts arising from disposals of assets held as part of the freehold land and buildings fund or the permanent collection fund are considered to be part of the fund (unless express consent has been obtained from the Charity Commission to allow otherwise) whereas amounts arising in respect to disposals of assets held as part of the reserve collection fund may be utilised for general purposes under certain circumstances.

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.

The Denys Eyre Bower Bequest 22

Notes to the accounts 31 December 2024

1 Income from grants and donations

Unrestricted
funds
£
Restricted
funds
£
Endowment
funds
£		 Total
2024
£
Donations
Grants
. Royal Pavilion and Museums Trust
. The Warren Meadows Trust
. The Leche Trust
2024 total funds		 34,215

—
—
—		 2,000
2,000
934
636		 —
—
—
—		 36,215
2,000
934
636
34,215 5,570 — 39,785
Unrestricted
funds
£
Restricted
funds
£
Endowment
funds
£
Total
2023
£
Donations
Grants
. AIM funding
. Leader funding
. Arts Council England
. SEMD Funding
2022 total funds		 49,247
—
—
—
—		 —
1,983
3,000
934
2,310		 —
—
—
—
—		 49,247
1,983
3,000
934
2,310
49,247 8,227 — 57,474

2 Income from activities to preserve the Castle and collections

Unrestricted
funds
£
Restricted
funds
£
Endowment
funds
£		 Total
2024
£
Visitors’ fees and related income
Fees for loan of part of the collections
(see below)
2024 total funds		 258,206
16,753
—

—
—

—		 258,206
16,753
274,959
—
—		 274,959
Unrestricted
funds
£
Restricted
funds
£
Endowment
funds
£
Total
2023
£
Visitors’ fees and related income
Fees for loan of part of the collections
(see below)
2023 total funds		 205,688
26,500
—

—
—

—
205,688

26,500
232,188
—
—
232,188

During the above two years, part of the Egyptian Collection continued to be loaned to the Houston Museum of Natural Science, Texas, United States of America. The current agreement was renewed for a six-year period, beginning in October 2019. We are currently in discussion with HMNS regarding the return of approximately 150 items and the continued loan of the remainder of the collection they currently display. No figures, or length of contract, have been discussed as yet.

The Denys Eyre Bower Bequest 23

Notes to the accounts 31 December 2024

3 Expenditure on charitable activities: Preservation of the Castle and collections

Unrestricted
funds
£
Restricted
funds
£
Endowment
funds
£
Total
2024
£
Staff costs (note 7)
Building maintenance and
refurbishment
Other property expenses
Gift shop and café purchases
Support costs (note 4)
Miscellaneous expenses
2024 total funds		 252,733
21,126
82,012
35,302
76,929
45,457
—

—

5,570

—

—

—
—

—

—

—

—

—
252,733

21,126

87,582

35,302

76,929

45,457
513,559
5,570
—
519,129
Unrestricted
funds
£
Restricted
funds
£
Endowment
funds
£
Total
2023
£
Staff costs (note 7)
Building maintenance and
refurbishment
Other property expenses
Gift shop and café purchases
Support costs (note 4)
Miscellaneous expenses
2023 total funds		 210,978
14,596
91,068
26,823
49,915
42,346
—

—

6,227

—

—

—
—

—

—

—

—

—
210,978

14,596

97,295

26,823

49,915

42,346
435,726
6,227
—
441,953

4 Support costs

Support costs
Unrestricted
funds
£
Restricted
funds
£
Endowment
funds
£		 Total
2024
£
Premises
Depreciation
Marketing
Advertising and publicity
Professional fees
Governance costs (note 5)
2024 total funds		 8,225
1,059
24,378
7,830
18,464
16,973		 —
—
—
—
—
—		 —
—
—
—
—
—		 8,225
1,059
24,378
7,830
18,464
16,973
76,929 — — 76,929
Unrestricted
funds
£
Restricted
funds
£
Endowment
funds
£		 Total
2023
£
Premises
Depreciation
Marketing
Advertising and publicity
Professional
Governance costs (note 5)
2023 total funds		 6,706
1,342
14,906
1,747
9,146
16,068		 —
—
—
—
—
—		 —
—
—
—
—
—		 6,706
1,342
14,906
1,747
9,146
16,068
49,915 — — 49,915

The Denys Eyre Bower Bequest 24

Notes to the accounts 31 December 2024

5 Governance costs

Governance costs
Auditor’s remuneration
. Statutory audit services
. Other services
2024 total funds		 Unrestricted
funds
£
Restricted
funds
£		 Endowment
funds
£
Total
2024
£
11,130
5,843
—

—		 —
—
11,130

5,843
16,973
—		 —
16,973
Auditor’s remuneration
. Statutory audit services
. Other services
2023 total funds		 Unrestricted
funds
£
Restricted
funds
£		 Endowment
funds
£
Total
2023
£
10,500
5,568		 —
—		 —
—		 10,500
5,568
16,068 — — 16,068

6 Net expenditure and net movement in funds

This is stated after charging:


Total
2024
£		 Total
2023
£
Staff costs (note 7)
Auditor’s remuneration
. Statutory audit services
. Other services
Depreciation		 252,733

11,130
1,690
1,059		 210,978
10,500
5,568
1,340

7 Staff costs

Costs payable to staff and contract workers during the year were as follows:

2024
£		 2023
£
Wages and salaries
Social security costs
Pension costs
Other related staff costs:
. Recruitment costs
. Agency costs		 232,660
14,530
4,716		 196,057
11,172
3,694
251,906 210,923
—
827		 55
—
252,733 210,978

The average number of employees during the year, analysed by function, was as follows:

2024
FTE		 2023
FTE		 2024
Number		 2023
Number
Preservation of the Castle and collection 5.0 5.0 20 12

The Denys Eyre Bower Bequest 25

Notes to the accounts 31 December 2024

7 Staff costs (continued)

No employee earned £60,000 per annum or more during the year (2023 – none).

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprise the trustees, the Estate Manager, the Finance and Operations Manager and the Chief Executive Officer. The CEO is employed and paid through the charity, although 25% of their time is allocated to CCE. This proportion is recharged accordingly. The key management personnel remuneration figure disclosed below related solely to amounts directly incurred by the charity and therefore excludes the 25% of he CEO’s salary that is recharged. The total remuneration of the key management personnel for the year was £109,436 (2023 – £94,254).

8 Taxation

The Denys Eyre Bower Bequest is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

9 Tangible fixed assets

Tangible fixed assets

Cost
At 1 January 2024 and at 31 December 2024
Depreciation
At 1 January 2024
Charge for year
At 31 December 2024
Net book values
At 31 December 2024
At 31 December 2023		 Landscaping
and
groundworks
£		 Furniture
and
equipment
£
Total
£
14,631
168,737
183,368
14,631
—
166,989
1,059
181,620

1,059
14,631
168,048
182,679
—
689
689
—
1,748		 1,748

10 Heritage assets

Heritage assets
Freehold
land and
buildings
£
17,512
11,379,000
11,396,512
Collections
£
Total
£
At cost
At deemed cost
At 1 January2024 and at 31 December 2024
—

6,452,500
17,512
17,831,500

6,452,500		 17,849,012

The Denys Eyre Bower Bequest 26

Notes to the accounts 31 December 2024

10 Heritage assets (continued)

Freehold land and buildings above comprise Chiddingstone Castle which, as described in the trustees’ report, has existed in three forms on its current site since the 1500s and now houses the four permanent collections of the late Denys Eyre Bower (see below). The preservation of the castle and the collections for the benefit of the public is the primary purpose of the charity. On his death, the late Denys Eyre Bower wished to bequeath his treasures to the nation and believed strongly that the collections should be enjoyed in the “living surroundings” of the Castle and should not be segregated in a museum.

In accordance with the charity’s governing document, a Scheme of the Charity Commissioners for England and Wales dated 17 August 1984, the objects of the charity are the maintenance and preservation, in perpetuity for the benefit of the public, of Chiddingstone Castle and its grounds and those items in the collections described as “permanent collections”. These assets are regarded, therefore, as assets belonging to permanent endowment funds.

Items in the collections not regarded as “permanent collections” form part of the “reserve collections”. In accordance with clause 4 of the Scheme of the Charity Commissioners dated 1 November 2005, assets comprising the reserve collection can be sold or transferred given the existence of certain specified conditions. These assets, therefore, are regarded as belonging to expendable endowment funds.

The Castle has been included in the accounts at a trustees’ valuation carried out in 2007 based on replacement cost for existing use obtained using professional help. Following the completion of extensive repair work to the Orangery during 2007, certain aspects of the freehold land and buildings were revalued in 2007 by the trustees – again on a replacement cost for existing use obtained using professional assistance. These valuations are treated as ‘deemed cost’ for the purposes of these accounts. Subsequent additions are included and carried at historic cost.

The collections comprise items collected by the late Denys Eyre Bower over his life time and have been available for public viewing at the castle since March 2009. The collections may be summarised as follows:

2024
£		 2023
£
275,050
3,930,828
269,472
1,559,835
417,315
6,452,500
Japanese armour and swords
Antiquities (including Buddhist and Egyptian)
Pictures, prints and furniture
Japanese ceramics and objects
Portrait miniatures, memorabilia, tobacco boxes, medals, books, lacquer,
autograph letters and manuscripts (including Jacobite)		 275,050
3,930,828
269,472
1,559,835
417,315
6,452,500

The collections are included in the accounts at a valuation determined by Messrs Christie Manson & Woods Limited in June 2007. The valuation is based on auction estimates as at that date. The trustees are aware that the valuations of the collections will vary over time due to market conditions; however, given the permanent nature of the collections, they believe that no useful purpose would be served by updating them on a regular basis for the accounts. As such, the valuations are treated as deemed cost for the purposes of these accounts.

The Denys Eyre Bower Bequest 27

Notes to the accounts 31 December 2024

10 Heritage assets (continued)

During the above two years, part of the Egyptian Collection continued to be loaned to the Houston Museum of Natural Science, Texas, United States of America. The current agreement was renewed for a six-year period, beginning in October 2019. We are currently in discussion with HMNS regarding the return of approximately 150 items and the continued loan of the remainder of the collection they currently display. No figures, or length of contract, have been discussed as yet.

Preservation and management

As indicated in the trustees' report, the primary objective of the Denys Eyre Bower Bequest is the preservation and maintenance of Chiddingstone Castle and its contents, including the collections of the late Denys Eyre Bower, in perpetuity for the benefit of the public. To this end, the charity employs curatorial staff, supported by appropriately skilled trustees, and operates the castle in an appropriately secure manner commensurate with the objective of public benefit.

11 Debtors

Debtors
2024
£		 2023
£
Trade debtors
Amount due from Chiddingstone Castle Events Limited
VAT recoverable
Accrued income		 12,182
52,068
—
15,103		 17,493
89,907
251
9,095
79,353 116,746

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£		 2023
£
Taxation and social security
Compensation payable to life tenants
Expense and other creditors
Accruals and deferred income
VAT payable		 4,970
771
10,795
18,858
545		 4,668
771
2,810
22,410
—
35,939 30,659
Deferred income (included within accruals and deferred income
above:)		 2024
£		 2023
£
Deferred Income at 1 January 2024
Released during the year
Resources deferred in the year
Deferred Income at 31 December 2024		 6,250
(6,250)
6,250
6,250
(6,250)
5,000
5,000 6,250

Deferred income of £5,000 (2023 – £6,250) relates to income in relation to the loan of Egyptian Artefacts to the Houston Museum in Texas, USA, which was invoiced in advance of the period to which it pertains. There were no other amounts held as deferred income at 31 December 2024 (2023 – £nil).

The Denys Eyre Bower Bequest 28

Notes to the accounts 31 December 2024

13 Endowment funds: Freehold land and buildings

At 1
January
2024
£
Income
£
Expenditure
£

Revaluation
and
transfers
£

—

—


Revaluation
and
transfers
£

—

—
At 31
December
2024
£
Chiddingstone Castle (note 10) 11,396,512
—
—		 11,396,512
11,396,512
—
—		 11,396,512
At 1
January
2023
£
Income
£
Expenditure
£
At 31
December
2023
£
Chiddingstone Castle (note 10) 11,396,512
—
—		 11,396,512
11,396,512
—
—		 11,396,512

During the year ended 31 December 2021, further to prior consent obtained from the Charity Commission, the charity disposed a property previously forming a minor part of its permanent endowment, more commonly referred to as The Lodge. The charity has been granted consent to treat the funds released from the disposal as unrestricted funds, and therefore the amount originally recorded within the permanent endowment fund in relation to this property was transferred to the charity’s unrestricted funds. The gain on disposal of the asset has also been credited to the charity’s unrestricted funds.

14 Endowment funds: Collections

Endowment funds: Collections
Permanent
collection
£		 Reserve
collection
£

161,272
161,272		 Total
2024
£
At 1 January 2023 and 31 December 2024
At 1 January2022 and 31 December 2023		 7,482,717
7,643,989
7,482,717 7,643,989

The Denys Eyre Bower Bequest 29

Notes to the accounts 31 December 2024

15 Restricted funds


At 1
January
2024
£

3,701
Income
£
Expenditure
£
Revaluation
and
transfers
£
At 31
December
2024
£

5,570
(5,570)		 —
3,701
At 1
January
2023
£

1,701
Income
£
Expenditure
£
Revaluation
and
transfers
£
At 31
December
2023
£

8,227
(6,227)		 —
3,701

The Landscaping and Groundworks fund represents money spent on the car park and foot paths plus money held to be applied towards future car park maintenance costs.

16 Analysis of net assets between funds

Fund balances at 31 December 2024
re represented by:
Tangible fixed assets
Heritage assets
Current assets
nterfund indebtedness

Creditors: amounts falling due within
ne year		 General
funds
£
689
—
238,166
(1,191,489)
(35,939)
(988,573)		 Restricted
funds
£
—
—
3,701
—
—
3,701		 Endowment funds Endowment funds Endowment funds Total
2024
£
Freehold
land and
buildings
£
—
11,396,512
—
—
—
11,396,512		 Permanent
collection
£
—
6,291,228
1,191,489
—
7,482,717		 Reserve
collection
£
—
161,272
—
—
**— **
689

17,849,012
241,867

—

(35,939)
161,272 18,055,629
General
funds
£		 Restricted
funds
£

—

—
3,701

—
—
3,701		 Endowment funds

Freehold
land and
buildings
£
Permanent
collection
£
Reserve
collection
£
Total
2023
£

—
—
—
1,748
11,396,512
6,291,228
161,272_17,849,012_

—
—
—
330,811

—
1,191,489
—
—

—
—
—
(30,659)
11,396,512
7,482,717
161,272 18,150,912
Fund balances at 31 December 2023
are represented by:
Tangible fixed assets
Heritage assets
Current assets
Interfund indebtedness
Creditors: amounts falling due within
one year		 1,748
—
327,110
(1,191,489)
(30,659)
(893,290)

During the years since the sale of the Lely painting in 2007, the charity’s endowment funds have advanced funds to the general funds to enable crucial refurbishment work to the Castle and restoration work to the collections to take place. This interfund indebtedness has been created with the permission of the Charity Commission.

The Denys Eyre Bower Bequest 30

Notes to the accounts 31 December 2024

17 Related party transactions

The charity has taken advantage of the exemptions in FRS 102 and has not reported transactions between itself and its subsidiary company, Chiddingstone Castle Events Limited.

No trustee received any remuneration from the charity in respect of their services during either the year ended 31 December 2024 or the year ended 31 December 2023.

The brother of Nancy Olden, trustee of the charity, was reimbursed out-of-pocket expenses totalling £nil (2023: £50) in connection with voluntary work carried out for the charity. One trustee received reimbursement for out of pocket travelling expenses totalling £50 during the year (2023 - £50 to one trustee).

The non-fiction publication of ‘Do not be troubled’ is currently sold in the Chiddingstone Castle gift shop. This is authored by our trustee Graham Dixon. The book is sold at £8.50 with £3.50 being donated to the charity and remainder being paid to Graham Dixon. We sold 32 in 2023 and 31 in 2024.

During the year, no donations to the charity were made by the trustees (2023: £50 donated by one trustee).

Other than the above, there were no other related party transactions during the year ended 31 December 2024 (2023 – no other transactions).

The Denys Eyre Bower Bequest 31