2023-03-31-accounts

REGISTERED COMPANY IYUMBER: 01672106 {England and Wales) RECISTERED CHARITY NUMBER: 295154 REPORT OF THE TRUSTEES AND AUDITED CONSOLIDATeD FINANCIAL STATEMENTS FOR THE YEAR EPIDED 31 MARCH 2023 FOR THE KELMARSH TRUST IllllNWIII A27 0617212Q3 COMPUIES HOLISE

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Mark J Rtts LLP Chartered Accountsftts and Stsiutory Auditor Granvtlle Hail Granville Road Ltieesier iLictsier5hire LEI 7RU

THE KELMARSH TRUST CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE.YEAR ENDED 31 MARCH 2023 Page Report of the Tn￿tte$ Report Of ibe Ittdepekndemt Auditors 13 to 15 CoDsolid¥t¢d Stst¢D¢DI of Fin¥nei81 A¢tsvilitS 16 to 17 Con501id¥td Bl8Dce Shet 18 to 19 Company B4lane¢ Sheet 20 to 21 Collsolidated Cash Flow Statement 22 Notes to the Cash Flow Statement 23 Noies io the FiDgD¢i#I Stat¢m¢ots 24 to 45"

THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 21123 REFERENCE AND ADMINISTRATIVE DETAIIS Regist¢r¢d Comp2Dy numb¢r 01672106 (England and Wales) Regi$tered Charity llumber 295 154 Registered offi¢e Kelmaish Hall Kelmarsb Northampton Northamptortshite NN6 9LY Trusttes Mr OC Brookshaw (Chairnan) Mr R G Flenley Mr CL Grevil1￿Hey8atc Mr JD Lanc&8ter Mr5 C Brocklthurst Mr R King Mr C Greville-Heygate Mr SJ Eknchmond-watson {r¥i8ned li10612023) (rc5igned 1510612023) (arvointed 15ffj61202i) {apwinted ISA)6ll023) Ctntral M#ngtr and Company Stert¢Xry Mrs L A Denton Stttior Si¢utory AudltOT Mr P Bott FCA Auditors Mark J Rees LLP Chartercd Ac¢ouvtaDts and StsDJiQiy Auditor Granville Hall Granville R02d Leicester Leicesiershire LEI 7RU Page I

THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR EIWED 31 MARCH 2023 REFERENCE AND ADMINISTRATIVE DETAILS Soll¢itor$ HCR Le8al LLP Lan¢aster House Nurtn Mills Road Northarnpton NI 5GE IDv4stment Managers M & G Securities Limited PO 8ox 9038 Chelmsford CM99 2XF Page 2

THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2023 The Trustees of The Kelmarsh TnJ5t (￿h¢ Trust"), who are also Directors of the charitablt company for the purposts of the Companies Aet 2006. present their Teport and the fiThancial statements of the chaillty and its subsidiary. Kelmarsh {Events) Limited I'Kelm8Tsh Events"), for the year end￿ 31 MaTch 202). The Trustees have odoed the provisions of Accounting and Reporting by Charitie5.' Statement of R¢cornmended Pkcltce applicable to charilies preparing their accounts in accordance vith the Financial Reporbng Statjdard 4vlic￿e in the UK a[￿ Republit of Ireland {FRS 102) (effeaive l January 20211- OVERVIEW The Financial Year of 2022-23 h&$ proved to be a p)sitive atld succe&sful one for the TnJ& havin8 survived the ri8ors and restrictions of the Covid pandemic and king able to retum w ivhat is more normal busintss - albcit in a changed and ehanging world. We have seen a strong return of visitor nurnbers and even¢S at Kelm8tsh in kttpino with the obj'ects of the Trus¢. and we hai'e been able to embark on Some of the-:c4t¢h-up- of herita8e maintenance and pDperty repaiis wthich we ￿￿tIOUsly rationed during the difficultie5 of the previous 3 years. Perfomian¢e against our key objects has been wjsitivt, although we Tcmain eautious aFA)Ut OUT overall finances. This has also been a significant year in anlitipating the retirements in June 202) of liichard Flenley SDd Ch8Tles Greville-Heygaie. tyvo of ollr lon8est serving Tmstees, Richard aÉso having been ow ¢baiman for a numtw of yeats. We have followed the proces5 pru¢ribed by the Charity Commission in such recruitment and have appointed two TNstecs and anticipate othei Tru5t¢es will join in sts8¢5 over the second of 2023. ORVECTtVES AIYD ACTIVITIES Main Objectives aud aims The objects of the Trust are.. To p￿seNe fly the tEnefil of the nat￿ ryKsnun￿ts and IxJildirgs of nath)nal hrslorK ￿ archtettural or artistic Inte￿$t and imw)rt3rKe arKI to wotect imrKove the arnenrt￿ of such bulkJi￿ aThl th￿r SLmufKJings' 2. To pretve for the benefit of the arKI as an adprt to any tM#"klrv¥ as èforesaid piC￿re$ céher chatte cl national historic or irteres¢ 3. To facilitate the attess to and the apprecKation of such bJiklings (and Mir surroundings) furnth¥e, pcbjres and chattels as aforesakj by the general Significant 9ctiviti￿ and r¢lat¢d ithformation Ke]M￿￿h Hall is listed as Gr3d¢ l in the sta￿tOry lists of Ix]ildings of arthikctural aryd histori¢ irttertsl 2nd the adjoining land is al50 desi8nited as a Scheduled Ancient Monument {SAM) essential for the FXDtection of the character and amenities of Kelmarsh Hall. The Gardens are also included in En81ish Htritage's Rtgistrr of Parks and Garden5 of speci￿ HIS￿rIe as Grade The Trust is resrK>nsible for the mainterwice and prtservation of Kelmarsh Hall and for promoting education aix)ut the Hall and the Kelmarsh H311 Esta￿ and its nathnl his￿ry. 1¢ also manages an itj-house farrn and wtrounding ivoodlands locattd on the Estitc. Ktlmarsh Hall is ¢onsid¢red key to the Trust and also takes fjrst priority on fund8. It is tnain12ined in gcoj order cxternally and internally in accordance with the a8reed Management and Maintenance Plan which has been updated in line iviih the Quinquennial Buildings Inspection of February 2018 and with full regard to the Consetvation Man￿￿eMent Plan produced in 2014.

THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2023 Beyond its imp)rton¢e as a heri¢age assei the es¢ate 1$ 4 tr2ditional Northamptonshire mix¢d a￿le and pasture agricultural estste. The Estaie is largely lena￿1£d supporting farming families some of wbich are third generation renants. The Trllstees employ professional farm and property managernellt agents to oversee Tfbaintenance aThd ensllre the best rewms from farm and let PTOPErty Tents. Let properties are currtndy being improved to brints them up to die Government's Energy and Performance Certificate (EPCI under a schedule of improvernents COmTnis5ioned in 2017. The Estate fortunately has a IiTDiÉed turnover of tcnants but one C4)Dsequence is that properties. which are below the EPC guidelines havc to be¢offle vacant in order for the necessary work to be carried OUL The ineome of ihe Trust arises frorn the following si8ftifJcant activities and sources: Donaiions and grants Visitor admissions Rents receivable Commercial tradin8 operation5 (received via the Evtnts company) Income from the windfarm Investment inci)me Publie Benefit The Trustees are aware of the guidance given by the Charity Commission regardin8 public benefit. We believe that our commitsnent to public benefLt is also strongly demonstrated throughout this report. The vision of the fnjst is to carry out its charitable purFA)ses for the benefit of the publi4 including working towards greater inclusion of the local community, supporting volunteerit)g and other fornis of particjpation, improving access and widenin8 the diversity of our audiences. Our intention Is to enhance iht visitor txptrience and to improve the quality of our facilitie5 SO that thc Heritage wt care for can be better appreciated. Our aim is to bring life to the Hall and 8ardens and wider tstate as much more than a static museum. but irtterpreting it as a multi-layered historic story providing grcatrr tducational opportunities. ACHIEVEMENTS AND PERFORMANCE Public A¢eess io ihe Hall, Gardens and E$iatt After panial interruptions during 2020 and 2021. we rwpened the gatthns. tearwm and shop to the public fully from April 2022 for four days a week and the Hall on Tuesday& Wednesdays. Sundays and Bank Holidays. We had l 1.284 visitors to the gardens. sold 134 garden season li¢kets and ILOSted 26 private group visits. attrdttiug a good ¢JD5S S¢¢tion of the general public. For outdoor events, two of our loyal ¢lients Imorris Minor Owners Club amd Shambala) rthmed in summer 2022 and we had four new events. these events attracting nearly 60.000 visitors. We hosted i2 weddings duTing the yeat. 21 wrporate events and functions with a few photoshoots. These events allowed a further 9,500 F￿pIt to experience the H￿1 and Gardens. The feedback wc have received has been amazingly rA)sitivc ith for the gardens and for thr Hall in whi¢h new area5 and cxhibitions were available for exploration. Page 4

THE KELIWiSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2023 Maintenance repair and presetrvation of the Hall And Esltt Buildings The programme of her1￿￿¢ and related maintenance of the Hall and sllrrounding butldin8s, which was partly interrupted during the uncertainiies of Covid, has now been given higher prioriry and is ongoirtg. Repairs have included significant work to the hisiori¢ Vinery in the Walled Garden and to the Ornngery. We have also upgraded our CCTV and outside lightin" which. along with better security. provides safer acce5S to and from the Hall for visitors and staff. We are continuing with repairs and upgrddcs to our residential Properties to bring the sLock up to app]¥)ved EPC standards. This requires substhntial expenditure and our ability to do the works is constrained by exisitn8 tenancies as the scale of WOTk sometime5 requires ihat the properties are fully v¥￿ted in Iwder to ca￿ oui th¢ work5 efficiendy. The programme will ¢ontinue ahead- probably over severa] years. Ch#ttel$ Having ¢ornpleted the restoration of Nancy Lancastcr's t*dr(KJtn wjd bathrwm on the fjrst floor in parthership with OKA lrtteriors for the 2022 season. we then knok on to rcwver some of the Chattels from attic stora8t and to -dress" the adjacent Gentleman's Room on th¢ first floor. This ha5 proved to be very succe55fiJl and popular visitois. Addilionally, we mounted a new exhibition of the"Nan<y Lancaster story" in the two west win8 bcdrooms which we have used previously on oec&sion for seasonal exhibitions. In the b&sement we also made further exhibition additlOn5, Including the Northampionshire Heritage Forum Best Volunteei Project Award for 'Coalmarsh' the story of the Lan￿ter family's connections with coal. including a model railway exhibit provided and installed by the Corby and District Model Railway Society. The exhibition w&s delivered by our fantastic Researeh and Archive Volunteer5. Kelmarsh HAII Gardens And Estste During th¢ year, si8nificant new plantin8 has been widenaken in the wdens iogeth¢r with renewal of path surfaces to improve accessibility. Th¢ gardens have come in for agcx)d deal of appreciation artd much praisc. In the wider estate, hedgerows were Jmproved by laying stttions and replanting some areas Whe￿ there were gaps. Hedge ¢utting is in line with countryside ¢are. allowing for food for birds during the winter months and safe nesting In the sprin8. We have installed 2 tawny owl i¥)xes 4Dd 3 barn owl iK)xes.' also. following an Osprey sighrirt& we we in talks with the 05prey specialist ai Rutland Water to reiristate our ncstinÈ tower. Bird feedin8 stations art in place all winter and bird ringing and survey is carried out with the help of volurtteeTS. Also in the wider estate, we undertook a review of our iTFh8nd woodlands. With the help of our consultantlcontsactor Matthew Biddle. Aspeci FOrt￿ry & Rural Management we have updated our WIM)dland5 Management Plan (Jallu￿ 20231 to address the immediacy of the next three years. focusing on Langborough. Rabbit Hill. Scotland Woods and also Shipley South. One small but import2llt achievement in January 2023 was tht planting of The Queen's Copsc on a small arca just North of the outfall of the main lake. This had been identified as a Platinum Jubilee project but necessarily deftrred into the winter 2022-23 plarttLng season. Eight hatdy volunteers helped irt planting atrocious wtatherconditions- all now doing welll Page 5

THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR EIWED 31 MARCH 2023 Ed￿£StIon Whilst we could not host sch¢Jol viskts because of the we did invite 5evual we4th0018roups to enjoy the outside space and the fairy w￿k within the W(￿12￿d aod surtoundithg areas of the Hall. We ackrtowled8e that we &e often disadvantaged by our rurdl locatjon in sed(in8 to attract school plies (bus hire costs etc). However, we continue to explore outreach p)s$ibilities for COr￿C¢t￿ng s¢hools other organisoti00$ with Kelmaryh. We have continued ￿ hold our fortnightly art cl&w. Voluui¢¢rs The Trust enwurages vdunteers from all Wdlks of life (mwnly from the community) to 8ssist in &% many activities as FN)ssible and particularly to supp)rt the Ttust in visi(or servi¢c5 (as iour guides). in gardening and garden rnaintenante, in research and catsloguing and in the various biodivtrsity surveys and recordin8. Ow voluntec¥s support the paid staff in tasks svch as visitor meel and greeL sch￿1 visit4 teayts)rn dulles and archiving. There was a very ¢•utsOUS arvroach to volunteering artivities during 2021-22 bui a fvll and enthusiasii¢ retum ¢0 nomi duties in 2022-23. The T￿￿¢$ 8re extsemely gt•eful f￿ the time and effort 8iven to the Twst by ILS many dedicated volunt¢crs. Fundraising Grants and funding are an important and essential rArt of tht presemtion of the Hall. gardens and wider estat< in supporting the Trusts objectives. We will LX)n(inue w fvndraise and seek 5urv)rt for special and larger capital PTojeets. sptcifit211y those relatirt8 to ivork on Herithge Assets which have been deferred as a result of the pandetni¢. A spttial mention and thanks 80 to thc Heritage Fund for their continued suppjrt ovtt re¢ertt ye8ts. Given the level of assets maintained by the Trusi grant fvDding is an imp)rtsn¢ and ne£essary part of mainuining and preserving Kelmarsh Hall f¢x the benefitot the nation and wovidin8 acctss w the p]blyc. FINANCIAL REVIEW Through sound firtanc121 managemen¢ planning 8nd suptrvision, with the e8dier support of gtant funding and the commitment of key managemetht, we have athieved a FA)sitive OLLteome for the ye8r, although a revaluation of property resulted in a decrease in funds. Throughout this perio¢ we have tsken a and loiv risk approach ￿ budgeting and risk mana8ement to ensure sustsinability and fijthre viabilily. Fin#tial performance Atsd po$ititiD The total income for the year decreased to £1.071.995 from £1,212.437 in the previous year which, afterdeducting expendilure of £1,174.085 (2022.. £1,013.088) geneT•J ne¢ ouigoings of £102.090 a rtdudiort over the 2022 results which gen¢r*ed net incoming resources of £199.349. The previous year includcs tsceptiorLal grant furtdin8 of £274.7(rf) relating to the pandcmic, without this funding the Trust Ivould have opeta¢ed at a nct loss of £75.351 last year. The Trust's subsidiary, K¢lmatsh Events Tnade a pmfit of £174.600. Om iDcwew on the 2022 profit generated of £126.161. Annual profits from Kelmarsh Events ar¢ 8ift-aided ￿ the Trust 2nd these incorporaLe4J tn the above tesults. Total net asseLS of the Trust and Kelrn2rsh Events at 31 March 2023 detreased by £297,450 from £28.077,589 to £27,780,139. This is mainly reprcsented by a dtcre&8e in fixed &ssets to £27.292,464 (2022. £27.508.606) as shown in the Balance Sheets on P8ges 18 to21. Pa8e 6

THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2023 Investment performaoce The ineA)me from finaneial investrnents achieved Wds £45225. an irKrtase on la￿ year's income of £40,604 and was in line Ivith expECtaiion5 and objectivK s¢L There were no reall￿ investsnent 8ains or losses durinB the year. The financi￿ irtvestmenrs showed urtrealistd investment 1055es of £55,360 for the year (2022 Gain.. £53.071). Investhienipinperties wffe revalued in the year r¢5LLlting in revaluation losses of £140.(KKI {2022: Gain of £420.IM)O). Gross ineome from investment PYOFrties incteased ￿ £465.844 fmm £459.388 whi¢h atler rnanagemerti and mainLenartc£ eosts contributtd net incorne for the year of £168.738. a rtductioTh over last year's net income of £247,859 because of increased spending. No additsons or disposals of investment prnperties Wok platt during the ye4r. Principal Funding Sources The principal funding sour¢es cofftwise rentsl inwme from the freehold investment propertie5 and faryn tenon¢ies. adrnissions income, income from other investments includin8 the p)rtfolios of listed 8nd other invthents and in recent ytars additional grant fundin8. The irtcome from these sources supports the primary aims and objeAive5 of the Tn4¢. These fi￿dIng g)uree$ have fa¢¢d a higher level of uncertainty in the couple of year5 as a ￿￿111 of the pandemic with a108 of admissions and events income and challenges on rent￿ ino)me5. IDvesttDent Policy Financial invesiments We pursue a p)li¢y thaL provides a reasonable income for our 4wrreTht purp)ses and enhance5 inc(Mne and capitsl gromrth over the longei. temi. thereby enabling us to meet our ¢utTent and futsJTe objective5. It 15 the T￿sttts' policy 10 use the income d¢riv¢d from thc5e invcstrntnts and not todispw of these a55d5 whith 8enerate an incomt for the Ttusi. A spetialist UK Investment managcr ovu%es the investment [￿￿rtfolIos. The Trustees Tequire the investment manaueT to pay attention to the standard investment CriLuia, namely the suitability of the Cl￿ of iThvestment and the necd for diversification ill50far as it is appropriate to the circumstances of the TNSL Our approacth to Te4K>nsible investrnents. extends to the Ertvironmentsl, So¢ial artd Governan¢e ffSG) specificati￿$ adop*d by the investment manager with specific exclusions. The TTusiee5 rnonitor these investments by Teceiving quarterly s¢aLements from the investment manager showirtg the movement in (apital value and the inc(Mne receivt4J ftom inYesthienLs undeT management a5 well as an annual update from the investrnent managu. Page 7

THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DJRECTORS FOR THE YEAR ENDED 31 MARCH 2023 In￿gimen1P1oPer1IeS The management of the investment pmperti¢S is F•wd ¢0 extrrnal land agents who arc re4U¥Ted to M￿lm1$t the incorne from these properties whi15t ensurin8 they are maintsined in a re￿Onable yale of repair. It is the Trt￿lee$. p)Iiey not to dispose of these 855ets. Several of the Trust's let properties are bclow the E[￿rgY Perforn)ance CertIf￿atr requirements. We are aware of this and have undeitsken surveys which are being attrd up)n in 3 prioTitised programme a5 aThd ivhcn PTOPerty vacanties OCCUT so as to phase the wDrks and minimise termination& Restrv¢s Poliey The policy of the Trustees is to maintain a Icvel of reserve5 ￿ld1 will provide a stablt base for the Tru5t'5 continuing activities 2nd enable the Trust to adjust to any $ignifica*t change in resource5 through Eoth known and unplanned events, ivhilst ensuring that excessive fvnds ore nol accumulatrd. At 31 Mar¢h 2023 the wral funds held by the Trnst ate £27,780.139 {2022= £28.077.589)- This includes endowment funds of £15,3IO,907 12022.. £15,110907), restricted funds of £1,223.683 {2022.. £1225,05 l) and unrestricted ￿ndS of £1 1,245.549 12022.. £11,741,631). The totsj fund5 include £27.291464 {2022.. £27,508,6(￿) which are fixed assets, such a5 Ktlmarsh Hall itself. athd can only be realised by way of disp)sinB of them. As o resllli of the pandemi¢ artd the lack of speciatim tradesmen there has been an increase in identified works which have been planned unfoitunatly defetTcd. We have therefore identified and designated funds amounting tts £285.600 (2022.. £361,140), which forrn5 part of th¢ ur￿l￿ted fi]nds aiN>ve. towdJds sp￿lfIC Projec￿ including the ongoing EPC requiiemtnL8 on let properties and maintenance of Herira8e A5W within the next 12-24 months. The amount of unrestricLed resetves ranainit18 after ta￿"Tr8 into accouni designated fifftds and those h¢ld in fixed assets amounts to £202.27512022.. £207."8431. The nature of the &ssets of the Tnjst are such that high Icvels of experkliture can be incurred in FK)th"the short temi and long term which ne¢essitstes having a¢¢ess ￿ liquid funds ￿ (x>ver eventualitics. We ￿nSIdeT it reasonable ￿ hold this level of reserves in order to meeL operdtional commÈtments which equares ￿ beLween three 8nd six months unrestrieted expenditure. in order to provide sufficient funds to finance ￿penditure on charitable activities and governance costs. Pa8e 8

THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR EIWED 31 MARCH 2023 STRucfuRE, GOVERNAPICE AND MANAGEMENT CoverDing document The Kelm2t5h Trust is a ¢hatitable Company limiled by guarnrt￿ wthi¢h was incorporAted on 15 CtoLw 1982. It is govetned by Its Memorandum and Articlcs of Association. This is furthu supported by the Cwrate Plan {January 2023) Ivhich scts out OUT objectives and aspirations in more detail. The members of the Trthsi are the TTUStees who are llamed on pa8e l. They are a]so the directors of the Trust for company law purposes. In the evertt of the Trust being wound up. the liability in respedof the guarantee is limid ¢0 £1 memLxr. Subsidiary Company The Trust's wholly owned sutfjidiory. Kelmarsh Events is a trading company that organises commercial and £ortK)ratr events held at Kelmarsh. Under a fornial agreement the profits of this company are do￿￿￿ undei Gift Aid atTangements to the Trust. Kelmarsh Ev¢nts has its own Board of DirecLOTS and operates llttdeT a ¢ollai)ration a8reemeni with the Trusi. OrganisAtional str￿ctUrt Dd DeeisioTr Makirng The Articles of Asso¢iatiort provide for a miDimllm of three and. up tts a Tn&¥imum of, ttvelve tsijstees. Throughout the accounting period there were six Trnsiees two of whom retired in Junc 2023. In addition since 31 March 2023, and following PIOPU Teview and intervtew Pfoce55e& two new trustees have ap[￿inted and we anticipatr a further three ¢0 be app)in￿d. The Ti'ustee5 normally meet lour lime5 a year visits a150 occur thr￿ghoul the year..Dcci5ion5 are then given to tht General Manager for implementatkort. The General MAn&ger may m8ke decisions ort d8y-iothy m&uers Iwt rs In regular coTrtsCL al leASt weekly. with the Chairman ilsi U￿atillg all trustees on significant matters. The TTUSeS also pericxlically walk around the Hall and Gardens during the year and make an annual tour ot.the Estate indudiThg w(MMllands. farms and properties. In addition the TNstce5 tske reFQtts from two Erfyjies trKJth of which are thwred by a Trustee. A Finance Committee. which meets four lime5 a year. The main temis of reference of this committee are w prepare bud8e4 periodi¢ a¢¢owits and cash flow s&iements foT aN>Toval by the trus¢s and to ensure proper internal titsancial controls are in place. Kelmarsh EvenLS Limile4 which h&s ILS own Board and i¥hich ¢￿TL&s on the Commerci￿ activities of the E$￿1£ and which eon5iders the opp)rtunitic& direction. risks and yields of existing arbd wjtrntsal (xjmmercial I￿lnes% the Board eets ot least four times a year. Re£ruitmeDt. AppoiDtrnent, InductioR 2nd Trdining of Trnstccs The Trustees continually consider the need for new trustee5, tK)th to allow for the naiurdl roration of TNstees' temis and to resportd to amy skills uaps or opwrtunities for Candidates with particular skills to offer. The Trustees lake 2c£ollnt of Charity Commi$sioo guidelines and the Ch￿lty Governance Code in ¢onsidttiDg trustee re¢tuitmeni And seek to have a pwper divcr5ity of Trustee5 who will improve contirkually the TnL4's goverllat￿e as well &s w)rkiThg towdrds the objectives and activities shoivn on page 3. The induction of new Trustees is provided by the existin8 TrU￿tt￿ and the General Manager. They receive a Trustee manu&l and indllcii¢)n pack which irtcludes eonstitulion documents and current accounts ond other financial infomiaiion. Training is provided both w n¢w and current Trustees as approwiote. In accordan¢e with the Artieles of Associalion Trus*¢s serve ftr up to two ¢ems of three years each. Thq are then Mt eligible foi. rt-election within a period of ortt ye4r. Pa8e 9

THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR YEAR ENDED 31 MARCH 2023 Relxied P#rti£s Details of related partics, includin8 TTu5te4 atid transactions with them are set out in note 36 to the financial statements. Staff Remuntratio The retnuneration of key is ieguiorly revicwtyl 8od agrted by the TA￿(e¢S after. whert appropTiat< dis¢ussions with th¢ General Mana8er. Risk m￿ll￿geMent The Trustees rcgularly identify and Thiew the fflaior ri5k5 to which the Tru￿ Could ￿ exwsed and pts¢edures have been estsblished to mortage those risks. In particular the Tn1$¢￿ h&v¢ adopted a rssk manlgement policy, Ivhich addresses the major govemanee, operaiional. financial. reputsiional. legal and rcgulatory risks which mi8ht impact uwn the tore purp)ses and key objectives of the TnJsL This builds on and complements existin8 risk management procedures in many &8pects of the Trust's work in such are&s &s financial man28emenl health and safety, fLreand Security and dis&ster planning arrdngetnents to pro￿1 property. Staff a#d visiiors. It is formalised in a risk Tegistrr whi¢h is ieviewed annu￿lY by th¢ T￿slee$ and by the martagement team and is circulated at each meeLin8. More spe¢ifi¢ally there is a fomial coniratt with our app)rnted H￿th & Safety ¢onsultsni to wovide advice {including regular visits) on health and safety issues covering the Hall. Gardens and wider Estate. There are also maiDtenan¢el$etvice contratts covering rtot ortly plant artd machinery but also fire extirtguishers fire and intruder a13rn1s. Where necessary staff are updated on these issucs 2nd Tep)rts made to the Trusttts by the General Mwger. The TNstee5 arc con%iou5 of the need to keep up to datr on Charity Commission and othcr kgal and regulatory devtlopments and changes In order trj protett the TnLSL PLANS FOR TIIE FUTURE The TTU5tee$ are Of the view that going forward. we rKed to tc alert to chafiging rnwket forces and fortunes. Already. in tumin8 into 2023 and after the beneticial catth up of delayed wedding& that market apr￿15 to be getting tougher, so we need to be alert to new ￿)ssibilIties. The Kelmar5h Events Ert)aTd meets quarterly to review new ￿k$SIbilItIeS artd is keen to try a diversity of events and aaivitie5 which will keep Kelmarsh in public focus as art in(ere￿ing venue- for events and for heritagelrecreation visilOTS. We have a very Capable rnana8ement ttam * the cor4 wtll suP￿rted by our close uJn5ultants and also by OUT teams ot volurttttrs. We Still need to k approwiaiely cautiou$ of, and reaciive to, the sort% of uncertainties which have chgraeterised the last three year5. and we are dcternined io press on with ￿r key roles in prcservin8 herits8e. enhancifjgvi5itor acce￿ and Promoting apyreciation and enjoymenL As we now pyogress in¢0 the neiv accowiting pviod of 2023-24, the Trustees ￿ awafe of the Thew pr￿sure$ of world order vhich may impinge on "norm31 progr¢ss-. Nevcrtheles5. we are in a good position with a dedicated and Cornmit￿j management team and suppx)rtive volunte¢x5. Thc Tnjsw have a &￿itiVe OutJ￿)k in wishing to etthaThce delivery of core obJ"ects. tocuscd on heritage assets, accessibility, and educatkon. Pa8e 10

THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2023 In Boing foiward. we identify here some examples of these arnbitions in futyre wojeets- based on these key areas. The first is that of researching and reinfotcing the hisLOri¢ skyline p12nting sdkme which John Hanbury wmmissioned and implemented as showth in the plan of 1739 d¢dicattd ￿ him. Thi5 exists in part of the esia. fjeldwork and research &e indicating where Ive may, with Co￿peratIon tsf tenant fartnersj plant additional trces to reinforce and ￿1￿ctuat£ thi5 hisioric pautrn. second.is a modest but neverthele55 challenging project to reeover and restore Nancy IAncgsEer's Rhododendron Bank on the East ftrontag< adjacenl io A508, as a local Ilagship for Kelmarsh- and third is the tM)ssibility of reinfor¢in8 the veTges of the North Di"ive which would give ￿ 8reaLer flexibility in providirtg parkirt8 dLLring yjorer weather ￿lditiOnS for Hall based events when it is 50melimcs lmpraaical ￿ use the overfk)w field. A5 ever. while desirabl4 such projeLs requtre careful r¢seaJth. planning 8￿j funding. Dtvtlopment prioritiu for tht Ktlmarsh Trust The Tiusrecs and the Manatsernen¢ Team ore comrnitted to p¥eseTvin& itnpToving and enhancing the Hall, Gardens and Estate, irnprovin8 the EPC rating of the let properties, con(inuin8 the 8ood relatiottship with our trnant farn)ers and workin8 through the mairttenanet priority 115t. The followin8 work Js scheduled for 2023-24. MonLroring erteigy t￿Sumption and measur¢s ￿ offw inrAeased ener8y C051S. The Hall and North Pavilion extemal pointing Refurbishment of vacant let pr0￿mieS Roof repairs to the stsble flat Further se¢urity upgrades and eoh8nc£ments Improved internei conneciivity and Wt-Fl enhartcemethts Opening of additional rooms on the fir51 fl(M)T of the Hall Skyline planting scheme Development of events and offtrings to sutv)rt the Tru The Ti'ust has adopted a co￿rate Plan, which w&$ revI￿Ved, updated and re-adopted in January 2023. This expands on tht Trusts objects and look5 at all aspecLS of the Tnjst and the wider estste and sets out aim¥ obje¢¢ives and plans for these varjous-aspeGts. RETIREMENTS As mentioned above, in June this ytar Richard Flenley who had btem a Trustee for 12 year5 and Chairman fcy 8 years. and Cha¥les Greville-Heygai< who had been a TTUStee for nearly 40 years, both retire4J. Thty have L￿th eDntributed hugely to the Trust over the seein8 li thmugh some ￿￿8h limes as WEII &$ giK>d time5 and helping it Lo overcome the challenges that the Tiust ha5 faced. The current siability and 5ucce55 of the Trust tswe a great deal to the hard work that'lh)ih Iocliard and Charles have put irt over the years and the currertt (ortd joining) Trnstre5 would lik¢ w rttord our thanks and appreeiaiion and iyish them a happy retirement. Pagell

THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DtRECTORS FOR THE YEAR ENDED 31 MARCH 2023 STA TEMENT OF TRUSTEES, RFSPONSIBILITIFS The Trustees {wlk) are also the directors of The Kelmarsh T￿￿¢ f( the pllrwses of company lawl are responsible for prepaTing the Rep)rt of the Tru5tee5 and the financial statements in accordance with arvlicable law and United Kin8dom Accounting StandaTds (uni￿ Kirtgdom Gerta￿ly Ac£epied A¢¢ountsng Prn¢ti¢e). C(Knpny law rcquire5 the Trustres to prepare financial staments for ch finanria] year whieh give a true artd fair view ot the state of affairs of the charitsble company artd of the Incorning resourtts and awlication of resources, including the income and ex¥Ynditure. of the charitable company for ¢hat period. In pr￿rIng those finan¢ial s1@￿Ments. the TnTStees are required to.. selecL suitable accountin8 policies and (hen arvly them c4)nsisw)dy; observe the tnethods and principles in the Ch￿l(l£S Statemeni of Recommended PraLIi rnakejud8ements and estimates ihat are re￿nable and pnJd¢n prcpare the financial ststemcnts on the 80ing basis unless it is inawJropriat£ to pre5urne that tht charitable company will ¢ontinue in businw. The Truses are resw)nsible for keepioo proper accounting rec4>rd% whieh disclose with reasonable 2CCUrnCy 8t 9JLy lime the financial rK>51tiort of the charir2ble company and the 8roup and to enable them to eosure thai ihe financial statements tomply vilh the Companies Ad 2(￿. They are also reswJnsibl¢ for safeguarding the assets ofthe ¢harit8ble company and the group and hcnce for taking rea￿Dable sterfj for thc ￿eVentiOn and detection of fraud and other itTegularities. In 50 far a5 the fnjstees are awart.. there is no relevani audil infomiation of which the 8TOUP'S audiLOTS ate ￿ttaWare" and the Trus¢Ees have taken all steps that they ought ￿ have taken to make themselves aware of any relevant audit information and w establish that the 8mup's a￿llIOrS are awar¢ ofthat informati￿. Thi5 report ha5 beeth prepared irt accordanct wilh the special provisions of Part 15 of the Companies Acl 2L¥J6 relating Lo small companies. Rey)rt of the TtU51ees approved by order of the iwrd of Trusieffj in thebf c4pacity as Dirttknrs of the Trw4 on .. .. and signed on behalf of the TTUStees by= Oliver Br<K)kshaw- Chaimian of Tnjstees Page 12

REPORT OF THE I￿￿EPENDENT AUDITORS TO THE MEMBERS OF THE KELMARSH TRUST Opinio We have audited the financial statements of The Kelmarsh Trust (the 'pareni charitable c4)mpany? and its subsidiarie5 {the 'group') for the year ended 31 March 2023 which Comprise the Consolidated S￿￿￿ent of Financial Activities. the Consolidated Balance Shee4 Company Balance She¢4 the Consolidatrd Cash Flow Sr2Lem&Jt and Do¢s to the financial statements, Includin8 8 summary of significant accountin8 p)licies. The financial rtwrtin8 framework that has been applicd in their preparation is 2ppli¢abl¢ law anLI United Kingdom Accounting Standards {United Kingdom Genevdlly Accepted AcrDuntin8 Prsctice). In our opinion the tinancial swemenlS- give a true and fair vicw of the Sla￿ of the group's and of the parent tharitable cornpany's affairs as at 31 March 2023 and of its in¢oming resources and application of r¢source4 includins its irKome ar¥J cxpenditure. foT the yew then have beth properly prepwed in aCCord￿te wth United Kingdom Generdlly Accepted Attounting Prdctice. and h•ve beeo wyred accordar)¢e the T￿￿1[eMentS of the Companies A¢t 2006. Basis for opinio We conducted our atjdit in accordance wÉth International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibTlilies under those standards are further descriid in the AuditOT5' resp)nsibiIili￿ for the audit ot the firt8ncial statements section of our rep)tL We 8re independent of the gtoup in atcoknce with the ethical reqtsirements that are relevant to our audit of the financia] ststrmtnts in the UL includin8 the FRC5 Ethical Standard, and we have fulfilled our oth¢r ethical responsibilities in a¢¢oTdante ivith these r4uiremen¢S. We believe that the aLLdit eviden¢¢ we have rtjtained is sufficient and approwiate to wovide a basis for our opinion. CoDtlu5iolls relatlDg to going In auditing the financial strlements. have concluded that the trusttt¥ use of the going ¢on¢¢rn basis of accounting io th¢ preparation of the financial staiements 1$ aw)ropriao. Based on the work we have performed. we have not identified any mawial uncatsinties relaking to evenLS or conditions thal individually or colledively, may c&st 5ignif1¢4nt doutrt on the 8roup's ability to continue &s a soing conttrn foi a period of at Iwi Lwelve months fJk)m when the financial stsLemenS art authorised for I￿lle. Our rc5pon$iixlities and the re5pw)n5ibilitses of th¢ TnLStees with re5ped to going ¢oncern arc describ￿ in the ielevant sections of this rewjrt. Othtr Informatlott The frustees are iuponsible for the other infonnaiioo_ The other infornation CA)mprises the inforrnation in¢lLtded in ihe AnnJxl Repo￿ other than the fIrtan¢1￿ stsiements and our Rtw>rt of the Indtwdenl Audjtors thereon. Our opinion on the financial statements does not cover the (rfhcr bnfornation an￿ excq)t to the extent otherwise explicitly stated irt ollr rew¢ we do not express any fom of a￿u[artce conclusioth tseon. In conneuion with our audiL of the finar)¢ial srolements. OLLr reS￿￿91b11IlY is ¢0 re1 ihe other infoiThai¥on and, in doin8 $0, consider whether the other in(omaiion is materially inconsistent with the financial statements or our knowled8c obtaincd in the audit or othmvise appeoTS io k mattyially mis5¢ed_ If wt identify 5uth material inronsistenue5 or apparent material misstatements. we are required ￿ d#emine whether this giv¢s rise to a Ma￿{121 misstsiemeni in the financial ststrments thtm5¢1ves. If. based on the work wr have ￿rfOr[￿￿ we conclude that there is a Ina￿rial misstatement of this other infomation. we are required thiti r"d(t We have iiothing to rewt in this regord. Opinions On other m8rters prescribed by the CompA Thies Aft 21N16 In our opinion. based on Lhe widerten in the course of the audit-. the infomiation given in the Report of the Ttustees for the fithant4al year for which the fin￿18] #Al￿￿ents are prepared is consisttnt with the financial statemenlS- and the Report of the Trustees has i*en prepared in accordance with applicable legal requirements. Pagt 13

REPORT OF THE If4DEPENDENT AUDITORS TO THE ￿mBERs OF THE KELLWIARSH TRUST Matters on whicb we are rtquired to report by exteptio In the light of the knowledge and understanding of ihe gTOUP and of the pmt tharitable c4>mpany and bts envirormient obtained ith the COUTse of thewdiu ue have not identifjtyj matrria] misststrments in the Rep)rt of the Trustees. We h#ve nothing to report in rtspect of the following matt￿5 where the Componie5 Act 2(￿ requirGs us ¢0 report to you if, in our opinion.. adequate accounting re￿[d$ l•Yt not bcen kcpt or rebjrns adequate fty ¢wr audit have nDt been rccekved fwm branches not visited by us. ot the financial ststements are noi in agreement with the ac£ounting records and rebJms' or certain dis¢lo$ures of In￿lee5, reM￿￿ratiOn specified by law are not mad4" or we have noi received 811 the informatioTh and explanatiorts we require forour audiL Re5ponstbilities of Trusttts A$ explained more fully in the S￿ernent of Trusiee5' Re5p)Thsibilkties, the trusÈee5 {who are also the dirttiorn of the charit2ble company for the purw)ses of company law) are r¥p)rtsible for the prepar21ion of the finartcial stalements and for beiD8 satisfied that they give a true and fair view. and for such internal control &s the trustees determine is necessary to enable the prepavdtion of fJnwKi21 ststements that are free from material misstai2menL Nyhether due to fraud or error. In weparing the finan¢1￿ ststements. the Trustees are resp)nsible for assessing the group's and F0r¢nt charitsble eompany's ability w continue as a 80ins concern, disclosin& &s applicable. matttr5 related LO going conctrn and using tht going conccrn basis of attounting unless the tru5e5 cither intend ¢0 liquidate tht charitable ¢ompany OT to cease Ope￿Il0n¥ or hawt tKTr reali4iC altemalive but to do so. O¥r responsibilities for the audit of ihe finntixl stAtett)thts Our objectives are to tsbtsin reasonable assurance about ivhether the fJnan¢ial sthtements as a whole are free fwm ma*rial misstatemen(, whether due to fraud or error, and ￿ issue a Rep)rL of the Independenl Auditors that includes our opinion. Reasonable a55ui7ncc 15 a high level ot assuranc4 but is nol a guarantec that an audit conducted in accord¥Jee with ISA5 {UKI will always detecl 2 matrrial misstxtement when il exists. Misstatements tan arise from fr2ud or error and art considered material if. individually or in the awe8ate. they could re￿O￿#blY be ￿F¢CIed to influence the economie decision$ of users tsken on the b&si5 of these financial sutrmenL8. Irregulari(ie& in¢ludirt8 fraud, are iThsttnces of nort-¢ompIiatK¢ with Iaws atld regulations. We design procedures in line with our resrMTrn5ibilitie4 outlintd atrf)ve. to detect material mis5tatement5 ITh respect of IrTe8ularitie5, including fraud. Owin8 to the inherent limitations of an audity there is an unavoidable risk thai maierial rnissutements in the financial Sta￿￿ents may not be detected, even though thc audit is prowly planned and performed in accordance %vith ISA'S (UK). The extentto which our [￿￿e￿lureS are capable of d&ectiThg irregulariti￿ including frau4 is detailed below. We obtained an understanding of the legal and regulatory frameworks applicabte to the 8roup and to the pw'cmt charitable tornpany and ihe sector in thich it operdtts through our general commcrcial txperience and existing knowledge of the charitable secioi. We detemiined thai the folloiving laws and Te8ulations were mos( si8nkfieant'. CharitLe5 SORP (FRS 102), FRS 102, Companie5 Act 2006 ar￿ the relevant tax compliance regulations in the UK. In addition. we c¢n¢luded that there are certairt laws artd regulations thai may have an impact in the detemiirtation of the amouors and disCk)sU￿ in the financial statements such &s health and safety and employee relaLed matter5. Wt enquired of managernent conc¢rning the group's and parent ch￿1(able company's w)licies and pro¢￿vr¢S relating to: The identification amd complian¢e laws and regulations The detection and response to the risks of fraud The intemal rA)ntrols within the charilable company to mili8atr frdud risk and non compliance io law5 and re8ulations We enquired of managefflenL whether they were aware of any instancc of non-compliance with laws &nd regulations or whether they had any kt￿}vIed$e of acknal. suspecled or alleged ftaud. Pa8e 14

REPORT OF THE If4DEPEIYDENT AUDITORS TO THE MEMBERS OF THE KELMARSH TRUST We ¢ommuni¢a¢ed relevant laws and r¢gulati(Mts alld p)trntsal ateas of ftaud to all aJdil teom membels including the potential for frdud in revenue re¢o8nition. We ffemained ￿ert to any Andications of fraud or j￿n-coMplI?n¢e with laws and regulatkons throughout the audit. We have determined that the principal risk ST￿ ivhere material irregularities could 0￿ur were related to postin8 manu journal entries to manipulate financial perforrnance. revenue retognition and significant one- off or unusual tran￿¢tiOnS. Our audit procedures ￿re desL8ned to res￿nd in particular to these identified risks (including non-compliance with laws and iegulations and tt2wJ). Our audit procedures included but were not limited LO= A review of stock lines ¢0 ensure the valuaiiov of swKk is ai the lower of 0)￿ and net realisable value. A review of a sample of orders received in the year ts) ensure these were correctly recorded in revenue and detailed cut off testing 2rourtd the year end io ¢nsur¢ revenue 15 corrtctiy reco8nised. A rtview of a sample of grants received In the year to ensure they were ts)rrttly recorded in revenue and correctly recognised in line with the conditions attathed to each 8fdnL A Tewiew of laws and regulatiOThS the ¢OTnpany is subject to. being specifically f(knJ gJJd hygiene and health and safety. followcd by ¢ornpliance checks and di5CUS5ion with management to ensure no tnstances of non-compliance. Addressing the risks of fraud th1o￿8h rn*Ja8ementovcrrid¢ of controls by performing aiouinal enfry test. We did not identify any matteTS during the CtyJTse of Work that indic4¢e41 non-LyJmplian¢e wth laws and retsula¢ions or relating ￿ fraud. A further desciiption of our resp)nsibilities for the audit of the fjnarteial swements is located ort the Finartcial Reportin8 Council'5 website at wvw.frc.0rg.uklaudit0rsre5￿n5ibllj(1e5. This description fornis pth of our ReFN)rt of the Independ￿l Auditors. Use of our report This report is made solely LO the chariuble company's members, ts a body, ato)rdat)ce with Chapter 3 of Part 16 of the Cornpanies Act 2006. Our audit work has beth Undertak￿ so that we ryjight srate to the ¢hartt8ble company's mernbers those matters we are required to state to them in an auditors, report and for no other wrwse. To the fullesi extertt pemiitted by law, we do not accepi or assume resw)n5ibility io anyone other than the charitable Company and the charithblt company's mernbers as a bcKly. for our audit work. for this re￿rl or for the opinions we have fornjed. ftloA& LLP Mr P Bott FCA (Senior Statutory Audi¢or) for and on behalf of Mark J Rees LLP Chartered Accotsntan￿ Sta￿lory Auditor Granville Hall Grdnville tioad Leicester Leicestershire LEI 7RU 16110123 Pa8e 15

THE KELMARSH TRUST CONSOLIDA TED STATEMENT OF FINANCIAL ACTIVITIIS (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAJi ENDED 31 MkRCH 2023 Unrestritted funds Restr￿ted lunds Endowffl￿t funds 2013 Total nds 2022 Total Funds Notes INCOMING RESOURCE5 Voluntary Income 15.784 4.9)9 20,693 295.731 Charitable acti¥itie5 Preservatio Commercial trading operations Investrnent income Other income I￿.577 ILThJS77 87,157 323,452 511.626 115.647 323A52 S11￿26 115,647 230,840 500.002 98.707 Total 1,067.lJ86 1.071.995 1,212,437 EXPENDITURE ON Raising funds Commercial tradin8 activitie5 Investment management & property maintenance costs 148A52 I48￿52 104.679 297.106 297.106 211.529 Charitable attivities Preservation Governance costs 688,320 22,780 17.027 705347 22,780 677.747 19.133 Totsl I.157￿58 17.027 I.174￿85 1.013.088 Incoming resources less expenditure 189.9721 112,118} li02￿90) 199.349 Net gainslllossesl on investments io 1395,3601 200.0ts] 11953601 473,071 NET INCOMEIIEXPENDITUREI 14853321 112.1181 2O).000 1297,4501 672,420 32& 34 Transfers between lunds iio.?soi 10,750 Net movement in fvtr)ds 1496.0821 11,3681 zTr).000 1297.450} 672.420 RECONCILIATION OF FUNDS Total funds brought farward 11.741.6ai 1325.051 15.110,907 281177589 27.405.169 TOTAL FLINOS CARRIED FORWARD 11,245.549 1.223.683 IS310.907 27,780,139 28.077.589 The nNes form of thege finan¢iai sts*ments Pa8e 16

THE KELMARSH TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATJNG AN INCOME AND EXPEIWITURE ACCOUNt) FOR THE YEAR ENDED 31 MARCH 2023 CONTINUED CONTINUING OPERATIONS The consolidated Statement of Financial Activities include5 all gains and losse5 recognised tn the year and previous ye￿. AII incoming r¢sourees and resources expend¢d derive frorn ¢oniinuin8 attivities. The note5 forni part of these flnancial 51atements Page 17

THE KELMARSH TRUST CONSOLmATED BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2023 1023 Total fllttds Unrestricted funds R¢$tricted fuDds Endowrntut funds 2022 Total Funds Note5 FIXEDASSETS Tangible 855tts Heritage assets Investmeftt$ Tnvestments Investment propertJ¢s 16 17 14] J54 lJ27.770 140.728 1.082955 282.082 308,589 3,165.907 760907 18 19 838.750 8.450J 83&750 23.000.0 894,110 23,140,000 145SO.000 10.757174 J223,683 J5JIO907 27292.464 27,508,606 CURRENT ASSETS Stocks Debtors.. arnounts fallbn8 due within one year C&sh at bank artd irt hand 20 32.150 31150 2 1.543 22 J34378 666Jll 134,278 666Jll 147.134 799,613 832J39 832939 968.290 CREDITORS AmounLS falling due within one year 24 (J43980) 1343,9801 (392.8861 NET CURREf4T ASSETS 48&959 488.959 TOTAL ASSETS LESS CURRENT LIABILITIES J 1246833 122J.683 15JIIIW7 27.781.423 28,084,010 CREDITORS Amounts falling due after rn0￿ than one y 2) 11384> (1,2841 {6.42L) NET ASSETS 11,245549 10.907 27.780.139 28 077 589 The t￿1¢$ fornL of these financial statements Page 18

THE KELMIIRSH TRUST CONSOLIDATED BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 2023 Totgl funds UDrestricted fund$ Restrietsd funds Endowment fwDds 2022 Total Funds Notes 32 FUNDS Unrestricted general funds Unrestric*d fair value reserve Designated funds Restricted fiLThds Endowment funds Endowment fair value rescrve 3.678.] J J 7281,838 285,61HI 3.678,111 7281,838 285,600 1,223,683 1.751,783 13J59,124 3,758,6i3 7,621,838 361.140 1,225,051 1,751,783 13,359,124 1323h83 1.751.783 13.S59.124 TOTAL FUNDS JS,310.907 27.780,139 28 077 589 These financial Statements have been )Nep￿￿ in ac0)r￿ with the s￿l81 provisions of Part 15 of the Q>mpanies ACL 2006 relating to smo11 charitsble Companies. Tht tinartC121 staterntnLS were ap]xoved by th¢ Board of Tntstecs on d were si8ned on its bch&llby'. Oliver Brooksha - Chalrman of Tnjstees The r)ot¢s foml part of these financial statements Page 19

THE KELMARSH TRUST COMPANY BALANCE SHEET 31 MARCH 2023 2013 Total fuDds Unresiricted fvnds Restyicted funds En&)wment funds 2022 Total funds nxEDASSETS Tangible assets Httitage 25ser3 Inve5tnents Investment properties 16 17 18 19 141 J54 lJ27.77(1 839,750 8.450.000 140,728 1.082.955 282.082 3.171h32 839,750 23,000,IIIKI 308,589 3,165.907 895.110 23,140,000 7fj0.￿7 14JSO,(MKI 10.758174 A223.683 J5JjO.￿l7 27,293,464 27.509.606 CURREpif ASSETS Stocks Debtors.. amounts fa]lin8 duc within one year C￿h at bank and in hand 21 22,428 22,428 16,566 284.266 391,662 284.266 391,662 274,189 570.437 698￿6 698J56 861,192 CREDITORS Amounts fallin8 due ¥¥ithin one year 26 (217247) (217247) (293,638) NET CURRENT ASSETS 567 554 TufAL ASSETS LLSS CURRENT LIABILITiFS 11339983 1323.683 15310.907 27.774,573 28.077.1&) CREDITORS Amounts falling due afttr rn0￿ than one year 27 (J284) {12841 {6,421) Nfr ASSETS li 15JIO907 27 773 289 28 070 739 The no(es forn) part ofth¥e finao¢ial st2tements Page 20

THE KELMARSH TRUST COMPANY BALANCE SHEET (CONTIKUED) FOR THE YEAR ENDED 31 MARCH 2023 2023 Tot¥1 funds Unrestricted fund5 Rtstricted fund5 EndowrThent fun<L8 2022 Total funds Nott5 32 FUNDS Uniesiricted general funds Unrestricted fair value reserve Designated funds Resti-icttd funds . Endowmeni funds Endownent fair v*lue rtseTve 3.671.261 7281038 .285,6(Kl 3,671,261 7.281,838 285,600 1223,683 1.751.783 13559,124 3,751,803 7,621,838 361.140 1,225,051 1,75 1,783 13,J59,124 iJ23.683 1.751,783 13J59,124 TOTAL FUNDS 15 27 773 289 28 070.739 Charitable company's surplus (deficit) for the fithan¢ial year 297,450 672 420 These financial statements have been prepartd in accordance with the special pmvisions of Part 15 of the Companies Act 2006 relaiing to small charitable companies. The financial s¢¥temertts were approved by the Board of TnLStees on .. and were signed on its behalf by.. Oliver Brookshaw- Chairnian of Ttustees The rtotes forni part ofthese finartcial statements Page 21

THE KELMARSH TRUST COIYSOLll)ATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Note5 Cash Ilows frow op¢rAiivg Xdiviti¢s Cash 8enernted from 0￿rationS lrtterest ekment of hire purch￿ rAyments paid Finance costs paid (148295) {6681 {407) 260.350 (668) (6501 Net cash provided byl(used in) operntsng a¢iivilies A49 70 259 032 C4sh flows from investing adtvities Purthase of tan8ible fixed wets Interest received Dividends rtttivcd {16587) 557 (21,511) io 40.604 4532S Net cash wovided by investing activitie5 Casb flows from fthattting Activities CAPital repaymenls ID yeaT Repayment of other b)Trowings (5,138) 17,789) (5.137) (50.000) Net L35h F(ovided byl{used in) financin8 activities Changt in cash and usb equiv8knts ID thc ￿porting period Cash and ca$h tquivAlents at tht btgirtlling of the reportittg ptriod (133.102) 799,613 222,998 576.615 C*$h gnd eash eq￿1valentS fit the end of the reportimg period 666 The notes forni part of these finan¢iAI s(atements Pa8e 22

THE KELMARSH TRUST NOTES TO THE CASH FLOW STA TEMENT FOR THE YEAR ENDED 31 MARCH 2023 RECONCILIATION OF NET INCOME TO f4ET CASH FLOW FROM OPERATtNC AcfIvITIES 2023 2022 Net inconje for the reporting period {as per the St8temeDt of FiTrantial Activities) Adjustments for: Depreciation char8e5 (G￿n)110s5 on Investh￿nts In¢¢￿( re¢eived Interest elemenl ofhire purch&%e and finan¢e lea8e retttal payments Finanee Costs Dividends received {InereaseVdecrease in srocks {In¢reaseydecrease in deb¢ors 1ncreasel{d¢cr￿Stl in crediiors 1297,450) 672,420 37J69 195J60 {SS7) 668 407 35,399 {473,071) lio} 650 {40,604} (6.2291 (45225) (10,607) 12,856 (41,116) 71.012 Net Cgsh provided byl{ustd ltt) optration5 14839 260,350 ANALYSISOF CHANCLS IN NET FUNDS Otber At 31.03.23 At 1.422 Casb Ilow thaDges Net tgsh Cash at bank m,613 (A33,102) 666,$11 799.1513 133 02 IA Dtbt HiTe purchase Loan- Mis5 Lan¢&sols 1994 Charilable Trust (11559) &138 16.421) (87.789) 7.789 {80.0001 48 12 27 Totsl 120.17 580,090 The notes fomi part ofthw firtan¢1￿ statemMts Page 23

THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 2023 ACCOUNTING POLICIES Basi5 of preparing tbe finaneial 5ttemeDts The financial statements of the 8mup and charitsble company. whi¢h i$ 2 public benefit entity urtdtr FRS 102, have bten prepared in accordancc with the Charitie5 SORP {FRS 102}'Accounting 8nd RetK>rtin8 by Charities.. Statement of Retommended Pradic£ applicable ￿ charities ￿e￿Ing their accounts in acwrdan¢e with the Fitthncial Reporting Sthndard applicable in the UK and Republic of Ireland IFRS 1021 {effeciive l January 20211., the Financial Rewrting Stsndard 102 'The Financial Rew)rtin8 Standard applicable in the UK and Republic of lyeland, and the CornpaE]ies Act 2006. The f￿811¢i￿ stalemellts have been prepwrd undcr th¢ historical cost convention with the exception of investments which are included at market value. &$ modified by the revaluation of certain assets. Statu5 of tompany The Trust is a COmp￿Y limid by guaranw and (kn5 not have any share capi￿1 (Company TegisTrred number OI672106. charity re8istrred mjmttr 2951i4). The liability of the members is limid but shall not ek¢eed £1. Signlfitant judgements and estimates There were no areas in which the pre￿ration of the financial 4atements rquired mana8ement to make significant judgements oi" estim¥tes. asis of tonsolidatio The consolidated accounts incorporate the results for the yeai ttldtd 31 March 2023 of the Trust and Kelmarsh Evert￿ its wholly owned svbsidiary, which have be￿ included on a line by line basis. As pe￿Itted by Se¢tlOD 408 of the Companies ACL 21K)6, the Trust has noi presented its own In￿Me and expertdityre a¢cA)Unt in addition to the consolidatrd incotne and expenditrjre a¢counL Income All income i$ recognised in the Statement of FinJciaJ Activitie5 orKe the TTr￿1 ha5 entitltsnent to the fund& kt is probable that the income will be received and the amount can be mwLLred reliably. The folloiving 5pecLfic ￿￿]i£l£S are applied to particularcatrgoriesof irtcome: Voluntary inoime is rtteived by way of &)nations arxl gifts and is included in fvll in the Statement of Financial A¢iivities when receivable. Invutrnent In￿Me from rents relatinu to investsDeni property is included on an accruals basis. Rental income afising from the Tent￿ of the Hall is in¢luded on an accruals basis U[￿er pre￿￿tiOn in¢orne. Listed investment ineome is included when receivable and Lntertst receivabl¢ i$ accounted for on an acttuals basis. Grant ineome is ¢xeditcd in the puiod to which it relates. Gt8nt income is included as ineomin8 resources from chaTitsble adivities when these amount ￿ a tontraci for seryic4 but as volun¢ary ineorne where they have been 8iven ivith greater freedom of use. Incomirt8 resources from activities for 8eneratin8 funds and ehOTitable try￿1n8 a¢tiviue$ Ire accA)untrd for when earned and ststed net of v￿lle added Expenditurt Liabilities at recognised as expendi￿re as soort as thue is a le4ral or constructive obligation committing the Trust to that expenditurE it is probable that a trdfksfer of ecotb)mi¢ bertefirs will be required in setdement and the amouni ot-the obligalion can be tneawred ieliably. Expendiluie is accounted for on an accruals b&sis and has been classjtied under headin8s that a88re8ate all eosl relattd to tht cat¢gory. Where cos¢5 cannot bc direttly Ottributed to particular headings they have been allooted to activities on a bL%LS eonsisttnt the use of re￿￿rees. Pase 24 conlinued..

THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES- continued Exp¢ndityt¢- Contirtued Costs of activities to senerate fjjnds c<Knwise those costs direclly attributable to inve5tffiènt management activitles and the thsts of Kelrn2rsh Events. Investment mana8ement costs comprise th05t Costs dired]y altributable to mana8in8 Ihe fixed &sset inve5ttnents. Charithle expenditure Compri￿ those costs iThcu￿ed by the Tn]st in the deliv•y of its objective5. It Includes those costs which can bt allocated directly to such activities and those c4)sLs of an indirect na￿re necusary to suppoit them. Governance costs include th¢xe costs associated with mceting the constitutional and ststulory requiiem¢rtts of the Trust include the audit fe¢9 and cost linked LO the strategic managemethtof the charity. Allocation and apportiooment of costs All ¢osts are allocated benveen the exwditure catego￿tS of the Swemeot of Fin8ncial A￿lVitIeS on a basi5 desi8ned ro retleci ihe use of the re￿￿ree. CosLs relatin8 to a particular Xiivity are allocated directly. other costs are app)rt&￿t￿ on the basis of the prop)rtiort of dired ¢xwdityre. Tangible r￿ed 255ets Depre¢tatson is provided at the following amiua] rates irt order ￿ Wri￿ off each asset over its estimated use￿1 life or. if held under a finance It￿. over tht It￿ terni. whiehever is the shorter. Drninage works Plant and machinery Fixturcs and fillin85 Motor vehicles Office equiprn￿t 5% on reducLn8 tAlance 25% on rujucing balance 25¥0 on reducing balance 25% on redueing balartce 25% on Te41u¢ing balance All tangible fixed assets c05ting £1.(￿ or more are L3pitsILsed aThd included at cosL Fixed assew are reviewed for impainnent it. events or changes in ¢ircumst2nces indic4te that the carrying amount may not be recoverable or &$ otherwise required by relevarti aecouniJn8 Standards. Shortfalls behveen the carrying value of fLxed and their recoveTable 8mounts. being the hi8her of fair value less C05Ls to sell and value-in-use. are rccognised as impairnient losse5. ImpairneDts of revalued assets are rrcated as a leV￿u4￿0ts decrease. All oth¢r imF4imienL losses are recognised io the irtcome statemenL Heritsge assets Freehold land and bjildings ineluded ID heritage assets comprise Kelmarsh Hall whith is liS￿d as Grnde l in the staDJtory li$s of buildin8s of architectufdl and historic inLeres4 tO8ether with adjoining land which i5 also essential for the txo(ection of the chardcter and amenitie5 of Kelmarsh Hall. Htsita8e &sJcts are included al Lus4 wilh the ¢xttption of free￿Id land and buildings transfemd io the Trust by the &xecutors of Colonel CG Lancaster and by the Executors of Miss CV L8ncas(er, which are inclllded at proba values at the dates of transfer. No desxeciation Trs Charged on these asseLS as they are considued to have an indefhniLely lon8 usefvl life. Ex￿ndItUre on the conservation and preservation of Kelmsh Hall is ¢h4rBcd to urhre5tricted fund5 when it is in¢urted. Page 2) ontinued...

THE KELMARSH TRUST IYOTES TO THE FINANCIAL STATEMEiYfs- eontinued FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICILS- t0lltitt￿ed Fixed asset investmets Investment pioperties are shown at m05t recent valuation. AThy aggregate surplus or %Jeficit arising from changes in m8rket value is transferred to 8 fair value reserve. Listsd investments quoted on 8 recognised sU)ck exth•nge are ststed at ma]ket value at the year end. Their original ost 15 Shown a5 a note. Freehold investmertl pro￿leS are valued ai le&# every fLve years and included at market Value at the date of valuation. Their original cost is shown as a no. All gatns and losses on revaluions and disposals aTe taken to the Income and Expefidifure actounL Other Investments are shown at ¢os¢ less amounts writyen ofT. All 8ains and losw (K) revalvatiOD$ and disposals are taLeD to the Inctsme and Expcnditure accounL Stocks Stocks cornprise farm stocks and have tren valued ￿ the lower of cost and net realisable va]ue. Cost is calculated using the FJFO (first-in. ftr#-O¥t) method. Provision is made for obsolet4 slow-moving or ￿eCtiVe items where aPPTopfi2te. Taxation The eharity is exempt from corp)rntion on its tharithble aaivilies. FLLttd ACCOllllting Unrestricted and des18nated fvnds c4n ￿ ￿￿ed in accordance with tht charIta￿t objectives at the discretion of the tru$tees. They irtclude a revaluation r￿¢rve r¢pr¢sentsng the res¢atement of investment assets at market rates. The endowment fund is repreSen￿d by freehold lond and buildings and investmertt p￿p￿tics ts?nsteTTed to the charity by the Execu￿rn of Colonel CG Lancas￿[ oll the diredion of Miss CV Lancastrr, the benefaerjess at the ¢ommencemtht of The Kelrnatsh TrusL less the value of the land Ios¢ in of the ¢ompulsory pw¢hase by the Departmtnt of Transport of land relatitl8 ￿ the A14 Link Road. Restri¢ted funds can only be used for Particular reyri¢¢ed pUry￿ within the objects of the TrusL Restrictions grise ,h¢n specified by the donor or when fijnds are rdLsed for pwticular restricted pur￿se1. Futther explanation of the nature a￿$ purpose of ea¢h fund is ifi¢lu&d in the the fJnan¢iai str￿nents. Hire purchase ghd Iusing commitments Assets obtained under hire wrchase corttracLS or finance leases art C4Pktalised in the balance sheet. Those held under hirt PUT¢hase contracts are depreciaied over (heir esumated useful lives. Those held undcr finance le&%es are depreciated over their useful liv¢s or the lease teTrn. whichever is shorter. The interest elemenl ol these obligalions is charged to the swement of financial activities over the rel¢vani period. Th¢ capital elemeni of the future paymtnts 15 treated &s a liabiltty. Pension costs and other post-retirement bemefits The charitAble cornpany oper#*s a defined ¢oDlribution ￿Sion schetne. Contrilwtions payable w the Trust's p￿Slo￿ scheme ar¢chargeAI 10 the Siaiemertt of Firt8rti81 Artivi(i¢s irt th¢ wtod to ivhich they relate. Pa8e 26 continued...

THE KELMARSH TRUST OTES TO THE FINANCIAL STATEMEKfs- continued FOR THE YEAR.ENDED 31 MARCH 2023 ACCOUNTING POLICIES- tontinued Going conctrrt The pandemic had a sigDificant impact on tsur 0￿rationS over the p&st couple of ytaT5. With restrictions on iouris and hospitality venues. weddings and othtr eve￿1$ in plate &CTOSS the Country until July 2021. Sal&s have now re￿rned to normal levels during the year with deterred events 80ing ahtad. The Trustee5 have undertaken a rtuM￿r of meawres to mitigak ujsts and reduce eX￿nditUre over receTht years which allows the Trust to o)ntinue in a Sustsinable and viable way. The Trustees therefore continue to adopt the going conttrn basis in prtyaring the consolidated finantial ststements. VOLUNTARY INCOME-CROUP ANDCOMPAf4Y 2023 Total rufjds 2022 Total fvnds Unrtstricted Restricted F￿dOwM￿l funds nds funds Donations 15,784 1&784 10.400 Grants 285331 15,784 295731 DoThations receive4 and included in the aFxJv4 are as follow5.' 2023 2022 Don*tfftott$ Miss CV Lanc&strr's 1994 Charitable TNst Other IOJ32 4.9S2 10.OCK) 15,784 10.400 GI￿ts received. and in¢luded in the aiK>ve, ore as follows: 2023 2022 Grants Renewable Heating Incentive Cultural Recovery FutMI for Heritage 4.909 10.631 274 700 285331 Poge 27 continued...

THE I￿LmARsH TRUST NOTES TO THE FJF4ANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 INVESTMENT INCOME-GROUP AND COMPANY 2023 Totsl funds 2022 Total funds UnrtStri¢trd funds Restricted Endowmeni funds nds Rent receivable Financial inv¢sltn¢nt inrome Inter¥t receivable 465,844 45,225 557 465,844 45225 557 459,388 40,604 10 5J J,626 S11626 INCOME FROM CHARITABLE AcfiviTIES-GROUP AND COMPANY 2023 2022 PreservatioD Pi&%ervation Rent receivable Visitor admissioD% tcas sundry sales Liv¢sto¢k and form sales Agricultural urants and 5ubsidi&% Wayleaveg and compensaiio 29.0 43J62 8a19 l&J12 30.71)0 37,962 1,516 15,255 IOOJ77 OTHER INCOME- GROUP AND COMPANY 2023 2022 Windfarm renL c0mpethsati￿ and ¢onthLxLtiOn ￿ Costs 11&647 115.647 KELMARSH EVENTS INCOME- GROUP AND COMPANY 2023 2022 Kelmarsh Events 323,452 230.840 Page 28 continued...

THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEKENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 INVESTMENT MANAGEMENT COSTS 2023 Total funds 2022 Total fjJnd5 Unrestric*d R￿tria¢d funds fjjnds Endowmen¢ funds Agents letting fees Repair4 mainienartce and let propery pmje¢t 87399 87599 67.156 209A17 209507 144.373 297,106 297.106 211529 CHARITABLE AcfiviTILS COSTS 2023 2022 Presthvation Govemance costs {see note 91 705J47 22,780 677.747 19,133 728,127 696,880 COVEiU4ANCE COSTS 2023 2022 Trdvelling and Tr￿￿eeS expenses Auditors. remuneration (charity only) Legal and professional Intcrest ￿Yable and similar ehaoes 7J56 15.017 4.421 14,062 407 6SO 22.780 19,133 Pa8t 29 continued...

THE KELMARSH TRUST NOTES TO FINANCIAL STATEMENfs- continued FOR THE YEAR ENDED 31 MARCH 2023 io. NET CAINS/(LOSSESI ON INVEsfMETrUS 202J 2022 Gain￿(1(}Sses) on Tevaluation of investtnents Gain5 on revaluation of inve51m¢nt pro￿rtieS (55J60) (140.0(M)) 53,071 420.000 (195J60) 473,071 ii. NET INCOMEI{EXPENDITURE) Net incomeJlexptndifure} is stated after chBin81(crediting): 2023 2022 Audit(Jrs' remuneration {Groupl Depreciauon- owned &isets Depreciation- assets OTh hire ￿rcha￿ c¢Jntrarts #nd finarKe It45CS Surplus ort diswsal of fLxed assets Hire Purchase interest and finance lease ¢harges 2￿087 18,132 34.091 1,308 Iz. TRUSTEES, REMUNERATION, BENEFITS AND EXPENSES There were no tnJstee< remunerati¢)n or other trnefits for the year 31 March 2023 nor for the year ended 31 Marth 2022. Tru5tees' expenses 2023 2022 Truste& expertses 7J56 The aknve consist of travel and 5ubsistertt ¢XF¢nS¢S Jtimbursed for Tru5tce> 13. STAFF COSTS 2023 2022 Wages and salarie5 Social se¢urity costs Other pension costs 171,673 10.955 30 180,199 10,353 213.018 Page 30 eontinued...

THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31 MARCH 2023 13. STAFF COST& tontinued The average nUmt￿r of employees during the year 11 (2022.. 11). No employees rettived emoluments exccss of £60,C#XI in eitheryear. Thc eharity cUrr￿t]Y employ5 wual sewna] stsff &8 8uides durin8 the months the Hall and Gardens are open to ViSiLors. Stsff are also employed on a casual basis for the a¢¢ivities of KeIma￿h EveoLS. The fijll-time equIv￿ent is induikd in the staff numbers a￿Ve. The pern￿ent staff are spread actoss a number of departments which refiect the diverse activitie5 of a historic house and its estate. Rcmuneration io kcy mana8emerti pe￿llne1. includbng employtt's national In￿rance and pension contrit)utions. amounted to £69.00812022.. £60,476). Page31 continued...

THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcftVITIES FOR THE YEAR ENDED JI MARCH 2022 Unrestrided fi￿d$ Restricted Fund5 Endowment fund5 Total funds INCOMING RESOURCES Voluntary income 10,400 285.331 295.731 Cbarit2ble activities Preservation Commercia] trath"n8 operaiLOllS Investment income Other income 87.157 230,840 5(K1.002 98.707 87.157 230,840 500.002 98.707 To￿1 212437 EXPENDITUR£ ON RgLSLug funds 0th¢1' ts7ding actSVities lrtvestrneni manLoement Costs Charitable attivitie5 Preservation Govemance costs 104.679 179,029 104.679 211,i29 32.5(￿] 412.341 19,133 265.406 677.747 19,133 Total 1013088 Ineomittg r¢sourt¢ l¥s exptttditure 211,924 (12.575) 199,349 Net gains on investments 623.071 1150.000) 473,071 NET INCOMEIIEXPENDITURE) 834,995 (12,575) {150.000) 672.420 Transfers betwttn funds Net movement ID funds 834.995 (12,575} 1150.000) 672.420 RECONCILIATION OF FUNDS To¢xl funds brought forward 10,916,636 1.237.626 15.260.907 27.405.169 TOTAL FUNDS CARIUED FORWARD 1741631 225051 15 110907 28 077 589 Page 32 continued...

THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31 MARCH 2023 Is. NET INCOME FOR THE FINANCIAL YEAR As pennitted by SectioTh 408 of the Companie5 Act 2￿6 the parent charity's Statement of Finan¢ial Activities ha$ not been in¢lvded in these financial statements. The p8reni dwrtys tor81 incomtag resollrces for the year ivere £923.143 (2022.. £1.107,758} 8nd total rey)urces expended iyere £1,025233 (2022= £908.409) ttsulting in net 0￿￿oI￿g resources for the year of £102,090 12022.. irkcoming resour¢es £199,)49) which included a donarion of £174.600 {2022.. £126,161) ftom Kelmarsh EvenLS Limited. The rtel defici( (or the year for the TrJst wa8 £297,450 12022." surplus £672,420) afterothcr recogni5ed gains and t055C5. J6. TANCIBLE FIXED ASSETS Fixtsjres Drainage . works Plantand machinery fjttinss COST At l April 2022 Addilions Di5rx)sals 94￿33 393,429 2J07 142010 I￿55 At 31 Marth 2023 395,736 DEPRECtATION At l April 2022 Charge for y Eliminated ort disKM)sal 55,786 1.912 198,069 23,0 123,220 5.097 At 31 March 2023 J28 317 NET BOOK VALUE At 31 March 202i 36a35 174,667 16,148 At 31 March 2022 Pa8e 33 Continued...

THE KELMARSH TRUST NOTES TO THE FJ]¥ANCiAL STATEMENTS- con¢inued FOR THE YEAR ENDED 31 MARCH 2023 TANGIBLE FIXED ASSETS- tontiDued Motor vehicles Office equipment Totsls COST At l April 2022 Addiboris DisrA)5als 83.612 41.20) 6,9(Kl 75S.IJ87 10.862 At 31 Mar¢h 2023 DEPRECIA TION At l Awil 2022 Cherge foryear Elimir)*td on dhsrrt)sal 39,1103 3.653 30,420 3.707 446,498 37J69 At 31 March 2023 42.656 483 NET BOOK VALUE AL 31 March 2023 282 082 Ai 31 March 2022 308 589 Fixed &ssds included in the ai¥Jv¢. ￿1th are ￿ld undw hire purdthsc contrda4 aTe as follow& Plant and machinery Totals COST At l April 2022 DispoSal￿ra￿Sftr to ownership 22AOO 22,400 22 DEPRECIATION Al l Apiil 2022 Charge fi)r year 8,477 980 8,477 980 At 31 March 2023 NET BOOK VALUE Ai 3 l March 2023 12.943 At 3 1 March 2022 Page 34 continued...

THE KELMARSH TRUST NOTES TO THE F]NANCIAL STATEMENTS - eohtinued FOR THE YEAR ENDED 31 MARCH 2023 17. HERITAG£ A&8ETS- GROUP AIYD COMPANY Totsl MARKET VALUE Al l April 2022 and 31 March 2023 Additions 3,165,907 At 31 March 2023 3,171.632 NET BOOK VALUE At 3 l March 2023 3.J71632 At 31 March 2022 3 165 907 The Heritage assets consist of Kelmarth Hall together with wtthity land4 gardens and ￿dI￿ndS and Home Farm. FreelK)Id land and buildings aff made up 8$ follows. Tran$fer LO the Trust during the year ¢ThJed 31 March 1988 by the exeLwtors of Colonel CG Lanwter at Ptobate value Transfers to ¢he Trus¢ during theye4T cnded 31 Marth IW7 by the execufoTS of Miss CV Lancaster at probate value Acquisitions at cost ¢ompri5ing improvtments carried out in xc4)rdance with the TrusL'S development plan Acqui5)t¢ons at C05t durin8 2017- 2019 Telatin8 to the H￿￿Se Lottuy Fund piojetl Additions in 2023 relating w a new foothrid8¢ 760.907 73S,211 IJ59,789 3 171.632 The transaction5 relating to the heri12ge assets for this rep)rtin8 period and for each of the previous f(MJr re[K>￿ng riods are summarised as folloivs" 2023 2022 2021 2020 2019 C.o$t hr(>ught fnrward Additions Donation5 .1.16.5.9(17 5.725 1.165.W7 .1.165.907 1.165,9Q7 .3.11.3.896 32,011 Cosi carritd forward 3,171,632 3.16i,907 3.165907 3,165,907 3,165.907 Charge for impwrment Disposals pro￿tdS Page 35 continued...

THE KELMARSH TRUST NOTES TO THE FJ]¥ANCIAL STATEKENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 18. FtXEDASSET INVESTMENTS-GROUP Fin*ntiAI investments Totals i¥IARKET VALUE At l April 2022 Revaluations 894,110 894,110 55 60 At 31 March 2023 NET BOOK VALUE Al 31 March 2023 838.750 838.750 At 31 March 2022 894.1 10 There wcrc no investment a$￿ts outside the UK. The 0ri8inal cost of financial inVestme￿ts was £756,1 18 (2022= £770.242). They held in kKsrtfolios martaged by M & G Se¢uribes Limited. Sharts i group dertskings COMPANY FiD#ll¢i¥l investments Totals MARKET VALUE At l April 2022 Diswsa15 Unrealised gains l(iosses) 894.110 895.J 10 55a60 At 31 March 2023 839 750 NET BOOK VALUE At 31 March 2023 839 750 ' At 3 1 MaT¢h 2022 895 110 There were no invethent #ssets outside the UK. Pa8¢ 36 conlinued...

THE KELMARSH TRUST NOTES TO THE FJNANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 18. FtXED ASSET INVESTMENTS- <otltinued The company's investments at tht balance sheel dale in the share capitsl of companies include the following.. Kelm&rsh {Evtnts) Llmlttd NaDJre of business: Organisati￿ of evalts Class of share". £1 Ordinary holdirt8 19. INVESTMENT PROPERTY- GROUP AND COMPANY FAIR VALUE AL l April 2022 Additions Revaluation 23.140,000 {140.IWJ(I) Al 3 1 March 2023 23.000,0 IYET BOOK VALUE At31 Mwch2023 23.000,0 At 3 l March 2022 23,140,( Frtthold investsment prO￿rtieS were valued at 31 March 2023 by Hoivkin5 & Harrison. Chartered Surveyors artd Valueis. The b2sis of valuaiion for residthual properties was aL fair value with an appropriate diswunL ttTr Lake aceount of the likclih(MxI of gaining vacanL rM)ssession within a rtri(vJ of time. and for taiTh properlies on an investtnent b3Si5 ignoring sitting tenanLS' bid5 whith be * higher level5. The original costof frtthold invests￿ent properties iv8s £2.l¢XI.945 (2022: £2.IIJ).945). This is mide up as follows.. Transfers to the Trust durin8 the year ended 31 March 1988 by the ¢xe¢v￿r$ of Colonel CG Lan￿t£T, at probate value Less.. land lost upon compulsory pyrchlse by the Departsnerttof Transp)rt relating to the A14 Link Road 1,1190,876 Joo,000) 990J76 Transfers LO the TTug during th¢year ended 31 Marth IW7 by the cxecuw of Miss CV Lancaster: at proE4te value Other aequisition5 at cost .048,450 2 100 945 Pa8e 37 conlinued...

THE KELMARSH TRUST NOTES TO TItE FINANCIAL STATEMEIYTS- eolltinued FOR THE YEAR ENDED 31 MARCH 2023 20. STOCKS- CROUP 2023 2022 Fami Stock$ Other stocks 22.428 16,566 32.150 21. STOCKS- COMPANY 2023 2022 22. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR-GROUP 2023 2022 Trade debtojs Other debtors Prepayrnents and aecrutd incune 315J2 27.416 13,387 106331 134 147 134 23. DEBTORS: AMOUIYTS FALLINC DUE WITHJN ONE YEAR- COMPANY 2023 2022 Tjxde debtors Arnounts owed by group undertakings Other detrtors Prepayments and aecrue income 10092 182J24 9,241 146.642 13,387 274 189 24. CREDITOIts: AMOUNTS FALLING DUE WITHIN ONE YEAR- CROUP 2023 2022 Hire p￿(ha￿ <￿e nott 30) Trade creditors Social Security and other tsxes Other creditors Other loans l%e note 281 Acuuals and deferreil in¢ome &J37 44.766 5,402 13507 80.DOO 5.138 119,388 4,267 9,006 87,789 167 298 343 392 886 Pa8e 38 conlinutd...

THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- eontiDued FOR THE YEAR ENDED 31 MARCH 2023 24. CREDITORS: AMouTrrrs FALLING DUE WITHIN ONE YEAR- GROUP- continued Hirt pUrCh￿t cre¢thtors are secured on the wets concemtst Deferred income include5 drp)sits received for events held aftertheye4r end. 2& CREDITORS: AMouTrrrs FALLING DUE AFTER MORE THAN ONE YEAR- CROUP 2023 2022 Hire purchase (see note 30) 1384 26. CREDITORS: AMOUNTS FALL114C DUE WITHIN ONE YEAR- COMPANY 2023 2022 Hire pur¢hase15ee note 30) Trade Creditors Social security and other taxe5 Other creditors Other loan5 (see noLe 29) Accruals and deferred income 5,137 43,662 5,402 3.7S7 80,000 79.289 118,105 4,268 3,757 87,789 293 638 Hire purchase ¢reditors we secured on the &%sets concerned. Deferred rncome iR¢ludes de￿siL$ received for events held after theyear end. 27. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAf4 ONE YEAR- COMPANY 2023 2022 Hire ptsi'chase {stt tM)te 301 Hirt purchw ereditOTS are secured on the at<eL% tmtrnied. Page 39 ¢oniirtued...

THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMEIYTS- continued FOR THE YEAR ENDED 31 MARCH 2023 28. LOANS- GROUP An an21ysis of the rnatiwity of loan is given below= 2023 2022 Amounts falling due within one year on <leMa[￿.. Loan from Miu CV Lart¢asier'$ 1994 Charitable Trust 29. LOANS- COMPANY An analy5i5 of the maturity of loans is 81Ve￿ below.. 21J23 2022 Amouni falling due wthin one year on dernand.. L(Ydn from Mi55 CV Lancaster's 1994 CharitableTnL 80,IKID 30. LEASING AGREEMENTS- GROUP AND COMPANY Minimum lease paymertLS under hire wr¢hase fall due as follows". 2023 2022 Net obligauons repayable= Within one year 8eiw¢cn on¢ and five yws SJ37 5,138 Page 40 ¢oniinued...

THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENfs - ¢ontillued FOR THE YEAR ENDED 31 MARCH 2023 31. SECURED DEBTS- CROUP AND COMPAf4Y The followin8 secured deb￿ are irt¢luded within cttdilor' 202J 2022 Hire purchase ctsntracts 6,421 Hirc purchase creth'tors art secured on the a55ets conccmed. 32. MOVEMENT IN FUNDS Transfer5 be￿¢t f￿lld$ movement fttds At 1.4al A 31.3.23 Uttrt8trirted funds General fund General fair value reserve Designated fund- Hall & Gardens Designatrd fvnd- Ld Property 3,758.653 7.621.838 J75.29 J85 11 741631 65931 (340.000) {89,5481 {146A73) 3,678,111 7,281038 84500 20J.100 11 245549 {1242) 65 32 R¢stritted fuDd$ Contribution to healing system Obta¢nin8 mu5cum aecreditstion Heritage Lottery Fund 136.621J 5.476 (10,750) (1.368) 10.750 J36,620 4,108 1082 9SS 1223 683 J 225.051 Endowmtnt funds Endowrncnt fund Endowmeni fair valLLe rcsuve 1.751.783 13 .751,783 13 559 124 15 310 907 2(Ml.000 TOTAL FUNDS 28.077J89 297 450 27.780.139 Page41 eorttinued..

THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR EIYDED 31 MARCH 2023 31 MOVEMENT IN FUNDS- tontADUtd Net movement in funds, included in the aL￿t are as follows: loeomiDg r¢sour¢es Resourees expettded Gains aDd Movement in funds Unrestricted funds Gene￿ fund General fair value reserve DesigD8ted fund- H211 & Gardens Desi8nattd fund- Let Prnperty 1,067,086 945,795 155J60) (J40,000) 65.931 (34&.￿0) {89J48) 121 715 32 89548 121715 1 157 11S8 395 Restricted funds Renewable heating ineeniive Contribution to heating sys*m Obtaining rnusellm actreditatifyi 4,909 10,750 lJ68 {10,750) iJ68 Endowment funds Endowment fund En&)wment fair value reserve 200,000 200 000 TOTAL FUNDS 195 Page 42 rA)ntinued..

THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023 33. MOVEMENT IN FUNDS-31 MARCH 2022 Net ovement in lunds Trdnsfers between funds At 1.421 A 31.3.22 Uttrestricted fuuds General fund General fair value Teserve Designatrd fvnd- H211 & Gard￿$ De5i8nated fund- Let Property 3,907J69 6.998.767 211.924 623,1171 (361.14(1) 3.758,6S3 7,621338 175290 185 50 11.741.631 1752Y 185.850 95 Re5¢rieted funds Coniribu¢ion to heatirt8 Systa Obtaining museurn aceredilati(Mi Herita8e Lottery Fund 147J70 7,301 {10.7YJ) (1,825) 136,620 5,476 55 Endowment furtds Endowment fund En&)wmeDt fair v#lue reserve 1.751.783 13 J&260 1.751.783 13 TOTAL FUNDS 27,405,169 672,420 28,077,589 Pase 43 contirtued...

THE KELMARSH TRUST NOTES TO THE FINAIYCIAL STATEMEiYfs- continued FOR THE YEAR ENDED 31 MARCH 2023 33. MOVEMENT IP4 FUNDS- 31 MARCH 21n2- totstlDued Net movement in fund4 irt¢luded in the a￿ve are ￿ follows.. Intomityg Rtsourcts expended Gains Artd losse5 MovemtDt in funds UDre5tricted funds General fund General fair value reserve 927,IlJ6 71SJ82 211,924 623 071 7A5 182 R¢siritted funds Renewable heating incentive Cultural recovery fund for heritage Contribution to heating systcm Obtainin8 museum acetediiation 10.631 274,7(K) AO.631 274,700 10,7SO ijzs {JO,7501 1.825 12 75 285 31 Elldowment funds Endowmcnt fur Endowmeot fair vojue reserve Jsoooo 150,000 150,000 TOTAL FUPIDS 1.212.437 I f113,1188 473.071 672.420 Pa8t 44 tontinu¢d...

THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2023 34. MOVEMEprr IN FUNDS RESTRICTED FUNDS Conrribution to the heatin tem In the ye>r ended 31 Mar¢h 2013. £215.000 was received as a ¢Dntriblluon ￿WardS the heatin8 System. At I ApTiI 2022, the balance £147J70. During Lhe year £10.750 w&s released to the Statement of Financial Activities as depilciation. The balance at 31 March 2023 was £136.620. Herita e Lottt Fund During the year no additional funds were received ￿WardS the "Herith8e i0￿ry fijnded projeeL At 31 March 2023 the balance iva% £1,082,955. Mthseum AtereditstiOD Monies received in order to obtain museum accreditaknon. During the year £1,368 w&s released to the Swemeni of Financial Attivities as depreciation. At 31 March 2023 the Wance ot'tht htnd was £4,108. Renewable Heatin Incentive During the year £4,909 was received as a rew1¢ of the thtrgy generatrd thwjugh the renewable heatin8 System. At 3 I March 2023 the balance w95 £Nil, ijue to utilision in the year. DESIGNATED FUNDS H911 Garde￿$ During the year, a total 01 £89,548 (2022= £Nil) was S￿nI on specific projects relatin8 ￿ scheduled works and improvemcnts to the Hall and Gardens. Also. during the year untcstricted funds amounting to £1,242 were re- designated from12022.. £17i290 designatfyj to) spe¢ifJ¢ pmjects Tel3¢in8 to scheduled wotks and improvements to the Hall and Gardens. At 31 Marth 2023. the balance of the lund Iv&% £84.500 (2022.. £175.2￿). it Pro er During the year. a iotal of £121,715 12022.. £Nil) was $F¢nt on relevant tefuTbishment work. Also, during the year urirestricted funds amounting ￿ £136.96) {2￿12= £18i,850) %¥ere desi8natrJ to specific projects relating to the refurbishment tsf let properti4 including ivoAt the EPC requirtsnen￿ At 3 l March 2023, the balance of the fund was £201,100 (2022.. £185,850). 35. PENSION COMMITMEIYTS The charity ha5 contributed to personal rnsion scheme5 in re¥d of cwtsin employce5. The ￿1￿1 tontributions paid in the year were £30,390 {2022= £31.453). 36. RELATED PARTY DISCLOSURES Mr CL Greville-Heygate. Mr JD Lanc&ster and Mr R King are Trustees of Miss Lancaster'5 1994 Charitsble TrusL At the balance sheet date the charity owes Miss IAntsster'$ 1994 Charitable TNst £80.000 (2022.. £87.789). There is no fixed date for repayment and amounts are Jyayable on demand. The Trust has tsken advantage of the uemption under Seaion 33 of FRS102 not to disclose ¢ransacAions with group eompanies. Page 45