REGISTERED COMPANY NUMBER: 01672106 (EnWDd And Wales) REGISTERED CHAIUTY f4UMBER: 295154 REPORT OF THE TRUSTEES AND AUDED CONSOLIDATED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 20Z4 FOR THE KELMARSH TRUST Mark J Rees LLP Cbfftd Accountants and Stabjtory Auditor Gfanville Hall Granville Road Leice5t¢r Leicest¢rshir¢ LEI 7RU 1111 Ni ADCVOP7K* 0211012024 COMPANIES HOUSE A19 13
THE KELMARSH TRUST CONfENTS OF THI CONSOLll)ATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 21124 P•g¢ Rwrt of th¢ TTh51ees and Directorj I to 12 Report of the llldependent Auditors 13 to 15 Collsolidtsd Stt¢mtnt of Fin#DcllA¢¢ivitles 16 to 17 Coffjsolidat¢d BlADee Sb¢et 18 to 19 CoDtpaDy BiAntt Sb¢¢t 20 to 21 Congolidated Cash FbiY4 Statemtmt 22 Note5 to tht Con501idated Ca5b Floiv St8terneDt Notes to tbt Fin••ciil Stt¢weDt5 24 to 45
t KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMtNISTRATIVE DETAILS Rtgbtertd COmnY tyumber 01672106 (EngId and W81¢s) R¢gbtertd Charlty nwknb¢r 295154 Reglstered office K¢lmarsh Hall Keimarsh Northampton Northamptonthire N6 9LY Truste Mr Oliver Brookshaw (Chairman) Mr Rithard Fltnlcy (until I5106120231 Mr ChaAes Grevil1HCYaIe (until 15106r1023) r James LanGast¢r Mrs Carolin¢ Brocklthurst Mr Richard King Mr Cbristopher GTeville•Hcyg&te (appointrd 15106r20231 Mr Sbjart Ri¢hmond-Wa¢son (app)inted 1510612023} Dr Robert H8ugkney (apwirtted 4110J20231 Mr Mark Wilkinson (aprrt)inted 4110120231 Hon kn Emily Andetsort lapp)iAted 0711212023) Gentral M*ll#ger And Cothpany S¢¢retsry Mrs Lesley Dcnton Stlllor Stathtory AdItor Mr P Bott FCA Audltors Mark J Rees LLP Chart¢rtdAccounl•nts and Ststutory Auditor Granville Hall Granville Road Leicester Leicestershire LEI 7RU Pa]
THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMIP41STRATtVE DETAILS Invtstment MaDagerJ M & G Securities Limited PO Box 9038 Chelmsford CM99 2XF Land AgeDt Howkins & Harrison LLP 7- 1 l Albert Street Ru8by CV212R Page 2
THI KELMARSH TRUST REPORT OF TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 The Ttustees of The Kelmarsh T¢ust {,e Trust'j, who ert 8180 Directors of the ¢hArit8ble company for the purposes of the Companies Act 2006. present their re)rt and the finwial Statements of the charity and IL8 subsidiary, K¢lm8r5h (Events) Limited {tImrth Evenis'j, for the y¢arend&l 31 March 2024. The Truste¢s have adopted the provisions of A¢¢ouniing and R¢wrting by Charitie5: Slaiemenl of Recommended Practice applicable to charities preparin8 their accounts in accordance with th¢ Financi ReFX)rting Standard appli¢•ble yn th¢ UK and R¢publi¢ of Ireland ffRS 102) (effertive l JaDuary 2019). OVERVIEW The Financial Year of 2023-2024 h4s ptvved to b¢ a w)sitive and successful one for the Trust. We ntinueI to se¢ incre in visIr numbcr5, weddings 8rtd events at Kelrnarsh. all of whi¢h have helped r]nan¢e the objects of the TrusL We 5ucceed¢d in inCfe&5ing ¢ducational activities includin8 several lectUTe wi¢5 and related flor Workshops. W¢ have alw been able to out sigthificant huitsge maintenAn¢¢ and prowty repairs. P¢rforman¢¢ against our key objwts btcn positive. although &$ wer we r¢rnain cautio$ aknut our ov¢ra]I r]nances. 2023 saw the retirenjenl of two ol our longest serving Trusteu, Richard Fl¢Rl¢y also our Chainnan, atr]d Charles Greville-Hey8ate. After d¢¢iding fftcr¢a5e our Truce numbers from six to nine and following the proGess prescribed by the Charity Commission we searched for new Tnjstees. We 4 strong response from applicants and apwinted fiv¢ new TnJst¢e5 each of whom had dsff¢r¢nt skills pcrtin¢n¢ to our ne¥Js. OKIECTIVES AND ACTIVITIES M•ln obJertfv¢4 and 8iffj$ The general Object of the Charity is the advancement of historic and aesthetic education, gAd for the puJp05e of ¢arrying out that general Objtct the primary Objects of th¢ Charity are in parti¢ular'. To preseFve for the LEnefrt of the nation monyrnents and buihJn95 of nthnal histoyk ¢)T arthitetturnl or artisbt interest d imyJrtarKe and to protect and improve the amenit5 of such buildings aThJ their surroundings,. 2. To preserve for the Lnefft of the natlon and as an adjunct to any sh IMJlhJSrvJs a5 afore5ald pkture5 other chatte15 of nalb)nal hlthtc or arttsU¢ Intw&' 3. To fatilftate the attess to aT the stuty and apwetiatiDn of wth land thelr 9JrroundSngs) fwniture. pKtures ¢Ittel$ & aforesaid by the general publtc. s1gti1fitst fjetivitse5 atsd rdatsd illform8ti0 KeJmATsh Hall is listed as Grade l iti the staDJtory lists of buildings of arehirecrnral and histori¢ interest And the adjoining land is also deSiated as a Sch¢duled An¢i¢nt Monument (SAM) e55entièl for the protection of the character and amenities of Keim8tsh Hall. The Gardens are also UL¢luded in English HeTitsge's Register of Parks and Gardens of Spe¢ial Histori¢ as Grade Th¢ Trust is r¢5ponsible for the maintenance pre5ervatton of Kelmarsh Hall and for pnmoting education au¢ the Hall and the Kelmarsh Hall Estat¢ and its n8tt4Tal history. It a]so manages an in4)ouse fami and wrroundin8 wo¢dlands lots1 on the Keimarsh Hall is key to the Trust and also tske5 flrst priority on filnds. It i$ mainthine4J in good order externa]ly and iniernally in accordance with the mostrect¥Lt QuinquenThiaJ Buildings Ilkypection. Page 3
THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 Beyond its importanc¢ as a heritage asse¢ the cstate is a ttaditional Northamptonjhire mixed *r¥ble and pastur¢ agriculturai estste. Th¢ Estste is largely tenAtttd supwrting farnjing f•miiiei some of vAJich are third generation tenants. The Trustees employ professional fami and prop¢rty manag¢m¢ot ag¢nts tL) oversec maint¢nan¢e and ensure th¢ best rewm$ from farm and let property rents. Let prop¢rties are CurretlY b¢ing imp¥ov¢d to bring th¢m up to th¢ G0Venent'S Energy nd Perfornance Certificate IEPC) guidelines. The Estate fortunatety hos a limited ttLrnov¢r of t¢naJJts but one Gonsequ¢nce is propertie& which are below the EPC 8uideline5 have to become vacant in order for the necessary work to be cartied out. The in¢ome of the Trust wixes from th¢ principal fimding sourrx$ &5 s¢t out on page 7 in the fManc1 r¢vi¢w section of th¢ report. PulAic Benefit The Trustees are aW8Te of the guidanee given by the Chrity Commissioil rt8ardin8 public benefit. The visiort of the Ttwt ig to carry out its eharitable purpses for th¢ benefit of the public. including working towtrds eater in¢lusion of the local community. SUPPOrting volunteering and other fornjs of Pi¢lpatI0n, improving t$S artd widcThirtg the diversiry of our audiences. Our intention i$ to enhAn¢e the vÈsitor expcri¢t)¢e and to improve the quality of out fa¢ilitics so that th¢ Heritag¢ we car¢ for can b¢ bett¢r appre¢iat¢d. Our aim 1$ to bring life to the Hail and gardS and wid¢r ¢stat¢ as uch more than a stati¢ museum. but int¢rpretiTh8 It a5 a multi-layered hi5tOriC story ptoviding 8r¢ater educational opportunities. We believe th8tour ¢ommiTh¢nt 10 public ben¢fit is also strongly demonstrated throughout this report. ACHIEVEMENfs AND PERFORMANCE rublic A¢ee55 to the HalL Gardens and Esta We reop¢ned th¢ wd¢rts. t¢aroom wd shop io the publi¢ from l April 2024 for four days a week and the Hall two days a week plus bank holÉdays. We had 14,166 visitors to the Hall and gardet)& sold 166 season tickets aftd hosted 27 private group visits, attracting 8 good er05S section of the generdl public. Lots of families with children wme to visii th¢ Fairy Wa]k whi¢h is regenerated and added to each spring. SitbC¢ Itt11ng the fairy walk th¢ spring after the pandemi¢ w¢ hav¢ sew a big ithcre&s¢ in family visits and our $ummu sclKKJl holiday Fairy Picnic ¥aw 817 young vi$itOTS and parents excitedly enjoyinB the face paintin& art and pottery w$hOp, storytellin8 and the bubble fairy. Other well attended events included our Jazz Night with 260 attendee5 and the Autumn Farr attracting further visitors which showcased •wid¢ variety of stallholders, the and Gardens. For outdoor ev¢nts. Iwo of our loyal clients rnie Kelmarsh Show and Shambala) r¢turned in sprin8 and summer 2023 and we had further new events during the yetr. incEuding a larger event on the Madcroft site this year altracting addttionaj visitors. Thcsc cveTht5 attracting nearty 75.000 visitors. We hosted 26 weddings during thc year. 15 ¢orporatr ev¢rrt$ and filnctions with a few photoshoots a week of filming wÉtb Alcxander ArnJ5trong using Kelmarsh H1 as the ba¢kdrop for Buckingham Palace. Thes¢ events allowed a hrth¢r 14.500 peopl¢ to ¢xprrien¢e th¢ Hall and G¥dens. The feedbk w¢ havE r¢ceived h&s been amazin8ly pogitiv¢ both for th¢ gard¢n5 knd for the Hall in whicb areas and exhibitions wcrc available for exploration. Page 4
THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 MAiDttmanc4 rep4ir and preservgtioD olthe Hall And Estste BlIdingS Thc programme of heritage and related rnaintenance of th¢ Hall and Surroundin8 buildings h&$ been given higher priority and is ongoing. Repairs have included significant WO to the external areas of the Hall whth work underten on ¢xternil painting and matirtenance Df the roof areas, clearing suttering and downpipes. Internally, work was undertaken on the flooring to restore areas with high traffic including new protective flooring in the Great Ha]l. Additional join¢ry in k¢y areas Wa5 installed io relocate some facilities which will help protect the flooring longer terni. More UV Film was applied to ground fl£T windows and the huntin8 passage wa5 repaired. The dining Toom was also updated and rcdecoratcd to britkg it ba¢k to its bistoric dcsign and early 20 centtuy feel. which L5 now used on a rcgular basi5. W¢ are continuing with r¢paits and upgrad¢s lo our T¢sidential properties to Ing th¢ stock up to approved EPC stsndards in¢ludin8 internal insulation and roof repairs. This Tequir¢s gubslantial ¢xp¢nditur¢ and our ability to do the works is constrained by existing tenan¢i¢s &8 th¢ s¢ale of work som¢times requires that the prop¢rties ar¢ fully Ya¢ated in order to cony out the works ¢fficiently. The progr8mrne will wThtinu¢ ahead- probably over 5¢v¢ral yea. Ch#tteJs We have introduced a 'knk of th¢ rnonth, feature th¢ library this season, whcrc a book is ch05cn by the resear¢h volut)te¢rs and put on display with a Spiel abDUt the book. We also hay¢ a new Vid showing the up51aiTS rooms in the Y¢llow Room for any visitors who ¢an'i a¢c¢ss th¢ upstsirs rooms. The research and archive volunteers have updated our chattels folders for each room. with a brief history on each objecl which VLSitors ¢#n have a look through to see if they have a particular itrterest in any of the paintin85 or objects around th¢ rotsms. A mystetious bone whi¢h had b¢en stored itt thr saf¢ was r¢s¢ard)cd by out res¢arch artd archiv¢ volunt¢¢rs who d¢¢iphered the writing on th¢ bon¢ and conts¢ted St Alb4n5 Abiw. Further rc5¢ar¢h is being Carried out as th¢r¢ is a stron8 lik¢lihood that it bdon8ed to Hwnphrey PJaThtsg¢Th¢i a¢ on¢ tim¢ Lord PTOt¢¢tor of England. PrincE. soldier. and SIMk¢spearean character. Having compled the restordtitstt of Nthcy Lan¢#ster'5 bedroom and bathr<K)m on the first floor. we then took on the recovery of some of the ¢hatte15 from attic storage and the "dressin8" of thc adjacent Gent]eman's Room on th¢ first floor. Thi$ proved to be very successfvl and popular with visitors. Additionally. we mounted 8 new exhibition of the 'Wan¢y Lancaster Sry, in the west wing bedrooms whi¢h wc have used pKviously on o¢¢asion for se&sonal ¢xhibitioDs. K¢imrsb Hll G4rd¢DS and Estsl¢ Durin8 the year. sl8nificant new planting ha5 been und¢rtak¢n in th¢ gardens togeth¢r with relleW pf path surfars to improv¢ accessibility. The gardeThs have come in for a good deal of appreciation and much praise. Our Head Gardener left in DeG¢mber but after several month5 lo7kinB after the garden5 and external Fnterviews, we appointcd our under gardener to the position. We are supporting him in his continuin8 RHS cOut work and with the help of a newly ppointtd under wd¢ner the 8ard¢n5 continue to be well carcd for. In th¢ wider estate, a proj¢d to improve stnall ponds w&8 Started thi$ winter. Over hanging trees and bushes were Cui back and used to ¢re8ie a'dcad hedge. for wildlife. Hedgerows wntiDue to be improved by 18ying sectiotts and replanting some areas where there were gaps. Hedg¢ ¢utting is in line with countyside Care, allowing for fwd for birds durin8 th¢ winter months and safe nestin8 in the sprktig. Followitig an inspe¢tioD of the owl boxes kn June 23 two owlet5 were ringed by our IiGenstd volunteer with the infomiation supplied to thc British TnEst for Ornithology. The sucws continued with a barn owl silting on eggs which will be monitored. The trees ID the Queens Copse pland for Queen Elizobeth It Plinum Jubilee continue to flourish and 8 30 meter mixed hedgerow was also planted ¢M the fence line of the Copse. Page 5
THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DJIiECTORS FOR THE YEAR E14DED 31 MARCH 2024 We hosted several prwchoDI grnupj to enjoy the out8id¢ space. bug hynting and th¢ pl8ntin8 of Seeds in the gardEn5 and woodland arca. We continue to explore outr¢o¢h posssbiliti¢s for cosJne¢iirJ8 s¢hools and other organisations wth KelmaTSh. We hold forknightly ¥rt ¢lassr5 and hrld 5¢veral pular fi0r 4ThIn8 days plus ChrislJna5 Wr¢ath Making whith were ¢xtr¢mely popular. VoluDtee The Trust ¢rtcourages volunteern from all WkS of life (mainly from the local commwjity) to a&si$t in ¥ many activities &$ 5sibl¢ plitulaTly io support the Trusi in visitor S¢Tvices (as tOUT guid¢sl, in gardening and garden maint¢n4nc¢, iti rrKarch and cataloguing Nnd in the variou5 biodivcr5ity surveys and recording. Our voluntrcTS SUPPOrt thc paid Staff in t&4ks such &$ visitor meet and greel school VISI tearoom duties and archivin8. Our Archive Volunteers Worked hard to put on our fjrst H¢ri¢age Op¢t) Day. It was a wt w¢¢ess with 414 attendees, most of whom had not be¢ Its Keimajth b¢for¢. The Trustees are extrem¢ly for the tim¢ ond effort given to the Trust by its many dedicated volunteers. FuDdrai%lng Grants and fiJndin8 are an important and ess¢ntial part of the prtserva¢ion of the Hail, garden5 aThd wider rst¥ and in supporting the Tsts objectLVe5. We will continue to fundraise and seek 5UPFrf)rt for 5pecLaJ and Iger capita] projects, $p¢¢ifi¢ally thos¢ re141ing to work on H¢ritsg¢ Assets io¢luding th¢ rewr of on¢ of the walls io the Walled Garden wh¢re w¢ also have a visioTh of including a SOry gaTd forth05¢ with sight and nb)bility i5SU¢S. A special mention and thanks go ty the H¢ritsg¢ Fund for th¢ir continued supFort over ret years. W¢ continue to wsw¢ thai maint¢nan¢¢ of our Bas¢rneryt and Laundry proj¢¢¢ is reviw¢d ¢ath y¢ar. FINANCIAL REVIEW Throu8h nd financial mana8tmenL plannin8 and 5upeiv15ion, a]on8 With the earlicr support of 8rant fundin8 and the commith)ent of key marta8emen4 we have achiev¢d a rKJsitivt outcome for the year. Throu8hout this period, we have t8k¢A pnjdent and low risk #pproaeh to bud8eLing and risk m*rt4ement to enswc sustsinability artd futyr¢ viability. Fina•tial perfoTmaDCe and positioD The total irtcome for tht year in¢rea8ed to £1.079.857 which, after deducting ¢xpenthttLft of £1,057,794 8trated net incoming Tesourccs of £22.064. aTh in¢re&se over the 21f23 rtsults which 8enerat tlet outgoin85 of £102.090. The Tru$t's subsidiary. Keimarsh Events, made a tiet profit of.£170,062. a $tno11 d¢£rea8e on ihe 2023 profLt genernted of £174,600. Annual profits from Kelrnarsh EveThts are gift-aided to the Trust and th¢sc ar¢ incorporated itt th¢ above results. Totsl net &8se(s of the Trust snd Kelmarsh Events at 31 March 2024 incre&8ed by £2,178,384 from £27,780,139 to £29,958,523. Thy$ i5 mainly represented by an increase in fixed assets as show) in the Balance Sheets on Pag 18 to 21. The tots] fvnds include £29.420.841 which are fix¢d assets, such as Kelmarsh Hall itself. and Can only be realised by way of disposing of them. Pase 6
THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 11¢5¢ent ptrforni%Ke The income from financial investsn¢nts achirved £47299, increa5C Ort l&%i y¢ar's ir5wne of £45,225 and was in lift¢ with exp¢¢tstions objtrtives seL Ther£ w¢r¢ no reatised inv¢sunent gains or tosses during the year. The fiDan¢tal iDv¢$tsnts Show utLrealised tnves(men¢ lossts of £13,680 for theye8r (2023.. £55,360). InveslrntyTrt pzotli¢s were rcvaJu¢d in th¢y¢arrwuititig in a maluation gain of £2.170.000 {2023.. ILW of £J40,000). Gms5 income from investm¢nt properties in¢reas¢d to £472,467 from £465,844 whid) aft¢r manag¢m¢nt and m•1t)t¢nan¢¢ sts contribut¢d nei in¢om¢ for th¢Ye of £246.180. in¢r¢45c ov¢r lart year's n¢t in¢omc of £168.738 b¢cau5e of redu¢ 5pmdtng. No &lditioDs or dispo1$ of inv¢stment properti look pla¢¢ during th¢ year. Prknclpl Sovre¢$ The prin¢ipa] fvnding sourc¢s and sigThific¥nt activiti¢S C4)mpris Inwme from freelEd investment pwperties and fom nan¢ies Investment Donations and grants Visitor athni&8ions incorne CommeT¢i41 trading opcrations (rcceived via Kelmanh Events) Inwne from the wryndfarm I•vestme•t Policy Fipxmciol IFeIMeIs We pursue a policy that FYovidc5 a re8sanable incorne for our curr¢nt pWpO$ and enhartecs irLwme and ¢apits] growth over thc lon8er term. thereby ¢nabling us to meet our curr¢nt and fijtsue objective5. It L5 the TnJ5tce5' policy to use the income d¢rived from these inv¢sknents 3t)d not to dispos¢ of them t$S o tetter r¢ttLrn can be geTh¢ted from irvesting the proceeds of sth in other ets. A $talISt UK iftvestsneni man&w overse¢5 the investment porrfolios. The TnS reqTre th¢ inveslm•Jt matwer lo pay attention to the standard invesknent criteri4 namely the suitsbility of the class of inveslment and the necd for div¢Tsificaltork insofar as i¢ is appropriate to the circumstances of the Trtl. Our approu¢h to r¢SnSIble inve*ments, extends to the Environmental, Sociaj and GovtrnaNc£ (ESG) specificatioThs adopted by the inve51ment manager wth specifJ¢ exclusions. The Trn5tees monitOT these invesirnents by TCIving quarterly staiemeDts from the invethent manager showing the movem¢Dt in capital value and th¢ iti¢ reeeivd from inv¢5tmertts under management as well as an onnuai updak from the UhVEStment rnanager briven at 11mting with them. Pale 7
THE KELMARSH TRUST REPORT OF THE TRUSTEES AIYD DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 Jnveslmenlproperlies The mana8cment of the inve5tsnent properties is p&ssed to ¢xternai land a8ents who are wuired to m&Yimise the in¢om¢ frorn these prnperti¢s whilst ensurittg they are maintsined in a r¢dsonabl¢ stal¢ of rtpair. Several of the Trt'S let propttties are below the Ettergy Perforn)8n¢¢ C¢rtificate requirem¢nts. We are aware of this thd have undertaken surveys which are bein8 acted uw>n in a prioritised PTO8r8mme as and when property va¢oncies occur so as to phase the works and minimise iemiin•tions. R¢s¢rves Poll¢y The key reserves policy of the Tn]ste¢s is to retain a level of reserve5 which will provide a stable base for the Tnjst's ¢ontittuing &¢tivities and to ¢ll8ble the Trust to odjustto arjy Sificant ¢han8e tv TE50urce$ through known and unplanned ¢vents. wht15t ensuring that CXCe55ive fijnds are not accumulated. The nabJre of thc asgets Of the Trust are such that high levels of expenditure can be inLwrred in i¥)th the thort It and lon8 t¢rni which ne¢essilates h•ving access to liquid fiJnd$ to ¢over eventyaliti¢s. Therefore, th¢ TNst¢es aim to identify, and set &8ide as de5i8natcd fiLnd5, a level of funds to meel 5CIfic projects (inclu¢thn8 the ongoing EPC requirements on let prOrties) and for ess¢ntial maintenanc¢ of Heritage Assets within the foreseeable The Trustees have e&lablished 4 TrI1¢Y wh¢r¢by th¢ unrestrict¢d funds not d¢signated for sp¢¢ifi¢ pul$¢$ or invested In tsngible fJxeAI assets should be betweets three at)d six months of the tolaj expendittw¢ on raisllig fithds and ess¢ntial charitable aGtivitie5 and govcrnancc co51s {'fvnning c05ts"1. At 31 moh 2024 th¢s¢ r¢seTy amoun¢¢d to £284.182 which repr¢sents just over three mnth5' expenditure the runnins Ists. The Trustees consider thatthis meets the reserves policy outlined above. Page 8
THE KELIWiSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR YEAR ENDED 31 MARCH 2024 STRUCTU GOVERNANCE AND MANAGEMENT Covtrning dDtDrneDt The Kelmar5h Trust i5 * eharitable eompany limited by 8uaraThtee w&8 illwTporated on 15 October 1982. It is governell by its Memorandum and Arti¢l¢s of Association. This is fijrther sllpport by the Corporate Plat) (January 2023) which sets Oul our objeitiv¢s aftd &spirations in more detail. The membffs of the TTu& are the TruSe5 who are narned on page l. Thcy are also the directors of the Trust for company Irdw purposes. In the eventof the Trust b¢in8 wound up. the liability in respectof the 8uarantee is limited to £1 per Member. Subsidiiry CoD)Plly The Trust's wholly oLed subsidiary, Kelmar5h Events Limited. is a trdding compat)y which catTiCS Ort the Commercial activities of the Estat¢ wd which cottsider5 the opwrtwiitse5. direction. risks omd yiclds ofexistirt8 and p)iential commercial busines& Under a fornjal agreernent the proflts of this eompany are donated under Gift Aid arrangements to the TTh Kelm4rth Events has its own board of Direcrors and operdtes under a eollaboratioj) agreement with th¢ TTUS¢. The board meets at Ic&st four times a year and consists of James Lancaster cfrustee} and Rich¥d Flujley. Me¢tinKs are also attended by r¢pres¢nts¢iV¢$ from the Trust's 8¢¢ountants, land ag¢Thts and mhn4em¢nl t¢am. Or88ni5atlonl Stry¢tsre nd Dettsfion Maklni The ArticlES of Asso¢iation Provide for a minimum of thrte up w a MlmuM o( tsvelve tntste¢s. At the date of this report ther¢ w¢r¢ niti¢ Twstees. Th¢ TTus¢¢es nOMllY meet four times 8 year but visits al o¢¢ur throughout the year. D¢cisions arc then given to the General Manager for impletnentattort. In addition r¢gulor rel ar¢ mad¢ w the Trustees by b)th the Trust's Finance Commltt¢¢ attdK¢lmar$h Ev¢nts. Th¢ G¢nepal Manager may make dKisions on day-to-day matt¢rs but is in regu]¥ wnta¢4 at le&st we¢kly, with the Chairman whilst updating all Trustees on significant matters. The TNstees 8150 riOdICallY Wa arollr the Hall and Gardens during th¢ year and make an awJuoL tour of the Estat¢ including w¢thands. farn and propertles. R¢erultm¢nl AppolntmeD4 lfjd¥ctlo4 •Dd TralDlng of Trysteu The Trust eontinualty consider the need for new tsusters, tK)th to allow for the natural rolation of Tru5tees' tcnns and to t¢4x>nd io any skills gap5 or op[nItIeS for candidatrs with particular skills lo offer. The Twstee$ take account of Chity Commissioth guidelines and the Charity Governan¢e Code for laT8er ¢harities in considerin8 InJ3lee recruitment and seek to have a proper div¢Tsity of TrusÈee5 wk) will improve continually the Trust's 8ov¢rnarKe as well as working towards the objectives and activits¢s Shown on pa8e 3. The induction of new TnL%ttts is provided ty the existin8 Trustees and the General Mana8er. They receive a Trustee maDu81 and indudioD pack which irt¢lud¢s ¢onstitutiON docwrt¢nts &nd ¢urr¢nt cOunts and other fancial inforn)ation. Trainin8 15 pmvided tx)th to new and curtynt Trust¢¢$ &$ appropriate. In accordan¢¢ with the ArticleJ of A&40¢iotion Trustees may Serve for up to three trrnis of three years each. They are thert eliBibl¢ for rerfle£tion on art annual basis for a maximum of three further oneyear l¢m)* Page 9
THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DtRECTORS FOR THE YEAIi ENDED 31 MARCH 2024 Reknt¢d P•rti Details of reÈated partie$, including Trustees. and transirtions with them e setout in ntste 36 to the fancial sthtements. Staff RemuDertitsD The r¢munerdtion of key staff is regularly r¢vIeW and weed by the Tn¢¢$ •ft¢r. wh¢r¢ appmpriat< diKussions with the GetLeral Manager. Rigk Ma•gemeDt The Trostees regularly identify and revicw the mapr risks to which the Ttst could be exrxjsed and proceduru have been estsblished to manage those risk$. Jn porti¢ular the Truskes have adopted a Tisk management p)licy. which adthsses the major 80Vernan operational, fjnancial, reputstiona], le8a] and regulatory risks which might impact upon the ¢x>re PUfTX)ses and key objectives of th¢ Tnjst. This builds on and ¢ompl¢mcnts existing rrisk man4g¢ment pmcedures in many aspects of the Trust's work in such are&8 fJnanC1 managemenL health and safety, f¢ and security and di5&%ter plannin8 arrangements to protr¢t woperty. stsff and visitors. It is formalised in a risk T¢8iSter whi¢h is reviewed annually by the Truslees and by the mana8em¢nt t¢am and is C1Ule al each meeting. More 5pecLfically there is a fornjal eontract with our appointed Hea]th & Safety consultaryt to provide advi¢e lincludin8 regular visits) on health and saf¢ty issues toverin8 th¢ Hail, Garden$ and wider Fstatr. There are alw moirttenancelservi¢e contraets covuing not only plant and machinery but also extinguisher5, fjre and intruder aJ8rn15. Where necessary staff are updated on th¢se issu¢s and reports mad¢ to th¢ TrnS$ by the G¢n¢ral Manager. The Trustees are conscious of the ne to keep up to date on Chwity Commission and other leB81 and relatOry developments and Ch¢S in ord¢r to protecr th¢ TNSL PLANS FOR THE FUTURE The Trustee$ and staff are always alert to changing markets and 2023 saw an hncrea8e in interest particul8rly from wtential ¢orp)rate clients. How¢v¢r. we #wo thAt we opernie in a very MpetItiV¢ market and continue to revis¢ our OfflgS to acwrnm(thte clients and visitors. As a charitable Tnt relying on outsourced ¢vmmodities su¢h &8 Catering, we must s¢le¢t our sErvi¢¢ providtT$ careIlY to wnp¢t¢ in the event busintss. Th¢ KElmarsh Ev¢nts bDard meds quarterly and tO8ether with a vtry capable matlagement tram who are continually aware of the chan8in8 rnarkety review ncw $sIbIlitieS and are kccn to try a voriety of events and activities which will keep Kclmar5h in publi¢ fo¢us as an intrresting venue- for events and for herita8elrecreatiott visitors. The wedding and ¢orporate event mark¢t is makin8 a steady reLxtrv¢ry and we have tsken ort SEO to int¢nsify our SO¢1 media. We have succeeded in holdin8 our by rnthtting Kehnar5h &s an interestin8 venue wthich listens to what clients want to ensur¢ a succc5sfvI ¢vent gmd we will Gontinue th) thi$. Kelmarsh h&s evolved into avenue that k[¥5 what it is good at. We have coThsidered various options relatin8 to tht weddin8 rnaTkct but re5¢arch artd listening to what clients want. given us the rAJnfid¢nce kn focus ott ow strong poiiits whilst being ever detemiined not to underniine our key rolcs of access, eonservation, and &lucation. Our filture plans torttinue to promole appreciation and enjoymcnt of the heritage of the Hall and Gardens. As we move fonward Trustres Are aw8r¢ of th¢ pressures outside of this hisiori¢ prnpttty. World 8ffiirs and wats together with a chan8e of UK Government could have significant 1¢yAnce to how people choose to spend their frtt time and money. Neverth¢less, we believe we have all the right personnel in¢luding TnLSt¢¢s, staff and a ever incr¢asin8 numb¢r of supportiv¢ volunteers to enhance the exp¢rienee attd ]D(re4 number of visitors aThd clients. Pa8e io
THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 In go8 forward, we identify here some exampl¢s of these ambition5 in fubre wojects- based on these key area5. The fwst is thatof r¢se4r¢hin8 and r¢iDfor¢ing th¢ hi5tori¢ skyl¢ plan¢ittg sthem¢ whi¢h JolLn Hanbwy Wmmil0nd and smpl¢ment¢d &$ shown in the plan of 1739 dedrcated to hint. This emsts in part of the ¢stat¢,' fJ¢ldwork and IaT(h aTe indicattng there we may, with co-operation of teDant farni¢rs. plant adthtiona] to reinforce and perrthate this histori¢ patlern. Second is a modest but neverthel£ss chatlen8in8 project to recover and restore Nancy LCasIer'S Rhododetxtron Bank on the Eas¢ fronta8< adjacent to A508, as a lo¢al tlagship for Kelmarsh. and third is the $SIbIlIty of reinforcin8 the vtt8¢s of the North Drive which would give greatrr flexibility in prnvidin8 parkin8 durin8 [Ter weather conditions for Hall based events when it is sometime5 impraetica] to use th¢overtlow field. As ever. Nvhi16 de8ifdbl& swch projects Tquire careful research* planning and fimduw. DevelopDbenl prlorltles for the Kelmirsh Tnt The TnL5tee5 and the Mat)agement Teom are committed to preserving, improving and enhancing the Hall, Gardens and E3tste, impmving the EPC rating of the let properties. ntInUing the 8o¢d relationship with our tenant fanners and workin8 through the maintcnan¢e priority list. The Trust h&$ adopted a Coryotate Plan. which reviewe updated artd re-athtrpted irt Janw 2023. This expands on the Tnts objecL8 and looks at all aspe£ts of the TTU5t And the wider tstatr 8rtd scts out aim$, objectives artd platts for these various &%pects. Page li
THE KELMARSH TRUST REPORT OF TBI TRUSTEES AND DJRECTORS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRiJSTEESTr RESPOTrISIBILITIF3 The TTUStees (who ar¢ 8150 th¢ dir¢ctOTS of The Kelmarth Tntst for th¢ purposes of eompat)y law) ar¢ tesFrf)n$ibl¢ for preparing the Re[ of the TnL5tees and the fthoncial statements in I¢rdance with gppli¢oble law and Unit¢d Kingdom Aro)unting S¢andard5 (United KiJ)g(k>rn G¢ncrdlly Arcept Arcounting Pr4rtiG¢). Company law require$ the Trust¢¢8 to pr¢par¢ financial statements for exh fthart¢ial year which give 4 tru¢ ¥JLd fair vi¢w of the state of affairs of the charitable C4)mpatsy attd of the incoming resources and appl%cation of resour. includin8 the income and expendilur< of the ¢haritable Company lor that period. In preparing thos¢ stot¢mertt& the Trnst¢es are required to.. select 5uitsble accountin8 p)licie5 and then apply them ci¥nsi5tenlly' ob5ervc the methods and winG1pl in the Statrrnent of Recommended Prnctic£ for Clwiti¢S IFRS102)" moke jud8ements and es¢imates that are r¢asonable and prudent. prepare the fmancial statements on the Boing u)n¢ern basis unle&4 1¢ is inappropriate to presume that the ¢haritable ¢ompany will ¢ontinue in business. The Trle¢S art resnsible for keeping prnr accountin8 records which disclose with re450tLable accuracy at any timt the financial position of the charitsble company and th¢ group and to ¢ttabl¢ them to cn5ure that the flljancial tstements comply with the Companie5 Act 2006. They are also T¢5ponsible for Safeguarding the a55cts of the charitable eAJmpany and the group and h¢n¢e for taking reasonable steps for the prevention and d¢k¢tion of fraud and other itY¢gularities. In so far as th¢ Tntstees are awar¢.' thejr is Tro relevant audit infomiation of which the 8roup's audilors ore unawar4 and the Tn]stees havt tskcn all steps that thy ought to havc taken to make thcmsclves aware of any relevant information and to esthlish that th¢ group's auditors are aware of that infomiaiion. Ths r¢p)rt h&s been wepar¢il in accordance with the special provisions of Part 15 of the Compani&4 Aet 21KJ6 relatir8 to small 1mpanIeS. ReFQrt of the Trn$tee5 approved by order of the board of Trust¢¢4 in their cap¥ity ss DireL*ors of th¢ Trust, on d signed on behalf of the Trustees by: Oliver Brook5haw- Chairn?8n of Trustees Pa8e 12
REPORT OF THE INDEPENDENf AUDITORS TO THL MEMBERS OF THE KELMARSH TRUST Opknion W¢ hav¢ audited th¢ finan¢ia] ststements of The Kelmarsh Tnjst (the barent charitsble company'l snd its b5]diar1e5 (the 'woup') for th¢ ye9r ended 31 March 2024 whi¢h C4)mprise the Consolidated Statement of Finarteial Activities. the Consolidated Balon¢e Shc¢L Company Balance SheeL the Consolidated C&8h Flow Statement and notes Lo the r]tJancial 8latements. in¢ludin8 a summary of sigThifi¢artt a¢utIttg li¢l¢s. The fthan¢ial r¢portLrtg fraThework that has been applied in their prq)aration is appli¢4ble law and United Kin8dom Acc4)unting Standants (United Kingdom G¢nerally Accepted Aecounting PractLCe). In our opinion the fulancial stsments'. give a true and fair view of the stai¢ ol the group'5 and of the parent charitable company'5 affai &8 at 31 MaKh2024 of its incoming resourc and application of ttsource4 including its income httd expendityr4 for the ye#r then cnded. have beth propcTly Preped accordance with United Kingdom Generally Acceptd Accounti118 Practi¢¢' and have been Prepared in accorda¢¢ wth the wuir¢ments of the Companies Act 2006. B¥sts for oplnloD We conducted our audit in accord8n¢¢ with International Standwds on Audi¢in8 (UK) (ISAS (UK)) and applicabl¢ law. Ow rewn5ibiliti¢s under thos¢ stondards ar¢ further d¢8cribed in the Auditors, T¢4nSIbilItieS for th¢ audit of the fjnancial slat¢rn¢nts 5eL1ion of our rep)rL We are independent of the wup in a¢¢ordance wi(h the ¢thical requiiem¢nts ihat aT¢ relevant to our audit of the fJnan¢ial ststements in th¢ UK, tyicluding th¢ FRC'S Ethical S¢at)daTd, and WE have fvlfilled our other ethical resFM)nsibili¢i¢s in accordaTtt with th¢se requiremtnts. W¢ believe that the audit evidence we have obtained is 5urriGicDt And appTopri&tr to provide a basis for our opinion. Corfluslokns relAtini to goirtg toDce In auditing the financial statementy we have concluded that the trustets, w of the 80in8 roncern basi5 of accountin8 in the preparatlDn of the finAn¢ial staternents is appropri8t¢. B&sed on the we have performed, we hav¢ not identifieil any mat¢Tial unceninti¢s relotin8 to events or CODditiork5 thai individually tsr collectively, may 5Lgnifirant doubt on the group's ability to corltinuc a5 a going con¢ern for a p10d ofat Ica5t c[Ve months from whcn the financial 3taternents are authorised for i&sue. Our resp)nsibilities and the TelnsIbIlItieS of the TrustCe5 with respect to 80ing Conc art described in the relevant sectsons of this rep)rL Other iDformAtio The Trustees are resp)nsible for the other >nforniation. The other ihfornidtiort comprigs the inforn)ation included irt the Annual Repo¢ other than thc flnancial staternents and our ReFth of the Indendent Auditor5 thercon. Oor opinion on the fmarKial S¢atrments docs not cover the other information an¢1 exccpt to the extent otherwise explicitly stsw in ow rwr4 wc do tK>t express Athy fonn of assurance ¢onclusiort ihereon. In connection with our audit of the ffftanC1 ststemettts, responsibility is to read the othu ittformation attd, in doing so, consid¢r whether the other infOrnlI0Tr is materially inconsistent with the r]nancial statements or our knowledge obtained in the audit or othenvist appears to be materially misstated. If we ideDtify such mat¢Tial inconsi5ten¢ies or apparent moteriai mi5Statements. we are rquired to dtternine whcther this 8ives rise to a material misstatemertt in tht fmancial statemertts themselves. If. based on the Work we have pcrforne& we conclude that thcre 13 a matcriaj mi55tatemcnt of this other infornation, wc are rquired to report that fxt. We havt non8 to rqx>rt in this reBard. Opiniong Oll other m*tters prtxtribed by the Compxnles Art 2006 In our opinion. b&%ed on the WOTk uttdertaken in the course of Ihe audit.. the inforniation giveth ID th¢ Report of the Trust¢¢s for th¢ fanCial year for which th¢ fman¢ial ststrm¢nt5 are preyared is cottSi5tent with the finarKial statements. and the Report of th¢ Tnte¢S has been prepared in ardon¢¢WIth gpplithl¢ l¢gal requir¢ments. Page 13
REPORT OF THE INDEPENDENT AiiDITORS TO THE MEMBERS OF THE KELMARSH TRUST Matters on whlth Tve are requtred to port by eiteptloB l# the light of the knowledge and understsmding of thc 8TOUP and of the parent ¢harirable company and its ¢nvironmaLt obtained in th¢ cow5e of the audi¢, w¢ have not id¢ntifi¢d material misstatem¢nts in the ert of th¢ Trustee We have nothing to reFOrt in rupert of the following matters where the Compani¢5 Act 21x16 rwires u5 to }rt to you rf, in our opiniott.. adequate aceounttn8 r¢cord5 have not been k¢pt or returns ad¢quat¢ for our audit have not received from branches noi visited by us. or th¢ finjncial statements a not in a8reement with the accounting rErth and retsJrn8' or certain disclosures of trusk6s' remun¢Tlon specified by laware not made. or we have not r¢c¢iv¢d all th¢ inforn)ation and ¢xplaThatioThs w¢ require for our audit. RespoDsibilitie5 of Trnstees As ¢xplained rnOTe thlly in the Ststement of Trnses' Responsibilitie& the tntstees (who A a]so the ditlOtS of the haritsble company for the purw)5e5 of company law) are resnSIble for the prepAration of the fanCIal statements and for being satisfied that they give a e ortd fair view, and for such internal control the trnstees detennine is necessary to etlable the preparation of fthancial 5tstements that ve free from materiAI Thu5Statemeni whether due to fraud orerror. In prtP8ring the fin•ncial staternen the TTUStets are resFN)nsibl¢ for aSS51n8 the group's and parent charitsble MPDy'S ability to continue as a 8oin8 ¢oncern, dixlosiD8, as applicabl¢, matters relad to going ¢on¢ern wing the going concern b¥i$ of accounting unless the trJs(ets either intend to liquidate the charitable company or to cvase 0tiOnS. or have no realistiG ¥41temativ¢ but to do so. Our responslbllitle5 for Ihe audit oftbe fwaD¢i•I ststernents Our objectives are to obtain trawnable &vJurance about whether the fmancial ststements &8 8 whole are free from material misstatemen¢ whether due to fraud OT ertOT. and to issue & Re)rt of the IndepcDd¢ni Auditors that ID¢ludes our OPiTUOn. Re)nable assurce is a high l¢vel of &ssurance, but is noi a 8uar8ntee that an autht conducted in accordance with ISAS (UK) will always det¢¢t a mat¢riaJ misstatemeni when it ¢xists. ML5Statcments ¢on aTiS¢ from fraud or error aThJ are considera materia] if. individualty or in the aggregatc, they could ronablY be ¢xpected to infiuence the CnOMiC decisions of users taken on the basis of these financial statements. lThe8ularities, in¢luding fraud. instances of non-wmpliance with laws and r¢gulation$. We desi8n prncedur¢s in line with our 5)nsibIlitieS out]in¢d abDVe, to d¢te¢t marial mks$tskm¢ni$ in T¢5PCCt of irr¢gui8rili¢5, including fTaud. Owing to the inher¢nt limitation5 of an audi4 there i5 an unavotdable Tisk that material mi5Stat¢ments in the financial statements may not bt dected. even thou8h the audit 15 proptrly planned and ptrforn)ed in accordance with ISA'S iifK). The cxtent to which our procokn are capable of dctectin8 irregul8ritie5, including frau4 is dctsiled below. We obtained an understanding of the legal and regulatory frameworks gpplicable to the group and to the parertt charrtsble CoMpY and the sector in wjllch it operate5 throu8h our Benerdl commercial ¢xperience and existins knowled8e of th¢ ¢haritsble $tor. We detemined thai the followng laws and regu]ations wcre most signifi¢ant.. Cknariti¢s SORP IFRS 102A FRS 102. Companies Act 20(kn and the re]evant t&x ¢xbmpliance regulations in the UK. In addition, we Concluded that there are certain laws and regulatio moy have an impa¢t in the deterni1ioft of the amounts and dis¢losures in th¢ fllw¢¢iai s¢tements such as health and safety and employee related matters. W¢ ¢nquir¢dofrnana8em¢rtt ¢on¢erning the 8roup's and parent ch¥i¢abl¢ ¢otrtpany's F[I¢l¢S and Procedu relating to.. Th¢ id¢ts¢ifi¢ation and ¢x)mplian¢e with laws and r¢gulaiions The detection and response to the risks of fraud The intrrna] ¢ontrols within th¢ ¢haTit8ble ¢ompany to mitiga1¢ fraud risk and non complianr to laws and r¢gulations We enquired of managtrnenL whethET they weTe aware ofany instance of nOompliSAee with laws 8nd re8u]atiOns or wh¢th¢r they had any knowl¢d8¢ of actu. $uspe¢t¢d or alle8e<l fraud. Pa8e 14
REPORT OF THE ]NDEPENDENf AI]DORs TO THE MEMBERS OF THE KELMARSH TRUST We TMuniCat relevant laws and regulations and wjtential are&% of fraud to all audit team members includin8 th¢ potential for fraud in revenu¢ 08n1(lon. We r¢mained o]¢rt to any indiutions of fraud or #on-compli•n¢e with laws and r¢guiations throughou¢ the audiL We have det¢rn)ined that th¢ prin¢ipai risk axeas wher¢ materia] irregularities C4)uld o¢¢ux were related to p)sting manua] journa] entries ts) rnan1pate financial performanc¢ rtvenuc Teeognition and significant one-off or unusu81 transathon5. OUT outht procthes were designe4J to respond kn particular to these identified risks {induding non-wmplian¢¢ with laws j regulations and fraud). Our audit proc¢dures InclLed but were not limited to: A review of $k lines th ensure the valuation of 5tck is at the lowerof Cost and net reajisable value. A review ora sample of orders rece(Ycd in the year to ensure these were correctty recorded in revenue and dclailed Clrt off testin8 around the y¢ar ld to en$Lt revenue is correctly reco8nised. A rcview of a sample of graTrts receiv in the year to ensure they were correctly recorded in revenue and correctjy recognised in lifte th¢ wlttOnS atta¢h¢d to ¢a¢h grani. A revi¢w of Ibws and regulations th¢ ¢ompany is subject lo, being spe¢ifi¢aity food and hy8iene and h¢alth and safery. followed by complianc¢ checks and discu10ft with mana8¢ment to ettsure inswices of non-complianee. Addressing the risks of fraud through mana8¢rnent ovthide of Controls by perfoThubg aiournal entsy I¢SL W¢ did not identify any matters during the ¢ourse of work that indicated non•<tsmpli8JLce with laws and regulations or rel&ing to froud. A fvtther description of our responsibilities for the audit of the fuL&n¢]l statements is located on the Find181 Rewrting Collncil's website at www.frc.org.uklauditorsrey)nsibilities. This d&8cription fornis part of our Rert of the tndytmlenl Auditors. Use of our report This r¢port is made sol¢ly tts the Charithble ¢4)mpany's members, hs o body. in 8¢cordan¢e with Chapter 3 of Part 16 of the Cornpanie5 Act 2006. Our audit work has been uThdcrtakcm so that we might state to the ch8ritsble company's members those matters we are r4utrtd to stai¢ to them it) 8n aditorS, report and for no other Purpose. To the Sjllest extent perniitted by law, wc do not aCpt orassurne re5wnsibility to 8nyoneothcr than the charithble ¢ompBny and the chlble wmpany's members as a body, for our auditwork. for this report. or for the opinion5 we have fonntyj. ftlt¥È LLP Mr P Bott FCA (S¢nior Statutory Auditor) for and ott behalf of Mark J Rees LLP Chartered ACCots. Statstory Auditor Granville Hall Granville Road Lcice5tcr Lei¢¢stershire LEI 7RU Datc.. .l.qiz... PaBe 15
THE KELMARSH TRUST CONSOUDA TED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATJNG AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestrirted fynds Restricted funds Endowment funds 2024Total fvnd$ 2023 Total Fynds Notes INCOMING RESOURCES Voluntary Incorne 3.094 6,676 9,770 20.693 Chariiable •rti¥tties PreseNation Cornrnertial trading operations Investment incon Other income 117,930 117.930 100,577 304.172 522,940 125.045 .172 522,940 125.045 323,452 511.626 115,647 Total 1,073,181 6*76 Llm.857 1,071,995 EXPENDITURE OP4 Ralslng lunds Commercial trading activiiles Investment mana8ement & properry maintenancecosts 4,1 134J 148,852 226.287 226287 297.106 Charllable •ctivilies PreseThatioTh Governance costs 651,078 I766 14452 669,530 27J66 705,347 22,780 8&9 Totsl 1.039.34A 1&452 1.057.793 1,174,085 In¢omlng re50ur¢es It expendlture 33,¥40 11&776) 1102,0901 Net eainslllossesl on investments io 1213.6801 1370.MO 2.156320 1195.3601 NET INCOMVIEXPENDITURQ 1179.8401 IIL776) 2370.IJYJ &178a84 1297.4501 32& 34 Transfers between funds Net m¢wement In lunds 1179.8401 IIL776) ZJ70.IJXI 1178J84 1297,4501 AECONaLIATION OF FUNDS Totalfvnd5 brought fonvard IL245.549 1223,683 15310.907 27.Y80.139 28.077.589 TOTAL FUNOS CARRIED FORWARD 11,065.709 I211,y? 17.680.907 29,9S4,513 27.780.139 Th¢ notes forni part of thes¢ financial 5tat¢meAts Pa8t 16
THE KELMARSH TRUST CONSOLIDATED STATEMENT OF FINANCIAL AcfivTrtES lll¥CORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 (CONTLYUED) CONTINUING OPERATIONS The toToI]dated Ststement of Financial ActivitLC8 includes all 8ains and losses reco8nised in thc year gnd previous years. All incoming resources and resouT¢e$ expended derive from continuin8 activities. The notes forni p8rt of th¢s¢ financial stoternents Page17
THE KELMARSH TRUST CONSOLtDATED BALANC.F. 8HF.F.T FOR THE YEAR ENDED 31 MARCH 2024 2024 Totsl funth UDr¢$¢ricted runds Restrieted EndoWent fundq 2023 Total Funds Note$ FIXED A&SETS Tangible assets Herilage assets Investments Inveknyerti propetlies 16 17 18 19 125,187 lJ27.770 825.070 8,2SO,iIOO 128,952 1.082955 254,139 3.171.632 825070 2S170 282.082 3.171,632 838.750 23,(K)O,000 760J)7 16920MIO lo18,027 17h80J07 29,420J41 27.292.464 CURRENT ASSETS Stock5 D¢btors". amounts fallin8 due within onc ycaT Cash at bank and in hand 20 28369 21569 32,150 22 198,522 624,472 198522 624,472 134,278 666.511 851.563 851463 832.939 CREDITORS Amounts failing due within one year 24 (313,881) (313081) {343.980) NET CURRENT ASSETS 537 2 488 959 TOTAL ASSETS LESS CURRENT LIABILITIES I165.709 1311?07 17th811.907 29PSV23 27.781.423 CREDITORS Amounts fallin8 du¢ after more than one year 25 (1.284) NET ASSETS 1211907 17 680 907 27 780 139 The notes fonn part of thes¢ fioanciol Statements Page 18
THE KELMARSH TRUST CONSOLIDATED BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Notes 32 FUNDS UnRstri¢t¢d get)erai funds UnrcqtrtctEd foir value r¢seTYe Designated fLmds Restricted fund5 End07¢nI funds Endowmentfair value r¢s¢rye 3,73flJ71 7,081038 253A(KI 3,730J71 7.1181,838 253,S(M) iJiiJ07 1,751,783 15.929.124 3,678,111 7.281,838 285,600 l.223,683 .751,783 13,559.124 I JII J07 1,751,783 15.929,124 TOTAL FUNDS li li 23 27780 139 Thesc fancial statements have been prepared it) accord¢* with the special provisiorts of Part IS of the Companies Act 2006 relating to small thaMt4bl¢ cornpani. The fancial statements were approved by the Board of TnJst¢¢s ort and were sigr]ed ort sts tthalf by.. Oliv¢r Brookghaw- Chaiman of Trth¢s The not¢5 form part of these financia] stst¢ments Pag¢ 19
THE KELMARSH TRUST COMPANY BALANC.F. gHF.F.T 31 MARCH 2024 2024 TotAI ds Uwestricted Ojnds R¢stri¢ted funds 2023 Total fiwd8 fijnds Notes FIXED ASSETS Tan8iblt &8sets Heritag¢ assets InVest[Ets Investment prop¢rti¢s 16 17 18 19 125.187 lJ27,770 826.070 8350,000 128?52 1,1182955 254,139 3,171.632 824Tr70 25,170,iMIO 282,082 3.171,632 839,750 23.0•.000 76•,YYI 16.920,1 10029.027 1311907 17,610.907 29,421,841 27,293,464 CVRRENT ASSETS Stocks Debtors.. amounts f211in8 due within one year Cash at batlk and in hand 21 20J29 2(JJ29 21428 23 282,879 462.877 282,879 462,877 284.266 391,662 766.085 7611185 698,356 CREDITORS Amounts fallin8 du¢ within one y¢ar 26 (236JS31 1236353) (217247) NET CURRENT ASSETS 529 529 2 461 109 TOTAL A&SETS LESS CURRENT LIABILITIES IIA58.8S9 13IIJ07 17,680.A 29951,673 27,774,573 CREDITORS Amounts fa]lin8 due after more than one yeox 27 (1.284) NET A&SETS S8 859 17 6811907 li 29 951673 27 773 289 Th¢ not forrn part of th¢se financial stsiements Pagc 20
THE KELMARSH TRUST CO[PANy BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 2024 Totsl funds UnTtriCted fid$ Rcstricted funds Endowment fiujds 2023 Total funds Not¢s Ujtrestricted getterdl fwjds Unrcstri¢ted fair value ru¢rv¢ Designated fwid5 R¢stri¢d fimds Endowmcnt fi]nds Endowrn¢nt fair value r¢ser¥¢ 3,72J521 7MI038 25JJO 3,723,521 7,081.838 253,5 ijiJ,9Q7 1,751,783 15.929.124 3,671.261 7,281.838 285,600 1,223,683 1,751.783 13.559,124 1311907 1,751.783 15929.124 TOTAL FUNDS li 907 29 951673 27 773 289 Charitable company's surplLhS Id¢ficit) for th¢ fthan¢ial year 178 297.450 These financial stst¢m¢rLts have b¢cn prwared in aca)rdance with the spi&l provi510n5 of Part l5 of the Companies Act 20( relating to small rharitablc Mples. The fjnanciai ststements w¢re #pprov¢d by the Board of Tnte¢S ot) . and wtte si8n¢don its beha]f by: Oliver Brookthaw- Cknimioj) of Tnjstees Th¢ notc5 fonn part of the financia] Staternts Page 21
THE KELMARSH TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THI YEAR Ef4DED 31 MARCH 2024 2024 2023 C•sb flows from operltthg etivilles Ch getheTat¢d from operations Int¢rest ¢lem¢nt of hir¢ pUrtht paymtttts paid FinanGe 5t5 paid 179055) (7921 (1.188> (148295) (668) (407) Net c&th provided by/(us in) operdting aetivities 149 370 Cash flows from iDvestlthg aetlvltiu Pur¢has¢ of t8Ible fLx¢d &%sets Int¢T¢St received Dividends rc¢¢iv¢d (5,539) 3,174 47399 (16.587) 557 45,225 Net ¢h provided by invesiing arfivities C4$h tIow5 from fth•rt¢iry¥ activillts Capital r¢payments in y¢ar R¢payment of other borrowin8S Net ¢h provided byl(used in) financing activities (5,13T) (5.138) (7,789) Chonge ID t8sb aa eAsb equlv#kDts kn the reportthg period Casb and cash e4ukv•ients at the beginning of the reporting period Casb and calh equivleDts at tht of the repDrtiDg period (42.1)38) 666511 (133.102) 799,613 62 The note3 forn) part of thes¢ financi stsiements Pa8e 22
THE KELMARSH TRUST NOTES TO THE CONSOLIDATED CASH FLOW sfATEMTNT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATIF4G A1VITIEs 2024 2023 Net iDtome for tht rtpor¢lmg perknd (as ptrth¢ Stat¢m¢Dt of FID¥ntlal A¢¢iviti¢s) AdjStmentS for: Deprt¢t8tion charges (Gain)noss on investsxents Interest rectivcd 1.178J84 (297.450) 33.482 (2,IS6.320) (3,174) 792 37J69 195,360 (557) Intere8¢ ¢l¢ment of hir¢ purclwe and fmanrx lease rental paYMts Finance costs Dividetth rtteiv¢d OncrewYde¢rSC in stocks Ilnctr•s¢lldecrease in debtors IncreaS¢1(dreaSe) in creditors 1,188 (47399) J,581 (64.244) (26J45) 407 {45225) (10,607) 12,856 (41,116) iyet eash provided byl{us¢d ID) optrntlons 148 ANALYSIS OF CHANCES IN NET FUNDS Other 11011-¢4S ehaDges At 31.03.24 ' At 1.4.23 Cash llow Net egsh C&8h 8t bank 666.$11 (42.039) 624.472 666 511 624 72 Debt Hire purchase L¢Jan- Miss Lane4SteP5 1994 Clmzitable Trn3t (6.421) 5,137 (1284) (80WO) (80000) 21 81 Totsi Pa8t 23 ¢ontLhued...
THE KELMARSH TRUST NOTES TO TEE FA1CIAL STATEME FOR THE YEAR ENDED 31 MARCH 2024 ACCOIINTIP4G POLICIES B•5is of prepriDE the fiD4nd•l sttetheDts The fancial 51at¢ments of tht gtoup and charitablc companyi hY4VC b¢en prepathl in aCrdn¢t with Charities SORP (FRS 102) 'Accountin8 and Retrf)rtin8 by Chariti&s.' Statement of Recommended Practice applicable to charities prtparing their ¥counts lrt accordathce with the Finartcial Rewjrting Standard applicable it) the UK and Republic of Ireland (FRS 1021 {effectiYe l January 2019}'. Th¢ compani Act 2006. and FRS 102 'Th¢ Financial Rwrtsng Standard applicable in the UK and Republic of Ireland.. The rharitable rnpanY is a public benefit entity as defined under FRS 102. The financi 5Wements have been pr¢p¥ed und¢r the histyrical ¢ost conv¢ntiot) with the ex¢¢ption of investm¢nts which are in¢lud¢d at market value. a5 modified by the revaluation of certain a55¢ts. Sttu$ of ¢ompaDy The Trust >s a company limit¢d by 8uardntee and does rM)t hav¢ Iny share capital lthmpany r¢8i8t¢red number 01672106, ¢haTity registered number 295154). The liability of the membets is Itmited but shall ttot exceed £1. Slgnlfi¢gOt JMdg¢M¢tttS Jbd tS¢imateA There were no areas in whtch the preparntion of the fltwicial statetnents rcquircd mana&ement ts) make si8nifiLl judg¢ments or cstimatc Bosts of ¢oosolidtioo Th¢ Consolidated accounts incorEM)rnte the resul¢s for the year ended 31 Match 2024 of the Tnjst and Kelmarsh Events, its wholly owmed subsidtary. which have been included on a line by lirte basis. A5 pernitted by Section 408 of the Companies Act 2006, the Trus¢ has not pre5entrd its own inLx)me and expenditure acrA)unt in addttion to the eonsolidat¢d inwme and eX¢e account. Intome All income is re¢ognised in the Stat¢m¢nt of Finon¢ial Activities ¢)ncc the T)ILSt entitlement to the fi]nd& it is probable that the inrne will be received and the aUnt cHn be mwured reliably. Tr rollowng 5pecifLC policie5 are applied to particular tegorieS of in4me: Voluntary income 15 recelved by way of <bnations and Bifts and 1$ included in full in the Statement of Financial Activitie5 when receivable. Investment income from rents relating to investment property 1$ included on an accnjals blsis. Rents] income arising from the rentsl of the Hall i$ in¢luded on an aceruals basi5 under pre8ervAtion income. Listed investhient income is included wlwi rec¢ivabl¢ and interest receivable 1$ aco)unt¢d for on an aCCnlS b&8kS. GrdTht income L5 credid in the period to thich it relates. Grant inci)me is included &% ino)miThg resour¢¢s frorn charitable activities when thes¢ amount to a contract for s¢rvi¢¢s. but &8 volunlary inwme wh¢re th¢y have Fen given with gr¢atcr freedom of use. In¢omittg resourcrt from a]VitieS for 8eneraiing fjjttds and ¢h&Titable trlittg activities are o¢wunt¢d for when eamcd and 5ta*d net of value added tsx. ExpeDdlrn Liabilitjes are rewgnised &8 ¢xpendiiure as soon &8 ther¢ is a legal or ¢onstnJctive obligation commilting th¢ Trust to that expenditure. Lt LS probable that a transfer of eGonomic benefits will Ec required in 5ettlernent and the amount of the obligation can be measured reliably. Exptnditure is a¢¢owited for on 8th accrllals basis and has been ¢1&8sified under he&dings that aggregate all cosi related to the category. Where costs cannot be diredly attributed to particular headin85 they have been allocated to actLVjtie5 on a basis consistent with the use of rewur¢e& Page 24 continued...
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- ¢ontiDutd penditsre- Collt1ed Costs of actjvities to generate fvn&T comprise thos¢ Costs directly attributabl¢ to inv¢stment man38ement activiti and th¢ ¢05ts of KelmaTsh Events. Ittvestsn¢n¢ marta8emt Costs ¢omprist th0 drfy attril)utabl¢ to the manag¢m¢nt and maintcnancc of fixed asset PTopertie5. Charitable exnditUte ¢4)mprises those ¢05ts Intred by the Trusi in the delivcry of its objettiV¢5. It includes th05C costs which can be allocated Ibrcctly to Such artivities and those o)sts of an indirect nature ncce5sary to support Goycmance costs include those COSL8 associated with mccting the eonstitstionai and statutory rtiwirements of the TnLSt and irt¢lyde the audit fetts and wst linked to the strategic martagement of the tharity. Alloeatitsll Jind apportlottmejrt of tosts AII ¢osts allocatcd betwccn the expenditure catrgori&8 of the Statemcnt of Financial Activities on a b85iS d&%igned to reflectthe use of the resouTCC. Costs relattng to a particul8r activity are allocated directly. other wsts are apportkon¢d on the basis of the proportion of dit¢¢t expenditttre. Tngibk ffted 899¢ts DepT¢ciation is provid at the following annuat rate5 in OTdeT to write off each asset over its estimated usthl life or. if hejd under a fmance lea54 overthe leas¢ tern), whichev¢r is the sknrter. Drainage work Plani and ma¢hinery Fixtu$ and fittin88 Motor vehi¢le5 Office equipment 5% on reducin8 balance 25% on roJu¢ing balance 25% on reducin8 bajance 25% on reducing balance 25% on r&luein8 balance All thngible fLx¢d wets Qlg £1,000 or more are e4pita]ise41 and im¢lud¢d at ¢osL Fixed a&8ets are reviewed for impairment if events or ¢knges in ¢ircumstartces indi(t¢ that ihe c8xrying amount may not be recov¢rAble or &8 otherwise required by relevant aceounttn8 Standard& Shortfajls between the caryin8 value of fixed ets and their recoverable smounts, being the higher of fair value less eosts to sell and valu¢-irt-use, ar¢ recognised As impairni¢nt los8es. Impaim)ents of revalued assets are treated a valUation All other impainncnt los$ are re115¢d in the income 5t&iemenL Heritage Sets Freehold IAThd and buildin8s included in herilage assets comprise Keimar5h Ha]1 which is listed &s Grade l in the statutory lists of buildings of aT¢hitccbJr81 and historic interes( together wth adjoining land which is also ¢$scntial for the protection of the character and amenities of Kelmarsh Hall. Heritage &%sets are included at cosL with the exception of freehold laj and buildin8s transferred to the Trust by the Executors of Colon¢l CG Lancaster and by theExe¢utOTS of Miss CV L¢sE¢r, which are included at probat¢ values at th¢ ddtes of transfer. No depreciation is ¢har8ed on thcse assets &8 they gre c4)nsidered to have an indefinitely lon8 Useful life. Exptnditurc on the conservation and preservation of Ke]m8rsh Hall is charged ts) unrestriGted funds when it is incurrel. Page 25 continued...
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENfs- ntIllu¢d FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- eonthued Fixed a$$¢t IDvestmeDts knvE51Jnent PTOP¢rti¢S Wre 5hovth at most tethI valualioh. Aw teat¢ surp5us or deficil arising from ¢iwige$ in market value 1$ transferred to a fair valu¢ reserve. Li5tcd invesknents quotcd on a rcco8nised Stock cxchan8e are dated at markct value at the year cnd. Their oriBinal st is shown a note. Freehold tt)vestrnent properties are va]ued at le&8t every five years and inclyded at maAoet value at th¢ date of VUl10n. Their original cost l5 shown as a th)k. All gains and losses on revaluations aiml (tisposals are taken to the Inme and Extrtitur¢ a¢unt. Other investrt¥ents are shown ai ¢osl less amounts WTitt¢Th off. All 8ain5 and 10ss¢3 on r¢valuatiorL8 and disposals are taken to the Incorn¢ and Expenditure account. Stotk5 Stocks ¢omprise f8rn1 Stocks and hav¢ been valued * ih¢ lower of and net r¢ali30bl¢ value. Cost is [GUlat using the FIFO (first-in. first-ou¢) rnethod. Provision is made for obsolet4 slow-moving or &fective ilems where appTopriat£. TaxatiOD The ¢harity is exunpt from wryxjrdtion tsx on its ¢hatitabl¢ activities. wlld ttountlDg Uttrestricted And d¢signated funds can b¢ used in aceordarhce with the ¢haritable objectives at the dis¢reti¢)n of the trustee5. They include a revaluation reserve represeThtin8 the reststement of investment as$¢ts at market rat¢s. The Endowrnent Funds are represented by freehold land and buildings and investment properties transferred to the ¢harity by th¢ Executors of Colonel CG Lan¢&st¢r on the dire¢tioTh of MI CV Lan¢aster, th¢ benefa¢tr¢ss a¢ the commen[nEnt of The Keim¥sh Tru5i less the valu¢ of the land lost in t¢sp#t of the compulsory purtha5e by the DeparkneTht of Transport of land relatin8 to the A14 Link Road. Restricted funds ortly be used for parli¢u18r restri¢ttd PuTSe$ within the objects of the Trust. Restridions arise when sp¢¢ified by the thnor or wh¢n fvnds are raised for particular restricted purposes. Further ¢xplanatioTh of the naTe and pwpose of ea¢h fund 15 Lnclud¢d in the nOic5 to the fman¢ial Stsm¢nts. Hlr¢ purehase And 1¢4sb)g ¢Ollbmitm¢nts Assets obtain¢d under hire purchw contracts or fuwi¢e l¢asw are Capit1 In the balance 5heeL Those held under hiK purth¥e cotrJtra¢ts are depTectated ov¢r their c511mat us¢fiJl liv¢s. 7715¢ hcid undet fLiian¢¢ Ica5¢5 arc depreciated over their weful lives or the Iwe terni, whichever is shorter. The interest element of these oblig8tion5 is ¢hrg to thc 5taterneni of rittanci activities over the relcvant period. The capital elerncnt of the fubjre payments is trcatrd a liability- P¢JL8ion eo5ts •nd other p05t-retlr¢meDt benellts The thari14ble company op¢r8t¢s a d¢fJned ¢ontribuiion pension scheme. Contributions payoble to the T].5 pension scheme are Gharged to the Statement of Financial Activitie5 in the period to whi¢h they rdth. Pase 26 t4)ntinued..
THE KELMARSH TRUST NOTES TO THE Fll¥ANCIAL STATEMENTS- tontlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- nI1med Aft£r reviewin8 thc Trus¢5 forec&8ts and projection4 the Trustecs have a re&80nable expectstion that the Trust h&s ad¢quate resour¢es to wn(inue in oprrational cxistets¢¢ for the fort5cubl¢ fvttwe. Th¢ Trust ther¢for¢ continues to adtspt th¢ Boing conwn b15 in preparing its con501idated financial statements. VOLUNTARY INCOME-GROUP AND COMPANY 21124 2023 Unrestrictcd Resthded funth Fund8 Endowment funds Total Totst funds Donations Grants 3094 15,784 4,9 6h76 676 I)Onl0$ re¢civ¢¢ and includ in the al¢. as follows: 2024 2023 Donatlons Mi55 CV Lon¢#stel$ 1994 Charitab Trust 3m4 10,832 4,952 Grartts receiv and included in the aly)v¢. are a5 follow5: 2024 2023 Crants Rettew4ble Heatin8 Incentiv¢ CulNrai R¢ver Fund for Heritsge 6.676 4.909 Pag¢ 27 cOntined...
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- tontinued FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME-GROUP AND COMPANY 2023 Unrcstricted Rcstricted funds Eftent Totsl l•Ddg Rent receivabl¢ Li$t¢d investmcnt inGotnc Int¢re5t receivable 472867 472,467 465,844 47299 3.174 47299 3.174 45,225 557 522 511626 INCOME FROM CHAIUTABLE AcfiviTIES- GROUP AND COMPANY 2024 2023 PTe5erv8tloo Preservation ReDi receivable 29,600 54,464 15,115 17,014 1,737 29.050 43.362 8.319 18,112 1.734 Visitor admis5ion& teas and SWLdry sales LivestrKk and fArnI sales A8riculbJral 8rants and subsithes Wayleaves and wmpensation 117 30 100 577 OTHER INCOME- GROUP AND COMPANY 2024 2023 Windfarm renL MpStion thd contribution to sts 125 115,647 125 5 115647 KILMARSH EVENTS INCOME-GROUP AND COMPANY 2024 2023 Kelmarsh Events 3•4.In 323,452 304.172 Pa8¢ 28 ¢ontinu¢d..
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMEiYfs- eontinued FOR THE YEAR EM)ED 31 MARCH 2024 INVESTMENT MANAGEMENT COSTS 2024 TotsI fuTJds Unrutrlcted Rthritted End0wMtt funds funds fund5 2023 Totsl funds Agents letting fees RrpaiTS maintenance and let propety prO)t Costs 84735 84735 87.599 139J52 139 209,507 226 226 87 297 106 CHARITABLE ACTIVITIES COSTS 2024 2023 Preservation CJovernanc¢ wsts (see note 9) 66953• 27.866 705,347 22,780 697 96 728 127 GOVERNANCE COSTS 21n4 2023 Trnvdling and Tnutees ¢xp¢nses Auditors, rernuneration (charity only) L¢gal and prof¢s$ional Int¢rest payhbl¢ and similar charges 9.607 17,071 7,356 15.017 lJ88 407 Page 29 rL)niinlled..
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS - conliDued FOR THE YEAR ENDED 31 MARCH 2024 NET GAINSI(LOSSES) ON INVESTMENTS 2tr23 GainyJ(1055&8) on revaluatioTh of investments Gains on revaluation of inve51ment properties {13.680} 2.170.000 (55.360> {140,000) ii. NET INCOMEI{EXP£NDITURE) Net iticomeJ{expetsditre) is slated after chargitirJ(crtrJitin8}'. 21124 2023 Auditors Ternuneration {Grnup) Deprcciation- owned assets Depr171t10n- assets on hire purchase contracts and flnance lease5 Surplus on disposal of fL%ed as%ts Hir¢ purtha5e interest and fuiance lease clw8es 21.891 32.746 736 20,087 36.389 980 12. TRUSTEES. REMuf4ERATION, BENEFITS AND LYPENSES There wa5 no tru5tt¢l reMUntion or other benefits for the yw ended 31 Marth 2024 nor for thc yur ended 31 March 2023. Trustees. expenses 2024 2023 Travtl and subsistence 13. STAFF COSTS 2024 2023 Wages and Salari¢s So¢iaJ security costs Othcrpension costs 232a78 io J8351 238,3 10.955 30J90 281 36 279 735 Page 30 )ntinued...
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 13. STAFF COST& ¢othiued Th¢ average number of ¢mployee8 durin8 th¢ yw was 12 (2023: 111. 2024 21123 £60,001- £70.¥ £70.001- £80,LKIO The charity Cumdy employs c8suai seasonal s>ff ss guides during the months the Hall and Gardens are open ¢0 visitor5. Staff arc also employed on a casuaj b&815 for the acrivitie5 of Ketmar5h Events. The fu114ime equivatent is included in the staff numbers alx>ve. pem)aneni Staff are 5pre4d acr055 8 of departsnents which renect the diverse activities of a hIsriC house 8nd its ¢st¢. Remuncration to key mana8ement personnel, includin8 employer'5 national insuranL% and perLSiOn C4)ntribution5, amoun*d to £74.721 (2023: £69,008). PA8e31 Continued...
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- tinUed FOR THE YEAR ENDED 31 MARCH 2024 14. COMPARA TIVES FOR THE STATEMKNf OF FtNANCIAL AcTIvIs FOR THE YKAR ENDED 31 MARCH 2023 Unrestricted fijnds Restricted Fund$ Et)doMrynent fvnds Totsi fid$ INCOMING RESOURCES Voluntary income 15,784 4.909 20,693 Charitbl¢ 4¢¢lv5tlts Preservation Commercial tradin8 operations Investment inc4)me Other income 100.577 323.452 511,626 115,647 100,577 323,452 511.626 115,647 Totsl 1067 086 1071995 EXPENDITURE ON Raiskng funds Oth¢rtrathng aciivities Inve5tmcnt management wsts Cbarltsble ¢tlvltb¢s Preservaiion vcrnance costs 148,852 297.IL 148.852 297,106 688,320 22,780 17.027 705,347 22,780 Totsl 1 157058 1 174 085 Ib¢omlDg resour¢t l¢M exp¢ndl¢ur¢ {89.972) {12,118) {102,0} Net gains on invesbnents (395,360) 200,000 1195,360) NET INCOMEI(EXPENDITURE) (485.3321 (12,118) 200,000 {297,450) Tr•D$ftrs betw¢en fuDds (10.750) 10,750 Net mov¢m¢D¢ 1496.082) 11 J68) 200.000 (297,450) RECONCILIATIOP4 OF FUNDS Tot*l fwid5 brought fornrd TOTAL FUNDS CARRIED FORWARD 11,741,631 1.225,051 15,110.907 28,077,589 27780 139 Page 32 continued...
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENtS- ¢olltlDued FOR THE YEAR ENDED 31 MARCH 2024 15. NET INCOME FOR THE FINANCIAL YEAR As pennitted by Section 408 of the Companies Act 2006 the par¢nt charity's Ststement of Financial Activities has It be¢n includ¢d in th¢s¢ statem¢nts. The pareTht charit5 total iDcoming r¢50urc¢5 for th¢ year wert £945,747 (2023.. £923,143) and total resources expendql wtre £923,684 {2023.. £1.025.233) re5ultin8 in nd inwmin8 resources for th¢ y¢ar of £22,06412023'. £102,090 - outgoing) whi¢h included a donation of £170,062 (2023.. £174,600) frtsm K¢imArth Events Limi*d. The n¢t surplu5 foT the year for the Trust was £2,17&384 (2023.. £297,4SO- d¢ficil) 4fter oth¢r rtto8nised 8ains and105S¢S. i& TANCIBLE FIXED ASSETS Fixtures Drainage Works Plant and ma¢hit)ery rittings COST At l April 2023 Additions DisF4)5aJs At 31 March 2024 94.033 395.736 144865 146 DEPRECIATION A¢ l April 2023 Charge for year Eliminated on di5pos21 At 31 Mawh 2024 57ffi98 1817 221069 20,822 128J17 59 15 132 411 NET BOOK VALUE At 31 Mar¢h 2024 At 31 March 2023 36.335 174667 16,148 Page 33 ntinued...
THE KELMARSH TRUST NOTES TO THL FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 16. TANCIBLE FIXED ASSETS- tontknued 0r v¢hi¢l¢s otTJ¢¢ uipment Tota]s COST At l April 2023 Addition$ Dhsrosajs 83.612 48.103 3,271 765J49 5,$39 At 31 MaTGh 2024 DEPRECIATION At l April 2023 Charge foryeaT Bliminated on di5rx)s 42,656 2.739 34,117 oio 483167 33A82 At 31 2024 395 137 517 49 NET BOOK VALUE At 31 March 2024 13 At 31 Ma 2023 Fixed &85ets included in the alxjve, arc held undcr hire purchase wntrad4 are as follows: Plwnt 8lld 1118chlDery COST At l April 2023 Diwsajsrrransferto owietship 22,400 DEPRECIATION At l ApTiI 2023 Char8e foryear At 31 M8rch 2024 9A57 736 NET BOOK VALUE At 31 March 2024 Iz At 31 Mareh 2023 Pag¢ 34
ntinue4t..
THE KELMARSH TRUST NOTES TO ThE FINANCIAL STATEMEI¥TS- continu¢d FOR THE YEAR ENDED 31 TrWiCH 2024 17. HERITAGE ASSETS- CROUP AND COMPANY Totsl MARKET VALUE At l April 2023 Additions At 31 Mar¢h 2024 3.171ffi32 3 171632 NET BOOK VALUE At m(h 312024 3 171632 At 3 1 Marcth 2023 3 171632 The Heritagc a55cts ¢on5L5t of Kejmarth Hall togcther wkth amenity land5. gardens ar¥J woodlands and Home FaTrn. Fr¢elKld land and buildings aTe made up as foliow5' Transfer to the Trust during the year ended 31 March 1988 by the executors of Colonel CG L#nta8ter at prob3 valy¢ Tran5fer5 to th¢ Trust during the year ¢nded 31 March 1997 by th¢ executor5 of Miss CV Lanc&st£r at probat¢ value Acquisitions at cost comprisin8 impmvements carrityj out in a¢eordan¢e with the Trust's devclopment plan A¢quisitioThs at cost durin8 2017- 2019 relotin8 10 th¢ Herits8¢ Lottery Fund proje¢t AddAtiotts in 2023 Klatin8 to a new footbrid8e 760,9t17 3AO.iIOO 735211 lJ59,789 The trJrJsactions rdating to the h¢rit48¢ ass¢ts for this r¢w)rtinB period and for ¢ach of th¢ prcviou$ four reportin8 periods are summarised a5 follDws" 2024 2023 2022 2021 20211 Cost brough¢ foard Additions Donatior Tots] pur¢h&*s Charge for impairnLeTht Disposals 3,171,632 3,165.907 5.725 3,165,907 3,165,907 3.165,907 3.171,632 3.171.632 3,165,907 3.165,907 3,165.907 Page 35 continue(L..
THE KELMARSH TRUST NOTES TO TIiE FINANCIAL STATEMENTS- CODIiDued FOR THE YEAR ENDED 31 MARCH 2024 FIXED ASSET INVESTMENTS-GROUP Ll$t¢d kn¥¢51mEDt5 To¢•b MARKET VALIJE At l April 2023 RevaiuatlOn5 838.75(1 {13,680) 838.7S (13,680) A¢ 31 Mawh 2024 825 070 NET BOOK VALUE At JI March 2024 At 31 March 2023 838 750 Ther¢ w¢r¢ no inv¢stm¢nt ass¢ts oytsid¢ the UK. The 0ri8inal cost of firtan¢ial iDve$tments £756,11812023.. £756,118). They are held in portfolios managed by M & G S¢¢uritics Limited. Sham in iroup undertlkln COMPANY inVesents Tot415 MARKET VALUE At April 2023 DEspOlS unreISed sain[]0$5¢s) At 31 Mar¢h 2024 838.751) 839.750 Il)h80) 825 NET BOOK VALUE At 31 March 2024 825 At 3 1 March 2023 838 750 839 750 Th¢re were no investment assets outside th¢ UK. Th¢ wmpanys invwth)ents at the batance sheet d¢ in the share capital of ¢ornpanies includ¢th¢ followin& Kelmrsb (Ev¢ots) Llmlted Nalure of busine5s.' or8anisltsn tsfevents Clas5 of shar¢- £1 Ordinary holdin8 loo Pa8e 36 ntinueth..
THE KELMARSH TRUST NOTES TO THE FtNA]YCIAL STATEMENTS- CODtiDyed FOR THE YEAR ENDED 31 MCH 2024 19. INVESTMENT PROPERTIES- GROUP AND COMPANY FAlli VALUE At J April 2023 Additions Revaluation 23,O•LI,1100 2,170mO At 31 March 2024 15 17110(10 NET BOOK VALUE At 31 Ndarch 2024 25 170 000 At 31 Mawh 2023 23 000 000 Freehold invcstment prop¢rti¢s wcre valu¢d * 31 March 2024 by Howkins & Hwri50n, CharteT¢d Survtyors and Vtr$. ThE b15 of valuation for residential propertie5 was at fair value with art arvropriate di5Gount to take account of the liktlihood of 8aitiin8 vacant pOsS10n within a period of time, and for fami properties on an inv¢stm¢nt basis ignoring 5ittsng tenants. bids whith would b¢ at higher l¢vel5. The ork8inaJ cost of freehold inv&8trnent properties w85 £2.11,945 (2023: £2.100,945). This is made up as follows.. Transf¢rs to the Tru dur8 the Ye ended 31 March 1988 by the ¢xKutors of Colonel CG LaThGasttr, at probatr value Less: land lost U[tt C4)mpulsory pwthas¢ by thc D¢partsn¢tht Cf TTAnsport r¢latin8 to the A14 Link Road 1.090.876 990.876 Transf¢rs to th¢ Trustthwin8 the yw ¢n¢W 31 March 1997 by the ¢x¢¢utors of Miss CV Lanostrr, at prot4* value Other acquisitions at cost 1,048,45 Pa8¢ 37 tinued...
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENfs- continued FOR THE YEAR ENDED 31 MARCH 2024 20. STOCKS- GROUP 2014 2023 Farn) Stocks Other Stocks 20J29 $340 22,42B 9,722 21. STOCKS- COMPANY 2024 2023 Farni stocks 211 22. DEBTOILS: AMOUNTS FALLINC DUE THIN ONK YEAR~ CROUP 2024 2023 Trade debtors Other debtors Prepayrnets 71314 11106 114302 33.512 108 100.658 198 22 134 23. DEBTORS: AMOUNTS FALLING DUE PIITHITh ONE YEAR- COMPANY 2024 2023 Tr04fc debtors Amounts owed by 8roup undertakin85 Other debtors Preptyments 6S084 9&073 iiJ(N) IIIA22 10,892 182,924 90,450 282 79 284 266 24. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR- GROUP 2023 Hir¢ pllr¢ha5e (see note 30) Trad¢ Grediiors Social seeurity other taxes Other cr¢dilOfS Other1085 (see no* 28) Accrua15 and deferred I[Me 1384 72331 3.702 81,132 80.000 75532 5,137 44.766 5.402 13,507 80.(N)O 195,l68 313 1 343 980 Pa8e 38 Jntinu¢d..
NOTES TO THE FTNANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 TrL4RCH 2024 24. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- GROUP-tontlnued Hire pur¢hasc creditOT5 are secuml OTh the assets &)ncemed. DefeTrcd income includcs dqM)sits tiVed for ev¢nts h¢ld aftts the year end. 25. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR- GROUP 2024 2023 Hire purchase Ise¢ note 30) 1.284 CREDITORS: AMouTrrrs FALLING DUE THLN ONE YEAR- COMPANY 2024 2023 Hire pur¢ha5e (see note 30) TTad¢ creditors Soci81 se¢urity Ind ¢Ah¢r taxes Othercreditors Other loans Is¢¢ note 29) Accrua15 and defrrrcd income 5.137 43,662 5,402 3,757 80,1 79289 71,23S 3.7112 4,500 80,000 75.532 217 47 Hire purchw creditors are sttured on the &8sets ¢oncemed. Def¢ffed in¢onx¢ it)¢ludes d¢posits re¢¢ived for ev¢rtL8 held after the yetr end. 27. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR- COMPANY 21124 2023 Hir¢ purchase (see note 30) 1284 Hir¢ pur¢ha8e ¢Teditors or¢ sured the assets wrt¢¢rned. Page 39 CA)ntLiJued...
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- eontlnu¢d FOR THE YEAR ENDED 31 MARCH 2024 LOANS- GROUP AA •natysis of the matijrity of l¢)an is given b¢low: 2024 2023 Amounts fallin8 due within one ye8ron dernd: Loan from Mis5 CV LancasLeVs 1994 Charitable Trust 2024 2023 Amounts failing due aftv mort on¢ year: Bounce Back Loan 29. LOANS- COMPANY An analysis of tht matilty of kjans is 8iven below: 2024 2023 Amounts falling due within one year on demand.. Loan from Miss CV Lante$ 1994 Charitabl¢ TNst O(Kl 80 0(Kb 30. LEASING AGREEMENTS- GROUP AND COPdPANY Minimum payments under hire purchase fall due follows: 2tn4 2023 N¢toblig•tions repayable: Within on¢ year B¢iween one and fiv¢ y¢ 1284 5.137 1384 Pa8¢ 40 continued..
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- ntilled FOR THE YEAR ENDED 31 IWiCH 2024 Ji. SECURED DEBTS- GROUP AND COMPANY Th¢ followin8 srfured debts ore included within creditors: 2024 2023 Jr¢ purch contra¢ts Hire puh ¢reditors ar¢ se¢ured on the ws¢ts con¢¢rn¢d. 32. MOVEMENT IN FUNDS Net movement Tr•nsf between funds At 1.4.23 At31.3.24 Unr¢gtrlettd fvnds GencTa] fund General fair value reserv¢ Dvsignated fiJnd- Hall & G8rdens Dcsignated fund- Let Prop¢rty 3.678,111 738138 84,500 109?94 1200.000) (53,696) 35 179 (57.134) 3,730J71 7.08138 140AOO 113000 11065709 109.696 52 45 R¢5trlet¢d fund$ Corttribution to heating 5y5tem Obtaining mus¢um acLr¢ditation Heritage Lottery Fund 136.620 4.lQ8 {10.750) (1,11161 1250711 3,082 EndOllent Enth)N%Trent fund Enth)neTrt fairvalue reserve 1,751.783 ij 1,751.783 15 919 124 io TOTAL FUNDS 27 780 139 Page 41 ntinued..
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS - ¢ODtinued FOR THE YEAR ENDED 31 MARCH 2024 32. MOVEMENT IN FUNDS- ¢ODtiDUtd Net TrKJvement in fill, included in the above are &$ follows: Re$ourceB expwd¢d C*lD5 8Dd Movement resowr¢•5 UDre$trl¢t¢d fvnds Generdl fwid OeDera] fair valu¢ r¢s¢rve Designats4 fiJrtd- Hall & Gardens Designat fvnd- Let Prop¢rty 11173.181 9SO.1O7 (13.68(1) (2th1.1100) 109J94 {2110.01101 (53ffi961 35 179 53,696 35 Rtstticted fd5 Renewable heating in¢en¢ive Contribution to heating system Obtsirting rnuseum ac¢r¢ditation 6,676 6,676 10.7SO (10.7511 EndowmeDt fyndi End0%nent fund Endowmettt fairvalue r¢s¢rv¢ TOTAL FUNDS P&ge 42
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- contiDued FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS- 31 MARCH 2023 Net Trnn$fer At 1.4.22 in funds At 31.323 Uthrestrlcted fv*ds Gencral fi]nd General fairvalue reserve De5ignakd fund- H811 & Gardens DtSi8nated fimd- Property 3,758.6S3 7h21038 175290 185 65.931 (3411,000) (89,548) (14A473} 3.6?1111 7281138 84JOO 201 100 {1342) 136 32 li Re5tri¢ted fuDd$ Contribution to heating sys Obtaining museurn accreditation H¢ritage Lott¢ry Fund 136.620 5.476 (10.7511) (lJ68) IQ750 136.620 4.108 1.082 55 EDdoTrnieDt Enth)wTh¢nt filnd Endowtnent fatr value rt8¢rye 1,751,783 13 15110 1.751.783 13 15 2110 00 io 07 TOTAL FUNDS 297 50 27 780.139 Page 43 continued...
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENTS- ¢ontitsued FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS- 31 MARCH 2023. ¢ootlowd Nct movement in fi]nds, includcd in the above are &5 follows: Incoming re$ollre¢s Movement ID txptnd¢d los UDrestrl¢ted Gért¢ral fund General fair value rcscrve Desi8nat¢d fimd- Hall & Gardens tksignated fvnd- Let Pro 1067,086 945,79S (55J60) 65,931 (341).000) (89J48) 89 121715 395 32 Re5tritted funds R¢n¢wabl¢ heatiThg in¢¢miv¢ Contribution to heating system Obtainin8 mu8eum accreditstion 4,909 4909 IIX751J 68 27 (10,750) 68 09 J7 EDdowTheDt fuDd5 Endowment fund Endowmetti fair vallke reserve 200 000 200 000 TOTAL FUNDS 1071995 60 297 45Q Page 44 cLstttÉnued...
THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMEIY73- coDIiDued FOR THE YEAR ENDED 31 MARCH 2024 34. MOVEMENT IN FifNDS RESTRIcfED FUNDS ntot Itl the year ended 31 March 2013. £215.000 received as a eontribution towards the heating system. At l April 2023. the baian¢e was £136.620 {2023.. £I47.370). During th¢ year £10,750 12023: £10.750) was released the Statement of Financial Activiti¢5 as depreciatkon. The balance at 31 March 2024 was £125,87012023.. £136,620). Durin8 the year tK) additional funth were receivcd towards the"Herita8e tA)ttery Fund" fundcd prtsjeeL At 31 March 2024 the bhlanee was £1,082.955 (2023: £1,082.955). Mu8tum Attredits - MoTti¢s rC]Ved in order to obrain museurn aeKr¢ditation. During the yw £1.026 (2023: £1,368) w&8 rele&sed the Ststement of Financi Activities as &Prlation. At 31 March 2024 the balance of the fi]nd was £3,082 (2023: £4,108). *ble Huti Ineetttfve During the year £6.676 (2023.. £4,909) was reeeiv¢d as a r¢5uIt of Ihe energy gen¢ratoJ thUgh th¢ rwAewabl¢ h¢8tin8 system. At 31 March 2024 the bajancewas £Nil {2023: £Nil). due tr) utiii5ation in the y. DESIGNATED FUNDS Hau And Gxrdens DuTing thc ye8r, a total of £53,696 (2023.. £89,548} was spent on specifjc projects relating to scheduled works and improvements to the Hall and Gardens. Also, the year unrc5trictrd funds amounting to £109.696 {2023.. £1,242) were re4e5ign8ted to (2023.. from) specific projects r¢l8ting to scheduled work5 and improvements to the Ho11 and Gardens. At 31 March 2024, Ihe tAlanceof the fund was £140,500 (2023: £84.5LKI). tPro Durin8 the y¢ar. 8 totsl of £35,538 (2023.. £121,715) w&8 spent on relevant rerbi8hmCTht work. Also. during the year unr¢51ricted funds arnounting to £52,562 (2023.. £136.965) were r¢-designat¢d from {2023". to) sp¢cifJc proje¢ts re]&tln8 the refurbishment of let prrti including work on the EPC requirements. A¢ 31 March 2024, the ball¢¢ of th¢ was £113,000 {2023: £201,100). PENSION COMMITMENTS The charity h&8 contributed to personal pensioN scheme$ in r¢spect of certain employee5. The total contributions paid the year were £38251 {2023.. £30,390). RELATED PARTY DISCLOSURES Mr Chdrle$ Greville-Heygate. Mr James LanCter and Mr Ib¢hard King are Trust¢¢3 of Miss Lan¢ost¢r's 1994 Charitsble TrusL At th¢ balanc£ sherf date the chartty owes Miss Lanc&st¢r's 1994 Charilable Trust £80.000 {2023: £80.000). Thwe is no fixed date for repttyrncnt and amounts art r¢payable on deTnarJd. The Trwt h&8 taken advantage of thE cxemption under Section 33 of FRS102 rK)I to disclose tr8nsartions with group companies. Page 45