REGISTERED COMPANY NUMBER: 01672106 (EnW*Dd And Wales) REGISTERED CHAIUTY f4UMBER: 295154 REPORT OF THE TRUSTEES AND AUD￿ED CONSOLIDATED FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 20Z4 FOR THE KELMARSH TRUST Mark J Rees LLP Cbfft￿d 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 Collsolid*tsd St*t¢mtnt of Fin#Dcl*lA¢¢ivitles 16 to 17 Coffjsolidat¢d B*lADee Sb¢et 18 to 19 CoDtpaDy B*iAntt Sb¢¢t 20 to 21 Congolidated Cash FbiY4 Statemtmt 22 Note5 to tht Con501idated Ca5b Floiv St8terneDt Notes to tbt Fin••ciil St*t¢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 COm￿nY tyumber 01672106 (EngI￿d 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 Grevil1￿HCY￿aIe (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 A￿dItor 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 {￿tIm￿rth 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 ￿ntinue￿I to se¢ incre in visI￿r 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 Tru￿ce 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 amenit￿5 of such buildings aThJ their surroundings,. 2. To preserve for the L*nefft of the natlon and as an adjunct to any s￿h 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 ¢I￿ttel$ &* aforesaid by the general publtc. s1gti1fi￿tst 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 deSi￿ated 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 a￿￿￿u¢ the Hall and the Kelmarsh Hall Estat¢ and its n8tt4Tal history. It a]so manages an in4)ouse fami and wrroundin8 wo¢dlands lo￿ts1 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 Curre￿tlY b¢ing imp¥ov¢d to bring th¢m up to th¢ G0Ven￿ent'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 P￿i¢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 gard￿S 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¢ Itt￿11ng 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 H￿1 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 feedb￿k 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 B￿lIdingS 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 undert*en 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 comple*d the restordtitstt of Nthcy Lan¢#ster'5 bedroom and bathrn 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 Si￿￿ficant ¢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 5￿CIfic projects (inclu¢thn8 the ongoing EPC requirements on let prO￿rties) 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 mo￿h 2024 th¢s¢ r¢seTy￿ amoun¢¢d to £284.182 which repr¢sents just over three mnth5' expenditure the runnins I￿sts. 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 TruS￿e5 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)P*lly The Trust's wholly o￿Led 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. Or88ni5atlon*l Stry¢tsre *nd Dettsfion Maklni The ArticlES of Asso¢iation Provide for a minimum of thrte up w a M￿lmuM o( tsvelve tntste¢s. At the date of this report ther¢ w¢r¢ niti¢ Twstees. Th¢ TTus¢¢es nOM￿llY 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 Ch*ity 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 f￿ancial 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$, including Trustees. and transirtions with them ￿e setout in ntste 36 to the f￿ancial sthtements. Staff RemuDer*titsD The r¢munerdtion of key staff is regularly r¢vIeW￿ and weed by the Tn￿¢¢$ •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 Tt￿st could be exrxjsed and proceduru have been estsblished to manage those risk$. Jn porti¢ular the Truskes have adopted a Tisk management p)licy. which adthsses the major 80Vernan￿ operational, fjnancial, reputstiona], le8a] and regulatory risks which might impact upon the ¢x>re PUfTX)ses and key objectives of th¢ Tnjst. This builds on and ¢ompl¢mcnts existing rrisk man4g¢ment pmcedures in many aspects of the Trust's work in such are&8 fJnanC1￿ managemenL health and safety, f￿¢ and security and di5&%ter plannin8 arrangements to protr¢t woperty. stsff and visitors. It is formalised in a risk T¢8iSter whi¢h is reviewed annually by the Truslees and by the mana8em¢nt t¢am and is C1￿Ul￿e￿ al each meeting. More 5pecLfically there is a fornjal eontract with our appointed Hea]th & Safety consultaryt to provide advi¢e lincludin8 regular visits) on health and saf¢ty issues toverin8 th¢ Hail, Garden$ 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 re￿latOry 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 Off￿l￿gS to acwrnm(thte clients and visitors. As a charitable Tn￿t relying on outsourced ¢vmmodities su¢h &8 Catering, we must s¢le¢t our sErvi¢¢ providtT$ care￿IlY 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(r￿e4 number of visitors aThd clients. Pa8e io THE KELMARSH TRUST REPORT OF THE TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 In go￿8 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 Wmmi￿l0nd and smpl¢ment¢d &$ shown in the plan of 1739 dedrcated to hint. This emsts in part of the ¢stat¢,' fJ¢ldwork and I￿aT(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 L￿CasIer'S Rhododetxtron Bank on the Eas¢ fronta8< adjacent to A508, as a lo¢al tlagship for Kelmarsh. and third is the ￿$SIbIlIty of reinforcin8 the vtt8¢s of the North Drive which would give greatrr flexibility in prnvidin8 parkin8 durin8 [￿Ter weather conditions for Hall based events when it is sometime5 impraetica] to use th¢overtlow field. As ever. Nvhi16 de8ifdbl& swch projects Tquire careful research* planning and fimduw. DevelopDbenl prlorltles for the Kelmirsh Tn￿t The TnL5tee5 and the Mat)agement Teom are committed to preserving, improving and enhancing the Hall, Gardens and E3tste, impmving the EPC rating of the let properties. ￿ntInUing the 8o¢d relationship with our tenant fanners and workin8 through the maintcnan¢e priority list. The Trust h&$ adopted a Coryotate Plan. which reviewe￿ updated artd re-athtrpted irt Janw 2023. This expands on the Tn￿ts 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 Tr￿le¢S art res￿nsible for keeping prn￿r 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¢￿u￿tIttg ￿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 sts*ments'. 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 Prep￿ed 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¢4￿nSIbilItieS 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 uncen*inti¢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 p￿10d ofat Ica5t ￿c[Ve months from whcn the financial 3taternents are authorised for i&sue. Our resp)nsibilities and the Tel￿nsIbIlItieS 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 Inde￿ndent 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 infOrn￿lI0Tr 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 no￿n8 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¢ f￿anCial year for which th¢ fman¢ial ststrm¢nt5 are preyared is cottSi5tent with the finarKial statements. and the Report of th¢ Tn￿te¢S has been prepared in a￿rdon¢¢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 ￿e￿rt 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 rE￿rth and retsJrn8' or certain disclosures of trusk6s' remun¢T￿lon 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 Trns*es' Responsibilitie& the tntstees (who A￿ a]so the dit￿lOtS of the haritsble company for the purw)5e5 of company law) are res￿nSIble for the prepAration of the f￿anCIal 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 aSS￿51n8 the group's and parent charitsble ￿MP￿Dy'S ability to continue as a 8oin8 ¢oncern, dixlosiD8, as applicabl¢, matters rela*d 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 0￿￿tiOnS. 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 assur￿ce 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 r￿onablY be ¢xpected to infiuence the C￿nOMiC decisions of users taken on the basis of these financial statements. lThe8ularities, in¢luding fraud. ￿ instances of non-wmpliance with laws and r¢gulation$. We desi8n prncedur¢s in line with our ￿5￿)nsibIlitieS out]in¢d abDVe, to d¢te¢t ma*rial mks$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 de*cted. 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 CoMp￿Y 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 deterni1￿ioft 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 nO￿￿ompliSAee with laws 8nd re8u]atiOns or wh¢th¢r they had any knowl¢d8¢ of actu￿. $uspe¢t¢d or alle8e (148295) (668) (407) Net c&th provided by/(us￿ in) operdting aetivities 149 370 Cash flows from iDvestlthg aetlvltiu Pur¢has¢ of t￿8Ible fLx¢d &%sets Int¢T¢St received Dividends rc¢¢iv¢d (5,539) 3,174 47399 (16.587) 557 45,225 Net ¢￿h provided by invesiing arfivities C4$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 a￿a eAsb equlv#kDts kn the reportthg period Casb and cash e4ukv•ients at the beginning of the reporting period Casb and calh equiv*leDts 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 A￿1VITIEs 2024 2023 Net iDtome for tht rtpor¢lmg perknd (as ptrth¢ Stat¢m¢Dt of FID¥ntlal A¢¢iviti¢s) Adj￿StmentS 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 paYM￿ts Finance costs Dividetth rtteiv¢d OncrewYde¢r￿SC in stocks Ilnctr•s¢lldecrease in debtors IncreaS¢1(d￿reaSe) 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.$11 (42.039) 624.472 666 511 624 72 Debt Hire purchase L¢Jan- Miss Lane4SteP5 1994 Clmzitable Trn3t (6.421) 5,137 (1284) (80WO) (80000) 21 81 Totsi Pa8t 23 ¢ontLhued... THE KELMARSH TRUST NOTES TO TEE F￿A1￿CIAL STATEME FOR THE YEAR ENDED 31 MARCH 2024 ACCOIINTIP4G POLICIES B•5is of prep*riDE the fiD4nd•l st*tetheDts The f￿ancial 51at¢ments of tht gtoup and charitablc companyi hY4VC b¢en prepathl in aC￿rd￿n¢t with Charities SORP (FRS 102) 'Accountin8 and Retrf)rtin8 by Chariti&s.' Statement of Recommended Practice applicable to charities prtparing their ¥counts lrt accordathce with the Finartcial Rewjrting Standard applicable it) the UK and Republic of Ireland (FRS 1021 {effectiYe l January 2019}'. Th¢ compani￿ Act 2006. and FRS 102 'Th¢ Financial Rwrtsng Standard applicable in the UK and Republic of Ireland.. The rharitable ￿rnpanY is a public benefit entity as defined under FRS 102. The financi￿ 5Wements have been pr¢p¥ed und¢r the histyrical ¢ost conv¢ntiot) with the ex¢¢ption of investm¢nts which are in¢lud¢d at market value. a5 modified by the revaluation of certain a55¢ts. St*tu$ 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 si8nifiL￿l judg¢ments or cstimatc Bosts of ¢oosolid*tioo 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 in￿rne will be received and the a￿Unt cHn be mwured reliably. Tr rollowng 5pecifLC policie5 are applied to particular ￿tegorieS of in4*me: Voluntary income 15 recelved by way of {140,000) ii. NET INCOMEI{EXP£NDITURE) Net iticomeJ{expetsdit￿re) is slated after chargitirJ(crtrJitin8}'. 21124 2023 Auditors Ternuneration {Grnup) Deprcciation- owned assets Depr￿171t10n- 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 reMUn￿tion 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& ¢o*thiued 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 hIs￿riC 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 AcTIvI￿s FOR THE YKAR ENDED 31 MARCH 2023 Unrestricted fijnds Restricted Fund$ Et)doMrynent fvnds Totsi fi￿d$ INCOMING RESOURCES Voluntary income 15,784 4.909 20,693 Charit*bl¢ 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$ftrs betw¢en fuDds (10.750) 10,750 Net mov¢m¢D¢ 1496.082) 11 J68) 200.000 (297,450) RECONCILIATIOP4 OF FUNDS Tot*l fwid5 brought fornrd TOTAL FUNDS CARRIED FORWARD 11,741,631 1.225,051 15,110.907 28,077,589 27780 139 Page 32 continued... THE KELMARSH TRUST NOTES TO THE FINANCIAL STATEMENtS- ¢olltlDued FOR THE YEAR ENDED 31 MARCH 2024 15. NET INCOME FOR THE FINANCIAL YEAR As pennitted by Section 408 of the Companies Act 2006 the par¢nt charity's Ststement of Financial Activities has It be¢n includ¢d in th¢s¢ statem¢nts. The pareTht charit￿5 total iDcoming r¢50urc¢5 for th¢ year wert £945,747 (2023.. £923,143) and total resources expendql wtre £923,684 {2023.. £1.025.233) re5ultin8 in nd inwmin8 resources for th¢ y¢ar of £22,06412023'. £102,090 - outgoing) whi¢h included a donation of £170,062 (2023.. £174,600) frtsm K¢imArth Events Limi*d. The n¢t surplu5 foT the year for the Trust was £2,17&384 (2023.. £297,4SO- d¢ficil) 4fter oth¢r rtto8nised 8ains and105S¢S. i& TANCIBLE FIXED ASSETS Fixtures Drainage Works Plant and ma¢hit)ery rittings COST At l April 2023 Additions DisF4)5aJs At 31 March 2024 94.033 395.736 144865 146 DEPRECIATION A¢ l April 2023 Charge for year Eliminated on di5pos21 At 31 Mawh 2024 57ffi98 1817 221069 20,822 128J17 59 15 132 411 NET BOOK VALUE At 31 Mar¢h 2024 At 31 March 2023 36.335 174667 16,148 Page 33 ntinued... THE KELMARSH TRUST NOTES TO THL FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 16. TANCIBLE FIXED ASSETS- tontknued ￿0￿r v¢hi¢l¢s otTJ¢¢ uipment Tota]s COST At l April 2023 Addition$ Dhsrosajs 83.612 48.103 3,271 765J49 5,$39 At 31 MaTGh 2024 DEPRECIATION At l April 2023 Charge foryeaT Bliminated on di5rx)s 42,656 2.739 34,117 oio 483167 33A82 At 31 2024 395 137 517 49 NET BOOK VALUE At 31 March 2024 13 At 31 Ma￿￿ 2023 Fixed &85ets included in the alxjve, arc held undcr hire purchase wntrad4 are as follows: Plwnt 8lld 1118chlDery COST At l April 2023 Diwsajsrrransferto owietship 22,400 DEPRECIATION At l ApTiI 2023 Char8e foryear At 31 M8rch 2024 9A57 736 NET BOOK VALUE At 31 March 2024 Iz At 31 Mareh 2023 Pag¢ 34 >ntinue4t.. THE KELMARSH TRUST NOTES TO ThE FINANCIAL STATEMEI¥TS- continu¢d FOR THE YEAR ENDED 31 TrWiCH 2024 17. HERITAGE ASSETS- CROUP AND COMPANY Totsl MARKET VALUE At l April 2023 Additions At 31 Mar¢h 2024 3.171ffi32 3 171632 NET BOOK VALUE At m￿(h 312024 3 171632 At 3 1 Marcth 2023 3 171632 The Heritagc a55cts ¢on5L5t of Kejmarth Hall togcther wkth amenity land5. gardens ar¥J woodlands and Home FaTrn. Fr¢elK*ld land and buildings aTe made up as foliow5' Transfer to the Trust during the year ended 31 March 1988 by the executors of Colonel CG L#nta8ter at prob3* valy¢ Tran5fer5 to th¢ Trust during the year ¢nded 31 March 1997 by th¢ executor5 of Miss CV Lanc&st£r at probat¢ value Acquisitions at cost comprisin8 impmvements carrityj out in a¢eordan¢e with the Trust's devclopment plan A¢quisitioThs at cost durin8 2017- 2019 relotin8 10 th¢ Herits8¢ Lottery Fund proje¢t AddAtiotts in 2023 Klatin8 to a new footbrid8e 760,9t17 3AO.iIOO 735211 lJ59,789 The trJrJsactions rdating to the h¢rit48¢ ass¢ts for this r¢w)rtinB period and for ¢ach of th¢ prcviou$ four reportin8 periods are summarised a5 follDws" 2024 2023 2022 2021 20211 Cost brough¢ fo￿ard 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 inVes￿ents Tot415 MARKET VALUE At April 2023 DEspO￿lS unre￿ISed sain￿[]0$5¢s) At 31 Mar¢h 2024 838.751) 839.750 Il)h80) 825 NET BOOK VALUE At 31 March 2024 825 At 3 1 March 2023 838 750 839 750 Th¢re were no investment assets outside th¢ UK. Th¢ wmpanys invwth)ents at the batance sheet d*¢ in the share capital of ¢ornpanies includ¢th¢ followin& Kelm*rsb (Ev¢ots) Llmlted Nalure of busine5s.' or8anis￿ltsn tsfevents Clas5 of shar¢- £1 Ordinary holdin8 loo Pa8e 36 ntinueth.. THE KELMARSH TRUST NOTES TO THE FtNA]YCIAL STATEMENTS- CODtiDyed FOR THE YEAR ENDED 31 M￿CH 2024 19. INVESTMENT PROPERTIES- GROUP AND COMPANY FAlli VALUE At J April 2023 Additions Revaluation 23,O•LI,1100 2,170mO At 31 March 2024 15 17110(10 NET BOOK VALUE At 31 Ndarch 2024 25 170 000 At 31 Mawh 2023 23 000 000 Freehold invcstment prop¢rti¢s wcre valu¢d * 31 March 2024 by Howkins & Hwri50n, CharteT¢d Survtyors and V￿￿tr$. ThE b￿15 of valuation for residential propertie5 was at fair value with art arvropriate di5Gount to take account of the liktlihood of 8aitiin8 vacant pOsS￿￿10n 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* dur￿8 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 C*f 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 Prepayrne￿ts 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 Other108￿5 (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¢ s￿ured 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 dern￿d: 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 mati￿lty of kjans is 8iven below: 2024 2023 Amounts falling due within one year on demand.. Loan from Miss CV Lan￿te￿$ 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- ￿nti￿lled 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 pu￿h￿ ¢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 7381*38 84,500 109?94 1200.000) (53,696) 35 179 (57.134) 3,730J71 7.081*38 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 EndO￿llent 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 f￿d5 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 r￿C]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 &Pr￿lation. 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 th￿Ugh 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 re￿rbi8hmCTht 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 pr￿rti￿ including work on the EPC requirements. A¢ 31 March 2024, the b￿all¢¢ 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 LanC￿ter 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